WISE M NEYA Weekly Update from SMC

(For private circulation only)

Merry Christmas

PRESENT A PERFECT GIFT THIS CHRISTMAS WITHBAG FULL OF FINANCIAL SERVICES

2016: Issue 558, Week: 19th-22nd December

Bra

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82

From The Desk Of Editor

(Saurabh Jain)

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 has applied 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.

lobal stock markets remained mixed in the week gone by as investors awaited

more policy details from U.S. president-elect Donald Trump. Emerging stock Gmarkets and currencies dropped after U.S. Federal Reserve indicated for a

steeper rate increase in 2017 after boosting interest rate by 25 bps in the monetary policy

review meeting just concluded. Market participants feared the U.S. Fed hawkish tone as

stronger dollar could reduce the appetite for riskier assets of emerging markets. Chinese

stocks too fell heavily after the U.S. Fed outlook on interest rates together with tightening

by the People’s Bank of China to lower financial risks and deceleration in Yuan.

Back at home, the domestic market continued to be nervous on the back of the concerns

over possible pull out of fund by the foreign market participants. Consumer inflation for the

month of November fell to 3.63 percent from 4.2 percent reported in prior month. Break up

of inflation showed that lot of fall came in from the food and beverages category as prices

fell because of cash shortages and sellers cannot hold as these are perishables. While the

inflation is certainly below the desired levels but the risks still persist to the RBI target level

of 5 percent by Q4 2016-17 in the wake huge jump in crude prices and the expectation of

reverse of base effect and turn unfavourable in December and February. Going forward,

global macroeconomic data, trend in global markets, investment by foreign portfolio

investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against

the dollar and crude oil price movement will dictate trend of the market.

On the commodity market front, the week gone by was full of wild swings due to first

interest rate hike by Fed in 2016. The major victim was the bullion counter, which saw

major fall in the prices. Bullion counter may continue to trade lower owing to stronger

greenback, rise in fed interest rates in recent FOMC meeting and hawkish stance by fed for

next year. Gold can face resistance of $1170 in COMEX and 27800 in MCX while it has support

near $1100 in COMEX and $26400 in MCX. Crude oil upside momentum may extend further as

decision of coordinated production cut by OPEC and Non OPEC producers may continue to

give support to the prices. In base metals counter, prices may remain on volatile path as US

GDP and new home sales data to further give direction to the prices in this week. Zinc prices

are getting support from hopes of robust demand along with lingering worries over supply

tightness and lower.

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

FD Monitor 16

Insurance 17

Mutual Fund 18

SMC GLOBAL SECURITIES LTD.

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NEWS

DOMESTIC NEWSEconomy• India's wholesale price inflation slowed for the third consecutive month in

November. Wholesale prices climbed 3.15 percent year-on-year in November, slower than the 3.39 percent increase seen in October. The expected rate was 3.1 percent.

• India's consumer price inflation slowed further in November. Consumer prices climbed 3.63 percent year-on-year in November, slower than the 4.2 percent increase seen in October.

Pharmaceuticals• Claris Lifesciences has entered into definitive agreements with Baxter

International for the sale of its global generic injectables business for a total gross consideration of USD 625 million.

Realty/ Construction• Dilip Buildcon has been declared as successful bidder by the Ministry of Road

Transport and Highways, Government of India for the project of rehabilitation and upgradation of Machilipatnam to Avinigadda section of NH-214A to two lane with paved shoulder in the State of Andhra Pradesh under NHDP -IV through EPC basis at a project cost of `260.10 crore having length 34.400 km and completion period of 24 months.

Information Technology• Sonata Software announced that its Unified Enterprise Mobility Platform

Halosys has been granted a patent for its innovation on rule based notifications. This patent has far reaching implications beyond web and mobile, to automate systems that can trigger responses based on events in enterprise systems like ERP, CRM enabling more intelligent and automated apps and bots applications to be deployed for digital business innovation.

Agro Chemicals• Monsanto India announced that the Monsanto Company (USA)Shareowners

approved the merger of Monsanto with a wholly owned subsidiary of Bayer Aktiengesellschaft. Under the terms of merger agreement, Monsanto Shareowners will receive $128 per share in cash at the closing of the merger.

Automobile• Bajaj Auto launched its latest sports bike Dominar 400 priced up to ̀ 1.5 lakh

(ex-showroom Delhi) as it looks to challenge segment leader Royal Enfield in the ̀ 1-2 lakh category. The Dominar 400, powered by a 373cc engine will be available with ABS and disc brake versions which are priced at ̀ 1.5 lakh and `1.36 lakh, respectively.

• Maruti Suzuki will launch a premium hatchback Ignis on January 13 as its third product at Nexa, its premium showrooms that now sell S Cross and Baleno. Bookings for the new car, which could be positioned below the Baleno, will begin from January first week on Nexa portal and outlets.

Power• NTPC has lined up investments worth `2648 crore for developing three coal

blocks in Odisha. The Maharatna public sector undertaking (PSU) plans to invest `684 crore in the Dulanga coal block, which is linked to its Dariplalli super thermal power project that has the capacity to generate 1,600 Mw of power. The power project, which is supposed to come up in Sundargarh district, will attract an investment of ̀ 12,532 crore from NTPC.

Paint• Akzo Nobel India has acquired the Industrial Coatings Business of BASF India

for a consideration of ̀ 11.17 crore.

INTERNATIONAL NEWS• US Federal Reserve raised its key interest rate for only the second time in a

decade, by a quarter-point to 0.5%-0.75%. The Fed last hiked the benchmark rate a year ago, but a winter economic slowdown global uncertainties prevented subsequent tightening, until now.

• US consumer price index rose by 0.2 percent in November after climbing by 0.4 percent in October. The increase in prices matched economist estimates. Excluding food and energy prices, the core consumer price index also edged up by 0.2 percent in November following a 0.1 percent uptick in the previous month.

• US initial jobless claims edged down to 254,000, a decrease of 4,000 from the previous week's unrevised level of 258,000. Economists had expected claims to drop to 255,000.

• US retail sales inched up by 0.1 percent in November after climbing by 0.6 percent in October. Economists had expected sales to rise by 0.4 percent. The uptick in retail sales was partly due to notable increases in sales by food service and drinking places and furniture and home furnishing stores.

· U.S. industrial output fell in November, the third drop in the past four months, according to a report from the Federal Reserve. Industrial production declined 0.4 percent in November after edging up 0.1 percent in October.

· The Bank of England kept its record low interest rate and unconventional measures unchanged at its meeting on Thursday, as widely expected, in the final session for the year that set the stage for the U.K. exit from the European Union. The Monetary Policy Committee, headed by Governor Mark Carney, unanimously decided to hold the key bank rate at 0.25 percent and the corporate bond purchase plan at GBP 10 billion.

· U.K retail sales including auto fuel, grew 0.2 percent in November from October, when sales advanced 1.8 percent. Nonetheless, sales were expected to remain flat. Likewise, excluding auto fuel, retail sales growth eased to 0.5 percent from 1.9 percent.

Ex-Date Company Purpose

21-Dec-16 Bannari Amman Sugars AGM/Dividend Rs 7.50 Per Share

22-Dec-16 Infinite Computer Solutions (India) Buy Back

26-Dec-16 Balmer Lawrie & Company Bonus 3:1

27-Dec-16 Gulshan Polyols Fv Splt Frm Rs 5 To Re 1

Meeting Date Company Purpose

20-Dec-16 Jyothy Lab. Scheme of Amalgamation

26-Dec-16 Shilpa Medicare Issue of Equity Shares,Other Purpose

6-Jan-17 Gammon India Scheme of Arrangement

9-Jan-17 Chemfab Alkalis Scheme of Amalgamation,Scheme of Arrangement

13-Jan-17 Goa Carbon Quarterly Results

20-Jan-17 Rane Brake Lin. Quarterly Results

23-Jan-17 Rane (Madras) Quarterly Results

24-Jan-17 HDFC Bank Quarterly Results

25-Jan-17 Rane Engine Val. Quarterly Results

30-Jan-17 Mahindra Life. Quarterly Results

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

S&P BSE SENSEX 26490 DOWN 18.11.16 25627 27300 27850

NIFTY50 8139 DOWN 18.11.16 7850 8450 8600

NIFTY IT* 10223 DOWN 23.03.16 11207 - 10400

NIFTY BANK 18313 DOWN 25.11.16 18507 19200 19500

ACC 1294 Down 21.10.16 1566 1370 1400

BHARTIAIRTEL 310 Down 12.08.16 348 330 340

BHEL 123 Down 14.10.16 133 140 145

CIPLA 566 Down 04.11.16 545 580 590

SBIN 265 UP 02.12.16 254 250 240

HINDALCO 170 UP 11.03.16 84 165 160

ICICI BANK 256 UP 21.10.16 277 255 250

INFOSYS 1005 DOWN 15.07.16 1073 1020 1040

ITC 226 Down 18.11.16 228 240 245

L&T 1361 Down 11.11.16 1389 1450 1480

MARUTI 5189 Down 11.11.16 5134 5400 5500

NTPC 160 UP 09.12.16 164 155 150

ONGC 202 UP 19.08.16 242 190 183

RELIANCE 1057 Down 04.11.16 1006 1060 1080

TATASTEEL 414 UP 04.03.16 289 400 380

S/l

4

Closing as on 16-12-2016*NIFTYIT has breached the resistance of 10200

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

SECTORAL INDICES (% Change)

