2023: Issue 909 Week: 11th - 15th September

Brand smc 690

 Contents
From The Desk Of Editor

I
Equity 4-7 n the week gone by, global stock markets witnessed a volatile session with the biggest

Derivatives 8-9 drag from Apple and a sell-off in chip stocks over concerns about China's iPhone curbs,
Commodity 10,15-17 while a fall in weekly U.S. jobless claims fed worries about interest rates and sticky
Insurance 11-14 inflation. Actually US market felt pressure from the bond market, where yields rose earlier
Currency 18
in the week after a report showed stronger growth for U.S. services industries last month.
IPO 19
Germany's industrial production (July) fell 0.80%, worse than expected decline of 0.40%.
FD Monitor 20
The Euro-zone's 2Q GDP (final) reading was revised lower to 0.10% from the previous
Mutual Fund 21-22
estimate of 0.30% as even y-o-y reading at 0.50% trailed the estimate of 0.60%. Japan's
SMC GLOBAL SECURITIES LTD. economy grew less than initially estimated in the second quarter and wages slumped in July,
REGISTERED OFFICES:
casting doubt over central bank projections that solid domestic demand will keep the
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365 country on course for a recovery. Japan's economy grew an annualised 4.8% in April-June,
MUMBAI OFFICE: the revised data showed, down from a preliminary estimate of 6.0% growth and below
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor ,

Graham Firth Steel Compound, Off Western Express Highway,

market forecasts for a revised 5.5% expansion.
Jay Coach Signal, Goreagon (East) Mumbai - 400063

Tel: 91-22-67341600, Fax: 91-22-67341697

Back at home, domestic markets moved higher following strong macro data . Sustained DII
KOLKATA OFFICE:
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001 investment supported by strong retail buying is driving the market higher in spite of FII
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
selling. India is hosting the G20 summit and its positive impact should nudge GOI to revisit
AHMEDABAD OFFICE :
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market, its approach to international trade. In the next week, a slew of global factors and FII
C G Road, Ahmedabad-380009, Gujarat
activity will likely dictate the market direction. Going forward, India is strongly poised to
Tel : 91-79-26424801 - 05, 40049801 - 03

CHENNAI OFFICE: build on its strong structural and macroeconomic fundamentals.

Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,
Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111 On the commodity market front, CRB stuck in tight range last week. Bullion couldn’t stay at
SECUNDERABAD OFFICE: higher side on terrific rise in dollar index; which surpassed 105 levels. In energy complex,
315, 4th Floor Above CMR Exclusive, BhuvanaTower,

S D Road, Secunderabad, Telangana-500003

crude oil prices jumped whereas natural gas futures broke the crucial support level. In an
Tel : 040-30031007/8/9 announcement, Saudi Arabia synced with allies Russia, said the million-barrels-per-day cut
DUBAI OFFICE: it introduced in July will be enforced till December, with the Kremlin contributing an
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers,

PO Box 117210, Dubai, UAE

additional 300,000 barrels daily. Crude oil is likely to trade in a range of 6900-7400. Bullion
Tel: 97145139780 Fax : 97145139781 is now stuck in a range on mix triggers; gold and silver may trade in a range of 58000-60000
Email ID : pankaj@smccomex.com
smcdmcc@gmail.com and 70500- 74000 respectively. Base metals can remain trade with fragile sentiments.
Inflation rate and New Yuan Loans of China, Employment Change, GDP and Unemployment
Printed and Published on behalf of
rate of UK, ZEW Economic Sentiment Index of UK and Germany, Core Inflation Rate, PPI,
Mr. Saurabh Jain @ Publication Address
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005 Retail Sales, Michigan Consumer Sentiments Prel and Inflation Rate of US, ECB Interest Rate
Website: www.smcindiaonline.com
Investor Grievance : igc@smcindiaonline.com
Decision and Press Conference etc are some important data scheduled this week, which will
give major impact on the commodities prices and dollar index.
Printed at: S&S MARKETING

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

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

(Saurabh Jain)
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also
registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. SMC is also a "AMFI-registered Mutual Fund Distributor".
SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of
interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its
associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered
by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment
decision.
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(a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) may trade in this securities in ways different from those discussed in this report or (c) be engaged in any other transaction involving
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment
decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business,
exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
 EQUITY
NEWS DOMESTIC PIVOT SHEET
Information Technology INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• Tata Consultancy Services has entered into a strategic partnership with the NIFTY 50 19819.95 19021 19227 19455 19661 19890 20096 20324
Digital unit of JLR to transform, simplify, and help manage its Digital estate,
and build a new future-ready, strategic technology architecture that will NIFTY IT 32415.65 30324 30889 31431 31996 32537 33103 33644
support the latter's Reimagine strategy. NIFTY BANK 45156.4 43138 43673 44314 44849 45490 46025 46666
• Infosys has completed the acquisition of Danske Bank’s IT centre in India.
Danske Bank selected Infosys as a strategic partner to accelerate digital NIFTY FIN SER. 20138.1 19152 19403 19719 19970 20286 20538 20854
transformation initiative with speed and scale.
Power
• Power Grid Corporation of India has won the inter-state transmission system STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
project on build, own, operate and transfer (BOOT) basis in Rajasthan. It will
build the transmission system for evacuation of power from REZ in Rajasthan AXISBANK 980.3 938 950 971 983 1003 1015 1036
(20 GW) under Phase-III Part H. BAJFINANCE 7410.65 7103 7181 7295 7372 7486 7564 7678
• Tata Power, subsidiary Tata Power Renewable Energy, has signed power delivery
agreement (PDA) with Neosym Industry, for 26 MW AC group captive solar plant. BHARTIARTL 885.85 827 843 860 875 892 907 924
Neosym Industry is a gray & SG Iron casting, manufacturing company in India. HDFCBANK 1623.4 1513 1542 1576 1604 1638 1667 1700
The project at Ahmednagar (Maharashtra) with an anticipated electricity
generation capacity of 59 million units annually will start from March 2024. HINDUNILVR 2513.8 2463 2477 2497 2511 2531 2546 2565
Construction ICICIBANK 970.55 933 942 958 966 982 990 1006
• NBCC has signed an agreement with Kerala State Housing Board for a project
worth Rs 2,000 crore. The work involves development of 17.9 acres of land INFY 1469.6 1384 1409 1432 1458 1480 1506 1529
parcel in Kochi. ITC 442.65 424 431 437 443 449 455 462
Pharmaceuticals
KOTAKBANK 1793.2 1714 1736 1761 1783 1809 1831 1857
• Cipla South Africa, a wholly-owned subsidiary of Cipla, signed a binding term
sheet with Actor Holdings (Pty) to acquire Actor Pharma (Pty) Ltd. LT 2901.6 2482 2593 2705 2817 2929 3041 3153
• Lupin forged a unique collaboration with Mark Cuban Cost Plus Drug Company M&M 1567.55 1516 1537 1563 1585 1610 1632 1658
(Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation,
dedicated to enhancing the lives of COPD patients. This collaboration aims to RELIANCE 2448.2 2354 2380 2405 2431 2456 2481 2506
bolster access to healthcare by expanding the availability of Tiotropium
Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US. SBIN 583.45 547 557 567 578 588 598 608
Auto Ancillaries TCS 3441.9 3268 3319 3362 3414 3457 3509 3552
• Varroc Engineering along with its subsidiaries viz. Varroc Polymers and *Closing as on 08-09-2023
Durovalves India has entered into Power Purchase Agreement with AMP
Energy C&I Twenty One, AMP Energy C&I Twenty and AMP Energy C&I Twenty
Two (hereinafter referred to as “SPVs”) respectively, for acquisition of 26%
stake in the said SPVs for establishing Renewable Power Plants in
Maharashtra having combined captive capacity of 33.10 MWp / 22.01 MWac,
under Captive Power Scheme. FORTHCOMING EVENTS
• Tata Steel and ABB India have signed a Memorandum of Understanding (MoU)
and will work together to co-create innovative models and technologies to Meeting Date Company Name Board Meeting Purpose
help reduce the carbon footprint of steel production. ABB will bring global
experience in automation, electrification and digitalization for the mining 15-Sep-23 Bajaj Holdings Interim Dividend
and metals industries. 19-Oct-23 UltraTech Cem. Quarterly Results
Oil & Gas 19-Oct-23 Coforge Quarterly Results, Interim Dividend
• Adani Total Gas (ATGL) has secured a contract from the Ahmedabad Municipal Ex Date Company Name Dividend
Corporation (AMC) for a 500 tpd bio-CNG plant in Ahmedabad, Gujarat. Under 11-Sep-23 Gujarat Gas 332.5% Final Dividend
the contract, ATGL will be responsible for designing, building, financing, and
operating the plant on a public-private partnership (PPP) model. 12-Sep-23 AIA Engineering 800% Dividend
• Patel Engineering Limited (PEL), joint venture, has bagged a Rs 1,275.30 13-Sep-23 Hinduja Global 25% Final Dividend
crore order in Madhya Pradesh. The contract was awarded by Madhya 14-Sep-23 Radico Khaitan 150% Final Dividend
Pradesh Jal Nigam, Patel Engineering said, adding its share in the JV project 14-Sep-23 Prestige Estates 15% Final Dividend
is Rs 446.36 crore. 15-Sep-23 Natl. Aluminium 20% Final Dividend
• Patel Engineering Limited (PEL) said its joint venture has bagged a Rs 15-Sep-23 Phoenix Mills 250% Final Dividend
1,275.30 crore order in Madhya Pradesh.
15-Sep-23 IRFC 7% Final Dividend
INTERNATIONAL NEWS 15-Sep-23 Jindal Stain. 75% Final Dividend
• US services PMI rose to 54.5 in August from 52.7 in July, with a reading above 15-Sep-23 Multi Comm. Exc. 190.9% Dividend
50 indicating growth in the sector. The increase surprised economists, who 18-Sep-23 GNFC 300% Final Dividend
had expected the index to edge down to 52.5.
18-Sep-23 Mastek 240% Final Dividend
• US trade deficit increased to $65.0 billion in July from a revised $63.7 billion
in June. Economists had expected the trade deficit to rise to $65.8 billion 18-Sep-23 Container Corpn. 40% Final Dividend
from the $65.5 billion originally reported for the previous month. 18-Sep-23 Glenmark Pharma. 250% Final Dividend
• US factory orders tumbled by 2.1 percent in July after surging by 2.3 percent 18-Sep-23 Indiabulls Hous. 62.5% Final Dividend
in June. Economists had expected factory orders to plunge by 2.6 percent. 20-Sep-23 Sunteck Realty 150% Final Dividend
• Euro area retail sales fell for the first time in four months and at a slightly 20-Sep-23 Bharat Dynamics 12% Final Dividend
faster than expected pace in July, led by a slump in sales of auto fuel. Retail 20-Sep-23 Rail Vikas 3.6% Final Dividend
sales decreased 0.2 percent month-on-month in July, which was slightly
faster than the 0.1 percent fall economists had expected. 21-Sep-23 Swan Energy 10% Final Dividend
• China's exports continued to fall in August but the pace of decline slowed 21-Sep-23 Cochin Shipyard 30% Final Dividend
more than expected. Exports slid 8.8 percent on a yearly basis in August but 21-Sep-23 SJVN 6.2% Final Dividend
slower than the 14.5 percent decline in July, the General Administration of 22-Sep-23 Finolex Cables 350% Final Dividend
Customs reported. Moreover, the pace of decline was slower the economists' 22-Sep-23 HFCL 20% Final Dividend
forecast of 9.2 percent.
22-Sep-23 Hindustan Copper 18.4% Final Dividend
• The monetary base in Japan climbed 1.2 percent on year in August, coming in
at 667.447 trillion yen. That was well above forecasts for a decline of 0.7 22-Sep-23 KNR Construct. 12.5% Final Dividend
percent following the upwardly revised 1.3 percent contraction in July 22-Sep-23 Dixon Technolog. 150% Final Dividend
(originally -1.4 percent). 22-Sep-23 Gujarat Fluoroch 200% Final Dividend

