Morning Notes - LKP Securities

Morning Notes
LKP Advisory
2-Mar-2015
FII's & DII's in equity
Indices
28-Feb
27-Feb
% Chg.
Major Indices
27-Feb
26-Feb
% Chg.
S&P BSE SENSEX
29,362
29,220
0.48%
CAC 40 Index
4,951
4,911
0.83%
28-Feb
8,902
8,845
0.65%
DAX Index
11,402
11,327
0.66%
FII / FPI Investments
1399
784
614
S&P BSE MID CAP
10,811
10,811
-0.01%
Dow Jones Industrial Average
18,133
1569
2310
-741
S&P BSE SMALL CAP
11,266
11,320
-0.47%
FTSE 100 Index
S&P CNX NIFTY
Rs.Crs
Buy
Sell
Net
18,214
-0.45%
DII's Investments
6,947
6,950
-0.04%
FII's contribution to the total turnover
9%
Nasdaq Composite Index 4,964
4,988
-0.49%
DII's contribution to the total turnover
15%
BSE Sectoral Indices
S&P BSE BANKEX
22,573
21,858
3.27%
Major Asian Indices
27-Feb
26-Feb
% Chg.
FII's in Derivatives
S&P BSE HEALTHCARE
15,855
15,540
2.03%
Hang Seng Index
24,823
24,902
-0.32%
28-Feb
S&P BSE AUTO
19,983
19,770
1.08%
Nikkei 225
18,798
18,786
0.06%
Net
2225
1357
-674
10
9,686
9,602
0.87%
KOSPI Index
1,986
1,993
-0.37%
OI
20765
47642
58903
1747
11,969
11,879
0.76%
Shanghai Composite
3,310
3,298
0.36%
Chg.OI
6.1%
7.0%
1.6%
36%
6,424
6,390
0.53%
Taiwan SE Index
9,622
9,622
0.00%
FIIs' contribution to the total Derivatives turnover
10,570
10,593
-0.22%
S&P BSE CAPITAL GOODS 17,779
17,825
-0.26%
Commodities (MCX)
28-Feb
27-Feb
% Chg.
27-Feb
26-Feb
S&P BSE PSU
8,103
8,129
-0.32%
Aluminium (31MAR2015)
112
112
0.22%
USDINR 25-FEB-2015
62.22
62.12
0.17%
S&P BSE REALTY
1,822
1,839
-0.90%
Copper (30APR2015)
372
370
0.47%
EURINR 25-FEB-2015
69.91
70.52
-0.86%
S&P BSE POWER
S&P BSE OIL & GAS
S&P BSE IT
S&P BSE TECk
S&P BSE METAL
Rs.Crs
Index Fut Index Opt Stock Fut Stock Opt
Futures (NSE)
23%
% Chg.
2,269
2,295
-1.15%
Crude (19MAR2015)
3,064
3,034
0.99%
JPYINR 25-FEB-2015
52.11
52.27
-0.31%
S&P BSE CONSUMER DURABLES
10,388
10,605
-2.05%
Gold (3APR2015)
26,477
26,227
0.95%
FTSE100 (20-MAR-2015)
6979
6984
-0.07%
8,222
8,573
-4.09%
Silver (5MAR015)
36,716
36,393
0.89%
S&P500 (20-MAR-2015)
2114
2109
0.27%
LTP
AXISBANK
618
51
9.0
INDUSINDBK
918
54
6.2
KOTAKBANK
1402
65
4.8
SUNPHARMA
915
36
4.1
TATAMOTORS
598
22
3.9
Company
LTP
AXISBANK
613
46
8.2
INDUSINDBK
916
52
6.1
SRTRANSFIN
1216
61
5.3
863
42
5.1
GMRINFRA
1397
61
4.6
LICHSGFIN
Chg % Chg
Company
LTP
HMT
KOTAKBANK
Top Gainers
BSE Midcap
Company
MCX
1192
137
13.0
MUTHOOTFIN
238
18
8.3
SPARC
410
29
7.7
56
4
7.5
4363
250
6.1
HATHWAY
BAJFINANCE
Top Gainers
BSE Smallcap
LTP
Company
LTP
SHRGLTR
18
2
10.3
FORTUNEF
242
22
10.0
ROLTA
191
14
7.8
MPSLTD
906
64
7.6
HINDNATGLS
119
8
7.3
Top Losers
BSE 100
Chg % Chg
Top Losers
BSE Midcap
YESBANK
Chg % Chg
Top Losers
CNX Nifty
Company
Chg % Chg
Top Losers
BSE Smallcap
Top Gainers
BSE 100
Top Gainers
CNX Nifty
S&P BSE FMCG
Company
LTP
ITC
361
-32
-8.2
BHEL
263
-8
-3.0
NMDC
139
-4
-2.7
NTPC
155
-3
-1.9
HINDALCO
153
-2
-1.2
Company
LTP
ITC
361
-33
-8.3
ADANIPORTS
331
-15
-4.5
21
-1
-4.4
19
-1
-4.3
479
-17
-3.4
UNITECH
Chg % Chg
Chg % Chg
Chg % Chg
61
-5
-7.7
PCJEWELLER
254
-19
-6.8
CHAMBLFERT
63
-4
-5.4
JPPOWER
12
-1
-5.2
RALLIS
245
-12
-4.8
Company
LTP
SAMLEPU
16
-4
-19.8
GRANDMA
16
-2
-11.4
MKEL
20
-2
-7.7
SOTL
558
-43
-7.2
MAHLIFE
512
-38
-6.9
Chg % Chg
Domestic Market View
Markets to remain in jubilant mood with a positive
start
The Indian markets after going through a volatile
trade on Saturday, the special trading on Budget day,
managed a positive close and traders slowly came to
the terms of the Budget after analyzing it. Today, the
start is likely to be in green and the markets will carry
forward the budget euphoria with sector and stock
