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Saturday, May 28, 2011

1Wealth Research, Unicon Financial Intermediaries Pvt. Ltd.Email: [email protected]

Headlines

(Global Economy) U.S. economy grew at a 1.8% in the first quarter of 2011

(Indian Economy) Food price index rose 8.55% for the week ended May 14.

(Economic Calendar)

(Global and Domestic Stock Markets)

(Derivative Analysis) Nifty May Futures closed at 5466.35

(Technical Analysis) Nifty Support levels are at 5375-5325

(Weekly Recommendations) HDFC AND M&M

(Sector & Company Highlights)

(MF Industry update)

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Global Economy

The U.S. economy grew at a 1.8% annual rate in the first quarter

compared with a 3.1% gain in the prior quarter, reflecting a smaller

gain in consumer spending. Consumer purchases fell short of

forecasts, reflecting a smaller rise in spending on autos and utilities,

and the revisions cut the fourth-quarter gain in wages by USD 24.6

bn, almost half, indicating a bleaker outlook for the biggest part of

he economy. Also more Americans unexpectedly filed applications

for unemployment benefits last week, a sign the labor market is

struggling to gain momentum, another report showed. Jobless

claims increased by 10,000 to 424,000 in the week ended May 21.

Europes debt crisis deepened as Greece struggled to complete a

fifth austerity plan to keep pace with its mounting deficit, Italy

faced a possible credit-rating cut and Spains ruling party was

routed in local voting. The cost to insure Greek debt against default

rose to a record and the yield on its 10-year bonds increased to a

euro- era high as Prime to endorse a new package of spending

cuts and state-asset sales needed to assure the flow of bailout

Global Economic Indicators (As on May 26, 2011)

Commodities and Currencies

Gold futures rose to a three-week high and silver climbed as the

dollars slump spurred demand for commodities. The dollar fell as

much as 1% ainst a basket of six major currencies. Gold futures for

August delivery settled at USD 1,537.30 on the Comex. The metal

Source: Economist

funds. More than a year after European policy makers approved a

Euro 750 bn (USD 1.1 tn) bailout blueprint to stem the sovereign

crisis, bond yields in debt-laden peripheral countries are at record

highs and officials are floating plans to extend Greek repayments.

Britain posted a budget shortfall in April as tax revenue fell and

spending climbed, casting doubt on whether the government can

meet its deficit-reduction target this year. Net borrowing was 10 bn

pounds (USD 16.2 bn), compared with 7.2 bn pounds a year earlier.

Revenue fell 0.8% and spending rose 5%. The budget shortfall, which

reached a record 156.5 bn pounds 11.1% of GDP in the aftermath of

the recession.

U.K. exports rose 3.7% in the quarter and net trade added a record

1.7 percentage points to GDP growth. Consumer spending dropped

0.6% and company investment plunged 4.4%, GDP rose 0.5% on the

quarter and 1.8% from a year earlier.

has gained 1.9% this week. Silver futures for July delivery closed atUSD 37.863 an ounce, the metal gained 7.9% this week. Crude for

July delivery settled at USD 100.59 a barrel on the NYMEX; prices

have increased 35% in the past year.

Economic Indicators (%) US EU Japan UK China Brazil Russia

GDP +2.3 +2.5 -1.0 +1.8 +9.7 +5.0 +4.1

Industrial Production +5.0 +5.3 -12.9 +0.7 +13.4 -2.1 +5.3

Consumer Price Index +3.2 +2.8 0.0 +4.5 +5.3 +6.5 +9.6

Unemployment Rate 9.0 9.9 4.6 7.7 6.1 6.5 7.9

Current Account Balance % of GDP -3.6 -0.3 +2.7 -2.0 +3.3 -2.8 +5.6

Trade Balance -677.7 -25.4 +75.4 -151.6 +179.0 +23.1 +154.4

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Indian Economy

India received foreign direct investment (FDI) worth USD 3.39 bn

during January-March, 2011, a decline of 32% vis-a-vis the same

period last year. In January-March, 2010, the country received FDI

worth USD 4.96 bn. The government should further streamline FDI

policies and make the environment more investment-friendly to

attract foreign investment. The sectors that attracted FDI include

services (financial and non-financial), telecommunications, housing

and real estate, construction activities and power. FDI inflows into

ndia totalled USD 19.42 bn in 2010-11, down from USD 25.83 bn in

2009-10. Food price index rose 8.55% for the week ended May 14,

picking up pace from an annual rise of 7.47% a week ago. The fuel

price index climbed 12.11%, unchanged from a week earlier. The

primary articles price index was up 11.60%, compared with an annual

rise of 10.94% a week earlier. The weekly food inflation has slowed

Indian Debt Markets

RBI bought INR 680 mn of bonds and sold INR 630 million of bonds

n the week ended May 20. The bank set a cut-off price of INR 96.35

at the auction of the 7.83%, 2018 bonds, yielding 8.5406%.

