Institutional Research

05 October 2018
Morning Report
Equity Latest % Chg NSE Sect. Indices Latest % Chg Nifty Gainers
Nifty 10599 (2.39) NIFTY IT 15441.10 (2.95) Company Price(Rs) Chg(%)
Sensex 35169 (2.24) NIFTY BANK 24819.30 (1.00) ICICIBANK 316.00 4.05
DowJones 26627 (0.75) NIFTY 500 8854.85 (2.23) INFRATEL 258.10 2.54
Nasdaq 7880 (1.81) NIFTY FMCG 28630.10 (2.94) ULTRACEMCO 3940.00 2.06
Hangseng 26539 (0.32) NIFTY INFRA 2919.70 (0.47) AXISBANK 583.85 2.03
Shanghai 2821 1.06 NIFTY AUTO 9207.00 (1.80) LT 1256.00 0.85
Nikkei 23809 (0.63) NIFTY ENERGY 14427.80 (6.14) Nifty Losers
Strait Times 3205 (0.83) NIFTY PHARMA 9630.75 (3.22) Company Price(Rs) Chg(%)
Kospi 2261 (0.58) Advances / Declines BSE NSE HINDPETRO 194.80 (22.44)
Taiwan 10549 (1.58) Advances 753 464 BPCL 306.50 (18.88)
FTSE 12244 (1.22) Declines 1914 1383 IOC 129.50 (18.24)
CAC 7418 (1.47) Unchanged 140 75 ONGC 163.35 (9.98)
RELIANCE 1108.50 (8.02)
DAX 48683 (0.35) Total 2807 1922
2 Wk
Market Sensor Vol. Shockers
Last Day
(Lakh)
Avg.
(Lakh)
Vol. Ch.
(Times)

U.S. market fell sharply on Thursday as interest rates hit new multiyear highs, APOLLOTRI 13.05 1.7 8
dampening investor sentiment. Dow Jones Industrial Average was down INDIGO 16.48 2.5 7
0.75% or 200.91 points at 26627.48. Nasdaq Composite was down 1.81% or
Ashika Stock Broking Limited

MFSL 18.67 2.8 7

145.57 points at 7879.51. Standard &Poor's 500 was down 0.82% or 23.90
points at 2901.61. LEMONTREE 36.56 5.6 7
LALPATHLAB 1.31 0.3 5
Indian Equity market tanked nearly 2.5% and closed around the day’s low.
The depreciating rupee, rising crude and liquidity fears have led to a collapse Indian Forex Closing Chg % Chg
in investor confidence. Further sell off took place at the later part of the day
post the Finance Minister's statement, as oil marketing companies have to USD/INR 73.751 0.721 0.99
bear Re1 a liter oil subsidy. On the sectoral front, PHARMA, IT and FMCG GBP/INR 95.390 0.402 0.42
underperformed the Nifty 50 index. Nifty ended the previous day with a
decline of 2.39% or 259.00 points at 10599.25. On Wednesday’s trading EUR/INR 84.626 0.047 0.06
session, FIIs sold Rs.2760.63 Cr in cash market and bought Rs.5054.54 Cr in JPY/INR 64.490 0.310 0.48
derivative segment. Whereas, DII bought net Rs.1823.59 Cr in cash segment.
Precious Metal Closing Chg (Rs.)
Gold (Rs/10gm) 31084 194
Global News Silver (Rs/1kg) 38988 365
Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil
Commodities Price % Chg.
ahead of the restart of U.S. sanctions next month and as the WTI-Brent
differential narrowed, according to traders and shipping intelligence firm Crude (US$/BBL) 74.8 (1.90)
Kpler. (Reuters) Brent (US$/BBL) 84.9 (1.37)
Japan’s household spending jumped in August at the fastest annual pace in Gold (US/oz) 1202.9 0.21
three years as bigger bonuses boosted consumption, suggesting robust Silver (US$/oz) 14.6 (0.14)
domestic demand could help offset ill-effects from escalating trade frictions.
Copper (US$/MT) 6273.0 0.00
(Reuters)
Alum (US$/MT) 2166.0 4.16
A small majority of financial market players told the U.S. Federal Reserve in
Zinc (US$/MT) 2632.0 (2.25)
August that borrowing conditions could tighten if interest rates on short-term
debt rose above rates for long-term debt, the U.S. central bank said on ADR Cl. Values % Chg.
Thursday. (Reuters) ICICI Bank 8.50 (2.50)
The number of Americans filing for unemployment benefits fell to a near HDFC Bank 93.40 (1.60)
49-year low last week, pointing to sustained labor market strength, which Infosys 10.30 (2.20)
should continue to underpin economic growth. (Reuters)
Vedanta Ltd 12.80 1.90
Investors continued to bet that Asian currencies would weaken against the Dr. Deddy's Labs 33.80 (0.80)
dollar, a Reuters poll showed, as hawkish comments by Federal Reserve policy
makers and a steady rate hike path buttressed the greenback. (Reuters) Wipro 5.20 0.60
Tata Motors 15.50 (0.90)
1
1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com
 Institutional Research