4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
4.00% 6.00%
3.58%
3.43%
3.50%

2.93% 5.00% 4.92%

3.00% 2.86%

2.50% 2.42%
4.20%

1.98% 4.00%
2.00%
3.54%
1.62%
3.31%
1.50%
3.00%
1.00%

0.50% 2.05%
2.00% 1.89% 1.85%
1.59%
0.00%
1.36%
NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500
1.10% 1.05%
SMC Trend 1.00%

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

0.00%
AUTO COMMODITIES CONSUMPTION ENERGY FIN SERVICE FMCG INFRA METAL PHARMA REALTY SERV SECTOR

GLOBAL INDICES (% Change) SMC Trend

Auto Commodities Consumption Energy Fin Service
1.50%
FMCG Infra Metal Pharma Realty Serv Sector

1.00% 0.86%

0.50%
FII/FPI & DII ACTIVITY (In Rs. Crores)
0.00%

-0.21%
-0.35% -0.31%
-0.50%

-1.00%
-0.97% -0.98%

-1.50% -1.38%
-1.43%

-2.00%
-2.02%

-2.50%
Nasdaq Comp. Dow Jones S&P 500 Nikkei Strait Times Hang Seng Shanghai Comp. FTSE 100 CAC 40

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

Up Down Sideways

BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
7.00 18.00

15.66
5.80 16.00
6.00
5.40
14.00
5.00
12.00
4.00
4.00
3.43 10.00

3.00 2.74 8.00

5.75
2.00 6.00 5.34
3.96 3.90
4.00
1.00
2.00
0.00
0.00
-0.47 -0.47 -0.37 -0.31
-1.00 -0.49 -0.40
-2.00 -1.31
-1.65
-1.34
-2.00 -1.60 -4.00
HCL Larsen & Wipro Tech UltraTech M&M Axis Bank Maru Asian Paints ICICI Bank Coal India HCL Larsen & Wipro Apollo M&M Axis Bank Maru Suzuki Asian Paints ICICI Bank
Technologies Toubro Mahindra Cem. Suzuki Technologies Toubro Hospitals

5
 EQUITY Beat the street - Fundamental Analysis
AMBUJA CEMENTS LIMITED CMP: 439.10 Target Price: 525 Upside: 20%
VALUE PARAMETERS Investment rationale basis. Cost reduced by Rs, 348 PMT mainly driven by
cost reduction journey and expected to further
Face Value (Rs.) 2.00 Ÿ Ambuja Cements Limited, part of the Adani Group, is
reduce given the various initiatives outlined. Cost
among India's leading cement companies. Ambuja,
52 Week High/Low 598.15/315.30 reduction is attributable to 20% fall in energy costs
with its subsidiary ACC Ltd. has a capacity of 67.5
given the coal tie-ups and reduction in kiln fuel by
M.Cap (Rs. in Cr.) 87189.68 million tonnes with fourteen integrated cement
17% on a Y-o-Y basis at INR2.07 per 1000 kcal.
manufacturing plants and sixteen cement grinding
EPS (Rs.) 11.73 units across the country. RISK
P/E Ratio (times) 37.43 Ÿ The company announced the acquisition of Sanghi • High Commodity price
P/B Ratio (times) 3.27 Industries Ltd (SIL) at an enterprise value of Rs 5,000
• Economic slowdown
crore. It will acquire 56.74% shares of SIL from its
Dividend Yield (%) 0.57
existing promoter group, Mr Ravi Sanghi & family. The VALUATION
Stock Exchange BSE acquisition will be fully funded through internal
The company witnessed strong demand for its
accruals. Sanghi Industries Ltd (SIL) has clinker
premium cement products in Q1FY2024; growth was
% OF SHARE HOLDING capacity of 6.6 MTPA (million tonnes per annum),
fueled by various competences in operational
cement capacity of 6.1 MTPA and limestone reserves of
excellence, supply chain management and sales &
1 billion tonnes. With this acquisition, Ambuja
7.74 marketing excellence. The company`s focus towards
13.12
Cements’ capacity will increase to 73.6 MTPA.
Foreign cost reduction and capacity additional indicates robust
14.39 Ins tu ons Ÿ Its plans to increase its cement production capacity to operational performance going forward. Thus, it is
Non Promoter Corporate Holding 140 MTPA by 2028 with 35 brand units. With recent expected that the stock will see a price target of Rs.
1.61 Promoters acquisition and the ongoing capex of 14 MTPA in 6 new 525 in 8 to 10 months time frame on a three year
63.15
Public & Others facilities already announced by the company and average P/BV of 2.97x and FY24 (E) BVPS of Rs.176.87.
commissioning of 5.5 MTPA capacities at Dahej and
Ametha by Q2 of FY24, the Adani Group’s capacity will P/BV Chart
be 101 MTPA by 2025.
FINANCIAL PERFORMANCE ` in cr
Ÿ According to the management, the company is
800.00
700.00
ACTUAL ESTIMATE
working on structural initiatives to become the cost 600.00
FY Mar-23 FY Mar-24 FY Mar-25 leader in the Indian cement industry. It has guided for 500.00

Revenue 38,937.03 34,982.04 37,603.20 a total cost reduction of over Rs. 400 per ton under 400.00
300.00
Ebitda 5,441.41 6,658.05 7,593.87 three broad segments, which are energy cost, freight
200.00
Ebit 3,796.74 4,834.41 5,526.07 and forwarding, manpower and admin.
100.00
Net Income 2,583.40 3,416.09 3,985.94 Ÿ In Q1FY2023, net revenue up by 9% YoY, at Rs. 8,713 Cr. 0.00

EBITDA rose by 55%, at Rs. 1,930 Cr. and EBITDA margin

07-Sep-18

08-Jan-19

04-Jul-19
03-Sep-19

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26-Jun-20
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08-May-19

31-May-22

19-May-23
EPS 12.64 16.74 17.93
BVPS 159.64 176.87 194.65 expanded by 6.7% from 15.5% to 22.2%. The volume of
RoE 6.05% 9.51% 9.75%
premium product has increased by 10% on a Y-o-Y 1.35 2.40 3.45 4.50 Close Price

AARTI DRUGS LIMITED CMP: 616.00 Target Price: 722 Upside: 17%
VALUE PARAMETERS Investment rationale Ÿ The management of the company expects margins to
improve sequentially, with a target of achieving
Ÿ Aarti drugs limited (ADL) is engaged in the 14.5% to 15% EBITDA margins by the end of the
Face Value (Rs.) 10.00 manufacturing of Active Pharmaceutical Ingredients current financial year driven by entry into the
52 Week High/Low 645.00/310.80 (APIs), Pharma Intermediates and Specialty Chemicals dermatology product segment and market
with its wholly-owned subsidiary- Pinnacle Life expansion. Moreover, the management anticipates a
M.Cap (Rs. in Cr.) 5704.16 Science Private Limited. Products under APIs include robust growth trajectory in all segments in the
Ciprofloxacin Hydrochloride, Metronidazole, coming days.
EPS (Rs.) 19.37
Metformin HCL, Ketoconazole, Ofloxacin etc. whereas
P/E Ratio (times) 31.80 Specialty Chemicals includes Benzene Sulphonyl RISK
Chloride, Methyl Nicotinate etc .
P/B Ratio (times) 4.78 • Strict Regulatory Norms
Ÿ It has total 12 manufacturing facilities out of which 9
Dividend Yield (%) 0.18 manufacturing facilities are in Maharashtra, 2 • Currency fluctuation
Manufacturing facilities in Gujarat and 1 VALUATION
Stock Exchange BSE Manufacturing facility of Pinnacle is located at
Himachal Pradesh. Within the API business, the The company has expanded its operation worldwide
% OF SHARE HOLDING antibiotic therapeutic category contributed ~48%, and continues to expand further in European Continent
anti-diabetic ~13%, anti-protozoal ~17%, anti- along with positive synergy through tie ups which
2.76
1.06 inflammatory ~11%, antifungal ~7% and the rest would help to show strong track record in the
4.72
contributed ~4% to total API sales for Q1 FY24. subsequent financial years. Moreover, its Anti Diabetic
Foreign products are expected to generate good double digit
32.77
Ins tu ons Ÿ On the development front, the company is entering growth in the revenue in coming years. Thus, it is
Non Promoter Corporate Holding the methylamine-based products segment through expected that the stock will see a price target of
Promoters backward integration. It has diversified client base, Rs.722 in 8 to 10 months time frame on current P/Bv of
Public & Others including most of the major pharmaceuticals players 4.78x and FY24 BVPS of Rs.151.12.
58.7
in India, European and Gulf countries.
Ÿ In the Q1FY24, it has recorded decent performance P/BV Chart
with a 6.3% YoY growth in consolidated revenue.
FINANCIAL PERFORMANCE ` in cr Standalone revenue for Q1 FY '24 grew by 7.3% YoY,
1800.00
1600.00
ACTUAL ESTIMATE with 68% of revenue coming from the domestic market 1400.00

