2024: Issue 938 Week: 1st - 5th April

Brand smc 719

 Contents
From The Desk Of Editor

G
Equity 4-7 lobal stocks went on a roller coaster ride last week as investors nervously awaited key
inflation data from the US and speeches by Federal Reserve officials. Recent inflation
Derivatives 8-9
numbers, though higher than expected, haven't shaken investor confidence in a rate
Commodity 10,15-17
cut from the Fed in June. The S&P 500, Nasdaq, and Dow are all on track for their fifth
Insurance 11-14 consecutive month of gains in March. Markets are now looking to the PCE price index, the Fed's
Currency 18 preferred inflation gauge, for further clues. Meanwhile, a European Central Bank board
IPO 19 member expressed growing confidence that inflation will fall back to their 2% target by mid-
FD Monitor 20 2025. Additionally, comments from the Bank of England suggest the UK economy is headed in
Mutual Fund 21-22 the right direction for rate cuts. Investors generally expect the Fed, ECB, and BoE to each cut
rates by a total of 75 basis points this year, spread out in three quarter-point moves. In a major
shift, the Bank of Japan finally ended its negative interest rate policy, raising rates to a range
SMC GLOBAL SECURITIES LTD.
of 0% to 0.1%. They believe price stability is achievable and are aiming for a sustainable 2%
REGISTERED OFFICES:
11 / 6B, Shanti Chamber, Pusa Road, New Delhi 110005.
inflation target. On the economic front, Japan's GDP grew at an annualized rate of 0.4% in the
Tel: 91-11-30111000, Fax: 91-11-25754365 last quarter, exceeding initial estimates of a contraction.
MUMBAI OFFICE:
Lotus Corporate Park, A Wing 401 / 402 , 4th Floor , Back at home, domestic markets experienced swings this week, mirroring mixed signals from
Graham Firth Steel Compound, Off Western Express Highway, around the world. However, domestic markets closed higher on Thursday due to strong buying
Jay Coach Signal, Goreagon (East) Mumbai - 400063 in banking and financial stocks, along with Reliance Industries, a major market influencer.
Tel: 91-22-67341600, Fax: 91-22-67341697 This positive momentum comes amid global optimism that the US Federal Reserve will cut
KOLKATA OFFICE: interest rates three times in 2024, regardless of upcoming inflation data. This sentiment is
18, Rabindra Sarani, Poddar Court, Gate No-4,5th Floor, Kolkata-700001 fueled by recent dovish statements from the US central bank. Adding to the positive outlook,
Tel.: 033 6612 7000/033 4082 7000
India witnessed record-breaking foreign inflows of Rs. 3.33 lakh crore (US$40.4 billion) this
AHMEDABAD OFFICE :
financial year across equities, debt, and hybrid instruments. This surpasses the previous high
10/A, 4th Floor, Kalapurnam Building, Near Municipal Market,
of Rs. 2.67 lakh crore seen in FY21 by a significant 25%. In another development, the Indian
C G Road, Ahmedabad-380009, Gujarat
Tel : 91-79-26424801 - 05, 40049801 - 03 government announced plans to borrow Rs. 7.50 lakh crore through government security
CHENNAI OFFICE: issuance in the first half of the next fiscal year (April-September 2024). Additionally, the
Salzburg Square, Flat No.1, III rd Floor, Door No.107, Harrington Road, Reserve Bank of India (RBI) recently modified regulations for investments by Alternative
Chetpet, Chennai - 600031. Investment Funds (AIFs).
Tel: 044-39109100, Fax -044- 39109111

SECUNDERABAD OFFICE: On the commodity market front, the CRB index extended its upward trend for the third
315, 4th Floor Above CMR Exclusive, BhuvanaTower,
consecutive week; above 330. Gold prices saw a second consecutive week of gains. Silver
S D Road, Secunderabad, Telangana-500003
prices remained relatively stable with slight gains. The Dollar index closed slightly lower but
Tel : 040-30031007/8/9
maintained levels above 104.3. US treasury yields declined for the second consecutive week.
DUBAI OFFICE:
In the energy sector, crude oil prices surged for the third consecutive week, closing above
2404, 1 Lake Plaza Tower, Cluster T, Jumeriah Lake Towers,
6800 levels, while natural gas prices experienced modest gains within a narrow range. Gold
PO Box 117210, Dubai, UAE
and silver can trade in a range of 65500-67000 and 73000-77000 respectively. Crude oil prices
Tel: 97145139780 Fax : 97145139781
Email ID : pankaj@smccomex.com
can face resistance near 6950 levels. Natural gas prices is making a base near 140-150, has
smcdmcc@gmail.com potential to touch 170 in near term. This week, several key economic indicators are set to be
released, shaping market sentiment and influencing commodity prices. These include the ISM
Printed & Published on behalf of Manufacturing PMI and ISM Services PMI for the US, along with Non-Farm Payrolls and the
SMC Global Securities Ltd. @publication address Unemployment Rate in the same region. Additionally, market players will closely monitor the
11/6B, Shanti Chambers, Pusa Road, New Delhi-110005 Inflation Rate in Germany, Core Inflation Rate in the Euro Area, and the Balance of Trade and
Website: www.smcindiaonline.com
Unemployment Rate in Canada. These data points carry significant weight in assessing
Investor Grievance : igc@smcindiaonline.com
economic health and are likely to impact commodity markets accordingly.
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
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment
decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business,
exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
 EQUITY
NEWS DOMESTIC PIVOT SHEET
Power INDICES CLOSE* S3 S2 S1 PIVOT R1 R2 R3
• Reliance Industries acquired a 100% stake in MSKVY Nineteenth Solar SPV and Nifty50 22326.9 21285 21616 21853 22185 22422 22753 22990
MSKVY Twenty-second Solar SPV from MSEB Solar Agro Power.
• Adani Solar Energy RJ Two, wholly-owned stepdown subsidiary of Adani NIFTY IT 34898.15 33891 34292 34597 34999 35304 35705 36010
Green Energy (AGEL) has operationalized 180 MW of solar power project at
Devikot in Jaisalmer, Rajasthan. With operationalization of this plant, AGEL's Niftybank 47124.6 45472 46000 46383 46912 47294 47823 48206
total operational renewable generation capacity has increased to 9,784 MW, Nifty Fin. Ser. 20989.1 20041 20335 20553 20847 21066 21360 21578
in its journey of 45 GW capacity by 2030.
Cement
• UltraTech Cement has commissioned 1 mtpa (million tons per annum) of
brownfield cement capacity at Roorkee, Uttarakhand. With this, the
capacity of said unit has been increased to 2.1 mtpa and the total grey STOCKS CLOSE* S3 S2 S1 PIVOT R1 R2 R3
cement manufacturing capacity in India to 138.39 mtpa.
Axis Bank Ltd. 1047.2 992 1010 1023 1041 1054 1071 1084
Defence
• Hindustan Aeronautics has signed a contract with the Guyana Defence Force Bajaj Fin. Ltd. 7245.25 6093 6419 6698 7024 7302 7628 7906
(GDF) and the Guyana Government for the supply of two Hindustan-228 Bharti Airtel Ltd. 1228.6 1184 1197 1213 1226 1241 1254 1270
commuter aircraft along with the Manufacturer Recommended List of Spares
(MRLS), ground handling equipment and ground support equipment, training, Hdfc Bank Ltd. 1447.9 1379 1400 1418 1439 1457 1478 1496
and hand-holding at a total value of MUSD 23.37 (approximately Rs 194 crore).
Pharmaceuticals Hindustan U. Ltd. 2264.35 2164 2198 2220 2254 2276 2310 2332
• Lupin Ltd is planning to carve out its trade generics business in India and Icici Bank Ltd. 1093.3 1045 1061 1073 1089 1101 1117 1129
transfer it to Lupin Life Sciences Ltd (LLSL), a wholly-owned subsidiary of the
company, for Rs.100-120 crore. Infosys Limited 1498.05 1450 1466 1480 1496 1510 1526 1540
• Dr Reddy’s Laboratories has entered into a license agreement with US-based Itc Ltd. 428.35 415 420 423 428 431 436 439
biopharmaceutical company Pharmazz, Inc. to commercialize Centhaquine
in India. Centhaquine, developed by Pharmazz, is a resuscitative agent Ktk. Mah. Bk. Ltd. 1785.5 1694 1722 1748 1776 1802 1830 1856
indicated for the treatment of hypovolemic shock.
Capital Goods L&T Limited 3763.9 3364 3482 3578 3696 3791 3909 4004
• Bharat Heavy Electricals has received an order worth Rs 4,000 crore from Mah & Mah Ltd. 1921.35 1738 1797 1846 1904 1954 2012 2061
Adani Power for setting up a thermal power plant in Chhattisgarh.
Rel. Ind. Ltd. 2971.7 2730 2804 2864 2938 2998 3072 3132
• Kalpataru Projects International and its arms have bagged orders worth Rs
2,071 crore. The new orders include orders in the Transmission & Distribution SBI 752.35 704 717 733 746 762 776 792
(T&D) business in overseas markets. Besides it has also got an order for design
& construction of an underground metro rail project in India. TCS Limited 3876.3 3700 3765 3817 3882 3934 3999 4052
Auto Ancillaries *Closing as on 28-03-2024