Source: CCIL

Source: CCIL

Indian Currency Movement

The Indian rupee remained strong supported by gains in the euro

and firmer shares, but import payments mostly for oil kept a lid on

from the double-digit rise for much of 2010, but headline inflation

at 8.66% in April remains considerably above the RBIs comfort

level and will pressure rates higher.

The Organisation for Economic Cooperation and Development

(OECD) has projected the Indian economy to expand 8.5% in 2011-

12, much lower than the growth of 9.6% witnessed in 2010-11

financial year. Accordint to Indian Finance Minister the Indian

economy is expected to grow 8% in 2011-12, which is lower than

budgetary estimate of 9% growth.Reserve Bank of India (RBI) has

pegged GDP growth at 8%, citing high oil prices among other things

as the reason for this moderation. OECD said in 2012-13, the

economy is projected to expand 8.6%.

The yield on the 10-year benchmark bond was at 8.41%. The

benchmark five-year swap rate was steady at 8.14%.

the rise. The partially convertible rupee was at 45.1775/1825 per

dollar.

Annualized Rate

(current)

Annualized Rate

(last month)

Headline Inflation

(WPI)8.66

Primary Products 12.05 12.96

Fuel Power and

Lubricants13.32 12.92

Manufactured

Goods6.18 6.21

Headline Inflation by WPI (%) (Apr11)

8.98

Internals

Current 1 WeekChange

Weekly1 Year

Change

annual

USD 45.21 44.93 0.62 46.75 -3.29

GBP 74.31 72.92 1.90 67 10.91

Euro 64.4 64.34 0.09 57.69 11.63

Yen 55.79 54.99 1.45 51.36 8.62

1 Year Gilt 8.22

Debt Market Yields (%)

INR Exchange Rate (As on May 27, 2011)

10 year Gilt 8.43

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Economic Calendar

Date Event Period Prior

31-May Qtrly GDP YoY% 1Q 8.20%

1-Jun India May Markit Manufacturing - -

1-Jun Exports YoY% APR 43.90%

1-Jun Imports YoY% APR 17.30%

2-Jun Food Articles WPI YoY 21-May 8.55%

2-Jun Fuel Power Light WPI YoY 21-May 12.11%

2-Jun Primary Articles WPI YoY 21-May 11.60%

3-Jun India May Markit Services PMI - -

India US

Date Event Period Prior

31-May S&P/CaseShiller Home Price Ind MAR 139.27

31-May Chicago Purchasing Manager MAY 67.60

31-May Consumer Confidence MAY 65.40

1-Jun ADP Employment Change MAY 179K

1-Jun Construction Spending MoM APR 0.01

1-Jun ISM Manufacturing MAY 60.40

2-Jun Total Vehicle Sales MAY 13.14M2-Jun Initial Jobless Claims 1-May 424K

Gold/Silver(Spot)

800

900

1000

1100

1200

1300

1400

1500

1600

1700

May-10 Jul-10 Aug-10 S ep-10 Nov-10 Dec-10 Feb-11 Mar-11 Apr-11

Gold($/OZ)

10

15

20

25

30

35

40

45

50

55

Silver($/OZ)

Silver Gold

CrudeOil

60

70

80

90

100

110

120

May-10 J ul-10 Aug-10 Oct-10 Nov-10 Dec-10 Feb-11 Mar-11 Apr-11

Price(USD)

300

310

320

330

340

350

360

370

380

390

400

(MillionBarrels)

Inventory

Inventory CrudeOil

Currencies

1.1

1.15

1.2

1.25

1.3

1.35

1.4

1.45

1.5

1.55

May-10 Jul-10 Aug-10 S ep-10 Nov-10 Dec-10 Feb-11 Mar-11 Apr-11

USD/EUR

1.4

1.45

1.5

1.55

1.6

1.65

1.7

1.75

1.8

USD/GBP

USD/EUR USD/GBP

Currencies

0.0095

0.01

0.0105

0.011

0.0115

0.012

0.0125

0.013

May -1 0 J ul -1 0 A ug -10 S ep-1 0 N ov -1 0 De c- 10 Fe b- 11 Mar -1 1 A pr -11

USD

/JPY

0.7

0.75

0.8

0.85

0.9

0.95

1

1.05

1.1

1.15

USD

/AUD

U SD / JPY U SD / A UD

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Global and Domestic Stock Markets

Global

Global markets continued to trade rangebound as no clear direction is seen

with positive and negative news simultaneously flowing in. Dow Jones, Nasdaq,

S&P 500 ended marginally negative on the weekly basis. European markets

also ended negative. Similar trend was seen in the Asian markets with Hangseng

and Nikkei ending in negative zone. In the commodities market, NYMEX Crude

traded above the $100 levels and Gold traded higher near $1533 levels in the

week. On the economic front, consumer spending rose 0.4%, reflecting a surge

in food and gasoline prices. Excluding price changes, spending rose only 0.1%.

