Morning Notes - LKP Securities

Morning Notes
LKP Advisory
23-Mar-2015
FII's & DII's in equity
Indices
20-Mar
19-Mar
% Chg.
Major Indices
20-Mar
19-Mar
% Chg.
S&P BSE SENSEX
28,261
28,470
-0.73%
CAC 40 Index
5,087
5,037
1.00%
20-Mar
8,571
8,635
-0.74%
DAX Index
12,039
11,899
1.18%
S&P BSE MID CAP
10,625
10,786
-1.49%
Dow Jones Industrial Average
18,128
S&P BSE SMALL CAP
10,860
11,098
-2.14%
FTSE 100 Index
S&P CNX NIFTY
Rs.Crs
Buy
Sell
Net
FII / FPI Investments
7551
7196
355
1578
1797
-219
17,959
0.94%
DII's Investments
7,023
6,962
0.86%
FII's contribution to the total turnover
62%
Nasdaq Composite Index 5,026
4,992
0.68%
DII's contribution to the total turnover
14%
BSE Sectoral Indices
S&P BSE IT
S&P BSE TECk
S&P BSE OIL & GAS
S&P BSE BANKEX
11,700
11,600
0.86%
Major Asian Indices
20-Mar
19-Mar
% Chg.
FII's in Derivatives
6,364
6,334
0.49%
Nikkei 225
24,375
24,469
-0.38%
20-Mar
9,418
9,487
-0.73%
Shanghai Composite
19,560
19,477
0.43%
Net
21,347
21,539
-0.89%
Taiwan SE Index
2,037
2,038
-0.03%
OI
Rs.Crs
Index Fut Index Opt Stock Fut Stock Opt
-575
-1316
-19
-93
20947
64627
59626
3227
1.3%
-0.7%
-0.9%
0.9%
9,627
9,714
-0.89%
KOSPI Index
3,617
3,582
0.98%
Chg.OI
S&P BSE CAPITAL GOODS 17,062
17,262
-1.16%
Hang Seng Index
9,750
9,737
0.13%
FIIs' contribution to the total Derivatives turnover
19,199
19,463
-1.36%
S&P BSE METAL
S&P BSE AUTO
Futures (NSE)
23%
7,685
7,791
-1.36%
Commodities (MCX)
20-Mar
19-Mar
% Chg.
20-Mar
19-Mar
% Chg.
17,049
17,312
-1.52%
Aluminium (31MAR2015)
112
111
0.54%
USDINR 27-MAR-2015
62.56
62.65
-0.16%
S&P BSE CONSUMER DURABLES
10,408
10,612
-1.93%
Copper (30APR2015)
382
371
3.12%
EURINR 27-MAR-2015
66.88
67.01
-0.20%
S&P BSE FMCG
7,870
8,038
-2.09%
Crude (20APR2015)
2,948
2,862
3.00%
JPYINR 27-MAR-2015
51.66
51.97
-0.60%
S&P BSE POWER
2,139
2,185
-2.09%
Gold (3APR2015)
26,182
25,962
0.85%
FTSE100 (17-APR-2015)
7009
6885
1.80%
S&P BSE REALTY
1,678
1,743
-3.74%
Silver (5MAY015)
37,789
36,371
3.90%
S&P500 (17-APR-2015)
2089
2089
-0.02%
Company
LTP
WIPRO
653
18
2.8
POWERGRID
149
3
2.2
Top Gainers
BSE Midcap
LTP
Chg % Chg
NTPC
146
-9
-6.0
JINDALSTEL
165
-9
-5.0
2264
33
1.5
BHEL
246
-10
-3.8
255
3
1.2
BPCL
728
-26
-3.4
KOTAKBANK
1342
16
1.2
ICICIBANK
319
-11
-3.3
Company
LTP
LTP
WIPRO
652
19
2.9
AMBUJACEM
255
4
1.6
CAIRN
225
3
1.4
INFY
2259
29
SAIL
69
1
ESSARPORTS
LTP
Chg % Chg
-7.0
-6.3
1.3
HINDZINC
163
-8.9
-5.2
1.2
JINDALSTEL
165
-9
-5.0
Company
LTP
SPARC
464
-76
-14.1
44
-6
-12.2
15
12.5
8.9
BAYERCROP
3485
202
6.2
JUBLFOOD
1585
66
4.4
TRITURBINE
144
6
4.2
Company
LTP
SHALPRO
-8.5
-1
130
KICL
-9
-10
137
ADHUNIK
Chg % Chg
18
Chg % Chg
Chg % Chg
4
1
19.8
1576
132
9.2
24
1
5.9
2227
125
5.9
1
0
5.0
UNITECH
99
146
1583
MARICOKAYEL
HDIL
NTPC
ECLERX
ESL
Top Losers
BSE 100
Company
Company
Top Gainers
BSE Smallcap
Company
AMBUJACEM
Top Losers
BSE Midcap
INFY
Chg % Chg
Top Losers
BSE Smallcap
Top Gainers
BSE 100
Top Gainers
CNX Nifty
S&P BSE HEALTHCARE
Top Losers
CNX Nifty
S&P BSE PSU
HMT
NATCOPHARM
Chg % Chg
1949
-216
-10.0
PMCFIN
40
-4
-9.9
HDIL
99
-9
-8.5
Company
LTP
LIFELINE
176
-27
-13.1
TWL
568
-75
-11.6
HINDNATGLS
103
-12
-10.4
37
-4
-9.5
5
-1
-9.4
NECLIFE
SYNCOMF
Chg % Chg
Domestic Market View
Markets to get a mildly positive start in the new
week
The Indian markets continued their slide and made
another dismal closing in the last session. Today, the
start is likely to be in green and some recovery can be