SMC Trend

FMCGHealthcare

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

ITMetal

Down SidewaysUp

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

5

SMC Trend

Nifty Sensex BSE Midcap BSE Smallcap Nifty Junior S&P CNX 500

SMC Trend

FTSE 100CAC 40

NasdaqDow jonesS&P 500

NikkeiStrait times

Hang SengShanghai

4.75

3.592.92

2.331.75

-8.53

-6.57-5.82

-5.35 -5.32

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

Axis Bank HCL Technologies

TCS Reliance Inds. Wipro UltraTech Cem.

Ambuja Cem. Eicher Motors Grasim Inds Coal India

4.56

3.012.71

1.720.90

-5.52

-3.81 -3.79 -3.50 -3.45

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

Axis Bank TCS Reliance Inds.

Wipro O N G C Coal India Asian Paints Bharti Airtel Sun Pharma.Inds.

Hero Motocorp

334.03

0.00

-731.86

-477.07

337.30

-221.60

-800.00

-600.00

-400.00

-200.00

0.00

200.00

400.00

Friday Monday Tuesday Wednesday Thursday

FII / FPI Activity MF Activity

-1.31

-0.85

-2.35

-1.43

-2.73

-1.58

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

Nifty Sensex BSE Midcap BSE Smallcap

Nifty Next 50

S&P CNX 500

-1.56-1.45

-0.93

-1.67

-2.22 -2.14

1.66

-2.90

-1.03 -0.98 -1.06

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

Auto Index Bankex Cap Goods Index

Cons Durable Index

FMCG Index Healthcare Index

IT Index Metal Index Oil & Gas Index

Power Index Realty Index

0.230.48

0.11

1.46

-0.86

-3.08

-3.56

0.64

1.16

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

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

FTSE 100 CAC 40

INSTITUTIONAL ACTIVITY (Equity) (` Crore)

Beat the street - Fundamental Analysis

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

6

L G BALAKRISHNAN & BROS LIMITED CMP: 602.40 Upside: 22%Target Price: 732.00

Investment Rationale �Positive momentum sign of recovery are all too �L G Balakrishnan & Bros (LGBL) is the flagship evident in its transmission business – higher

company of ELGI Group, and is one of the leading volumes in Q2 with margin augmentation suppliers of transmission chains to the automobile reflecting going concern growth of the company. industry under the popular brand name “ROLON”'. �The company has business strategy where it sets Transmission chains are also known as automotive up plants near every major manufacturing unit of chains. Today, LGBL is a leading Fine Blanking key clients and moreover to add spin to its global Manufacturer having many Fine Blanking Presses footprint, it has plans to acquire firms in Europe, in operation. US and elsewhere, after having successfully

�The company has 17 chain manufacturing plants, all acquired and integrated GFM Corporation, USA.ISO 9001 certified by Underwriters Laboratories ValuationInc., USA. Three of the manufacturing facilities The management of the company expects it would along with the central functions have been improve volume growth in the chain segment from registered to ISO/TS 16949 by UL, USA. key clients like Bajaj Auto, Yamaha and TVS motor

�It is also evolving itself to become a Metal Forging through capacity expansion plans and new launches. company concentrating on Hot, Warm & Cold However, decent financials and quarter on quarter forging, Blanking, Fine blanking & Precision good top line and bottom-line growth, management machined parts. strategy towards expansions and launches would lead

�The transmission chain segment accounting for the company for further growth. Thus, it is expected 80% of the revenue and grew by almost 20% during that the stock will see a price target of ̀ 732 in 8 to 10 Q2FY17 despite good competition in OEMs months time frame on a 3 year average P/E of 12.19x demand. Moreover, EBITDA margin has been and FY18 EPS of ̀ 60.06.maintained over the last 3yrs and management of the company expected good growth in capacity expansion in major OEMs due to export demand during coming fiscal years.

�The company has around 70% market share in the OEM chains segment and around 50% market share in the replacement segment and management is more focusing towards the replacement segment.

�Greenfield plant has been commissioned to execute new orders for Bajaj Auto and aftermarket. Currently 60% volume demand comes from Bajaj and remarkable recovery of the Indian two wheeler industry has spurred related auto component makers to ramp up production, which would give potential growth to the company.

Face Value (`) 10.00

52 Week High/Low 396.50/728.80

M.Cap (`Cr.) 945.54

EPS (`) 39.16

P/E Ratio (times) 15.38

P/B Ratio (times) 2.29

Dividend Yield (%) 1.00

Stock Exchange BSE

% OF SHARE HOLDING

P/E Chart

` in cr

Actual EstimateFY Mar-16 FY Mar-17 FY Mar-18

Revenue 1,140.60 1,317.60 1,499.90EBITDA 137.70 169.50 195.80EBIT 91.75 119.00 144.20Pre-tax Profit 77.78 101.90 129.90Net Income 63.50 76.73 94.18EPS 40.45 48.89 60.06BVPS 265.22 307.00 360.00ROE 16.30 17.80 19.30

VALUE PARAMETERS

Investment Rationale capitalisation. It capitalised assets aggregating

`6,700 crore in Q2 and incurred `5,300 crore on ·Power Grid Corporation of India is a state run capex. Power Grid has front-loaded asset electric power transmission utility company. The capitalisation with 76% of FY17 target achieved Government of India holds 57.9% stake in the firm for transmission lines (regarding circuit km) and as at 30 September 2016. 83% of the target achieved for substations (MVA) in ·As on Sep'16, Power grid has a network of 132138 the first half.ckm of transmission lines and 273862 MVA of

Valuationsubstation. Total capitalization from April'16 till

Oct'16 stood at `11000 crore while capex till Strong project execution capabilities, history of

Sep'16 stood at ̀ 10876 crore. meeting targets and visibility on investment plans for

next few years gives comfort on earning visibility. The ·Overall, the company has total work in hand orders company continues to take various initiatives for of Rs 146000 crore of which around `46000 crore development of Smart Grid in India and is constantly worth of orders are under work in progress and enhancing its abilities through in-house research and balance capex aimed is of around ̀ 100000 crore.demonstration projects in this direction. Thus, it is ·The continuous grid capacity addition in expected that the stock will see a price target of ̀ 226 Southern, Northern and Western grid will further in 8 to 10 months time frame on a target P/E of 13x drive the transmission line orders going forward. and FY18 (E) earnings of ̀ 17.41.Management expects more than 30000 MW of grid

addition by 2020.

·The company continues to expect to spend

around `22000 crore of capital expenditure in

FY'17 as well. Growth momentum of capex and

capitalization will continue to remain in FY'17.

·The management expects that scope for ROE

improvement remains going forward. Current

ROE stands around 15%. Despite competition and

competitive bidding, management remains firm

on its target to improve ROE.

·In Q2FY17, Power Grid reported 29% earnings

growth due to a sharp increase in asset

P/E Chart

POWER GRID CORPORATION OF INDIA LIMITED CMP: 183.35 Upside: 23%Target Price:226.00

Face Value (`) 10.00

52 Week High/Low 196.40/129.25

M.Cap (`Cr.) 95921.20

EPS (`) 11.01

P/E Ratio (times) 16.66

P/B Ratio (times) 2.23

Dividend Yield (%) 1.31

Stock Exchange BSE

` in cr

% OF SHARE HOLDING

VALUE PARAMETERS

Actual Estimate

FY Mar-16 FY Mar-17 FY Mar-18

Revenue 21,352.30 26,574.70 30,386.20EBITDA 18,605.60 22,485.20 26,974.10EBIT 12,303.40 16,295.10 18,911.60Pre-Tax Profit 7,645.80 9,848.20 11,455.20Net Income 6,015.40 7,770.50 9,105.00EPS 11.50 14.87 17.41BVPS 82.13 92.78 105.32ROE 14.80 16.60 17.20

27.23

8.05

3.17

57.9

3.66 Foreign

Institutions

Non Promoter Corporate Holding

Promoters

Public & Others

2.29

13.770 1.62

47.45

34.86Foreign

Institutions

Govt Holding

Non Promoter Corp. Hold.

