2023: Issue 918 Week: 13th - 17th November

Brand smc 699

 Contents
From The Desk Of Editor

I
Equity 4-7 n the week gone by, global markets witnessed volatile trade amid ongoing quarterly
corporate earnings and remarks from Federal Reserve officials. Meanwhile, Treasury
Derivatives 8-9
yields climbed after a disappointing auction of 30-year bonds and comments from
Commodity 10,15-17
Federal Reserve Chair Jerome Powell. Japan logged its largest current account surplus in 18
Insurance 11-14 months in September as the trade balance swung into the black. In an another
Currency 18 development, China reported that its consumer prices fell 0.2% from a year earlier in
IPO 19 October while factory-gate prices declined 2.6%, suggesting demand remains slack as the
FD Monitor 20 economy struggles to recover from the economic disruptions of the pandemic. Japan's
Mutual Fund 21-22 current account surplus stood at 2.72 trillion yen ($18.03 billion) in September, the MOF
data showed, a little shy of economists' median forecast for a surplus of 3.0 trillion yen in a
Reuters poll. It was the eighth straight month of surplus, the MOF data showed. With an
SMC GLOBAL SECURITIES LTD.
unfavourable global economic backdrop, Moody's in its Global Macroeconomic Outlook
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
2024-25 said sustained domestic demand growth is propelling India's economy. Moody's
Tel: 91-11-30111000, Fax: 91-11-25754365 Investors Service on Thursday retained India's economic growth forecast for 2023. Going
MUMBAI OFFICE: forward, market will continue to monitor the upcoming commentary from Federal Reserve
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , Chair Jerome Powell. This, coupled with the earnings picture, and next week’s consumer
Graham Firth Steel Compound, Off Western Express Highway, price index, could serve as the next major catalysts for the stock market.
Jay Coach Signal, Goreagon (East) Mumbai - 400063

Tel: 91-22-67341600, Fax: 91-22-67341697 On the domestic market front, Indian stock market also witnessed volatile trade tracking a
KOLKATA OFFICE: drop in global stocks, after Federal Reserve Chair Jerome Powell said the U.S. central bank
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001 is not confident that interest rates are high enough to tame inflation. Foreign Institutional
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004 investor’s selling has moderated but inflows continue to be muted on concerns of an
AHMEDABAD OFFICE : elevated interest rate and a global slowdown. Going forward market will continue to take
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
clues from the both domestic as well as global markets.
C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03

CHENNAI OFFICE:
On the commodity market front, the CRB index declined from the previous week, primarily
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, due to war-related premiums affecting various sectors. Gold and silver faced a challenging
Chetpet, Chennai - 600031. week, influenced by a strong U.S. dollar and rising Treasury yields following hawkish
Tel: 044-39109100, Fax -044- 39109111 remarks from Federal Reserve Chair Jerome Powell. Crude oil sustained a third consecutive
SECUNDERABAD OFFICE: weekly decline as concerns over Israel-Hamas-related supply disruptions eased, reigniting
315, 4th Floor Above CMR Exclusive, BhuvanaTower, worries about demand. Natural gas prices retreated due to selling pressure linked to
S D Road, Secunderabad, Telangana-500003 forecasts of mild temperatures reducing heating demand. The EIA added to uncertainty by
Tel : 040-30031007/8/9 delaying its storage report for system upgrades. In base metals, a selling trend followed
DUBAI OFFICE: hawkish comments from U.S. Federal Reserve officials, and China's economic performance
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers, showed mixed signals. In the spices market, profit booking and lower production led to
PO Box 117210, Dubai, UAE selling pressure, while slower sowing in Dhaniya supported prices. Jeera prices dropped due
Tel: 97145139780 Fax : 97145139781
to fears of further decline and reduced exports. Cotton and Kapas prices declined with the
Email ID : pankaj@smccomex.com
smcdmcc@gmail.com
new crop influx, and CAI estimated the 2023-24 seasons at 29.5 million bales, the lowest in
15 years. The guar market faced selling pressure amid demand concerns, resulting in a 16%
month-on-month export drop, attributed to limited buying from the USA. Mentha prices
Printed and Published on behalf of
Mr. Saurabh Jain @ Publication Address rose due to tighter arrivals.
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
Website: www.smcindiaonline.com May success, prosperity, and good fortune follow you in every endeavor you embark on.
Investor Grievance : igc@smcindiaonline.com
Happy Diwali, Happy Investing.
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
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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
Automobile INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• Hero MotoCorp is collaborating with highly credible partners in the UK, NIFTY 50 19442.7 19162 19236 19317 19391 19472 19545 19626
Spain, and France to start commercial operations in each of these markets
by mid-2024. It will first introduce the electric scooter VIDA V1 in these NIFTY IT 30666.6 29874 30189 30499 30814 31123 31439 31748
countries and then expand its offerings with high-capacity premium ICE NIFTY BANK 43886.9 42820 43052 43445 43677 44070 44302 44695
motorcycles and scooters.
NIFTY FIN SER 19599.3 19177 19266 19428 19518 19680 19770 19932
Power
• NTPC has announced the commissioning of the first part capacity of 50 MW
out of 150 MW of Dayapar Wind Energy Project Phase-I in Bhuj, Gujarat.
With this, the group installed and commercial capacity of NTPC has
become 73,874 MW. STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• SJVN has received a letter of intent for the purchase of 200 MW of solar AXISBANK 1029.8 956 974 993 1012 1031 1050 1069
power from Uttarakhand Power Corporation (UPCL). UPCL intends to
purchase 200 MW of power at a tariff of Rs 2.57 per unit from the company’s BAJFINANCE 7450.3 7013 7180 7306 7473 7600 7767 7893
1,000 MW Bikaner solar project. The solar project is being developed BHARTIARTL 934.4 915 922 928 935 941 948 954
through SJVN Green Energy, a wholly owned subsidiary of the company in
Rajasthan, under the CPSU Scheme, with viability gap funding support from HDFCBANK 1495 1465 1471 1486 1492 1507 1513 1528
the Government of India. The power generated from the project shall be HINDUNILVR 2486 2411 2438 2471 2498 2530 2557 2590
used by government entities, either directly or through DISCOMS.
ICICIBANK 940.5 911 921 931 941 951 961 971
• NLC India Ltd, estimated at Rs 4,394 crore, at Neyveli, in Tamil Nadu is
likely to be completed by March, 2027. The project is part of NLC's INFY 1370.5 1313 1337 1359 1383 1405 1429 1452
diversification plan. ITC 437.95 427 430 433 435 439 441 445
Healthcare KOTAKBANK 1748.9 1694 1710 1729 1745 1764 1780 1799
• Apollo Hospitals Enterprise has entered into a Binding agreement for a LT 3031 2807 2867 2924 2984 3040 3101 3157
long-term partnership with Royal Mudhol Hospital & Research Centre LLP,
Pune, whereby the hospital will now be called Royal Mudhol Apollo M&M 1523.45 1375 1424 1460 1509 1545 1595 1630
Hospitals, and be fully equipped, operated and managed by Apollo. The RELIANCE 2316 2260 2279 2303 2322 2346 2365 2389
250-bed hospital is built on 2.4 acres of land and is expected to be
commissioned by Q1 FY25. The hospital can be further expanded to 425 SBIN 580.05 566 569 576 579 586 589 596
beds in 2 years, at a total estimated project cost of approx. Rs 675 crore. TCS 3341 3235 3279 3317 3361 3399 3442 3481
Infrastructure *Closing as on 10-11-2023

