2023: Issue 916 Week: 30th October - 3rd November

Brand smc 697

 Contents
From The Desk Of Editor

I
Equity 4-7 n the week gone by, global stock markets witnessed a volatile trade amid rising US bond
yield and worsening situation over the conflict between Hamas and Israel. There is a fear
Derivatives 8-9
among inventors that the Hamas-Israel conflict may widen into a bigger conflict and drag
Commodity 10,15-17
Iran and other Arab nations into it and this could result in an escalation in crude prices and
Insurance 11-14
other supply disruptions, which could potentially keep inflation higher forcing major central
Currency 18
bankers to hold or even raise rates further. The US economy grew at the fastest pace in nearly
IPO 19
two years last quarter, driven by a surge in consumer spending. Gross Domestic Product (GDP)
FD Monitor 20
accelerated to 4.9 percent; more than double the second-quarter pace, according to the
Mutual Fund 21-22
government’s preliminary estimate. In another development, the ECB left all three of its key
interest rates unchanged and noted that while inflation is expected to ‘stay too high for too
SMC GLOBAL SECURITIES LTD. long’, inflation dropped markedly in September due to strong base effects. Going forward,
REGISTERED OFFICES:
ECB President Lagarde’s commentary at the upcoming press conference may give Investors
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
Tel: 91-11-30111000, Fax: 91-11-25754365 across the globe a clearer view of the thinking behind the central bank’s decision. On the
MUMBAI OFFICE: Chinese market front, Investors are making a tentative return to China's beaten-down stock
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , markets as the government opened the stimulus taps, including pressing a national fund for
Graham Firth Steel Compound, Off Western Express Highway, support, but they remain mindful the economy and sentiment are still fragile. Meanwhile, the
Jay Coach Signal, Goreagon (East) Mumbai - 400063 International Monetary Fund has forecast that Germany will overtake Japan this year as the
Tel: 91-22-67341600, Fax: 91-22-67341697 world’s third-largest economy. In its World Economic Outlook released this month, the IMF
KOLKATA OFFICE:
forecast that Japan’s nominal GDP will decrease 0.2 percent from the previous year to $4.23
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
trillion (630 trillion yen), while Germany’s will increase 8.4 percent to $4.43 trillion. If it
AHMEDABAD OFFICE :
comes true then that would push Japan to fourth place in the world.
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
C G Road, Ahmedabad-380009, Gujarat Back at home, domestic markets continued to witness volatile trade amid mixed global cues.
Tel : 91-79-26424801 - 05, 40049801 - 03
Notably, the global risk appetite has had already impacted by the conflict in the Middle East. It
CHENNAI OFFICE:
could be seen that FIIs have been selling significantly in October, and concerns about
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road,
Chetpet, Chennai - 600031. inflation. Going forward, as investors are worried about the simmering West Asia conflict,
Tel: 044-39109100, Fax -044- 39109111 economic uncertainty and rate hike woes, we may continue to witness volatile trade.
SECUNDERABAD OFFICE:
315, 4th Floor Above CMR Exclusive, BhuvanaTower, On the commodity market front, CRB remained trapped in a narrow trading range but
S D Road, Secunderabad, Telangana-500003 managed to close above the 320 level. Dollar Index ended the week on an upward trajectory.
Tel : 040-30031007/8/9 10-year US Treasury Yields also saw an increase in their closing values. Gold, on the flip side,
DUBAI OFFICE: experienced its third consecutive week of gains as investors continued to seek it as a safe
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers,
haven, partly due to a shift of funds from equities and other riskier assets. Gold and silver may
PO Box 117210, Dubai, UAE
continue to trade firm, if war intensifies. Gold and silver will trade in the range of 59500-
Tel: 97145139780 Fax : 97145139781
Email ID : pankaj@smccomex.com 63000 levels and 70000-74500 levels respectively. In the energy segment, Natural Gas can see
smcdmcc@gmail.com further upside; upto 320. Inflation Rate and GDP Rate of Germany and France, NBS
Manufacturing PMI of China, BoJ Interest Rate Decision, Core Inflation and GDP Rate of Euro
Printed and Published on behalf of Area, GDP of Mexico, Consumer Confidence, ISM Manufacturing PMI, Fed Interest Rate
Mr. Saurabh Jain @ Publication Address
Decision, Fed Press Conference, Non-Farm Payroll, Unemployment Rate, ISM Services PMI, of
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com US, Unemployment Rate of New Zealand, BoE Interest Rate Decision, Unemployment Rate of
Investor Grievance : igc@smcindiaonline.com Germany etc are many important data and events that are scheduled this week which will
keep traders on toes.
Printed at: S&S MARKETING

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

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

(Saurabh Jain)
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also
registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. SMC is also a "AMFI-registered Mutual Fund Distributor".
SMC is a SEBI registered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of
interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its
associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered
by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment
decision.
DISCLAIMER: This report is for informational purpose only and contains information, opinion, material obtained from reliable sources and every effort has been made to avoid errors and omissions and is not to be construed as an advice or an offer to act on views
expressed therein or an offer to buy and/or sell any securities or related financial instruments, SMC, its employees and its group companies shall not be responsible and/or liable to anyone for any direct or consequential use of the contents thereof. Reproduction of
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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
Telecom INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• Reliance Jio has entered into partnership with network services and NIFTY 50 19047.25 18206 18522 18925 19241 19644 19960 20363
consumer experience company Plume to deploy HomePass and WorkPass
consumer services enabled by Plume's AI-powered and cloud-based NIFTY IT 30599.7 28876 29465 30278 30867 31680 32269 33082
platform, including whole-home adaptive WiFi, connected device and NIFTY BANK 42782 40714 41409 42439 43135 44165 44861 45891
application performance optimisation, cyberthreat protection, etc.
NIFTY FIN SER 19129.15 18194 18532 18990 19328 19785 20123 20581
Information Technology
• Infosys has signed a five-year collaboration with automotive marquee
smart Europe GmbH to refine its Direct-to-Customer (D2C) business model
in Europe and provide enhanced customer experience, data-driven
personalisation, and engagement for the existing, new, and upcoming STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
electric models. AXISBANK 1002.75 911 931 965 985 1018 1038 1071
Port & Port Services
BAJFINANCE 7507.2 6928 7165 7412 7648 7895 8132 8379
• Adani Ports and Special Economic Zone has incorporated its wholly owned
subsidiary firm, Udanvat Leasing IFSC. Udanvat will carry out the business BHARTIARTL 914.6 855 877 904 926 953 975 1002
of owning and leasing aircraft.
Hotel HDFCBANK 1469.15 1394 1427 1462 1495 1531 1564 1599
• Lemon Tree Hotels has signed a licence agreement for a 50-room property HINDUNILVR 2482.05 2407 2431 2461 2485 2515 2540 2569
in Visakhapatnam, Andhra Pradesh, under the brand Red Fox Hotels. The
hotel is expected to be operational by FY 2026. ICICIBANK 912.75 859 879 904 925 950 970 996
• Kamat Hotels (India) has concluded the sale of its unit Hotel IRA by Orchid INFY 1380.35 1284 1319 1363 1398 1443 1477 1522
in Mumbai to Lateral Hospitality for Rs 125 crore. As a result, the firm has
reduced its debt (towards redemption of non-convertible debentures) by ITC 433.75 417 422 429 435 442 448 455
Rs 125 crore, and consequently, the total debt now stands at Rs 172.50
crore. Further, it has taken on lease the same property from Lateral KOTAKBANK 1702.7 1616 1652 1696 1732 1776 1812 1856
Hospitality for managing the operations of the hotel. LT 2901.9 2728 2792 2878 2942 3027 3092 3177
Pharmaceuticals
M&M 1510.8 1415 1457 1491 1534 1568 1611 1644
• Lupin has received approval from the United States Food and Drug
Administration (US FDA) for its abbreviated new drug application for RELIANCE 2265.8 2149 2185 2235 2271 2321 2357 2407
Fluconazole tablets to market a generic equivalent of Diflucan tablets from
Pfizer, Inc., in the United States. This product will be manufactured at SBIN 561.15 528 536 551 558 574 581 596
Lupin’s Pithampur facility in India. Fluconazole tablets had estimated
annual sales of $43 million in the US, as per IQVIA MAT July 2023. TCS 3350.95 3189 3259 3338 3408 3486 3557 3635
*Closing as on 27-10-2023
Power
• Tata Power, Tata Power Renewable Energy, has signed a power delivery
agreement (PDA) with Supreme Petrochem for a 12.5 MW group captive FORTHCOMING EVENTS
project through a SPV - TP Saturn.
Electronics Meeting Date Company Name Board Meeting Purpose
• Apollo Micro Systems has entered into a term loan agreement with Bajaj 30-Oct-23 DLF Quarterly Results
Finance to avail credit facilities up to Rs 15 crore to incur capex for 30-Oct-23 Marico Quarterly Results, Interim Dividend
research and development. 30-Oct-23 Petronet LNG Quarterly Results, Interim Dividend
INTERNATIONAL NEWS 31-Oct-23 Larsen & Toubro Quarterly Results
• US gross domestic product spiked by 4.9 percent in the third quarter after 31-Oct-23 IOCL Quarterly Results, Interim Dividend
jumping by 2.1 percent in the second quarter. Economists had expected 31-Oct-23 Bharti Airtel Quarterly Results
GDP to surge by 4.2 percent. 31-Oct-23 Jindal Steel Quarterly Results
1-Nov-23 Ambuja Cements Quarterly Results
• US pending home sales index jumped by 1.1 percent to 72.6 in September
after plunging by 7.1 percent to 71.8 in August. Economists had expected 1-Nov-23 Hero Motocorp Quarterly Results
pending home sales to slump by another 1.5 percent. 1-Nov-23 Tata Steel Quarterly Results
1-Nov-23 Sun Pharma.Inds. Quarterly Results
• US durable goods orders shot up by 4.7 percent in September following a 2-Nov-23 Tata Motors Quarterly Results
revised 0.1 percent dip in August. Economists had expected durable goods 2-Nov-23 Dabur India Quarterly Results, Interim Dividend
orders to jump by 1.5 percent compared to the 0.1 percent uptick that had
2-Nov-23 Adani Enterp. Quarterly Results
been reported for the previous month.
3-Nov-23 MRF Quarterly Results, Interim Dividend
• US initial jobless claims rose to 210,000, an increase of 10,000 from the 3-Nov-23 Titan Company Quarterly Results
previous week's revised level of 200,000. Economists had expected jobless 3-Nov-23 Aditya Birla Cap Quarterly Results
claims to rise to 208,000 from the 198,000 originally reported for the 4-Nov-23 St Bk of India Quarterly Results
previous week. 4-Nov-23 Bank of Baroda Quarterly Results
• US new home sales soared by 12.3 percent to an annual rate of 759,000 in 7-Nov-23 Shree Cement Quarterly Results
September after plunging by 8.2 percent to a revised rate of 676,000 in 7-Nov-23 Power Grid Corpn Quarterly Results, Interim Dividend
August. Economists had expected new home sales to climb by 0.7 percent 7-Nov-23 Info Edg.(India) Quarterly Results
to an annual rate of 680,000 from the 675,000 originally reported for the 8-Nov-23 GNFC Quarterly Results, Buy Back
previous month. 8-Nov-23 Tata Power Co. Quarterly Results
• The European Central Bank left its key interest rates unchanged, as 8-Nov-23 Lupin Quarterly Results
expected, after raising them in the past 10 sessions, but adopted a cautious 9-Nov-23 M&M Quarterly Results
stance to suggest that the rates could stay "higher for longer" despite the 9-Nov-23 Zee Entertainmen Quarterly Results
easing inflationary pressures as the signs of a recession in the euro area 9-Nov-23 Page Industries Quarterly Results, Interim Dividend
economy increases. 10-Nov-23 Hindalco Inds. Quarterly Results
• Producer prices in Japan were up 2.1 percent on year in September, 10-Nov-23 M&M Quarterly Results
unchanged from the August reading and topping expectations for an 10-Nov-23 Manappuram Fin. Quarterly Results, Interim Dividend
increase of 2.0 percent. On a monthly basis, producer prices rose 0.1 10-Nov-23 Coal India Quarterly Results, Interim Dividend
percent - unchanged an in line with forecasts. 10-Nov-23 Biocon Quarterly Results
14-Nov-23 NMDC Quarterly Results
4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
0.00% 0.00%

