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Transcription

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KARVY BAZAAR BAATEIN
A Weekly Investment Newsletter From KARVY
A Research Product of Karvy The Finapolis
Volume 8 Issue 41
HYDERABAD
MARKETS
BSE Sensex
27868.63
 0.01%
28000
27950
27900
27915.88
27865.83
27850
27868.63
27860.38
27800
31-Oct
52 Wk H/L
Mcap
3-Nov
:
:
5-Nov
7-Nov
28,010.39/19,963.12
Rs 97,23,411.73 cr.
8337.00  0.18%
NSE Nifty
8400
8337.00
8350
8300
8338.30
8324.15
8322.20
8250
8200
31-Oct
52 Wk H/L
Mcap
3-Nov
5-Nov
7-Nov
: 8365.55/5,933.30
: Rs 95,18,564.76 cr.
CURRENCY
Rupee Movement (INR/US$)
Exchange Rate : Rs 61.636
61.800
Rs.5/-
A Run Of Hope
A
nother stellar week for Indian markets as they touched new highs. The
BSE Sensex crossed 28,000-mark for
the first time while the Nifty also hit a
record high above 8,350. The latest bout of
bull run in equity markets has come after
a brief correction in October, when the
Sensex ended below 26,000. The rally is
driven by renewed hopes of a sooner-thanexpected rate cut announcement by RBI.
With the recent fall in inflation, the clarion
call for RBI Governor Raghuram Rajan to cut
interest rate to revive the economy is getting louder day by day. But Will Guv Rajan
oblige? Let’s wait for Dec 2. Next week is
crucial because of IIP data.
> Nifty remained subdued in a short trading week, but ended at a new weekly closing high of 8337.00 after clocking a fresh
life time high. On Thursday last week, Nifty
clocked its new all time high of 8365.55,
but retreated from higher levels thereafter.
Nifty drifted lower from the all time high
of 8365.55 to a weekly low of 8290.65, and
shut shop marginally up by 0.18% as it
managed to close above the psychological
8300 mark for second week in succession.
During the last week, CNX Realty was the
top performer among all sectors, thereby
gaining as much as 6.18%, followed by CNX
Pharma (+3.82%), Bank Nifty (+1.77%), CNX
Finance (+1.26%), CNX IT (+1.19%), CNX MNC
(+0.65%), CNX FMCG (+0.61%). On the other
hand, CNX Consumption (-0.49%), CNX
Energy (-1.49%), CNX Auto (-1.56%) ended
lower, while CNX Metal lost the most losing as much as 4.14%. In line with what we
had said last week, we still feel that Nifty
has been forming a strong base around
the 8000-8100 mark while it has a cluster
of projected resistances around the 85008550 zone. We remain bullish on Private
Banks, Pharma and certain IT stocks in
the short term.
Therefore, for the next week, we expect
the index to trade in the range of 8200-8500
and also continue to maintain a positive
view on the markets till such time the
Nifty clings onto the level of 8100 on a
closing basis.
KBB weekly recommendations for the week beginning 10th November, 2014
61.450
61.365
61.100
31-Oct
61.405
3-Nov
61.415
5-Nov
7-Nov
GOLD
MCX Gold (INR/10Gms)
Scrip
AXIS BANK
COLPAL
DRREDDY
BPCL
ZEEL
Action
Buy
Buy
Buy
Buy
Buy
26100
25944
25871
25300
31-Oct
25406
3-Nov
Entry
466-469
1770-1780
3390-3397
755-759
370-371
Stop Loss
460
1760
3375
748
360
Target
485-490
1820-1830
3450-3470
775-780
385-390
Time Frame
4-5 Days
4-5 Days
4-5 Days
4-5 Days
4-5 Days
KBB weekly performance monitor
25900
25500
CMP
469.05
1780.45
3397.15
759.15
371.90
Disclaimer: The above recommendations are purely based on technical analysis. Hence, the stop loss should be strictly adhered to.
