Contents

From The Desk Of Editor

G
Equity 4-7 lobal markets were turbulent last week, fueled by rising US bond yields reaching
4.16%. A Fed officials’ caution on rate cuts dashed hopes for an early easing,
Derivatives 8-9
dampening sentiment. Despite hinting at cuts later in 2024, the Fed remains wary of
Commodity 10,15-17
inflation. In its December policy, the US central bank, keeping the key interest rate
Insurance 11-14
unchanged at 5.25-5.5 per cent, hinted at rate cuts in 2024. Cautious optimism prevailed
Currency 18 despite the ECB's focus on inflation and continued distance from rate cuts. Strong earnings
IPO 19 and economic outlook optimism propelled EU markets despite the ongoing war in Ukraine.
FD Monitor 20 Germany’s economy shrank last year for the first time since the onset of the Covid-19
Mutual Fund 21-22 pandemic, increasing the risk of an economic contraction in the wider euro area. Strong
earnings and a weaker yen boosted Japanese stocks, but global uncertainties and geopolitical
SMC GLOBAL SECURITIES LTD. tensions kept a lid on further gains. The Bank of Japan is expected to maintain its loose policy,
REGISTERED OFFICES:
but Governor Ueda's hints about future rate hikes will be closely watched. On the data front,
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005. Japan's headline inflation cooled to 2.6% from 2.8% in November. The core inflation rate also
Tel: 91-11-30111000, Fax: 91-11-25754365 fell to 2.3% from November’s 2.5%. Chinese markets were cautious, with concerns about
MUMBAI OFFICE: government policy and tech sector regulations weighing on sentiment, alongside rising global
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , interest rates and geopolitical tensions. On the economy front, China's GDP growth of 5.2%
Graham Firth Steel Compound, Off Western Express Highway, last year met the government's target, but masked deeper worries about mounting market
Jay Coach Signal, Goreagon (East) Mumbai - 400063 concerns, declining investor confidence, and a prolonged slump in the property market.
Tel: 91-22-67341600, Fax: 91-22-67341697

KOLKATA OFFICE: Back at home, Indian stock market indices--Sensex and Nifty—witnessed see-saw movement
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001
as risk-off sentiment prevailed and banking majors suffered the worst decline. Actually, large
Tel.: 033 6612 7000/033 4058 7000, Fax: 033 6612 7004/033 4058 7004
cap banking giant HDFC Bank's disappointing Q3 performance abetted the profit booking. A
AHMEDABAD OFFICE :
slump in global markets due to rate cuts-related optimism waning, latest GDP data from China
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
C G Road, Ahmedabad-380009, Gujarat and geo-political tensions spooked the sentiments of the investors. Despite forecasts of
Tel : 91-79-26424801 - 05, 40049801 - 03 robust Indian economic growth in 2023-24 driven by rising private investment, geopolitical
CHENNAI OFFICE: tensions and a fragile global outlook remain concerns. Going forward, volatility is expected to
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, persist in domestic markets until the February interim budget.
Chetpet, Chennai - 600031.

Tel: 044-39109100, Fax -044- 39109111

On the commodity market front, the CRB closed in negative territory as the dollar index
SECUNDERABAD OFFICE:
rebounded from its low, driven by hawkish remarks from the Federal Reserve. Gold and silver
315, 4th Floor Above CMR Exclusive, BhuvanaTower,
experienced a significant decline, while crude oil took a hit due to weaker economic data
S D Road, Secunderabad, Telangana-500003
from China and resurgence in the dollar index. However, a supportive factor for oil prices
Tel : 040-30031007/8/9
came from the OPEC demand outlook report. Base metals also faced downward pressure,
DUBAI OFFICE:
influenced by both the Fed's hawkish stance and the disappointing Chinese economic data.
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers,
Gold and silver can trade in a range of 60500-63000 levels and 70000-74500 levels
PO Box 117210, Dubai, UAE
Tel: 97145139780 Fax : 97145139781
respectively. Crude oil prices have resistance near 6250 levels. Several crucial events are on
Email ID : pankaj@smccomex.com the horizon, such as the upcoming interest rate decisions from the Bank of Japan (BoJ) and the
smcdmcc@gmail.com Bank of Canada (BoC), as well as key economic indicators like Manufacturing PMI, Consumer
Confidence, and Business Climate in Germany. These data points have the potential to
Printed and Published on behalf of significantly influence commodity prices. Additionally, market participants are closely
Mr. Saurabh Jain @ Publication Address
watching for the ECB Interest Rate Decision and subsequent press conference. In US, attention
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005
is focused on Durable Goods Orders, Core Personal Consumption Expenditures (PCE) Price
Website: www.smcindiaonline.com
Investor Grievance : igc@smcindiaonline.com Index, PCE Price Index, and GDP Growth rate, all of which are pivotal factors impacting the
commodities market.
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
the contents of this report in any form or by any means without prior written permission of the SMC is prohibited. Please note that we and our affiliates, officers, directors and employees, including person involved in the preparation or issuance of this material may;
(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
such securities and earn brokerage or other compensation or act as a market maker in the financial instrument of the company (ies) discussed herein or may perform or seek to perform investment banking services for such Company (ies) or act as advisor or lender
/ borrower to such company (ies) or have other potential conflict of interest with respect of any recommendation and related information and opinions, All disputes shall be subject to the exclusive jurisdiction or Delhi High Court.
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
Economy INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• India's wholesale prices increased for the second straight month in Nifty50 21622.4 20580 20933 21418 21771 22257 22610 23096
December, though at a slower-than-expected pace. The wholesale price
index, or WPI, rose 0.73 percent year-over-year in December, following a NIFTY IT 37069.25 34615 35375 36407 37168 38200 38961 39993
0.26 percent gain in November. Economists had expected a 0.90 percent
increase for the month. Niftybank 45701.15 42484 43957 45359 46832 48233 49707 51108
Engineering Nifty Fin. Ser. 20425.35 18922 19558 20241 20877 21559 22196 22878
• Larsen & Toubro (L&T) construction arm has bagged a 'mega order' to set up
an electrification system for the bullet train project in the country. The order
has been bagged from an authorised Japanese agency.
Finance
STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• REC Limited has been designated as the overall implementation agency for
the rooftop solar programme of the Renewable Energy Ministry. The company Axis Bank Ltd. 1116.55 1023 1044 1087 1109 1152 1173 1216
aims to achieve a cumulative capacity of 40,000 MW from rooftop solar
panels by 2026. Bajaj Fin. Ltd. 7319.1 6813 7023 7277 7487 7741 7951 8204
Pharmaceuticals Bharti Airtel Ltd. 1125 1009 1042 1071 1103 1132 1165 1194
• Lupin Ltd has received approval from the US health regulator to market its Hdfc Bank Ltd. 1470.65 1236 1352 1452 1568 1667 1783 1882
generic Febuxostat tablets, indicated for the chronic management of
hyperuricemia in adult patients with gout. Hindustan U. Ltd. 2565.4 2475 2503 2529 2557 2583 2610 2636
Automobile
Icici Bank Ltd. 999.2 933 952 979 997 1024 1043 1070
• Ashok Leyland has bagged orders from the Karnataka State Transport
Undertakings for 1225 nos. fully built Viking buses to be delivered by April Infosys Limited 1659.2 1584 1602 1629 1647 1675 1693 1720
2024. This will further contribute tostrengthening Ashok Leyland's dominant
position in the bus industry. Itc Ltd. 471.5 437 446 460 468 482 491 504
Capital Goods Kotak M Bk Ltd. 1764.3 1643 1699 1750 1806 1857 1912 1964
• BHEL received a letter of award worth Rs 15,000 crore for an EPC package for
the 3x800 MW Talabira thermal power project from NLC India. L & T Limited 3646 3415 3470 3546 3601 3676 3732 3807
Construction Mah & Mah Ltd. 1655.55 1528 1554 1606 1633 1684 1711 1763
• PNC Infratech, with its arm, executed definitive agreements with Highways Rel. Indu. Ltd 2734.9 2607 2655 2697 2745 2788 2835 2878
Infrastructure Trust to divest 12 of the company’s road assets and one toll
concession in the states of Uttar Pradesh, Madhya Pradesh, Karnataka, and SBI 627.75 594 606 620 633 647 659 673
Rajasthan. The enterprise value of the transaction is Rs 9,005.7 crore.
• HPL Electric and Power has bagged deals worth Rs 240 crore from leading TCS Limited 3943.05 3723 3768 3875 3920 4028 4073 4180
AMISP clients for smart metres. *Closing as on 19-01-2024

