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

DAILY REPORT 30th May 2018

Prime Minister Narendra Modi to meet Indonesian president Joko Widodo in Jakarta; RBI to hold treasury bills auctions; Oil & Natural Gas, , , , among companies reporting earnings.

WHAT TO WATCH: * Hawks Take Hold in India as Monetary Policy Looks Set to Tighten * Trump Ratchets Up Pressure on China With Swerve on Tariff Plans * Deutsche Bank Says Asia Junk Bond Pain to Ease on Fundamentals * WhatsApp Is Said to Hasten Payments Push for 200 Million Indians * India Delays Plan to Roll Out 10,000 Electric Cars to 2019 * Singapore Exchange Delays New India Futures After Lawsuit ** NSE Committed to Protecting Indices, Products Proprietary Rights * India Tribunal to Decide on RCom Plea Against Insolvency May 30 * India Probes AirAsia Chief Fernandes for Alleged Corruption * Aban Offshore to Consider Funds Raising Plan Via FCCBs, ADRs, GDRs Issue * Mcleod Russel India to Consider Proposal for its Shares Buy- back * India, Pakistan Agree to Implement 2003 Ceasefire Agreement * Global Funds Buy Net INR11.8b of India Equity Derivatives Tuesday ** Global Funds Sell Net INR4.07b of India Stocks on Tuesday: NSE ** Foreign Investors Buy net INR3.79b of Indian Equities on May 28 ** Global Funds Add Indian Debt, Cut Holdings of Korean Bonds * India Wants a New Media Command Room to Help Boost Nationalism * Asian Stocks to Drop on Italy Woes, Trade Tensions ** Italy May Be Headed for July Vote as Cottarelli Stumbles

MEDIA REPORT: * India, U.S. Are Said Likely to Hold ’2+2’ Talks in July: Mint * Russia, India Agree on S-400 Missile Delivery for ~$6b: RBC * Jubilant Food Founders Are Said to Plan Stake Sale in Co: CNBC * Jaguar to Start Serial Production in Slovakia in September: CTK * Vedanta Is Said to Ready Legal Challenge in Tamil Nadu: Reuters

GOVERNMENT: * Jakarta: Prime Minister Narendra Modi to meet Indonesian president Widodo; address at India-Indonesia CEOs Forum & also Indian community * 2:30pm: New Delhi. OSD Commerce Anup Wadhawan to brief media regarding the TRIPS CBD Linkage * 3:30pm: New Delhi. Vaidya Rajesh Kotecha, Secretary at AYUSH to brief on International Day of Yoga celebrations 2018

CENTRAL BANK: * Govt to sell 70b rupees 91-day, 40b rupees each of 182-day and 364-day of T-bills

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

EARNINGS: (net income adj. ests. in INR where available) * 3M India (3M) 4Q * 8K Miles Software Services (KMSS) 4Q * Aegis Logistics (AGIS) 4Q 528m (3 Analysts) * Ahluwalia Contracts India (AHLU) 4Q 352m (8) * (ALKEM) 4Q 1.75b (4) * Apar Industries (APR) 4Q 466m (4) * Apollo Hospitals (APHS) 4Q 686m (8) * (BRGR) 4Q 1.16b (10) * BF Utilities (BFUT) 4Q * Bharat Dynamics (BDL) 4Q * CG Power and Industrial (CGPOWER) 610m (7) * Deepak Fertilisers (DFPC) 4Q * EIH (EIH) 4Q * Fortis Health (FORH) 4Q -51m (4) * GMR Infrastructure (GMRI) 4Q * Grindwell Norton (GWN) 4Q 431m (3) * Hindustan Aeronautics (HNAL) 4Q * (HCP) 4Q * Housing Development & Infrastructure (HDIL) 4Q * Housing & Urban Development Corp (HUDCO) 4Q * HSIL (HSI) 4Q 308m (3) * Infibeam (INFIBEAM) 4Q * India (INFOE) 4Q 679m (7) * Jammu & Kashmir Bank (JKBK) 4Q 669m (4) * LA Opala RG (LOG) 4Q * Manpasand Beverages (MANB) 4Q 409m (7) * Nava Bharat Ventures (NBVL) 4Q * Oil & Natural Gas Corp. (ONGC) 4Q 65.4b (14) * (RJEX) 4Q * Reliance Communications (RCOM) 4Q * Steel Authority of India (SAIL) 4Q 5.24b (7) * Suzlon Energy (SUE) 4Q * Tamil Nadu Newsprint & Papers (TNNP) 4Q * Torrent Pharmaceuticals (TRP) 4Q 1.93b (14) * Unitech (UT) 4Q * V-Guard Industries (VGRD) 4Q 527m (9)

