WISE M NEY2015: Issue 469, Week: 6th - 9th April

A Weekly Update from SMC(For private circulation only)

Bra

nd

sm

c 2

93

23000+ registered associates

REAL ESTATEADVISORY

REAL ESTATE ADVISORY

2014 - '13

FOR ALL YOUR INVESTMENT NEEDS

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

FD Monitor 16

Mutual Fund 17-18

SMC RESEARCH TEAM

REGISTERED OFFICES:

11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.

Tel: 91-11-30111000, Fax: 91-11-25754365

MUMBAI OFFICE:

Dheeraj Sagar, 1st Floor, Opp. Goregaon sports Club, Link Road

Malad (West), Mumbai 400064

Tel: 91-22-67341600, Fax: 91-22-28805606

KOLKATA OFFICE:

18,Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001

Tel : 91-33-39847000 Fax No : 91-33-39847004

AHMEDABAD OFFICE :

10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,

C G Road, Ahmedabad-380009, Gujarat

Tel : 91-79-26424801 - 05, 40049801 - 03

CHENNAI OFFICE:

Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,

Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111

SECUNDERABAD OFFICE:

206, 3rd Floor, above CMR Exclusive, Bhuvana Towers, S.D.Road,

Secunderabad - 500003

Tel: 91-40-30780298/99, 39109536

DUBAI OFFICE:

312, Belshalat Building, Al Karama, Dubai, P.O. Box 117210, U.A.E.

Tel: 97143963120, Mobile : 971502612483

Fax : 9714 3963122

Email ID : pankaj@smccomex.com

smcdmcc@gmail.com

Printed and Published on behalf of

Mr. Saurabh Jain @ Publication Address

11/6B, Shanti Chamber, Pusa Road, New Delhi-110005

Website: www.smcindiaonline.com

Investor Grievance : smc@smcindiaonline.com

Printed at: S&S MARKETING

102, Mahavirji Complex LSC-3, Rishabh Vihar, New Delhi - 110092 (India)

Ph.: +91-11- 43035012, 43035014, Email: ss@sandsmarketing.in

lobal stock markets witnessed some profit booking after recording massive

gains in the quarter ending March. Cut in the interest rate outlook by U.S. GFederal Reserve and easing by the central banks from Europe to China has

boosted the equities. Dollar shed some of the gains in the week gone by as investors

perceived that the interest rate rise would be slower. Euro area core economy,

Germany is seeing drop in unemployment and rise in consumer confidence owing to

fall in energy prices and weaker Euro. Japanese markets came off after quarterly

Tankan Index showed that the large corporates are planning to cut on the capital

expenditure as economy outlook remains cautious. Recently Japanese authorities

lowered the corporate tax by 3.29% to boost economic growth and encourage

investments. Manufacturing activity saw expansion in China as Purchasing

Managers' Index came at 50.1 in the month of March from 49.9 in the prior month.

Back at home, RBI monetary policy scheduled on 7th April 2015 may be a non event

considering a 25 bps cut in the month of March and cumulative cut of 50 bps in Repo

rate. There is a concern that inflation may not cool as oil prices gained and poor

weather conditions, which damaged the food crops. On the macro front, the Eight

Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP)

recorded 1.4% growth in February 2015 over February 2014. IIP data for the month

of February would be announced on 10th April. Earnings season that is just about to

start would be the guiding factor for the markets.

On the commodities front, sustaining at higher level is still a concern for

commodities counter. It has been noticed last week that CRB couldn't sustain the

two week gain and fell on upside in dollar index. Crude oil may trade sideways with

volatile path as geopolitical tensions between Saudi Arabia and Yemen along with

movement of greenback and Iran nuclear deal concerns to give direction to the

prices. Crude oil can move in the range of $45-$54 in NYMEX and 2850-3250 in MCX.

Gold can move in the range of 25800-26700 while silver can move in the range of

36000-39500. Base metals counter is expected to witness some short covering in

near term. The base metals counter is expected to witness some short covering in

near term. ISM Non-Manufacturing Composite of US, Reserve Bank of Australia Rate

Decision , U.S. Fed Releases Minutes from March 17-18 FOMC Meeting, Bank of

England Rate Decision, New Yuan Loans and CPI of China, Unemployment Rate of

Canada etc are some important data of this week.

From The Desk Of Editor

(Saurabh Jain)

SMC Global Securities Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a further public offering of its equity shares and has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (“SEBI”) and the Stock Exchanges. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and on the websites of the Book Running Lead Manager i.e., ICICI Securities Limited at www.icicisecurities.com and the Co- Book Running Lead Manager i.e., Elara Capital (India) Private Limited at www.elaracapital.com . Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please see the section titled “Risk Factors” of the aforementioned offer document.

SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.

SMC is in the process of making an application with SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, 2014. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market.

SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.

The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.

SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.

NEWS

DOMESTIC NEWS

Economy

• Indian cabinet approved a proposal to pool or average out prices of domestic natural gas and imported LNG used by fertilizer plants to make the cost of fuel uniform and affordable.

• The Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 1.4% growth in February 2015 over February 2014. However, this data shows that the industrial activity is still far away from recovery and the government needs to do more to kick-start the industrial sector.

Oil & Gas

• Reliance Industries Ltd and Myanma Oil and Gas Enterprise (MOGE), an enterprise of the Government of Myanmar, have signed production sharing contracts for two offshore blocks (M17 and M18).

Realty/ Construction

• Godrej Properties has entered into a new deal to develop a housing project at Bengaluru. The proposed project will offer about 79,000 square metres (0.85 million sq ft) of saleable area.

• Hindustan Construction Co Ltd has bagged a contract worth `392 crore from the Ministry of Road Transport and Highway for 4-laning of a road.

Engineering

• Larsen & Toubro (L&T) has been awarded a contract valued at `1,432 crores by the Ministry of Defence for the design and construction of seven Offshore Patrol Vessels (OPVs) for the Indian Coast Guard (ICG).

Sugar

• EID Parry (India) Ltd said that it has divested its entire shareholding of Rs 100 each in Alagawadi Bireshwar Sugars Pvt Ltd for `1.70 crore. The company was a wholly owned non-operating subsidiary of EID Parry.

Capital Goods

• BHEL has bagged over ̀ 5,000 crore contract for executing a thermal power project in Telangana. Bhel's scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing and commissioning of 4x270 MW thermal sets on EPC basis.

• BHEL commissions second 800 MW Supercritical Boiler at Krishnapatnam in Nellore District of Andhra Pradesh. Significantly, this is the second 800MW rating and also the highest rating (800 MW) indigenous boiler to be commissioned in the country.

Information Technology

• eClerx Services board agreed to buy CLX Europe SpA, an Italian media content management company, for Euro 25 million (approx. `167 crore). The acquisition will be made through its UK-based subsidiary and the all-cash transaction would be funded through internal accruals.

Healthcare

• Fortis Healthcare has sold its Singapore hospital to Concord Medical Services (International) Pte Ltd for ̀ 251 crore.

INTERNATIONAL NEWS

• US consumer confidence index jumped to 101.3 in March from an upwardly revised 98.8 in February. The increase came as a surprise to economists, who had expected the index to edge down to 95.5 from the 96.4 originally reported for the previous month.

• US pending home sales index surged up 3.1 percent to 106.9 in February after climbing 1.2 percent to a slightly downwardly revised 103.7 in January. Economists had expected the index to edge up by 0.3 percent.

• Eurozone unemployment rate fell to a seasonally adjusted 11.3 percent in February from a revised 11.4 percent in January. This was the lowest rate since May 2012. Economists had forecast the rate to remain at January's originally estimated rate of 11.2 percent.

• Chinese manufacturing purchasing managers' index (PMI), a key measure of factory activity in China, posted at 50.1 in March, up from 49.9 in the previous month.

• Japan's manufacturing sector decelerated in March but continued to expand, the latest survey from Markit Economics showed, with a PMI score of 50.3. That's down from 51.6 in February, although it remains barely above the boom-or-bust line of 50 that separates expansion from contraction.

• Hong Kong's retail sales value surged 14.9 percent year-over-year in February, in contrast to a revised 14.5 percent decline in the previous month. Economists had expected a 4.5 percent decrease for the month.

EX-DATE COMPANY PURPOSE

6-APR-15 TATA MOTORS – DVR RIGHTS 6:109 @ PREMIUM RS.269/- PER SHARE

6-APR-15 TATA MOTORS RIGHTS 6:109 @ PREMIUM RS. 448/- PER SHARE

8-APR-15 COLGATE PALMOLIVE THIRD INTERIM DIVIDEND - RS 8/- PER(INDIA) SHARE (PURPOSE REVISED)

8-APR-15 SKF INDIA FINAL DIVIDEND - RS 2.50/- PER SHARE9-APR-15 STATE BANK OF MYSORE INTERIM DIVIDEND - RS 5/- PER SHARE9-APR-15 BIOCON INTERIM DIVIDEND RS 5/- PER SHARE16-APR-15 SANOFI INDIA FINAL DIVIDEND - RS 24/- PER SHARE /

SPECIAL ONE-TIME DIVIDEND - RS 11/- PER SHARE

16-APR-15 PITTI LAMINATIONS FACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RS 5/- PER SHARE

27-APR-15 VESUVIUS INDIA FINAL DIVIDEND - RS 6/- PER SHARE28-APR-15 ABB INDIA DIVIDEND - RS 3.70/- PER SHARE

MEETING DATE COMPANY PURPOSE

7-APR-15 GM BREWERIES RESULTS/DIVIDEND9-APR-15 CMC RESULTS/DIVIDEND10-APR-15 STRIDES ARCOLAB SCHEME OF AMALGAMATION17-APR-15 R. S. SOFTWARE (INDIA) RESULTS/DIVIDEND20-APR-15 C. MAHENDRA EXPORTS BONUS21-APR-15 DIC INDIA RESULTS21-APR-15 PERSISTENT SYSTEMS RESULTS23-APR-15 HDFC BANK RESULTS/DIVIDEND28-APR-15 TCS SCHEME OF AMALGAMATION29-APR-15 HOUSING DEVELOPMENT

FINANCE CORPORATION RESULTS/DIVIDEND29-APR-15 SHREE CEMENTS RESULTS30-APR-15 MAHINDRA LIFESPACE

DEVELOPERS RESULTS/DIVIDEND

FORTHCOMING EVENTS

NOTES:1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name

of "Morning Mantra ".2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength

coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.