expected in the new week led by the positive global
cues. Market men will be getting some support with
international credit rating agency Fitch’s latest report
on Global Economic Outlook saying that India is the
only BRIC nation, where growth will accelerate, to 8
per cent in FY16 and 8.3 per cent in FY17, based on
revised data series. There will be some buzz in the
banking stocks, as the Securities and Exchange
Board of India (Sebi) has conceded to the Reserve
Bank of India's (RBI’s) proposal that banks be exempt
from the market regulator's norms on pricing of shares
while converting debt into equity in defaulting
companies. Steel stocks too will be in action, on
report that India has overtaken the US to become the
third-largest steel producer in the world with a
production of 14.56 million tonnes (MT) in first two
months of the year.
Domestic Market OverView
Benchmarks end lower for third straight day
Extending their losing streak to third straight day, Indian equity benchmarks ended the session near
intraday low levels with key indices ending below their crucial 28,300 (Sensex) and 8,600 (Nifty)
levels. Friday’s session turned out to be a choppy day of trade for the Indian equity markets as
traders remained on sidelines focussing on domestic developments included the ongoing budget
session in Parliament. Meanwhile, Finance Minister Arun Jaitley referring to doubts expressed by
various sections over the GDP figure of 7.4 percent for 2014-15 as projected by the Central
Statistical Organisation's (CSO), sought to dispel doubts, saying that the GDP calculations are made
independently by the CSO, which is a credible organisation.
Additionally, the losses also came on the back of participants slashing their position into equities
ahead of the volatile F&O expiry week. Investors also failed to draw any sense of relief from report
that global rating agency Fitch said India’s gross domestic product (GDP) to grow at 8.0% in 2015-16
and 8.3% in the next fiscal, based on the new data series. The forecasts according to earlier series
were 6.5% and 6.8%, respectively
Depreciation in Indian rupee too weighed down sentiments. Rupee was trading at 62.54 per dollar at
the time of equity markets closing compared with its previous close of 62.52 on fresh demand for the
American currency from importers. Banking shares continued to reel under pressure for the second
straight day with the National Stock Exchange (NSE) Bank Nifty index fallen nearly three percentage
points in two days.
Global Market Overview
Asian markets end mixed on Friday
The Asian markets closed mixed on Friday, due to the mixed cues overnight from Wall Street
following the Fed-inspired rally seen in the previous session. The Bank of Japan in minutes released
from its February 17-18 board meeting reported that consumer prices may flatten and real wages
may also drop as a sharp drop in global oil prices takes its toll. The remarks suggest continued
concern over hitting a target of sustained 2% inflation this fiscal year even as economic growth looks
more promising, adding that the pace of buying government bonds to support easing needs to be
assessed. Bank of Japan Governor Haruhiko Kuroda stated that the longer-term domestic price trend
is still upward because the base effect of last year’s plunge in crude oil prices on consumer inflation
will disappear eventually. Kuroda added that market participants are unlikely to seek any monetary
