2023: Issue 915 Week: 23rd - 27th October

Brand smc 696

 Contents
From The Desk Of Editor

I
Equity 4-7 n the past week, global stock markets experienced volatile trading as investors closely

Derivatives 8-9 monitored any signs of a potential escalation in the Middle East conflict while analyzing

Commodity 10,15-17 Jerome Powell's remarks for insights into the policy outlook. According to Powell, inflation

Insurance 11-14 remains too high, and lower economic growth may be necessary to bring it down. Although

Currency 18 Powell did not commit to a specific rate hike timeline during his speaking engagement, the

IPO 19 market seems to believe the central bank will not raise rates in November. The 10-year

FD Monitor 20 Treasury yield reached a new high, surpassing 4.9% for the first time since 2007, and is

Mutual Fund 21 approaching the 5% mark. European stock markets also witnessed turbulent movements due
to disappointing corporate earnings, concerns about the Middle East conflict and uncertainty

SMC GLOBAL SECURITIES LTD. surrounding interest rates. In Japan, the headline inflation rate for September was 3%,
REGISTERED OFFICES: slightly down from the 3.2% rate in August. However, this marks the 18th consecutive month
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005. that inflation has remained above the Bank of Japan's 2% target. In addition, Japan's exports
Tel: 91-11-30111000, Fax: 91-11-25754365
increased by 4.3% in September compared to the previous year, as reported by the Ministry of
MUMBAI OFFICE:
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor ,
Finance (MOF), marking the first increase in three months. Meanwhile, China maintained its
Graham Firth Steel Compound, Off Western Express Highway, benchmark loan rates for October, following signs of stabilization in the world's second-largest
Jay Coach Signal, Goreagon (East) Mumbai - 400063 economy after recent policy support measures.
Tel: 91-22-67341600, Fax: 91-22-67341697

KOLKATA OFFICE: Back at home, the domestic markets faced selling pressure due to weak global sentiments and
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001
escalating tensions in the Middle East. The sudden rise in tension has caused instability in
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
energy prices. Initial Q2 earnings disappointments in the IT and financial sectors further
AHMEDABAD OFFICE :
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, weakened market sentiment. The Israel-Hamas conflict is keeping investors on edge,
C G Road, Ahmedabad-380009, Gujarat particularly after an explosion at Gaza's Al-Ahli al-Arabi hospital. Investors will closely watch
Tel : 91-79-26424801 - 05, 40049801 - 03
corporate earnings for further guidance.
CHENNAI OFFICE:
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,
Chetpet, Chennai - 600031. In the commodity markets, the heightened conflict between Israel and Hamas resulted in an
Tel: 044-39109100, Fax -044- 39109111 increased "war premium" in both the crude oil and bullion markets. As a result, the CRB index
SECUNDERABAD OFFICE: closed above the 324 mark. The Dollar Index managed to recover from its weekly losses as
315, 4th Floor Above CMR Exclusive, BhuvanaTower,
investors returned to safe-haven assets following a decline in the equity market. The recent
S D Road, Secunderabad, Telangana-500003
surge in gold prices was due to the intensifying conflict between Israel and Hamas, which
Tel : 040-30031007/8/9
increased gold's appeal as a safe-haven asset. Despite rising U.S. Treasury yields and the
DUBAI OFFICE:
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers, dollar's recovery, the rally in gold continued. If the war escalates further, buying is expected
PO Box 117210, Dubai, UAE to continue in the bullion market, and vice versa. Gold and silver are likely to trade in a wide
Tel: 97145139780 Fax : 97145139781
range of 58,000-62,000 and 70,000-74,500, respectively. Crude oil may see further upside as
Email ID : pankaj@smccomex.com
smcdmcc@gmail.com freight costs rise, and it may trade in a range of 7,200-7,600 level. This week, there is a
substantial amount of data and events scheduled, which could have an impact on commodity
Printed and Published on behalf of prices. These include GfK Consumer Confidence, IFO Business Climate Index, and HCOB
Mr. Saurabh Jain @ Publication Address
Germany Manufacturing PMI in Germany; Unemployment Rate in the UK; Inflation Rate in
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com Australia and France; BoC and ECB Interest Rate Decisions; Durable Goods Orders, Core
Investor Grievance : igc@smcindiaonline.com Personal Consumption Expenditure Price Index, PCI Price Index, Michigan Consumer
Sentiment Final, and GDP in the U.S.; and the ECB Press Conference.
Printed at: S&S MARKETING

B-26, Ground Floor, Patparganj Industrial Area, Delhi - 110092 (India)

Ph.: +91-11- 43035012, 42720372, Email: ss@sandsmarketing.in

(Saurabh Jain)
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also
registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. SMC is also a "AMFI-registered Mutual Fund Distributor".
SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of
interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its
associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered
by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment
decision.
DISCLAIMER: This report is for informational purpose only and contains information, opinion, material obtained from reliable sources and every effort has been made to avoid errors and omissions and is not to be construed as an advice or an offer to act on views
expressed therein or an offer to buy and/or sell any securities or related financial instruments, SMC, its employees and its group companies shall not be responsible and/or liable to anyone for any direct or consequential use of the contents thereof. Reproduction of
the contents of this report in any form or by any means without prior written permission of the SMC is prohibited. Please note that we and our affiliates, officers, directors and employees, including person involved in the preparation or issuance of this material may;
(a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) may trade in this securities in ways different from those discussed in this report or (c) be engaged in any other transaction involving
such securities and earn brokerage or other compensation or act as a market maker in the financial instrument of the company (ies) discussed herein or may perform or seek to perform investment banking services for such Company (ies) or act as advisor or lender
/ borrower to such company (ies) or have other potential conflict of interest with respect of any recommendation and related information and opinions, All disputes shall be subject to the exclusive jurisdiction or Delhi High Court.
SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment
decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business,
exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
 EQUITY
NEWS DOMESTIC PIVOT SHEET
Economy INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• India's wholesale prices continued to decline in September, defying economists'
NIFTY 50 19542.65 19134 19323 19471 19661 19809 19998 20146
expectations for an increase. The wholesale price index, or WPI, dropped 0.26
percent year-over-year in September, slower than the 0.52 percent decrease in NIFTY IT 31469.35 30744 31045 31348 31649 31952 32253 32557
August. Meanwhile, economists had expected a 0.5 percent rise.
Automobile/ Auto Ancillaries NIFTY BANK 43723.05 42416 42987 43448 44019 44480 45051 45512
• Tata Motors Company has entered into share purchase agreements and other NIFTY FIN SER 19606.25 18980 19240 19461 19722 19942 20203 20424
agreements to acquire a 26.79 percent stake in logistics solutions company
Freight Commerce Solutions (Freight Tiger) for Rs 150 crore. The agreement
also includes a provision enabling Tata Motors to further invest Rs 100 crore
over the next two years.
• Exide Industries has invested Rs 100 crore in its wholly owned subsidiary, STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
Exide Energy Solutions, on a rights basis. There is no change in the
shareholding percentage of the company as a subsidiary. AXISBANK 980.35 930 954 967 991 1004 1028 1041
Capital Goods BAJFINANCE 7769.2 7252 7487 7689 7924 8125 8360 8562
• Elecon Engineering has received an order of Rs 51.41 crore from
Arcelormittal Nippon Steel India. The order is awarded to the company for BHARTIARTL 945.2 917 927 940 950 963 973 986
the supply and supervision of a pipe conveyor system at Arcelormittal Nippon
Steel's Hazira plant in Gujarat. HDFCBANK 1522.8 1448 1476 1501 1528 1553 1581 1606
• VA Tech WABAG Ltd has partnered with Pani Energy Inc. to implement Applied HINDUNILVR 2495.15 2382 2434 2479 2531 2576 2628 2673
Artificial Intelligence for treatment plants. The new category of digital
technology is called Operational Intelligence and delivered through their ICICIBANK 932.75 894 912 925 943 956 974 987
product Pani ZED, in the plant operations.
Shipping INFY 1427.25 1387 1406 1415 1435 1444 1463 1473
• Mazagon Dock Shipbuilders has signed a contract with the acquisition wing of ITC 438.3 412 425 433 445 454 466 474
the Ministry of Defence for the construction and delivery of one training ship
for the Indian Coast Guard (ICG) at a cost of Rs 310 crore. KOTAKBANK 1769.6 1701 1717 1744 1760 1787 1802 1829
Hotel
• Lemon Tree Hotels has signed a franchise agreement for its upcoming 45- LT 3012.35 2850 2914 2987 3051 3124 3188 3261
room hotel in Vadodara, Gujarat, under the brand Keys Select by Lemon Tree
Hotels. The hotel is expected to be operational in Fy26. M&M 1558.25 1502 1524 1541 1563 1580 1601 1619
• Lemon Tree Hotels also has signed an agreement for a 55-room hotel property RELIANCE 2299.1 2216 2256 2287 2327 2357 2398 2428
in Dehradun, Uttarakhand, under the brand Keys Prima by Lemon Tree
Hotels. The hotel is expected to be operational by FY27 and will be managed SBIN 563.1 543 552 561 570 578 588 596
by subsidiary Carnation Hotels.
Consumer Durables TCS 3494.55 3334 3389 3465 3520 3596 3650 3726
• Bajaj Electricals has received a service contract worth Rs 347.29 crore from *Closing as on 20-10-2023
the Power Grid Corporation of India.
Oil & Gas
• Mahanagar Gas has entered into a joint venture agreement (JVC) with FORTHCOMING EVENTS
Baidyanath LNG to incorporate a private limited company in India for
undertaking the business of liquefied natural gas (LNG). MGL and Baidyanath Meeting Date Company Name Board Meeting Purpose
LNG will subscribe to the initial share capital of JVC in the ratio of 51:49.
Pharmaceuticals 23-Oct-23 Torrent Pharma. Quarterly Results
25-Oct-23 Axis Bank Quarterly Results
• Aurobindo Pharma has inaugurated the green-field manufacturing unit of
Eugia Steriles in Vishakhapatnam. Eugia Steriles is a 100 percent subsidiary of 25-Oct-23 Tech Mahindra Accounts, Quarterly Results, Int. Dividend
Eugia Pharma Specialities and a step-down subsidiary of Aurobindo. This unit 25-Oct-23 Indus Towers Quarterly Results
will manufacture general injectables and is expected to supply them globally 26-Oct-23 ACC Quarterly Results
in phases. The project cost of the unit is approximately Rs 600 crore, and 26-Oct-23 Asian Paints Quarterly Results, Interim Dividend
commercial production will commence during Q4 of FY24 in phases. 26-Oct-23 Colgate-Palmoliv Quarterly Results, Interim Dividend
Paper 26-Oct-23 Canara Bank Quarterly Results
• JK Paper has received board approval for the acquisition of Manipal Utility 26-Oct-23 Dixon Technolog. Quarterly Results, Employee Stock Option
Packaging Solutions for Rs 88.7 crore. The said acquisition is expected to be
completed within six weeks of the execution of a Share Purchase Agreement 27-Oct-23 Cipla Quarterly Results
(SPA) with the target entity. 27-Oct-23 Indian Hotels Co Quarterly Results
• KEC International has secured new orders worth Rs 1,315 crore across its 27-Oct-23 Dr Reddy's Labs Quarterly Results
various businesses, including transmission and distribution projects in India, 27-Oct-23 Maruti Suzuki Quarterly Results
the Middle East, Australia, and the Americas. 27-Oct-23 SBI Cards Quarterly Results
INTERNATIONAL NEWS 27-Oct-23 Bajaj Finserv Quarterly Results
28-Oct-23 Bharat Electron Quarterly Results
• US leading economic index slid by 0.7 percent in September after falling by a
revised 0.5 percent in August. Economists had expected the leading 28-Oct-23 NTPC Quarterly Results, Interim Dividend
economic index to decrease by 0.4 percent, matching the drop originally 28-Oct-23 IDFC First Bank Quarterly Results
reported for the previous month. 30-Oct-23 TVS Motor Co. Quarterly Results
• US existing home sales tumbled by 2.0 percent to an annual rate of 3.96 30-Oct-23 Marico Quarterly Results, Interim Dividend
million in September after sliding by 0.7 percent to an annual rate of 4.04 30-Oct-23 Petronet LNG Quarterly Results, Interim Dividend
million in August. Economists had expected existing home sale to drop to an 31-Oct-23 Larsen & Toubro Quarterly Results
annual rate of 3.89 million. 31-Oct-23 Bharti Airtel Quarterly Results
• US initial jobless claims fell to 198,000, a decrease of 13,000 from the 1-Nov-23 Hero Motocorp Quarterly Results
previous week's revised level of 211,000. Economists had expected jobless
claims to inch up to 212,000 from the 209,00 originally reported for the 1-Nov-23 LIC Housing Fin. Quarterly Results
previous week. 1-Nov-23 Sun Pharma.Inds. Quarterly Results
• The euro area current account surplus increased in August driven by the 2-Nov-23 Tata Motors Quarterly Results
sharp rise in the visible trade surplus. The current account balance showed a 2-Nov-23 Dabur India Quarterly Results, Interim Dividend
surplus of EUR 28 billion compared to a EUR 21 billion surplus in the previous 2-Nov-23 Container Corpn. Quarterly Results, Interim Dividend
month. 3-Nov-23 Aditya Birla Cap Quarterly Results
• Overall consumer prices in Japan were up 3.0 percent on year in September. 4-Nov-23 J K Cements Quarterly Results
That was in line with expectations and down from 3.2 percent in August. 6-Nov-23 Exide Inds. Quarterly Results