TREND SHEET

Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing

Price Trend Trend

Changed Changed

SENSEX 28260 DOWN 27.03.15 27458 28300 28700

S&P NIFTY 8586 DOWN 27.03.15 8341 8650 8750

CNX IT** 11952 UP 16.01.15 11660 - 11800

CNX BANK 18618 DOWN 20.03.15 18606 19000 19200

ACC 1586 DOWN 20.03.15 1570 1620 1650

BHARTIAIRTEL 402 UP 13.03.15 400 375 365

BHEL 231 DOWN 06.02.15 264 257 265

CIPLA 710 UP 12.06.14 416 670 650

DLF 160 UP 23.01.15 157 150 140

HINDALCO 132 DOWN 12.12.14 154 150 155

ICICI BANK 323 DOWN 06.02.15 329 340 350

INFOSYS 2174 UP 16.01.15 2118 2160 2100

ITC 332 DOWN 04.03.15 344 345 355

L&T*** 1734 DOWN 20.03.15 1670 - 1760

MARUTI 3645 UP 19.09.13 1480 3450 3350

NTPC* 148 UP 27.02.15 158 - 144

ONGC 306 DOWN 17.10.14 397 335 345

RELIANCE 836 DOWN 12.12.14 882 880 910

TATASTEEL 324 DOWN 27.08.14 513 360 370

S/l

4

®

Closing as on 01-04-2015*NTPC has broken the support of 148 levels**CNXIT has broken the support of 12000 levels*** LT has breached the resistance 1730 levels

BSE SENSEX GAINERS & LOSERS TOP (% Change) NSE NIFTY GAINERS TOP & LOSERS (% Change)

SECTORAL INDICES (% Change)

SMC Trend

SMC Trend

FMCGHealthcare

FTSE 100CAC 40

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

ITMetal

Down SidewaysUp

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

5

®

1.79 1.82

2.24

4.31

1.741.92

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Junior S&P CNX 500

2.20

0.97

2.32

0.66

1.911.96

0.80

1.47

2.07

1.65

2.08

0.00

0.50

1.00

1.50

2.00

2.50

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index Healthcare Index

IT Index Metal Index Oil & Gas Index

Power Index Realty Index

0.200.36 0.33

1.691.54

-0.41

-0.09

-1.20

-0.01

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp.

FTSE 100 CAC 40

SMC Trend

Nifty BSE Midcap S&P CNX 500BSE SmallcapSensex Nifty Junior

954.20

487.70

-12.57

277.86

-200.00

0.00

200.00

400.00

600.00

800.00

1000.00

1200.00

Friday Monday Tuesday Wednesday Thursday

FII / FPI Activity MF Activity

8.16

6.79

4.46 4.28 4.26

-3.70

-2.51

-1.60

-0.74 -0.68

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

B P C L Idea Cellular Bharti Airtel Coal India Asian Paints Hindalco Inds. Tech Mahindra

Punjab Natl.Bank

Cairn India I D F C

4.704.30

3.92

2.66 2.65

-3.29

0.00 0.00 0.00 0.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Bharti Airtel Coal India H D F C Tata Power Co.

Tata Motors Hindalco Inds.

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

Indian Markets were closed on 6th Mar.

Indian Markets were closed on 6th Mar.

44.63

17.56

4.32

25.75

7.74

Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

18.871.17

2.12

74.41

3.44 Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

Beat the street - Fundamental Analysis

Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline

6

®

Investment Rationale •The segment that the company operates majorly, farm, SUV and UV degrew due to systematic •Mahindra and Mahindra is a leading player in the factors affecting its revenue in recent quarters. UV and Farm vehicle segment with a monopoly in Despite a slowdown, the company maintained its pickup truck segment with 74% market share and profit situation as Net profit remained flat from increasing. Over the years, Mahindra has 934.06 Cr in Q3FY14 to 942.14 Cr in Q3FY15.strengthened its product research and design

using synergies of opportunistic acquisitions and •During FY15, the company's long-term bank JVs. XUV 500, the trademark Mahindra product facilities and Non-Convertible Debenture (NCD) was built on lines of Its Korean acquisition programme was upgraded to 'CRISIL AAA/Stable' Ssangyong Motors and changed the brand from 'CRISIL AA+/Stable' which is the highest positioning of Mahindra altogether degree of safety regarding debt servicing.

•The company relaunched its flagship product – ValuationScorpio in FY15 and it was well received and was The management expects sales to bounce back in acclaimed car of the year by various media and FY16 as the company has strategically lined up auto shows. As far as numbers are concerned, it various launches as many factors including fuel and received highest ever sales in Q3FY15 in the last 3 interest rates have fallen into its favor. The stock is years. Mahindra has announced 9 new launches trading at 1202.00 apiece at current PE of 17.17. The for FY16 including variants, facelifts and one stock is expected to trade at 1539 with an upside brand new product. potential of 28% in 8 – 10 months time horizon.

•The company is moving towards establishing foothold in used car segment for which it raised 94 Cr from valiant capital, San Francisco. It aims to expand its current 500 franchisee outlet and capture both the online and offline market. The management also commented that it wants to enter Dairy products segment as it has untapped potential.

•The company has been looking to expand deeper in global markets as it made a binding offer and acquired controlling stake in French company Peugeot after successfully doing the same in korea with Ssangyong. The management has announced that Peugeot has strong product line up which will boost brand image of Mahindra two wheelers in India

Face Value (`) 5.00

52 Week High/Low 1421.00

M.Cap (`Cr.) 74633.57

EPS (`) 69.99

P/E Ratio (times) 17.17

P/B Ratio (times) 3.20

Dividend Yield (%) 1.16

Stock Exchange BSE

` in cr

% OF SHARE HOLDING

P/E Chart

Mahindra and Mahindra Limited CMP: 1201.65 Upside: 28%Target Price: 1539

VALUE PARAMETERS

Actual Estimate

FY Mar-14 FY Mar-15 FY Mar-16

Revenue 72,758.80 48,255.80 54,831.70

EBITDA 10,120.20 6,189.00 7,364.90

EBIT 7,950.60 4,804.60 5,815.40

Pre-tax Profit 5,501.80 4,604.50 5,519.00

Net Income 4,349.10 3,594.40 4,317.70

EPS 70.67 57.76 69.94

BVPS 313.30 395.30 449.67

ROE 20.10 15.90 17.00

EROS INTERNATIONAL MEDIA LIMITED CMP: 423.80 Upside: 20%Target Price: 509

Investment Rationale partnership with Google Chromecast, which was recently launched in India, to bring entertainment •The capex for FY15 is `1200 crore. For 9M, it has content from ErosNow to Chromecast users on their incurred capex of `900 crore, of which `500 – 600 big screens.crore caped is for future slate and ̀ 700 crore is for

•The company will invest more money in larger and FY15 release date. For FY16. the capex would be medium budget movie in FY16. The pre-sales are around ̀ 1200 – 1400 crore.strong for big budget movies. Tamil, Telugu and •During Q3, the company has released 12 movies (7 Malayalam markets will be main regional market, Hindi & 5 Tamil Movies), including 3 high budget before focusing on other regional markets.and 9 medium and low budget movies. Library film

Valuationmonetization and the release of new movies in Hindi, Tamil and other regional languages The company has built a resilient business model that contributed to healthy growth in revenues. allows it to thrive even in tough macro environments.

Low-risk, mid-size budget movies, a pipeline of star-Theatrical revenue was driven by releases such as studded films and the ability to monetise movie rights by Lingaa (multi-lingual), Kaththi (Tamil), Action selling them to satellite channels are key positives for Jackson, Happy Ending.the company. Thus, it is expected that the stock will see •The company had strong pre-sales from high profile a price target of ̀ 509 in 8 to 10 months time frame on a movies in Hindi and Tamil such as Lingaa, Action target P/E of 15x and FY16 (E) earnings of ̀ 33.92.Jackson and Kaththi.

•The contribution of catalog revenue was 22% during Q3 FY15 vs 15% during Q3 FY14. This has helped OPM to rise in Q3. Catalog revenue is growing by 10-15% each year. Out of total catalog revenue, 10% is from digital platform. The management is looking at 18-22% contribution from catalog movies, going forward.