policy implications in what is projected to a temporary downward effect of lower energy prices on the
year-on-year change in core CPI, which is set to slip further to zero and into negative territory.
Wall St rises on Nike, lower dollar; Nasdaq hits 15-yr high
U.S. stocks rose on Friday, pushing the Nasdaq to a 15-year high and helping the S&P 500 snap a
three-week string of losses, following a pullback in the dollar, upbeat results from Nike and further
biotech gains. Recent sharp gains in the U.S. dollar have increased worries about the currency's
impact on the earnings of U.S. multinationals. S&P 500 earnings projections for the first quarter and
for 2015 have fallen sharply since Jan. 1.
Among early reporters, Nike jumped 3.7 percent to $101.98 as the biggest boost to the Dow after it
posted a quarterly profit that beat market estimates. The world's largest sportswear maker sold more
higher-margin shoes and apparel but warned that the stronger dollar would take a toll on its current
quarter.
The Dow Jones industrial average rose 168.62 points, or 0.94 percent, to 18,127.65, and the S&P
500 gained 18.83 points, or 0.9 percent, to 2,108.10. The Nasdaq Composite added 34.04 points, or
0.68 percent, to 5,026.42, a 15-year high.
LKP Advisory
Index Futures
(OI in '000 Shares)
Total Open Interest
Future
Chg
Spot
Chg
Prem /
20-Mar
(%)
20-Mar
(%)
Disc
20-Mar
-0.74
31.1
26,046
0.8
NIFTY
8,602
CNXIT
BANKNIFTY
Chg (%)
-0.39
8,571
12,402
0.76
12,364
0.72
38.4
19
-0.7
18,678
-1.89
18,606
-1.09
71.8
3,201
2.3
Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares)
Symbol
Total OI
20-Mar % Chg.
Del Qty Cash Market
20-Mar
% Del.
Prev
% Del.
Increase
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
Prem /
Disc
IRB
7,619
4%
2,662,680
44%
49%
696,551
242
241
3.1%
2.9%
-0.4
SAIL
55,032
4%
2,442,915
55%
57%
614,561
69
68
1.2%
1.3%
-1.3
M&MFIN
10,875
1%
3,725,881
79%
65%
1,551,320
265
265
0.0%
-0.4%
-0.1
HDFCBANK
49,590
1%
1,283,469
66%
57%
439,727
1056
1063
0.4%
0.6%
6.6
1,669
0%
127,135
40%
38%
27,524
1570
1574
0.1%
0.1%
4.7
Increase in
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
Prem /
Disc
ACC
Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares)
Symbol
SUNTV
Total OI
20-Mar % Chg.
Del Qty Cash Market
20-Mar
% Del.
Prev
% Del.
980
12%
429,993
24%
28%
289,160
426
428
-2.7%
-2.2%
1.9
23,134
8%
6,345,225
65%
53%
3,477,058
175
175
-0.2%
-0.2%
0.4
UNITECH
179,847
8%
20,175,108
24%
24%
8,477,217
18
18
-7.5%
-7.5%
0.1
ICICIBANK
77,205
7%
14,059,570
62%
57%
5,312,976
319
320
-3.5%
-3.1%
1.4
871
7%
55,462
48%
37%
3,423
981
986
-1.3%
-1.0%
4.7
14,090
7%
5,272,904
76%
69%
2,314,326
380
382
-0.4%
-0.3%
1.5
DABUR
2,515
6%
867,526
64%
57%
160,244
266
267
-3.4%
-3.3%
1.3
HINDUNILVR
7,634
6%
1,376,047
71%
60%
583,061
896
900
-2.9%
-2.5%
4.0
CROMPGREAV
14,487
5%
6,284,709
69%
58%
4,050,881
165
165
-4.0%
-3.9%
0.3
HDIL
20,308
5%
3,281,787
13%
17%
1,435,435
99
99
-8.7%
-8.8%
-0.2
IDEA
UBL
BHARTIARTL
Open Interest Break-up
(Rs. in Cr.)
20-Mar
19-Mar
Change in OI
% Chg
INDEX FUTURES
28,496
28,298
198
0.70
INDEX OPTIONS
126,947
127,308
-361
-0.28
TOTAL INDEX
155,442
155,606
-164
-0.11
STOCK FUTURES
73,566
74,415
-849
-1.14
STOCK OPTIONS
19,602
19,535
67
0.34
TOTAL STOCKS
93,168
93,950
-782
-0.83
GRAND TOTAL
248,610
249,557
-946
-0.38
FII's
148,428
149,154
-726
-0.49
Others
100,182
100,402
-220
-0.22
LKP Advisory
Corporate News

