MARKET STRATEGY

Trading Strategy July 29, 2019

Indian Market % Change
Last Close 1 day YTD Dr Reddy’s Labs (Buy at `2,700-2,710, Target `
Sensex 37,883 0.1 4.5 2,754, Stop Loss ` 2,680.5): The stock has been
Nifty 11,284 0.3 3.4 consolidating for the past three weeks and has
Nifty Bank 29,325 1.0 7.1
finally broken out from a Symmetrical Triangle
Nifty Midcap 50 4,421 0.8 (10.3)
pattern on the daily chart. The breakout has
Nifty Smallcap 50 2,736 (0.3) (13.8)
been accompanied with smart uptick in traded
Developed Markets % Change volumes. The stock has also managed to hold
Last Close 1 day YTD above its short term as well as long term
Dow Jones 27,192 0.2 2.3 moving averages. Hold long positions with
Nasdaq 8,330 1.1 (8.4)
mentioned stop loss on weekly closing basis.
S&P 500 3,026 0.7 33.1
Derivative Strategy (Time Period: Till expiry)
Hang Seng 28,398 (0.7) (17.1)
Buy Biocon August future at `242.5-244.5, Stop
Nikkei 21,658 (0.5) (7.1)
Loss `238.75 and Target `248.5-249.
Nifty Outlook: Nifty finds support around 11210,
Institutional Activity (`cr)
while 11350 will act as resistance. Bank Nifty finds
Cash YTD
support around 29000, while 29500 will act as
FII (1,503) 47,882
resistance on the upside.
DII 1,918 7,875
*Provisional Figures
Asian indices opened weak even as the US indices
closed at fresh new highs led by the S&P 500 & the
Advance/Decline stocks No. (NSE)
Nasdaq. The Japanese Nikkei saw cuts of 100
26-Jul-19 25-Jul-19
Adv 807
points in early trade as strength in the yen hurt
993
Dec 809 1015 exporters. Markets will be keenly awaiting progress
Unch 104 106 of trade talks between US/China and the Federal
Reserve action on rates with a rate cut on the cards
after 2008.
 Q1FY20 RESULTS
ICICI Bank Ltd posts standalone net profit at refund and interest collection from NPLs on net
Rs1,908cr in Q1FY20, vs net loss of `120cr yoy: In- interest margin was about 17 basis points in
line with Estimates Q1FY20 compared to about 25 basis points in
Q1FY19.
ICICI Bank Ltd
 Non-interest income, excluding treasury
Standalone Results Q1FY20: (` in cr)
income, was `3,247cr in Q1FY20 compared to
Q1FY20 YoY (%)
`3,085cr in Q1FY19.
NII 7,737 26.8
 Provisions were `3,496cr in Q1FY20 compared
GNPA (%) 6.5 21
to `5,971cr in Q1FY19.
Provisions 3,496 [41.5]

Net Profit (adjusted) 1,908 -

Bajaj Auto Ltd's Q1FY20 standalone net profit
***GNPA change in bps is on qoq basis
remains flat yoy to `1,125.7cr: In-line with
ICICI Bank's Q1FY20 NII came at `7,737cr as Estimates
against Rs6,102cr, which is up by 27% yoy. The
Bajaj Auto Ltd
bank has reported a net profit of `1,908cr in Standalone Results Q1FY20: (` in cr)
Q1FY20, which is in line with consensus estimates, Q1FY20 YoY (%)
as against loss of `120cr yoy. Its GNPA for Q1FY20 Revenue 7,755.8 3.9
came at 6.49% against 6.7% qoq, which has
EBITDA 1,198.2 [10.5]
decreased by 21bps. NNPA for the quarter came at
EBITDA Margin (%) 15.4 [249]
1.77% against 2.06% qoq, which has declined by
Net Profit (reported) 1,125.7 0.9
29bps. ***EBITDA margin change is bps

