Embed Size (px)
Citation preview
PRIVATE CLIENT GROUP [PCG]
July 20, 2018
HSL PCG “THE DAILY”
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
2
VIEW POINTDOMESTIC INDICES
Close Points % Change
SENSEX 36351 -22 -0.06
NIFTY 10980 -28 -0.25
MIDCAP 15086 -95 -0.63
SMALL CAP 15657 -157 -1.00
SECTORAL INDICES
Close Points % Change
CD 19839 194 0.99
OIL & GAS 14486 24 0.17
AUTO 24109 -29 -0.12
REALTY 1960 -3 -0.17
Finance 5996 -23 -0.38
BANKEX 29606 -115 -0.39
METAL 11795 -62 -0.52
POWER 1885 -11 -0.58
TECK 7256 -45 -0.62
IT 14355 -115 -0.79
Healthcare 13518 -171 -1.25
CG 17332 -317 -1.80
ADVANCE/DECLINES
BSE %
ADVANCES 827 30
DECLINES 1754 64
UNCHANGED 146 5
GAINERS % LOSERS %
ADANIPOWER 8.54 PCJEWELLER -9.04
3MINDIA 5.11 MINDTREE -8.67
BANKINDIA 4.81 LTI -6.70
JSWSTEEL 3.08 HINDALCO -6.46
CENTURYTEX 2.79 VAKRANGEE -4.96
BSE 200 GAINERS/LOSERS
CRUDE AND CURRENCY COMBINE COULD MAKE THE MARKET NERVOUS
INSTITUTIONAL ACTIVITY
Rs Cr 19/07/18 18/07/18 July Total
FII -316 96 -2354
MF 470 111 3692
The market are likely to open a tad lower this morningon adverse international cues.
The U.S. indices have closed with moderate losses asTrump’s comments on the Fed’s interest hiking spreetook its toll on the financials, which led the declines. TheDollar index also edged down from its one year high onthe comments.
After the U.S. markets closed yesterday, Microsoft cameout with stellar numbers buoyed by the better growth inthe cloud business. The Nasdaq after Hours Indicatorrose by 0.5%, which means the Nasdaq could openhigher later today in the U.S.
Crude price rose 1% yesterday as Saudi Arabia said thatit expects a drop in August exports. It’s further upanother 0.75% in electronic trade today. This could spelltemporary trouble for Oil marketing companies.
The LokSabha will vote on the No-confidence motionmoved by the TDP. The Government should easily sailthrough this vote.
But considering the time allotted to various parties, wedon’t think the vote could come up before 6 pm even ifthere are no interruptions.
Currency could be an issue. Yesterday it closed at a lifetime low of 69.05.The Chinese devaluation of the Yuancould further spell trouble for the Rupee. The vote ofconfidence is not the real issue. Currency is.
Take protective positions. Long positions shouldonly be through options.
Bajaj Finance Q1 standalone net profit up 83% YoYon higher interest income
Bajaj Finance reported 83% rise in its standalone netprofit for the June quarter to Rs 833.7 crore, higher thananalysts’ estimates, as it earned more in interest incomeand its asset quality remained stable.
For the quarter, the NBFC reported net interest incomeof Rs 2,578 crore, ~46 % higher than in the samequarter a year ago.
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
3
GLOBAL INDICES
Close Points % Chg
DOW JONES 25065 -134.79 -0.53
S & P 500 2804 -11.13 -0.40
NASDAQ 7825 -29.15 -0.37
FTSE 7684 7.69 0.10
CAC 5417 -30.36 -0.56
DAX 5844 -36.69 -0.62
MSCI World 2135 0.00 0.00
MSCI EM 1061 0.00 0.00
MSCI AC Pac. 165 0.00 0.00
EXCHANGE RATES
Value % Change
USD/INR 69.0 0.09
EURO/USD 1.2 0.06
USD/GBP 0.8 -0.03
USD/JPY 112.3 -0.12
INTEREST RATES
Value % Chg bps
IND10 Yr Bond Yield 7.79 +4.00
Value %
RJ/CRB Index 191.4 0.00
Gold ($ / Oz) 1217.7 -0.51
Silver ($ / Oz) 15.3 -0.76
Crude Oil Futures 68.1 -0.18
Brent Oil ($ / Barrel) 72.6 0.03
COMMODITIES
ADR
Value $ %
Dr Reddys Labs 29.25 -1.94
HDFC Bank 110.17 -0.73
ICICI Bank 7.73 -1.02
Rediff.com India 0.12 -6.92
Tata Motors 18.40 -0.49
Wipro 5.15 0.39
Vedanta Ltd 12.04 0.50
MTNL 0.32 0.00
The company's total income for the reporting quarterrose 34 %yoy to Rs 3,796 crore and its provisions were5 % higher at Rs 321 crore.