Promoters

Public & Others

Charts by Spider Software India Ltd

7

EQUITY

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

Disclaimer : 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 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.

SOURCE: CAPITAL LINE

The stock closed at `916.55 on 16th December 2016. It made a 52-week low at

`771 on 23rd November 2016 and a 52-week high at `1324.40 on 04th January

2016. The 200 days Exponential Moving Average (EMA) of the stock on the daily

chart is currently at ̀ 945.98

As we can see on charts that stock has rebounded sharply from 800 levels, which

was the 200WEMA and traded higher. Moreover, it is forming an “Inverted Head

and Shoulder” pattern on daily charts which is bullish in nature. It has given the

breakout of same during last traded week, So one can buy in the range of 905-910

levels for the upside target of 970-990 levels with SL below 860.

BEML

The stock closed at ̀ 1101.40 on 16thDecember 2016. It made a 52-week low at

`847 on 29th February 2016 and a 52-week high of `1332.65 on 18th December

2015. The 200 days Exponential Moving Average (EMA) of the stock on the daily

chart is currently at ̀ 1074.60

Stock is likely to form a Symmetrical Triangle” pattern on weekly charts and this

is considered to be a bullish pattern. Moreover, stock took around five months to

form the pattern, so the potential of rise is quite strong. Therefore, one can buy

in the range of 1090-1100 levels for the upside target of 1260-1290 levels with SL

below 1030.

STAR

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)

Market witnessed further consolidation post Fed interest rate hike, but major sectors indices like IT, Auto and Energy stocks showed some strength. Stock specific

theme remained in flavor and Stock specific FII buying helped market to get stable. Hereafter, the range of 8000-8300 levels will remain crucial in the near term,

and the move is expected to remain sideways with negative bias, as indicated by option open interest concentration. If Nifty breaks the 8300 mark, it could

regain momentum and further upside up to 8500 cannot be ruled out. On the downside the index will face strong support at 8000 to 8050 levels. The put-call ratio

of open interest closed at 1.14 levels indicating put writing. The options open interest concentration is at the 8300-strike call with the highest open interest of

above 60 lakh share. This is followed by 8200-strike call with open interest of 50 lakhs. Among put options, the 8000-strike taking the total open interest to 75

lakh shares, this is followed by 8100-strike put with total open interest of 45 lakh shares. The Implied Volatility (IV) of call options slipped to 13.97%, while the

average IV of put options closed at 13.22%. The VIX index moved down to 15.66%. Here on there is a high probability of further surge in volatility from current

levels. It is advised to use bounce to exit longs and initiate fresh shorts.

In lakhs

In 10000 In 10000

PCJEWELLER (DEC FUTURE)

Buy: Above `354

Target: `366

Stop loss: `347

HAVELLSBUY DEC 320. PUT 6.50SELL DEC 310. PUT 3.50

Lot size: 2000BEP: 317.00

Max. Profit: 14000.00 (7.00*2000)Max. Loss: 6000.00 (3.00*2000)

OPTIONSTRATEGY

FUTURE

TATAMOTORSBUY DEC 480. CALL 6.20SELL DEC 500. CALL 2.00

Lot size: 1500BEP: 484.20

Max. Profit: 23700.00 (15.80*1500)Max. Loss: 6300.00 (4.20*1500)

DERIVATIVE STRATEGIES

ACC (DEC FUTURE)

Sell: Below `1289

Target: `1230

Stop loss: `1318

TORNTPHARM (DEC FUTURE)

Sell: Below `1296

Target: `1240

Stop loss: `1325

BULLISH STRATEGY BEARISH STRATEGY

TCSBUY DEC 2300. CALL 25.00SELL DEC 2350. CALL 10.00

Lot Size: 250BEP: 2315.00

Max. Profit: 8750.00 (35.00*250)Max. Loss: 3750.00 (15.00*250)

Call Put

7.9

6

6.0

7

5.3

0

21

.32

20

.50

48

.48 5

8.9

5

48

.52

42

.84

25

.01

25

.6233

.70

32

.20

35

.09

79

.75

41

.98

41

.56

18

.16

11

.70

16

.07

5.1

9

17

.79

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

7500 7800 7900 8000 8100 8200 8300 8400 8500 8600 9000

Call Put

-3.1

6

-0.2

5

-0.9

1

-3.2

5

2.4

2

8.5

0

12

.28

5.7

5

0.2

7

0.8

8

0.2

4

-2.0

6

1.5

4

0.0

4 1.4

0

0.2

7

-0.7

3

-6.1

8

-0.8

5

0.0

0

-0.2

0

-3.5

5

-10.00

-5.00

0.00

5.00

10.00

15.00

7500 7800 7900 8000 8100 8200 8300 8400 8500 8600 9000

Call Put

3.3

9

7.0

5

8.7

6

3.5

0

46

.99

11

.87

69

.62

50

.18

39

.92

11

.05

14

.33

35

.33

12

1.1

9

83

.31

5.4

9

46

.38

1.7

4

21

.71

9.8

3

9.1

0

4.5

7

2.5

6

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

17000 17500 18000 18400 18500 18800 19000 19500 20000 20500 21000

Call Put

0.2

5

-0.1

9

-1.5

4

1.8

2 10

.99

4.2

8 16

.72

-0.5

1

1.4

6

-0.9

5

-2.3

1

-64

.42

44

.97

-0.8

0

2.2

4

1.5

8

0.1

4

-1.2

4

1.0

3

-0.0

4

0.2

4

-0.2

2

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

17000 17500 18000 18400 18500 18800 19000 19500 20000 20500 21000

8

In lakhs

9

DERIVATIVES

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

15-Dec 14-Dec 13-Dec 12-Dec 09-Dec

Discount/Premium 19.45 15.20 5.65 12.60 15.25

PCR(OI) 1.14 1.20 1.22 1.19 1.23

PCR(VOL) 1.26 1.14 0.92 1.05 1.24

A/D RATIO(Nifty 50) 0.65 0.19 1.18 0.12 1.11

A/D RATIO(All FO Stock)* 1.41 0.32 1.42 0.17 1.83

Implied Volatality 13.97 14.48 13.82 14.34 13.47

VIX 15.66 16.59 15.92 16.19 16.19

HISTORY. VOL 17.91 18.39 18.83 19.23 19.05

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

15-Dec 14-Dec 13-Dec 12-Dec 09-Dec

Discount/Premium 29.50 37.00 24.65 29.80 26.85

PCR(OI) 1.25 1.25 1.29 1.36 1.50

PCR(VOL) 0.79 1.02 1.15 1.19 0.97

A/D RATIO(BANKNIFTY) 1.00 0.09 1.75 0.00 5.00

#A/D RATIO 1.71 0.06 2.20 0.06 8.50

Implied Volatality 17.63 18.32 17.51 18.27 17.09

HISTORY. VOL 23.24 23.93 24.50 25.21 24.81

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 short build upTop 10 long build up

LTP % Price Change Open interest %OI Chng

IGL 909 4.62% 1688500 27.17%

TVSMOTOR 370.35 2.05% 6998000 20.66%

JSWENERGY 62.1 4.90% 32920000 16.18%

ADANIENT 73.25 2.02% 14776000 5.97%

BHARATFORG 979 1.45% 4221000 5.87%

NMDC 130.25 2.44% 20274000 5.49%

NCC 83.6 2.64% 13840000 5.30%

CUMMINSIND 803.8 1.45% 626400 4.92%

GRANULES 116.95 3.45% 9195000 4.85%

ADANIPOWER 32.75 2.34% 100960000 1.63%

LTP % Price Change Open interest %OI Chng

BHARATFIN 662.5 -7.69% 9217000 33.73%

CANBK 305.5 -3.63% 10734000 32.22%

IBULHSGFIN 649.85 -8.25% 12714400 24.19%

PIDILITIND 613.55 -4.43% 1530000 23.99%

PNB 126.5 -6.88% 51996000 20.19%

ORIENTBANK 116.2 -6.40% 14658000 18.77%

CROMPGREAV 59.3 -6.32% 25080000 15.21%

UBL 819.35 -2.89% 1253700 14.51%

KSCL 395.95 -6.97% 2617500 13.68%

BAJFINANCE 855.5 -4.82% 7320000 13.27%

In Cr. In Cr.