 Domestic loan growth at 18% yoy at June 30, Bajaj Auto Limited (BJAUT) reported muted
2019 driven by retail. numbers for the quarter, broadly in-line with
 Retail loans grew by 22% yoy; including non- estimates for Q1FY20. Standalone revenue grew by
fund outstanding, retail was 48.5% of the total 3.9% yoy to `7,755.8cr (up 4.5% sequentially).
portfolio at June 30, 2019. Volume grew by 1.7% and resultantly, negative
 Core operating profit grew by 21% yoy to operating leverage led to EBITDA decline of 10.5%
`6,110cr in Q1FY20. yoy to `1,198.2cr, ~5% above expectation. Thus,
 Net NPA decreased by 51% from `24,170cr in EBITDA margin contracted 249bps yoy to 15.4%.
June 30, 2018 to `11,857cr at June 30, 2019. The reported PAT stood at `1,125.7cr, flat yoy.
 Total capital adequacy ratio of 16.19% and Tier-
1 capital adequacy ratio of 14.60% on  The company reported 1.7% yoy growth in sales

standalone basis at June 30, 2019. volume and realisation per unit (derived) stood

 The net interest margin was 3.61% in Q1FY20 at `62,187, growth of 2.2% yoy.

compared to 3.19% in Q1FY19 and 3.72% in  Company’s overall share in the domestic

Q4FY19. The impact of interest on income tax motorcycle market stood at 18.3% against
 Q1FY20 RESULTS
18.7% in FY19 and 16.3% in Q1FY19. Retail Maruti Suzuki India Ltd's Q1FY20 standalone net
share in the domestic motorcycle market is profit declines 27.33% yoy to `1,435.50cr: Misses
nearly 19%. Estimates
 In domestic motorcycle segment, company
Maruti Suzuki India Ltd Q1FY20
recorded a growth of 3% yoy to 6,10,936 units
Standalone Results Q1FY20: (` in cr)
against an industry de-growth of 9% yoy.
Q1FY20 YoY (%)
 In the entry motorcycle segment, company sold
Revenue 19,719.8 [12.2]
over 3,00,000 units during the quarter (CT over
EBITDA 2,047.8 [38.9]
1,23,000 units and Platina over 1,66,000 units).
EBITDA Margin (%) 10.4 [454]
Company enjoys a market share of 30.6% in
Net Profit (reported) 1,435.5 [27.3]
entry level motorcycles.
***EBITDA margin change is bps
 In the Sports segment, company continued to
maintain its dominance with market share of Maruti Suzuki India Limited (MSIL) reported dismal
46.9% yoy in Q1FY20. set of numbers, lower than estimates on PAT front.
 In the commercial vehicle segment, company Standalone revenue declined by 12.2% yoy to
recorded sales of over 86,217 units, down 9% `19,719.8cr, in-line with estimate. Volume for the
yoy. It maintained its dominance with market quarter was down by 17.9% yoy. Due to negative
share of 57.1 %. operating leverage, adverse commodity prices and
 In the international business, company recorded higher sales promotion expenses, EBITDA was
the highest ever exports of 550,021 units, up 2% down 38.9% yoy and stood at `2,047.8cr. EBITDA
yoy. Motorcycles sold 471,691 units, growth of margin contracted by 454bps yoy to 10.4%
8% yoy. Commercial Vehicles sold over 78,330 (estimate 11%). Depreciation and interest costs
units, a decline of 23% yoy, due to lower sales in were up by 27.6% and 164.3% yoy. Thus, PAT
Egypt. declined by 27.3% yoy to `1,435.5cr, ~12% lower
 Other income for the quarter was up by 27.2% than estimate.
yoy and it restricted the PAT decline to mere  The company sold 4,02,594 vehicles during the
0.9% despite a 10.5% decline in EBITDA. quarter, lower 17.9% yoy. Sales in the domestic
market stood at 3,74,481 units, down 19.3% yoy
and exports sales volume stood at 28,113 units,
growth of 5.5% yoy.
 This weak operating performance during the
quarter was due to (a) lower capacity utilization,
(b) adverse commodity prices, and (b) higher
sales promotion expenses.
 Other income for the quarter stood at `836.4cr
against `271.8cr in Q1FY19.
 Q1FY20 RESULTS
Vedanta Ltd's Q1FY20 consolidated net profit  Net debt was at `28,743cr on June 30, 2019,
declines 11.9% yoy to Rs1,351cr higher by `1,787cr yoy, primarily due to working
capital unwinding and regrouping of lease
Vedanta Ltd Q1FY20
liability to borrowing due to INDAS 116
Consolidated Results Q1FY20: (` in cr)
implementation.
Q1FY20 YoY (%)
 Cash and liquid investments stand at `30,774cr.
Revenue 21,374 [3.7]
 Net Debt/EBITDA currently stands at 1.3x.
EBITDA 5,198 [16.0]
 Vedanta has fully unwound the CIHL Structured
EBITDA Margin (%) 24.3 [356]
Investment via call option being exercised by
Net Profit (adjusted) 1,351 [11.9]
Volcan
***EBITDA margin change is bps

