Retail Research Vol. 120 24th July, 2015

MARKET PREVIEW Ahead of cautious global cues, concerns over parliamentary deadlock over crucial bills and mixed earnings season so far, Indian equity markets remained choppy during the week. Sensex and Nifty closed down by 1.2% and 1.0% to close at 28112.31 and 8521.55 respectively. Whereas, Mid cap and Small cap indices lost 0.6% and 0.4% to close at 11147.99 and 11668.12 respectively.

Quarterly results for the next week

Name Date Name Date

Tech Mahindra 27-Jul-15 ITC 30-Jul-15

Ambuja Cement 27-Jul-15 IDFC 30-Jul-15

PNB 28-Jul-15 Bank of Baroda 30-Jul-15

Maruti Suzuki 28-Jul-15 Dr. Reddy 30-Jul-15

HDFC 28-Jul-15 L&T 31-Jul-15

NTPC 30-Jul-15 ICICI Bank 31-Jul-15

CORPORATE

HDFC Bank Q1 net up 21%, bad loans rise marginally

HDFC Bank, the country's second largest private sector lender, has reported a 21 per cent rise in net profit to Rs 2,695.7 crore on account of robust other income and increase in net interest income. Net interest income (NII), the difference between interests earned and interest expended, increased 23.5 per cent to Rs 6,389 crore in the quarter ended June, compared with Rs 5,171.6 crore in the same period a year ago. Other income, led by treasury gains, grew 33 per cent to Rs 2,461.9 crore in the April-June quarter compared with Rs 1,850.6 crore in the corresponding quarter last year. Though the gross non-performing assets (GNPAs) in the June quarter improved compared with the same quarter a year ago, but on a sequential basis, it went up marginally. The percentage of gross NPA to gross advances was at 0.95 per cent compared with 1.07 per cent in the June quarter last financial year. However, there was a marginal increased in GNPAs from the March quarter, where it stood at 0.93 per cent. Net NPA to gross advances at the end of June 30, 2015, improved to 0.27 per cent compared with 0.32 per cent in the same quarter a year ago. But it registered a slight increase of 0.02 per cent on a sequential basis [BS].

CNX Nifty

8300

8400

8500

8600

8700

8800

17-J

ul

18-J

ul

19-J

ul

20-J

ul

21-J

ul

22-J

ul

23-J

ul

24-J

ul

Indices 17-Jul 24-Jul % Chg

Nifty 8609.9 8521.6 (1.0)

Sensex 28463.3 28112.3 (1.2)

Midcap 11220.2 11148.0 (0.6)

Small cap 11716.4 11668.1 (0.4)

Indices 17-Jul 24-Jul % Chg

BSE Reality 1411.6 1352.2 (4.2)

BSE healthcare 17860.9 16836.8 (5.7)

BSE Bankex 21912.2 21374.1 (2.5)

BSE IT 10678.0 11004.9 3.1

BSE FMCG 7967.2 7888.0 (1.0)

BSE Cap Goods 18714.2 18134.9 (3.1)

BSE PSU 7837.0 7740.2 (1.2)

BSE Oil 10080.0 10154.9 0.7

Bse Auto 18931.7 18953.5 0.1

BSE Cons Durab 11163.1 11310.7 1.3

BSE Power 2131.4 2087.4 (2.1)

BSE Metal 8998.8 8771.9 (2.5)

Buy 18894.0 8375.7

Sell 16860.8 9510.2

Net 2,033.2 (1,134.5)

Rs in Cr

20 July - 24 July

FII Inv DII Inv

SBICAP Securities Limited / 2

Weekly Wrap-up

Lupin Q1 net dips by 16% at Rs 525.02 cr

Drug firm Lupin reported a 15.96 per cent dip in its consolidated net profit at Rs 525.02 crore for the quarter ended June 30, mainly on account of decline in its overseas sales. The company had posted a net profit after taxes and minority interest of Rs 624.74 crore for the corresponding period of the previous fiscal. Consolidated total income from operations also witnessed a decline to Rs 3,150.23 crore during the quarter under consideration as against Rs 3,340.82 crore for the same period, a year ago. The company's revenue within India rose to Rs 993.56 crore for the quarter under consideration from Rs 865.11 crore during the year ago period. The revenue from its operations outside India declined to Rs 2,156.67 crore during the quarter as against Rs 2,475.71 crore in the corresponding period of the previous fiscal [BS].

Infosys consolidated Q1 net profit at Rs 3,030 crore

India's second largest software firm Infosys reported robust revenue growth that handily beat analyst expectations and also raised its full-year revenue guidance, with a performance that overshadowed larger rival Tata Consultancy Services for the first time in years and pleased investors who sent the shares up as much as 11%. Weeks after larger rival Tata Consultancy Services posted lacklustre results that underwhelmed investors, Infosys handily beat average consensus estimates. In March, Infosys projected constant-currency revenue growth in the range of 10-12% in dollar terms and 6.2-8.2% actual revenue growth for the financial year ending March 2016. For the April-June quarter, Infosys posted a net profit of $476 million, compared to $482 million a year ago. Revenue jumped 4.5% sequentially to $2.26 billion [ET].