70

8

- 17

9

21

6

21

2

14

41

24

1

- 61

23

6

- 80

- 15

20

-2000

-1500

-1000

- 500

0

500

1000

1500

2000

2-Dec 5-Dec 6-Dec 7-Dec 8-Dec 9-Dec 12-Dec 13-Dec 14-Dec 15-Dec

27 79

74

4

31

6

24

78

25

- 10

70

- 45

3

- 20

32

- 91

2

-2500

-2000

-1500

-1000

- 500

0

500

1000

1500

2000

2500

3000

2-Dec 5-Dec 6-Dec 7-Dec 8-Dec 9-Dec 12-Dec 13-Dec 14-Dec 15-Dec

10

Turmeric futures (Apr) may witness an extended downtrend towards 6700 levels as higher supply have started pouring at the Erode market of Tamil Nadu & on the contrary, demand is not every encouraging. At present, only needy buyers are active at the spot markets as this is the fag season and as masala powder manufacturers source most of their requirements during the peak arrival period. In days to come, major business activity in turmeric will be seen only when new supply will come in March-April. Cardamom futures (Jan) is likely to fall further & test 1280 levels. At the auctions, the growers are ready to sell but buyers have slowed down due to liquidity crunch. Jeera futures (Jan) may take support near 16900 levels & remain stable supported by optimistic outlook of better exports in the coming days. India's jeera exports are likely to rise 30% to 88,000 tonnes in Apr-Dec, because of robust demand from overseas market and negligible stocks in other exporting nations. The low availability of stocks in Syria, Turkey and China has made India to be the sole supplier in the global market. The new crop in Syria and Turkey is harvested in Aug-Sep, so until then, Indian jeera will find a good market overseas. The harvest period in India for cumin starts around Feb-Mar. Coriander futures (Jan) is likely to drop further towards 7400 levels. The sentiments have turned bearish on reports that the area sown under coriander in Gujarat has nearly doubled from last year, going from 59,100 hectares (ha) in 2015 to past the 1 lakh hectares mark with 16 more days of sowing to go.

SPICES

Soybean futures (Jan) may take support near 2950 levels, for the sixth consecutive week. The sentiments of the market participants are turning positive as India's soymeal exports are seen rising to 100,000-tn levels in December, the first time in nearly two years. The soy meal exporters are now willing to take a cut in the premium in a bid to make good for their previous losses. Currently, the freight on board price of soy meal at the Kandla port is $365 per tn, according to the Solvent Extractors' Association of India. This is a premium of just $20 per tn to the price of genetically-modified soymeal grown in Argentina and recorded at Rotterdam port, and way lower than the year ago price of $100-$150 per tonne. The foreign buyers are taking advantage of the current situation in India and are quoting lower prices for the world's best soy meal since they know the country is sitting on a bumper crop. On CBOT, U.S soybean futures (Jan) may witness a consolidation in the range of $10.20-10.60 a bushel. The upside may remain capped on farmers may plant 85.5 million acres of soybeans for 2017, up from 83.7 million a year ago. The downside of mustard futures (Jan) may get extended towards 4350 levels, if breaks the support near 4535 levels. Sluggish demand is likely to continue for mustard oil cake as most of the cattle feed manufacturer are shifting to other oil meals as they are available at lower rate and contain higher protein. Refined soy oil futures (Jan) may consolidate in the range of 715-740 levels. The upside may remain capped as ICE has raise margins on U.S. soybean oil for hedgers by 25% to $1,000 per contract from $800.

OIL AND OILSEEDS

OTHER COMMODITIES

Kapas futures (Apr) may continue to witness consolidation for the fourth consecutive week in the range of 880-960 levels, with downside getting capped & supported by renewed demand for the fibre at the spot markets. The major demand is witnessed from exporters who are in a hurry to fulfill their commitments. Secondly, it is being projected that consumption of cotton in India is likely to increase in the ongoing year owing to new mills. The increase in the installed capacity in spinning sector is another reason why the surplus of production over consumption is expected to decline in the coming years. On the international market, ICE cotton futures is expected to trade higher supported by strong U.S. exports sales data amid a surging dollar, which has reached its highest level in 14 years. Sugar futures (Mar) is expected to trade sideways in the range of 3550-3720 levels. The upside may remain capped amid slack physical demand and weak cues from the international market. Raw sugar futures on ICE have touched a new six-month low of $484. The funds have been liquidating long positions on weak chart patterns. Secondly, sugar production in Brazil has soared during the current season as the country's center-south mills produced 1.1 million tons of sugar, up 61%, during the second half of November. Cotton oil seed cake futures (Jan) will possibly trade sideways with a downside bias in the range of 1900-1960 levels. The demand of cotton oil cake from cattle feed manufacturer is hand to mouth and this trend is likely to continue for near term. The majorities of cattle feed manufacturer are still in wait and watch situation as they are anticipating prices to correct further.

Bullion counter may continue to trade on lower path as stronger greenback and rise in Fed interest rates in recent FOMC meeting and hawkish stance by fed for next year can keep the prices under pressure. Movement of local currency rupee has also affected the prices which can move in the range of 67-68.5. Gold can face resistance of $1170 in COMEX and 27800 in MCX while it has support near $1100 in COMEX and $26400 in MCX. Silver has key support near 38200 in MCX and $15.50 in COMEX. And it has resistance near 41500 in MCX and $17 in COMEX. Gold's gains this year are ebbing away after the US central bank tightened monetary policy last week for the first time in a year, and signaled the possibility of three more hikes in 2017. After the US elect president Trump's victory, investors have seen returns in other asset classes with US equities at records and Treasury yields rising, and continue to sell holdings in exchange traded funds backed by bullion thereby exerting further pressure on gold. Gold investors are in fear recently due to the combination of anticipated pro-growth tax reform in US, a rollback of the hyper-regulation of the Obama administration, and the potential for fiscal stimulus. The FOMC raised interest rates by 25 bps last week, taking the Federal Funds Target Rate to 0.50 percent to 0.75 percent. Furthermore investors have increased bets on a June 2017 interest rate hike after the Federal Reserve last week raised rates and surprisingly forecast three increases for the coming year.

BULLIONS

Crude oil upside momentum may extend further as decision of coordinated production cut by OPEC and Non OPEC producers may continue to give support to the prices. Crude oil can trade in the range of 3350-3700 in MCX. The Organization of the Petroleum Exporting Countries and other producers led by Russia have promised to cut production by almost 1.8 million barrels per day (bpd) in an attempt to clear a global oversupply that has depressed prices for more than two years. Last week Kuwait, a member of the Organization of the Petroleum Exporting Countries (OPEC), notified customers that it would cut supplies from January as part of an effort by OPEC and other producers led by Russia to cut production by almost 1.8 million barrels per day (bpd) in order to reduce a fuel supply overhang that has dogged markets for over two years. National oil companies in Saudi Arabia, Kuwait and Abu Dhabi have told customers in Asia they would cut crude supplies following OPEC's decision to cut output. Natural gas may witness profit booking at higher levels as weather related demand and inventories to give further direction to the prices. Overall it may move in the range of 220-245 in MCX. Natural-gas prices fell sharply last week as worries about approaching warmer weather outweighed storage data that showed an unexpectedly large draw from inventories. Investors will be focusing on forecasts of warmer weather temperatures approaching and potentially lingering at the end of the month.

ENERGY COMPLEX

In base metal counter, prices may remain on a volatile path as US GDP and new home sales data to further give direction to the prices in this week. Better China economic data also capped the downside in base metals recently. China's factory output and retail sales grew faster than expected in November, while fixed-asset investment was in-line with forecasts, adding to growing signs of stabilisation in the world's second-biggest economy. Copper may move in the range of 370-410 in MCX. Copper upsides remain capped as stocks of the metal have jumped nearly 40 per cent to 295,300 tonnes since December 8. Meanwhile supply disruption concerns in Copper came to the fore as exports from the Grasberg, world's second-largest copper mine in Indonesia, are under threat as a government ban on overseas concentrate shipments is scheduled to come into force from the middle of January. Lead can trade in the range of 150-162. Zinc can move in the range of 182-195. Zinc prices are getting support from hopes of robust demand along with lingering worries over supply tightness and lower. Aluminum prices may trade in the range of 114-122 in MCX. Aluminum prices upside remains capped as rising supply from China as smelters restart production. Nickel can move in the range of 740-790. Nickel prices may get support at lower levels as Philippines cancelled the environmental permits of three nickel mines and warned that three more producers were at risk of losing their permits. According to latest report by INSG, the global nickel market moved to a surplus of 900 tonnes in October from a deficit of 500 tonnes the previous month.