• Rail Vikas Nigam has emerged as the lowest bidder for supply, installation,
testing and commissioning of 11 KV Line-associated works. The consideration
for the order is Rs 251 crore.
Consumer Durables
• Sheela Foam has completed the acquisition of a 2.57% stake in KEL for Rs Forthcoming Events
55.33 crore. The company now holds 97.23% of KEL.
Tours & Travel Meeting Date Company Name Purpose
• Mahindra Holidays & Resorts India Ltd will invest Rs 800 crore in Tamil Nadu to
build three greenfield resorts over the next five to six years. The company 22-Jan-24 Colgate-Palmoliv Quarterly Results
has signed an MOU with the Tamil Nadu government for the same, Mahindra 23-Jan-24 Pidilite Inds. Quarterly Results
Holidays & Resorts India Ltd (MHRIL) said in a statement. 23-Jan-24 Havells India Quarterly Results, Interim Dividend
Metal 23-Jan-24 Axis Bank Quarterly Results
• Man Industries (India) has bagging fresh orders worth Rs 400 crore in the 23-Jan-24 United Spirits Quarterly Results
domestic and international markets. The total unexecuted order book as on 24-Jan-24 Tata Steel Quarterly Results
Monday stands at about Rs 1,300 crore to be executed in 6 months. 24-Jan-24 Canara Bank Quarterly Results
Miscellaneous 24-Jan-24 DLF Quarterly Results
• Adani Enterprises has signed a Memorandum of Understanding with the 24-Jan-24 IOCL Quarterly Results
Maharashtra government to set up a 1-gigawatt hyperscale data centre at an 24-Jan-24 Tech Mahindra Accounts, Quarterly Results
investment of Rs 50,000 crore over the next 10 years. 24-Jan-24 Bajaj Auto Quarterly Results
• Adani Group will invest over Rs 12,400 crore in an array of projects including 25-Jan-24 Cipla Quarterly Results
a data centre, clean energy project, and a cement plant in Telangana.
25-Jan-24 SBI Cards Quarterly Results
INTERNATIONAL NEWS 25-Jan-24 SBI Life Insuran Quarterly Results
• US housing starts slumped by 4.3 percent to an annual rate of 1.460 million in 29-Jan-24 ITC Quarterly Results, Interim Dividend
December after spiking by 10.8 percent to a revised rate of 1.525 million in 29-Jan-24 BPCL Quarterly Results
November. Economists had expected housing starts to pull back by 8.6 29-Jan-24 Bharat Electron Quarterly Results, Interim Dividend
percent to a rate of 1.426 million from the 1.560 million originally reported 29-Jan-24 Bajaj Finance Quarterly Results
for the previous month.
29-Jan-24 GAIL (India) Quarterly Results, Interim Dividend
• US initial jobless claims fell to 187,000, a decrease of 16,000 from the 29-Jan-24 Marico Quarterly Results
previous week's revised level of 203,000. Economists had expected jobless
claims to inch up to 207,000 from the 202,000 originally reported for the 30-Jan-24 Bajaj Holdings Quarterly Results
previous week. 30-Jan-24 Larsen & Toubro Quarterly Results
• US industrial production inched up by 0.1 percent in December, while revised 30-Jan-24 Dr Reddy's Labs Quarterly Results
data showed production was unchanged in November. Economists had 30-Jan-24 Bajaj Finserv Quarterly Results
expected industrial production to come in unchanged compared to the 0.2 31-Jan-24 Ambuja Cements Quarterly Results
percent increase originally reported for the previous month.
31-Jan-24 P & G Hygiene Quarterly Results, Interim Dividend
• Eurozone construction output fell 1.0 percent from October, when it was 31-Jan-24 Dabur India Quarterly Results
down 0.6 percent. This was the second consecutive contraction. Both
building and civil engineering work registered declines in November. Building 31-Jan-24 Sun Pharma.Inds. Quarterly Results, Interim Dividend
construction decreased 1.2 percent and civil engineering dropped 0.4 31-Jan-24 Bank of Baroda Quarterly Results
percent. 31-Jan-24 Maruti Suzuki Quarterly Results

4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
2.00% 2.00%
1.50%
1.39%
0.92%
1.00%
1.00%

0.00%
0.28% 0.27% 0.23%
0.06%
0.04%
0.00%
-1.00% -0.70%
-0.11%
-1.24% -0.29%

-2.00% -1.70%
-1.00%

-3.00% -1.42%

-2.00%

-4.00% -2.10%

-2.43%
-4.21%
-5.00% -3.00%
NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500

SMC Trend
-4.00%
Nifty 50 Nifty Bank Nifty IT MidCap Smallcap Next 50 Nifty 500 -4.11%

-5.00%
AUTO COMMODITIES CONSUMPTION ENERGY FIN SERVICE FMCG INFRA METAL PHARMA REALTY SERV SECTOR

GLOBAL INDICES (% Change) SMC Trend

Auto Commodities Consumption Energy Fin Service
1.00%
0.55% FMCG Infra Metal Pharma Realty Serv Sector

0.00%
-0.06%
-0.33%
-0.31%
-1.00% -0.85% FII/FPI & DII ACTIVITY (In Rs. Crores)
-1.26%
-1.63%
-2.00%

-2.17%

-3.00%

-4.00%

-5.00%

-5.25%

-6.00%
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)
6.00 6.00
4.54
3.65 3.61 3.70 3.60 3.37
4.00 4.00 3.26

1.89 1.59 2.00

2.00
0.99
0.00
0.00

-2.00
-2.00
-4.00
-4.00 -3.59
-4.73
-4.27 -4.25 -6.00 -5.16
-6.00 -5.10 -5.97
-8.00
-8.00
-10.00 -9.45
-10.17
-10.00 -9.32
-12.00
Tech Wipro Infosys HCL Bhar Airtel HDFC Bank Bajaj Finance Bajaj Finserv NTPC IndusInd ONGC Wipro Tech Apollo BPCL LTIMindtree HDFC Bank Adani Bajaj Divi's Lab.
Mahindra Technologies Bank Mahindra Hospitals Enterp. Finance

5
 EQUITY Beat the street - Fundamental Analysis
AARTI INDUSTRIES LIMITED CMP: 678.75 Target Price: 840 Upside: 24%
VALUE PARAMETERS Investment rationale operating leverages shall lead to EBITDA growth,
commissioning of expanded capacities of NT
Ÿ Aarti Industries Limited (AIL) is one of the most (nitrotoluene) or ethylation and Zone 4 (Jhagadia
Face Value (Rs.) 5.00 competitive benzene-based speciality chemical unit) to start gradually going onstream.
52 Week High/Low 685.85/438.05 companies in the world. AIL is a rare instance of a
global speciality chemicals company that combines Ÿ For FY26 and beyond, the company expects EBITDA
M.Cap (Rs. in Cr.) 24441.83 process chemistry competence (recipe focus) with to grow by approximately 20-25% CAGR driven by
scale-up engineering competence (asset utilization). Zone 4 ramping up.
EPS (Rs.) 12.32
Ÿ AIL has a de-risked portfolio that is multi-product, RISK
P/E Ratio (times) 54.73 multi-geography, multi-customer and multi-industry.
AIL has 100+ products, 700+ domestic customers, 400+ • Currency Fluctuation
P/B Ratio (times) 4.86
export customers spread across the globe in 60 • Fluctuation of commodity prices
Dividend Yield (%) 0.50 countries with major presence in the USA, Europe,
Japan. VALUATION
Stock Exchange BSE According to the management of the company, during
Ÿ Recently, it has signed a long-term agreement with a
multinational conglomerate for supply of a niche Q2FY24, it has reported a strong performance, during
% OF SHARE HOLDING speciality chemical. The contract entails supply over a the challenging times, reflected by 16% gains in absolute
period of four years and is anticipated to generate EBITDA compared to the previous quarter driven by its
revenue of over Rs. 6000 crores for the Company. The concerted efforts of enhancing its market position,
11.72
product has been an integral part to its long-term optimizing product mix and operational excellence. The
28.05 Foreign
growth strategy, and its volume has consistently company is maintaining the growth momentum in the
15.84 Ins tu ons
increased over the past 4-5 years. According to the upcoming quarters supported by better demand
Non Promoter Corporate Holding
management of the company, its existing capital recovery across various end use industries. Thus, it is
0.85 Promoters
expenditure programs are sufficient to meet the expected that the stock will see a price target of Rs.840
Public & Others
requirements of the contract, eliminating the need for in 8 to 10 months time frame on an expected P/Bv of
43.55 additional capital expenditure. 5.25x and FY25 (E) BVPS of Rs.159.99.
Ÿ The company is progressing well with various P/BV Chart
FINANCIAL PERFORMANCE expansion projects and expects to commission them in 1600.00
` in cr
a phased manner from next year. The management 1400.00
ACTUAL ESTIMATE incurred a capex of Rs. 1326 crore in FY23 and beat its 1200.00
FY Mar-23 FY Mar-24 FY Mar-25 guidance of Rs. 1100-1200 crore. Company maintained 1000.00

Revenue 6619.00 6338.01 7786.65 its collective capex guidance of Rs. 3000 crore for 800.00
FY24 and FY25 which will be funded through a mix of 600.00
Ebitda 539.00 995.12 1402.73
internal accruals and debt. 400.00
Ebit 229.00 635.52 997.69
Ÿ On outlook front, according to the management, for 200.00
Net Income 545.00 391.13 655.93 FY24 the firm stated that macro concerns on demand 0.00

21-Jan-19

25-Jul-19
27-Sep-19
02-Dec-19
30-Jan-20

05-Jun-20
04-Aug-20

02-Dec-20

09-Jun-21
09-Aug-21

10-Dec-21

14-Jun-22
12-Aug-22

15-Dec-22

20-Jun-23
21-Aug-23

21-Dec-23
02-Feb-21

09-Feb-22

14-Feb-23
22-Mar-19

31-Mar-20

01-Oct-20

06-Apr-21

08-Oct-21

12-Apr-22

14-Oct-22

20-Apr-23

20-Oct-23
27-May-19
EPS 15.04 10.85 18.58 continuing from FY23 and is expected to progressively
BVPS 135.72 145.92 159.99 improve in H2FY24. For FY25, recovery of volumes
across the sector, ramp-up of capacities and higher
RoE 10.06% 7.71% 12.14% 3.30 5.25 7.20 9.15 Close Price

PNC INFRATECH LIMITED CMP: 407.50 Target Price: 469 Upside: 15%
VALUE PARAMETERS Investment rationale ( H A M ) ” o f M P R D C ( M a d h y a Pr a d e s h Ro a d
Ÿ PNC Infratech Limited is a leading infrastructure Development Corporation) for the ‘Bid Project Cost’
Face Value (Rs.) 2.00 developer in India with strong capabilities The of Rs. 1174.0 crore. The project is to be constructed
Company has successfully executed more than 90 in 24 months and operated for 15 years, post
52 Week High/Low 420.85/261.25 construction.
major infrastructure projects across the country with
M.Cap (Rs. in Cr.) 10453.97 over 60 projects in roads and highways sector. Ÿ As of 30th September 2023, the unexecuted order
EPS (Rs.) 23.94 Ÿ As on September 2024, the company is having 27 BOT- book is around Rs.17,800 crores, which is over 2.5
Toll, BOT Annuity and HAM assets. Out of these 27 fund times of FY23 revenue. Highway & expressway
P/E Ratio (times) 17.02 based projects, company has 22 HAM projects with an contracts contribute around 72%, while Water &
aggregate Bid Projects Cost of Rs. 28,673 crores. Out Irrigation projects contribute around 28% of the
P/B Ratio (times) 2.27 total order book.
of 22 HAM projects, company achieved PCOD/COD for
Dividend Yield (%) 0.12 7 projects, 11 projects are under construction and 4 RISK
Stock Exchange BSE projects are under development. With regard to • Economic Slowdown
equity investment, the cumulative requirement for
HAM projects is about Rs. 1,100 crores. Till 30th • High Commodity Prices
% OF SHARE HOLDING September 2023, it already infused Rs.1,845 crores in VALUATION
HAM projects and the remaining equity is to be The company has strong order book which indicates
5.06
11.31 invested over the course of the next 2 to 3 years. future growth visibility. Recently, it has executed asset
Foreign Ÿ It has executed definitive agreements with Highways monetization which would strengthen the balance
Ins tu ons Infrastructure Trust (HIT) to divest 12 of the sheet of the company help drive future growth of the
27.24 Non Promoter Corporate Holding Company’s road assets, which comprises of 11 business. Thus, it is expected that the stock will see a
56.07
Promoters National Highway (NH) Hybrid Annuity mode (HAM) price target of Rs. 469 in 8 to 10 months’ time frame on
Public & Others assets and 1 State Highway BOT Toll asset with a current P/BVx of 2.27x and FY25 BVPS of Rs.206.74.
0.32
approximately 3,800 Lane Kms. The Enterprise Value
of the Transaction is INR 9,005.7 Crores. This P/BV Chart
translating to an equity value of Rs 2,902 crore
FINANCIAL PERFORMANCE ` in cr (including cash) on invested equity of Rs 1,740 crore.
700.00