Wipro Q1 consolidated net profit at Rs 2190 crore vs 2272 crore QoQ Wipro continued with its trend of lukewarm revenue growth in the first quarter of fiscal 2016, presenting a vivid display once again of its struggles with firing up momentum in an industry where technology and business models are changing at their core. At 1.1%, quarterly sequential revenue growth barely crept forward, and CEO TK Kurien, who completes five years at the helm in February 2016, laid much of the blame at the door of the energy business which he said has been a serial underperformer. Wipro said revenue would grow between 1.5-3.5% on a sequential basis in the second quarter, or $1.82 billion to $1.86 billion. For April-June, Wipro posted net profit of $346 million. Revenue rose to $1.79 billion. In April, Wipro had forecast revenue in the range of $1.77 billion to $1.79 billion [ET].

Close Close % Chg

17-Jul 24-Jul

Infosys 1,002.0 1,089.4 8.7

Hero MotoCorp 2,649.8 2,738.2 3.3

M&M 1,298.3 1,328.4 2.3

HDFC 1,327.1 1,354.5 2.1

Bharti Airtel 425.9 434.3 2.0

Close Close % Chg

17-Jul 24-Jul

Infosys 1,001.9 1,087.6 8.6

ZEEL 377.3 391.1 3.6

Hero MotoCorp 2,649.4 2,740.4 3.4

Asian Paints 825.4 849.0 2.9

BPCL 939.7 965.6 2.8

Close Close % Chg

17-Jul 24-Jul

Lupin 1,974.6 1,672.0 -15.3

SUN PHARMA 946.4 835.8 -11.7

Vedanta 145.5 132.6 -8.9

Tata Steel 284.3 265.1 -6.8

ICICI Bank 317.4 300.5 -5.3

Close Close % Chg

17-Jul 24-Jul

Lupin 1,973.0 1,672.1 -15.3

SUN PHARMA 947.7 836.2 -11.8

Vedanta 145.6 132.5 -9.0

Tata Steel 284.1 265.1 -6.7

TATA POWER 75.9 71.8 -5.4

Top 5 Performers – Sensex

Top 5 Performers – Nifty

Top 5 losers – Nifty

Top 5 losers – Sensex

SBICAP Securities Limited / 3

Weekly Wrap-up

ECONOMY FDI rises to 4-month high of $3.85 billion in May

Foreign direct investment (FDI) in the country rose to four-month high of $ 3.85 billion in May 2015, up by 7 per cent compared to the same month of last year. In May 2014, FDI stood at $ 3.60 billion. India received FDI of $ 3.60 billion in April 2015. The FDI figures for May 2015 are the highest since January 2015, when foreign equity investment was at $ 4.48 billion. During April-May period of this fiscal, FDI in the country grew by 40 per cent to $ 7.45 billion as compared to $ 5.30 billion in the same period last year. Amongst the top 10 sectors, computer software and hardware received the maximum FDI of $ 2.27 billion during the two months, followed by automobile ($ 1 billion), trading ($ 664 million), services ($ 488 million) and power ($ 155 million). During the period, India received the maximum FDI from Singapore ($ 2.9 billion) followed by Mauritius ($ 1.68 billion), the Netherlands ($ 587 million) and the US ($ 552 million). During financial year 2014-15, foreign fund inflows grew at 27 per cent, year-on-year, to $ 30.93 billion as against $ 24.29 billion in 2013-14. The government has relaxed FDI norms in various sectors, including insurance, railways and medical devices, to boost FDI in the country [ET].

Nod to composite cap on foreign investment

The Cabinet allowed composite foreign investment caps, merging those on foreign direct investment and portfolio investment. The move will benefit companies in single-brand retail, credit information business and commodity and power exchanges; it isn’t applicable to banks and defence companies. Besides FDI and FPI, investment by NRIs, foreign venture capital investors, limited liability partnerships and those in the form of depository receipts would qualify as foreign investment. In sectors with composite caps, the existing condition of seeking the FIPB’s approval would hold. For instance, in single-brand retail, foreign investment beyond 49 per cent will still require an FIPB approval. The Cabinet decision will allow FPI investment up to an aggregate of 49 per cent without the government’s approval or compliance with sectoral conditions if such investments do not result in transfer of ownership or control of Indian entities from resident Indians to non-resident ones [BS].

India, Russia sign customs pact to boost trade

With bilateral trade extremely low, India and Russia have initiated steps to remove the hindrances and boost commerce by signing an agreement in the area of customs and moving to liberalise business visas. The bilateral trade during the last year was just USD 9.51 billion and Prime Minister Narendra Modi and Russian President Vladimir Putin discussed ways to increase it when they met in Ufa on July 8. The two countries have fixed a target of USD 30 billion to be achieved by 2025 [ET].

