2018: Issue 634, Week: 4th - 7th June WISEM NEY · Consumer inflation for the month ......

WISE M NEY2018: Issue 634, Week: 4th - 7th June

A Weekly Update from SMC(For private circulation only)

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From The Desk Of Editor

(Saurabh Jain)

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lobal stock markets largely closed in red on concerns about the repercussions of

GItaly’s political turmoil and the renewal of trade tensions between the U.S. and

China. Japan’s factory output rose 0.3 percent in April less than forecast,

following a contraction in growth during the first quarter. In China, manufacturing

purchasing managers index rose to 51.9 in May, exceeding estimates of 51.4 in the month of

April indicating that manufacturing activity is holding up even as debt curbs, trade tensions

with the U.S. and political strife from Turkey to Italy cloud the overall outlook.

Back at home, Reserve bank of India next monetary policy review meeting outcome is

scheduled to be announced on 6th June 2018. There are expectations that with the

inflation inching up and growth getting firmer, the RBI Monetary Policy Committee (MPC)

would turn hawkish and give guidance on hike in interest rates. Indian economic expansion

for the quarter ending March 2018 came at 7.7 percent. Consumer inflation for the month

of April came at 4.58 percent which is well above the RBI guidance of 4 percent over the

medium term. Combination of weaker Rupee and surging oil prices is a threat not only for

the current-account deficit, but also inflation. Viral Acharya, the deputy governor in

charge of monetary policy has already indicated last month that he will vote for a

withdrawal in monetary accommodation in June. Meanwhile, eight infrastructure

industries recorded 4.7 per cent growth in April helped by healthy performance in segments

like coal, natural gas and cement. According to a survey data from IHS Markit, India's

manufacturing activity continued to expand in May, though at a weaker pace than in the

previous month. Going forward, 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 also remain on investors' radar.

On the commodity market front, it was a bearish week for commodities; selling pressure

was witnessed in most of the counters. CRB took some correction and closed near 207

levels. Bullion counter may trade with sideways to negative bias as stronger greenback and

fear of interest rate hike in this month Fed meeting is keeping the prices under pressure;

though geopolitical tensions may cap the downside. Crude oil prices sharp fall which was

witnessed recently can extend further on all-time high US production and expectations of

higher OPEC output and on hints that Russia may increase output. Crude prices are

expected to slip lower towards 4300 levels. In base metal counter, Nickel may move further

higher on supply deficit concerns while rest base metals may trade sideways. RBA Cash Rate

Target and GDP of Australia, ISM Non-Manufacturing/Services Composite of US, Net Change

in Employment, Unemployment Rate of Canada, CPI of China etc are few data, which may

give impact on commodities prices.

Contents

Equity 4-7

Derivatives 8-9

Commodity 10-13

Currency 14

IPO 15

FD Monitor 16

Mutual Fund 17-18

SMC GLOBAL SECURITIES LTD.

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Ph.: +91-11- 43035012, 43035014, Email: [email protected]

NEWS

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

4

Closing as on 01-06-2018

Stocks *Closing Trend Date Rate SUPPORT RESISTANCE Closing

Price Trend Trend S/l

Changed Changed

S&P BSE SENSEX 35227 UP 27.04.18 34970 33700 33050

NIFTY50 10696 UP 27.04.18 10692 10300 10100

NIFTY IT 13559 UP 21.07.17 10712 12300 11800

NIFTY BANK 26693 UP 04.05.18 25645 24800 24400

ACC 1327 DOWN 02.02.18 1680 1420 1450

BHARTIAIRTEL 384 DOWN 25.01.18 453 430 440

BPCL 409 DOWN 16.02.18 466 410 425

CIPLA 525 DOWN 18.05.18 533 570 590

SBIN* 267 DOWN 16.02.18 272 - 275

HINDALCO 239 DOWN 27.04.18 235 250 255

ICICI BANK 289 DOWN 01.03.18 305 305 315

INFOSYS 1221 UP 13.04.17 1010 1160 1120

ITC 270 DOWN 09.03.18 259 280 285

L&T 1372 UP 13.01.17 959 1310 1270

MARUTI** 8810 DOWN 18.05.18 8511 - 9000

NTPC 164 DOWN 02.02.18 165 172 175

ONGC 173 DOWN 09.03.18 180 185 190

RELIANCE 931 UP 23.06.17 718 920 880

TATASTEEL 561 DOWN 09.03.18 607 620 650

FORTHCOMING EVENTS

EQUITY

Ex-Date Company Purpose

4-Jun-18 Yes Bank Dividend- Rs 2.7 Per Share

6-Jun-18 Aptech Dividend

6-Jun-18 Gruh Finance Bonus 1:1

6-Jun-18 Akzo Nobel India Buyback

7-Jun-18 Bosch Dividend- Rs 100 Per Share

7-Jun-18 MM Forgings Interim Dividend- Rs 5 Per Share

7-Jun-18 Shankara Building Products Dividend- Rs 3.25 Per Share

7-Jun-18 Lumax Auto Technologies Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share

8-Jun-18 JSW Holdings Annual General Meeting

13-Jun-18 IndusInd Bank Dividend- Rs 7.50 Per Share

13-Jun-18 Kansai Nerolac Paints Dividend - Rs 2.60 Per Share

14-Jun-18 Action Construction Meeting Of Equity Shareholders Equipment

14-Jun-18 Asian Paints Dividend- Rs 6.05 Per Share

14-Jun-18 Infosys Final Dividend Rs 20.50 Per Shar/ Special Dividend - Rs 10 Per Share

15-Jun-18 The Tinplate Company Dividend- Rs 2 Per Share of India

Meeting Date Company Purpose

5-Jun-18 Videocon Industries Financial Results

5-Jun-18 ADF Foods Buyback

6-Jun-18 The South Indian Bank Fund Raising

9-Jun-18 Shriram EPC Financial Results

11-Jun-18 Unitech Financial Results

11-Jun-18 Fortis Healthcare Financial Results

13-Jun-18 Gammon Infrastructure Financial Results Projects

DOMESTIC NEWSEconomy• India's Gross domestic product grew 7.7 percent annually, faster than

the revised 7 percent expansion seen a quarter ago. The overall faster growth was driven by a 4.5 percent rise in agriculture, a 9.1 percent rise in manufacturing and 11.5 percent surge in construction. In the fiscal year 2017-2018, the economy advanced 6.7 percent from the same period of last year.

• Eight infrastructure industries recorded 4.7 per cent growth in April helped by healthy performance in segments like coal, natural gas and cement. The growth rate of eight core sectors, which also include fertilisers and steel, was 2.6 per cent in April 2017

• According to a survey data from IHS Markit, India's manufacturing activity continued to expand in May, though at a weaker pace than in the previous month. The Nikkei manufacturing Purchasing Managers' Index, or PMI, fell to 51.2 in May from 51.6 in April. However, any reading above 50 indicates expansion in the sector.

FMCG• Parag Milk Foods announced the launch of ‘Mishti Doi' – a premium product

under the ‘Gowardhan' brand. The launch of Mishti Doi is an effort to expand the Gowardhan portfolio into new product categories like desserts.

Information Technology• HCL Technologies announced a collaboration to extend the value of

JDA Commerce, SofTechnics, and Pricing and Revenue Management solutions through modernizing the solutions' architecture and shifting to a SaaS model. Under the terms of the partnership, HCL Technologies will join forces with JDA on development, product support, and go-to-market (GTM) initiatives for JDA's Commerce, SofTechnics, and Pricing and Revenue Management solutions.

Telecom• Idea Cellular announced the completion of sale of its pan-India

standalone tower business, by way of divesting its entire stake in ICISL (100% subsidiary of Idea), to ATC Telecom Infrastructure (ATC). The transaction has been closed with an enterprise value of Rs. 4000 crore for approximately 9,900 standalone towers.

Automobile• Mahindra & Mahindra has signed two different Memorandum of

Understanding with the Government of Maharashtra (GoM), to further commit additional investment Rs 500 crore in the manufacturing of electric vehicle components at its Chakan Plant and deploy 1000 electric vehicles in the state in the next one year. This is in line with the Government’s pursuit for rapid adoption of EVs for private use as well as public (shared mobility).

Plantation & Plantation products• Power Finance Corporation is aiming to get a provision write-back of

over Rs 8 billion through upgradation of distressed government assets in the current financial year.

INTERNATIONAL NEWS• US pending home sales index tumbled by 1.3 percent to 106.4 in April

after rising by 0.6 percent to 107.2 in March. Economists had expected pending home sales to increase by 0.4 percent.

• US personal income rose by 0.3 percent in April after edging up by 0.2 percent in March. The increase in income matched economist estimates.

• US initial jobless claims fell to 221,000, a decrease of 13,000 from the previous week's unrevised level of 234,000. Economists had expected jobless claims to dip to 228,000. Meanwhile, the less volatile four-week moving average inched up to 222,250, an increase of 2,500 from the previous week's unrevised average of 219,750.

• Eurozone jobless rate fell to 8.5 percent in April from 8.6 percent in March. This was the lowest since December 2008. Nonetheless, the rate was slightly above the expected 8.4 percent. Data showed that unemployment totaled 13.88 million in April, down by 56,000 from the previous month. Compared to previous year, unemployment decreased by 1.088 million.

• Capital spending in Japan was up 3.4 percent in the first quarter of 2018. That exceeded expectations for 3.1 percent but slowed from 4.3 percent in the three months prior. Excluding software, capex picked up 2.1 percent - missing forecasts for 3.8 percent and down from 4.7 percent in Q4.

