A Weekly Update from SMC 2021: Issue 789, Week: 24th - 28th May (For private circulation only) Brand smc 572

From The Desk Of Editor Contents n the week gone by, global stock market witnessed volatile trade as investors Equity 4-7 reacted to inflation overseas and the Federal Reserve hinting it may consider Derivatives 8-9 altering monetary policy sooner rather than later. Moreover, Fed minutes signalled Commodity 10-13 I a plausible slowdown in bond buying “at some point”, a shift in policy in the future, Currency 14 which will have an implication on EMs. Meanwhile, U.S. Treasury yields fell after a IPO 15 weaker-than-expected U.S. business activity reading. The number of Americans filing FD Monitor 16 new claims for unemployment benefits dropped further below 500,000 last week, but Mutual Fund 17-18 jobless rolls swelled in early May, which could temper expectations for acceleration in employment growth this month. U.K. data showed consumer prices rose 1.5% on the SMC GLOBAL SECURITIES LTD. year in April, twice the rate of inflation reported in March. China, the world's biggest REGISTERED OFFICES: metal user, said that it would strengthen its management of commodity supply and 11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005. demand to curb "unreasonable" increases in prices. Japan's government reported that Tel: 91-11-30111000, Fax: 91-11-25754365 exports rose 38 percent in April from a year earlier while imports climbed nearly 13 MUMBAI OFFICE: Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , percent, indicating a recovery in overseas demand even as the country weathers its Graham Firth Steel Compound, Off Western Express Highway, worst bout of coronavirus outbreaks so far. Exports to the US rose 45 percent while Jay Coach Signal, Goreagon (East) Mumbai - 400063 those to China jumped nearly 34 percent in a strong rebound after last year's shocks Tel: 91-22-67341600, Fax: 91-22-67341697 from lockdowns and other precautions taken to curb the pandemic. KOLKATA OFFICE: 18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001 Domestic stock market moved higher due to reduction is COVID cases in India and on Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004 the news that the Reserve Bank of India Central Board has approved transfer of Rs AHMEDABAD OFFICE : 99,122 crore as surplus to the central government amid some positive global cues. 10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, C G Road, Ahmedabad-380009, Gujarat Bank and financial stocks were among the best gainers in domestic markets. RBI has Tel : 91-79-26424801 - 05, 40049801 - 03 also decided to maintain the Contingency Risk Buffer at 5.50 per cent. Wholesale CHENNAI OFFICE: price inflation soared to an 11-year high of 10.5% in April, compared to 7.4% in March. Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, As per Nomura, Indian economy to contract by only 3.8% in June quarter as compared Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111 with March. Meanwhile, participants should keep a close eye on the global cues and

SECUNDERABAD OFFICE: COVID-related updates. 315, 4th Floor Above CMR Exclusive, BhuvanaTower, On the commodity market front, CRB looked exhausted on bumpy move in Crypto S D Road, Secunderabad, Telangana-500003 currencies amid geopolitical tension and other issues. Dollar index breached the mark Tel : 040-30031007/8/9

DUBAI OFFICE: of 90 after hitting high of 93.5. Losses in crude prices accelerated after the BBC 2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers, reported that "significant progress" has been made to broker an agreement between PO Box 117210, Dubai, UAE Iran and the U.S. in nuclear talks, which could lead to a lifting of U.S. sanctions that Tel: 97145139780 Fax : 97145139781 allows Iran to increase its crude exports. Crude oil may trade in a range of 4400-4950 Email ID : [email protected] [email protected] levels. Natural gas should rebound from the lower range; however the upside should be capped near 242-245 levels. Base metals should take some support from the lower Printed and Published on behalf of levels after a jerk from crypto currencies fall as the fundamentals are still strong and Mr. Saurabh Jain @ Publication Address the lower levels will attract the market players. In agri, oil seeds and pulses prices 11/6B, Shanti Chamber, Pusa Road, New Delhi-110005 Website: www.smcindiaonline.com may see correction as government has an eye on their availability scenario. More Investor Grievance : [email protected] imports will put pressure on the prices. Bullion counter will remain trade with firm

Printed at: S&S MARKETING sentiments on ongoing geopolitical situation amid falling dollar index.

B-26, Ground Floor, Patparganj Industrial Area, Delhi - 110092 (India)

Ph.: +91-11- 43035012, 42720372, Email: [email protected] (Saurabh Jain)

SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor. SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market. SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst. The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true. SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.

DISCLAIMER: This report is for informational purpose only and contains information, opinion, material obtained from reliable sources and every effort has been made to avoid errors and omissions and is not to be construed as an advice or an offer to act on views expressed therein or an offer to buy and/or sell any securities or related financial instruments, SMC, its employees and its group companies shall not be responsible and/or liable to anyone for any direct or consequential use of the contents thereof. Reproduction of the contents of this report in any form or by any means without prior written permission of the SMC is prohibited. Please note that we and our affiliates, officers, directors and employees, including person involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) may trade in this securities in ways different from those discussed in this report or (c) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instrument of the company (ies) discussed herein or may perform or seek to perform investment banking services for such Company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect of any recommendation and related information and opinions, All disputes shall be subject to the exclusive jurisdiction or Delhi High Court. SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals. EQUITY

NEWS TREND SHEET DOMESTIC Economy Stocks *Closing Trend Date Rate Support Resistance Closing Price Trend Trend S/l • India's wholesale prices increased in April. The wholesale price index increased 10.49 percent year-on-year in April, following a 7.39 percent rise Changed Changed in March. Economists had expected a 9.05 percent rise. The primary articles S&P BSE SENSEX 50540 UP 17.07.20 37020 46250 - 44200 price index grew 10.16 percent annually in April, following a 6.4 percent increase in the previous month. NIFTY50 15175 UP 17.07.20 10901 13600 - 13000 Engineering NIFTY IT 26105 UP 05.06.20 13665 24000 - 23000 • Larsen & Toubro has transferred its digital transformation business NIFTY BANK 34607 UP 06.11.20 26799 31000 - 29000 undertaking, incubated and conducted as L&T-NxT (NxT Digital Business) to ACC 1965 UP 17.04.20 1173 1750 - 1700 Mindtree, a listed subsidiary of the Company, pursuant to the execution of a Business Transfer Agreement between L&T and Mindtree. BHARTIAIRTEL 531 DOWN 12.03.21 524 - 565 580 Oil & Gas BPCL 461 UP 15.01.21 415 415 - 400 • Hindustan Petroleum Corp.'s Mumbai refinery will start full-scale operation CIPLA 927 UP 09.04.20 580 860 - 840 at a higher capacity of 190,000 barrels per day (bpd) by end-June or in July. SBIN 401 UP 06.11.20 219 355 - 335 HPCL had fully shut the 150,000 bpd Mumbai refinery in western Maharashtra from April 1 for maintenance and capacity expansion. HINDALCO 390 UP 30.04.20 130 360 - 330 Pharmaceuticals ICICI BANK 642 UP 21.05.21 642 600 - 585 • Unichem Laboratories has received ANDA approval for its Amitriptyline HCl INFOSYS 1355 UP 30.04.20 716 1280 - 1260 Tablets USP, 10 mg, 25 mg, 50 mg, 75 mg, 100 mg and 150 mg from the United States Food and Drug Administration (USFDA) to market a generic version of ITC 209 UP 20.11.20 192 205 - 200 ELAVIL (Amitriptyline Hydrochloride) 10 mg, 25 mg, 50 mg, 75 mg, 100 mg L&T* 1418 DOWN 23.04.21 1323 - - 1430 and 150 mg of AstraZeneca Pharmaceuticals LP. MARUTI 6815 DOWN 26.02.21 6866 - 7000 7100 • AnupamRasayan has bagged orders worth Rs 540 crore from two multinational companies for supplying speciality chemicals. The tenure of NTPC 113 UP 05.02.21 100 95 - 92 the contract is for five years where life sciences related specialty chemicals ONGC 113 UP 27.11.20 79 97 - 94 will be provided to them by the company. RELIANCE 2003 DOWN 16.04.21 1932 - 2050 2080 Information Technology TATASTEEL 1113 UP 16.10.20 394 1040 - 980 • Happiest Minds Technologies announced entering into a Managed Service Provider (MSP) agreement with CyberArk, the global leader in Identity *LT has breached the resistance of 1400 Closing as on 21-05-2021 Security, to deliver end-to-end next-gen Privileged Access Management NOTES: 1) These levels should not be confused with the daily trend sheet, which is sent every morning by e-mail in the name services to customers across verticals and geographies. of "Morning Mantra ". Construction 2) Sometimes you will find the stop loss to be too far but if we change the stop loss once, we will find more strength coming into the stock. At the moment, the stop loss will be far as we are seeing the graphs on weekly basis and • ITD Cementation India announced the successful completion of entire taking a long-term view and not a short-term view. tunnel boring machine (TBM) tunnelling work by ITD - ITD Cem JV (of which the Company is a JV partner) in Kolkata Metro East West Corridor with the breakthrough of TBM "Urvi" at Bowbazar, Kolkata. This project is being executed for Kolkata Metro Railway Corporation, under the Ministry of Railways and has been completed efficiently in spite of challenging stretch of century old buildings and COVID scenario. FORTHCOMING EVENTS • NBCC and Suraksha group, which are on the fray to acquire Jaypee NSE Infratech Ltd (JIL) through an insolvency resolution process, have submitted Board Meeting Company Name Purpose their revised bids and have also clarified issues raised by financial creditors. The companies have also improved their offers, which were submitted to 24-May-21 Grasim Inds Accounts, Final Dividend the Committee of Creditors (CoC). 24-May-21 India Cements Quarterly Results Textile 24-May-21 Mahanagar Gas Quarterly Results, Dividend • SRF announced that the project of setting up of dedicated plants to produce 25-May-21 Bajaj Electrical Raising funds through Debt Instr. specialty chemicals has been commissioned and at an aggregate cost of Rs 25-May-21 Alkem Lab Quarterly Results, Final Dividend 53 crore. 26-May-21 Berger Paints Accounts, Dividend 26-May-21 Cummins India Accounts, Final Dividend INTERNATIONAL NEWS 26-May-21 Pfizer Accounts, Dividend • US initial unemployment claims in the U.S. fell to 444,000 last week, down 26-May-21 B P C L Dividend from a revised 478,000 claims in the previous week. Economists had expected unemployment claims to drop to around 450,000 in the week 26-May-21 Manappuram Fin. Accounts, Interim Dividend ending May 15th. 27-May-21 Eicher Motors Quarterly Results, Dividend • Eurozone's construction output rose in March after falling in the previous 27-May-21 G S F C Accounts, Dividend month. The construction output grew 2.7 percent month-on-month in 27-May-21 R C F Quarterly Results, Final Dividend, AGM March, after a 2.0 percent fall in February. In January, construction output 27-May-21 Sun Pharma.Inds. Quarterly Results, Final Dividend increased 0.7 percent. Production in building construction grew 1.3 percent monthly in March and output in civil engineering gained 9.4 percent. 27-May-21 Wockhardt Accounts, Raising funds. • Eurozone's current account surplus in March decreased from the previous 27-May-21 Page Industries Quarterly Results month. The current account surplus dropped to EUR 18 billion from EUR 26 28-May-21 Heidelberg Cem. Accounts, Dividend million in February. In the same month last year, the surplus was EUR 10 28-May-21 NCC Quarterly Results, Dividend billion. The goods trade surplus decreased to EUR 24 billion from EUR 33 28-May-21 Ipca Labs. Quarterly Results billion in the previous month. 28-May-21 Glenmark Pharma. Quarterly Results, Final Dividend • China kept its benchmark lending rates unchanged, as widely expected. The one- 1-Jun-21 ITC Quarterly Results, Final Dividend year loan prime rate was maintained at 3.85 percent and the five-year loan prime rate was kept unchanged at 4.65 percent. The one-year and five-year loan prime 1-Jun-21 Gujarat Gas Accounts rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 Ex-Date Particulars Dividend basis points and five-year rate by 10 basis points in April 2020. 24-May-21 Welspun India 15% Dividend • Japan fell further into deflation as overall consumer prices were down 0.4 25-May-21 TCS 1500% Final Dividend percent on year, the Ministry of Internal Affairs and communications, after slipping 0.2 percent in March. Core CPI, which excludes volatile food prices, 28-May-21 Tata Coffee 150% Dividend was steady at -0.1 percent on year. 28-May-21 Indiabulls Hous. 450% Interim Dividend • The value of core machine orders in Japan advanced a seasonally adjusted 31-May-21 H D F C 1150% Dividend 3.7 percent on month in March, standing at 798.1 billion yen. That missed 31-May-21 Infosys 300% Final Dividend expectations for an increase of 6.4 percent following the 8.5 percent 10-Jun-21 Asian Paints 1450% Final Dividend decline in February. 10-Jun-21 Tata Consumer 405% Final Dividend