FY Mar-22 FY Mar-23 FY Mar-24 and 32% from the export market. Domestic sales of the 1200.00
API segment grew significantly supported by 18% 1000.00
Revenue 2488.65 2716.05 3149.50 volume increase and rising demand. 800.00
Ebitda 329.44 305.61 440.90 600.00
Ÿ The management of the company has planned a total 400.00
Pre-tax Profit 269.96 224.18 349.00 capex of Rs.250 crores to Rs.350 crores for the fiscal 200.00
Net Income 205.04 166.31 261.70 year, including expansion plans for the dermatology 0.00
and Specialty Chemicals segments. Moreover, the
07-Sep-18

14-Jan-19

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20-Sep-19

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20-May-19

29-May-20

EPS 22.12 17.97 28.30

implementation of new projects is expected to lead to
BVPS 111.92 128.84 151.12 improved growth prospects for the company in the
RoE 21.03% 14.92% 20.20% future. 1.95 5.35 8.75 12.15 Close Price

Source: Company Website Reuters Capitaline

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

HDFC LIFE INSURANCE COMPANY LIMITED (HDFCLIFE)

The stock closed at Rs 657.45 on 08th September, 2023. It made
(DALBHARAT) a 52-week low of Rs 457.80 on 16th March, 2023 and a 52-week
high of Rs.690.85 on 13th July, 2023. The 200 days Exponential
Moving Average (DEMA) of the stock on the daily chart is
currently at Rs 593.

After testing its 52 week low of 457.80 in March 2023, the stock
witnessed almost a V shape recovery and once again caught up a
momentum above its 200 days exponential moving average on
weekly charts. Few weeks ago, the stock has managed to
surpass above its key resistance level of 620 levels, but on the
back of profit booking once again a pullback has been seen into
the prices. The stock has retested its support and bounced back
once again last week. Technically the stock has given a fresh
breakout above the Bullish Flag pattern on weekly charts along
with positive divergences on secondary oscillators. Therefore,
one can buy the stock in the range of 650-655 levels for the
upside target of 700-710 levels with SL below 620 levels.

TATA CHEMICALS LIMITED (TATACHEM)

The stock closed at Rs 1085.30 on 08th September, 2023. It
(MPHASIS) made a 52-week low at Rs 876.80 on 26th December, 2022 and a
52-week high of Rs 1214.90 on 11th October, 2022. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs 1000

The stock has been witnessing a consolidation phase in a

broader range of 960-1060 levels from last more than 6-7
months with prices seen flirting around its 200 days exponential
moving average on daily charts. Last week a fresh breakout has
been observed on charts as stock has managed to surpass above
its key resistance zone with rising volumes. The fresh
momentum into the prices along with rise in volumes suggests
for next up move into the stock. Therefore, one can buy the
stock in the range of 1075-1085 levels for the upside target of
1180-1190 levels with SL below 1010 levels.

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

Charts by RELIABLE SOFTWARE

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

7
 DERIVATIVES
WEEKLY VIEW OF THE MARKET
On the weekly chart, both the Nifty and Bank Nifty indices closed with gains of over 1%. However, Bank Nifty showed weaker performance as compared to Nifty.
The market saw notable outperformance in energy, infra, IT and media stocks. On the flip side, there was a trend of profit-taking in FMCG stocks. In the analysis
of derivative data for Nifty, the highest call writing was observed at the 20,000 and 19,900 strikes. Conversely, the highest put open interest was found at the
19,600 and 19,700 strikes. For Bank Nifty, the highest call open interest was seen at the 46,000 strike, followed by the 45,500 strike. On the put side, the highest
open interest was noted at the 45,000 strike. Turning to implied volatility (IV), call options for Nifty settled at 9.20%, while put options concluded at 10.35%. The
Nifty VIX, a measure of market volatility, ended the week at 10.87%. The Put-Call Ratio Open Interest (PCR OI), standing at 1.53 for the week, indicated a higher
inclination towards put writing over calls. Looking ahead to the upcoming week, it is anticipated that Nifty's trading range will be between the psychological
levels of 20,000 and 19,500. Traders are advised to closely monitor the India VIX, as it is trading near a support level. A rebound in India VIX could be expected in
the coming weeks. The prevailing viewpoint suggests adopting a "buy on dips" approach as long as Nifty remains above the 19,500 level.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
TCS TATAMOTORS VEDL

BUY SEP 3460 CALL 51.00 BUY SEP 630 CALL 14.50 BUY SEP 235 PUT 5.55
OPTION SELL SEP 3520 CALL 27.60 SELL SEP 650 CALL 7.25 SELL SEP 225 PUT 2.45
STRATEGY Lot size: 175 Lot size: 1425 Lot size: 2000
BEP: 3483.40 BEP: 637.25 BEP: 231.90

Max. Profit: 6405.00 (36.60*175) Max. Profit: 18168.75 (12.75*1425) Max. Profit: 13800.00 (6.90*2000)
Max. Loss: 4095.00 (23.40*175) Max. Loss: 10331.25 (7.25*1425) Max. Loss: 6200.00 (3.10*2000)

BUY IEX (SEP FUTURE) SELL PIDILITIND (SEP FUTURE) SELL DRREDDY (SEP FUTURE)
Buy: Above `144 Sell: Below `2470 Sell: Below `5566
FUTURE
Target: `153 Target: `2364 Target: `5435
Stop loss: `139 Stop loss: `2526 Stop loss: `5635

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

In lakhs In lakhs

13.90
70.00

13.36
15.00
60.29

60.00
10.00

50.00
44.67

5.69
4.93
4.78
4.29

3.90
3.90
3.76
5.00
3.57

2.96
40.00
32.24

1.20
0.18
26.43

25.76

30.00
0.00
22.52

22.08
20.00

-0.09

-0.09
19.42

-0.25
18.70
18.68

-0.61
15.93

20.00
-1.70
15.02

14.41
13.16
11.67

-2.99
11.51
10.49

-5.00
9.10

9.03

-4.71
-5.15

10.00
3.46

2.52

-7.30

0.00 -10.00
18000 18500 19000 19200 19300 19400 19500 19600 19700 19800 20000 18000 18500 19000 19200 19300 19400 19500 19600 19700 19800 20000
Call Put Call Put

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

In 10,000 In 10,000
130.27

140.00 40.00
33.89

120.00 30.00

100.00
20.00
12.67
12.33
78.37

76.18

9.47

80.00
70.16

9.05
69.55

8.78
67.39

10.00
6.33
6.04

3.65
57.49

2.55
1.50

1.39

60.00
0.38
0.17
0.07

0.05
46.67

42.40

0.00
40.76
40.62

40.25

-0.11
34.94

-0.93
32.03
31.39

40.00
-2.95

-3.68
-5.09

-10.00
15.93
13.81

20.00
7.00

6.38

4.97
3.49

2.69

-20.00
-17.40

0.00
42000 43000 43500 44000 44500 45000 45500 46000 46500 47000 48000 42000 43000 43500 44000 44500 45000 45500 46000 46500 47000 48000
Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
07-Sep 06-Sep 05-Sep 04-Sep 01-Sep 07-Sep 06-Sep 05-Sep 04-Sep 01-Sep
DISCOUNT/PREMIUM 41.65 47.80 78.65 80.00 76.80 DISCOUNT/PREMIUM 166.80 234.95 233.90 203.20 165.40
COST OF CARRY% 0.70 0.70 0.71 0.70 0.66 COST OF CARRY% 0.72 0.73 0.72 0.73 0.73
PCR(OI) 1.43 1.42 1.41 1.39 1.42 PCR(OI) 0.97 0.93 0.94 0.97 0.96
PCR(VOL) 1.28 1.26 1.35 1.40 1.16 PCR(VOL) 0.97 0.98 1.09 1.13 1.00
A/D RATIO(NIFTY 50) 1.88 1.13 1.45 1.88 4.44 A/D RATIO(BANKNIFTY) 11.00 0.20 0.71 1.40 11.00
A/D RATIO(ALL FO STOCK)* 1.67 1.25 1.70 2.08 2.61 A/D RATIO(ALL FO STOCK)# 14.00 0.15 1.14 1.50 6.50
IMPLIED VOLATALITY 9.20 8.96 8.97 9.25 9.73 IMPLIED VOLATILITY 10.93 10.89 10.94 11.20 11.26
VIX 10.87 10.68 10.82 10.96 11.37 VIX 10.87 10.68 10.82 10.96 11.37
HISTORICAL VOLATILITY 15.56 15.58 15.61 15.65 15.68 HISTORICAL VOLATILITY 20.17 20.17 20.22 20.27 20.32
*All Future Stock *All Future Stock