Price : Rs 25,457
25700
Pages-7
61.636
61.625
61.275
10 Nov 2014 to 16 Nov 2014
5-Nov
25457
7-Nov
Printed & Published by Mubashir Ansari on behalf of
Karvy Consultants Limited. Karvy House, 46, Avenue
4, Street 1, Banjar Hills, Hyderabad - 500034.
RNI Regn. No.APENG/2007/20423
Scrip
SKSMICRO
MARUTI
ANDHRA BANK
ICICI BANK
IDFC
Total
Balance on inception
(01- Jan- 14)
5,00,000
Action
Buy
Buy
Buy
Buy
Buy
Entry
325
3335
83
1626
155
Balance last week
(31-Oct-14)
5,71,612
SL
310
3300
78
1605
149
Target
345-355
3400-3425
90-92
1670-1680
165-168
Shares(#)
440
43
1722
88
922
Balance current week
(7-Nov-14)
5,90,540
P/L
Return
Remark
13,191.04
9.23%
TA
-1,499.73
-1.05%
SL
5,165.17
3.61%
CMP
4,745.85
3.32%
TA
-2,673.67
-1.87%
CMP
18,928.66
Abs. returns
Abs. returns since
WoW (%)
Jan 01, 2014(%)
3.31
18.11
TA - Target achieved; SLT - Stop loss triggered; CMP - Closing price as on last trading day; NI - Not initiated; # No. of Shares; SL - Stop Loss; P/L - Profit/Loss
India's leading weekly investment newsletter
1
Finapolis
The
SECTOR/ COMPANY UPDATE
Weekly Dossier
IFGL Refractories Ltd
IFGL Refractories
Ltd. (IFGL) is a
manufacturer
of specialised
refractories and operating systems for the steel industry.
IFGL Specialises in products for continuous casting of steel
and offers integrated solutions in the flow control systems.
Sales grew from Rs6bn to Rs.7.8bn representing a CAGR
growth of 18% during FY11-14. El Ceramics & CUSU were acquired
during FY11 causing spike in growth rates. We believe the
sales to grow at a CAGR of 14.5% to reach to Rs.10.2bn by FY16E
primarily driven by volumes from IFGL Exports.
EBIDTA grew from Rs.491mn to Rs.1,219mn, representing a
CAGR growth of 35% during FY11-14, while the margins averaged
around 12.5% due to volume growth through acquisition of
high margin continuous casting products business in the US
on one hand and broad based slow down across steel industry.
We believe the EBIDTA to reach Rs.1485mn, representing a
CAGR growth of 10.4% and margins to sustain over 14% during
FY14-16E.
At CMP of Rs.199, IFGL trades at 7.7x FY16E earnings per share,
which appears to be attractive given the expectations over
higher profitability and strong return ratios in the next two
years. The capacity expansion program at Kandla and Ohio
for continuous casting products could yield higher profits and
large cash flows.
We recommend a ‘BUY’ for a target price of Rs.260, implying
10.2x FY16E EPS which is 21.5% discount to FY16E Industry
average P/E of 13x. On EV/EBIDTA basis IFGL has traded around
a mean of 6.4x over five year period and the stock is currently
trading at 4.3xFY15 EV/EBIDTA.
Mahindra & Mahindra
M&M’s Q2FY15 performance
was below expected on
account of higher sales
expenses amid increasing
cost of customer acquisition.
Company’s performance was
impacted by subdued volumes in auto as well as FES segment.
Company’s volume declined 0.3%YoY/5.5%QoQ due to fall in
auto volumes, while revenues (M&M+MVML) grew 5.6%YoY/
down 7.4% Q/Q. Its EBIDTA declined 6.6%YoY/22.5%QoQ in
Q2FY15. EBIDTA margins contracted by 156 bps Y/Y and 233
bps Q/Q to 12%, as against our est of 13.6%. Key factor behind
margin contraction is higher discounts in auto as well as
tractor segment and continued losses at MTBL Its ASP improved
by 6% Y/Y. Its EBIT margin fell 150 bps Y/Y to 7.9% and 160 bps
Y/Y to 15.4% in auto segment and FES segment respectively in
Q2FY15. Company’s adj. PAT rose 2%YoY/9% Q/Q to Rs. 9.7 bn,
primarily due to higher non operating income (up 36% Y/Y).
