Money Morning

14 July 2015

Indian Indices

Index

% Change
Last Close

Page No.

Page No.

Corporate News

Macro-Economic News

Bulk Deals

Derivative Corner

Price Shockers

8522

8511

6000

8460

4000
2000
0

1.2

1.1

2.1

CNX Midcap

13,433

1.3

3.3

6.8

CNX IT

10,999

1.9

(0.3)

(1.9)

Bankex

18,894

0.9

3.3

0.8

Auto

18,698

1.6

(0.1)

0.4

Metal

8,916

0.5

(4.5)

(17.1)

FMCG

7,789

1.1

0.0

1.1

% Change

(2000)

8329

3.8

(5.9)

24.4

Nikkei 225

20,090

3.1

0.8

16.9

3,311

1.1

0.0

(1.4)

8500

1.0

(4.2)

6.6

8450

DJIA

17,978

1.2

2.0

0.9

S&P 500

2,100

1.1

1.8

2.0

FTSE

6,738

1.0

3.3

2.6

(0.0)

1.4

7.3

8300

(6000)

8200
10-Jul

YTD

3,970

25,224

8250
9-Jul

MTD

Shanghai

Hang Seng

(4000)
8-Jul

Dollar Index

97

Live Markets
Shanghai
Current Quote

13-Jul

4,024

% Change
FII (LHS)

MF (LHS)

1 Day

Straits Times

8350

8361

7-Jul

1.7

8,460

8550

8400

8363

6-Jul

0.6

Last Close

Provisional Figures for Investments

8000

YTD

1.1

Global Indices

Nifty vs Institutional Movement

(` Mn)

MTD

27,961

Sensex
Nifty

Event Calendar

1 Day

1.3%

As on 08:15 hours IST

Hang
Nikkei SGX Nifty
Seng
20,392
1.5%

8,487
0.0%

25,155
(0.3%)

Nifty (RHS)

Volumes

Moving Average (Rs bn)

Source: NSE

1 Day

5 Day

30 Day

BSE CASH

25

30

28

NSE CASH

143

133

148

2090

1723

2254

NSE F&O

Nifty vs India VIX

Institutional Activities (Net)

8550
8500

8522

19.0

8511

8485

17.8

17.4

8460

MTD

(Rs bn)

5.3

6.3

187.7

MF

(Rs bn)

(1.7)

(7.4)

249.7

Bond Market

16.3

16.0

16.3

16.3
8363

8300

16.0

10Yr Yield (G-Sec)

8250

14.0

8200

13.0
6-Jul

7-Jul

8-Jul

9-Jul

10-Jul

1M

1 Yr

7.87

7.86

7.86

% Change

15.0

Last Close

8329

3-Jul

1 Day

Currency Market

8361

MTD

YTD

(0.2)

0.2

(0.7)

70.33

0.8

1.2

8.9

98.79

(0.3)

1.3

(0.5)

Close

1 Day

INR/USD

63.52

INR/EURO
INR/GBP

1day

13-Jul
Commodities Update

Nifty Spot (LHS)

YTD

Historical Data (%)

17.0

8400
8350

1 Day
FII

18.0

17.1

8450

Spot market

INDIA VIX (RHS)

Unit

MTD

YTD

$/Bbl

52

(0.8)

(13.0)

(2.8)

Gold (OTC)

$/Oz

1,156

(0.2)

(1.4)

(2.4)

Copper (LME)

$/MT

5,574

(0.1)

(3.1)

(12.5)

Aluminum (LME)

$/MT

1,673

1.0

1.3

(8.3)

Sugar (LIFFE)

$/MT

374

0.3

1.0

(4.4)

Zinc (LME)

$/MT

2,053

2.1

2.7

(5.7)

900

3.0

12.5

15.1

Crude Oil(NYME)