• UNO Minda has entered into a technical licence agreement with Starcharge
Energy to manufacture and sell electric vehicle supply equipment in India.
FMCG
• Prataap Snacks commercial production at its newly set-up unit situated at Macro Economic Events
Khewat commenced.
Construction Date Country Event
• HG Infra Engineering got LoA in consortium with Stockwell Solar Services
from Jodhpur Vidyut Vitran Nigam for solar solar project estimated at Rs 534 1-Apr-24 China Caixin Manufacturing PMI (Mar)
crore.
1-Apr-24 United States S&P Global US Manufacturing PMI (Mar)
• Rail Vikas Nigam has signed a MoU with the Airports Authority of India (AAI)
for the construction of a subway or underpass to connect the operational 1-Apr-24 United States Construction Spending (MoM) (Feb)
area to the Airport Authority of India residential colony in Kolkata. The
estimated cost of the project is Rs 229.43 crore. 1-Apr-24 United States ISM Manufacturing Employment (Mar)
Entertainment 2-Apr-24 Japan Monetary Base (YoY) (Mar)
• Wonderla Holidays has received, in principle, approval from the board for
exploring the possibility of setting up an adventure park as an expansion of the 2-Apr-24 United States Redbook (YoY)
Bangalore resort. It will evaluate the financial viability of the adventure park.
2-Apr-24 United States Factory Orders (MoM) (Feb)
Diversified
• Balmer Lawrie & Company will set up a free trade warehousing zone in the 3-Apr-24 Europe Core CPI (YoY)
Special Economic Zone of Jawaharlal Nehru Port Authority near Mumbai on a
land parcel of approximately 15 acres and invest Rs 230 crore. 3-Apr-24 Europe Unemployment Rate (Feb)
INTERNATIONAL NEWS 3-Apr-24 United States OPEC Meeting
• US consumer confidence index slipped to 104.7 in March from a downwardly 3-Apr-24 India M3 Money Supply
revised 104.8 in February. Economists had expected the consumer
confidence index to come in unchanged compared to the 106.7 originally 4-Apr-24 Europe PPI (YoY) (Feb)
reported for the previous month.
4-Apr-24 United States Initial Jobless Claims
• US new home sales dipped by 0.3 percent to an annual rate of 662,000 in
February after jumping by 1.7 percent to a revised rate of 664,000 in January. 5-Apr-24 Japan Household Spending (MoM) (Feb)
Economists had expected new home sales to surge by 2.9 percent to a rate of
680,000 from the 661,000 originally reported for the previous month. 5-Apr-24 India Interest Rate Decision
• Eurozone economic sentiment index climbed to 96.3 in March, as expected, 5-Apr-24 Japan Leading Index
from 95.5 in the previous month. The industrial confidence index rose to -8.8
from -9.4 in February. Managers' production expectations weakened and fewer 5-Apr-24 Europe Retail Sales (YoY) (Feb)
managers assessed the stocks of finished products as too large or above normal.
• China’s Industrial profits grew 10.2 percent in the January to February period 5-Apr-24 India Bank Loan Growth
from the previous year. This has reversed a 2.3 percent fall seen in 2023. 5-Apr-24 India FX Reserves, United States
Profits of the equipment manufacturing sector logged a notable growth
during January to February period. 5-Apr-24 United States Government Payrolls (Mar)
• The Bank of Japan's underlying inflation measure slowed more than expected
in February. The core inflation rate, which is a trimmed mean in BoJ 5-Apr-24 United States Nonfarm Payrolls (Mar)
calculations, eased to 2.3 percent from 2.6 percent in January and
December. Economists had expected the rate to slow to 2.5 percent. 5-Apr-24 United States Unemployment Rate (Mar)

4
 EQUITY
INDIAN INDICES (% Change) SECTORAL INDICES (% Change)
3.00% 3.50%

2.43%
2.50%
2.99%
3.00%
2.00%

1.47%
1.50% 1.30% 2.50%
1.04% 2.33%

1.00% 0.84%
0.56%
2.00%
0.50%
1.77%

1.59%
0.00% 1.56% 1.55%
1.50%
1.34%
-0.50%

0.99% 0.96%
-1.00% -0.82% 1.00%
NIFTY 50 NIFTY BANK NIFTY IT MIDCAP 50 SMALLCAP 50 NEXT 50 NIFTY 500 0.80%

SMC Trend
0.50%
Nifty 50 Nifty Bank Nifty IT MidCap Smallcap Next 50 Nifty 500 0.32%

0.00%
AUTO COMMODITIES CONSUMPTION ENERGY FIN SERVICE FMCG INFRA METAL PHARMA REALTY SERV SECTOR

GLOBAL INDICES (% Change) SMC Trend

Auto Commodities Consumption Energy Fin Service
1.50%
FMCG Infra Metal Pharma Realty Serv Sector
1.05%
1.00%
0.72%
0.65%

0.50%
0.27%
FII/FPI & DII ACTIVITY (In Rs. Crores)
0.01%
0.00%

-0.18%

-0.50% -0.33%

-0.65%

-1.00%

-1.50%

-1.80%
-2.00%
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)
5.00 5.00

3.85 3.87
4.00 4.00
3.21
3.00 2.68 3.00 2.60
2.38 2.45 2.43
1.90 1.75
2.00 2.00

1.00 1.00

0.00 0.00

-1.00 -1.00

-2.00 -1.69 -1.65 -1.64 -2.00

-1.93
-3.00 -2.38 -2.27
-3.00 -2.56
-3.05 -2.82
-3.04
-4.00 -4.00
Bajaj Finance Reliance Larsen & Axis Bank NTPC Wipro TCS Power Grid St Bk of India Infosys Bajaj Finance Adani Ports Reliance Larsen & Bajaj Auto Wipro Tata Dr Reddy's Hero Apollo
Industr Toubro Corpn Industr Toubro Consumer Labs Motocorp Hospitals

5
 EQUITY Beat the street - Fundamental Analysis
UNION BANK OF INDIA CMP: 153.45 Target Price: 179 Upside: 17%
VALUE PARAMETERS Investment rationale Ÿ CRAR improved to 15.03% as on 31 December 2023
Ÿ The business of the bank has increased 11% YoY to Rs from 14.45% as on 31 December 2022. CET1 ratio
Face Value (Rs.) 10.00
2068429 crore end December 2023, driven by 11% increased to 11.71% as on 31 December 2023 as
surge in advances to Rs 895974 crore. Deposits rose against 10.71% as on 31 December 2022.
52 Week High/Low 161.85/61.30
10% to Rs 1172455 crore at end December 2023. Ÿ Bank’s return on assets & return on equity improved
M.Cap (Rs. in Cr.) 117137.68 to 1.07% and 17.25% respectively.
Ÿ Advances growth was driven by retail loans rising 13%
EPS (Rs.) 17.40 YoY to Rs 173445 crore at end December 2023, while RISK
P/E Ratio (times) 8.82 credit to agriculture increased 18% to Rs 177583 crore • Economic slowdown
and MSME 11% to Rs 136746 crore at end December
P/B Ratio (times) 1.29 2023. The corporate credit rose 9% to Rs 408200 crore • Deterioration in asset quality
Dividend Yield (%) 1.79 end December 2023. The overseas credit has jumped VALUATION
39% to Rs 29285 crore end December 2023.
Stock Exchange BSE The bank has delivered significant growth in business
Ÿ The CASA deposits of the bank rose 6% YoY to Rs 397107 and improvement in assets quality. Going forward, the
crore at end December 2023. The current account robust economic activities and pick-up in the credit
% OF SHARE HOLDING deposits were flat at Rs 70805 crore, while saving growth is expected to drive the future growth of the
account deposits increased 5% to Rs 326302 crore end bank. The bank is focusing on digital transformation
5.95 6.14 December 2023. The CASA ratio declined to 33.9% at which is expected to complete in next two to three
12.63
Foreign
end December 2023 compared to 35.3% at end year, this would further drive the business growth and
0.51
Ins tu ons
December 2022, while declined from 34.1% a quarter bring help reduce operating cost. Thus, it is expected
Non Promoter Corporate Holding ago. that the stock will see a price target of Rs.179 in 8 to 10
Promoters
Ÿ Net interest income (NII) in Q3 FY24 was at Rs 9,168 months time frame on current P/BV of 1.29x and FY25
Public & Others
74.76
crore, up 6.26% from Rs 8,628 crore posted in Q3 FY23. (E) BVPS of Rs. 138.85
Net interest margin (NIM) decline to 3.08% in Q3 FY24
as compared to 3.21% registered in the same period a P/BV Chart
year ago.
FINANCIAL PERFORMANCE ` in cr
Ÿ The bank has continued to improve asset quality in
300.00

250.00
ACTUAL ESTIMATE Q3FY2024. The ratio of gross NPAs declined to 4.83% as 200.00
FY Mar-23 FY Mar-24 FY Mar-25 on 31 December 2023 as compared to 7.93% as on 31
NII 32765.34 36398.46 39709.14 December 2022. The ratio of net NPAs reduced to 150.00

Ebit 25467.16 28744.52 30803.21 1.08% as on 31 December 2023 from 2.14% as on 31 100.00

Pre-tax Profit 12137.72 21288.94 22187.40 December 2022. 50.00

Net Income 8433.27 13967.51 16766.69 Ÿ Provision Coverage Ratio (PCR) improved to 92.54% as 0.00
on 31 December 2023 as against 88.50% as on 31

30-Jul-19

05-Dec-19

10-Jun-20
07-Aug-20

07-Dec-20

11-Jun-21
11-Aug-21

14-Dec-21

16-Jun-22
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19-Dec-22

22-Jun-23
23-Aug-23

26-Dec-23
03-Feb-20

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23-Feb-24
27-Mar-19

03-Oct-19

07-Apr-20

07-Oct-20

09-Apr-21

12-Oct-21

18-Apr-22

18-Oct-22

24-Apr-23

25-Oct-23
30-May-19
EPS 12.34 18.92 21.95
December 2022. Bank has improved the credit to
BVPS 114.61 121.54 138.85 deposit ratio to 77.80% at end December 2023 from
RoE 11.33% 16.41% 16.58% 75.50% at end December 2023. 0.30 0.65 1.00 1.35 Close Price