Capital adequacy ratio (including Tier-If capital) for thefirst quarter stood at 23 %.
Its asset quality remained stable in the quarter gone by,with gross non-performing assets (NPA), as apercentage of total loans, falling 9 basis pointssequentially to 1.39 %.
Net NPA ratio, however, rose marginally on a sequentialbasis to 0.44 % from 0.38 %. In Q1 FY18, gross NPAwas 1.70 % while net NPA was 0.53 %.
Kotak Mahindra Bank Q1 profit rises 12%, AssetQuality Improves
Kotak Mahindra Bank reported 12.3% increase in netprofit to Rs 1,025 crore for the quarter ended June 30,2018.
Provisions for bad loans and contingencies stoodat Rs 470 crore for June quarter compared with Rs 204crore in the year-earlier period. The bank’s gross non-performing assets as at June end stood at 2.17% ofgross advances compared with 2.58%, a year ago.
Slippages during the quarter were Rs 321 crore, downfrom Rs 594 crore in Q1FY18.
Net interest income (NII) — the difference betweeninterest earned and interest expended — for the periodrose marginally to Rs 2,583 crore from Rs 2,246 crore.Net Interest Margin (NIM) for the quarter stood at 4.3%compared with 4.5% in the year-earlier period.
Bank’s asset quality improved during the quarter. Grossnon-performing assets ratio contracted to 2.17 % from2.22 % a quarter ago. The net NPA ratio also narrowedto 0.86 % from 0.98 %. Capital adequacy ratio of thebank stood at 18.3 % as of June.
RBL Bank profit rises 35% to Rs 190 cr, assetquality stable
RBL Bank started off the year on strong note as profitgrew 34.8 % in June quarter with stable asset qualitybut provisions increased sharply.
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
4
Net profit during the quarter stood at Rs 190 crore, led by net interest income, other incomeand operating income.
Net interest income, the difference between interest earned and interest expended, shot up 46% year-on-year to Rs 552.7 crore for the quarter ended June 2018, driven by loan growth andnet interest margin.
The bank said net advances during the quarter grew by 36 %yoy to Rs 42,198 crore. "Thegrowth in the corporate & institutional segment and commercial banking (wholesale portfolio)was pegged at 31 %, while that of other segments (retail assets and development banking &financial inclusion – non-wholesale portfolio) was 43 %."
Deposits in Q1 surged 27 % to Rs 44,949 croreYoY with current accounts & savings accounts(CASA) ratio improving to 24.4 % as at June 2018 from 22.1 % as at June 2017.
Net interest margin expanded to 4.04 % for the June quarter, up from 3.54 % in same periodlast year and also from 3.8 % as of FY18.
Asset quality remained stable in Q1 with gross non-performing assets as a percentage of grossadvances were unchanged at 1.4 % on sequential basis while net NPAs were lower at 0.75 %against 0.78 % in previous year.
Provisions for bad loans for the quarter stood at Rs 140.5 crore, which were higher by 24.4 %compared to March quarter 2018 and increased whopping 48.6 % compared to June quarter lastfiscal, but provision coverage ratio improved.
Provision coverage ratio at the end of June quarter stood at 60.4 %, which was improved from57.9 % in June 2017 and 57.5 in FY18. Other income (non-interest income) grew by 27 % year-on-year to Rs 325.9 crore with core fee income rising 58 % while operating income increased 39% to Rs 432.3 crore in Q1.
ABB India net profit up by 26% in Q2 of 2018
ABB India, part of Swedish-Swiss multinational automation company, has posted 36 % growthin net profit in Q2 of calendar year 2018. Its net profit rose to Rs 102 crore, against Rs 75 crorein the corresponding period last year. Revenue for the quarter stood at Rs 2,713 crore, up 21 %over the prior year period. Total orders increased from Rs 2,303 crore a year ago to Rs 2,474crore during the quarter.
