The Money Navigator April 2016

Liquidity Driven Rally
Merits Awaited
For Private Circulation Only
The current rally from 6825 is largely liquidity driven without major changes in fundamentals. Inflow from FIIs has been
tepid since the beginning of CY2016 on global growth concern as FII has sold ` 177 Bn from equity market. However,
FII has poured `167 Bn in March on recovery in global commodity prices and positive cues from Union Budget. Will
this rally be sustainable or not is questionable. According to us, the bottom has been formed and upside is capped.
Issue Theme
Pg. 1
1st April-2016 to 30th April-2016
Company Analysis
Pg. 12-15
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From The MDs Desk

RBI has reduced key policy rates
Based on the fiscal performance by The Central Government last year and the confidence shown by The Finance Minister
while presenting the budget about achieving the fiscal targets, the RBI has reduced key policy rates. The Finance Secretary
has reiterated that all fiscal targets are achieved for the year 2016.
Recently, The Government has also provided the signal to RBI by reducing interest rates in almost all government schemes.
The data announced in USA were quite positive and the ISM manufacturing data rose after 8 months showing improvement
in manufacturing activity. The data of unemployment are also improving giving positive signals. There are talks that the
market is getting exhausted at this level but there are certain points to be considered at this level which suggest that the
market will remain ranged bound with positive bias.
The market up move is accompanied by fundamental improvement.
The banking system has flushed out the mistakes and is ready with clean platform.
Economic indicators have bottomed out and now gradually improving.
The gradual decline in interest rate is helping corporate revenue. The decline in commodity prices with crude oil is also
helping the corporate bottom line.
The expectation of good monsoon is providing a platform for rural sector to perform. The rural consumption scripts are
likely to outperform.
The government is really performing and coming out with lots of reforms in every sector. The road and rail sectors are
feeling the effects of aggressive government move.
Make In India movement is showing its color. The allocations of defense contracts to Indian led companies are providing
tremendous opportunity for overall growth in the economy including employment generation.
Off course, there are worries so far as China is concerned. But many economists suggest that Chinese market seems to
have bottomed out. The rise of US market also suggest that the investors are decoupling the oil prices and are giving
importance to the economic data. Considering all this it is rational to pick selected stocks at every decline and wait for
medium to long term.
Technically the market is not having strength to go beyond 7750 decisively which is a cause of concern. A healthy correction
after a remarkable run of 1000 Nifty points from the low of 6825 on the day of budget is always welcome but it should not
breach the all important support of 7600 & 7400-7450 range.
Kamlesh Jhaveri ( MD )
Jhaveri Securities Ltd.
Liquidity driven rally : Merits Awaited

Is current rally driven by liquidity rather than fundamentals ?
Issue Theme
The market has gained significant upside in March after the government stuck to its fiscal deficit targets in the Budget and on
hopes of a rate cut by the Reserve Bank of India in its upcoming monetary policy review. We believe that a lot of the current
up-move in India has been driven by liquidity and bargain buying rather than any firm conviction of changing underlying
fundamentals.
Commodity prices in global markets have been rising almost continuously since February. The CRB index, a widely used
index of commodities, shows a 10 per cent rise since mid-February. Copper, to take a specific example, is also up around 10
per cent during this period. Currencies of major commodity producers like Russia, Brazil and Indonesia have recovered
sharply. It was expected that crude oil would touch 20 or even 10 dollars a barrel, seems to be impossible as of now. Since
nothing much has happened to demand (there aren't any signs that growth in the major commodity countries like China, is
picking up), this is just a case of easy liquidity chasing a bubble.
Is India is still favorable among EM s ?

India is still relatively well placed from the perspective of several external macro factors such as a supportive interest rate
cycle and cumulative effects of various reforms undertaken by the government. The perspective of corporate performance
or valuation is not supportive yet. Neither the valuation becomes cheap or bargain nor corporate performance will improve.
Whether foreign investors will make the distinction between India and other EMs remains to be seen in coming months .
If the current rally in the market may spoil, then the centre problem around US, China, commodity prices and the potential for
UK's exit from the European Union will rise. The chances of negative surprises might be decreasing but still has enough
potential to trigger sell-offs.
Corporate performance still in doldrums but H2FY17E could be better

According to various market analyst corporate earnings downgrades could continue for some more quarters due to various
structural reasons .
However, given the base effect and indications of economic recovery, the pace of result downgrades is expected to be
relatively lower. We believe that there have been interest rate cuts by the RBI, the transient effect of these is yet to be seen.
With the evolution of lending rate calculation (new calculation ) , the economy and subsequently the corporates are likely to
benefit from lower rates.
Conclusion
We believe that the current rally in commodities and currencies is likely to be limited. Global demand is still subdued and
while supply corrections can help improve the balance, it cannot take prices up much further. The base effect could lead to
better year-on-year corporate performance in the second half of this financial year and, hence, a pick-up in earnings growth
might be visible from FY17. The corporate profit cycle is close to all-time lows and valuations appear reasonable at the
current stage. Technically, the market is not having strength to go beyond 7750 decisively which is a cause of concern. A
healthy correction after a remarkable run of 1000 Nifty points from the low of 6825 on the day of budget is always welcome
but it should not breach the all important support of 7600 & 7400-7450 range.
Indian Civil Aviation Sector
Sector Outlook : Avoid
Overview of the Indian Air Travel Market

India is one of the worlds largest and fastest-growing air travel markets, according to the CAPA Report.
By CY2014, Indias air travel market had become the sixth largest in the world as measured by total domestic seats (97.3
million) and ninth largest in the world by total domestic and international seats (155.9 million), according to the CAPA
Report.
Going forward, the domestic Indian aviation market is forecasted to be the worlds fastest growing aviation market with
revenue passenger kilometers (RPKs) growing at a CAGR of 9.5% between 2013 and 2033, according to the Airbus
Report.
Top Airline Origin and Destination Routes in the World

9.50%
9.50%
8.90%
8.60%
Domestic India Indina Sub-PRC
North Africa
PRC
Sub-Sahara
Africa PRC
8.40%
8.40%
8.30%
8.20%
Indian-Sub
South America
Asia Emerging
Indian Sub
Middle East
Russia
Asia Emerging
South America
Indian Air Travel Market Growth and Growth Drivers ( Image Format)
The Indian air travel market experienced rapid growth beginning in 2003 following liberalizing actions by the Indian
Government, which is reflected in the growth of domestic passenger volume at a CAGR of 19.4% between FY2004 and
FY2010, according to DGCA data.
Following the global financial crisis, between FY2010 and FY2015, domestic passenger volume grew at a CAGR of
9.1%, according to DGCA data. Over the same period, domestic carrier capacity, as measured in available seat
kilometers, or ASKs, grew at a CAGR of 6.8%, while domestic passenger traffic, as measured by RPKs, grew at a higher
CAGR of 8.7%.
This growth was attributable to increased tourism and business-related travel, as well as the stimulation of new traffic
demand through low fares offered by LCCs, according to the CAPA Report.
Sector Update
Starting in 2003, the Indian government introduced several measures to further liberalize the air travel market, including
a reduction in fuel excise taxes, elimination of the 15% Inland Travel Tax and the awarding of new airline licenses to
private operators. Since 2003, a number of Low Cost Carriers (LCC) have entered the Indian air travel market and
stimulated prices through their low-cost business models. By using price stimulation as a core business strategy, LCCs
were able to cater to Indias middle class segment, according to the CAPA Report. In the decade that followed, Indian air
travel entered a period of considerable growth.
Sector Update
Indian Domestic Available Seat

Kilometers Forecast (Billion)
Domestic Passengers Forecast (Million)

128.00
115.00
154.40
103.00
138.00
92.00
119.70
92.80
84.90
FY15
FY16E
7.1
81.00
103.40
FY17E
70.00
FY18E
6.4
FY19E
FY15
FY20E
FY16E
FY17E
FY18E
FY19E
FY20E
Real GDP CAGR from CY2014 to CY2019E

4.5
3.6
2.4
2.8
India
China
APAC
Middle East &

North Africa
Latin
America
Morth
America
3
1.9
1.8
Eastern
Europe
Western
Europe
World
Average
Continued Population Growth

Continued Population Growth
Population CY2014
(Million )
Population CAGR
( CY 14 - CY19)
China
1367.8
0.50%
India
1259.7
1.30%
Country
CY2014
CY2019
CAGR
USA
319
0.70%
China
170.40
237.70
6.90%
Indonesia
251.5
1.40%
India
53.60
107.90
15.0%
Brazil
202.8
0.80%
Indonesia
20.60
30.20
7.90%
Russia
143.7
0.01%
Thailand
11.40
13.50
3.40%
Japan
127.1
-0.03%
Vietnam
2.70
4.40
10.40%
Mexico
119.7
1.10%
Philippines
8.20
10.90
6.00%
Philippines
99.4
2.00%
Malaysia
5.40
6.20
2.70%
Germany
81.1
0.20%
Country
Middle Class Households (Million)
Source: Indigo RHP

Strong Growth in Tourism
CY2009
CY2010
CY2011
CY2012
CY2013
CY2014
Domestic nationals visits within India (Mn)
668.80
747.70
864.50
1045.10
1145.30
1282.00
Indian nationals departures from India (Mn)
11.10
13.00
14.00
14.90
16.60
18.30
Foreign tourist arrivals 2009-2014 (Mn)
5.20
5.80
6.30
6.60
7.00
7.70
Year
CY2015
CY2016E
CY2017E
CY2018E
CY2019E
CY2020E
Forecast foreign tourist arrivals 2015-2019 (Mn)
8.50
9.20
10.10
11.00
12.00
13.00
Comparison of duration of rail service versus LCC air service (One-way trip from New Delhi to Mumbai)
Average Train
21 Hours 55 Minutes
Fastest Rail Services
16 Hours 10 Minutes
Average LCC
02 Hours 07 Minutes
Low Aircraft Penetration Rates
Country
India
Malaysia Brazil
Turkey Colombia Norway
USA
Canada
Japan
Annual domestic seats

per capita CY2014
0.08
1.03
0.65
0.63
0.53
4.79
2.59
1.58
1.12
GDP per Capita based

on PPP CY2014 (USD)
5,777
24,521
15,153
19,556
13,459
65,896
54,678
44,519
37,683
Source: Indigo RHP
Expansion in Aviation Infrastructure

