research scorecard mar15.ppt

Research ScorecardMarch 2015

Key pillars of our equity proposition

Intensive Research

Dedicated team for fundamental, derivative

and technical researchOffer innovative and unique products

to cater to every client’s need

Innovative & flexible products

Total 35 fundamental research analysts

covering 213 companies across sectors

Customised research solutions – for

investing or trading using cash, equities or

Provide flexibility in product and

service features

Execution

M i

Strong service platform

g g g , q

derivatives

Institutional & Corporate Services

Margins

Liquidity

Dedicated equity advisors to guide you on

the markets

Online and mobile platforms for trading

and account tracking

Institutional services offered to our HNI

clients

Block deals

and account tracking

Online reporting systems for tracking

transactions, profitability, securities

position and cash movement

VWAP trading

Compliance reporting and monitoring

services for employee accounts

22

Research Philosophy

33

Stock selection basis

Fundamentals

Financials of the company

Momentum

Stock price movement vis-à-vis market

Growth prospects of the industry and

company

Quality of management

Competitive landscape

and historical averages

Transaction volume

Competitive landscape

Valuations

Stock price vis à vis:

Technicals

Chart based parametersStock price vis-à-vis:

Peers

Earnings quality

Intrinsic value

Chart based parameters

Moving average price

Trend reversals

Historical cycles

Patterns

44

Research catering to client needs

Long term Investing

Fundamentals Momentum Technicals

Medium term Investing

Investing

Short term T di

Investing

Trading

Intra – day TradingTrading

High Low Absent

55

High Low Absent

Research basket

Long term Investing

Three to five years perspective – Equity model portfolio

Twelve to 15 month perspective – Detailed company reports

Medium term Investing

InvestingOthers – Muhurat Picks and Annual Strategy Picks

Three months perspective

Pi k f h W k

Short term T di

Investing Pick of the Week

Seven to 30 days perspective

Monthly and Weekly Calls – Technical & DerivativesTrading

Intra – day Trading

Stocks on the Move, Positional Derivatives and Volatility Insight

One to three days perspective

Daily Calls – Technical, Momentum and DerivativesTrading

y

Intra-day Calls – BTST, Margin and Derivatives

66

Research Performance – Long Term Investing

77

Detailed Company Coverage

Overall Basket

Coverage: 213 companies

Target achieved: 146 companies (69% strike rate)g p

88

Nano Nivesh

Initiated: 16 companies

Company Initiation price CMP Fair Value Return (%) Comment Date of initiation

Atul Auto* 48 575 800 1097.9

The initiation fair value price had been achieved on November 29, 2012. This was | 80-90.Then, subsequently, we upgraded it to | 103, | 140, | 283, | 350, | 564 and recently | 800.We, thus, continue to advise our long term investors to hold the stock. Fresh investments

14-Sep-12We, thus, continue to advise our long term investors to hold the stock. Fresh investmentscan be made in the stock on any dips

Siyaram Silk Mills 306 990 1150 223.5

The initiation fair value has been achieved and we have upgraded the fair value (which wasalso achieved). Considering the long-term growth prospects, we have further upgraded thefair value that has also been achieved. We remain positive considering the relativelyinexpensive valuations. We have introduced our FY17E estimates and revised the targetprice upwards to | 1150 and maintain our BUY rating on the stock

13-Dec-12

p ce up ds o 50 d ou U g o e s oc

Setco Automotive 108 277 191 156.5

Our initiation fair value for the stock was | 140-150. However, after the stock had fallen to~| 65, we had asked our investors to average and revised our target price to | 102, whichhas been achieved. The stock has had a strong run up over the past month and aftersurpassing fair value, we recommended that investors book profit

20-Mar-13

D-Link is very well placed to zero in on the upcoming internet boom in India with itsf li f i i d ff i Th i d EBITDA

D-Link India 27 167 223 518.5portfolio of innovative product offerings. The company is expected to post revenue, EBITDAand PAT growth of 21.0%, 45.2% and 48.0% FY14-17E CAGR to | 861.4 crore, | 66.5 croreand | 44.0 crore by FY17E, respectively. We re-value the stock at 18x FY17E P/E and arriveat a revised target price of | 223. We maintain BUY rating