The majority of orders came from clean energy, process industries and power infrastructure,especially in South Asia. Export orders grew 68 %yoy.
Bajaj Finserv Q1 net profit up 41% YoY at Rs 826 crore
Bajaj Finserv posted 41.2 %yoy increase in its first-quarter consolidated net profit at Rs 826crore. Total income grew 16 % to Rs 8,771 crore.
Bajaj Finserv (BFS) is the holding company for the various financial services businesses underthe Bajaj group. The company participates in the financing business through its 54.99 %holding in Bajaj Finance (BFL). It holds 74 % each in two unlisted subsidiaries, Bajaj AllianzGeneral Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited(BALIC).
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
5
Its non-banking finance company, Bajaj Finance posted an 81-%YoY increase in consolidatedprofit after tax to Rs 836 crore in Q1FY19. Its Assets under management (AUM) stood at Rs93,314 crore as on June 30, 2018, showing YoY increase of 35 %.
Bajaj Allianz General Insurance saw 25 %YoY increase in gross written premium (excludingcrop) for Q1FY19 to Rs 2,419 crore. Its underwriting profit for the first quarter increasedsubstantially to Rs 128 crore in Q1 compared to Rs 12 crore in the year-ago period.
Bajaj Allianz General's combined ratio improved to 90.2 % at the end of the June quarter from95.8 % a year ago.
The life insurance arm, Bajaj Allianz Life Insurance's new business premium for Q1FY19 was Rs721 crore as compared to Rs 683 crore a year ago. The renewal premium saw 36 % increaseYoY to Rs 640 crore in Q1.
Bajaj Auto Q1 Preview: Expect double digit growth in net profit
Bajaj Auto is likely to post double digit rise in net profit for the quarter ended June on the backof a surge in exports.
Company may report 37 %yoy rise in its standalone net profit to Rs 1,261 crore for the quarter.
The company, which makes bikes such as the Pulsar and the Avenger, saw volumes grow by 38% to 1,225,819 units during the April-June quarter.
Its revenue is expected to come in at Rs 7,842 crore, around 34 % higher than in thecorresponding quarter a year ago.
Bajaj Auto is one of the beneficiaries of a rebound in demand for entry-level bikes such as thePlatina and the CT100, especially in rural areas. Its 150cc Pulsar has also done well followingcut in prices.
The motorcycle segment has made comeback after many quarters as the rise in sales ofmotorcycles has been higher than that in sales of scooters.
The company ended the April-June with sales of 594,234 motorcycles, higher than the 578,488sold by Honda Motorcycle and Scooter India during the same quarter, according to Society ofIndian Automobile Manufacturers (SIAM). The market continues to be led by Hero Motocorp,which had sales of 1.87 million units in the quarter gone by.
Havells Q1 preview: Net profit seen rising 60.4% to Rs 194.8 crore
Havells is expected to post 60.4 % rise in its standalone net profit to Rs 194.8 crore for thequarter ended June.
The company is seen reporting rise of 29.8 % in its sales to Rs 2,415 crore for the quarter.
Operating margin may improve 350 bps YoY to 13 %, driven by an improvement in thecontribution margin from the Lloyd business. In May 2017, Havells India announced thecompletion of its acquisition of Lloyd's consumer durables business. The acquisition was done atan enterprise value of Rs 1,600 crore on debt-free, cash-free basis.
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
6
The company's lighting segment is seen growing ~15 %, while electrical consumer durablessegment is seen growing 10 %.
Wipro Q1 FY19 Preview
USD revenue may see de growth of 2.5% QoQ (USD 2,011mn), CC revenue growth may be -1.4% QoQ (in line with management guidance of +0.3 to -2.3% CC growth). Revenues maycome in at Rs 13950cr.EBITDA margin is expected to expand 102 bps to 18.8% due to benefits of currency andreversal of exceptional IT Services EBIT margin to be at 15.1% vs. 14.4% last quarter.
Net profit is expected to increase 5.4% QoQ to Rs 1892cr.
