JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INB 230766739 / INB 011107555

DAILY REPORT 26th March 2018

Lemon Tree Hotels IPO opens for sale; RBI to hold states bond, reverse repo auctions; TPG is nearing an agreement to gain control of Fortis Healthcare; Rural Development Minister , Water Resources Development Minister to Speak.

WHAT TO WATCH: * Biggest Bond Buyers Vanish Before Modi’s Near-Record Debt Sales * ’s Services Industries Seen Propping Up Capital Investment * India Sends Notice to Cambridge Analytica on Alleged Data Breach * RBI Switches 150.9b Rupees of Securities to Longer Tenor * Move Over, Mastercard. Upstarts Gain in Hot India Payments Space * Tycoon’s India Cement Firm Driven by ‘Pride’ to Contest M&A Deal * Forex Reserves Fall $152.4m to $421.3b in a Week to March 16: RBI * India Plans Rural Infrastructure Upgrade to Boost Farm Incomes * Dish TV India to Consider Merger of Videocon D2H with Dish TV * NMDC to Consider Mid-Year Dividend * Foreign Funds Flow: ** Global Funds Sell Net INR19.9b of India Equity Derivatives on March 23 ** Global Funds Buy Net 16.3B Rupees of India Stocks on March 23: NSE ** Foreign Investors Buy Net INR722.6m of India Equities on March 22 * Jindal Steel to Sell Stakes in Some Overseas Assets to Cut Debt * Tata’s Bid for Bhushan Steel Is Said to Be for $5.3 Billion * Buy the Dip Still the Right Approach -- in Volatility: Macro Man * JPMorgan Sees Market Overcoming Stock Rout, But Beware Trade War * U.S. Personal Spending, Egypt Votes: Week Ahead March 26-31 * Stocks Drop in Asia on Trade; S&P 500 Futures Rise

MEDIA REPORTS: * SEBI Is Said to Tweak Share Buyback Norms: PTI * India May Go To WTO Alone on U.S. Duty Hikes: Times of India * India Moves to Allow ArcelorMittal to Bid for Uttam Galva: Mint * Ingen Cap, Penn Energy Among Firms Keen to Buy Lanco Infra: ET * Blackstone, Indiabulls Deal Includes Two Mumbai Sites: Reuters

ECONOMIC DATA: * 03/26-03/28: Eight infrastructure industries index for Feb. (Prior +6.7%)

CENTRAL BANK: * RBI to conduct overnight-, 7-day variable rate reverse repo auctions for total of INR700b * Nine Indian states to sell 125.8b rupees of bonds today

CONFERENCES/CORPORATE EVENTS: * 11am: Mumbai. Parth Jindal of JSW Group and Greg Abbott, governor of Texas, U.S., at briefing on strategic initiatives & investments by JSW Steel in the U.S.

JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INB 230766739 / INB 011107555

GOVERNMENT: * 9am: . Krishan Pal Gurjar, MoS for social justice to inaugurate the ’National Conference on Down Syndrome’ * 1:30pm: New Delhi. Rural Development Minister Narendra Singh Tomar, to address at SARAS Aajeevika Mela-2018 * 3pm: New Delhi. Power Minister R.K. Singh, at Signing & exchange of host country agreement between MEA & ISA * 3:30pm: New Delhi. WRD Minister Nitin Gadkari, to distribute prizes at an event by Central Ground Water Board of the Ministry of WRD

OFFERINGS: * Lemon Tree Hotels IPO opens for sale at 54-56 rupees/share; closes March 28; co. raises INR3.11b by issuing 55.6m shares to 16 anchor investors at INR56 apiece * ICICI Securities IPO gets 36% demand for shares offered on 2nd day sale, Offer closes March 26 * Mishra Dhatu Nigam IPO gets 121% demand for shares offered on last day

MARKETS: * S&P 500 -2.1% to 2,588.26 * Stoxx Europe 600 -0.9% to 365.82 * MSCI Asia Pacific Index -0.5% to 171.03 * Global Commodity Prices Overview ** Gold spot little changed at $1,346.72/oz ** Brent futures +0.7% to $70.87/bbl * SGX CNX Nifty Index futures for March delivery -0.3% to 9,960.00 ** Sensex -1.2% to 32,596.54 ** Nifty -1.2% to 9,998.05 * Yield on 7.17% bonds maturing Jan 2028 at 7.56% on March 23 * INR up 0.1% to 65.0137/USD

ADRs (traded value): * Tata Motors -2.4% ($49.6m), ICICIBank -1.8% ($90.7m), Wipro +1.8% ($9.7m), Dr Reddy’s -1.4% ($5.9m), HDFC Bank -0.9% ($56.0m), Infosys +0.2% ($111.0m)

EQUITY PREVIEW: * Bharat Financial (BHAFIN): Completes INR13.9b of direct assignment deals * Fortis Healthcare (FORH): TPG is said to near deal for $1.1b Indian hospital chain * HCL Technologies (HCLT): Transfers shares in HCL Training to unit HCL Comnet * Housing & Urban Development (HUDCO): To consider raising up to INR4.6b via bonds on March 27 * Lumax Auto Technologies (LMAX): To split each shares into 5 * NTPC (NTPC): Says unit 1 of Lara Power Station starts generation; Coal extraction started at Dulanga mine in Odisha * Reliance Industries (RIL): To combine Saavn to create India’s largest music platform ** Unit Reliance Jio approves pvt placement to raise up to 200b rupees * Siti Networks (SITINET): Approved to form a Limited Liability Partnership unit for Cable TV business * Tata Power (TPWR): Signs pact with Tata Sons to sell 40% stake in Panatone for INR15.3b; To sell 4.7% stake in Tata Communications to Panatone for INR6.1b * Vedanta (VEDL): Approves raising up to 45b rupees via bonds