4 EQUITY

INDIAN INDICES (% Change) SECTORAL INDICES (% Change)

4.50 7.00 3.92 4.00 3.51 6.00 5.71 3.50 3.23 5.37

3.00 5.00 4.19 2.50 4.00 2.12 3.48 2.00 3.21 1.71 2.99 1.56 3.00 1.50

1.00 2.00 1.43 1.12 0.50 1.00 0.70 0.00 Niy Sensex BSE Midcap BSE Smallcap Niy Next 50 S&P CNX 500 0.00

SMC Trend -1.00 -0.91 Nifty Sensex BSE Midcap BSE Smallcap Nifty Next S&P CNX 500 -1.08

-2.00 Auto Index Bankex Cap Goods Cons Durable FMCG Index Healthcare IT Index Metal Index Oil & Gas Power Index Realty Index Index Index Index Index GLOBAL INDICES (% Change) SMC Trend 2.00 Auto Cap Goods FMCG IT Oil & Gas 1.79 Bank Cons Durable Healthcare Metal Power Realty 1.51 1.50 1.33

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

3000.00 0.47 0.50 1948.48 2000.00 0.08 0.05 0.00 1000.00 618.49 613.26 449.52 -0.34 -0.50 71.04 0.00 -0.65

-1.00 -0.87 -1000.00 -697.75 Nasdaq Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai FTSE 100 CAC 40 -852.52 -876.06 Comp. Comp.

SMC Trend -2000.00 Nasdaq Nikkei Hang Seng FTSE 100 -2255.84 Dow jones Strait times Shanghai CAC 40 -2607.85 S&P 500 -3000.00 Friday Monday Tuesday Wednesday Thursday

Up Down Sideways FII / FPI Activity DII trading activity

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

12.00 12.00

10.00 9.43 10.00 9.50

8.29 8.33 8.00 8.00 6.67 6.69 5.82 6.00 5.78 5.18 6.00 5.19

4.00 4.00

2.00 2.00

0.00 0.00 -0.62 -1.06 -2.00 -1.38 -2.00 -1.78 -2.52 -2.47 -2.39 -2.25 -4.00 -4.00

-6.00 -6.00

-7.11 -7.09 -8.00 -8.00 IndusInd M & M St Bk of India Bajaj Auto Titan Bhar Airtel ITC Hind. O N G C Sun IndusInd M & M St Bk of India Bajaj Auto Titan Bhar Airtel ITC Tata Steel Britannia JSW Steel Bank Company Unilever Pharma.Inds. Bank Company Inds.

5 EQUITY Beat the street - Fundamental Analysis BRIGADEHEXAWARE ENTERPRISES TECHNOLOGIES LIMITED LIMITED CMP:CMP 266.00: 382.90 TargetTarget Price: Price: 309 441 Upside: 15%16% VALUE PARAMETERSVALUE PARAMETERS Investment Rationale most due to COVID-19 travel restrictions that are Face Value (Rs.) 10.00 Ÿ Brigade Enterprises Ltd reported an all-time high yearly still in place has reported a 43% average occupancy sales of 4.60 million Sqft with a total value of Rs 2,767 compared to 27% in the previous quarter with 52 Week High/Low 300.00/90.70 crore against Rs 2,377 core during the previous better traction in the Food and Beverage (F&B) and M.Cap (Rs. in Cr.) 5610.30 comparable period for the financial year ended March banquet business. 2021. Risk EPS (Rs.) 0.00 Ÿ The company also reported the highest ever presales Ÿ Economy slowdown P/E Ratio (times) 0.00 of 1.66 Mn Sqft valued at Rs 1,018 crore during Q4 Ÿ Regulatory, taxation and environmental risks P/B Ratio (times) 2.40 FY21. Brigade recorded growth of 26% with total quarter-on-quarter revenue growing from Rs 654 crore Valuation Dividend Yield (%) 0.36 in Q3 FY21 to Rs 821 crore in Q4 FY21. Total collections Despite businesses taking a hit due to the Covid-19 Stock Exchange BSE during FY21 were reported at Rs 2,712 crore compared pandemic, the company has witnessed robust sales to Rs 2,538 crore during FY20 an increase of 7%, driven by residential business along with continued % OF SHARE HOLDING despite the impact of the pandemic. The average cost stability in the commercial business. The of debt is at an all-time low of 8.40%. management hopes the strong pipeline of ongoing 19.27 12.01 Ÿ The residential cash inflow for Q4 FY21 stands at Rs and upcoming projects, and favourable market conditions will help maintain the momentum in the 20.54 Foreign 840 crore when compared to Rs 531 crore in Q3 FY21. Instuons Currently Brigade has approximately 18 Mn Sqft of coming months. Thus, it is expected that the stock Non Promoter Corporate Holding will see a price target of Rs.309 in 8 to 10 months time Promoters ongoing projects and 1.43 Mn Sqft of upcoming 48.03 Public & Others frame on a target P/BVx of 2.65x and FY22 BVPS of 0.15 projects. Rs.116.76. Ÿ The leasing segment of the commercial business of Brigade remains stable and positive with around 99% P/B Chart FINANCIAL PERFORMANCE collections. There has been an increased momentum 350.00 ` in cr in office leasing enquiries with an active pipeline of ~ ACTUAL ESTIMATE 1 Mn Sqft. On the retail side, malls witnessed an 300.00 FY Mar-20 FY Mar-21 FY Mar-22 increased occupancy and footfalls month-on-month, 250.00 Revenue 2632.16 1949.97 3059.29 consumption was back to 90% of pre-covid levels. 200.00 Ebitda 663.23 471.93 902.87 The company has a pipeline of 1.65 Mn Sqft office 150.00 space under construction. Ebit 471.19 235.00 487.18 100.00 Ÿ With real estate recovery sharply, its volumes have 50.00 Net Income 130.58 -46.32 214.95 seen a stupendous growth. The sales collection has 0.00 -20 -17 -17 -18 -19

EPS 6.34 -2.24 10.93 -18 -19 -16 -20 -21 -16 -17

also aided in reduction in net debt by ~240 crore QoQ y y eb-20 eb-18 eb-19 6-Jul-17 9-Jun-20 8-Apr 4-Sep-17 6-F 4-Aug-20 18-Jul-16 1-Nov

BVPS 111.61 111.31 116.76 9-Mar 10-Jan-17 22-Jan-21 22-Jun-18 17-Jun-19 22-Oct 15-Oct 26-Apr 15-Apr 15-Sep-16 26-F 14-F 29-Sep-20