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

In Cr. In Cr.
2000

17100
1367

20000
1500
15000
674

1000
559

269

500
150

10000
99

4188
0

1330
5000

1160

856
-13

-33

-500
0
-439

-1000

-1173
-5000

-2496
-1500

-2000 -10000

-8004
-2500 -15000

-12838
- 2490

-14471
-3000
-20000
25-Aug 28-Aug 29-Aug 30-Aug 31-Aug 01-Sep 04-Sep 05-Sep 06-Sep 07-Sep 25-Aug 28-Aug 29-Aug 30-Aug 31-Aug 01-Sep 04-Sep 05-Sep 06-Sep 07-Sep

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng
NATIONALUM 99.80 1.73% 67500000 35.85% BSOFT 516.05 -3.02% 7954000 15.78%
COFORGE 5610.35 3.14% 1582050 34.36% BERGEPAINT 698.30 -1.80% 8527200 10.65%
GLENMARK 795.70 4.77% 7719800 33.23% SHRIRAMFIN 1904.60 -1.13% 7110600 10.49%
CHAMBLFERT 289.45 2.99% 15048000 29.37% SBICARD 839.45 -0.61% 7864000 9.67%
COALINDIA 274.65 15.11% 83848800 21.81% RBLBANK 237.00 -1.21% 43550000 7.77%
IGL 478.95 2.29% 11816750 19.86% MANAPPURAM 145.55 -4.87% 77448000 7.41%
CANFINHOME 777.00 1.50% 4374825 19.69% AXISBANK 982.00 -1.14% 41420625 6.40%
LUPIN 1142.90 3.90% 6652950 18.95% HINDCOPPER 162.30 -3.13% 34656700 3.38%
IEX 138.80 4.60% 58357500 18.78% ASHOKLEY 183.05 -1.29% 85360000 3.38%
LTTS 4628.15 3.27% 700200 18.56% M&M 1572.25 -1.80% 14455000 0.43%

Note: All equity derivative data as on 07th August, 2023

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

9
 COMMODITY
SPICES
Turmeric prices are expected to trade sideways and may keep bias on positive
side. Supplies have been down due to lean arrivals period. Festive buying has
increased in recent weeks that prompted millers to buy turmeric at every dips in
prices. Crop prospects are weaker for upcoming season as area under turmeric
has dropped mainly in Maharashtra and Telangana that is supporting prices.
However, crop condition is expected to improve in wake of forecast of good
rainfall ahead in Sep. IMD has projected that rainfall activity is likely to be above
normal over most parts of south Peninsular India and over Central India that will
facilitate the crop progress. NCDEX has imposed Event based Additional
Surveillance Margin (E-ASM) of all running contract of turmeric till 20thSep that
will cap the gains in turmeric prices. About 227 thousand MT of arrivals was
reported since Apr’23 so far as compared to of 196 thousand tonnes of previous
year but most of the arrivals are inferior quality. Turmeric Oct prices are likely to
trade in range of 13000-17400.
Jeera futures are likely to remain higher due to shrinking supplies in the local
market. Increased festive demand and limited availability of quality crops in the
market is prompting miller to buy with every dip in prices. According to FISS
forecasts, cumin demand is projected to surpass 85 lakh bags this year, while the
expected production stands at 65 lakh bags. Export demand has been subdued in
recent weeks as Indian jeera prices remained un competitive in global market.
China has reduced its buying that capped the gains in prices. During April-June
2023, jeera exports increased by 13.16% compared to the same period in 2022,
reaching 53,399.65 tonnes. Pipelines are drier due to weaker crop and stocks are
likely to remain tighter unless new crop touches the market. Jeera Prices are
likely to trade in range of 58000-67000.
Dhaniya NCDEX Oct prices are likely to trade higher with increased export
demand. India exported about 11.3 thousand tonnes of dhaniya in June’23 as
compared to 2.4 thousand tonnes of previous year. India exported about 46.7
thousand tonnes during time period of Apr-June’23 against the 8.7 thousand
tonnes of previous year. China, Malaysia and UAE have been the major buyers of
Indian coriander in year 2023. Supplies have been declined in recent weeks as
about 2589 tonnes of dhaniya arrived at major APMC mandies across India in first
week of Sep’23 as compared to 4685 tonnes of last year for corresponding week.
most of the stocks are with stockists. Dhaniya prices are likely to trade in range
of 6900-7700.
OTHER COMMODITIES
Cotton prices are likely to trade sideways to down in anticipation of betterment
of crop condition as IMD has projected good rainfall ahead in central India during
Sep. Gujarat witnessed fresh shower of monsoon spell in recent weeks and
expected to see normal rains in coming weeks as well that will facilitate the crop
progress. However, reports of lower acreages will cap the downfall in prices.
Cotton area across India reported at 122.99 Lakh Ha as on 1st Sep in year 2023 Vs
125.64 lakh Ha of previous year. Bleak export demand and muted industrial
buying will put pressure on prices. However, losses are likely to be limited in
wake of weaker production prospects of upcoming season. Cotton MCX Nov
prices are likely to trade in range of 59500-64300 levels. Similarly, Kapas Apr’24
futures are likely to trade in range of 1580-1700 levels.
Cotton seed oil cake NCDEX Dec futures are likely to trade mixed to down on
sluggish buying in domestic market. However, reports of fall in area under cotton
will cap the losses. Price seasonality of cotton seed oil cake suggest prices fall in
Sep. Cocud prices are likely to trade in range of 2700-2950 levels.
Guar seed Oct futures are expected to trade higher because of increased spot
demand. Stockists are active in anticipation of fall in production and yield as
drier weather condition in Rajasthan has hit the crop progress badly. Area under
guar is already down by 10%-12% in year 2023 and now a bleak yield prospect is
likely to keep production down. Demand of guar derivative products has
increased that will support guar prices. India exported about 132.7 thousand
tonnes of guar meal during Oct’22-Jun’23 as compared to 92.7 thousand tonnes
of previous year. Guar seed prices are likely to face resistance near 6800 whereas
support is likely to be seen at 600. Gum prices are likely to trade in range of
11400-14500 levels.
Mentha oil Sep contract is expected to higher on active demand in physical
market. Stockists are showing buying interest with emerging fresh export
enquires for menthol. Overall production of mentha oil is likely to be down on
yearly basis due to lower acreages that will cap the downfall in prices. Mentha
oil prices are likely to trade in range of 950- 1040.
Castor seed prices are likely to trade mixed to down on reports of rise in area
under castor in Gujarat. Reports of higher area under castor will keep prices
under pressure as about 8.53 lakh Ha was sown under castor as on 1st Sep across
India Vs 7.26 lakh Ha of previous year. However, prevailing weather concerns in
Gujarat will cap the losses. Castor seed Oct prices are likely to trade in range of
5900-6600 levels.
OUTLOOK
BULLIONS
Gold prices experienced a weekly decline driven by the sustained strength of the
U.S. dollar and stable Treasury yields. This trend was primarily influenced by
robust U.S. economic data, which raised concerns that the Federal Reserve
would maintain higher interest rates for an extended period. The U.S. dollar was
on the cusp of its lengthiest weekly winning streak in nine years, fuelled by a
series of resilient economic indicators. A noteworthy development was the
unexpected drop in new state unemployment benefit claims to their lowest level
since February. Concurrently, U.S. Treasury yields initially rose following
positive jobs data but subsequently receded as investors closely monitored
statements from various Federal Reserve officials. New York Fed President John
Williams adopted a cautious approach to future interest rate policies,
acknowledging a decline in inflation and a more balanced economy. This
suggests that there may be no rush to implement a rate hike later in the month.
Dallas Fed President Lorie Logan, on the other hand, suggested that while
skipping an interest rate increase in September could be considered, additional
policy tightening would likely be necessary to bring inflation down to the target
of 2% in a timely manner. Furthermore, China's gold reserves increased from
68.69 million ounces at the end of July to 69.62 million fine troy ounces by the
end of August, as indicated by data. In addition, the Commodity Futures Trading
Commission (CFTC) reported that speculative net positions in gold reached
123.3K, a significant increase compared to the previous figure of 101.9K. Comex
Gold and Silver exhibit bearish trends within ranges (Gold: $1910-$1950, Silver:
$21.100-$24.300). MCX Gold faces selling pressure (57000-60000), while MCX
Silver suggests selling near resistance (67000-74000).
ENERGY COMPLEX
Crude oil prices surged to their highest levels since November as Saudi Arabia and
Russia extended their voluntary production cuts until year-end, sparking concerns
of winter supply shortages. While market expectations foresaw an extension into
October, the unexpected three-month prolongation raised worries. Front-month
Brent and WTI contracts traded at their widest premiums to future deliveries since
November, indicating a tightening supply for immediate demand, a market
condition known as backwardation. This resulted from the Saudi cuts initiated in
July and optimism surrounding the U.S. economy, diminishing the likelihood of a
severe recession and bolstering oil demand and prices. Since the end of June, both
Brent and WTI futures have witnessed remarkable gains, surging over 20%.
However, fears lingered about increased oil output from Iran and Venezuela,
potentially offsetting some of the cuts by Saudi Arabia and Russia, and thus limiting
the market's upside potential. Ahead in the week, prices may continue to trade
with positive bias, but at present rally looks overstretched and some profit booking
is expected from the higher levels, prices may take support near 6850 levels and
face resistance near 7480 levels. Natural gas prices have slipped to a two-week low
as the temporary surge driven by storms has subsided. Furthermore, concerns
about the Australian workers' strike have eased for the time being. Looking ahead,
price movements will be chiefly influenced by weather patterns and the typical
seasonal weakening trend that prevails leading into October. In its latest report,
the EIA has disclosed a stockpile increase of 33 bcf, which falls short of the expected
41 bcf and is well below the five-year average gain of 60 bcf. Ahead in the week
prices may continue to trade in the wider range of 195-225 levels where buying near
support and selling near resistance advised.
BASE METALS
Base metals may trade with negative bias as weak Chinese economic data and
property woes amid rising inventories may continue to dampen risk sentiment,
though expectations of further policy may support the metal prices. A private-
sector survey showed on Tuesday that China's services activity expanded at the
slowest pace in eight months in August as weak demand continued to disturb the
world's second-largest economy and stimulus failed to meaningfully revive
consumption. In euro zone, the decline in business activity accelerated faster than
initially thought last month. Copper may trade in the range of 710-740. China's
copper imports declined 5% in August from a year earlier, customs data showed, hit
by a faltering economy and depressed demand while domestic producers boosted
output. Copper inventories in LME-registered warehouses piled up to their highest
level since October 2022 to 133,850 tons. Global copper smelting activity was
largely flat in August, with a rebound in top refined producer China offset by weak
readings elsewhere, data from satellite surveillance of metal processing plants
showed. Zinc can trade in range of 210-230 levels. China has rediscovered its
appetite for imports of refined zinc after a prolonged absence from the
international market. China has stepped up domestic output of refined zinc this
year, but the Shanghai market continues to be plagued by low inventory and tight
time-spreads. Lead can move in the range of 183-192 levels. Aluminium can trade in
the range of 194-208 levels. Steel long (Oct) is likely to trade in the range of 45700-
47300 levels. India's steel exports have plummeted by 33% due to sluggish
international demand and intensified competition from Chinese steel producers.
10
INSURANCE