Vedanta reported a mixed set of results for JSW Steel Ltd's Q1FY20 consolidated net profit
Q1FY20. Revenue declined by 3.7% yoy to declines 56.6% yoy to `1,028cr: Misses Estimates
`21,374cr (expectation of `21,223cr). EBITDA
JSW Steel Ltd Q1FY20
stood at `5,198cr, down 16.0% yoy against
Consolidated Results Q1FY20: (` in cr)
estimates of `5,478cr. The EBIDTA margin
Q1FY20 YoY (%)
contracted 356bps yoy to 24.3%. The net profit
Revenue 19,812 [3.4]
stood at `1,351cr, down 11.9% yoy (expectation of
EBITDA 3,716 [27.2]
`1,317cr).
EBITDA Margin (%) 18.8 [612]

 Revenue growth was lower on yoy basis as Net Profit (adjusted) 1,028 [56.6]

lower commodity prices were partially offset by ***EBITDA margin change is bps

higher aluminium sales, volume addition from

JSW Steel Ltd reported numbers for Q1FY20 came
ESL, commencement of Gamsberg mine and
in below consensus estimates. Revenue declined
currency depreciation.
by 3.4% yoy to `19,812cr against median
 Depreciation was higher by 20% yoy due to
consensus estimates of `20,531cr). EBITDA stood
higher ore production in Zinc businesses,
at `3,716cr, down 27.2% yoy against estimates of
change in reserves estimates and asset
`3,719cr. EBIDTA margin declined by 612bps yoy to
capitalisation at Zinc India, commencement of
18.8%. Net profit stood at `1,028cr, a decline of
Gamsberg operations and increased charge at
56.6% yoy, against an estimate of `1,094cr.
Oil & Gas due to capitalisation.
 Finance cost was lower by 8% yoy owing to  Standalone:
capitalisation of borrowing cost and one-time o Net realizations declined by 5% yoy during
commitment charges in Q1FY2019 partially the quarter.
offset by higher average borrowing cost in line o Total saleable steel sales were 3.75mn
with market trends. tonnes, down 2% yoy. Volumes for long
 Q1FY20 RESULTS
products were up 7% yoy, while flat
products were down by 2% yoy.
o Saleable steel volumes were down
primarily due to weaker domestic demand
environment and lack of credit availability.
o Crude steel production reported was
4.24mn tonnes, which was higher by 3%
yoy.
 Net Debt-to-Equity at the standalone level
stood at 1.15x in Q1FY20 against 1.17x in
Q4FY19. Net Debt-to-Equity at the consolidated
level stood at 1.35x in Q1FY20 against 1.34x in
Q4FY19.
 Production and sales for JSW Steel Coated
Products stood at 0.43mn tonnes and 0.45mn
respectively. Revenue and EBITDA for JSW
Steel Coated products in Q1FY20 stood at
`2,990cr and `172cr, respectively.
 DERIVATIVE
Current OI
FutChg OI in OI PCR PCR ATM Max CE Max PE %
Index Spot Future Basis v/s Total OI
(%) Shares Chg OI VOL IV Buildup Buildup Rollovers
(%)
Nifty 11284 11327 0.2 43 50.2 176.6 (1.4) 1.37 0.85 11.5 12000 11000 4.5
BankNifty 29325 29466 0.9 140 39.1 14.2 0.9 1.16 0.91 13.7 29000 30500 2.7