to Rs. 3574 crore as on Q4FY21 end. 28-Dec-17 19-Dec-18 12-Dec-19 20-Aug-18 13-Aug-19 15-Nov 25-Nov 23-Mar 20-Ma 10-Ma RoE 6.79% - 8.02% Ÿ The hospitality business, which was impacted the 0.85 1.45 2.05 2.65 Close Price NCCHEXA LIMITEDWARE TECHNOLOGIES LIMITED CMP:CMP 88.10: 382.90 TargetTarget Price: Price: 99 441 Upside: 15%13% VALUE PARAMETERSVALUE PARAMETERS Investment Rationale company to negotiate further for the decline in the Ÿ interest rates which help the company to report Face Value (Rs.) 2.00 NCC Ltd is engaged in the infrastructure sector, primarily in the construction of industrial and good margins going forward. 52 Week High/Low 100.00/20.75 commercial buildings, housing, roads, bridges and Ÿ The company has spent about Rs.107 crore as flyovers, water supply and environment projects, capex to support the new projects and also there is M.Cap (Rs. in Cr.) 5372.75 railways, mining, power transmission lines, irrigation one big mining project of the size of 833 Crores so EPS (Rs.) 3.99 and hydrothermal power projects, real estate for which the company has procured the new development, etc. Apart from executing projects machinery. P/E Ratio (times) 22.08 across India, the company has a presence in the Middle Risk East through its subsidiaries in Muscat and Dubai. NCC P/B Ratio (times) 1.04 also has interests in road and energy projects through • Economy slowdown Dividend Yield (%) 0.26 its 62.1%-owned subsidiary NCC Infrastructure • Regulatory, taxation and environmental risks Holdings Limited and in real estate through its 80%- Valuation Stock Exchange BSE owned subsidiary NCC Urban Infrastructure. The company is doing well and the management of Ÿ During Q3FY21, the company has secured orders % OF SHARE% OF HOLDINGSHARE HOLDING the company, Government initiative towards the aggregating to Rs.11861 crore and total order book infra segment or infra industry would help to the stood at Rs.39182 crore as on 31st December 2020. company going forward to capture good number of The order book has increased by about 50% from the 14.46 orders. Moreover, the company has a record of previous order book which would help the company completing large-sized marquee projects within the 46.57 12.19 Foreign to improve its turnover. Besides, this has increased Instuons stipulated timelines, which enhances its chances to 7.08 the topline of the company in the year 2021 and it is Non Promoter Corporate Holding win repeat orders. Thus, it is expected that the stock expected that its topline will continue to grow in Promoters will see a price target of Rs.99 in 8 to 10 months time 19.68 2022 too. Recently, it has secured orders worth Rs Public & Others frame on a target P/BVx of 1.05x and FY22 BVPS of 530 cr out of which Rs 342 crore pertains to irrigation Rs.94.43. division, second order of Rs 188 crore pertains to buildings division. These orders are received from P/B Chart state government agencies and do not include any FINANCIAL PERFORMANCE internal orders. 250.00 ` in cr Ÿ ACTUAL ESTIMATE The order book of the company has diversified across 200.00 various divisions and according to the management FY Mar-20 FY Mar-21 FY Mar-22 of the company; it is giving good growth across 150.00 Revenue 8218.80 7212.56 10475.40 various divisions and facilitate the company to Ebitda 1030.15 865.95 1258.12 report much as well the good turnover going 100.00 forward. Ebit 852.63 676.58 1075.90 50.00 Ÿ The debt of the company is gradually reducing and Net Income 414.71 256.96 485.57 the management of the company expects it may 0.00 -20 -17 -17 -18 -19 -18 -19 -16 -20 -21 EPS 6.88 4.20 7.93 come down to Rs. 1750 Crores which may support the -16 -17 y y eb-20 eb-18 eb-19

company to reduce interest expense as far as the 6-Jul-17 9-Jun-20 8-Apr 4-Sep-17 6-F 4-Aug-20 18-Jul-16 1-Nov 9-Mar 10-Jan-17 22-Jan-21 22-Jun-18 17-Jun-19

BVPS 84.72 87.36 94.43 22-Oct 15-Oct 26-Apr 15-Apr 15-Sep-16 26-F 14-F 29-Sep-20 28-Dec-17 19-Dec-18 12-Dec-19 20-Aug-18 13-Aug-19 15-Nov 25-Nov 23-Mar credit rate is concerned, the company expects an 20-Ma 10-Ma RoE 8.41% 4.91% 8.73% improvement in the credit rating which helped the 0.40 1.05 1.70 2.35 Close Price Above calls are recommended with a time horizon of 8 to 10 months. Source: Company Website Reuters Capitaline

6 EQUITY

Shriram Transport Finance Company Limited (SRTRANSFIN)

The stock closed at Rs. 1478.75 on 21st May, 2021. It made a 52-week low at Rs. 517.40 on 22nd May, 2020 and a 52-week high of Rs. 1534.95 on 15th February, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs. 1146.34.

Short term, medium term and long term bias is looking positive for the stock as it is trading in rising channel. Apart from this, it has formed a “ Bull Flag” pattern on weekly charts which is considered to be bullish and is likely to close on verge of breakout of pattern along with very high volumes. So, further upside is expected from current levels. Therefore, one can buy in the range of 1460-1470 levels for the upside target of 1630-1660 levels with SL below 1400 levels.

Varroc Engineering Limited (VARROC)

The stock closed at Rs. 419.35 on 21st May, 2021. It made a 52-week low of Rs 127.00 on 27th May, 2020 and a 52-week high of Rs. 477.65 on 08th February, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs. 362.24.

As we can see on charts that stock is in uptrend as it is moving in higher highs and higher lows and formed a “Continuation Triangle” pattern on weekly charts, which is bullish in nature. Apart part from this, it has also formed an “Inverse Head and Shoulder” pattern on daily charts and has given the neckline breakout of pattern along with high volumes and also has managed to close above the same. So, buying momentum may continue for coming days. Therefore, one can buy in the range of 410-414 levels for the upside target of 460-470 levels with SL below 385 levels.

Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results. The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research. SOURCE: RELIABLE SOFTWARE

Charts by Reliable software

Above calls are recommended with a time horizon of 1-2 months

7 DERIVATIVES

WEEKLY VIEW OF THE MARKET Stunner rally was observed in Indian markets in the week gone by as Nifty surged towards ten week high while Bank Nifty outperformed all other sectors to reach two month high and closed above 34600 levels. All major banking names like HDFC twins, SBI, ICICI Bank & Axis Bank supported the upside move and boosted positive sentiments among traders. From derivative front, once again call writers were seen covering their short positions at 15100 & 15200 strike while put writers seen shifting at higher bands which points towards strength in current rally. The Implied Volatility (IV) of calls closed at 18.20% while that for put options closed at 19.52%. The Nifty VIX for the week closed at 19.65%. PCR OI for the week closed at 1.10. From technical front as well Nifty has given fresh breakout above the key resistance level of 15100 and can be seen trading in a rising channel with higher bottom formation. For upcoming week, it is expected that bulls are likely to remain in charge and keep control over markets. The next immediate hurdle is seen at 15250-15300 zone for Nifty while on downside 14950-14900 zone would be major support for next week.

DERIVATIVE STRATEGIES

BULLISH STRATEGY BEARISH STRATEGY ACC AXISBANK IGL

BUY APR 1980 CALL 21.50 BUY APR 740 CALL 7.80 BUY APR 500 PUT 6.10 OPTION SELL APR 2040 CALL 6.30 SELL APR 760 CALL 3.10 SELL APR 490 PUT 2.80 STRATEGY Lot size: 500 Lot size: 1200 Lot size: 1375 BEP: 1995.20 BEP: 744.70 BEP: 496.70

Max. Profit: 22400.00 (44.80*500) Max. Profit: 18360.00 (15.30*1200) Max. Profit: 9212.50 (6.70*1375) Max. Loss: 7600.00 (15.20*500) Max. Loss: 5640.00 (4.70*1200) Max. Loss: 4537.50 (3.30*1375)

M&M (MAY FUTURE) INDUSTOWER (MAY FUTURE) SRF (MAY FUTURE) Buy: Above `823 Sell: Below `241 Sell: Below `6383 FUTURE Target: `868 Target: `230 Target: `6145 Stop loss: `799 Stop loss: `247 Stop loss: `6505

NIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN NIFTY OPTION OI (IN QTY) (MONTHLY)

In lakhs In lakhs 50.00 25.00 45.64 45.00 19.30

40.85 20.00 40.00 17.86 14.99 14.97 34.54 14.16 34.08 35.00 15.00 13.94 32.51 12.38 30.11

30.00 27.93 27.43 9.68 26.76

10.00 8.35 24.09 25.00 7.40 6.41 22.17 5.52 18.56 18.51 20.00 5.00 3.79 2.53 2.37 15.22

15.00 13.33

10.77 0.00 9.11

10.00 8.02 7.21 0.27 0.34 0.39 0.83 - 0.89 - - 2.95

5.00 - - 2.56 -5.00 2.06 1.51 - 3.06 0.00 - 13000 13500 14000 14500 14700 14800 14900 15000 15100 15500 16000 13000 13500 14000 14500 14700 14800 14900 15000 15100 15500 16000 Call Put Call Put

BANKNIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN BANKNIFTY OPTION OI (IN QTY) (MONTHLY)

In 10,000 In 10,000 80.00 60.00 68.71 48.84 70.00 67.30 50.00 61.06 40.56 58.51 58.17 60.00 40.00 39.15 33.35 33.33 48.80 50.00 29.86 28.41 45.34 44.98

30.00 26.16 41.53 41.46 40.92 39.34 21.78 40.00 21.28 34.52

20.00 16.13

30.00 12.38 10.00 20.12 3.50 2.13 1.90 20.00 17.74 0.27 14.35 0.00 10.00 5.08 0.03 0.06 0.10 3.36 0.81 2.69 - - - 1.90 - 2.23 1.63 1.56 -10.00 0.92 - - 0.00 28000 31000 32000 32500 33000 33500 34000 34500 35000 36000 37000 28000 31000 32000 32500 33000 33500 34000 34500 35000 36000 37000 Call Put Call Put

8 DERIVATIVES

SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)

20-May 19-May 18-May 17-May 14-May 20-May 19-May 18-May 17-May 14-May DISCOUNT/PREMIUM 27.20 29.30 36.75 28.95 37.15 DISCOUNT/PREMIUM 111.15 115.55 122.80 89.60 95.65 COST OF CARRY% 0.90 0.88 0.87 0.85 0.82 COST OF CARRY% 0.91 0.89 0.88 0.92 0.89 PCR(OI) 1.10 1.43 1.49 1.55 1.50 PCR(OI) 0.83 1.10 1.22 1.20 1.05 PCR(VOL) 1.01 1.16 1.10 1.16 0.99 PCR(VOL) 0.86 0.98 1.04 1.03 0.88 A/D RATIO(NIFTY 50) 0.40 0.63 3.45 4.33 0.26 A/D RATIO(BANKNIFTY) 0.57 0.83 2.67 All Up 0.10 A/D RATIO(ALL FO STOCK)* 0.51 0.86 4.70 3.43 0.28 A/D RATIO(ALL FO STOCK)# 0.71 1.00 2.00 All Up 0.09 IMPLIED VOLATILITY 18.20 17.49 17.50 17.90 18.36 IMPLIED VOLATILITY 26.55 26.52 26.77 39.64 28.08 VIX 19.65 19.32 19.24 19.61 20.27 VIX 19.65 19.32 19.24 19.61 20.27 HISTORICAL VOLATILITY 27.73 27.78 27.84 27.85 27.84 HISTORICAL VOLATILITY 40.29 40.37 40.46 40.51 40.26