India continues to invest in aviation infrastructure to enable growth in air transport and Indias aviation infrastructure is
improving. Public-private partnerships, have yielded state-of the-art Greenfield airports in Hyderabad and Bangalore, as
well as new airport infrastructure investments in New Delhi and Mumbai, both of which have ranked among the top five
airports (25 to 40 million passengers category) globally for airport service quality in 2014. There are also two ongoing
Greenfield airport public-private partnership tenders for the construction of new airports in Mumbai and Goa, according to
the City and Industrial Development Corporation of Maharashtra Limited and the Government of Goa.
Expansion of middle class

Indias annual per capita income has grown at a CAGR of 12.6%, from `46,249 in FY2010 to `74,380 in FY2014, according
to data from the Ministry of Statistics and Programme Implementation. Indias growth in per capita income and overall
population has caused the rapid expansion in the size of Indias middle class, defined as households with a disposable
income of more than USD 5,000 per year (more than 0.3mm per year), according to the CAPA Report. The number of
Indian middle class households is expected to increase from 53.6 million in CY2014 and reach 107.9 million
households by CY2019, according to the EIU, implying a CAGR of 15.0%.In addition, Mumbai and New Delhi are
expected to become the 25th and 30th largest cities by household disposable income globally by CY2030, according to the
Oxford Economics Global Cities 2030.
Sector Update
Year
Cost Competitiveness
Unit Cost :
CASK measures the unit costs of a carrier and is calculated as costs divided by ASK. CASK excluding fuel cost is an
alternative measure for comparing cost management of carriers operating in different geographies, as fuel costs can vary
between geographies due to taxation, government fuel pricing regulations and other reasons . In India, jet fuel prices tend to
be higher than many other countries due to higher taxation imposed by local governments.
Average fleet age
The average age of a carriers fleet is impacted by its business model, fleet composition and overall fleet management. Fleet
age can impact the operating costs of a carrier, including fuel costs and maintenance costs.
Unit profitability
RASK, a measurement of unit revenue, minus CASK, is a measure of a carriers unit profitability. Excluding fuel cost from the
analysis provides an indicator of a carriers unit profitability before taking in to account fuel costs, which can vary significantly
from region to region.
Despite favorable macros, competition is intensifying in the sector
Plummeting oil prices are benefiting flyers as well as airlines. Airlines are passing on the fall in aviation turbine fuel (ATF)
prices to passengers by reducing fares. The windfall gain from lower ATF prices are also being deployed to reduce debt and
make the much- needed reinvestments in infrastructure.
Fuel prices are down two-thirds from the US$ 100 plus highs of mid 2014, resulting in an average drop of 14% in air fares.
Fuel makes up 40-50% of an airlines total costs. Airlines can expect to reduce their overhead by about 20%. A 4% reduction
in fuel cost adds around 2% to the operating margins of airlines.
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
Aviation Fuel Price (`/K1)
Aviation fuel prices fell

from `77,632 in 2013 to
` 38,425 in 2015.
1-Sep-13
1-Oct-13
1-Nov-13
1-Dec-13
1-Jan-14
1-Feb-14
1-Mar-14
1-Apr-14
1-May-14
1-Jun-14
1-Jul-14
1-Aug-14
1-Sep-14
1-Oct-14
1-Nov-14
1-Dec-14
1-Jan-15
1-Feb-15
1-Mar-15
1-Apr-15
1-May-15
1-Jun-15
1-Jul-15
1-Aug-15
1-Sep-15
1-Oct-15
1-Nov-15
1-Dec-15
1-Jan-16
1-Feb-16
1-Mar-16
Sector Update
Key Cost Metrics

Operating metrics, including on-time departures and arrivals, flight cancellations, and number of complaints, are often used
in the air travel industry to evaluate operating performance of carriers, according to the CAPA Report.

Oil marketing companies (OMC) reduced ATF price for February 2016 in line with the soft trend in international crude oil
prices. Prices of the ATF are directly linked to crude oil prices. A kilolitre of ATF will cost ` 1765.50 or 11.9%, less at ` 35126.82
December 2015.
Interglobe Aviation needs to win back investors faith after IPO

Despite strong quarterly performance, sharp sell off in Indigo because of...
Indigos nine-month performance in FY 2016 was much below estimates due to a sharp fall in profitability in Q2FY16,
when net profit declined to ` 112 Cr. from ` 640 Cr. in Q2 of FY 2015. Q2 is typically a lean season for travel. Indigo had to
cut ticket prices amid lower passenger volumes, which resulted in lower profitability. Lower Q2 profit pulled down the
9MFY 2016 figure to ` 1410 Cr. compared with ` 1304.17 Cr. in the 9MFY 2015.
Another reason for the fall in Indigos shares post its blockbuster IPO was attributed to the delay in deliveries of A320 Neo
aircraft. Boeings A320 aircraft is considered more advanced and offers higher fuel efficiency and could have added 1015% to overall fuel cost savings in addition to the windfall benefit the airline industry is reaping due to lower global crude
oil price.
The company had also paid various incentives to its staff before IPO and spent on other overheads in anticipation of
higher capacity that did not materialize.
At this point, there is no clear visibility of its future A320 Neo delivery schedule. The potential additional delays exist.
Management said in the earnings call that the airline was in talks with Airbus and engine maker Pratt & Whitney for early
delivery of the new aircraft.
Outlook
In the December 2015 quarter results season, a shift in investor preference was observed, from Indigo to Spice Jet and
Jet Airways, primarily because of a mismatch between expectations and reality. However, it remains to be seen how
durable and how strong is Spice Jets turnaround and how the global oil prices play out.
Aviation stocks are now highly sensitive to oil prices that are at multi-year lows currently. Commodity traders expect
crude to recover another 15-20% in one or two quarters. This can affect the margins significantly. Competition in the
aviation sector is soaring high with the entry of new players in the sector, triggering price wars.
Domestic airlines are expected to add 50-60 planes in FY 2017. The capacity addition can put pricing pressure on
airlines. Indigo and Go Air are expected to add 30 planes but the capacity addition will depend on the delivery schedule of
Airbus A320neo aircraft.
Sector Update
in Delhi from 1 February 2016, This is the third monthly reduction in a row. Prices were cut 10% in January 2016 and 3% in
Banking Sector
Outlook : Neutral
Asser quality worsen
Sector Update
The banking sector witnessed one of the most challenging quarters as the asset quality derailed ,with a steep surge in fresh
slippages of advances in the quarter ended December 2015 (Q3) of the financial year ending March 2016 (Fy2016).
The Shares of PSU Banks in overall bad loans has steadily increased from 76% in 2010-11 to 90% in 2015-16
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
Total Bad Loans (Rs. in Cr. )
Share of PSU Bank as % of Total Bad Loans

90%
85%
86%
95%
86%
95%
82%
76%
450942
263371
98233
FY11
142903
FY12
95%
90%
80%
323342
193496
70%
FY13
FY14
FY15
FY16E
65%
Q3 FY16 Key highlights ( PSBs + PVBs )

On NIM
PSBs net interest margins (NIMs) fell as the interest income was affected by a surge in fresh slippages of advances and full
effect of base rate reductions of 50-80 basis points (bps), negating the benefit of fall in the cost of funds, in H1 of FY 2016.
On the other hand, PVBs maintained the NIMs, with strong loans growth and higher CD and Casa ratio.
On Bad Loans
Because of Reserve bank of India (RBI) undertook an asset quality review (AQR) of the banking system and advised banks
to classify certain weak accounts as bad loans and make provisions About 55-60% of the total slippages in Q3 of FY2016
owed to the implementation of RBIs AQR.
As provisions for loan losses more than doubled and revenue growth slowed down sharply, public sector banks (PSBs)
recorded net losses in the quarter. The aggregate net losses of 26 PSBs stood at ` 11416.87 Cr. , led by a 1% decline in net
interest income (NII) and more than doubling of provisions towards loan losses in the December 2015 quarter over a year
ago.
Private sector banks (PVBs) were also hit by asset quality pressure and higher loan loss provisions. However, retail private
banks are better off with lower exposure to leveraged corporate accounts than PSBs. Total 15 PVBs maintained a doubledigit profit growth at 12%, with healthy NII growth and control on expenses.
On Provision
The provisions burden of PSBs remained elevated due to higher loan loss provisions. Meanwhile, PVBs witnessed
acceleration in the provisions burden in Q3 of FY2016.
Banking Sector
RBIs relief on recapitalization
RBI has relaxed the criteria to improve the tier-I capital structure for banks, in line with its earlier indication to align the
Revaluation reserve would be part of CET-I (tier-I capital structure) with 55% haircut
Foreign currency translation reserve as a part of tier-I with discount of 25%
DTA arising due to timing differences up to 10% of CET-1
We believe this is positive for PSU banks which are under capital constraint due to elevated asset quality stress and
transition to the BASEL III regulatory norms. This could improve the CET-I by 20-70bps for companies of various banks
.
Outlook remains weak

The loan growth of the banking system remains subdued in the absence demand for corporate loans. PSBs with limited
capacities to boost their retail loan book are facing challenges of loan growth and loss of market share to PVBs.
The Union Budget 2016-17 has disappointed PSBs by maintaining the allocation of capital funds unchanged at ` 25000 Cr.
for FY2017 in line with the Indradanush plan announced in August 2015, considering higher NPAs and weak earnings.
However, the budget has announced that the Bank Board Bureau will become operational in FY 2017, which will spell out a
roadmap for consolidation of PSBs.
The budget has ensured the passage of Insolvency and Bankruptcy law pending with the Parliament. The law will provide a
specialized resolution mechanism to deal with bankruptcy situations in banks, insurance companies and financial sector
entities.
More pain ahead for the banking system in FY17E
7.7
6.8
Chart1 : NPAs and Slippages to remain high for banking system
Gross NPAs
5.2
Slippages
4.3
3.8
3.3
3.2
2.9
FY13
4.1
3.2
FY14
FY15
FY16
Estimated
FY17
Projected
Chart2 : Stressed assets continue to rise for banking system
NPA in one bank,

but not in others
1.4
Trillion
Assets identified
as stressed but not
currently NPA
40,000
Crore
Assets identified
as stressed among
restructured
standard assets
30,000
Crore
Total stressed assets that

could slip into NPA from top
100 corporate accounts
2.1
Trillion
Sector Update
definition of regulatory capital with the BASEL III framework. These changes are
STOCK
UPDATE
Fundamental Stock Update
Sector Update
Adani Ports and Special Economic Zone Ltd.

Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
2.00
12.62
51.98
18.96
4.60
374.70
169.65
414.19
49557
CMP: ` 227
Target: ` 347
Buy
New Developments
Adani ports is looking for acquisition
The company is looking to expand its presence in Maharashtra and West Bengal. In
overseas markets, the company is scouting for port opportunities in Sri Lanka,
Bangladesh, the US and Europe, apart from the ports planned in Australia. The overall
objective is to make the group a trans-shipment port company. Adani Ports plans to
turn Indias biggest commercial port at Mundra in Gujarat into a regional transshipment hub by partnering with Terminal Investment Ltd SA.
Some of the companys key acquisitions so far include Vizhinjam port in Kerala and
Dhamra port in Odisha. In addition, the company has won the bid for a container
Share Holding Pattern

Foreign
32.11
Institutions
6.38
Non Prom.
1.69
Promoters
56.26
Public & Others
3.53
Godrej Properties Ltd.

Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
5.00
13.26
92.57
21.95
3.15
392.65
231.55
99.76
5808

Foreign
9.55
Institutions
0.24
Non Prom.
5.37
Promoters
72.85
Public & Others
11.99
terminal at Ennore port in Tamil Nadu. It also has a joint venture with shipper CMA
CGM group of France for developing a terminal at Mundra.
Valuation: Currently, ADANIPORTS is trading at ` 227. We recommend Buy with
target price of ` 347, valuing stock 22xFY17E EPS of `15.5.The stock currently trades
at 27.76x of FY16E and 22.38xof FY17E.
CMP: ` 302
Target: ` 368
Buy
New Developments
Godrej Properties partners with APG
Godrej Properties partners with APG to set up $275 Mn. fundGPL created a dedicated
real estate funds management business in India and Singapore GFM has raised a
USD 275 million (Rs 19 billion) pool of capital, Godrej Residential Investment Program
II (GRIP II), with Dutch pension fund asset manager APG Asset Management NV
(APG) as the lead investor. The new fund will advise GRIP II investors on investments
into a residential development platform with GPL in India. GRIP II is a follow-up to the
USD 200 million residential development platform GPL had set up with an APG-led
investor consortium in 2012.
Godrej Properties eyes Rs 700-crore revenue from new project
Godrej Properties expects a sales revenue of about Rs 700 crore from the second
phase of its luxury housing project at Vikhroli in Mumbai. The company launched the
first phase of its housing project 'The Trees' comprising 374 units.
Valuations: Currently, GODREJPROP is trading at `302. We recommend Buy with
target price of `368, valuing stock 27.22xFY17E EPS of `14.77.The stock currently
trades at 28.63x of FY16E and 24.90xof FY17E.
STOCK
UPDATE
Fundamental Stock Update

CMP: ` 108
Ashok Leyland Ltd.
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
1.00
0.00
8.44
0.00
8.44
105.00
63.85
284.59
29440
Accumulate
New Developments
ASHOKLEYs market share expect to expands
There are three reasons for Ashok Leyland to expand its market share : First, the
MHCV segment has witnessed higher growth for the tractor trailers, which carry load
of more than 35.2 tonnes. This segment has been a forte of the company. In the last
one and half years, the share of heavy trucks, which carry more than 16 tonne, has
increased by 10 per cent to 65 per cent of the total truck sales volume.
Second, the company is a dominant player in South India, which has seen relatively
high economic activity compared with the rest of India. Hence, the company's volumes
picked up faster.

Foreign
25.52
The third factor is that the company is planning to expand contribution from exports,
Institutions
10.49
defense, and buses to reduce the cyclicality of the truck business.
Non Prom.
2.97
Valuation: Valuation: Currently ALL is trading at `108 . We recommend "Accumulate"
Promoters
50.38
with a target price of `125, assigning target multiple of 20x EV/EBITDA for FY2018E.
Public & Others
10.56
VRL Logistics Ltd.

Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
11.65
70.33
33.05
5.47
478
261
91.24
3513.33
CMP: ` 369
Target: ` 438
Buy
VRL Logistics buys 51 Volvo buses

Leading bus service provider VRL Logistics bought 51 luxury intercity coaches from
Swedish transport major Volvo Buses India Ltd at a cost of Rs.61 crore.The order
includes a mix of 9400 XL and 9400PX multi-axle models, as we also operate on the
longest routes (2,146km) connecting Bengaluru to Jaipur.
Price correctionan opportunity to Invest
The current price of discounts VRLs trailing 12-month earnings by 29 times. This is
lower than the 36 times multiple for local peer Gati and VRLs own valuation of over 35
times after listing. The stock is fairly priced and investors can take comfort in the VRLs
established track record of revenue and earnings growth 17 and 15 per cent

Foreign
12.75
Institutions
11.78
Non Prom.
1.17
Promoters
69.57
Public & Others
4.74
respectively in the last five years. Its operating margin is robust at 17-18 per cent,
compared with the average margins of 7-9 per cent in the sector.
Valuation: Currently, VRLLOG is trading at ` 369. We recommend Buy with target
price of ` 438, valuing stock 37.75xFY17E EPS of `11.6.The stock currently trades at
29.44x of FY16E and 31.72xof FY17E.
10
Sector Update
Financial Basics
Target: ` 125
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Mold-Tek Packaging Limited

Buy
Company Basics
TGT : ` 179
ROI : 30%
Investment Rationale
Company Overview
Established in 1986, Mold-Tek Packaging Limited (MTPL) is the leader in rigid plastic
packaging in India. Mold-Tek Packaging Limited is involved in the manufacturing of
injection molded containers for lubes, paints, food and other products. The Company
designs and manufactures standard airtight and
Financial Basics
5.00
7.57
18.23
3.02
1.0354
20.06
FV (`)
EPS (`) (TTM)
P/E (x) (TTM)
P/BV (x) (TTM)
BETA
RONW (%)
pilfer - proof pails as well as
customized containers to meet customer's packaging requirements. MTPL has seven

processing plants, three stock points and around 70 injection molding machines.
The Company designs and manufactures standard airtight and pilfer - proof pails as well
as customized containers to meet customer's packaging requirements.
Investment rational
Global Rigid Packaging industry is expected to grow CAGR 5.3% to

Holder's Name
$ 174.30 billion from 2013-18E
% Holding
Foreign
2.68
Institutions
17.15
Promoters
33.91
Govt. Holding
0.00
Public & Others
46.27
Non Promoter
Corp. Hold.
0.00
Global Rigid Packaging Industry is expected to grow on back of global manufacturing

output increased consumer spending on packaged goods worldwide, and demographic
trends such as increasing urban populations, as urban consumers tend to use more
packaged foods than their rural counterparts. The most rapid gains in demand for rigid
packaging will be seen in the world's developing regions like Indonesia, China, and
India.
Rigid plastic packaging is often favored over traditional pack types for a combination of
properties, including lighter weight, lower comparative cost, design flexibility and the
Valuations
MOLDTEKPAC is trading at `138.
We recommend Buy with target
price of ` 179, valuing stock
18.23xFY18E EPS of `9.84. The
stock currently trades at 20.17x of
FY16E, 16.81x of FY17E and 14.01x
of FY18E.
ease of
recycling. Food and Beverage industry is the largest consumer for rigid
packaging because of Cost, performance advantage and development of food grade

materials. Pharmaceuticals application is also using Rigid plastics.
Country
USA
Europe
China
Brazil
India
Global Per Capita Plastic

Consumption (kg)
109
65
45
32
9.5
Source : Company, JSL Research
Investment Horizon : 12 to 15 Months
12
Company Analysis
BSE ID
533080
NSE Symbol
MOLDTKPAC
Group
B
EQUITY (` in Cr.)
13.85
MKT.CAP(` in Cr.)
382.14
CMP : ` 138
Company Analysis
Large and blue chip clientele portfolio

Packaging Types
Industry
Key Clients
Lubes
Lubricant / Grease
Castrol, Indian Oil, Shell, Volvoline, Bharat Petroleum
Paint
Paint
Akzo Nobel , Kansai Nerolac, Asian Paint , Berger Paints
Food
Ice Cream, Drink

Powders, Dairy Products
ITC, Hindustan Unilever, Himalaya, Amul, Vadilal, Kraft
Bulk
Chemical
Various Chemical Companies
MTPL is catering to wide range of industries and has strong clientele portfolio that mainly includes industry leaders in their
respective industries and has significant volume market share. MTPL is largely focusing on domestic clients but has small
portion of global customers also in its kitty like ExxonMobil (USA) ,Shell (Anglo-Dutch Multinational), GS Caltex ( South
Korean Oil Refiner ). The company largely exports to UAE, Singapore and Malaysia, Bangladesh and Nepal. MTPL s
domestic business expansion is largely depended on the growth of respective industry and creation of various Stock
Keeping Units (SKUs) and expansion of volume market share by industry players.
MTPL has completed backward integration capabilities and has strong competitive advantage
MTPL provides end to end services and entire gamut of packaging solution to its clients that includes product inception to
Mold designing, processing and decorating the products. This strong backward integration reduces down time /
dependency on imports and provide on time delivery to customers.
MTPL has seven processing plants, three stock points and around 70 injection molding machines spread across India
and has wide range of sales and distribution network in order to reduce transportation cost. MTPL s has widest range of
product application that suits across the industry and offers offer flexible order volumes ranging from very low to huge
quantities. MTPL has started to focus on edible oil industry along with traditional Paint and Lube with its new
innovation -Square Pail.
MTPL is a pioneer in In Mold Labeling technology