OI Gainers Derivative Snippets

OI OI Chg Price
Underline Price Action Nifty/Bank Nifty Weekly expiry update:
(lakhs) (%) Chg (%)
Short
HEXAWARE 23 17.6 351 (0.8)
Buildup  On the options front (August 01, 2019 expiry),
Short
CONCOR 18 16.9 515 (1.5) across the board short selling was seen in Nifty
Buildup
Long out the money put option strikes making 11,200
ACC 0 14.3 1591 0.6
Buildup
level as an immediate floor level for the index in
OI Losers the weekly series.
Underline
OI OI Chg
Price
Price
Action  India vix closed at 11.9, down 5.6%.
(lakhs) (%) Chg (%)
Short  FIIs were net sellers in the cash market segment
ZEEL 197 (8.2) 405 3.1
Covering to the tune of `1,503 cr.
Short
JINDALSTEL 325 (4.1) 139 2.5
Covering
Short
UBL 10 (4.0) 1406 0.3 FII Long-Short Activity
Covering
Long- Long-Short
% % Chg
Index OI Short Ratio since
Nifty Monthly Active Strikes Chg Since Exp
Ratio Exp
Price Chng % OI % OI Change
Strikes Price OI Fut Long 73 (5) (5)
(%) Chng since Expiry 0.6 0.9
Fut Short 121 9 9
11300CE 174 2.2 11 29.2 29.2
Opt CE
11400CE 121 1.5 8 14.5 14.5 138 12 12
Long 3.5 1.0
11500CE 79 0.6 12.0 1.4 1.4 Opt CE Short 39 7 7
11300PE 149 (10.6) 13.7 23.2 23.2 Opt PE Long 177 6 6 2.3 0.9
Opt PE Short 77 14 14
11000PE 59 (15.2) 29 3.0 3.0
 DERIVATIVE
Cash and carry arbitrage Reverse cash and carry arbitrage
Spot Futures Basis Spot Futures Basis
Underline Basis Action Underline Basis Action
Price Price (%) Price Price (%)
Buy cash and Buy cash and
IDEA 9.25 9.35 0.10 1.1 NIITTECH 1273.85 1210.30 (63.55) (5.0)
Sell future Sell future
Buy cash and Buy cash and
DISHTV 31.40 31.65 0.25 0.8 DHFL 55.00 52.30 (2.70) (4.9)
Sell future Sell future
Buy cash and CUMMINS Buy cash and
ICICIBANK 415.75 419.00 3.25 0.8 739.15 711.35 (27.80) (3.8)
Sell future IND Sell future

PCR Open Interest PCR Volume

Underline Current Previous % Change Underline Current Previous % Change

NIITTECH 0.02 0.01 2.15 OIL 7.78 0.22 34.00

OIL 1.87 0.62 2.01 CESC 0.79 0.19 3.09

RAMCOCEM 0.13 1.00 (0.88) AMARAJABAT 0.66 0.21 2.15

MFSL 0.62 2.17 (0.71) MARICO 0.82 0.36 1.24

SHREECEM 0.04 0.13 (0.70) RECLTD 0.88 0.43 1.03

DIVISLAB 0.36 0.83 (0.57) MFSL 0.00 4.00 (1.00)