20-Mar-13

The stock has run up substantially in the past six months and is richly valued at this price.We believe WPL may face a challenge to improve the EBITDA margin to the historical level( 18%) d t t i t d t li d hi h ti f t di i th

Wim Plast 329 1444 1425 338.9(~18%) due to entry into new product lines and higher proportion of trading revenue in thetopline. At the CMP, the stock is trading at 20x FY16E and 17x FY17E earnings. Wewe roll over our valuation on FY17E and value the stock at 16x FY17E earnings with arevised target price of | 1425/share and a HOLD rating

2-Apr-13

* Stock price adjusted for share split

99

Nano Nivesh


Butterfly Gandhimathi 204 219 280 7.4

Our initiation fair value has been achieved. Post coming out of BIFR, the company recordedhealthy revenue growth led by capacity expansion, government orders, entry into newmarkets and addition of new SKUs. BGAL is trading at a discount to its peers (TTK Prestige,Hawkins Cookers) We expect BGAL’s revenues to grow 80% YoY in FY16E driven by

3-Mar-14Appliances #

Hawkins Cookers). We expect BGAL s revenues to grow 80% YoY in FY16E driven bygovernment orders (| 510 crores) with PAT of | 33.9 crores vs. a subdued FY15E (PAT | 5.7crore). We maintain BUY with a revised target price of |.280 (14.0x FY17E EPS of |20).

Camlin Fine Sciences *

47 98 78 108.5

Our initiation fair value has been achieved. Consequently, we had upgraded our target priceto | 78, which was achieved again. We highlight that the strong growth potential from theforay in Diphenol downstream (especially Vanillin) and improvement in yields is yet to playout Therefore we believe the stock still has a strong growth trajectory and long term value

17-Jun-14out. Therefore, we believe the stock still has a strong growth trajectory and long term valuepotential. We advise long term investors to continue to hold the stock

Accelya Kale 686 950 1050 38.5

Accelya Kale (AKL) is well positioned to capture the rising outsourcing opportunity in theairline IT space, helped by its global parent, Accelya group. AKL’s strong financialperformance (31% PAT CAGR during FY08-13), healthy balance sheet metrics (zero debt,asset-light and day sales outstanding: 40), attractive dividend payout (157%) & yield(~10%) and its unique value proposition make it an attractive investment story. We value

30-Jun-14

( 10%) and its unique value proposition make it an attractive investment story. We valueAKL at | 1,000-1,050, i.e. at 12.5-13x its FY16E EPS of | 80

Apcotex Industries 175 505 522 188.6

The report was initiated on July 18, 2014 at a recommendation price of | 175 and a targetprice of | 216-234.The initiation fair value price had been achieved on August 4, 2014. Wehad, subsequently, upgraded the target price to | 329, which has also been achieved. Thestellar performance in H1FY15 & strong growth potential have led us to upgrade the targetprice to | 522. We have advised all long-term investors to hold on to the stock

18-Jul-14

price to | 522. We have advised all long term investors to hold on to the stock

Sonata Software 120 178 170 48.3

Sonata Software (SSL) restructured its operations in 2012 to focus on the servicesbusiness, select verticals (travel, retail) and complex products (cloud). This led toimproved financial performance (| 78 crore PAT in FY14 vs. | 3 crore loss in FY12), healthybalance sheet metric and attractive dividend payout (50%). Our target price of | 170 hasbeen achieved.