*All Future Stock #All Future Stock

FII’S ACTIVITY IN INDEX FUTURE FII’s ACTIVITY IN DERIVATIVE SEGMENT

In Cr. In Cr. 4000 10000 8254

3076 8000

3000 6906

6000 2000 4000 4026 3006

1000 886 2000 625 402 694 142 0 0 251 322 - -2000 - 556 -

-1000 1667 1848 - - 2252 961 2433 - - -4000 -

-2000 -6000 2220 - 6540

-3000 -8000 - 06-May 07-May 10-May 11-May 12-May 14-May 17-May 18-May 19-May 20-May 06-May 07-May 10-May 11-May 12-May 14-May 17-May 18-May 19-May 20-May

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng CUMMINSIND 852.50 4.31% 1722000 40.96% COFORGE 3332.00 -0.34% 1728375 90.22% BOSCHLTD 15925.75 15.21% 130050 21.94% PIIND 2597.45 -4.04% 610750 37.63% IOC 105.00 3.50% 74964500 13.34% MINDTREE 2099.30 -0.72% 1908000 36.17% M&MFIN 161.00 6.13% 34056000 12.92% BRITANNIA 3393.75 -3.17% 1845600 14.66% PAGEIND 29748.15 5.77% 69900 7.67% IGL 504.05 -1.62% 5374875 9.22% HINDPETRO 266.80 4.44% 28185300 7.23% GODREJCP 817.45 -4.38% 5221000 8.10% LALPATHLAB 2865.30 4.93% 558750 6.73% BHARTIARTL 522.75 -7.12% 101094216 6.90% TVSMOTOR 629.45 4.29% 4869200 6.17% PETRONET 237.20 -2.23% 16557000 2.62% BANKBARODA 76.90 3.71% 135954000 6.11% ICICIPRULI 544.40 -3.18% 7155000 2.19% TRENT 814.00 5.00% 975125 5.24% TCS 3057.10 -0.23% 5846100 1.52%

Note: All equity derivative data as on 20th May, 2021 **The highest call open interest acts as resistance and highest put open interest acts as support. # Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup # Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering

9 SPICES BULLIONS Turmeric futures (June) is expected to maintain its upside momentum & can Bullion prices on track for a third straight weekly rise on COMEX weaker dollar see 8700-9000 levels, taking support around 7800. In the present scenario, the and growing inflationary pressure amid geopolitical tension between Israel demand is stronger & buying interest is being witnessed from Bangladesh, and Palestine though the upside was capped as optimism around a swift Europe and Gulf countries. Taking positive cues from the overseas orders, the economic recovery lifted appeal for riskier assets. The dollar was pinned near prices of turmeric climbed ₹600 a quintal to ₹7,100 at Nanded Agricultural milestone lows against its rivals and was headed for a weekly loss. A weaker Produce Marketing Committee (APMC) yard since May 11, when the markets greenback makes the gold more appealing for other currency holders. Lower bond yields reduce the opportunity cost of holding non-interest-bearing gold. opened after being closed for over two weeks. Turmeric is delivered at ₹8,000- Japan's core consumer prices slid for the ninth straight month in April, as a 8,100 at Mumbai for export. Exporters are looking to pick up stocks from record slump in cellphone fees offset rising energy prices. Britain's economy Nanded in view of its quality. Arrivals in Nizamabad are almost over. They will grow much faster than expected this year as a fast-moving coronavirus might continue in Nanded and other Maharashtra markets over the next two to vaccine program allows businesses to re-open and lifts confidence, a Reuters two-and-a-half months as that crop arrives two-three months late. Jeera poll found. Fed minutes published on Wednesday showed “a number” of futures (June) is seen stabilizing near 13800 since past three months & day’s officials thought that if the recovery holds up, it might be appropriate to ahead it is expected to hold near this support level. The domestic demand as “begin discussing a plan for adjusting the pace of asset purchases”. Chatter well as the overseas enquiries is expected to catch up soon with the about tapering has impacted the sentiment in gold markets, now gold is resumption of business activities on the spot markets. The Unjha Agricultural trading near crucial resistance levels from a technical point of view. Gold Produce Market Committee has decided to conduct jeera auctions on prices hit their highest since Jan. 8 on Wednesday, but pared most of the gains alternate days in an effort to control the rise in COVID-19 cases in the market as the dollar index bounced off from a near three-month low and benchmark yard.the exchange quality jeera in Unjha, the benchmark market was sold at U.S. Treasury yields jumped after the Fed minutes were released. Ahead in 13,800-14,000 rupees per 100 kg. Arrivals were pegged at 9,000 bags (1 bag = this week, we may continue to witness huge volatility and gold may trade with 55 kg). Dhaniya futures (June) is expected to trade steady in the range of bearish bias but we may also witness buying from lower levels and range would 6700-7200 on fears of a supply crunch in markets continued to support prices. be 45100-49400 whereas, Silver may trade in the range of 67100-74200 levels. Key markets for the spice in Rajasthan are closed as the state is under Whereas on COMEX gold may trade in the range of $1800-$1920 and Silver may lockdown to curb the spread of COVID-19. trade in the range of $25.80-$29.10.

OIL AND OILSEEDS ENERGY COMPLEX Soybean futures (June) is looking bearish, and shall witness sell on rise to see Crude Oil prices fell over 5% week on week, after diplomats said progress was lower side levels of 6600-6400 levels. The Centre said it has chalked out a made toward a deal to lift U.S. sanctions on Iran, which could boost crude multi-pronged strategy to bring in additional 6.37 lakh hectare area under supply. Iranian President Hassan Rouhani said in a televised speech that oilseeds in the forthcoming kharif (summer) season beginning July this year. sanctions on oil, shipping, petrochemicals, insurance and the central bank The government has decided to freely distribute high-yielding varieties of had been dealt with in the talks. Concerns about the demand outlook in Asia oilseeds, especially about 8.16 lakh seed mini-kits in 90 districts of Madhya also dragged prices down. Almost two-thirds of people tested in India show Pradesh, Maharashtra, Rajasthan, Karnataka, Telangana Chhattisgarh, exposure to the coronavirus. Speculation that the U.S. Federal Reserve might Gujarat, UP and Bihar. The area to be covered will be 10.06 lakh hectare. RM at some point start to tighten policy weighed on the outlook for economic Seed futures (June) is expected to breach the first support near 6910 and growth and has prompted some investors to reduce exposure to oil and other second major support 6850, after which this oilseed can touch down 6600 in commodities. Investors remain upbeat about fuel demand recovery this days to come. On the spot market, the arrivals have risen to 225,000 bags (1 summer as vaccination programmes in Europe and the United States would bag = 85 kg). In Jaipur, the benchmark market, the oilseed was sold at 7,400- allow more people to travel although rising cases across parts of Asia could 7,425 rupees per 100 kg. Mustard prices are declinng after the USDA forecast weigh down global consumption. Ahead in this week crude price may witness that U.S. rapeseed production is expected to hit a record of 1.8 mlntn this huge volatility and continue to trade within the range of 4350-4940, where year. Also Canada's output is projected at 20.5 mlntn, up 1.5 mlntn on year. sell near resistance and buy near support would be the strategy. Natural gas is Soy oil futures (June) is expected to follow the bearish trend of soybean and slightly down throughout the week on concerns about Asian demand amid decline towards 1360-1320, while CPO futures (June) is likely to descend rising coronavirus cases. The gas price corrected sharply after testing a three- towards 1130, following the weakness of edible oils on international market. month high amid a sharp fall in crude oil price, lack of clear signs of a pickup in The bull run of U.S soybean oil is looking tired and facing resistance near 70 summer-related cooling demand. The market clearly is struggling to continue cents per pound. The recent weekly export sales reported by the USDA also to go higher, and the market will start to focus on the fact that demand is show that its demand of U.S soybean &soyoil is flattening & slowing down due dropping. Ahead in this week, it is expected that prices may trade within a around these all time high prices. tight range where support is seen near 200 and resistance is seen near 225. OTHER COMMODITIES BASE METALS Cotton futures (June) is expected to trade with a positive bias in the range of Base metals prices may feel bearish sentiment as the world’s top metal 22100-22800 levels supported by prospects of higher exports.The estimate of consumer said that it will strengthen its management of the supply and cotton exports for the 2020-21 crop year has been increased by 5 lakh bales to demand for commodities to curb “unreasonable” increases in prices and 65 lakh bales of 170 kg each. However, the upside may get limited as the prevent them being passed on to consumers. However lower supply amid signs market participants are cautious as therains in the top-cotton producing West of the global economy recovery may support the base metal. Copper may Texas region over the past few weeks have increased the possibility for an trade in the range of 730-780. Copper prices may get support on worries about improving crop. Guar seed futures (June) is likely to consolidate in the range a strike in Chile and political uncertainty in Chile and Peru, but plans by top of 4150-4450 levels, while guar gum futures (June) is expected to trade consumer China to manage the supply, demand and prices of commodities may sideways in the range of 6100-6600 levels. In recent times, the monthly cap gains. The union representing workers at Chile’s Escondida copper mine, exports of guar Gum have shown positive signs, and exports are seen the world’s largest, said it was preparing for a lengthy strike if owner BHP did increasing gradually. Market Sentiments are that sowing of Guar may reduce not reach a “fair and equitable” deal in looming contract talks. Zinc may trade further this year due to attractive prices of pulses. The demand-supply in the range of 222-237. Zinc prices are in pressure as China April zinc output gained by 3.4% y/y at 544,000 tonnes. But the global zinc market surplus balance sheet shows that the beginning stock guar in 2020-21 is 4.3 lakh MT, narrowed in March to 2,100 tonnes from a revised surplus of 56,900 tonnes the production at 8 lakh MT, making total supplies to 12.3 lakh MT, against the previous month, data from the International Lead and Zinc Study Group demand of 8.3 lakh MT. The carryover stock that would be left behind is (ILZSG) showed. Lead can move in the range of 168-178. Nickel may trade in estimated at 4.3 lakh MT as compared to 4 lakh MT in 2019-20. Chana futures the range of 1210-1270 with bearish bias on oversupply concerns. China’s (June) will probably see sell on rise & witness a fall towards 5080-5000. The Lygend Mining said its nickel and cobalt smelting project in Indonesia had government has consistently been bringing policies to control the inflation produced the first batch of nickel products which will gradually enter the worries and bringing down the inflated prices of pulses. The counter is also global market. Aluminum may move in the range of 180-195 levels. Global lacking demand cues from the spot markets as Indore, the benchmark market primary aluminium output fell to 5.56 million tonnes in April from revised for chana, has been shut since Apr 8, and will remain shut until May 31 to 5.744 million tonnes in March, data from the International Aluminium Institute control the COVID-19 cases. (IAI) showed.