Mahindra & Mahindra’s (M&M) business unit - Mahindra First Choice Wheels Services (MFCWL) a multi-brand car workshop
company, has signed a definitive agreement to raise $15 million (Rs 94 crore) from San Francisco based investment advisor firm,
Valiant Capital for a minority stake in the company. This is the second round of external private equity raised by MFCWL, with the
first one in 2008 from Delhi based Phi Capital, who continues to be an investor in the company. The company has experienced
rapid growth in its retail, wholesale and technology enabled businesses.

Coal India (CIL), the world’s largest coal miner is most likely to miss its output target of 507 million tonnes by over 10 MT in the
current fiscal due to various delays at the level of states in operationalising mines. The company, which accounts for over 80
percent of the domestic coal production, has to achieve production of 507 million tonnes in FY15.

Gayatri Projects has bagged new order worth Rs 137 crore from Government of Chhattisgarh, Public Works Department (PWD)
Raipur. The company has bagged order for rehabilitation and upgradation of Sigma Tilda Kharora Arang Road (SH-20) (Package
No. 05).

Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, has signed a strategic agreement
with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join
forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.

Sri KPR Industries has received its board’s approval sell its two Wind Mills in Tamil Nadu. The Unit No.1 : W.T.G. Project of 1.50
MW is located at Karaichitu Pudur near Udayattur of Tirunalveli district in Tamil Nadu, while Unit No.2 : W.T.G. Project of 1.50 MW
is located at Balapathiramapu in Amuthapuram of Tirunelvili district in Tamil Nadu.

Premier Explosives has incorporated ‘BF Premier Energy Systems’, a joint venture between the company and Kalyani Strategic
Systems, from Bharat Forge group for manufacture of defence products on March 09, 2015.

L&T Finance Holdings’ wholly-owned subsidiary - L&T Finance is reportedly planning to raise Rs 150 crore on private placement
basis by issuing non-convertible debentures. The company will issue secured, redeemable, non-convertible debentures (NCDs) of
the face value of Rs 2500,000 each, amounting to Rs 100 crore. The issue will come with an option to retain over subscription of
Rs 50 crore.

UPL through its step down wholly owned subsidiary has increased its stake in UPL do Brasil Industrie E Comercio de Insumos
Agropecuarios S.A. (UPL do Brasil), a Brazilian company, from 73% to 100% by acquiring the balance 27% shares from its existing
shareholders.

Blue Star is reportedly targeting to raise its share in Uttar Pradesh (UP) AC market to 11% during 2015-16 from 8% at present. The
annual AC market of Uttar Pradesh and nationally are pegged at around 0.3 million and 3.75 million units, respectively. The
domestic AC market is growing by 10 and 19 per cent in volume and value terms respectively.