MTPL uses various labeling and decoration techniques from economical screen printing to advance In Mold Labeling
(IML) and has first mover advantage in IML. IML technique has unique advantages like photographic quality and
complete container coverage as compared to conventional decorative packaging and is premium decoration globally. IML
eliminates the cumbersome decoration step by clubbing it with the production of pail. This results in better
efficiencies (50% better lead time).
13

MTPL s IML is unique decorative printing technology that uses Robot in the process. The Company has moved into high
value added IML decorated containers for not only its traditional clients but also for Food (Dairy Products, Dry Fruits,
standard packaging. In FY15, MTPL has received 5 Yrs 100% supply contract from Shell India as Shells majority brand
shifting to IML decoration.
Square Pail - a new pail packaging innovation for Edible Oil industry
Unique Features of Square Pail Packaging
Flexi Spout
Attractive Look
Dispense Contents
with Ease
Brand visibility
Square Shape
Bar Coding & RFID
Variant
Suitable for wholesale

and retail display
Ease of billing
5 Liter
Credibility
10 Liter
Easy to Clean
to reuse
IML-Premium Look
and Feel
Save on
Transport Cost
Durability
Everlasting
Decoration
Space Saving
Shape
MTPL has entered in to ` 1000 Cr. edible oil packaging segment with its innovative solution Square Pail packaging with IML
decoration. This leads to expanding its arena of operations beyond its traditional paint and lube industry. These square
containers are suitable not only for edible oil, but also for Ghee, Pastes, Seeds, Basmati Rice.
Companys latest innovation square edible oil pails are gradually being accepted by many oil producers such as ConAgra
Foods, Ghodawat Foods, Allana Group and Adani Wilmar. To meet the growing demand from Square container, company
has expanded its capacity of Hydrabad Plant , Daman and Satara. According to management, higher capacity utilization
and sales volume leads to improvement in EBITDA.
Strategically located manufacturing plant facilities in India

MTPL has seven strategically located plant near to clients location which help to optimizing logistic cost as transportation
cost consist of significant part of total expenditure and reduction in delivery time as supply of large size of Pail is not cost
effective.
New Expansion is on track

The company has set up its a new production plant at Ras Al-Khaimah , UAE. The major industries that company expect to
cater are Food, Lubricant , Construction and Paint Industry. This plant is expected to cater various industry leaders like Gulf
Oil Middle East, Marmum Dairy, Caparol and others will start its production from June 2016. The expansion is largely focus
on traditional as well as newly value added IML containers. The company is also expanding its tool room and IML printing
facility to handle increasing demand of its new products. We believe that MTPL has done enough capacity expansion in last
two years that will yield benefits from FY16 onwards.
14
Company Analysis
Chocolates and others) and FMCG industries where IML is proved to be the best option for hygienic and food safety
Company Analysis
Sales grew CAGR 13% from FY11 to FY16E

Year (` in Cr.)
FY11
FY12
FY13
FY14
FY15
FY16
Net Sales
150
174
192
254
285
280
EBITDA
19
21
20
30
41
45
8.00
9.33
5.78
9.07
16.87
20.00
PAT
MTPL s sales grew from ` 150 Cr. in FY11 to ` 280 Cr. in FY16E , an impressive growth of CAGR 13% , largely
supported by Non IML pail products (contributes 80% in total revenue) and significant growth of paint industry, in term of
volume growth, as Paint segment contributes >50% followed by Lubes in total Non IML revenue followed by Lubes.
The company significantly reduce its concentration from traditional Non- IML products to higher margin accretive IML
products and increasing its existing capacity to meet the growing demand. Non IML products contribution in total
revenue reduces from 81% in FY14 to 71% in FY15 there by IML Pails contribution increases from 17% in FY14 to 25%
in FY15. Currently, food and FMCG contributes less than <5% of total revenue but Increasing adoption of IML decorated
containers in food & FMCG will certainly accelerate IML product sales in the near future.
We believe that this contribution are expected to rise as industry players are shifting to IML decorated containers due to
its unique features. This also enables Mold-Tek to lead from the front, as it is way ahead of the rest of the competition in
IML decoration in India. We also positive outlook on Companys new innovation in Square Pill for Edible Oil industry
where oil manufacturers accept superior packaging techniques.
EBITDA margin to remain at high level going forward

Year (` in Cr.)
FY11
FY12
FY13
FY14
FY15
FY16
EBITDA Margin (%)
13%
12%
11%
12%
14%
16%
Higher operating leverage combined with lower crude oil prices, better price realization from IML products and
consistent focus on cost efficiency leads to higher EBITDA margin for MTPL s. Most of the clients started shifting to IML
decorated pails from traditional silk screen printing as MTPL has In-house manufacturing of labels and robots
considerably reduce the IML costs, hence improving Operating profit margins. Higher capacity utilization leads to better
operating leverage as MTPL s all the plants are working at its optimum level . Companys RM cost fell from 57.28% to
53.90% ( % of net sales ) on YoY in line with lower RM cost. Most of the RM are cruse derivatives. In 9M FY16, EBITDA
margin expanded by ~200 bps to 16.01% (v/s 14.05% in 9M FY15). We believe that better sales volume from Square pill
and incremental demand for IML products ( the % of IML sales have grown up from 19% in financial year 2013-14 to 29%
in FY15.
Key Risks
Steep fall in raw material prices may dampen absolute revenue numbers as company monthly raw material adjustment
policy with almost all clients.
15
OPEN
FUNDAMENTAL
CALLS
Fundamental Stocks
Company
Current
Reco
52 Week
Absolute Return (%)
CMP*( ` )
Low (`)
3M
6M
12M
Market
P/BV
Cap
(` in Cr) (x)
P/E
(x)
Dividend Yield
%
Auto Ancillaries
Jamna Auto Inds
Buy
141
156
88
10% 29% 20%
1099
5.59
18.66
0.79
Suprajit Engg.
Hold
132
152
111
-7%
8%
1703
4.36
23.62
0.67
29811
8.54
33.57
0.43
5%
77255
2.99
26.97
0.96
4%
109925
4.52
34.50
0.69
0%
Automobile
Ashok Leyland
Hold
106
107
64
M&M
Hold
1249
1442
1091
Maruti Suzuki
Hold
3736
4790
3193
21% 17% 55%

0%
3%
-19% -17%
Banks
Buy
234
338
181
-11% -14% -25%
131082
1.55
11.15
2.21
Bank of Baroda
Hold
144
216
109
-9% -24% -15%
31970
0.73
8.48
2.22
City Union Bank
Hold
92
106
78
0%
-3%
5264
1.80
12.43
1.25
DCB Bank
Hold
76
151
68
-9% -45% -29%
10
2052
1.26
10.92
0.00
-3%
18994
10.45 54.50
0.99
10
698
1.41
36.35
1.26
ICICI Bank
0%
Capital Goods
Havells India
Hold
304
322
235
TD Power Sys.
Buy
214
414
195
-32% -29% -29%
Inox Wind
Buy
267
494
215
-27% -25%
NA
10
5724
4.11
15.87
0.00
Carborundum Uni.
Buy
173
197
150
-5%
-6%
3259
3.00
24.61
0.72
Thermax
Hold
759
1148
716
-21% -15% -33%
8815
4.11
44.59
0.95
-5%
10
4524
2.80
36.70
0.62
13% 15% 13%
10
87185
4.58
39.25
0.28
0%
21%
7%
Cement
J K Cements
Hold
632
745
425
UltraTech Cem.
Hold
3198
3369
2531
2%
-2%
Finance
Dewan Hsg. Fin.
Buy
190
268
140
-17% -8% -20%
10
5398
1.14
7.69
1.49
Repco Home Fin
Hold
588
785
551
-10% -16% -8%
10
3644
4.11
25.55
0.26
PTC India Fin
Buy
35
62
30
-9% -20% -33%
10
1905
1.12
5.32
2.95
Infrastructure
Larsen & Toubro
Buy
1243
1888
1016
-4% -17% -26%
112369
2.75
25.41
1.34
Adani Ports
Buy
238
375
169
-7% -23% -22%
48802
4.53
18.67
0.47
Ashoka Buildcon
Buy
183
221
147
-11% 11%
3250
1.75
31.40
0.74
16
11%
Open Fundamental Calls
High (`)
Face
Value
(`)
OPEN
FUNDAMENTAL
CALLS
Open Fundamental Calls
Company
Current
Reco
Fundamental Stocks
52 Week
Absolute Return (%)
CMP*( ` )
High (`)
Low (`)
3M
6M
12M
Face
Value
(`)
Market
P/BV
Cap
(` in Cr) (x)
P/E
(x)
Dividend Yield
%
Logistics
Gateway Distr.
Hold
269
425
206
-17% -24% -36%
10
2990
3.24
22.67
2.55
Allcargo Logistics
Hold
156
218
128
-19%
7%
1%
3872
2.03
14.63
0.65
VRL Logistics
Buy
374
479
261
-9%
-6%
NA
10
3387
5.28
31.87
1.01
Torrent Pharma.
Buy
1398
1718
1120
-5%
23%
23121
9.28
14.55
0.82
Sun Pharma. Inds.
Hold
846
1201
704
7%
-6% -17%
194765
7.60
44.25
0.37
Granules India
Buy
122
164
75
-18% -11% 37%
2509
5.38
23.31
0.41
Ahluwalia Contr.
Buy
271
303
188
11%
1806
5.36
28.20
0.00
J Kumar Infra
Hold
276
449
253
-22% -29% -11%
2133
1.71
21.24
0.60
Garware-Wall Rop
Buy
331
437
170
-22%
96%
10
714
2.30
17.03
0.92
SRF
Buy
1250
1499
875
2%
11% 36%
10
7281
3.21
19.44
0.79
AYM Syntex
Buy
101
163
86
-32% -13% NA
10
382
2.24
8.21
0.10
Ambika Cotton
Buy
826
1149
706
10
485
1.50
10.08
1.70
T.V. Today Netw.
Hold
312
350
165
33% 45%
1824
4.05
23.00
0.49
CARE
Hold
910
1806
883
-28% -18% -40%
10
2671
6.96
35.62
8.58
Century Ply.
Buy
168
252
136
-4%
5% -32%
3584
9.24
25.73
1.24
Hitech Plast
Hold
172
221
81
-8%
65% 87%
10
254
2.20
23.95
0.54
Interglobe Aviat
Buy
899
1395
698
-24%
NA
NA
10
31733
18.68 15.96
0.00
Radico Khaitan
Hold
95
131
79
-15% 13%
9%
1258
1.46
16.33
0.85
Bharat Forge
Buy
889
1363
720
-3% -31%
20458
5.94
29.41
0.85
HPCL
Hold
749
991
556
-11% -5% 20%
10
25409
1.87
19.44
3.27
Omkar Spl.Chem.
Hold
173
250
138
-26%
19%
10
364
2.16
11.38
0.85
Sadbhav Engg.
Buy
274
373
197
-20% -5% -20%
4781
3.11
34.11
0.25
Eveready Inds.
Hold
240
375
192
-19% -16% -8%
1706
2.73
35.13
0.00
Inox Leisure
Buy
195
276
145
-21% -11% 17%
10
1871
2.64
30.74
0.00
Prabhat Dairy
Buy
109
169
71
-29% -4%
NA
10
1055
1.65
45.21
0.05
Torrent Power
Buy
217
253
137
24% 20% 31%
10
10365
1.58
10.61
0.68
Infinite Comp
Hold
203
323
122
-7%
16% -12%
10
797
1.01
7.89
0.00
Liberty Shoes
Buy
148
295
125
-27% -26% -39%
10
245
1.68
14.44
1.04
Pharmaceuticals
1%
Realty
-2%
6%
Textiles
2%
0%
0%
17%
Miscellaneous
0%
4%
5%
CMP* as on 23/03/2016
17
JSL Top Mutual Fund Picks