11
INSURANCE

12
INSURANCE

13
INSURANCE

14
 COMMODITY
TREND SHEET
EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX JEERA OCT 62860.00 31.08.23 UP 54000.00 60070.00 - 60000.00
NCDEX TURMERIC OCT 14704.00 31.08.23 SIDEWAYS 15200.00 13800.00 16500.00 -
NCDEX GUARSEED OCT 6435.00 28.06.23 UP 5350.00 6150.00 - 6100.00
NCDEX CASTORSEED OCT 6303.00 15.06.23 UP 5750.00 6030.00 - 6000.00
NCDEX STEEL OCT 46700.00 16.08.23 UP 45200.00 45850.00 - 45800.00
NCDEX COCUD OCT 2680.00 02.08.23 UP 2400.00 2530.00 - 2500.00
MCX MENTHA OIL SEP 966.00 31.08.23 UP 1025.00 935.00 - 930.00
MCX MCXBULLDEX SEP 15745.00 05.09.23 DOWN 15900.00 - 16120.00 16150.00
MCX SILVER DEC 71770.00 05.09.23 DOWN 74000.00 - 74900.00 75000.00
MCX GOLD OCT 58998.00 29.08.23 DOWN 59400.00 - 58100.00 58000.00
MCX COPPER SEP 728.05 06.09.23 DOWN 735.00 - 747.00 750.00
MCX LEAD SEP 187.80 13.07.23 SIDEWAYS 182.00 183.00 193.00 -
MCX ZINC SEP 221.95 31.08.23 SIDEWAYS 220.00 210.00 230.00 -
MCX ALUMINIUM SEP 201.25 30.08.23 DOWN 200.00 - 209.00 210.00
MCX CRUDE OIL SEP 7227.00 12.07.23 UP 6050.00 6920.00 - 6900.00
MCX NATURAL GAS SEP 215.40 31.08.23 UP 230.00 200.50 - 200.00
Closing as on 07.09.2023

TECHNICAL RECOMMENDATIONS
ZINC MCX Contract: SEP *
M.High: 229.40 *
M.Low: 208.70

It closed at Rs. 221.95 on 07th Sep 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs 218.321. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 52.269. Based on both indicators, it is giving a sell
signal.

One can sell near Rs.221 for a target of Rs. 210 with the stop loss of 227.

CRUDE OIL MCX Contract: SEP *

M.High: 7315.00 *
M.Low: 5630.00

It closed at Rs. 7227.00 on 07th Sep 2023. The 18-day Exponential Moving Average of
the commodity is currently at Rs.6525.78. On the daily chart, the commodity has
Relative Strength Index (14-day) value of 66.518. Based on both indicators, it is giving a
buy signal.

One can buy near Rs.7130 for a target of Rs.7650 with the stop loss of 6950.

GUARGUM NCDEX Contract: OCT *

M.High: 14060.00 *
M.Low: 11853.00

It closed at Rs.13208.00 on 07th Sep 2023. The 18-day Exponential Moving Average of
the commodity is currently at Rs.12506.60 On the daily chart, the commodity has
Relative Strength Index (14-day) value of 55.521. Based on both indicators, it is giving a
buy signal.

One can buy near Rs.12950 for a target of Rs. 14000 with the stop loss of 12350.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST
Ÿ China asks fertilizer makers to halt urea exports on price
surge.
Ÿ Govt issues advisory for mandatory stock disclosure of
masur to keep prices in check during festive season.
Ÿ China’s soybean imports in August fell to 9.36 million mt
from July’s 9.73 million mt, according to data published
from China’s General Administration of Customs .
Ÿ Indian reservoir storage level continues to be below last
10 years average. Water level in 27 reservoirs below 50
of normal, says Central Water Commission bulletin.
Ÿ India remains net importer of steel in August. 5.3 lakh
tonnes of steel was imported in August, against exports
of 4.8 lakh tonnes.
Ÿ Saudi Arabia to extend voluntary cut of 1 million barrels
per day until the end of the year according to a
statement released by the official Saudi Press Agency.
Ÿ China's copper imports declined 5% to totalled 473,330
metric tons in August from a year earlier, customs data
showed.
Ÿ US weather agency raises El Nino chances of continuing
till Feb ‘24 to 95%.
Ÿ Copper production in Peru rose 17.7% year-over-year in
July, the Andean country's ministry of energy and mines
said, climbing to an output of 229,728 metric tons of the
red metal in the month.
WEEKLY COMMENTARY
CRB stuck in tight range last week. Bullion couldn’t stay at higher side on terrific rise in
dollar index; which surpassed 105 levels. Gold prices moved little on Thursday, coming under
pressure from strength in the dollar and Treasury yields as signs of sticky inflation pushed up
concerns that the Federal Reserve will maintain its hawkish rhetoric. The prospect of higher
rates bodes poorly for gold, given that they push up the opportunity cost of investing in
bullion. A stronger dollar also diminishes the per-ounce value of the yellow metal. In the
energy complex, crude oil prices jumped whereas natural gas futures broke the crucial
support level. The Saudi quest to get to $90 oil came through on Tuesday when the kingdom,
in an announcement synced with allies Russia, said the million-barrels-per-day cut it
introduced in July will be enforced till December, with the Kremlin contributing an
additional 300,000 barrels daily. The four-week average of U.S. gasoline consumption — the
best gauge of fuel demand — was at 9.033M barrels per day for the week ended Aug. 25
versus the year-ago level of 8.874M. Base metals prices were under pressure. Copper futures
snapped three week gain on weaker economic indications. Lead was in range with downside
bias. Aluminum and zinc prices slipped lower. However, data on Wednesday showed that U.S.
service sector activity grew more than expected in August. Weak economic data in Europe
raises concerns about base-metal demand. Germany's manufacturing orders fell more than
expected in July, further indicating declining demand for goods from the key manufacturing
sector of Europe's largest economy
Agri commodities were too under pressure. Castor seed closed below 6300 due to sluggish
buying in domestic market amid reports of higher area under castor. Cotton oil seeds
September futures declined and December futures rose; hence spread between two
contracts declined. In spices, it was only jeera which gave opportunity to buyers; turmeric
and coriander closed in red territory in wake of improved crop condition in central and
southern region. Coriander prices closed in bearish territory for nonstop sixth week.
Gaurseed and guargum prices were under pressure. Area under guar already down by 10%-
12% in year 2023 and now bleak yield prospects is likely to keep production down. Demand
for guar derivative products has increased that will support guar prices. India exported
about 132.7 thousand tonnes of guar meal during Oct’22-Jun’23 as compared to 92.7
thousand tonnes of previous year.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
8.00% 3.00%
2.47%
6.52%
6.00% 2.00%
1.44%

1.00%
4.00% 3.44%
2.74%
0.00%
1.78%
2.00% 1.33%
-1.00%
-0.93% -0.94%
0.00%
-1.42%
-0.46% -2.00%
-0.81%
-2.00%
-3.00%
-2.48% -2.71%
-4.00%
-4.00%
-4.25%
-4.31%
-6.00% -4.49%
-5.00%
JEERA BAJRA SESAMESEED GUR BARLEY CASTOR GUARGUM DHANIYA TURMERIC COCUD
CRUDEOIL NICKEL ALUMINIUM LEAD COPPER MENTHAOIL NATURALGAS

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 31.08.23 QTY 07.09.23 QTY DIFFERENCE COMMODITY UNIT 01.09.23 QTY 07.09.23 QTY DIFFERENCE
BAJRA MT 0 0 0 ALUMINIUM MT 806 587 -220
BARLEY MT 0 0 0
COPPER KGS 524995 506979 -18016
CASTOR SEED MT 12034 12003 -31
CORIANDER MT 13888 13358 -530 GOLD KGS 604 604 0
COTTONSEED OILCAKE MT 29861 30059 198 GOLD GUINEA GM 2672 2672 0
GUARGUM MT 17336 17526 190
GOLD MINI GM 690700 654200 -36500
GUARSEED MT 26226 25340 -886
ISABGOL SEED MT 87 87 0 LEAD MT 0 0 0
JEERA MT 4867 4960 93 SILVER KGS 83321 79037 -4285
MAIZE MT 0 0 0
SILVER M KGS 40385 40385 0
STEEL MT 432 522 90
TURMERIC MT 1461 1680 219 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) G20 technical workshop on 'Climate Resilient Agriculture’