PETRONET LNG LIMITED CMP: 262.10 Target Price: 308 Upside: 17%
VALUE PARAMETERS Investment rationale begin supplying liquefied natural gas (LNG) to Sri
Ÿ Petronet LNG Limited is a Joint Venture Company with Lanka for five years starting in 2025. It would ship
Face Value (Rs.) 10.00 equity participation from four Oil & Gas Maharatna 850 metric tons of gas daily. It also plans to
Public Sector undertakings i.e., GAIL, ONGC, IOCL and commission a floating storage regasification unit
52 Week High/Low 296.15/191.65 (FSRU) in Sri Lanka by 2028 at an estimated cost of
BPCL each holding equity of 12.50%, and together
M.Cap (Rs. in Cr.) 39315.00 totalling to 50%. The Company had set up Country’s Rs. 2,500 crore.
EPS (Rs.) 23.38 first LNG Receiving and Regasification Terminal and RISK
started its operations in year 2004, with an initial • Increase Commodity Price
P/E Ratio (times) 11.21 nameplate capacity of 5 MMTPA at Dahej, Gujarat.
P/B Ratio (times) 2.38 Since then, the capacity of the Dahej terminal has • Economic Slowdown
been expanded in phases (10 MMTPA in year 2009, 15 VALUATION
Dividend Yield (%) 3.82 MMTPA in 2016 and 17.5 MMTPA in 2019).
The execution of LNG SPA with QatarEnergy augers well
Stock Exchange BSE Ÿ Recently it has executed a LNG Sale & Purchase for the Company, in terms of growth visibility. Its
Agreement (LNG SPA) for purchase of around 7.5 diversification into Poly-Propylene, Propylene,
MMTPA LNG with QatarEnergy on long-term basis. This Propane, Hydrogen and Ethane by setting up new plant
% OF SHARE HOLDING is pursuant to extension of an existing LNG SPA for LNG at a time when government is looking at making the
supply of around 7.5 MMTPA LNG Sale & Purchase country a petchem hub is also likely to benefit the
11.06 Agreement on FOB basis, signed on 31st July 1999 for company. Besides, the company improved operational
27.4 Foreign
supplies till 2028. Under the new agreement, LNG performance on the back of higher capacity utilization
Ins tu ons
supplies would commission from 2028 till 2048. indicates near term growth visibility. Thus, it is
Non Promoter Corporate Holding Ÿ It is setting up a petrochemical plant in Dahej, Gujarat expected that the stock will see a price target of
10.96
Promoters with an estimated cost of Rs. 20,685 crore. The Rs.308 in 8 to 10 months’ time frame on three year
50 Public & Others project would bring revenue generation from sale of average P/BV of 2.45x and FY25 BVPS of Rs.125.70.
Poly-Propylene, Propylene, Propane, Hydrogen and
0.58
Ethane. The project would also get benefited from
utilising ‘ColdEnergy’ from its existing Dahej LNG P/BV Chart
FINANCIAL PERFORMANCE ` in cr
terminal making this project energy-efficient. 500.00
450.00
According to the management, it project would be 400.00
ACTUAL ESTIMATE ready in the next four years. 350.00
FY Mar-23 FY Mar-24 FY Mar-25 300.00
Ÿ The Company is in process of setting up its maiden LNG
Revenue 59,899.35 56,109.46 57,762.21 terminal on the east coast of India at Gopalpur,
250.00
200.00
Ebitda 4,855.77 5,212.06 5,420.40 District- Ganjam, Odisha. It has executed binding 150.00

Ebit 4,091.43 4,452.95 4,585.44 Transaction Documents with M/s Goplapur Ports 100.00

Net Income 3,239.94 3,553.30 3,658.87

Limited for setting up of Floating Storage 50.00
0.00
Regasification Unit (FSRU) based LNG terminal with
30-Jul-19

05-Dec-19

10-Jun-20
07-Aug-20

07-Dec-20

11-Jun-21
11-Aug-21

14-Dec-21

16-Jun-22
17-Aug-22

19-Dec-22

22-Jun-23
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26-Dec-23
03-Feb-20

05-Feb-21

11-Feb-22

16-Feb-23

23-Feb-24
27-Mar-19

03-Oct-19

07-Apr-20

07-Oct-20

09-Apr-21

12-Oct-21

18-Apr-22

18-Oct-22

24-Apr-23

25-Oct-23
30-May-19

EPS 21.60 23.27 24.26 capacity of ~4 MMTPA (Phase-1), with provision for
BVPS 99.56 112.48 125.70 converting to 5 MMTPA land-based terminal.
RoE 22.99% 21.98% 20.25% Ÿ According to the management, the company plans to 1.80 2.50 3.20 3.90 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

GODREJ CONSUMER PRODUCTS LIMITED (GODREJCP)

The stock closed at Rs.1251.80 on 28th March, 2024. It made a
(DALBHARAT) 52-week low of Rs.897 on 28th April, 2023 and a 52-week high
of Rs.1314.30 on 01st February 2024. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at 1096.

In February 2024, the stock peaked at 1314.30, marking its 52-

week high, before retracing back to the 1200 levels and
entering into a consolidation phase. Within the range of 1200-
1280, the stock exhibited a series of lower bottom patterns on
the daily timeframe. Recently, there has been a notable
breakout above a symmetrical triangle pattern. This breakout
was accompanied by positive divergences on secondary
oscillators, indicating a potential shift in momentum.
Therefore, one can buy the stock in the range of 1240-1250
levels for the upside target of 1375-1380 levels with SL below
1170 levels.

MAX FINANCIAL SERVICES LIMITED (MFSL)

The stock closed at Rs.3791 on 22ND March, 2024. It made a
(MPHASIS) 52-week low at Rs.2868.90 on 28th MARCH, 2023 and a 52-
week high of Rs.4011.15 on 21ST JUNE 2023. The 200 days
Exponential Moving Average (DEMA) of the stock on the daily
chart is currently at Rs.3518.

Following a rebound from its 200-day exponential moving

average on the daily timeframe, the stock swiftly surged
towards the 1000 mark in short span. Despite this rapid
recovery, the stock has remained within the range of 930-1000
for approximately two months due to a series of
consolidations. However, last week a renewed momentum has
been witnessed into the prices as the stock broke out above a
rectangle pattern formation. Notably, the stock successfully
closed above its critical resistance level of 1000 as well. The
surge in trading volumes, coupled with price action, indicates
support for the next upward movement in prices. Therefore,
one can buy the stock in the range of 995-1005 levels for the
upside target of 1125-1130 levels with SL below 920 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
In the last working day of the financial year, the market closed in green zone where Nifty outperformed the Banknifty. Nifty surged by over 1% on a weekly
basis, while Banknifty also experienced a gain of more than half a percent. Key sectors such as Realty, Infra and Consumer Durables emerged as major
gainers, while Media and IT stocks underperformed. From the derivative front, in Nifty options, the highest call open interest was observed at the 22,500
strike, while the highest put open interest was at the 22,000 strike. For Banknifty, the highest call open interest was at the 47,500 strike, followed by
48,000 strike, with the highest put open interest at the 47,000 strike. Implied volatility (IV) for Nifty's call options settled at 12.14% and put options
concluded at 12.73%. The India VIX, a crucial market volatility indicator, ended the week at 12.70%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.25
for the week. In this week, Nifty is expected to oscillate within the range of 22000 to 22500 levels. Following last week's pattern where Nifty tested the 50-
day exponential moving average support and rebounded, traders are advised to monitor this indicator closely. Keeping this in mind will help traders
identify trends and make informed decisions in the market.

DERIVATIVE STRATEGIES
BULLISH STRATEGY BEARISH STRATEGY
GRASIM IDFCFIRSTB COFORGE

BUY APR 2300 CALL 62.00 BUY APR 75 PUT 1.95 BUY APR 5500 PUT 200.00
OPTION SELL APR 2340 CALL 46.00 SELL APR 72 PUT 0.95 SELL APR 5300 PUT 120.00
STRATEGY Lot size: 477 Lot size: 7500 Lot size: 150
BEP: 2316.00 BEP: 74.00 BEP: 5420.00

Max. Profit: 11448.00 (24.00*477) Max. Profit: 15000.00 (2.00*7500) Max. Profit: 18000.00 (120.00*150)
Max. Loss: 7632.00 (16.00*477) Max. Loss: 7500.00 (1.00*7500) Max. Loss: 12000.00 (80.00*150)

BUY BAJAJFINSV (APR FUTURE) BUY IPCALAB (APR FUTURE) SELL SBICARDS (APR FUTURE)
Buy: Above `1680 Buy: Above `1242 Sell: Below `682
FUTURE
Target: `1732 Target: `1281 Target: `649
Stop loss: `1652 Stop loss: `1221 Stop loss: `700

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

In lakhs In lakhs
30.00 8.00
25.72

6.80
7.00
23.04

25.00
5.67

6.00
20.30

5.30
5.27

5.18
18.56

18.38

4.83
17.71

20.00
16.63

5.00

4.31
15.63
14.66

15.00 4.00

3.30
12.02
11.93

3.10

3.08

2.55
9.71

3.00
2.37
9.10

8.66

10.00
2.03
7.35

6.20
5.90

5.90

2.00
1.43
1.27
1.20

1.20
1.16
4.11

0.88

5.00
3.12
2.99

0.58

0.56
1.00
0.14
0.25

0.00 0.00
20000 20500 21000 21500 22000 22200 22300 22500 23000 23500 24000 20000 20500 21000 21500 22000 22200 22300 22500 23000 23500 24000
Call Put Call Put

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

In 10,000 In 10,000
12.00
10.59

140.00
122.75

9.20
8.93

10.00
120.00

8.00
6.84

100.00
6.13

5.81

5.54

5.21
5.09
4.96

6.00
4.91
4.59
69.03

80.00
3.52

3.49
3.48

3.07

4.00
2.92
2.61

2.49

1.92

60.00
1.23
44.32

2.00
35.29
35.27

34.88
33.59
31.66

40.00
0.00
23.17
21.32

19.57
17.64

16.74
16.39

15.59

15.60
15.42

12.74

10.73

20.00 -2.00
9.45
4.74

-2.34
2.15

0.00 -4.00
44000 45000 46000 46500 47000 47500 48000 48500 49000 50000 51000 44000 45000 46000 46500 47000 47500 48000 48500 49000 50000 51000