specific action based on budget announcements. Infra
stocks will be in action with the announcement of
different measures in the budget, there is proposal to
set up 5 ultra mega power projects, each of 4000MW
and Tax-free bonds for projects in rail road and
irrigation. Government has also said to revitalize the
PPP model for infra with taking maximum risk. Today,
there will also be buzz in the PSU stocks as the
government has proposed to mop up Rs 69,500 crore
through PSU disinvestment and strategic sale of
equities in 2015-16. Apart from the budget
announcement of hike in service tax from 12.36 per
cent to 14 per cent for travel by air in first and
business class, aviation stocks are likely to be under
pressure with hike in Jet fuel prices by steep 8.2 per
cent. The metal and mining stocks are once again
likely to be in lime light with the government telling the
nominated authority in charge of e-auctioning coal
blocks to re-examine the bid process for the blocks
won by alco, JSPL and BS Ispat recently, following
certain “prima facie discrepancies” including
questions over the bid prices.
Domestic Market OverView
Market manages a positive close on Budget trading session after extreme volatility
The special trading called by the marketmen on the Budget day was extremely volatile and at one
point of time seemed not going down well with the major bourses tanking by about half a percent
after showing gains of around a percent in earlier deals. The Finance Minister pegging fiscal deficit
target for FY16 on higher side at 3.9 per cent versus 3.6 per cent earlier, was one of the major factor
taking the markets lower for the day. However, things improved in the latter part of the day and
traders after analysing the budget impacts, went for selective buying taking the markets to a
respectable high.
Different announcements of the Union Budget kept guiding the market movements for the day. The
budget 2015-16 was a mixed bag for the corporate, as the rate of corporate tax was announced to be
reduced to 25% over next four years, while it was announced rationalize & remove exemptions for
corporate over four years. Also, the Service tax increased to 14 per cent. Sectorally, as expected
infra received the major thrust, Rs 25,000 crore has been allotted for Rural Infrastructure
Development Bank, Rs 5,300 crore to support Micro Irrigation Programme, Tax-free bonds for
projects in rail road and irrigation, setting up 5 ultra mega power projects, each of 4000MW, Rs 75
crore for electric cars production. As on whole Rs 70,000 crores has been alloted to Infrastructure
sector. The disappointment was for the middle class income tax payers as the FM proposed no
change in the rate of personal income-tax. Instead proposed to levy a surcharge at the rate of 12%
on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local
authorities having income exceeding Rs 1 crore.
There were some indirect measures announced for the tax savings, through which the FM said that
an individual can achieve exemption of upto Rs 4,44,200. Back on street, while the benchmarks
bounced back, the broader indices were not that lucky and they made a mixed closing. However, the
remarkable point of the trade was Nifty closing at its one month high. Sectorally, banks were in most
jubilant mood with budget target of Rs 8.5 lakh crore of credit during the year 2015-16.Healthcare, oil
& gas, IT and technology sectors moved higher on supportive announcements, while FMCG,
Consumer Durables, power and realty suffered profit booking, on some rise in excise duty and