Jindal Steel and Power (JSPL) is reportedly aiming to achieve growth of 150% in its steel business in Uttar Pradesh (UP) over the
next three years. Against the current sales of about 0.2 million tonne (mt) of steel and steel products in the state, the company is
targeting 0.5 mt by 2018.

The Reserve Bank of India (RBI) has notified that Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) can now invest up
to 24% of the paid up capital of Zicom Electronic Security Systems under the Portfolio Investment Scheme (PIS).

Bhushan Steel is in talks with banks for restructuring of debt to the tune of $3.7 billion (about Rs 23,000 crore). A consortium of
bankers led by Punjab National Bank (PNB) has a total exposure of about Rs 40,000 crore in the company

Force Motors’ promoter has increased its stake in the company to over 60% by acquiring more than one lakh shares of vehicle
manufacturer from open market. The promoter of the company -- Jaya Hind Investments -- has acquired 1,00,200 equity shares of
Rs. 10 each from the market on March 13, 2015.
LKP Advisory

Everest Industries is planning to make operational its first overseas unit at Ras Al-Khaimah in the UAE by December this year or
January 2016. Built at around Rs 100 crore, the facility will manufacture boards and panels. It will cater to the company’s exports in
West Asian and African nations.

Bal Pharma’s promoted Lifezen Healthcare has entered into an Investment agreement with Bennett Coleman & Company. The
company is promoter of Lifezen Healthcare which was incorporated with proposed objects of carrying on the business of
manufacturing, marketing, distributing, selling and trading of pharma products.

Tata Motors has introduced its Prima range of heavy commercial vehicles in the UAE and Oman. This launch marks the
introduction of a new range of next-generation commercial vehicles with a series of applications in both the countries.

Pincon Spirit has received an approval for acquisition of a Semi Automatic Plant in West Bengal for the purpose of strategic
expansion of the company. The board of directors at their meeting held on March 19, 2015 has approved for the same.
.Economy

Govt, opposition clear decks for fast-tracking Mines, Coal bills on Friday
The possibility of the current leg of the Parliament session being extended has diminished with the two sides in the Rajya Sabha
reaching an understanding to fast-track the disposal of both contentious mines and minerals and the coal mines bills. Opposition on
Thursday forced deferment of consideration of the contentious Mines and Minerals Bill in Rajya Sabha till Friday, arguing that
mineral-bearing states had not been consulted.
It was after hour of wrangling, the government and the Opposition both resolved to dispose of the two bills. While, opposition felt
that it needed time to study the select committee reports on these bills, the government offered a choice between considering (and
voting on) the bills on Thursday-Friday and sitting for one week more. However, opposition contesting the second option decided to
fast-track the disposal of the two bills.
If amended by the Rajya Sabha, the two bills will have to go back to the Lok Sabha. However, parliamentary Affairs Minister M
Venkaiah Naidu has to complete the whole exercise before the Lok Sabha concludes its sitting. The parliament session, which
began on Feb 23 and would continue uptill May 8 is scheduled to a month’s recess after Friday’s business. The government wants
to rush the two bills because these are designed to replace ordinance.

Consumers to bear the brunt of ongoing aggressive bidding for telecom spectrum: Care
The home grown ratings agency, Care Ratings has warned that consumers will have to bear the brunt of ongoing aggressive
bidding for telecom spectrum, which would force mobile operators to hike tariff. Bids topped Rs 1,08,000 crore on the 13 days,
much more than the amount realised from the last auction in 2010 and considerably higher from the government's reserve price of
Rs 82,000 crore, with 89 per cent of 2G and 3G radiowaves put on sale provisionally allocated to telecom operators.
The rating agency has said that the ongoing auction would result in more pressure on the companies' debt profile, which is already
under pressure, “We expect that operators will further leverage themselves, while customers would have to bear the brunt of tariff
hikes which would become inevitable for operators to realise returns on these huge investments.”
CARE has further noted that companies are required to pay 25-33% upfront on their winning bids, which would accrue in revenues
of Rs 25,000 crore for the government within this fiscal, ending March 31. It said that given these circumstances, tariff hikes are
'inevitable', adding that moves by third party applications to offer voice service, which contributes the maximum revenue for telcos,
is also a threat. Recently, WhatsApp, the most popular instant messaging service used worldwide, has started rolling out the voice
calling feature to its users.