• G R Infraprojects emerged as an L-1 bidder for a project worth Rs 200 crore

from RITES to construct a passenger ropeway in Jammu and Kashmir.
Shipbuilding
• Garden Reach Shipbuilders & Engineers received a letter of intent from
FORTHCOMING EVENTS
NCPOR for the award of a contract towards the construction and delivery of
an ocean research vessel. The total contract value is approximately Rs 840 Meeting Date Company Name Purpose
crore. 13-Nov-23 Manappuram Fin. Quarterly Results, Interim Dividend
Hotel 14-Nov-23 NMDC Quarterly Results
• Lemon Tree Hotels has signed a licence agreement for 150-room property 14-Nov-23 Indiabulls Hous. Quarterly Results
in Yadagirigutta, Telangana, under the brand Keys Select by Lemon Tree
Hotels. The hotel is expected to be operational by Fy26. Ex Date Company Name Purpose
Textile 13-Nov-23 REC Ltd 35% 2nd Interim Dividend
15-Nov-23 Chambal Fert. 45% Interim Dividend
• Arvind Fashions has signed definitive agreements with Reliance Beauty &
Personal Care (RBPCL) to sell its subsidiary Arvind Beauty Brand Retail 15-Nov-23 Emami 400% First Interim Dividend
(ABBRL), which runs Sephora India, in a cash transaction. RBPCL is a wholly 15-Nov-23 Indraprastha Gas 200% Interim Dividend
owned subsidiary of Reliance Retail Ventures. Arvind Fashions intends to 16-Nov-23 Bayer Crop Sci. 1050% Interim Dividend
use the proceeds to invest in the growth of its brand portfolio and the 16-Nov-23 Sundram Fasten. 268% Interim Dividend
repayment of debt.
16-Nov-23 Power Grid Corpn 40% Interim Dividend
INTERNATIONAL NEWS 16-Nov-23 Container Corpn. 60% 2nd Interim Dividend
• US wholesale inventories rose by 0.2 percent in September after edging 17-Nov-23 MRF 30% Interim Dividend
down by 0.1 percent in August. Economists had expected wholesale
inventories to come in unchanged. 17-Nov-23 P & G Hygiene 1050% Final Dividend
17-Nov-23 Polyplex Corpn 20% Interim Dividend
• US initial jobless claims slipped to 217,000, a decrease of 3,000 from the
previous week's revised level of 220,000. Economists had expected jobless 17-Nov-23 Jamna Auto Inds. 110% Interim Dividend
claims to inch up to 218,000 from the 217,000 originally reported for the 17-Nov-23 United Spirits 200% Interim Dividend
previous week. 17-Nov-23 Info Edg.(India) 100% Interim Dividend
• US trade deficit increased to $61.5 billion in September from a revised 17-Nov-23 IRCTC 125% Interim Dividend
$58.7 billion in August. Economists had expected the trade deficit to climb 17-Nov-23 Cams Services 100% Interim Dividend
to $60.2 billion from the $58.3 billion originally reported for the previous 17-Nov-23 Metropolis Healt 200% Interim Dividend
month.
20-Nov-23 Balrampur Chini 300% Interim Dividend
• Euro retail trade dropped 0.3 percent month-on-month in September,
which was slower than August's revised 0.7 percent decline. Sales were 20-Nov-23 Cochin Shipyard 80% Interim Dividend
expected to ease 0.2 percent. Retail turnover has declined in each and 20-Nov-23 Mazagon Dock 153.4% Interim Dividend
every month of the third quarter. 20-Nov-23 Anupam Rasayan 5% First Interim Dividend
• China consumer prices dropped 0.2 percent in October from a year ago 21-Nov-23 EID Parry 400% Interim Dividend
after staying flat in September, figures from the National Bureau of 21-Nov-23 EPL Ltd 107.5% Interim Dividend
Statistics revealed. The rate matched expectations. 21-Nov-23 Gillette India 500% Final Dividend
• Japan posted a current account surplus of 2.734 trillion yen in September. 21-Nov-23 Guj Pipavav Port 36% Interim Dividend
That missed forecasts for a surplus of 3.00 trillion yen following the 2.142 22-Nov-23 CRISIL 1100% Third Interim Dividend
trillion yen surplus in August.
22-Nov-23 Oil India 35% Interim Dividend
• The M2 money stock in Japan was up 2.4 percent on year in October, coming
23-Nov-23 P & G Health Ltd 500% Final Dividend
in at 1,235.1 trillion yen. That was in line with expectations and unchanged
from the September reading. 24-Nov-23 Power Fin.Corpn. 45% Interim Dividend

4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
3.50% 4.50%
3.08%
4.10%
3.00%
4.00%

2.50%
2.15% 3.50%

2.00%
1.73%
3.00%
1.50% 1.28%
2.62%

1.00% 0.86% 0.84% 2.50%

2.11%
0.50% 1.93%
2.00% 1.86%
1.68% 1.69%
0.00%
1.51%
1.50%
-0.20%
-0.50%
NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500
1.00%

SMC Trend 0.64%

0.54%
Nifty 50 Nifty Bank Nifty IT MidCap Smallcap Next 50 Nifty 500 0.50%

0.16%

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
2.50% 2.28% FMCG Infra Metal Pharma Realty Serv Sector

2.00%

1.50%
FII/FPI & DII ACTIVITY (In Rs. Crores)
1.00%
0.74% 0.74%

0.51%
0.50%
0.32%
0.15%

0.00%

-0.25% -0.27%
-0.50%

-1.00% -0.87%

-1.50%
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 7.00
6.10
6.00 5.76 6.00 5.65

5.00 5.00
4.41
4.02 4.00 3.94 3.90
4.00 3.44 4.00
3.35
3.00 3.00

2.00 2.00

1.00 1.00

0.00 0.00

-1.00 -0.49 -1.00

-0.81 -0.79 -0.81 -0.70
-1.00 -1.03
-1.24 -1.30 -1.19
-2.00 -2.00
M & M Larsen & IndusInd Asian Axis Bank Hind. Infosys Wipro Tech Bajaj BPCL M & M Divi's Lab. IndusInd Larsen & Hind. Tata Infosys Tech Wipro
Toubro Bank Paints Unilever Mahindra Finance Bank Toubro Unilever Consumer Mahindra

5
 EQUITY Beat the street - Fundamental Analysis
CANARA BANK LIMITED CMP: 384.05 Target Price: 455 Upside: 18%
VALUE PARAMETERS Investment rationale Ÿ The capital adequacy ratio of the bank stood at 16.20%
Ÿ The business of the bank has increased 10% YoY to Rs with Tier I ratio at 13.60% at end September 2023.
Face Value (Rs.) 10.00 2156181 crore at end September 2023, driven by 12% Ÿ The bank's return on assets (ROA) improved to 1.01%
52 Week High/Low 392.75/268.85 rise in advances to Rs 923966 crore. Deposits rose 9% to for Q2 FY24 against 0.71% for Q2 FY23 while return
Rs 1232215 crore at end September 2023. on equity (ROE) improved to 22.51% for Q2 FY24
M.Cap (Rs. in Cr.) 69671.67 Ÿ Net interest income grew by 19.76% to Rs 8,903 crore against 17.37% for Q2 Fy23.
in the quarter Q2 FY24 as against Rs 7,434 crore posted RISK
EPS (Rs.) 76.65
in Q2 FY23. Net interest margin improved 19 basis • Asset Slippages.
P/E Ratio (times) 5.01 points (bps) to 3.02% during the period under review. • Regulatory Provisioning on assets
Despite the pressure, the bank has maintained the net
P/B Ratio (times) 0.89 VALUATION
interest margin above 3% in Q2FY2024.
The bank has been consistently delivering on improving
Stock Exchange BSE Ÿ The bank has showed 111 bps YoY jump in cost of asset quality, cost efficiency, other income and
deposits to 4.86%, while yield on advances increased productivity in the past few quarters. The Management
% OF SHARE HOLDING 132 bps YoY to 8.56% in Q2FY2024. is confident of improvement in incremental
Ÿ The CASA deposits of the bank rose 2% YoY to Rs 367614 disbursement with better credit monitoring. Moreover,
10.74 10.44 crore at end September 2023. The current account the bank expects better loan yields due to growth in
Foreign deposits declined 7% to Rs 44593 crore, while saving the RAM sector and repricing of existing low-yielding
14.94 Ins tu ons account deposits increased 4% to Rs 323021 crore end advances in the corporate sector. Thus, it is expected
0.94 Non Promoter Corporate Holding September 2023. that the stock will see a price target of Rs.455 in 8 to 10
Promoters
Ÿ Advances growth was driven by retail loans rising 11% months’ time frame on 1 year average P/BV of 0.90x
62.93
Public & Others
YoY to Rs 148209 crore at end September 2023, while and FY25 BVPS of Rs.505.18.
credit to agriculture increased 21% to Rs 236953 crore
and MSME 6% to Rs 131787 crore at end September P/BV Chart
FINANCIAL PERFORMANCE 2023. The corporate credit has moved up 10% to Rs 500.00
` in cr 450.00
407017 crore end September 2023. The overseas 400.00
ACTUAL ESTIMATE
credit rose 4% to Rs 45710 crore end September 2023. 350.00
FY Mar-23 FY Mar-24 FY Mar-25 300.00
Ÿ The bank has improved asset quality in Q2FY24. Gross
NII 31435.29 35495.61 38365.77 250.00
NPA (Non-performing Assets) has declined 161 bps to 200.00
Ebit 27716.01 29649.12 31779.20 4.76% and Net NPA reduced 78 bps to 1.41%. 150.00

Pre-tax Profit 14173.00 18893.41 20183.10 100.00

Ÿ Provision coverage ratio was steady at 88.73% at end 50.00
Net Income 10603.76 13922.19 15035.42 30th Sep 2023 compared to 88.04% a quarter ago and 0.00

10-Jan-19

16-Jul-19
18-Sep-19

21-Jan-20

24-Jul-20
22-Sep-20

21-Jan-21

28-Jul-21
28-Sep-21

28-Jan-22

02-Jun-22
01-Aug-22

05-Dec-22

08-Jun-23
08-Aug-23
02-Feb-23
09-Nov-18

12-Mar-19

21-Nov-19

20-Mar-20

20-Nov-20

24-Mar-21

30-Nov-21

31-Mar-22

03-Oct-22

06-Apr-23

10-Oct-23
16-May-19

27-May-20

28-May-21
EPS 58.45 76.71 82.70 85.36% a year ago. The management of the bank aims
BVPS 405.74 435.99 505.18 to raise the provision coverage ratio to 90% by March
RoE 15.18% 18.84% 17.33% 2024. 0.30 0.55 0.80 1.05 Close Price