-0.50% -0.50%

-0.83%
-1.00%
-1.00%

-1.50%
-1.50%
-1.61%
-1.59%
-2.00%
-2.00% -1.99%
-2.13%
-2.15% -2.50% -2.43% -2.44%
-2.50% -2.56%
-2.62%
-2.53% -2.55% -2.73%
-2.58% -2.82%
-3.00%
-2.76% -2.76%
-3.00%
NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500
-3.50%

SMC Trend
Nifty 50 Nifty Bank Nifty IT MidCap Smallcap Next 50 Nifty 500 -4.00% -3.87%

-4.50%
AUTO COMMODITIES CONSUMPTION ENERGY FIN SERVICE FMCG INFRA METAL PHARMA REALTY SERV SECTOR

GLOBAL INDICES (% Change) SMC Trend

Auto Commodities Consumption Energy Fin Service
1.50%
FMCG Infra Metal Pharma Realty Serv Sector
1.07%
1.00%

0.50%
0.18%

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

-0.17%
-0.50%

-0.64%
-0.74%
-1.00%
-1.04%

-1.50%

-2.00%
-2.06%
-2.10%
-2.50%

-3.00%
-2.99%

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

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

Up Down Sideways

BSE SENSEX TOP GAINERS & LOSERS (% Change) NSE NIFTY TOP GAINERS & LOSERS (% Change)
0.00 0.00

-1.00
-1.00
-2.00

-2.00 -3.00

-4.00
-3.00
-5.00

-5.33 -5.29
-4.00 -6.00 -5.53

-7.00
-5.00 -7.03
-4.90 -4.86
-5.06 -8.00
-5.33 -7.96
-5.47
-6.00 -9.00
Tata JSW Steel Titan Larsen & Infosys Adani UPL Tata HDFC Life JSW Steel
Motors Company Toubro Enterp. Motors Insur.

5
 EQUITY Beat the street - Fundamental Analysis
KALPATARU POWER TRANSMISSION LIMITED CMP: 639.85 Target Price: 723 Upside: 13%
VALUE PARAMETERS Investment rationale 30% with EBITDA margin in the range of 8-8.5%, and
PBT margin of about 4.5-5%. Expect to close the
Ÿ Kalpataru Power Transmission (KPTL) is one of the
Face Value (Rs.) 2.00 largest specialized EPC companies engaged in power current fiscal with an order inflow of Rs 24000-25000
transmission & distribution, oil & gas pipeline, crore.
52 Week High/Low 722.90/449.00
railways and civil infrastructure business. The RISK
M.Cap (Rs. in Cr.) 10394.12 company is currently executing projects in over 30 • Elevated logistics cost and volatility in commodity
countries and has global footprints in 70 countries. It and currency
EPS (Rs.) 26.50 has maintained leadership position in all its major
business backed by strong organisational capabilities, • Geo-political issues
P/E Ratio (times) 24.15
superior technical knowhow and adherence to VALUATION
P/B Ratio (times) 2.20 top-class sustainability standards.
According to the management of the company, it has
Dividend Yield (%) 1.09 Ÿ The company witnessed a strong momentum in order strengthened its capabilities by expanding civil business
booking across T&D, B&F, Water & Urban Infra in the international markets, adding large size orders in
Stock Exchange BSE business. The order book stood at Rs 47,332 crore as on T&D in India and international markets, and ventured
30th June 2023 and additional L1 of Rs 4,000 crore. It into newer areas like airports, solar EPC, data centers
% OF SHARE HOLDING has received additional new orders of Rs 3,233 crore in etc. The growing need for infrastructure development
month of Oct 2023, Order inflows of Rs 10616 crore till and higher adoption of renewables has resulted in a
date in FY24. Its flagship T&D business have secured strong business momentum. The company has strong
6.33 9.38
noteworthy order inflows of around Rs 5,400 crore till balance sheet and is continuously working on improving
Foreign date in FY24, which provides good visibility for growth its working capital, return ratios and project closures
Ins tu ons going forward According to the management of the along with divesting its non-core assets, which provides
41.07 Non Promoter Corporate Holding company, considering current order book visibility all good visibility for growth in coming quarters. Thus, it is
42.71 Promoters
business segments except railways, are expected to expected that the stock will see a price target of Rs. 723
Public & Others
register double digit growth for FY24. in 8 to 10 months’ time frame on current P/BVx of 2.2x
Ÿ Its T&D business has entered new markets in Latin and FY24 BVPS of Rs.328.36
0.52 America and Europe. Business traction remains strong
in domestic & international markets; Estimated order P/BV Chart
FINANCIAL PERFORMANCE pipeline of Rs 25000 crore in India and over USD 3.5 Bn 900.00
` in cr
in overseas market in near term. Tenders for orders 800.00
ACTUAL ESTIMATE worth about Rs 12000-15000 crore is already tendered 700.00
600.00
FY Mar-22 FY Mar-23 FY Mar-24 out for TBCB projects in the state of Rajasthan & its
500.00
Revenue 14777.00 16361.00 19856.24 neighboring states in the Domestic T&D space.
400.00
Tenders for projects worth about Rs 10000 crore are
Ebitda 1189.00 1370.00 1783.72 expected to be bided out soon or near term. 300.00
200.00
Ebit 838.00 978.00 1323.91
Ÿ On consolidated basis, for FY24 the management of the 100.00
Net Income 355.00 441.00 700.19 company expects a revenue growth of 30% and PBT 0.00

31-Dec-18

04-Jul-19
05-Sep-19

09-Jan-20

14-Jul-20
10-Sep-20

11-Jan-21

15-Jul-21
16-Sep-21

17-Jan-22

20-Jul-22
21-Sep-22

20-Jan-23

27-Jul-23
27-Sep-23
27-Feb-19

08-Nov-19

17-Nov-21
29-Oct-18

09-Mar-20

10-Nov-20

12-Mar-21

21-Mar-22

23-Nov-22

23-Mar-23
06-May-19

14-May-20

18-May-21

23-May-22

29-May-23
EPS 23.85 29.06 43.31 margin of 4-5%. For FY25, the company expects revenue
of Rs 25000 crore and a PBT margin of 4.5% to 5%.
BVPS 287.49 310.90 328.36
Standalone revenue growth for FY24 expected at about
RoE 8.78% 9.80% 13.89% 0.90 1.50 2.10 2.70 Close Price