The Department of Agricultural Research and Education

TURMERIC (NIZAMABAD) 3.19% (DARE), Ministry of Agriculture and Farmers Welfare
organised the workshop from September 4 to 6, which
was attended by about 100 delegates including those
GUR (MUZAFFARNGR) 2.25%
from the G20 member states, invited countries, and
international organisations, an official release said.
BARLEY (JAIPUR) 1.67%
The workshop aligns with the theme of the G20 Indian
Presidency, "One Earth, One Family, and One Future,"
emphasizing unity and harmony for a better world.
GUAR SEED (JODHPUR) 1.64%
Some of the highlights of workshop
• The Workshop aims to bring together experts from around the world to
GUAR GUM (JODHPUR) 1.60% discuss and highlight the challenges of Climate Change and would
emphasize the cooperation and exchange of information to enhance the
WHEAT (DELHI)
skills and competencies of countries in addressing challenges posed by
1.57%
climate change.
• The eminent speakers shared their experiences in their respective
CORIANDER (KOTA) -0.24% countries to achieve resilience in agriculture. They shall also list out
scientific and innovative solutions that are required to address these
emerging challenges to reduce the uncertainty in the agriculture food
CRUDE PALM OIL (KANDLA) -0.72%
systems.
• Minister of State for Agriculture and Farmers Welfare, Ms. Shobha
COTTON SEED OIL CAKE (AKOLA) -1.17% Karandlaje mentioned that agriculture is the most sensitive sector and is
greatly influenced by climate change which is already happening in G 20
Nations. She said that the impacts of climate change are already being
REFINED SOYBEAN OIL (MUMBAI) -1.30% experienced by all of us and hope that the recommendations emanated
from this workshop will give direction towards attaining climate-resilient
COTTON (KADI)
agriculture.
-1.63%
• The delegates from different countries and international organisations
discussed technological, institutional and policy-related needs and
CHANA (DELHI) -1.80% imperatives.
• They also deliberated on scientific and innovative solutions that are
MUSTARD (JAIPUR) -1.83% required to address these emerging challenges to reduce the uncertainty
in the agriculture food systems.
• They reiterated that by adopting climate-resilient crop varieties,
SOYABEAN (INDORE) -2.33%
managing the natural resources and imparting capacity building to the
farmers and other stakeholder’s climate resilience can be achieved.
JEERA (UNJHA) - 3.64% • Secretary DARE reiterated that Agriculture in India is highly vulnerable to
climate change and variability. In recent years, the frequency of climatic
-4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% extremes has increased resulting in increased risks to agricultural
production and food security all over the World, including India and
emphasized that the efforts of ICAR are very significant in meeting the
challenges of climate change.
WEEKLY STOCK POSITIONS IN LME (IN TONNES) • The delegates had been taken on an excursion visit to ICAR-Indian
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE Institute of Millets Research (IIMR) Hyderabad to showcase the scientific
01.09.23 07.09.23 advances made in the field of research on Millets as part of the
International Year of Millets 2023.
ALUMINIUM 506400 501475 -4925.00
• India is looking forward to strengthening its Scientific Research and
COPPER 107425 133850 26425.00 Development initiatives in the field of Millet and cooperating with other
NICKEL 37170 37386 216.00 countries to help them develop these crops in their countries.
• According to the deputy director general of Indian Council of Agricultural
LEAD 55350 54275 -1075.00 Research, the workshop resulted in a common understanding between the
ZINC 153575 145175 -8400.00 countries present on knowledge sharing as each country may be facing
different challenges arising out of climate change.
• India is one of the leading countries to have invested heavily in climate
change research and climate resilient agriculture technologies, which are
PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) very robust and strong.
COMMODITY EXCHANGE CONTRACT 01.09.23 07.09.23 CHANGE% • India developed large varieties of crops for different climate extremes –
long winters, heat, and crops that can withstand even extreme climate
ALUMINIUM LME CASH 2237.00 2196.00 -1.83% events such as cyclones
COPPER LME CASH 8500.50 8321.00 -2.11%
LEAD LME CASH 2248.50 2229.50 -0.85%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 21085.00 20482.00 -2.86% Commodity Exchange Contract Unit 01.09.23 07.09.23 Difference(%)
ZINC LME CASH 2485.50 2479.50 -0.24% Soybean CBOT NOV Dollars Per Bushel 13.69 13.59 -0.73%
GOLD COMEX OCT 1957.80 1933.30 -1.25%
Soybean oil CBOT DEC Cents per Pound 63.29 60.78 -3.97%
SILVER COMEX SEP 24.33 23.04 -5.31%
Cotton ICE DEC Cents per Pound 89.95 85.38 -5.08%
CRUDE NYMEX SEP 85.55 86.87 1.54%
NATURAL GAS NYMEX SEP 2.77 2.58 -6.73% CPO BMD NOV MYR per MT 4,040.00 3,832.00 -5.15%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Mild Bullish Bearish Bearish Sideways Mild Bearish Mild Bearish Sideways Mild Bullish
TERRITORY Neutral Neutral Neutral Neutral Borderline Neutral Borderline Overbought
SUPPORT 82.70 88.20 103.00 55.20 1.0600 1.2310 145.50 103.60
RESISTANCE 83.45 90.25 104.60 57.50 1.0950 1.2630 147.80 105.80

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact The dollar index is on a remarkable eighth consecutive
weekly advance, surging towards the 105 mark. Robust
12-Sep 11:30 GBP Unemployment Rate JUL 4.20% 4.20% Neutral for GBP
economic data has provided the Federal Reserve with
13-Sep 11:30 GBP GDP MoM JUL 0.50% -0.30% Negative for GBP more room to maintain a hawkish stance for an extended
13-Sep 18:00 USD Core Inflation Rate YoY AUG 4.70% 4.50% Neutral for USD period. In a surprising turn, new unemployment claims in
the United States dropped to their lowest level in over six
13-Sep 18:00 USD Core Inflation Rate MoM AUG 0.20% 0.20% Neutral for USD months during the final week of August, defying market
13-Sep 18:00 USD Inflation Rate YoY AUG 3.20% 3.40% Neutral for USD expectations of a modest increase. This data challenges
recent indicators suggesting a slight softening in the US
13-Sep 18:00 USD Inflation Rate MoM AUG 0.20% 0.40% Neutral for USD labor market. The dollar index has been in an uptrend
14-Sep 17:45 EUR ECB Interest Rate Decision 4.25% 4.25% Negative for EUR since hitting a low of 99.2 in mid-July this year. It recently
broke through the 104.63 swing high, indicating strength in
14-Sep 18:00 USD PPI MoM AUG 0.30% 0.40% Neutral for USD the dollar's move towards the 105 level. However, the
14-Sep 18:00 USD Retail Sales MoM AUG 0.70% 0.40% Negative for USD current trading setup above 105 is considered overbought,
suggesting limited upside potential for now. This may
result in a correction or consolidation in the coming
Major Macroeconomic Indicators sessions. If the dollar index experiences a small correction
or consolidation from this overbought territory, it could
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates return to neutral territory, reaffirming its overall bullish
China 3.45% -0.30% Jul 2.67% 6.30% Jun 3.75% trend. In the upcoming week, major events like the US
inflation report, expected to remain stable, and the ECB
Euro Area 4.25% 5.30% Aug - 0.50% Jun -1.05% Interest Rate Decision, where a rate hike pause is
France 4.25% 4.80% Aug 3.15% 1.00% Jun -0.55% anticipated, may influence the dollar index's movement
above the 105 threshold. The USD/INR pair is also
Germany 4.25% 6.10% Aug 2.62% -0.20% Jun -1.85% influenced by the dollar index's momentum, pushing it
India 6.50% 7.44% Jul 7.17% 7.80% Jun -0.94% towards the 83.28 levels in the near month futures
contract. Weakness in Asian currencies like the Japanese
Italy 4.25% 5.53% Aug 4.36% 0.40% Jun -1.28% yen and Chinese yuan, both trading at multi-month lows,
Japan -0.10% 3.30% Jul 0.66% 2.00% Jun -3.40% has added pressure to the Indian rupee. Currently, all three
major Asian central banks (Japan, China, and India) are
United Kingdom 5.25% 6.80% Jul 4.47% 0.40% Jun -1.55% focused on maintaining currency volatility and stability
United States 5.50% 3.20% Jul 4.28% 2.60% Jun 2.30% through interventions, as all three currencies are trading
near multi-month lows.
Dollar Rupee (USD-INR) Euro Rupee (EUR-INR)

USD/INR(SEPT) pair is currently in an Mild Bullish trend as trading above its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
82.85. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 64.2 on the daily chart. Major support is seen around 82.7 levels, while
resistance is expected near 83.45 levels.
One can buy near 82.9 for the target of 82.5 with the stop loss of 82.6
EUR/INR(SEPT) pair is currently in an Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
89.7. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 40 on the daily chart. Major support is seen around 88.2 levels, while
resistance is expected near 90.25 levels.
One can sell near 89.5 for the target of 88.5 with the stop loss of 90

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

GBP/INR(SEPT) pair is currently in an Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
104.6. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 37.7 on the daily chart. Major support is seen around 103 levels, while
resistance is expected near 104.6 levels.
One can sell near 104 for the target of 103 with the stop loss of 104.5
JPY/INR(SEPT) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
56.75. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 39.5 on the daily chart. Major support is seen around 55.2 levels, while
resistance is expected near 57.5 levels.
One can buy near 56 for the target of 57 with the stop loss of 55.5