PNC INFRATECH LIMITED CMP: 310.65 Target Price: 357 Upside: 15%
VALUE PARAMETERS Investment rationale company to secure debt at competitive rates.
Ÿ PNC Infratech Limited is one of the front-ending Ÿ Consolidated revenue of Q2 FY24 is Rs. 1,911 crore
Face Value (Rs.) 2.00 infrastructure development, construction, and as compared to Rs. 1,795 crores in Q2 FY23, with a
52 Week High/Low 387.20/251.10 management companies in the country. Executed 85 growth of 6%. The consolidated EBITDA for Q2 FY24 is
major infrastructure projects spread across 13 states, Rs. 400 crore as compared to Rs. 326 crores in Q2
M.Cap (Rs. in Cr.) 7969.39 of which 61 are road EPC projects; currently executing FY23, with a growth of 22%. The EBITDA margin for
26 projects. Operating 5 BOT projects, comprising Q2 FY24 is 20.9%. The consolidated PAT for Q2 FY24 is
EPS (Rs.) 23.94 both toll & annuity assets; Total of 22 HAM projects Rs. 148 crore as compared to Rs. 132 crores in Q2
P/E Ratio (times) 12.98 comprising – 7 operational projects, 11 projects under Fy23, a growth of 12%
construction, 4 projects where company has signed RISK
P/B Ratio (times) 1.73 Concession Agreements.
Ÿ Out of 22 HAM projects, the company achieved • Economic slowdown
Dividend Yield (%) 0.16
PCOD/COD for 7 projects, 11 projects are under • High commodity price
Stock Exchange BSE construction and 4 projects are under development. VALUATION
With regard to equity investment, till 30th September
% OF SHARE HOLDING 2023, it has already infused Rs.1,845 crores in HAM The company has robust order book and has huge
projects and the remaining equity is to be invested number of projects in the pipeline which would drive
4.42
over the course of the next 2 to 3 years aggregating to the future order inflow for the company. Its track
11.09 Rs. 1,100 crore. record of timely completion of project and strong
Foreign
Ÿ As of 30th September 2023, it has unexecuted order balance sheet indicates sustainability of the business.
Ins tu ons
book of around Rs.18,000 crores. Out of which, As per the company in H1 FY24, it received an early
28.1 Non Promoter Corporate Holding
highway & expressway contracts contribute around completion bonus of Rs. 37.02 crore. Thus, it is
Promoters 72%, while Water & Irrigation projects contribute expected that the stock will see a price target of Rs.
56.07
Public & Others around 28%. The company has achieved notable 357 in 8 to 10 months time frame on a current P/BV of
progress in Rural Drinking Water Projects under the Jal 1.73x and FY25 (E) BVPS of Rs. 206.65.
0.32
Jeevan Mission (JJM) during the past two quarters. The P/BV Chart
unexecuted order book includes EPC value of about Rs.
FINANCIAL PERFORMANCE ` in cr
4,400 crore of the four new HAM projects for which 600.00

concession agreements have already been signed. 500.00

ACTUAL ESTIMATE
FY Mar-23 FY Mar-24 FY Mar-25 Ÿ The company has maintained the order inflow guidance 400.00

Revenue 7,060.84 7,811.53 8,694.36

of 10% to 15% growth over FY23 in FY24. It expects Rs. 300.00
10,000 crores new order inflow during the current
Ebitda 953.88 1,053.71 1,186.72 financial year as huge number of projects is in pipeline. 200.00

Ebit 843.89 932.14 1,066.19 Already projects worth more than Rs. 90,000 crores 100.00

Net Income 611.47 664.73 757.22

have been floated with their due dates staggering
0.00
between 1, November and the 31, December
10-Jan-19

16-Jul-19
18-Sep-19

21-Jan-20

24-Jul-20
22-Sep-20

21-Jan-21

28-Jul-21
28-Sep-21

28-Jan-22

02-Jun-22
01-Aug-22

05-Dec-22

08-Jun-23
08-Aug-23
02-Feb-23
09-Nov-18

12-Mar-19

21-Nov-19

20-Mar-20

20-Nov-20

24-Mar-21

30-Nov-21

31-Mar-22

03-Oct-22

06-Apr-23

10-Oct-23
16-May-19

27-May-20

28-May-21

EPS 23.84 25.94 29.75

Ÿ The Company's strong balance sheet and financial
BVPS 153.64 177.98 206.65 prudence have helped in constant credit rating
RoE 16.79% 15.73% 15.41% upgrades in sustainable manner, which enables 1.05 1.75 2.45 3.15 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

CHAMBAL FERTILIZERS & CHEMICALS LIMITED (CHAMBLFERT)

The stock closed at Rs.307.25 on 09th November, 2023. It made
(DALBHARAT) a 52-week low of Rs.248.40 on 29th March, 2023 and a 52-week
high of Rs.323.95 on 13nd December, 2022. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.287.

From last almost one year, the stock has been trading under
pressure and can be seen drifting with formation of lower high
pattern on daily and weekly charts. However in a recent past,
the stock has formed a Double Bottom pattern on weekly
interval around 245 levels and bounced back once again to
regain a momentum above its 200 days exponential moving
average on weekly interval. At the current juncture, the stock
has managed to give fresh breakout above its long term
downward sloping channel along with positive divergences on
secondary oscillators. Therefore, one can buy the stock in the
range of 305-308 levels for the upside target of 355-360 levels
with SL below 270 levels.

PI INDUSTRIES LIMITED (PIIND)

The stock closed at Rs.3647.85 on 09th November, 2023. It
(MPHASIS)
made a 52-week low at Rs.2868.90 on 28th March, 2023 and a
52-week high of Rs.4011.15 on 21st June 2023. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.3454.

After making its 52 week high of 1102.05 in month of June 2023,

the stock has been trading in a downward sloping channel with a
formation of lower low & lower high pattern on weekly charts as
traders are seen booking profits at higher levels. However at the
current juncture, the stock has once showed a bounce into the
prices after testing and taking a support from its rising channel
trend line on the weekly interval. Technically, the stock has
given a breakout above the downward sloping channel on short
term charts while long term bullish trend is intact on broader
charts. Therefore, one can buy the stock in the range of 3680-
3700 levels for the upside target of 4220-4250 levels with SL
below3400 levels.The stock closed at Rs.3647.85 on 09th
November, 2023. It made a 52-week low at Rs.2868.90 on 28th
March, 2023 and a 52-week high of Rs.4011.15 on 21st June
2023. The 200 days Exponential Moving Average (DEMA) of the
stock on the daily chart is currently at Rs.3454.

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
The past week witnessed a relatively quiet performance in the Indian stock markets, with both Banknifty and Nifty closing almost flat on a weekly basis. The
broader indices traded within a narrow range with gap up and gap down openings. This consolidation suggests a period of indecision in the market direction. The
media and consumer durable sectors experienced weakness, emerging as major laggards during the week. On the flip side, the realty and pharma sectors
displayed notable strength, outperforming other segments. The highest call open interest for Nifty options is concentrated at the 19,400 and 19,500 strike. This
indicates a significant resistance level. On the flipside, the highest put open interest is observed at the 19,400 and 19,300 strike prices, suggesting a notable
support zone. Banknifty options showed the highest call open interest at the 43,700 and 44,000 strike prices. The highest put open interest for Banknifty options
is concentrated at the 43,500 and 43,600 strike. Implied volatility (IV) for Nifty's call options settled at 9.24%, while put options concluded at 10.69%. The India
VIX, a key indicator of market volatility, concluded the week at 11.04%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.2 for the week. As the market
navigates this consolidation phase, traders and investors should remain vigilant, considering sectorial dynamics and closely monitoring key support and
resistance levels indicated by option open interest. The upcoming sessions may provide clarity on the market's next direction meanwhile Nifty is expected to
trade in the range of 19,200 and 19,600.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
SBILIFE TCS TATACHEM

BUY NOV 1350 CALL 21.00 BUY NOV 3320 PUT 38.30 BUY NOV 950 PUT 25.20
OPTION SELL NOV 1380 CALL 9.20 SELL NOV 3280 PUT 23.85 SELL NOV 920 PUT 13.45
STRATEGY Lot size: 750 Lot size: 175 Lot size: 550
BEP: 1361.80 BEP: 3305.55 BEP: 938.25

Max. Profit: 13650.00 (18.20*750) Max. Profit: 4471.25 (25.55*175) Max. Profit: 10037.50 (18.25*550)
Max. Loss: 8850.00 (11.80*750) Max. Loss: 2528.75 (14.45*175) Max. Loss: 6462.50 (11.75*550)

BUY CIPLA (NOV FUTURE) BUY METROPOLIS (NOV FUTURE) SELL UBL (NOV FUTURE)
Buy: Above `1263 Buy: Around `1601 Sell: Below `1560
FUTURE
Target: `1301 Target: `1667 Target: `1501
Stop loss: `1242 Stop loss: `1566 Stop loss: `1595

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

In lakhs In lakhs
50.00

13.92
45.66

15.00

45.00

9.93
40.00
10.00

7.84
33.66

33.53

32.36

35.00
30.33

5.90

5.02
4.19

3.88
3.85

30.00
5.00
24.12

22.76
22.38

21.48

1.39
25.00

1.09
0.93
19.99
18.99

0.01
17.98
16.63
16.18

20.00 0.00

-0.31
12.88

-0.55

-1.05
11.28

15.00
-1.41
-2.04

-2.34
9.52

-2.98
8.74
8.61

-3.23
7.58

7.03

10.00 -5.00
5.91

-5.43

-5.54

5.00

0.00 -10.00
18000 18500 19000 19100 19200 19300 19400 19500 19700 19800 20000 18000 18500 19000 19100 19200 19300 19400 19500 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
80.00 20.00
17.06
70.48

70.00
63.29

15.00
60.32

59.40

60.00
53.49
52.92

8.44

8.37

10.00
46.44
46.06

50.00
40.13
39.83

39.40

4.30
36.24

35.24

5.00
2.82
33.80

40.00
1.34

1.12
0.72
27.98
23.73

30.00
0.00
-0.05

-0.19
-0.35
-0.47
16.53
15.91

-1.20
-1.42
-1.46

-1.56

20.00
-2.46
11.38

11.22

-3.54

-5.00
8.12

-4.60

10.00
4.59

-6.09
-8.03

-8.33

-10.00
0.00
40000 42000 42500 43000 43500 44000 44500 45000 45500 46000 47000 40000 42000 42500 43000 43500 44000 44500 45000 45500 46000 47000
Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
08-Nov 07-Nov 06-Nov 03-Nov 02-Nov 08-Nov 07-Nov 06-Nov 03-Nov 02-Nov
DISCOUNT/PREMIUM 47.35 70.20 74.75 73.00 105.60 DISCOUNT/PREMIUM 177.55 188.95 220.40 190.85 303.35
COST OF CARRY% 0.70 0.70 0.69 0.66 0.67 COST OF CARRY% 0.72 0.71 0.71 0.72 0.72
PCR(OI) 1.20 1.19 1.21 1.17 1.17 PCR(OI) 1.03 1.04 1.02 1.00 0.97
PCR(VOL) 1.18 1.18 1.23 1.15 0.97 PCR(VOL) 1.08 1.03 1.18 1.04 0.84
A/D RATIO(NIFTY 50) 1.58 1.23 8.80 1.72 8.80 A/D RATIO(BANKNIFTY) 1.40 2.00 5.00 5.00 All up
A/D RATIO(ALL FO STOCK)* 1.55 1.07 5.13 2.48 10.38 A/D RATIO(ALL FO STOCK)# 1.50 2.00 4.00 4.00 All up
IMPLIED VOLATALITY 9.24 9.18 9.22 9.46 9.77 IMPLIED VOLATILITY 11.25 11.09 11.07 11.22 11.50
VIX 11.04 11.19 11.11 10.88 11.08 VIX 11.04 11.19 11.11 10.88 11.08
HISTORICAL VOLATILITY 14.99 15.03 15.06 15.05 15.07 HISTORICAL VOLATILITY 19.17 19.22 19.27 19.29 19.32
*All Future Stock *All Future Stock

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

In Cr. In Cr.