•ErosNow, the company's online platform, now has 14 mn registered user worldwide, with just over 10 mn in India. The company has tied up with RailTel Corporation of India to provide ErosNow broadband streaming service to railway passengers.

•The company has formed a worldwide content

Face Value (`) 10.00

52 Week High/Low 484.00/158.65

M.Cap (`Cr.) 3920.46

EPS (`) 25.59

P/E Ratio (times) 16.56

P/B Ratio (times) 3.24

Dividend Yield (%) 0.00

Stock Exchange BSE

VALUE PARAMETERS

% OF SHARE HOLDING

P/E Chart

` in cr

Actual Estimate FY Mar-14 FY Mar-15 FY Mar-16Revenue 1,134.70 1,299.50 1,613.20EBITDA 299.80 363.30 467.30EBIT 294.70 355.20 466.60Pre-tax Profit 267.00 324.00 431.90Net Income 199.70 251.60 313.80EPS 21.63 27.19 33.92BVPS 131.41 157.62 190.50ROE 18.20 18.60 19.30

Charts by Spider Software India Ltd

7

EQUITY

Above calls are recommended with a time horizon of 1-2 months

Disclaimer : research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.The analyst, not any of its affiliated companies, not any of their members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.

The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its

SOURCE: CAPITAL LINE

®

The stock closed at ̀ 401.00 on 01st April 2015. It made a 52-week low at ̀ 305.25

on 07th May 2014 and a 52-week high at `420 on 19th September 2014. The 200

days Exponential Moving Average (EMA) of the stock on the daily chart is

currently at ̀ 365.02.

After forming double bottom pattern near 338 levels, it finally gave a sharp spike

on the upper side and recovered all of its lost value in last few weeks, which

show its strength. Moreover, there is an increase in volumes and price due to

which it may breach its 52 week high in the near term. So, one may buy in the

range of 398-401 for the upside target of 430-435 with SL of 383.

BHARTI AIRTEL

The stock closed at `67.10 on 01st April 2015. It made a 52-week low at `51.55

on 05th July 2014 and a 52-week high of ̀ 78.95 on 06th May 2014. The 200 days

Exponential Moving Average (EMA) of the stock on the daily chart is currently at

`62.07.

As we can see on the chart, there is strong consolidation at lower levels, which

may give a sharp breakout in the near term. So buying is advisable in this

particular scrip. One can buy in the range of 66-67.20 for the upside target of 75-

78 with SL of 63.70.

PRAJ INDS

DERIVATIVES

CHANGE IN NIFTY OPTION OI (IN QTY)

WEEKLY VIEW OF THE MARKET

NIFTY OPTION OI CONCENTRATION (IN QTY)

CHANGE IN BANKNIFTY OPTION OI (IN QTY)BANKNIFTY OPTION OI CONCENTRATION (IN QTY)

®

ACC (APR FUTURE)

Buy: Above `1605

Target: `1640

Stop loss: `1587

BHEL

Buy APR 230. PUT 9.20

Sell APR 220. PUT 5.20

Lot size: 1000

BEP: 226.00

Max. Profit: 6000.00 (6.00*1000)

Max. Loss: 4000.00 (4.00*1000)

OPTIONSTRATEGY

FUTURE

IBULHSGFIN

Buy APR 580. CALL 24.00

Sell APR 600. CALL 16.00

Lot size: 500

BEP: 588.00

Max. Profit: 6000.00(12.00*500)

Max. Loss: 4000.00 (8.00*500)

CESC

Buy APR 620. CALL 21.00

Sell APR 640. CALL 13.00

Lot size: 500

BEP: 628.00

Max. Profit: 6000.00 (12.00*500)

Max. Loss: 4000.00 (8.00*500)

BULLISH STRATEGY

DERIVATIVE STRATEGIES

BHARATFORG (APR FUTURE)

Buy: Above `1342

Target: `1380

Stop loss: `1324

COLPAL (APR FUTURE)

Sell: Below `1990

Target: `1926

Stop loss: `2022

BEARISH STRATEGY

After four week of sharp correction and profit booking, Nifty found support around 8300. The heavy weight sectors banking, started leading the Nifty index but the mid caps remained the flavors of market. Hereafter, the range of 8500-8700 levels will remain crucial in the near term, and the move is expected to remain volatile with positive bias, as indicated by option open interest concentration. If Nifty crosses above the 8600 mark, it could regain to 8800 levels on the back of aggressive short covering. On the contrary, the index has strong support at 8400 levels. The put-call ratio of open interest closed up at 1.11 levels indicating put writing. The options open interest concentration continued to be at the 9000-strike call with the highest open interest of above 32 lakh shares; this is followed by 8800-strike call with open interest of 29 lakhs. Among put options, the 8400-strike taking the total open interest to 40 lakh shares, with the highest open interest among put options followed by 8500-strike put with total open interest of 30 lakh shares. The Implied Volatility (IV) of call options closed at 13.32%, while the average IV of put options closed at 13.52%. The VIX index closed 14.49% which is expected to consolidate. As all major world indices are trading at their all time high levels and after a month long correction our market is now showing strength. Crossing of 8600 level will be next trigger. Banking, Cement, and pharma sectors are likely to perform well.

In lakhs

In 10000 In 10000

Call Put

12

.86

1.9

0

6.5

2

5.0

5

11

.45

27

.44

26

.50

25

.66

27

.16

13

.65

29

.51

24

.12

22

.64

25

.02

31

.10

29

.81

28

.31

16

.43

10

.80

9.7

8

4.6

5

10

.54

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

8000 8100 8200 8300 8400 8500 8600 8700 8800 8900 9000

Call Put

1.7

8

0.0

9 0.5

3

0.4

6

0.0

0

1.7

5

0.1

0

3.4

1

3.3

6

-0.0

8

1.9

92.6

6

0.4

8

0.0

8

6.9

4

5.2

8

7.6

9

3.0

4

0.4

7

-0.4

8

0.2

5 1.0

4

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

8000 8100 8200 8300 8400 8500 8600 8700 8800 8900 9000

Call Put

4.7

6

1.3

9

11

.38

1.7

2

2.7

8

34

.54

30

.29

25

.37

26

.08

7.1

1

5.4

9

18

.51

28

.50

20

.91

3.1

4

2.9

2

15

.17

9.5

0

10

.08

5.9

9

1.6

8

2.1

2

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

17000 17500 18000 18200 18300 18500 19000 19500 20000 20500 21000

Call Put

-0.1

4

0.1

7

-0.0

7

-0.0

3

0.5

9

8.1

3

-3.2

1

3.5

7

6.7

9

0.3

8

0.1

7

2.1

7

4.0

8

5.9

4

1.5

5

1.6

2

4.6

4

0.8

8

-0.2

3

2.0

5

0.0

0

-0.3

7

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

17000 17500 18000 18200 18300 18500 19000 19500 20000 20500 21000

8

In lakhs

9

DERIVATIVES

®

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

31-Mar 30-Mar 27-Mar 26-Mar 25-Mar

Discount/Premium 43.75 65.20 93.50 113.60 80.20

PCR(OI) 1.01 1.02 0.93 0.99 1.08

PCR(VOL) 0.94 0.98 0.91 1.03 1.09

A/D RATIO(Nifty 50) 0.72 4.56 0.67 0.25 0.43

A/D RATIO(All FO Stock)* 0.54 5.32 0.86 0.38 0.62

Implied Volatality 13.32 12.93 13.44 13.75 12.06

VIX 14.49 14.26 14.50 15.16 15.16

HISTORY. VOL 19.32 19.88 19.29 19.16 16.40

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

31-Mar 30-Mar 27-Mar 26-Mar 25-Mar

Discount/Premium 104.00 163.85 232.55 235.05 204.30

PCR(OI) 0.77 0.75 0.72 0.64 0.65

PCR(VOL) 0.76 0.66 0.64 0.56 0.48

A/D RATIO(BANKNIFTY) All Up All Down 2.00 All Up 0.33

# #A/D RATIO 0.00 20.00 1.33 0.05 0.24

Implied Volatality 19.53 19.13 20.13 19.83 18.54

HISTORY. VOL 29.76 30.18 30.44 29.04 26.87

FII’S ACTIVITY IN NIFTY FUTURE

**The highest call open interest acts as resistance and highest put open interest acts as support.# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup # Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering

## All BANKING Future Stock

Top 10 long build up Top 10 short build up

LTP % Price Change Open interest %OI Chng

IDEA 183.85 6.67% 25906000 32.85%

BPCL 814.7 7.37% 3033500 28.92%

SUNTV 444.4 4.10% 823000 26.81%

HINDPETRO 655.45 4.70% 7465500 19.84%

IBULHSGFIN 561.8 2.33% 3577000 18.92%

UPL 445.85 1.16% 4028000 16.01%

BIOCON 469.05 10.30% 4762000 12.50%

IOC 371.4 5.98% 6876000 12.06%

MOTHERSUMI 518.15 8.21% 2192500 11.04%

WOCKPHARMA 1882.6 1.34% 2533500 9.51%

LTP % Price Change Open interest %OI Chng

MINDTREE 1315.8 -2.94% 241750 32.10%

TVSMOTOR 265.65 -2.28% 3999000 13.70%

ORIENTBANK 206.15 -2.39% 4642000 10.71%

UNITECH 16.3 -1.51% 201537000 10.66%

PETRONET 173.05 -1.03% 2578000 10.64%

UNIONBANK 157.85 -2.53% 10408000 9.71%

BANKINDIA 196.95 -1.87% 14813000 4.14%

PNB 145.6 -2.08% 26246250 4.01%

TECHM 634.65 -2.97% 15305500 3.45%

HINDALCO 130.1 -3.74% 23096000 2.30%

In Cr. In Cr.