Govt’s kitty grows to Rs 1.09 lakh crore on Day 14 of spectrum auction
The government received commitments of Rs 109,000 crore from telecom operators at the end of 86th round of bidding on
Thursday, which was the 14th day of radio frequency spectrum e-auctions. This is little higher compared to commitments worth Rs
LKP Advisory
108,000 crore on the 13th day of the auction. With this, over 89% of spectrum has been provisionally allocated to bidders. The
auction will continue on Friday as about some amount of spectrum is yet to be sold.
Robust bidding was witnessed in 1800 MHz and 800 MHz band, with majority of service areas being sold at a premium over
reserve price. However, DoT has barred from publishing final results without Supreme Court’s consent. A hearing in the apex court
in this regard is scheduled for March 26.
Nevertheless, maximum bids of 85 were received for Tamil Nadu circle with a winning amount of Rs 45 crore per block in the
1800MHz band. However, this circle saw 10 less bids. The second highest bids of 75 were received for Punjab circle with a winning
amount of Rs. 72.15 crores per block in the 900MHz band. This circle also saw three less bids.

India is ready to deal with any foreign fund outflows: RBI governor
Reserve Bank of India (RBI) Governor Raghuram Rajan has doubled the cheers of worried investors and India Inc by saying that
India is ready to deal with any foreign fund outflows as a result from the rate hike. Though, the RBI governor did not rule out the
possibility of near-term volatility in the markets, he said that in the medium term, markets will be back to normal.
Rajan said that the country has significant forex reserves and current account deficit is under control. India's foreign exchange
reserves stood at $337.793 billion in the week to March 6. The governor also pointed that the current account deficit is under
control.The current account deficit has narrowed to 1.6 per cent of the GDP in the October-December quarter from 2 per cent a
quarter earlier comforted by easing oil prices.
Reserve Bank of India Governor has long warned of the risk to emerging economies when the US Federal Reserve makes the first
rise in its zero percent interest rates since the 2008 financial crisis and been actively buying dollars, helped by a net inflow of $54
billion of foreign money since the start of 2014. As a result India has built up record foreign exchange reserves of nearly $340
billion to insulate the economy from capital flight in case the US Fed hikes rate.