Scheme Name
3 Year
(%)
5 Year
(%)
Since Inc
13.79
16.40
-7.19
13.27
NA
14.11
137.79
551.99
-2.43
31.84
22.63
18.26
9.37
9.37
-5.54
NA
NA
-5.51
10-Jun-10
12.02
16.02
-7.67
16.66
9.21
8.45
Franklin India Prima Plus
29-Sep-94
32.58
424.15
-2.49
21.27
14.08
19.03
Birla sun life 95 fund
10-Feb-95
128.48
543.65
-1.78
17.86
11.96
20.80
DSP BR balanced fund
27-May-99
22.19
104.34
-0.70
16.08
9.89
14.93
Franklin India balance fund
10-Dec-99
29-Jun-12
BSL MNC Fund
27-Dec-99
BSL Manufacturing Equity Fund
3-Feb-15
DSP BR Focus 25 Fund
Top Balanced Funds
21.25
89.17
0.01
19.09
12.90
14.36
ICICI Prudential Balance Advantage fund 30-Dec-06
14.96
25.33
0.79
15.09
13.18
10.57
L&T India Prudence fund
16.71
18.97
-0.32
20.46
13.45
13.27
7-Feb-11
Mid Cap Funds

DSP BR Micro Cap Fund
14-Jun-07
24.36
40.12
5.70
39.31
22.59
17.11
Franklin India Smaller Co Fund
13-Jan-06
21.74
37.15
-1.07
33.12
21.83
13.72
ICICI Prudential Value Discovery Fund
16-Aug-04
27.79
106.75
-5.50
25.78
17.93
22.60
Kotak Emerging Equity Fund
30-Mar-07
19.03
24.53
-2.49
26.91
17.77
10.48
20.79
29.25
1.71
32.09
22.74
20.63
Mirae Asset Emerging Bluechip Fund
9-Jul-10
Top Saving Funds

BSL Tax Relief'96 Fund
10-Mar-08
122.11
20.54
-3.34
23.12
13.35
9.51
Religare Invesco Tax plan
29-Dec-06
16.72
32.96
-6.68
20.67
14.07
13.76
-5.84
26.62
18.78
18.42
Axis long term equity fund
29-Dec-09
18.81
28.76
IDFC tax advantage
26-Dec-08
12.79
35.48
-9.62
19.02
12.82
19.07
Franklin India Taxshield
10-Apr-99
38.60
404.75
-3.14
20.94
14.19
24.35
Conservative Funds
Franklin India Dynamic PE Ratio Fund
31-Oct-03
36.28
61.75
1.08
11.46
8.97
15.79
ICICI Prudential Dynamic Plan
31-Oct-02
19.40
172.60
-7.48
15.99
9.99
23.65
Principal Smart Equity Fund
16-Dec-10
14.73
16.27
-1.09
14.76
10.61
9.65
-7.63
14.13
10.01
8.57
-10.56
9.87
6.17
8.33
Religare Invesco Dynamic Equity Fund
04-Oct-07
16.79
20.09
IDFC Dynamic Equity Fund
10-Oct-14
11.62
21.92
Dynamic Bond Funds

Launch Date
NAV
(Growth)
YTM (%)
3 Months (%)
6 Months (%)
1 year (%)
9.92
7.41
6.94
Axis Dynamic Bond Fund
27-Apr-11
15.20
8.43
IDFC Dynamic Bond Fund
1-Dec-08
29.66
8.04
6.36
4.74
4.86
ICICI Pru Dynamic Bond Fund
12-Jun-09
16.87
8.52
12.15
9.06
8.17
Reliance Dynamic Bond Fund
15-Nov-04
20.03
8.20
9.29
6.9
5.84
NAV* as on 28/03/2016
18
Mutual Fund Picks
Axis Focused 25 Fund
NAV*
NAV*
1 Year
Launch
(Div)
(growth)
(%)
Date
Top Equity Diversified Funds
Selected Macro Economic Indicators
355.94
354.00
352.00
353.4
352.04
351.1
351.48
351.83
350.36
350.86
350.36
350.00
349.15
348.93
347.20
347.56
15-Jan-16
22-Jan-16
348.00
346.78
346.00
344.00
342.00
1-Jan-16
18-Dec-15 25-Dec-15
8-Jan-16
29-Jan-16
5-Feb-16
12-Feb-16 19-Feb-16 26-Feb-16 4-Mar-16
11-Mar-16 18-Mar-16
Import & Export (in US $ Million)

45000
35704
40000
35794
35704
32690
35794
33068
35000
32209
30937
28220
33961
29796
28714
30000
27280
20739
21075
22297
20014
21408
21720
21272
23143
21274
22263
15000
23884
20000
21998
25000
21826
Macro Economic Indicators
Total Foreign Exchange Reserves (US $ Billion)
10000
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
12
Index of Industrial Production (%)
9.81
10
8
6.26
4.81
6
4
4.24
2.83
4.34
3.01
2.48
3.84
2.51
0
-2
-3.2
-4
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
19
Aug-15
Sep-15
Oct-15
Nov-15
-1.34 -1.53
Dec-15
Jan-16
Selected Macro Economic Indicators

Consumer Price Index (%)
8
6.72
6.3
5.86
4.98
5.79
5.37
5.11
6.10
6.32
5.74
6.32
5.14
5.17
4.37
4.12
5.91
4.35
4
3
Dec-15
Jan-16
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Nov-14
Oct-14
Sep-14
Dec-14
2
1
Macro Economic Indicators
-0.9
-0.91
Wholesale Price Index (%)

0
-1.28
-1
-0.73
-2
-1.17
-3
-2.33
-1.99
-2.13
-2.2
-2.43
-4
-3.79
-3.81
-5
-4.54
-4.85
-6
Jan-15
Feb-15
Apr-15
Mar-15
May-15
Jun-15
Aug-15
Jul-15
FII (in Billion)
Sep-15
Oct-15
Nov-15
Jan-16 Feb-16
Dec-15
DII (in Billion)
200
150
121
117 115
100
50
86
120
123
103
67
53
85
63
167
105
0
-50
-58
-100
-14
-33
-65
-28
-55
-71
-150
-119
-122
-200
Mar-15
Apr-15 May-15 Jun-15
Jul-15
-169
Aug-15
Sep-15
20
Oct-15
Nov-15 Dec-15
Jan-16
Feb-16
Mar-16
Real Estate Regulatory Bill

Key Takeaways
JSL Classroom
History So Far
August 2013
September 2013
Bill Introduced in
Rajya Sabha by UPA Govt.
Bill passed to
standing Committee
May 2015
Opposition force government to
refer bill to Rajya Sabha
Select committee
July 2015
December 2015
Select Committee panel

publishes report
Union cabinet approves the

Real Estate Bill, 2015
December 2014
For the second time,
Cabinet deferred the bill with
amendments
Overview
The much-awaited Real Estate (Regulation and Development) Bill was finally passed by the Upper House and Lower
House. The Bill, which aims at protecting the interest of the buyers and bring in transparency to the system, has been waiting
in the wings for the nearly 10 years. Strange though it may sound, but India's ` 12 lakh Cr. real estate sector was a largely
unregulated sector till date and would only now get a regulator as a result of the Bill.
However, the Bill even though not full proof would guard the home buyers from any unscrupulous builder and would bring in
the much-needed confidence and investment in the real estate in India.
Key Highlights
This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that
developers are not able to invest in numerous new projects with the proceeds of the booking money for one project, thus
delaying completion and handover to consumers.
This law makes it mandatory for developers to post all information on issues such as project plan, layout, government
approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory
Authority (RERA) and then in effect to pass this information on to the consumers.
Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in
project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the
bank back to the consumer.
The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or
without a fine.
The buyer can contact the developer in writing within one year of taking possession to demand after sales service if any
deficiency in the project is noticed.
21
Real Estate Regulatory Bill