BASE METALS

11

TECHNICAL RECOMMENDATIONS

COMMODITY

NICKEL MCX (DECEMBER) contract closed at `763.40 on 15th Dec'16. The contract made its high of

`821.50 on 28th Nov'16 and a low of ̀ 669.50 on 15th Nov'16. The 18-day Exponential Moving Average of

the commodity is currently at ̀ 769.07.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 56. One can sell in the

range of ̀ 770-780 with the stop loss of ̀ 805 for a target of ̀ 730.

CORIENDER NCDEX (JANUARY) contract closed at 7669 on 15th Dec'16. The contract made its high of

`8398 on 28th Nov'16 and a low of `6964 on 21st Oct'16. The 18-day Exponential Moving Average of the

commodity is currently at ̀ 7850.8.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 60. One can buy in the

range of ̀ 7500-7470 with the stop loss of ̀ 7420 for a target of ̀ 7600.

`

LEAD MCX (DECEMBER) contract closed at 157.30 on 15th Dec'16. The contract made its high of

`175.70 on 28th Nov'16 and a low of ̀ 123.65 on 03rd Aug'16. The 18-day Exponential Moving Average of

the commodity is currently at ̀ 155.32.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 65. One can sell in the

range of ̀ 157-158 with the stop loss of ̀ 161 for a target of ̀ 152.

`

NICKEL MCX (DECEMBER)

CORIENDER NCDEX (JANUARY)

LEAD MCX (DECEMBER)

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 JAN 3080.00 12.05.16 Down 4037.00 - 3150.00 3250.00

NCDEX JEERA JAN 17725.00 24.11.16 Up 18405.00 17500.00 - 17000.00

NCDEX REF.SOY OIL JAN 728.20 08.09.16 Sideways

NCDEX RM SEEDS JAN 4564.00 24.08.16 Down 4637.00 - 4750.00 4800.00

MCX MENTHA OIL JAN 1004.40 20.10.16 Up 920.80 930.00 - 900.00

MCX CARDAMOM JAN 1320.50 27.10.16 Up 1260.40 1310.00 - 1280.00

MCX SILVER MAR 39295.00 06.10.16 Down 41521.00 - 41000.00 42000.00

MCX GOLD FEB 27019.00 06.10.16 Down 29575.00 - 27800.00 28500.00

MCX COPPER FEB 391.65 22.09.16 Up 326.75 375.00 - 365.00

MCX LEAD DEC 157.30 25.08.16 Up 125.20 150.00 - 145.00

MCX ZINC DEC 189.95 29.09.16 Up 157.60 180.00 - 175.00

MCX NICKEL DEC 763.40 22.09.16 Up 710.00 740.00 - 725.00

MCX ALUMINUM DEC 118.50 10.11.16 Up 118.50 114.00 - 110.00

MCX CRUDE OIL JAN 3574.00 01.12.16 Up 3527.00 3350.00 - 3300.00

MCX NATURAL GAS DEC 234.20 24.11.16 Up 217.80 225.00 - 210.00

TREND SHEET

*Closing as on 15.12.16

COMMODITY

NEWS DIGEST

In the week gone by, commodities witnessed wild swings due to first interest rate hike by Fed.

The major victim was the bullion counter, which saw major fall in the prices, but in Indian

market downfall was capped due to recent depreciation in rupee. Gold dropped to its lowest in

over 10 months as the dollar surged to its highest in 14 years after the U.S. Federal Reserve

raised interest rates amid subdued demand from jewellers, retailers and industries. Fed

signaled a faster pace of increases in 2017 as central bankers adapted to the incoming Trump

administration's promises of tax cuts, spending and deregulation. In Comex, gold breached the

mark of $1125 and in the Indian market, it touched the low of 26901. White metal silver was

more bearish than gold. In comex, silver breached the mark of $16 and in MCX; it broke the

psychological of 40000 levels. Holdings of the SPDR Gold Trust, the world's largest gold-backed

exchange-traded fund, have fallen about 10 per cent since November. Energy counter took a

breather last week, but the downside was capped in both crude and natural gas. In natural gas,

market witnessed profit booking after a massive nonstop four week rally. Fed interest rate hike

couldn't give much impact on crude prices as the positive development in the oil world

regarding production cut have made the trading environment stable for crude oil. Though, the

rate hike boosted the dollar, making greenback-traded fuel imports more expensive for

countries using other currencies at home. As regards inventory, it overall fell by 2.6 million

barrels in the last to last week, more than the expectation. In base metal counter, copper and

nickel closed the week on negative note whereas lead, zinc and aluminum closed up. Zinc gave

stellar performance amid greater demand for higher-quality cars in big developing markets

such as India and China. Zinc's surge had also been aided by the closure of several mines world-

wide during a previous price slump that restricted supply.

In agri commodities, oil seeds and edible oil saw upside excluding mustard seed. Edible oil

import took a huge hit due to demonetization. Another reason for the upside was the price of

palm oil in the international market is at a four-and-a-half year high. This coupled with a weak

rupee makes imports unviable at a time when the oilseed crop in India is higher. Spices

performed mix.

WEEKLY COMMENTARY

COMMODITY UNIT 15.12.16 DIFFERENCEQTY. QTY.

BARLEY MT 40.00 40.00 0.00

CORIANDER NEW MT 14590.00 15527.00 937.00

GUARGUM MT 19112.00 19984.00 872.00

GUARSEED MT 18576.00 19047.00 471.00

JEERA NEW MT 123.00 173.00 50.00

MAIZE MT 5040.00 6128.00 1088.00

RM SEED MT 3456.00 3977.00 521.00

SOYBEAN MT 110768.00 122131.00 11363.00

SUGAR MT 1869.00 3218.00 1349.00

TURMERIC MT 2058.00 1372.00 -686.00

WHEAT MT 5270.00 5569.00 299.00

08.12.16 COMMODITY UNIT 15.12.16 DIFFERENCE

QTY. QTY.

CARDAMOM MT 23.50 16.30 -7.20

GOLD KGS 20.00 20.00 0.00

GOLD MINI KGS 29.80 5.10 -24.70

GOLD GUINEA KGS 4.67 4.67 0.00

MENTHA OIL KGS 1955463.93 1825481.83 -129982.10

SILVER (30 KG Bar) KGS 60335.92 57198.66 -3137.26

08.12.16

·OPEC pumped 33.87 million barrels per day (bpd) in

November, up 150,000 bpd from October.

·China's steel mills boosted their monthly output at

the fastest pace in more than two years in November.

·Axis Bank Ltd, India's top importer of gold, has

suspended the bank accounts of some bullion

dealers and jewellers.

·South Korea's Iranian crude oil imports rose more

than fourfold in November from a year earlier.

·The Cabinet approved an agreement to be signed

with Kyrgyzstan for cooperation in agriculture and

food-related industry.

·India's edible oil imports declined 13% on year to

1.16 million tonnes in November, according to data

released by the Solvent Extractors' Association of

India.

·Wheat stocks in the government's central pool fell

to a multi-year low of 16.5 million tonne at the

beginning of this month. - Food Corp of India's

website.

·Ice clear U.S. raises soybean oil (IBO) margins for

hedgers by 25% to $1,000 per contract from $800.