SANSERA ENGINEERING LIMITED CMP: 866.75 Target Price: 1032 Upside: 19%
VALUE PARAMETERS Investment rationale improved to 17.3% as compared to 17.2% in same
Ÿ Sansera Engineering Limited is an engineering-led period last year. PAT grew by 30% to Rs. 45.17 crore.
Face Value (Rs.) 2.00 integrated manufacturer of complex and critical The newer segments like Auto-Tech Agnostic & xEV
precision engineered components across automotive products and Nonauto continued to perform well
52 Week High/Low 994.35/697.10
and non-automotive sectors. Within the automotive and on the flip side, its well established Auto-ICE
M.Cap (Rs. in Cr.) 4587.67 sector, it manufactures and supplies a wide range of segment delivered a healthy. The company expects
precision forged and machined components and robust performance for the fiscal year 2024.
EPS (Rs.) 29.62
assemblies for the 2-wheeler, passenger vehicle and RISK
P/E Ratio (times) 29.26 commercial vehicle verticals. Within the non- • Economic slowdown
P/B Ratio (times) 3.93 automotive sector, the Company manufactures and
supplies a wide range of precision components for the • High commodity price
Dividend Yield (%) 0.29 aerospace, off-road, agriculture and other segments, VALUATION
Stock Exchange BSE including engineering and capital goods.
With a combination of strong tailwinds in its operating
Ÿ Total orders booked during Q1 FY24 was Rs. 370 crore. segments and its strategic initiatives, the company is
% OF SHARE HOLDING As of Jun-23, order book with annual peak revenues confident to deliver a healthy top line going forward.
stood at Rs 1690 crore; very healthy order booking for To achieve these targets, its ICE segment is expected
9.08
global markets. Almost 70% of new order inflows came to perform well on the back of the component client
in from Auto-ICE segment, 21% from Auto-Tech additions. The newer initiatives like aluminum forged
29.76 Foreign
Agnostic & xEV segment and remaining 9% from Non- and other components are expected to grow at much
Ins tu ons
Auto segment. faster rate going forward. Thus, it is expected that the
35.23 Non Promoter Corporate Holding
Promoters Ÿ On the CAPEX front, it is highly focused on its new stock will see a price target of Rs.1032 in 8 to 10
Public & Others generation components. Last two plants which have months time frame on a two year average P/BV of
25.12
been commissioned include its electric and hybrid 3.91x and FY24 (E) BVPS of Rs. 263.91.
0.82 components plant, Aerospace and Defense plant. P/BV Chart
Recently, it has also started construction of a new
FINANCIAL PERFORMANCE ` in cr Brownfield machining facility, which is about 1,50,000
1200.00

ACTUAL ESTIMATE square foot of built-up area. This is largely intended to 1000.00

FY Mar-22 FY Mar-23 FY Mar-24 house all the aluminum forged and machine product 800.00
category of components and this step is in line with its
Revenue 1989.03 2338.30 2850.42 increased long-term sales contribution target of 20%
600.00

Ebitda 333.59 377.01 509.13 from xEV and Tech Agnostic products. 400.00

Ebit 213.89 246.93 364.06 Ÿ According to the company, the construction of new 200.00

Net Income 130.45 146.20 232.33 machining facility at plant 11, Bidadi is on track for 0.00
12-Jul-22

19-Jul-23
07-Jan-22
24-Sep-21

16-Jun-22

12-Jan-23

22-Jun-23
14-Dec-21

05-Aug-22
05-Sep-22
29-Sep-22

19-Dec-22

14-Aug-23
08-Sep-23
03-Feb-22

08-Feb-23
21-Oct-21

26-Apr-22
17-Nov-21

27-Oct-22

03-Apr-23
23-Nov-22

06-Oct-23
02-Mar-22
29-Mar-22

06-Mar-23
23-May-22

03-May-23
29-May-23

EPS 24.36 27.17 43.96 completion by end of Fy24.

BVPS 196.22 223.93 263.91 Ÿ During Q1FY2024, it reported 24% YoY growth in
RoE 13.70% 13.19% 18.26% revenue at Rs. 660.07 crore. The EBITDA margin 3.15 3.80 4.45 5.10 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

MUTHOOT FINANCE LIMITED (MUTHOOTFIN)

The stock closed at Rs.1290.65 on 27th October, 2023. It made a
(DALBHARAT) 52-week low of Rs.911.25 on 16th March, 2023 and a 52-week
high of Rs.1379.95 on 11th August, 2023. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.1191.

In recent past, the stock made its 52 week low of 911.25 in

month of March 2023 and given a V shape recovery into the
prices to once again reclaim a move above its 200 days
exponential moving average on daily time frame. The Stock
took rally from 911 levels towards 1380 levels in short span of
time. At current juncture, the stock has given a fresh breakout,
on charts, after a series of prolong consolidation phase of nearly
eleven weeks. Breakout has been observed above the falling
trend line of downward sloping channel. Therefore, one can buy
the stock in the range of 1280-1290 levels for the upside target
of 1440-1450 levels with SL below 1180 levels.

GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED (GNFC)

The stock closed at Rs.665.35 on 27th October, 2023. It made a
(MPHASIS) 52-week low at Rs.484.45 on 28th March, 2023 and a 52-week
high of Rs.726 on 09th November 2022. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.599.

The Stock has been trading in a rising channel with formation of

higher bottom pattern on weekly charts while prices are also
holding well above its 200 days exponential moving average on
daily interval as well. At current juncture, the stock has given a
fresh breakout above the Ascending triangle pattern visible on
weekly interval. The breakout has been observed along with
positive divergences on secondary oscillators along with rise in
average volumes as well. Therefore, one can buy the stock in
the range of 660-665 levels for the upside target of 750-760
levels with SL below 600 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
Nifty experienced a minor recovery, finding support at the 200-day exponential moving average and closing above the psychologically significant level of 19000
levels. However, on the weekly chart, Nifty settled with a loss of over 2%, mirroring a similar trend in Banknifty. PSU bank and FMCG sectors demonstrated
relative strength in comparison to the overall market, while media, metal and commodity sectors lagged behind. Analysing Nifty's derivative data revealed
notable call writing at the 19,200 and 19,500 strikes. Conversely, put writers displayed activity, particularly at the 19,000 and 18,800 strike points. In Banknifty,
the highest call open interest was observed at the 43,000 strike, while on the put side, it was concentrated at the 42,500 strike. Implied volatility (IV) for Nifty's
call options settled at 11.89%, while put options concluded at 12.89%. The India VIX, a key indicator of market volatility, concluded the week at 11.73%. The Put-
Call Ratio Open Interest (PCR OI) stood at 1.22 for the week. Presently, the Nifty's rollover rate showed a jump as compared to the preceding month. In the prior
month, the rollover rate stood at 76%, whereas in the current month, it has rose to 83%. The rollover rate for the November series is above the average of the past
three months. On the flip side, Banknifty dropped in rollover rate of 79%, slightly in line with the average of last 3 month. As per rollover data suggested, we can
expect a good momentum in Nifty whereas Banknifty can be laggard in momentum due to less rollover rate. Nifty is expected to trade in a range of 19200 and
18800 in upcoming week. The strategy of "Sell on rise" is recommended as long as Nifty trades below the 19,200 mark.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
L&TFH BAJAJ-AUTO TATACHEM

BUY NOV 140 CALL 4.00 BUY NOV 5450 CALL 94.60 BUY NOV 950 PUT 24.80
OPTION SELL NOV 145 CALL 2.35 SELL NOV 5550 CALL 60.35 SELL NOV 930 PUT 16.80
STRATEGY Lot size: 4462 Lot size: 125 Lot size: 550
BEP: 141.65 BEP: 5484.25 BEP: 942.00

Max. Profit: 14947.70 (3.35*4462) Max. Profit: 8218.75 (65.75*125) Max. Profit: 6600.00 (12.00*550)
Max. Loss: 7362.30 (1.65*4462) Max. Loss: 4281.25 (34.25*125) Max. Loss: 4400.00 (8.00*550)

BUY VOLTAS (NOV FUTURE) SELL PIIND (NOV FUTURE) SELL ZYDUSLIFE (NOV FUTURE)
Buy: Above `843 Sell: Below `3260 Sell: Below `566
FUTURE
Target: `885 Target: `3155 Target: `539
Stop loss: `820 Stop loss: `3320 Stop loss: `581

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

In lakhs In lakhs
60.00 30.00
52.05

24.35
21.47

25.00
50.00 20.09

20.00
40.00

13.92
34.14

11.82
15.00
27.92
26.13

8.75

30.00
23.40
22.79

7.57

7.50
10.00
7.06

6.65
6.41

6.33

4.96
15.33

2.89
2.76
2.53

20.00
2.35

5.00
13.85

1.96
13.73
13.42
12.48

11.63
11.57

9.55
9.47
8.37

7.25

0.00
7.14

6.85

5.79

10.00
4.92

-0.39
2.60

-1.64
-2.31
- 3.09

-5.00
0.00
18000 18500 18800 18900 19000 19200 19300 19500 19700 20000 20500 18000 18500 18800 18900 19000 19200 19300 19500 19700 20000 20500
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
12.00 60.00
10.80

47.64

50.00
10.00
8.40

38.13

40.00
7.48

8.00
6.65
6.26

6.11

25.38

30.00
23.63

22.44

22.19

6.00
19.57
5.05

4.90

18.00
4.50

20.00
14.22
3.96
3.71
3.65

3.47

9.63

4.00
9.23

6.54
2.56

10.00
5.09
4.12
2.15

3.09
1.91
1.90

1.85

1.97

1.21
1.63

0.57

2.00
1.03
0.75

0.00
0.23

-0.62
-0.93

-0.99
-4.45

0.00 -10.00
40000 41000 42000 42500 43000 43500 44000 45000 45500 46000 46500 40000 41000 42000 42500 43000 43500 44000 45000 45500 46000 46500
Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
26-Oct 25-Oct 23-Oct 20-Oct 19-Oct 26-Oct 25-Oct 23-Oct 20-Oct 19-Oct
DISCOUNT/PREMIUM -0.55 5.85 -12.55 -14.80 -5.95 DISCOUNT/PREMIUM -9.80 -20.45 -9.60 15.70 90.65
COST OF CARRY% 0.61 0.60 0.58 0.56 0.56 COST OF CARRY% 0.63 0.61 0.59 0.57 0.56
PCR(OI) 1.22 1.33 1.40 1.39 1.49 PCR(OI) 1.46 1.44 1.38 1.32 1.33
PCR(VOL) 0.87 0.91 0.92 0.95 1.13 PCR(VOL) 1.13 1.26 1.03 0.72 0.96
A/D RATIO(NIFTY 50) 0.11 0.23 0.04 0.36 0.48 A/D RATIO(BANKNIFTY) 0.33 0.38 0.00 0.33 0.33
A/D RATIO(ALL FO STOCK)* 0.12 0.37 0.07 0.19 0.70 A/D RATIO(ALL FO STOCK)# 0.36 0.40 0.00 0.25 0.50
IMPLIED VOLATALITY 11.89 11.52 11.07 10.11 10.10 IMPLIED VOLATILITY 13.19 13.26 13.47 12.27 12.19
VIX 11.73 11.31 10.91 10.82 10.90 VIX 11.73 11.31 10.91 10.82 10.90
HISTORICAL VOLATILITY 15.13 15.05 15.04 14.97 15.00 HISTORICAL VOLATILITY 19.44 19.41 19.43 19.40 19.45
*All Future Stock *All Future Stock