600.00
ACTUAL ESTIMATE According to the management, this transaction would
FY Mar-23 FY Mar-24 FY Mar-25 help further strengthen the strong balance sheet and 500.00

would give large headroom to continue pursuing its 400.00

Revenue 7,060.84 7,801.60 8,695.24 growth ambitions. 300.00
Ebitda 953.88 1,049.82 1,176.67 Ÿ Recently, it has been declared the L1 bidder for a 200.00
Ebit 843.89 933.70 1,057.01 Highway Project namely “Construction of Western 100.00
Net Income 611.47 668.53 750.65 Bhopal Bypass as 4-lane with paved shoulders along 0.00
with service road starts from km 424.0 of Jabalpur-
21-Jan-19

25-Jul-19
27-Sep-19
02-Dec-19
30-Jan-20

05-Jun-20
04-Aug-20

02-Dec-20

08-Jun-21
06-Aug-21

09-Dec-21

13-Jun-22
11-Aug-22

14-Dec-22

19-Jun-23
18-Aug-23

20-Dec-23
02-Feb-21

08-Feb-22

13-Feb-23
22-Mar-19

31-Mar-20

01-Oct-20

06-Apr-21

07-Oct-21

11-Apr-22

13-Oct-22

19-Apr-23

19-Oct-23
27-May-19

EPS 23.84 26.06 29.45

Bhopal Road (NH-46) and end at km 21.0 of Bhopal-
BVPS 153.64 178.15 206.74 Dewas Road (SH-28) with a Design length of 40.90 km
RoE 16.79% 15.76% 15.33% in the State of Madhya Pradesh on Hybrid Annuity Mode 1.10 1.80 2.50 3.20 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

INDUS TOWERS LIMITED (INDUSTOWER)

The stock closed at Rs.220.35 on 19th January, 2024. It made a
(DALBHARAT) 52-week low of Rs.135.15 on 27th January, 2023 and a 52-
week high of Rs.229.95 on 05th January, 2024. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs 184.

The stock has been consistently maintaining its bearish trend

since 2021 and can be seen trading with series of lower bottom
pattern formation on weekly charts. From last almost one
year, the stock has been consolidating in broader range of
135-200 and had been sustaining below its 200 days
exponential moving average on weekly charts. Last week, the
stock has shown some recovery from its lows as prices seen
giving a renewed momentum above its 200 days exponential
moving average on weekly charts once again with a fresh
breakout above its long term range. Therefore, one can buy
the stock in the range of 215-220 levels for the upside target of
265-270 levels with SL below 185 levels.

TECH MAHINDRA LIMITED (TECHM)

The stock closed at Rs.1389.90 on 19th January, 2024. It made
(MPHASIS) a 52-week low at Rs.981.05 on 28th April, 2023 and a 52-week
high of Rs.1401.50 on 15th January 2024. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.1192.

The Stock has been consolidating in a broader range of 950-

1300 levels from past 18 months with prices managed to hold
and took support multiple times at its 200 days exponential
moving average on weekly charts, as the buying has emerged
there, to keep the stock in four figure marks. Last week, the
stock has given a fresh breakout above its key resistance level
of 1300 after a series of prolong consolidation phase. We have
also observed a delivery buying into the stock after a fresh
breakout which suggests a long build into a stock. Therefore,
one can buy the stock in the range of 1385-1390 levels for the
upside target of 1685-1690 levels with SL below 1220 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
The broader indices experienced a decline from their record highs, with Nifty witnessing a loss of over 1.2%, while more 4.2% drop seen in Banknifty on a
weekly basis. During the past week, the IT and oil & gas sectors emerged as major gainers, while a correction was observed in private bank shares
following result announcements from HDFC bank which disappointed the investors most. Kotak Bank and Indusind Bank also underwent corrections and
ended the week in red. Additionally, there was some profit booking in the media and metal sectors as well. In the Nifty options segment, the highest
call open interest is held at 22000 strike followed by 21800 strike whereas on the put side, the highest open interest is at the 21,500 and 21,000 strike.
For Banknifty, the highest call open interest is at the 46,000 strike, while the highest put open interest is at the 45,000 strike. Implied volatility (IV) for
Nifty's call options settled at 13.14%, while put options concluded at 14.09%. The India VIX, a key indicator of market volatility, concluded the week at
14.07%. The Put-Call Ratio Open Interest (PCR OI) stood at 0.94 for the week. The immediate support for the Nifty lies in range of 21400-21500 levels
while on higher side 21900-22000 levels would act as an immediate hurdle for the markets. It is expected that market will trade in the given range with
some intraday volatility. Traders are advised to focus on sector & stock specific moves.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
TCS GAIL INDUSINDBK

BUY JAN 3960 CALL 31.10 BUY JAN 170 CALL 3.60 BUY JAN 1560 PUT 22.40
OPTION SELL JAN 4000 CALL 19.85 SELL JAN 175 CALL 1.85 SELL JAN 1520 PUT 9.60
STRATEGY Lot size: 175 Lot size: 4575 Lot size: 500
BEP: 3971.25 BEP: 171.75 BEP: 1547.20

Max. Profit: 5031.25 (28.75*175) Max. Profit: 14868.75 (3.25*4575) Max. Profit: 13600.00 (27.20*500)
Max. Loss: 1968.75 (11.25*175) Max. Loss: 8006.25 (1.75*4575) Max. Loss: 6400.00 (12.80*500)

BUY M&M (JAN FUTURE) SELL NAVINFLUOR (JAN FUTURE) SELL BATAINDIA (JAN FUTURE)
Buy: Above `1680 Sell: Below `3370 Sell: Below `1503
FUTURE
Target: `1749 Target: `3202 Target: `1431
Stop loss: `1640 Stop loss: `3465 Stop loss: `1541

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

In lakhs In lakhs
50.00
66.48

42.47
70.00

38.88
36.04
40.00
60.00
52.51

29.84
52.10

27.62
49.84

27.38
30.00
23.53
45.01

50.00

21.67
44.04
41.39

17.58
39.75

16.82
39.04

37.97
37.17

20.00
13.73

40.00
11.25

10.00
4.85

30.00

0.81

0.28
21.28
20.65

16.70

0.00
16.46

20.00
13.80

-0.63
-1.06
-1.12

-2.05

-3.67
7.99

-10.00
-7.71
6.35
5.66

10.00
5.51

4.31

-12.98
0.99

-20.00
0.00
20000 20500 21000 21400 21500 21600 21700 21800 22000 22300 22500 20000 20500 21000 21400 21500 21600 21700 21800 22000 22300 22500
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
329.44

450.00 350.00
393.43

286.97

400.00 300.00
324.41

350.00
301.32

250.00
194.10
182.47
178.30
262.87

300.00
200.00
155.64

147.60

141.23
122.36
211.23

250.00
150.00
105.26
179.49

96.56
174.44
173.89

91.76
167.67

200.00
154.84

100.00
133.99

123.40

37.14

150.00
21.29
16.75

50.00
13.12
75.35

68.48

100.00
63.67

0.00
40.54
39.59

33.98
26.40

-0.41

-1.07
-3.47
-6.12

50.00
12.49

- 15.16
- 15.89
5.27

5.08

-50.00
0.00
45000 45500 46000 46500 47000 47500 48000 48500 49000 49500 50000 45000 45500 46000 46500 47000 47500 48000 48500 49000 49500 50000
Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
18-Jan 17-Jan 16-Jan 15-Jan 12-Jan 18-Jan 17-Jan 16-Jan 15-Jan 12-Jan
DISCOUNT/PREMIUM 65.20 17.60 -2.80 35.85 52.45 DISCOUNT/PREMIUM 155.70 94.80 99.85 147.95 130.35
COST OF CARRY% 0.92 0.90 0.88 0.88 0.85 COST OF CARRY% 0.92 0.91 0.89 0.90 0.86
PCR(OI) 0.94 1.10 1.54 1.63 1.53 PCR(OI) 0.65 0.59 0.96 1.07 0.99
PCR(VOL) 0.84 1.14 1.27 1.24 1.10 PCR(VOL) 1.00 0.81 0.88 0.91 0.87
A/D RATIO(NIFTY 50) 0.96 0.23 0.48 1.88 1.45 A/D RATIO(BANKNIFTY) 3.00 All down 0.71 3.00 3.00
A/D RATIO(ALL FO STOCK)* 0.97 0.23 0.59 1.88 1.13 A/D RATIO(ALL FO STOCK)# 2.00 All down 0.67 2.75 2.75
IMPLIED VOLATALITY 13.14 14.14 12.89 13.05 12.56 IMPLIED VOLATILITY 16.55 16.96 14.75 14.85 14.02
VIX 14.07 15.08 13.57 13.79 13.10 VIX 14.07 15.08 13.57 13.79 13.10
HISTORICAL VOLATILITY 14.78 14.80 14.56 14.59 14.58 HISTORICAL VOLATILITY 19.44 19.47 18.59 18.64 18.64
*All Future Stock *All Future Stock

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

In Cr. In Cr.