MARUTI 0.69 1.32 (0.48) MFSL 0.00 4.00 (1.00)

CENTURYTEX 1.95 3.71 (0.47) MFSL 0.00 4.00 (1.00)

CONCOR 0.88 1.67 (0.47) MGL 0.69 5.60 (0.88)

IDBI 0.86 1.62 (0.47) COLPAL 0.23 1.50 (0.84)

FII Vs Retail Long-Short ratio Historical Volatility of Active Stocks

4.0 120
FII Retail Clients HV % Chg
100
3.0
80

2.0 60

40
1.0
20
0.0 0
L/S Fut L/S CE Options L/S PE Option NIITTECH PVR CUMMINSIND IDFCFIRSTB INFRATEL
 PIVOTS AND DEALS
CMP Suppor Resist 50- 200 CMP Suppor Resist 50- 200
Company Company
(`) t* ance* DMA -DMA (`) t* ance* DMA -DMA
ACC 1582 1570 1591 1594 1520 CONCOR 519 512 526 538 519

ADANIENT 132 129 135 147 146 CUMMINSIND 739 731 748 754 756

ADANIPORTS 382 378 385 409 371 DABUR 428 423 431 404 411

ADANIPOWER 63 62 64 54 48 DHFL 55 53 57 83 158

AMARAJABAT 651 639 659 629 703 DISHTV 31 30 33 30 36

AMBUJACEM 213 210 216 219 216 DIVISLAB 1667 1636 1686 1608 1566

APOLLOHOSP 1363 1335 1380 1316 1235 DLF 181 177 183 184 177

APOLLOTYRE 164 161 166 190 210 DRREDDY 2705 2646 2739 2619 2642

ASHOKLEY 74 73 75 86 94 EICHERMOT 17187 16517 17667 19457 21026

ASIANPAINT 1526 1498 1543 1386 1374 ENGINERSIN 107 104 108 115 115

AUROPHARMA 563 553 571 619 726 EQUITAS 114 112 116 127 123

AXISBANK 730 722 735 781 700 ESCORTS 473 464 486 559 655

BAJAJ-AUTO 2619 2523 2697 2851 2803 EXIDEIND 185 182 187 205 229

BAJAJFINSV 7233 6810 7477 8054 6808 FEDERALBNK 95 93 97 104 92

BAJFINANCE 3265 3080 3364 3480 2844 GAIL 133 132 135 156 168

BALKRISIND 721 714 730 762 882 GLENMARK 426 423 432 491 599

BANKBARODA 113 110 115 123 116 GMRINFRA 15 15 15 15 16

BANKINDIA 76 75 78 88 90 GODREJCP 619 614 623 661 704

BATAINDIA 1317 1297 1333 1379 1228 GRASIM 875 868 881 898 842

BEL 99 98 100 107 93 HAVELLS 698 683 709 755 713

BERGEPAINT 328 325 331 316 312 HCLTECH 1001 995 1010 1059 1035

BHARATFORG 434 426 441 456 501 HDFC 2166 2151 2189 2198 1983

BHARTIARTL 335 329 340 349 308 HDFCBANK 2277 2269 2290 2410 2198
BHEL 61 60 62 68 69 HEROMOTOCO 2467 2393 2514 2613 2762

BIOCON 242 238 249 255 297 HEXAWARE 358 351 366 363 346

BOSCHLTD 15028 14842 15179 16486 18119 HINDALCO 198 195 200 199 209

BPCL 344 337 348 378 350 HINDPETRO 275 263 282 295 256

BRITANNIA 2668 2628 2697 2828 2953 HINDUNILVR 1731 1719 1742 1774 1734

CADILAHC 234 230 237 241 315 HINDZINC 226 218 230 238 262

CANBK 240 238 245 269 259 IBULHSGFIN 624 612 638 687 742

CASTROLIND 126 124 128 137 149 ICICIBANK 416 410 421 423 379

CENTURYTEX 913 895 924 960 888 ICICIPRULI 403 397 406 378 343

CESC 753 744 764 761 724 IDBI 31 30 32 36 48

CHOLAFIN 245 242 250 283 262 IDEA 9 9 10 12 18

CIPLA 532 527 539 553 546 IDFCFIRSTB 42 40 44 43 44

COALINDIA 211 206 214 245 244 IGL 306 302 312 320 290

COLPAL 1161 1146 1170 1154 1206 INDIGO 1582 1566 1602 1570 1269
 PIVOTS AND DEALS
CMP Suppor Resist 50- 200 CMP Suppor Resist 50- 200
Company Company
(`) t* ance* DMA -DMA (`) t* ance* DMA -DMA
INDUSINDBK 1416 1394 1429 1492 1551 ONGC 142 141 144 163 154