On standalone basis, M&M’s revenue rose 7%YoY to Rs.
95.4bn, while its adj. PAT declined 4.3%YoY to Rs. 9.5bn. New
Your Personal Finance Advisor
Models, New Platforms to Aid UV Sales in FY16E: M&M is in
the process of developing three new platforms over next one
year. Moreover, with improving economic prospects, we see
strong rural economy, and expect recovery in UVs space from
FY16E onwards. We also expect reduction in losses from MTBL
business going forward.
We broadly maintain our volume estimates, while lower
our revenue estimates by 2-5% for FY15/FY16/FY17 to factor in
higher discounts and product mix. Accordingly, we cut our
EPS estimate by 2%/3% for FY15/FY16, while raising FY17E EPS
by 3 .8% amid higher non operating income.
We maintain our SOTP based target price on M&M at Rs1,450
per share, valuing its M&M+MVML at 7x FY17E EBIDTA to Rs 1,052
and we value subsidiary at Rs. 398, post-30% discount to M-cap.
We reiterate our “BUY” recommendation on M&M. We
expect near term pressure on stock price due to challenging
environment and intensifying competition in both the
segments.
Bank of India
Bank of India reported
PAT of Rs7.9bn (+17.5%
Y/Y) primarily due to
strong growth in NII
along with moderation
in provision &
contingencies
expenses. Domestic
NIM’s during the
quarter inched up by 28bps to 2.73% led by higher upgrades
and recovery in 1HFY15. Loan book grew by 18.4% Y/Y and 4.6%
Q/Q to Rs3,931bn. Hence NII for the quarter also stood higher by
20% Y/Y tracking the gain in margins and growth in advances.
Fresh slippages declined to Rs29.7bn (slippages ratio of 3.16%)
v/s Rs37.8bn (slippages ratio of 4.08%) in 1QFY15 and Rs36.1bn
(slippages ratio of 4.10%) in 4QFY14. Fresh restructuring also
declined to Rs 13.6bn v/s Rs16.3bn in 1QFY15 and Rs23.9bn in
4QFY14.
Asset quality concern will linger: Key concern for the bank
continued to be its asset quality given its higher exposure
to stressed sectors. Mid-corporate and the SME segment
constituted the major portion of the fresh NPL’s accrued during
the quarter. Management stated that fresh NPL accretion and
restructured loan will decline gradually in 2H FY15.
Business growth remained healthy: Advances and deposits
stood at Rs3,931bn (+18.4% Y/Y, +4.6% Q/Q) and Rs5,184bn (+19.9%
Y/Y, +3.5% Q/Q). Advances growth was led by the agriculture
(+23.7% Y/Y and +9.2% Q/Q ), MSME (+22.4% Y/Y and +6.9% Q/Q)
and overseas (+25.7% Y/Y and +9.2% Q/Q).
At the CMP, the stock is trading at 0.78x FY15E and 0.68x
FY16E P/Adj. BV. In spite of the recent rally in the stock price,
we expect the improving fundamentals to reflect in the stock
price.
Return ratio of the bank are broadly similar to most of its
public sector peers, however it trades much cheaper. Given the
improvement expected in asset quality we recommend “BUY”
with a TP of Rs358 (0.85x to FY16E Adj. BV).
Please read the Disclaimer carefully on Page 7
2
Finapolis
The
FUNDAMENTALS
Fundamental picks
Mangalam Cement: Q2FY15 Result Review
Mangalam Cement continued to deliver strong results as volume
growth accelerated led by ramp-up of its recent expansion by
60%. Its 2QFY15 Net Sales/ EBITDA/ PAT surged 62%/ 223%/ 80% Y/Y
(albeit at slower pace vs our est of 57%, 294%/ 180% Y/Y growth).