12-Sep-14

# Initiation price revised downwards inline with new target price, * Stock price adjusted for share split

1010

Nano Nivesh


Mastek 317 416 600 31.2

We believe the insurance business post Agile acquisition and Cover-All merger could be aformidable player in the mid-market segment with Majesco’s US listing. We believe thecombined insurance business could be valued at 2.5x on Mcap/sales metric given deepermarket expertise and cross selling opportunities within the acquired clients while the

17-Sep-14market expertise and cross-selling opportunities within the acquired clients while theservices business could be valued at 3.5x trailing pro-forma EV/EBITDA

CCL Products 116 201 170 73.3

CCL Products, the largest producer and exporter of bulk instant coffee from India, hasexpanded its capacity ~10x to ~33000 MT (FY14) in the past two decades by expandingits footprint into three geographies, India (producing since 1995), Switzerland (entered inFY11) and Vietnam (set up in FY14). We believe CCL Products is all set to leverageincrease in capacity expansion into higher margin branded business operational & tax

8-Oct-14increase in capacity, expansion into higher margin branded business, operational & taxbenefits from Vietnam, decline in debt to equity to 0.1x by FY17E (0.7x in FY14) andimprovement in return ratios.

EPC Industrie 150 163 228 8 7

EPC Industrie (EPC) is a micro-irrigation system (MIS) and component manufacturer basedout of Maharashtra. The company was acquired by M&M in February 2011 and has beenwell capitalised over the years by M&M (net cash of ~| 8 crore in FY14 vis-à-vis net debtof ~| 30 crore in FY10) On the back of the government’s thrust on augmenting MIS reach & 27 Nov 14EPC Industrie 150 163 228 8.7 of ~| 30 crore in FY10). On the back of the government s thrust on augmenting MIS reach & strong parentage (M&M), we have built in sales, PAT CAGR of 15%, 35%, respectively, inFY14-17E, albeit on a low base. We expect EPC to clock sales, PAT of | 264 crore, | 19crore, respectively in FY17E (| 175 crore, | 8 crore in FY14)

27-Nov-14

Gandhi Special Tubes (GST) is a leading manufacturer of small diameter seamless andwelded steel tubes, which find application in automotive, hydraulics, refrigeration(condenser tubes) and other engineering services GST realises ~| 30 crore of sales (i e

Gandhi Special Tubes

240 262 320 9.2

(condenser tubes) and other engineering services. GST realises ~| 30 crore of sales (i.e.33% of total sales) from fuel injection tubes for CVs, in which GST enjoys a virtualmonopoly. GST has a lean balance sheet with no debt and net cash & investments of | 65crore as of FY14. With the CV cycle on the cusp of a cyclical recovery and the expectedrevival in construction/mining activity, we expect GST’s sales and PAT to grow at a CAGRof 16.8% and 23.9%, respectively, in FY14-17E

6-Jan-15

1111

Nano Nivesh


Pitti Laminations 120 133 168 10 8

Pitti Laminations (Pitti) is a leading manufacturer of electrical steel laminations, motorcores, sub-assemblies, die-cast rotors and press tools. These products find application inbasic capital goods products viz. motors and alternators, which are the quintessentialproducts used in process engineering With the domestic capex cycle at the cusp of a 13 Mar 15Pitti Laminations 120 133 168 10.8 products used in process engineering. With the domestic capex cycle at the cusp of acyclical recovery and good exports visibility, we expect Pitti’s sales and PAT to grow at aCAGR of 21% and 62%, respectively, in FY14-17E. We have valued Pitti at | 160-175, i.e.12.0x-13.0x P/E on FY17E EPS of | 13.5/share

13-Mar-15

MPS Ltd, earlier known as Macmillan Publishing, underwent a restructuring post itsacquisition by Adi BPO in 2011. Overall, MPS has the building blocks in place and is poisedto capture incremental opportunities in the publishing outsourcing space by leveraging its

MPS Ltd 880 1010 1300 14.8to capture incremental opportunities in the publishing outsourcing space, by leveraging itsvast service offerings, sticky client relationships and flawless execution.We value MPS at|1200-1300, i.e. 25-27x FY17E EPS of | 48.4, given healthy balance sheet metrics and highdividend payout (~75%)

24-Mar-15

1212

Equity Model Portfolio (rejigged on December 29, 2014) – Large CapEarlier NowName of the company Weightage(%)Consumer Discretionary 10United Spirits 2Tata Motors DVR 4Bajaj Auto 2Titan 2BFSI 27

Name of the company Weightage(%)Consumer Discretionary 12United Spirits 4Tata Motors DVR 4Bajaj Auto 2Titan 2BFSI 30BFSI 27