23874.78
1435

1446

2000 40000

3727.3
1000 20000
122

75

64

0
0

-3582.43
-135

-6983.24
-20000
-1000
-641

-40000
-1419

-2000

-45813.2

-49358.27
-60000
-2508

-3000

-67206.21
-70633.91
-80000

-74823.71
-4000
-100000
- 98483.82

-5000
-5048

-120000
-6000
05-Jan 08-Jan 09-Jan 10-Jan 11-Jan 12-Jan 15-Jan 16-Jan 17-Jan 18-Jan 05-Jan 08-Jan 09-Jan 10-Jan 11-Jan 12-Jan 15-Jan 16-Jan 17-Jan 18-Jan

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng
OFSS 6506.60 39.09% 1050800 35.69% HDFCBANK 1491.80 -9.39% 124727900 29.88%
TATACOMM 1780.85 1.65% 7922500 23.59% ICICIPRULI 486.15 -8.58% 14097000 27.05%
ICICIGI 1441.10 3.29% 3706000 23.16% MPHASIS 2521.60 -6.08% 2609475 15.93%
ONGC 233.75 4.45% 77777700 18.41% LTIM 5605.55 -10.19% 1584000 15.44%
MCX 3196.35 4.32% 2542800 8.44% HDFCLIFE 608.25 -4.99% 26628800 12.21%
PAGEIND 37738.25 1.96% 178335 6.72% INDIAMART 2488.45 -4.15% 1260600 11.28%
MGL 1307.35 3.18% 2838400 6.64% GODREJCP 1107.70 -4.28% 6774000 8.60%
APOLLOHOSP 6003.40 3.15% 1981000 3.53% IDFCFIRSTB 86.50 -1.09% 244372500 7.18%
PERSISTENT 7794.10 1.85% 1670100 1.03% BAJFINANCE 7288.00 -4.92% 5039375 7.11%
MRF 138044.45 2.54% 38235 0.82% ASIANPAINT 3164.30 -3.85% 5452400 6.95%

Note: All equity derivative data as on 18th January, 2024

**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 witnessed sharp recovery tracking delay in fresh arrivals in
Nizamabad market. Harvesting activities have been delayed in Telangana that
has impacted the pace of arrivals at major trading canters. The overall
production of turmeric is expected to be lower in the current year (2024-25) as
compared to the previous year (2023-24). This is attributed to a decrease in
acreages under turmeric cultivation, which is estimated to result in an 8%-10%
year-on-year fall in production. Fresh arrivals are expected to commence by end
of the Jan and likely to pick up in Feb onwards. Export enquiries are reportedly
bleak, possibly indicating challenges in the international market or competition
with other producing countries that may cap the excessive gains. India exported
about 10.13 thousand tonnes of turmeric in Oct’23 as compared to 11.17
thousand tonnes of previous year for corresponding period. Turmeric is expected
to trade in range of 13600-15500 in coming weeks.
Jeera futures witnessed huge volatility as prices tried to recover from the recent
lows. Emerging export demand and firmness in spot prices helped futures prices
to trade on positive note. Firmness in futures are likely to remain continue in
coming days due to firm spot demand. Spot prices ruled at premium of about
4100 over March delivery contract that will lead to fresh long accumulation in
futures prices. Limited availability of quality crop in the market is still major
challenge to the market and fresh buying is likely to be seen ahead of festive
demand in Mar-Apr. Gains are likely to be limited in the wake of bumper
production ahead. The expected increase in production for the year 2024-25 is
noted to be around 30% year-on-year, with a substantial rise in cultivation area.
Jeera prices have become competitive at the prevailing rates, contributing to a
rise in export pace. Jeera prices are likely to trade in range of 23200-33400.
Dhaniya prices traded higher last week with improved buying in physical
market. Weaker production outlook in upcoming season and robust export
demand helped prices to trade on positive bias. India exported 3.9 thousand
tonnes of dhaniya in October 2023, a significant increase from the 2.2 thousand
tonnes exported in the same month the previous year. Overall exports during
April-October 2023 were reported at 70.12 thousand tonnes, reflecting a
substantial YoY increase of 271%. Crop condition has satisfactory due to
favourable weather condition that will cap the excessive gains in the prices. New
crop is likely to touch the market in March and ending stocks have been higher.
Dhaniya prices are expected to trade in the range of 7300-8400.
OTHER COMMODITIES
Cotton prices remained under pressure for most part of the week. Sluggish
industrial demand and limited export enquires of Indian cotton weighed on market
sentiments. Arrivals remained in full swing and likely to be higher by about 10%- 13%
Y-o-Y by end of Jan’24. Cumulative arrivals of cotton have reached at 119.4 lakh
bales as on 18th Jan against the 115.7 bales of last year. Muted demand of yarn and
shrinking profit margin for spinning mills impacted overall demand of cotton
adversely. Downfall in cotton is likely to be limited due to weaker production
estimates for year 2023-24. Cotton production is likely to drop by 2% Y-o-Y in
marketing year 2023-24 due to lower acreages under cotton. Cotton acreages
shrunk to 123.8 lakh Ha in year 2023-24 compared to 129.27 lakh Ha of previous
year due to adverse weather condition during sowing progress. Cotton production is
estimated to be lowest in last 15 years in year 2023-24 that will reflect as supply
tightness. Cotton Corporation of India procured about 20.29 lakh bales of cotton as
on 11th Jan 2024 and is likely to remain continue that will cap the downfall in
prices. Cotton MCX prices are likely to trade in the range of 54200-56500. Similarly,
Kapas Apr’24 futures are likely to trade in range of 1500-1600 level. Cocud prices
are expected to trade sideways to down due to increased supplies the market.
Cocud prices are likely to trade in the range of 2570-2850 levels.
Guar seed futures traded sideways to down due to muted industrial buying.
Higher stocks in the market and increased arrivals weighed on market
sentiments. Weaknesses in guar prices are likely to be limited in anticipation of
fall in arrivals in coming months. Prices seasonality of guar seed suggest that
prices increase during Jan-Mar quarter due to reduced supplies in the market.
Demand of guar meal is likely to increase that will keep the crushing demand
higher and impact of the same is likely to be seen on guar seed prices. Export
demand for guar meal increased in recent months that will also help prices to
trade on positive bias. India has exported about 16.9 thousand tonnes of guar
meal in Oct’23 as compared to 9 thousand tonnes of previous year, higher by 87%
Y-o-Y. The overall production of guar seed has reportedly decreased by 11%-13%
Year-on-Year in the year 2023-24. This reduction in production has resulted in
tighter inventory levels for millers. However, muted export enquire of guar gum
may cap the excessive gains. Guar seed prices are expected to find support
around 5200, with resistance seen at 5800. Similarly, Guar gum prices are likely
to find support around 10000, with resistance observed at 11400.
Mentha oil prices are likely to trade on positive bias with shrinking supplies 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 and
menthol is still major concerns for exporters that will cap the gains. India exported
about 7.3 thousand tonnes of menthol during Apr23-Oct’23 as compared to 8.6
thousand tonnes of previous year down by 15% Y-o-Y. Mentha oil prices are likely to
find support near 900 and resistance can be seen at 960 levels.
Castor seed prices are likely to trade sideways to higher with reduced supplies in
the market. Arrivals have dropped as farmers are reluctant to release their
stocks in anticipation of further rise in prices. However, reports of fall in export
of castor meal will cap the gains. India exported about 42.3 thousand tonnes of
castor meal in Dec’23 against the 42.72 thousand tonnes of previous year due to
limited demand in China and South East Asian countries. Castor seed prices are
likely to trade in range of 5400-6000 levels.
OUTLOOK
BULLIONS
Gold prices experienced their most challenging week in six, as the U.S. dollar and
bond yields strengthened following a stance from U.S. central bankers that pushed
back against early expectations of interest rate cuts. Bullion faced downward
pressure as traders recalibrated their rate-cut expectations in response to robust
economic data and the hawkish tone adopted by Federal Reserve speakers. This
adjustment offset the safe-haven appeal typically associated with geopolitical
tensions in the Middle East. The Dollar Index surged nearly 1% for the week, while
the yield on the benchmark U.S. 10-year Treasury reached a fresh five-week high at
4.1710%. Atlanta Federal Reserve President Raphael Bostic's remarks added nuance
to the scenario, expressing openness to earlier rate cuts depending on the pace of
inflation decline, albeit maintaining a baseline projection for cuts in the third
quarter. Market sentiment, as reflected in LSEG's Interest Rate Probability app
(IRPR), scaled back expectations for Fed rate cuts to 139 basis points, down from
150 bps a week earlier. The likelihood of a March cut also decreased to 55% from
approximately 71% the previous week, as per IRPR. Comex, Gold prices
encountered resistance around $2060 and found support near $1990. A decisive
move in either direction is poised to set the tone for the next trend. Meanwhile,
Silver is expected to trade within a broader range of $21.90 to $23.40. Looking
ahead, on MCX, Gold prices may continue on a bearish trajectory, finding support
near 61000 and encountering resistance near 62500. Silver is anticipated to mirror
gold's movements, trading within the range of 68700-73000.
ENERGY COMPLEX
Crude oil concluded the week on a positive note, buoyed by escalating tensions
in the Middle East and an optimistic global oil demand outlook. Ongoing
geopolitical risks in the region, marked by additional U.S. strikes on Houthi
targets in Yemen, fueled concerns and supported oil prices. In the U.S., Energy
Information Administration (EIA) data revealed a substantial 2.5 million barrel
decline in crude inventories for the week, surpassing the anticipated 313,000
barrel draw. On the demand front, the International Energy Agency (IEA) revised
its 2024 oil demand growth projection upward to 1.24 million barrels per day,
citing improved economic growth and lower crude prices in Q4. Meanwhile,
OPEC maintained its forecast of a 2.25 million bpd demand growth in 2024, with
a robust expectation of 1.85 million bpd growth in 2025. The Middle East
witnessed heightened tensions as Pakistan launched retaliatory strikes on
separatist militants inside Iran. As the region's volatility spreads, traders
refrained from taking short positions, exhibiting caution in building long
positions amidst China's sluggish economic recovery. Concerns also lingered
regarding a potential resurgence of U.S.-China conflict as the U.S. election
approaches, posing a negative impact on energy demand. Looking ahead, crude
oil prices may experience heightened volatility, finding support near 5900 and
encountering resistance around 6350. In contrast, U.S. natural gas prices dipped
to a two-week low due to a smaller-than-expected storage draw, with gas in
storage remaining 11.2% above the seasonal norm. Anticipated reduced demand
and increased output, driven by warmer late-January weather, are likely to keep
natural gas prices trading in the range of 200 to 250 in the upcoming week.
Traders should closely monitor these factors for potential market shifts.
BASE METALS
Base metals may trade sideways with bearish bias on uncertainty over interest
rate cuts and patchy economic recovery in top metals consumer China. Data
showed that China missed forecasts for economic growth while sales in the debt-
heavy property sector continued to decline. The International Monetary Fund
and the World Bank project China's GDP growth to be around 4.5% in 2024, below
its previous high levels. Investment in real estate declined by 9.4% year-on-year,
marking the sixth consecutive quarter of contraction. However the counter may
get some support as China's consideration of a $139 billion stimulus package
reflects its commitment to supporting economic growth, but it raises questions
about the sustainability of its debt-based approach. Copper may trade in the
range of 705-725 levels. Chilean copper production will grow at a slower rate this
decade, compared with last year's estimates, due to the delay of projects under
construction, according to state agency Cochilco. Zinc can trade in range of
212-228 levels. The global zinc market deficit increased to 71,600 metric tons in
November 2023 from a deficit of 62,500 tons in October, data from the ILZSG
showed. Lead can move in the range of 178-185 levels. China's secondary or
recycled lead production, accounting for half of total output, shrank to 342,000
tons in December, down 23% from the previous month, according to domestic
pricing agency SMM. Aluminium can trade in the range of 192-208 levels. China's
primary aluminium output climbed to a record high of 41.59 million metric tons
in 2023 but the growth rate slowed amid weather-related production curbs at
smelters in the country's southwest. Steel long (Feb) is likely to trade in the
range of 43600-45000 levels with positive bias.
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 MAR 27095.00 10.10.23 DOWN 58000.00 - 28500.00 28600.00
NCDEX TURMERIC APR 13884.00 18.01.24 UP 13900.00 13550.00 - 13500.00
NCDEX GUARSEED FEB 5520.00 18.01.24 UP 5500.00 5330.00 - 5300.00
NCDEX CASTORSEED FEB 5683.00 18.01.24 UP 5650.00 5520.00 - 5500.00
NCDEX SUNOIL FEB 852.80 03.01.24 UP 820.00 805.00 - 800.00
NCDEX STEEL FEB 43790.00 27.09.23 DOWN 46300.00 - 44700.00 44750.00
NCDEX COCUD FEB 2667.00 14.12.23 DOWN 2800.00 - 2840.00 2850.00
MCX MENTHA OIL JAN 920.80 27.09.23 DOWN 930.00 - 958.00 960.00
MCX MCXBULLDEX FEB 16018.00 10.10.23 UP 15000.00 15840.00 - 15800.00
MCX SILVER MAR 71615.00 10.10.23 UP 69000.00 69050.00 - 69000.00
MCX GOLD FEB 61769.00 10.10.23 UP 57500.00 61050.00 - 61000.00
MCX COPPER JAN 713.35 18.01.24 SIDEWAYS 715.00 700.00 730.00 -
MCX LEAD JAN 180.25 28.11.23 SIDEWAYS 187.00 175.00 188.00 -
MCX ZINC JAN 219.45 02.01.24 DOWN 231.00 - 234.00 235.00
MCX ALUMINIUM JAN 197.45 02.01.24 DOWN 210.00 - 209.00 210.00
MCX CRUDE OIL FEB 6157.00 18.01.24 UP 6150.00 5840.00 - 5800.00
MCX NATURAL GAS JAN 225.50 18.01.24 DOWN 235.00 - 245.00 250.00
Closing as on 18.01.2024

