Professional Documents
Culture Documents
Brexit Slump
Post- Brexit Rally
FTSE 100
STOP
BREXIT
What a fortnight it has been. No corner of the financial markets remained untouched due to Britons vote to exit
European Union. Shrugging off Brexit concerns, the Sensex registered its biggest weekly gain since May and
rallied to an 8-month high closing, signaling that the market has weathered the Brexit storm. European markets
also bounced back on likely easing off the Brexit concerns. We are at a brink of a turn in global economy that can
have far reaching ramifications politically, economically and financially. With global cues already factoring the
massacre due to Brexit, We would give investors a word of caution.
Issue Theme
Pg. 1
Company Analysis
Pg. 11-14
Open
FUNDAMENTAL
Calls
Open Fundamental
Calls Pg. 18-19
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Considering the above factors, if the monsoon progresses well, any dip in the market will be a buying opportunity.
Technically any rise above 8360 will take the market to 8500-8600.
Kamlesh Jhaveri ( MD )
Jhaveri Securities Ltd.
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Issue Theme
Rajan's decision to leave the RBI will affect Indias growth story
A lot of foreign as well as Indian investors are disappointed with Rajan's departure. Certainly, rating agencies will look at this
space very carefully. However, a lot will depend on who is going to replace Rajan and if the person is perceived to be
independent and his decisions are not driven by political compulsions. The government's recent move in announcing FDI
policies is seen as continuity in the reform approach amidst Rajan's departure or as a move to balance the effects of
Governors exit!!
Seventh pay commission : Boost for the economy
Union cabinet has decided to clear the 7th central pay commission ahead of Monsoon, the 7th Pay Commission will set the
positive impact on the economy. This is a well expected positive move, this will help to achieve GDP growth target quicker.
With the implementation of the seventh pay commission, there will be a huge flow of the funds in the economy. Which will
increases the demand, especially for passenger cars, two-wheelers, consumer durable goods and homes/flats. Thus,
automobile sector, real estate and consumer durable are the primary beneficiary. Recommendations are positive for the
economy as they will boost consumption as well as savings through increase in bank deposits, pension and
provident funds. A rise in demand is likely to not only increase capacity utilization but may also help to revive the investment
cycle earlier than expected.
Stormy Monsoon session of parliament ahead
The cabinet committee on parliamentary affairs (CCPA) recommended parliament monsoon session from 18th July to 12th
August. The session is important for the National Democratic Alliance (NDA) government because it has sought help from
non-NDA parties to pass the GST bill, which is pending in the Rajya Sabha. The government wants to build consensus
among all political parties, especially the Congress, before moving forward with the bill.
A total of 45 bills are pending in the Rajya Sabha, while 11 bills are pending in the Lok Sabha. Among the key bills in the Lok
Sabha are the Consumer Protection Bill, 2015, the Benami Transactions (Prohibition) Amendment Bill, 2015, and the Lok
Pal and Lokayuktas and Other Related Laws (Amendment) Bill, 2014. Apart from the GST bill, some of the crucial bills
before the Rajya Sabha are the Whistle Blowers Protection (Amendment) Bill, 2015, the Compensatory Afforestation Fund
Bill, 2016, and the Prevention of Corruption (Amendment) Bill, 2013.
Post Brexit, how will global central banks react to the fresh uncertainties in the global financial markets?
The central banks across the globe will now ensure that their own banks remain solid and have sufficient capital in these
times. This means financing to the companies will get tightened which will not be good. Central banks around the world will
prepare themselves for any kind of eventuality. The reaction from the Bank of England (BoE) was that they made sure that
the banks have a strong balance sheet. This means there will be a cut in lending activities.
Brexits impact on India: when elephants fights, the grass suffers
Brexit is the term coined for Britains referendum to exit the European union. Britain has been more of a importer than
exporter. With a big economy and low resources it is dependent on Europe, China and India for its imports. Europe being a
free trade area has been providing the free access to markets for Britain until now.
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India has positive trade surplus of $3.64 billion in terms of bilateral trade with Britain. The total trade stood at $14.02
billion in FY16, out of which $8.83 billion was in exports and $5.19 was in imports.
For the month of April 2016 the exports to Britain stood at 17.66%(USA 17.80%) of the total exports. In terms of imports,
India imports only 1.45% of its net imports from UK.
Looking at exports from India to UK, the major exports are textiles and clothing, followed by machinery
and auto ancillaries. Indias major exports in terms of Pharma are US, UK followed by Europe.
Machinery &
Appliances
Jewellery
Auto
& ancillaries
Footwear
& gaiters
Pharma
Electric
appliances
Iron steel
& products
Leather
products
Others
24%
8%
6%
6%
5%
5%
5%
4%
3%
34%
29%
14%
8%
Instruments
Aluminium
Articles
5%
4%
4%
3%
Plastic &
Products
Auto
Others
3%
2%
28%
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Issue Theme
UK has always acted as a gate pass for Indian companies to access the European companies, its more because of the
access to financial markets in London and ease of doing business with Europe, from UK.
Issue Theme
Sector Impact
Sector
Impact
Tata motors profit comes from the subsidiary Jaguar land
Rover Plc., which sells about a third of its cars in UK and Europe
Motherson Sumi have major Automotive Clients in Europe and
derives more than half of its income from Europe
Information Technology
Metal
Tech Mahindra Ltd and HCL Technologies Ltd, which get about
30% of revenue from Europe.
Tata steel will be directly affected. The EU accounts for 57.5% of
its revenue in FY16.
Hindalco Industries has a direct and substantial exposure to the
EU via its subsidiary Novelis Inc, which makes value-added
aluminium products.
Oil
Lower crude oil prices are positive for Indian economy considering
its huge import requirements.
Lower crude oil price is obviously negative for oil producers such
as ONGC, Oil India Ltd and Cairn India Ltd.
Pharmaceuticals
Conclusion
What a fortnight it has been. No corner of the financial markets remained untouched due to Britons vote to exit European
Union. On the Asian front, Bank of Japan kept the policy steady. Same was observed with Feds strategy of continuing the
existing policy. Recently, World Bank cut its projections for the world economy as well. At home, Indian economy will bid
farewell to one of the best economist in September 2016.
Shrugging off Brexit concerns, the Sensex registered its biggest weekly gain since May and rallied to an 8-month high on
Friday buoyed by data that showed manufacturing activity gathered steam last month amid strong foreign capital inflows.