Trust vote to take place in LokSabha Today
NDA government at the Centre will face its first no-trust vote in the LokSabha today but hasmore than enough numbers to prove its strength. LokSabha Speaker Sumitra Mahajan onWednesday set the ball rolling by admitting a no-confidence motion moved by Telugu DesamParty (TDP) member KesineniSriniwas on the first day of the monsoon session of Parliament.
As for the Opposition, it will be its first unity test. It knows full well the numbers are stacked inthe NDA’s favour, but hopes to send out a loud message from the floor of Parliament on theModi government’s failures so as to build enough momentum ahead of the crucial 2019LokSabha elections. Three BJP ruled states - Rajasthan, Madhya Pradesh and Chhattisgarh —are also heading for year-end elections.
Maharashtra government announces Rs 25 as minimum procurement price for milk
In a bid to pacify the agitating dairy farmers, Maharashtra government on Thursday announcedthat the minimum procurement rate for milk has been fixed to Rs 25.
The decision was made at a meeting of members from co-operative and private dairies and milkdistributors with Chief Minister DevendraFadnavis, Chairman and Speaker of the statelegislature and leaders from all parties. Animal Husbandry and Dairy Development MinisterMahadeoJankar announced the decision in the state legislature after the meeting in the evening.
While the government had last week announced a subsidy of Rs 50/kg for export of milk powderand Rs 5/litre for export of milk to be paid to the dairies, a section of the dairies announcedincrease in milk price by RS 3/litre from July 21.
NCLT approves JSW Steel-AION resolution plan for debt-laden Monnet Ispat
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved theresolution plan for debt-laden Monnet Ispat and Energy, submitted by the JSW Steel-AIONInvestments Pvt II Ltd consortium, making it the third resolution under the Insolvency andBankruptcy Code (IBC) from the Reserve Bank of India’s (RBI’s) first list of non-performingassets (NPAs).
The resolution plan was approved by the Committee of Creditors was approved by the NCLTwith modifications on Thursday, the company said. It is awaiting the written order of theNational Company Law Tribunal (NCLT).
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
7
The consortium had offered Rs 28.75 billion to acquire the company. Monnet Ispat and Energyhas an outstanding debt of around Rs 114 billion. It owes secured financial creditors around Rs40 billion, unsecured financial creditors Rs 70 billion and operational creditors Rs 4.4 billion,according to disclosure documents on the firm’s website. After taking into account fresh claimsfrom operational creditors, the bid value was likely to increase by Rs 250 million, sources said.The total bid value, according to the earlier plan, was around Rs 37 billion. The consortium held75 per cent of the equity of which AION held 70 per cent and JSW 30 per cent.
Dow Ends A Five Day Winning Streak
Key U.S. Indices closed Thursday with losses as financials came under pressure after Trump’scomments on the Fed and the trade with EU.
The Dow broke its five day winning streak to close 135 points lower or 0.53% to end at 25,065.
The S&P 500 shed 11 points or 0.40% to settle at 2,804. Nine of the 11 sectors declined.
The Nasdaq Composite was the least impacted when it surrendered 29 points or 0.37% to finishat 7,825.
The Russell 2000 index of small-cap stocks, however, bucked the trend gaining 8 points, or0.5%, to 1,700.
Trump’s Comments
Bond yields moved sharply down by 3 basis points after President Donald Trump told CNBC hewasn’t thrilled that the Federal Reserve was hiking interest rates. This put pressure on financialstocks, which made the sector tumble 1.4%.
Trump threatened tremendous retribution against the European Union on Wednesday,specifically mentioning auto tariffs, if his meeting with EU officials next week doesn’t yield whathe considers a fair auto trade deal.
Trump essentially was behind the markets fall.
The U.S. currency recovered somewhat after the White House issued a statement saying thepresident respects the central bank’s independence. Treasuries and the yen climbed. The yuantumbled to the lowest in a year against the greenback as investors assess Chinese monetarypolicy amid signs of a slowing economy
Economic data and Corporate results
Initial jobless claims fell by 8,000 last week, dropping to their lowest since late 1969.
Separately, the Philly Fed manufacturing index rose 6 points to a reading of 25.7 in July, aboveexpectations.
Nearly 14% of S&P 500 companies have reported thus far this season with profits up more than20% and sales growing about 8.4%.
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
8
Other markets
Stocks in Asia closed lower, as did European markets SXXP, -0.23% pulling back from a one-month high.