service tax. Jewellery stocks erased initial gains lacking any announcement on reduction of import
duty on gold.
Global Market Overview
US markets closed lower on weak economic data
The US markets closed lower on Friday, with the main indexes finished the week roughly where they
started it, but still booked hefty monthly gains. On the economy front, consumers spent a bundle in
fourth quarter, fresh government statistics confirm, but the US economy as a whole grew slower than
initially reported owing to a smaller buildup in business inventories. Gross domestic product
expanded by a 2.2% annual clip in the final three months of 2014, down from an initial read of 2.6%.
That’s a sharp deceleration from a torrid 5% pace in the third quarter that marked the fastest US
growth in 11 years. GDP is the value of all the goods and services the US produces and it’s the best
reflection of the nation’s economic health. For all of 2014, the US grew at a 2.4% clip. The February
reading of Chicago PMI tumbled to a five-and-a-half year low of 45.8. The reading, down from 59.4 in
January and below the 50 mark measuring contraction, came after double-digit drops in production,
new orders, order backlogs and employment.
The Dow Jones Industrial Average lost 81.72 points or 0.45 percent to 18,132.70, Nasdaq was down
24.36 points or 0.49 percent to 4,963.53 while, S&P 500 dropped 6.24 points or 0.30 percent to
2,104.50.
LKP Advisory
Index Futures
Total Open Interest
Future
Chg
Spot
Chg
Prem /
28-Feb
(%)
28-Feb
(%)
Disc
28-Feb
NIFTY
8,965
0.84
8,902
0.65
62.8
27,027
6.7
CNXIT
12,783
1.29
12,660
0.84
123.5
17
59.4
BANKNIFTY
19,853
2.45
19,691
3.23
161.9
2,248
3.8
(OI in '000 Shares)
Chg (%)
Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares)
Symbol
BPCL
Total OI
28-Feb % Chg.
Del Qty Cash Market
28-Feb
% Del.
Prev
% Del.
Increase
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
Prem /
Disc
2,575
10%
536,095
38%
48%
65,445
746
752
0.3%
0.4%
5.3
AXISBANK
30,903
9%
5,157,117
27%
39%
2,676,240
613
618
8.0%
8.2%
5.3
ASHOKLEY
73,624
9%
6,689,007
23%
31%
2,448,246
70
70
4.4%
5.0%
0.6
5,661
6%
475,996
39%
44%
178,178
1397
1408
4.4%
4.7%
11.1
KOTAKBANK
SKSMICRO
7,870
5%
485,298
16%
19%
297,658
437
441
5.0%
5.3%
3.4
10,776
4%
3,681,083
82%
75%
954,091
248
250
0.3%
0.7%
2.0
HINDPETRO
6,136
4%
562,955
28%
33%
47,008
621
624
2.4%
2.7%
3.1
YESBANK
9,855
4%
1,905,768
28%
39%
204,651
862
868
5.0%
5.3%
6.1
58,830
3%
3,323,619
28%
37%
745,612
173
175
0.6%
0.9%
1.8
499
3%
52,431
35%
41%
7,764
1945
1949
1.3%
0.8%
3.6
Increase in
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
Prem /
Disc
M&MFIN
IDFC
COLPAL
Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares)
Symbol
Total OI
28-Feb % Chg.
ITC
Del Qty Cash Market
28-Feb
% Del.
Prev
% Del.
45,287
39%
27,142,303
47%
66%
9,334,966
361
365
-8.2%
-8.0%
3.1
ADANIPORTS
9,579
6%
1,301,024
19%
37%
47,189
331
333
-4.5%
-4.6%
1.8
TITAN
7,780
4%
472,858
18%
28%
211,475
421
424
-3.2%
-3.0%
2.8
BHEL
31,999
3%
2,113,303
26%
35%
673,357
262
263
-3.2%
-2.7%
0.7
PNB
32,883
0%
3,038,804
25%
30%
683,533
166
167
-0.4%
-0.2%
1.3
L&TFH
49,352
0%
2,226,703
38%
44%
299,450
67
67
-0.4%
-0.3%
0.5
Open Interest Break-up
(Rs. in Cr.)
28-Feb
27-Feb
Change in OI
% Chg
INDEX FUTURES
28,811
28,811
0
0.00
INDEX OPTIONS
85,742
85,742
0
0.00
114,553
114,553
0
0.00
STOCK FUTURES
70,251
70,251
0
0.00
STOCK OPTIONS
9,921
9,921
0
0.00
TOTAL STOCKS
80,172
80,172
0
0.00
GRAND TOTAL
194,725
194,725
0
0.00
FII's
129,057
123,343
5714
4.63
65,668
71,382
-5714
-8.01
TOTAL INDEX
Others
LKP Advisory
Corporate News