The Sensex rallied and settled at its highest closing since October 27, 2015, signaling that the market has weathered the
Brexit storm. European markets also bounced back on likely easing off the Brexit concerns.
We are at a brink of a turn in global economy that can have far reaching ramifications politically, economically and
financially. With global cues already factoring the massacre due to Brexit, We would give investors a word of caution. We
believe the markets will be choppy in the near term though the medium term outlook remain positive.
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Financial Services
Financial services sector
India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial
banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The banking
regulator has allowed new entities such as payments banks to be created recently thereby adding to the types of entities
operating in the sector. However, the financial sector in India is predominantly a banking sector with commercial banks
accounting for more than 64 per cent of the total assets held by the financial system.
472
329
206
235
205
138
244
71
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
www.jhaveritrade.com
Sector Update
services firms and new entities entering the market. The sector comprises commercial banks, insurance companies, non-
Financial Services
Sector Update
2012-13
394
86455
7.00%
2013-14
429
102273
6.80%
Microfinance Institutions
Loan outstanding (Rs. billion)
Average loan outstanding as per SHG
NPA
2011-12
205
7500
1.00%
2012-13
244
8112
0.40%
2013-14
329
10079
0.20%
51
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Financial Services
MFI Industry vis--vis Banking Industry in India
NBFC-MFIs provide financial services pre-dominantly to low-income borrowers, with small loan amounts and for short
schedules which are more frequent than those normally stipulated by commercial banks. While NBFCs lend and make
investments and hence their activities are akin to those of banks, as opposed to commercial banks, (a) NBFCs cannot
accept deposits; (b) NBFCs do not form part of the payment and settlement system and cannot issue Cheque drawn on
itself; and (c) the deposit insurance facility of the Deposit Insurance and Credit Guarantee Corporation is not available to
depositors of NBFCs.
120%
Banks
100%
80%
38%
36%
43%
49%
53%
56%
62%
57%
51%
47%
44%
2012-13
2013-14
2014-15
2015-16P
2016-17P
60%
40%
64%
20%
0%
2011-12
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Sector Update
tenures. The financial services are provided on an unsecured basis, mainly for income-generating activities with repayment
Financial Services
Managing local stakeholders - key determinant of MFIs' success
Sector Update
Considering the sensitive nature of operations, MFIs must ensure that their activities do not antagonise local leaders and
government authorities. Apart from adherence to legal and regulatory guidelines, maintaining amicable relations with key
stakeholders in the respective geographies will be a key determinant of MFIs' success.
2012-13
22%
20%
13%
12%
9%
8%
8%
9%
2013-14
20%
20%
13%
12%
9%
9%
9%
9%
2014-15
15%
16%
10%
10%
8%
7%
7%
27%
RONW(%)
13.55
0.22
13.67
Preferred Stocks
Company
SKS Microfinance
Equitas Holdings
Ujjivan Fin. Ser.
FV
10
10
10
ROCE (%)
13.60
0.40
13.11
CMP* as on 08/07/2016
71
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FDI in construction
development sector as a %
of Indias total FDI
13.00%
11.00%
9.00% 7.43%
7.00%
5.00%
3.00%
1.00%
FY11
11.42% 10.71%
9.40%
6.53%
FY12
FY13
FY14
FY15
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Sector Update
after agriculture and is slated to grow at 30 per cent over the next decade. The real estate sector comprises four sub sectors
Sector Update
Industry players including realtors and property analysts are rooting for the creation of Special residential zones along
the lines of SEZs.
Minimum land requirement has been brought down from 1000 hectares for multi product SEZ and sector specific SEZ
to 50hectares.
19.7
10.7
11.8
90%
88%
10%
12%
FY08
FY09
SEZ
74%
72%
75%
71%
74%
26%
28%
25%
29%
26%
FY10
FY11
FY12
F
FY13
FY14
100%
14.2
16
11
17.7 18.4
Others
120%
80%
11.4
60%
8.6
6.8
40%
20%
0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
FV
2
10
10
ROCE (%)
9.38
13.61
9.65
RONW(%)
9.49
10.33
7.02
91
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Capital First
Company Basics
CMP : ` 603
532938
ROI : 13%
Investment Rationale
CAPF
B
TGT : ` 682
Company Overview
91.25
Capital First (CAPF) is the retail financing NBFC formed in 2012 as a result of a
4571.90
management buyout of an existing NBFC. Post Mr. Vaidyanathan taking reigns in FY11
and revamping the business model, the wholesale lending entity was catapulted to grow
into a strong retail NBFC. CAPF lays greater thrust on retail, SME and wholesale
Financial Basics
10.00
17.00
29.47
2.90
1.3423
8.38
FV (`)
EPS (`) (TTM)
P/E (x) (TTM)
P/BV (x) (TTM)
BETA
RONW (%)
segments; within retail CAPF offers LAP, two-wheelers and consumer durable loans.
Catering to the underserved traditional market, CAPF has carved its own niche in the
MSME and two-wheelers segment and is poised to replicate success on the lines of
Bajaj Finance in the consumer finance market.
Industry drivers
Total viable & addressable debt demand in MSME sector is Rs. 26 trillion out of which
immediately addressable is Rs. 9.9 trillion. Organized retail will facilitate higher demand
especially for high-end products.
% Holding
Foreign
8.37
Institutions
9.91
Promoters
65.20
Govt. Holding
1.43
15.09
Non Promoter
Corp. Hold.
0.00
The market for white goods & Television has been Growing. Moreover, rural demand
pick-up should be a big driver for the MSME and two-wheeler segments of CAPF.
Competitive advantage
Higher level of customer service, impeccable management and corporate governance,
CAPF offers comprehensive product suite suiting customers financial needs.
Financing needs of customers are met through contemporary scoring solutions and
sophisticated technology.
CAPF is structured with inherent checks and balances for effective risk management.
Valuations
CAPITAL FIRST is trading at `
603. We recommend Accumulate
with target price of ` 682 , valuing
stock 31xFY18E EPS of `22.The
stock currently trades at 30x of
FY16E, 27.93xof FY17E and 22.98x
of FY18E.
The sales, credit, operations and collections stand as separate verticals with
independent reporting lines for checks and balances in the system.
Rigorous credit underwriting process aids better asset quality management.
Best-in-class asset quality despite the tough macros.