31439
40000
1258

1500
1022

30000
1000
20000

8783

5273
3650
500 10000
125
68

0
0

-1461

-2372
-10000
-111
-152

-298

-308

-500
-362

-20000

-19030

-20723
-30000
-1000
-901

- 32374

-33481
-40000
-1500
26-Oct 27-Oct 30-Oct 31-Oct 01-Nov 02-Nov 03-Nov 06-Nov 07-Nov 08-Nov 26-Oct 27-Oct 30-Oct 31-Oct 01-Nov 02-Nov 03-Nov 06-Nov 07-Nov 08-Nov

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng
LUPIN 1216.65 1.91% 8939450 25.19% BATAINDIA 1542.30 -1.82% 2149875 58.28%
ONGC 194.85 2.77% 38715600 24.01% BANKBARODA 193.05 -5.48% 145539225 26.04%
RAMCOCEM 1014.35 2.35% 3276750 23.84% DELTACORP 140.70 -0.60% 15548400 14.95%
JKCEMENT 3445.75 9.15% 821500 23.16% TATACHEM 951.05 -0.59% 9584850 14.10%
IOC 103.80 7.90% 152899500 18.48% HDFCLIFE 621.95 -0.40% 15120600 8.79%
HINDPETRO 300.85 16.32% 58284900 15.86% HAVELLS 1258.80 -1.27% 6225500 8.09%
INDIAMART 2647.75 1.66% 795900 14.11% MARICO 523.45 -0.91% 13190400 7.24%
ESCORTS 3162.80 2.32% 2136750 11.94% VOLTAS 824.65 -1.91% 6519000 6.04%
BPCL 385.00 6.22% 26326800 11.81% TATAMOTORS 645.75 -0.80% 69826425 5.57%
DIXON 5386.05 1.51% 1141400 11.70% GUJGASLTD 417.90 -0.62% 8247500 3.56%

Note: All equity derivative data as on 08th November, 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 experienced profit booking last week in wake of sluggish
domestic buying. Selling pressure surged up on demand concerns as stockists and
millers stayed away from bulk buying in wake of larger ending stocks. Stocks are
expected to be offloaded ahead of new crop season that will keep prices down.
Major focus is on crop progress which is has been satisfactory despite facing drier
than normal weather in Oct in major producing states but extension in dryness
may spark short covering in prices. Area under turmeric has already been down
by 10% in year 2023 that may affect overall production adversely. Overall
production is likely to remain down as compared to current year (2023-24) year
production of 10.45 lakh tonnes. In wake of lower acreages under turmeric it
seems overall production for year 2024-25 is likely to drop at least by 8%-10% Y-o-
Y. Export enquires have improved with recent fall in prices that will lead to rise
in exports in coming weeks. Export seasonality of turmeric suggests that export
will remain higher in coming months. 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 in
range of 11700 -14900 in coming weeks.
Jeera prices witnessed huge volatility as prices extended its profit booking but
recovered from lower levels later on reports of slower sowing progress in
Gujarat. Sowing activities has been slower as only 1542 Ha was sown under jeera
as on 6th Nov’23 in Gujarat as compared to 3866 Ha of previous year. New crop is
away by 5 months that will spark fresh buying in jeera at every dip in prices.
However, sluggish export is still a major hurdle for major gains in prices. Total
Jeera exports have slumped 26% Y-o-Y during Apr’23-Aug’23. Warehouses of
NCDEX started depleting with surging selling pressure in the market and impact
of the same was visible at futures platform. Going forward, prices are likely to
track sowing activities that are expected to pick up in coming weeks. Better
return over cost of cultivation and conducive sowing prospects will weigh on the
market sentiments. Jeera Prices are expected to trade in range of 38500- 51500
in near term.
Dhaniya prices rose on improved buying in local market. Reports of surging
exports and bleak global supplies lured stockists for fresh buying in dhaniya.
Meanwhile, reports of slower sowing progress also supported firmness in prices.
Only 2175 Ha was sown under dhaniya in Gujarat as on 6th Nov as compared to
12449 Ha of previous year. Sowing activities are likely to pick up with recent
rainfall in northern part of India and weather conditions are likely to be
conducive for sowing progress that will boost overall sowing progress. 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. Exports demand has
been active and exports are expected to improve further due to tighter global
supplies. Dhaniya prices are likely to trade in range of 7200-8000.
OTHER COMMODITIES
Cotton prices remained under pressure on surging arrival pressure with
improvement of harvesting activities. Fresh arrivals has increased in northern
part of India and 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. Apart from that, prices will track the
latest release of USDA monthly report which revised the global production
estimates up from 112.6 million bales to 113.46 million bales and trimmed the
global consumption from 115.79 million bales to 115.30 million bales. Global
production is likely to increase with upward revision in crops in Afghanistan, the
United States, Argentina, and Paraguay that offset reductions in Spain and
Mexico. Global consumption is 500,000 bales lower than previous estimates with
cuts for Vietnam, Turkey, and the United States. Export demand and winter
season demand is likely to increase in coming months that will reflect as fresh
buying for cotton. Cotton MCX Nov prices are likely to trade in range of 55500-
60000. Similarly, Kapas Apr’24 futures are likely to trade in range of 1520-1610
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 trade in range of 2650-2900.
Guar seed futures extended its losses with muted demand against the increased
supplies of new crop in the market. Persistent fall in crude oil prices hampered
the export potential of guar gum as drilling activities in US will remain down with
fall in crude oil prices. Crude margin for millers has been unprofitable due to
lower prices of guar gum and meal that affected milling demand of guar seed.
Demand of guar meal has been muted with increased supplies of other meal
alternative in the market. Guar gum export dropped by 16% M-o-M in Aug’23 to
near 17 thousand tonnes due to limited buying by USA. Production estimates of
guar is lower for year 2023 that will cap the excessive losses in prices and guar
seed prices may find support soon near 5450 whereas resistance is seen at 6080.
Similarly, Guar gum prices are likely to honor support of 10800 with resistance of
12700.
Mentha oil prices are likely to trade on positive bias with improved buying
interest against limited availability in the market. Supplies have dropped with
fall in production in year 2023 and that will support firmness in prices ahead.
However, sluggish export of mentha oil is still major concerns for exporters that
will cap the gains. India exported about 692 tonnes of mentha oil during Apr23-
Aug’23 as compared to 886 tonnes of previous year down by 21% Y-o-Y. Mentha oil
Nov prices are likely to find support near 890 and resistance can be seen at 955
levels.
Castor seed prices are likely to trade sideways to higher with shrinking supplies in
the market. Reports of rise in export of castor meal are likely to support firmness in
prices. Castor seed prices are likely to trade in range of 5800-6300 levels.
OUTLOOK
BULLIONS
Gold prices experienced their most challenging week in over a month, grappling
with the impact of a robust U.S. dollar and surging Treasury yields, prompted by
Federal Reserve Chair Jerome Powell's hawkish remarks. The precious metal was
on track for a second consecutive week of decline, registering a 1.6% drop.
Powell expressed the Fed's uncertainty about whether interest rates were
sufficiently high to combat inflation, suggesting limitations in their ability to
alleviate price pressures. Consequently, the benchmark 10-year U.S. Treasury
yields, represented by US10Y, rebounded from over one-month lows, diminishing
the appeal of non-yielding bullion to investors. Simultaneously, the dollar index
(DXY) was poised for its strongest performance in two months against other
currencies, amplifying gold's cost for holders of alternative currencies. Traders
adjusted their expectations for the Fed's initial interest-rate hike, pushing it
from May to June of the following year following Powell's comments. Despite
this, data indicated a slight decrease in Americans filing new unemployment
benefit claims, signaling a resilient job market amid signs of a slight cool-down.
In the Middle East, Israel reportedly launched air strikes on or near three
hospitals in Gaza. Looking ahead, Comex gold prices are anticipated to navigate
a broader range of 1920-2020 levels with increased volatility, suggesting a
strategy of selling near resistance and buying near support. Silver prices are
expected to exhibit mixed movements within a potential trading range of $21-
$24.00. In the coming week, MCX Gold is forecasted to trade within a wider
range of 58900-61800 levels, while Silver may fluctuate between 68000-74000
levels where sell near resistance and buy near support is advisable.
ENERGY COMPLEX
Crude oil prices extended their decline for a third consecutive week as concerns
over supply disruptions from the Israel-Hamas conflict diminished, allowing
apprehensions about demand to take centre stage. Brent futures saw a 5.7%
decrease in previous week, while WTI experienced a 5.9% decline since the
previous week. The three-week downturn represents the lengthiest weekly
losing streak for both contracts since a four-week drop from mid-April to early
May. The perceived threat of supply disruptions from the Middle East has waned,
with the conflict remaining contained within Gaza, despite earlier fears of
escalation. On Thursday, the White House announced that Israel had agreed to a
four-hour daily pause in military operations in parts of north Gaza, though a
complete cessation was not evident. Weak economic data from China
heightened concerns of weakening demand, further exacerbated as Chinese
refiners, the largest buyers of crude oil from Saudi Arabia, sought reduced
supply for December. Looking ahead, crude oil prices are anticipated to trade
within the range of 6100-6600 levels, with a recommended strategy of selling
near resistance. In the natural gas sector, prices witnessed a cumulative decline
of 13.5%, attributed to mild temperatures dampening heating demand.
Forecasts from the National Weather Service projecting warmer-than-seasonal
temperatures in states east of the Rocky Mountains for the next two weeks
further contributed to the drop. The Energy Information Administration's delay
in releasing its weekly storage report for system upgrades adds to the market
uncertainty. In the upcoming week, natural gas prices are expected to exhibit
varied movements, primarily contingent on weather reports, within a potential
trading range of 230-290 levels.
BASE METALS
Base metals may trade sideways with bearish bias due to under pressure from
persisting uncertainty over the economic recovery in top metals consumer China
and a stronger dollar. Recently U.S. Federal Reserve officials made hawkish
comments that signalled there could still be further rate hikes to fight inflation.
China's road for economic (post-COVID) recovery remains very gradual amid on-
going property weakness and fragile confidence. China's consumer prices swung
back into contraction and factory-gate deflation persisted in October as
domestic demand struggled, weighing on the outlook for any broad-based
recovery in the world's second-largest economy. Data showed a mixed picture of
China's economic performance. Manufacturing activity and exports slowed in
October, but imports grew unexpectedly, with copper imports hitting a 10-
month high. Copper may trade in the range of 690-720. China's copper imports
hit a ten-month high in October; customs data showed, as declining domestic
stocks and firm demand underpinned buying activity. Codelco, the world's
largest copper producer, has offered to sell copper at a premium of $89 a metric
ton to major Chinese clients for its 2024 contracts, down from this year's $140 a
ton. Zinc can trade in range of 218-238 levels. National refined zinc output is
expected to grow by 6.7% this year and another 4.1% next year, according to the
International Lead and Zinc Study Group, which is forecasting big surpluses of
refined metal in both 2023 and 2024. Lead can move in the range of 182-192
levels. Aluminium can trade in the range of 195-215 levels. Steel long (Dec) is
likely to trade in the range of 43400-46000 levels and sell on rise should be
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 DEC 43770.00 10.10.23 DOWN 58000.00 - 46750.00 46800.00
NCDEX TURMERIC DEC 13506.00 20.09.23 DOWN 15000.00 - 14300.00 14350.00
NCDEX GUARSEED DEC 5634.00 05.10.23 UP 5500.00 5490.00 - 5450.00
NCDEX CASTORSEED DEC 5873.00 14.09.23 DOWN 6300.00 - 6120.00 6150.00
NCDEX STEEL DEC 44540.00 27.09.23 DOWN 46300.00 - 45250.00 45300.00
NCDEX COCUD DEC 2836.00 02.08.23 UP 2400.00 2650.00 - 2600.00
MCX MENTHA OIL NOV 938.50 27.09.23 DOWN 930.00 - 958.00 860.00
MCX MCXBULLDEX NOV 15839.00 10.10.23 UP 15000.00 15630.00 - 15600.00
MCX SILVER DEC 71213.00 10.10.23 UP 69000.00 68500.00 - 68000.00
MCX GOLD DEC 60282.00 10.10.23 UP 57500.00 58850.00 - 58800.00
MCX COPPER NOV 704.95 01.11.23 UP 707.00 689.00 - 685.00
MCX LEAD NOV 186.75 01.11.23 UP 185.00 181.00 - 180.00
MCX ZINC NOV 228.70 01.11.23 UP 220.00 213.00 - 210.00
MCX ALUMINIUM NOV 206.55 01.11.23 UP 206.00 199.00 - 198.00
MCX CRUDE OIL NOV 6372.00 01.11.23 DOWN 6800.00 - 6965.00 7000.00
MCX NATURAL GAS NOV 256.90 01.11.23 UP 290.00 233.00 - 230.00
Closing as on 09.11.2023