Economic News
Finance Minister Arun Jaitley said the government is determined to Global Forex Closing Chg % Chg
contain the crisis at the IL&FS at the earliest so that it does not leave EUR-USD 1.1504 (0.0010) (0.09)
any adverse impact. (BS) GBP-USD 113.90 0.0200 0.02
Facing widespread discontent over the steep rise in fuel prices in recent USD-JPY 1.3013 (0.0007) (0.05)
months, the Union government on Thursday bit the proverbial bullet and
cut the excise duty on petroleum products by Rs 1.50 a litre with Bond Markets Closing Chg
immediate effect. (BS) 10-yr bond 8.24 8.20 bps
With American having displaced Russia over the preceding decade as Interbank call 6.32 0.15 bps
India’s largest supplier of weaponry, the balance could be restored
significantly in the summit meeting between Prime Minister Narendra
Modi and Russian President Vladimir Putin in New Delhi on Friday. (BS)
Rs.Cr Institutional Activity (Last 5 trading
An agreement with China to trade through native currencies of both 4000 Sessions)
nations, doing away with the US dollar, a barter mechanism to buy crude 3000
oil from Iran and Russia, as well as further monetisation of domestic

3,256
2000

2,284
1,555

1,805
1,402
1,824
gold assets are among ways the Centre hopes to reduce the trade deficit

552
1000
and strengthen the rupee. (BS) 0

-810

-187
-1,232

-1,700
-1,842
-1,550
-2,761
The United States is going an extra length for countries like India and -1000
Iraq to find substitute for Iranian oil, the White House said. (BS) -2000
-3000
Rising crude oil prices and a tumbling currency have already battered
-4000
India’s $725 billion government bond market. The next focus of risk for

4-Oct-18
1-Oct-18
3-Oct-18

1-Oct-18
3-Oct-18
4-Oct-18
25-Sep-18
26-Sep-18
27-Sep-18
28-Sep-18

25-Sep-18
26-Sep-18
27-Sep-18
28-Sep-18
Ashika Stock Broking Limited

the nation’s oldest mutual-fund company now are the upcoming

elections. (BS)
With below-the-target GST collections and a Rs 105 billion hit in excise
revenue after the duty cut, robust collections in direct taxes have come FII/FPI DII
as a breather for the government. Gross direct tax collection rose 16.7
per cent y-o-y to Rs 5.47 trillion in the first six months of 2018-19. (BS)
State-run lenders will narrow down their losses to Rs 500 billion in Rs.Cr Market Turnover - last 5 Trading Rs.Cr
fiscal year 2018-19, from Rs 850 billion in the previous fiscal year, as Sessions
the quantum of dud loans reduce, a report said Thursday. (BS) 50,000 2,500,000
40,000 2,000,000
In a boost to its green energy roadmap, the Yogi Adityanath govt has
cleared six biofuel investment proposals worth almost Rs 17 billion. (BS) 30,000 1,500,000
20,000 1,000,000
Domestic News 10,000 500,000
 The central government brought down petrol and diesel prices by Rs 0 0
2.50. For the same, the government has asked oil marketing companies
25-Sep-18

26-Sep-18

1-Oct-18

3-Oct-18

4-Oct-18
(OMCs) to absorb Re. 1 per litre to bring down fuel prices.
 IndianOil, Bharat Petroleum and Hindustan Petroleum will together lose
Rs 4,500 crore in 2018-19 because the government has asked them to
subsidise fuel, making investors and company executives nervous as the NSE Cash BSE Cash NSE F&O(RHS)
reversal of the bold reform in fuel pricing makes the companies
vulnerable to bigger hits in the run up to the elections.
 With 37 per cent share of the global outsourcing, the Indian IT industry
revenue including exports is set to growth nearly 8 per cent annually to
$167 billion for 2018-19 from $154 billion in fiscal 2017-18, said its apex
body Nasscom.
 The acquisitions of distressed Indian steel assets could significantly
increase the leverage of the acquiring companies, which also face the risk
of domestic output being displaced by a substantial increase in imports
from the escalation of trade barriers, Fitch Ratings said.
 The new board at IL&FS promised to preserve value of the company
assets, but suggests that a revival may be painful and prolonged due to
the likely legal complications.
2
1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com
 Institutional Research