10 TREND SHEET

EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING PRICE CHANGED CHANGED STOP/LOSS NCDEX SOYABEAN JUN 7031.00 25.03.21 UP 5800.00 6800.00 - 6770.00 NCDEX JEERA JUN 14005.00 29.03.21 DOWN 14900.00 - 14470.00 14500.00 NCDEX REF.SOY OIL JUN 1402.90 31.03.21 UP 1260.00 1377.00 - 1370.00 NCDEX RMSEED JUN 6957.00 05.04.21 UP 6100.00 6630.00 - 6600.00 NCDEX CHANA JUN 5184.00 05.04.21 UP 5200.00 5030.00 5000.00 NCDEX GUARSEED JUN 4269.00 15.04.21 UP 4050.00 4130.00 - 4100.00 NCDEX COCUD JUN 2632.00 02.02.21 UP 2100.00 2420.00 - 2400.00 NCDEX GUR JUN 1185.00 13.01.21 UP 1060.00 1142.00 - 1140.00 MCX CPO MAY 1219.40 05.05.21 UP 1100.00 1183.00 - 1180.00 MCX RUBBER MAY 16759.00 17.02.21 UP 15500.00 16350.00 - 16300.00 MCX MENTHA OIL MAY 957.00 02.02.21 DOWN 976.00 - 977.00 980.00 MCX MCXBULLDEX JUN 15256.00 06.04.21 UP 14300.00 14850.00 - 14800.00 MCX SILVER JULY 72304.00 06.04.21 UP 66000.00 70200.00 - 70000.00 MCX GOLD JUN 48544.00 06.04.21 UP 45600.00 47200.00 - 47000.00 MCX MCXMETLDEX JUN 14903.00 19.05.21 DOWN 15400.00 - 15450.00 15500.00 MCX COPPER MAY 752.15 19.05.21 DOWN 775.00 - 779.00 781.00 MCX LEAD MAY 173.60 19.05.21 SIDEWAYS 174.00 167.00 179.00 - MCX ZINC MAY 230.90 19.05.21 DOWN 236.00 - 239.00 240.00 MCX NICKEL MAY 1251.30 19.05.21 DOWN 1300.00 - 1297.00 1300.00 MCX ALUMINIUM MAY 187.65 19.05.21 DOWN 192.00 - 196.00 197.00 MCX CRUDE OIL JUN 4550.00 19.05.21 DOWN 4700.00 - 4780.00 4800.00 MCX NATURAL GAS JUN 219.00 12.04.21 UP 191.00 212.00 - 210.00 Closing as on 20.05.2021

TECHNICAL RECOMMENDATIONS

NATURAL GAS MCX (MAY) contract closed at Rs. 213.60 on 20th May’2021. The contract made its high of Rs. 231.20 on 17th May’2021 and a low of Rs. 184.10 on 18th Mar’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs 217.36. On the daily chart, the commodity has Relative Strength Index (14-day) value of 50.925.

One can sell near Rs. 220 for a target of Rs. 200 with the stop loss of Rs. 232.

COPPER MCX (MAY) contract closed at Rs. 772.10 on 13th May’2021. The contract made its high of Rs. 812.60 on 10th May’2021 and a low of Rs. 658.00 on 25th Mar’2021. The 18- day Exponential Moving Average of the commodity is currently at Rs. 769.58. On the daily chart, the commodity has Relative Strength Index (14-day) value of 63.215.

One can sell near Rs. 775 for a target of Rs. 745 with the stop loss of Rs. 790.

RM SEED NCDEX (JUN) contract was closed at Rs. 6957.00 on 20th May’2021. The contract made its high of Rs. 7650.00 on 12th May’2021 and a low of Rs. 5210.00 on 22th Feb’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs. 7177.61. On the daily chart, the commodity has Relative Strength Index (14-day) value of 48.273.

One can sell near Rs. 7050 for a target of Rs. 6700 with the stop loss of Rs 7225.

11 NEWS DIGEST WEEKLY COMMENTARY Ÿ The union government has decided to increase the CRB looked exhausted on bumpy move in Cryptocurrencies amid geopolitical tension and other fertilizer subsidy outlay for the year by 14,775 crore. issues. Dollar index breached the mark of 90 after hitting high of 93.5 levels. Though, the dollar Ÿ Sebi proposed an elaborate framework for setting up a gained snapping a four-day losing streak and bouncing off a multi-month low following the gold exchange wherein the yellow metal will be traded release of the minutes from the Fed's most recent monetary policy meeting. A number of in the form of electronic gold receipts and will help in having a transparent domestic spot price discovery members of the U.S. Federal Reserve's FOMC said that should the economic recovery continue to mechanism. gain momentum, it would be appropriate "at some point" to discuss tightening its Ÿ India's April oilmeals export falls to 3.03 lakh tons from accommodative policy, giving the greenback a boost. Bitcoin, the world's largest 3.21 lakh tons in March and 3.93 lakh tons in February. - cryptocurrency, tanked by close to 40% from its record high levels to US $31,000 on Wednesday, Solvent Extractors’ Association of India. hitting its lowest level since February. Oil prices fell by over $2 on renewed demand concerns as Ÿ Turmeric auctions in Erode, Tamil Nadu, another key coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to trading centre, has been suspended as the state has raise interest rates, which could limit economic growth. Speculation is high that the Fed might imposed a lockdown until May 24. raise rates weighed on the outlook for economic growth and prompted investors to reduce Ÿ Indore in Madhya Pradesh, the benchmark market for chana, has been shut since Apr 8, and will remain shut exposure in commodities.Base Metals dropped after China said it would strengthen its until May 31. management of commodity supply and demand to curb "unreasonable" increases in prices.Gold Ÿ Soybean, the other widely traded commodity in Indore and silver Comex rallied to 3-1/2 month highs. Precious metals prices saw support from a slump mandis, has also seen suspension of activities, which in the dollar index to a 2-3/4 month low. However, they saw some fall later on. Natural gas had will last till May 31. rallied sharply to a 3-month high on forecasts for well above-normal temperatures that will spur Ÿ FSSAI informed that imported of pulses may carry out natural gas electricity demand from utility providers to handle a surge in air-conditioning. The advance filing of Bill of Entries in Food Import Clearance Commodity Weather Group said that parts of the Midwest and Mid-Atlantic could see System of FSSAI and the Authorised Officers are hereby directed to facilitate and carry out food import temperatures of 90 degrees Fahrenheit (32 Celsius) during May 22-27. clearance process on priority without delay for Spices saw upside move. It is being estimated that production of turmeric for 2021-22 is consignments of imported pulses and edible oils. around 4.46 lakh MT. as compared to 4.53 lakh MT during last year. The current trend of Ÿ China will strengthen its management of commodity supply and demand to curb "unreasonable" increases in increasing exports and higher domestic consumption is likely to giving a push to the price in an prices and prevent them being passed on to consumers, upward direction.Jeera recovered losses. The sentiments are optimistic as the two other major the country's cabinet said on, as it urged coal producers producing countries Syria & Turkey are facing drought like conditions & it might affect the to boost output. crops.In news, from Department of Consumer Affairs. Food and Public Distribution and Ministry Ÿ Primary aluminium output in Chinawas 3.35 million of Food Processing Industry, the imports of edible oils are being facilitated to ensure timely tonnes in April, up 2.3% from 3.276 million tonnes in processing and clearance. Accordingly, it is hereby directed to facilitate and carry out food March and 12.4% higher than production in April 2020. - National Bureau of Statistics. import clearance process on priority without delay for consignments of imported edible oils.

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

8% 3%

6% 2% 1.82% 5.56% 5.38% 1.71%

0.93% 4% 1%

2.53%

2% 0% 0.99%

0% -1%

-2% -2%

-4% -3.53% -3% -2.80% -3.90% -4.50% -3.35% -5.28% -6% -4% -3.94%

-4.68% -8% -7.49% -5%

-5.29%

-10% -6% TURMERIC GUR CORIANDER COTTON MOONG RM SEED CHANA SOYABEAN SOY OIL GOLD SILVER LEAD CRUDE OIL RUBBER NICKEL ALUMINIUM COPPER WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)

COMMODITY UNIT 13.05.21 19.05.21 DIFFERENCE COMMODITY UNIT 12.05.21 19.05.21 DIFFERENCE QTY. QTY. QTY. QTY. BARLEY MT 229 229 0 ALUMINIUM MT 848.805 1042.085 193.28 CASTOR SEED MT 33075 32941 -134 CHANA MT 79085 78784 -301 COPPER MT 893.986 867.902 -26.08 COCUD MT 64657 59355 -5302 GOLD KGS 433 432 -1.00 CORIANDER MT 3489 3289 -200 GUARGUM MT 15343 15254 -89 GOLD MINI KGS 629.5 523.6 -105.90 GUARSEED MT 24630 24530 -100 GOLD GUINEA KGS 5.208 5.208 0.00 GUR MT 30 30 0 LEAD MT 583.219 54.473 -528.75 JEERA MT 24630 4353 -20277 MUSTARD SEED MT 42511 41411 -1100 NICKEL MT 927.0525 895.8545 -31.20 SOYBEAN MT 11713 10037 -1676 SILVER (30 KG Bar) KGS 150492.814 150315.396 -177.42 TURMERIC MT 2011 2121 110 WHEAT MT 312 312 0 ZINC MT 3022.56 2877.016 -145.54

12 COMMODITY

Spot Prices (% Change) Indian Oil meal Exports Oilmeals are the solid residues obtained after extracting oil from oilseeds. It is

WHEAT (DELHI) 1.69 widely used as a source of protein in animal diet in sectors such as poultry, piggery and fisheries. It is also known as oilcakes. Some of the oilcakes like castor oilcakes that are toxic by nature are generally used in making of fertilizers. India is major TURMERIC (NIZAMABAD) 1.37 exporter of Oil meals.

REFINED SOYBEAN OIL (MUMBAI) 1.35 As cited by the Solvent Extractors’ Association of India: • The country’s oilmeal exports rose 51.44 per cent to 36.8 lakh tonne in 2020-21 from 24.3 lakh tonne in the previous year, on sharp rise in soybean meal COTTON (KADI) 0.43 shipments. In terms of value, export of oilmeals nearly doubled to Rs 8,850 crore from Rs 4,450 crore in the said period. JEERA (UNJHA) 0.19 • According to SEA, the export performance during the first half of the current 2021-22 fiscal year is likely to be lower in the case of soybean meal because India

PEPPER MALABAR GAR (KOCHI) 0.00 is totally outpriced in the international market due to high domestic prices of soybean. • Soybean meal export rose to 15.64 lakh tonne in 2020-21 from 6.92 lakh tonne in GUR (MUZAFFARNGR) 0.00 the previous year. • Similarly, rapeseed meal exports rose to 11.13 lakh tonne from 9.61 lakh tonne, CORIANDER (KOTA) 0.00 while the shipment of rice bran extension rose to 5.76 lakh tonne from 2.36 lakh tonne in the said period.