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

In Cr. In Cr.
1120

31439
1500

29230
40000
1000
465

30000

11017
500 20000

6772
28

0 10000
-152

-500 0
-328
-385

-392

-636

-1000 -10000
-784

-8226
-11545
-1500 -20000
-21087

-21166
-2000 -30000

-29956
-2500 -40000

-3000 -50000
-60000
-3500

-58807
-3405

-70000
-4000
12-Oct 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct 20-Oct 23-Oct 25-Oct 26-Oct 12-Oct 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct 20-Oct 23-Oct 25-Oct 26-Oct

Top 10 Rollover Bottom 10 Rollover

NAME LTP Rollover % Open interest NAME LTP Rollover % Open interest
SBICARD 778.20 98.37% 8588800 BALKRISIND 2567.60 75.84% 1870800
ADANIPORTS 774.15 98.33% 56423200 LALPATHLAB 2364.95 77.01% 869700
PIIND 3308.10 98.26% 2337750 DELTACORP 128.80 79.33% 9259600
AMBUJACEM 418.75 98.24% 58336200 RBLBANK 218.75 81.21% 38280000
ALKEM 3587.30 98.20% 653200 MUTHOOTFIN 1246.85 81.99% 5378450
GRASIM 1862.40 98.18% 9667200 NATIONALUM 90.65 82.00% 61425000
DRREDDY 5460.35 98.10% 2626250 PFC 230.75 83.23% 61341250
TRENT 2047.65 98.03% 3190800 NTPC 230.60 83.38% 72822000
ABFRL 213.25 97.98% 31478200 POWERGRID 197.40 83.42% 47433600
ZEEL 240.25 97.86% 85572000 SAIL 83.80 83.64% 111792000

Note: All equity derivative data as on 26th October, 2023

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

9
 COMMODITY
SPICES
Turmeric prices traded down last week on account of sluggish domestic
demand. Subdued physical demand is visible at prevailing levels as prices have
seen a persistent downfall after touching all time high of 18076 in Jul’23.
Despite witnessing downfall of 25% from the record high levels, turmeric prices
are still almost double as compared to last year level of 7300. Demand is likely to
remain subdued as stockists and millers are avoiding bulk buying in expectation
of further fall in prices. Improved yield prospects with favorable weather for
crop growth are likely to weigh on market sentiments. Reports of fall in export of
turmeric in Aug’23 will also put pressure on prices. India exported about 11.3
thousand tonnes in Aug’23 as compared to 12.13 thousand tonnes of the previous
year for same period. However, overall turmeric export has been higher by 16.2%
Y-o-Y during time period of Apr’23-Aug’23. Turmeric prices are likely to trade
with negative bias may slip towards 11500 with resistance of 13900 levels.
Jeera prices witnessed sharp downfall tracking subdued buying in spot market.
Stockists have started offloading their stocks in fear of further fall in prices.
Prices are falling due to reports of subdued exports amid better production
prospects for upcoming season. Sowing activities are likely to start on positive
note due to favorable weather condition wherein acreages are also expected to
increase under jeera due to better prices realization. Jeera export dropped to
6.6 thousand tonnes in Aug’23 against the 23.5 thousand tonnes of previous year
down by 71% Y-o-Y. Total export of jeera during Apr’23-Aug’23 was reported at
64.17 thousand tonnes against the 86.9 thousand tonnes of same period last
year. Going forward, exports are likely to remain down that will weigh on prices.
Jeera Prices are expected to find support near 41600/38000 wherein resistance
is seen at 53800 levels.
Dhaniya prices are likely to trade down on sluggish buying at prevailing levels.
Adequate stocks at major trading centers weighed on market sentiments. Going
forward, prices will track the upcoming sowing activities, which is likely to start
later in Oct. Weather condition is looking favorable for sowing that will lead to
commencement of sowing activities on positive note. However, exports demand
has been active and exports are expected to improve further. India exported
about 6.2 thousand tonnes of dhaniya in Aug’23 against the 2.6 thousand tonnes
of last year whereas overall export was reported at 81.3 thousand tonnes during
Apr’23-Aug’23 higher by 268% Y-o-Y. Dhaniya export rose significantly in year
2023 due to supply concerns on other producing countries. Dhaniya prices are
likely to trade in range of 6400-7300.
OTHER COMMODITIES
Cotton prices are likely to trade down with surging arrival pressure in the
market. Fresh arrivals have increased in northern part of India and are likely to
pick up in central region with advancement of harvesting activities. Weather
condition is favorable for harvesting that will boost supplies of new crop in the
market. Losses in cotton are likely to be limited in wake of improving demand
prospects. Export demand and winter season demand are likely to increase in
coming months that will reflect as fresh buying for cotton. USDA has reduced its
estimates for world cotton ending stocks from 89.96 million bales to 79.92
million bales in its latest estimates that will also cap the losses in prices. Cotton
MCX Nov prices are likely to trade in the range of 57000-61500 level. Similarly,
Kapas Apr’24 futures are likely to trade in range of 1560-1670 level. Similarly,
cotton seed oil cake (Cocud) will trade down with increased availability of
alternative meals in the market. Improved supply prospects will weigh on prices.
Cocud prices are expected to slip towards support of 2640 in coming days
whereas resistance is 2860.
Guar seed Nov futures are expected to trade sideways to higher on increased
demand at physical market. Stockists are showing buying interest at prevailing
levels in the wake of weaker production estimates. However, reports of fall in
export of guar gum will cap the gains. Guar gum export dropped by 16% M-o-M in
Aug’23 to near 17 thousand tonnes due to limited buying by USA. However,
exports are expected to improve with recent gains in crude oil prices driven by
ongoing geopolitical tension among gulf countries has sparked the hope of rise in
drilling activities in US that will lead to rise in export demand of guar gum .
Lower production and expectation of rise in seasonal demand of gum in Oct-Dec
is likely to help prices to trade on positive note. Guar seed prices are likely to
honor the support of 5650 and expected to move up towards the resistance of
6250 levels. Gum prices are likely to trade in range of 11000-13600 levels.
Mentha oil prices are likely to trade sideways to down due to demand concerns.
Export demand of menthol has been subdued that prompted stockiest to stay
away from bulk buying. India exported about 1.5 thousand tonnes of menthol is
July’23 as compared to 1.9 thousand tonnes of previous year. Overall export of
menthol was reported at 4.2 thousand tonnes during the period of Apr-Jul’23
against the 5.2 thousand tonnes of previous year. However, supplies are also
down that may trigger short cover any time at futures platform. Mentha oil Nov
prices are likely to find support near 870 and resistance can be seen at 945
levels.
Castor seed prices are likely to trade down due to muted domestic demand.
Improved crop condition in Gujarat and higher production prospects supported
by rise in area under castor seed in year 2023 is likely to weigh on market
sentiments. Castor seed Nov prices are likely to trade in range of 5830-6200
levels.
OUTLOOK
BULLIONS
Gold prices continued to rise for the third consecutive week due to ongoing
Middle East conflict, which has led investors to seek the safety of bullion. The
Israel-Hamas conflict remains a significant factor influencing gold prices, with
Israeli forces conducting a major ground attack in Gaza. This has sparked
concerns and increased demand for gold as a safe-haven asset. Gold has gained
approximately 9% in value since the escalation of the Israel-Hamas conflict
earlier this month. However, the potential for higher U.S. interest rates has kept
gold prices below the $2,000 mark, which was last breached in May. The U.S.
dollar saw a weekly gain, and U.S. Treasury yields increased by 0.2% following
strong economic growth in the third quarter. U.S. Treasury Secretary Janet
Yellen expressed optimism about the economy's performance but noted that it
could lead to elevated longer-dated bond yields. Investor attention is also
focused on the U.S. Personal Consumption Expenditure (PCE) price index, which
could provide insights into the upcoming U.S. Federal Reserve policy meeting. In
other central bank news, the European Central Bank decided to keep interest
rates unchanged. Additionally, China's gold imports via Hong Kong declined by
11% in September compared to the previous month. In terms of price levels, on
COMEX, gold prices are hovering near $2,000, and a sustained break above this
level could push prices to $2,040, with short-term support around $1,960. Silver
is expected to follow the footsteps of gold, potentially finding support near
$21.00 and encountering resistance around $24.50. Looking ahead, gold prices
may continue to trade higher, with MCX Gold finding support near 59,200 and
facing resistance near 62,800. Similarly, silver may trade higher, taking support
near 69,000 and potentially facing resistance around 75,000.
ENERGY COMPLEX
Crude oil futures made a recovery, surpassing $83 per barrel, yet they were still
register a weekly loss of approximately 5%. This decline in oil prices was
attributed to diminishing concerns about a broader Middle East conflict. Analysts
highlighted the ongoing diplomatic efforts aimed at postponing an anticipated
ground invasion of Gaza by Israeli forces. Additionally, signs of weakened
demand in the United States, the world's leading oil consumer, put downward
pressure on prices. Data from the U.S. Energy Information Administration (EIA)
indicated a significant drop in product supplied for both motor gasoline and
distillate fuels in the previous week. Furthermore, refinery crude runs and
utilization rates decreased. The stronger-than-expected economic data in the
United States implied that the Federal Reserve would likely to continue its path
of maintaining higher-for-longer interest rates, which in turn, impacted the
outlook for oil demand negatively. The European Central Bank's decision to
maintain unchanged interest rates added to the bearish sentiment in the crude
oil market due to signs of economic weakness. Looking ahead, the crude oil
market is expected to remain highly volatile, with a potential trading range of
6,700 to 7,400. On the flip side, U.S. natural gas futures experienced an 8%
jump, surpassing $3.2 per MMBtu, recovering from a two-week low of
$2.9/MMBtu observed on October 20th. This rebound was driven by a smaller-
than-expected increase in gas inventories and forecasts for colder-than-
anticipated weather and heightened heating demand over the next two weeks.
Looking ahead, natural gas prices may continue to face upward pressure, with a
potential trading range of 265 – 330 levels, making buying on dips a
recommended strategy.
BASE METALS
Base metals may trade sideways with bearish bias as persistent demand concern
in top consumer China and further signs of stagnating euro zone economy offset
support from economic stimulus in top metals consumer China. China has
approved a 1 trillion yuan ($136.65 billion) in sovereign bond issuance to help
rebuild areas hit by floods and improve urban infrastructure. Although this will
provide some boost to building new homes and public infrastructure in the
affected region, it is unlike a wholesome direct stimulus that has boosted
Chinese demand for metals in the last two decades. Copper may trade in the
range of 690-720 levels. Tight copper scrap supply, coupled with falling refined
copper prices, has improved consumption of the metal, but a bearish
macroeconomic outlook will continue to pressure copper prices. Global miner
Anglo American lowered its 2023 production guidance for copper on
curtailments at its Chilean operations, even as its output of the metal rose 42% in
the third quarter. Zinc may trade in the range of 210-230 levels. The global zinc
market surplus widened to 22,000 metric tons in August from 2,900 tons a month
earlier, data from the International Lead and Zinc Study Group (ILZSG) showed.
Lead can move in the range of 180-190 levels. The global lead market recorded a
surplus of 71,000 tons in the first eight months of 2023, compared with a deficit
of 141,000 tons in the year-ago period, data from the International Lead and Zinc
Study Group showed. Aluminium can trade in the range of 195-215 levels. Steel
long (Nov) is likely to trade in the range of 43000-46000 levels; and sell on rise
should be the strategy.
10
INSURANCE