Power producers may face under recovery of Rs 1350 crore post coal auction: Crisil Research
Crisil Research, the research arm of the global credit rating agency Crisil has come up with a report stating that the recent coal
block auctions might have addressed some fuel supply issues, but private power producers with nearly 10,000 MW capacity may
have to face under-recovery to the extent of 65 paise per unit because of aggressive bidding. The under recovery of 65 paise per
unit will translate to a total under recovery of Rs 1350 crore in the next financial year.
In its report, Crisil Research has said that players who went for aggressive bidding could clock under-recovery of Rs 1,350 crore in
FY16 because variable tariffs will not cover mining costs and production-linked payments to Government “The aggressive bids
indicate the big premium on fuel security. Bid winners have agreed to forego, on average, mining costs of Rs 650 per tonne and
pay an additional premium of Rs 400 per tonne to States in FY16.” To offset the resultant 65 paise per unit under-recovery in the
variable tariff, recently commissioned or under-construction projects will require an average first-year fixed tariff of close to Rs 3.5
per unit.
Crisil further estimates that deficit or under-recovery could rise to more than Rs 4,500 crore once allotted coal blocks reach peak
production. It said that around 22-25 GW of power projects-both operational and expected to be commissioned by 2016-17-are
untied and will compete for new PPAs. For those power producers who are yet to sign PPAs, intense competition will make it
difficult to pass on the high coal cost through the fixed cost option.
Source: Reuters, Ace Equity & LKP Research
LKP Advisory
Tech View
CNX Nifty
Technical View
Nifty continued to reel under pressure and closed below its immediate support level of 8600. The market breadth was inclined toward
declines and major sectors witnessed downside on Friday’s trade indicating that Nifty will continue to face pressure at higher levels.
The next immediate support is now seen at 8500 levels and if this level is breached then a considerable correction till 8200 cannot be
ruled out. Nifty is expected to open on flat to positive note and may test 8600-8610 levels today. If it manages to close above 8620
today then it can pick a short term momentum till 8780 levels in coming days.
IMPORTANT LEVELS FOR THE DAY
Support
BSE
NSE
BANKNIFTY
S1
28,149
8538
18494
S2
27,939
8480
18310
R1
28,488
8630
18793
R2
28,698
8687
18977
Pivot
28,318
8,584
18,644
Resistance
LKP Advisory
Tech View
PIVOT POINTS
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
ACC
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
1570
1624
1593
1569
1544
1513
GAIL
378
401
390
381
372
360
ADANIENT
610
636
622
612
601
588
GLENMARK
831
920
879
846
812
771
ADANIPORTS
308
325
317
310
304
296
GMRINFRA
15
16
15
15
15
14
ADANIPOWER
48
50
48
47
46
45
GODREJIND
336
349
342
337
332
325
ALBK
103
108
105
104
102
99
GRASIM
3615
3726
3657
3602
3546
3477
AMBUJACEM
255
274
262
252
243
231
HAVELLS
300
310
304
299
294
288
ANDHRABANK
79
81
80
79
78
76
HCLTECH
980
1003
989
977
965
950
APOLLOHOSP
1414
1479
1448
1422
1397
1366
HDFC
1338
1380
1352
1330
1308
1281
APOLLOTYRE
162
172
167
163
159
154
HDFCBANK
1056
1073
1062
1054
1045
1035
ARVIND
274
297
287
278
269
259
HDIL
99
115
108
102
95
88
ASHOKLEY
69
72
70
69
68
67
2610
2703
2659
2624
2589
2546
ASIANPAINT
810
861
837
818
798
774
HEXAWARE
269
285
277
270
264
256
1159
1332
1251
1186
1120
1039
HINDALCO
132
139
135
133
130
126
556
574
565
557
550
540
HINDPETRO