CRUDE PALM OIL (KANDLA) -0.13 • India exported a record quantity of 5.76 lakh tonne of rice bran extraction during 2020-21, thanks to new demand from Bangladesh due to failure of their rice crop. • Export of castor seed meal declined to 4.19 lakh tonne in 2020-21 from 5.38 lakh GUAR GUM (JODHPUR) -0.46 tonne in the previous year, the SEA data showed. • During April 2021, South Korea imported 115826 tons of oilmeals (compared to BARLEY (JAIPUR) -0.76 15664 tons); consisting of 96635 tons of rapeseed meal, 13047 tons of castorseed meal and 6144 tons of soybean meal. GUAR SEED (JODHPUR) -1.22 • Vietnam imported 38038 tons of oilmeals (compared to 40090 tons); consisting of 23088 tons of Rice Bran, 14732 tons of rapeseed meal and 218 tons of soybean meal. COTTON SEED OIL CAKE (AKOLA) -2.01 • Thailand imported 44747 tons of oilmeals (compared to 3810 tons); consisting of 44352 tons of rapeseed meal and 397 tons of soybean meal. SOYABEAN (INDORE) -3.77 • Bangladesh imported 42024 tons of oilmeals consisting of 10446 tons of rapeseed meal and 31537tons of ricebran extractions. MUSTARD (JAIPUR) -4.90 • Taiwan imported 10870 tons of oilmeals (compared to 9651 tons); consisting of 1064 tons of soybean meal and small quantity of 1420 tons of rapeseed meal and

CHANA (DELHI) -4.94 8386 tons of castorseed meal.

-6.00 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 Oilmeal Export from India(In ton) 600000 WEEKLY STOCK POSITIONS IN LME (IN TONNES) 500000 COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE 13.05.21 20.05.21 400000

ALUMINIUM 1772700 1759675 -13025 300000 COPPER 115950 117075 1125 NICKEL 256452 252072 -4380 200000 LEAD 105100 104325 -775 100000 ZINC 288125 285650 -2475 0 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) Source: SEA COMMODITY EXCHANGE CONTRACT 14.05.21 20.05.21 CHANGE% Port-wise Export of Oilmeals : April 2021 ALUMINIUM LME CASH 2438.00 2392.00 -1.89 The export from Kandla is reported at 138135 tons (46%), followed by Mundra handled 53450 tons (18%), Mumbai including JNPT handled 21748 tons (7%), Kolkata COPPER LME CASH 10212.00 10086.00 -1.23 handled 23632 tons (8%) and Others Ports handled 66493 tons (22%). LEAD LME CASH 2148.50 2202.50 2.51 INTERNATIONAL COMMODITY PRICES NICKEL LME CASH 17404.00 17326.00 -0.45 Commodity Exchange Contract Unit 14.05.21 20.05.21 Difference (%) ZINC LME CASH 2924.00 2945.50 0.74 GOLD COMEX JUNE 1838.10 1881.90 2.38 Soybean CBOT JULY Dollars Per Bushel 15.86 15.33 -3.34 SILVER COMEX JULY 27.37 28.07 2.56 Soy oil CBOT JULY Cents per Pound 67.58 65.76 -2.69 LIGHT CRUDE OIL NYMEX JUNE 65.37 61.94 -5.25 CPO* BMD JULY MYR per MT 4242.00 4112.00 -3.06 NATURAL GAS NYMEX JUNE 2.96 2.93 -1.01 Cotton ICE JULY Cents per Pound 82.43 81.53 -1.09 * Previous closing as on 17.05.21

13 CURRENCY

Currency Table News Flows of last week

Currency Pair Open High Low Close 20th MAY US proposes global corporate tax rate of at least 15% in international talks USD/INR 73.4600 73.4600 73.0275 73.1775 20th MAY Israel-Hamas truce takes hold after 11 days of fighting EUR/INR 88.9150 89.5850 88.9150 89.2825 20th MAY Eurozone producer price rises are not inflation risk, says ECB’s chief economist GBP/INR 103.4075 104.1000 103.2725 103.4175 20th MAY Steel industry hits out at UK plans to remove tariff protections JPY/INR 67.1325 67.3475 67.0325 67.1825 20th MAY U.S. weekly jobless claims decline further; mid-Atlantic factory (* NSE Currency future, Source: Reliable, Open: Monday 9.00 AM IST, Close: Thursday (5.00 PM IST) activity cools 19th MAY UK inflation more than doubles to 1.5% in April as energy prices rise Market Stance 19th MAY China bans financial, payment institutions from crypto currency business Indian Rupee this week recorded the highest level in 2 months amid flows driven 18th MAY Germany’s highest court rejects fresh challenge to ECB rally continues to support the domestic currency. However with strong intervention 17th MAY EU signals US trade detente by shelving planned tariffs increase around sub 73.00 level, we don’t think rupee may not rise aggressively in coming days and eventually may weaken against dollar towards 73.80. Additionally the Fed Economic gauge for the next week Reserve released minutes from its April meeting, which showed that some members Date Currency Event Previous of the central bank are willing to discuss tapering of bond purchases. The 24-May JPY BOJ Gov Kuroda Speaks Bloomberg Dollar Index traded higher on the release, but has since erased gains 25-May EUR German ifo Business Climate 96.8 down only 0.1% overnight. Meanwhile Sterling is trading higher against a broadly weaker US dollar. Investors put more optimism after Bank of England's Governor 25-May USD CB Consumer Confidence 121.7 Remark and BoE may remain hawkish in coming months which will keep pound 26-May USD Crude Oil Inventories 1.3M higher versus dollar and rupee as well. Technically GBPINR has room to rise towards 27-May USD Prelim GDP q/q 6.40% 105 barring any major strength does not register in rupee. While EURUSD broke 27-May USD Unemployment Claims 444K above 1.22 this week, as the greenback trades lower across the board. The currency 27-May USD Pending Home Sales m/m 1.90% pair retreated from 4-month highs, still maintaining a modest gain. It is expected 28-May USD Core PCE Price Index m/m 0.40% that euro rally may fade soon as growth differential between US and EZ likely to 28-May EUR French Prelim GDP q/q -1.4%

Technical Recommendation USD/INR EUR/INR

USD/INR (MAY) contract closed at 73.1775 on 20-May-21. The contract made its EUR/INR (MAY) contract closed at 89.2825 on 20-May-21. The contract made its high of 73.4600 on 17-May-21 and a low of 73.0275 on 19-May-21 (Weekly Basis). high of 89.5850 on 19-May-21 and a low of 88.9150 on 17-May-21 (Weekly Basis). The 21-day Exponential Moving Average of the USD/INR is currently at 73.8547. The 21-day Exponential Moving Average of the EUR/INR is currently at 89.3000 On the daily chart, the USD/INR has Relative Strength Index (14-day) value of On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 49.17. 31.19. One can buy at 72.80 for the target of 73.80 with the stop loss of 72.30. One can buy at 89.00 for a target of 90.00 with the stop loss of 88.50.

GBP/INR JPY/INR

GBP/INR (MAY) contract closed at 103.4175 on 20-May-21. The contract made its JPY/INR (MAY) contract closed at 67.7125 on 12-May-21. The contract made its high of 104.1000 on 19-May-21 and a low of 103.2725 on 17-May-21 (Weekly Basis). high of 67.7475 on 11-May-21 and a low of 67.4925 on 10-May-21 (Weekly Basis). The 21-day Exponential Moving Average of the GBP/INR is currently at 103.4175. The 21-day Exponential Moving Average of the JPY/INR is currently at 68.1862. On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 50.34. On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 40.62. One can buy at 103.25 for a target of 104.25 with the stop loss of 102.75. One can sell at 68.00 for a target of 67.00 with the stop loss of 68.50.

14 IPO

IPO NEWS Shyam Metalics & Energy gets SEBI nod for Rs 1,107-crore IPO Shyam Metalics and Energy, a leading integrated metal producing company and also one of the largest producers of ferro alloys in India, on May 17 received the capital markets regulator Sebi's approval for an initial public offering (IPO). The company is planning to raise Rs 1,107 crore through its IPO that comprises a fresh issue of Rs 657 crore and an offer for sale. The promoter and promoter group, including Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles, are looking to sell shares worth Rs 450 crore. The offer also propses to set aside up to 3 lakh equity shares for the Kolkata-based company's employees. Shyam Metalics filed its draft red herring prospectus (DRHP) on February 27, 2021. The company intends to utilise the net proceeds from the fresh issue for repaying of debt of Rs 470 crore and for general corporate purposes.

Krsnaa Diagnostics files IPO papers with Sebi Krsnaa Diagnostics has filed draft papers with capital markets watchdog Sebi to raise funds through an initial share sale. The IPO comprises fresh issue of equity shares worth Rs 400 crore and an offer for sale (OFS) of up to 94,16,377 shares by its existing shareholders, according to the draft red herring prospectus (DRHP). Those offering shares in the OFS are Phi Capital, Kitara, Somerset Indus Healthcare Fund I Ltd and Lotus Management Solutions. The company, in consultation with its merchant bankers, may consider to raise Rs 200 crore in the pre-IPO placement. Proceeds from the fresh issue will be used for financing the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh, and Maharashtra; repayment of loans availed by the company and general corporate purposes. Krsnaa Diagnostics provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres pan-India. The company focuses on the public private partnership (PPP) diagnostics segment, and has the largest presence in the diagnostic PPP segment. As of December 2020, the company operated 1,801 diagnostic centres offering both radiology and pathology services in 13 states across the country. JM Financial, DAM Capital Advisor, Enquires Capital, and IIFL Securities have been appointed as merchant bankers to advise the company on the IPO.

Supriya Lifescience files IPO papers with Sebi, to raise Rs 1,200 crore Supriya Lifescience has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,200 crore through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 200 crore and an offer for sale of up to Rs 1,000 crore by its promoter Satish Waman Wagh, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issue will be used for funding capital expenditure requirements, repay debt and general corporate purpose. Supriya Lifescience is one of the key Indian manufacturers and suppliers of active pharmaceuticals ingredients (APIs), with a focus on research and development. As of March, 2021, the company had product offerings of 39 APIs focused on diverse therapeutic segments such as antihistamine, analgesic, anaesthetic, vitamin, anti-asthmatic and anti-allergic. ICICI Securities and Axis Capital have been appointed as merchant bankers to advise the company on the IPO.