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

12

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

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

4.31

2.76 2.74

1.220.77

-5.94

-4.67

-3.42

-2.06

-1.21

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

ZINC MINI

MENTHA OIL CPO COTTON LEAD

NATURAL GAS SILVER CARDAMOM

GOLD MINI

COPPER MINI

2.38 2.28

1.69 1.63

1.26

-3.38 -3.31

-1.45 -1.43

-0.88

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

SUGAR MMAIZE RABI SOY OIL JEERA KAPAS CORIANDER

GOLD HEDGE TURMERIC

COTTON SEED OIL CAKE (AKOLA) COPPER

COMMODITY

COMMODITY EXCHANGE CONTRACT 09 15.12.16 CHANGE%

ALUMINIUM LME 3 MONTHS 1750.00 1735.50 -0.83

COPPER LME 3 MONTHS 5826.00 5732.00 -1.61

LEAD LME 3 MONTHS 2320.00 2348.00 1.21

NICKEL LME 3 MONTHS 11470.00 11300.00 -1.48

ZINC LME 3 MONTHS 2711.00 2818.00 3.95

GOLD COMEX FEB 1161.90 1129.80 -2.76

SILVER COMEX MAR 16.97 15.96 -5.95

LIGHT CRUDE OIL NYMEX JAN 51.50 50.90 -1.17

NATURAL GAS NYMEX JAN 3.75 3.43 -8.33

.12.16

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

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

08.12.16 15.12.16

ALUMINIUM 2113375 2092175 -21200

COPPER 225925 278125 52200

NICKEL 368850 369738 888

LEAD 187275 187225 -50

ZINC 439350 434975 -4375

INTERNATIONAL COMMODITY PRICES

COMMODITY EXCHANGE CONTRACT UNIT 09.12.16 15.12.16 CHANGE(%)

Soybean CBOT JAN Cent per Bushel 1037.50 1029.00 -0.82

Corn CBOT MAR Cent per Bushel 352.50 356.50 1.13

CPO BMD FEB MYR per MT 3069.00 3185.00 3.78

Sugar LIFFE MAR 10 cents per MT 512.00 498.20 -2.70

13

SPOT PRICES (% change) Fed interest rates hike & impact on commodities

Rising interest rates in the United States have an obvious effect on the world's

biggest economy. On December 15, the US Federal Reserve has raised interest

rates for the first time this year, and for the second time since the global

financial crisis in 2008, citing increased inflation expectations and a tightening

labour market.

Interest rates - the cost of borrowing - have been at record lows since the GFC in

a bid to stimulate the economy. The theory is that if it's cheap to get money,

perhaps more people will borrow and spend, boosting demand.

Along with its decision to lift the target range of federal funds futures to

between 0.5 and 0.75 per cent, policymakers at the US central bank surprised

the market by a more aggressive plans to raise the cost of borrowing three more

times in 2017, rather than just two. It is a signal from the Fed of confidence in

the strength of the US economy, with firming inflation expectations and a

healthy labour market.

The greenback jumped close to 14-year highs against a basket of other

currencies as the US Federal Reserve raised rates for the first time in a year.

The Commodities denominated and traded in dollar will be hit by a stronger

dollar as it makes commodities purchases more expensive for countries using

other currencies at home. This will discourage the physical buying of

commodities. Many investors are betting on further gains in dollar as a swift

series of rate increases in 2017 would likely fuel a further rally.

Gold prices dropped to its lowest in over 10 months on December 15, 2016, as the

dollar surged to its highest in 14 years after the U.S. Federal Reserve raised

interest rates for the first time in a year and the outlook for gold is not particularly

bullish after Fed signaled more rate hikes in 2017. The stronger dollar will

discourage the physical demand and safe haven buying of gold, particularly from

china and India as gold offers no yield, making it less competitive to interest-rate-

bearing assets like Treasury. Stronger dollar will also resulted in sell-off in ETFs.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded

fund, have fallen about 10 percent since November.

Silver typically trades in very close alignment with the gold price. But due to

duel nature, it also trade on tune of base metals.

The US interest rate hike and stronger dollar also impacted bearish on the crude

oil. Beyond this, oil prices were also dragged down by rising output from OPEC.

If group's effort to cut oil production from start of January could not be

implemented properly, the global glut will continue to rise and may pressurize

the prices.

Base metal has been also impacted by US interest rate hike as it reduces the not

only safe haven buying but also the physical demands of industrial metals. Not

only does a stronger dollar make the metals more expensive to buy, it lowers the

costs of producer countries with weaker currencies, supporting production in a

low price environment. China is major consumer of base metals. If the china's

economic growths are on track, the demand of base metal will increase and may

cap the downside. So the supply and demand picture will ultimately matter

more than the rate hike.

-3.19

-2.33

-1.84

-1.32

-1.25

-0.71

-0.39

0.00

0.16

0.26

0.32

0.41

0.51

0.69

0.78

0.80

0.92

-4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00

SILVER 5 KG (DELHI)

WHEAT (DELHI)

MUSTARD (JAIPUR)

RAW JUTE (KOLKATA)

COTTON SEED OIL CAKE (AKOLA)

CORIANDER (KOTA)

SUGAR (KOLKATA)

JEERA (UNJHA)

PEPPER MALABAR GAR (KOCHI)

SOYABEAN (INDORE)

GUR (MUZAFFARNGR.)

CRUDE PALM OIL (KANDLA)

COTTON (KADI)

GUAR SEED (JODHPUR)

BARLEY (JAIPUR)

TURMERIC (NIZAMABAD)

GUAR GUM (JODHPUR)

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 67.52 67.93 67.48 67.89

EUR/INR 71.88 72.14 70.83 71.11

GBP/INR 85.64 87.44 84.23 85.10

JPY/INR 58.78 58.89 57.35 57.43

News Flows of last week

13th Dec U.K. Inflation at 25-month high

13th Dec India's Inflation eased in November

14th Dec Federal Reserve raised key interest rate

15th Dec BoE left monetary policy stance unchanged

15th Dec Euro zone Private Sector sees strong close to the Year

15th Dec U.S. Consumer Prices rise in line with estimates in November

EUR/INR (DEC) contract closed at 71.11 on 15thDecember’16. The contract made its high of 72.14 on 14thDecember’16 and a low of 70.97 on 15thDecember’16 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 72.19.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 29.82. One can sell around 71.00 for a target of 70.00 with the stop loss of 71.50.

(Source: Reuters, Open: Tuesday 9.00 AM IST, Close: Thursday(5.00 PM IST)

Market Stance

Indian rupee sank sharply as against the dollar in the week gone by tracking

gains in overseas dollar which hit its 14-year high as against a basket of major

currencies after the Fed boosted the number of expected interest rate hikes

for the next calendar year. However, the 25-basis point increase in the central

bank's benchmark interest rate had been widely expected by financial

markets. The Fed's policy meeting was the first since the US election victory of

Donald Trump. On domestic front, better inflation numbers however kept the

losses under control. In other currencies, the euro hit a 21-month low against

the dollar while China's yuan fell to its weakest level in more than eight years

against a broadly stronger US dollar.

EUR/INR

USD/INR (DEC) contract closed at 67.89 on 15th December’16. The contract made its high of 67.93 on 15thDcember’16 and a low of 67.48 on 14thDecember’16 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 67.88.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 49.68. One can buy above 68.00 for the target of 68.50 with the stop loss of 67.75.

GBP/INR (DEC) contract closed at 85.10 on 15th December’16. The contract made its high of 87.44 on 14th December’16 and a low of 84.96 on 14th December ’16 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 85.45.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 45.08. One can sell below 84.00 for a target of 83.00 with the stop loss of 84.50.

JPY/NR (DEC) contract closed at 57.43 on 15th December’16. The contract made its high of 58.89 on 14thDecember’16 and a low of 57.39 on 15th December 2016 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 59.36.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 19.49. One can sell around 58.10 for a target of 57.00 with the stop loss of 58.60

USD/INRTechnical Recommendation

Economic gauge for the next week

Date Currency Event Previous

22ndDec GBP Gfk Consumer Confidence -822ndDec GBP Gross Domestic Product (YoY) 2.322ndDec GBP Gross Domestic Product (QoQ) 0.522ndDec USD Personal Spending 0.322ndDec USD Personal Income (MoM) 0.622ndDec USD Personal Consumption Expenditures - Price Index (YoY) 1.422ndDec USD Continuing Jobless Claims 2.01822ndDec USD Initial Jobless Claims 25422ndDec USD Gross Domestic Product Price Index 1.422ndDec USD Personal Consumption Expenditures Prices (QoQ) 1.422ndDec USD Core Personal Consumption Expenditures (QoQ) 1.722ndDec USD Durable Goods Orders 4.823rdDec USD New Home Sales (MoM) 0.56323rdDec USD New Home Sales Change (MoM) -1.9

GBP/INR JPY/INR

14

IPO

IPO NEWS

Gitanjali Gems says Nakshatra World unit planning ̀ 650 crore IPO

Jewellery firm Gitanjali Gems Ltd said that its unit Nakshatra World Ltd will raise funds through an initial public offering (IPO).

Nakshatra World, earlier known as Gitanjali Brands Ltd, plans to raise as much as ̀ 650 crore through the IPO. The proposed IPO is

subject to requisite approvals, market conditions and other relevant considerations. The IPO plan comes at a time when the

Indian primary market has seen robust activity over the past 12-24 months. Gitanjali Gems owns and distributes several

renowned jewellery brands such as Gili, Nakshatra, Asmi, Sangini, Nizam and Parineeta. Gitanjali's network of own stores, shop-

in-shops and franchise outlets spans across 200 cities and 3,000 points of sale, according to the company's latest annual report.