11
INSURANCE

12
INSURANCE

13
INSURANCE

14
 COMMODITY
TREND SHEET
EXCHANGE COMMODITY CONTRACT CLOSING DATE TREND TREND RATE TREND SUPPORT RESISTANCE CLOSING
PRICE CHANGED CHANGED STOP/LOSS
NCDEX JEERA NOV 46915.00 10.10.23 DOWN 58000.00 - 49500.00 50000.00
NCDEX TURMERIC DEC 13092.00 20.09.23 DOWN 15000.00 - 13500.00 13700.00
NCDEX GUARSEED NOV 5872.00 05.10.23 UP 5500.00 5550.00 - 5500.00
NCDEX CASTORSEED NOV 6008.00 14.09.23 DOWN 6300.00 - 6250.00 6300.00
NCDEX STEEL NOV 44390.00 27.09.23 DOWN 46300.00 - 45000.00 45300.00
NCDEX COCUD DEC 2819.00 02.08.23 UP 2400.00 2680.00 - 2650.00
MCX MENTHA OIL NOV 915.70 27.09.23 DOWN 930.00 - 945.00 950.00
MCX MCXBULLDEX NOV 16012.00 10.10.23 UP 15000.00 15500.00 - 15450.00
MCX SILVER DEC 71580.00 10.10.23 UP 69000.00 70200.00 - 70000.00
MCX GOLD DEC 60952.00 10.10.23 UP 57500.00 59200.00 - 59000.00
MCX COPPER NOV 700.35 03.10.23 DOWN 700.00 - 720.00 725.00
MCX LEAD NOV 185.60 10.10.23 DOWN 187.00 - 191.00 192.00
MCX ZINC NOV 220.15 03.10.23 DOWN 225.00 - 233.00 235.00
MCX ALUMINIUM NOV 203.85 04.10.23 DOWN 206.00 - 212.50 213.00
MCX CRUDE OIL NOV 6945.00 18.10.23 UP 7300.00 6800.00 - 6750.00
MCX NATURAL GAS NOV 291.50 19.10.23 DOWN 280.00 - 300.00 305.00
Closing as on 26.10.2023

TECHNICAL RECOMMENDATIONS
NATURAL GAS MCX Contract: NOV *
M.High: 312.90 *
M.Low: 268.20

It closed at Rs. 291.90 on 26th Oct 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs.286.71. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 66.930. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.280 for a target of Rs. 310 with the stop loss of 265.

ZINC MCX Contract: NOV *

M.High: 234.30 *
M.Low: 218.75

It closed at Rs. 220.15 on 26th Oct 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs.221.80. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 48.806. Based on both indicators, it is giving a sell
signal.

One can sell near Rs.225 for a target of Rs. 215 with the stop loss of 230.

GUARSEED NCDEX Contract: NOV *

M.High: 6929.00 *
M.Low: 5496.00

It closed at Rs.5872.00 on 26th Oct 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs. 5857.92. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 55.489. Based on both indicators, it is giving a buy
signal.

One can buy near Rs. 5800 for a target of Rs. 6100 with the stop loss of 5650.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST
• The global zinc market surplus widened to 22,000
metric tons in August from 2,900 tons a month earlier,
data from the International Lead and Zinc Study Group
showed.
• The global lead market recorded a surplus of 71,000
tons in the first eight months of 2023, compared with a
deficit of 141,000 tons in the year-ago period, data
from the International Lead and Zinc Study Group
showed.
• The Union Cabinet approved a ₹22,303 crore subsidy on
phosphorous and potash fertilisers for the current Rabi
season, as against ₹51,875 crore allocated in the 2022
Rabi season.
• The Indian government has agreed to lower the
minimum export price for basmati rice shipments to
$950 a tonne from $1,200.
• According to the Petroleum Planning and Analysis Cell,
the import of crude oil by India, the world’s third-
largest importer, hit a 12-month low of 17.80 million
tonnes (MT) in September this year.
• According to the latest steel ministry data, steel
consumption in the April-September period of FY24
grew 15% to 64 million tonnes from the year-ago
period.
• To curb any spike in the prices through improved
domestic supplies, the government has imported 2.13
million tonne (MT) of pulses varieties—tur, urad and
lentils since the beginning of the year.
• India’s mineral output increased by 12.3 per cent in the
month of August as compared to the same month a year
ago, according to provisional data from the Indian
Bureau of Mines.
• India’s production of petroleum products rose 5.5% on
year to 21.5 million tonne in September, according to
data from the Petroleum Planning and Analysis Cell.
WEEKLY COMMENTARY
In the week gone by, CRB remained trapped in a narrow trading range but managed to close
above the 320 level. Dollar Index ended the week on an upward trajectory. 10-year US
Treasury Yields also saw an increase in their closing values. Gold, on the flip side,
experienced its third consecutive week of gains as investors continued to seek it as a safe
haven, partly due to a shift of funds from equities and other riskier assets. Israeli forces
executed their biggest ground attack in Gaza in their 20-day-old war with Hamas overnight
as anger grew in the Arab world over Israel’s unrelenting airstrikes on the besieged
Palestinian territory. It added war premium in gold, and MCX gold closed near 61300 levels.
The European Central Bank left interest rates unchanged, as expected on Thursday, snapping
a 15-month streak of rate hikes. Silver's rally paused, largely influenced by a stall in the
industrial metals market. Natural gas prices remained range-bound with minimal upside
movement. Crude oil prices declined from their recent highs. Natural Gas prices jump to
$3.44 with tension building after a small incursion into Gaza by Israel earlier this Thursday.
Among base metals, copper and lead saw losses, while aluminum and zinc closed the week
with gains. China has approved a 1 trillion yuan ($136.65 billion) in sovereign bond issuance
to help rebuild areas hit by floods and improve urban infrastructure, which briefly lifted
metals prices. Although this will provide some boost to building new homes and public
infrastructure in the affected region, it is unlike a wholesome direct stimulus that has
boosted Chinese demand for metals in the last two decades.
In the agricultural sector, castor continued to face downward pressure with no relief in sight,
however, shrinking supplies of castor seed and improved crush margin of millers limited the
downside. Cotton oilseed cake futures made a marginal recovery. Kapas witnessed some
buying at lower price levels. Guarseed and guar gum futures took a breather after a three-
week rise. Arrivals of new crop have started picking up but still lower as compared to last
year. Jeera garnered attention with a significant seven-week decline, dropping from its high
of 63695 to a low below 47500 levels. Jeera prices plummeted as upcoming sowing of jeera is
expected to remain normal due to favorable weather condition. Adequate soil moisture and
favorable weather condition for crop will boost the overall sowing activities. Moreover,
sluggish export demand will also put pressure on prices. Dhaniya futures experienced a
decline due to lackluster trading in the spot market amid adequate supplies in the market.
Millers preferred need based buying in anticipation of further fall in prices whereas stockists
are releasing stocks on every jump in prices. Mentha prices were in range. Overall export of
menthol was reported at 4.2 thousand tonnes during the period of Apr-Jul’23 against the 5.2
thousand tonnes of previous year.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
10.00% 2.00%
1.26% 1.20%
1.00% 0.84% 0.72% 0.58%
5.00% 3.95% 3.95%
2.96%
2.39% 2.06%
0.00%
-0.02%
0.00%
-0.27% -1.00%
-0.94%
-1.06%
-2.78%
-5.00% -2.00% -1.76% -1.83%

-3.00%
-10.00%

-4.00%
-15.00%
-5.00%
-4.86%
-17.98%
-20.00%
-6.00%
BAJRA MAIZE COCUD GUARSEED BARLEY JEERA SESAMESEED TURMERIC STEEL
NATURALGAS GOLDM GOLD MENTHAOIL GOLDGUINEA GOLDPETAL COPPER NICKEL LEAD CRUDEOIL