18
 IPO
SMC Ranking
EMS LIMITED (2/5)
Issue Highlights About the Company
Incorporated in 2012, EMS Limited previously known as EMS Infracon, is engaged in the business of
Industry Waste TreatmentPlant providing water and wastewater collection, treatment, and disposal services. As on March 24, 2023,
Offer for sale (Shares) 8,294,118 EMS is operating and maintaining 13 projects including WWSPs, WSSPs, STPs & HAM aggregating Rs.
Fresh Issue (Shares) 6,930,806 13890.90 Crore & 5 O&M projects aggregating to Rs. 992.80 Crore i.e. unbilled amount as of February 28,
2023, spread across five states.
Net Offer to the Public 15,224,924
Issue Size (Rs. Cr.) 304-322 Strength
In house designing, engineering and execution team: The company has been focusing on design
Price Band (Rs.) 200-211
capabilities for complex and critical projects such as process description, process calculations,
Offer Date 8-Sep-23 hydraulic calculations, design codes and standards, master drawing schedule, drainage design, STP
Close Date 12-Sep-23 facilities layout, process flow diagram, hydraulic flow diagram, mass balance diagram, process &
Face Value 10 instrumentation diagram, tentative single line diagram and electrical load list. Its engineering and
design team reduces its dependence on outsourcing engineering and design work to third party
Lot Size 70
consultants. Its quality control managers are responsible for conducting regular inspection and tests at
every project site for quality control monitoring and management.
Strong execution capabilities with industry experience: Since incorporation, EMS Limited has
completed 67 projects. Apart from this, currently EMS Limited is handling 18 Projects & 5 O&M Projects
Issue Composition In shares
together 23 projects. Its focus is to leverage its strong project management and execution capabilities
Total Issue for Sale 15,224,924 to complete projects in a timely manner while maintaining high quality of engineering and execution.
QIB 7,612,462 World Bank Funded Projects: India has 18 percent of the world’s population, but only 4 percent of its
NIB 2,283,739 water resources, making it among the most water-stressed in the world. A large number of Indians face
Retail 5,328,723 high to extreme water stress, according to a recent report by the government’s policy think tank, the
NITI Aayoga.
Scalable and Asset Light Business Model supported by Strong Financial Position: EMS Limited believes
it asset light business model result in efficient utilisation of capital resulting in lower debt and regular
Objects of the Issue income, allowing it to have higher return on capital employed. As on March 31, 2023, EMS Limited has
total borrowing Rs. 45 crore for HAM Project of Mirzapur Ghazipur apart from this it doesn’t not have any
The company intends to utilize the net proceeds from borrowings, net of cash and cash equivalents, other bank balances as on March 31, 2023 was Rs. 121.22
the issue towards the funding of the following objects: crore, allowing it to seek further debt financing, as and when required for big projects.
Funding of working capital requirements of the Strategy
company; and
Increasing the size of projects and pre-qualification: Its primary focus is to strengthen its prospects in
General corporate purposes. executing WWSP and WSSP projects. It has started with 4 MLD size of project & increased its capacity to
60 MLD i.e. the maximum capacity of Minimal Liquid Discharge for STPs. The company will continue to
focus on the designing, construction, operation and maintenance of Projects while seeking
opportunities to further increase the size of its projects. The company will continue to bid for WWSPs
Book Running Lead Manager and WSSPs both on EPC and HAM basis.
Ÿ KHAMBATTA SECURITIES LIMITED Expansion of footprint: EMS Limited has successfully completed 67 projects as on July 31, 2023
including partnership firm namely M/s Satish Kumar which was taken over by this company on June 30,
Name of the registrar 2012. across states of Bihar, Uttarakhand, Madhya Pradesh, Rajasthan, Haryana. EMS Limited gradually
Ÿ KFIN TECHNOLOGIES LIMITED intends to expand its business operations to other regions of the country, especially the North-East and
South India. It plans to continue its strategy of diversifying and expanding its presence in these regions
for the growth of its business.
Continue to enhance core strengths by attracting, retaining and training qualified personnel: EMS
Valuation Limited believes that its ability to effectively execute and manage projects is crucial to continued
Considering the P/E valuation, on the upper end of the success. As competition for qualified personnel increases among engineering and construction
price band of Rs.211, the stock is priced at pre issue P/E companies in India, it seeks to improve competitiveness by increasing its focus on training its staff.
of 9.44x on FY23 EPS of Rs.22.36. Post issue, the stock is
Risk Factor
priced at a P/E of 10.78x on its EPS of Rs.19.57. Looking
at the P/B ratio at Rs.211, pre issue, book value of Rs. Ÿ The company is dependent on the Government.
100.81 of P/Bvx 2.09x. Post issue, book value of Rs. Ÿ The company has reported certain negative cash flows from its financing activity and investing
114.56 of P/Bvx 1.84x. activity.
Considering the P/E valuation, on the lower end of the Ÿ The company relies on traditional technologies for the design and installation of wastewater
price band of Rs.200, the stock is priced at pre issue P/E treatment and water supply projects.
of 8.94x on FY23 EPS of Rs.22.36. Post issue, the stock is
priced at a P/E of 10.22x on its EPS of Rs.19.57. Looking Outlook
at the P/B ratio at Rs.200, pre issue, book value of Rs. EMSL is in the business of Sewerage solutions and related services provider. It has orders worth Rs. 1845
100.81 of P/Bvx 1.98x. Post issue, book value of Rs. cr. on hand and many in pipelines. With diversified portfolio and strong track record, the company is
114.56 of P/Bvx 1.75x. expected to see a good growth in long term.

19
Sharing a glimpse of SMC Distribution's Annual R&R ceremony “Lakshya 2023” at Indana Palace, Jaipur.
The team rejoiced with great enthusiasm together at the occassion.
 MUTUAL FUND
INDUSTRY & FUND UPDATE
Quantum Mutual Fund files draft for small cap fund
Quantum Mutual Fund has filed a draft for a small cap fund. Quantum Small Cap Fund will be an open-ended equity scheme predominantly investing in small
cap stocks. The scheme will be benchmarked against S&P BSE 250 Smallcap TRI. Chirag Mehta and Abhilasha Satale will manage the scheme. According to
the scheme information document, the investment objective of the scheme is to generate capital appreciation by investing predominantly in small cap
stocks. The scheme will have direct and regular plans. It will have only the growth option. The investment strategy of the scheme will be to invest in a
basket of stocks after using intensive fundamental analysis, both quantitative and qualitative, monitor the portfolio actively but not so as to engage in
excessive trading, and control risk by keeping the portfolio adequately diversified. The scheme will allocate 65-100% in equity and equity-related
instruments of small cap companies, 0-35% in equity and equity-related instruments of companies other than small cap companies, and 0-35 % in debt and
money market instruments.
DSP Mutual Fund launches DSP Multi Asset Allocation Fund
DSP Mutual Fund announced the launch of DSP Multi Asset Allocation Fund (DSP MAAF), an open-ended scheme that aims to offer investors long-term returns
like what equities may offer but with added resilience against market falls. DSP MAAF aims to benefit investors by diversifying their investments between
asset classes like domestic equities, international stocks, debt instruments, gold ETFs, other commodities and ETF & Exchange Traded Commodity
Derivatives (ETCDs), aiming to reduce overall risk. Historical data has repeatedly shown that the best-performing asset class can vary significantly over the
years, making it difficult to predict the winner each year. Hence one’s best bet is to invest across asset classes. DSP MAAF will allocate assets based on 3 key
but simple factors – long-term expected returns from different asset classes, their realized volatility and the correlation among each asset class. The key
idea is that when assets with low correlation among one another are added into a portfolio, even if one asset class faces a downturn, another one might
perform well, potentially smoothening out the investor experience. Further, historical returns of a multi asset model portfolio have shown returns similar
to those from domestic equities with significantly lesser volatility than equities.
Samco Mutual Fund files draft for balanced advantage fund
Samco Mutual Fund has filed a draft for a balanced advantage fund. Samco Balanced Advantage Fund will be an open-ended dynamic asset allocation fund.
The scheme will be benchmarked against NIFTY50 Hybrid Composite Debt 50: 50 Index. Paras Matalia, Umeshkumar Mehta, Dhawal Ghanshyam Dhanan
(overseas investment) will manage the scheme. The investment objective of the scheme is to generate income/long-term capital appreciation by
investing in equity, equity derivatives, fixed income instruments, foreign securities and units of REITs, INVITs. The allocation between equity instruments
and fixed income will be managed dynamically so as to provide investors with long-term capital appreciation while managing downside risk. According to
the scheme information document, the minimum application amount will be Rs 5,000 and in multiples of Re 1 thereafter. The minimum application amount
for month SIP will be Rs 500 and in multiple of Re 1 with 12 instalments and Rs 1,000 and in multiple of Re 1 with six instalments. The minimum application
amount for quarterly SIP will be Rs 1,500 and in multiple of Re 1 with four instalments. The minimum application amount for half-yearly SIP will be Rs 3,000
and in multiple of Re 1 with two installments.
Old Bridge Capital Management receives Sebi nod to start mutual fund business
Old Bridge Capital Management (OBCM), a portfolio management firm, has received the final nod from markets regulator Sebi to commence its mutual fund
business.Its asset management business has been named as Old Bridge Mutual Fund. We are delighted to receive this license to commence operations for
Old Bridge Mutual Fund and will be launching our maiden actively managed equity scheme. As we move forward with our newly acquired license, we remain
committed to providing investors with long term investment solutions on its mutual funds platform as well,” said Kenneth Andrade, Founder, Old Bridge
Capital Management. Andrade used to manage mutual fund schemes for 10 years during his earlier stint at IDFC Mutual Fund. He was also considered a star
mutual fund manager. One of his schemes, IDFC Premier Equity Fund, delivered a CAGR growth of 22.3% over the ten-year period. He left the fund house in
2015 to start his own portfolio management scheme.
Zerodha MF gets ready to launch its first two schemes; files draft documents with SEBI
Zerodha Asset Management Ltd, one of India’s newest fund houses, is getting to ready to launch mutual fund schemes, nearly a month after it got its final
license by the Securities and Exchange Board of India (SEBI). In keeping with its mandate to launch passive scheme, Zerodha has filed draft offer documents
with the market regulator to launch two schemes -- Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and Zerodha Nifty Large Midcap 250 Index
Fund (ZN250). Both the schemes would be benchmarked against Nifty Large Midcap 250 Index Fund. While one is a normal diversified equity fund, the ELSS
scheme is a tax saver scheme that will give the Section 80C tax deduction benefits, up to an investment of Rs 1.5 lakh. As per its business plan, Zerodha AMC
will launch passive schemes. According to industry officials, the fund house will launch a mix of index funds as well as Exchange-Traded Funds (ETF).