Windlas Biotech files DRHP with Sebi, to raise funds via IPO Windlas Biotech has filed preliminary papers with markets regulator Sebi for an initial public offer that includes a fresh issue of Rs 165 crore. Besides the fresh issue, there will be an offer for sale of shares. The company is into domestic pharmaceutical formulations contract development and manufacturing business. According to the Draft Red Herring Prospectus (DRHP), the company will also consider a pre-IPO (initial public offer) placement of up to Rs 50 crore. The proposed offer includes fresh issue of Rs 165 crore and an offer for sale of up to 5,142,067 equity shares. The latter will comprise "up to 11,36,000 equity shares by the individual selling shareholder and up to 40,06,067 equity shares by the investor selling shareholder", as per the document. The proceeds from the IPO will be utilised for purchasing of equipment required for capacity expansion of the facility at Dehradun Plant IV and addition of injectables dosage capability at the facility at Dehradun Plant-II. It will also be used for funding incremental working capital requirements, repayment/ prepayment of certain of borrowings and general corporate purposes.

Penna Cement files Rs 1,550-cr IPO papers with Sebi Penna Cement has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,550 crore through an initial share-sale. The initial public offer (IPO) comprises fresh issue of equity shares worth Rs 1,300 crore and an offer for sale of up to Rs 250 crore by the promoter, according to draft red herring prospectus. Proceeds from fresh issue will be used to pay debts of Rs 550 crore. Besides, Rs 105 crore will be utilised for funding capital expenditure requirements for its KP Line II Project and Rs 80 crore towards upgrading its raw grinding and cement mill in Talaricheruvu. In addition, the company will use Rs 130 crore and Rs 110 crore towards setting up a waste heat recovery plant in Tandur and Talaricheruvu respectively. Hyderabad-based Penna Cement has a strong brand recall in southern and western states of the country. It operates out of four integrated manufacturing facilities and two grinding units across Andhra Pradesh, Telangana and Maharashtra with an aggregate capacity of 10 MMTPA as of March, 2021 and the capacity is expected to reach 16.5 MMTPA by FY24. In fiscal 2021, the company's reported a profit of Rs 152.07 crore and revenue from operations stood at Rs 2,476.39 crore. Edelweiss Financial Services, Axis Capital, ICICI Securities, JM Financial and Yes Securities (India) are the merchant bankers that will advise the company on the IPO.

IPO TRACKER

Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price* %Gain/Loss Macrotech Developers Limited Infrastructure 27644.27 2500.00 22-Apr-21 486.0 436.00 628.10 29.24 Barbeque Nation Hospitality Limited Hospitality 2278.67 452.87 7-Apr-21 500.00 492.00 595.05 19.01 Suryoday Small Finance Bank Ltd Small Finance bank 2536.53 582.34 26-Mar-21 305.00 292.00 237.75 -22.05 Nazara Technologies Limited Gamming 5161.60 582.91 30-Mar-21 1101.00 1971.00 1664.05 51.14 Kalyan Jewellers India Limited Jewellery 6334.83 1175.00 26-Mar-21 87.00 73.90 60.15 -30.86 Laxmi Organic Industries Limited Organic Chemicals 5826.95 600.00 25-Mar-21 130.00 155.50 217.75 67.50 Craftsman Automation Limited Engineering 3137.55 823.00 25-Mar-21 1490.00 1350.00 1481.85 -0.55 Anupam Rasayan India Limited Specialty Chemicals 7779.96 760.00 24-Mar-21 555.00 520.00 773.95 39.45 *Closing price as on 20-05-2021

15 FIXED DEPOSIT MONITOR

FIXED DEPOSIT COMPANIES

PERIOD MIN. S.NO NBFC COMPANY - NAME ADDITIONAL RATE OF INTEREST (%) INVESTMENT 12M 18M 24M 36M 48M 60M 84M (`)

BAJAJ FINANCE LTD.INDIVIDUAL & HUF 0.25% EXTRA FOR SR. CITIZEN, 0.10% EXTRA 1 5.65 - 6.10 6.50 - 6.50 6.50 - ` 25000/- (UPTO ` 5 CR.) FOR RENEWAL

HDFC LTD- REGULAR DEPOSIT FOR INDIVIDUAL 2 5.70 - 5.85 6.05 - 6.05 6.40 - 0.25% FOR SENIOR CITIZEN UPTO ` 2 CR. (UPTO ` 2 CR.)

HDFC LTD- REGULAR DEPOSIT FOR HUF & TRUST 3 5.60 - 5.75 5.95 - 5.95 6.30 - - (UPTO ` 2 CR.)

HDFC LTD- REGULAR FOR INDIVIDUAL & TRUST 4 5.45 - 5.55 5.95 - 5.95 6.15 - 0.25% FOR SENIOR CITIZEN UPTO ` 2 CR. (>RS.2 CR TO ` 5 CR)

` 20000/- BUT HDFC LTD- PREMIUM DEPOSIT FOR INDIVIDUAL ` 40000/- 5 15M=5.80 22M=5.95 30M=6.00 44M=6.25 0.25% FOR SENIOR CITIZEN UPTO ` 2 CR. (UPTO `2 CR.) IN MONTHLY OPTION

HDFC LTD- PREMIUM DEPOSIT FOR HUF & TRUST 6 15M=5.75 - - 30M=5.90 - - - (UPTO `2 CR.)

HDFC LTD- SPECIAL DEPOSIT FOR INDIVIDUAL 33M=6.20 66M=6.60 99M=6.65 - - 0.25% FOR SENIOR CITIZEN UPTO ` 2 CR. 7 (UPTO `2 CR.)

HDFC LTD-SPECIAL DEPOSIT FOR HUF & TRUST 33M=6.05 66M=6.50 99M=6.55 - - - 8 (UPTO `2 CR.)

ICICI HOME FINANCE (UPTO `1.99 CR.)-NOT FOR 9 5.70 - 5.85 6.05 - 6.30 6.45 6.65 0.25% EXTRA FOR SR. CITIZEN ` 10000/- CORPORATE

ICICI HOME FINANCE (UPTO `1.99 CR.)-NOT FOR 10 39M= 6.30% 45M= 6.35% 65M= 6.65% - - 0.25% EXTRA FOR SR. CITIZEN ` 10000/- CORPORATE

0.50% ADD. INTEREST TO SR. CITIZEN, 11 J K LAKSHMI CEMENT LTD 6.75 - 7.25 7.35 - - - - ` 100000/- EMPLOYEES & SHAREHOLDERS - MAX. 0.50%

12 KTDFC (Kerala Transport) 6.00 - 6.00 6.00 - 5.75 5.75 - 0.25% EXTRA FOR SR. CITIZEN ` 10000/-

13 LIC HOUSING FINANCE LTD. (UPTO `20 CR.) 5.25 5.50 5.65 5.75 - - 5.75 - 0.25% FOR SENIOR CITIZEN ` 20000/-

14 M&M FINANCIAL SERVICES LTD (UPTO `1 CRORE) 5.70 - 6.20 6.30 - 6.45 6.45 - 0.25% FOR SENIOR CITIZEN ` 5000/-

15 PNB HOUSING FINANCE LTD.(UPTO `5 CR.) 5.90 - 6.15 6.60 - 6.60 6.70 6.70 0.25% EXTRA FOR SR. CITIZEN UPTO `1 CRORE ` 10000/-

0.40% FOR SENIOR CITIZEN, 16 SHRIRAM TRANSPORT FINANCE-UNNATI SCHEME 7.25 - 7.50 8.00 - 8.10 8.25 - ` 5000/- 0.25% EXTRA FOR RENEWALS

0.40% FOR SENIOR CITIZEN, 17 SHRIRAM CITY UNION SCHEME 7.25 - 7.50 8.00 - 8.10 8.25 - ` 5000/- 0.25% EXTRA FOR RENEWALS

* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application. * For Application of Rs.50 Lac & above, Contact to Head Office. * Email us at [email protected]

16 MUTUAL FUND

INDUSTRY & FUND UPDATE Edelweiss Mutual Fund’s closed-ended fund to turn open-ended Edelweiss Mutual Fund will convert its Maiden Opportunities Fund, a closed-end equity scheme to capture opportunities in the IPO market, into an open-ended product. The fund with assets of ₹522 crore will be renamed as Edelweiss Recently Listed IPO Fund. Launched in February 2018 with a maturity of 1,222 days, the fund has returned 16.71% in the past three years as against 13.27% gains in the BSE 500 TRI. The outperformance was driven by stocks such as Dixon Technologies, HDFC Life, HDFC AMC, Amber Enterprises and Gland Pharma. While existing investors in the fund will not have to pay any exit load, new investors who enter once the fund is open end will be charged 2% if they exit before 6 months.

ICICI Pru MF to merge a closed-ended scheme with Value Discovery Fund ICICI Prudential Mutual Fund has decided to merge Value Fund-Series 19, one of its largest closed-ended fund, into the Value Discovery Fund, an open- ended scheme. The merger will help unitholders in Value Fund Series-19, scheduled to mature on June 24, to remain invested in the value theme as the fund house thinks this cycle has not fully played out. “Since September-October 2020, we have seen value investing performing better and normally such cycles play out for longer periods benefiting investors with very good long-term returns,” said S Naren, CIO, ICICI Prudential AMC. Value investing involves buying stocks that are beaten down and below their intrinsic value.

Aditya Birla Sun Life Mutual Fund launches Nifty 50 Equal Weight Index Fund Aditya Birla Sun Life Mutual Fund (ABSLMF) has launched Aditya Birla Sun Life Nifty 50 Equal Weight Index Fund, an open ended scheme tracking the Nifty 50 Equal Weight TR Index. The NFO opens on May 19 and closes on June 2. “Equal allocation to the 50 large cap companies can benefit from growth opportunities across the board rather than relying on the performance of few heavyweights. With a period of broad based economic recovery on the anvil, high growth sectors like cement and cement products, pharma, metals and services, are better represented in the Nifty 50 Equal Weight Index. Over time, as markets and economy grow, we expect the Equal Weight (EW) Index to do better than Nifty 50," said A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC. The constituents of the Nifty 50 Index are part of the Nifty 50 Equal Weight index. But unlike Nifty 50 which is based on market capitalisation and higher the market cap of a company higher the weightage of the stock in the index, the equal weight index treats all of them equally irrespective of their relative market cap. The index keeps the allocation of the constituent companies at ~2% each. As a result there is broader sectoral representation and more diversification at a stock level.