4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
1.00% 0.50%
0.32%

0.50% 0.37%

0.00% 0.00%

-0.50%

-0.50%
-1.00%
-1.06% -1.06% -1.04%
-1.50% -1.28%
-0.84%
-1.00% -0.90% -0.90%
-1.64%
-1.02%
-2.00%
-1.12%
-1.22%
-2.50% -1.33%
-2.41%
-1.50%

-3.00% -1.61% -1.58%

NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500

SMC Trend -2.00%

Nifty 50 Nifty Bank Nifty IT MidCap Smallcap Next 50 Nifty 500

-2.19%

-2.50%
AUTO COMMODITIES CONSUMPTION ENERGY FIN SERVICE FMCG INFRA METAL PHARMA REALTY SERV SECTOR

GLOBAL INDICES (% Change) SMC Trend

Auto Commodities Consumption Energy Fin Service
0.00%
FMCG Infra Metal Pharma Realty Serv Sector

-0.50%

-0.76%
-1.00% FII/FPI & DII ACTIVITY (In Rs. Crores)
-1.15% -1.17%
-1.32%
-1.50%

-1.65%

-2.00%

-2.50%

-2.61% -2.71% -2.68%

-3.00% -2.91%

-3.50%
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40

SMC Trend
Nasdaq Nikkei Hang Seng FTSE 100 Dow jones
S&P 500 Strait times Shanghai CAC 40

Up Down Sideways

BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
3.00 2.46
10.00
8.51
2.01
2.00 1.80 8.00 7.12

0.97 6.00 5.40

1.00 0.72
4.76

4.00 3.13
0.00
2.00
-1.00
0.00
-2.00
-1.96 -1.92
-2.00
-3.00 -2.57
-2.61 -2.61 -2.57
-3.24 -4.00 -3.23
-3.83
-4.00
-3.86
-6.00
-5.00 Bajaj Auto LTIMindtree Hero Cipla Dr Reddy's Wipro TCS Divi's Lab. Bajaj Finance Adani Ports
Motocorp Labs
Nestle India Power Grid UltraTech HCL Tata Steel Wipro TCS Bajaj Finance Tech Reliance
Corpn Cem. Technologies Mahindra Industr

5
 EQUITY Beat the street - Fundamental Analysis
GODREJ CONSUMER PRODUCTS LIMITED CMP: 985.00 Target Price: 1159 Upside: 18%
VALUE PARAMETERS Investment rationale year driven by healthy volume growth of 8%. EBITDA
Margin, too, improved by 270 bps year-on-year along
Ÿ Godrej Consumer Products is an Indian consumer
Face Value (Rs.) 1.00 goods company. The company's products include soap, with continued working media investments which
hair colorants, toiletries and liquid detergents. increased by 79% year-on-year.
52 Week High/Low 1101.55/793.70
Ÿ The company in its Q2 FY24 update said that RISK
M.Cap (Rs. in Cr.) 100741.70 internationally, its Indonesian branch continued to • Any significant slowdown in demand or a spike in raw
EPS (Rs.) 17.33 deliver improving performance, with double-digit material prices
volume and value growth. The conglomerate's • Highly Competitive
P/E Ratio (times) 56.84 ventures in Africa, USA, and Middle East (GAUM)
continued its consistent performance with constant VALUATION
P/B Ratio (times) 7.30 currency sales growth in mid-teens. However, in INR According to the management of the company, despite
Dividend Yield (%) 0.00 terms, adverse currency translation impact will result a challenging external environment, in India, the
in mid-single digit sales decline, the firm stated. company continued to stay course on its strategy of
Stock Exchange BSE Ÿ At a consolidated level (organic), the management of volume-driven category development and delivered
the company expects to deliver mid-single digit double-digit volume growth of 10% during June
% OF SHARE HOLDING volume growth, double-digit constant currency sales quarter. The company would remain focused on driving
growth and low single digit sales growth in INR terms. volume-led growth along with healthy investments in
4.77 Sales growth (including inorganic) to be in mid-single its brands and improvement in profitability. It has
digit in INR terms. The firm said that it continued to strong balance sheet and the company is in journey to
23.89 Foreign
drive healthy year on year expansion in EBITDA reduce wasted cost and are deploying this to drive
Ins tu ons
(including Forex) margin across key markets along profitable and sustainable volume growth across its
7.38
Non Promoter Corporate Holding with higher category development investments. portfolio through category development. Thus, it is
Promoters expected that the stock will see a price target of
Ÿ Recently, the company plans to invest Rs. 515 crore to Rs.1159 in 8 to 10 months’ time frame on 1 year avg.
63.21 0.75 Public & Others
set up world-class manufacturing plant in Tamil Nadu, P/E of 58.01x and FY24 EPS of Rs.19.98.
signs a MoU with Tamil Nadu state government. As a
part of this MoU, it would establish a state-of-the-art P/E Chart
manufacturing facility in the state over the course of
FINANCIAL PERFORMANCE ` in cr the next five years.
1600.00
1400.00
ACTUAL ESTIMATE Ÿ On the development front, the board of the company 1200.00
FY Mar-22 FY Mar-23 FY Mar-24 has approved capital expenditure of Rs 900 crore for 1000.00

Revenue 12276.50 13315.97 14827.02 setting up a new manufacturing site at Tamil Nadu and 800.00
Madya Pradesh. To cater to the growing demand of the 600.00
Ebitda 2491.74 2481.59 2981.63 customers, the company plans to add approximately 400.00
Ebit 2281.81 2245.30 2742.73 20% capacity in Home Care and Personal Care 200.00
Net Income 1773.64 1702.46 2078.25 categories. The manufacturing sites are expected to 0.00
come on stream approximately in 18-36 months.