11
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Company Analysis
BSE ID
NSE Symbol
Group
EQUITY (` in Cr.)
MKT.CAP(` in Cr.)
Accumulate
Capital First
CFL emerging as a specialized player in financing MSMEs
Company Analysis
CFL emerging as a specialized player in financing MSMEs by offering different products for their various financing needs.
Capital First has a comprehensive product suite to meet the multiple financial needs of its customers. Till date, the
Company has financed more than 1.4 million customers, including more than 6,00,000 MSMEs. The
provides
Company
finance to its customers with the help of contemporary scoring solutions and sophisticated technology. The
Company, through its extensive reach, provides essential debt capital to MSMEs in a quick, affordable and convenient
manner.
Customer Profile
` 1.0 Mn - ` 20.0 Mn
` 100k - ` 1.0 Mn
` 15k - ` 100k
To Micro business owners and consumers for purchase of office PC, office
furniture, Tablets, Two-Wheeler, etc
12
1
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Capital First
NIM on the rise
NIM (calculated) rose from 4.2% in FY14 to 5.6% in FY15 and it improved further to 6.5% in 1HFY16. Such a sharp
durable and two-wheeler loans posted 142% and 146% CAGR, respectively, over the past three years. Both these
segments have a fixed interest rate and stand to benefit in a downward interest rate scenario. Given the sustained focus on
consumer durable and two-wheeler financing, we believe NIM will continue to remain benign.
80.00
74.00
60.00
49.70
40.00
20.00
0.00
FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Cost to AUM
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
13
3.7
2.70
FY12
3.8
3.7
2.80
FY14
3.9
3.7
3.5
3.10
FY13
Cost to Assets
2.90
FY15
3.00
FY16
2.90
2.80
FY17E FY18E
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Sector Update
improvement is primarily attributable to the swift shift in its loan portfolio towards the retail segment. High yield consumer
Capital First
Company Analysis
Key Financials
Consolidated Key Financials
(`
in Cr )
FY 12
740.15
0.00
3.60
743.74
FY 13
810.11
6.99
23.84
840.94
FY 14
1059.91
7.50
3.11
1070.52
FY 15
1424.42
15.04
7.11
1446.57
FY 16
1882.24
5.82
1.02
1889.08
397.70
86.84
0.00
79.60
564.14
179.60
22.53
5.49
592.16
151.59
151.59
45.76
105.83
483.42
139.36
23.17
73.11
719.06
121.88
41.66
7.00
767.72
73.22
73.22
10.11
63.11
646.82
132.03
36.81
87.42
903.08
167.44
101.98
6.43
1011.49
59.03
59.03
6.40
52.63
787.81
135.83
136.04
105.17
1164.85
281.72
105.45
9.96
1280.26
166.32
166.32
52.04
114.28
897.25
176.81
165.43
151.01
1390.50
498.58
236.48
9.96
1636.94
252.15
252.15
85.96
166.19
Share Capital
Reserves & Surplus
Loan Funds
Other Liabilities
Total Liabilities
FY 12
64.5
745.96
3872.6
108.41
4791.4
FY 13
70.41
871.53
5545.9
115.78
6603.7
FY 14
82.02
1052.8
7035.7
134.05
8305.4
FY 15
90.98
1448.3
5910.2
131.71
7581.2
FY 16
91.24
1568.36
8646.65
170.16
10476.6
Fixed Assets
Investments
Current Assets, Loans & Advances
Current Liabilities & Provisions
Net Current Assets
Deferred Tax Assets
Other Assets
Total Assets
26.77
324.95
2399.8
862.02
1537.8
6.8
2895.2
4791.4
29.66
114.85
3165.2
940.7
2224.5
7.71
4226.9
6603.7
27.56
426.71
4360.2
1702
2658.2
16.72
5176.2
8305.4
19.09
208.75
3502.1
2764.4
737.74
42.47
6573.1
7581.2
29.24
254.16
5407.99
3555.89
1852.1
54.36
8286.71
10476.6
Operating Income
Other Operating Income
Other Income
Total Income
Operating Expenditure
Interest
Employee Expenses
Selling & Administrative Expenses
Other Expenses
Total Operating Expenditure
Operating Profit Before Prov. & Cont.
Provisions & Write Offs
Depreciation
Total Expenditure
PBT
PBT
Tax
Reported Profit After Tax
Key Ratios
Key Financials
14
1
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FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
17.63
231.23
35.39
2.70
745.00
425.00
69.93
4363.63
Accumulate
New Developments
Jamna Auto sets up plant at Rs 100 cr to serve export markets
The company has set up a new plant in Hosur to serve the export markets and
multinational companies such as Daimler and Volvo. The plant is expected to be ready
for commercial operation from June; however, trial production will start in April.
Q4 FY16 results better than expected
On standalone basis, the company ends FY16 numbers on positive note as total
revenue grew 12% YoY to `1072 Cr. Lower fuel cost ( down by -22.%) and stable RM
cost ( up by only +4.4%) fuels EBITDA growth of by 75% ( higher than our expectation
) to 151 Cr YoY. Higher depreciation cost (+50% YoY ) on commissioning of new plant
has offset by higher other income and lower interest outgo which helps to maintain
Foreign
1.47
Institutions
24.00
Non Prom.
1.61
Valuations :
The company is trading at `168. We recommended by with target price of 181,valuing
Promoters
66.99
stocks 20x FY18E EPS of `9.07. The stock currently trades at 17.60x of FY16E ,
5.93
Havells India
Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
80.94
693.84
40.41
4.71
3454.90
2531.00
274.43
89769.25
18.43
Institutions
7.56
Non Prom.
62.77
Promoters
11.18
0.06
Target: ` 395
CMP: ` 356
Buy
New Development
Good growth in lighting and fixtures business led by LED
The net sales grew by 9% to ` 1475.44 crore. Growth is visible across all segments, in
line with revenue growth of Q3. Drop in commodity prices offset higher volume growth
particularly in cable business.
OPM inclined by 157 bps to 14.9% due to decline in other expenses. As a result, the
operating profit grew by 22% to `14.9 crore.
The tax expenses inclined by 15% to ` 56.68 Cr. The effective tax rate decreased from
28.86% to 13.39%. The net profit inclined by 201% to `366.49 Cr.
Valuation
Havells to record revenue, EBITDA CAGR of ~17%, ~21% for FY16-18E, respectively
supported by a revival in industrial product demand. We upgrade the stock to BUY
recommendation with a revised target price of ` 395 (value company at 30x FY18E
earnings).