10 Year GoI Band Yield

7.7000

7.7400

7.7800

7.8200

7.8600

7.9000

7.9400

7.9800

17-J

ul

18

-Jul

19

-Jul

20-J

ul

21

-Jul

22

-Jul

23-J

ul

24

-Jul

Government securities market %

91 days T-bill* 7.4769

182 days T-bill* 7.5974

364 days T-bill* 7.6172

*cut off at last auction

Key Economic Indicators $bn

External debt 461.90

Forex reserves 354.36

CAD 1.30

CPI(%) 5.40

WPI(%) -2.40

IIP (%) 2.70 Monetary policy data

(INDIA)

Current

%

Previous

%

Chg bps

Repo rate 7.25 7.50 (25)

Reverse Repo rate 6.25 6.50 (25)

CRR 4.00 4.00 -

SBICAP Securities Limited / 4

Weekly Wrap-up

GLOBAL EVENTS

UK retail sales volumes dip in June

UK retail sales volumes fell unexpectedly by 0.2% in June, after consumers bought fewer household goods, and less food and petrol. The figures from the Office for National Statistics (ONS) also showed the annual rate of sales growth slowed to 4.0% last month from 4.7% in May. That was the slowest annual growth rate since September 2014. However, the ONS said the annual growth rate was still "strong". Sales volumes in the April-to-June quarter were up 0.7% from the previous quarter. The value of online sales in June increased 1.4% compared with May and accounted for 12.4% of all retail sales. The ONS said average store prices were 2.9% lower in June compared with the same month a year earlier. The value of sales in the second quarter rose 0.7% from the previous three months, and rose 1.3% from the second quarter of 2014 [BBC].

Greece crisis: MPs pass crucial bailout reforms

Greece has taken a crucial step towards a bailout after its parliament passed a second set of reforms. The passage of the measures means that negotiations on an €86bn European Union bailout can begin. The reforms include changes to Greek banking and an overhaul of the judiciary system. There had been fears of a rebellion by MPs but Greek Prime Minister Alexis Tsipras was easily able to muster the support required. In total, the measures received 230 votes in favour and 63 against with five abstentions [BBC].

China factory survey dents hopes of early economic recovery

China's factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed on Friday. The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, the lowest reading since April last year and a fifth straight month below 50, the level which separates contraction from expansion. Output in July was 47.3, its lowest since March 2014. New orders and new export orders, both of which expanded in June, fell this month, according to the survey, while prices of outputs and inputs tumbled [ET].

UK government borrowing falls in June on record tax haul

UK government borrowing fell to £9.4bn in June, down £0.8bn from a year earlier, as income and corporation tax receipts rose to record levels. The Office for National Statistics (ONS) said income tax receipts rose to £11.5bn, while corporation tax brought in £1.7bn, both record monthly highs. It was lowest borrowing figure for June since 2008. In the financial year so far, borrowing has fallen by £6.1bn to £25.1bn. Public sector net debt at the end of June 2015 was £1.513 trillion, or 81.5% of annual UK economic output, up from 80.8% in May [BBC].

World Indices 17-Jul 24-Jul % Chg

DJIA* 18120.3 17732.0 -2.1

Nasdaq* 5163.2 5146.4 -0.3

Nikkei 225 20650.9 20544.5 -0.5

Straits Times* 3352.4 3349.9 -0.1

Hang Seng 25415.3 25128.5 -1.1

FTSE 100* 6787.5 6657.5 -1.9

DAX* 11682.8 11504.8 -1.5

Shanghai Composite 3957.4 4070.9 2.9

* closing as on 23rd July 2015

Currencies Vs INR 17-Jul 24-Jul % Chg

USD 63.5 64.2 1.1

GBP 99.1 99.4 0.3

EURO 69.1 70.1 1.5

YEN (100 units) 51.2 51.7 1.1

Commodity

data

17-Jul 24-Jul %Chg

Brent Crude ($/bbl) 57.0 55.1 -3.4

Gold(Rs/10gm) 25693.0 24599.0 -4.3

Silver(Rs/kg) 34207.0 33322.0 -2.6

SBICAP Securities Limited / 5

Weekly Wrap-up

The week gone by:-

Nifty future closed at 8534.35 down by 1.05 % from the previous week’s close of 8625.05 .

During the week nifty future open at 8625.50 made a low of 8491 and a high of 8667 and closed the week at 8534.35. The

volumes were higher than the previous week showing strength in the down move. This week nifty future gave range of 176

points.

Pattern:-

Nifty future is making higher tops and higher bottoms in weekly chart with increase in volumes.

The contraction of the Bollinger Band shows the volatility to decrease in coming days.

Nifty future is trading in a minor upwards clopping channel.

Since nifty future is trading in between the crucial swing resistance of 8663 and a crucial swing support of 8488.60 a break

above 8663 or a break below 8488.60 on closing basis could decisively trigger the direction of the market.