21-Dec-18

27-Jun-19
28-Aug-19

02-Jan-20

07-Jul-20
03-Sep-20

04-Jan-21

08-Jul-21
08-Sep-21

10-Jan-22

13-Jul-22
14-Sep-22

13-Jan-23

20-Jul-23
20-Sep-23
20-Feb-19
22-Oct-18

25-Apr-19

01-Nov-19

02-Mar-20

03-Nov-20

04-Mar-21

10-Nov-21

11-Mar-22

16-Nov-22

16-Mar-23
07-May-20

10-May-21

16-May-22

22-May-23
EPS 17.34 16.65 19.98
Ÿ The management of the company stated that it has
BVPS 113.01 134.88 146.75 achieved healthy volume-led sales growth. In organic
RoE 16.90% 13.43% 14.01% terms, its consolidated sales increased by 9% year-on- 22.50 36.40 50.30 64.20 Close Price

JINDAL STEEL AND POWER LIMITED CMP: 662.55 Target Price: 757 Upside: 14%
VALUE PARAMETERS Investment rationale demand growth rate is currently in the range of 7-8
Ÿ Jindal Steel & Power (JSPL) is a leading Indian per cent. Looking at the work of the government, it
Face Value (Rs.) 1.00 infrastructure conglomerate with a presence in the can be estimated that the company will also benefit
52 Week High/Low 722.15/429.30 steel, power and mining sectors. The company has in the coming time.
ambitious expansion plans and is committed to RISK
M.Cap (Rs. in Cr.) 67585.94 sustainability. JSPL is well-positioned to capitalize on • Sizeable capex and associated risks
EPS (Rs.) 19.90 the growth opportunities in the Indian and global
markets. • Volatility in raw material prices
P/E Ratio (times) 33.29 VALUATION
Ÿ During the quarter Q1 FY24, the steel maker reported
P/B Ratio (times) 1.75 sales of steel (including pig iron) at 1.84 mt (up 5.75% JSPL has an established track record in successful
YoY). The company reported production of steel commissioning of greenfield/brownfield capacities in
Dividend Yield (%) 0.30
(including pig iron) at 2.04 Mt during the quarter, steel and power segments as well as in running its
Stock Exchange BSE which was 2.51% higher YoY. In Q1 FY24 pellet plants at healthy capacity utilization. The company is
production stood at 1.72 mt (down 10.42% YoY). currently expanding continuously, and by the end of
% OF SHARE HOLDING External pellets sales declined 66.67% to 0.01 mt (as the next year, it expects to double the capacity of
compared with 0.03 mt in Q1 FY23). Angul facility in Odisha. According to the management,
8.89 12.7 Ÿ The company is planning to make its Angul unit India's at any point of time its debt cannot exceed 1.5 times
Foreign largest single-location steel manufacturing facility. its EBITDA. The company is currently at a very low debt
Ins tu ons Currently, the capacity of the Odisha plant is being level, so there is a lot of internal accrual that it is
15.22
Non Promoter Corporate Holding ramped up to 11.6 million tonnes per annum (MTPA) expected to fund its expansions. Thus, it is expected
2 Promoters from the existing 5.6 MTPA. The company aims to that the stock will see a price target of Rs.757 in 8 to 10
Public & Others complete the trial production by the end of 2023 and months’ time frame on a current P/BV of 1.75x and
61.2
commercial production by next year. The Angul steel FY24 (E) BVPS of Rs.432.51.
plant, a 1.4 MTPA rebar mill, is famous for 5-metre- P/BV Chart
wide plates.
FINANCIAL PERFORMANCE ` in cr
Ÿ Recently, it announced commencement of production
800.00
700.00
ACTUAL ESTIMATE at the Gare Palma IV/6 coal mine located in 600.00
FY Mar-22 FY Mar-23 FY Mar-24 Chhattisgarh. The mine will also support the proposed 500.00

Revenue 51085.56 52711.18 52899.43 expansion of its Raigarh integrated steel plant to a 400.00

Ebitda 15513.44 9934.89 11007.37 capacity of 9.6 million tonne per annum (MTPA), from 300.00
200.00
Ebit 13416.66 7243.94 8302.29 the existing 3.6 MTPA. The company aims to finance
100.00
this expansion predominantly through internal
Net Income 8255.04 3173.94 5256.09 0.00
accruals, ensuring a healthy balance sheet.
20-Dec-18

26-Jun-19
27-Aug-19

01-Jan-20

06-Jul-20
02-Sep-20

01-Jan-21

07-Jul-21
07-Sep-21

07-Jan-22

12-Jul-22
13-Sep-22

12-Jan-23

19-Jul-23
18-Sep-23
19-Feb-19

28-Feb-20

02-Nov-20

09-Nov-21
19-Oct-18

24-Apr-19

31-Oct-19

03-Mar-21

10-Mar-22

15-Nov-22

15-Mar-23
06-May-20

07-May-21

13-May-22

19-May-23

EPS 56.40 39.07 51.29

Ÿ The government's thrust on infrastructure projects has
BVPS 352.48 385.13 432.51 led to the creation of domestic steel demand. The
RoE 25.69% 12.16% 12.49% 0.25 0.80 1.35 1.90 Close Price

Source: Company Website Reuters Capitaline

Above calls are recommended with a time horizon of 8 to 10 months.
6
 EQUITY Beat the street - Technical Analysis

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED (ICICIGI)

The stock closed at Rs.1388.15 on 20th October, 2023. It made a
(DALBHARAT) 52-week low of Rs.1049.05 on 16th March, 2023 and a 52-week
high of Rs.1423.30 on 21st July, 20223. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs 1267.

In a recent past, the stock has formed a rounding bottom

pattern on weekly interval and seen surpassing above its key
resistance of 1200 levels along with a decisive move above its
200 days exponential moving average on weekly charts. Since
then a consolidation phase has been witnessed in prices as stock
witnessed sideways moves in the range of 1250-1400 zone with
formation of lower high pattern. At the current juncture, fresh
breakout has been observed above the “Cup & Handle” pattern
visible on weekly charts, which points towards the next upswing
into the prices from hereon. Therefore, one can buy the stock in
the range of 1380-1390 levels for the upside target of 1540-1550
levels with SL below 1280 levels.

HERO MOTOCORP LIMITED (HEROMOTOCO)

The stock closed at Rs.3211.25 on 20th October, 2023. It made a
(MPHASIS) 52-week low at Rs.2246 on 28th March, 2023 and a 52-week high
of Rs.3275 on 19th October 2023. The 200 days Exponential
Moving Average (DEMA) of the stock on the daily chart is
currently at Rs.2863.

After making its 52 week low of 2246 in month of March 2023,

the stock witnessed almost a V shape recovery in prices and
once again surpassed above its key resistance level of 2700 in
short span of time. At the current juncture, the stock has been
consolidating in a broader range of 2900-3200 from last more
than three months. Technically the stock has managed to give a
fresh break above the rectangle pattern formation after series
of consolidation phase. Last week, the stock has also marked its
52 week high. Therefore, one can buy the stock in the range of
3180-3210 levels for the upside target of 3675-3700 levels with
SL below 2900 levels.

Disclaimer: The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the
information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in
materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of
the use of all or any part of the analysis research.

Charts by RELIABLE SOFTWARE

Above calls are recommended with a time horizon of 1-2 months

7
 DERIVATIVES
WEEKLY VIEW OF THE MARKET
In the week gone by, Nifty and Banknifty closed with losses of over 1%; profit booking was observed at higher market levels. In terms of sectors, auto and small-
cap stocks showed outperformance with respect to the market, while IT, consumer durables and financial services lagged behind on a weekly basis. Within the
Nifty, the highest call open interest was spread across various strikes with minimal differences, with notable writing activity seen at 19,600, 19,700, 19,800, and
20,000. Conversely, the highest put open interest was registered at strikes 19,500 and 19,000, indicating substantial support levels. For the Banknifty, the
highest call open interest was concentrated at strikes 44,500 and 45,000, while the highest put open interest was at strike 43,000. In terms of Implied Volatility
(IV), call options for Nifty settled at 10.10%, whereas put options concluded at 11.21%. The Nifty VIX, a key indicator of market volatility, ended the week at
10.90%. The Put-Call Ratio Open Interest (PCR OI) stood at 0.88 for the week, indicating a higher level of call writing compared to put options. Notably, profit
booking has been observed in the past few weeks at higher levels, which is now acting as a resistance for the market. Specifically, in Nifty, the level of 19,800 is
anticipated to serve as a strong resistance, while in Banknifty, the psychological level of 45,000 is significant. It is expected that Nifty will trade within a broader
range of 19,800 and 19,400. A breakout on either side has the potential to provide further directional momentum to the index.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
KOTAKBANK BAJAJ-AUTO MGL

BUY OCT 1780 CALL 14.85 BUY OCT 5500 CALL 43.00 BUY OCT 1020 PUT 12.50
OPTION SELL OCT 1800 CALL 9.00 SELL OCT 5600 CALL 14.20 SELL OCT 1000 PUT 6.05
STRATEGY Lot size: 400 Lot size: 250 Lot size: 800
BEP: 1785.85 BEP: 5528.80 BEP: 1013.55

Max. Profit: 5660.00 (14.15*400) Max. Profit: 17800.00 (71.20*250) Max. Profit: 10840.00 (13.55*800)
Max. Loss: 2340.00 (5.85*400) Max. Loss: 7200.00 (28.80*250) Max. Loss: 5160.00 (6.45*800)

BUY COLPAL (OCT FUTURE) SELL AARTIIND (OCT FUTURE) SELL CROMPTON (OCT FUTURE)
Buy: Above `2130 Sell: Below `468 Sell: Below `280
FUTURE
Target: `2205 Target: `443 Target: `267
Stop loss: `2090 Stop loss: `482 Stop loss: `288

NIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN NIFTY OPTION OI (IN QTY) (MONTHLY)

In lakhs In lakhs
80.00 50.00
73.23

44.43
72.61
72.41

64.42

70.00
40.00
33.11
32.60
57.23
56.18

31.17
54.68

30.43
60.00

29.01
27.64
27.45
49.76

26.48

26.01
47.31

30.00
46.85
46.24
45.83

50.00
22.34
35.01

14.92
40.00 20.00
30.93

11.12

30.00
23.67

10.00
4.59

2.96

20.00

0.18
0.08
11.16

10.41
9.95

0.00
5.25

10.00

-0.59
-0.68
4.43

-1.00
4.22

-2.00

-2.23
1.96

0.00 -10.00
18000 19000 19500 19600 19700 19800 19900 20000 20200 20500 21000 18000 19000 19500 19600 19700 19800 19900 20000 20200 20500 21000
Call Put Call Put