*SBIN has breached the resistance of 265 levels**Maruti has breached the resistance of 8800 levels

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

SECTORAL INDICES (% Change)

SMC Trend

FMCGHealthcare

Auto BankRealty

Cap GoodsCons Durable

Oil & GasPower

ITMetal

Down SidewaysUp

GLOBAL INDICES (% Change)

INDIAN INDICES (% Change)

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

FII/FPI & DII TRADING ACTIVITY (In Rs. Crores)

5

EQUITY

7.72

6.686.19

3.24 2.98

-3.84 -3.68

-2.78-2.12

-1.42

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

M & M Coal India HDFC Bank Adani Ports Kotak Mah.

Bank

Tata

Motors

ICICI Bank TCS Cipla Power Grid

Corpn

9.95

7.61 7.49

6.52 6.51

-5.15-4.60

-3.96-3.33

-2.89

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

GAIL (India) M & M Coal India I O C L HDFC Bank Bharti Infra. Hindalco Inds. Tata Motors ICICI Bank TCS

FII / FPI Activity DII trading activity

-768.29 -795.06

-407.33

-1286.91

-15.31

887.761017.65

578.38492.46

-266.02

-1500.00

-1000.00

-500.00

0.00

500.00

1000.00

1500.00

Friday Monday Tuesday Wednesday Thursday

1.24

1.14

0.69

0.57

0.96

1.08

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Nifty Sensex BSE Midcap BSE Smallcap Nifty Next 50 S&P CNX 500

1.16

1.58

1.16

-2.09

0.61

-0.32

-0.71

0.84

3.53

0.98

-0.21

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Auto Index Bankex Cap Goods

Index

Cons Durable

Index

FMCG Index Healthcare

Index

IT Index Metal Index Oil & Gas

Index

Power Index Realty Index

0.11

-1.36

-0.59

-1.11

-2.60

-3.00

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

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

Comp.

FTSE 100 CAC 40

-2.42

-0.39

-1.46

-0.67

Beat the street - Fundamental Analysis

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

6

EQUITY

Investment Rationale• Cy ien t L im i ted p rov ides eng ineer ing ,

manufacturing, geospatial, networks, and operations management services to global industry leaders.

• It’s FY18 performance was broadly in-line with its guidance of double-digit growth and margin expansion of over 50 bps. For FY19, the management again guided to double-digit growth for services, 20% YoY growth for legacy Design Led Manufacturing (DLM) (excluding B&F Design acquisition) and tax rate benefit of over 200 bps (US tax rate reform and higher growth from SEZ). Growth in the DLM business, however, could dip in Q1 FY19 after a strong Q4 FY18.

• Total order intake at $730 million in FY18 was tad lower than that of the previous year ($751 million) on account of lower DLM order intake ($64 million versus $110 million in FY17). Sequentially, order intake for DLM improved in Q4 ($19 million versus $4 million in Q3 FY18). Overall, the management appeared positive on the order pipeline and potential for new order intake in the near-term.

• Recently, Cyient and Israel-based BlueBird Aero Systems have entered into a joint venture (JV) to offer field-proven unmanned aerial vehicle (UAV) systems to the Indian defense, paramilitary, security, and police forces. The JV will have 51 per cent shareholding by Cyient and 49 per cent by BlueBird.

• The company, which bought a majority stake of 51 per cent in 2014, has signed an agreement to acquire 100 per cent ownership of Cyient Insights Private Ltd, a data science company formerly known as Invati Insights. The integration of Cyient

Insights will create a unique and comprehensive ecosystem of engineering services, Internet of Things and analytics.

• During FY2018, it added 16 customers during the quarter and 82 new clients. At the end of March 2018 quarter, Cyient had 14,125 employees with voluntary attrition rate at 16.9% and involuntary attrition at 1.5%.

Risk• Currency fluctuation risk• Unavailability of skilled manpowerValuationThe Company’s outlook for FY 19 is strong, backed by a strong pipeline and order backlog. Management expects a double digit growth in services business while DLM business is expected to grow in the range of 20%. The management expects a double digit growth in operating profit. Thus, it is expected that the stock will see a price target of Rs.855 in 8 to 10 months time frame on a current P/E of 20.37x and FY 19 (E) earnings of Rs.41.98.

Investment Rationale

• Manappuram Finance is one of India's leading gold loan non-banking financial companies (NBFCs).

• It has showed 15% QoQ growth in the consolidated Asset Under Management (AUM) to Rs 15764.80 crore end March 2018 and gold loan AUM rebounded 5% to Rs 11735 crore end March 2018.

• As per the management of the company, the demand has improved and due to brightened economic outlook, the company expects to achieve 20% growth in consolidated AUM over next 3 years, with gold loans growth likely at 15%.

• The GNPA ratio for the gold loan business was flat at 0.7%, while NNPA ratio declined 0.3% end March 2018.

• On the development front and to prevent the over-concentration on gold loans, the company since FY15 also ventured into three new business segments – microfinance, housing loans and commercial vehicle loans. This new businesses have since done well with their contribution such as non-gold loan book has gained up to 25.50%.

• Asirwad Microfinance has increased the share of non-cash disbursement to 100%. The customer base of the company has increased to 15.01 lakh and March 2018. The company is the sixth largest microfinance company. It has infused Rs 100 crore in the company, which is expected to raise its capital adequacy ratio above 20%. It has posted 36% yoy growth in the loan book to Rs.2437 crore end March 2018.

• The loan book of the housing finance subsidiary increased to Rs 374.7 crore ends March 2018, while GNPA ratio increased to 4.8% end March 2018 from

3.0-3.5% end December 2017 and loan book of vehicle finance business more than doubled yoy to Rs 625.4 crore end March 2018. The GNPA ratio improved to 2.7% end March 2018 from 3.5% end December 2017. The management of the company expects to maintain strong growth momentum in future.

Risk

• The increasing competitive pressure from banks and the slowdown in some key asset classes including loan against property (LAP) and microfinance

Valuation:

The company is witnessing healthy financial growth across all business segments. Diversification efforts paid off as growth in the overall business is well supported by the robust growth witnessed in the new businesses such as housing finance and vehicle finance. According to the management, it expects to maintain strong growth momentum in all new business segments as well as gold loan segment. Thus, it is expected that the stock will see a price target of Rs.132 in 8 to 10 months time frame on 2 year average P/Bv of 2.50x and FY19 BVPS of Rs.52.71.

Face Value (Rs.) 2.00

52 Week High/Low 130.45/81.50

M.Cap (Rs. in Cr.) 9078.32

EPS (Rs.) 7.96

P/E Ratio (times) 13.53

P/B Ratio (times) 2.37

Dividend Yield (%) 2.32

Stock Exchange BSE

% OF SHARE HOLDING

VALUE PARAMETERS

ACTUAL ESTIMATE

FY Mar-17 FY Mar-18 FY Mar-19

Total Income 3408.90 3476.56 2974.90

Ebitda 1338.10 1032.10 2425.80

Ebit 1274.90 963.80 1404.00

Pre-tax Profit 1165.70 1017.01 1258.90

Net Income 755.80 670.90 824.60

EPS 8.98 7.95 9.84

BVPS 39.93 45.53 52.71

RoE 24.70% - 19.73%

MANAPPURAM FINANCE LIMITED CMP: 107.75 Upside:22%Target Price:132.00

Face Value (Rs.) 5.00

52 Week High/Low 887.00/475.20

M.Cap (Rs. in Cr.) 8283.28

EPS (Rs.) 36.03

P/E Ratio (times) 20.37

P/B Ratio (times) 3.53

Dividend Yield (%) 1.77

Stock Exchange BSE

% OF SHARE HOLDING

VALUE PARAMETERS

ACTUAL ESTIMATE

FY Mar-17 FY Mar-18 FY Mar-19

Revenue 3913.90 4528.60 5102.20

Ebitda 535.40 645.40 749.40

Ebit 430.20 499.20 664.50

Pre-Tax Profit 543.40 618.30 718.80

Net Income 405.40 477.30 552.80

EPS 35.85 41.98 49.06

BVPS 208.16 233.98 262.58

RoE 17.50 18.74 19.40

P/E Chart

CYIENT LIMITED CMP: 733.80 Upside:17%Target Price: 855.00

P/E Chart

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12 16 20 24 Close Price

Charts by Spider Software India Ltd

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 Rs 1438 on 01ST June, 2018. It made a 52-week low at Rs

1147.30 on 12TH September 2017 and a 52-week high of Rs. 1487.70 on 01ST

June 2018. The 200 days Exponential Moving Average (EMA) of the stock on the

daily chart is currently at Rs 1336.12

As we can see on charts that stock was consolidating in the range of 1200-1420

levels for twelve months and formed a “Continuation Triangle” on weekly charts

which is bullish in nature. Last week, it has given the breakout of same and also

managed to close above the same, by registered gains around 9% on back of huge

buying interest. Therefore, one can buy in the range of 1410-1420 levels for the

upside target of 1580-1600 levels with SL below 1350.

The stock closed at Rs 393.80 on 01ST June, 2018. It made a 52-week low at Rs

285 on 04TH August 2017 and a 52-week high of Rs. 434.75 on 11TH May 2018.

The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is

currently at Rs 373.66

Short term, medium term and long term bias is looking positive for the stock as it

is comfortably trading above 200DEMA. Moreover, it is likely to form an

“Inverted Head and Shoulder” pattern on weekly charts which is bullish in

nature. Apart from this, technical indicators such as RSI and MACD are also

suggesting buying for the stock. Therefore, one can buy in the range of 385-389

levels for the upside target of 440-450 levels with SL below 365.