TECHNICAL RECOMMENDATIONS
CRUDE OIL MCX Contract: NOV *
M.High: 7695.00 *
M.Low: 6263.00

It closed at Rs. 6372.00 on 09th Nov 2023. The 18-day Exponential Moving Average of
the commodity is currently at Rs.6686.91. On the daily chart, the commodity has
Relative Strength Index (14-day) value of 31.398. Based on both indicators, it is giving a
sell signal.

One can sell near Rs.6450 for a target of Rs. 6100 with the stop loss of 6600.

COPPER MCX Contract: NOV *

M.High: 732.70 *
M.Low: 694.60

It closed at Rs. 704.95 on 09th Nov 2023. The 18-day Exponential Moving Average of the
commodity is currently at Rs.706.68. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 40.708. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.700 for a target of Rs. 730 with the stop loss of 688.

GUARGUM NCDEX Contract: DEC *

M.High: 12565.00 *
M.Low: 11101.00

It closed at Rs. 11226.00 on 09th Oct 2023. The 18-day Exponential Moving Average of
the commodity is currently at Rs. 11570.20. On the daily chart, the commodity has
Relative Strength Index (14-day) value of 26.684. Based on both indicators, it is giving a
buy signal.

One can buy near Rs. 11100 for a target of Rs. 12000 with the stop loss of 10600.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST
Ÿ Govt to monitor agricultural news using AI, launches
Krishi 24/7 that will aid the government to identify
relevant news, generate timely alerts, and take
prompt action to protect farmers’ interests and
promote sustainable agricultural growth.
Ÿ According to the Central Water Commission, the water
level in India’s 150 major reservoirs dropped below 70
per cent of the capacity, while the storage in 14 States
has turned below normal level this week.
Ÿ Gold demand in India, the world’s second-largest
consumer of the yellow metal, rose 10 per cent to
210.2 tonnes during the third quarter of this calendar
year, according to the World Gold Council.
Ÿ According to data released by the Society of Indian
Automobile Manufacturers, The domestic sales for all
vehicles in India were up 20 per cent to 2,314,197 units
in October this year as compared to 1,923,721 units a
year ago.
Ÿ China's copper imports hit 23.7% y/y high, ten-month
high in October, customs data showed, as declining
domestic stocks and firm demand underpinned buying
activity.
Ÿ Indian vegetable oil imports would be around 16.20
million tonnes (mt) for the oil year 2023-24 (November
to October), according to Indian Vegetable Oil
Producers Association (IVPA).
Ÿ India's National Commodity and Derivatives Exchange
(NCDEX) will launch sunflower oil futures contracts on
Nov 12, to provide importers with a hedging tool amid
volatile prices.
Ÿ The WASDE report raised U.S. production in 2023/24 by
273,000 bales to 13.1 million bales and saw global
ending stocks up by 1.6 million bales, while also cutting
the world's consumption estimate by 500,000 bales.
WEEKLY COMMENTARY
The CRB index experienced a downturn from its previous week's close, primarily attributed
to war-related premiums impacting various sectors. Gold and silver prices faced their most
challenging week in over a month, contending with the influence of a robust U.S. dollar and
escalating Treasury yields, spurred by hawkish remarks from Federal Reserve Chair Jerome
Powell. In the energy market, crude oil sustained a third consecutive weekly decline as
concerns over supply disruptions from the Israel-Hamas conflict subsided, allowing
apprehensions about demand to resurface. Natural gas prices also retreated during the week
due to selling pressure, influenced by weather forecasts predicting mild temperatures that
undermined heating demand. The Energy Information Administration (EIA) contributed to
market uncertainty by delaying the release of its weekly storage report for system upgrades.
In the realm of base metals, a persistent selling trend emerged following hawkish comments
from U.S. Federal Reserve officials, signalling the possibility of further rate hikes to combat
inflation. China's economic performance presented a mixed picture, with manufacturing
activity and exports slowing in October, while unexpected growth was observed in imports.
China's path to economic recovery post-COVID remains gradual, marked by on-going
property weaknesses and fragile confidence. On the supply side, trucks carrying significant
copper quantities in the Democratic Republic of Congo resumed their journey toward the
Zambia border after a wildcat strike.
In the spices market, selling pressure persisted due to profit booking as demand remained
subdued, coupled with lower production levels. Dhaniya (coriander) exhibited slower
sowing for the new crop, keeping prices up. Only 2175 Ha was sown under dhaniya in Gujarat
as of 6th Nov compared to 12449 Ha the previous year. Improved export and reports of slower
sowing supported firmness in dhaniya price. Jeera prices witnessed huge volatility as prices
extended their profit booking but recovered from lower levels later on reports of slower
sowing progress in Gujarat. Mounting fear of further fall in prices and bleak export enquiries
sparked profit booking in Jeera as well at futures as well as physical counters. Total Jeera
exports have slumped 26% Y-o-Y during Apr’23-Aug’23. Cotton and Kapas prices declined
with the influx of the new crop as arrivals of the new crop have started increasing. Cotton
Association of India (CAI) released its initial estimate for the 2023-24 Oct-Sep season,
projecting 29.5 million bales—the lowest in 15 years. The guar market experienced selling
pressure due to demand concerns, exacerbated by lower crude prices impacting guar prices.
Weak demand and increased supplies contributed to a 16% month-on-month drop in exports,
attributed to limited buying from the USA. Meanwhile, mentha prices trended upward due to
tighter arrivals in the market.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
8.00% 7.34% 1.00%