BANKNIFTY OPTION OI CONCENTRATION (IN QTY) (MONTHLY) CHANGE IN BANKNIFTY OPTION OI (IN QTY) (MONTHLY)

In 10,000 In 10,000
400.00 300.00
348.47

244.47

350.00 250.00
207.35

182.43

182.00

300.00
260.10
259.20

173.01

200.00
235.22

135.79
215.27

250.00
130.62
204.78
198.37

116.26

150.00
113.34
109.54

100.27

200.00
160.60

86.27
143.16

100.00
65.46
62.32
122.12

119.55

57.75
115.44

150.00
35.52
90.74

50.00
80.23

13.28

100.00
64.03
62.97

4.64

0.59
43.38

27.42

0.00
18.62

50.00
17.87
10.48

-0.24
-0.82
-3.86
5.60

0.00 -50.00
42000 43000 43500 43700 43800 43900 44000 44500 45000 45500 46000 42000 43000 43500 43700 43800 43900 44000 44500 45000 45500 46000
Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
19-Oct 18-Oct 17-Oct 16-Oct 13-Oct 19-Oct 18-Oct 17-Oct 16-Oct 13-Oct
DISCOUNT/PREMIUM -5.95 12.25 -0.40 8.65 -9.00 DISCOUNT/PREMIUM 90.65 164.70 84.20 117.15 106.10
COST OF CARRY% 0.91 0.90 0.88 0.87 0.83 COST OF CARRY% 0.91 0.90 0.89 0.88 0.80
PCR(OI) 0.88 1.08 1.21 1.21 1.25 PCR(OI) 0.72 0.70 0.90 0.90 0.90
PCR(VOL) 0.83 0.95 0.99 0.88 0.99 PCR(VOL) 0.89 0.84 0.90 0.81 0.85
A/D RATIO(NIFTY 50) 0.48 0.32 3.90 1.04 0.96 A/D RATIO(BANKNIFTY) 0.33 0.00 3.00 1.00 0.09
A/D RATIO(ALL FO STOCK)* 0.70 0.19 2.37 1.53 0.56 A/D RATIO(ALL FO STOCK)# 0.50 0.07 4.00 1.14 0.07
IMPLIED VOLATALITY 10.10 10.07 9.75 10.17 9.88 IMPLIED VOLATILITY 12.19 12.26 11.85 12.31 12.08
VIX 10.90 10.97 10.70 11.07 10.62 VIX 10.90 10.97 10.70 11.07 10.62
HISTORICAL VOLATILITY 15.00 15.03 15.04 15.07 15.10 HISTORICAL VOLATILITY 19.45 19.49 19.47 19.51 19.56
*All Future Stock *All Future Stock

FII’S ACTIVITY IN INDEX FUTURE FII’s ACTIVITY IN DERIVATIVE SEGMENT

In Cr. In Cr.

29230
1500 40000
1120

11017
20000
1000

1099
524

465

0
500
303

253

-11430

-11545
-20000
28

-21087

-21166
0

-29956
-31234
-40000
-290

-500
-385

-392

-60000
- 67268
-784

-1000 -80000
06-Oct 09-Oct 10-Oct 11-Oct 12-Oct 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct
06-Oct 09-Oct 10-Oct 11-Oct 12-Oct 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng
BAJAJ-AUTO 5480.50 8.08% 2683750 15.02% LTTS 4370.45 -7.57% 847200 53.09%
APOLLOTYRE 382.90 0.70% 12972700 12.34% LAURUSLABS 394.20 -2.37% 14812100 14.24%
MCX 2180.30 3.67% 2092000 8.48% UBL 1571.20 -1.01% 3316400 13.02%
CIPLA 1223.55 4.71% 10292750 7.00% SYNGENE 715.25 -8.38% 4286000 9.56%
HCLTECH 1254.80 0.53% 11359600 6.13% DALBHARAT 2211.65 -3.32% 2257500 8.51%
CANFINHOME 767.25 2.59% 4511325 4.21% SIEMENS 3469.80 -3.48% 2429900 7.87%
ULTRACEMCO 8542.45 1.99% 1476400 3.49% ASTRAL 1839.00 -5.20% 3396585 4.08%
TORNTPHARM 1922.30 1.26% 1669000 3.06% IGL 458.95 -3.18% 11301125 4.02%
DIXON 5500.75 2.88% 1341600 2.77% BAJFINANCE 7865.30 -2.64% 4363750 3.07%
ICICIGI 1375.45 4.25% 2806000 0.84% ABB 4099.60 -3.07% 1171500 2.94%

Note: All equity derivative data as on 19th October, 2023

**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering

9
 COMMODITY OUTLOOK
SPICES BULLIONS
Turmeric prices witnessed huge volatility last week and closed with modest Gold prices reached a three-month high and recorded their second consecutive
gains on supply concerns. Overall arrivals have been down in Oct’23 due to lower weekly gain. This increase in demand is attributed to the Middle East conflict
production in year 2023 that capped major down fall in prices. However, sluggish and the perception that the Federal Reserve is nearing the end of its rate hike
physical demand is visible at prevailing levels as prices have seen a persistent cycle. Israeli Defence Minister Yoav Gallant's remarks about the Gaza border
downfall after touching all time high of 18076 in Jul’23. Despite witnessing situation hinted at the possibility of an imminent ground invasion to combat
downfall of 25% from the record high levels, turmeric prices are still almost
double as compared to last year level of 7300. Demand is likely to remain Hamas, further contributing to gold's appeal as a safe haven asset during times of
subdued as stockists and millers are avoiding bulk buying in expectation of political and financial uncertainty. Gold prices surged by 2.4% over the course of
further fall in prices. Improved yield prospects with favorable weather for crop the week. Gold's prices were also supported by diminishing fears of another
growth are likely to weigh on market sentiments. However, there is a support for Federal Reserve rate hike in 2023. Federal Reserve Chair Jerome Powell
improved export opportunities, as turmeric exports have increased by 25% due acknowledged that the rise in yields was tightening financial conditions,
to rising demand in both developed and emerging nations. Turmeric prices are potentially reducing the necessity for additional rate hikes. Dallas Fed President
likely to trade with negative bias may slip towards 12800 with resistance of Lorie Logan indicated that recent data and higher bond market borrowing costs
15900 levels. provide room for the central bank to carefully consider its next monetary policy
Jeera futures extended its losses due to prevailing concerns over sluggish steps. Market expectations are leaning towards the Federal Reserve keeping
exports. Moreover, subdued buying in domestic market also weighed on market interest rates unchanged at its upcoming policy meeting next month, according
sentiments as bleak export enquires prompted stockists to release their stocks to the CME FedWatch tool. On the COMEX, gold prices are hovering near the
on every jump in prices. Going forward, prices are likely to track the upcoming psychological level of $1980. A breakout above this level could push prices
sowing activities of Jeera, which is likely to commence by last week of Oct. towards $2040, with support standing at $1900. Silver is likely to continue
Adequate soil moisture, and favorable weather condition for crop will boost the
overall sowing activities in coming days. Subdued export of jeera is still major following gold's lead, trading in the range of $21.500 to $25.800. Looking ahead
concerns for exporters that will weigh on prices further. Global demand of Indian to the week, MCX Gold may continue to witness buying interest, finding support
jeera slumped as most of buyers preferred other destinations like Syria and near 58,900 and facing resistance near 62,000. Meanwhile, silver may trade
Turkey due to higher prices of Jeera in India. India exported about 7.1 thousand within the range of 68,000 to 75,000.
tonnes of Jeera in July’23 as compared to 19 thousand tonnes of previous year.
Total jeera export during Apr’23-Jul’23 was reported at 57.5 thousand tonnes
against the 63.3 thousand tonnes of previous year. Export is likely to remain ENERGY COMPLEX
down in upcoming months as per the export seasonality. However, limited
availability of quality crop in the market will cap the losses. Jeera Prices are Crude oil prices surged for a second consecutive week, driven by mounting
likely to trade in range of 51200-58200 levels. concerns that the Israel-Gaza conflict could spread across the Middle East,
potentially disrupting oil supplies from a significant producing region. An
Dhaniya prices are likely to trade down on sluggish buying at prevailing levels. explosion at a Gaza hospital and the looming Israeli ground invasion escalated
Adequate stocks at major trading centers weighed on market sentiments. Going
forward, prices will track the upcoming sowing activities, which is likely to start worries about regional instability. Israeli Defence Minister Yoav Gallant's remarks
later in October. Weather condition is looking favorable for sowing that will lead hinted at an imminent ground invasion. The U.S. intercepted missiles fired from
to commencement of sowing activities on positive note. However, exports Yemen toward Israel, adding to the broader anxiety. Oil prices also found support
demand has been active and exports are expected to improve further. Dhaniya in projections of a widening fourth-quarter deficit. Top producers Saudi Arabia
export rose significantly in year 2023 due to supply concerns on other producing and Russia extended supply cuts until year-end, combined with low inventories,
countries. Dhaniya prices are likely to trade in range of 6400-7300 levels. especially in the United States. Moreover, the temporary lifting of U.S. oil
sanctions on OPEC member Venezuela is unlikely to necessitate immediate
OTHER COMMODITIES policy changes from the OPEC+ producer group, as a gradual production recovery
is expected. Looking ahead, crude oil prices are poised to stay elevated, with
Cotton prices are likely to trade down with surging arrival pressure in the market. potential support at 7,100 and resistance at 7,900. Buying near support is
Fresh arrivals has increased in northern part of India and likely to pick up in central advised in crude oil. Conversely, natural gas prices dipped for a seventh
region with advancement of harvesting activities. Weather condition is favorable consecutive session, reaching a two-week low. The decline followed a significant
for harvesting that will boost supplies of new crop in the market. The Progressive
increase in EIA natural gas inventories and expectations of warmer weather in
Arrival of Cotton were reported at 8.96 lakh bales as on 16th Oct in crop year 2023-
24 which started in Oct’23. Meanwhile, Cotton Association of India (CAI) released the eastern U.S., reducing demand for heating and air conditioning. This drop
its final estimate of crop production for the 2022- 23 (October-September) season was triggered by a significant increase in weekly EIA natural gas inventories,
and pegged it slightly higher at 31.8 million bales (1 bale=170 kg) from its previous which rose by 97 bcf, surpassing expectations of 83 bcf. In contrast, cooler
estimate of 31.1 million bales in July that led to upwards revision of ending stocks weather prevailed in the western U.S. In the upcoming week, natural gas prices
from 2.32 million bales to 2.89 million bales. Apart from that, prices will track the may continue to correct, with a focus on weather forecasts. The expected
latest World Agricultural Supply and Demand Estimates released by USDA that trading range could be between 235 and 300.
showed downward revision in beginning stocks by 10.3 million bales to 82.8 million
bales. Ending stocks also dropped from 89.96 million bales to 79.92 million bales.
Cotton MCX Nov prices are likely to trade in range of 57200-60500. Similarly, Kapas BASE METALS
Apr’24 futures are likely to trade in range of 1560-1670 level. Similarly, cotton seed
oil cake (Cocud) will trade down with increased availability of alternative meals in Base metal prices saw a weekly decline, influenced by the strengthening of U.S.
the market. Improved supply prospects will weigh on prices. Cocud prices are Treasury yields, which, in turn, bolstered the U.S. dollar. Despite this, the decline
expected to slip towards support of 2640 in coming days whereas resistance is 2860. was somewhat curbed by the prospect of increased stimulus measures in China, a
Guar seed Nov futures are expected to trade sideways to higher on increased key consumer of these metals. The recent price weakness has raised concerns
demand at physical market. Stockists are showing buying interest at prevailing within the mining industry, especially for copper. Copper prices have experienced a
levels in wake of weaker production estimates. Sharp gains in crude oil prices drop of over 14% since their peak in January. Major copper producer Freeport-
with ongoing geopolitical tension among gulf countries has sparked the hope of McMoRan expressed concerns about prices being too low to justify significant
rise in drilling activities in US that will lead to rise in export demand of guar gum . investments in new projects. Looking ahead, copper prices are expected to trade
Lower production and expectation of rise in seasonal demand of gum in Oct-Dec within the range of 685-720. Zinc, on the other hand, has shown relative
is likely to help prices to trade on positive bias ahead. Guar seed prices are likely underperformance due to an accumulation of excess metal, marking a transition in
to honor the support of 5500 and expected to move up towards the resistance of the global market from a supply shortfall to an expanding surplus. The ILZSG
6250 levels. Gum prices are likely to trade in range of 11000-13600 levels.
recently reversed its earlier assessment in April that the market would experience a
Mentha oil prices are likely to trade sideways to down due to demand concerns. small supply deficit of 45,000 tonnes this year. China's national refined zinc output
Export demand of menthol has been subdued that prompted stockists to stay away is projected to grow by 6.7% this year and an additional 4.1% next year, contributing
from bulk buying. India exported about 1.5 thousand tonnes of menthol is July’23 as to global production growth of 3.7% and 3.3%, respectively. Zinc is expected to
compared to 1.9 thousand tonnes of previous year. Overall export of menthol was
reported at 4.2 thousand tonnes during the period of Apr-Jul’23 against the 5.2 continue trading with a bearish bias, with a potential trading range of 205-230.
thousand tonnes of previous year. However, supplies are also down that may trigger Lead, may consolidate within the range of 180-190. Aluminum, tracking the
short cover any time at futures platform. Mentha oil Oct prices are likely to find broader decline in base metals, faced challenges due to the outlook of a hawkish
support near 870 and resistance can be seen at 945 levels. Federal Reserve and a slowing Chinese economy, which dampened industrial
Castor seed prices are likely to trade down due to muted domestic demand. sentiment. Nevertheless, concerns about the supply of bauxite, a primary ore for
Improved crop condition in Gujarat and higher production prospects supported Aluminum, emerged due to Indonesia's ban on bauxite exports. This factor limited
by rise in area under castor seed in year 2023 is likely to weigh on market the extent of the Aluminum price downturn, and is likely to trade within the range
sentiments. Castor seed Nov prices are likely to trade in range of 5830-6200 of 195-215. In the steel market, prices may trade in the range of 42,900-45,300 with
levels. a bearish bias.