628
665
647
633
619
601
2018
2058
2037
2020
2003
1982
HINDUNILVR
896
945
922
903
885
862
BANKBARODA
173
179
176
173
171
167
HINDZINC
165
180
173
166
160
152
BANKINDIA
213
224
218
214
209
203
IBREALEST
66
73
70
67
64
60
BATAINDIA
1169
1225
1192
1166
1140
1107
ICICIBANK
319
339
329
322
314
304
BHARATFORG
1288
1381
1337
1302
1267
1224
IDBI
75
78
76
75
73
71
BHARTIARTL
380
396
388
382
376
368
IDEA
175
183
179
176
173
169
BHEL
246
263
255
249
242
234
IDFC
167
170
168
167
165
164
BIOCON
435
470
453
440
426
409
IFCI
34
35
35
34
34
33
BPCL
727
777
753
734
716
692
IGL
413
434
422
413
404
393
CAIRN
225
232
228
224
221
217
INDIACEM
92
100
96
94
91
87
CANBK
381
397
390
383
377
370
INDUSINDBK
886
914
898
885
872
857
CENTURYTEX
549
587
569
554
539
520
INFY
2257
2303
2275
2253
2231
2203
CESC
592
613
603
594
585
574
IOB
43
44
44
43
43
42
CIPLA
700
738
719
704
689
670
IOC
344
361
353
346
340
332
COALINDIA
368
378
372
368
363
357
IRB
242
261
247
237
226
213
2010
2076
2042
2014
1987
1952
ITC
327
339
334
329
325
319
CROMPGREAV
165
180
172
166
160
153
JINDALSTEL
165
185
175
167
159
149
DABUR
266
283
275
269
262
254
JISLJALEQS
61
65
63
62
60
58
DISHTV
77
82
80
78
76
74
JPASSOCIAT
25
27
26
25
24
23
1806
1906
1857
1817
1777
1728
JPPOWER
11
11
11
11
10
10
160
170
165
161
157
152
JSWENERGY
119
124
121
118
115
112
DRREDDY
3427
3550
3479
3421
3363
3292
JSWSTEEL
921
981
952
930
907
879
EXIDEIND
181
187
184
181
178
175
JUBLFOOD
1586
1736
1637
1558
1479
1380
FEDERALBNK
138
143
140
138
136
134
JUSTDIAL
1382
1489
1422
1367
1313
1246
AUROPHARMA
AXISBANK
BAJAJ-AUTO
COLPAL
DIVISLAB
DLF
LKP Advisory
HEROMOTOCO
Tech View
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
KOTAKBANK
1340
1381
1353
1330
1307
1279
TATACHEM
425
444
434
427
419
409
124
129
127
125
123
121
TATACOMM
421
448
435
425
415
402
65
66
65
65
64
63
TATAGLOBAL
150
157
154
151
148
144
460
488
475
464
453
440
TATAMOTORS
548
560
552
546
540
533
LT
1670
1735
1701
1674
1646
1612
TATAMTRDVR
327
343
336
330
324
316
LUPIN
1906
2014
1960
1916
1872
1818
TATAPOWER
79
82
80
79
78
77
M&M
1165
1245
1206
1175
1144
1105
TATASTEEL
329
352
341
332
323
312
M&MFIN
265
275
270
265
261
256
2611
2657
2627
2603
2578
2548
MARUTI
3624
3722
3674
3636
3597
3549
TECHM
678
704
691
680
670
657
MCDOWELL-N
3706
4023
3873
3751
3629
3478
TITAN
393
421
408
397
387
374
MCLEODRUSS
236
250
243
238
232
225
UBL
981
1016
998
984
970
952
39891
41302
40616
40061
39506
38820
65
67
66
66
65
64
NHPC
20
20
20
20
19
19
2855
2935
2894
2860
2827
2785
NMDC
131
136
133
131
129
127
UNIONBANK
167
175
170
166
163
158
UNITECH
KTKBANK
L&TFH
LICHSGFIN
MRF
NTPC
146
153
149
146
142
138
OFSS
3248
3350
3298
3256
3214
3162
ONGC
311
317
314
311
308
ORIENTBANK
223
234
229
225
PETRONET
178
182
180
PFC
275
300
PNB
163
168
POWERGRID
148
PTC
RANBAXY
RCOM
18
21
19
18
17
16
457
437
422
406
387
305
VOLTAS
275
287
281
277
272
266
221
215
WIPRO
653
676
661
649
636
621
178
176
174
YESBANK
832
865
846
830
814
795
288
279
270
258
ZEEL
354
369
361
355
349
341
165
162
159
156
155
151
148
144
140
79
83
81
80
78
76
809
875
844
819
793
762
63
66
64
63
62
61
357
345
336
327
316
RELCAPITAL
439
469
455
443
431
417
RELIANCE
854
872
862
855
847
837
RELINFRA
436
467
453
442
430
416
RPOWER
57
59
58
57
56
55
SAIL
69
71
70
69
68
67
SBIN
278
287
283
279
276
271
SIEMENS
1368
1425
1393
1367
1341
1310
SRTRANSFIN
1193
1240
1211
1187
1163
1134
188
198
193
189
185
180
1027
1114
1074
1041
1008
967
SUNTV
426
490
459
435
410
380
SYNDIBANK
106
112
109
107
105
102
LKP Advisory
ULTRACEMCO
417
334
SUNPHARMA
UCOBANK
UPL
RECLTD
SSLT
TCS
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