INFRATEL 270 265 274 269 279 PAGEIND 18495 18131 18930 20444 23613

INFY 787 781 794 744 715 PEL 1798 1734 1851 2023 2238

IOC 142 140 145 155 145 PETRONET 238 232 241 242 229

ITC 270 268 272 279 284 PFC 113 112 114 125 109

JINDALSTEL 138 134 142 150 159 PIDILITIND 1244 1229 1257 1231 1154

JSWSTEEL 250 247 253 270 295 PNB 68 66 70 78 78

JUBLFOOD 1214 1175 1236 1271 1269 POWERGRID 212 210 214 199 192

JUSTDIAL 711 702 722 745 575 PVR 1708 1660 1760 1716 1585

KAJARIACER 480 468 487 583 526 RAMCOCEM 751 738 759 787 688

KOTAKBANK 1512 1487 1528 1496 1315 RAYMOND 682 667 692 761 769

L&TFH 104 102 106 120 132 RBLBANK 457 451 464 626 597

LICHSGFIN 523 518 529 544 489 RECLTD 142 139 146 151 132

LT 1392 1371 1405 1503 1382 RELCAPITAL 54 52 56 82 169

LUPIN 777 766 785 746 809 RELIANCE 1214 1202 1234 1294 1230

M&M 564 551 572 632 689 RELINFRA 51 48 52 69 190

M&MFIN 297 292 304 393 412 SAIL 45 44 46 49 53

MANAPPURAM 113 112 116 132 108 SBIN 343 340 346 352 305

MARICO 361 358 364 369 356 SHREECEM 21431 21077 21663 21100 17864

MARUTI 5806 5675 5946 6503 6944 SIEMENS 1186 1172 1200 1245 1075

MCDOWELL-N 593 584 598 565 571 SRF 2738 2670 2785 2876 2350

MCX 845 824 857 826 762 SRTRANSFIN 976 962 999 1074 1126

MFSL 425 417 430 422 419 STAR 354 346 359 399 441
MGL 779 768 786 839 883 SUNPHARMA 440 435 444 405 455

MINDTREE 690 683 698 890 897 SUNTV 491 476 501 512 571

MOTHERSUMI 113 110 115 119 145 TATACHEM 595 591 599 616 634

MRF 54339 53898 54880 55464 59877 TATAELXSI 646 638 657 837 930

MUTHOOTFIN 591 584 598 625 541 TATAGLOBAL 258 252 262 253 220

NATIONALUM 46 45 46 49 57 TATAMOTORS 147 140 152 165 178

NBCC 49 48 50 58 58 TATAMTRDVR 71 68 73 80 91

NCC 75 74 77 96 91 TATAPOWER 62 61 63 67 71

NESTLEIND 11623 11505 11706 11491 10848 TATASTEEL 446 438 451 483 510

NIITTECH 1274 1229 1321 1319 1250 TCS 2109 2093 2128 2171 2033
NMDC 111 109 113 108 102 TECHM 644 639 649 717 740

NTPC 129 128 130 133 128 TITAN 1106 1089 1118 1223 1045

OFSS 3353 3311 3382 3299 3512 TORNTPHARM 1674 1627 1702 1546 1708

OIL 156 156 157 175 180 TORNTPOWER 304 300 308 272 257
 PIVOTS AND DEALS
CMP Suppor Resist 50- 200 Bulk Deals
Company
(`) t* ance* DMA -DMA Scrip Qty Avg
Date Institution B/S
TVSMOTOR 376 365 383 446 498 name (`000) price (`)
Alphagrep
UBL 1405 1390 1417 1364 1344 Reliance
26-Jul Securities Pvt B 2412 49.25
Infra
UJJIVAN 273 268 277 312 285 Ltd
Tower Research
ULTRACEMCO 4501 4441 4543 4592 4073 Reliance
26-Jul Capital Markets B 4531 48.84
Infra
UNIONBANK 70 69 73 76 80 India Pvt Ltd
Tower Research
UPL 602 590 612 652 566
26-Jul Yes Bank Capital Markets B 18091 92.77
VEDL 164 159 172 167 183 India Pvt Ltd

VOLTAS 583 575 589 603 570

Insider Trading
WIPRO 264 261 265 281 265
Date Company Name Trader B/S Qty (‘000)
YESBANK 96 90 100 116 185
Genus Power Baldev Kumar
ZEEL 404 394 410 354 415 26-Jul S 1520
Infrastructures Agarwal HUF

Results Today: Dr Reddy’s, DLF, IRB InvIT Fund, Supreme Industries, IFB Agro Industries, Bank of
Maharashtra, General Insurance Corporation of India, Navin Fluorine International, Sanofi India, Bharat