Call Put Call Put

8
 DERIVATIVES
SENTIMENT INDICATOR (NIFTY) SENTIMENT INDICATOR (BANKNIFTY)
27-Mar 26-Mar 22-Mar 21-Mar 20-Mar 27-Mar 26-Mar 22-Mar 21-Mar 20-Mar
DISCOUNT/PREMIUM 208.15 255.85 238.60 254.60 237.05 DISCOUNT/PREMIUM 438.30 534.80 460.50 527.75 550.65
COST OF CARRY% 0.69 0.69 0.66 0.65 0.64 COST OF CARRY% 0.70 0.70 0.66 0.69 0.64
PCR(OI) 1.25 1.30 1.21 1.21 1.20 PCR(OI) 0.92 0.90 0.95 0.90 0.91
PCR(VOL) 1.19 1.40 1.21 1.31 0.95 PCR(VOL) 0.83 0.87 1.02 0.87 0.80
A/D RATIO(NIFTY 50) 0.69 0.75 3.00 8.80 0.88 A/D RATIO(BANKNIFTY) 0.71 1.40 1.75 11.00 1.20
A/D RATIO(ALL FO STOCK)* 0.69 1.98 2.02 15.33 1.07 A/D RATIO(ALL FO STOCK)# 0.50 1.50 1.80 14.00 1.80
IMPLIED VOLATALITY 12.14 12.18 11.52 11.90 12.89 IMPLIED VOLATILITY 14.32 14.82 14.40 14.89 15.64
VIX 12.70 12.82 12.22 12.51 13.47 VIX 12.70 12.82 12.22 12.51 13.47
HISTORICAL VOLATILITY 14.59 14.62 14.65 14.68 14.67 HISTORICAL VOLATILITY 18.86 18.90 18.94 18.98 19.00
*All Future Stock #All Future Stock

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

In Cr. In Cr.
2000

5607
10000
1433

1500 5000

1000 0
443
442

500 -5000

-5202
0 -10000 -5555

-10487
-179

-12165
-500 -15000

-14079
-14983
-633
-711

-17151
-1000 -20000

-17712
-881
-928

-1116

-1500 -25000

-2000 -30000

-30084
-2143

-2500 -35000

13-Mar 14-Mar 15-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar 26-Mar 27-Mar 13-Mar 14-Mar 15-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar 26-Mar 27-Mar

Top 10 Long Buildup Top 10 Short Buildup

NAME LTP % Price Change Open interest %OI Chng NAME LTP % Price Change Open interest %OI Chng
BIOCON 259.00 1.09% 33562500 393.75% PEL 848.40 -2.48% 9428250 637.73%
OBEROIRLTY 1528.80 4.63% 3583300 322.71% COLPAL 2662.65 -1.69% 3673600 242.89%
NAUKRI 5522.40 4.32% 1102200 320.61% DIVISLAB 3397.85 -2.02% 2869000 237.61%
MFSL 1022.70 7.18% 8331200 292.83% POWERGRID 272.75 -2.06% 48769200 234.91%
TITAN 3777.95 1.01% 3207925 274.48% TATACONSUM 1101.80 -2.73% 8014500 219.75%
DIXON 7471.05 3.42% 1186300 268.42% LUPIN 1606.15 -1.00% 3964400 206.64%
BAJFINANCE 7059.90 3.34% 5131625 244.55% TRENT 3907.10 -2.10% 2170000 206.50%
SHRIRAMFIN 2399.20 1.96% 5240700 236.65% JKCEMENT 4094.25 -1.02% 696250 203.71%
CHOLAFIN 1139.15 3.80% 8937500 235.52% APOLLOHOSP 6290.70 -2.13% 1665000 191.53%
SHREECEM 26118.50 2.33% 184750 231.24% HEROMOTOCO 4613.00 -2.20% 3546600 183.43%

Note: All equity derivative data as on 27th March, 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 are likely to trade sideways to down in anticipation of rise in
domestic supplies. Advancement of harvesting activities will lead to rise in
supplies. Weather condition is looking conducive for harvest that will support
facilitate the harvesting activities in Telangana and Maharashtra. About 49.7
thousand tonnes of turmeric arrived at major APMC mandies across India in
Mar’24 against the 62.5 thousand tonnes of previous year. Arrivals remained
lower due to lower crop as production is estimated to drop by 20% Y-o-Y in year
2024. Export enquires have been bleak and likely to remain sluggish that will be
the major hurdle for major gains in prices. Advancement of harvesting activities
and slower export enquires will cap the gains. Turmeric export from India
dropped 15% Y-o-y to 10.49 thousand tonnes in Jan’24 wherein total export
during Apr’23-Jan’24 reported at 131.6 thousand tonnes down by 3.5% from
previous year. Fall in exports can be attributed to limited availability of quality
produce and higher prices. Turmeric prices are likely to face resistance near
18800 wherein support is seen near 16400.
Jeera futures remained higher on improved exports amid active buying by
stockists. Global supplies have been tighter due to lower production in Syria and
Turkey that boosted the Indian jeera exports in recent months. Indian jeera
prices have turned attractive at prevailing rates that will lead to rise in exports.
India exported 12.4 thousand tonnes of jeera in Jan’24 as compared to 8.04
thousand tonnes previous year higher by 54% Y-o-Y . Exports seasonality of jeera
suggest that export demand remains higher during Mar due to strong demand
prospects ahead in wake of series of festivals in Mar-Apr. Supplies of new crop
have started with advancement of harvesting activities that will cap the gains.
Jeera production in India is expected to increase by 30% Y-o-Y in year 2024. Jeera
prices are likely to trade in range of 21500-32000.
Dhaniya prices are likely to remain higher due to weaker production prospects
amid robust export demand. Production is likely to be down about 10-15% Y-o-Y
due to fall in area and yield. India exported about 83.6 thousand tonnes of
coriander during Apr’23-Jan’24 compared to 24.8 tonnes of previous year up by
215% Y-o-Y. Firmness in dhaniya is likely to remain intact due to bleak supply
outlook supported by lower production estimates. Increased festive buying will
also support firmness in prices. However, new arrivals are likely to commence in
coming weeks that will cap the excessive gains. Dhaniya prices are likely to trade
in range of 7300-8200.
OTHER COMMODITIES
Guar seed futures are likely to trade higher due to improved export enquires.
Demand for gum has increased at prevailing rate that will lead to rise in exports.
Crush margin has improved that will lead to rise in crushing demand of guar gum.
Arrivals have been lower that will lead to rise in prices. Supplies pace has been
slower in recent weeks due to persistent fall in prices. However, overall supply
has been higher so far in year 2023-24. Guar seed arrivals at major APMP mandies
were reported at 2.10 lakh tonnes during Oct’23-Feb’24 higher by 8% Y-o-Y.
Higher carry forward stocks kept supplies higher so far in year 2023-24. The
overall production of guar seed has reportedly decreased by 11%-13% Year-on-
Year to 10.7 lakh tonnes in the year 2023-24. Reports of rising export of gum are
likely to support prices. Guar gum export rose 30% Y-o-y to 20.05 thousand
tonnes in Jan’24. Guar seed prices are expected to find support around 4700,
with resistance seen at 5600. Similarly, Guar gum prices are likely to find support
around 9600, with resistance observed at 10800.
Cotton prices are likely to trade higher on supply tightness in physical market.
Arrivals pace has been down due to lower production in domestic market. Cotton
Advisory board has projected total cotton production for year 2023-24 at 323.11
lakh bales against the 336.60 lakh bales of previous year. About 64 thousand
bales arrived on 27nd March wherein cumulative arrivals in year 2023-24
reported at 246 lakh bales so far. Cotton prices are likely to remain higher due to
supply concerns as arrivals are likely to be remain lower in coming weeks as
about 65%- 68% of arrivals have touched the market so far in year 2023-24.
Cotton MCX prices are likely to trade in range of 57000-63500 Similarly, Kapas
Apr’24 futures are likely to trade in range of 1500-1580 level. Coucd is likely to
trade in range of 2450-2700
Mentha oil prices are likely to trade on firm note with shrinking supplies and
weaker production outlook for upcoming season. Area under mentha has
dropped atleast by 10% Y-o-Y that will lead to fall in production atleast by 7%-8%
Y-o-Y. India exported about 1709.2 tonnes of mentha oil during Apr’23-Jan’24 as
compared to 2016.7 tonnes of previous year. Mentha oil is likely to trade in range
of 900-950.
Castor seed prices are likely to trade higher due to tightness in supplies at major
trading centers. At the same time, reports of fall in exports of castor meal will
also put pressure on prices. India exported about 349.6 thousand tonnes during
Apr’23-Feb’24 compared to 351.4 thousand tonnes of previous year. Castor seed
prices are likely to trade in the range of 5700-6350 levels.
OUTLOOK
BULLIONS
Gold prices saw weekly gains as investors processed comments from Federal
Reserve Governor Christopher Waller regarding potential interest rate cuts and
awaited further U.S. economic data for policy indications. The previous week,
gold hit a record high following the Fed's anticipation of three rate cuts in 2024,
despite recent inflationary pressures. Governor Waller's stance, citing
disappointing inflation data, suggested a delay in cutting the short-term interest
rate target. Investor attention turned towards the upcoming U.S. core personal
consumption expenditure (PCE) price index report, scheduled for release on
Friday, to gauge the timing of potential rate adjustments. Projections indicated
a 0.3% rise in the PCE price index for February, maintaining an annual pace of
2.8%. Additionally, the weekly U.S. initial jobless claims report was under
scrutiny. Traders, meanwhile, reflected a 62% probability of rate cuts beginning
in June, according to the CME Group's FedWatch Tool. Lower interest rates
typically decrease the opportunity cost of holding gold. The gold-silver ratio
currently stands at 88.866, indicating a bullish trend. This suggests that gold is
likely to outperform silver in the upcoming sessions. However, a hurdle is
observed near the 91 level. Gold prices remained range bound for most of the
month, with a potential breakout anticipated above the current resistance level
of $2,225 per ounce, potentially targeting the $2,300 mark. Silver prices on
COMEX were expected to trade within the range of $24.00-$26.00, displaying
mixed trends. Looking ahead, gold prices on MCX were projected to trade
between 64700-67500, with possible corrections from higher levels. Silver prices
on MCX were anticipated to fluctuate within the wider range of 72900-76000.
ENERGY COMPLEX
Crude oil saw weekly gains following the latest EIA report, which indicated a
smaller-than-expected increase in US crude inventories compared to the API's
report. While the EIA data showed a rise of 3.165 million barrels, contrary to
expectations of a draw of 1.275 million barrels, it was significantly lower than
the API's reported increase of 9.337 million barrels. Investors also considered on
going supply-side concerns ahead of the OPEC Joint Monitoring Ministerial
Committee meeting scheduled for the coming week. Market consensus leans
towards rate cuts by both the Fed and the ECB starting in June. Crude oil
received support from recent Ukrainian drone attacks on Russian refineries,
which damaged several facilities, limiting Russia's fuel exporting capacity.
However, this disruption has yet to impact Russian fuel exports due to the large
number of Russian ships transporting crude at sea. Despite OPEC+'s decision to
extend crude production cuts until the end of June, OPEC's February crude
production increased by 110,000 bpd to 26.680 million bpd, with Iraq and the
UAE pumping above their quotas, exerting bearish pressure on oil prices.
Additionally, the robust demand for crude oil in China contributed to a bullish
outlook for prices. Overall, the market traded with mixed sentiment. Looking
ahead, crude oil prices are expected to fluctuate within the range of 6650-6990
levels, with movements expected on both sides. On the flip side, natural gas
prices recorded minor gains but remained under pressure due to expectations of
above-normal temperatures in the US, which could reduce heating demand and
increase natural gas inventories. Prices may continue to experience range-
bound movement, finding support around 135-154.
BASE METALS
Base metals may trade with bullish bias boosted by signs of stabilisation in the
China's broader economy after profits at industrial companies improved in the first
two months. China's industrial firms posted higher profits in the opening months of
the year, reinforcing signs that an economic recovery was gaining traction despite
persistent sluggishness in the property sector. In top consumer China, a lack of
sufficient capital has slowed the construction of infrastructure and property
projects in the first quarter of 2024, weakening demand for base metals.
Meanwhile, China's central bank set the yuan at a much stronger fixing than
markets had expected, which could support the purchasing power of Chinese
metals buyers. Copper may trade in the range of 750-780 levels. China's top copper
smelters decided not to set guidance price for treatment and refining charges for
copper concentrate processing in the second quarter of 2024, sources said. The
smelters also proposed cutting refined copper production by 5-10%, the sources
said. Zinc can trade in range of 210-226 levels. Rising inventories in LME and SHFE
warehouses and weakening demand from the steel sector may weigh on the
market. Lead can move in the range of 173-181 levels with bearish bias on higher
supply. Macquarie expects a surplus in the global lead market of 76,000 tons this
year and 138,000 tons in 2025. Aluminium can trade in the range of 200-215 levels
with bullish bias due to concerns over slow recovery in production in China's Yunnan
province. Steel long (Apr) is likely to trade in the range of 40800-42500 levels with
negative bias. Steel demand is weakening around the world, due to factors like a
slowdown in construction and manufacturing.
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 APR 23860.00 14.03.24 DOWN 25000.00 - 25110.00 25150.00
NCDEX TURMERIC APR 17420.00 14.03.24 DOWN 18500.00 - 18190.00 18250.00
NCDEX GUARSEED APR 5059.00 14.02.24 UP 5300.00 4950.00 - 4900.00
NCDEX CASTORSEED APR 6072.00 18.01.24 UP 5650.00 5770.00 - 5750.00
NCDEX SUNOIL APR 863.20 06.03.24 UP 845.00 830.00 - 825.00
NCDEX STEEL APR 41790.00 27.09.23 DOWN 46300.00 - 42900.00 43000.00
NCDEX COCUD APR 2558.00 26.03.24 DOWN 2600.00 - 2675.00 2700.00
MCX MENTHA OIL APR 935.80 27.09.23 DOWN 960.00 - 975.00 980.00
MCX MCXBULLDEX APR 16871.00 04.03.24 UP 16600.00 16530.00 - 16500.00
MCX SILVER MAY 74662.00 04.03.24 UP 72200.00 71250.00 - 71000.00
MCX GOLD JUN 66944.00 04.03.24 UP 64000.00 65100.00 - 65000.00
MCX COPPER APR 759.05 06.03.24 UP 730.00 735.00 - 730.00
MCX LEAD APR 177.10 06.03.24 UP 179.00 172.00 - 170.00
MCX ZINC APR 216.75 06.03.24 UP 218.00 207.00 - 205.00
MCX ALUMINIUM APR 207.70 04.03.24 UP 202.00 202.00 - 200.00
MCX CRUDE OIL APR 6776.00 13.03.24 UP 6500.00 6520.00 - 6500.00
MCX NATURAL GAS APR 144.40 18.01.24 DOWN 235.00 - 177.50 178.00
Closing as on 27.03.2024