Ujjivan Financial Services Limited (UJJIVAN)

7

Torrent Pharmaceuticals Limited (TORNTPHARM)

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) (MONTHLY)BANKNIFTY OPTION OI CONCENTRATION (IN QY) (MONTHLY)

We have witnessed stunning rally in Nifty and Banknifty on the day of expiry and now started the June series on a soft note. However, looking at rollover statistics

the overall derivative data indicates long rollover with most of the Nifty June futures positions have been rolled in the range of 10650 to 10750. Data also indicate

towards volatility in coming sessions with some stock specific moves. On the technical grounds, Nifty has strong supports at lower levels placed at 10600 & 10500

while résistance is placed at 10800 & 10900 spot levels. We might see short covering on every dip along with selling pressure around résistance levels. In the June

option contracts, 10500 put strike and 11000 call strike are witnessing open interest build up by the writers, which signifies the probable range for June expiry

towards 10500 to 11000 levels with sideways bias. However, market undertone is likely to remain bullish with support of consistent short covering. The Implied

Volatility (IV) of calls was down and closed at 11.42% while that for put options closed at 11.05%.The Nifty VIX for the week closed at 13.22% and is expected to

remain sideways. Overall market’s cost-of-carry is up on the back of fresh long additions. The PCR OI for the week closed up at 1.11, which indicates OTM put

writing. On the technical front, 10600-10500 spot levels is strong support zone and current trend is likely to continue towards 10750-10800 levels.

In lakhs

In 10000 In 10000

BUY CHOLAFIN (JUN FUTURE)

Buy: Around `1585

Target: `1632

Stop loss: `1560

JINDALSTEL

BUY JUN 220. PUT 9.00SELL JUN 210. PUT 5.75

Lot size: 2250BEP: 216.75

Max. Profit: 15187.50 (6.75*2250)Max. Loss: 7312.50 (3.25*2250)

OPTIONSTRATEGY

FUTURE

APOLLOTYRE

BUY JUN 260. PUT 7.75SELL JUN 250. PUT 4.00



DERIVATIVE STRATEGIES

BUY GODREJCP (JUN FUTURE)

Sell: Around `1154

Target: `1182

Stop loss: `1139

BULLISH STRATEGY BEARISH STRATEGY

DABUR

BUY JUN 390. CALL 8.00SELL JUN 400. CALL 4.50



SELL AMARAJABAT (JUN FUTURE)

Sell: Below `752

Target: `715

Stop loss: `772

8

Call Put Call Put

Call Put Call Put

13

.79

0.5

8

5.7

0

2.4

9

4.1

5

10

.18

14

.82

19

.91

16

.35

14

.62

30

.48

9.4

2

22

.40

18

.49

28

.90

25

.64

24

.30

30

.55

12

.59

5.7

2

6.9

7

11

.28

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

9000 9700 10000 10200 10400 10500 10600 10700 10800 10900 11000

11

.42

0.4

0

3.7

6

1.1

7

0.3

9

2.4

0

5.6

2

8.1

3

5.6

8

6.0

1

8.8

4

5.3

4

0.8

0

3.1

2

2.6

6

12

.73

10

.04

16

.96

8.0

8

1.1

8

-1.2

1

0.6

4

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

9000 9700 10000 10200 10400 10500 10600 10700 10800 10900 11000

8.4

4

19

.46

23

.26

13

.81

2.7

2

2.1

1

9.1

6 12

.45

44

.59

45

.96

26

.27

6.1

0 11

.16

15

.06

3.8

6

13

.84

49

.96

28

.14

13

.10

6.6

4

1.5

6

2.9

8

0.00

10.00

20.00

30.00

40.00

50.00

60.00

23000 23500 24000 24500 25000 25500 26000 26500 27000 27500 28000

8.4

4

19

.47 2

6.5

7

15

.54

15

.76

4.7

7

20

.25

21

.16

59

.84

54

.99

28

.45

7.9

6 11

.76

22

.20

8.4

8

32

.10

66

.37

37

.39

15

.47

9.2

9

1.5

8

2.9

8

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

23000 23500 24000 24500 25000 25500 26000 26500 27000 27500 28000

In lakhs

DERIVATIVES

FII’s ACTIVITY IN DERIVATIVE SEGMENT

SENTIMENT INDICATOR (NIFTY)

31-May 30-May 29-May 28-May 25-May

DISCOUNT/PREMIUM -34.00 0.10 -5.25 2.55 11.05

COST OF CARRY% 0.42 0.40 0.41 0.49 0.53

PCR(OI) 1.11 1.03 1.04 1.13 1.14

PCR(VOL) 1.08 0.86 1.02 1.04 0.94

A/D RATIO(NIFTY 50) 1.13 0.46 0.43 2.92 4.56

A/D RATIO(ALL FO STOCK)* 0.67 0.75 0.43 3.85 8.60

IMPLIED VOLATILITY 11.42 11.89 11.21 10.81 10.97

VIX 13.22 13.41 13.07 13.06 13.06

HISTORICAL VOLATILITY 13.41 12.48 12.86 12.95 12.90

*All Future Stock

SENTIMENT INDICATOR (BANKNIFTY)

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 Future Stock

31-May 30-May 29-May 28-May 25-May

DISCOUNT/PREMIUM -229.30 -50.50 -28.75 -26.55 12.10

COST OF CARRY% 0.39 0.40 0.42 0.49 0.53

PCR(OI) 0.76 0.88 0.98 0.76 0.94

PCR(VOL) 0.63 0.84 1.07 0.61 0.92

A/D RATIO(BANKNIFTY) 1.40 1.00 0.09 All up 5.00#A/D RATIO(ALL FO STOCK) 0.69 0.47 0.05 All up 6.33

IMPLIED VOLATILITY 14.68 14.08 14.04 13.71 13.32

VIX 13.22 13.41 13.07 13.06 13.06

HISTORICAL VOLATILITY 20.33 16.61 17.09 16.36 15.95

9

In Cr. In Cr.

Bottom 10 RolloverTop 10 Rollover

LTP Rollover % Open interest

BHARATFIN 1175.85 96.4% 5597500

JSWSTEEL 333.9 93.9% 63207000

CESC 1025.4 93.3% 5652900

EQUITAS 164.85 92.5% 21158400

MCDOWELL-N 3364.75 91.6% 2433500

MFSL 493.35 91.2% 2834000

MOTHERSUMI 312.1 91.2% 12982400

TV18BRDCST 56.4 91.0% 76474500

JPASSOCIAT 15.3 91.0% 175712000

IDFC 51.1 90.9% 147285600

LTP Rollover % Open interest

OFSS 3900.25 32.8% 72600

TORNTPOWER 252.6 41.8% 2610000

RNAVAL 16.2 43.3% 12456000

CONCOR 1367.35 54.1% 1443125

ADANIPORTS 394 55.2% 12647500

JUSTDIAL 582.2 58.3% 1995000

BPCL 401.6 62.8% 7626600

POWERGRID 204.1 63.1% 47680000

PIDILITIND 1147.6 63.3% 3120000

ACC 1363.1 63.6% 3745200

-30

-67

3

-80

8

-17

40

-37

1

53

8

48

0

-33

6

-83

2 -64

3

-2000

-1500

-1000

-500

0

500

1000

18-May 21-May 22-May 23-May 24-May 25-May 28-May 29-May 30-May 31-May

-25

64

65

7

-95

9

-17

44

69

1

13

96

12

50

11

85

21

1

19

50

-3000

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

18-May 21-May 22-May 23-May 24-May 25-May 28-May 29-May 30-May 31-May

10

SPICES

Soybean futures (June) is expected to trade with a bearish bias for the third consecutive week & test 3450-3400 levels. The factors such as poor demand from the crushers due to slow export sales of soybean meal. Indian soybean meal is $42 costlier than Argentine making it unattractive in the international market. Moreover, the outlook of more correction ahead amid prospects of better crop this season amid normal monsoon forecast are weighing on the counter. Soybean sowing will kick in major producing states of Madhya Pradesh, Maharashtra and Rajasthan in next one week and acreage under the oilseed is expected to rise. Refined soy oil futures (June) is likely to see correction towards 755-750 levels, taking negative cues from the bearish trend of soybean prices. In addition to it, a stronger rupee may add to the bearish sentiments, making imports cheaper. CPO futures (June) is trading near one week low & might slide down further to test 645-635 levels. The recovery of palm oil prices in the international market seems temporary due to strong output outlook. Malaysia's full-year output is seen rising to 20.5 million tons in 2018, its highest level on record, as crops shake off the lingering effects of a dry weather El Nino phenomenon and as young trees come to maturity and increase harvested areas. Despite the bearishness prevailing among all the oilseeds, the downside of mustard seed futures (June) is expected to remain capped and likely to take support near 3865 levels. The underlying demand for this oilseed is still strong & the millers are looking for lower level buying in anticipation of higher demand for mustard oil & cake days ahead.