- 48

7

17

1

- 57

5

- 42

7

42

1

- 13

87

- 21

67

39

2

- 22

8

58

8

- 2500

- 2000

- 1500

- 1000

- 500

0

500

1000

18-Mar 19-Mar 20-Mar 23-Mar 24-Mar 25-Mar 26-Mar 27-Mar 30-Mar 31-Mar

41

5.6

1 15

72

.44

- 20

02

.93 - 86

9.0

8

46

9.8

1

16

.19

- 14

99

.52

40

31

.93

20

64

.95

18

61

.99

-3000.00

-2000.00

-1000.00

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

18-Mar 19-Mar 20-Mar 23-Mar 24-Mar 25-Mar 26-Mar 27-Mar 30-Mar 31-Mar

Turmeric futures (Apr) is expected to trade in the range of 7300-7800 levels. Currently, the spot markets are closed from March 28 for the local Periya Mariamman and Chinna Mariamman festivals and would reopen on 6th April. Fundamentally, the new crop arrivals coming to the market in full swing may put a cap on prices. In Erode regions around 14 - 15 lakh bags (1 bag =75kgs) stocks are reported and all India around 32 – 35 lakh bags are reported. Jeera futures (Apr) may witness a consolidation in the range of 14200-15000 levels. Normal export demand is being reported at Unjha Mandi as the exporters are receiving fresh orders from Singapore and other European countries. However, on the contrary, in Unjha Mandi, currently around 7 - 8 lakh bags stocks are reported & farmers with higher stocks are expected to release at higher price levels. The downtrend in Cardamom futures (Apr) is likely to get extended towards 850 levels. The upcountry buyers have eased buying as they are liquidating stocks held by them on the expectation of a good crop from June. In the current scenario, only the medium quality cardamom is arriving at present. Coriander futures (Apr) may face resistance near 9540 levels in the days to come. The trend of decrease in open interest along with an increase in price is indicating that the counter may witness profit booking from higher levels & that the market participants are liquidating on apprehension that the prevailing price trend is coming to an end. Chilli futures (June) is likely to maintain support above 8200 levels. The stock levels at Guntur cold storage are not high this year. Meanwhile, the overall India crop has been seen down over the previous year and export demand is expected to robust. The new crop arrivals are likely to come till second week of May.

SPICES

Bullion counter may trade sideways with upside bias tracking the movement of greenback; Greece concerns along with Middle East tensions will give further direction to the prices. Gold can move in the range of 25800-26700 while silver can move in the range of 36000-39500. The dollar index has again recovered recently as it gained momentum after Fed Chair Janet Yellen signalled that a rate hike may be likely later this year amid continued improvements in U.S. economic conditions. The world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold Trust, in March recorded its biggest monthly outflow since December 2013. Meanwhile, the Federal Reserve will have a "strong" case to hike interest rates in June, a hawkish U.S. central bank official stated on dismissing recent weak economic data as transitory and perhaps due to unseasonable weather. The biggest influence of the yellow metal will be the U.S. dollar and global interest rates. The Federal Reserve is the only major central bank in a position to raise rates, but there are some concerns on what impact a strong U.S. dollar will have on the economy and equity markets. Although gold demand in India has been tepid lately, it is expected to pick up soon as the wedding season, which goes from March to June starts to pick up, delivering “reliable seasonal lift in jewelry demand and higher imports. Tensions in Russia can also give support to the gold prices. Recently Russian politician and leading critic of President Vladimir Putin was assassinated right outside the Kremlin. The Putin regime denied involvement, but many Russians are skeptical.

BULLIONS

10

The base metal counter is expected to witness some short covering in the near term as supply concerns amid closure of some key mines may give support to the prices. Chinese factory activity performed a fraction better than expected, while nickel plumbed new six-year lows as China nickel pig iron producers sold stocks to raise cash. Activity in China's factory sector unexpectedly picked up in March but remained weak. The official Purchasing Managers' Index (PMI), rose to 50.1 in March from February's 49.9, stronger than 49.7 predicted. Copper may move in the range of 360-415. It is expected that copper to move into a surplus in excess of 200,000 tonnes this year after a mostly balanced 2014, but the copper industry has a long history of supply disruptions. Typical disruptions associated with adverse weather (top producer Chile has swung from severe drought to worst floods in 80 years in 2015), technical problems, power shortages or labour activity coupled with falling grades and dirty concentrates at old mines is impacting the supply side of copper. While Zinc moved in the range of 126-135. Aluminum may move in the range of 109-116 in MCX. On the fundamental note, there was no major movement from the inventories side in Aluminum, however the contango for the metal at LME has been quickly dwindling down and closed at $3.75 MT recently indicating demand spurring up for the metal. Nickel may move in the range of 760-850. The continuous fall in the metal has been mainly due to the record high inventories of the metal at LME at around 430,000 tonnes and the slump in the stainless demand. Meanwhile, lead can move in the range of 111-118 in MCX.

®

BASE METALS

Crude oil may trade sideways with volatile path as geopolitical tensions between Saudi Arabia and Yemen along with the movement of greenback and Iran nuclear deal concerns to give direction to the prices. Crude oil can move in the range of $45-$54 in NYMEX and 2850-3250 in MCX. Talks between Iran and six world powers to settle a dispute around Tehran's nuclear programme extended, as the parties edged towards a deal but failed to agree to crucial details such as the lifting of U.N. sanctions. The increase from the Organization of the Petroleum Exporting Countries adds to excess supply in the market, despite some signs that the halving of crude prices since June 2014 is encouraging higher oil demand. U.S. crude oil stocks rose by 5.2 million barrels last week, according to data from the American Petroleum Institute, while distillate supplies fell 18,000 barrels and gasoline inventories dipped 4.1 million barrels. Iran holds the world's fourth-highest level of crude oil reserves, according to the Energy Information Administration (EIA), a supply level (of 157 billion barrels) that amounts to approximately 10% of total global crude storage. Natural gas prices to trade on sideways path as storage data and weather conditions in US to affect the sentiments. Overall, it can move in the range of 164-178 in MCX. Updated weather forecasting models showed that colder temperatures will impact the U.S. east coast and Midwest from April 4 to April 6, while the rest of the country will enjoy seasonal or higher temperatures.

ENERGY COMPLEX

Soybean futures (Apr) may gain towards 3570 levels, surpassing the resistance at 3500 levels. The preference of the soy meal of Indian origin mainly by the South-East countries due to logistic and freight advantage and demand for non-GMO meal will continue to lend support to the domestic soy meal. The countries such as Iran, Japan, Europe, Thailand, Vietnam, Indonesia and South Korea could be seen as the major destinations for Indian soy meal exports. On the international market, U.S. soybean futures are at one-week top after a U.S. agricultural forecast of lower-than-expected spring planting of the crop this year. As cited by the USDA, U.S. farmers intend to plant a record-high 84.6 million acres of soybeans in 2015, a figure that nonetheless fell below the average trade estimate of 85.9 million. The report also suggested that U.S. soybean stocks as on March 1st were at 1.334 billion bushels, up 34% from a year ago but slightly below the average trade estimate of 1.346 billion. CPO futures (Apr) may trade in the range of 430-445 tracking bearish sentiments of the Malaysian counter. Malaysian palm oil futures traders are waiting for a new lead as Malaysia's plans to implement a goods and services tax that is seen affecting shipments and sales of the edible oil in April. The market participants of the oilseed counter would also keep a close watch on the monthly world agricultural supply and demand estimates report to be released by USDA's World Agricultural Outlook Board. Mustard futures (Apr) may continue to maintain support above 3360 levels. At the spot markets, the counter is getting supported by steady buying as the wet weather conditions have delayed harvest in the country.

OIL AND OILSEEDS

OTHER COMMODITIES

Sugar futures (May) is likely to trade with a negative bias in the range of 2340-2470 levels. At the spot markets, the sweetener continued its bearish trend as demand was subdued amid ample supply. The fundamentals of the international market highlights that raw sugar on ICE inched down to its lowest in more than six years and settled down at 11.93 cents per lb as abundant supplies continued to weigh on prices. Brazil's mills will probably sell more sugar than previously expected this year to scoop up dollar-denominated returns as local labor and transport costs fall. After witnessing a bull run last week, kapas futures (Apr) is now expected to consolidate in the range of 775-830 levels with gains getting capped on reports of slow demand from international markets. It is estimated that cotton exports from India are expected to fall 41% to a five-year low of 7 million bales this crop year ending September as top buyer China curbs purchases. On the contrary, Cotton imports estimates have been increased to 8 lakh bales by the Cotton Advisory Board as the country had already imported 5 lakh bales till February end. The overall demand was pegged lower at 390 lakh bales against 416 lakh bales recorded last year, while supply is seen at 430 lakh bales (449 lakh bales), leaving a surplus of 40 lakh bales. Mentha oil futures (Apr) would possibly continue to move upside & test 900 levels in the days to come. In the current scenario, approx 80-85% field is ready under mentha and around 30-35% or even more acreage is down from last year in Uttar Pradesh. There is better demand from consuming industries in the spot market against restricted supplies as the fresh arrivals of mentha oil are likely to hit the spot markets by the end of the May.