Source: NSE

% Change

Baltic Dry Index

Source: Bloomberg

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 1

Money Morning
14 July 2015
Corporate News/Results Corner
As per media sources, Fairfax India offer to acquire 26% of IIFL Holdings Limited Deal likely to be at Rs 195/share; Medium to
long term positive for IIFL
Fairfax India Holdings Corporation ("Fairfax India") announces that its wholly-owned subsidiary, FIH Mauritius Investments Ltd ("FIH"), has
issued a public announcement of an open offer to acquire up to approximately 83,128,852 equity shares of IIFL Holdings Limited ("IIFL"),
formerly India Infoline Limited, at a price of INR 195 per share (approximately US$ 3.07 per share at current exchange rates) other than
those shares already owned by it and its affiliates according to regulations of the Securities and Exchange Board of India for substantial
acquisitions of shares and takeovers (the "Offer"). Assuming full acceptances in the Offer, FIH will, together with certain of its affiliates,
acquire 26% of the outstanding shares of IIFL for an aggregate consideration of INR 16.21 Billion (approximately US$ 255 million at current
exchange rates) by way of the Offer. The Offer is expected to close later this year subject to receipt of regulatory approvals in India.
Fairfax Financial Holdings Limited ("Fairfax"), Fairfax India's parent, currently owns approximately 8.97% of IIFL and has an economic
interest in another approximately 5.24% of IIFL through derivative instruments (all acquired prior to the establishment of Fairfax India).
Fairfax India was established by Fairfax to invest in businesses in India with a view to long-term capital appreciation. Fairfax India is
familiar with IIFL through Fairfax's long-standing prior ownership interest in IIFL and is executing on its strategy by making this Offer.
Current market price is Rs 188/share, implying limited upside for the stock, as per the deal offer. We expect the deal to have positive
impact on IIFL in medium to long term.

Macro-Economic and Other News

International News

India June CPI Inflation Exceeds Forecast

Japan Industrial Production Falls Less Than Estimate

India's consumer price inflation accelerated more-than-expected

Industrial production declined a seasonally adjusted 2.1 % month-

in June, cooling expectations that the central bank may reduce

over-month in May, revised down from a 2.2 % drop in the flash

interest rates further, official figures revealed Monday. The

data. In April, production had risen 1.2 %.shipments in May

consumer price index rose 5.40 % annually after a 5.01 % climb

decreased 1.9% from the previous month, came in line with

in May. Economists had forecast a 5.1% increase. Food price

preliminary report. Inventories fell 0.8 % in May, confirming the

inflation accelerated to 5.48 % from 4.80% in the previous

flash data. At the same time, inventory ratio climbed 1.9 %, as

month. The Reserve Bank of India's monetary policy agreement

estimated earlier, following a 1.0% decline in the preceding month.

with the government unveiled this year targets inflation at 6% by

On an annual basis, industrial production slipped 3.9% in May,

January 2016 and at 4% by the end of 2017-18.

reversing a 0.1% mere increase in April. The capacity utilization

rate slid a seasonally adjusted 3.0% in May, faster than prior
month's 0.4% drop. It was the fourth consecutive monthly fall. On
an unadjusted basis, it dipped 6.8% from the previous year.
U.S. Wholesale Inventories Rise More Than Expected In May
The report said wholesale inventories increased by 0.8 % in May
after rising by 0.4% in April. Economists had expected inventories
to rise by 0.3 %.The bigger than expected increase in wholesale
inventories was partly due to a jump in inventories of non-durable
goods, which surged up by 1.2%.Inventories of petroleum and
petroleum products soared by 4.4 %, while inventories of drugs
and druggists' sundries surged up by 2.7 %.The report said
inventories of durable goods also climbed by 0.6%, reflecting
notable increases in inventories of computer equipment and
software and motor vehicle parts and supplies. The Commerce
Department also said wholesale sales rose by 0.3 % in May after
surging up by 1.7% in April.

Source: Economic Times, Business Line, Business Standard, Times of India, DNA Money, Mint, Financial Express, Bloomberg, RTT News

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 2

Money Morning
14 July 2015
Nifty Grid % Change in Price

<
Short
Covering`

Daily Price Change (%)

BPCL
HDFC
NTPC
RELINFRA

HCLTECH
MARUTI
ASIANPAINT
GAIL

CAIRN
NMDC
IDFC
HINDALCO
POWERGRID
TATASTEEL
HEROMOTOCO
TCS
DLF

SUNPHARMA
GRASIM
SBIN
CIPLA
ULTRACEMCO
INFY
ITC
BAJAJ-AUTO
M&M
TATAPOWER
HINDUNILVR

AXISBANK

BANKBARODA
BHEL
HDFCBANK
ICICIBANK
RELIANCE
TATAMOTORS
PNB
DRREDDY
KOTAKBANK
TECHM
LUPIN
BHARTIARTL

AMBUJACEM

Long Built
Up

INDUSINDBK

ACC

Profit
Booking /
long
Unwind

LT
COALINDIA

(1)

Short Built
Up `

JINDALSTEL

(2)

<

ONGC

<

-10

-5
0
5
Daily % Change in Open Interest* (Futures Current month)

10

>

Note: Summation of three series of future

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 3

Money Morning
14 July 2015

Event Calendar
Economy

Monday 13th July

Domestic

CPI YOY Jun (Actual

Tues 14th July

Wed 15th July

Thurs 16th July

UK:

UK:

US:

CPI MOM Jun (

Claimant Count Rate

Initial Jobless Claims

Exp 0.10% , Prior

JUN ( Exp 2.30% ,

June (Prior297 K)

0.20%)

