JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

DAILY REPORT 16th October, 2019

RBI to hold t-bills, reverse repo auctions; , , DB Corp. among companies reporting 2Q earnings; Road Transport Minister Nitin Gadkari, Health Minister Harsh Vardhan to speak.

WHAT TO WATCH:

 Trade Woes Push IMF Global Growth Outlook to Decade-Low of 3% o IMF World Economic Outlook Update: Projections Summary o IMF Cuts GDP Growth Forecast To 6.1% For The Current Year: BQ  India Trade Gap Narrows to Seven-Month Low as Demand Ebbs o India Sept. Trade Balance -$10.86b; Est. $12.9b deficit o Exports -6.6% y/y to $26.0b, imports -13.9% to $36.9b o India Aug. Services Exports $18.2b, Imports at $12b: RBI  Bond Bull Says Indian Traders Too Skeptical Over Deficit Targets  BE Model Signals Further Drop for India Government Bond Yields  $10 Trillion India GDP by 2030? Not Quite, But Almost  Tata Chairman Awaiting Brexit Deal Says Tariffs Are „New Normal‟  Blackstone, KKR Said to Join Race for India‟s Cement  India Inc. is Awakening to Workplace Diversity: Equality Summit  India Allowing Banks to Lend to InvITs Positive for Infra: ICRA  India Govt Reviews Prices, Supply of Essential Commodities  Palm Oil: Prices Bounce Back on India-Malaysia Trade Optimism  India Palm Importers Shifting to Indonesia From Malaysia: SEA  Global Funds Buy Net INR4.36B of India Stocks Tuesday: NSE  Foreign Investors Buy Net INR61.5b of Indian Equities Oct. 14  Foreigners Buy Net INR12.4b of India Equity Derivatives Tuesday  Emerging-Market ETFs See Small Inflow After Two-Week Outflow

MEDIA REPORTS:

 India Urges OPEC Not to Cut Oil Production in December: PTI  Maha BJP promises 10m jobs in 5 yrs, houses for all by 2022: PTI  Non- Life Insurers Register 28% Rise In September Premium: PTI  Nexus, Prestige group in talks to merge mall businesses: ET 

EARNINGS: (net income adj. ests. in INR where available)

 DB Corp (DBCL) 2Q 626m (3 analysts)  Federal Bank (FB) 2Q 4.33b (15)  Cable (HATH) 2Q  Mindtree (MTCL) 2Q 1.47b (15)

BOND SALES/PURCHASES (All times India Time):

 Govt to sell INR90b 91-days, INR40b of 182-days & INR30b of 364- days T-bills  RBI to conduct INR2.2 trillion overnight reverse repo auctions JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

GOVERNMENT:

 10am: New Delhi. Road Transport Minister Nitin Gadkari, Skill Development Minister Mahendra Nath Pandey and Power Minister R.K. Singh at Ministry of Skill Development‟s Culmination Ceremony of Apprenticeship Pakhwada-2019  10:30am: New Delhi. Chief Economic Adviser Krishnamurthy Subramanian at FICCI‟s „Massmerize 2019 - Retail, FMCG & E-Commerce Conference‟  11am: New Delhi. Textile Secretary Ravi Capoor to inaugurate the Handicraft Fair “IHGF-Delhi Fair” – 2019  11am: New Delhi. Health Minister Harsh Vardhan at the World Food Day 2019 celebrations hosted by FSSAI and will launch various innovative initiatives

CORPORATE BONDS:

 JMC Projects to Consider Private Placement of INR1b NCDs

ANALYSTS ACTION:

 ACC Raised to Buy at HSBC, PT 1,690 rupees; ACC Rated New Buy at Ashika Stock Broking, PT 1,819 rupees  Raised to Buy at HSBC, PT 230 rupees; Rated New Neutral at Ashika Stock Broking  Raised to Hold at Systematix Shares & Stocks  Dalmia Bharat Rated New Buy at Ashika Stock Broking  JK Cement Rated New Buy at Ashika Stock Broking  JK Lakshmi Rated New Buy at Ashika Stock Broking; PT 354 rupees  Lupin Raised to Hold at HSBC; PT 700 rupees  Cut to Hold at BNP Paribas; PT 6,450 rupees  Cut to Neutral at Ashika Stock Broking  Rated New Neutral at Ashika Stock Broking  Raised to Neutral at Credit Suisse; PT 250 rupees

MARKETS:

 S&P 500 up 1% at 2,995.68  STOXX Europe 600 up 1.1% at 394.02  MSCI Asia Pacific Index up 0.56% at 158.72  Gold spot up 0.1% at $1,482.60/Oz  Brent Futures up 0.24% at $58.88/bbl  Sensex up 0.76% at 38,506.09  Nifty Index up 0.77% at 11,428.30  SGX Nifty futures up 0.36% at 11,476.00  INR down 0.44% at 71.5425  Yield on 7.26% bonds maturing Jan 2029 at 6.67% on Oct. 15  Rupee Bonds Gain Amid Surge in Foreign Inflows: Inside India

JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

CORPORATE EVENTS:

 11:45am: Kolkata. Gautam Chatterjee, MD & CEO of , to make a major business announcement  1:45pm: Mumbai. Federal Bank press conference to announce 2Q FY20 results and discuss business plan  3pm: Mumbai. NRAI and FHRAI to hold a joint press conference on serious issues concerning Food Service  5:15pm: Mindtree to hold 2Q FY20 earning briefing call

EQUITY PREVIEW:

 ACC (ACC): 3Q net income 3b rupees, beats est. 2.74b  Bajaj Consumer (BAJAJCON): Founders Sell 22% Stake in Co. to Repay Debt  Bank (KBL): 2Q profit 1.06b rupees, provisions INR2.62b; GNP 4.78%  Multi Commodity Exchange (MCX): 2Q net income 717.5m rupees vs 359.3m y/y  NBCC India (NBCC): Wins total business of INR8.52b in Sept.  SBI Life Insurance (SBILIFE): 2Q profit 1.3b rupees vs 2.51b year ago  Wipro (WPRO): 2Q net income 25.5b rupees, beats Est. 22.8b; Sees 3Q revenue $2.07b-$2.11b