Incomes were higher by 0.4%. US Data to watch next week : Consumer

Confidence, Construction Spending, Total Vehicle Sales, Domestic Vehicle Sales,Initial Jobless Claims, Factory Orders, Unemployment Rate.

Domestic Performance of Sectoral Indices

The Indian bourses remained volatile during the week, but closed nearly flat

on weekly basis. Nifty and Sensex lost 0.2% and 0.3% respectively. The new

June series saw some gains on short covering in major counters. BSE Midcap

and Smallcap lost 0.4% and 0.9% respectively. Among the BSE sectoral indices,

Metals (+0.3%), Bankex (0.5%) gained marginally, while IT (-1.9%), Auto (-1.4%)

ended negative. On the BSE100 index, Educomp, HDIL gained while Tata Global,PowerFinance lost on weekly basis. Tata Motors declined on disappointing

standalone results and concerns over domestic growth in the current fiscal.

Rpower and Rel Infra also posted better than expected results. DIIs were net

buyers, while FIIs remained net sellers in the cash market. Data to watch next

week: Quarterly GDP YoY%, Exports, YoY%, Imports YoY%, Food Articles WPI

YoY, Fuel Power Light WPI YoY, Primary Articles WPI YoY.

Outlook

May expiry ended above the crucial 5400 level which acted as good support for

the domestic market throughout the series. Stocks saw gains on the first day of

June series mostly on short covering in major counters. Short term trend is still

bearish as domestic indices are trading below 200DMA. Pullback rally till 5550-

5600 is likely in the short term, but supply pressure is also likely to appear at

higher levels. For the June series, 5200-5800 is likely to be the trading zone as

appears from call and put writing at these strike levels. A timely monsoon

would provide some relief to some sectors. Results to watch in the coming

week: RelMedia, LITL, Unitech, Reliance Capital.

Close% Change

(week)

Dow Jones 12,441.60 -0.6%

NASDAQ 2,796.90 -0.2%

S&P 500 1,331.10 -0.2%

FTSE 5,938.90 -0.2%

DAX 7,163.50 -1.4%

Hang Seng 23,118.10 -0.4%

Nikkei-225 9,521.90 -0.9%

Indices Close% Change

(week)

BSE SENSEX 18,266.10 -0.3%

NSE NIFTY 5,476.10 -0.2%

BSE MIDCAP 6,730.40 -0.4%

BSE SMALL CAP 8,109.90 -0.9%

BSE AUTO 8,981.10 -1.4%

BSE METALS 15,172.40 0.3%

BSE BANKEX 12,220.40 0.5%

BSE IT 5,950.90 -1.9%

Educomp 471.2 13.2%

HDIL 161.15 6.7%

Tata Global 88.3 -9.0%

Power Finance 199.45 -6.9%

BSE 137.8

NSE CASH 552.6

NSE F&O 6490.3

Institutions Net Inflow

FII -3.1

DIIs 14.3

Institutional Activity in INR Bn (Weekly)

Key Indices Global

Sectoral Indices

Key Indices (Indian)

Weekly Gainers (BSE 100)

Weekly Losers (BSE 100)

Weekly Turnover (in INR Bn)

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Derivative Analysis

Top 5 Price Losers

Top 10 Volume Gainers

Top 5 Price Gainers

Market Snapshot

Nifty June Futures closed at 5466.35 (Discount of 9.75 over the Nifty spot)

Open interest Nifty FUTIDX (Expiry 30 June): 21.49 mn.

Open interest BankNifty FUTIDX (Expiry 30 June): 1.51 mn.

India VIX for the week ended at 17.25, down 2.20 from previous weeks

close (19.45). In the week VIX touched low of 17.14 and high of 24.31.

Weekly Open Interest Analysis (Nifty Option)

Across all expiries, open interest is highest at the 5600, 5700, 5800 call options,

while open interest in the put options is highest at 5300, 5400, 5200 strike

prices, suggesting 5200-5800 to be the trading zone for Nifty index in short

term.

Sector Wise OI Change:

Decrease in OI was seen due to expiry week.