Prior 2.30%)

Continuing Claims

CPI YOY Jun ( Exp

Jobless Claims

June (Prior2334K)

0.10% , Prior 0.10%)

Change

Friday 17hJuly

5.40% Exp 5.10%,

Prior5.01%)

Global

Germany :

Jun ( Exp -8.0K ,

China

Prior -6.5K)

Industrial Production YoY

CPI MOM Jun ( Exp

June ( Exp 6.00%)

-0.10% , Prior -

France:

0.10%)

CPI MOM Jun ( Exp

CPI YOY Jun ( Exp

0.00 % , Prior 0.20%)

0.30% , Prior 0.30%

CPI YOY Jun ( Exp

0.40%, Prior0.30%)

Source: Bloomberg

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 4

Money Morning
14 July 2015
Bulk Deal
Company

Acquirer

Good Luck Steel Tubes Ltd

Pure Share Consultant(India) Pvt Ltd

Granules India Limited

NA

Lambodhara Textiles Ltd.

Jhaveri Trading And Investment Pvt. Ltd.

Sharon Bio-Medi Ltd

NA

Qty

Price

204042

107.93

36000

909.45

Seller

Qty

Price

Pure Share Consultant(India) Pvt Ltd

204042

107.97

Morgan Stanley Asia (Singapore) Pte

1498802

85.12

2063000

21.75

NA
Kala Asha Mohan

N.A. = Not Available

Source: BSE & NSE

Price Shockers
Gainers
Company

Close
price (`)

Change
Price (`)

Losers
Change
Price (%) Company

NIITTECH

417.3

28.9

7.4

BHUSANSTL

DCBBANK

147.2

9.5

6.9

SINTEX

33.7

2.0

6.3

CENTRALBK

110.8

6.4

DISHTV

109.5

TVSMOTOR

270.7

RALLIS

254.0

MOTHERSUMI
KEC

Close
price (`)

Change
Price (`)

Change
Price (%)

68.4

(4.2)

(5.8)

101.8

(6.2)

(5.7)

JPINFRATEC

17.1

(0.5)

(2.9)

6.1

RTNPOWER

7.9

(0.2)

(2.5)

5.7

5.4

HCC

23.5

(0.5)

(1.9)

13.7

5.3

SUPREMEIND

645.8

(10.8)

(1.6)

11.5

4.7

FRL

107.0

(1.7)

(1.6)

528.8
148.1

23.7
6.6

4.7
4.7

SRTRANSFIN
BAJAJHLDNG

924.5
1,427.7

(14.4)
(21.2)

(1.5)
(1.5)

BHARATFORG

1,123.4

49.6

4.6

GRUH

249.7

(3.4)

(1.3)

DELTACORP
APOLLOTYRE

78.5
183.1

3.4
7.5

4.5
4.3

PMCFIN
SAIL

6.0
58.5

(0.1)
(0.8)

(1.3)
(1.3)

WELCORP

129.6

5.3

4.3

KAILASH

11.3

(0.1)

(1.2)

COX&KINGS

277.7

11.3

4.2

ARVIND

280.1

(2.9)

(1.0)

PVR

712.6

28.6

4.2

ONGC

290.9

(3.0)

(1.0)

FSL

Source: BSE

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 5

Money Morning
14 July 2015

Research Team
Vivek Mahajan

Hemant Thukral

Head of Research

Head Derivatives Desk

022-61802820

022-61802870

vivek.mahajan@adityabirla.com

hemant.thukral@adityabirla.com

Fundamental Team
Sunny Agrawal

FMCG/Cement/Mid Caps

022-61802831

sunny.agrawal@adityabirla.com

Shreyans Mehta

Construction/Real Estate

022-61802829

shreyans.m@adityabirla.com

Jaymin Trivedi

Banking & Finance

022-61802833

jaymin.trivedi@adityabirla.com

Pradeep Parkar

Database Analyst

022-61207625

pradeep.parkar@adityabirla.com

Sudeep Shah

Sr.Technical Analyst

022-61802837

sudeep.shah@adityabirla.com

Rahil Vora

Technical Analyst

022-61802834

rahil.vora@adityabirla.com

Soni Patnaik

Derivative Analyst

022-61802832

soni.patnaik@adityabirla.com

Suresh Gardas

Advisory Desk

022-61207619

suresh.gardas@adityabirla.com

Salim Hajiani

Advisory Desk

022-61207618

salim.hajiani@adityabirla.com

Mohan Jaiswal

Executive Research Support

022-61802838

mohan.jaiswal@adityabirla.com

Quantitative Team

Advisory Support

ABML research is also accessible in Bloomberg at ABMR

Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800

Page No: 6

Money Morning
14 July 2015

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Page No: 7