TECHNICAL RECOMMENDATIONS
ALUMINIUM MCX Contract: APR *
M.High: 209.50 *
M.Low: 195.30

It closed at Rs.207.70 on 27th Mar 2024. The 18-day Exponential Moving Average of the
commodity is currently at Rs.204.752. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 61.631. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.205.70 for a target of Rs.213.50 with the stop loss of 201.20.

CRUDE OIL MCX Contract: APR *

M.High: 6955.00 *
M.Low: 5952.00

It closed at Rs.6776.00 on 27th Mar 2024. The 18-day Exponential Moving Average of the
commodity is currently at Rs.6682.258. On the daily chart, the commodity has Relative
Strength Index (14-day) value of 61.083. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.6750 for a target of Rs.7150 with the stop loss of 6600.

CASTORSEED NCDEX Contract: APR *

M.High: 6160.00 *
M.Low: 5578.00

It closed at Rs.6072.00 on 27th Mar 2024. The 18-day Exponential Moving Average of the
commodity is currently at Rs.5888.278 On the daily chart, the commodity has Relative
Strength Index (14-day) value of 65.281. Based on both indicators, it is giving a buy
signal.

One can buy near Rs.6015 for a target of Rs.6350 with the stop loss of 5900.

NOTE: *M.High / M.Low stands for Monthly High / Monthly Low

15
 COMMODITY
NEWS DIGEST
Ÿ In its global prediction for the April-September period
of 2024, Asian-Pacific Economic Cooperation (APEC)
Climate Center has forecast above normal rainfall for
India during the South-West monsoon, which sets in on
June 1.
Ÿ In the current year, the Government has directed NCCF
and NAFED to initiate procurement of 5 lakh tonnes of
onion for the buffer requirement directly from the
farmers as Rabi-2024 harvest started arriving in the
market.
Ÿ The Cotton Corporation of India (CCI) said it has
procured 32.81 lakh bales of cotton so far in the ongoing
2023-24 season with maximum quantity from
Telangana, Andhra Pradesh and Maharashtra.
Ÿ Global crude steel production went up by 3.7 per cent in
February 2024 to 148.8 million tonnes (mt) against
143.6 mt in the corresponding period a year ago.
Ÿ India's gold imports are likely to fall to 10 to 11 metric
tons in March to hit their lowest level since the COVID
pandemic from 110 metric tons in February as banks cut
imports after record-high prices hit demand, a
government official told Reuters.
Ÿ Japan's refined copper exports fell 46 percent in
February from a year earlier to 28,989 tonnes, for a fifth
straight month of year-on-year declines, Ministry of
Finance data showed
Ÿ The Food Corporation of India (FCI), the Centre’s main
grain-handling agency, had about 9.4 million tonne of
the grain at the start of the current month compared to
nearly 11.5 million tonne in March last year, according
to an official data.
Ÿ Ukrainian exports of sunflower oil in the first half of the
2023-2024 season increased by 18.5% compared with
the same period a year before.
WEEKLY COMMENTARY
The CRB index extended its upward trend for the third consecutive week,; above 330. Gold
prices saw a second consecutive week of gains. Silver prices remained relatively stable with
slight gains. India's gold imports are set to plunge by more than 90% in March from the previous
month to hit the lowest level since the COVID pandemic, as banks cut imports after record-
high prices hit demand. The Dollar index closed slightly lower but maintained levels above
104.3. US treasury yields declined for the second consecutive week. Among base metals,
copper prices finished in positive territory, while lead prices retraced some of their weekly
gains but still closed above 176 levels. Aluminum prices continued their upward trajectory for
the fifth consecutive week, supported by crude oil prices, whereas zinc prices closed lower. In
the energy sector, crude oil prices surged for the third consecutive week, closing above 6800
levels, while natural gas prices experienced modest gains within a narrow range. Oil prices
rose as bets on tighter supplies, especially amid lower Russian production, put crude on
course for a strong first quarter in 2024. Russia had earlier in March said it will deepen its on-
going production cuts, while fuel supplies in the country also shrank following a series of
debilitating attacks by Ukraine on Russian fuel refineries.
Within the agricultural sector, castor seed prices declined after the previous week's gains due
to profit booking. Sun oil futures ended lower for the second consecutive week, while cotton
candy futures saw some buying interest at lower levels following a decline in the previous
week. Price moved up also on supply tightness in physical market. Arrivals pace has been
down due to lower production in domestic market. Cotton Advisory board has projected total
cotton production for year 2023-24 at 323.11 lakh bales against the 336.60 lakh bales of
previous year. Cotton oil seeds cake prices fell for the fourth straight week due to significant
stocks in warehouses. Kapas prices also declined for the fourth consecutive week. In the
spices market, trading was subdued, with jeera prices remaining range-bound amid subdued
spot buying activity. However, Indian jeera prices have turned attractive at prevailing rates
that will lead to rise in exports. India exported 12.4 thousand tonnes of jeera in Jan’24 as
compared to 8.04 thousand tonnes previous year higher by 54% Y-o-Y . Turmeric and dhaniya
prices also traded within narrow ranges on advancement of harvesting activities. Weather
condition is looking conducive for harvest that will support facilitate the harvesting activities
in Telangana and Maharashtra. About 49.7 thousand tonnes of turmeric arrived at major APMC
mandies across India in Mar’24 against the 62.5 thousand tonnes of previous year. Mentha oil
prices experienced a third consecutive week of decline.