NEW FUND OFFER

Scheme Name Kotak Multi Asset Allocation Fund
Fund Type Open Ended
Fund Class Hybrid Scheme - Multi Asset Allocation
Opens on 31-Aug-23
Closes on 14-Sep-23
Investment Objective To generate long term capital appreciation by investing in Equity & Equity related Securities, Debt & Money Market Instruments,
Commodity ETFs and Exchange Traded Commodity Derivatives.
Min. Investment 5,000
Fund Manager Devender Singhal

Scheme Name WhiteOak Capital Multi Cap Fund

Fund Type Open Ended
Fund Class Equity Scheme - Multi Cap Fund
Opens on 31-Aug-2023
Closes on 22-Sep-2023
Investment Objective To provide long-term capital appreciation / income by investing across market capitalisations and managing a diversified portfolio
of Large Cap, Mid Cap and Small Cap Stock.
Min. Investment Minimum of Rs. 500/- and in multiples of Re. 1/-
Fund Manager Mr. Ramesh Mantri, Ms. Trupti Agrawal & Mr. Piyush Baranwal

21
 MUTUAL FUND Performance Charts

EQUITY - LARGE CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
Nippon India Large Cap Fund - Reg - G 66.20 08-Aug-2007 13759.50 10.10 20.50 22.70 28.70 12.50 4.50 1.00 0.70 80.28 13.03 5.56 1.13
HDFC Top 100 Fund - Growth 865.10 11-Oct-1996 23452.60 8.30 15.10 18.60 25.60 18.90 4.00 0.90 0.40 88.46 6.04 N.A 5.49
ICICI Prudential Bluechip Fund - Growth 79.00 23-May-2008 36499.50 8.70 15.40 17.40 23.70 14.50 3.90 0.90 0.40 81.68 6.87 0.45 11.00
DSP Top 100 Equity Fund - Reg - Growth 337.50 10-Mar-2003 2748.90 7.70 15.50 16.00 19.40 18.70 4.40 0.90 0.0 79.96 9.13 4.08 6.84
SBI Bluechip Fund - Growth 71.90 14-Feb-2006 36220.60 5.30 14.40 14.80 22.80 11.90 4.10 0.90 0.20 82.96 11.75 N.A 5.29
Baroda BNP Paribas Large Cap Fund - G 162.50 23-Sep-2004 1408.70 7.70 14.10 14.70 20.10 15.80 4.10 0.90 0.10 81.94 6.02 4.11 7.94
Tata Large Cap Fund - Reg - Growth 381.90 07-May-1998 1467.90 6.50 13.70 14.40 22.70 19.10 4.30 1.00 0.20 84.13 7.55 6.23 2.10

EQUITY - MID CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Mid-Cap Opportunities Fund - G 131.80 25-Jun-2007 38417.00 16.10 28.90 32.20 34.70 17.20 4.40 0.90 1.00 16.56 65.62 17.32 0.50
Motilal Oswal Midcap Fund - Reg - G 64.60 24-Feb-2014 4295.60 13.40 26.90 27.70 38.20 21.60 5.40 1.00 1.50 20.20 67.12 9.74 2.94
Nippon India Growth Fund - Reg - G 2778.60 08-Oct-1995 14740.30 17.10 29.40 27.20 34.10 22.30 4.80 1.00 0.90 17.93 66.85 12.39 2.83
Mahindra Manulife Mid Cap Fund - R - G 23.00 30-Jan-2018 1176.50 17.70 29.90 26.40 32.50 16.00 5.20 1.00 0.70 8.72 69.80 16.20 5.27
Tata Mid Cap Growth Fund - Reg - G 314.80 01-Jul-1994 1958.50 15.70 27.90 25.30 30.10 12.50 4.50 0.90 0.70 12.26 70.86 14.01 2.87
Invesco India Midcap Fund - Growth 109.30 19-Apr-2007 2890.80 12.50 24.60 23.20 28.10 15.70 4.90 1.00 0.60 19.34 67.31 10.83 2.52
Franklin India Prima Fund - Growth 1870.70 01-Dec-1993 7754.20 13.60 23.20 22.50 27.10 19.20 4.90 1.00 0.30 16.23 68.24 11.20 4.34

EQUITY - SMALL CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Small Cap Fund - Growth 105.50 03-Apr-2008 16766.60 15.50 29.10 37.40 41.40 16.50 4.90 0.90 1.20 4.01 8.51 79.63 7.85
Quant Small Cap Fund - Growth 185.90 21-Nov-1996 4497.10 18.60 29.30 36.90 49.00 12.00 6.00 1.10 1.20 16.96 3.27 67.76 12.01
Franklin India Smaller Companies F - G 127.80 13-Jan-2006 7875.90 17.60 30.10 36.60 40.40 15.50 5.00 1.00 1.10 6.01 10.10 76.17 7.72
Nippon India Small Cap Fund - Reg - G 124.60 16-Sep-2010 27869.30 17.80 33.80 35.70 44.80 21.40 5.40 1.00 1.30 14.50 13.95 67.54 4.01
HSBC Small Cap Fund-R-GAdjusted NAV 62.80 12-May-2014 9406.20 18.40 30.80 30.90 42.60 21.00 5.30 1.00 1.20 2.81 25.54 70.26 1.39
Tata Small Cap Fund - Reg - Growth 29.50 12-Nov-2018 4240.40 11.60 23.80 30.10 39.60 25.10 4.50 0.70 1.10 1.46 3.31 79.54 15.68
DSP Small Cap Fund - Reg - Growth 147.40 14-Jun-2007 9777.10 17.40 30.60 28.50 36.20 18.00 5.10 0.90 1.00 1.31 10.54 82.78 5.38q

EQUITY - TAX SAVING FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
SBI Long Term Equity Fund - Growth 291.80 31-Mar-1993 13337.30 12.10 23.00 26.10 27.40 15.90 4.30 0.90 0.60 62.14 20.81 12.87 4.18
Motilal Oswal Long Term Equity F-R-G 32.60 21-Jan-2015 2301.20 10.30 19.90 22.40 25.30 14.70 4.90 1.00 0.30 52.49 31.71 15.52 0.28
Bandhan Tax Advantage (ELSS) Fund-R-G 120.40 26-Dec-2008 4459.30 10.50 20.40 21.50 31.20 18.40 4.70 1.00 0.50 61.72 14.37 19.43 4.48
HDFC Taxsaver - Growth 956.00 31-Mar-1996 10316.40 10.40 17.90 20.70 27.20 23.20 4.00 0.90 0.70 85.97 7.11 1.95 4.96
Franklin India Taxshield - Growth 1061.90 10-Apr-1999 4793.40 12.00 19.80 20.00 27.60 21.00 4.60 1.00 0.40 71.01 12.37 9.69 6.93
Parag Parikh Tax Saver Fund - Reg - G 23.00 24-Jul-2019 1579.40 8.40 14.10 19.70 25.10 22.40 3.60 0.70 0.60 64.84 4.26 12.84 18.06
Bank of India Tax Advantage F - Eco - G 127.40 25-Feb-2009 747.70 11.30 19.30 18.40 26.40 19.10 4.70 1.00 0.30 55.63 25.37 18.27 0.72

BALANCED ADVANTAGE FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Balanced Advantage Fund-Growth 380.00 11-Sep-2000 54965.70 10.50 16.40 22.00 27.80 17.10 2.90 0.70 49.23 10.46 7.97 32.34
SBI Balanced Advantage Fund - Reg - G 12.20 31-Aug-2021 21998.10 5.50 12.10 15.40 N.A 10.20 1.90 0.20 53.11 9.89 2.34 34.66
Baroda BNP Paribas Balanced Adv. F-R-G 18.90 14-Nov-2018 3151.00 6.50 11.80 13.90 15.10 14.10 2.80 0.10 46.14 12.88 6.54 34.44
Franklin India Balanced Advantage F-R-G 11.30 06-Sep-2022 1127.70 7.30 12.20 13.40 N.A 13.40 1.60 0.30 50.33 5.94 8.82 34.92
Mirae Asset Balanced Advantage F-R-G 11.40 11-Aug-2022 1035.50 5.90 12.20 13.20 N.A 12.60 1.50 0.30 50.59 7.65 7.95 33.81
Aditya Birla Sun Life Balanced Adv. F-G 83.50 25-Apr-2000 6408.30 5.20 10.60 12.10 14.40 9.50 2.10 0.0 50.83 9.89 4.35 34.94w
NJ Balanced Advantage Fund - Reg - G 11.10 29-Oct-2021 4005.30 6.80 12.00 12.10 N.A 5.60 2.70 -0.10 63.25 16.82 0.10 19.84
*Mutual Fund investments are subject to market risk, read all scheme related documents carefully. Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 07/09/2023
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

22
 Check out the exclusive glimpse of SMC Insurance Royal Star League Contest June 2023 – August 2023
winners cherishing their Phuket trip to mark the success of the quarterly contest and achieving targets
by setting new benchmark once again. SMC recognizes the efforts of all the SMCiians for their
commendable performance.

On 6th September 2023 SMC celebrated the inauguration of its new branch office in Bhubaneswar, Odisha
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