11

TECHNICAL RECOMMENDATIONS

COMMODITY

RMSEED NCDEX (MAY) contract closed at `3411.00 on 31st March '15. The contract made its high of

`3485.00 on 16th February '15 and a low of `3347.00 on 23rd February '15. The 18-day Exponential

Moving Average of the commodity is currently at ̀ 3396. On the daily chart, the commodity has Relative Strength Index (14-day) value of 58. One can buy in the

range 3400-3385 with the stop loss of ̀ 3360 for a target of ̀ 3540.

ALUMINIUM MCX (APRIL) contract closed at 111.90 on 31st March '15. The contract made its high of

`113.45 on 31st March'15 and a low of ̀ 109.20 on 12th March '15. The 18-day Exponential Moving Average

of the Commodity is currently at ̀ 111.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 52. One can buy in the

range 111.80-111 with the stop loss of ̀ 110 for a target of ̀ 115.

`

SOYABEAN NCDEX (JUNE) contract closed at 3458.00 on 31st March '15. The contract made its high of

`3486.00 on 31st March '15 and a low of `3337.00 on 9th March' 15. The 18-day Exponential Moving

Average of the Commodity is currently at ̀ 3412.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 68. One can buy in the

range 3460-3450 with the stop loss of ̀ 3425 for a target of ̀ 3550.

`

®

RMSEED NCDEX (MAY)

ALUMINIUM MCX (APRIL)

SOYABEAN NCDEX (JUNE)

NOTES : 1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name of Daily report- commodities (Morning Mantra).

2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the commodity. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and taking a long-term view and not a short-term view.

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING

PRICE CHANGED CHANGED STOP/LOSS

NCDEX SOYABEAN APR 3437.00 15.01.15 SIDEWAYS

NCDEX JEERA APR 14565.00 13.11.14 UP 12090.00 14300.00 14000.00

NCDEX CHANA APR 3609.00 30.10.14 UP 3131.00 3500.00 3400.00

NCDEX RM SEEDS APR 3407.00 22.01.15 DOWN 3431.00 - 3500.00 3600.00

MCX MENTHA OIL APR 858.50 12.03.15 UP 821.20 740.00 700.00

MCX CARDAMOM APR 888.40 01.01.15 UP 1038.40 930.00 920.00

MCX SILVER MAY 37169.00 11.12.14 UP 38668.00 36000.00 35000.00

MCX GOLD APR 26204.00 12.02.15 SIDEWAYS

MCX COPPER APR 378.45 26.03.15 UP 392.45 365.00 350.00

MCX LEAD APR 113.90 26.03.15 UP 116.50 110.00 105.00

MCX ZINC APR 130.05 15.01.15 DOWN 126.80 - 133.00 136.00

MCX NICKEL APR 776.00 15.01.15 DOWN 891.40 - 870.00 900.00

MCX ALUMINUM APR 111.90 15.01.15 DOWN 110.30 - 114.00 118.00

MCX CRUDE OIL APR 3025.00 26.03.15 SIDEWAYS

MCX NATURAL GAS APR 167.00 04.12.14 DOWN 226.80 - 180.00 200.00

TREND SHEET

Closing as on 31.03.15

COMMODITY

NEWS DIGEST

Sustaining at higher level is still a concern for commodities counter. It has been noticed that

last week CRB couldn't sustain the two week gain and fell on the upside in the dollar index. The

dollar index rose against a basket of currencies and was on track for its best quarter since

2008, bolstered by the diverging outlook for monetary policy in the United States as compared

to other major economies. U.S. consumer confidence rebounded strongly in March amid

optimism over the labor market while house prices increased in January, hopeful signs that a

recent sharp slowdown in economic activity was probably a blip. On the contrary, euro closed

out the worst quarter in its 15-year history on Tuesday, slammed by monetary policy changes

and worries about Greece, while U.S. stocks retreated a day after posting big gains. Metals and

energy gave their previous gain. Crude oil prices fell as global powers and Iran race to reach a

deal on Tehran's nuclear program that could ease sanctions on the crude producer, adding to

the global oversupply. Natural gas was the victim of lackluster trade. Gold has turned lower,

pressured by the firm US dollar and weak oil prices, and with expectations that the Federal

Reserve will increase interest rates this year pushing bullion toward its second monthly

decline. The world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold

Trust, in March has recorded its biggest monthly outflow since December 2013, data from the

fund shows. Most of the industrial metals moved down except aluminium and zinc, which saw

some marginal gain. Nickel has extended recent hefty losses, sliding to its lowest in nearly six

years and ending March down 12%, with prices pummelled by record supply and weak demand

for stainless steel. Oil seeds saw some gains. Malaysian palm oil futures on BMD ended higher

on Monday, as market participants positioned ahead of the news of possible duty hikes from

Indonesia. During the first two months of 2015, the exports of guar have been falling. The total

exports to US were limited to 17,000 tonnes during February 2015 – 26% less than the exports

during the same period a year ago. The trouble has multiplied with falling prices as well. Jeera

and turmeric process propped up whereas cardamom moved down. Due to lower quality

supply, buyers were not go for higher buying of cardamom in the spot market. Sharp profit

booking was noticed in dhaniya futures. Due to heavy rainfall dhaniya crop turned to black

color.

WEEKLY COMMENTARY

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

COMMODITY UNIT 31.03.15 DIFFERENCEQTY. QTY.

BAJRA MT 0 0 0

CASTOR SEED MT 444801 445846 1045

CHANA MT 1216 1755 539

CORIANDER MT 496 794 298

COTTON (29MM) BALES 1600 1600 0

GUARGUM MT 7355 7287 -68

GUARSEED MT 7441 7371 -70

JEERA MT 12762 11973 -789

MAIZE MT 15830 15830 0

RAPE MUSTARD SEED MT 80 80 0

SOYABEAN MT 1295 1295 0

TURMERIC MT 3236 3554 318

WHEAT MT 1323 1947 624

26.03.15 COMMODITY UNIT 31.03.15 DIFFERENCE

QTY. QTY.

CARDAMOM MT 44.50 46.40 1.90

COTTON BALES 103500.00 109600.00 6100.00

GOLD KGS 29.00 115.00 86.00

GOLD MINI KGS 18.90 86.90 68.00

GOLD GUINEA KGS 25.62 25.62 0.00

MENTHA OIL KGS 3176870.20 2858733.85 -318136.35

SILVER (30 KG Bar) KGS 7719.99 8305.82 585.83

25.03.15

•China's Purchasing Managers Index (PMI) came in at

50.7 in February from 49.7 in January.

•U.S. economic growth cooled in the fourth quarter as

previously reported and after-tax corporate profits

took a hit from a strong dollar.

•The volume of gold sold forward by mining companies

rose by 103 tonnes last year, the biggest annual

increase since 1999.

•Chile's state-run Codelco produced 1.672 million

tonnes of copper in full-year 2014, a 3.1% rise from a

year earlier.

•The European Union is preparing to impose anti-

dumping duties on imports of stainless steel cold-rolled

sheet from China and Taiwan, while India is also

considering similar action.

•The ministry of agriculture has started a study on the

prospects of future market in onion and the risks

associated with it.

•Myanmar has launched world's first 23x7 multi-

commodity exchange for the benefit of entire value-

chain participants, including traders, importers,

arbitrageurs and investors.

•In the third week of March, India has exported total

9742 tonnes of guar products (including guar gum,

splits and meal).

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

12

®

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)

2.091.96 1.86

1.51

0.96

-5.42

-3.64

-2.31-2.11

-1.32

-6.00

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

COTTON SD O.C (AKL)

MAIZE RABI SOYABEAN 2 MT

RM SEED 2 MT

GUARSEED 2 MT

CRUDE OIL SILVER HEDGE COTTON 29 MM GOLD HEDGE COPPER

3.98 3.96

3.47

0.240.02

-7.64

-4.89

-4.03

-3.19

-2.09

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

KAPASKHALI KAPAS MENTHA OIL NATURAL GAS CPO NICKEL MINI CARDAMOM CRUDE OIL SILVER GOLD

COMMODITY

COMMODITY EXCHANGE CONTRACT 31.03.15 CHANGE%

ALUMINIUM LME 3 MONTHS 1782.00 1785.00 0.17

COPPER LME 3 MONTHS 6055.00 6041.00 -0.23

LEAD LME 3 MONTHS 1825.50 1820.00 -0.30

NICKEL LME 3 MONTHS 13285.00 12395.00 -6.70

ZINC LME 3 MONTHS 2082.00 2081.00 -0.05

GOLD COMEX JUNE 1200.30 1183.20 -1.42

SILVER COMEX MAY 17.05 16.60 -2.66

LIGHT CRUDE OIL NYMEX MAY 48.87 47.60 -2.60

NATURAL GAS NYMEX MAY 2.59 2.64 1.93

27.03.15

PRICES OF METALS IN LME/ COMEX/ NYMEX (in US $)

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

26.03.15

ALUMINIUM 3969175 3951725 -17450

COPPER 342625 334600 -8025

NICKEL 433980 435048 1068

LEAD 237275 236375 -900

ZINC 520175 515750 -4425

31.03.15

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 27.03.15 31.03.15 CHANGE(%)

Soya CBOT MAY Cent per Bushel 967.25 973.25 0.62

Maize CBOT MAY Cent per Bushel 391.00 376.25 -3.77

CPO BMD JUNE MYR per MT 2169.00 2165.00 -0.18

Sugar LIFFE MAY 10 cents per MT 360.00 355.40 -1.28

13

®

SPOT PRICES (% change) Reducing the margin on spread contracts…………..a boosting dose for market turnover

The Forward Markets Commission (FMC), regulator of the commodity futures

market, has directed MCX and NCDEX to reduce the margin on spread contracts to

25% from 50% from April 1. Commission had issued directives regarding spread

margin benefits to the market participants to the extent of 50% in case of (a)

different month contracts of the same underlying commodity and (b) two contract

variants having the same underlying commodity. In view of the same, the

Commission has decided to increase the spread margin benefits from the level of

50% to 75%.