15
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Sector Update
Financial Basics
Target: ` 181
CMP: ` 168
Stock Update
Allcargo Logistics
Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
17.63
231.23
35.39
2.70
745.00
425.00
69.93
4363.63
Target: ` 243
CMP: ` 180
Accumulate
New Developments
P&E business continues to grow
P&E segments EBIT increased 99% sequentially to ` 18.70 Cr. led by EBIT margin
improvement to 5.2% in 4QFY16 (v/s 1.8% in 3QFY16 impacted by ship
maintenance). Crane utilization continues to be above 90%.
Allcargos stake in newly formed Avvashya CCI Logistics (ACCI) stands at 61%. In
ACCI, AGLL merged its contract logistics and Indian freight forwarding business and
acquired 44% stake for `1.3b. Total value of the transaction is ` 190 Cr.
MTO volumes up 8% YoY in tough operating environment
AGLLs MTO volumes grew 8% YoY to 112,593 TEUs in 4QFY16 led by China, N.
America, SE Asia and India. Realizations improved 12% QoQ and EBIT margin
Foreign
1.47
increased to 5.2% despite tough environment (vs 4.9% in 9MFY16 and 4% in FY15)
Institutions
24.00
Non Prom.
1.61
Promoters
66.99
Valuations
We estimate EBITDA/PAT CAGR of 16%/26% through FY16-18E We value Allcargo
5.93
VRL Logistics
Financial Basics
FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
80.94
693.84
40.41
4.71
3454.90
2531.00
274.43
89769.25
18.43
Institutions
7.56
Non Prom.
62.77
Promoters
11.18
0.06
Target: ` 457
CMP: ` 314
Buy
New Development
Weak Q4 results, Promoters plan regional airline
VRL Logistics, largest pan-India surface logistics and parcel delivery service provider,
reported standalone net profit of `13.21 crore for the quarter ended March 31, 2016,
registering decline of 31.8% yoy and 46.59% qoq. The companys revenue stood at
` 415.63 crore, up 4.59% yoy but down 3.62% qoq.
VRL Logistics core operating profit stood at `267.72 Cr. recording decline of 2.44%
yoy.
VRL Logistics promoters Dr. Vijay Sankeshwar, chairman and managing director and
Mr. Anand Sankeshwar, managing director have expressed their intent to a possible
commencement of a regional airline in the days to come, by promoting a separate
company in their individual capacity.
View
No regional airline has been successful in India and the time taken for setting up
infrastructure like ground handling, personnel, professional management etc is
different from the goods/ passenger road transportation business.
16
1
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FV (`)
EPS (`)
Book Value (`)
P/E (x)
P/BV (x)
52 Week High (`)
52 Week Low (`)
Equity ( ` in Cr.)
MKT.CAP(` in Cr.)
10.00
17.63
231.23
35.39
2.70
745.00
425.00
69.93
4363.63
Accumulate
Foreign
1.47
contingency and related reserve of ` 3600 crore. With the surge in provisions, the
Institutions
24.00
bank has recorded sharp 96% dip in the profit before tax to ` 181.29 crore
Non Prom.
1.61
Promoters
66.99
two years. At current levels, the downside remains limited. We remain Neutral on the
5.93
stock.
10.00
80.94
693.84
40.41
4.71
3454.90
2531.00
274.43
89769.25
18.43
Institutions
7.56
Non Prom.
62.77
Promoters
11.18
0.06
Valuation : The outlook for ICICI Banks earnings remains challenging over the next
Target: ` 236
CMP: ` 207
Buy
New Development
Challenging year behind, Mgmt. is confident of 15% average growth
The company continues to focus on economy segment products like Sainik where it
intends to gain market share from unorganized players and will continue to invest in
brand building of Sainik. Implementation of GST can be a big boost to the company
which can lead to reduction in price gap between organized and unorganized player
thus aiding growth for the company.
Speed up MDF plant commissioning
Particle board plant is ready to be commissioned as only electricity connection is
awaited and will start contributing from current year. The company has informed that in
view of high demand for MDF, it is likely to expedite commissioning of the plant by Jan
2017.
Valuation
We have valued the stock on the basis of P/E of 25x of FY18E EPS and recommend a
BUY with a target price of ` 236/- (~39% upside)
17
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Sector Update
Financial Basics
Target: ` 360
CMP: ` 241
Open
FUNDAMENTAL
Calls
Stock Update
Company
Current
Reco
CMP*( ` )
High (`)
Low (`)
3M
6M
12M
Face
Value
(`)
Market
P/BV
Cap
(` in Cr) (x)
P/E
(x)
Dividend Yield
%
Automobile
Ashok Leyland
Hold
102
113
69
-1%
14% 47%
29113
8.34 30.27
0.93
M&M
Hold
1367
1442
1091
11%
7%
5%
84894
3.28 29.64
0.84
Maruti Suzuki
Hold
4157
4790
3193
13% -10%
6%
125587
4.53 26.73
0.84
Banks
Buy
238
321
181
1%
-8% -22%
138355
1.49 11.45
2.10
Bank of Baroda
Hold
150
216
109
2%
-6%
5%
34539
0.79
9.16
0.00
Hold
108
112
78
19%
18%
7%
6487
2.13 14.60
1.11
DCB Bank
Hold
98
151
68
26%
25% -25%
10
2785
1.60 14.31
0.00
ICICI Bank
Capital Goods
Havells India
Hold
368
378
235
22995
12.64 65.95
1.63
TD Power Sys.
Buy
230
340
195
7%
-29% -27%
10
763
1.54 50.90
1.34
Inox Wind
Buy
233
472
211
10
5173
3.72 14.34
0.00
Carborundum Uni.
Buy
213
230
155
4010
3.39 28.08
0.70
Thermax
Hold
807
1148
690
4%
-14% -15%
9609
4.48 48.61
0.74
9%
10
4527
2.80 36.72
0.62
20% 20%
10
92145
4.38 40.30
0.28
Cement
J K Cements
Hold
647
745
425
4%
UltraTech Cem.
Hold
3358
3455
2579
4%
0%
Finance
Dewan Hsg. Fin.