Repo & Rev.Repo (%)

Domestic News (Cont...) 10
9
 LIC has made an open offer for 26 per cent stake in IDBI Bank at
Rs 61.73 per share. 8
7
 The Supreme Court granted one more opportunity to mining
major ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid 6
for Essar Steel if they clear their Non-Performing Asset (NPA) dues
5
in two weeks.
4 Repo Rate (%)
 Lupin launches potassium chloride oral solution USP, having Reverse Repo Rate (%)
received an approval from USFDA earlier. 3

03-Mar-03

05-Jan-09

02-Nov-10
28-Mar-02

31-Mar-04
24-Jan-06
31-Jan-07

03-Mar-15
30-Jul-08

04-Oct-16
20-Sep-13
27-Apr-01

20-Apr-10

16-Jun-11
17-Apr-12
 Cadila Healthcare's biologics manufacturing facility located at
the Zydus Biotech Park in Ahmedabad has received an
Establishment Inspection Report (EIR) from the USFDA.
 Security and Intelligence Services India (SIS) has been awarded a 30% Sectoral IIP (YoY)
three-year contract valued at around Rs. 300 crore to provide
security solutions to 47 facilities of Cognizant Technologies 20%
located across India.
10%
 NBCC has received LoA of work from IIM Ranchi to provide
project management consultancy for development of permanent 0%
campus amounting Rs. 400 crore.
 L&T Hydrocarbon Engineering consortium has been awarded the -10%
Ashika Stock Broking Limited

biggest single subsea contract by ONGC.

-20%
 Dilip Buildcon has received LoA for an EPC project for a dam in

Jan-17

Nov-17
Mar-16
Feb-14

May-15
Jul-14

Oct-15
Sep-13
Apr-13

Jun-17
Dec-14

Aug-16
Rajasthan for Rs 601 crore by the Water Resource Dept of Kota.
 Dixon Technologies has commenced manufacturing of Mi LED
Mining Manufacturing
TVs for Xiaomi from state-of-the-art manufacturing facility located
at Tirupati, Andhra Pradesh.
10.0 CPI Inflation - Combined (Base - 2011-12)
 Cupid board meeting on October 13 to consider and approve the
allotment of bonus shares and other business matters. 9.0
8.0
 Credit rating agency Icra has further downgraded the long-term 7.0
rating of Jet Airways' Rs 70-billion debt. This long term rating 6.0
downgrade has primarily been attributed to the impact of steep
5.0
increase in jet fuel prices and rupee depreciation as well as the
4.0
delays in implementation of liquidity initiatives by the company.
3.0
 TVS Motor Company launched TVS Jupiter Grande scooter for the 2.0
festive season. 1.0
 Titan says the watch business has carried on its good run from 0.0
Sep-14

Sep-15

Sep-16

Sep-17
Jan-14
May-14

Jan-15
May-15

Jan-16
May-16

Jan-17
May-17

Jan-18
the first quarter and the growth in the jewellery business has
picked up very well after a relatively soft growth in Q1 of FY2019.

Cash Reserve Ratio (CRR) (%) 10.0 10 Years G-Sec Yield (%)
10
9 9.0
8
8.0
7
7.0
6
5 6.0
4
5.0
3
18-Sep-04
8-Apr-00

16-Nov-02

14-Apr-07

26-Apr-08

8-Nov-08

24-Apr-10

3-Nov-12
24-Feb-01

29-Dec-01

23-Dec-06
17-Feb-07

13-Feb-10

10-Mar-12

4.0
19-May-01

24-May-08
4-Aug-07

11-Oct-08
29-Jul-00

19-Jul-08

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com 3
 Institutional Research

Bulk Deal - NSE

Date Security Name Client Name Buy/Sell Traded Qty. Price
4-Oct-18Navkar Corporation Ltd. GOLDMAN SACHS INDIA FUND LTD SELL 3980018 78.0
4-Oct-18Jet Airways (India) Ltd. SHAASTRA SECURITIES TRADING PRIVATE LIMITED SELL 1276924 185.5
4-Oct-18Reliance Comm. Ltd. SHAASTRA SECURITIES TRADING PRIVATE LIMITED SELL 18072775 12.1
4-Oct-18Spectrum Electric Ind Ltd FESTINO VINCOM LIMITED BUY 382000 65.0
4-Oct-18A2z Infra Engineering Ltd GLOBE FINCAP LTD SELL 1140000 8.3