TECHNICAL RECOMMENDATIONS
COPPER MCX Contract: FEB *
M.High: 745.85 *
M.Low: 720.75

It closed at Rs.723.75 on 18th Jan 2024. The 18-day Exponential Moving Average of the
commodity is currently at Rs.726.78. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 44.740. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.705 for a target of Rs.730 with the stop loss of 695.

CRUDE OIL MCX Contract: FEB *

M.High: 6521.00 *
M.Low: 6149.00

It closed at Rs.6195.00 on 18th Jan 2024. The 18-day Exponential Moving Average of the
commodity is currently at Rs.6088.39. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 61.29. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.6150 for a target of Rs.6400 with the stop loss of 6000.

TURMERIC NCDEX Contract: APR *

M.High: 14700.00 *
M.Low: 13850.00

It closed at Rs.14586.00 on 18th Jan 2024. The 18-day Exponential Moving Average of
the commodity is currently at Rs.13832.78 On the daily chart, the commodity has
Relative Strength Index (14-day) value of 70.10. Based on both indicators, it is giving a
buy signal.

One can buy near Rs.14200 for a target of Rs.15200 with the stop loss of 13800.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST
Ÿ India’s edible oil imports declined by 20.38 per cent in
the first two months of the oil year 2023-24 (November
to October). According to the data provided by Solvent
Extractors’ Association of India (SEA), India imported
24.55 lakh tonnes (lt) of edible oil during the first two
months of the oil year 2023-24 against 30.84 lt in the
corresponding period of the previous oil year 2022-23.
Ÿ Gem and jewellery exports from India saw a nine per
cent decline last month, dropping to $2.19 billion from
the December 2022 figure of $2.4 billion. The overall
exports in last three quarters of this fiscal were down 21
per cent to $23 billion ($29 billion) during the previous
year.
Ÿ India’s oilmeals exports surge 24% in April-December
2023-24. Data compiled by the Solvent Extractors’
Association of India (SEA) showed that India exported
34.96 lakh tonnes (lt) of oilmeals during April-December
of 2023-24 against 28.16 lt in the corresponding period
of 2022-23, a growth of 24.16 per cent.
Ÿ IEA predicted global consumption will rise by 1.24
million barrels per day (bpd) in 2024. This was its third
consecutive upward revision in as many months but was
below OPEC's 2.25 million bpd projection.
Ÿ The annual share of OPEC's oil in India's crude imports
fell to its lowest level ever in 2023. OPEC's share in
India's crude oil diet plunged to about 49.6% in the first
nine months of this fiscal year from April compared with
64.5% a year earlier.
Ÿ The global zinc market deficit increased to 71,600
metric tons in November 2023 from a deficit of 62,500
tons in October, data from the ILZSG showed.
Ÿ China's primary aluminium production climbed 3.7% to
41.59 million metric tons in 2023, data from the
National Bureau of Statistics showed.
WEEKLY COMMENTARY
The CRB closed in negative territory as the dollar index rebounded from its low, driven by
hawkish remarks from the Federal Reserve. Gold and silver experienced a significant decline,
while crude oil took a hit due to weaker economic data from China and resurgence in the
dollar index. The yellow metal wiped out most gains made through December, and came close
to breaking below the coveted $2,000 an ounce level as the dollar and Treasury yields
rebounded last week. Dollar shot up to a one-month highs, while Treasury yields saw
extended gains after retail sales data for December read stronger than expected. However, a
supportive factor for oil prices came from the OPEC demand outlook report. OPEC on
Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and
said 2025 will see a robust increase in oil use, led by China and the Middle East, in a surprise
early prediction. The 2025 forecast is in line with the Organization of the Petroleum Exporting
Countries' view oil use will keep rising for the next two decades, in contrast to bodies such as
the International Energy Agency, which predicts it will peak by 2030 as the world shifts to
cleaner energy. Furthermore, the re-routing of a growing number of ships around Africa to
avoid potential attacks in the Red Sea is altering refueling patterns and boosting demand for
bunker fuel at far-flung ports, from the Mauritius to South Africa to the Canary Islands.
Natural gas bounced from the low on increased demand. Freezing temperatures in several
U.S. regions triggered peak power demand in parts of the country on Wednesday, after homes
and businesses consumed a record amount of natural gas for heating and power generation.
The severe winter storm dumped snow across a broad part of the country last week, shutting a
Gulf Coast refinery in Texas, triggering malfunctions at others, and halving North Dakota's oil
production. Base metals also faced downward pressure, influenced by both the Fed's hawkish
stance and the disappointing Chinese economic data. Concerns over China were a key weight
on copper prices over the past two years, as markets feared that cooling growth in the world’s
largest importer will dent demand for the red metal. With the Chinese economy showing little
signs of improvement in recent months, this trend is expected to persist.
Castor seed prices rebounded after a five-week decline, providing much-needed support.
However, cotton candy prices experienced a continuous six-week decline. A similar trend was
observed in cotton oil seed cake, facing price decreases for the eighth consecutive week due
to weakened demand. Selling persisted in kapas as well. In the spice market, fresh buying was
noted in jeera and turmeric, while dhaniya prices remained relatively stable. The guar
market, on the flip side, faced profit booking after being unable to sustain higher levels.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
10.00% 5.00%

1.97%
8.00% 7.59%
7.31% 0.13%
0.00%

6.00% -0.95% -1.04% -1.19%

-2.06%
4.55%
-5.00%
4.00%

1.80%
2.00% 1.37%
-10.00%

0.00%

-15.00%
-0.91%
-2.00% -1.24%
-1.91% -2.09%
-2.41%
-17.70%
-4.00% -20.00%
JEERA TURMERIC CASTOR SEED BARLEY STEEL KAPAS MAIZE SESAMESEED COCUD PADY CRUDEOIL COPPER GOLD LEAD SILVER ALUMINIUM NATURALGAS

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 11.01.24 QTY 18.01.24 QTY DIFFERENCE COMMODITY UNIT 12.01.24 QTY 18.01.24 QTY DIFFERENCE
COTTON KG 16067 16067 0 ALUMINIUM MT 998 983 -15
BAJRA MT 543 543 0 COPPER KGS 3592047 3448522 -143525
CASTOR SEED MT 5386 5025 -361 GOLD KGS 361 341 -20
CORIANDER MT 6249 5013 -1236 GOLD GUINEA GM 2456 2456 0
COTTONSEED OILCAKE MT 17787 26141 8354 GOLD MINI GM 249100 170200 -78900
GUARGUM MT 25725 25666 -59 LEAD MT 0 0 0
GUARSEED MT 25862 25196 -666 SILVER KGS 119907 120681 774
JEERA MT 528 542 14 SILVER M KGS 39128 39118 -10
STEEL MT 707 707 0 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) Sugar Production in 2023-24….. Increasing Sweetness