European Indices generally closed down with the exception of the UK's FTSE 100 that rose0.10% after British retail sales data missed expectations and sent the pound sharply lower.
The German Dax slumped 0.62% and the Stoxx 600 slipped 0.23%.
The ICE U.S. Dollar index trimmed gains after Trump criticized the Fed, trading up 0.1% to95.176.
Oil prices rebounded sharply after Saudi Arabia said it expects to see a drop in August exports,rising 1%, to settle at $69.46 a barrel on the New York Mercantile Exchange.
Meanwhile, gold prices declined 0.3% lower, to settle at $1,224 an ounce.
The NasdaqAfter Hours Index was up 0.52% after strong results and guidance from Microsoft.
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
9
DATA & EVENTS
OPEN TRADING CALLS
NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIMEBASIS. A TRADING RECOMMENDATION SHOULD BE CONSIDERED CLOSED ORSQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAYTRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSETHE POSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROMRECOMMENDATIONS.
No. Reco Date Company Name Reco Cost SL Target
1 11-07-2018 AXISBANK BUY 533-520 515 565
2 13-07-2018 HIND.OI.EXP BUY 133-125 118 155
3 17-07-2018 IOC BUY 164.25-159 157 172
BULK DEALS*
Date Script Name Fund NameBuy/Sell
Quantity Value
(Rs.Cr.)
NSE
19/07/18 MindTree LimitedSHAASTRA SECURITIES TRADING PRIVATE LIMITED
BUY 970337 94.3
19/07/18 MindTree LimitedSHAASTRA SECURITIES TRADING PRIVATE LIMITED
SELL 970337 94.4
BSE
N.A. N.A. N.A. N.A. N.A. N.A.
* Bulk deals of only more than Rs.25 Cr are taken into consideration
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
10
DATA & EVENTS
DATE COUNTRY EVENT PERIOD FORECAST PREVIOUS
20 07 2018 Japan CPI (YoY%) Jun, 2018 0.80 0.70
20 07 2018 Japan CPI Core(YoY%) Jun, 2018 0.80 0.70
YESTERDAY’S EVENTS
DATE COUNTRY EVENT PERIOD FORECAST PREVIOUS ACTUAL
19 07 2018 N.A. N.A. N.A. N.A. N.A. N.A.
TODAY’S EVENTS
RESULT CALENDAR-BSE500
DATE COMPANY DATE COMPANY DATE COMPANY
20-Jul ATUL 21-Jul SOUTHBANK 24-Jul ASIANPAINT
BAJAJ-AUTO VSTIND CENTURYPLY
BAJAJHLDNG 23-Jul ACC CHAMBLFERT
BATAINDIA DELTACORP GLAXO
CEATLTD GRANULES HEXAWARE
HAVELLS HINDZINC ICICIPRULI
HDFCLIFE IBVENTURES INOXLEISUR
JUSTDIAL LAXMIMACH KAJARIACER
KANSAINER LINDEINDIA KRBL
L&TFH LTI NAUKRI
MCX LTTS NAVINFLUOR
WIPRO TEJASNET NETWORK18
21-Jul HDFCBANK VIJAYABANK RADICO
RNAVAL VMART SYMPHONY
RPOWER WELCORP TV18BRDCST
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
11
DATA & EVENTS
RESULTS ANNOUNCED DURING MARKET HOURS
COMPANY Q1FY19 YOY (%) QOQ (%)
Sales (Rs Cr)
NP (Rs Cr)
Sales NP Sales NP
RBL Bank Ltd 1364.2 190.0 30.8 34.7 11.6 6.7
Bajaj Finance Ltd 3791.3 834.0 34.1 81.9 10.6 12.2
Kotak Mahindra Bank Ltd 6903.0 1545.0 16.3 14.7 2.5 -13.7
Sterlite Technologies Ltd 877.0 130.0 17.8 91.7 3.6 9.1
GNA Axles Ltd 212.6 14.0 39.3 26.4 4.0 -14.9
D B Corp Ltd 632.4 97.6 6.8 -11.4 12.9 71.0
PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss
RESULTS ANNOUNCED AFTER MARKET HOURS
COMPANY Q1FY19 YOY (%) QOQ (%)
Sales (Rs Cr)
NP (Rs Cr)
Sales NP Sales NP
Bajaj Finserv Ltd 8771.0 1329.0 16.4 49.3 -3.3 26.7
PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
12
SUPPORT - RESISTANCE
LIST OF NIFTY STOCKS
COMPANY CLOSE R2 R1 PIVOT S1 S2
NIFTY 50 10957 11037 10997 10966 10926 10895
ADANIPORTS 369 375 372 368 365 361
ASIANPAINT 1406 1417 1412 1403 1397 1388
AXISBANK 527 546 537 527 518 508
BAJAJ-AUTO 3111 3163 3137 3118 3093 3074
BAJAJFINSV 6286 6518 6402 6261 6145 6005
BAJFINANCE 2511 2648 2580 2469 2400 2289
BHARTIARTL 343 353 348 343 338 333
BPCL 400 409 404 398 393 386
CIPLA 613 643 628 617 602 591
COALINDIA 263 266 264 262 260 258
DRREDDY 2027 2096 2062 2043 2009 1991
EICHERMOT 26967 27638 27303 27051 26715 26464
GAIL 358 367 363 359 354 351
GRASIM 942 959 951 938 929 917
HCLTECH 982 1002 992 984 974 966
HDFC 1988 2018 2003 1990 1975 1962
HDFCBANK 2190 2207 2199 2185 2176 2162
HEROMOTOCO 3450 3534 3492 3466 3424 3398
HINDALCO 200 223 211 203 191 183
HINDPETRO 286 294 290 282 278 270
HINDUNILVR 1649 1681 1665 1654 1638 1628
IBULHSGFIN 1211 1255 1233 1208 1187 1162
ICICIBANK 261 267 264 262 259 257
INDUSINDBK 1888 1917 1902 1892 1878 1867
INFRATEL 286 296 291 287 282 278
INFY 1316 1342 1329 1319 1306 1296
IOC 166 169 168 165 164 161
ITC 273 280 276 271 268 263
KOTAKBANK 1346 1437 1391 1363 1317 1288
LT 1261 1314 1287 1270 1244 1227
LUPIN 799 828 813 800 786 773
M&M 912 930 921 914 905 897
MARUTI 9392 9476 9434 9392 9350 9308
NTPC 155 157 156 155 153 152
ONGC 162 167 164 163 160 158
POWERGRID 178 182 180 178 176 175
RELIANCE 1114 1134 1124 1105 1095 1077
SBIN 260 267 264 260 257 253
SUNPHARMA 545 558 552 547 540 535
TATAMOTORS 253 261 257 254 250 247
TATASTEEL 497 522 509 501 489 481
TCS 1986 2029 2008 1989 1967 1948
TECHM 643 661 652 646 637 631
TITAN 871 892 882 864 854 837
ULTRACEMCO 3849 3932 3890 3837 3795 3741
UPL 553 575 564 551 540 526
VEDL 208 217 212 207 203 197
WIPRO 288 293 290 286 283 279
YESBANK 393 404 398 389 383 374
ZEEL 520 533 527 520 514 507
PRIVATE CLIENT GROUP [PCG]
“THE DAILY”
13
Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published for any purposes without prior written approval of HSL. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments.HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from t date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066Compliance Officer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600
HDFC Securities Limited, SEBI Reg. No.: NSE-INB/F/E 231109431, BSE-INB/F 011109437, AMFI Reg. No. ARN: 13549, PFRDA Reg. No. POP: 04102015, IRDA Corporate Agent License No.: HDF 2806925/HDF C000222657, SEBI Research Analyst Reg. No.: INH000002475, CIN - U67120MH2000PLC152193
Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.
"HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."
PCG TEAM
Name DESIGNATION EMAIL ID
Mr. Vinod Sharma Head, PCG & Market Strategy [email protected]
Mr. Devarsh Vakil Head, Advisory [email protected]
Mr. Nandish Shah Derivative Analyst [email protected]
Mr. Vinay Rajani Technical Analyst [email protected]
Mr. Kushal Rughani Fundamental Analyst [email protected]
Ms. Kinnari Patel Junior Analyst [email protected]
Ms. Nisha Sankhala Junior Analyst [email protected]
Mr. Dilip Parmar Currency Analyst [email protected]