The week ahead:

The nifty future may find support around 8390 and 8488 on the downside (8390 is the 50% price extension drawn from low of

2228 to the high of 6336 and 8488 is the swing high made on the week ended on 22-05-2015)

The nifty future may find resistance around 8587 and 8668 on the upside (8587 is the 123.60% price extension drawn from low

of 4538 to high of 6349 and 8668 is the swing high made during the week ended 28-11-2014)

The nifty future has closed at the lower level of the weekly charts showing bearishness for the next week. The volumes were

more as compared to previous week showing strength in the down move. Nifty future has closed below 8587.If it remains

below 8587 then immediately on the downside it will find support at 8390. A close above 8587 can take nifty to higher level of

8851.Selling at higher levels is advisable in the band mentioned below. We assume a sideways trading for the next week.

Broader trading range for the week to come: 8390 – 8668

Immediate probable trading range for the next week: 8488 – 8587

Technical Desk:

SBICAP Securities Limited / 6

Weekly Wrap-up

Weekly Market Summary

Market mostly remained in a consolidated mood with some stock specific action in Index heavy weights on back of Q1 earning result announcement while sentiments were dampened as both the houses were adjourned for almost all four days at the start of Monsoon session with opposition parties aggressively pressing for the resignation of external affairs minister Sushma Swaraj along with Rajasthan and Madhya Pradesh chief ministers. Nifty July Fut closed at 8534.35 down by 91 points or -1.05% this week. Nifty fut premium this week decreased from 15.2 points to 12.80 point. Bank Nifty was down by 473 points or -2.47% to 18675.95. Nifty Futures OI stands at 2.35cr increased by 1.47% over the week and the annualized Cost of Carry increased to 9.14% from 4.96%, shows of some addition of Short positions. The Put-Call Ratio decreased to 1.06 from 1.22. Nifty Call added total OI of 40.28 Lac shares, with major OI addition of 15lac at 8700, 11L at 8600 and 3.7L at 8900 strike price. Nifty Put side shed total OI of 49.94Lac, with major sheding of 11Lac at 8600, 11.1Lac at 8500 and 10.87Lac at 8400 strike price. Highest Open interest build up in Nifty call options is observed at 8700 strike price with OI of 58.1 Lac and put side it is observed at 8500 strike price with OI of 56Lac followed by 8600 call & 8000 put.

Average Implied Volatility (IV) for NIFTY options decreased to 12.93% from 13.69% and historical volatility (HV) decreased to 16.01% from 16.14%. Total market wide open interest increased by 7.91% from 374.8Cr to 404.52Cr on weekly basis. Sector wise OI increased in Pharma, Auto, Oil_Gas while OI decreased in Cement, Media and FMCG. Liquid counters having very high HV are UNITECH, IBREALST, JPASSOCIAT, SUNPHARMA, SUNTV & GMRINFRA. Stocks with low volatility are POWERGRID, COLPAL, HDFCBANK , MARUTI, ITC, NTPC and HEROMOTOCO.

Market Outlook: - The India Volatility Index (VIX), a gauge for market's short term expectation of volatility increased by 4.57% on weekly basis after making a high of 15.74 and closing at 15.46. In Coming week, market is likely to remain volatile following the political development from Parliament while traders will be cautious ahead of RBI policy meet as Rajan may leave the interest rates unchanged given the acceleration in June headline CPI inflation and increase in core CPI for the third consecutive month.Market participants will also be watching some important results to be released during next week of YES Bank, ICICI BANK, TECHM, LT,KOTAK BANK ,ITC and MARUTI.

Nifty fut may trade widely in the range of 8760 - 8820 on upside and 8410 - 8380 on down side in coming week. 8660 may act as immediate resistance and 8480 may act as immediate support.

Future OI Gainers

Symbol Price %chg OI % Vol%

AUROPHARMA 736.70 -51.36 75.58 -31.56

M&MFIN 265.00 -5.56 44.52 224.93

JUSTDIAL 1090.00 -0.62 37.91 -15.18

CASTROLIND 492.15 2.15 25.27 -33.78

INDUSINDBK 804.05 -2.75 29.03 9.40

Future OI Losers

Symbol Price %chg OI % Vol%

IGL 462.10 -0.32 -31.60 -49.85

SKSMICRO 561.10 6.53 -27.29 -29.84

JUBLFOOD 1815.60 -4.42 -26.88 82.41

UBL 1013.85 -0.01 -26.16 20.80

ICICIBANK 296.30 3.82 -11.14 1.35

Calls_OI Gainers

Symbol Strike OI % vol% IV

MOTHERSUMI 360 56450 167 39.28

INFY 1175 56400 -70 36.57

LUPIN 1900 35100 62 34.62

BAJAJ-AUTO 2800 30013 -22 47.83

JSWSTEEL 860 1020 5800 29.33

Puts_OI Gainers

Symbol Strike OI % vol% IV

INFY 1080 111900 -59 23.65

ZEEL 400 20800 0 24.55

BIOCON 470 17900 389 30.13

ICICIBANK 290 14600 181 32.30

IBREALEST 42.5 350 1491 57.13

Derivative Desk:

0.00

-0.1

6 -1.6

2

-0.9

7

-0.8

8

-1.3

9

-3.6

8

-0.4

5

11.5

1 15.7

1

3.47

3.70

-0.8

0

-1.3

7-0.0

3

-3.7

8

1.14

-3.0

9

-3.8

3

-3.1

4

-10.