HDFC 6HDFC Bank 6SBI 8Axis Bank 7Power, Infrastructure & Cement 13L & T 8UltraTech Cement 5

BFSI 30HDFC 8HDFC Bank 7SBI 8Axis Bank 7Power, Infrastructure & Cement 15L & T 8UltraTech Cement 7

FMCG 10ITC 10Metals & Mining 4NMDC 4Oil and Gas 14Reliance 11Gail 3Pharma 5

FMCG 8ITC 8Metals & Mining 4Tata Steel 4Oil and Gas 8ONGC 6Gail 2Ph 5Pharma 5

Lupin 2Sun Pharma 3IT 12Infosys 3TCS 6Wipro 3Telecom 3

Pharma 5Lupin 2Sun Pharma 3IT 13Infosys 5TCS 5Wipro 3Telecom 3e eco 3

Bharti Airtel 3Media 2Zee Entertainment 2Total 100

Telecom 3Bharti Airtel 3Media 2Zee Entertainment 2Total 100

1313

Equity Model Portfolio (rejigged on December 29, 2014) – MidcapEarlier Now

Name of the company Weightage(%)Consumer Discretionary 20Bosch 6Cox & Kings Ltd 6Arvind 8IT 6

Name of the company Weightage(%)Consumer Discretionary 34Bosch 6Cox & Kings Ltd 6Arvind 6Voltas 8IT 6

Info Edge 6BFSI 16DCB 8IndusInd Bank 8FMCG 14Kansai Nerolac 8T Gl b l B 6

Voltas 8Castrol 8IT 6Info Edge 6BFSI 14CARE 6IndusInd Bank 8FMCG 8Tata Global Beverages 6

Pharma 6Natco Pharma 6Media 8PVR 8Capital Goods 6Cummins 6

FMCG 8Kansai Nerolac 8Pharma 6Natco Pharma 6Media 8PVR 8Capital Goods 6CRealty/Infrasturcture/Cement 24

JK Cement 6Container Corporation of India 6Oberoi Realty 6Shree Cement 6Total 100

Cummins 6Realty/Infrasturcture/Cement 18Heidelberg Cement 6Container Corporation of India 6Shree Cement 6Total 100

1414

Equity Model Portfolio (rejigged on December 29, 2014) – Diversified (1/2)Earlier Now

Name of the company Weightage(%)Consumer Discretionary 13United Spirits 1Tata Motors DVR 1Bajaj Auto 2Titan 3

Name of the company Weightage(%)Consumer Discretionary 19United Spirits 3Tata Motors DVR 3Bajaj Auto 1Titan 1

Bosch 2Cox & Kings Ltd 2Arvind 2BFSI 24HDFC 4HDFC Bank 4SBI 6

Bosch 2Cox & Kings Ltd 2Arvind 2Voltas 2Castrol 2BFSI 25HDFC 6

Axis Bank 5DCB 2IndusInd Bank 2Power, Infrastructure & Cement 16L & T 6UltraTech Cement 4JK Cement 2

HDFC Bank 5SBI 6Axis Bank 5CARE 2IndusInd Bank 2Power, Infrastructure & Cement 16L & T 6JK Cement 2

Container Corporation of India 2Oberoi Realty 2Shree Cement 2

6UltraTech Cement 5Heidelberg Cement 2Container Corporation of India 2Shree Cement 2

1515

# Indicative diversified portfolio has 70% weightage to large cap and 30% to midcap

Equity Model Portfolio (rejigged on December 29, 2014) – Diversified (2/2)Earlier NowName of the company Weightage(%)FMCG 11ITC 7Kansai Nerolac 2Tata Global Beverages 2Metals & Mining 3