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 19.10.23 QTY 25.10.23 QTY DIFFERENCE COMMODITY UNIT 20.10.23 QTY 25.10.23 QTY DIFFERENCE
COTTON 0 24248 24248 ALUMINIUM MT 748 748 0
BAJRA MT 664 694 30
COPPER KGS 2090893 2816798 725905
BARLEY MT 0 0 0
CASTOR SEED MT 9534 9974 440 GOLD KGS 496 539 43
CORIANDER MT 10920 10571 -349
GOLD GUINEA GM 2760 2760 0
COTTONSEED OILCAKE MT 0 0 0
GUARGUM MT 16949 17083 134 GOLD MINI GM 129100 104100 -25000
GUARSEED MT 17843 18039 196
LEAD MT 0 0 0
ISABGOL SEED MT 54 54 0
JEERA MT 3044 2058 -986 SILVER KGS 19067 32141 13074
MAIZE MT 0 0 0 SILVER M KGS 36363 36363 0
STEEL MT 422 422 0
TURMERIC MT 2081 2161 80 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) FINAL ESTIMATES OF MAJOR CROPS FOR THE YEAR 2022-23

As the world is facing an uncertain time of food crisis due to global shocks
WHEAT (DELHI) 5.55% such as conflicts in Ukraine and Gaza and elsewhere, market volatility from
rising food and energy prices, and extreme weather caused by climate
change, our farmers are proving most resilient with their hard work and have
SOYABEAN (INDORE) 2.14% given us enough protection from the food crisis and have enabled us to supply
food stocks to feed the world.
As per Final Estimates for 2022-23, total Food grain production in the country
BARLEY (JAIPUR) 1.73% is estimated at record 329.69 million tonnes, which is higher by 14.07 million
tonnes than the production of foodgrains of 315.62 million tonnes achieved
during 2021-22. Further, the production during 2022-23 is higher by 30.87
GUAR SEED (JODHPUR) 1.23% million tonnes than the previous five years’ (2017-18 to 2021-22) average
production of foodgrains.
COTTON SEED OIL CAKE (AKOLA) 1.21%
Union Agriculture and Farmers Welfare Minister Shri Narendra Singh Tomar
has said on the record production of food grains that our farmer are
continuously working hard, while agricultural scientists and institutions are
also doing very good work, along with this Under the leadership of Prime
GUAR GUM (JODHPUR) 0.52%
Minister Shri Narendra Modi, the Ministry of Agriculture is smoothly
implementing the schemes and programs, thus everyone's efforts are
reflecting better results in the agriculture sector including record food grains
CRUDE PALM OIL (KANDLA) 0.40%
production.
As per Final Estimates, the estimated production of major crops during 2022-
CORIANDER (KOTA) -0.03%
23 is as under:

REFINED SOYBEAN OIL (MUMBAI) -0.27%

MUSTARD (JAIPUR) -0.34%

COTTON (KADI) -0.63%

CHANA (DELHI) -1.34%

TURMERIC (NIZAMABAD) -1.40% Source: Ministry of Agriculture

Official data showed that food grain output has consistently grown over the last
decade from 257.1 million tonne in 2012-13 to 329.69 million tonne in 2022-23.
GUR (MUZAFFARNGR) -3.60%
Total production of Rice during 2022-23 is estimated at record 135.75 million
tonnes. It is higher by 6.28 million tonnes than previous year’s Rice
production of 129.47 million tonnes and by 15.36 million tonnes than the last
JEERA (UNJHA) -11.43%
five years’ average production of 120.39 million tonnes.
-14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00%
Production of Wheat during 2022-23 is estimated at record 110.55 million
tonnes. It is higher by 2.81 Million tonnes than previous year’s wheat
production of 107.74 million tonnes and by 4.82 million tonnes than the
average wheat production of 105.73 million tonnes.
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
Production of Nutri / Coarse Cereals estimated at 57.32 million tonnes, which
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE is higher by 6.22 million tonnes than the production of 51.10 million tonnes
20.10.23 26.10.23 achieved during 2021-22. Further, it is also higher by 9.28 million tonnes than
the average production. Production of Shree Anna is estimated at 17.32
ALUMINIUM 486450 480250 -6200.00 million tonnes.
COPPER 190450 182900 -7550.00 Total Pulses production during 2022-23 is estimated at 26.06 million tonnes
which is higher by 1.40 million tonnes than the last five years’ average pulses
NICKEL 44862 45564 702.00 production of 24.66 million tonnes. Total Oilseeds production in the country
during 2022-23 is estimated at record 41.35 million tonnes which is higher by
LEAD 115225 123375 8150.00 3.39 million tonnes than the oilseed production during 2021-22. Further, the
ZINC 76250 78375 2125.00 production of oilseeds during 2022-23 is higher by 7.33 million tonnes than
the average oilseeds production of 34.02 million tonnes.
Total production of Sugarcane in the country during 2022-23 is estimated at
490.53 million tonnes. The production of sugarcane during 2022-23 is higher
by 51.11 million tonnes than the previous year sugarcane production of
PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) 439.42 million tonnes.
COMMODITY EXCHANGE CONTRACT 20.10.23 26.10.23 CHANGE% Production of Cotton is estimated at 33.66 million bales (of 170 kg each) is
higher by 2.54 million bales than the previous year’s cotton production.
ALUMINIUM LME CASH 2181.50 2197.50 0.73% Production of Jute & Mesta is estimated at 9.39 million bales (of 180 kg each).
COPPER LME CASH 7948.50 7985.50 0.47%
LEAD LME CASH 2099.50 2094.00 -0.26%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 18588.00 18079.00 -2.74% Commodity Exchange Contract Unit 20.10.23 26.10.23 Difference(%)
ZINC LME CASH 2438.00 2435.00 -0.12% Soybean CBOT NOV Dollars Per Bushel 13.20 13.00 -1.52%
GOLD COMEX DEC 1994.40 1997.40 0.15%
Soybean oil CBOT DEC Cents per Pound 52.66 51.10 -2.96%
SILVER COMEX DEC 23.39 22.80 -2.52%
Cotton ICE DEC Cents per Pound 82.40 84.59 2.66%
CRUDE NYMEX NOV 88.75 83.21 -6.24%
NATURAL GAS NYMEX NOV 2.90 3.21 10.87% CPO BMD DEC MYR per MT 3,771.00 3,762.00 -0.24%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Mild Bullish Sideways Sideways Bearish Mild Bearish Mild Bearish Sideways Mild Bullish
TERRITORY Neutral Neutral Neutral Borderline Neutral Neutral Neutral Neutral
SUPPORT 82.80 87.45 100.50 55.00 1.0450 1.2037 148.50 105.00
RESISTANCE 83.60 88.75 102.00 56.30 1.0700 1.2330 151.00 107.05

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact The dollar index has been steadily rising and
31-Oct 08:30 JPY BoJ Interest Rate Decision -0.10% -0.10% Negative for JPY consolidating within the range of 105.30 - 107 over the
past few weeks. The 105.00-105.30 range has proven to
31-Oct 15:30 EUR GDP Growth Rate YoY Flash Q3 0.50% -0.30% Negative for EUR
be a strong support zone, indicating a positive short-
31-Oct 15:30 EUR Inflation Rate YoY Flash OCT 4.30% 3.10% Positive for EUR term outlook for the dollar index. At higher levels,
01-Nov 19:30 USD ISM Manufacturing PMI OCT 49 49.5 Neutral for USD resistance is seen between 106.80 and 107. However,
01-Nov 19:30 USD JOLTs Job Openings SEP 9.61M 9.2M Negative for USD
due to the overall upward trend and the dollar's
strength, breaking through this resistance is expected.
01-Nov 23:30 USD Fed Interest Rate Decision 5.50% 5.50% Neutral for USD A breach above 107.00 could reignite the dollar index's
02-Nov 17:30 GBP BoE Interest Rate Decision 5.25% 5.25% Negative for GBP upward momentum in the short term. Recent economic
03-Nov 18:00 USD Non-Farm Payrolls OCT 336K 190K Neutral for USD data suggests the US economy's resilience, with a
robust 4.9% growth rate in the third quarter, driven by
03-Nov 18:00 USD Unemployment Rate OCT 3.80% 3.80% Neutral for USD
strong consumer spending and significant increases in
durable goods orders. The Federal Reserve is expected
Major Macroeconomic Indicators to maintain steady interest rates, supporting the view
of elevated rates for an extended period. The strength
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates of the dollar is also influenced by the euro's weakness,
China 3.45% 0.00% Sep 2.73% 4.90% Sep 3.45% linked to a subdued growth outlook in the Eurozone and
Euro Area 4.50% 4.30% Sep - 0.50% Jun 0.20% the European Central Bank's completed tightening
cycle. In the USD/INR currency pair, a recent correction
France 4.50% 4.90% Sep 3.48% 1.00% Jun -0.40%
from a record high near 83.40 levels found solid support
Germany 4.50% 4.50% Sep 2.85% -0.20% Jun 0.00% around 83.00. The pair is expected to remain bullish in
India 6.50% 5.02% Sep 7.35% 7.80% Jun 1.48% the near term, with the Reserve Bank of India (RBI)
Italy 4.50% 5.34% Sep 4.85% 0.35% Jun -0.84% actively intervening to control upward volatility. The
RBI's actions are likely to prevent significant moves
Japan -0.10% 3.00% Sep 0.87% 1.60% Jun -3.10% above 83.60 in the near future, and the USD/INR pair is
United Kingdom 5.25% 6.70% Sep 4.60% 0.60% Jun -1.45% expected to consolidate within the range of 83.00 to
United States 5.50% 3.70% Sep 4.86% 2.90% Sep 1.80% 83.60 with a bullish bias. This consolidation reflects
confidence in the pair's upward trend.
Dollar Rupee (USD-INR) Euro Rupee (EUR-INR)

USD/INR(NOV) 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
83.32. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 49.24 on the daily chart. Major support is seen around 82.8 levels, while
resistance is expected near 83.6 levels.
One can buy near 83 for the target of 83.6 with the stop loss of 82.75
EUR/INR(NOV) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
88.35. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 44.16 on the daily chart. Major support is seen around 87.45 levels, while
resistance is expected near 88.75 levels.
One can sell near 88.3 for the target of 87.3 with the stop loss of 88.8