CCI approves sale of Yes Bank's mutual funds subsidiaries to GPL Finance and Investments Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd. The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL, as per a release. GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.

Sectoral, mid cap, small cap funds witness higher flows Investors continued to add money to equity mutual funds in April, albeit at a slower pace, with experts anticipating the gravitation of savings to financial assets when the second Covid-19 surge abates and localized curbs on mobility and businesses ease. Inflows into equity schemes were at Rs 3,437 crore, much lower than the Rs 9,115 crore in March. Money also came into debt funds, with the category seeing inflows of Rs 1,00,903 crore, taking assets under management of the industry to Rs 32.42 lakh crore, higher than Rs 32.17 lakh crore as of March.

Groww inks deal to acquire Indiabulls’ mutual fund biz for Rs 175cr Online investment platform, Groww will acquire Indiabulls Asset Management Company from Indiabulls Housing Finance for a consideration of Rs 175 crores. The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure, and remain under Indiabulls Housing Finance, subject to regulatory approvals, Indiabulls Housing Finance said in an exchange filing. Groww with nearly 1.5 crore customers on its platform that offers users to invest in mutual funds, stocks and exchange-traded funds (ETFs), will become one of the first Fintech companies to enter the asset management space. SEBI’s recent change in sponsorship criteria for fintech companies to facilitate innovation, and increase reach to investors with technology-based offerings, has enabled Groww to enter into the asset management space.

NEW FUND OFFER

Scheme Name Aditya Birla Sun Life Nifty 50 Equal Weight index Fund Fund Type Open Ended Fund Class Other Scheme - Index Funds Opens on 19-May-2021 Closes on 02-Jun-2021 Investment Objective To provide returns that closely correspond to the total returns of securities as represented by Nifty 50 Equal Weight TR Index, subject to tracking errors Min. Investment 500 Fund Manager Mr. Lovelish Solanki

17 MUTUAL FUND Performance Charts

EQUITY (Diversified)

Returns (%) Risk Market Cap (%) Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT & (`) Date (` Cr.) Launch CAP CAP CAP OTHER Kotak Small Cap Fund - Reg - Growth 128.35 24-Feb-2005 2893.54 12.60 44.58 136.09 17.25 17.01 3.36 0.86 0.38 4.83 23.86 65.25 6.06 Nippon India Small Cap Fund - Growth 65.86 16-Sep-2010 11721.00 16.32 46.06 125.48 14.05 19.30 3.51 0.92 0.27 6.18 22.37 69.53 1.92 IDFC Sterling Value Fund - Reg - Growth 71.08 07-Mar-2008 3112.43 12.34 42.99 122.47 8.45 16.00 3.77 1.00 0.11 16.11 40.22 39.39 4.28 HDFC Small Cap Fund - Growth 59.28 03-Apr-2008 9840.33 13.46 43.76 119.54 9.09 14.51 3.46 0.87 0.10 0.97 10.61 81.35 7.07 Sundaram Small Cap Fund - Reg - G 118.61 15-Feb-2005 1223.15 15.80 40.67 119.25 5.85 16.42 3.56 0.89 0.15 N.A 22.88 70.52 6.60 DSP Natural Resources & New Energy F - R - G 50.11 25-Apr-2008 471.43 23.41 54.34 118.15 14.16 13.12 3.85 0.92 0.26 49.73 22.31 2.37 25.59 Aditya Birla Sun Life Small Cap Fund - G 46.20 31-May-2007 2501.28 12.26 39.83 117.94 3.98 11.57 3.63 0.90 0.09 1.44 25.50 71.04 2.02

TAX FUND

Returns (%) Risk Market Cap (%) Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson LARGE MID SMALL DEBT & (`) Date (` Cr.) Launch CAP CAP CAP OTHER IDFC Tax Advantage (ELSS) Fund - R - G 80.62 26-Dec-2008 2916.70 8.10 35.13 97.60 11.55 18.32 3.44 1.00 0.12 51.64 17.68 27.22 3.46 Mirae Asset Tax Saver Fund - Reg - G 26.38 28-Dec-2015 6255.02 3.23 23.03 83.11 17.77 19.69 3.22 0.97 0.16 69.22 18.28 9.44 3.05 Nippon India Tax Saver (ELSS) Fund - G 64.16 21-Sep-2005 11122.70 3.52 26.35 76.11 4.01 12.59 3.61 1.04 -0.07 76.16 11.62 10.81 1.41 BOI AXA Tax Advantage Fund - Eco - G 88.46 25-Feb-2009 399.17 5.62 23.69 74.65 13.98 19.50 2.80 0.80 0.28 46.15 34.61 16.80 2.45 HDFC Long Term Advantage Fund - G 471.66 02-Jan-2001 1326.00 0.12 22.20 74.22 12.11 20.80 3.30 1.00 0.02 79.35 0.87 16.86 2.92 DSP Tax Saver Fund - Growth 69.01 18-Jan-2007 7857.76 5.45 26.64 73.90 14.90 14.41 3.15 0.94 0.12 67.83 21.18 9.94 1.05 BOI AXA Tax Advantage Fund - Reg - G 82.67 25-Feb-2009 399.17 5.49 23.33 73.64 13.20 18.84 2.80 0.80 0.26 46.15 34.61 16.80 2.45

BALANCED

Returns (%) Risk Market Cap (%) Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson LARGE MID SMALL DEBT & (`) Date (` Cr.) Launch CAP CAP CAP OTHER Kotak Equity Hybrid Fund - Growth 34.79 05-Nov-2014 1339.73 3.40 20.51 64.87 13.00 10.88 2.53 0.11 47.70 17.49 11.17 23.65 UTI Hybrid Equity Fund - Growth 215.95 20-Jan-1995 3883.34 4.05 21.12 58.31 9.04 14.92 2.43 0.04 51.94 12.07 8.45 27.54 HDFC Childrens Gift Fund 161.73 02-Mar-2001 4200.09 3.81 17.15 58.21 12.08 16.25 2.27 0.08 42.06 7.35 16.22 34.37 HDFC Hybrid Equity Fund - Growth 69.70 06-Apr-2005 17566.70 1.63 18.69 58.20 10.79 12.79 2.49 0.04 56.80 5.99 8.98 28.23 Nippon India Equity Hybrid Fund - G 58.10 08-Jun-2005 4336.72 3.48 20.73 57.79 2.39 11.66 2.91 -0.11 63.32 4.68 5.52 26.48 ICICI Prudential Equity & Debt Fund - G 179.53 03-Nov-1999 16774.30 5.25 30.32 57.63 12.78 14.33 2.61 0.09 64.87 7.08 5.68 22.37 Aditya Birla Sun Life Equity Hybrid 95 F - G 936.16 10-Feb-1995 7889.55 2.77 16.87 56.09 7.82 18.85 2.40 0.00 51.02 22.92 5.02 21.05

INCOME FUND

Returns (%) Risk Average Yield till Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe Maturity (Years) Maturity (`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev. Baroda Credit Risk Fund - Reg - Growth 15.68 23-Jan-2015 197.54 6.09 3.90 5.53 15.97 16.65 5.21 7.37 34.18 -0.02 1.27 5.75 HDFC Credit Risk Debt Fund - Reg - G 18.54 25-Mar-2014 6922.29 17.81 14.86 15.50 8.08 12.56 9.03 9.01 20.25 0.18 3.06 7.50 Aditya Birla Sun Life Credit Risk F - R - G 15.51 17-Apr-2015 1593.24 9.67 5.86 6.85 8.83 12.30 6.27 7.46 27.14 0.01 2.24 7.16 L&T Resurgent India Bond Fund - Reg - G 15.97 02-Feb-2015 766.21 6.78 5.09 9.53 6.17 10.82 7.51 7.72 29.36 0.08 3.64 6.36 ICICI Prudential Medium Term Bond F - G 34.47 15-Sep-2004 6363.54 11.72 11.90 13.23 6.12 10.50 8.66 7.70 22.92 0.16 4.39 6.96 Nippon India Credit Risk Fund - Growth 24.89 08-Jun-2005 1144.19 7.29 7.42 9.33 7.79 10.05 1.07 5.88 62.76 -0.10 2.94 7.87 ICICI Prudential Credit Risk Fund - G 23.91 03-Dec-2010 7041.29 14.39 10.56 12.06 6.43 9.74 8.70 8.68 15.73 0.20 2.52 7.37

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

Returns (%) Risk Average Yield till Scheme Name NAV Launch QAAUM Annualised Since Std. Sharpe Maturity (Years) Maturity (`) Date (`Cr.) 1W 2W 1M 6M 1Y 3Y Launch Dev. Aditya Birla Sun Life Medium Term Plan - R - G 24.43 25-Mar-2009 1836.25 9.08 8.10 8.79 14.02 16.82 3.65 7.62 56.00 -0.04 3.87 6.59 Kotak Credit Risk Fund - Reg - Growth 23.64 11-May-2010 1835.88 8.10 3.70 11.82 6.07 9.13 7.39 8.11 22.08 0.07 2.76 6.39 Aditya Birla Sun Life Dynamic Bond F - Ret - DAP 24.14 08-Apr-2009 1625.61 7.84 6.45 8.26 5.50 9.96 5.49 7.54 36.33 -0.02 3.86 6.45 HDFC Medium Term Debt Fund - Growth 44.01 06-Feb-2002 2901.03 10.85 11.42 12.51 5.29 9.97 8.46 7.98 22.01 0.13 4.00 6.65 Nippon India Short Term Fund - Growth 41.28 18-Dec-2002 8577.88 5.91 7.91 10.16 4.62 7.66 8.34 8.00 14.97 0.18 2.53 5.37 ICICI Prudential Short Term Fund - G 46.35 25-Oct-2001 23584.30 7.12 8.01 9.33 4.21 8.09 8.74 8.15 17.42 0.18 3.76 5.41 Aditya Birla Sun Life Corporate Bond F - R - G 86.95 03-Mar-1997 25520.70 5.35 6.22 9.98 4.19 8.47 9.45 9.34 17.29 0.21 2.75 5.15

*Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Note: Indicative corpus are including Growth & Dividend option . The above mentioned data is on the basis of 20/05/2021 Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

18