NCDEX TOP GAINERS & LOSERS (% Change) MCX TOP GAINERS & LOSERS (% Change)
2.00% 2.00%
1.59%
1.21%
1.06%
0.93%
1.00% 1.00%
0.54% 0.44%
0.36%

0.00% 0.00%
-0.18% -0.26%

-1.00%
-1.00%
-1.18%
-2.00% -1.72%
-2.00% -1.73% -1.81%
-2.00%

-3.00%
-3.00% -2.95%
-2.96%
-3.38%
-4.00%
-4.00% COTTON LEAD GOLD MINI GOLD GUINEA CRUDE OIL SILVER MINI ALUMINIUM ZINC MINI NATURAL GAS NICKEL
GUR STEEL PADY MAIZE GUARGUM GUARSEED COCUD MINI MINI

WEEKLY STOCK POSITIONS IN WAREHOUSE (NCDEX) WEEKLY STOCK POSITIONS IN WAREHOUSE (MCX)
COMMODITY UNIT 20.03.24 QTY 27.03.24 QTY DIFFERENCE COMMODITY UNIT 22.03.24 QTY 26.03.24 QTY DIFFERENCE
COTTON KG 0 0 0 ALUMINIUM MT 1447.652 1539.037 91
BAJRA MT 221 221 0 COPPER KGS 1489605 1489605 0
CASTOR SEED MT 2474 2207 -267 GOLD KGS 327 327 0
CORIANDER MT 0 198 198 GOLD GUINEA GM 6384 6384 0
COTTONSEED OILCAKE MT 63753 65177 1424 GOLD MINI GM 389600 205100 -184500
GUARGUM MT 20458 20507 49 LEAD MT 0 0 0
GUARSEED MT 29904 30095 191 SILVER KGS 327266.821 326181.077 -1086
JEERA MT 0 0 0 SILVER M KGS 49552.755 49552.755 0

STEEL MT 333 220 -113 ZINC MT 0 0 0

16
 COMMODITY
Spot Prices (% Change) Copper Reserves: Top 5 Countries

Copper has become a third major industrial metal after iron and aluminium in
TURMERIC (NIZAMABAD) 1.02% terms of quantities consumed. For decades, copper has served as an effective
barometer and most reliable indicator of the economic health of a region.
This is why financial experts have traditionally referred copper as “Dr. Copper
WHEAT (DELHI) 0.00% of economy”. Now, Copper's role in green energy and its necessity for
urbanization and its dwindling resources are very relevant to current
discussions about sustainability and the future.
JEERA (UNJHA) 0.00%
The Copper Development Association pegs current known worldwide copper
ore resources at nearly 5.8 trillion pounds, of which only about 0.7 trillion
MUSTARD (JAIPUR)
pounds, or 12 percent, have been mined throughout history. But the worry is
-0.07%
that these might not be enough to meet the long-term needs of a growing
green economy and expanding cities as the discovery rate of new major
COTTON (KADI -0.39%
copper deposits has slowed down.
According to the most recent data from the US Geological Survey, the
countries with the largest copper deposits are Chile, Peru, Australia, Russia
CORIANDER (KOTA) -0.75% and the Democratic Republic of Congo.
Chile
BARLEY (JAIPUR) -0.76% Chile has the largest copper reserves of any country by far, with 190 million
metric tons as of 2023. Chile’s reserves guarantee copper production for
roughly the next 100 years at the current extraction rate. Chile is also the
COTTON SEED OIL CAKE (AKOLA) -1.02% world’s largest copper producer, having produced some 5 million MT of
copper from mines in 2023. BHP’s Escondida is the largest copper-producing
mine in the world, and supply disruptions at the site — for example, due to
CHANA (DELHI) -1.02% wage negotiations — can also affect copper prices.
Peru
SOYABEAN (INDORE) -1.05% Peru holds 120 million MT, or 12 percent, of the world’s copper reserves. In
2023, the country maintained its position as the second largest producer (tied
with the DRC), with national copper output of 2.6 million MT. Peru’s largest
GUR (MUZAFFARNGR) -1.29%
copper reserves can be found at the Antamina, Toquepala, Cerro Verde,
Cuajone and Tintaya mines. Antamina mine is Peru's largest copper mine.
GUAR SEED (JODHPUR) -1.89% Australia
Australia has the third largest copper reserves with 100 million M, housing
CRUDE PALM OIL (KANDLA) -2.11%
around 10 percent of global reserves. However, its output is much lower than
the top two countries, with 810,000 MT mined in 2023. According to the
Australian government, the nation’s copper resources are largely
GUAR GUM (JODHPUR) -2.18%
concentrated at the Olympic Dam copper-uranium-gold deposit in South
Australia and at the Mount Isa copper-lead-zinc deposit in Queensland.
Democratic Republic of Congo
REFINED SOYBEAN OIL (MUMBAI) -2.54%
The DRC has seen its copper reserves increase dramatically in recent years to
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50%
tie with Russia as of 2023. One major copper asset in the DRC is Ivanhoe Mines’
Kamoa-Kakula project, a joint venture the company shares with partner Zijin
Mining Group. As more projects are developed, the DRC is on track to eclipse
Peru for the number two spot in copper production. In 2023, production in the
African country reached 2.5 million MT.
WEEKLY STOCK POSITIONS IN LME (IN TONNES)
Russia
COMMODITY STOCK POSITION STOCK POSITION DIFFERENCE
22.03.24 27.03.24
Russia has 80 million MT
copper reserves, but in 2023
ALUMINIUM 559600 556525 -3075.00 production was low, coming in
at just 910,000 MT.One of the
COPPER 117900 113100 -4800.00 biggest copper operations in
NICKEL 77454 76836 -618.00 Russia is the Udokan deposit in
Siberia, which is currently
LEAD 267750 267850 100.00 owned by Udokan Copper,
previously named Baikal
ZINC 269375 263550 -5825.00 Mining Company. The company
successfully launched copper
concentrate production at the
new plant in September 2023. Source: ICSG

PRICES OF COMMODITIES IN LME/ COMEX/ NYMEX (in US $) So, while the amount of copper we currently know about seems plentiful, it
highlights the importance of sustainable mining practices, maximizing
COMMODITY EXCHANGE CONTRACT 22.03.024 27.03.24 CHANGE%
recycling, and potentially exploring alternative materials to complement
ALUMINIUM LME CASH 2309.00 2298.50 -0.45% copper in the future.
COPPER LME CASH 8866.50 8849.50 -0.19%
LEAD LME CASH 2036.50 2003.00 -1.64%
INTERNATIONAL COMMODITY PRICES
NICKEL LME CASH 17242.00 16620.00 -3.61% Commodity Exchange Contract Unit 22.03.24 27.03.24 Difference(%)
ZINC LME CASH 2484.00 2437.00 -1.89% Soybean CBOT MAY Cents Per Bushel 1,205.50 1,206.50 0.08%
GOLD COMEX APR 2160.00 2201.40 1.92%
Soybean oil CBOT MAY Cents per Pound 48.21 48.22 0.02%
SILVER COMEX MAY 24.84 24.88 0.14%
Cotton ICE MAY Cents per Pound 91.53 90.77 -0.83%
CRUDE NYMEX APR 80.63 81.35 0.89%
NATURAL GAS NYMEX APR 1.81 1.95 7.78% CPO BMD MAY MYR per MT 4,188.00 4,136.00 -1.24%

17
 CURRENCY
CURRENCY TABLE
CURRENCY USD-INR EUR-INR GBP-INR JPY-INR EUR-USD GBP-USD USD-JPY DOLLAR INDEX
TREND Mild Bullish Mild Bearish Mild Bearish Sideways Mild Bearish Bearish Mild Bullish Bullish
TERRITORY Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral
SUPPORT 83.00 89.75 104.50 54.75 1.0750 1.2525 150.75 103.75
RESISTANCE 83.50 90.75 106.00 56.00 1.0850 1.2675 152.00 105.00

Economic Gauge for the Next Week MARKET STANCE

Date IST Currency Event Previous Forecast Impact This week, the rupee experienced a significant downturn,
01-Apr 19:30 USD ISM Manufacturing PMI 47.8 48.3 Positive For USD hitting a new all-time low due to a substantial increase in
local dollar demand amid the end phase of FY24. The
01-Apr 05:20 JPY Large Manufacturers Index (Q1) 12 10 Negative For JPY
shortened trading week saw limited changes thereafter.
02-Apr 13:30 EUR Manufacturing PMI 46.5 45.7 Negative For EUR In a notable event, the rupee dropped to an
02-Apr 19:30 USD JOLTS Job Openings 8.86M 8.84M Negative For USD unprecedented level of 83.45 against the dollar during
Wednesday's closing minutes. However, a potential
03-Apr 14:30 EUR Inflation Rate YoY 2.60% 2.60% Neutral For EUR
intervention from RBI helped the rupee recover. Looking
03-Apr 19:30 USD ISM Services PMI 52.6 52.4 Negative For USD ahead, RBI is scheduled to announce its first rate decision
05-Apr 10:00 INR Interest Rate Decision 6.50% 6.50% Neutral For INR of the new fiscal year on 5 April, with market expectations
leaning towards maintaining the current status quo. As for
05-Apr 18:00 USD Non-Farm Payrolls 275K 200K Negative For USD the rupee's outlook, there is a projected trading range of
05-Apr 18:00 USD Unemployment Rate 3.90% 3.90% Positive For USD 83.20 to 83.40 against dollar for the week ahead, with a
slight inclination towards a modest upside bias. Globally,
the euro is expected to close the first quarter of 2024 with
Major Macroeconomic Indicators a loss of approximately 2% against the dollar, primarily
Country Interest Rate Inflation Rate 10Y Bonds Yield GDP Growth Rate Real Rates due to scaled-back expectations of a Fed rate cut since
January. Consequently, the Dollar Index, which carries a
China 3.45% 0.70% Feb 2.31% 5.20% Dec 2.75% 52% weightage of the euro, has risen by 2.9% so far in the
Euro Area 4.50% 2.60% Feb - 0.00% Dec 1.90% March quarter. Market participants will closely monitor
Friday's release of the Fed's preferred inflation data to
France 4.50% 3.00% Feb 2.79% 0.70% Dec 1.50%
gauge the market's direction for the following week. Any
Germany 4.50% 2.50% Feb 2.29% -0.20% Dec 2.00% potential decline below the 90 handle may trigger heavy
India 6.50% 5.09% Feb 7.04% 8.40% Dec 1.41% selling pressure on the euro/rupee pair. The British Pound
remains vulnerable to potential downside following the
Italy 4.50% 0.75% Feb 3.61% 0.64% Dec 3.75%
Bank of England's recent dovish stance. In parallel, the
Japan 0.00% 2.80% Jan 0.72% 1.20% Dec -2.80% GBPINR pair may experience significant weakness if it
United Kingdom 5.25% 3.40% Feb 3.97% -0.20% Dec 1.85% breaks below the 104.80 level next week. The Japanese
Yen has also been in focus, hitting a new low in 2024 after
United States 5.50% 3.20% Feb 4.21% 3.10% Dec 2.30% a dovish stance from the Bank of Japan.