OIL AND OILSEEDS

OTHER COMMODITIES

Chana futures (June) is again back in the bearish zone and this time the fall can get stretched towards 3400 levels, if breaks the support near the level of 3520. On the spot markets, the buyers are on the sideline and not ready to procure chana due to recent sharp losses in prices after further advancement of monsoon, which has raised prospects of higher kharif pulses (tur, urad and moong) crop. The bull run of cotton futures (June) might witness a halt and face resistance near 22750-23000 levels. Also, on the international market the buying has slowed down as the cotton prices are trading close to 4 year high & also because impositions of higher margins of 25% to $2,500 per contract from $2,000. The downtrend in mentha oil (June) is expected to get extended further towards 1100-1060 levels. The fundamentals are giving bearish cues to the counter amid expectation of a 30-35% rise in output to 40,000-45,000 tons in the current year. With arrivals of the spice oil from new crop set to rise in the coming weeks, prices may start falling. Currently, 100-150 drums (1 drum = 180 kg) of mentha oil are coming to markets and daily arrivals are expected to double from this week onwards. Guar seed futures (June) is seen riding down towards 3500-3400 levels, while guar gum futures (June) will possibly witness an extended correction to test 6900 levels. Ahead of the sowing season, the prediction of a good rainfall i.e 101% of its LPA during July and 94% of LPA during August has inducted more bearish sentiments in the guar complex apart from the hefty inventories with the farmers.

Bullion counter may trade with sideways to negative bias as stronger

greenback and fear of interest rate hike in this month Fed meeting is keeping

the prices under pressure. However, tensions in US and North Korea along with

trade war tensions between US and China can cap the downside. Some

strength in local currency after good GDP numbers can further pressurize the

prices on domestic bourses which can further strengthen towards 66.6. Gold

(Aug) can face resistance near 31600 and can slip lower towards take support

near 30500. While silver can face resistance near 41600 and can slip lower

towards 39000. China lashed out on at renewed threats from the White House

on trade, warning that it was ready to fight back if Washington was looking for

a trade war. Canada and Mexico retaliated against the U.S. decision to impose

tariffs on steel and aluminum imports and the European Union had its own

reprisals ready to go. U.S. President Donald Trump played down the chances of

a quick deal in getting North Korea to abandon its nuclear arms as a delegation

from Pyongyang headed to meet him with a letter from North Korean leader

Kim Jong Un, suggesting a proposed summit may be back on. Italy's anti-

establishment parties revived coalition plans ending three months of political

turmoil by announcing a government that promises to increase spending,

challenge EU fiscal rules and crack down on immigration. China's net gold

imports via main conduit Hong Kong fell 35.3 per cent in April from the

previous month as demand for bullion weakened.

BULLIONS

Crude oil prices sharp fall, which was witnessed recently, can extend further on all-time high US production and expectations of higher OPEC output and on hints that Russia may increase output. According to a Russian energy ministry official”, “Russia would be able to raise its oil output back to pre-cut levels within months if there is a decision to unwind the price-protection deal with OPEC and other producers”. U.S. crude oil production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, the highest on record, crude oil prices can face resistance near 4700 and can slip lower towards 4300. U.S. oil imports from Venezuela increased to 17.3 million barrels in March from 13.21 barrels in February. Last month's level was close to the all-time low of 13.20 million barrels, reported in January 2003. OPEC-member Venezuela's oil output has declined amid political unrest. With the OPEC meeting on 22 June oil markets are likely to remain on edge. Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices. Natural gas can continue to show recovery on weather related demand as it can test 215 while it has key support near 190 levels. Natural gas got support as smaller-than-expected weekly storage build, prompting concerns record production might not be enough to rebuild stockpiles to normal levels before next winter. Showers across the northern U.S. can be seen with temperature ranging from highs of 70s and 80s, while very warm to hot over Texas, the South is likely to weigh on demand of natural gas in this week.

ENERGY COMPLEX

In base metal counter, Nickel may move further higher on supply deficit concerns while rest base metals can trade sideways. China reported that factory activity grew more than expected in May, with the official manufacturing Purchasing Managers' Index (PMI) coming in at 51.9 the highest level since October 2017. Meanwhile China trade stand-off and political turmoil in Italy will continue to pressure industrial metals. Copper can face resistance near 474 levels and can take support near 455 levels. Zinc may trade sideways as it can take support near 203 levels and can face resistance near 215. Zinc inventories in warehouses certified by the LME jumped 7 percent to 245,750 tonnes, the highest since November. Nickel prices can take support near 980 and can recover towards 1050. Nickel prices got support as it surged by 17% in 2018 with the market gripped by 'electric vehicle fever' and buoyed by an exaggerated draw on exchange stocks. Lead may continue to show recovery as it can take support near 162 levels and recover towards 172 levels. Aluminium can trade on mixed path as it can take support near 152 levels and resistance near 162 levels in MCX. Two global aluminium producers have offered Japanese buyers premium of $159-160 per tonne for primary metal shipments for July-Sept quarter, up 23-24% from the current quarter. President Donald Trump stated that in March that he would slap a 10% tariff on aluminium, citing national security interests on the EU, Canada and Mexico, after they were previously granted exemptions.

Turmeric futures (June) is likely to trade sideways & consolidate in the range

of 6900-7300 levels. At the Erode Turmeric Merchants Association Sales yard,

finger turmeric went for ₹5,889-8,429 a quintal, root variety ₹5,255-7,699.

Buying at lower levels and reports of decline in production can support

turmeric prices. Moreover, prices can be strengthened in the spot market in

the coming weeks due to low arrivals. Around 60 to 62 lakh bags of turmeric is

expected to be produced in India this year while the old stock of last year can

be around 20 to 22 lakh bags. So, the total supply is expected to be around 80

to 82 lakh bags this year. While the total domestic and export

demand/consumption can be around 72 to 75 lakh bags, resulting in reduction

in the carry forward stock by around 7 to 10 lakh bags for 2019. Jeera futures

(June) is trading in a sideways zone & soon is expected to test 17000 as soon as

it surpasses the resistance near 16500 levels. On the spot markets, jeera

prices are steady supported by the steady limited supply. Days ahead, the

export demand for jeera is expected to strengthen as in the global market the

supplies may be reduced from other producing countries due to geo-political

tension. Meanwhile, there is continuous rain in Syria which is positive for the

Indian spice as it might affect the export. Coriander futures (June) is

expected to make a new low near 4000-3800 levels. Ample availability due to

higher imports may pull down the prices further in days to come.

BASE METALS

11

TECHNICAL RECOMMENDATIONS

NICKEL MCX (JUN) contract closed at Rs. 1032.10 on 31st May’18. The contract made its high of Rs.

1077.90 on 19th Apr’18 and a low of Rs. 856.30 on 6th Apr’18. The 18-day Exponential Moving Average of

the commodity is currently at Rs. 995.40.

On the daily chart, the commodity has Relative Strength Index (14-day) value of 61.44. One can sell

below Rs. 1022 for a target of Rs. 990 with the stop loss of Rs. 1036.

COPPER MCX (JUN) contract closed at Rs. 457.05 on 31st May’18. The contract made its high of Rs.

476.50 on 28th Dec’17 and a low of Rs. 430.35 on 26th Mar’18. The 18-day Exponential Moving Average of


On the daily chart, the commodity has Relative Strength Index (14-day) value of 45.44. One can sell at

Rs. 464 for a target of Rs. 452 with the stop loss of Rs. 470.05.

NATURALGAS MCX (JUN) contract closed at Rs. 199.50 on 31st May’18. The contract made its high of Rs.

204.40 on 23rd May’18 and a low of Rs. 179.80 on 11th Apr’18. The 18-day Exponential Moving Average of


On the daily chart, the commodity has Relative Strength Index (14-day) value of 57.56. One can buy at

Rs. 197.50 for a target of Rs. 205 with the stop loss of Rs. 194.

NICKEL MCX (JUN)

COPPER MCX (JUN)

NATURALGAS MCX (JUN)

TREND SHEET

*Closing as on 31.05.18

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

PRICE CHANGED CHANGED STOP/LOSS

NCDEX SOYABEAN JUL 3576.00 28.05.18 Down 3674.00 - 3730.00 3750.00

NCDEX JEERA JUL 16195.00 10.05.18 Down 16055.00 - 16250.00 16370.00

NCDEX REF.SOY OIL JUL 776.40 31.05.18 Sideways - 767.00 785.00 -

NCDEX RMSEED JUL 3958.00 29.05.18 Down 3981.00 - 4005.00 4040.00

NCDEX CHANA JUL 3545.00 03.05.18 Down 3576.00 - 3580.00 3600.00

NCDEX GUARSEED JUL 3692.50 22.03.18 Down 4221.00 - 3760.00 3780.00

NCDEX COCUD JUL 1359.50 03.05.18 UP 1278.00 1330.00 - 1315.00

NMCE PEPPER MINI JUN 38250.00 29.05.18 UP 38100.00 37900.00 - 37600.00

MCX MENTHA OIL JUN 1124.90 11.05.18 Down 1333.20 - 1155.00 1166.00

MCX CARDAMOM JUL 880.90 28.02.18 Down 1090.30 - 915.00 920.00

MCX SILVER JUL 39904.00 28.05.18 Down 39917.00 - 40250.00 40300.00

MCX GOLD AUG 31246.00 07.05.18 UP 31258.00 31200.00 - 31100.00

MCX COPPER JUN 457.05 25.05.18 Down 461.80 - 468.00 472.00

MCX LEAD JUN 166.30 25.05.18 Down 165.50 - 169.20 170.50

MCX ZINC JUN 209.70 17.05.18 UP 210.15 206.00 - 205.00

MCX NICKEL JUN 1032.10 14.05.18 UP 976.30 1012.00 - 1008.00

MCX ALUMINIUM JUN 155.85 19.04.18 Sideways - 153.00 159.00 -

MCX CRUDE OIL JUN 4517.00 31.05.18 Sideways - 4460.00 4730.00 -

MCX NATURAL GAS JUN 199.50 22.05.18 UP 200.60 197.00 - 195.00

NEWS DIGEST

The week gone by was a bearish week for the commodity markets; selling pressure was seen in