0.03%
6.00% 0.00%

-1.00%
4.00% -0.83% -0.85%
-1.12%
-1.30%
2.37%
2.00% -2.00%
2.00%
0.55% 0.41% -3.00%
0.00%
-4.00%

-2.00%
-2.04% -5.00%
-2.46% -2.65%
-4.00% -3.47% -3.50%
-6.00% -5.77%

-6.00%
-7.00%
JEERA CASTOR GUR CASTOROIL SESAMESEED GUARGUM TURMERIC DHANIYA KAPAS COCUD
LEAD GOLD GOLDPETAL GOLDGUINEA GOLDM CRUDEOIL

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 02.11.23 QTY 09.11.23 QTY DIFFERENCE COMMODITY UNIT 03.11.23 QTY 09.11.23 QTY DIFFERENCE
COTTON 24248 24248 0 ALUMINIUM MT 887 932 45
BAJRA MT 694 754 60
COPPER KGS 3590218 3552856 -37362
BARLEY MT 0 0 0
CASTOR SEED MT 6895 8823 1928 GOLD KGS 471 427 -44
CORIANDER MT 9504 9583 79
GOLD GUINEA GM 2632 2464 -168
COTTONSEED OILCAKE MT 0 0 0
GUARGUM MT 19393 21249 1856 GOLD MINI GM 77600 68000 -9600
GUARSEED MT 18718 19895 1177
LEAD MT 0 0 0
ISABGOL SEED MT 15 15 0
JEERA MT 2194 1960 -234 SILVER KGS 80395 90121 9726
MAIZE MT 0 0 0 SILVER M KGS 36363 36358 -5
STEEL MT 422 422 0
TURMERIC MT 2207 2387 180 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) Central Bank's purchases of gold..."against weaponizing the greenback”

JEERA (UNJHA)
SOYABEAN (INDORE)
CRUDE PALM OIL (KANDLA)
BARLEY (JAIPUR)
CHANA (DELHI)
REFINED SOYBEAN OIL (MUMBAI)
WHEAT (DELHI)
CORIANDER (KOTA)
COTTON SEED OIL CAKE (AKOLA)
COTTON (KADI)
GUAR SEED (JODHPUR)
TURMERIC (NIZAMABAD)
GUAR GUM (JODHPUR)
Gold has been an essential component in the financial reserves of nations for
4.62% centuries, and its demand is showing a paradigm shift in attitudes to gold since
the 1990s and 2000s, when central banks, particularly those in Western Europe
that own a lot of bullion, sold hundreds of tonnes a year. Since the financial
1.03% crisis of 2008-09, European banks stopped selling and a growing number of
emerging economies such as Russia, China, Turkey and India are buying the
gold. Central bank purchases are highlighting the fact that gold remains a very
0.46% important asset in the monetary system.
Love affair of global central banks with gold is amazing
0.41%
• As the price of gold skyrockets, enthusiasm for this precious metal remains
unwavering in the market, especially among central banks around the world
which have lifted their purchases in the first half this year.
0.39% • Global official gold reserves rose by 337t, 120% higher q/q and the second
highest third quarter total following Q3 2022. On a year to date basis,
central banks have bought an astonishing net 800t, 14% higher than the same
0.00% period last year.
• Central banks collectively bought 337t in Q3, the second highest third
quarter on record.
-0.03% • China has spearheaded record levels of central bank purchases of gold
globally in the first nine months of the year, as countries seek to hedge
against inflation and reduce their reliance on the dollar.
-0.49%
• The People’s Bank of China has increased its gold reserves by 78t during the
quarter. Since the start of the year, the PBoC has increased its gold holdings
by 181t, to 2,192t (equivalent to 4% of total reserves).
-1.08%
• The National Bank of Poland continued its buying spree in Q3, adding a
further 57t to the 48t it bought in Q2. This brings its year to date gold
-1.23%
accumulation to 105t.
• Turkey’s gold reserves recovered to 668t following purchases of 39t in Q3 as the
central bank switched back to net buying following its heavy net sales in Q2.
-1.56% • Beyond these large-scale buyers, eight more banks made purchases of at
least a tonne during the quarter, highlighting the breadth of demand: India
(9t), Uzbekistan (7t), the Czech Republic (6t) Singapore (4t), Qatar (3t),
-1.99% Russia (3t), the Philippines (2t) and the Kyrgyz Republic (1t).
• Kazakhstan (4t) was the only seller of note.
-2.00%

MUSTARD (JAIPUR) -2.13%

GUR (MUZAFFARNGR) -3.52%

-4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

WEEKLY STOCK POSITIONS IN LME (IN TONNES) Source: WGC

COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE Why Central-Bank Gold Buying Picked Up
03.11.23 09.11.23 • Geopolitical uncertainty and high inflation were highlighted as key reasons
for holding gold.
ALUMINIUM 466700 459100 -7600.00 • De-dollarization bid is one of the driving forces behind global central banks'
COPPER 180250 177225 -3025.00 gold purchases, as they aim to use gold as a currency anchor to mitigate
external risks.
NICKEL 40902 40674 -228.00 • The rush to gold by central banks is also driven by countries’ desire to
weaken their dependence on the US dollar as a reserve currency, after
LEAD 129875 133050 3175.00 Washington weaponised the greenback in its sanctions against Russia.
ZINC 76725 72475 -4250.00 • Amid the recent downgrade of the US by Fitch Ratings, the de-dollarisation
exercise may further gain momentum. The share of US dollar reserves held
as reserves by central banks fell to 58 per cent– the lowest level in 25 years.
• The IMF said that the US dollar’s share of global reserves will continue to fall
as emerging market and developing economy central banks seek further
PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) diversification of the currency composition of their reserves.
COMMODITY EXCHANGE CONTRACT 03.11.23 09.11.23 CHANGE% • Considering the uncertainty like volatility or a correction in the stock
market as well as dollar, central bankers are adding gold to their reserves as
ALUMINIUM LME CASH 2254.00 2242.50 -0.51% a hedge as they don’t want to be caught unawares like they were in 2008.
COPPER LME CASH 8175.50 8147.00 -0.35%
LEAD LME CASH 2171.50 2190.00 0.85%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 18223.00 17813.00 -2.25% Commodity Exchange Contract Unit 03.11.23 09.11.23 Difference(%)
ZINC LME CASH 2524.50 2602.50 3.09% Soybean CBOT JAN Dollars Per Bushel 13.66 13.57 -0.66%
GOLD COMEX DEC 2009.70 1980.30 -1.46%
Soybean oil CBOT DEC Cents per Pound 49.20 49.77 1.16%
SILVER COMEX DEC 23.29 22.91 -1.63%
Cotton ICE DEC Cents per Pound 79.62 76.52 -3.89%
CRUDE NYMEX DEC 80.51 75.74 -5.92%
NATURAL GAS NYMEX DEC 3.52 3.04 -13.49% CPO BMD JAN MYR per MT 3,768.00 3,743.00 -0.66%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Mild Bullish Mild Bullish Mild Bearish Bearish Sideways Mild Bearish Bullish Mild Bullish
STRENGTH Neutral Neutral Neutral Borderline Neutral Neutral Neutral Neutral
SUPPORT 83.00 88.20 101.00 54.50 1.0560 1.2100 149.00 104,68
RESISTANCE 83.60 89.80 103.00 56.00 1.0755 1.2375 151.80 107.00

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact The Indian Rupee barely changed since the beginning of
14-Nov 12:30 GBP Unemployment Rate SEP 4.30% 4.40% Negative for GBP the month, slipping hardly 0.03% to hover around its
record low of 83.29 to a dollar. The downside pressure in
14-Nov 19:00 USD Core Inflation Rate MoM OCT 0.30% 0.30% Neutral for USD the rupee extended despite the dollar retreating from its
14-Nov 19:00 USD Core Inflation Rate YoY OCT 4.10% 3.80% Neutral for USD latest peak was attributed to the concerns over dollar
14-Nov 19:00 USD Inflation Rate MoM OCT 0.40% 0.10% Neutral for USD shortage in the interbank as well oil prices tumbling over
13% since October 19. Accordingly, the far forward 1-
14-Nov 19:00 USD Inflation Rate YoY OCT 3.70% 3.80% Neutral for USD
year now yields just 1.54% which is the lowest in 4-
15-Nov 05:20 JPY GDP Growth Annualized Prel Q3 4.80% -0.60% Negative for JPY months. The plunge in far forwards premium signifies the
15-Nov 05:20 JPY GDP Growth Rate QoQ Prel Q3 1.20% -0.20% Negative for JPY immediate dollar demand in the near term. Key to
watch, if RBI will provide dollar supply or not in the
15-Nov 12:30 GBP Inflation Rate YoY OCT 6.70% 4.90% Neutral for GBP
coming days. Inevitably the rupee may get some support
15-Nov 19:00 USD PPI MoM OCT 0.50% 0.10% Neutral for USD if RBI does boost the dollar supplies. Going forward, the
range trade in rupee will continue until it breaches the
Major Macroeconomic Indicators life-time time low of 83.29 convincingly in the coming
days. On the global front, the dollar index is trying its
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates foot to base around 105.00 with euro and pound both
China 3.45% -0.20% Oct 2.66% 4.90% Sep 3.65% slipping from its latest peak. The Euro weakened after
data showed that German industrial production dropped
Euro Area 4.50% 2.90% Oct - 0.10% Sep 1.60%
more than expected in September while the pound fell
France 4.50% 4.00% Oct 3.23% 0.70% Sep 0.50% amid leading inflation indicators remaining weak. In
Germany 4.50% 3.80% Oct 2.65% -0.30% Sep 0.70% major currencies, the yen remains the biggest loser
India 6.50% 5.02% Sep 7.29% 7.80% Jun 1.48% despite a retreat in the US yields as the Bank of Japan is
unable to manage the hawkish tone. Yen hit a low of
Italy 4.50% 1.78% Oct 4.51% 0.04% Sep 2.72% 151.70 to a dollar while JPYINR leaned around 55.00 as
Japan -0.10% 3.00% Sep 0.86% 1.60% Jun -3.10% well. Next week's key watch will be the US and UK
United Kingdom 5.25% 6.70% Sep 4.28% 0.60% Jun -1.45% monthly inflation print for the month of October while
yen participants may look for any possible intervention
United States 5.50% 3.70% Sep 4.61% 2.90% Sep 1.80% from the Japanese authorities.