10
INSURANCE

11
INSURANCE

12
INSURANCE

13
INSURANCE

14
 COMMODITY
TREND SHEET
EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX JEERA NOV 53695.00 10.10.23 DOWN 58000.00 - 56600.00 56700.00
NCDEX TURMERIC DEC 13692.00 20.09.23 DOWN 15000.00 - 14400.00 14450.00
NCDEX GUARSEED NOV 5870.00 05.10.23 UP 5500.00 5550.00 - 5500.00
NCDEX CASTORSEED NOV 6006.00 14.09.23 DOWN 6300.00 - 6250.00 6300.00
NCDEX STEEL NOV 44710.00 27.09.23 DOWN 46300.00 - 45450.00 45500.00
NCDEX COCUD DEC 2738.00 02.08.23 UP 2400.00 2550.00 - 2500.00
MCX MENTHA OIL OCT 887.10 27.09.23 DOWN 930.00 - 945.00 950.00
MCX MCXBULLDEX NOV 15889.00 10.10.23 UP 15000.00 15500.00 - 15450.00
MCX SILVER DEC 71616.00 10.10.23 UP 69000.00 70200.00 - 70000.00
MCX GOLD DEC 60318.00 10.10.23 UP 57500.00 58850.00 - 58800.00
MCX COPPER OCT 700.55 03.10.23 DOWN 700.00 - 729.50 730.00
MCX LEAD OCT 185.90 10.10.23 DOWN 187.00 - 191.00 192.00
MCX ZINC OCT 218.85 03.10.23 DOWN 225.00 - 233.00 235.00
MCX ALUMINIUM OCT 202.70 04.10.23 DOWN 206.00 - 212.50 213.00
MCX CRUDE OIL NOV 7330.00 18.10.23 UP 7300.00 7130.00 - 7100.00
MCX NATURAL GAS NOV 277.20 19.10.23 DOWN 280.00 - 300.00 305.00
Closing as on 19.10.2023

TECHNICAL RECOMMENDATIONS
ZINC MCX Contract: OCT *
M.High: 233.00 *
M.Low: 215.40

It closed at Rs. 218.85 on 19th Oct 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs.221.408. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 33.028. Based on both indicators, it is giving a sell
signal.

One can sell near Rs.222 for a target of Rs. 207 with the stop loss of 229.

CRUDE OIL MCX Contract: NOV *

M.High: 7695.00 *
M.Low: 6719.00

It closed at Rs. 7330.00 on 19th Oct 2023. The 18-day Exponential Moving Average of
the commodity is currently at Rs.7040.334. On the daily chart, the commodity has
Relative Strength Index (14-day) value of 67.366. Based on both indicators, it is giving a
buy signal.

One can buy near Rs.7370 for a target of Rs.7870 with the stop loss of 7170.

COCUD NCDEX Contract: DEC *

M.High: 2842.00 *
M.Low: 2425.00

It closed at Rs.2738.00 on 19th Oct 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs.2645.10 On the daily chart, the commodity has Relative
Strength Index (14-day) value of 44.502. Based on both indicators, it is giving a sell
signal.

One can sell near Rs.2755 for a target of Rs. 2500 with the stop loss of 2860.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST WEEKLY COMMENTARY
• India's import of soybean during 2022-23 (Oct-Sept) The heightened conflict between Israel and Hamas resulted in an increased "war premium" in
rose to 7 lakh tons-a record- from 5.55 lakh tons a year both the crude oil and bullion markets. As a result, the CRB index closed above the 324 mark.
ago as per data released by Soybean Processors The Dollar Index managed to recover from its weekly losses as investors returned to safe-
Association of India. haven assets following a decline in the equity market. U.S. two-year Treasury yields reached
• India downsizes 2022-23 wheat production to 110.55 levels not seen since 2000. On MCX, the price of gold rose from a low of 56,075 to a high of
million tonnes in the final estimates from 112.74 60,615 in a three-week timeframe. Silver demonstrated greater volatility than gold during
million tonnes pegged during the third round of survey the same period, experiencing a rapid recovery from a low of 65,666 to a high of 72,745.
Crude oil prices surged due to concerns related to the Israel-Hamas conflict, alongside a
for 2022-23 crop year (July-June).
more than 50% increase in freight rates on several routes. Natural Gas futures experienced a
• The government announced an increase in minimum second consecutive week of decline due to mild weather conditions. In the realm of base
support price (MSP) of six rabi (winter sown) crops with metals, copper, after five weeks of decline, fluctuated around the 700 level, ultimately
wheat getting a hike of Rs 150 per quintal - from closing the week with a modest upside. Lead prices appreciated, while aluminum and zinc
existing Rs 2,125 per quintal to Rs 2,275 per quintal - ended the week in negative territory. China’s third-quarter gross domestic product grew a
for the 2024-25 marketing season, beginning April next bigger-than-expected 4.9%, indicating that recent stimulus measures from Beijing were
year. bearing fruit.
• The government cut special additional excise duty In the agricultural sector, castor seed prices fell below the 6,000 mark, while cotton candy
(SAED) on crude petroleum to Rs 9,050/tonne from futures on MCX rose. However, its derivative cotton oil seeds cake declined on NCDEX. Guar
12,100/tonne. with effect from October 18. Besides, gum and guar seed prices saw increases for the third consecutive week, likely due to reduced
the SAED or duty on export of diesel will be reduced to production and expectations of heightened seasonal demand for gum in the October-
Rs 4/litre, from Rs 5 per litre currently. December period. The arrival of the new crop has commenced and is expected to increase
• During the first half (H1) of fiscal 2023-24, India's further in Rajasthan. In the spices market, cumin (jeera) prices experienced a substantial
textile and apparel exports decreased by 8.81 per cent decline for the fourth week, primarily due to diminished export demand. In spices, jeera
to $16,799.42 million, down from $18,422.35 million in witnessed a massive fall for the fourth week, going from a high of 62,500 to a low of 53,000
the same period the previous year. due to lower export demand. Adequate soil moisture and favorable weather conditions for
• The Indian government has extended its restriction on crops will boost overall sowing activities in the coming days. Subdued exports of jeera are
export of raw sugar, white sugar, refined sugar and still a major concern for exporters and will likely cap major gains in prices. Turmeric and
coriander prices received some support from lower-level buying. However, upside potential
organic sugar under some codes beyond October’23 as
was limited in turmeric due to improved yield prospects resulting from favorable weather
per DGFT.
conditions in key growing states. Stockists and millers are avoiding bulk buying in light of
• India allowed the export of 1.34 million tonne of non- improved crop conditions in major producing states. Nonetheless, losses are likely to be
basmati white rice to seven Asian and African nations, limited due to shrinking arrivals in the physical market. Dhaniya exports rose significantly in
including Nepal, Malaysia, and the Philippines, in 2023 due to supply concerns in other producing countries. Mentha oil prices breached the
humanitarian efforts. mark of 900.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
6.00% 5.59% 2.00%
1.54% 1.46%
5.18% 1.16% 1.12%
5.00% 4.67% 1.00%
4.46% 4.37% 0.63%