SBI to sell 3.9% stake in SBI Life Insurance for ̀ 1,794 crore

State Bank of India ( SBI ) has informed BSE that the bank's board has approved sale of 3.9 percent stake in SBI Life Insurance

Company at a price of `460 per share, subject to all regulatory approvals. SBI holds a total stake of 74 percent in SBI Life

Insurance. Upon completion of the transaction, SBI will hold 70.1% stake in SBI Life while its joint venture partner, BNP Paribas

Cardif, will continue to hold 26.0%.

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

Varun Beverages FMCG 7608.30 1100.00 8-Nov-16 445.00 430.00 418.15 -6.03

PNB Housing Housing Finance 14167.39 3000.00 7-Nov-16 775.00 863.00 855.30 10.36

Endurance Tech Auto Ancillary 7919.32 1162.00 19-Oct-16 472.00 570.00 563.00 19.28

HPL Electric Capital Goods 641.08 361.00 4-Oct-16 202.00 190.05 99.70 -50.64

ICICI Pru Life Insurance 44480.69 6057.00 29-Sep-16 334.00 329.00 309.90 -7.22

GNA Axles Financial services 409.99 130.00 26-Sep-16 207.00 248.50 191.00 -7.73

L&T Technology IT 8073.71 894.00 23-Sep-16 860.00 900.00 793.95 -7.68

RBL Bank Finance 13202.16 832.50 31-Aug-16 225.00 273.70 354.35 57.49

S P Apparels Textile and Apparel Industry 865.01 240.00 2-Aug-16 268.00 305.00 343.70 28.25

Dilip Buildcon Infrastructure 3056.12 654.00 11-Aug-16 219.00 240.00 223.45 2.03

Advance. Enzyme. Chemicals 4621.71 411.00 1-Aug-16 896.00 1210.00 2070.10 131.04

L & T Infotech IT - Software 11508.59 1243.00 21-Jul-16 710.00 666.60 674.90 -4.94

Quess Corp IT - Software 8470.62 400.00 29-Jun-16 317.00 499.00 668.30 110.82

Mahanagar Gas Gas Distribution 7532.30 1039.64 21-Jun-16 421.00 540.00 762.55 81.13

Parag Milk Foods Dairy 2253.85 767.00 19-May-16 215.00 215.70 267.95 24.63

Ujjivan Fin.Ser. Finance 3975.41 870.00 10-May-16 210.00 227.00 334.95 59.50

Thyrocare Tech. Healthcare 3709.07 480.00 9-May-16 446.00 662.00 690.40 54.80

Equitas Holdings NBFC 5189.74 2177.00 21-Apr-16 110.00 144.00 153.90 39.91

Infibeam Incorp. IT - Software 5907.13 450.00 4-Apr-16 432.00 458.00 1106.50 156.13

Bharat Wire Metal 231.73 70.00 1-Apr-16 45.00 47.35 51.55 14.56

Health.Global Healthcare 2120.52 650.00 30-Mar-16 218.00 209.80 249.25 14.33

Quick Heal IT software 1929.92 451.30 18-Feb-16 321.00 304.95 275.45 -14.19

Team Lease Serv. Services 1524.86 273.68 12-Feb-16 850.00 860.00 891.90 4.93

Precision Camshf Auto Ancillary 1454.81 410.00 8-Feb-16 186.00 163.10 153.55 -17.45

Narayana Hrudaya Pharma 6894.11 613.00 6-Jan-16 250.00 291.00 337.35 34.94

Alkem Lab Pharma 19520.78 1349.61 23-Dec-15 1050.00 1380.00 1632.65 55.49

Dr Lal Pathlabs Pharma 8624.97 638.00 23-Dec-15 550.00 717.00 1041.90 89.44

S H Kelkar & Co. FMCG 4209.91 200.00 16-Nov-15 180.00 222.00 291.10 61.72

Interglobe Aviat Aviation 30174.14 1272.20 10-Nov-15 765.00 856.00 827.65 8.19

Coffee Day Beverages 4059.26 1150.00 2-Nov-15 328.00 313.00 197.05 -39.92

Prabhat Dairy Dairy 966.02 520.00 21-Sep-15 115.00 115.00 98.90 -14.00

Sadbhav Infra. Infrastructure 3222.86 425.00 16-Sep-15 103.00 110.75 91.50 -11.17

Pennar Engg.Bld. Infrastructure 539.14 156.19 10-Sep-15 178.00 150.00 157.30 -11.63

*

IPO TRACKER

*Closing price as on 16-12-2016

15

16

FIXED DEPOSIT MONITOR

• Interest structure may be revised by company from time to time. Pls confirm Interest rates before submitting the application.

* For Application Greater Than Rs. Fifty Lakhs Or equal to Fifty Lakhs, Please Contact to Head Office.

* Email us at fd@smcindiaonline.com

FIXED DEPOSIT COMPANIES

PERIOD MIN.ADDITIONAL RATE OF INTEREST (%)

S.NO (NBFC COMPANY -NAME)12M 18M 24M 36M 45M 48M 60M 84M INVESTMENT

-1 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 8.00 8.00 8.00 8.05 - 8.05 8.05 0.25% FOR SR. CITIZEN, 0.10% FOR DELHI NCR &

EXISTING LOAN CUSTOMER AND ON RENEWAL MUMBAI-75000,

UPTO RS. 1CRORE OTHER-50000/--

2 DEWAN HOUSING FINANCE CORPORATION LTD 13M=8.35% 14M=8.25% 18M=8.35% 13M=50000; 40M=8.35%0.25% EXTRA FOR SR. CITIZEN,WIDOW,

14M=10000; ARMED, PERSONNEL, EXISTING DHFL HOME

BORROWERS, 0.25% EXTRA FOR DEPOSIT

50 LAC AND ABOVE

3 DEWAN HOUSING FINANCE CORPORATION LTD (AASHRAY) 8.25 - 8.30 8.30 - 8.50 - 8.50 10,000/-

4 GRUH FINANCE LTD. 7.50 13M=7.50 7.75 7.50 - 7.50 7.50 7.50 96-120M=8.00%; 0.25% FOR FEMALE, 1000/-

SR. CITIZEN & TRUST

5 HDFC PREMIUM DEPOSIT FOR INDIVIUAL (UPTO RS. 2 CR.) 15M=7.50 30M=7.50 22M=7.55 44M=7.55 0.25% FOR SR. CITIZEN UPTO RS. 1 CR.

20000/-, 40000/-

- -6 HDFC PREMIUM DEPOSIT FOR TRUST & INSTITUTION (UPTO RS. 10 CR.) 20M=7.40 40M=7.40 - - - IN MONTHLY

7 HDFC LTD FOR INDIVIDUAL & TRUST (UPTO RS.5 CR.) 7.40 - 7.40 7.40 - 7.40 7.40 - 0.25% FOR SR. CITIZEN UPTO RS. 1 CR.

8 HUDCO LTD.(IND & HUF) 7.25 - 7.25 7.25 - 7.00 7.00 7.00 0.25% FOR SR. CITIZEN 10000/-

9 HUDCO LTD.(TRUST/CO/INSTITUTION) 7.00 - 7.00 7.00 - 6.75 6.75 6.75 - 10000/-

10 J K Lakshmi Cement Ltd. 8.50 8.75 9.00 25000/-0.50% add. interest to sr. citizen , employees,shareholders and

11 J K Tyre & Industies Ltd. 8.50 8.75 9.00 25000/- person investing Rs. 5 lacs and above - max. 0.50%

12 KTDFC (Kerela Transport) 8.50 - 8.50 8.50 - 8.25 8.25 - 0.25% extra for Sr. Citizen, 10000/-

13 LIC HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 7.85 7.85 7.90 7.95 - - 7.95 - 0.25% FOR SR.CITIZEN IF APP ABOVE RS. 50,000/- APP 10000/-

UPTO RS. 50,000/- & 0.10% IF APP upto Rs. 50,000/-

14 M&M FINANCIAL SERVICES LTD (FOR BELOW RS. 1 CRORE) 7.90 8.00 8.00 8.05 - 8.05 8.05 - 0.25% FOR SR. CITIZEN 10000/-

15 Omaxe Ltd. 11.50 - 12.00 12.50 - - - - - 50000/-

16 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 7.80 - 7.80 7.80 - 7.80 7.80 7.80 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE20000/-