31

-10.

12

-11.

55

-3.4

2

-0.9

4

-0.2

6

-0.4

4

0.34

-15

-10

-5

0

5

10

15

20

7850

7900

8000

8100

8200

8300

8400

8500

8600

8700

8800

8900

9000

9100

Ch

n in

OI (

in L

ks)

Strike Price

Nifty Change in OI W-o-W CE PE

1.5

3

5.7

5

2.5

0

6.5

4

11

.53

24

.22

29

.93

53

.19

58

.11

44

.25

29

.60

22

.03

5.6

8

50

.13

51

.93

22

.96

41

.35

47

.66

40

.12

55

.96

21

.39

7.2

9

2.6

4

1.1

7

4.6

9

1.1

7

0

10

20

30

40

50

60

70

79

00

80

00

81

00

82

00

83

00

84

00

85

00

86

00

87

00

88

00

89

00

90

00

91

00

OI B

uild

up

(in

Lks

)

Strike Price

Nifty Options OI Biuild upCE PE

SBICAP Securities Limited / 7

Weekly Wrap-up

Weekly Calls:

Top five Techno-Funda picks:

Company CMP Target Stop Loss

Eicher Motors 20113.0 21119.0 19600.0

Asian Paints 849.0 891.0 827.0

CCL Products 235.0 247.0 228.0

8K Miles 845.0 888.0 823.0

VTL 749.0 786.0 729.0

Derivative Strategies:

Scrip Lot Size Buy/ Sell Range Avg. Price

Max Profit (on Expir)

Max Loss (on Expir)

BEP

Nifty 8500 CALL 25 Buy 1 Lot 67 68 67.5 Rs.1425 Rs.-1075 8543

Nifty 8600 CALL 25 Sell 1 lot 24 25 24.5

SBICAP Securities Limited / 8

Weekly Wrap-up

Updated Corporate Actions:

Dividend:

Co_Name Ex-Date Div % DPS FV CMP Type Div. Yield (%)