Bhushan Steel has entered into sale & lease back arrangements of its Oxygen plants situated at company’s Steel Division,
Meramandali Orissa. The company has taken this step in order to ease out constantly facing stress in Cash flow.

National Buildings Construction Corporation (NBCC) has signed a Memorandum of Understanding (MoU) with DDA for
development of East Delhi Hub at Karkardooma. The East Delhi Hub, mega project of Delhi will be developed on 30 hectare land
and it would be the first project based on Transit Oriented Development (TOD) norms and Smart City features.

Atlanta’s subsidiary - MORA Toll Ways (Concessionaire) has invoked the provisions of the Concession Agreement and terminated
the Mohania - Ara section contact with effect from February 20, 2015. The Concessionaries has requested the authority to pay the
terminal payment amounting to Rs 610.52 crore within fifteen days from receipt of notice.

Rain Commodities has received its board’s approval to set up a Waste Heat recovery based Power Plant by Rain Cements (Wholly
owned Subsidiary Company) at Boincheruvupalli Village, Peapully Mandal, Kurnool District, Andhra Pradesh. This new plant will
generate up to 7 MW of gross electrical energy from the waste heat and the flue gases evolved during the cement manufacturing
process at a project cost of Rs 70 crore. The project that will be financed by a combination of internal accruals and bank loans is
expected to be completed in about 14 months.

Keeping in mind its current and potential customers demand for Laser printers and A4 MFP’s (Multifunction printers), Ricoh India, a
market leader in Printing & Document solutions and IT services, has entered into partnership with Snapdeal e-commerce portal for
the sales of A4 printer models - SP111 series, SP210SU and SP300DN.

SKS Microfinance has completed the fifth securitization transaction in FY15 of Rs 89.57 crore. With this, the total sum of
securitizations completed during FY15 (YTD) is Rs 864.70 crore.

Repco Home Finance has raised Rs 100 crore by mode of private placement of 1000 Non Convertible Debentures of face value Rs
10,00,000 each (at par), carrying an annual coupon rate of 9.55% and maturing on February 27, 2018.

The Securities and Exchange Board of India (SEBI) has imposed fines of Rs 52 crore on DLF and seven others, including Chairman
K P Singh, for fraudulent and unfair trade practices, while penalties totalling Rs 34 crore were slapped on 33 related entities.

Mangalore Refinery and Petrochemicals (MRPL) is expected to commence commercial production at polypropylene unit shortly.
The company has already taken propylene into polypropylene unit on February 27, 2015.

Chambal Fertilisers & Chemicals’ one of Urea Plants located at Gadepan, Kota district in state of Rajasthan (Gadepan - I) has
recommenced its operation on February 26, 2015. The company had earlier shut down the unit on February 15, 2015 due to sudden
failure of synthesis loop boiler.

Aditya Birla Nuvo’s Ammonia/ Urea Plant located at Jagdishpur in state of Uttar Pradesh has been shut down from February 27,
2015. The shutdown of the plant is necessitated due to policy of the Government of India for production beyond 100% quantity as
permissible under the Pricing mechanism, during the financial year 2014-15.

TVS Motor Company, the flagship company of the 100 year old TVS Group, has signed a memorandum of understanding (MoU)
with Kangra Central Co-operative Bank for retail finance of two wheelers in Himachal Pradesh. Through this tie-up, customers will
benefit from highly competitive rates of interest and easy access to high quality, world-class products. Kangra Central Co-operative
Bank is one of the leading banks of Himachal Pradesh with around 200 branches.

Nippon Life Insurance (NLI), a Fortune 100 company and the seventh largest life insurer in the world, has completed acquisition of 9
per cent additional stake in Reliance Capital Asset Management (RCAM), a part of Reliance Capital. The entire transaction
proceeds of Rs 657 crore ($108 million) for this additional 9 per cent stake has been duly received from NLI.
LKP Advisory

Nitesh Estates has signed a Joint Development Agreement (JDA) for a new residential project in a prime piece of property
measuring 8 acres 4 guntas located at the junction of the Whitefield road, Budigere road and Old Madras road. It offers excellent
connectivity to ITPL, Whitefield, M G Road and Kempegowda International Airport.

Shree Global Tradefin is planning to acquire additional 21878 equity shares of Rs 10 each (43.76%) of Indrajit Properties.
Accordingly, after this acquisition Indrajit Properties will become wholly owned subsidiary of the Company.