Cash Future Cash Future

EDUCOMP 13.27% 13.16% 11.35% 172.73% -26.98%

DISHTV 12.29% 12.32% 163.53% 104.51% 6.71%

MPHASIS 12.05% 10.57% 548.37% 2138.83% 23.05%

SKUMARSYNF 9.59% 10.37% -52.07% -9.73% -6.66%

HDIL 6.72% 7.03% 46.20% 210.50% -5.49%

SCRIPS % Change - Price %Change - Volume % Change

in OI

Cash Future Cash Future

AUROPHARMA -14.32% -13.71% 74.09% 59.46% 14.57%

TATAGLOBAL -9.35% -8.64% 89.89% -51.48% 0.30%

KSOILS -9.25% -8.53% 107.60% 77.93% 11.37%

TATAMTRDVR -8.22% -7.89% 270.47% 197.96% 0.58%

TATAMOTORS -6.83% -6.70% 568.41% 190.21% -9.33%

SCRIPS % Change - Price %Change - Volume % Change

in OI

% Change Volumes

Price Open Interest (Delivery Based)

PFC -6.80% -59.24% 3297.49%

MPHASIS 12.05% 23.05% 2138.83%

HAVELLS 3.66% -10.67% 411.39%

OFSS 2.07% -7.94% 378.90%

BEML 1.13% -16.06% 337.65%

RELMEDIA 3.31% -22.92% 271.66%

NHPC 1.43% -6.21% 255.94%

GMDCLTD -0.71% -9.26% 235.84%

HDIL 6.72% -5.49% 210.50%

BOSCHLTD -0.59% -28.57% 200.00%

SCRIPS % Change in F&O

OIAnalysis

1,000,000)

1,000,000

3,000,000

5,000,000

7,000,000

9,000,000

11,000,000

5000

5100

5200

5300

5400

5500

5600

5700

5800

5900

6000

Strike

OI

CallOption

PutOption

-700%

-650%

-600%

-550%

-500%

-450%

-400%

-350%

-300%

-250%

-200%

-150%

-100%

-50%

0%

50%

100%

Power

Bank

Realty

Oil&Gas

Metal&Mining

Auto

Pharma

IT

CapitalGoods

Cement

Sectors

%ChangeinOI

NiftyPCRatio

0.7

0.75

0.8

0.85

0.9

0.95

1

1.05

1.1

23-May

24-May

25-May

26-May

27-May

Date

PCR

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Technical Analysis

Source: Iris)

Conclusion

Last week Nifty shut on a neutral note @ 5476.10, no change from the previous week's close. Technically Nifty on weekly chart has formed

bullish hammer candle stick pattern, which shows sideways to positive sentiment in coming sessions. Nifty spot on weekly has openedat 5456 and made a low of 5329 and made a high of 5486 then finally closed flat at 5476. Stochastics and the RSI are slightly oversold

signaling that buying pressure at support levels are possible short-term. The close below the 65 day moving average (5590) indicates the

short term trend could be turning sideways. Stochastics trending lower at midrange will tend to reinforce a move higher especially if

support levels are taken out. The market setup is somewhat sideways trend with trading range between 5300-5600. The next area of

resistance is around 5564-5635. So Nifty appears to be sideways trading on weekly chart having supports at 5400-5330 levels. For short

erm trading long positions, stop loss of 5324 is advisable.

Weekly Nifty has resistance at 5564-5635 and supports at 5400-5330.

Weekly Bank Nifty has resistance at 10950-11100 and supports at 10550-10400.

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HDFC LTD

LTP 656.00

View: Positive

Oscillators Analysis: Stochastics and RSI are positive crossover and are in oversold territory on daily chart reading, which indicate

positive sentiment in stock momentum with good volume support.

Pattern Analysis: A clear price breakout above 650, which is strong resistance zone on daily chart, which indicates stock may upside till

resistance level, is a confirmation of a trend in that direction.

Technical Analysis:

HDFC Ltd has bullish hammer candle stick on weekly chart with decent volume support. Stock has 65 week moving average support at

635 levels. Daily RSI has shown positive crossover into oversold territory which will tend to supports reversal action if it occurs. The

market tilt is positive with the close above multiple supports at 625 on daily chart basis. The next area of resistance is around 710, while

1st support hits at 640 and below there at 630. It is also heading towards resistance zone at 710.00.

We recommended the stock at market and in the range of 635-640 with stop loss at 620 (closing basis) for a target of Rs. 710.

Weekly Recommendations

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Mahindra & Mahindra Ltd.

LTP 705.00

View: Positive

Oscillators Analysis: Stochastics and RSI are positive crossover and are in oversold territory on weekly chart reading, which indicate

positive sentiment in stock momentum.Pattern Analysis: A clear bullish engulfing pattern and channel pattern and supports are at 680-665 levels, channel resistance at 770, which

ndicates stock upside, is a confirmation of a trend in that direction with volume support.

Technical Analysis:

On weekly chart M&M has been trading above medium term moving average (65 WMA) at 660 levels, which indicates positive sentiment

n short term trading and strong buying pressure above support zone around Rs.680, we expect the momentum to continue till 770 on the

upside (resistance zone). And any genuine correction should see in stock price around supports at 680, which should be used as a buying

opportunity for the potential target 780.00.

We recommended the stock at market and declines till 680, with stop loss below at 645.00(on closing basis) for a target of Rs. 780.00.