Britannia Inds. 27-Jul-15 800 16 2 2854.5 Final 0.6

GlaxoSmith C H L 27-Jul-15 550 55 10 6332.0 Final 0.9

Trent 27-Jul-15 75 7.5 10 1221.1 Final 0.6

Natl. Peroxide 27-Jul-15 50 5 10 643.5 Final 0.8

Banco Products 27-Jul-15 125 2.5 2 105.8 Final 2.4

Khaitan Chemical 27-Jul-15 5 0.05 1 11.0 Final 0.5

Nilkamal Ltd 27-Jul-15 45 4.5 10 784.8 Final 0.6

CMC 27-Jul-15 43.5 4.35 10 1936.4 Interim 0.2

Poddar Developer 27-Jul-15 15 1.5 10 1487.3 Final 0.1

Transcorp Intl. 27-Jul-15 8 0.8 10 53.0 Final 1.5

Godrej Propert. 27-Jul-15 40 2 5 271.4 Final 0.7

Camlin Fine 27-Jul-15 45 0.45 1 109.8 Final 0.4

WABCO India 27-Jul-15 100 5 5 5398.2 Final 0.1

Snowman Logistic 27-Jul-15 5 0.5 10 111.4 Final 0.4

Bombay Burmah 28-Jul-15 50 1 2 529.1 Final 0.2

Deepak Fert. 28-Jul-15 40 4 10 149.3 Final 2.7

Tata Inv.Corpn. 28-Jul-15 170 17 10 613.7 Final 2.8

Makers Labs. 28-Jul-15 10 1 10 69.1 Final 1.4

Piramal Enterp. 28-Jul-15 1000 20 2 937.0 Final 2.1

Pressman Adv. 28-Jul-15 55 1.1 2 40.2 Final 2.7

Hawkins Cookers 28-Jul-15 450 45 10 2579.6 Final 1.7

Safari Inds. 28-Jul-15 10 1 10 833.3 Final 0.1

Vinati Organics 28-Jul-15 175 3.5 2 570.3 Final 0.6

Emami 28-Jul-15 300 3 1 1169.0 Final 0.3

Bajaj Electrical 29-Jul-15 75 1.5 2 280.6 Final 0.5

Sanofi India 29-Jul-15 180 18 10 3770.6 Interim 0.5

Indian CardCloth 29-Jul-15 25 2.5 10 126.6 Final 2.0

The Ramco Cement 29-Jul-15 150 1.5 1 355.4 Final 0.4

Ultramarine Pig. 29-Jul-15 150 3 2 81.2 Final 3.7

Simplex Realty 29-Jul-15 10 1 10 129.0 Final 0.8

Styrolution ABS 29-Jul-15 40 4 10 732.8 Final 0.5

Praj Inds. 29-Jul-15 81 1.62 2 111.1 Final 1.5

Zodiac Cloth. Co 29-Jul-15 25 2.5 10 321.0 Final 0.8

Gilada Finance 29-Jul-15 5 0.5 10 10.6 Interim 4.7

Credit Analysis 29-Jul-15 60 6 10 1457.6 Interim 0.4

Tamboli Capital 29-Jul-15 6 0.6 10 52.9 Final 1.1

L&T Fin.Holdings 29-Jul-15 8 0.8 10 71.6 Final 1.1

Arvind Ltd 30-Jul-15 25.5 2.55 10 309.6 Final 0.8

Bombay Dyeing 30-Jul-15 40 0.8 2 73.0 Final 1.1

Cosmo Films 30-Jul-15 35 3.5 10 138.9 Final 2.5

SBICAP Securities Limited / 9

Weekly Wrap-up

Updated Corporate Actions:

Dividend:

Co_Name Ex-Date Div % DPS FV CMP Type Div. Yield (%)

Deepak Nitrite 30-Jul-15 50 1 2 76.7 Final 1.3

Finolex Cables 30-Jul-15 90 1.8 2 265.9 Final 0.7

Greaves Cotton 30-Jul-15 55 1.1 2 137.1 Final 0.8

IVP 30-Jul-15 20 2 10 76.0 Final 2.6

Cummins India 30-Jul-15 450 9 2 986.4 Final 0.9

Tata Global 30-Jul-15 225 2.25 1 141.2 Final 1.6

Wheels India 30-Jul-15 45 4.5 10 1241.0 Final 0.4

Zuari Global 30-Jul-15 10 1 10 95.2 Final 1.1

Apollo Hospitals 30-Jul-15 115 5.75 5 1380.0 Final 0.4

TTK Healthcare 30-Jul-15 45 4.5 10 1016.3 Final 0.4

Sudarshan Chem. 30-Jul-15 87.5 1.75 2 103.6 Final 1.7

PTL Enterprises 30-Jul-15 50 1 2 40.8 Final 2.5

TCPL Packaging 30-Jul-15 60 6 10 554.0 Final 1.1

Kakatiya Cement 30-Jul-15 27 2.7 10 129.9 Final 2.1

Salzer Electron. 30-Jul-15 15 1.5 10 342.8 Final 0.4

Apar Inds. 30-Jul-15 35 3.5 10 393.3 Final 0.9

ISGEC Heavy 30-Jul-15 100 10 10 5977.5 Final 0.2

Inv.& Prec.Cast. 30-Jul-15 5 0.5 10 97.1 Final 0.5

Hindoo. Mills 30-Jul-15 40 4 10 396.9 Final 1.0

Bengal Tea & Fab 30-Jul-15 5 0.5 10 41.5 Final 1.2

Foseco India 30-Jul-15 80 8 10 1399.0 Interim 0.6

Avanti Feeds 30-Jul-15 275 27.5 10 2066.8 Final 1.3

Arihant Capital 30-Jul-15 15 0.75 5 23.0 Final 3.3

La Opala RG 30-Jul-15 65 1.3 2 435.7 Final 0.3

SKP Securities 30-Jul-15 10 1 10 25.0 Final 4.0

Shaily Engineer. 30-Jul-15 20 2 10 441.0 Final 0.5

Minda Inds. 30-Jul-15 35 3.5 10 558.0 Final 0.6

Bhagiradha Chem. 30-Jul-15 10 1 10 102.1 Final 1.0

Nelcast 30-Jul-15 35 0.7 2 47.8 Final 1.5

MPS 30-Jul-15 70 7 10 844.5 Interim 0.8

Cadila Health. 30-Jul-15 240 12 5 1954.9 Final 0.6

Indiabulls Vent. 30-Jul-15 50 1 2 37.7 Interim 2.7

Volt.Transform. 30-Jul-15 100 10 10 735.3 Final 1.4

Motil.Oswal.Fin. 30-Jul-15 100 1 1 342.3 Final 0.3

Kirloskar Oil 30-Jul-15 250 5 2 286.0 Final 1.7

Gravita India 30-Jul-15 10 0.2 2 31.4 Final 0.6

Techno Elec. 30-Jul-15 75 1.5 2 529.5 Final 0.3

Indiabulls Hous. 30-Jul-15 450 9 2 717.5 Interim 1.3

MT Educare 30-Jul-15 20.5 2.05 10 114.5 Final 1.8

Zuari Agro Chem. 30-Jul-15 20 2 10 198.7 Final 1.0

SBICAP Securities Limited / 10

Weekly Wrap-up

Updated Corporate Actions:

Bonus:

Co_Name Ex Bonus Date Ratio

MBL Infrastructure 28-Jul-15 1:1 (one equity share for every equity share held)

Buyback offer:

Co-Name Offer Open Offer Close Buy Back Price (Rs.) Proposed Buy - No. of Shares CMP

Infinite Comp 6-Jul-15 5-Jan-16 220.0 1,450,000 216.5

Open offer:

Co_Name Start Date Close Date Offer Price(Rs.) Acquisition (No. of Shares) CMP (Rs.)