Nucleus Software Exports has incorporated a wholly owned subsidiary by the name of ‘Nucleus Software South Africa (Pty)’ and
the registered office in Johannesburg. The Company has incorporated this subsidiary with a view to tap the business potential in the
region.

Bata India has been crowned the ‘Most Trusted Brand in the Footwear Category’ by India's most credited brand barometer, The
Brand Trust Report of (India). The company has achieved the 11th position in the Brand Trust Report 2015 as compared to 145th
position in the previous year. Bata is the only footwear brand to have received this honour and position in the survey.

Sadbhav Engineering has been declared as the successful bidder in respect of the bid invited by National Highways Authority of
India (NHAI) for four-laning of Ambala - Kaithal Section from Km 50.860 to Km 95.360 (length 44.500 km) in the state of Haryana of
NH-65 with paved shoulder under NHDP Phase- III on EPC mode. (Package - II).

Balmer Lawrie & Company has signed a memorandum of understanding (MoU) with the Controller General of Defence Accounts
(CGDA) for the development and implementation of an air travel module in defence travel system. The Air Travel module will be a
great step towards digitization as this will not only facilitate Armed Forces personnel in booking air tickets for their official journey in a
cashless environment but will also lead to online submission of travel claims. This in turn will help to create a paperless and
environment friendly office and will ensure higher customer satisfaction.

SBI Mutual Fund has bought 6.20 lakh shares of Sundaram Finance through open market route. The shares were purchased on an
average price of Rs 1,520 valuing the transaction to Rs 94.24 crore. On the other hand, Madapusi Sankarampadi Parthasarathy has
sold 17.26 lakh shares of the company for an average price of Rs 1,520.01 through open market route.

Multi Commodity Exchange of India (MCX) has received commodity markets regulator -- Forward Markets Commission’s (FMC) –
approval for acquisition of up to 5% of the equity share capital in the company by Axis Mutual Fund and Reliance Mutual Fund.
According to the shareholding pattern, Reliance Mutual Fund had 2.16 percent and Axis Mutual Fund had 1.95 per cent stake in
MCX as on December 31, 2014. Both the funds had separately approached FMC, seeking approval to raise their stake in MCX, as
per the revised shareholding norms issued by the Commission in May last year.

Mayur Floorings has received an approval for the loan enhancement proposal from 20 lakh to 40 lakh submitted, as sanctioned by
State Bank of Bikaner & Jaipur (SBBJ), Main Branch Banswara. The board of directors has approved by way of resolution, pursuant
to applicable provisions of Companies Act, 2013.

In a bid to fund business and meet global capital adequacy norms, State Bank of India (SBI), the nation’s biggest lender, has
received its shareholders’ approval for raising Rs 15,000 crore through a public offer, including a rights issue. The move comes in
the backdrop of the Cabinet permitting banks to lower the Government holding from 58 per cent to 52 per cent enabling lenders to
raise funds from the market to meet Basel III norms.

Tube Investments of India (TIL) has made additional investment in TTPL on February 26, 2015. TI Tsubamex (TTPL) is a joint
venture company with TIL and Tsubamex Company (Tsubamex), Japan

Bharti Airtel has successfully divested 55 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock
market (NSE, BSE) for a total consideration of Rs 1,925 crore amounting approximately $310 million.

NTPC’s JV - NTCEL has declared commercial operation of Unit-III of 500 MW of Vallur Thermal Power Project with effect from
February 26, 2015. NTPC Tamil Nadu Energy Company (NTECL) is a joint venture (JV) of NTPC and TANGEDCO.
LKP Advisory

Titagarh Wagons has sold its entire holding in its wholly owned subsidiary (WOS) Greysham and Company. Pursuant to this,
Greysham and Company has ceased to be subsidiary/in-direct subsidiary of the company with effect from February 20, 2015..

Minda Industries, a UNO Minda Group, is entering into a Joint Venture Agreement (JVA) with Kosei International Trade and
Investment Company, a Kosei Group Company. The Kosei Group is a leading Japanese Alloy Wheel manufacturer.