The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This
puts paid to a common and unpopular practice by developers to increase the cost of projects.
RERA.
It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be
approached for redressal of grievances against any builder. This will happen once every state ratifies this Act and
establishes a state authority on the lines set up in the law.
Conclusion
Passing of the Bill leads towards bringing transparency and accountability in the real estate sector and ensure timely
execution of projects. The said move should be welcomed by consumers and developers alike.
The success in passing the real estate bill comes at a time when the government and the Congress have been at
loggerheads on a series of issues and the latter making it clear at the start of the budget session that no contentious bill
will be cleared in the first half of the session.
The move is significant because the National Democratic Alliance (NDA) is in a minority in the upper house with just 64
members of Parliament (Mps), while the Congress alone has 66 MPs out of a total strength of 245.
Moreover, the sector should now find it easier to claim 'infrastructure' status and reap benefits attached to it and pave way
for more investments and provide a fillip to the ailing real estate sector.
Stocks to Watch
Market Cap
( ` in Cr.)
D/E ratio
ROCE (%)
RONW (%)
Total Asset
Turnover Ratio
PBIDTM (%)
APATM (%)
Oberoi Realty
8077.13
0.11
9.65
7.02
0.18
57.58
34.37
Mahindra Life.
1731.93
0.96
16.8
20.7
0.37
44.72
26.08
Godrej Properties
5812.86
1.66
5.45
10.43
0.36
14.9
10.3
Company Name
P/E (x)
Company Name
CMP (`) TP (`)
FY16E
FY17E
EV/EBITDA(x)
FY16E
FY17E
P/BV(x)
ROE (%)
FY16E
FY17E
FY16E
FY17E
Oberoi Realty
239
345
17.5
11.3
5.3
1.5
1.3
8.7
16.3
Mahindra Life.
424
590
22.3
15.8
11.4
8.8
1.3
1.2
5.9
7.9
Godrej Properties
291
368
28.64
24.90
15.5
13.2
2.9
2.20
12.0
13.0
22
JSL Classroom
Every project measuring more than 500 square metres or more than eight apartments will have to be registered with the
JSL Ideal Portfolio ( Diversified Equity )

Objective of Ideal Portfolio :
Ideal Portfolio
The objective of this portfolio is to generate long term capital appreciation by investing in concentrated portfolio of large cap
and growth oriented mid cap companies. This will help to generate meaningful wealth for Investors from Equity Market.
Stock Selection Methodology : Based on various fundamental parameters and valuation check along with certain
themes like Cyclical, Bottom Up, Sector specific, Policy Initiative/ push, Evergreen.
Key Risks : Macro economic / political condition and systematic risk, corporate performance risk
Stock
Weights
Weights
Sector
Suggestions
Price**
CMP*
Target
Potential Upside
Maruti Suzuki
Automobile
7%
Accumulate
4550
3735
5200
39%
KEC International
Capital Goods
5%
Accumulate
136
120
180
50%
Bharat Forge
Casting and Forgins
8%
Accumulate
868
886
1200
35%
Ultratech Cement
Cement
7%
Buy
2835
3197
3400
6%
Diwan Housing Finance
Housing Finance
8%
Buy
252
189
368
95%
Sun Pharma
Pharma
7%
Accumulate
831
846
1041
23%
Inox Wind
Power
8%
Buy
388
267
488
83%
Torrent Power
Power
8%
Buy
185
217
234
8%
State Bank of India
PSU Banks
7%
Accumulate
228
196
325
66%
Axis Bank
Public Bank
7%
Accumulate
454
437
620
42%
VRL Logistics
Logistics
5%
Buy
381
373
457
23%
Torrent Pharma
Pharma
8%
Buy
1555
1397
1840
32%
Ashoka Buidcon
Infrastructure
5%
Buy
161
183
205
12%
Ahluwali Contracts
Infrastructure
5%
Buy
235
266
368
38%
Everday Industries
Consumer Non-Durable
5%
Accumulate
209
239
287
20%
Comparative Portfolio Returns

Particulars
Ideal Portfolio Return
Return Since Inception
Return Since Inception
Particulars
-7.20%
Nifty
- 3.14%
-3.10%
Value Buy (100%)
-15%
Sensex
CNX Small Cap
-15%
CNX Mid Cap
-7%
Notes : *CMP as on 23/03/2016., Price ** on recommendation & Given at different time intervals , Return since inception
indicates from 1st Jan
Investment Horizon : 9-12 Months
23
JSL Ideal Portfolio ( Small Cap )

Objective : The aim is to generate long term capital appreciation from a portfolio that is not part of the leading stocks by
operating on a smaller base.
Stock Selection Methodology : Based on various valuation parameters and finding out early stage companies
based on sound business model and available at cheap valuation .
Key Risks :
Small-cap stocks are not tracked closely by market/ equity analysts and that is why the real value of good small-cap stocks
can remain undiscovered for long. This makes investing in them risky. The risk associated with large cap funds also
associated with small cap ( see last page). Small companies are relatively weak in terms of governance, dividend policies
and professionalism of the board. This makes them risky.
Stock
Sector
Weights
Suggestions
CMP*
Target
Potential Upside
AYM Syntex
Textile
10%
Accumulate
100
223
123%
Good Year
Tyre
10%
Accumulate
483
868
80%
KPR Mills
Textile
10%
Accumulate
805
1120
39%
KRBL
Food Processing
10%
Accumulate
213
360
69%
Garwale Wall Ropes
Textile
10%
Accumulate
331
550
66%
Smartlink Network
IT- Hardware
10%
Accumulate
97
156
61%
MPS
Printing
10%
Accumulate
680
1150
69%
MT Educare
Education
10%
Accumulate
165
220
33%
Shaily Engineering Plastics
Capital Goods
10%
Accumulate
496
890
79%
Ambika Cotton Mills Ltd.
Textile
10%
Accumulate
825
1149
39%
Small Cap Portfolio Allocation
Diversified Equity Portfolio Allocation

Power
16%
Pharmaceuticals
15%
Banks
14%
Infrastructure
10%
Casting and Forgings

Housing Finance
Textile
30%
Computer - Hardware
10%
Education
10%
8%
Food Processing
10%
8%
Pharmaceuticals
10%
Automobile
7%
Printing and Stationery
10%
Cement
7%
Capital Goods
5%
Retail
10%
Consumer Non-Durable
5%
Tyre
10%
Logistics
5%
Notes : *CMP as on 23/03/2016.
Investment Horizon : 18 - 24 Months
24
Ideal Portfolio
market capitalization. The aim is to include and invests in companies that have immense growth potential as they are
Monthly Technical Picks
Monthly Technical Picks - Equity
AMBUJA CEMENT
INDRAPASTHA GAS
We have detected a "Double Bottom" chart pattern formed on Ambuja

Cements. The price seems to have reached a bottom after failing to
break through a support level and ultimately rising higher in a sign of
reversal to a new uptrend. The Double Bottom pattern forms during a
downtrend as the price reaches two distinct lows at roughly the same
price level. Finally the price breaks upward above the highest high and
above 200 days EMA to confirm the bullish signal.
We have detected a "Symmetrical Continuation Triangle which is

bullish chart pattern formed on Indraprastha Gas limited. The price
has broken upward out of a consolidation period, suggesting a
continuation of the prior uptrend. This pattern shows two converging
trendlines as prices reach lower highs and higher lows. Volume
diminishes as the price swings back and forth between an increasingly
narrow range reflecting uncertainty in the market direction. Then well
before the triangle reaches its apex, the price breaks out above the
upper trendline with a noticeable increase in volume, confirming the
pattern as a continuation of the prior uptrend.
BUY BTWN 220-230 TGT 250-255 SL 210
BUY BTWN 530-550 TGT 620-630 SL 490
BANK OF BARODA
ORIENTAL BANK
We have identified that stock has made lows in February16 and then
bounced back but the stock has tried quite a few times but not able to
cross its 200 EMA on weekly charts. Stock is in primary downtrend
with negative directional moving index (DI crossover) with ADX above
25 levels. Stock should found supply volumes on rise. We suggest
selling the stock on any rise.
We have identified that stock has made lows in Mar 16 and then
bounced back but the stock has tried quite a few times but not able to
cross its 50 EMA on weekly charts. Stock is in primary downtrend with
negative directional moving index (DI crossover) with ADX above 35
levels. Stock should found supply volumes on rise. We suggest selling
the stock on any rise.
SELL BTWN 140-150 TGT 120-115 SL 160
SELL BTWN 95-97 TGT 80 SL 103
25
Monthly Technical Picks - Currency

GBP INR
On daily chart, USDINR has formed Bearish candlestick with above

average volume. Besides, Pair faced strong resistance at 67.10 level
which is a 100 day moving average, which shows that short to medium
term trend is still down. So any rise up to the level of 67.10, would
become the best-selling opportunity. On weekly chart, USDINR Pair
has given close below its 21 week moving average which is placed at
67.00 levels, which shows that near to medium term trend is down. But
the Pair is in monthly buying so we find support at 65 levels. So at this
level, we can expect consolidation for pair between 65-67 in whole
month.
EUR INR
On Daily chart, EURINR has formed dragon fly Doji shape candlestick
which is a bullish reversal candlestick and indicating for upside
movement. Moreover, Pair has been trading above its 21 & 50 day
moving average, which shows that near to medium term trend is up.
On broader basis, EURINR has been facing strong resistance which
comes at 75.65 level since last three weeks, which showing any close
above this level, Pair could give good upside movement upto the level
of 77.40-77.95. Meanwhile, Pair has good support at 73.80 level
which is a 100 week moving average, which shows that short to
medium term trend is up. So one should wait rather for buying
opportunity then for selling side for positional basis.
On Monthly chart, GBPINR has formed Doji candlestick which is

indecisive in nature and doesnt indicate any particular direction.
However, this type of candlestick shows that Pair might trade between
the range of 94.00-98.00 range in medium term. Either side breakout
of this range, Pair could strongly react towards that direction.
Meanwhile, Pair has given close above its 21 day moving average
which is placed at 95.84 level, which shows that near term trend is up.
On weekly chart, after giving downside breakout of its lower band of
symmetrical triangle pattern, Pair witnessed a healthy correction from
99.62 level to 94.54 level but recent fall has halted at 94.40 level which
is a 200 week moving average support which shows that if Pair
manages to sustain above this level on weekly basis then bounce
back is expected in coming trading days.
USD INR
JPY INR
On Daily chart, JPYINR is in consolidation as ADX is below 20 levels.