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-7- Sector & Company Highlights

Metal & Mining

Coal India, the worlds largest coal miner, is in advanced talks to buy up to 40% stake in Indonesias Golden Energy Mines in a dealvalued at between USD 750 mn and USD 1 bn,Golden Energy is a coal mining subsidiary of energy and infrastructure firm Dian

Swastatika Sentosa, and is estimated to have 400 mn tonnes of reserves. State-run Coal India is half way through the due diligence

for the asset and a final bid will be submitted by the end of June.

Coal India (CIL) reported 12.93% rise in its consolidated net profit at INR 108.67 bn for the financial year ended 2010-11. The public

sector firm had achieved a net profit of INR 96.2 bn in 2009-10. Net sales of the company also increased to INR 502.3 bn for the year

ended March 31, 2011 compared to INR 446.1 bn in 2009-10. The maharatna firm produced 431.32 mn tonne coal in 2010-11 which was

almost same as the output registered by it in the previous fiscal. In a notification on January 13, 2010 the MoEF had imposed a

temporary moratorium till August 31, 2010 on development projects in 43 clusters labelled critically polluted. The moratorium has

adversely impacted the coal production of the company during the financial year 2010-11, it said. CILs coal offtake in 2010-11 went

up marginally by 2% to 424.5 mn tonne in 2010-11 over 415.8 mn tonne in the previous financial year.

State-run manganese ore producer MOIL is looking to buy manganese ore assets in South Africa, Turkey, Congo and West Asian

countries and again the company will be investing about INR 12 bn to increase its total production capacity to 2 MT by 2020.

Iron ore miner NMDC is exploring the possibility of forming a joint venture with a Colombian firm to get access of coking coal for

fuelling its steel plants. The company is in the process of developing a 3 mn tonnes per annum (MTPA) steel plant in Chhattisgarh.

The plant is scheduled to commission in early 2014. Iron ore required for the plant is understandably would be supplied from its own

existing mines, but the need to have coking coal to run the facility has made the firm scouting for the deposits of the same. NMDC

has already inked a joint venture pact with Russias Severstal for a steel plant in Karnataka and is also in talks with Tata Steel to form

an equal joint venture for setting up a 2 MTPA steel plant in Chhattisgarh.

Tata Steel reported a net profit of INR 89. 83 bn for the year ended March 31, 2011.The company had posted a net loss of INR 20.1 bn

for the year ended March 31, 2010. Total income of the company increased 15.60% to INR 1197.4 bn for the year ended March 31, 2011

over INR 1035.8 bn for the same period previous fiscal. The company had recorded INR 24.3 bn net profit in the corresponding

quarter last fiscal. Turnover of the company rose to INR 338.2 bn during the quarter against INR 275 bn in the January-March quarter

of the previous fiscal.

Auto

Tata Motors reported an over three-fold rise in its consolidated net profit for FY11 to INR 92.7 bn. The consolidated total income from

operations during last fiscal also jumped by 33.09% to INR 1231.3 bn from INR 925.2 bn,During FY11, Tata Motors sold a total of

10,80,994 vehicles across the world, up 24.2% over the previous financial year. The companys British subsidiary Jaguar Land Rover

reported net revenue of 9.9bn pound and profit after tax of 1.04 bn pound.

Ashok Leyland , Indias second largest commercial vehicle maker, said on Wednesday it had won an order worth USD 23.3 mn from

Bangladesh Road Transport Corp. The order was for 290 fully built double decker buses.

Pharma, Healthcare & Agri Chem

Medical equipment maker Opto Circuits (India) expects sales to rise 32-38 percent to 21-22 billion rupees in FY12 as it plans to

leverage the potential of newly-acquired Cardiac Science Corp, and launch at least two new products. Positive news for the

company.

Hospital chain Fortis Healthcare plans to spend about 4 billion rupees to raise its bed capacity by 1,000 beds in a year. Strong growth

plans would boost topline growth.

Tata Chemicals Ltd the companys US subsidiary Valley Holdings Inc has acquired 32.9 per cent stake in EPM Mining Ventures.

Positive news for the company.

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Oil & Gas

After petrol, price of diesel, LPG and kerosene are likely to be hiked next month when a ministerial panel headed by finance minister

Pranab Mukherjee will meet to decide on passing rise in crude rates to consumers. The Empowered Group of Ministers (EGoM) has

been scheduled to meet on June 9. Proposal, if implemented would be positive for public sector oil companies as they are losing

close to INR 5bn per day on selling diesel, domestic LPG and kerosene at government controlled rates or INR 9.69/ litre on kerosene

and INR 329.73/ 14.2-kg domestic LPG cylinder.