Commodity market traders, hedgers and other participants have considered a step

in the right direction as this regulatory move increase market liquidity and

turnover.

Both these exchanges accounted for more than 90% of the `56.43 lakh crore

turnovers in the fiscal year 2014/15 through February 28. While In the fiscal year

2014/15 through February 28, overall commodity futures market fell by 41% to

`56.43 lakh crore, agri turnover fell 31% to `9.92 lakh crore. Bullion turnover fell

the sharpest, 51% at `20.05 lakh crore and crude decreased by 37% to `14.8 lakh

crore. Base metals volumes dipped the least at 29% to ̀ 11.61 lakh crore.

Trading in spread contracts

Normally, traders buy or sell futures contracts on anticipations of price

fluctuation. In spread contracts, rather than assuming the risk of price fluctuation,

traders or hedgers assume the risk of the difference between two contracts

widening or narrowing. For instance, if a trader forecasts the spread between a

near month (say April) and far month (May) contract to rise, he would sell off April

and buy May - bull spread - and vice versa - bear spread.

Benefit of reducing the margin on spread contracts

• This move will surely help increase turnover, both agri and non-agri.

• This regulation will increase the liquidity in the market without

compromising on risk management.

• This facility will help hedgers and other market participants also.

• Exchanges will be able to launch a contract where spreads will be quoted and

buying and selling these will automatically result in two trades.

• Benefits to market participants are many fold like rolling over of positions

without price distortion, ability to create spreads between any two months.

• Participants can also place limit orders on the spreads and thus reduce impact

costs.

Earlier, commodity and contract-specific permissions were granted. April onwards,

commodity exchanges will be able to offer incentivized spread trading with higher

margin benefits.

Globally, spread contracts are used widely by market participants for the ease of

rolling over positions as well as creating trading strategies based on the price

differential between calendar months of the same commodities or even between

two different sets of commodities. In India, FMC has allowed spread trading only

where the underlying commodity is the same and contract calendar is different or

contract variants are different.

In volatile commodities like gold and silver, it is very difficult for market

participants to roll over positions from the current month to the next month

without taking a price risk on the execution side. This move finally addresses the

missing link of the futures market.

-3.21

-1.39

-1.20

-1.16

-1.01

-0.96

-0.71

-0.54

-0.28

-0.24

-0.24

-0.23

0.00

0.16

0.28

0.47

0.53

0.66

0.71

4.17

4.65

6.05

-4.00 -2.00 0.00 2.00 4.00 6.00 8.00

SILVER 5 KG (DELHI)

BARLEY (JAIPUR)

GUAR GUM (JODHPUR)

CHILLI (GUNTUR)

CRUDE PALM OIL (KANDLA)

TURMERIC (NIZAMABAD)

GUR (MUZAFFARNGR.)

REFINED SOYA OIL (INDORE)

GUAR SEED (JODHPUR)

WHEAT (DELHI)

PEPPER MALABAR GAR (KOCHI)

CHANA (DELHI )

JEERA (UNJHA)

SUGAR (KOLKATA)

MUSTARD (JAIPUR)

COTTON (KADI)

SOYABEAN (INDORE)

MASOOR (INDORE)

RAW JUTE (KOLKATA)

MENTHA OIL (BARANBAKI)

COTTON SEED OIL CAKE (AKOLA)

CORIANDER (KOTA)

CURRENCY

Currency Table

aCurrency Pair Open High Low Close

USD/INR 62.93 63.01 62.79 62.83

EUR/INR 68.65 68.65 67.37 67.52

GBP/INR 93.80 93.80 92.74 93.01

JPY/INR 52.80 52.84 52.27 52.41

(Source: Reliable Software, Open: Monday 9.00 AM IST, Close: Tuesday (5.00 PM IST)

News Flows of last week

31st Mar Euro zone price fall slowed as expected, deflation fears ease

31st Mar U.S. consumer confidence, house prices offer hope for economy

31st Mar Greece failed to reach initial deal on reforms with lenders

31st Mar Euro falls on way to worst quarter; dollar best since 2008

31st Mar South Korea inflation touched fresh 16-year low on oil drop

01st Apr China's home price declined slows in March: surveys

01st Apr Weak demand hits China factory, services firms in March, more

easing seen

EUR/INR (APR) contract closed at 67.52 on 31st March'15. The contract made its high of `68.65 on 30th March'15 and a low of `67.37 on 31st March'15 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at `68.02

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 40.00. One can buy above 68.75 for a target of 69.75 with the stop loss of 68.15.

JPY/INR (APR) contract closed at 52.41 on 31st March'15. The contract made its

high of 52.84 on 30th March'15 and a low of ̀ 52.27 on 31st March'15 (Weekly Basis).

The 14-day Exponential Moving Average of the JPY/INR is currently at ̀ 52.26.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 53.60.

One can buy above 52.70 for a target of 53.50 with the stop loss of 52.30.

Market Stance

Indian rupee settled with marginal gains in a thin trading week. The local

currency recovered from its lows as against the U.S dollar on the back of fresh

selling of the American currency by exporters. Moreover, higher opening and

follow through gains in local stock market also supported the rupee. However,

the strength in dollar against other currencies overseas capped sharp gains. In

the international markets, the dollar rose as against a basket of currencies

and was on track for its best quarter since 2008, bolstered by the diverging

outlook for monetary policy in the United States compared to other major

economies. The greenback remains below peaks hit earlier in March; having

given back some ground over the past couple of weeks after the US Federal

Reserve signaled a more cautious outlook for US economic growth.

EUR/INR

USD/INR (APR) contract closed at ̀ 62.83 on 31st March'15. The contract made its high of `63.01 on 30th March'15 and a low of `62.79 on 31st March'15 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at `62.68.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 54.97. One can buy around 62.60 for the target of 63.30 with the stop loss of 62.20

GBP/INR (APR) contract closed at 93.01 on 31st March'15. The contract made its high of 93.80 on 30th March'15 and a low of `92.74 on 31st March'15 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at `93.38.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 42.37. One can sell below 92.70 for a target of 91.90 with the stop loss of 93.15.

`

USD/INRTechnical Recommendation

GBP/INR JPY/INR

Economic gauge for the next week

Date Currency Event PREVIOUS

06th Apr USD Markit PMI Composite (Mar) 57.2

06th Apr USD Markit Services PMI (Mar) 57.1

06th Apr USD ISM Non-Manufacturing PMI (Mar) 56.9

07th Apr GBP Markit Services PMI (Mar) 56.7

07th Apr USD Consumer Credit Change (Feb) $11.56B

08th Apr EUR Retail Sales (YoY) (Feb) 3.70%

08th Apr USD FOMC Minutes

09th Apr GBP BoE Interest Rate Decision (Apr 9) 0.50%

09th Apr USD Wholesale Inventories (Feb) 0.30%

10th Apr GBP Industrial Production (YoY) (Feb) 1.30%

10th Apr GBP Manufacturing Production (YoY) (Feb) 1.90%

10th Apr GBP NIESR GDP Estimate (3M) (Mar) 0.60%

14

®

IPO

IPO NEWSIPO NEWS

Sadbhav Infra get Sebi nod for IPOSadbhav Infrastructure Projects has received capital markets regulator Sebi's approval to raise funds worth ̀ 600 crore through Initial Public Offers. The company had filed its draft red herring prospectus (DRHP) with Sebi in December 2014 for the proposed public offers. Sebi had issued its final 'observations' on the draft offer documents of Sadbhav Infrastructure on March 26, according to the latest update by the market watchdog. Sadbhav Infrastructure, a subsidiary of Sadbhav Engineering, plans to garner money through an IPO. The issue consists of a fresh issue of equity shares aggregating up to ̀ 600 crore and an offer for sale of up to 1.61 crore equity shares each by Xander Investment Holding XVII Ltd and Norwest Venture Partners VII-A'Mauritius.

UFO Moviez India get Sebi nod for IPOThe UFO Moviez India has received capital markets regulator Sebi's approval to raise funds worth ̀ 750 crore through Initial Public Offers. The company had filed its draft red herring prospectus (DRHP) with Sebi in December 2014 for the proposed public offers. Sebi had issued its final 'observations' on the draft offer documents of UFO Moviez on March 27 according to the latest update by the market watchdog. Going by the details in the draft documents, UFO Moviez, India's largest digital cinema distribution network and in-cinema advertising platform in terms of numbers of screens, plans to raise around ̀ 750 crore by selling shares of the existing shareholders. The selling shareholders include PE investors such as 3i Research (Mauritius) Ltd, P5 Asia Holding Investments (Mauritius) Ltd (P5) and promoters selling their partial holdings in the company. The funds raked in from the offer for sale would be received by the selling shareholders. Last month, as many as five companies had received Sebi's approval to launch their IPOs to fund business expansion and meet working capital requirements.