Sugar is highly politically sensitive commodity in India. If sugar prices sky

BARLEY (JAIPUR) 1.92% rockets, it hurts everyone & if prices fall too much, and goes lower than
production cost then it hurts farmers as well as sugar producers. India ranks
first globally in sugar production. It produced about 37 million metric tons of
TURMERIC (NIZAMABAD) 1.27% sugar in 2022. It is not only responsible for the livelihood of sugarcane
farmers in rural areas but also provides employment to about 500 thousand
workers in the sugar mills. Apart from being the leading sugar producer, India
GUAR SEED (JODHPUR) 1.21%
was also the third-largest exporter of sugar in the world in 2022.
Recent Developments
GUR (MUZAFFARNGR) 1.00% India’s sugar production this season, which started on October 1, 2023, was
14.87 million tonnes (mt) until January 15. This is seven per cent lower
triggered by lower sugarcane output. Government initiatives, such as
GUAR GUM (JODHPUR) 0.99%
diverting cane from sugar to ethanol, contribute to the decline, though
Maharashtra and Karnataka show unexpected sugar production spikes.
CRUDE PALM OIL (KANDLA) 0.76% According to National Federation of Cooperative Sugar Factories (NFCSF)
data released recently, 509 factories are operational now against 511
factories until December 31.
JEERA (UNJHA) 0.66%
Since sugar recovery rate is at par with last year, the actual sugar output will
depend on how much sugarcane crop comes to the mills for crushing. So far,
COTTON (KADI) 0.00%
sugar mills across the country have crushed 156.3 mt of sugarcane and
produced 14.87 mt of sugar with an average sugar recovery at 9.51 per cent,
between October 1 and January 15 in 2023-24 sugar season. In the
CORIANDER (KOTA) -0.22% corresponding period of last season, 519 mills were operational and had
crushed 168.15 mt of sugarcane to produce 16 mt of sugar with average sugar
recovery at 9.52 per cent. The total sugar production for the season is
REFINED SOYBEAN OIL (MUMBAI) -1.09% estimated at least 30.55 million tonnes.
Initiatives have been taken by the government to increase sugarcane
COTTON SEED OIL CAKE (AKOLA) -1.63%
availability for sugar production. The government has implemented
measures such as banning sugarcane juice for ethanol and increasing ethanol
rates from heavy molasses. These actions have led to a shift in cane diversion
SOYABEAN (INDORE) -1.92% towards sugar production.
State Wise Production
MUSTARD (JAIPUR) -1.96%
Uttar Pradesh, Maharashtra and Karnataka are the leading sugar-producing
states. Uttar Pradesh is expected to produce 11.5 million tonnes, Maharashtra 9
million tonnes, Karnataka 4.2 million tonnes, Tamil Nadu 1.2 million tonnes and
WHEAT (DELHI) -2.34% Gujarat 1 million tonnes by the end of the current sugar season.
In Uttar Pradesh, 120 factories are in operation and have crushed 46.57 mt of
sugarcane to produce 4.61 mt of sugar with 9.90 per cent average recovery
CHANA (DELHI) 2- .39%
until January 15 of October 2023-September 2024 season whereas 117
factories had crushed 44.12 mt of sugarcane and produced 4.02 mt of sugar
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50%
with 9.10 per cent recovery.
On the other hand, in Maharashtra as many as 197 sugar mills have crushed
54.84 mt of sugarcane to produce 5.1 mt of sugar with 9.3 per cent recovery
WEEKLY STOCK POSITIONS IN LME (IN TONNES) as against 204 sugar factories had crushed 63.39 mt of sugarcane to produce
6.09 mt of sugar with 9.6 per cent recovery.
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
12.01.24 18.01.24
ALUMINIUM 558550 556300 -2250.00
COPPER 155025 157325 2300.00
NICKEL 69012 69438 426.00
LEAD 119050 112625 -6425.00
ZINC 209200 204125 -5075.00

PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $)

COMMODITY EXCHANGE CONTRACT 12.01.24 18.01.24 CHANGE%
Source: MOA, GOI
ALUMINIUM LME CASH 2219.50 2163.50 -2.52% Source : ISMA & PIB
COPPER LME CASH 8339.00 8310.00 -0.35%
LEAD LME CASH 2091.00 2076.50 -0.69%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 16343.00 16156.00 -1.14% Commodity Exchange Contract Unit 12.01.23 18.01.24 Difference(%)
ZINC LME CASH 2514.00 2462.50 -2.05% Soybean CBOT MAR Dollars Per Bushel 12.24 12.24 0.00%
GOLD COMEX FEB 2051.60 2021.60 -1.46%
Soybean oil CBOT MAR Cents per Pound 48.25 48.01 -0.50%
SILVER COMEX MAR 23.33 22.81 -2.24%
Cotton ICE MAR Cents per Pound 81.31 82.51 1.48%
CRUDE NYMEX FEB 72.68 74.08 1.93%
NATURAL GAS NYMEX FEB 3.31 2.70 -18.59% CPO BMD APR MYR per MT 3,856.00 3,895.00 1.01%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Sideways Mild Bearish Mild Bullish Bearish Sideways Mild Bullish Bullish Mild Bullish
TERRITORY Neutral Neutral Neutral Borderline Neutral Neutral Borderline Neutral
SUPPORT 82.80 89.75 104.50 55.00 1.0800 1.2500 145.50 102.40
RESISTANCE 83.50 91.37 106.50 56.40 1.1000 1.2825 149.50 104.40

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact The rupee experienced a turbulent week, retracing some
23-Jan 8:30 JPY BoJ Interest Rate Decision -0.10% -0.10% Negative for JPY gains from its recent peak of 82.77 against the U.S. dollar.
Despite market sentiment leaning towards further
25-Jan 18:45 EUR Deposit Facility Rate 4% 4% Negative for EUR appreciation, the dollar rebounded as expectations for
25-Jan 18:45 EUR ECB Interest Rate Decision 4.50% 4.50% Negative for EUR early rate cuts in March diminished, fuelled by robust U.S.
economic data. Investor confidence in a Fed rate cut in
25-Jan 19:00 USD Durable Goods Orders MoM DEC 5.40% 0.40% Neutral for USD
March fell to 54%, down from 73% on January 11,
25-Jan 19:00 USD GDP Growth Rate QoQ Adv Q4 4.90% 2.30% Neutral for USD according to CME's Fed Watch tool. In contrast, India's
25-Jan 19:15 EUR ECB Press Conference Neutral for EUR central bank, represented by Governor Shaktikanta Das at
Davos, emphasized a cautious stance on rate cuts. Das
26-Jan 19:00 USD Core PCE Price Index MoM DEC 0.10% 0.20% Neutral for USD stated that rate cuts would only be considered if inflation
26-Jan 19:00 USD Personal Spending MoM DEC 0.20% 0.30% Neutral for USD stabilizes around the 4% target, with policymakers yet to
discuss the topic. He highlighted that rate decisions would
24-Jan 15:00 GBP S&P Global Manufacturing PMI Flash 46.2 47 Neutral for GBP hinge on domestic factors, projecting a 7% economic
growth in the next fiscal year and an average inflation of
around 4.5%, providing potential support for the rupee at
Major Macroeconomic Indicators lower levels. Looking ahead, the bias for the rupee is
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates anticipated to remain positive in the coming week. On the
global front, the U.S. dollar is poised for a second
China 3.45% -0.30% Dec 2.50% 5.20% Dec 3.45% consecutive weekly gain, supported by signs of resilience
Euro Area 4.50% 2.90% Dec - 0.00% Sep 4.50% in the U.S. economy and a cautious stance on rate cuts
from central bankers. The dollar index is up 0.9% to 103.4,
France 4.50% 3.70% Dec 2.85% 0.60% Sep 4.50% and against the Japanese yen, it has gained almost 5% this
Germany 4.50% 3.70% Dec 2.31% -0.40% Sep 4.50% year. Confidence in the Bank of Japan's potential rate hike
has been rattled. Meanwhile, a more hawkish tone from
India 6.50% 5.69% Dec 7.20% 7.60% Sep 6.50% European central bankers tempered expectations for rate
Italy 4.50% 0.59% Dec 3.93% 0.10% Sep 4.50% cuts in Europe, limiting the euro's decline against the
dollar. The upcoming ECB January monetary policy
Japan -0.10% 2.60% Dec 0.66% 1.50% Sep -0.10% meeting next week will be closely watched for potential
United Kingdom 5.25% 4.00% Dec 3.93% 0.30% Sep 5.25% market impact. The outlook suggests potential for the
euro and pound to rally unless global risk sentiment
United States 5.50% 3.40% Dec 4.16% 2.90% Sep 5.50%
disrupts the current move.