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

USD/INR(APR) pair is currently in an Sideways trend as trading between its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
83.10. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 63 on the daily chart. Major support is seen around 83 levels, while resistance
is expected near 83.5 levels.
One can Sell near 83.5 for the target of 83 with the stop loss of 83.75
EUR/INR(APR) 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
90.16. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 51 on the daily chart. Major support is seen around 89.75 levels, while
resistance is expected near 90.75 levels.
One can Sell near 90.75 for the target of 89.75 with the stop loss of 91.25

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

GBP/INR(APR) 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
105.42. 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 104.5 levels, while
resistance is expected near 106 levels.
One can Sell near 106 for the target of 105 with the stop loss of 106.5
JPY/INR(APR) pair is currently in an Sideways trend as trading below its major
Exponential Moving Average where, the 21-day Exponential Moving Average is around
55.32. However, the pair is in Neutral territory with a Relative Strength Index (14-day)
value of 42 on the daily chart. Major support is seen around 54.75 levels, while
resistance is expected near 56 levels.
One can Sell near 56 for the target of 55.1 with the stop loss of 56.45

18
 IPO
SMC Ranking
BHARTI HEXACOM LIMITED (3/5)
Issue Highlights About the Company
Industry Telecom Incorporated in 1995, Bharti Hexacom Limited provides fixed-line telephone and broadband services to
customers in Rajasthan and North East telecom circles in India. It has a market share of 40% in
Offer for sale (Shares) 75,000,000 Rajasthan and 50% in the North East. In FY23, Bharti Hexacom recorded revenue at Rs.6,719 crore and
Net Offer to the Public 75,000,000 profit after tax (PAT) at Rs.549 crore, according to its financials.
Issue Size (Rs. Cr.) 4065-4275
Strength
Price Band (Rs.) 542-570
Established Leadership and Large Customer Base in its area of operations: Bharti Hexacom, an Airtel
Offer Date 3-Apr-24 provider, offers mobile, broadband, and fixed-line services in Rajasthan and North East India
Close Date 5-Apr-24 (Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura). With 27.1 million customers by
Face Value 5 Dec 31, 2023, it leads the North East market (52.3% share) and holds the second position in Rajasthan
(38.7% share). Its strategy of partnering with local cable operators has expanded its high-speed
Lot Size 26 Shares
broadband network from 23 cities in 2021 to 90 by 2023.
Presence in Markets with High Growth Potential: Airtel's Rajasthan and North East India service areas
(covering Rajasthan and several North Eastern states) boast higher Average Revenue Per User (ARPU)
growth than the national average, indicating strong potential. This is driven by rising phone ownership
in rural areas, more data use, and a growing digital economy. Airtel's leadership in these regions
Issue Composition In shares
positions it well to capitalize on this promising market.
Total Issue for Sale 75,000,000 Parentage and Established Brand: Bharti Hexacom, a subsidiary of major telecom provider Airtel,
QIB 56,250,000 benefits from Airtel's strong market presence (over 36% revenue share in India) and vast resources. This
NIB 11,250,000 translates to advantages like leveraging infrastructure, network resources, and vendor deals,
ultimately strengthening Bharti Hexacom's competitiveness and efficiency.
Retail 7,500,000
Building a Future Ready Network: Bharti Hexacom combines its own towers with Airtel's network to
create a robust and extensive infrastructure, optimizing costs and coverage. By December 2023, it had
over 24,000 towers serving customers with high data usage.
Extensive Distribution and Service Network: Bharti Hexacom has a wide sales network across its
Objects of the Issue regions (89,454 retail touchpoints, 616 distributors, 75 stores) to serve customers, especially high-
value ones. It also leverages Airtel's 'Mitra' app for transactions and sales, and their 'Airtel Thanks' app
The objects of the Offer are to
(11.7 crore users) for account management and customer care, highlighting its focus on digital
To carry out the Offer for Sale of up to 75,000,000 Equity customer engagement.
Shares by the Selling Shareholder; and
Strategy
Achieve the benefits of listing the Equity Shares on the
Grow Revenue by Focusing on Acquiring and Retaining Quality Customers: Bharti Hexacom pushes
Stock Exchanges.
users to upgrade from 2G to 4G/5G plans with more data, and from prepaid to postpaid plans. The
company offers targeted data plans, bundled services (Airtel Black), and easy international roaming
(World Pass) to maximize customer spending and attract high-value customers with Airtel Xstream
Fiber.
Book Running Lead Manager Expand Network Coverage: Airtel prioritizes network expansion in high-value areas while entering
Ÿ SBI Capital Markets Limited rural markets. This strategy, along with diverse services and an asset-light model, has driven customer
Ÿ Axis Capital Limited growth and financial performance.
Ÿ BOB Capital Markets Limited Deliver Brilliant Customer Experience through an Omnichannel Approach and Extensive Use of
Ÿ ICICI Securities Limited Data Science: Bharti Hexacom prioritizes customer experience by revamping services with digital
Ÿ IIFL Securities Limited tools, focusing on simplicity across all touchpoints (search, purchase, support). The company
measures success through customer interactions across channels (social media, app, store, etc.) and
Name of the registrar and has implemented platforms like "Buy," "Bill," "Pay," and "Serve" for a streamlined omnichannel
Ÿ Kfin Technologies Limited experience. This not only improves satisfaction but also reduces interaction volume. Physical stores
remain an additional touchpoint.
Risk Factor
Ÿ The company's business depends on mobile services in Rajasthan and North East India, so problems
Valuation in those regions could hurt its finances.
Considering the P/E valuation on the upper price Ÿ The company relies on others for much of their network infrastructure, which could cause issues.
band of Rs.570, EPS and P/E based on TTM are
Ÿ Outlook
Rs.9.67 and 58.92 multiple respectively and at a
BHL is a "Airtel" group arm providing communications solutions in north east regions. The brand "Airtel"
lower price band of Rs. 542, P/E multiple is 56.03.
enjoys place in top five most valuable brands. In the recent three fiscal years and the nine months that
Looking at the P/B ratio on the upper price band of
ended on December 31, 2023, it has spent Rs.7103.30 crore on increasing its network coverage and
Rs.570, book value and P/B are Rs. 88.32 and 6.45 infrastructure. It has continuously been able to grow its market share and average revenue per user
multiple respectively and at a lower price band of Rs. (ARPU) in its circles as a consequence of these measures. However, the company derives its revenues
542 P/B multiple is 6.14. No change in pre and post from providing mobile telephone services in Rajasthan and the North East circle and any unfavourable
issue EPS and Book Value as the company is not developments in such regions could adversely affect its business, results of operations and financial
making fresh issue of capital. condition. A long term investor may opt the issue.

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
PGIM India Mutual Fund launches retirement fund
PGIM India Mutual Fund has launched PGIM India Retirement Fund, an open-ended retirement solution-oriented scheme having a lock-in of five years or
till retirement age, whichever is earlier. The new fund offer or NFO of the scheme is open for subscription and will close on April 9. The lock-in period is
also applicable when an investor moves out of the PGIM India Retirement Fund to any other scheme within the fund house, before the mandatory lock-in
period of five years or retirement age, whichever is earlier. The transfer-out of the scheme shall be allowed subject to five-years lock-in period from the
date of allotment of units or attainment of retirement age of 60 years, whichever is earlier, subject to exit load, if any. The investment objective of the
scheme is to provide capital appreciation and income to investors in line with their retirement goals by investing in a mix of securities comprising
equity, equity-related instruments, REITs and InvITs, and fixed-income securities. The scheme will be benchmarked against S&P BSE 500 Index (TRI).
The scheme will be managed by Vinay Paharia, Puneet Pal. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter. The
minimum additional amount is Rs 1,000 and in multiples of Re 1 thereafter. The exit load will be nil. The scheme will invest 75-100% in equity and
equity-related instruments, 0-25% in debt securities and money market instruments, including cash, Tri-Party Repo and equivalent. and units of mutual
funds and -=10% in units issued by REITs and InVITs.

ICICI Prudential Commodities Fund to invest in Silver ETFs

ICICI Prudential Mutual Fund has changed the fundamental attribute of ICICI Prudential Commodities Fund. The scheme may also invest in units of Silver
ETFs in addition to the existing asset classes. ICICI Prudential Commodities Fund invests in multiple asset classes like equity, debt, gold ETFs, and REITs
among others. The changes will be effective from May 6, 2024. The fund house informed the unit holders through a notice-cum-addendum. After the
proposed changes, the scheme will allocate 80-100% in equity and equity-related instruments of companies engaged in commodity and commodity-
related sectors, 0-20% in other equity and equity-related instruments, 0-20% in debt, units of debt mutual fund schemes and money market
instruments, 0-10% in units issued by REITs and InvITs, and 0-20% in Gold ETFs/Silver ETFs/ other asset classes as may be permitted by Sebi from time to
time (subject to applicable Sebi limits). The primary investment objective of the scheme is to generate long-term capital appreciation by creating a
portfolio that is invested predominantly in equity and equity-related securities of companies engaged in commodity and commodity-related sectors.
The scheme will invest in companies classified under ‘Commodities’ as per industry classification issued by AMFI from time to time. The fund house
further mentioned that the existing unit holders (i.e. whose names appear in the register of unitholders as of the close of business hours on March 22,
2024) under the scheme are hereby given an option to exit, i.e. either redeem their investments or switch their investments to any other scheme of
ICICI Prudential Mutual Fund.