most of the counters. A buoyant dollar continued to weigh on the market amid renewed hopes

of a US- North Korea summit. CRB took some correction and closed near 207. Easing demand

from local jewellers as well as retailers at the domestic spot market led to decline in the

prices, but sideways trend overseas capped the fall. The dollar hit its highest level against a

basket of six major currencies since mid-November 2017. A stronger dollar makes dollar-priced

gold dearer for non-US investors. In the energy counter, spread between WTI and Brent

increased. U.S. crude futures traded as much as $11 below Brent, the deepest discount since

early 2015. There is a fear in the market that light sweet crude from the United States is

threatening to swamp the global market. Though, the downside was capped in WTI because of

decline in inventories. EIA released its weekly petroleum status report Thursday morning,

showing that U.S. commercial crude inventories decreased by 4.2 million barrels last week,

maintaining a total U.S. commercial crude inventory of 434.5 million barrels. Natural gas

futures slid further Wednesday ahead of a weekly government storage report expected to

show a triple-digit storage injection, though more supportive afternoon weather guidance

offered some hope for the bulls. Nevertheless, EIA reported a storage build of 96 Bcf for the

week ending May 25, lesser than the expectation. In base metals, copper and aluminum moved

own while rest of the commodities closed up. Nickel crossed 1030 on MCX. Buoyed by robust

demand from the electric vehicle and stainless steel sectors, nickel inventories are also

recording consistent drawdown, exemplified in ongoing outflows and cancelations which have

resulted in total LME nickel inventories falling 5.2% in May.

For agri counter, overall it was bearish. Good monsoon news weighed on agri commodities and

prices slipped. Edible oil and oil seeds counter saw sharp rise. Mustard saw profitbooking after

four week nonstop fall. Cotton prices saw massive jump on higher prices in US market. Guar

counter trapped in bearish zone on fall in crude prices. Spices traded weak except jeera which

saw marginal rise in the prices.

WEEKLY COMMENTARY

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

12

COMMODITY UNIT 23.05.18 31.05.18 DIFFERENCE

QTY. QTY.

BRASS MT 0.00 0.96 0.96

CARDAMOM MT 7.80 7.30 -0.50

COTTON BALES 152500.00 158800.00 6300.00

GOLD KGS 21.00 641.00 620.00

GOLD MINI KGS 23.50 63.50 40.00

GOLD GUINEA KGS 3.18 3.18 0.00

MENTHA OIL KGS 337210.20 497288.25 160078.05

SILVER (30 KG Bar) KGS 36890.81 37076.09 185.28

WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COMMODITY UNIT 24.05.18 31.05.18 DIFFERENCE

QTY. QTY.

BARLEY MT 4219 4219 0CASTOR SEED MT 28882 30853 1971CHANA MT 29412 36487 7075CORIANDER MT 14555 15418 863COTTON SEED OIL CAKE MT 62430 61504 -926GUARGUM MT 25589 24236 -1353GUARSEED MT 25464 24443 -1021JEERA NEW MT 1239 1268 29MAIZE RABI MT 71 936 865RM SEED MT 88728 85416 -3312SOYBEAN MT 24892 24321 -571SUGAR MT 50 50 0TURMERIC MT 2559 2807 248WHEAT MT 4111 4380 269

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX)

Ÿ The US economy expanded an annualized 2.2% on quarter in the first quarter of 2018.

Ÿ The Official NBS Manufacturing PMI in China increased to 51.9 in May 2018 from 51.4 in April, beating consensus of 51.3.

Ÿ Indian government is mulling a proposal to import gold from Russia to help gems and jewellery exporters provided they agree to ship out the entire consignment after value addition.

Ÿ U.S. consumer spending posted its biggest gain in five months in April.

Ÿ The IMF kept its forecast for China's 2018 economic growth unchanged at 6.6%.

Ÿ In the 2nd stage long range forecast for the 2018 southwest monsoon rainfall, IMD has predicted that Rainfall over the country as a whole for the 2018 southwest monsoon season (June to September) is most likely to be NORMAL (96% to 104% of long period average (LPA).

Ÿ The daily turnover in the contract exceeded 20 billion rupees compared to less than 1 billion rupees in about 100 of the 132 sessions before the liquidity enhancement scheme was introduced on Apr 24.

Ÿ The Maharashtra government has slashed price of tur dal sold through public distribution system to Rs.35 per kg from Rs.55 per kg earlier.

Ÿ India's guar gum exports fell 25.7% on year to 40,405 tonne in April. - Agricultural and Processed Food Products Export Development Authority

Ÿ International Sugar Organization raised its estimate for global sugar surplus in 2017-18 (Oct-Sep) to a record 10.5 million tons, more than double the February estimate of 5.15 million tons.

3.05%2.89%

0.97% 0.97%

0.52%

-2.41%

-2.09%

-1.86%-1.76%

-1.33%

-3%

-2%

-1%

0%

1%

2%

3%

4%

NICKEL COTTON ZINC ZINC MINI GOLD PETAL MENTHA OIL CARDAMOM CPOMINI

GOLD GUINEA

2.99% 2.84% 2.69%

0.77% 0.61%

-7.99%

-5.36%-5.06% -4.89% -4.82%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

29MMSUGAR M COTTON SEED OIL

CAKEBARLEY MAIZE SOUTH

5MT 10MTSOYABEAN CORIANDER RM SEED OIL CAKE

COMMODITY

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

WEEKLY STOCK POSITIONS IN LME (IN TONNES)

INTERNATIONAL COMMODITY PRICES

SPOT PRICES (% change) Gold demand in first quarter of 2018 & outlook

13

COMMODITY EXCHANGE CONTRACT UNIT 25.05.18 31.05.18 CHANGE(%)

Soybean CBOT JULY Dollars Per Bushel 10.43 10.19 -2.30

Soy oil CBOT JULY Cents per Pound 31.34 31.12 -0.70

CPO BMD AUG MYR per MT 2455.00 2429.00 -1.06

Cotton ICE JULY Cents per Pound 89.21 93.15 4.42

COMMODITY EXCHANGE CONTRACT 25.05.18 31.05.18 CHANGE%

ALUMINIUM LME CASH 2282.00 2285.50 0.15

COPPER LME CASH 6886.00 6825.00 -0.89

LEAD LME CASH 2465.00 2445.50 -0.79

NICKEL LME CASH 14840.00 15200.00 2.43

ZINC LME CASH 3048.00 3100.00 1.71

GOLD COMEX AUG 1306.40 1304.70 -0.13

SILVER COMEX JULY 16.49 16.46 -0.17

LIGHT CRUDE OIL NYMEX JULY 67.88 67.04 -1.24

NATURAL GAS NYMEX JULY 2.94 2.95 0.44

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE

24.05.18 31.05.18

ALUMINIUM 1231000 1210300 -20700

COPPER 298000 283375 -14625

NICKEL 297672 292098 -5574

LEAD 133300 134200 900

ZINC 230000 228975 -1025

According to the World Gold Council, global demand for gold declined by 7% year

over year to 973.5 tons in the first quarter of 2018-the weakest first quarter in 10

years due to fall in investment demand for gold bars and gold-backed ETFs. The

range-bound gold prices have discouraged the investment demand.

Jewelry Demand also disappoints

As per the World Gold Council, despite strong demand in China and the United States,

demand for jewelry dipped by 1% year over year to 487.7 tons in the first quarter.

China witnessed a three-year high demand at 187.8 tons bolstered by jewelry sales

during the Lunar New Year holiday sales. Moreover, the United States also witnessed

the strongest first-quarter since 2009, driven by economic growth. However, the

jewellery demand in India for the first quarter dipped by 12 per cent to 87.7 tonne, as

compared to 99.2 tonne in the same period of 2017 as a depreciating rupee and higher

international gold price drag the jewelry demand in the quarter.

Lower ETF Inflows

Total investment demand plunged 27% year over year to 394.2 tons in the first quarter

of 2018. ETF inflows were 32.4 tons, down from 96 tons in the first quarter of 2017.

Meanwhile, global bar and coin demand dropped 15% year over year to 298.2 tons.

Robust buying by Central Bank continued

Central banks purchased 116.5 tons in the first quarter, surging 42% year over year

reaching the highest first-quarter total in four years. Russia, Turkey and

Kazakhstan remained consistent buyers and collectively account for nearly 50% of

net purchases over the last five years. Demand for gold in technology also

improved 4% year over year to 82 tons in the first quarter, marking the sixth

consecutive quarter of growth.

Slight Improvement in supply

Total gold supply improved 3% to 1,032 tons in the first quarter. Recycled gold

supply remained flat at 287 tons due to global uncertainty. Mine production inched

up 1% year over year to 760 tons. Production in China continued to decrease for the

sixth consecutive quarter due to stringent environmental regulations. Output from

the world’s largest producer slumped 8% year over year and it is likely to see

further decline throughout 2018. Only Indonesia and Canada reported

improvement in production.

Gold outlook

Macroeconomic trends in Asia, festive and wedding demand in countries like India and

China, the declining unemployment in US, uncertainty about economic and political

stability in Euro zone, and again heightened geopolitical tensions will boost the gold

demand. Gold demand is generally closely correlated to increasing wealth in the Asia.