Amar Ujala files IPO papers with SebiAmar Ujala Publications, which publishes Hindi daily Amar Ujala, has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offer (IPO). The IPO comprises of fresh issue of equity shares worth `50 crore and an offer for sale of up to 26.90 lakh equity shares by existing shareholders, according to draft documents. The selling shareholders include Rajul Maheshwari, Sneh Lata Maheshwari and Pun Undertakings Network Private Limited. The proceed of the issue would be utilised towards purchase of printing machines as well as hoardings, investment in its subsidiary and general corporate purposes. The issue is being managed by Axis Capital and IDFC Securities.

Videocon d2h to file afresh for India IPOVideocon d2h Ltd, the satellite television arm of Videocon Group , will have to file a new draft prospectus for an initial public offering in domestic markets after fund raising via American depositary shares (ADS). Videocon d2h agreed to sell ADS worth up to USD 375 million to US-based Silver Eagle Acquisition Corp in January, which would get listed on Nasdaq stock exchange on Tuesday. That means the company has to file a new application after filing one in October 2014 to raise up to 7 billion rupees (USD 113.3 million).

GVK to file up to $250 million IPO for airport unit GVK Power & Infrastructure is likely to file a draft prospectus for an up to $250 million initial public offer (IPO) of its airport unit soon. The unit, GVK Airport Developers Pvt operates airports in Mumbai as well as in Bengaluru. It is also developing airports at Bali and Yogyakarta in Indonesia. GVK is seeking to benefit from surging travel in India. If the IPO is completed, GVK Airport would be the first airport operator to be listed in India. GVK Power also builds roads and power plants. The company would use part of the proceeds to reduce debt and also expand some of the non-aviation infrastructure at its Mumbai and Bengaluru airports

IndiGo may file for $450 mn IPO to Cash in on air travel boom IndiGo, India's biggest airline by market share, is likely to file a red prospectus for its planned debut on the stock exchanges by May . The initial public offering will be likely timed towards the end of this calendar year. The $400-450 million IPO will be managed by six investment banks. The offering is slated to be the biggest in India's aviation history. The airline industry is slated to post a loss of $1.4 billion in the financial year ending March, but IndiGo has because of its own cost efficiencies, network planning and smartly crafted lease contracts been more or less insulated from the downturn.

Biocon Ltd to file for Syngene unit's IPO in two monthsIndian biotechnology firm Biocon Ltd could file a prospectus for a share listing for its research services business arm Syngene International within the next two months. The IPO could fetch up to 10 billion rupees ($159.8 million) to the company. Biocon had said in January it was looking to sell up to 15 percent of its stake via an IPO. Biocon owns an 85.54 percent stake in Syngene, India's largest provider of contract research services to the pharmaceutical industry. The initial public offering (IPO) for Syngene will be managed by Credit Suisse, Axis Bank and Jefferies.

Six companies approach Sebi with IPO proposals to raise ̀ 2,000 croreLooking to tap into the upbeat investor sentiment, as many as six companies have filed their initial papers with market regulator Sebi to raise at least `2,000 crore through initial public offers (IPOs). Since January this year, six firms -- AGS Transact Technologies, S H Kelkar and Company, Shree Shubham Logistics, Precision Camshafts, Pennar Engineered Building Systems and SSIPL Retail have filed draft red herring prospectus (DRHP) with Sebi to float IPOs. These firms will launch their IPOs after getting necessary clearances from Sebi.

HDFC Standard Life to sell 10% via IPO to raise ̀ 2,400 croreHDFC Standard Life, India's second-largest private insurer, is planning to raise `2,400 crore via sale of 10% stake to the public. This will be among the first transactions that are set to take place following the recent passage of legislation that raises the limit on overseas ownership in the sector. The stake will be sold to the public by parent Housing Development Finance Corporation or HDFC, India's largest home loan company. Bank of America Merrill Lynch, JPMorgan,Morgan Stanley, Credit Suisse and JM Financial will manage the initial public offer (IPO), which is expected to take place in the July-September quarter.

15

®

IPO TRACKER

Ortel Communication Indian Media & Ent. 455.79 217.20 19-Mar-15 200.00 181.00 152.30 -23.85

Monte Carlo Fashions Textile & Apparel 1040.97 350.43 19-Dec-14 645.00 585.00 479.00 -25.74

Shemaroo Ent. Entertainment 498.52 120.00 1-Oct-14 170.00 180.00 183.40 7.88

Sharda Cropchem Agro Chemical 2870.82 351.86 23-Sep-14 156.00 254.10 318.20 103.97

Snowman Logistic Miscellaneous 1414.25 197.40 12-Sep-14 47.00 78.75 84.85 80.53

Wonderla Holidays Entertainment 1477.21 181.25 9-May-14 125.00 164.75 261.45 109.16

Just Dial Service provider 9308.92 950.11 5-Jun-13 530.00 590.00 1320.55 149.16

Repco Home Fin Finance 3987.15 270.39 1-Apr-13 172.00 165.00 639.40 271.74

Company Sector M.Cap(In `Cr.) Issue Size(in `Cr.) List Date Issue Price List Price Last Price %Gain/Loss(from Issue price)

*

*Closing prices as on 31-03-2015

16

®

MUTUAL FUND

NEWS

HDFC Mutual Fund introduces FMP 1115D March 2015 (1)

HDFC mutual fund has launched the New Fund Offer (NFO) of HDFC FMP 1115D March 2015 (1), a close ended income scheme. The NFO opens for

subscription on Mar 30, 2015 and closes on Apr 07, 2015. The investment objective of the scheme is to generate income through investments in Debt /

Money Market Instruments and Government Securities maturing on or before the maturity date of the respective Plan(s).

ICICI Prudential Mutual Fund introduces Fixed Maturity Plan - Series 76 - 1127 Days Plan W

ICICI Prudential mutual fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan - Series 76 - 1127 Days Plan W, a close ended

income scheme. The NFO opens for subscription on Mar 30, 2015 and closes on Apr 06, 2015. The investment objective of the scheme is to generate

income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

ICICI Prudential Mutual Fund files offer document for India Recovery Fund-Series 4 to 8

ICICI Prudential Mutual Fund has filed offer document with SEBI to launch a close ended equity scheme as ICICI Prudential India Recovery Fund-Series 4

to 8. The New Fund Offer price is Rs 10 per unit. The investment objective of the scheme is to provide capital appreciation by investing in equity and

equity related securities that are likely to benefit from recovery in the Indian economy.

BIRLA SUN LIFE Mutual Fund files offer document for Fixed Term Plan-Series Ms to Series Mw

BIRLA SUN LIFE Mutual Fund has filed offer document with SEBI to launch a Close-ended Close ended Income Scheme as “BIRLA SUN LIFE Fixed Term

Plan-Series Ms to Series Mw”. The New Fund Offer price is Rs 10 per unit. The investment objective of the scheme is to investing in a portfolio of fixed

income securities maturing on or before the duration of the scheme.

Birla Sun Life Mutual Fund introduces Corporate Bond Fund

Birla Sun Life mutual fund has launched the New Fund Offer (NFO) of Birla Sun Life Corporate Bond Fund, a close ended income scheme. The NFO opens

for subscription on Mar 30, 2015 and closes on Apr 13, 2015. The investment objective of the scheme is to generate returns by predominantly investing

in a portfolio of corporate debt securities with short to medium term maturities across the credit spectrum within the investment grade.

Birla Sun Life Mutual Fund introduces Emerging Leaders Fund - Series 6

Birla Sun Life mutual fund has launched the New Fund Offer (NFO) of Birla Sun Life Emerging Leaders Fund - Series 6, a close ended income scheme. The

NFO opens for subscription on Mar 30, 2015 and closes on Apr 13, 2015. The investment objective of the scheme is to generate returns by predominantly

investing in a portfolio of corporate debt securities with short to medium term maturities across the credit spectrum within the investment grade.

Birla Sun Life Mutual Fund introduces Fixed Term Plan - Series MM (1099 days)

Birla Sun Life mutual fund has launched the New Fund Offer (NFO) of Birla Sun Life Fixed Term Plan - Series MM (1099 days), a close ended income

scheme. The NFO opens for subscription on Mar 30, 2015 and closes on Apr 06, 2015. The investment objective of the scheme is to generate income by

investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

Religare Invesco Mutual Fund files offer document for Fixed Maturity Plan-Series 26-Plan A to F

Religare Invesco Mutual Fund has filed offer document with SEBI to launch a Close Ended Debt Scheme as Religare Invesco Fixed Maturity Plan-Series 26-

Plan A to F. The New Fund Offer price is Rs 10 per unit. The investment objective of the scheme is to generate income by investing in a portfolio of debt

and money market instruments maturing on or before the date of maturity of the Scheme.

ICICI Prudential Money Market Fund to have no exit load

ICICI Prudential Asset Management Company has announced changes in SID and KIM of ICICI Prudential Money Market Fund. All the other provisions of the

SID/KIM of the scheme remains unchanged

Fund Name NFO NFO Scheme Objective Fund Type Fund Class Fund Manager MinimumOpens on Closes on Amount

24-Mar-2015 06-Apr-2015 Close-Ended Growth `5000DWS Fixed Maturity Plan - Series 89 (1101 Days) - Regular Plan (G)

Rakesh SuriTo generate income by investing in debt and

money market instruments maturing on or

before the date of the maturity of the

Scheme.