The Ministry of Defence (MoD) has selected the exclusive consortium of Bharat Electronics (BEL) and Rolta India as a
Development Agency for the Battlefield Management System (BMS) project worth over Rs 50,000 crore. The BMS project,
categorized as a ‘Make’ programme under the DPP, will be one of the largest solutions to be indigenously manufactured for the
Indian Defence.
Economy

India should meet RBI's inflation target by Jan 2016: RBI deputy governor
In an encouraging development, RBI’s deputy governor S.S. Mundra underscored economic growth gradually picking up and India to
meet the Reserve Bank of India’s (RBI)’s inflation target of 6% by January 2016. He also pointed to the possibility of some global
uncertainty, but at the same time highlighted that system was well prepared to deal with systematic shocks.
Bolstering prospects for further interest rate cuts, India’s consumer prices inflation accelerated to 5.11% in January, after shifting to
a new base year for calculating prices, but stayed well below the central bank`s target.
The deputy government further stated that the state run banks would require Rs 2.5 trillion in capital to meet Basel III requirements
by 2019, which is higher than the requirement of Rs 2.4 trillion envisaged for these banks earlier.

India’s per capita income increases by 37.6% in the last four years to 2014-15
India’s per capita income, a gauge for assessing standard of living, rose by 37.6 per cent to Rs. 88,533 in the last four years to
2014-15. Compared with 2013-14, national income and per capita income at current prices during 2014-15 are estimated to have
grown by 11.5 per cent and 10.1 per cent, respectively, Minister of State for Statistics and Programme Implementation V K Singh
replying to a query in the Rajya Sabha said that the per capita income was at Rs 64,316 in 2011-12; Rs. 71,593 in 2012-13; Rs.
80,388 in 2013-14 and Rs. 88,533 in the year 2014-15.
The national income in 2014-15 stood at Rs. 11,217,079 crore; Rs 10,056,523 crore in 2013-14; Rs 8,841,733 crore in 2012-13 and
Rs 7,846,531 crore in 2011-12. Recently, the government made changes in the national accounts calculation methodology by
revising the base year to 2011-12 from 2004-05, accordingly India's per capita income, for 2013-14 was increased at Rs 6,699 per
month for 2013-14 as against the earlier estimate of Rs 6,198.33. In 2012-13 and 2011-12, the per capita income per month was
estimated at Rs 5,966.08 and Rs 5,359.67 respectively. To estimate the per capita income and per capita PFCE, the government
used the population projections data on the basis of Census 2011.

Power utilities, regulator to be given greater autonomy for higher efficiency in energy sector: World Bank
World Bank, in a study report has suggested that in order to enhance the competition and accountability in the energy sector, state
power utilities and regulators should be 'freed' from political interference. It highlighted the need of state government to give greater
operational autonomy to their power utilities and regulators, while holding them accountable for performance if the sector was to
move to a higher level of service delivery.
The study, titled ‘'More Power to India: The Challenge of Distribution", which consisted a review of the country's power sector
across key areas of access, utility performance and financial sustainability was conducted at the request of the Union Government.
The report mainly pointed that despite the unbundling and corporatization of State Electricity Boards and the establishments of State
Electricity Regulatory Commissions (SERCs) following the Electricity Act of 2003, a commercial operational culture had still not been
LKP Advisory
achieved across a wide set of state utilities nor had the concomitant improvements in sector performance that were anticipated
resulted.

Spectrum auction on schedule; allotment not to be finalized
Supreme Court after hearing petition of a host of telecom operators questioning certain provisions of the notice inviting tender issued
by the government on January 9, has refused to stay spectrum auction in all 17 circles scheduled for March 4, but has told the Union
government not to finalize the allotment of spectrum even if the successful bidder paid up the bid amount.
There were various petitions from Idea Cellular at Allahabad HC, Sistema Shyam and Reliance at Delhi HC, Bharti Airtel at
Karnataka HC and Bharti Hexacom and Reliance at Tripura HC. The SC bench has transferred all pending petitions before various
high courts to itself on a transfer petition filed by the Union government and posted the petitions for hearing on March 26. It has
ordered that no high court or any other forum would entertain matters relating to auction of spectrum.
The bench of Justices Dipak Misra and Adarsh Goel refused to stay the auction and clarified that even if the successful bidder made
full payment for the spectrum, it would not be entitled to claim any equity over spectrum till the court heard the aggrieved petitioners
and passed orders. The court further stated that telecom companies participating in the auction will not claim any benefit on the
basis of equities and to avoid such claims, an order in this regard would be published on its website.