BOND SALES: * Ess Kay Fincorp Plans to Sell INR2b 3Y Bonds * HDB Financial Plans to Sell INR7b 3Y Bonds * Hinduja Leyland Finance Plans to Sell INR500m Bonds * Indostar Capital Plans to Sell INR1b 3Y 14-Day Bonds * Kotak Mahindra Investments Plans INR4.2b Bonds AGMs * Gruh Finance

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

CONFERENCES/CORPORATE EVENTS: * 10:30am: New Delhi. PHD Chamber to release report on ‘India’s Free Trade Agreements: Dynamics and Diagnostics of Trade Prospects’ * 11:30am: Bangalore. M.V. Gowtama, CMD of to brief media on company’s 2017-18 performance * 12:15pm: . I.S. Jha, CMD of Power Grid Corp. to address media for 4Q FY18 results * 12pm: New Delhi. Rajesh Aggrawal, MD of Insecticides India to brief at the launch of four products for crops grown nationwide * 2pm: Mumbai. Rudratej Singh, president of Royal Enfield to brief at the launch of its limited edition Classic 500 Pegasus motorcycle * 3pm: New Delhi. FICCI President Rashesh Shah to release a report on ’State of the Low Income Housing Finance Market 2018’

ANALYST ACTIONS: * Cut to Add at Spark Capital Advisors * Engineers India Cut to Neutral at Phillip Secs; PT 155 Rupees * IDBI Bank Reinstated at Anand Rathi With Sell; PT 41 Rupees * Jain Irrigation Upgraded to Buy at Centrum Wealth; PT 129 Rupees * Kalpataru Power Downgraded to Hold at Anand Rathi; PT 544 Rupees * PVR New Buy at IDBI Capital Market; PT 1,700 Rupees * Ramkrishna Forgings Raised to Buy at Anand Rathi; PT 904 Rupees * Techno Electric Cut to Reduce at Dolat Capital Market * Vedanta Downgraded to Neutral at IDFC Securities; PT 279 Rupees

MARKETS: * S&P 500 -1.2% to 2,689.86 * STOXX Europe 600 -1.4% to 384.47 * MSCI Asia Pacific Index -1.1% to 171.02 * Global Commodity Prices Overview ** Gold spot +0.2% to $1,302.05/oz ** Brent futures -0.4% to $75.08/bbl * SGX Nifty futures for May delivery -0.6% to 10,546.00 ** Sensex -0.6% to 34,949.24 ** Nifty -0.5% to 10,633.30 * Yield on 7.17% bonds maturing Jan 2028 at 7.76% on May 29 * INR -0.7% to 67.8725/USD * Rupee Falls Most in Two Weeks on Dollar Strength: Inside India

ADRs (traded value):

* -0.9% ($3.3m), WNS Holdings +0.1% ($15.1m), -1.8% ($112.4m), -0.6% ($62.2m), ICICIBank -2.4% ($58.2m), HDFC Bank -0.1% ($111.2m), Dr Reddy’s -0.6% ($13.2m)

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

EQUITY PREVIEW:

* Bharat Electronics (BHE): 4Q net income 5.59b rupees, misses est. 7.55b * (BPCL): 4Q net income 26.7b rupees, beats est. 21.5b * (COAL): 4Q profit misses estimate on higher staff costs * Dish TV India (DITV): Reports 4Q profit 1.21b rupees, est. loss 39.6m, 4Q has deferred tax gain of 1.47b rupees * D-Link India (DLINK): 4Q profit 53.1m rupees vs 15.2m loss year ago * Finolex Cables (FNXC): 4Q net income 817.6m rupees vs * Fortis Healthcare (FORH): Says starts fresh bidding for control of Indian hospital chain * Glenmark Pharma (GNP): 4Q net income 1.52b rupees, misses est. 1.94b * IndiGo (INDIGO): Announces fuel surcharges to counter rising oil prices * KSK Power (KSK): Says some planned initiatives put on hold * MMTC (MMTC): 4Q net income 128.2m rupees vs loss 208.2m year ago * Oil & Natural Gas (ONGC): Clarifies ONGC is joint operator in Panna-Mukta field with Reliance (RIL) * Tata Consultancy Services (TCS): Wants bias claims in arbitration based on supreme court case