Its 1HFY15 Sales/ EBITDA/ PAT rose 48%/ 85%/ -2% Y/Y. EBITDA per
MT expanded by Rs217 and Rs155 Y/Y during 2QFY15 and 1HFY15
respectively to Rs391 and Rs536 per MT.
2QFY15/1HFY15 profitability boosted by strong volume and
price growth: Mangalam’s sales volume accelerated to 44%
(ahead of our est of 37%) and 31% Y/Y during 2QFY15 and 1HFY15.
This was driven by ramp-up at recent capacity expansion by
1.25mn MT in 2HFY14. While cement NSR cooled 5% Q/Q (our est
-6% Q/Q) led by moderation in demand during the monsoon
quarter, NSR rose 13% Y/Y on low base. These boosted EBITDA/
PAT growth of 232%/ 46% Y/Y during 2QFY15. Operational cost
efficiency from the modernization and new plant got slightly
delayed due to coal supply disruptions leading to 4% Q/Q rise in
input costs. We expect cost efficiency to be visible during 2HFY15
as production stabilizes from the new expansion.
Strong profit outlook – EBITDA/PAT CAGRs of 79%/ 91%: We expect Mangalam Cement to deliver 20% sales volume CAGR during
FY14-17E period driven by its 63% capacity expansion and plant
up-gradation. Further, cost efficiency should emanate from (1)
increase in blended cement proportion, (2) reduction in high
grade limestone consumption, (3) increased focus on serving low
lead distance markets and (4) softening crude and coal costs.
With cement demand firming up, we estimate the company’s
cement NSR to increase by 17% Y/Y in FY15E and at 6.5% CAGR
thereafter. These should lead to 79% EBITDA and 91% PAT CAGR.
With no major capex in near term, Mangalam’s strong cash
flow generation should help reduce its net debt: equity to 0.2x in
FY17E vs 0.6x in FY14. We have increased our EBITDA estimates by
2-5% each as we factor in 5-10% higher volume growth. We have
also increased cost per MT estimate by 0.5% each.
Re-iterate “BUY”: We expect the stock’s re-rating to maintain
driven by continuation of stellar results in subsequent quarters.
We re-iterate our “BUY” recommendation on the stock with a TP
of Rs465 (earlier Rs365) valuing it at 3.5x its FY17E EBITDA (earlier
3x) implying EV USD 60 per MT.
Cadila Healthcare: Q2FY15 Result Review
Cadila’s revenues grew by 21.5% Y/Y to Rs 20.6bn during the quarter
on the back of strong performance in US region. Operating margins improved to 20% compared to 15% in Q2FY14, higher than
our estimates of 18.5%. Net Profit at Rs 2,782mn grew by 51.7% Y/Y
in Q2FY14 due to lower personnel cost and savings in overheads.
Revenue Details: Domestic formulations grew at 8.7% Y/Y to Rs
6.81bn in line with our estimates of Rs 6.86bn. US biz grew at 69.6%
Y/Y to Rs 8.02bn higher than our estimates of Rs 6.80bn and Brazil
de-grew 1.1% Y/Y to Rs 647mn due to lack of approvals. Europe
business showed de-growth of 17.5% Y/Y at Rs 777mn. Consumer
Healthcare increased by 6% Y/Y to Rs 1,101mn lower than our
estimates of Rs1,200mn.
EBITDA Margins: The Company's EBITDA margin stood at 20%
(higher than our estimates of 18.5%) in Q2FY15 due to lower
personnel cost and savings in overheads.
Outlook & Valuation: We downgrade our revenues by 1.5%/2.5%/
3.2% for FY15E/16E/17E due to downgrade in some of the markets.