Buy
204
268
140
10
5948
1.13
7.94
3.93
Hold
760
794
551
10
4755
4.98 31.69
0.24
Buy
38
52
30
4%
0%
10
2136
1.23
5.46
3.15
16% -13%
139317
3.41 31.50
1.22
-15%
Infrastructure
Larsen & Toubro
Buy
1495
1888
1016
Adani Ports
Buy
203
375
169
42092
3.18 14.68
0.54
Ashoka Buildcon
Buy
140
221
111
2624
1.41 25.35
1.07
22%
Logistics
Gateway Distr.
Hold
314
378
206
19%
-1% -13%
10
3414
3.63 31.15
2.24
Allcargo Logist.
Hold
167
218
128
6%
-6%
5%
4210
2.21 15.90
1.20
VRL Logistics
Buy
305
479
252
10
2782
5.42 27.20
1.64
18
1
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Open
FUNDAMENTAL
Calls
Current
Reco
52 Week
CMP*( ` )
Low (`)
3M
6M
12M
Market
P/BV
Cap
(` in Cr) (x)
P/E
(x)
Dividend Yield
%
Pharmaceuticals
Torrent Pharma.
Buy
1329
1718
1189
-1% -10% 0%
22496
9.03
14.16
2.64
Sun Pharma.Inds.
Hold
736
966
704
177209
6.92
40.26
0.14
Granules India
Buy
138
164
78
3002
4.69
25.29
0.47
-1% 29%
1835
5.45
28.66
0.00
1684
1.31
16.33
0.90
Realty
Ahluwalia Contr.
J Kumar Infra
Buy
274
320
200
Hold
223
449
213
5%
Textiles
Garware-Wall Rop
Buy
363
437
195
8%
-9% 83%
10
793
2.55
18.91
0.91
SRF
Buy
1262
1499
1018
3%
1%
18%
10
7246
3.20
19.35
0.79
AYM Syntex
Buy
101
163
86
2%
-35% NA
10
398
2.05
8.33
0.00
Ambika Cotton
Buy
829
1149
706
1%
10
488
1.46
10.97
1.81
7.69
39.36
2.79
3% -13%
Miscellaneous
CARE
Hold
1004
1498
883
10
2952
Century Ply.
Buy
201
219
136
4471
11.53 32.09
0.50
Hitech Plast
Hold
152
221
81
10
262
2.06
24.66
0.52
Radico Khaitan
Hold
88
131
79
-11% -24% 8%
1172
1.31
15.24
0.91
Buy
169
175
89
1345
6.84
22.84
1.63
Bharat Forge
Buy
756
1293
705
17607
5.11
25.31
0.99
Omkar Spl.Chem.
Hold
164
250
143
0%
-29% 5%
10
338
2.00
10.56
0.91
Sadbhav Engg.
Buy
288
370
197
7%
-15% 5%
4945
2.75
32.97
0.24
Eveready Inds.
Hold
258
375
192
5%
-13% -15%
1873
3.00
38.58
0.78
Inox Leisure
Buy
225
276
170
10
2173
3.68
26.51
0.00
Prabhat Dairy
Buy
102
169
71
-7% -32% NA
10
993
1.55
42.55
0.39
Infinite Comp
Hold
201
268
141
-6%
-8% 26%
10
777
0.98
7.69
0.00
Liberty Shoes
Buy
187
283
125
26%
-7% -19%
10
318
2.18
18.74
0.00
Hold
287
350
178
-3%
-8% 57%
1715
3.81
21.63
0.61
Mold-Tek Pack.
Buy
166
175
81
460
3.56
19.07
1.96
Torrent Power
Buy
178
253
137
-28%
27%
10
8548
1.30
8.75
2.54
HPCL
Hold
932
991
635
10
31545
2.32
24.14
3.71
Skipper
Buy
141
220
117
1%
-15% -11%
1442
3.82
15.15
1.00
1%
(*CMP as on 21/06/2016)
19
www.jhaveritrade.com
High (`)
Face
Value
(`)
Scheme Name
NAV*
NAV*
1 Year
Launch
(Div)
(growth)
(%)
Date
Top Equity Diversified Funds
4-Mar-15
3 Year
(%)
5 Year
(%)
Since Inc
10.23
10.23
-0.68
NA
NA
1.72
7.18
22.43
13.09
18.74
16-May-00
25.28
160.12
Kotak 50
5-Feb-03
34.09
180.31
3.00
18.64
11.72
22.38
11-Sep-09
20.00
24.74
6.24
25.15
16.02
14.21
4-Apr-08
17.57
34.29
4.10
24.39
15.24
16.10
29-Jul-15
10.53
10.53
NA
NA
NA
5.28
27-May-99
23.57
115.36
5.26
19.45
11.47
15.36
8-Oct-95
74.61
175.88
3.11
21.92
15.76
16.54
10-Feb-95
140.65
605.60
7.58
21.28
13.90
21.13
7-Feb-11
17.94
20.65
6.32
22.67
15.27
14.35
13.32
15.47
-1.84
NA
NA
18.36
30-Mar-07
21.27
29.22
11.15
36.21
21.07
12.26
9-Jul-10
24.19
34.04
11.80
38.76
23.93
22.68
17-Mar-08
33.60
37.06
3.43
30.82
19.85
17.09
33.82
103.50
0.17
31.51
18.97
11.19
1-Jul-94
31-Mar-96
65.24
13.04
10.18
24.37
15.54
20.03
26-Dec-08
14.36
39.82
-2.96
23.24
15.04
20.16
11.85
11.85
5.99
NA
NA
12.37
29-Dec-06
18.69
36.84
2.05
24.50
15.15
14.68
29-Dec-09
20.65
31.58
1.71
28.14
19.59
19.29
Conservative Funds
Franklin India Dynamic Pe Ratio Fund
31-Oct-03
37.90
66.00
5.88
13.46
10.05
16.04
31-Oct-02
21.78
193.79
4.97
21.11
12.23
24.18
16-Dec-10
15.25
17.33
3.71
17.38
11.66
10.41
-0.14
16.76
11.94
9.49
1.07
NA
NA
5.28
04-Oct-07
18.12
22.12
10-Oct-14
10.63
10.93
NAV
(Growth)
YTM (%)
3 Months (%)
6 Months (%)
1 year (%)
27-Apr-11
15.61
8.00
8.36
10.01
8.93
1-Dec-08
18.26
7.53
8.76
8.44
8.20
12-Jun-09
17.37
8.27
9.61
11.75
10.54
15-Nov-04
20.62
7.84
9.7
10.26
9.18
*NAV as on 04/07/2016
20
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363.12
361.99
361.02
06-May-16
13-May-16
360.25
360
363.46
360.19
363.23
360.09
359.75 359.91
358
356
355.94 355.54
354
353.4
352
350
350.36
348
346
346.78
344
342
340
338
26-Feb-16 4-Mar-16 11-Mar-16 18-Mar-16 25-Mar-16 1-Apr-16
29-Apr-16
20-May-16
27-May-16 03-Jun-16
10-June-16
45000
40000
35794
35704
32690
35794
33068
35000
32209
30937
33961
29796
28714
30000
27790
25414
27280
20569
22719
20739
21075
22297
20014
21408
21720
21272
23143
21274
15000
22263
20000
21998
25000
10000
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
12
10
8
6.26
6
4
9.81
4.34
3.01
3.84
1.99
2.51
0.05
-2
-3.2
-4
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
21
Nov-15
-0.84
-1.34 -1.53