4.00%
0.00%

3.00%
-0.47%
-1.00%
2.00% -1.21%
-2.00%
1.00%

-3.00%
0.00%

-0.37% -4.00%
-1.00% -0.62%

-1.34%
-2.00% -5.00%
-1.95%
-2.28%
-3.00% -5.35%
-6.00%
SESAMESEED GUARGUM DHANIYA JEERA GUARSEED CASTOROIL CASTOR PADY KAPAS COCUD
GOLDGUINEA CRUDEOIL GOLDM GOLD GOLDPETAL ALUMINIUM MENTHAOIL NATURALGAS

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 12.10.23 QTY 19.10.23 QTY DIFFERENCE COMMODITY UNIT 13.10.23 QTY 19.10.23 QTY DIFFERENCE
BAJRA MT 664 664 0 ALUMINIUM MT 777 777 0
BARLEY MT 0 0 0
COPPER KGS 1609307 2030069 420762
CASTOR SEED MT 11798 9534 -2264
CORIANDER MT 10619 10920 301 GOLD KGS 489 471 -18
COTTONSEED OILCAKE MT 0 0 0 GOLD GUINEA GM 4368 2760 -1608
GUARGUM MT 16770 16949 179
GOLD MINI GM 212800 151600 -61200
GUARSEED MT 18128 17843 -285
ISABGOL SEED MT 57 54 -3 LEAD MT 0 0 0
JEERA MT 3126 3044 -82 SILVER KGS 17385 19067 1682
MAIZE MT 0 0 0
SILVER M KGS 37513 36363 -1150
STEEL MT 422 422 0
TURMERIC MT 1846 2081 235 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) Implications of the Israel-Hamas Conflict on crude

The terror attacks on Israel by the Islamist group Hamas pose one of the most
GUR (MUZAFFARNGR) 15.39% significant geopolitical risks to oil markets since Russia's invasion of Ukraine
last year. The Hamas attacks have thrust the entire region into a highly
uncertain new era, both politically and otherwise. Energy market analysts
GUAR SEED (JODHPUR) 4.58% are trying to make sense of what it may mean for global oil prices, which have
been on a dramatic trajectory since 2020 due to the COVID-19 pandemic and
the war in Ukraine.
REFINED SOYBEAN OIL (MUMBAI) 4.25%
So far, these attacks have not prompted energy price spikes, as oil flows have
not yet been affected. However, the risk of escalation in oil-producing
GUAR GUM (JODHPUR) 4.20% regions means the market is nervous. When the conflict broke out in Israel,
crude oil prices jumped by nearly 5% to $89 (€83) a barrel on October 09. The
spike was caused by uncertainty around potential supply issues, but prices
SOYABEAN (INDORE) 4.00% have since settled. Currently, prices are well below the figure of $97 a barrel
that was reached in late September.
CHANA (DELHI) 2.00%
1970s oil crises sparked price jumps
The most dramatic oil crises of the 20th century followed conflicts in the
Middle East. The Yom Kippur War of 1973 saw several Arab states attack Israel,
WHEAT (DELHI) 1.85% leading to an oil crisis that saw oil prices jump by more than 300%. The second
major oil crisis, in 1979, followed the Islamic Revolution in Iran and the
subsequent drop in oil production, which caused global oil supply to fall by
MUSTARD (JAIPUR) 1.74% around 4%, with prices for a barrel of crude oil more than doubling.
This time, the situation is different from the 1973 oil crisis. On October 4,
CORIANDER (KOTA) 1.45% OPEC confirmed it would maintain production cuts until the end of 2023.
Despite this news, prices continued on the downward trend since the end of
September. Saudi Arabia and Russia have already announced voluntary supply
CRUDE PALM OIL (KANDLA) 1.02% cuts until the end of 2023, pushing oil prices to 10-month highs in late
September before macroeconomic concerns pulled them dramatically lower
again last week. However, global crude oil supply remains at more than 101
BARLEY (JAIPUR) 0.53% million b/d, which is almost equal to global demand.
The role of Iran in global oil
JEERA (UNJHA) -0.02% If the conflict widens to include Hezbollah or Iran, the U.S. could tighten or
step up enforcement of sanctions on Iran, which could further strain an
already undersupplied oil market. It is also possible that a deal being
COTTON (KADI) -0.17% brokered by Washington to normalize relations between Saudi Arabia and
Israel, which could see the kingdom increase oil output, could be derailed.
TURMERIC (NIZAMABAD) -0.19%
So far, U.S. and Israeli officials
have avoided blaming Iran for
direct involvement in Hamas's
COTTON SEED OIL CAKE (AKOLA) -0.50% unprecedented attacks on
Israeli civilians and military
-2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%
installations. But if evidence
surfaces that Iran provided
material or financial support
WEEKLY STOCK POSITIONS IN LME (IN TONNES) for Hamas's attacks, the U.S.
may enforce sanctions on
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE Iran's oil exports. Although
13.10.23 19.10.23 Iranian oil is sanctioned, it has
ALUMINIUM 495650 490650 -5000.00 flowed in significant volumes
to China and elsewhere
Source: EIA
COPPER 170475 181150 10675.00
recently, easing oil markets in
NICKEL 43134 42984 -150.00 the wake of restrictions placed
LEAD 84900 88075 3175.00 on Russian oil. Iran also called for
an oil embargo against Israel
ZINC 92425 87025 -5400.00 over its airstrikes on Gaza,
causing crude futures to rise.
However, the Organization of the
Petroleum Exporting Countries is
not planning to take any
PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) immediate action on Iran's call,
COMMODITY EXCHANGE CONTRACT 13.10.23 19.10.23 CHANGE% easing concerns over potential
oil flow disruptions.”
ALUMINIUM LME CASH 2199.50 2185.00 -0.66% Source: Reuters
COPPER LME CASH 7949.00 7993.00 0.55%
LEAD LME CASH 2042.00 2097.50 2.72%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 18546.00 18520.00 -0.14% Commodity Exchange Contract Unit 13.10.23 19.10.23 Difference(%)
ZINC LME CASH 2446.00 2414.50 -1.29% Soybean CBOT NOV Dollars Per Bushel 13.00 13.32 2.44%
GOLD COMEX DEC 1941.50 1980.50 2.01%
Soybean oil CBOT DEC Cents per Pound 54.38 52.53 -3.40%
SILVER COMEX DEC 22.79 22.92 0.59%
Cotton ICE DEC Cents per Pound 86.06 84.27 -2.08%
CRUDE NYMEX NOV 87.69 89.37 1.92%
NATURAL GAS NYMEX NOV 3.24 2.96 -8.62% CPO BMD DEC MYR per MT 3,737.00 3,758.00 0.56%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Sideways Sideways Mild Bearish Bearish Mild Bearish Strong Bearish Sideways Mild Bullish
TERRITORY Neutral Neutral Neutral Borderline Neutral Borderline Neutral Neutral
SUPPORT 82.80 87.20 100.00 55.00 1.0450 1.2040 148.25 105.33
RESISTANCE 83.50 88.80 101.80 56.10 1.0640 1.2230 150.25 107.04