Solicitor General Gopal Subramanium has reaffairmed that the government can impose preconditions like equitable sharing of

royalty in the all-important Rajasthan block for clearing Vedanta Resources takeover of Cairn India- contrary to the media reports,

setback to the Cairn-Vedanta deal.

Power

Suzlon Energy has signed a contract with African Clean Energy Developments for the supplying of up to 200 wind turbines. Installation

is expected to commence in late 2011 or early 2012. Positive, as it improves the revenue visibility of the company.

Infrastructure, Capital Goods & Engineering

Pratibha Inds in a JV with China RailFirst Group as got order worth INR 4670Mn from Delhi Metro Rail Corporation (DMRC). Positive,

as it improves the revenue visibility of the company.

Pipavav Shipyard has secured orders worth INR 25bn from the Indian Navy to manufacture gun boats. Positive, as it improves the

revenue visibility of the company.

Crompton Greaves Ltd has concluded an arrangement for the acquisition (subject to regulatory approvals in US) of US based

company QEI, Inc. for an enterprise value equivalent to $ 30.0 Mn. QEI is a market-leading provider of SCADA and automation

systems, and products for the management of electric transmission and distribution networks. Positive, as with this acquisition, the

company has further fortified its position in the SCADA and Substation Automation domain. Some areas of complementarities

include Data Acquisition; Renewable SCADA; Transit; Substation Automation.

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Mutual Fund Insights

Scheme Update

Mutual Funds (MFs) made investments worth Rs 415 crore and sold off Rs 480.20

crore worth of equities on May 24, 2011, according to data released by the

Securities and Exchange Board of India (SEBI). Thus, MFs stood as net sellers of

Rs 65.20 crore in equities on that day. In the month of May, MFs have made total

investments of Rs 8796.3 crore and sold off Rs 9084.7 crore worth of equities, so

far.

SBI Funds Management & UCO Bank have entered into an agreement on May

20, 2011 for distribution of SBI Mutual Fund products through UCO Bank's network

of 2202 branches. The event was held at Kolkata in the gracious presence of the

CMD of UCO Bank, Arun Kaul & MD of SBI Funds Management Deepak

Chatterjee.

IDFC Mutual Fund has decided to revise the exit load structure under IDFC

Liquid Fund with effect from May 31, 2011. Accordingly, the exit load charge for

all investment including SIP/Micro SIP/STP shall be 0.50% of the applicable NAV

if redeemed or switched out within 31 days from the date of allotment with effect

from May 31, 2011. Source: Accord Fintech

Source: Accord Fintech

Weekly Activity

-5 0 5 10 15 20

23-May

24-May

25-May

MFTradingActivity(InBillions)

Debt Equity

-30 -20 -10 0 10 20

23-May

24-May

25-May

26-May

27-May

FIITradingActivity(InBillions)

Debt Equity

Purchase Sales Net Purchase /Sales Purchase Sales Net Purchase /Sales

Mutual Fund Activity

25-May-11 4.34 4.47 -0.13 29.20 11.08 18.12

24-May-11 4.15 4.80 -0.65 22.10 24.20 -2.09

23-May-11 5.57 6.46 -0.89 37.48 37.58 -0.10

FII Activity

27-May-11 45.06 32.84 12.23 12.77 21.89 -9.1226-May-11 26.59 30.78 -4.19 11.52 17.86 -6.34

25-May-11 25.38 25.03 0.35 6.63 28.37 -21.73

24-May-11 19.72 21.10 -1.38 14.06 4.19 9.87

23-May-11 22.40 23.15 -0.75 12.79 5.78 7.01

DateEquity (INR in Bn) Debt (INR in Bn)

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New Fund Offers

Fund Opens Closes Structure Fund Manager Investment Objective Benchmark

UTI FTIF-IX-V(367D)-

(G)25-May 30-May

Close

ended

Mr. Manish Joshi /

Mr. Amandeep

Singh Chopra

To generate returns by investing in a portfolio of

fixed income securities maturing on or before the

date of maturity of the scheme. However, the

scheme does not guarantee / indicate any return.

Crisil Short-Term

Bond Fund Index

ICICI Pru Multiple

Yield-A(G)20-May 31-May

Close

ended

Mr. Chaitanya

Pande

To generate returns by investing in a portfolio of

fixed income securities/ debt instruments. The

secondary objective of the Scheme is to generate

long term capital appreciation by investing a

portion of the Schemes assets in equity and

equity related instruments.

Crisil MIP Blended

Index

Birla SL FTP-DC(G) 20-May 30-MayClose

ended

Mr. Kaustubh

Gupta

To generate income by investing in a portfolio of

fixed income securities maturing on or before the

duration of the scheme.