Demands from central banks also remain strong with Turkish and Russian central

banks adding to their gold reserves. Further, gold is witnessing increased requirement

in technology, bolstered by

demand for high-end smart

phones. Volatility in currency

market-especially in dollar-

will decide the fate of gold

demand and prices. In India,

the Indian government also

announced measures to bolster

rural incomes. The forecast for

a normal monsoon will be going

well for the rural sector which

is an important consumer for

the gold.

-8.24

-4.70

-4.00

-2.48

-1.70

-1.23

-1.19

-0.73

-0.33

0.03

0.09

0.70

1.59

3.80

5.58

6.07

GUAR GUM (JODHPUR)

GUAR SEED (JODHPUR)

SOYABEAN (INDORE)

CORIANDER (KOTA)

CRUDE PALM OIL (KANDLA)

MUSTARD (JAIPUR)

RAW JUTE (KOLKATA)

TURMERIC (NIZAMABAD)

JEERA (UNJHA)

PEPPER MALABAR GAR (KOCHI)

WHEAT (DELHI)

BARLEY (JAIPUR)

SUGAR (KOLKATA)

GUR (MUZAFFARNGR.)

COTTON (KADI)

COTTON SEED OIL CAKE (AKOLA)

Source: WGC

107.

3

122.

1

194.

8

244

123.

5

167.

4

145.

9 249

115.

6

1290

1050

992.

8

1036

1034

.5

953.

4

915

1095

.8

973.

5

0

200

400

600

800

1000

1200

1400

Q 1 Q2 Q3 Q4 Q 1 Q2 Q3 Q4 Q1

2016 2017 2018

Gold demand (in ton)

India World

CURRENCY

Currency Table

Currency Pair Open High Low Close

USD/INR 67.55 68.21 67.27 67.62

EUR/INR 79.10 79.47 78.39 79.16

GBP/INR 90.13 90.68 89.62 90.27

JPY/INR 61.60 62.91 61.45 62.16

News Flows of last week

EUR/INR (JUNE) contract closed at 79.16 on 31st May’ 18. The contract made its high of 79.47 on 31st May’18 and a low of 78.39 on 28th May’18 (Weekly Basis). The 14-day Exponential Moving Average of the EUR/INR is currently at 79.63.

On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 40.29.One can sell below 78.80 for a target of 77.80 with the stop loss of 79.30.

(* NSE Currency future, Source: Reliable, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST)

27th May China April industrial profit growth rebounded to six-month high

29th May U.S. Consumer Confidence rose in May, current conditions at 17-year high

29th May Euro Zone Inflation accelerated in May

30th May U.S. Jobless Claims fell to 3-week low last week

30th May U.S. consumer spending recorded biggest gain in five months

30th May U.S. pending home sales fell in April

Market Stance

Indian rupee started the week on a positive note and rose sharply against the

dollar in the week gone by to test two week high following a surprise crash in

crude prices, which quickly faded near-term trade deficit and inflation

worries. Global crude oil collapsed after Saudi energy minister Khalid al-Falih

endorsed prior comments from his Russian counterparts calling for self-

imposed output curbs to be relaxed, perhaps as soon as June. Besides,

massive unwinding of long dollar positions by exporters and corporates also

lifted the overall trading mood. However, in overseas market , the euro was

buried near multi-month lows as against major rivals as Italy's political crisis

deepened, raising the likelihood of an early election that some market players

fear could lead to a eurosceptic government in Rome.

USD/INR (JUNE) contract closed at 67.62 on 31st May’ 18. The contract made its high of 68.21 on 29th May’18 and a low of 67.27 on 28th May’18 (Weekly Basis). The 14-day Exponential Moving Average of the USD/INR is currently at 67.75.

On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 53.58.One can sell around 67.35 for the target of 66.70 with the stop loss of 67.75.

GBP/INR (JUNE) contract closed at 90.27 on 31st May’18. The contract made its high of 90.68 on 29th May’18 and a low of 89.62 on 28th May’18 (Weekly Basis). The 14-day Exponential Moving Average of the GBP/INR is currently at 90.89.

On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 41.29. One can sell below 89.50 for a target of 88.50 with the stop loss of 90.00

JPY/INR (JUNE) contract closed at 62.16 on 31st May’18. The contract made its high of 62.91 on 29th May’18 and a low of 61.45 on 28th May18 (Weekly Basis). The 14-day Exponential Moving Average of the JPY/INR is currently at 61.92.

On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 55.66. One can buy above 62.00 for a target of 63.00 with the stop loss of 61.50

USD/INRTechnical Recommendation

Economic gauge for the next week

Date Currency Event Previous

04th June GBP PMI Construction 52.5

05th June EUR Markit PMI Composite 54.105th June EUR Markit Services PMI 53.905th June GBP Markit Services PMI 52.805th June USD Markit PMI Composite 55.705th June USD Markit Services PMI 55.705th June USD ISM Non-Manufacturing PMI 56.806th June USD Trade Balance -4906th June USD Nonfarm Productivity 0.707th June EUR Gross Domestic Product s.a. (YoY) 2.507th June EUR Gross Domestic Product s.a. (QoQ) 0.407th June USD Continuing Jobless Claims 1.72607th June USD Initial Jobless Claims 22107th June USD Consumer Credit Change 11.62

GBP/INR JPY/INR

14

EUR/INR

IPO

IPO NEWS

IPO market heats up; 3 dozen companies line up Rs 35,000 crore public offers

The IPO lane seems to get busier as three dozen companies have lined up initial share sale plans worth Rs 35,000 crore in the coming months, largely to fund their

expansion projects and working capital requirement. These include six state-run entities - Indian Renewable Energy Development Agency, Rail Vikas Nigam,

IRCON International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock -- as the government intends to unlock the real value of such PSUs and

bring in greater accountability. Of these three dozen firms, most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as

well as working capital requirements, as per the draft papers filed with the Securities and Exchange Board of India. In this year, Barbeque-Nation Hospitality,

TCNS Clothing Company, Nazara Technologies and Devi Seafoods are among the 12 companies that have secured Sebi's nod to float their public offers.

ITI eyeing FPO in July-August

Public sector ITINSE -0.86 % Limited is targeting to come out with fresh issue of shares through a follow on public offer (FPO) between coming July and August .

The government currently holds 92.59 per cent stake in ITI. The FPO will also help ITI reduce its debt obligations and meet Sebis requirement of minimum 25 per

cent public shareholding . ITI manufactures telecom products across six units in Begnaluru (Karnataka), Raebareli, Naini and Mankapur (UP), Palakkad (Kerala)

and Srinagar (J&K). It is a supplier for the defence communication and networking needs and a major supplier of encryption products to the Indian Army. The

PSU, which was in financial mayhem for the last 16 years, had recently announced a profit of Rs 102 crores for 2017-18.

SEBI slaps Rs10lakh penalty on DLF for wrong disclosure during IPO

Stock regulator Securities and Exchange Board of India (SEBI) has slapped a penalty of Rs10lakh on DLF Ltd for wrongful disclosures with regard to utilization of

funds raised through its IPO. The order was based on an investigation carried out by the regulator on DLF for the period of June-December, 2007 to ascertain a

possible violation of the regulation. SEBI said that it found DLF to have made wrong disclosures to the stock exchanges regarding utilization of funds in respect or

pre-payment of loans pertaining to the September 2007 quarter. The realty giant in its filing for the September 2007 quarter reported that it had utilized

Rs3,143.56cr towards pre-payment of loans pertaining to the said quarter. However, as per its filing for December 2007 quarter, DLF had shown the utilization of

funds under the same head -pre-payment of loans- as Rs2,469.75cr, which was lower than that compared to the previous quarter.

*Closing price as on 31-05-2018

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

Indostar Capital Finance Ltd NBFC 5346.67 1844.00 21-May-18 572.00 600.00 586.65 2.56

Lemon Tree Hotels ltd Hotel 5151 1038.00 9-Apr-18 56.00 61.60 65.50 16.96

ICICI Securities Ltd Broking House 12056.14 4016.00 4-Apr-18 520.00 431.10 374.25 -28.03

Mishra Dhatu Nigam Ltd Metal 2574.05 439.00 4-Apr-18 90.00 87.00 137.40 52.67

Karda Construction Ltd Construction 215.25 78.00 2-Apr-18 180.00 136.00 175.00 -2.78

Sandhar Technologies Ltd Auto Industry 2407.93 513.00 2-Apr-18 332.00 345.00 400.05 20.50

Hindustan Aeronautics Ltd Defence 33661.12 4229.00 28-Mar-18 1240.00 1169.00 1006.65 -18.82

Bandhan Bank Ltd Bank 57051.86 4473.00 27-Mar-18 375.00 485.00 478.30 27.55

Bharat Dynamics Ltd Defence 6920.70 961.00 23-Mar-18 428.00 360.00 377.60 -11.78

H.G. Infra Engineering Ltd Infrastructure 2145.43 4229.00 9-Mar-18 270.00 270.00 329.20 21.93

Aster DM Healthcare Health Care 9083.99 981.00 26-Feb-18 190.00 182.10 179.80 -5.37

Galaxy Surfactants Ltd FMCG 4864.92 937.00 8-Feb-18 1480.00 1520.00 1372.15 -7.29

Amber Enterprises India Consumer Durables 3451.10 600.00 30-Jan-18 859.00 1180.00 1097.45 27.76

Newgen Software Technologies Software 1752.01 424.00 29-Jan-18 245.00 253.00 253.05 3.29