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact The Dollar Index is currently in a consolidation phase,
trading within the range of 105.30 to 107.00 levels. This
24-Oct 13:30 EUR Flash Manufacturing PMI 43.4 43.7 Positive for EUR consolidation is a result of market participants assessing
24-Oct 13:30 EUR Flash Services PMI 48.7 48.6 Neutral for EUR the Federal Reserve's monetary policy. Fed Chair Jerome
Powell's concerns regarding inflation and economic
24-Oct 14:00 GBP Flash Manufacturing PMI 44.3 44.3 Neutral for GBP growth are influencing market sentiment. There is an
24-Oct 14:00 GBP Flash Services PMI 49.3 49.8 Positive for GBP expectation of interest rates remaining stable at the
November meeting. Recent economic indicators provide
24-Oct 19:15 USD Flash Manufacturing PMI 49.8 49.5 Neutral for USD a mixed picture. Despite these factors, the Dollar Index's
overall trend has remained bullish since reaching 99.20
24-Oct 19:15 USD Flash Services PMI 50.1 49.8 Negative for USD in July. The current sideways movement within the
26-Oct 17:45 EUR Main Refinancing Rate 4.50% 4.50% Negative for EUR 105.30 to 107.00 range indicates a bullish bias. This
range is acting as both a support and resistance zone. If
26-Oct 18:00 USD Advance GDP q/q 2.10% 3.90% Positive for USD Dollar Index manages to hold above 107.00, it could
potentially reshape its upward trajectory. The 14-period
26-Oct 18:00 USD Unemployment Claims 198K 200K Neutral for USD RSI, positioned near 55-57, suggests a comfortable
trading setup with potential momentum. In summary,
the overall trend remains bullish, with room for
Major Macroeconomic Indicators potential upside. Even a dip to 105.30 may present
opportunities for an upward reversal, with the possibility
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates of further gains beyond 107.USD/INR, on the other hand,
China 3.45% 0.00% Sep 2.74% 6.30% Jun 3.45% has entered a consolidation phase within the range of
83.10 to 83.40 after reaching a record high. However, the
Euro Area 4.50% 4.30% Sep - 0.50% Jun 0.20% pair is currently under pressure as the weekend
France 4.50% 4.90% Sep 3.54% 1.00% Jun -0.40% approaches, nearing a crucial support level. A break
below 83.10 may lead to further correction, potentially
Germany 4.50% 4.50% Sep 2.93% -0.20% Jun 0.00% testing or breaching the 83.00 mark. The 14-period RSI
momentum oscillator is around 45-47, indicating a
India 6.50% 5.02% Sep 7.37% 7.80% Jun 1.48% bearish divergence and suggesting the potential for
Italy 4.50% 5.30% Sep 4.99% 0.35% Jun -0.80% additional downward movement. Additionally, USD/INR
has broken below its 21-day exponential moving average
Japan -0.10% 3.00% Sep 0.84% 1.60% Jun -3.10% (EMA), signaling the possibility of further decline.
Despite these short-term pressures, it's important to
United Kingdom 5.25% 6.70% Sep 4.68% 0.60% Jun -1.45% acknowledge the overall bullish trend of both USD/INR
United States 5.50% 3.70% Sep 4.95% 2.40% Jun 1.80% and the Dollar Index. The range of 82.90-83.00 levels is a
notable support zone.
Dollar Rupee (USD-INR) Euro Rupee (EUR-INR)

USD/INR(OCT) pair is currently in an Sideways trend as trading between its major EUR/INR(OCT) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around Exponential Moving Average where, the 21-day Exponential Moving Average is around
83.23. However, the pair is in Neutral territory with a Relative Strength Index (14-day) 88.2. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 50.12 on the daily chart. Major support is seen around 82.8 levels, while value of 43.15 on the daily chart. Major support is seen around 87.2 levels, while
resistance is expected near 83.5 levels. resistance is expected near 88.8 levels.
One can buy near 83 for the target of 83.5 with the stop loss of 82.75 One can buy near 87.8 for the target of 88.8 with the stop loss of 87.3

Pound Rupee (GBP-INR) Yen Rupee (JPY-INR)

GBP/INR(OCT) pair is currently in an Mild Bearish trend as trading below its major JPY/INR(OCT) pair is currently in an Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around Exponential Moving Average where, the 21-day Exponential Moving Average is around
101.8. However, the pair is in Neutral territory with a Relative Strength Index (14-day) 56.05. However, the pair is in Borderline territory with a Relative Strength Index (14-
value of 35.67 on the daily chart. Major support is seen around 100 levels, while day) value of 31.32 on the daily chart. Major support is seen around 55 levels, while
resistance is expected near 101.8 levels. resistance is expected near 56.1 levels.
One can sell near 101 for the target of 100 with the stop loss of 101.5 One can sell near 55.8 for the target of 54.8 with the stop loss of 56.3

18
 IPO
SMC Ranking
BLUE JET HEALTHCARE LIMITED (2/5)
Issue Highlights About the Company
Incorporated in 1968, Blue Jet Healthcare is a pharmaceutical and healthcare ingredient and an
Industry Healthcare
intermediate company. Blue Jet Healthcare was the first manufacturer of saccharin and its salts
Offer for sale (Shares) 24,285,160 (artificial sweeteners) in India. The company later expanded into contrast media intermediates, which
are used in CT scans and MRIs. The company mainly deals in three product categories: (i) contrast
Net Offer to the Public 24,285,160 media intermediates, (ii) high-intensity sweeteners, and (iii) pharma intermediates and active
Issue Size (Rs. Cr.) 798-841 pharmaceutical ingredients. Blue Jet Healthcare is a global, science-led pharmaceutical company.
Price Band (Rs.) 329-346 Strength
Offer Date 25-Oct-23 Large manufacturer of contrast media intermediates in India: It manufactures contrast media
Close Date 27-Oct-23 intermediates and supply a critical starting intermediate and several advanced intermediates
primarily to three of the largest contrast media manufacturers in the world, including GE Healthcare
Face Value 2 AS, Guerbet Group, and Bracco Imaging S.p.A, directly. It has supplied over 75% of the value of exports
Lot Size 43 of a selected contrast media intermediate (5-Amino-N,N’-bis (2,3-dihydroxypropyl) isophthalamide)
from India over the calendar years 2020 to 2022. The company has three manufacturing facilities,
which are situated in Shahad (Unit I), Ambernath (Unit II) and Mahad (Unit III) in the state of
Maharashtra, India, with an annual installed capacity of 200.60 KL, 607.30 KL and 213.00 KL,
respectively, as of June 30, 2023. As of 30 June 2023, the company has catered to more than 400
customers in 39 countries.
Issue Composition In shares
Strong clientele: The company’s global and domestic customers include GE Healthcare AS, Guerbet
Total Issue for Sale 24,285,160 Group, Bracco Imaging SpA, Colgate-Palmolive (India), Unilever, Prinova US LLC, and MMAG Company.
In FY22, 76 percent of the company's income came from Europe, followed by India (17.14 percent), the
QIB 12,142,580 US (4.18 percent) and some other countries.
NIB 3,642,774 Strong product development and process optimization capabilities with a focus on sustainability:
Blue Jet business is attributable to its strong product development and process optimization
Retail 8,499,806
capabilities, underpinned by its in-house R&D capabilities, which has enabled it to forward integrate
from manufacturing a key starting intermediate as building block for contrast media in 2000 to 18
additional advanced intermediates with higher realization and profitability per unit.
Manufacturing facilities with regulatory accreditations: The company currently operates three
Objects of the Issue manufacturing facilities, which are located in Shahad (Unit I), Ambernath (Unit II) and Mahad (Unit III)
in the state of Maharashtra, India, with an annual installed capacity of 200.60 KL, 607.30 KL and 213.00
The company will not receive any proceeds from the KL, respectively, as of June 30, 2023. The layouts and equipment configuration of its manufacturing
Offer and all the Offer Proceeds will be received by the facilities help it ensure batch-to-batch consistency. As the offtake volume of its customers continued
to increase, its production capacity increased rapidly from an aggregate installed capacity of 230 KL as
Selling Shareholders, in proportion to the Offered of March 31, 2018 to 1,020.90 KL as of June 30, 2023.
Shares sold by the respective Selling Shareholders as
part of the Offer. Strategy
Continue to forward integrate into more advanced intermediates for Contrast Media: It enjoys a
competitive advantage in the global contrast media market, which is built on (i) established customer
relationships with the top contrast media manufacturers, (ii) deep understanding of its customers’
requirements, (iii) chemistry and process development capabilities, and (iv) proven track record of
Book Running Lead Manager forward integration. By further improving its technical know-how and chemistry capabilities in close
Ÿ Kotak Mahindra Capital Company Limited synergy with its customers, it intends to capture a larger wallet share with its existing customers going
Ÿ ICICI Securities Limited forward.
Ÿ J.P. Morgan India Private Limited Build additional production capacity to keep in step with the envisaged increase in customer
demands: The company plans to expand its production capacities in Unit II, from 607.30 KL as of June
Name of the registrar 30, 2023 to 743 KL by the Financial Year 2025. It plans to expand its production capacity from 213.00 KL
Ÿ Link Intime India Private Limited as of June 30, 2023 to 499 KL as of the Financial Year 2025 in Unit III. It also acquired a Greenfield
manufacturing site (Unit IV) on a leasehold basis in Ambernath in 2021 to build several multi-purpose
blocks dedicated to its pharma intermediate and API business, which allowed it to increase its
manufacturing capacity and scale its business.

Valuation Risk Factor

Ÿ The company is dependent on Europe and the United States.
Considering the P/E valuation on the upper price
Ÿ Its inability to successfully expand its production capacity could have an adverse effect on its business.
band of Rs.346, EPS and P/E of FY2023 are Rs.9.23
Ÿ It depends upon a limited number of raw material suppliers and its three largest suppliers are
and 37.51 multiple respectively and at a lower price
located in China, Norway and India.
band of Rs. 329, P/E multiple is 35.66. Looking at the
P/B ratio on the upper price band of Rs.346, book Outlook
value and P/B of FY23 are Rs. 39.29 and 8.81 Blue Jet Healthcare, which established a contract development and manufacturing organization
(CDMO) business model, operates its business in three product categories, one is contrast media
multiple respectively and at a lower price band of Rs.
intermediates, second is high-intensity sweeteners, and the last is pharma intermediates and active
329 P/B multiple is 8.37. No change in pre and post pharmaceutical ingredients (APIs). Its business model focuses on collaboration, development, and
issue EPS and Book Value as the company is not manufacturing of complex chemistry categories. However, the company is dependent on Europe and the
United States, which are regulated markets, for a significant portion of its revenue from operations.
making fresh issue of capital
Moreover the entire issue is OFS; the fund raised through this issue will not go to the company.

19
 FIXED DEPOSIT MONITOR
FIXED DEPOSIT COMPANIES
PERIOD MIN.
S.NO NBFC COMPANY - NAME ADDITIONAL RATE OF INTEREST (%) INVESTMENT
12M 18M 24M 36M 48M 60M 84M (`)

7.40 - 7.55 8.05 - 8.05 8.05 -

BAJAJ FINANCE LTD.INDIVIDUAL & HUF

1 0.25% EXTRA FOR SR. CITIZEN ` 15000/-
(UPTO ` 5 CR.)