Pair has been facing resistance of its 21 day moving average which is
placed at 59.46 level, which shows that for further upside movement,
Pair need to sustain above this level. On weekly chart, JPY INR pair
has corrected from highs but is showing strength. Pair has strong
support at 58.00 levels and On monthly chart, JPY INR pair has strong
support at 56.00 level which shows that Pair will get good demand at
these levels for strong upside movement
26
Monthly Technical Outlook - Index
Monthly Technical Outlook
Nifty
The index opened at 7038, made a high of 7777, made a low of 7035 and closed the month at 7738. Last month we had said
that retracement can be seen up to 7200-7350-7420-7480 levels, downside support is at 6850-6700 levels and Positive
trend will only began if nifty manages to close above 7550 on weekly basis. Spot Nifty has taken support at 50 EMA
(indicated by moving average line) on monthly charts. It has bounced back to 7700 -7750 which is exactly 38% retracement
of the fall from high of 9119 in Mar 2015 to low of 6825 in Feb 2016. The 200 DMA of Nifty is at 7780 on Daily charts. The
Stochastics has also entered in overbought zone in weekly charts. So our view is nifty should face stiff resistance at 77007780 zone where supply is expected to come. If Nifty manages to close above this zone on weekly closing basis, then nifty
might head towards 7930 levels. If nifty does not manages to close above this level on weekly basis then Nifty will enter in
consolidation and we suggest to buy on declines with strict stop loss of 7500 levels.
Bank Nifty
The index opened at 14064, made a high of 16282, made a low of 14062 and closed the month at 16141. Last week we had
advised to buy on declines with huge support at 13200 levels for targets of 14500-15100-15500 levels. It has bounced back
to 16300 level which is exactly 38% retracement of the fall from high of 20907 in Jan 2015 to low of 13407 in Feb 2016. . The
200 DMA of Banknifty is at 16400 on Daily charts. The Stochastics has also entered in overbought zone in weekly charts. So
our view is Banknifty should face stiff resistance at 16300-16400 zone where supply is expected to come. If Banknifty
manages to close above this zone on weekly closing basis, then it might head towards 17000-17500 levels. If Banknifty
does not manages to close above this level on weekly basis then Banknifty will enter in consolidation and we suggest to buy
on decline with strict stop loss of 15500 levels.
27
Monthly Technical Outlook - Commodity
Energy
Last week crude oil prices tumbled where major fall came on Friday after a Saudi prince reportedly said the kingdom will not
freeze output without Iran and other major producers doing so and data showed the global crude glut was likely to grow. The
dollar firmed after stronger-than-expected U.S. jobs data, which also weighed on oil early in the first session of the second
quarter. U.S. employment increased solidly in March and wages rebounded. It was a dismal start to the second quarter and
April for a market that finished the first quarter up 6 percent and March 15 percent higher. Prices barely reacted to data
showing U.S. oil and gas rigs falling for a 15th straight week, reaching the lowest levels since at least the 1940s. Over the
past six weeks, oil rallied in a rebound from 12-year lows, after major producers within and outside the Organization of the
Petroleum Exporting Countries floated the idea of freezing output at January's highs. But Saudi Deputy Crown Prince
Mohammed bin Salman said on Thursday the OPEC kingpin will not join the programme without the participation of Iran and
other major producers, Bloomberg reported.A meeting to discuss the production freeze has been scheduled in Doha, Qatar
on April 17. Iran has maintained that it will not contribute to any freeze until its crude exports return to pre-sanction levels.
Saudi Arabia and Kuwait said this week they will resume production at the jointly operated 300,000-barrel-per-day Khafji
field. A monthly survey from showed OPEC output rose in March on higher supply from Iran after the lifting of sanctions and
near-record exports from southern Iraq. Natural gas prices last week ended with more than two percent gains amid shifting
outlooks for gas-fired heating and cooling demand in the coming weeks. With temperatures wavering in the so-called
shoulder season between winter and spring, the market is gyrating along with them as traders assess fading demand levels
for gas-fired heating but rising demand in some areas. However upside seen limited after a government report showed the
inventory surplus to the five-year average climbed to 51.9 percent last week, the biggest in four years. Rising spring
temperatures will erode heating demand, leaving even more of the fuel in storage. Lackluster winter heating demand failed
to trim the supply overhang, sending futures to historic lows as gas production from shale basins flooded the market.
Without a sweltering summer or a sharp decline in output, prices are poised to remain under pressure. Government data
showed stockpiles ended last week nearly 52% above average for this time of year and virtually tied for the record high at
winters end. A tepid U.S. winter has suppressed demand for gas-fired heating, and robust domestic production has led to
abundant supplies.
Recommendation:
BUY CRUDE OIL @ 2350 SL 2220 TGT 2650-2900. BUY NAT.GAS @ 124 SL 115 TGT 135.
28
Bullion
Bullion ended the week with losses after U.S. March payrolls data beat expectations, allaying some fears about the U.S.
economy and stoking speculation about the timing of likely interest rate hikes by the Federal Reserve this year. U.S. interest
rate futures suggested traders are now betting the Fed will next raise rates as soon as November, versus December ahead
of the report. U.S. employers added 215,000 jobs in March, the payrolls report showed, against expectations for 205,000.
U.S. interest rate futures suggested traders are now betting the Fed will next raise rates as soon as November, versus
December ahead of the report. The metal saw its biggest quarterly rise in nearly 30 years in the three months to March,
rallying more than 16 percent as expectations faded that the Fed would move to normalize interest rates after their first
increase in nearly a decade in December. Gold had risen as much as 2 percent earlier last week after Fed Chair Janet Yellen
said the U.S. central bank should proceed only cautiously with further interest rate increases. "The remarkable U.S.
recovery continues, as total nonfarm employment increased by 215,000 in March. Beginning just a year after President
Obama inherited the worst economic crisis in generations, businesses have been adding jobs at an extended, recordsetting clip: a total of 14.4 million jobs over the last 73 consecutive months of private-sector job growth," U.S. labor secretary
said in a statement. Although the unemployment rate inched up by 0.1 to 5.0%, it still remains near eightyear lows from the
previous two months. The U-6 unemployment rate, which factors in workers marginally attached to the labor force, as well
as part-time workers, rose slightly to 9.8%. India's gold demand in the March quarter is set to drop by about two-thirds from a
year ago to its lowest in seven years, as higher prices and a strike by jewellers curbed sales in the world's second-biggest
consumer. The sluggish demand could weigh on global prices, which are headed towards their biggest quarterly gain in
nearly 30 years, but will help the country bring down its trade deficit. Twothirds of India's gold demand comes from villages,
where jewellery is seen as a mode of investment and wealth creation. Rural demand is slack after the first back-to-back
drought in nearly three decades squeezed farmers' earnings.
Recommendation:
SELL GOLD @ 28600 SL 29000 TGT 28100. SELL SILVER @ 36400 SL 37000 TGT 35200
DSP BlackRock Opportunities Fund

If you had invested Rs 1 lac in DSP BlackRock Opportunities Fund at the time of its inception (NFO) in the year 2000 the
Financial Planning
value of your investment today would be Rs 14 lacs. The performance of this diversified equity fund in the recent years has
also been quite consistent. The fund has consistently been in the top quartile, in terms of SIP returns over the last 3 to 5
years.
The rolling returns of the DSP BlackRock Opportunities fund showcase the consistent performance of the fund. Rolling
returns are the total returns of the scheme taken for a specified period on every day and taken till the last day of the duration.
In this chart we are showing the 3 year returns of DSP BlackRock Opportunities fund on every day during the last 5 years.
100
50
May11
Jul11
Sep11
Nov11
Jan12
Mar12
May12
Jul12
Sep12 Nov12
Jan13
0
Mar13
The 3 year returns of DSP BlackRock Opportunities fund on every day during the last 5 years
In this chart you can see that the 3 year rolling returns of the fund was above 50% (14.4% annualized) for nearly 75% of the
times over the last 5 years. The last 5 years included 2 bear market periods and two bull market years. The strong 3 year
rolling returns given by the fund over the last 5 years is the hallmark of a well managed diversified equity fund.
Fund Overview
DSP BlackRock Opportunities Fund was launched in May 2000. It has Rs 711 crores of assets under management. The
expense ratio of the fund is 2.82% (as on 29-02-2016). The fund manager of this scheme is Rohit Singhania. The chart
below shows the NAV movement of DSP BlackRock Opportunities Fund over the last 10 years.
+200%
0%
-200%
2007
2008
2009
2010
2011
2012
2013
2005
2010
2014
2015
2016
2015
The NAV movement of DSP BlackRock Opportunities Fund over the last 10 years
29

Portfolio Construction
The fund has a large cap, growth oriented focus. The fund manager has a bottoms-up portfolio construction approach. The
balance its exposure to cyclical, the portfolio also has allocations to defensive sectors, with IT and Pharmaceuticals
comprising more than 20% of the portfolio holdings. With cyclical sectors poised to do well with the revival in economic
growth and capex cycle, the DSP BlackRock Opportunities Fund has the potential to deliver good returns in the medium and
long term. The portfolio is very well diversified in terms of company concentration. The top 5 companies in the fund portfolio,
HDFC Bank, Infosys, ICICI Bank, Tata Motors and BPCL account for only 28% of the portfolio value.
14%
10%
5.6%
5.4%
5.4%
9%
6.2%
19%
5.2%
10%
37%
Bank
72.2%
Pharma
Oil and Gas
Cement & Construction
Automobile
HDFC Bank
Others
Infosys
BPCL
ICICI Bank
TATA Motors
Others
Risk and Return