S&P sharply revises India's growth forecast for the next several years
Giving a shot in arm to the government, the global rating agency Standard & Poor’s (S&P) has sharply revised India's growth
forecast for the next several years to reflect a recent change in how gross domestic product is calculated by the government. S&P
revised upwards GDP growth forecast to 7.9% for 2015-16 and 8.2% in the year after, crediting the move to rising investment and
fall in oil prices. The agency also raised its growth forecast for 2016-17 to 8.2 percent from 6.6 percent previously.
S&P which currently rates India at “BBB-“ with a “stable” outlook had recently said that India must boost growth, cut its fiscal deficit
and fulfill promises of financial and fiscal reforms to justify an upgrade in a credit rating, has now said that the Indian economy
should be a 'bright spot' in Asia.
Regarding Asia-Pacific, the agency said growth in the region will be slightly lower, but India's “star is rising.” It also lowered growth
forecasts for a slew of Asian countries, including China and Japan and said that weaker growth in China and Japan may be
weighing on the overall sentiment.
Source: Reuters, Ace Equity & LKP Research
LKP Advisory
Tech View
CNX Nifty
Technical View
Nifty witnessed a very volatile trading session but managed to close with half a percent gain. The market breadth was seen improving
and sector participation was also picking up. Bank Nifty witnessed another day of strong performance fueled by private banks which
witnessed over 3 percent jump. Bank Nifty is expected to see further upside which is likely to give push to Nifty. The index is expected
to open on positive note and touch 8950 levels during the day. Nifty is likely to face resistance at 9000 level and if it manages to cross
and sustain 9000 then a swift move of 100-150 points can be seen. Short term supports are seen at 8800 levels.
IMPORTANT LEVELS FOR THE DAY
Support
BSE
NSE
BANKNIFTY
S1
28,849
8748
19032
S2
28,331
8603
18456
R1
29,687
8982
19963
R2
30,205
9127
20538
Pivot
29,268
8,865
19,497
Resistance
LKP Advisory
Tech View
PIVOT POINTS
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
ACC
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
1678
1743
1705
1675
1644
1607
GAIL
413
427
419
412
405
397
ADANIENT
698
746
722
702
682
657
GLENMARK
790
830
802
779
757
729
ADANIPORTS
331
382
358
338
319
295
GMRINFRA
19
23
21
19
17
15
ADANIPOWER
56
62
59
56
54
51
GODREJIND
333
344
337
331
326
319
ALBK
109
116
112
109
106
102
GRASIM
3753
3906
3824
3757
3690
3608
AMBUJACEM
272
282
275
270
265
258
HAVELLS
270
290
279
270
261
250
ANDHRABANK
85
89
87
85
83
81
HCLTECH
2021
2072
2039
2013
1986
1954
APOLLOHOSP
1314
1347
1326
1310
1293
1272
HDFC
1335
1438
1385
1342
1299
1245
APOLLOTYRE
175
189
182
176
171
164
HDFCBANK
1071
1109
1084
1064
1044
1019
ARVIND
307
324
314
306
298
288
HDIL
119
133
126
120
114
107
ASHOKLEY
70
77
72
69
65
60
2685
2744
2706
2675
2644
2606
ASIANPAINT
819
843
827
814
801
785
HEXAWARE
271
281
275
270
265
259
1083
1163
1107
1062
1017
961
HINDALCO
153
161
157
154
150
146
613
676
633
598
563
521
HINDPETRO
621
665
635
611
587
558
2153
2224
2183
2150
2117
2076
HINDUNILVR
910
945
923
906
888
866
BANKBARODA
185
205
194
184
175
163
HINDZINC
176
187
181
176
171
165
BANKINDIA
234
253
243
235
226
216
IBREALEST
80
91
85
81
76
71
BATAINDIA
1282
1367
1312
1267
1222
1166
ICICIBANK
346
365
352
342
331
319
BHARATFORG
1254
1342
1289
1247
1205
1153
IDBI
74
80
77
74
71
68
BHARTIARTL
356
368
362
356
351
344
IDEA
153
163
157
153
149
143
BHEL
262
303
282
265
248
227
IDFC
173
183
177
172
168
162
BIOCON
427
437
430
425
420
414
IFCI
39
44
41
39
37
34
BPCL
746
775
756
741
727
708
IGL
437
461
449
439
429
416
CAIRN
255
260
256
254
251
247
INDIACEM
100
108
103