Name of the company Weightage(%)FMCG 8ITC 6Kansai Nerolac 2Metals & Mining 3

Tata Steel 3NMDC 3

Oil and Gas 10

Reliance 8

Gail 2

Pharma 5

Lupin 1

Tata Steel 3

Oil and Gas 6

ONGC 4

Gail 1

Pharma 5

Lupin 1Sun Pharma 2

Sun Pharma 2Natco Pharma 2IT 10Infosys 2TCS 4Wipro 2Info Edge 2

Sun Pharma 2Natco Pharma 2IT 11Infosys 4TCS 4Wipro 2Info Edge 2Telecom 2

Telecom 2Bharti Airtel 2Media 4Zee Entertainment 1PVR 2Capital Goods 2Cummins 2

Telecom 2Bharti Airtel 2Media 4Zee Entertainment 1PVR 2Capital Goods 2Cummins 2Total 100

Total 100Total 100

1616

# Indicative diversified portfolio has 70% weightage to large cap and 30% to midcap

Equity Model Portfolio

Performance (return since inception)#

All three portfolios continue to outperform their respective benchmark indices, indicating that

our picks have been more consistent and stable vis-à-vis their respective indices on an average

87.0

113.2

96.0100

125

59.268.9

60.9

25

50

75

%

0Large Cap Midcap Diversified

Portfolio Benchmark

As on March 31, 2015

# includes the dividend yield

1717

SIP in Model Portfolio

Value as on March 31, 2015

8 500 000

0 0 0652,

894

052

6,500,000

7,500,000

8,500,000|

4,60

0,00

0

4,60

0,00

0

4,60

0,00

0

6,63

0,55

7 8,

7,16

7,68

6,14

9,06

5

7,18

3,75

6,40

2,62

8

3,500,000

4,500,000

5,500,000

Largecap Midcap Divesified

SIPs in all three portfolios (large cap, midcap and diversified portfolio) continue to outperform

their SIPs in the respective index

Largecap Midcap DivesifiedInvestment Value of Investment in Portfolio Value if invested in Benchmark

their SIPs in the respective index

Assuming | 1,00,000 invested as SIP at the end of every month

Start date of SIP is June 30, 2011

1818

Muhurat Picks – Recommended in October, 2014

Recommended on October 10, 2014

Scrip Name Reco price Exit price/CMP Return (%) Status Target High since recommendationExide Industries 169 186 10 1 Open 220 201Exide Industries 169 186 10.1 Open 220 201Kansai Nerolac* 192 233 21.3 Booked Profit 240 248Maharashtra Seamless 335 215 -35.8 Open 430 341Rallis India 246 230 -6.5 Open 302 297State Bank of India* 246 323 31.5 Booked Profit 323 336SKF India 1144 1450 26.7 Booked Profit 1448 1510Ultratech Cement 2550 3220 26 3 Booked Profit 3180 3398

* stock price adjusted for share split

Ultratech Cement 2550 3220 26.3 Booked Profit 3180 3398

1919

Yearly Strategy picks – Fundamental

Recommended on December 29, 2014

Scrip Name Reco Price Exit price/CMP Return (%) Status Target High since recommendationCARE 1418 1748 23.3 Open 2175 1725C t l I di 501 470 6 2 O 611 524Castrol India 501 470 -6.2 Open 611 524Container Corporation of India 1328 1670 25.8 Booked profit 1670 1650Gujarat Pipavav Port 191 246 28.8 Booked profit 221 248Heidelberg Cement 82 79 -3.7 Open 105 90Infosys Ltd 1958 2198 12.3 Open 2400 2336SKF India 1334 1522 14.1 Open 1568 1510State Bank of India * 308 276 10 4 Open 374 336State Bank of India * 308 276 -10.4 Open 374 336Ultratech Cement 2645 3220 21.7 Booked profit 3240 3398Voltas 235 296 26.0 Open 348 286

* stock price adjusted for share split

2020

Yearly Technical picks

Technical Outlook 2015

Rec. Date Stock Recommended Rec Price Target Stoploss % Profit/Loss Comment15-Dec-14 GIC Housing 177.00 320 144 53.0 Book profit at 270g p18-Dec-14 BEL 2730.00 3650 2235 34.0 Target Achieved17-Dec-14 Asahi India glass 112.00 168 80 32.0 Book 50% profit at 148.0018-Dec-14 Alstom India 568.00 770 455 34.0 Target Achieved17-Dec-14 BHEL 244.00 320 195 22.0 Book profit at 297.0017-Dec-14 Ramco Cement 300.00 420 238 Open17-Dec-14 Federal Mogul Gotze 375.00 520 295 Open