Apollo Micro Systems Ltd Defense 384.34 156.00 22-Jan-18 275.00 478.00 185.10 -32.69

Astron Paper & Board Mill paper 522.20 70.00 28-Dec-17 50.00 120.00 112.30 124.60

Future Supply Chain Solutions Ltd Logistics 2628.29 650.00 18-Dec-17 664.00 674.00 656.15 -1.18

Shalby Ltd Hopsital 2028.96 504.00 15-Dec-17 248.00 237.00 187.85 -24.25

HDFC Standard Life Insurance Ltd Insurance 95455.22 8695.00 17-Nov-17 290.00 311.00 474.45 63.60

Khadim India Ltd Footwear 1478.54 544.00 14-Nov-17 750.00 727.00 823.00 9.73

New India Assurance Co. Ltd. Insurance 55331.60 9600.00 13-Nov-17 800.00 748.90 671.50 -16.06

Mahindra Logistics Ltd Logistics 3910.67 830.00 10-Nov-17 429.00 432.00 549.70 28.14

Reliance Nippon Life Insurance 13742.46 1542.00 6-Nov-17 252.00 294.00 224.55 -10.89

GIC of India General Insurance 60184.69 11373.00 25-Oct-17 912.00 850.00 686.10 -24.77

Indian Energy Exchange Power Trading 4817.85 1000.00 23-Oct-17 1650.00 1500.00 1588.55 -3.72

MAS Financial Services Financial Services 3224.79 460.00 18-Oct-17 459.00 660.00 589.95 28.53

Godrej Agrovet Agri Business 12227.43 1157.00 16-Oct-17 460.00 621.00 636.75 38.42

Prataap Snacks Ltd FMCG 3053.82 482.00 5-Oct-17 938.00 1250.00 1302.10 38.82

IPO TRACKER

15

FIXED DEPOSIT MONITOR

* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application.

* For Application of Rs.50 Lac & above, Contact to Head Office.

* Email us at [email protected]

FIXED DEPOSIT COMPANIES

PERIOD ADDITIONAL RATE OF INTEREST (%) MIN.

INVESTMENTS.NO (NBFC COMPANY -NAME)

12M 18M 24M 36M 45M 48M 60M 84M

1 BAJAJ FINANCE LTD.(UPTO RS. 5 CR.) 7.60 7.60 7.90 8.10 - 8.10 8.10 - 25000/-

2 DEWAN HOUSING FINANCE CORPORATION LTD 13M=7.75% 14M=7.75% 18M=7.80% 13M=50000; 40M=7.95%

14M=10000;

40M=2000

3 DEWAN HOUSING FINANCE CORPORATION LTD (AASHRAY) 7.70 - 7.80 7.90 - 8.05 8.05 8.00 10,000/-

4 GRUH FINANCE LTD. 7.00 13M=7.00 7.25 7.50 - 7.25 7.00 7.00 96-120M=7.00%; 0.25% FOR FEMALE, 1000/-

SENIOR CITIZEN & TRUST

5 HDFC PREMIUM DEPOSIT FOR INDIVIUAL (UPTO RS. 2 CR.) 15M=7.65 22M= 7.70 30M=7.65 44M= 7.70 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR

- -6 HDFC SPECIAL DEPOSIT FOR INDIVIDUAL & TRUST 33M=7. 75 66M= 7.75 - - 0.25% FOR SENIOR CITIZEN UPTO RS. 2 CR

(UPTO RS. 20 CR.)

- -7 HDFC PREMIUM DEPOSIT FOR TRUST & INSTITUTION 15M=7. 65 30M= 7.65 - - -

(UPTO RS. 20 CR.)

8 HDFC LTD FOR INDIVIDUAL & TRUST (UPTO RS.2 CR.) 7.55 - 7.55 7.55 - 7.55 7.55 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.

9 HDFC LTD FOR INDIVIDUAL & TRUST (ABOVE RS.2 CR.) 7.60 - 7.60 7.60 - 7.60 7.60 - 0.25% FOR SENIOR CITIZEN UPTO RS. 1 CR.

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

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

12 KTDFC (Kerela Transport) 8.25 - 8.25 8.25 - 8.00 8.00 - 0.25% EXTRA FOR SR. CITIZEN, 10000/-

13 LIC HOUSING FINANCE LTD. (UPTO RS. 5 CR.) 7.30 7.35 7.40 7.45 - - 7.45 - 0.25% FOR SENIOR CITIZEN IF APP ABOVE 10000/-

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

14 M&M FINANCIAL SERVICES LTD (FOR BELOW RS. 1 CRORE) 7.70 7.75 7.90 8.05 - 8.05 8.05 - 0.25% FOR SENIOR CITIZEN 10000/-

15 PNB HOUSING FINANCE LTD. (UPTO RS. 5 CR.) 7.50 - 7.60 7.90 - 7.90 8.00 8.00 0.25% EXTRA FOR SR. CITIZEN UPTO RS.1 CRORE

16 PNB HOUSING FINANCE LTD. (UPTO RS. 5 CR.) 15M=7.7 0 22M=7 .70 4 4M= 8.00 0.25% FOR SENIOR CITIZEN 30M=7.70

17 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 7.65 - 7.65 8.00 - 8.00 8.25 - 0.25% FOR SENIOR CITIZEN 5000/-

18 SHRIRAM CITY UNION SCHEME 7.65 - 7.65 8.00 - 8.00 8.25 - 0.25% FOR SENIOR CITIZEN 5000/-

(FOR TRUST ONLY) (FOR WOMEN ONLY)

20000/- BUT

40000/-

IN MONTHLY

0.35% EXTRA FOR SR. CITIZEN OR 0.25% EXTRA

FOR EXISTING CUSTOMER (2 MONTH GAP IN

FIRST & SECOND DEPOSIT) & 0.25% EXTRA IN

RENEWAL UPTO RS.5 CR.

0.40% EXTRA FOR SR CITIZEN,WIDOW, EXISTING

DHFL HOME BORROWERS & DHFL MORTGAGE &

SME LOAN CUSTOMERS, 0.15% EXTRA FOR

RENEWAL BUT APP SHOULD REACH IN COMPANY

BEFORE DUE DATE.

20000/-

(Rs.)

16

INDUSTRY & FUND UPDATE

Mutual funds invested 7.37% of equity AUM only in IT sector in April

Domestic mutual funds are betting big on information technology stocks, as the equity scheme exposure to the defensive sector has jumped to a record high of

about Rs 71,000 crore in April, according to the data on the Securities and Exchange Board of India. Rupee is falling against the dollar which is good for IT

companies and that is why we have been investing in software companies," said a fund manager from a private fund house. From January this year, mutual fund

managers have increased weightage to the sector, which earns a big part of their revenues in US dollars. So, each dollar earned abroad will get IT companies

more rupees. According to the SEBI data, fund houses allocated Rs 70,773 crore in April, accounting for 7.37 percent of their total equity assets under

management of Rs 9.6 lakh crore. Going by the investments in April 2018, the mutual fund industry has the highest exposure to software sector since August

2009 when they had invested 6.71 percent of AUM in software companies.

HDFC Mutual Fund seeks SEBI approval for ultra short term fund

HDFC Mutual Fund has sought the Securities and Exchange Board of India's approval for its HDFC Ultra Short Term Fund, according to the draft offer document

available on the regulator's website. The open-ended debt scheme will invest in instruments with a Macaulay duration of between three to six months. The

scheme will deploy its entire corpus in debt instruments, including securitised debt and money market instruments. It also has the provision to invest up to 10

percent of its assets in units issued by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs).

HDFC Mutual Fund revises base total expense ratio of HDFC Multi Asset Fund

Pursuant to regulation 52(6A) (b) and 52(6A) (c) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, HDFC Mutual Fund has

proposed to change the base total expense ratio (TER) of HDFC Multi Asset Fund. Accordingly, the base TER for the regular option of the fund will become 2.41%

(from 1.77%) and for the direct option, it will become 1.86% (from 1.22%), with effect from Jun 1, 2018.

IDBI MF seeks SEBI's approval for open-ended equity scheme

IDBI Mutual Fund has sought the Securities and Exchange Board of India's approval to launch an open-ended equity scheme, IDBI Long Term Value Fund,

according to the draft offer document on the SEBI’s website. The scheme that will be following value investment strategy will allocate at least 65 percent of its

assets in equity and equity related instruments and up to 35 percent in debt and money market instruments, including collateralised borrowing and lending

obligation. The scheme can also invest up to 10 percent in real estate investment trusts and infrastructure investment trusts.

ICICI Prudential MF to revise features of systematic transfer plans from May 31

ICICI Prudential Mutual Fund will alter the features of its systematic transfer plans -- flex systematic transfer and value systematic transfer -- with effect from

May 31, the fund house said in an addendum. Subsequently, under these facilities, systematic transfer plan will be terminated after five consecutive

unsuccessful transactions or upon the death of the unit-holder. Currently, the facility automatically ceases if units are liquidated or withdrawn from the source

scheme or upon the death of unit-holder.

IDBI Mutual Fund revises the exit load of IDBI Credit Risk Fund

IDBI Mutual Fund has revised the exit load of IDBI Credit Risk Fund effective from May 31. Accordingly, an exit load of 0.75% will be charged if units are

redeemed/switched out on or before 12 months from the date of allotment. Exit Load shall be nil if units are redeemed/switched out after 12 months from the

date of allotment.