Dec-15 Jan-16
Feb-16
Mar-16
Feb-16
www.jhaveritrade.com
361.6
362
6.72
7
6
6.10
5.79
6.32
5.74
6.32
5.14
4.37
5.86
5.91
5.76
5.53 5.51
4.35
3
2
0.79
0.34
0
-0.9
-1
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Apr-15
May-15
Jun-15
-0.91
-0.85
-0.73
-2
-1.99
-2.13
-2.2
-2.43
-3
-4
-3.79
-3.81
-5
-4.54
-4.85
-6
Apr-15
May-15
Jun-15
Aug-15
Jul-15
Sep-15
Nov-15
Oct-15
Dec-15
May-16
250
211
200
150
120
100
123
103
67
53
50
85
63
84
105
71
23
36
0
-50
-14
-33
-65
-100
-28
-122
-150
-200
Jun-15
Jul-15
-169
Aug-15
Sep-15
-23
-55
-23
-71
Oct-15
Nov-15
Dec-15
22
1
Jan-16
-157
Feb-16
Mar-16
Apr-16
May-16
June-16
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Inflation
What is Inflation ?
Inflation is a general and sustained increase in overall price level of goods and services. The inflation rate is a key parameter
23
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JSL Classroom
basis which central government proposes its monetary and fiscal policy from time to time.
Ideal Portfolio
The objective of this portfolio is to generate long term capital appreciation by investing in concentrated portfolio of large cap
and growth oriented mid cap companies. This will help to generate meaningful wealth for Investors from Equity Market.
Stock Selection Methodology : Based on various fundamental parameters and valuation check along with certain themes
like Cyclical, Bottom Up, Sector specific, Policy Initiative / push , Evergreen.
Key Risks : Macro economic / political condition and systematic risk, corporate performance risk
Stock
Weights
Weights
Sector
Suggestions
Price**
CMP*
Target
Potential Upside
Maruti Suzuki
Automobile
7%
Accumulate
4639
4158
5200
25%
KEC International
Capital Goods
5%
Accumulate
157
137
180
31%
Bharat Forge
8%
Accumulate
888
756
1200
59%
Ultratech Cement
Cement
7%
Buy
2824
3352
3400
1%
8%
Buy
236
204
368
81%
Pharma
7%
Accumulate
815
736
1041
41%
Inox Wind
Power
8%
Buy
360
233
488
109%
Torrent Power
Power
8%
Buy
181
177
280
58%
PSU Bank
7%
Accumulate
228
214
325
52%
Axis Bank
Public Bank
7%
Accumulate
450
517
620
20%
VRL Logistics
Logistics
5%
Buy
432
305
457
50%
Torrent Pharma
Pharma
8%
Buy
1479
1331
1840
38%
Ashoka Buidcon
Infrastructure
5%
Buy
200
140
205
46%
Ahluwali Contracts
Infrastructure
Consumer
Non-Durable
5%
Buy
282
275
368
34%
5%
Accumulate
300
258
287
11%
Everday Industries
Particulars
-9.98%
Sensex
2.50%
-15.43%
Nifty
3.23%
-1.73%
-0.55%
Notes : *CMP as on 21/06/2016., Price ** on recommendation and as on 01/01/2016 , Return since inception indicates
from 1st Jan -2016
24
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Sector
Weights
Suggestions
CMP*
Target
Potential Upside
AYM Syntex
Textile
10%
Accumulate
103
223
117%
Good Year
Tyre
10%
Accumulate
521
868
67%
KPR Mills
Textile
10%
Accumulate
952
1120
18%
KRBL
Food Processing
10%
Accumulate
303
360
19%
Textile
10%
Accumulate
363
550
51%
Smartlink Network
IT- Hardware
10%
Accumulate
98
156
59%
MPS
Printing
10%
Accumulate
720
1150
60%
MT Educare
Education
10%
Accumulate
169
220
30%
Capital Goods
10%
Accumulate
562
890
58%
Textile
10%
Accumulate
828
1149
39%
16%
Pharmaceuticals
15%
Banks
14%
Infrastructure
10%
Textile
30%
Computer - Hardware
10%
Education
10%
8%
Food Processing
10%
Housing Finance
8%
Pharmaceuticals
10%
Automobile
7%
10%
Cement
7%
Capital Goods
5%
Retail
10%
Consumer Non-Durable
5%
Tyre
10%
Logistics
5%
25
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Ideal Portfolio
capitalization. The aim is to include and invests in companies that have immense growth potential as they are operating on
MAJESCO LIMITED
26
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Nifty
The index opened at 8179, made a high of 8308, made a low of 7927 and closed the month at 8287. Last month, we had
clearly mentioned that Nifty is in Uptrend above 8243 but it should face stiff resistance at 8400-8430 zone where supply is
expected to come and if Nifty manages to close above this zone on weekly closing basis, then only fresh buying can be
witnessed. Golden crossover was observed in Spot Nifty in Daily chart at 8220, So Nifty is likely to head towards 8600 levels.
The crucial support is at 8243-7972 levels which are 61.80% and 50.00% retracement of fall from high of 9119 in Mar 2015 to
low of 6825 in Feb 2016. If Nifty manages to close above this zone and support level of 8243, then Nifty will be heading
towards 8600 levels. Nifty is in uptrend and has strong support at 7980 levels. Stochastic indicator is suggesting positive
momentum to continue. We advise buy on dips strategy in large caps and Midcaps with positional stop loss of 7980.