• Recommendations: 9

18-Dec-14 Exide 166.00 235 135 Open18-Dec-14 Nilkamal 462.00 660 375 Open

• Open: 4

• Exit at cost: 0

S ik R• Strike Rate: 100%

• Average return on positive calls: 35%

21

Research Performance – Medium Term Investing

2222

Techno Funda picks

As on Date Performance

Recommendations: 51

Open: 2p

Strike Rate: 83%

Average Return on positive calls: 22.0%

Average Return on negative calls: -5.0%

2323

Research Performance – Short Term Trading

2424

Stock Picks: Stocks that can weather election volatility….


Recommendations : 25

Exit at cost: 1

Strike rate:100%

Average return on positive calls: 14.1%

2525

Stock Picks: Riding the new wave of change….



Strike rate: 100%


2626

Technical Delivery Call

March Performance


Open: 2Open: 2

Exit at cost: 1

Strike rate: 64%


Average return on negative calls: -4.5%

Year to date Performance


Open: 2

Exit at cost: 11

S ik 74%Strike rate: 74%

Average return on positive calls : 12.0%

Average return on negative calls : -5.7%

2727

Monthly Technical Sectoral

March Performance

Recommendations : 8

Open : 0Open : 0

Exit at Cost: 0

Strike rate: 63%

Average return on positive cash calls: 15%




Open : 0

Exit at cost: 1

St ik t 79%Strike rate: 79%



2828

Monthly Call

March Performance

Recommendations : 1

No Trade: 0No Trade: 0

Open: 0

Strike Rate: 0%





No Trade: 4

Open: 0

Strike Rate: 60%



2929

Stock on the Move


Open: 3


Exit at cost : 2

Strike Rate: 86%


A t ti ll 6 5%Average return on negative calls : -6.5%

30

Gladiator Stocks


Open: 4


Exit at cost : 0

Strike Rate: 85%


A t ti ll 10 0%Average return on negative calls : -10.0%

31

Weekly Call

March Performance

Recommendations: 8

No Trade: 3

Exit at cost : 0

Strike Rate: 60%




R d ti 90Recommendations : 90

No Trade: 30

Exit at cost: 7

Open : 0p

Strike rate: 66%



3232

Weekly Technical Calls

March Performance

Recommendations: 3

Open: 0p

Exit at cost: 0

Strike Rate: 0%

Average return on positive cash calls : 0.0%

Average return on negative cash calls : -4.2%


R d i 71Recommendations : 71

Open: 0

Exit at cost: 7

Strike rate: 81%St e ate 8 %

Average return on positive cash calls : 12.5%

Average return on negative cash calls : -4.4%

3333

Monthly Derivatives

March Performance

Recommendations: 6

Strike Rate: 50%Strike Rate: 50%

Average return on positive calls: 7%

Average return on negative calls : 9.5%

Performance (FY 15)

Recommendations: 64

Strike Rate: 80%

Average Return on positive calls: 9%

A fi ll | 20750Average profit per call: | 20750

3434

Stock trader

March Performance

No. of Calls : 8

Positive Payoff: 3

Open : 4

Strike rate: 75%

Average return on positive call : 9.5%

Average return on negative call : (9%)Average return on negative call : (9%)

Performance (FY15)

Number of strategies recommended: 126

Positive payoff: 94p y

Open : 6

Exit in loss /Stop loss : 26

Strike rate: 78%

Average return on positive call : 10%

Average Profit per call : | 20700

3535

Quant Pick

March Performance

No. of Calls : 3

Positive Payoff: 0

Open : 2

Strike rate: 0%

Average return per call : (9%)

Performance (FY15)


Positive payoff: 19

Closed in loss : 5

Open : 3

Strike rate: 79%

A i i ll 9%Average return on positive call: 9%

3636

Volatility Insights

March Performance

No. of Calls : 1

Strike rate : 0%

Average return on calls : -3000

Performance (FY15)