Bulk Deal - BSE

Date Security Name Client Name Buy/Sell Traded Qty. Price
4-Oct-18 APOLLOTRI SAKET AGRAWAL S 1,250,000 114.0
4-Oct-18 STYLAMIND INDIANIVESH CAPITALS LIMITED S 48,001 598.5
4-Oct-18 MANORAMA INDIA MAX INVESTMENT FUND LIMITED S 102,600 192.6
4-Oct-18 SKYGOLD OVERSKUD MULTI ASSET MANAGEMENT PRIVATE LIMITED B 62,400 180.4
4-Oct-18 BCP JITAL ASHISH THAKER S 320,000 31.4
Ashika Stock Broking Limited

Corporate Actions
Scrip Code Scrip Name Ex-Date Purpose Record Date
540956 BHATIA 08-Oct-18 Bonus issue 1:1 09-Oct-18
539546 BNL 08-Oct-18 Bonus issue 1:1 09-Oct-18
539770 DARJEELING 08-Oct-18 Interim Dividend - Rs. - 0.2500 09-Oct-18
539956 TAALENT 08-Oct-18 Interim Dividend - Rs. - 10.0000 09-Oct-18
539219 MUL 09-Oct-18 Final Dividend - Rs. - 0.2500 10-Oct-18
538891 SIPROJECTS 09-Oct-18 Bonus issue 4:1 10-Oct-18
526519 ALPINEHOU 11-Oct-18 Bonus issue 1:3 12-Oct-18
530843 CUPID 11-Oct-18 Bonus issue 1:5 12-Oct-18
535648 JUSTDIAL 11-Oct-18 Buy Back of Shares 12-Oct-18
539526 SCTL 11-Oct-18 Bonus issue 1:1 12-Oct-18
512595 UNIMOVR 11-Oct-18 Consolidation of Shares 12-Oct-18
530697 ZENLABS 11-Oct-18 Bonus issue 1:20 13-Oct-18
500510 LT 12-Oct-18 Buy Back of Shares 15-Oct-18
540147 SHASHIJIT 12-Oct-18 Bonus issue 1:5 15-Oct-18
500696 HINDUNILVR 19-Oct-18 - 22-Oct-18
540750 IEX 19-Oct-18 Stock Split From Rs.10/- to Rs.1/- 22-Oct-18
526299 MPHASIS 24-Oct-18 Buy Back of Shares 25-Oct-18
532819 MINDTREE 25-Oct-18 - 26-Oct-18
500820 ASIANPAINT 29-Oct-18 - 30-Oct-18
540716 ICICIGI 29-Oct-18 - 30-Oct-18
500096 DABUR 09-Nov-18 Buy Back of Shares 12-Nov-18
507815 GILLETTE 20-Nov-18 - -

4
1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com
 Institutional Research

Global Economic Calendar

Date Curr. Event Actual Forecast Previous
1-Oct-18 CNY Manufacturing PMI (Sep) 51.2 51.3
1-Oct-18 JPY Tankan All Big Industry CAPEX (Q3) 14.20% 13.60%
1-Oct-18 JPY Manufacturing PMI (Sep) 52.9 52.9
1-Oct-18 EUR Manufacturing PMI (Sep) 53.3 53.3
1-Oct-18 GBP BoE Consumer Credit (Aug) 1.300B 0.817B
1-Oct-18 GBP Manufacturing PMI (Sep) 52.5 52.8
1-Oct-18 GBP Mortgage Lending (Aug) 3.20B 3.20B
1-Oct-18 EUR Unemployment Rate (Aug) 8.20% 8.20%
1-Oct-18 USD Construction Spending (MoM) (Aug) 0.50% 0.10%
1-Oct-18 USD ISM Manufacturing PMI (Sep) 60.3 61.3
2-Oct-18 GBP Nationwide HPI (MoM) (Sep) 0.20% -0.50%
2-Oct-18 GBP Construction PMI (Sep) 52.5 52.9
2-Oct-18 EUR PPI (YoY) (Aug) 3.80% 4.00%
3-Oct-18 USD Domestic Truck Sales (Sep) 9.35M 9.37M
3-Oct-18 EUR Markit Composite PMI (Sep) 54.2 54.2
3-Oct-18 EUR Retail Sales (YoY) (Aug) 1.60% 1.10%
Ashika Stock Broking Limited