Crisil Short-Term

Bond Fund Index

Birla SL CPO-Sr 6 18-May 31-MayClose

ended

Mr. Satyabrata

Mohanty, Mr.Ajay

Garg

To seek capital appreciation linked to equity

market with downside protection at the end of

tenure. Fund expects to achieve down side

protection by investing in debt securities with

tenure comparable with the tenure of the Plan,

subject to the credit risk. Fund expects to achieve

the market-linked appreciation (upside) by

investing in premium of exchange traded

options.

Crisil Balanced

Fund Index

SBI DFS 36M-1(G) 24-May 31-MayClose

ended

Mr. Rajeev

Radhakrishnan

To provide regular income, liquidity and returns

to the investors through investments in a

portfolio comprising of debt instruments such as

Government Securities, PSU & Corporate Bonds

and Money Market Instruments maturing on or

before the maturity of the scheme.

Crisil Short-Term

Bond Fund Index

Reliance FHF-XIX -5(G)

26-May 31-May Closeended

Mr. Amit Tripathi

To generate regular returns and growth of

capital by investing in a diversified portfolio of

Central and State Government securities andOther fixed income/ debt securities maturing on

or before the date of maturity of the scheme with

the objective of limiting interest rate volatility.

Crisil Short-TermBond Fund Index

HDFC FMP-XVIII-

92D-May 2011(2)-(G)27-May 31-May

Close

ended

Mr. Bharat Pareek /

Mr. Miten Lathia

To generate income through investments in Debt

/ Money Market Instruments and Government

Securities maturing on or before the maturity

date of the respective Plan(s).

Crisil Short-Term

Bond Fund Index

HDFC FMP-XVIII-

370D-May 2011(2)-(G) 27-May 31-MayClose

ended

Mr. Bharat Pareek /

Mr. Miten Lathia

To generate income through investments in Debt

/ Money Market Instruments and Government

Securities maturing on or before the maturity

date of the respective Plan(s).

Crisil Short-Term

Bond Fund Index

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Weekly Recommendations (Debt)

NAV CAGR (In %)

Scheme Name (28 May 11) 1 Week 1 Month 1 Year Since Inception

Category: Floating Rate

Birla SL FRF-LT(G) 17.06 0.17 0.71 7.25 6.92 8.87 51.10 51.10 0.14

Reliance FRF ST(G) 15.89 0.10 0.59 6.57 5.92 0.00 167.90 149.65 0.80

LICMF FRF-STP(G) 16.19 0.12 0.56 6.23 6.96 0.00 2.16 2.04 0.64

Category: Income - Long term

Birla SL Dynamic Bond-Ret(G) 16.52 0.03 0.35 5.51 7.83 9.30 547.50 547.50 0.79

ICICI Pru Income-Reg(G) 31.13 -0.09 -0.20 2.79 9.17 9.14 1324.95 949.00 2.11

DSPBR Govt. Sec(G) 33.04 -0.06 -0.79 1.42 10.79 0.00 3766.80 2120.65 1.25

Category: Income - Short term

Kotak Bond-STP(G) 18.70 0.10 0.70 3.86 7.14 9.50 182.50 167.90 0.89

Templeton India ST Income(G) 1978.96 0.11 0.56 5.91 7.60 10.41 379.60 244.55 1.30

UTI ST Income(G) 16.93 -0.04 0.33 6.69 6.87 0.00 635.10 0.00 0.59

Category:Ultra Short Term Fund

Templeton India Ultra-ST-Ret(G) 12.68 0.16 0.68 7.22 7.13 8.61 40.15 36.50 0.65

Kotak Floater-ST(G) 16.26 0.16 0.70 7.12 6.37 8.90 47.45 47.45 0.57

Tata Floater(G) 14.87 0.17 0.71 7.47 7.18 8.65 20.52 0.00 0.25

Category: Liquid

Templeton India TMA-Reg(G) 2434.08 0.17 0.66 6.70 7.03 8.23 40.15 36.50 0.85

SBI Magnum InstaCash-Cash(G) 22.05 0.16 0.67 7.10 6.80 7.98 18.25 18.25 0.35

Tata Liquid-RIP(G) 2270.56 0.16 0.68 6.72 6.64 8.88 16.44 0.00 0.65

YTMAverage

Maturity In

Modified

Duration in

Absolute Return (In %) Expense

Ratio

NAV CAGR (In %)