Positive payoff: 32

Closed in loss : 12

Strike rate: 73%

Average return per call: | 7100

3737

Global Derivatives

March Performance

No. of Strategies: 6

Positive payoff : 5

Strike rate : 83%

Average profit on Positive Calls: | 3300

Performance (FY15)


Positive payoff: 49

Strike rate: 77%

Average return per call : | 1800

3838

Alpha Trader

March Performance

No. of Strategies: 4

Strike rate : 100%

Average profit on calls : | 10425

Performance (FY15)


Positive payoff: 22

Strike rate: 79%

Average return on calls : | 6432

3939

Weekly Derivative Calls

March Performance


Positive payoff: 3p y

Not initiated/ Exit : 2

Strike rate: 75%

Net profit : | 18875

Average profit on calls: | 4719

Performance (FY15)


Positive payoff: 59

Exit in loss/Stop loss Triggered: 20

Strike rate: 71%Strike rate: 71%

Net profit: | 273162

Average profit per call: | 3069

4040

Yearly Derivatives

2015 Performance

Recommendations: 6


Positive Payoffs : 4

Average Return on positive calls: 19%

Positional Nifty strategies

2015 Performance

Recommendations: 11

Strike Rate: 82%

Positive Payoffs : 9

Average Return on calls:| 1800

4141

Currency Derivatives

March Performance

Recommendations: 65


Performance (FY15)

Recommendations: 760

Strike Rate: 79%

42

Research Performance – Intra Day Trading

4343

Trading Calls

March Performance

Strike rate of 68%

Trading Derivatives/Margin CallsTotal calls 474Positive Payoff 318Open 8Open 8Strike rate 68%

4444

Disclaimer

ANALYST CERTIFICATIONANALYST CERTIFICATIONWe /I, Pankaj Pandey, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed inthis research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensationwas, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stockbrokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest privatesector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance,g g g , g , , g ,venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets inIndia. We and our associates might have investment banking and other business relationship with a significant percentage of companiescovered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and theirrelatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The reportand information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way,transmitted to copied or distributed in part or in whole to any other person or to the media or reproduced in any form without priortransmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without priorwritten consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities isunder no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may preventICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and suchsuspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might beacting in an advisory capacity to this company, or in certain other circumstances.This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification hasbeen made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall

b d id d ff d li i i f ff b ll b ib f i i h fi i lnot be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financialinstruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICISecurities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal,accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. Thesecurities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investmentdecisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken insubstitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks.The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICIS iti t li biliti h t f l d f ki d i i t f th f thi t P t f i tSecurities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is notnecessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated beforeinvesting in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements arenot predictions and may be subject to change without notice.ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might havebeen mandated by the subject company for any other assignment in the past twelve months.

45

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period

Disclaimer

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the periodpreceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporatefinance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.ICICI Securities or its associates might have received any compensation for products or services other than investment banking ormerchant banking or brokerage services from the companies mentioned in the report in the past twelve months.ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of researchreport. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report orthird party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have anymaterial conflict of interest at the time of publication of this report.It is confirmed that Pankaj Pandey, Research Analyst of this report has not received any compensation from the companies mentionedin the report in the preceding twelve months.Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage servicetransactions.ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Companymentioned in the report as of the last day of the month preceding the publication of the research report.Si i f ICICI S i i d i i fi i l i b i h i h h fi i l i b fi i lSince associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficialownership in various companies including the subject company/companies mentioned in this report.It is confirmed that Pankaj Pandey, Research Analyst do not serve as an officer, director or employee of the companies mentioned in thereport.ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presentedin this report.

N i h h R h A l ICICI S i i h b d i k ki i i f h i i d i hNeither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in thereport.We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting EquityResearch Analysis activities.This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in anylocality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulationor which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securitiesdescribed herein may or may not be eligible for sale in all jurisdictions or to certain category of investors Persons in whose possessiondescribed herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possessionthis document may come are required to inform themselves of and to observe such restriction.

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