Unimode Overseas 14-Jul-15 27-Jul-15 5.0 1,302,732 3.3

B P Capital 16-Jul-15 29-Jul-15 10.0 783,068 20.3

Nylofils India 17-Jul-15 30-Jul-15 3.6 1,426,300 2.3

Onesource Techm. 21-Jul-15 3-Aug-15 6.0 1,688,050 3.8

PH Trading 21-Jul-15 10-Aug-15 34.0 96,000 2.7

Orient Abrasives 29-Jul-15 11-Aug-15 29.5 31,106,192 26.5

Parnami Credits 4-Aug-15 17-Aug-15 12.0 871,728 6.5

Jyoti 12-Aug-15 26-Aug-15 63.0 12,846,744 77.0

Apollo Finvest 12-Aug-15 31-Aug-15 23.5 748,200 15.2

Matru-Smriti Trd 17-Aug-15 31-Aug-15 110.0 443,722 15.8

McNally Bharat 20-Aug-15 2-Sep-15 100.0 13,154,393 96.7

Orosil Smith 28-Aug-15 16-Sep-15 10.7 1,652,640 15.4

IIFL Holdings 4-Sep-15 18-Sep-15 195.0 83,128,852 196.3

Bombay Swadeshi 7-Sep-15 21-Sep-15 126.0 1,031,357 142.3

Maha.Shree Umaid 2-Feb-15 1-Feb-16 90.0 6,528,600 88.2

SBICAP Securities Limited / 11

Weekly Wrap-up

Regd. Office: SBICAP Securities Limited, 191, Maker Towers 'F', Cuffe Parade, Mumbai 400 005

Tel.: 91-22-30273300 (Board) • Fax: (022) 30273420

Corporate Office: SBICAP Securities Limited, 2nd Floor, Mafatlal Chamber, N. M. Joshi Marg, Lower Parel (East), Mumbai 400 013. I Tel.: 91-22-42273300 / 3301 (Board)

For any information contact us:

Toll Free: 1800-22-33-45 I 1800-209-93-45 E-mail: helpdesk@sbicapsec.com I Web: www.sbismart.com

DISCLOSURES &DISCLAIMERS Analyst Certification: The views expressed in this research report (“Report”) accurately reflect the personal views of the research analysts (“Analysts”) employed by SBICAP Securities Limited (SSL) about any and all of the subject issuer(s) or company(ies) or securities. This report has been prepared based upon information available to the public and sources, believed to be reliable. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. The Analysts engaged in preparation of this Report or his/her relative:- (a) do not have any financial interests in the subject company mentioned in this Report; (b) do not own 1% or more of the equity securities of the subject company mentioned in the report as of the last dayof the month preceding the publication of the research report; (c) do not have any material conflict of interest at the time of publication of the Report. The Analysts engaged in preparation of this Report:- (a) have not received any compensation from the subject company in the past twelve months; (b) have not managed or co-managed public offering of securities for the subject company in the past twelve months; (c)have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) have not received any compensation for products orservices other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subjectcompany or third party in connection with the Report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the subject company

Name

Qualification

Designation

Ashu Bagri

B.Com

AVP - Technical Analyst

Amit Bagade

MBA

Technical Analyst

Rajesh Gupta

PGDBM (Finance)

Research Analyst

Vaibhav Joshi

MMS (Finance)

Research Associate

Rahul Meshram

MSc. (Finance)

Research Associate

Jaldeep Vaishnav

PGDBM (Finance)

Derivative Analyst

Hemang Gor

CFA (ICFAI)

Derivative Analyst Other Disclosures :

SBICAP Securities Limited (“SSL”),a full service Stock Broking company, is engaged in diversified financial services business including equity broking, DP services, distribution of Mutual Fund, insurance products and other financial products.SSL is a member of National Stock Exchange of India Limited and BSE Limited. SSL is also a Depository Participant registered with NSDL & CDSL. SSL is a large broking house catering toretail, HNI and institutional clients. It operates through its branches and authorized persons spread across the country and the clients are provided online trading through internet and offline tradingthrough branches and call & trade facility. SSL is a wholly owned subsidiary of SBI Capital Markets Limited (“SBICAP”), which is engaged into investment banking, project advisory and financial services activities and is registered with the Securities and Exchange Board of India as a “Category I” Merchant Banker. SBICAP is a wholly owned subsidiary of State Bank of India. Hence, State Bank of India and all its subsidiaries, including, SBICAP and banking subsidiaries are treated and referred to as Associates of SSL.