Dollar Rupee (USD-INR) Euro Rupee (EUR-INR)

USD/INR(JAN) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
83.2. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 48 on the daily chart. Major support is seen around 82.8 levels, while
resistance is expected near 83.5 levels.
One can buy near 82.9 for the target of 83.5 with the stop loss of 82.6
EUR/INR(JAN) pair is currently in an Mild Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
90.95. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 44 on the daily chart. Major support is seen around 89.75 levels, while
resistance is expected near 91.37 levels.
One can sell near 90.8 for the target of 89.8 with the stop loss of 91.3

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

GBP/INR(JAN) 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
105.5. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 53 on the daily chart. Major support is seen around 104.5 levels, while
resistance is expected near 106.5 levels.
One can buy near 105.4 for the target of 106.4 with the stop loss of 104.9
JPY/INR(JAN) pair is currently in an Bearish trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
57.4. However, the pair is in Borderline territory with a Relative Strength Index (14-
day) value of 33 on the daily chart. Major support is seen around 55 levels, while
resistance is expected near 56.4 levels.
One can sell near 56.5 for the target of 55.5 with the stop loss of 57

18
 IPO
IPO NEWS
Shree Marutinandan Tubes lists on BSE SME at over 46% premium to IPO price
Shares of Shree Marutinandan Tubes Ltd listed at a 46 percent premium after the company's public issue was subscribed over 47 times last week. Shree
Marutinandan Tubes' Rs 14.30-crore IPO, consisting solely of fresh shares, had opened for bids on January 12 and closed on January 16. Established in
2013, the company manufactures galvanised tubes, ERW MS tubes (15NB to 1000 NB), and black tubes for diverse sectors like agriculture, oil, solar
energy, healthcare, housing, irrigation, and engineering. For the period ending September 2023, the company reported a revenue of Rs 42.77 crore and
a net profit of Rs 1.42 crore. In 2022, official documents reveal a revenue of Rs 47 crore and a profit of Rs 2 crore. The IPO proceeds will address the
working capital needs, cover public issue expenses, and serve general corporate purposes. Promoters include Vikram Shivratan Sharma, Bharat
Shivratan Sharma, and Kusumlata Shivratan Sharma. Swastika Investmart Ltd led the IPO, and Bigshare Services Pvt Ltd acted as the registrar. Swastika
Investmart is the market maker for Shree Marutinandan Tubes IPO.
New Swan Multitech stock lists at 90% premium over IPO price on BSE SME
New Swan Multitech stock made an impressive debut, listing at a 90 percent premium over the IPO price on January 18. The stock opened at Rs 125.4
against the issue price of Rs 66 on the BSE SME platform. Ahead of the listing, New Swan Multitech shares were trading at an 80 percent premium in the
grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track
the grey market premium (GMP) to get an idea of the listing price. The bumper listing was on the back of strong subscription figures. The offer was
subscribed 384 times and the retail portion was booked 388 times. New Swan Multitech’s public offer opened for subscription on January 11 and closed
on January 15. The price band for the issue was fixed at Rs 62-66 per share. Through the IPO, the company raised Rs 33.11 crore. The offer was entirely a
fresh issue of 50.16 lakh shares. The company will use the proceeds for the purchase of certain machinery for the existing manufacturing unit at Raian,
Ludhiana, repaying debts and working capital requirements. The remaining amount will be used for general corporate purposes. Hem Securities and
Share India Capital Services were the book-running lead managers of the New Swan Multitech IPO, while Bigshare Services was the registrar for the
issue. The promoters of the company are Upkar Singh, Barunpreet Singh Ahuja and Kanwardeep Singh.
IBL Finance stock lists at 9.8% premium over IPO price on NSE SME
Shares of IBL Finance listed at a 9.8 percent premium over the IPO price on January 16. The stock opened at Rs 56 against the issue price of Rs 51 on the
NSE SME platform. Within minutes, the stock jumped 15.2 percent over the issue price to Rs 58.8. Ahead of the listing, IBL Finance shares were trading
at a 7 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the
listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. The issue had received a decent response from
investors. The offer was subscribed 17 times and the retail portion was booked 24 times. The IBL Finance IPO opened for bids on January 9 and closed on
11th. The price for the issue was fixed at Rs 51 per share. Through the IPO, the company raised Rs 33.41 crore. The offer was entirely a fresh issue of
65.5 lakh shares. The company will use the proceeds to augment the Tier-I capital base to meet the future capital requirements, arising out of the
growth of the business and assets. The remaining amount will be used for general corporate purposes. Fedex Securities was the book-running lead
manager, Bigshare Services was the registrar and Market-Hub Stock Broking was the market maker for the issue.
KRN Heat Exchanger and Refrigeration files papers for IPO
Rajasthan-based KRN Heat Exchanger and Refrigeration has filed preliminary documents with the market regulator Securities and Exchange Board of
India (SEBI) to raise funds through an initial public offering. The IPO will be fresh issue of 1,93,05,000 equity shares by the company, documents filed on
January 16 show. The Santosh Kumar Yadav and his wife Anju Devi-promoted company may also consider a pre-IPO placement of up to 4,77,990 equity
shares. If the company raises funds in pre-IPO placement, then the issue size will be reduced accordingly. KRN manufactures fin and tube type heat
exchangers for the heat ventilation air conditioning and refrigeration industry (HVAC&R). It plans to use the proceeds for setting up a manufacturing
facility at Alwar in Rajasthan at and for general corporate purposes. KRN has a manufacturing facility in RIICO Industrial Area in Neemrana. The
company supplies its products, including condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet
metal parts, to customers like Daikin Airconditioning India, Schnieder Electric IT Business India, Kirloskar Chillers, Blue Star, Climaventa Climate
Technologies and Frigel Intelligent Cooling Systems India, the documents say.
Allied Blenders and Distillers cuts IPO size, refiles draft papers to raise Rs 1,500 cr
Liquor maker Allied Blenders and Distillers has refiled the preliminary papers with the capital market regulator for raising Rs 1,500 crore from the
public. The initial public offering (IPO) is proposed to be a mix of fresh shares worth Rs 1,000 crore and an offer-for-sale (OFS) of shares worth Rs 500
crore by the promoters. Promoter Bina Kishore Chhabria will sell Rs 250 crore of shares in the OFS, while other promoter Resham Chhabria Jeetendra
Hemdev will offload shares worth Rs 125 crore. Neesha Kishore Chhabria, the part of promoter group, also intends to sell Rs 125 crore of shares in the
OFS. The OFS size has been reduced to half at Rs 500 crore from Rs 1,000 crore proposed in the in the previous draft red-herring prospectus (DRHP) the
company had filed with the Securities and Exchange Board of India (Sebi). All the three promoters later lowered their OFS portion to cut it down to half.
The Mumbai-based liquor firm had filed the first draft IPO papers in June 2022 with a target to raise Rs 2,000 crore from listing. Sebi gave the green light
to the IPO in December 2022, but the company didn't proceed despite positive market conditions. India's third largest IMFL (Indian-made foreign liquor)
company may consider raising of Rs 200 crore through a preferential issue or any other method, before the filing of the red herring prospectus with the
Registrar of Companies for a pre-IPO placement.

IPO TRACKER
Company Sector M.Cap (In Rs Cr.) Issue Size (in Rs Cr.) List Date Issue Price List Price Last Price* %Gain/Loss
Jyoti CNC Automation Limited Automobile 10327.28 1000.00 16-Jan-24 331.00 370.00 454.10 37.19
Innova Captab Limited pharma 2969.12 570.00 29-Dec-23 448.00 456.10 518.85 15.81
Azad Engineering Limited Aerospace 3933.08 740.00 28-Dec-23 524.00 720.00 665.35 26.98
Credo Brands Marketing Limited Apparel 1722.65 549.78 27-Dec-23 280.00 282.35 267.90 -4.32
RBZ Jewellers Limited Jewelry retailer 860.60 100.00 27-Dec-23 100.00 100.00 215.15 115.15
Happy Forgings Limited Manufacturer 9071.93 1008.59 27-Dec-23 850.00 1001.25 963.00 13.29
Suraj Estate Developers Limited Real Estate 1519.59 400.00 26-Dec-23 360.00 343.80 342.55 -4.85
*Closing price as on 18-01-2024

19
 FIXED DEPOSIT MONITOR
FIXED DEPOSIT COMPANIES
PERIOD MIN.
S.NO NBFC COMPANY - NAME ADDITIONAL RATE OF INTEREST (%) INVESTMENT
12M 18M 24M 36M 42M 48M 60M 84M (`)

7.40 - 7.55 8.05 8.60 8.05 8.05 -

(Online Scheme)

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 7.25 - 7.55 7.65 - 7.65 7.60 7.50 0.25% EXTRA FOR SR. CITIZEN ` 10000/-
-NOT FOR CORPORATE

ICICI HOME FINANCE (UPTO `1.99 CR.)

3 23M= 7.50% 39M= 7.70% 45M= 7.70% 120M= 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
DSP Mutual Fund launches DSP Multicap Fund
DSP Mutual Fund announced the launch of DSP Multicap Fund, an open-ended scheme that offers investors the flexibility to invest across large cap, mid cap
and small cap stocks, investment styles and industries. With dedicated market cap exposure to mid and small caps along with timely rebalancing, the
multicap strategy offers investors better diversification and improvement in performance compared to the Nifty 500, said a press release. Despite investing
in the same set of stocks, the multicap strategy has outperformed the Nifty 500 almost 8 out of 10 times over 5 year rolling periods between April 1, 2005 and
November 30th, 2023, the fund house said. The asset allocation of the scheme can be a minimum of 75% and a maximum of 100% in equity and equity related
securities of which large, mid, and small caps can account for a minimum of 25% exposure and a maximum of 50%. The scheme can also have up to 25%
exposure to equity and equity related overseas securities and Debt & Money Market Instruments and up to 10% in units issued by REITs and InvITs. The New
Fund Offer for DSP Multicap Fund will open for subscription on January 8, and will close on January 22.
Bandhan Mutual Fund launches Bandhan Multi Asset Allocation Fund
Bandhan Mutual Fund has announced the launch of the Bandhan Multi Asset Allocation Fund, an open-ended scheme that enables investment across diverse
asset classes including Indian equities, international equities, arbitrage, fixed income, gold and silver. Studies have established that asset allocation, rather
than security selection or market timing, is the dominant factor impacting return variability, the fund house said. The new fund will adopt a multi-asset
allocation strategy to optimize reward and risk by diversifying investments across various asset classes, each offering unique advantages in terms of growth,
stability, and inflation protection. The New Fund Offer (NFO) is set to open on Wednesday, 10 January, and will close on 24 January. Investments in the
Bandhan Multi Asset Allocation Fund can be made through licensed mutual fund distributors, investment advisors, online platforms, or directly at the
website of bandhan mutual fund.
ICICI Prudential Mutual Fund launches ICICI Prudential Nifty50 Value 20 Index Fund
ICICI Prudential Mutual Fund has launched ICICI Prudential Nifty50 Value 20 Index Fund. ICICI Prudential Nifty50 Value 20 Index Fund is an open-ended index
scheme replicating Nifty 50 Value 20 Index. The new fund offer or NFO of the scheme is open for subscription and it will close on January 29. The scheme will
invest in the securities included in the Nifty50 Value 20 Index (underlying index) which consists of the top 20 most liquid value blue chip companies listed on
the NSE forming part of Nifty 50. The 20 constituents in the portfolio will be from the Nifty 50 Index. The investment objective of the scheme is to provide
returns that closely correspond to the returns of its benchmark Nifty50 Value 20 Index, subject to tracking error. The scheme will be managed by Nishit Patel,
Priya Shridhar, and Kewal Shah. The scheme will allocate 95-100% in equity and equity related securities of companies constituting the underlying index
(Nifty50 Value 20 Index) and 0-5% in money market instruments including TREPs and units of debt schemes. The minimum application amount for daily,
weekly, fortnightly, monthly SIP is Rs 100 (plus in multiple of Re 1) with minimum six installments.
Bajaj Finserv Mutual Fund launches Nifty 50 ETF and Nifty Bank ETF
Bajaj Finserv Mutual Fund has announced the launch of two ETFs: Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF. The new fund offer or NFO of the
schemes will open for subscription on January 15 and will close on January 18. The schemes will re-open for continuous sale and repurchase by January 29.
The schemes will be available as tradeable securities for buying and selling on the BSE and NSE platforms by January 29. Bajaj Finserv Nifty 50 ETF, an open
ended exchange traded fund tracking Nifty 50 Index, will be benchmarked against Nifty 50 TRI. Bajaj Finserv Nifty Bank ETF, an open ended exchange traded
fund tracking Nifty Bank Index, will be benchmarked against Nifty Bank TRI. The schemes will be managed by Sorbh Gupta and Ilesh Savla. The schemes will
be suitable for investors who are seeking long-term capital appreciation and want investment in securities covered by Nifty 50 Index and Nifty Bank Index,
and gain access to growth of potential market leaders.