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
83.27. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 53.57 on the daily chart. Major support is seen around 83 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 Mild Bullish trend as trading above its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
88.58. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 54.25 on the daily chart. Major support is seen around 88.2 levels, while
resistance is expected near 89.8 levels.
One can buy near 88.6 for the target of 89.6 with the stop loss of 88.1

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

GBP/INR(NOV) pair is currently in an Mild Bearish trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
101.83. However, the pair is in Neutral territory with a Relative Strength Index (14-
day) value of 49.75 on the daily chart. Major support is seen around 101 levels, while
resistance is expected near 103 levels.
One can sell near 102 for the target of 101 with the stop loss of 102.5
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
55.68. However, the pair is in Borderline territory with a Relative Strength Index (14-
day) value of 36.08 on the daily chart. Major support is seen around 54.5 levels, while
resistance is expected near 56 levels.
One can sell near 55.5 for the target of 54.5 with the stop loss of 56

18
 IPO
IPO NEWS
SAR Televenture lists at 91% premium to IPO price on NSE SME
The SAR Televenture made a bumper debut on November 8, listing at a 90.9 percent premium over the IPO price. The stock opened at Rs 105 against an
issue price of Rs 55 on the NSE SME platform. Prior to listing, the stock was trading at a premium of 96 percent in the grey market, implying a listing price
of Rs 108. The grey market is an unofficial trading platform where shares get traded well before the allotment in the IPO and until the listing day. Most
investors track the grey market premium (GMP) of a stock to get an idea of the listing price. SAR Televenture issue was subscribed 267 times, with bids
for 86.38 crore shares against an issue size of 32.28 lakh shares. Non-institutional investors booked 715 times, retail investors bought 222 times and
qualified institutional buyers (QIB) picked up 77 times their respective allotted quotas. The company will use the net proceeds from the issue for the
installation of 5G/4G towers, repayment or prepayment of certain outstanding secured borrowings, funding the working capital requirements and the
remaining amount will be utilized for general corporate purposes.

Mukka Proteins receives Sebi approval to float public issue

Fish protein products manufacturing company Mukka Proteins has received approval from the capital markets regulator Sebi to go public for raising
funds. The IPO comprises only a fresh issue of 8 crore shares by the company and there is no offer-for-sale component. The Karnataka-based firm will
utilise Rs 120 crore for its working capital requirements and spend Rs 10 crore for the working capital requirements of its associate company Ento
Proteins. The remainder of the net fresh issue proceeds will be kept for general corporate purposes. With six manufacturing facilities, Mukka Proteins
supplies fish meal, fish oil and fish soluble paste which is an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed
(for broiler and layer) and pet food (dog and cat food). Further, fish oil is also used for pharmaceutical products, soap manufacturing, leather tanneries
and paint industries. The company also operates three blending facilities and five storage facilities. Apart from domestic market, it also exports
products to over 10 countries, including Bahrain, Chile, Malaysia, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.

TBO Tek files draft red herring prospectus with Sebi

TBO Tek, a leading travel distribution platform, has filed its draft red herring prospectus with Sebi for an IPO consisting of a fresh issue of ₹400-crore
and an offer for sale of up to 15.6 lakh shares. Funds will be allocated towards fuelling growth, expanding the network of buyers and suppliers and
undertaking acquisitions, according to offer documents. Axis Capital, Goldman Sachs (India) Securities, Jefferies India, and JM Financial are the
bankers for the IPO. Before this, the company had filed draft papers with Sebi in December 2021 to float ₹2,100 crore initial share-sale. However, the
company didn't launch the IPO.

Accent Microcell files IPO papers

Accent Microcell, the Ahmedabad-based excipient maker has filed its Draft Red Herring Prospectus (DRHP). The offering consists of a fresh issuance of
56 lakh equity shares with a face value of Rs 10 for each share, the company said in a statement. Proceeds from the issue will be used to invest in setting
up a new plant at Navagam Kheda in Gujarat. It already operates two plants with a total installed capacity of 8,000 metric tonnes per annum. Out of
the total proceeds from the fresh issue, the company proposes to invest Rs 48.39 crore in the current financial year and Rs 6 crore in FY25 towards the
establishment of Unit-III. Accent Microcell manufactures Microcrystalline Cellulose (MCC), which is used as a texturizer, anticaking agent, binder,
lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries.
The firm registered a revenue of Rs 204.19 crore in FY23, up from Rs 165.71 crore in FY22 and its profit after tax more than doubled to Rs 13.01 crore in
FY23 from Rs 5.89 crore in the preceding financial year. Corporate Capital Ventures has been appointed as the book running lead manager to the issue.
Post-IPO, the company will list shares on NSE's SME segment Emerging.

IPO TRACKER
Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price* %Gain/Loss
Honasa Consumer Limited Consumer Product 9721.58 170144 07-Nov-23 324.00 330.00 302.15 -6.74
Cello World Limited Consumer Product 16669.69 1900.00 06-Nov-23 648.00 829.00 785.45 21.21
Blue Jet Healthcare Limited Healthcare 7011.47 840.27 01-Nov-23 346.00 380.00 404.20 16.82
IRM Energy Limited Energy 1892.24 545.40 26-Oct-23 505.00 477.25 460.85 -8.74
Plaza Wires Limited FMEG 506.65 71.28 12-Oct-23 54.00 80.23 115.80 114.44
Valiant Laboratories Limited Pharma 767.98 152.46 06-Oct-23 140.00 162.15 176.75 26.25
Updater Services Limited B2B 1782.30 640.00 04-Oct-23 300.00 258.00 267.20 -10.93
JSW Infrastructure Limited Infrastructure 41832.03 2800.00 03-Oct-23 119.00 143.00 199.20 67.39
Manoj Vaibhav Gems 'N' Jewellers Limited Jewelry retailer 1518.67 270.20 03-Oct-23 215.00 215.00 310.90 44.60
Sai Silks (Kalamandir) Limited Retail 3980.62 1201.00 27-Sep-23 222.00 230.10 259.55 16.91
Signatureglobal (India) Limited Real Estate 9532.95 730.00 27-Sep-23 385.00 445.00 678.45 76.22
Yatra Online Limited Travel 2159.95 775.00 28-Sep-23 142.00 127.50 137.65 -3.06
Zaggle Prepaid Ocean Services Limited SaaS 2889.42 563.38 27-Sep-23 164.00 164.00 236.65 44.30
SAMHI Hotels Limited Hotels & Restaurants 3321.77 1370.10 22-Sep-23 126.00 134.50 152.35 20.91
R R Kabel Limited Electricals 18223.61 1964.00 20-Sep-23 1035.00 1181.00 1615.30 56.07
EMS Limited Waste Treatment Plant 1947.74 322.00 21-Sep-23 211.00 281.00 350.75 66.23
Jupiter Life Line Hospitals Limited Hospital 6670.69 869.08 18-Sep-23 735.00 937.00 1017.40 38.42
Ratnaveer Precision Engineering Limited Engineering 578.59 165.03 11-Sep-23 98.00 123.20 119.30 21.73
Rishabh Instruments Limited Consumer Durables 1824.80 490.78 31-Aug-23 441.00 460.05 480.70 9.00
Aeroflex Industries Limited Manufacturing 2063.31 351.00 31-Aug-23 108.00 190.00 159.55 47.73
*Closing price as on 09-11-2023

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
Equity mutual funds get close to Rs 20,000 crore net inflow in October: AMFI
Investors poured money in equity funds in the month of October, as per data released by Association of Mutual Funds of India (AMFI; the mutual funds'
industry trade body). Aside from an increase in net flows across all categories of equity funds, small cap mutual fund (MF) schemes got inflows worth Rs
4,495 crore in October 2023, up from Rs 2,678 crore a month before. Overall, equity funds got inflows worth Rs 19,957 crore, up from Rs 14,091 crore in
September. The month of October saw the third highest monthly inflow into equity funds in the year of 2023. October was also the fourth month where
all equity fund categories got positive net inflows (more money came in, than went out). Inflows in the Rs 47 trillion Indian Mutual Funds (MF) industry
went up in the month of October. Net inflows were Rs 80,586 crore, as opposed to a net outflow (more money went out than came in).

Old Bridge Mutual Fund files draft document for Focused Equity Fund
Old Bridge Mutual Fund has filed a draft document for Old Bridge Focused Equity Fund. The scheme will be an open-ended mutual fund scheme investing
in maximum 30 stocks. The scheme will be benchmarked against S&P BSE 500 TRI. The scheme will be managed by Kenneth Joseph Andrade and Tarang
Agarwal. According to the Scheme Information Document of the scheme, the investment objective of the scheme is to generate long term capital
appreciation by investing in equity and equity related instruments of up to 30 companies across market capitalization. The scheme will have both
regular and direct plans with growth and IDCW options. The minimum application amount will be Rs 5,000 and multiplies of Re 1 thereafter. The
minimum instalment of the Systematic Investment Plan (SIP) will be Rs 2,500 in multiples of Re 1 with six instalments. The scheme will allocate 65-100%
assets to equity and equity related instruments, 0-35% assets to debt and money market instruments, and 0-10% assets to units issued by REITS and
InvITs. The scheme will be suitable for investors who are seeking capital appreciation over long term investing in a concentrated portfolio of equity and
equity-related instruments of up to 30 companies. The principal invested in the scheme will be at very high risk as per the riskometer of the scheme.