17 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.) 15M=7.90 30M=7.95 44M=7.95 0.25% FOR SR. CITIZEN22M=7.90

18 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.)w.e.f 20 Dec'16 7.40 - 7.40 7.40 - 7.40 7.40 7.40 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE20000/-

19 PNB HOUSING FINANCE LTD.(UPTO RS. 5 CR.)w.e.f 20 Dec'16 15M=7.50 30M=7.50 44M=7.55 0.25% FOR SR. CITIZEN22M=7.55

20 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 8.00 - 8.10 8.25 - 8.45 8.50 - 0.25% FOR SR. CITIZEN 5000/-

21 SHRIRAM CITY UNION SCHEME 8.00 - 8.10 8.25 - 8.45 8.50 - 0.25% FOR SR. CITIZEN 5000/

(FOR TRUST ONLY) (FOR WOMEN ONLY)

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

ICICI Prudential Balanced - Growth 105.63 03-Nov-1999 3344.90 0.62 12.51 17.93 20.71 14.76 1.64 0.11 51.77 20.91 1.51 25.81

HDFC Prudence Fund - Growth 420.25 01-Feb-1994 11412.00 0.63 12.30 15.22 21.15 19.11 2.07 0.09 46.11 16.13 10.03 27.73

HDFC Balanced Fund - Growth 120.35 11-Sep-2000 6840.90 -1.11 8.03 14.29 21.49 16.53 1.63 0.10 41.97 23.27 1.03 33.73

Kotak Balance - Growth 20.28 05-Nov-2014 362.38 -2.79 5.69 14.06 N.A 6.65 1.59 0.11 36.95 27.26 3.72 32.07

Birla Sun Life Balanced 95 - Growth 619.02 10-Feb-1995 3672.36 -3.46 5.45 13.38 20.11 20.78 1.64 0.09 45.37 19.81 1.22 33.60

UTI Balanced Fund - Growth 139.09 20-Jan-1995 1572.53 -1.83 7.01 13.27 15.38 15.85 1.61 0.07 44.44 23.34 2.69 29.53

DSP BlackRock Balanced Fund - Growth 119.53 27-May-1999 1465.24 -4.27 6.90 12.27 19.86 15.17 1.76 0.12 44.67 20.56 3.57 31.21

Annualised

Returns (%) RiskAverage Yield till

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

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

ICICI Prudential LTP - Growth 20.34 20-Jan-2010 1064.46 -9.41 -33.54 29.62 22.91 17.59 14.28 10.83 31.31 0.14 10.76 6.94

DHFL Pramerica Inflation Indexed Bond F - Reg - G 12.30 30-Jan-2014 114.97 0.85 -17.33 15.15 15.20 17.43 -- 7.47 30.02 0.08 4.43 6.69

ICICI Prudential Income Fund -Growth 52.41 09-Jul-1998 2983.76 -16.55 -43.70 26.60 22.01 16.69 13.18 9.40 31.94 0.11 11.86 6.98

HDFC Income Fund - Growth 38.23 11-Sep-2000 2824.73 -44.94 -52.27 24.51 22.71 16.65 12.74 8.59 31.58 0.11 17.04 6.86

SBI Dynamic Bond Fund - Growth 20.49 09-Feb-2004 3245.09 1.83 -22.80 33.59 20.24 16.23 11.60 5.74 28.08 0.12 N.A 6.78

Birla Sun Life Income Plus - DAP 18.80 06-Mar-2009 3165.96 -25.72 -48.26 25.10 22.31 16.02 12.39 8.45 33.40 0.09 N.A 7.23

L&T Flexi Bond Fund - Growth 17.96 27-Sep-2010 115.94 -1.19 -34.58 28.29 21.45 15.91 12.56 9.87 28.15 0.14 11.57 6.56

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

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

HDFC HIF - Dynamic - Growth 57.41 27-Apr-1997 1833.79 -29.67 -37.03 21.67 21.54 16.21 12.83 9.30 29.28 0.12 12.53 7.00

Birla Sun Life Dynamic Bond Fund - Ret - DAP 20.50 08-Apr-2009 13139.10 -37.18 -57.86 23.95 21.25 16.14 12.87 9.79 28.93 0.15 N.A 7.80

Kotak Flexi Debt Scheme - Reg - G 20.91 27-May-2008 601.99 -7.25 -28.57 14.31 17.79 14.62 10.75 9.00 21.57 0.16 6.71 7.02

Birla Sun Life Treasury Optimizer Plan - DAP 192.26 22-Jun-2009 6545.71 0.39 -19.47 14.81 15.62 13.19 11.32 9.13 15.83 0.21 N.A 7.56

ICICI Prudential Banking & PSU Debt F - Reg - G 18.56 01-Jan-2010 5407.65 -2.06 -22.33 16.92 15.62 13.17 10.77 9.30 15.83 0.22 4.58 6.96

HDFC HIF - S T P - Growth 32.32 06-Feb-2002 1657.34 -4.93 -15.38 12.21 14.55 11.99 10.22 8.21 12.87 0.18 4.49 7.42

Birla Sun Life Short Term Opportunities F - Reg - G 26.99 24-Apr-2003 4396.15 3.34 -14.37 13.66 13.99 11.98 10.60 7.54 12.90 0.21 N.A 7.78

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

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

Kotak Banking and PSU Debt Fund - Reg - G 36.34 29-Dec-1998 586.75 -0.52 -8.60 11.38 11.54 10.42 9.52 7.44 7.65 0.28 2.80 7.35

ICICI Prudential Ultra Short Term Plan - Reg - G 16.44 11-Aug-2009 7597.89 1.48 -12.24 9.39 10.19 10.30 9.49 7.01 8.13 0.27 2.96 6.90

Franklin India Low Duration Fund - G 18.01 26-Jul-2010 2156.42 6.96 1.74 8.72 9.84 9.85 9.92 9.64 5.40 0.43 1.30 8.76

Indiabulls Ultra Short Term Fund - G 1545.47 06-Jan-2012 707.53 7.37 5.41 10.49 9.47 8.89 9.03 9.21 2.59 0.59 0.35 6.82

Birla Sun Life Floating Rate F - LTP - Reg - G 195.14 24-Mar-2009 3934.38 2.80 -3.92 9.03 9.37 9.76 9.42 9.04 5.58 0.35 N.A 7.34

HDFC Cash Mgmt F - Treasury Advantage - Ret - G 33.77 18-Nov-1999 10134.60 2.90 -3.50 8.46 9.19 8.80 8.32 7.38 4.80 0.20 1.68 7.16

ICICI Prudential Flexible Income Plan - Reg - G 304.85 27-Sep-2002 19653.70 4.54 -2.79 8.84 9.05 9.30 9.21 8.15 4.38 0.38 1.41 7.02

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

SBI Magnum COMMA Fund - Growth 30.43 08-Aug-2005 218.81 4.75 19.66 38.81 19.59 10.29 2.42 0.90 0.24 62.50 21.72 10.11 5.67

SBI PSU Fund - Growth 10.65 07-Jul-2010 181.96 7.41 24.27 24.58 14.90 0.99 2.61 0.97 0.08 70.10 25.80 -- 4.09

Sundaram Rural India Fund - Reg - G 31.89 12-May-2006 334.42 -5.87 6.63 23.66 25.06 11.56 2.23 0.89 0.27 28.20 44.50 12.07 15.23

Tata Equity P/E Fund - Reg - Growth 101.59 29-Jun-2004 636.72 -0.35 14.75 23.35 27.98 20.43 2.27 0.91 0.19 43.83 40.63 7.15 8.39

Birla Sun Life Equity Fund - Growth 553.63 27-Aug-1998 2801.18 -3.30 12.44 20.60 24.98 24.51 2.14 0.90 0.20 56.89 26.90 1.06 15.15

DSP BlackRock Micro Cap Fund - Reg - G 49.83 14-Jun-2007 3496.41 -2.00 9.63 20.08 43.74 18.40 2.53 0.92 0.35 -- 59.75 31.00 9.25

ICICI Prudential Dynamic Plan - Growth 208.59 31-Oct-2002 5701.33 0.76 12.94 19.12 16.93 23.99 1.93 0.81 0.09 58.19 18.78 3.64 19.40

Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 15/12/2016Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

Annualised

18

MUTUAL FUND Performance Charts

EQUITY (Diversified)

INCOME FUND

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

Annualised

BALANCED

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