Electronics, Orient Cement, GHCL, Lloyds Steels Industries, India Grid Trust, Gokaldas Exports, Adroit
Infotech, Sun Pharma Advanced Research Company, Century Enka, JMC Projects (India), Castrol India,
Dalmia Bharat Sugar, Shriram City Union Finance, Chennai Petroleum Corporation, Kansai Nerolac Paints,
Rane Engine Valve, Transport Corporation of India, Alembic Pharmaceuticals, Tata Sponge Iron, Cochin
Shipyard, Shalby, AYM Syntex, Strides Pharma Science, V2 Retail, Valecha Engineering, Indian Card Clothing
Company, EID Parry India, KPR Mill, Muthoot Capital Services.
 NEWS SNIPPETS
Corporate Snippets:  Power Mech Projects said that Andhra Pradesh
State Project Director cancelled order worth
 Cadila received Form 483 with zero observations
`512.78cr.
from USFDA for its API manufacturing facility at
 Uflex has entered into an agreement to disinvest
Ankleshwar.
its 82% stake in Utech Developers, a wholly-
 Granules India received Form 483 with one
owned subsidiary.
observation from USFDA for its API
 Granules India's Bonthapally facility at
manufacturing facility at Hyderabad.
Hyderabad, Telangana completed the USFDA
 IDFC has decided to not proceed with selling its
inspection with one 483 observations.
entire stake in IDFC Securities to the Chatterjee
 Allahabad Bank to consider raising of equity
Group.
capital of the bank through QIP /FPO /Rights
 NHPC's Resolution Plan for its Lanco Testa
Issue or in combination thereof, aggregating upto
Hydro Project has been approved by Hyderabad’s
`4,000cr on July 31, 2019.
NCLT bench.
 Sheela Foam approved to acquire Interplasp S.L.,
 Future Lifestyles Fashion Board approved
Spain.
issuance of 64.8 lakh equity shares at `461/shr,
 Minda Industries redeemed commercial papers
aggregating to `300cr via preferential basis to
worth `30cr.
AION Capital Partners.
 KPIT Tech Board approved merger of arm Impact
Economy Snippets:
Automotive Solutions with the company.
 India Ratings and Research assigned a long-term  Largest Canadian pension funds — Canada
issuer rating of IND AA to the existing/proposed Pension Plan Investment Board (CPPIB) and
bank facilities of Tata Sponge Iron with Stable Caisse de depot et placement du Quebec (CDPQ)
outlook is stable. — are the front runners for acquiring Indian road
 India Ratings upgraded Usha Martin's long term assets of the US-based Global Infrastructure
rating from existing IND BB+ to IND BBB+. Partners (GIP), said two people aware of the
Outlook stable. development.
 CRISIL assigned CRISIL A1+ rating on `300cr  The Securities and Exchange Board of India
commercial paper of Navneet Education. (Sebi) has begun the spadework on implementing
 CRISIL upgraded the long-term rating of Aarti a budget proposal that seeks to increase the
Drugs from CRISIL A/Positive to CRISIL minimum public shareholding threshold to 35%
6+/Stable. for all listed companies.
 ICRA re-affirmed the long term credit rating for
`344.87cr line of credit of V-Guard Industries at
ICRA AA.
 USFDA clears Cadila Healthcare’s Ankleshwar
unit with no observations.
 EVENT CALENDAR