100
96
92
CANBK
416
436
423
413
403
390
INDUSINDBK
917
988
939
899
860
811
CENTURYTEX
531
578
546
520
494
462
INFY
2296
2358
2319
2287
2255
2215
CESC
594
630
611
595
580
561
IOB
49
53
51
49
48
46
CIPLA
682
707
690
677
663
646
IOC
332
345
338
332
326
319
COALINDIA
394
406
400
394
389
382
IRB
257
278
266
256
247
235
1945
2030
1985
1949
1912
1867
ITC
361
458
411
373
335
288
CROMPGREAV
177
189
183
178
173
166
JINDALSTEL
196
211
202
196
189
181
DABUR
264
276
270
265
259
253
JISLJALEQS
72
81
76
72
68
64
DISHTV
85
92
87
84
80
75
JPASSOCIAT
25
28
27
26
25
23
1721
1779
1741
1710
1680
1641
JPPOWER
12
14
13
12
11
11
155
172
164
157
150
142
115
128
121
116
111
104
DRREDDY
3349
3481
3396
3327
3258
3173
JSWSTEEL
1011
1116
1059
1013
967
910
EXIDEIND
180
188
183
179
175
170
JUBLFOOD
1648
1724
1681
1647
1612
1570
FEDERALBNK
143
149
145
142
139
135
JUSTDIAL
1347
1434
1390
1353
1317
1272
AUROPHARMA
AXISBANK
BAJAJ-AUTO
COLPAL
DIVISLAB
DLF
LKP Advisory
HEROMOTOCO
JSWENERGY
Tech View
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
KOTAKBANK
1397
1486
1427
1378
1330
1271
TATACHEM
454
475
464
454
445
433
133
138
135
132
130
127
TATACOMM
398
419
408
399
390
378
67
70
69
67
66
64
TATAGLOBAL
155
161
157
155
152
149
479
539
510
486
463
434
TATAMOTORS
593
634
607
585
564
537
LT
1768
1877
1813
1761
1709
1645
TATAMTRDVR
374
405
384
368
351
331
LUPIN
1747
1786
1760
1739
1718
1692
TATAPOWER
87
93
90
87
84
80
M&M
1292
1339
1310
1287
1263
1234
TATASTEEL
355
380
367
355
344
330
M&MFIN
248
258
252
247
242
237
TCS
2675
2729
2696
2668
2641
2608
MARUTI
3621
3707
3651
3605
3559
3503
TECHM
2863
2940
2887
2845
2803
2750
MCDOWELL-N
3420
3540
3473
3419
3364
3297
TITAN
421
473
446
425
404
378
MCLEODRUSS
225
244
235
227
219
209
UBL
999
1053
1024
1000
977
948
41200
42858
41767
40884
40001
38909
72
76
74
72
70
67
NHPC
21
22
22
21
21
20
3136
3263
3191
3133
3075
3003
NMDC
139
150
145
141
137
132
UNIONBANK
172
190
181
173
165
156
UNITECH
KTKBANK
L&TFH
LICHSGFIN
MRF
NTPC
156
169
162
156
150
143
OFSS
3277
3346
3310
3281
3252
3217
ONGC
325
341
333
326
320
ORIENTBANK
240
259
249
240
PETRONET
179
192
186
PFC
293
307
PNB
166
179
POWERGRID
157
PTC
RANBAXY
RCOM
ULTRACEMCO
21
25
23
21
19
17
UPL
416
437
426
416
407
396
312
VOLTAS
254
268
261
254
248
240
232
221
WIPRO
659
674
665
658
651
642
181
176
170
YESBANK
862
925
882
847
813
770
299
292
286
278
ZEEL
346
358
352
347
343
337
172
167
161
155
163
160
157
155
152
87
93
90
87
85
81
712
756
727
703
680
650
69
74
71
69
67
64
RECLTD
331
350
339
331
323
312
RELCAPITAL
457
480
467
457
447
434
RELIANCE
865
890
874
860
847
830
RELINFRA
475
510
492
477
462
444
RPOWER
62
68
65
63
61
58
SAIL
70
74
72
71
69
67
SBIN
302
317
308
301
294
285
SIEMENS
1337
1398
1361
1331
1301
1264
SRTRANSFIN
1219
1302
1247
1202
1156
1101
SSLT
218
231
223
218
212
204
SUNPHARMA
911
963
929
901
873
839
SUNTV
410
456
433
414
394
371
SYNDIBANK
119
125
121
119
116
112
LKP Advisory
UCOBANK
The information in this documents has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is for general
guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company makes no guarantee and assumes no liability for
any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. LKP Securities Ltd., and affiliates, including
the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies
mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest
with respect to companies mentioned herein or inconsistent with any recommendation and related information and opinions. LKP Securities Ltd., and affiliates may seek to
provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this
report, as on the date of this report or in the past.
LKP Securities Ltd. Ph: (91-22) 66351234 FAX: (91-22) 66351249 E Mail: lkpadvisory@lkpsec.com web: http://www.lkpsec.com
LKP Advisory