NFOs WATCH

30-Mar-2015 13-Apr-2015 Open-Ended Growth `5000Birla Sun Life Corporate Bond Fund - Regular Plan (G)

Maneesh

Dangi

To generate returns by predominantly

investing in a portfolio of corporate debt

securities with short to medium term

maturities across the credit spectrum

within the investment grade.

26-Mar-2015 24-April-2015 Close-Ended Growth `5000HDFC Focused Equity Fund - Plan B - Regular Plan (G)

Srinivas Rao

Ravuri

to generate long term capital appreciation

from a portfolio of Eligible Securities as

specified in Rajiv Gandhi Equity Savings

Scheme.

17

®

18

MUTUAL FUND Performance Charts

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT &

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

Sundaram SMILE Fund - Reg - Growth 70.87 15-Feb-2005 675.07 4.63 23.40 105.55 35.45 21.34 3.01 1.02 0.53 3.56 65.04 23.36 8.04

DSP BlackRock Micro Cap Fund - Reg - G 39.64 14-Jun-2007 1623.67 8.04 24.73 97.83 38.38 19.31 2.41 0.67 0.65 N.A 78.44 17.01 4.55

SBI Small & Midcap Fund - Growth 28.78 09-Sep-2009 144.26 0.13 19.96 89.90 38.22 20.94 2.38 0.79 0.53 6.25 43.87 41.54 8.34

Canara Robeco Emerging Equities - G 58.51 11-Mar-2005 169.29 5.10 19.31 86.10 36.05 19.27 2.56 0.89 0.50 13.43 74.23 8.05 4.29

Kotak Emerging Equity Scheme - Reg - G 25.75 30-Mar-2007 274.15 4.67 21.45 83.34 31.17 12.54 2.23 0.80 0.42 23.13 58.92 12.52 5.43

Tata Mid Cap Growth Fund - Plan A - G 102.80 01-Jul-1994 332.12 9.44 23.61 83.11 33.96 11.88 2.34 0.81 0.51 24.87 58.91 14.39 1.84

JPMorgan India Mid and Small Cap Fund - G 19.39 26-Dec-2007 274.78 8.88 26.25 81.61 36.78 9.54 2.53 0.89 0.48 29.76 61.76 4.95 3.54

EQUITY (Diversified)

BALANCED

INCOME FUND

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 31/03/2015Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

ULTRA SHORT TERM

SHORT TERM FUND

Due to their inherent long term nature, the following 3 categories have been sorted on the basis of 1 year returns

Due to their inherent short term nature, Short term funds and Ultra short term funds have been sorted on the basis of 6month and 3month returns respectively

Returns (%) Risk Market Cap (%)

Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT &

(`) Date (` Cr.) Launch CAP CAP CAP OTHER

Tata Balanced Fund - Plan A - Growth 171.08 08-Oct-1995 1437.90 8.06 18.02 53.16 26.25 17.53 1.62 0.29 43.30 29.63 2.27 24.80

L&T India Prudence Fund - Growth 19.28 07-Feb-2011 127.46 6.64 15.21 45.46 24.44 17.16 1.48 0.28 38.92 25.75 2.78 32.55

HDFC Balanced Fund - Growth 107.45 11-Sep-2000 2658.93 2.04 11.69 45.00 22.48 17.71 1.58 0.27 35.20 31.72 0.96 32.12

Franklin India Balanced Fund - Growth 90.34 10-Dec-1999 307.10 5.05 16.16 44.30 22.41 15.46 1.51 0.23 52.96 14.39 N.A 32.65

Canara Robeco Balance - Growth 112.32 01-Feb-1993 268.60 3.99 12.57 43.80 21.39 11.71 1.76 0.18 32.69 36.03 3.75 27.53

SBI Magnum Balanced Fund - Growth 94.96 09-Oct-1995 1070.03 5.11 13.70 43.64 26.30 17.12 1.49 0.27 30.72 26.57 11.12 31.59

DSP BlackRock Balanced Fund - Growth 107.18 27-May-1999 559.34 2.65 12.95 43.48 17.92 16.14 1.70 0.16 43.50 26.21 3.08 27.21

Returns (%) RiskAverage Yield till

Scheme Name NAV Launch QAAUM Since Std. SharpeMaturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

ICICI Prudential LTP - Reg - Cumulative 31.95 28-Mar-2002 133.64 14.06 9.11 3.68 21.97 20.29 12.79 9.34 20.85 0.32 4482.20 7.74

ICICI Prudential Income Fund -Growth 43.89 09-Jul-1998 3068.99 16.49 8.64 2.00 19.78 17.41 9.53 9.24 48.15 0.04 4544.25 7.57

Birla Sun Life Income Plus - DAP 15.92 06-Mar-2009 3443.91 15.84 13.09 3.31 20.78 16.79 9.70 7.96 41.42 0.04 N.A 7.84

Birla Sun Life Income Plus - Reg - G 63.10 21-Oct-1995 3443.91 15.83 13.08 3.30 20.78 16.79 9.69 9.93 41.42 0.04 N.A 7.84

HDFC Income Fund - Growth 32.04 11-Sep-2000 2354.28 15.52 11.46 1.09 19.68 16.47 9.65 8.33 40.40 0.04 5551.04 8.25

UTI Bond Fund - Growth 41.92 04-May-1998 2229.83 14.81 11.44 1.84 19.29 16.28 10.16 8.84 31.58 0.06 5110.00 8.15

IDFC SSIF - Invt Plan - Reg - Growth 34.17 14-Jul-2000 1576.00 16.30 12.05 1.52 22.04 15.95 10.61 8.71 38.86 0.06 5310.75 7.73

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 6M 1Y 3Y(`) Date (`Cr.) Launch Dev.

HDFC HIF - Dynamic - Growth 48.22 27-Apr-1997 971.26 14.42 10.07 0.38 20.33 16.77 10.98 9.17 35.38 0.10 5913.00 7.81

Birla Sun Life Dynamic Bond Fund - Ret - DAP 16.91 08-Apr-2009 9638.23 10.26 11.41 7.94 19.24 15.21 10.81 9.18 23.52 0.15 N.A 7.89

Birla Sun Life Dynamic Bond Fund - Ret - G 24.44 24-Sep-2004 9638.23 10.26 11.41 7.94 19.24 15.21 10.81 8.87 23.52 0.15 7.89

Birla Sun Life Treasury Optimizer Plan - DAP 161.05 22-Jun-2009 2459.69 15.36 12.44 8.18 13.22 12.38 10.25 8.60 8.07 0.41 N.A 8.33

Birla Sun Life Tre- Optimizer Plan - Ret - G 260.83 19-Apr-2002 2459.69 15.31 12.41 8.13 13.18 12.37 10.47 7.68 8.04 0.43 N.A 8.33

Franklin India STIP - Growth 2873.85 31-Jan-2002 9904.35 18.80 13.32 9.01 12.40 11.78 10.44 8.35 12.64 0.23 989.15 10.54

IDFC SSIF - MTP - Plan F - Growth 15.49 10-Feb-2010 2200.48 15.60 12.19 7.79 12.36 11.07 9.34 8.89 16.56 0.08 1452.70 8.52

Annualised

Returns (%) Risk Average Yield tillScheme Name NAV Launch QAAUM Since Std. Sharpe Maturity (Days) Maturity

1W 2W 1M 3M 1Y 3Y(`) Date (`Cr.) Launch Dev.

Franklin India Low Duration Fund - G 15.36 26-Jul-2010 2721.32 15.94 11.88 10.06 10.05 10.11 9.93 9.60 4.23 0.58 405.15 10.29

Indiabulls Ultra Short Term Fund - G 1338.91 06-Jan-2012 227.66 12.02 10.73 10.22 9.54 9.42 9.39 9.45 4.31 0.39 102.20 10.03

DWS Cash Opportunities Fund - Growth 18.69 22-Jun-2007 376.87 16.12 12.12 10.05 9.44 9.52 9.45 8.37 4.51 0.42 153.30 9.97

SBI SHDF - Ultra Short Term - Growth 1794.93 27-Jul-2007 3284.91 17.59 12.83 11.08 9.41 9.14 9.18 7.91 3.22 0.53 273.75 8.49

Franklin India USB Fund - Retail - G 17.94 18-Dec-2007 6769.04 15.33 11.74 10.37 9.37 9.28 9.46 8.35 2.98 0.69 164.25 9.85

IDFC Ultra Short Term Fund - Reg - G 19.54 17-Jan-2006 2523.24 18.56 12.91 11.20 9.27 9.30 9.64 7.55 3.94 0.51 223.00 9.07

ICICI Prud. Ultra Short Term Plan - Ret - G 15.30 12-Jun-2009 2251.73 17.82 12.91 10.15 9.24 9.34 8.96 7.60 6.32 0.23 255.70 8.69

Annualised

®

SMC participating in Finbridge Expo held on 14 & 15 March, 2015 at Bombay Exhibition Centre, Mumbai

Investor Awareness Seminar organized by SMC at Shimla

Women's Day celebrations held at SMC Corporate office, New Delhi