15M= 7.40 22= 30= 33= - 44= -

7.45 7.50 7.45 7.75 8.35

ICICI HOME FINANCE (UPTO `1.99 CR.)

2 7.00 - 7.35 7.45 - 7.45 7.30 7.30 0.25% EXTRA FOR SR. CITIZEN ` 10000/-
-NOT FOR CORPORATE

ICICI HOME FINANCE (UPTO `1.99 CR.)

3 - 39M= 7.55% 45M= 7.60% 65M= 7.50% 0.25% EXTRA FOR SR. CITIZEN ` 10000/-
-NOT FOR CORPORATE

4 LIC HOUSING FINANCE LTD.(UPTO ` 20 CR.) 7.25 7.35 7.60 7.75 - - 7.75 - 0.25% FOR SR. CITIZEN ` 20000/-

M&M FINANCIAL SERVICES LTD

5 7.60 - 7.75 8.05 - 8.05 8.05 - 0.25% FOR SENIOR CITIZEN ` 5000/-
(UPTO ` 5 CR.)

0.30% EXTRA FOR SR. CITIZEN

6 PNB HOUSING FINANCE LTD.(UPTO ` 5 CR.) 7.45 - 7.00 7.85 - 7.40 7.65 7.40 ` 10000/-
UPTO ` 1 CRORE

0.50% FOR SENIOR CITIZEN,

7.60 7.75 8.05 8.25 30M= 50M= 8.50 42M=
7 SHRIRAM FINANCE LTD. (UPTO `10 CR.) 0.25% EXTRA FOR RENEWALS & ` 5000/-
8.20 8.50 8.30
0.10% FOR WOMEN

* Interest Rate may be revised by company from time to time. Please confirm Interest rates before submitting the application.
* For Application of Rs.50 Lac & above, Contact to Head Office.
* Email us at fd@smcindiaonline.com

20
 MUTUAL FUND Performance Charts

EQUITY - LARGE CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
Nippon India Large Cap Fund - Reg - G 65.70 08-Aug-2007 15758.20 2.80 19.90 21.60 28.80 12.30 4.10 0.90 0.70 81.69 12.21 5.99 0.12
HDFC Top 100 Fund - Growth 867.10 11-Oct-1996 25679.90 2.60 16.20 20.00 25.40 18.80 4.00 0.90 0.40 91.71 4.88 N.A 3.42
ICICI Prudential Bluechip Fund - Growth 79.40 23-May-2008 40357.40 3.00 16.50 18.40 23.20 14.40 3.80 0.90 0.40 80.40 6.82 0.47 12.31
DSP Top 100 Equity Fund - Reg - Growth 336.80 10-Mar-2003 2990.00 2.30 15.60 16.40 17.60 18.60 3.80 0.80 0.0 80.65 8.81 6.68 3.86
SBI Bluechip Fund - Growth 71.70 14-Feb-2006 39160.40 0.20 13.30 15.70 21.50 11.80 3.90 0.90 0.20 83.30 11.22 N.A 5.48
Baroda BNP Paribas Large Cap Fund - G 162.80 23-Sep-2004 1502.40 2.30 14.80 15.40 18.80 15.70 3.80 0.90 0.20 79.38 7.37 5.67 7.58
Tata Large Cap Fund - Reg - Growth 378.10 07-May-1998 1604.00 0.20 13.30 14.50 20.80 18.90 4.00 0.90 0.10 83.00 7.61 6.83 2.57

EQUITY - MID CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Mid-Cap Opportunities Fund - G 132.10 25-Jun-2007 45932.10 7.70 28.80 33.40 35.00 17.10 4.50 0.90 1.00 14.54 67.08 17.72 0.66
Mahindra Manulife Mid Cap Fund - Reg-G 23.00 30-Jan-2018 1426.30 10.40 30.40 30.50 32.60 15.60 5.00 0.90 0.70 8.90 69.52 13.64 7.94
Nippon India Growth Fund-Reg-Growth 2775.80 08-Oct-1995 17841.10 9.70 29.20 29.00 33.90 22.20 4.70 0.90 0.90 17.95 67.26 12.91 1.88
Tata Mid Cap Growth Fund - Reg-Growth 313.10 01-Jul-1994 2357.90 9.80 28.20 28.30 28.40 12.50 4.40 0.80 0.60 11.78 68.02 15.54 4.66
Quant Mid Cap Fund - Growth 166.20 09-Mar-2001 2673.40 11.10 27.20 26.10 38.30 13.20 4.90 0.70 1.00 20.82 46.02 N.A 33.16
HSBC Midcap Fund - Reg - Growth 257.80 09-Aug-2004 7870.00 9.30 25.10 25.20 23.80 18.40 4.00 0.70 0.40 14.54 67.08 17.72 0.66
WhiteOak Capital Mid Cap Fund - Reg-G 12.70 07-Sep-2022 909.50 7.30 29.00 24.70 N.A 24.20 3.60 0.60 1.10 6.09 55.48 21.04 17.38

EQUITY - SMALL CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Small Cap Fund - Growth 106.70 03-Apr-2008 21531.50 8.90 31.10 39.30 41.00 16.40 4.80 0.80 1.10 3.94 8.80 79.36 7.90
Franklin India Smaller Companies F-G 130.20 13-Jan-2006 9240.00 11.60 32.40 38.90 40.30 15.50 4.80 0.80 1.20 5.33 9.98 77.24 7.45
Quant Small Cap Fund - Growth 184.50 21-Nov-1996 7463.40 9.20 29.00 37.00 44.90 11.90 6.00 0.90 1.10 10.98 2.19 68.15 18.69
Nippon India Small Cap Fund - Reg - G 124.60 16-Sep-2010 35216.60 9.90 32.50 35.80 44.50 21.20 5.00 0.80 1.30 12.71 14.25 67.00 6.05
Bandhan Emerging Businesses Fund-R-G 28.80 25-Feb-2020 1941.20 15.20 39.00 34.50 32.60 33.70 5.10 0.80 0.70 3.63 11.14 73.68 11.54
HSBC Small Cap Fund - Reg - Growth 63.20 12-May-2014 10993.30 11.40 29.50 34.10 42.60 21.60 5.00 0.80 1.30 3.94 8.80 79.36 7.90
ITI Small Cap Fund - Reg - Growth 19.00 17-Feb-2020 1423.10 10.90 30.90 32.90 25.90 19.10 5.00 0.70 0.20 11.66 19.76 62.72 5.85

EQUITY - TAX SAVING FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
SBI Long Term Equity Fund - Growth 293.50 31-Mar-1993 15457.10 5.60 23.50 28.50 26.70 15.90 4.10 0.80 0.60 58.58 21.41 14.00 6.01
Motilal Oswal Long Term Equity F-R-G 32.80 21-Jan-2015 2512.90 4.40 21.10 24.00 24.90 14.50 4.60 0.90 0.30 52.13 27.46 19.68 0.73
HDFC Taxsaver - Growth 958.80 31-Mar-1996 11289.90 4.80 19.00 21.40 27.20 23.10 3.70 0.80 0.70 84.68 8.26 2.78 4.27
Franklin India Taxshield - Growth 1066.80 10-Apr-1999 5236.20 6.60 21.40 20.60 27.00 21.00 4.10 0.90 0.40 71.33 11.22 9.86 7.59
Bandhan Tax Advantage (ELSS) Fund-R-G 119.50 26-Dec-2008 5023.70 3.20 19.90 20.40 30.00 18.20 4.30 0.90 0.50 60.98 14.46 19.35 5.21
Bank of India Tax Advantage Fund-Eco-G 127.80 25-Feb-2009 842.20 6.10 18.90 19.10 24.30 19.00 4.60 0.90 0.30 52.08 28.87 18.61 0.44
DSP Tax Saver Fund - Growth 96.40 18-Jan-2007 11807.50 4.30 18.40 18.90 24.70 14.50 4.00 0.90 0.20 62.02 22.41 13.17 2.39

BALANCED ADVANTAGE FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Balanced Advantage Fund-Growth 385.30 11-Sep-2000 61210.40 6.90 17.50 23.90 29.20 17.10 2.90 0.80 49.76 10.43 8.64 31.16
Baroda BNP Paribas Balanced Adv. F-R-G 18.70 14-Nov-2018 3320.00 0.90 11.10 13.40 13.30 13.50 2.90 0.10 43.35 13.80 7.70 35.15
Mirae Asset Balanced Advantage F-R-G 11.30 11-Aug-2022 1183.20 1.70 11.00 12.70 N.A 10.80 1.70 0.20 49.93 8.18 8.47 33.42
HSBC Balanced Advantage Fund-Reg-G 34.80 07-Feb-2011 1393.20 2.40 9.10 12.00 8.60 10.30 1.70 -0.10 41.32 13.52 13.99 31.17
Tata Balanced Advantage Fund - Reg - G 16.80 28-Jan-2019 7437.00 2.00 9.50 11.90 13.60 11.70 1.90 0.10 57.07 5.90 1.83 35.21
Aditya Birla Sun Life Balanced Adv. F-G 83.10 25-Apr-2000 6782.30 1.40 9.80 11.80 13.50 9.40 2.10 0.0 50.69 10.13 4.31 34.87
Kotak Balanced Advantage Fund - Reg-G 16.40 03-Aug-2018 15019.20 1.00 8.50 11.50 11.30 9.90 1.90 0.0 53.28 10.63 4.59 31.50
*Mutual Fund investments are subject to market risk, read all scheme related documents carefully. Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 19/10/2023
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

21
On 14th October, SMC welcomed Navratri with a colorful energy and witnessed the magic of unity, and dance at the grand
d Dandiya Night. The magic of Navaratri unfolded at SMC as we embraced the colorful energy of Garba and Dandiya nights.
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