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

DAILY REPORT 20th June 2018

Prime Minister Narendra Modi will address Indian farmers; Govt offer-for sale of Rites shares in IPO, Fine Organic IPO opens; RBI to hold T-bill auctions, release minutes of the MPC’s meeting; Civil Aviation Minister Suresh Prabhu, Power Minister R.K. Singh to speak.

WHAT TO WATCH:

* India State-Run Banks to Work to Improve Credit Flow, Goyal Says * India Targets Building 30 GW Offshore Wind Capacity by 2030 * India’s Ruling Coalition Loses a Second Ally as Pressure Builds * Brazil Applies Antidumping on Some Ore Grinding Tools From India * India Is Said to Call Off Flag Carrier Sale After Failed Attempt * India May Domestic Airline Passenger Traffic Rose 3% M/m * India Monsoon Rainfall 4% Below Normal as on June 19 * Kwality to Consider Free Securities Issue &/or Buy-back * Global Funds Buy Net INR7.86b India Equity Derivatives Tuesday ** Global Funds Sell Net INR13.25b of India Stocks Tuesday: NSE ** Foreign Investors Sell Net INR4.07b of Indian Equities June 18 * Ackman-Backed Platform Is Said to Discuss Unit Sale With UPL * In Cotton Market, India Wins as U.S.-China Dispute Escalates * Asia Stocks Mixed After Trade Tensions Escalate

EARNINGS: (All times India Time)

* JBF Industries (JBF) 4Q & FY18 ended March 31

GOVERNMENT:

* 9:30am: Prime Minister Modi will address India’s farmers via TV address * 10am: New Delhi. Junior HRD minister at function on Yoga Olympiad * 2pm: New Delhi. Civil Aviation Minister Prabhu and junior civil aviation minister Jayant Sinha to brief media * 3:45pm: New Delhi. Power minister R.K. Singh to inaugurate solar plant

CENTRAL BANK:

* Govt to sell 70b rupees 91-day, 40b rupees each of 182-day and 364-day of T-bills * RBI to publish MPC minutes after 5pm Mumbai time * India central bank to purchase INR100b of bonds via OMO on June 21

CONFERENCES/CORPORATE EVENTS:

* 12pm: New Delhi. Consumer Voice workshop on road safety * 12pm: Chennai. TeamLease to discuss employment prospects in logistics * AGMs: Axis Bank

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

BOND SALES:

* Aditya Birla Housing Plans to Sell INR4.95b 3Y Bonds * Axis Finance Sells INR1b About 3-Year Bonds * Fullerton India Credit Plans to Sell INR6.5b Bonds * India Infradebt Sells INR5.05b 2-Part Bond * India’s Nabard Plans to Sell INR15b Jan. 2022 Bonds * L&T Infra Debt Fund Sells INR3.08b 5Y 2-Month Bonds * Tata Capital Financial Sells INR5.4b Sept. 2019 Bonds

OFFERINGS:

* Rites Ltd. IPO at 180-185 rupees/share opens, to close June 22 * Fine Organic Industries IPO at 780–783 rupees/share opens, to close June 22 * India Bharat-22 ETF second tranche opens, to close June 22

ANALYST ACTIONS:

* Bajaj Auto Raised to Outperform at Credit Suisse * Bharat Heavy Upgraded to Neutral at Nomura; PT 86 Rupees * HCL Tech Assumed at Jefferies With Hold; PT 965 Rupees * Kaveri Seed Rated New Buy at Sunidhi Securities & Finance Ltd * Wipro Assumed at Jefferies With Underperform; PT 240 Rupees

MARKETS:

* S&P 500 -0.4% to 2,762.59 * STOXX Europe 600 -0.7% to 383.21 * MSCI Asia Pacific Index -0.1% to 168.63 * Global Commodity Prices Overview ** Gold spot little changed at $1,274.35/oz ** Brent futures +0.2% to $75.24/bbl * SGX Nifty futures for June delivery -0.1% to 10,718.00 ** Sensex down 0.7% to 35,286.74 ** Nifty down 0.8% to 10,710.45 * Yield on 7.17% bonds maturing Jan 2028 at 7.86% on June 19 * INR -0.6% to 68.3850/USD * Rupee Drops on Outflow Fears as Trade Spat Worsens: Inside India

ADRs (traded value):

* Tata Motors -2.3% ($36.2m), Infosys -1.3% ($140.1m), ICICIBank -0.8% ($85.1m), Wipro -0.6% ($5.6m), WNS Holdings +0.6% ($10.5m), HDFC Bank -0.5% ($38.2m), Dr Reddy’s -0.4% ($27.2m)

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

EQUITY PREVIEW:

* DCM Shriram (DCMS): To buy back up to 10% shares at up to INR450 each * Cipla (CIPLA): Gets final nod from FDA for Efavirenz tablets 600mg * Kansai Nerolac (KNPL): To acquire 55% stake in Bangaladesh’s Rak Paints * Lupin (LPC): Horizon, co. agree to end patent suit over Pennsaid 2% drug * Sadbhav Infrastructure (SINP): Signs INR550m pact with unit for road work * Southern Petrochemical (SPET): In pact with Indian Oil (IOCL) for gas transport * State Bank of India (SBIN): Says won’t be able to absorb more banks * Tata Consultancy (TCS): NCR Corp. US and TCS enter into strategic alliance * UPL (UPLL): In consortium with Abu Dhabi sovereign fund is said in talks to buy Platform’s Pesticides arm * Viceroy Hotels (PLHH): Says lenders approves applicants list for resolution & timelines for CIRP process * Wheels India (WHL): Says may consider free shares issue on June 22