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

GBP/INR(NOV) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
101.7. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 40.88 on the daily chart. Major support is seen around 100.5 levels, while
resistance is expected near 102 levels.
One can buy near 100.75 for the target of 101.75 with the stop loss of 100.25
JPY/INR(NOV) pair is currently in an Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
56.31. However, the pair is in Borderline territory with a Relative Strength Index (14-
day) value of 27.37 on the daily chart. Major support is seen around 55 levels, while
resistance is expected near 56.3 levels.
One can sell near 56 for the target of 55 with the stop loss of 56.5

18
 IPO
SMC Ranking
CELLO WORLD LIMITED (2.5/5)
Issue Highlights About the Company
Industry Consumer Product Cello World is a famous Indian consumer product company mainly dealing in three categories such as
writing instruments and stationery, molded furniture, consumer housewares and related products.
Offer for sale (Shares) 29,320,987 Cello World has 13 manufacturing units situated in 5 different locations in India. The company also aims
Net Offer to the Public 29,320,987 to set up a glass manufacturing unit in Rajasthan with European made machinery to enable efficient
productivity and enhanced manufacturing capacity. As of March 31, 2023, the company has 15,841
Issue Size (Rs. Cr.) 1809-1900
stock-keeping units ("SKU") across all product ranges. The company's national sales distribution team
Price Band (Rs.) 617-648 comprises of 683 members.
Employee Discount Rs 61 per share
Strength
Offer Date 30-Oct-23
Well-established brand name and strong market positions: Cello World’s strong market positions in
Close Date 1-Nov-23 the consumer products industry segment are a reflection of its vast experience, continuous product
Face Value 5 development and consumer understanding. The brand “Cello” was awarded as one of the most trusted
brands of India in 2021 by Commerzify. To enhance brand awareness and strengthen brand recall for the
Lot Size 23 Shares
brands and sub-brands that it uses, it utilises a diverse array of promotional and marketing efforts,
including in-shop displays, merchandising, advertisements in print and social media, retail branding
and product branding.
Issue Composition In shares
Diversified product portfolio across price points catering to diverse consumer requirements: As of
Total Issue for Sale 29,320,987 June 30, 2023, it offered 15,891 SKUs across its product categories. It offers an extensive product range
across its three product categories. Cello World has a diverse range of products across different
QIB 14,660,494
product categories, types of material and price points, which enables it to serve as a “one-stop-shop”,
NIB 4,398,148 with consumers across all income levels purchasing its products. Cello World has the most diversified
product portfolio among its peers, with products in the glassware, opalware, melamine and porcelain
Retail 10,262,345
categories.
Strong historical financial results: Cello World has been continuously growing its business through
Objects of the Issue increase in sales, and the expansion of brand portfolio, product offerings and distribution network.
Cello World’s operational efficiencies and supply chain network has resulted in better control of
The objects of the Offer are to (i) achieve the benefits of expenses and thereby resulted in an increase in its profit after tax. Its revenue from operations
listing the Equity Shares on the Stock Exchanges; and increased, from Rs.1049.45 Crore in the Financial Year 2021, to Rs.1359.18 Crore in the Financial Year
(ii) carry out the Offer for Sale of up to [●] Equity Shares 2022 and Rs.1796.7 Crore in the Financial Year 2023, at a CAGR of 30.84%. Its revenue from operations
aggregating up to Rs.1900 Crore by the Selling was Rs.432.61 Crore for the three months ended June 30, 2022 and Rs.471.78 Crore for the three
months ended June 30, 2023.
Shareholders. Further, the Company expects that the
proposed listing of its Equity Shares will enhance its Strategy
visibility. Continued innovation to grow wallet share and expand consumer base: Cello World intends to
utilise its innovation capabilities to expand its existing product portfolio and develop new range of
products across its product categories. In particular, Cello World aims to expand its product portfolio in
Book Running Lead Manager its consumer houseware product category, by focusing on introducing new range of products in the
Ÿ Kotak Mahindra Capital Company Limited kitchenware, porcelain, appliances, cookware, glassware, writing instruments, and stationery spaces.
Ÿ ICICI Securities Limited
Expanding distribution network: Cello World seeks to enhance its addressable market by expanding
Ÿ IIFL Securities Limited
its sales and distribution network of distributors, sub-distributors and retailers across India.
Ÿ JM Financial Limited
Ÿ Motilal Oswal Investment Advisors Limited Scale up branding, promotional and digital activities: While the “Cello” brand is well established and
enjoys strong brand recall among consumers in India, it intends to continue to enhance brand
Name of the registrar awareness and strengthen brand recall for the newer brands, including in particular the “Kleeno” and
Ÿ Link Intime India Private Limited “Puro” sub-brands (under the “Cello” brand), by continuing to focus on its branding and promotional
activities going forward.

Valuation Risk Factor

Considering the P/E valuation on the upper price
band of Rs.648, EPS and P/E based on TTM are
Rs.14.22 and 45.56 multiple respectively and at a
lower price band of Rs. 617, P/E multiple is 43.38.
Looking at the P/B ratio on the upper price band of
Rs.648, book value and P/B of FY23 are Rs. 51.96 and
12.47 multiple respectively and at a lower price band
of Rs. 617 P/B multiple is 11.88. No change in pre and
post issue EPS and Book Value as the company is not
making fresh issue of capital.
Ÿ Fluctuations in raw material prices
Ÿ The company is dependent on distribution network in India and overseas to sell and distribute
products.
Ÿ The company does not own the trademark for its key brands
Outlook
With a presence in consumer houseware, writing instruments & stationery, and moulded furniture &
allied products, and consumer glassware categories, the firm offered 15,891 stock-keeping units
(SKUs) across its product categories as of June 2023. Around 80 percent of its revenue comes from the
in-house manufacturing operations, and the remaining (mainly steel and glassware products) are made
by third-party contract manufacturers. However, the company will not receive any proceeds from the
offer.

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

7.40 - 7.55 8.05 - 8.05 8.05 -

BAJAJ FINANCE LTD.INDIVIDUAL & HUF

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

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

7.45 7.50 7.45 7.75 8.35

ICICI HOME FINANCE (UPTO `1.99 CR.)

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

ICICI HOME FINANCE (UPTO `1.99 CR.)

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

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

M&M FINANCIAL SERVICES LTD

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

0.30% EXTRA FOR SR. CITIZEN

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

0.50% FOR SENIOR CITIZEN,

7.80 7.95 8.10 8.50 30M= 50M= 8.60 42M=
7 SHRIRAM FINANCE LTD. (UPTO `10 CR.) 0.25% EXTRA FOR RENEWALS & ` 5000/-
8.30 8.60 8.55
0.10% FOR WOMEN

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

20
 MUTUAL FUND
INDUSTRY & FUND UPDATE
Zerodha Mutual Fund launches its maiden funds

Zerodha Mutual Fund, a joint venture between Zerodha Broking and Smallcase Technologies, launched its maiden funds - Zerodha Nifty LargeMidcap 250
Index Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund. Both are open-ended, passive, index equity mutual fund schemes with the
minimum amount of investment being Rs 100 and Rs 500, respectively. The NFOs will close on November 3. The schemes will replicate the Nifty LargeMidcap
250 Index, with the ELSS having a mandatory lock-in of 3 years. The 250 stocks of the Nifty LargeMidcap 250 Index are the combination of the universe of
stocks forming part of the Nifty 100 Index and Nifty Midcap 150 Index. The Nifty LargeMidcap 250 Index, which covers approximately 84% of the full market
capitalisation aims to reflect the performance of the large and midcap companies listed on NSE with 50% weight allocated to each segment.

Bajaj Finserv Mutual Fund launches Bajaj Finserv Banking and PSU Fund

Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Banking and PSU Fund, an open-ended debt scheme investing in debt instruments of
banks, public sector undertakings, public financial institutions and municipal bonds with relatively high interest rate risk and moderate credit risk. New Fund
Offer of the scheme is open and it will close on November 6. The fund will be jointly managed by Siddharth Chaudhary, Senior Fund Manager- Fixed Income
and Nimesh Chandan, CIO. “The fund would maintain high credit quality and the allocation would comprise 80% in high credit quality bonds of banks and PSU
companies and 20% in sovereign and other high credit quality bonds," said Nimesh Chandan, CIO, Bajaj Finserv Mutual Fund. “This scheme is suitable for
investors who want relatively stable investment options for their capital. Investors who are interested in diversifying their portfolio across various debt
investments apart from other traditional banking products, may also find this fund an attractive proposition,” said Ganesh Mohan, CEO, Bajaj Finserv Mutual
Fund.

Bandhan Mutual Fund launches Bandhan Nifty Alpha 50 Index Fund

Bandhan Mutual Fund has announced the launch of the Bandhan Nifty Alpha 50 Index Fund, an open-ended index scheme tracking Nifty Alpha 50 Index. The
Nifty Alpha 50 index follows a structured, quantitative-led process of assigning weights to the securities based on alpha values, where the security with the
highest alpha in the index is assigned the highest weight. The New Fund Offer will open on October 25 and close on November 6. “Traditional passive funds
are designed to mimic their benchmark and thus offer broad market-based returns. Bandhan Nifty Alpha 50 Index Fund aims to generate outperformance by
selecting stocks with specific factors that produce potentially higher risk-adjusted returns compared to the market. NSE data, as of September 30, 2023,
indicate that the Nifty Alpha 50 Index has outperformed the Nifty 50 Index and the Nifty 500 Index, generating an alpha of ~5% over these broad-based
indices, albeit with higher volatility. Savvy Investors seeking to add an aggressive strategy to their portfolio could include Bandhan Nifty Alpha 50 Index Fund,
to enhance the growth potential of the portfolio,” said Vishal Kapoor, CEO, Bandhan AMC.