NEW FUND OFFER

Scheme Name Baroda BNP Paribas NIFTY 50 Index Fund - Regular Plan Factsheet
Fund Type Open Ended
Fund Class Equity: Large Cap
Opens on 08-Jan-2024
Closes on 22-Jan-2024
Investment Objective To provide investment returns closely corresponding to the total returns of the securities as represented by the Nifty 50 Total Returns
Index before expenses, subject to tracking errors, fees and expenses.
Min. Investment Rs. 5000
Fund Manager Neeraj Saxena

Scheme Name DSP Multicap Fund - Regular Plan

Fund Type Open Ended
Fund Class Equity: Multi Cap
Opens on 08-Jan-2024
Closes on 22-Jan-2024
Investment Objective To generate long-term capital appreciation from a portfolio of equity and equity related securities across market capitalization.
Min. Investment Rs. 100
Fund Manager Chirag Dagli

Scheme Name Groww Banking & Financial Services Fund - Regular Plan
Fund Type Open Ended
Fund Class Equity: Sectoral-Banking
Opens on 17-Jan-2024
Closes on 31-Jan-2024
Investment Objective To generate consistent long-term returns by investing in equity and equity-related instruments of banking and financial services
companies and other related sectors/companies. The fund aims to capitalize on the growth opportunities and growth potential of
various sub-sectors within the BFSI sector, including (but not limited to) banks, NBFCs, insurance companies, asset management
companies, capital market participants, fintech players etc.
Min. Investment Rs. 500
Fund Manager Anupam Tiwari

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 72.90 08-Aug-2007 17860.80 10.60 14.80 31.40 23.30 12.80 4.30 0.90 0.70 81.37 11.34 5.58 1.71
HDFC Top 100 Fund - Growth 979.40 11-Oct-1996 27462.50 12.60 16.60 28.80 21.00 19.20 4.10 0.90 0.50 93.02 4.83 N.A 2.15
Invesco India Largecap Fund - Growth 55.70 21-Aug-2009 832.90 11.80 12.40 28.20 17.30 12.70 4.40 0.90 0.20 82.01 8.50 6.05 3.44
ICICI Prudential Bluechip Fund - Growth 89.40 23-May-2008 43726.40 12.60 16.30 27.40 19.80 15.00 3.90 0.90 0.50 83.87 7.05 0.47 8.61
Bandhan Large Cap Fund - Reg - Growth 62.80 09-Jun-2006 1190.10 13.60 13.20 27.20 15.30 11.00 4.40 1.00 0.10 87.97 7.04 3.80 1.18
HSBC Large Cap Fund - Growth 401.10 10-Dec-2002 1581.70 11.80 13.10 25.00 14.60 19.10 4.30 0.90 0.10 84.41 12.10 0.95 2.54
DSP Top 100 Equity Fund - Reg - Growth 370.50 10-Mar-2003 3104.10 9.70 13.00 24.90 14.40 18.90 4.10 0.90 0.0 80.53 7.07 7.99 4.41

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
Mahindra Manulife Mid Cap Fund - Reg-G 26.00 30-Jan-2018 1685.80 13.80 26.30 47.90 29.80 17.40 5.20 1.00 0.80 9.97 71.46 13.61 4.96
Nippon India Growth Fund - Reg-Growth 3185.70 08-Oct-1995 20735.20 14.70 26.70 47.60 30.20 22.60 4.90 0.90 1.10 17.14 70.06 11.47 1.34
HDFC Mid-Cap Opportunities Fund - G 150.20 25-Jun-2007 51188.10 13.60 23.10 46.40 31.30 17.80 4.70 0.90 1.10 7.42 71.64 14.16 6.78
Motilal Oswal Midcap Fund - Reg-Growth 73.30 24-Feb-2014 6562.00 16.10 24.10 44.50 35.70 22.30 5.10 0.90 1.50 29.95 65.86 0.76 3.42
Tata Mid Cap Growth Fund - Reg-Growth 353.10 01-Jul-1994 2740.30 12.60 24.50 44.30 25.30 12.80 4.40 0.80 0.80 10.60 67.39 20.74 1.26
WhiteOak Capital Mid Cap Fund - Reg-G 14.50 07-Sep-2022 1228.00 13.60 22.60 44.20 N.A 31.00 3.50 0.70 1.30 2.71 57.13 22.96 17.20
Sundaram Mid Cap Fund - Reg - Growth 1052.20 30-Jul-2002 9091.50 14.70 24.80 43.00 25.90 24.20 4.80 0.90 0.80 13.73 70.80 11.08 4.39

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
Mahindra Manulife Small Cap Fund - R-G 16.00 12-Dec-2022 2479.40 16.00 32.80 61.60 N.A 53.50 3.00 0.50 2.80 8.24 6.83 74.77 10.16
Bandhan Small Cap Fund - Reg - Growth 33.90 25-Feb-2020 2830.40 17.50 35.90 60.00 30.90 36.70 5.30 0.90 1.00 2.17 15.09 72.51 10.23
ITI Small Cap Fund - Reg - Growth 22.30 17-Feb-2020 1781.00 17.40 31.40 56.50 24.00 22.70 5.20 0.80 0.50 9.26 21.03 63.44 6.27
Franklin India Smaller Companies F - G 148.50 13-Jan-2006 10427.50 13.70 27.90 55.60 34.70 16.10 4.90 0.80 1.30 5.04 9.78 78.32 6.86
Quant Small Cap Fund - Growth 220.90 21-Nov-1996 10703.20 19.80 32.00 49.90 44.10 12.50 6.20 1.00 1.40 18.37 0.37 74.24 7.01
Nippon India Small Cap Fund - Reg - G 139.40 16-Sep-2010 39862.30 11.90 24.00 49.80 39.90 21.80 5.00 0.90 1.40 13.65 15.17 66.69 4.49
HSBC Small Cap Fund - Reg - Growth 69.90 12-May-2014 12326.40 10.50 24.60 48.70 37.60 22.20 5.00 0.80 1.30 3.13 24.31 70.75 1.81

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 340.00 31-Mar-1993 16878.90 15.50 22.80 41.40 24.60 16.30 4.20 0.90 0.80 57.00 23.07 15.05 4.88
Motilal Oswal ELSS Tax Saver Fund - R-G 38.40 21-Jan-2015 2688.10 16.80 23.00 40.70 22.70 16.10 4.70 0.90 0.60 49.95 16.45 28.18 5.43
Bank of India ELSS Tax Saver - Eco - G 148.50 25-Feb-2009 933.50 16.00 24.60 36.50 23.50 19.80 4.80 1.00 0.60 55.19 27.99 13.52 3.29
HDFC ELSS Taxsaver Fund - Growth 1093.40 31-Mar-1996 11987.10 13.80 19.90 33.00 24.80 23.50 4.00 0.90 0.80 82.90 7.95 1.97 7.18
Quant ELSS Tax Saver Fund - Growth 327.90 31-Mar-2000 5454.00 19.40 26.90 32.80 31.00 15.80 5.30 0.90 0.90 64.19 21.15 11.20 3.46
Invesco India ELSS Tax Saver Fund - G 102.20 29-Dec-2006 2292.40 11.50 15.80 32.30 16.40 14.60 4.60 0.90 0.10 63.13 11.79 21.48 3.60
Franklin India ELSS Tax Saver Fund - G 1201.90 10-Apr-1999 5515.90 12.50 20.50 32.10 22.10 21.30 4.40 0.90 0.50 72.51 12.51 10.05 4.93

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 431.40 11-Sep-2000 67522.30 11.80 20.30 31.90 24.50 17.50 3.00 0.90 48.96 11.08 8.74 31.22
Motilal Oswal Balance Advantage F-R-G 19.40 21-Sep-2016 805.30 4.40 13.50 27.30 10.20 9.40 3.10 0.10 24.89 30.40 22.97 21.75
NJ Balanced Advantage Fund - Reg - G 12.30 29-Oct-2021 3692.80 11.00 16.10 23.40 N.A 10.00 2.60 0.20 63.35 20.26 8.25 8.15
Baroda BNP Paribas Balanced Adv. F-R-G 20.40 14-Nov-2018 3436.90 8.90 10.40 20.40 12.80 14.80 3.00 0.20 45.59 11.05 10.76 32.60
SBI Balanced Advantage Fund - Reg - G 13.00 31-Aug-2021 25134.60 7.30 9.70 20.10 N.A 11.70 1.90 0.30 56.06 10.32 3.04 30.59
Axis Balanced Advantage Fund - Reg - G 17.20 01-Aug-2017 1937.20 8.40 10.20 19.70 11.30 8.80 2.50 0.10 57.66 9.35 4.72 28.27
Franklin India Balanced Advantage F-R-G 12.20 06-Sep-2022 1435.00 7.40 11.80 19.30 N.A 15.60 1.60 0.40 50.78 5.69 10.49 33.04
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 18/01/2024
*Mutual Fund investments are subject to market risk, read all scheme related documents carefully. Beta, Sharpe and Standard Deviation are calculated on the basis of period: 1 year, frequency: Weekly Friday, RF: 5.5%

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