Bajaj Finserv Mutual Fund files draft document for multi-asset allocation fund
Bajaj Finserv Mutual Fund has filed draft document with Sebi for a multi-asset allocation fund. Bajaj Finserv Multi Asset Allocation Fund will be an open-
ended scheme, investing in equity, debt and money market instruments, gold ETFs, silver ETFs, exchange-traded commodity derivatives and in units of
REITs and InvITs. The investment objective of the scheme will be to generate income from fixed-income instruments and generate capital appreciation
for investors. The scheme will be benchmarked against 65% Nifty 50 TRI + 20% NIFTY Short Duration Debt Index + 10% Domestic Prices of Gold + 5%
Domestic Prices of Silver. It will be managed by Nimesh Chandan and Sorbh Gupta (for equity investments), and Nimesh Chandan and Siddharth
Chaudhary (for debt investments). The scheme will offer regular and direct plans with both growth and IDCW options.
• If units are redeemed/switched out within 1 year from the date of allotment: if up to 30% of units allotted are redeemed/switched out – Nil, any
redemption / switch-out of units in excess of 30% of units allotted - 1% of applicable NAV.
• If units purchased or switched in from another scheme are redeemed or switched out after one year from the date of allotment, no exit load is
payable.

The minimum application amount for lumpsum investment will be Rs 500 and in multiples of Re 1. The minimum application amount for SIP will be Rs
500 and above with a minimum of six installments. The scheme will invest 35-80% in equity and equity-related investments, 10-55% in debt securities
(including securitized debt and debt derivatives) and money market instruments including units of debt-oriented mutual fund schemes, 10-55% in Gold
ETFs, Silver ETFs, Exchange Traded Commodity Derivatives (ETCDs) and any other mode of investment in commodities as permitted by SEBI from time
to time, and 0-10% in units issued by REITs and InvITs.

NEW FUND OFFER

Scheme Name Kotak Nifty AAA Bond Jun 2025 HTM Index Fund
Fund Type Open Ended
Fund Class Other Scheme - Index Funds
Opens on 15-Mar-2024
Closes on 26-Mar-2024
Investment Objective To generate returns that are commensurate (before fees and expenses) with the performance of Nifty AAA Bond Jun 2025 HTM
Index, which seeks to track the performance of AAA rated bond issued by Public Sector Undertakings (PSUs), Housing Finance
Companies (HFCs), Non-Banking Financial Companies (NBFCs) and Banks maturing near target date of the index, subject to tracking
errors. However, there can be no assurance that the investment objective of the Scheme
Min. Investment Rs. 100/- and any amount thereafter
Fund Manager Mr. Abhishek Bisen

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 77.40 08-Aug-2007 17860.80 7.00 17.70 46.60 24.60 13.10 3.70 0.90 0.70 81.86 9.80 7.06 1.28
ICICI Prudential Bluechip Fund - Growth 95.40 23-May-2008 43726.40 7.90 20.40 43.70 21.50 15.30 3.50 0.90 0.50 81.48 9.14 0.40 8.98
Baroda BNP Paribas Large Cap Fund - G 195.50 23-Sep-2004 1566.20 8.90 20.50 41.90 18.80 16.50 3.60 0.90 0.30 80.58 11.53 3.08 4.82
HDFC Top 100 Fund - Growth 1019.00 11-Oct-1996 27462.50 4.60 17.40 40.90 21.50 19.20 3.80 0.90 0.50 95.00 1.73 N.A 3.27
Bandhan Large Cap Fund - Reg - Growth 65.70 09-Jun-2006 1190.10 5.40 18.30 40.80 17.00 11.10 3.70 0.90 0.20 87.12 5.27 4.22 3.40
HSBC Large Cap Fund - Growth 418.90 10-Dec-2002 1581.70 5.30 16.00 37.80 15.90 19.20 3.80 0.90 0.10 84.01 12.71 2.16 1.12
DSP Top 100 Equity Fund - Reg - Growth 385.90 10-Mar-2003 3104.10 4.50 14.90 37.50 15.70 18.90 3.40 0.80 0.10 80.38 9.63 6.05 3.94

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
Quant Mid Cap Fund - Growth 209.20 09-Mar-2001 3614.50 14.40 26.30 69.00 35.60 14.10 4.50 0.80 1.20 24.46 65.47 N.A 10.06
Motilal Oswal Midcap Fund-Reg-Growth 79.00 24-Feb-2014 6562.00 10.10 25.90 63.30 35.30 22.70 4.10 0.70 1.60 24.46 65.47 N.A 10.06
Mahindra Manulife Mid Cap Fund - Reg-G 27.40 30-Jan-2018 1685.80 7.60 19.90 61.90 27.30 17.80 4.20 0.80 0.80 14.27 65.05 13.42 7.26
HDFC Mid-Cap Opportunities Fund - G 155.50 25-Jun-2007 51188.10 6.20 18.40 59.70 29.20 17.80 4.00 0.80 1.00 12.97 65.69 14.54 6.80
Nippon India Growth Fund - Reg-Growth 3241.20 08-Oct-1995 20735.20 2.20 16.90 59.40 28.20 22.50 4.10 0.80 1.00 18.40 66.72 13.54 1.34
WhiteOak Capital Mid Cap Fund - Reg-G 14.80 07-Sep-2022 1228.00 4.20 16.80 58.20 N.A 28.70 4.10 0.80 1.00 6.23 58.41 20.83 14.53
HSBC Midcap Fund - Reg - Growth 312.20 09-Aug-2004 8538.80 7.80 22.60 57.00 22.20 19.10 3.80 0.70 0.60 14.77 67.94 16.69 0.60

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
Bandhan Small Cap Fund - Reg - Growth 34.20 25-Feb-2020 2830.40 5.20 22.50 71.40 29.00 35.10 4.60 0.70 0.80 7.61 9.73 70.25 12.41
Quant Small Cap Fund - Growth 229.10 21-Nov-1996 10703.20 9.20 25.30 69.80 41.00 12.60 5.60 0.90 1.20 25.69 0.24 65.64 8.43
Mahindra Manulife Small Cap Fund-R-G 16.20 12-Dec-2022 2479.40 4.70 21.00 67.70 N.A 45.10 3.60 0.60 2.40 15.18 5.51 69.71 9.60
ITI Small Cap Fund - Reg - Growth 22.90 17-Feb-2020 1781.00 5.50 24.40 66.00 22.80 22.30 4.90 0.80 0.40 11.72 19.37 64.35 4.56
Nippon India Small Cap Fund - Reg - G 140.80 16-Sep-2010 39862.30 2.20 14.90 58.30 34.40 21.60 4.30 0.70 1.30 13.45 14.64 67.17 4.74
Invesco India Smallcap Fund - Reg - G 32.10 30-Oct-2018 3106.00 3.20 19.90 56.60 28.60 24.10 4.20 0.70 0.90 3.85 23.75 69.17 3.23
Franklin India Smaller Companies F-G 146.90 13-Jan-2006 10427.50 1.00 16.60 56.10 30.40 15.90 4.40 0.70 1.10 3.24 13.57 75.66 7.53

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 368.90 31-Mar-1993 16878.90 12.10 25.40 60.80 27.20 16.50 3.90 0.90 0.90 53.59 23.69 14.15 8.58
Quant ELSS Tax Saver Fund - Growth 347.70 31-Mar-2000 5454.00 9.50 25.90 57.90 30.90 15.90 4.80 0.90 0.80 60.57 15.59 13.96 9.88
Bank of India ELSS Tax Saver - Eco - G 160.20 25-Feb-2009 933.50 8.70 24.30 57.40 24.80 20.20 4.30 0.90 0.60 49.73 21.09 11.08 18.09
Motilal Oswal ELSS Tax Saver Fund-R-G 41.00 21-Jan-2015 2688.10 9.70 25.50 57.10 23.30 16.60 3.90 0.80 0.70 41.86 25.10 31.62 1.43
HDFC ELSS Taxsaver Fund - Growth 1152.90 31-Mar-1996 11987.10 6.20 21.10 47.10 26.00 23.50 3.50 0.80 0.80 82.84 6.71 3.43 7.01
Franklin India ELSS Tax Saver Fund - G 1253.20 10-Apr-1999 5515.90 5.40 18.40 46.40 21.80 21.30 3.80 0.90 0.50 76.17 12.60 8.20 3.03
Baroda BNP Paribas ELSS Tax Saver F-G 79.60 05-Jan-2006 754.70 4.00 19.70 44.30 16.30 12.00 3.70 0.90 0.10 53.75 21.58 20.41 4.26

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 449.00 11-Sep-2000 67522.30 5.60 17.20 40.80 24.30 17.50 3.00 0.80 52.68 5.40 9.08 32.84
Motilal Oswal Balance Advantage F-R-G 19.30 21-Sep-2016 805.30 2.00 3.20 33.50 9.80 9.10 2.90 0.0 19.52 36.56 21.50 22.42
NJ Balanced Advantage Fund - Reg - G 12.80 29-Oct-2021 3692.80 4.80 14.80 31.40 N.A 10.70 2.30 0.20 58.26 19.46 7.42 14.87
Baroda BNP Paribas Balanced Adv. F-R-G 21.10 14-Nov-2018 3436.90 3.60 12.40 29.30 13.60 14.90 2.60 0.20 46.13 13.00 7.78 33.09
Axis Balanced Advantage Fund - Reg - G 18.00 01-Aug-2017 1937.20 4.50 13.30 28.70 12.40 9.20 2.20 0.10 52.53 10.00 6.02 31.44
SBI Balanced Advantage Fund - Reg - G 13.60 31-Aug-2021 25134.60 6.00 12.00 26.80 N.A 12.70 1.70 0.30 55.67 9.34 3.33 31.66
Edelweiss Balanced Advantage Fund - G 45.20 20-Aug-2009 9661.90 4.30 12.20 26.50 13.10 10.90 2.20 0.10 57.63 16.19 4.35 21.82
Note: Indicative corpus are including Growth & Dividend option. The above mentioned data is on the basis of 27/03/2024
*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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Sparks of happiness and togetherness filled the air as we celebrated the Festival of Colors at SMC Group. Our
team embraced diversity and inclusivity, creating a vibrant and cheerful atmosphere last week PAN India.