Scheme Name (28 May 11) 1 Week 1 Month 1 Year Since Inception

ICICI Pru Dynamic(G) 106.52 0.25 -3.69 12.87 31.77 0.64 0.02 1.84

Fidelity Equity(G) 34.74 0.14 -4.94 12.16 22.92 0.79 0.01 1.85

ICICI Pru Discovery(G) 48.78 0.37 -3.20 13.31 26.33 0.66 0.02 1.92

Franklin India Bluechip(G) 211.07 0.15 -4.50 13.08 25.15 0.78 0.01 1.83

Principal Large Cap(G) 27.77 0.04 -5.32 7.64 20.24 0.81 0.00 2.27

DSPBR Top 100 Equity-Reg(G) 98.76 0.12 -4.49 11.59 32.13 0.78 0.01 1.86

Birla SL MIP(G) 26.59 0.10 -0.33 6.54 9.74 0.14 0.01 2.09

ICICI Pru Child Care Plan-Study Plan 29.63 0.37 -0.41 9.55 11.80 0.12 0.02 1.50

Tata MIP Plus(G) 15.93 0.08 -1.23 4.56 6.69 0.29 0.00 2.00

Birla SL '95(G) 306.53 -0.07 -3.63 11.55 23.39 0.49 0.03 2.31

DSPBR Balanced(G) 65.08 -0.06 -3.83 9.54 16.88 0.58 0.02 2.10

Tata Balanced(G) 81.83 0.28 -3.39 9.82 16.63 0.62 0.03 2.34

Category: Largecap

Category: Monthly Income Plans

Weekly Recommendations (Equity & Hybrid)

Absolute Return (In %)BETA ALPHA

Expense

Ratio

Category: Balanced Funds

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.



Dividend Declaration

Scheme Name Category Record Date Gross Corporate Non-Corporate

AIG Qtrly Inv-II-Inst(D) Debt 30-May-11 2.09 2.09 2.09

AIG Qtrly Inv-II-Ret(D) Debt 30-May-11 2.08 2.08 2.08

Birla SL Qrtly Inv 4(D) Debt 30-May-11 1.60 1.60 1.60

Birla SL ST FMP 10(D) Debt 30-May-11 2.21 2.21 2.21

DSPBR FMP 12M-10-(D) Debt 30-May-11 1.50 1.23 1.31







DSPBR FMP 12M-17-(D) Debt 30-May-11 1.61 1.31 1.40DSPBR FMP 12M-18-(D) Debt 30-May-11 1.40 1.14 1.22

DSPBR FMP 12M-5-Ret(D) Debt 30-May-11 2.08 1.69 1.81








DSPBR FMP 3M-33-(D) Debt 30-May-11 1.46 1.19 1.27DWS FTF-72-Reg(D) Debt 30-May-11 4.00 4.00 4.00

DWS FTF-76-(D) Debt 30-May-11 2.00 2.00 2.00

DWS FTF-77(D) Debt 30-May-11 2.00 2.00 2.00

ICICI Pru FMP-49-3Y-B-Ret(D) Debt 31-May-11 2.84 2.84 2.84

IDFC FMP-100D-2(D) Debt 30-May-11 1.43 1.43 1.43



IDFC FMP-HS-13(D) Debt 30-May-11 1.85 1.85 1.85

IDFC FMP-QS-63(D) Debt 30-May-11 1.56 1.56 1.56

IDFC FMP-YS-32-Reg(D) Debt 30-May-11 1.24 1.24 1.24

IDFC FMP-YS-33-(D) Debt 30-May-11 1.28 1.28 1.28









IDFC India GDP Growth-Reg(D) Equity 31-May-11 15.00 15.00 15.00

L&T FMP-12-15M-March10-I(D) Debt 30-May-11 4.40 4.40 4.40

Reliance Dual Advant FTF-Plan A-Reg(D) Hybrid 30-May-11 5.81 5.81 5.81

Reliance Dual Advant FTF-Plan I-(D) Hybrid 30-May-11 1.28 1.28 1.28

Reliance FHF-XIII-5-Ret(D) Debt 30-May-11 1.18 1.18 1.18

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Scheme Name Category Record Date Gross Corporate Non-Corporate

Reliance FHF-XIV-1-Ret(D) Debt 30-May-11 1.30 1.30 1.30

Reliance FHF-XIX-1(D) Debt 30-May-11 2.22 2.22 2.22







Reliance FHF-XVIII-1(D) Debt 30-May-11 3.24 3.24 3.24




Reliance FHF-XVIII-5(D) Debt 30-May-11 1.66 1.66 1.66Reliance FHF-XVIII-6(D) Debt 30-May-11 1.75 1.75 1.75



SBI DFS 15M-5(D) Debt 31-May-11 50 50 50

SBI DFS 180D-14(D) Debt 31-May-11 50.00 50.00 50.00





SBI DFS 90D-42(D) Debt 31-May-11 50.00 50.00 50.00SBI DFS 90D-43(D) Debt 31-May-11 50.00 50.00 50.00

UTI Bond(D) Debt 30-May-11 1.25 1.25 1.25

UTI Dividend Yield(D) Equity 30-May-11 5.00 5.00 5.00

UTI Dynamic Bond Fund-Reg(D) Debt 30-May-11 1.00 1.00 1.00

UTI ST Income-Inst(D) Debt 30-May-11 1.75 1.75 1.75

UTI Treasury Advantage-Reg(QD) Debt 30-May-11 1.00 1.00 1.00

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