3-Oct-18 USD ADP Nonfarm Employment Change (Sep) 185K 163K

3-Oct-18 USD Markit Composite PMI (Sep) 53.4 53.4
3-Oct-18 USD ISM Non-Manufacturing PMI (Sep) 58.1 58.5
4-Oct-18 USD Continuing Jobless Claims 1,675K 1,661K
4-Oct-18 USD Initial Jobless Claims 210K 214K
4-Oct-18 USD Factory Orders (MoM) (Aug) 2.10% -0.80%
5-Oct-18 JPY Household Spending (YoY) (Aug) -0.10% 0.10%
5-Oct-18 JPY Leading Index (MoM) (Aug) -0.70%
5-Oct-18 GBP Halifax House Price Index (YoY) (Sep) 3.30% 3.70%
5-Oct-18 USD Manufacturing Payrolls (Sep) 10K -3K
5-Oct-18 USD Nonfarm Payrolls (Sep) 185K 201K
5-Oct-18 USD Trade Balance (Aug) -53.10B -50.10B
5-Oct-18 USD Unemployment Rate (Sep) 3.80% 3.90%
5-Oct-18 USD Consumer Credit (Aug) 15.00B 16.64B

Indian Economic Calendar

Date Curr. Event Actual Forecast Previous
1-Oct-18 INR Nikkei Markit Manufacturing PMI (Sep) 52.4 51.7
4-Oct-18 INR Nikkei Services PMI (Sep) 51.5
5-Oct-18 INR Interest Rate Decision 6.75% 6.50%

5
1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com
 Institutional Research

PARAS Digitally signed by

PARAS BOTHRA

BOTHRA Date: 2018.10.05

09:15:22 +05'30'

Ashika Stock Broking Limited (“ASBL”) or Research Entity has started its journey in the year 1994 and is engaged in the business of broking services,
depository services, distributor of financial products (Mutual fund, IPO & Bonds). This research report has been prepared and distributed by ASBL in the
sole capacity of a Research Analyst (Reg No. INZ000169130) of SEBI (Research Analyst) Regulations 2014. ASBL is a wholly owned subsidiary of Ashika
Global Securities (P) Ltd., a RBI registered non-deposit taking NBFC Company. Ashika group (details is enumerated on our website
Ashika Stock Broking Limited

www.ashikagroup.com) is an integrated financial service provider inter alia engaged in the business of Investment Banking, Corporate Lending,
Commodity Broking, Debt Syndication & Other Advisory Services.

There were no significant and material disciplinary actions against ASBL taken by any regulatory authority during last three years.

Disclosure

ASBL or its associates, its Research Analysts (including their relatives) may have financial interest in the subject company(ies). However, the said
financial interest is not limited to having an open stock market position in /acting as advisor to /having a loan transaction with the subject company(ies)
apart from registration as clients.

1) ASBL or its Research Analysts (including their relatives) do not have any actual / beneficial ownership of 1% or more of securities of the subject
company(ies) at the end of the month immediately preceding the date of publication of this report or date of the public appearance. However
ASBL's associates may have actual / beneficial ownership of 1% or more of securities of the subject company(ies).

2) ASBL or their Research Analysts (including their relatives) do not have any other material conflict of interest at the time of publication of this
research report or date of the public appearance. However ASBL's associates might have an actual / potential conflict of interest (other than
ownership).

3) ASBL or its associates may have received compensation for investment banking, merchant banking, and brokerage services and for other products
and services from the subject companies during the preceding 12 months. However, ASBL or its associates or its Research analysts (forming part
of Research Desk) have not received any compensation or other benefits from the subject companies or third parties in connection with the
research report. Moreover, Research Analysts have not received any compensation from the companies mentioned herein in the past twelve
months.

4) ASBL or their Research Analysts have not managed or co–managed public offering of securities for the subject company(ies) in the past twelve
months. However ASBL's associates may have managed or co–managed public offering of securities for the subject company(ies) in the past
twelve months.

5) Research Analysts have not served as an officer, director or employee of the companies mentioned in the report.

6) Neither ASBL nor its Research Analysts have been engaged in market making activity for the companies mentioned in the report.

Disclaimer

The research recommendation and information herein are solely for the personal information of the authorized recipient and does not construe to be
an offer documents or any investment, legal or taxation advice or solicitation of any action based upon it. This report is not for public distribution or use
by any person or entity, where such distribution, publication, availability or use would be contrary to law, regulation or subject to any registration or
licensing requirement. We will not treat recipients as customer by virtue of their receiving this report. The report is based upon the information
obtained from public sources that we consider reliable, but we do not guarantee its accuracy or completeness. ASBL shall not be in anyways responsible
for any loss or damage that may arise to any such person from any inadvertent error in the information contained in this report. The recipients of this
report should rely on their own investigations.

1008, Raheja Centre, 214, Nariman Point, Mumbai-400 021, Ph- 022 – 6611 1700, Extn. - 704 www.ashikagroup.com 6