In terms of volatility measures, the standard deviation of monthly returns of DSP Black Rock Opportunities fund is lower than
the average standard deviation of monthly returns of diversified equity funds. The Sharpe ratio of the fund is superior to the
average Sharpe ratios of the category.
The Systematic Investment Plan returns of the fund over the last 5 years are more impressive. The chart below shows the
returns of Rs 5,000 monthly SIP in DSP BlackRock Opportunities Fund over the last 5 years.
100k
200k
0k
-200k
Jul11
Jan11
Jul12
Jan13
Jul13
Jan14
Jul14
Jan15
Jul15
Jan16
The NAV movement of DSP BlackRock Opportunities Fund over the last 10 years
30
Financial Planning
portfolio is overweight on cyclical sectors like BFSI, Oil & Gas, Automobile & Auto Ancillaries, Cement & Construction etc. To

With a cumulative investment Rs 300,000 you could have accumulated a corpus of Rs 427,000; a profit of Rs 127,000 in the
Financial Planning
last 5 years. If you started your SIP 10 years back, you could have accumulated a corpus of Rs 11.5 lacs with a cumulative
investment of Rs 6 lacs. This shows the power of SIPs in creating wealth over a long investment horizon.
1000k
500k
0k
-500k
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
The power of SIPs in creating wealth over a long investment horizon
Dividend Pay-Out Track Record

DSP BlackRock Opportunities Fund has a strong dividend pay-out track record. In the last 10 years, the fund paid dividends
every year except 2009. You can see in the table below the dividend yields are also quite good.
Dividend record Date
Dividend Per Unit
NAV
Dividend Yield
25-01-2016
2.5000
21.911
11.410
19-01-2015
4.5000
25.582
17.590
24-03-2014
3.5000
20.432
17.130
22-03-2013
4.0000
20.142
19.859
18-06-2012
2.5000
21.182
11.802
14-02-2011
2.0000
27.079
7.386
02-03-2010
3.0000
25.387
11.817
31-03-2008
4.0000
24.695
16.198
09-03-2007
5.0000
22.924
21.811
25-01-2006
5.0000
22.74
21.988
Conclusion
DSP BlackRock Opportunities Fund has completed nearly 16 years since its launch. The fund has sustained its strong
performance track record over the years, despite changes in the fund management. The SIP performance of the fund is
especially impressive over the years. The fund also has a good dividend pay-out track record..
31
Time in IST Currency

2:30am
USD
6:30am
CNY
CNY
7:15am
CNY
12:45pm
EUR
6:00pm
USD
USD
USD
7:30pm
USD
USD
9:30pm
USD
Mon Apr 4
12:30pm
EUR
2:00pm
EUR
2:30pm
EUR
7:30pm
USD
USD
Tue Apr 5
11:30am
EUR
6:00pm
USD
7:15pm
USD
7:30pm
USD
USD
USD
Wed Apr 6
7:15am
CNY
8:00pm
USD
11:30pm
USD
Thu Apr 7
12:15pm
EUR
5:00pm
EUR
6:00pm
USD
8:00pm
USD
Fri Apr 8
12:30am
USD
11:30am
EUR
12:15pm
EUR
EUR
7:30pm
USD
Mon Apr 11 7:00am
CNY
CNY
11:30pm
USD
Tue Apr 12 11:30am
EUR
1:30pm
EUR
3:30pm
USD
6:00pm
USD
Wed Apr 13 6:00pm
USD
USD
USD
USD
7:30pm
USD
USD
8:00pm
USD
Thu Apr 14
1:30pm
CNY
CNY
2:30pm
EUR
6:00pm
USD
USD
USD
8:00pm
USD
10:31pm
USD
Fri Apr 15
1:30am
USD
7:30am
CNY
CNY
Date
Fri Apr 1
Country/Event
FOMC Member Dudley Speaks
Manufacturing PMI
Non-Manufacturing PMI
Caixin Manufacturing PMI
Spanish Manufacturing PMI
Average Hourly Earnings m/m
Non-Farm Employment Change
Unemployment Rate
ISM Manufacturing PMI
Revised UoM Consumer Sentiment
FOMC Member Mester Speaks
Spanish Unemployment Change
Sentix Investor Confidence
PPI m/m
Factory Orders m/m
Labor Market Conditions Index m/m
German Factory Orders m/m
Trade Balance
Final Services PMI
ISM Non-Manufacturing PMI
JOLTS Job Openings
IBD/TIPP Economic Optimism
Caixin Services PMI
Crude Oil Inventories
FOMC Meeting Minutes
French Trade Balance
ECB Monetary Policy Meeting Accounts
Unemployment Claims
Natural Gas Storage
Consumer Credit m/m
German Trade Balance
French Gov Budget Balance
French Industrial Production m/m
Wholesale Inventories m/m
CPI y/y
PPI y/y
Federal Budget Balance
German Final CPI m/m
Italian Industrial Production m/m
NFIB Small Business Index
Import Prices m/m
Core Retail Sales m/m
PPI m/m
Retail Sales m/m
Core PPI m/m
Business Inventories m/m
NAHB Housing Market Index
M2 Money Supply y/y
New Loans
Final CPI y/y
CPI m/m
Core CPI m/m
Unemployment Claims
Natural Gas Storage
30-y Bond Auction
TIC Long-Term Purchases
GDP q/y
Industrial Production y/y
Date
Tue Apr 19
Wed Apr 20
Thu Apr 21
Fri Apr 22
Mon Apr 25
Tue Apr 26
Wed Apr 27
Thu Apr 28
Fri Apr 29
Time in IST Currency

CNY
CNY
CNY
6:00pm
USD
6:45pm
USD
USD
7:30pm
USD
USD
1:30pm
EUR
2:30pm
EUR
EUR
6:00pm
USD
USD
11:30am
EUR
6:30pm
CNY
7:30pm
USD
8:00pm
USD
12:30pm
EUR
EUR
EUR
1:00pm
EUR
EUR
1:30pm
EUR
EUR
5:15pm
EUR
6:00pm
EUR
USD
USD
6:30pm
USD
1:30pm
EUR
2:30pm
EUR
6:30pm
EUR
6:00pm
USD
USD
7:30pm
USD
6:30pm
USD
7:30pm
USD
USD
1:30pm
EUR
EUR
6:00pm
USD
7:30pm
USD
8:00pm
USD
11:30pm
USD
USD
All Day
EUR
1:25pm
EUR
6:00pm
USD
USD
USD
11:30am
EUR
12:30pm
EUR
EUR
2:30pm
EUR
EUR
EUR
6:00pm
USD
USD
USD
USD
Country/Event
Fixed Asset Investment ytd/y
NBS Press Conference
Retail Sales y/y
Empire State Manufacturing Index
Capacity Utilization Rate
Industrial Production m/m
Prelim UoM Consumer Sentiment
Prelim UoM Inflation Expectations
Current Account
German ZEW Economic Sentiment
ZEW Economic Sentiment
Building Permits
Housing Starts
German PPI m/m
CB Leading Index m/m
Existing Home Sales
French Flash Manufacturing PMI
French Flash Services PMI
Spanish Unemployment Rate
German Flash Manufacturing PMI
German Flash Services PMI
Flash Manufacturing PMI
Flash Services PMI
Minimum Bid Rate
ECB Press Conference
Philly Fed Manufacturing Index
Unemployment Claims
HPI m/m
German Ifo Business Climate
Italian Retail Sales m/m
Belgian NBB Business Climate
Core Durable Goods Orders m/m
Durable Goods Orders m/m
New Home Sales
S&P/CS Composite-20 HPI y/y
CB Consumer Confidence
Richmond Manufacturing Index
M3 Money Supply y/y
Private Loans y/y
Goods Trade Balance
Pending Home Sales m/m
FOMC Statement
Federal Funds Rate
German Prelim CPI m/m
German Unemployment Change
Advance GDP q/q
Unemployment Claims
Advance GDP Price Index q/q
German Retail Sales m/m
Spanish Flash CPI y/y
Spanish Flash GDP q/q
CPI Flash Estimate y/y
Core CPI Flash Estimate y/y
Unemployment Rate
Core PCE Price Index m/m
Employment Cost Index q/q
Personal Spending m/m
Personal Income m/m
301/302, Payal Tower-II, Sayajigunj Vadodara - 390020, Ph.: + 91 265-3071200

Web.: www.jhaveritrade.com I www.jetrade.in
DISCLAIMER : Trading and Investment decision taken on your consultation are solely at the discretion of the traders/investors.We are not liable for any loss, which occur as a result of our recommendations. This document has
been prepared on the of publicly available information, internally developed data and other sources believed to be reliable.
NSE:INB/F/E 230823233 BSE: INB/F 010823236 NSDL: IN-DP-NSDL-166-2000, MCX-SX: INE 26082333 AMFI ARN 3524 MCX: TM 29040 / FMC REG NO. MCS / TC / CORP / 0963 MCDEX: TM 00749 / FMC REG NO.
NCDEX / TCM / CORP / 0736 / NSEL TM 10110* Note: Dealing in Commodity Segment through its group company Jhaveri Credits & capital Ltd.
Distributors for IPOs & Mutual Funds. Past performance is not a measure for future returns.

The Money Navigator April 2016

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Liquidity Driven Rally

For Private Circulation Only

1st April-2016 to 30th April-2016

Trade Whenever & Wherever

Jhaveri Securities Ltd. All Rights Reserved

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From The MDs Desk

Liquidity driven rally : Merits Awaited

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Corporate performance still in doldrums but H2FY17E could be better

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Domestic India Indina Sub-PRC

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Indian Domestic Available Seat

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Real GDP CAGR from CY2014 to CY2019E

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Continued Population Growth

Middle Class Households (Million)

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Domestic nationals visits within India (Mn)

Indian nationals departures from India (Mn)

Foreign tourist arrivals 2009-2014 (Mn)

Forecast foreign tourist arrivals 2015-2019 (Mn)

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Aviation Fuel Price (`/K1)

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Outlook remains weak

More pain ahead for the banking system in FY17E

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NPA in one bank,

Total stressed assets that

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Share Holding Pattern

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Fundamental Stock Update

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Share Holding Pattern

defense, and buses to reduce the cyclicality of the truck business.

Valuation: Valuation: Currently ALL is trading at `108 . We recommend "Accumulate"