NEW FUND OFFER

Scheme Name Aditya Birla Sun Life US Treasury 1-3 Year Bond ETFs Fund Of Funds
Fund Type Open Ended
Fund Class Other Scheme - FoF Overseas
Opens on 16-Oct-2023
Closes on 30-Oct-2023
Investment Objective To generate returns that are in line with the performance of units of ETFs focused on US Treasury Bonds having maturity between 1-3
Years.
Min. Investment Rs. 100
Fund Manager Mr. Dhaval Joshi

Scheme Name Bajaj Finserv Banking and PSU Fund

Fund Type Open Ended
Fund Class Debt Scheme - Banking and PSU Fund
Opens on 25-Oct-23
Closes on 06-Nov-23
Investment Objective To generate income by predominantly investing in debt & money market securities issued by Banks, Public Sector Undertaking
(PSUs), Public Financial Institutions (PFI), Municipal Bonds and Reverse repos in such securities, sovereign securities issued by the
Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of India. There is no
assurance that or guarantee that the investment objective of the scheme will be achieved.
Min. Investment Rs. 1,000/- and in multiples of Re. 1/- thereafter
Fund Manager Mr. Siddharth Chaudhary & Mr. Nimesh Chandan

Scheme Name Bandhan Nifty Alpha 50 Index Fund

Fund Type Open Ended
Fund Class Other Scheme - Index Funds
Opens on 25-Oct-23
Closes on 06-Nov-23
Investment Objective To replicate the Nifty Alpha 50 Index by investing in securities of the Nifty Alpha 50 Index in the same proportion / weightage with an
aim to provide returns before expenses that tracks the total return of Nifty Alpha 50 Index, subject to tracking errors. However, there
is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any
returns.
Min. Investment Rs. 1000/- and in multiples of Re. 1/- thereafter
Fund Manager Nemish Sheth

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 63.00 08-Aug-2007 15758.20 -1.90 13.30 15.90 27.00 12.00 4.00 0.90 0.60 81.69 12.21 5.99 0.12
HDFC Top 100 Fund - Growth 834.90 11-Oct-1996 25679.90 -1.80 10.40 14.10 23.90 18.60 4.00 0.90 0.40 91.71 4.88 N.A 3.42
ICICI Prudential Bluechip Fund - Growth 76.50 23-May-2008 40357.40 -1.30 11.40 12.00 21.80 14.10 3.70 0.90 0.40 80.40 6.82 0.47 12.31
DSP Top 100 Equity Fund - Reg - Growth 326.10 10-Mar-2003 2990.00 -1.70 11.00 10.40 16.50 18.40 3.50 0.80 0.00. 80.65 8.81 6.68 3.86
SBI Bluechip Fund - Growth 69.00 14-Feb-2006 39160.40 -4.00 8.20 10.30 20.20 11.50 3.70 0.90 0.20 83.30 11.22 N.A 5.48
Baroda BNP Paribas Large Cap Fund - G 156.20 23-Sep-2004 1502.40 -2.50 8.90 9.40 17.30 15.50 3.60 0.90 0.10 79.38 7.37 5.67 7.58
Aditya Birla Sun Life Frontline E F-R-G 377.60 30-Aug-2002 23631.40 -2.90 9.60 8.70 19.30 18.70 3.80 0.90 0.10 82.80 10.53 2.42 4.25

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 125.90 25-Jun-2007 45932.10 1.90 23.10 26.60 32.60 16.80 4.30 0.90 0.90 10.49 65.64 16.03 7.84
Mahindra Manulife Mid Cap Fund - R-G 21.80 30-Jan-2018 1426.30 4.30 22.90 23.80 30.30 14.50 4.50 0.90 0.60 8.90 69.52 13.64 7.94
Nippon India Growth Fund - Reg-Growth 2660.90 08-Oct-1995 17841.10 4.60 24.20 23.50 31.80 22.00 4.30 0.80 0.90 17.95 67.26 12.91 1.88
Tata Mid Cap Growth Fund - Reg-Growth 299.20 01-Jul-1994 2357.90 3.50 22.30 22.20 26.50 12.30 4.00 0.80 0.60 11.78 68.02 15.54 4.66
Quant Mid Cap Fund - Growth 157.80 09-Mar-2001 2673.40 2.80 19.90 19.40 36.00 13.00 4.70 0.90 0.90 20.82 46.02 N.A 33.16
HSBC Midcap Fund - Reg - Growth 246.80 09-Aug-2004 7870.00 4.10 20.10 19.30 21.90 18.10 3.80 0.70 0.40 14.54 67.08 17.72 0.66
WhiteOak Capital Mid Cap Fund - Reg-G 12.10 07-Sep-2022 909.50 2.30 22.80 18.70 N.A 18.40 3.90 0.80 0.90 6.09 55.48 21.04 17.38

EQUITY - SMALL CAP FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
HDFC Small Cap Fund - Growth 101.20 03-Apr-2008 21531.50 2.50 23.10 31.50 38.40 16.00 4.90 0.80 1.10 3.94 8.80 79.36 7.90
Franklin India Smaller Companies F-G 123.40 13-Jan-2006 9240.00 4.80 24.10 31.10 37.00 15.20 4.50 0.70 1.20 5.33 9.98 77.24 7.45
Nippon India Small Cap Fund - Reg - G 118.40 16-Sep-2010 35216.60 3.80 25.20 28.50 41.80 20.70 4.80 0.80 1.30 12.71 14.25 67.00 6.05
Quant Small Cap Fund - Growth 173.40 21-Nov-1996 7463.40 1.50 19.90 28.00 41.50 11.70 5.80 1.00 1.00 10.98 2.19 68.15 18.69
Bandhan Emerging Businesses Fund-R-G 27.20 25-Feb-2020 1941.20 8.20 29.30 27.40 29.70 31.40 4.50 0.70 0.60 3.63 11.14 73.68 11.54
HSBC Small Cap Fund - Reg - Growth 59.90 12-May-2014 10993.30 4.90 22.30 26.70 39.70 20.80 4.50 0.80 1.20 2.73 24.83 69.85 2.60
ITI Small Cap Fund - Reg - Growth 18.00 17-Feb-2020 1423.10 5.30 23.40 26.10 23.80 17.30 4.90 0.80 0.10 11.66 19.76 62.72 5.85

EQUITY - TAX SAVING FUND

Returns (%) Risk Market Cap (%)
Scheme Name NAV Launch QAAUM 3M 6M 1Y 3Y Since Std.Dev Beta Jenson Large Mid Small Debt &
(`) Date (` Cr.) Launch Cap Cap Cap Other
SBI Long Term Equity Fund - Growth 281.90 31-Mar-1993 15457.10 0.10 17.60 21.10 25.20 15.70 3.90 0.90 0.60 58.58 21.41 14.00 6.01
Motilal Oswal Long Term Equity F-R-G 31.60 21-Jan-2015 2512.90 0.90 15.70 17.80 23.20 14.00 3.90 0.80 0.30 52.13 27.46 19.68 0.73
HDFC Taxsaver - Growth 924.60 31-Mar-1996 11289.90 0.30 13.40 14.60 25.90 22.90 3.60 0.80 0.70 84.68 8.26 2.78 4.27
Bandhan Tax Advantage (ELSS) Fund-R-G 114.60 26-Dec-2008 5023.70 -1.40 14.00 14.00 28.20 17.90 4.20 0.90 0.40 60.98 14.46 19.35 5.21
Franklin India Taxshield - Growth 1024.00 10-Apr-1999 5236.20 0.80 14.90 13.60 25.00 20.70 4.10 0.90 0.30 71.33 11.22 9.86 7.59
Invesco India Tax Plan - Growth 88.00 29-Dec-2006 2164.20 0.0 15.00 13.00 17.70 13.80 4.00 0.90 0.0 62.63 12.88 20.94 3.55
Parag Parikh Tax Saver Fund - Reg - G 22.60 24-Jul-2019 1905.90 2.40 11.30 13.00 22.20 21.10 3.40 0.70 0.60 65.43 5.75 13.89 14.92

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 374.20 11-Sep-2000 61210.40 2.70 12.90 18.80 27.60 16.90 3.00 0.70 49.76 10.43 8.64 31.16
Baroda BNP Paribas Balanced Adv. F-R-G 18.20 14-Nov-2018 3320.00 -1.90 7.50 9.90 12.50 12.90 2.70 0.10 43.35 13.80 7.70 35.15
ICICI Prudential Balanced Adv. F-R-G 57.10 30-Dec-2006 48925.80 1.10 7.40 9.20 14.00 10.90 1.40 0.20 58.95 6.14 1.29 33.62
Kotak Balanced Advantage Fund - Reg-G 16.10 03-Aug-2018 15019.20 -0.50 6.20 9.10 10.70 9.60 1.70 0.00 53.28 10.63 4.59 31.50
HSBC Balanced Advantage Fund - Reg-G 34.00 07-Feb-2011 1393.20 -0.10 6.00 9.00 7.80 10.10 1.70 -0.10 41.32 13.52 13.99 31.17
Tata Balanced Advantage Fund - Reg - G 16.50 28-Jan-2019 7437.00 -0.70 6.60 8.90 12.90 11.10 1.80 0.10 57.07 5.90 1.83 35.21
Aditya Birla Sun Life Balanced Adv. F-G 81.30 25-Apr-2000 6782.30 -1.00 6.90 8.60 12.80 9.30 1.90 -0.10 50.69 10.13 4.31 34.87
*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 26/10/2023
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

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 Sharing a glimpse of Investor Awareness Programme in association with NSDL for Agra, U.P on 20th October, 2023.
The session received a good number of enthusiastic attendees.

Sharing a glimpse of Investor Awareness Programme in association with NSDL for Aligarh, U.P on 21st October, 2023.
The session received a good number of enthusiastic attendees.

On 23rd October, SMC Vijaywada Branch 4 celebrated Vijay Dashmi with Puja ceremony.
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