Bank Nifty
The index opened at 17670, made high of 18051, made a low of 16946 and closed the month at 17935. Last month we had
said that Banknifty should face stiff resistance at 17600-17700 zones where supply is expected to come and 21 day moving
average is also placed at this level. If Banknifty manages to close above this zone on weekly closing basis, then only it might
head towards 18200-18300 levels. Banknifty made high of 18051 level in June. Banknifty is in strong uptrend and buy on
dips is recommended with positional stop loss of 17600. The crucial resistance remains at 18250 levels But Stochastics
indicator is suggesting positive momentum to continue. If Banknifty manages to close above 18250 for 2 consecutive days,
then the next target remains 18600 levels.
28
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Energy
Crude oil prices ended with small gains on weekly basis after a bullish run on strong buying following Britain's vote in favor of
leaving the European Union. However gains were perished on Friday as the market's focus returned to oversupply as
production from Nigeria and Canada revived, and OPEC output reached a record high in June. A rising contango indicates
that the market is getting ready to absorb returning supply from Nigeria and Canada. Militant attacks in Nigeria had brought
production to the lowest in 30 years but no new attacks have been carried out since June 16, allowing production to slowly
ramp up. In Canada, oil sands output was also gradually increasing after wildfires had curtailed production. As of
Wednesday, around 400,000 barrels per day of production were still affected in the Fort McMurray area. Adding to
oversupply concerns, a survey showed OPEC production rose to a record high in June. Stronger supply from major Middle
East producers, except Iraq, underlined their focus on maintaining market share. The global oil market should see supply
and demand in balance by 2017 though it will remain structurally well-supplied for the next couple of years, U.S. Energy
Secretary Ernest Moniz said. Speaking to reporters after meeting with Saudi Arabia's Energy Minister Khalid al-Falih at the
G20 energy meeting in Beijing, Moniz said the two men agreed that despite short-term production impacts, oil supply still
exceeds demand. Naturalgas prices ended with around 10 percent gains last week as traders bet that warmer weather will
help to ease a glut of supplies in the U.S. The Energy Information Administration said total working gas in underground
storage rose 37 billion cubic feet to 3.14 trillion cubic feetabove the five-year historical average. Storage levels may be
near record levels for this time in the injection season, but the rate of storage injections have been well below average, the
American Gas Association said in a report. A year ago, the EIA reported a build of 73 Bcf and the five-year average climb is
78 billion, according to S&P Global Platts. Even now, production is high enough that some expect stockpiles by November to
set a record high for the start of the winter. But production has fallen slightly from its record pace in February and investors
have bet hard that the market will rebalance within the next year. Weather forecasts widely predict higherthan- average
temperatures throughout this summer, driving demand for gas-fired power to run air. Updated weather forecasting models
suggested that temperatures may be hotter than normal throughout most of the contiguous U.S. from July 8 through July 12.
Natural gas prices are up nearly 45% since late May as expectations have grown that hot summer weather will lead to heavy
demand.
Recommendation
BUY CRUDE OIL @ 3240 SL 3100 TGT 3380-3500. BUY NATURAL GAS @ 192 SL 184 TGT 202-210
29
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Bullion
Last week, bullion prices gained supported by a weaker dollar and prospects for further monetary policy easing in the wake
of Britain's vote to leave the European Union. Concerns over the trajectory of global growth, dovish comments from the U.S.
Federal Reserve Chair Janet Yellen and retail demand had supported gold ahead of last week's Brexit vote. Silver gained to
22 months high as continued uncertainty following the Brexit vote and concerns over a slowdown in China lent support to the
safe-haven. Concerns about the global economy have made chances of a U.S. rate rise in coming months less likely, but
much will depend on U.S. economic data and markets will be watching non-farm payrolls due on July 8 in particular for clues.
Safe-haven demand for the metal spurred most of the gains as investors rushed to protect them against the uncertainty in
the lead up to Britain's shock vote to exit the European Union, dubbed 'Brexit.' Concerns over the trajectory of global growth,
dovish comments from the U.S. Federal Reserve Chair Janet Yellen and retail demand had supported gold ahead of last
week's Brexit vote. Concerns about the global economy have made chances of a U.S. rate rise in coming months less likely,
analysts say, but much will depend on U.S. economic data and markets will be watching non-farm payrolls due on July 8 in
particular for clues. Gold demand in Asia remained sluggish this week as higher prices continued to deter physical traders
from making fresh purchases, with discounts in India widening to a record high. Bullion registered its biggest monthly gain
since February in June, on the back of safe-haven buying spurred by political and economic concerns following Britain's
vote to leave the European Union last week. Gold demand in Asia remained sluggish this week as higher prices continued to
deter physical traders from making fresh purchases, with discounts in India widening to a record high. Bullion registered its
biggest monthly gain since February in June, on the back of safe-haven buying spurred by political and economic concerns
following Britain's vote to leave the European Union last week. Physical gold demand in top consumer China remained
subdued as consumers preferred to stay on the sidelines with bullion turning dearer after Brexit. Bullion prices in China were
seen at a discount of $1-$2 per ounce to the global spot benchmark, which has been rallying for five weeks. Prices were at a
premium of $1 last week. Meanwhile, in India, the world's second largest consumer, dealers were offering a discount of up to
$47 an ounce as consumers shied away from making new purchases. Discounts rose to a record high of $57 an ounce on
Monday, compared with $30 to $55 Last week.
Recommendation
BUY GOLD @ 31200 SL 30800 TGT 31800-32200. BUY SILVER @ 46500 SL 44000 TGT 48500-50000
Balanced Funds
SIPs in Top 6 Best ELSS Mutual Funds
Mutual Fund
But before we get deep into todays topic, let us first recap the key benefits of Investing in Equity Linked Savings Scheme
(ELSS).
Superior returns
ELSS provides you an opportunity to grow your money by investing in equities through professional fund managers and thus
get superior returns from other tax saving avenues like Public Provident Fund, NSC or Fixed Deposits.
Tax Efficiency
Long term capital gains and dividends are tax free for equity oriented mutual funds and so for ELSS.
Wealth Creation
By investing in ELSS you get market linked returns which are far superior to conventional tax saving schemes or ULIPs. We
did a study in September 2014 and found that an annual Rs. 50,000 deposit in PPF account started in 2002 will have a
corpus of Rs. 11.40 Lacs as on September 1, 2014 against a cumulative investment of Rs. 6.50 Lacs. Whereas the same
amount if invested in a popular ELSS fund, it would have fetched you a corpus of Rs. 37.5 Lacs! The difference between the
two is Rs. 26.10 Lacs.