SBICAP Securities Limited / 12

Weekly Wrap-up

We hereby declare that our activities were neither suspended nor we have materially defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advice letters or levied minor penalty for certain procedural lapses. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. SSL or its Associates, may: (a) from time to time, have long or short position in, and buy or sell the securities of the company mentioned in the Report or (b) be engaged in any other 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 discussed herein or act as an advisor or lender/borrower to such company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

SSLdoes not have actual / beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the Report.However, since Associates of SSL are engaged in the financial services business, they might have in their normal course of business financial interests or actual / beneficial ownership of one per cent or more in various companies including the subject company mentioned herein this Report. SSL or its Associates might have managed or co-managed public offering of securities for the subject company in the past twelve months and might have received compensation from the companies mentioned in the Report during the period preceding twelve months from the 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 services in a merger or specific transaction.

Compensation paid to Analysts of SSL is not based on any specific merchant banking, investment banking or brokerage service transaction. SSL or its Associate did not receive any compensation or any benefit from the subject company or third party in connection with preparation of this Report. This Report is for the personal information of the authorized recipient(s) and is not for public distribution and should not be reproduced, transmitted or redistributed to any other person or in any form without SSL’s prior permission. The information provided in the Report is from publicly available data, which we believe, are reliable. While reasonable endeavors have been made to present reliable data in the Report so far as it relates to current and historical information, but SSL does not guarantee the accuracy or completeness of the data in the Report. Accordingly, SSL or any of its Associates including directors and employees thereof shall not be in any way responsible or liable for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this Report or in connection with the use of this Report. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian securities market. The projections and forecasts described in this Report should be carefully evaluated as these : 1. Are based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. 2. Can be expected that some of the estimates on which these were based, will not materialize or will vary significantly from actual

results, and such variances may increase over time. 3. Are not prepared with a view towards compliance with published guidelines or generally accepted accounting principles. No

independent accountants have expressed an opinion or any other form of assurance on these. Should not be regarded, by mere inclusion in this report, as a representation or warranty by or on behalf of SSL the authors of this report, or any other person, that these or their underlying assumptions will be achieved.

This Report is for information purposes only and SSL or its Associates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Though disseminated to recipientssimultaneously, not all recipients may receive this report at the same time. SSL will not treat recipients as clients by virtue of their receiving this report.It should not be construed as an offer to sell or solicitation of an offer to buy, purchase or subscribe to any securities this report shall not form the basis of or be relied upon in connection with any contract or commitment, whatsoever. This report does not solicit any action based on the material contained herein.

It does not constitute a personal recommendation and does not take into account the specific investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this Report may not be suitable for all the investors. SSL does not provide legal, accounting or tax advice to its clients and you should independently evaluate the suitability of this Report and all investors are strongly advised to seek professional consultation regarding any potential investment.

Certain transactions including those involving futures, options, and other derivatives as well as non-investment grade securities give rise to substantial risk and are not suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment.

SBICAP Securities Limited / 13

Weekly Wrap-up

The price, value and income of the investments referred to in this Report may fluctuate and investors may realize losses on any investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in projections. SSL has reviewed the Report and, the current or historical information included here is believed to be reliable, the accuracy and completeness of which is not guaranteed. SSL does not have any obligationto update the information discussed in this Report. The opinions expressed in this report are subject to change without notice and SSL or its Associates have no obligation to tell the clients when opinions or information in this report change. This Report has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority in India, United Kingdom or Singapore or by any Stock Exchange in India, United Kingdom or Singapore. This report may not be all inclusive and may not contain all the information that the recipient may consider material. The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this Report are organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. Distributing /taking/sending/dispatching/transmitting this document in certain foreign jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Failure to comply with this restriction may constitute a violation of laws in that jurisdiction.

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Legal Entity Disclosure Singapore: This Report is distributed in Singapore by SBICAP (Singapore) Limited (Registration No. 201026168R), an Associate of SSL incorporated in Singapore. SBICAP (Singapore) Limited is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services License and an Exempt Financial Adviser in Singapore. SBICAP (Singapore) Limited’s services are available solely to persons who qualify as Institutional Investors or Accredited Investors (other than individuals) as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) and this Report is not intended to be distributed directly or indirectly to any other class of persons. Persons in Singapore should contact SBICAP (Singapore) Limited in respect of any matters arising from, or in connection with this report via email at singapore.sales@sbicap.sgor by call at +65 6709 8651..

United Kingdom: SBICAP (UK) Limited, a fellow subsidiary of SSL, incorporated in United Kingdom is authorised and regulated by the Financial Conduct Authority. This marketing communication is being solely issued to and directed at persons (i) fall within one of the categories of “Investment Professionals” as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) fall within any of the categories of persons described in Article 49 of the Financial Promotion Order (“High net worth companies, unincorporated associations etc.”) or (iii) any other person to whom it may otherwise lawfully be made available (together “Relevant Persons”) by SSL. The materials are exempt from the general restriction on the communication of invitations or inducements to enter into investment activity on the basis that they are only being made to Relevant Persons and have therefore not been approved by an authorised person as would otherwise be required by section 21 of the Financial Services and Markets Act 2000 (“FSMA”).