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1-Jul 2-Jul 3-Jul 4-Jul 5-Jul 6-Jul

RBA Rate Nikkei Services
Nikkei Markit
Statement AUD, PMI (Jun) INR,
Manufacturing PMI FX Reserves, USD
API Weekly Crude Crude Oil
(Jun) INR, OPEC Foreign Reserves INR, U.S. Baker
Oil Stock USD, Inventories USD,
Meeting USD, (USD) JPY. Hughes Oil Rig
BOJ Board EIA Weekly
Monetary Base (YoY) Count INR.
Member Funo Distillates Stocks
JPY.
Speaks JYP. USD.

7-Jul 8-Jul 9-Jul 10-Jul 11-Jul 12-Jul 13-Jul

BoC Interest Rate
Decision CAD,
Manufacturing OPEC Monthly
Production (YoY) Report USD,
IIP, CPI INR.
(May) GBP, U.K. WASDE Report
Construction USD.
Output (YoY)
(May)GBP.

14-Jul 15-Jul 16-Jul 17-Jul 18-Jul 19-Jul 20-Jul

WPI Manufacturing
Inflation (YoY) (Jun)
INR.

21-Jul 22-Jul 23-Jul 24-Jul 25-Jul 26-Jul 27-Jul

ECB Bank Lending
Survey EUR

28-Jul 29-Jul 30-Jul 31-Jul

RBI Monetary
and Credit
Information
Review INR,
FOMC Statement,
Fed Interest Rate
Decision USD.
 DISCLIMAER
Recommendation Parameters for Fundamental/Technical Reports:

Buy – Absolute return of over +10%

Accumulate – Absolute return between 0% to +10%
Reduce – Absolute return between 0% to -10%
Sell – Absolute return below -10%

Please refer to http://www.indiainfoline.com/research/disclaimer for recommendation parameter, analyst disclaimer and other disclosures.

IIFL Securities Limited (Formerly ‘India Infoline Limited’), CIN No.: U99999MH1996PLC132983, Corporate Office – IIFL Centre, Kamala City,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91-22) 4249 9000 .Fax: (91-22) 40609049, Regd. Office – IIFL House, Sun Infotech
Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91-22) 25806650. Fax: (91-22) 25806654 E-
mail: mail@indiainfoline.com Website: www.indiainfoline.com, Refer www.indiainfoline.com for detail of Associates.

Stock Broker SEBI Regn.: INZ000164132, PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, SEBI RA Regn.:-
INH000000248

For Research related queries, write at research@iifl.com

For Sales and Account related information, write to customer care: cs@iifl.com or call on 91-22 4007 1000