Amfi appoints Venkat Nageswar Chalasani as new chief executive

Industry body Association of Mutual Funds in India (AMFI) on Wednesday said it has appointed Venkat Nageswar Chalasani, former deputy managing
director of State Bank of India, as its new chief executive. This announcement followed the end of NS Venkatesh's tenure, who served two consecutive
terms of three years each. The new chief executive would focus on the mutual fund industry's growth aspects and Amfi 2.0 strategy, the industry body
said in a statement. Chalasani, who comes with over four decades of banking and treasury experience, has held various board positions and has been
part of committees set up by the Reserve Bank of India and the Ministry of Finance. He has also been the Chairman of the Fixed Income Money Market
and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers Association of India (FEDAI).

NEW FUND OFFER

Scheme Name Quant Momentum Fund

Fund Type Open Ended
Fund Class Equity Scheme - Sectoral/ Thematic
Opens on 30-Oct-23
Closes on 21-Nov-23
Investment Objective To achieve long-term capital appreciation for its investors. This objective will be pursued by strategically investing in a diversified
portfolio of equity and equity-related instruments. The selection of these instruments will be based on a quantitative model
meticulously designed to identify potential investment opportunities that exhibit the potential for significant capital appreciation
over the specified investment horizon.
Min. Investment 5000
Fund Manager Mr. Sandeep Tandon, Mr. Ankit Pande, Mr. Sanjeev Sharma & Mr. Vasav Sahgal

Scheme Name Axis India Manufacturing Fund - Regular Plan

Fund Type Open Ended
Fund Class Equity: Thematic
Opens on 01-Dec-23
Closes on 15-Dec-23
Investment Objective To provide long term capital appreciation by investing in equity and equity related securities of companies engaged in manufacturing
theme.
Min. Investment 500
Fund Manager Nitin Arora & Shreyash Devalkar

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 65.20 08-Aug-2007 15758.20 1.10 13.20 17.10 25.90 12.20 4.00 1.00 0.60 81.69 12.21 5.99 0.12
HDFC Top 100 Fund - Growth 866.50 11-Oct-1996 25679.90 1.60 12.10 15.30 22.90 18.80 3.70 0.90 0.40 91.71 4.88 N.A 3.42
ICICI Prudential Bluechip Fund - Growth 79.30 23-May-2008 40357.40 2.30 12.50 14.30 20.90 14.30 3.60 0.90 0.40 80.40 6.82 0.47 12.31
DSP Top 100 Equity Fund - Reg - Growth 337.50 10-Mar-2003 2990.00 -0.10 12.10 13.40 15.70 18.50 3.90 0.90 0.0 80.65 8.81 6.68 3.86
Baroda BNP Paribas Large Cap Fund - G 161.60 23-Sep-2004 1502.40 0.90 9.90 11.10 16.40 15.60 3.70 0.90 0.20 79.38 7.37 5.67 7.58
SBI Bluechip Fund - Growth 70.90 14-Feb-2006 39160.40 -0.10 7.80 10.70 18.70 11.70 3.70 0.90 0.20 83.30 11.22 N.A 5.48
Aditya Birla Sun Life Frontline Equity F-R-G 390.10 30-Aug-2002 23631.40 0.20 10.20 10.60 18.20 18.90 3.80 0.90 0.20 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 133.40 25-Jun-2007 45932.10 6.80 25.80 30.10 32.50 17.10 4.20 0.90 1.00 14.54 67.08 17.72 0.66
Nippon India Growth Fund - Reg - G 2815.20 08-Oct-1995 17841.10 7.60 26.40 28.80 32.10 22.20 4.60 1.00 1.00 17.95 67.26 12.91 1.88
Mahindra Manulife Mid Cap Fund - R - G 23.00 30-Jan-2018 1426.30 8.50 26.80 28.10 30.90 15.50 4.80 1.00 0.70 8.90 69.52 13.64 7.94
HSBC Midcap Fund - Reg - Growth 262.80 09-Aug-2004 7870.00 8.70 24.80 25.60 23.00 18.50 3.90 0.80 0.50 14.54 67.08 17.72 0.66
Tata Mid Cap Growth Fund - Reg-Growth 316.20 01-Jul-1994 2357.90 5.70 24.80 25.40 26.70 12.50 4.20 0.90 0.70 11.78 68.02 15.54 4.66
WhiteOak Capital Mid Cap Fund - Reg G 12.90 07-Sep-2022 909.50 5.90 26.20 24.90 N.A 23.90 3.30 0.80 1.20 6.09 55.48 21.04 17.38
Motilal Oswal Midcap Fund - Reg-Growth 64.50 24-Feb-2014 5481.60 7.80 23.40 23.10 34.70 21.20 5.30 1.00 1.40 20.51 65.48 2.22 11.80

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
Franklin India Smaller Companies F - G 130.50 13-Jan-2006 9240.00 9.00 27.50 36.40 37.40 15.50 4.70 1.00 1.20 5.33 9.98 77.24 7.45
Nippon India Small Cap Fund - Reg - G 124.30 16-Sep-2010 35216.60 6.30 27.50 34.30 42.70 21.10 4.90 1.00 1.30 12.71 14.25 67.00 6.05
Bandhan Emerging Businesses Fund-R-G 28.60 25-Feb-2020 1941.20 10.00 32.10 34.10 30.80 32.80 5.00 1.00 0.70 3.63 11.14 73.68 11.54
HDFC Small Cap Fund - Growth 104.90 03-Apr-2008 21531.50 4.80 24.00 33.30 39.20 16.20 4.50 0.90 1.10 3.94 8.80 79.36 7.90
HSBC Small Cap Fund - Reg - Growth 63.30 12-May-2014 10993.30 9.10 26.10 33.30 40.90 21.40 4.70 0.90 1.30 2.73 24.83 69.85 2.60
ITI Small Cap Fund - Reg - Growth 19.20 17-Feb-2020 1423.10 10.10 29.30 32.90 25.80 19.10 4.90 0.90 0.30 11.66 19.76 62.72 5.85
Quant Small Cap Fund - Growth 183.70 21-Nov-1996 7463.40 5.00 23.30 31.70 43.60 11.90 5.60 1.10 1.20 10.98 2.19 68.15 18.69

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
Motilal Oswal ELSS Tax Saver Fund - R-G 33.60 21-Jan-2015 2512.90 7.60 20.00 23.20 23.30 14.80 4.50 1.00 0.50 52.13 27.46 19.68 0.73
SBI Long Term Equity Fund - Growth 293.10 31-Mar-1993 15457.10 3.10 18.50 22.50 25.20 15.90 3.90 0.90 0.60 58.58 21.41 14.00 6.01
HDFC ELSS Taxsaver Fund - Growth 962.90 31-Mar-1996 11289.90 3.20 15.80 17.80 25.50 23.10 3.70 0.90 0.70 84.68 8.26 2.78 4.27
Franklin India Taxshield - Growth 1069.00 10-Apr-1999 5236.20 4.10 17.50 17.20 24.20 20.90 4.20 1.00 0.40 71.33 11.22 9.86 7.59
Bank of India Tax Advantage Fund-Eco-G 128.90 25-Feb-2009 842.20 4.40 16.10 16.30 22.70 19.00 4.30 1.00 0.40 52.08 28.87 18.61 0.44
Invesco India ELSS Tax Saver Fund - G 92.20 29-Dec-2006 2164.20 3.60 16.60 16.30 17.50 14.10 4.10 1.00 0.10 62.63 12.88 20.94 3.55
Bandhan Tax Advantage (ELSS) Fund-R-G 118.20 26-Dec-2008 5023.70 0.80 14.10 15.50 27.40 18.10 4.20 1.00 0.50 52.08 28.87 18.61 0.44

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 386.30 11-Sep-2000 61210.40 4.80 15.10 20.00 26.80 17.10 2.80 0.70 49.76 10.43 8.64 31.16
NJ Balanced Advantage Fund - Reg - G 11.20 29-Oct-2021 3797.20 3.80 11.30 13.20 N.A 5.90 2.50 0.10 64.54 18.34 0.02 17.09
SBI Balanced Advantage Fund - Reg - G 12.10 31-Aug-2021 23764.20 0.90 8.00 13.00 N.A 9.10 1.70 0.20 54.74 8.11 2.52 34.63
Franklin India Balanced Advantage F-R-G 11.40 06-Sep-2022 1287.40 2.60 10.80 12.30 N.A 11.50 1.50 0.30 48.60 5.74 8.70 36.96
Baroda BNP Paribas Balanced Adv. F-R-G 18.80 14-Nov-2018 3320.00 1.30 8.90 11.30 12.20 13.50 2.60 0.10 43.35 13.80 7.70 35.15
HSBC Balanced Advantage Fund - Reg-G 34.90 07-Feb-2011 1393.20 2.00 7.60 11.20 8.40 10.30 1.60 -0.10 41.32 13.52 13.99 31.17
Mirae Asset Balanced Advantage F-R-G 11.30 11-Aug-2022 1183.20 0.90 8.40 11.10 N.A 10.40 1.50 0.20 49.93 8.18 8.47 33.42
*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 09/11/2023
Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

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SMC participated in ASSOCHAM India’s International Conference on "Charting a Sustainable Path: Addressing Corporate Stress"
held on 31st October, 2023 with our visionary leader Mr. Subhash C Aggarwal and our thought leader Ms. Shruti Aggarwal.

On 31st October, 2023, we organised "Franchise Meet - Diwali Get Together" at the Radisson Blu Hotel New Delhi, Paschim
Vihar . Radiant smiles, ecstatic dance moves, and the vibrant energy of our partners filled the air.
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