17

NEW FUND OFFER

Scheme Name SBI Long Term Advantage Fund - Series VI - Regular Plan (G)

Fund Type Close-Ended

Fund Class Growth

Opens on 11-Apr-2018

Closes on 10-Jul-2018

Investment Objective To generate capital appreciation over a period of ten years by investing predominantly in equity and equity related instruments of companies along with income tax benefit.

Min. Investment Rs.500/-

Fund Manager Anup Upadhyay

MUTUAL FUND Performance Charts

Scheme Name Sundaram Long Term Tax Advantage Fund - Series - IV - Regular Plan (G)

Fund Type Close-Ended

Fund Class Growth

Opens on 27-Mar-2018

Closes on 27-Jun-2018

Investment Objective To generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related instruments of companies along with income tax benefit.

Min. Investment Rs.5000/-

Fund Manager S Krishnakumar / Dwijendra Srivastava

Note: Indicative corpus are including Growth & Dividend option . The above mentioned data is on the basis of 31/05/2018Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 7%

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

Axis Long Term Equity Fund - G 43.91 29-Dec-2009 16115.50 6.92 9.18 21.56 12.64 19.20 1.44 0.84 0.08 65.53 25.14 4.75 4.58

Aditya Birla Sun Life Tax Relief 96 - G 31.53 06-Mar-2008 5003.50 1.64 2.27 18.31 13.59 11.87 1.43 0.79 0.11 39.59 42.73 14.43 3.24

Aditya Birla Sun Life Tax Plan - G 39.45 03-Oct-2006 685.59 1.62 2.18 18.01 13.14 12.48 1.42 0.78 0.10 41.89 42.78 14.54 0.79

IDFC Tax Advantage (ELSS) Fund - Reg-G 58.18 26-Dec-2008 1054.14 -0.32 1.51 17.61 13.32 20.52 1.60 0.91 0.17 43.74 22.34 27.53 6.38

IDBI Equity Advantage Fund - Reg - G 27.64 10-Sep-2013 665.02 3.79 5.10 16.53 10.51 24.02 1.57 0.78 0.07 45.46 47.27 6.34 0.93

Invesco India Tax Plan - G 50.06 29-Dec-2006 505.21 3.30 4.36 16.31 12.01 15.14 1.40 0.92 0.07 76.18 14.28 8.11 1.43

Motilal Oswal Long Term Equity F-R-G 18.20 21-Jan-2015 848.80 1.61 4.97 14.94 18.28 19.51 1.49 0.78 0.22 69.57 20.18 8.32 1.94

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


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


HDFC Small Cap Fund - G 46.10 03-Apr-2008 2576.70 0.64 4.77 28.06 21.76 16.23 1.75 0.81 0.29 2.889 12.9377 67.4611 16.7121

SBI Focused Equity Fund - G 137.06 17-Sep-2004 2396.73 3.31 3.82 25.54 15.44 21.04 1.59 0.75 0.13 38.3713 18.9158 33.375 9.3379

Axis Midcap Fund - G 35.31 18-Feb-2011 1305.10 5.43 6.29 24.42 11.17 18.91 1.66 0.73 0.13 23.0291 60.4689 5.8256 10.6765

Axis Focused 25 Fund - G 27.77 29-Jun-2012 2959.08 8.31 9.20 23.04 15.57 18.82 1.58 0.89 0.17 60.4857 27.9369 0.9979 10.5795

Axis Bluechip Fund - G 26.88 05-Jan-2010 1891.48 7.65 9.76 20.75 11.75 12.48 1.33 0.82 0.07 82.1837 4.7449 -- 13.0714

Reliance Small Cap Fund - G 43.89 16-Sep-2010 6571.75 -4.62 -2.57 20.23 22.23 21.15 2.08 0.88 0.29 6.4683 10.6801 74.8169 8.0347

Invesco India Contra Fund - G 47.16 11-Apr-2007 1074.03 1.44 3.79 19.21 15.10 14.93 1.62 0.98 0.14 66.8686 13.721 14.6537 4.7567

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

Annualised

Returns (%) RiskAverage Yield till

Scheme Name NAV Launch QAAUM Since Std. Sharpe

1W 2W 1M 6M 1Y 3YMaturity (Years) Maturity

(`) Date (`Cr.) Launch Dev.

BOI AXA Credit Risk Fund - Reg - G 13.45 27-Feb-2015 1472.00 12.40 10.06 7.43 6.52 7.96 9.70 9.53 7.78 0.26 2.37 11.26

Franklin India Income Oppt Fund - G 20.69 11-Dec-2009 3336.04 13.09 12.60 3.26 5.13 7.02 8.19 8.96 7.32 0.20 2.56 10.47

Invesco India Ultra Short Term Fund - G 1789.84 30-Dec-2010 1207.76 9.42 7.78 5.83 6.10 6.59 7.91 8.16 3.47 0.07 0.46 8.25

Franklin India Dynamic Accrual Fund - G 61.38 05-Mar-1997 3085.18 14.23 12.56 3.06 4.45 6.58 8.78 8.91 8.63 0.16 2.82 10.64

Kotak Corporate Bond Fund - Std - G 2300.65 21-Sep-2007 1245.99 11.50 7.44 5.12 5.65 6.42 7.84 8.10 6.28 0.06 0.49 7.44

Sundaram Short Term Credit Risk F-R-G 25.53 30-Jul-2002 533.35 12.33 9.62 5.09 5.61 6.25 6.98 6.09 4.01 -0.17 1.22 8.80

Axis Banking & PSU Debt Fund - G 1606.76 08-Jun-2012 763.80 11.83 12.42 0.50 4.87 6.19 7.46 8.25 5.29 -0.04 0.86 7.85

INCOME FUND

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

1W 2W 1M 6M 1Y 3YMaturity (Years) Maturity

(`) Date (`Cr.) Launch Dev.

Franklin India STIP - G 3678.46 31-Jan-2002 9525.83 13.55 12.29 3.35 5.06 7.00 8.10 8.30 7.76 0.19 2.26 10.72

L&T Low Duration Fund - Reg - G 18.76 04-Dec-2010 1220.33 11.37 8.07 3.80 4.58 6.33 8.49 8.76 6.82 0.13 1.23 8.82

HDFC Short Term Debt Fund - G 19.23 25-Jun-2010 9897.52 12.88 8.76 2.76 4.25 5.69 7.57 8.59 6.49 -0.02 1.42 8.04

Kotak Credit Risk Fund - Reg - G 19.13 11-May-2010 5099.79 11.28 10.13 2.72 3.99 5.33 8.12 8.38 10.17 0.03 2.02 9.30

Aditya Birla Sun Life Medium T P - R-G 21.99 25-Mar-2009 11559.00 12.46 10.39 2.60 3.83 5.64 8.36 8.95 12.78 0.04 2.23 9.91

Aditya Birla Sun Life Short Term Fund - DAP 20.46 06-Mar-2009 18691.80 16.52 10.84 3.37 3.73 5.48 7.93 8.06 9.97 0.01 1.90 8.17

L&T Short Term Bond Fund - Reg - G 16.62 27-Dec-2011 3227.23 12.42 8.99 2.94 3.54 5.07 7.00 8.22 8.66 -0.08 1.52 8.07

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

Annualised


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


Principal Balanced Fund - G 76.02 14-Jan-2000 1026.52 1.09 1.24 15.80 14.31 11.66 1.26 0.15 45.34 10.22 10.25 34.19

SBI Equity Hybrid Fund - G 127.29 09-Oct-1995 20975.10 1.77 1.15 13.76 10.29 16.05 1.07 0.04 43.83 13.76 6.10 36.31

HDFC Childrens Gift Fund 116.13 02-Mar-2001 2116.58 0.97 1.01 11.35 11.62 17.03 1.10 0.08 39.54 14.76 16.30 29.40

Sundaram Equity Hybrid Fund - Reg - G 85.94 23-Jun-2000 864.97 3.14 4.46 10.66 9.86 12.64 0.95 0.05 57.28 14.24 1.78 26.70

Reliance Equity Hybrid Fund - G 54.57 08-Jun-2005 12142.00 -0.51 0.19 9.93 11.35 13.96 1.15 0.04 57.66 9.24 3.28 29.82

Canara Robeco Equity Debt Allocation Fund - G 149.01 01-Feb-1993 1529.53 1.43 2.42 9.24 9.90 11.41 1.01 0.06 54.63 6.49 6.91 31.97

Mirae Asset Hybrid - Equity Fund - R-G 13.59 29-Jul-2015 1089.76 0.28 0.57 8.83 N.A 11.40 1.13 0.03 63.35 9.25 1.63 25.77

BALANCED

18

Mr. D K Aggarwal (CMD, SMC Investments & Chairman, SMC Comtrade Limited) and Mr. Anurag Bansal (Director,SMC Group) receiving the award “Corporate Brokerage House of the Year” during MCX Awards 2018 held on

4th May 2018 at Hotel The Leela, Mumbai.

Mr. S C Aggarwal (CMD, SMC Group) speaking at “8th International Conference on Electricals and ElectronicsManufacturing” organized by Assocham held on 30th May 2018 at Hotel Shangri La., New Delhi.

Mr. D K Aggarwal (CMD, SMC Investments & VP, PHD Chamber of Commerce) speaking at “India's Free TradeAgreements: Dynamics and Diagnostics of Trade Prospects” organized by PHD Chamber Of Commerce held

on 30th May, 2018 at PHD Chamber, New Delhi.

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2018: Issue 634, Week: 4th - 7th June WISEM NEY · Consumer inflation for the month ......

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