For our topic of today, we have selected Top 6 ELSS Schemes based on their 10 year SIP returns. However, by no means, it
is a comprehensive list of all the ELSS funds that gave good returns in the last 10 years. This is just an illustration to show
how long term ELSS SIPs have created wealth for the investors compared to popular tax saving options like Public
Provident Fund, NSC and Tax saving bank fixed deposits etc.
Each of the ELSS funds in our selection has given SIP returns ranging from 12.38 15-54% annualized. The monthly
installment amount has been taken as Rs 3,000. Assuming that the SIP start date was 10 years back in June 2006,
therefore, the investor would have invested Rs 3.60 Lakhs through 120 SIP installments of Rs 3,000 each.
As you can see from the chart below even the lowest return generating scheme has given far superior return than PPF!
Please note that had you invested a fixed amount of Rs 36,000 per year since 2006 in PPF at an interest rate of 8.70%, your
PPF corpus value would have been Rs 5.86 Lacs against your total investment of Rs 3.60 Lacs. Compared to ELSS, taking
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Balanced Funds
the same period and same amount (invested through Monthly SIP), your PPF corpus would be lower by Rs 2.17 Lacs and
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Mutual Fund
Rs 0.93 Lacs respectively against ELSS returns of Franklin India Taxshied and HDFC Long Term Advantage Fund!
Balanced Funds
Mutual Fund
Conclusion
In this article, we have seen how SIPs in Equity Linked Saving Schemes have created wealth for the investors over the long
term. We have found that ELSS SIPs are most suitable to those investors who invest in tax saving schemes Under Section
80C. ELSS should be the preferred choice for them for the reason we discussed at the beginning of the post. ELSS has the
least number of lock-in years compared to PPF, NSC etc. but if you invest in these through SIP mode and hold for long term,
you benefit from the power of compounding and rupee cost averaging while enjoying the tax free superior returns that the
equity investing provides.
Another point, the best time to start is when you join your first job and your employer asks you to save for your taxes. Start the
SIP earlier in your career; continue as long as you can while reviewing the performance atleast once every year and you are
good to go for your long term wealth creation goals.
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Date
Fri Jul 1
Mon Jul 4
Tue Jul 5
Wed Jul 6
Thu Jul 7
Fri Jul 8
Sun Jul 10
Mon Jul 11
Tue Jul 12
Wed Jul 13
Thu Jul 14
Fri Jul 15
Country/Event
Manufacturing PMI
Non-Manufacturing PMI
Caixin Manufacturing PMI
Spanish Manufacturing PMI
ISM Manufacturing PMI
Spanish Unemployment Change
Caixin Services PMI
Factory Orders m/m
IBD/TIPP Economic Optimism
FOMC Member Dudley Speaks
German Factory Orders m/m
ECB President Draghi Speaks
Trade Balance
ISM Non-Manufacturing PMI
FOMC Meeting Minutes
ECB Monetary Policy Meeting Accounts
ADP Non-Farm Employment Change
Unemployment Claims
Natural Gas Storage
Crude Oil Inventories
German Trade Balance
French Gov Budget Balance
French Industrial Production m/m
Average Hourly Earnings m/m
Non-Farm Employment Change
Unemployment Rate
CPI y/y
PPI y/y
Italian Industrial Production m/m
FOMC Member George Speaks
Labor Market Conditions Index m/m
German Final CPI m/m
NFIB Small Business Index
FOMC Member Bullard Speaks
JOLTS Job Openings
Wholesale Inventories m/m
10-y Bond Auction
French Final CPI m/m
Industrial Production m/m
Import Prices m/m
Crude Oil Inventories
PPI m/m
Unemployment Claims
Core PPI m/m
GDP q/y
Industrial Production y/y
Fixed Asset Investment ytd/y
NBS Press Conference
Final CPI y/y
CPI m/m
Core CPI m/m
Core Retail Sales m/m
Retail Sales m/m
Empire State Manufacturing Index
Capacity Utilization Rate
Industrial Production m/m
Prelim UoM Consumer Sentiment
Date
Mon Jul 18
Tue Jul 19
Wed Jul 20
Thu Jul 21
Fri Jul 22
Mon Jul 25
Tue Jul 26
Wed Jul 27
Thu Jul 28
Fri Jul 29
Country/Event
NAHB Housing Market Index
TIC Long-Term Purchases
German ZEW Economic Sentiment
ZEW Economic Sentiment
Building Permits
Housing Starts
Current Account
Italian Retail Sales m/m
CB Leading Index m/m
Crude Oil Inventories
French Flash Manufacturing PMI
French Flash Services PMI
Spanish Unemployment Rate
German Flash Manufacturing PMI
German Flash Services PMI
Flash Manufacturing PMI
Flash Services PMI
Minimum Bid Rate
ECB Press Conference
Philly Fed Manufacturing Index
Unemployment Claims
Consumer Confidence
German Ifo Business Climate
Belgian NBB Business Climate
Core Durable Goods Orders m/m
Durable
S&P/CS Composite-20 HPI y/y
CB Consumer Confidence
New Home Sales
Richmond Manufacturing Index
GfK German Consumer Climate
M3 Money Supply y/y
Private Loans y/y
Italian Prelim CPI m/m
Pending Home Sales m/m
Crude Oil Inventories
FOMC Statement
Federal Funds Rate
German Prelim CPI m/m
French Prelim CPI m/m
German Unemployment Change
Italian Monthly Unemployment Rate
Unemployment Claims
German Retail Sales m/m
French Consumer Spending m/m
Spanish Flash CPI y/y
Spanish Flash GDP q/q
CPI Flash Estimate y/y
Core CPI Flash Estimate y/y
Prelim Flash GDP q/q
Advance GDP q/q
Advance GDP Price Index q/q
Employment Cost Index q/q
Chicago PMI
Revised UoM Consumer Sentiment
DISCLAIMER : Trading and Investment decision taken on your consultation are solely at the discretion of the traders/investors.We are not liable for any loss, which occur as a result of our recommendations. This document has
been prepared on the of publicly available information, internally developed data and other sources believed to be reliable.
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Distributors for IPOs & Mutual Funds. Past performance is not a measure for future returns.