We upgrade our EBDITAM by 150bps for FY15E/16E/17E due to
lower personnel cost and savings in overheads. Despite higher
depreciation and tax we upgrade our EPS by 7.8%/1.4% for FY15E/
FY16E while we maintain our FY17E estimates. Due to better
operational performance we upgrade our price target by 2.9%
to Rs 1519 based on 19.5x average EPS of FY16/17E. We continue
to maintain our ‘HOLD’ rating on the stock.
IRB Infrastructure: Q2FY15 Financial Performance
IRB Infrastructure Developers Ltd.’s (IRB) 2QFY15 consolidated
revenue declined 6% Y/Y to Rs8.8 bn (15% below the expectations), due to 32.3% Y/Y dip in construction revenue to Rs4.5
bn. However, 58.2% Y/Y growth in net toll revenue to Rs4.3
bn restricted the overall fall. Despite fall in revenue, EBITDA
margin improved sharply by 1,430bps to 59.2% driven by higher
EBITDA margin clocked by the BoT segment (88.9% v/s 85.9%)
coupled with higher contribution (73.5% v/s 55.6%) in total
EBITDA. This resulted into improvement in PAT margin to 13.4%
(11.0% in 2QFY14), which was restricted by higher depreciation
(up 45.0% Y/Y to Rs1.8 bn) and interest cost (up 28.7% Y/Y to
Rs2.3 bn). The BoT segment accounted for 67.5% of net profit
v/s 17.4% in 2QFY14. We currently do not have a rating on IRB.
Order book update: Order book stands at Rs115.9 bn (EPC 83.3%
of order book, O&M 16.7%). The current EPC book-to-bill ratio
is ~3.8x FY14 EPC revenues.
Equity requirement of Rs34 bn over next 4 years: IRB needs
Rs34 bn as equity to fund its road BoT projects including the
newly awarded four projects (Solapur-Yadeshi, Yadeshi-Aurangabad, Kaithal-Rajasthan Border and extension of MumbaiPune) over next 4 years.
The management is confident to fund the same from internal accruals as the company has Rs12.9 bn cash as on 2QFY15
combined with strong operating cash flow (Rs16.6 bn in FY14
and Rs14.5 bn in FY13).
Business updates: IRB has achieved financial closure for
its Solapur-Yadeshi project (total cost Rs14.9 bn) with Rs9 bn
debt at 11.75% interest rate. The company expects to achieve
financial closure for its Yadeshi-Aurangabad (total cost Rs32
bn) and Kaithal-Rajasthan Border (total cost Rs23 bn) by end
of December 2014.
We like IRB’s business model, 16 operating road BoT projects:
IRB has sound business model with strong road BoT portfolio
including 16 operational projects. The company is expected to
witness growth in EPC revenue from FY16 as execution on three
newly won projects to start from 1QFY16. Moreover, toll revenue
also are expected to grow supported by overall improvement in
macro economy which would drive traffic growth combined
with in built toll hike for projects.
Furthermore, the company has healthy margins, operating
cash flows, comfortable debt equity ratio. Thus, we are structurally positive on IRB owing to these factors. We currently do
not have a rating on the stock.
3
Finapolis
The
DERIVATIVES
Nifty Futures Snapshot
Nifty traded in a small range (8290.258365.55) because of a truncated trading
week. After two consecutive strong weeks,
some consolidation was observed in the
benchmark Index which closed with mi-
From the options data point of view,
Option writers have covered their short
positions in 8100-8200 strikes. In current
scenario, 8300 then 8200 levels may act
During the week, almost all the sectors
have seen closure of
positions barring the
capital goods counters.
The highest OI closures were seen in Software sector followed by Realty and Metal
sectors which saw closures of 9-10% on the
weekly basis.
Snapshot
nor gains of around 0.24 from the last
week. Nifty open interest in near future
increased by 23 lakh shares which means
bulls are still intact in the market. We
expect Nifty to continue its momentum
towards the higher levels of 8400-8450 in
the coming week.
as a support on the downside which has
Nifty Options Snapshot
Sector
maximum call writing while 8400 put
option has maximum put writing which
may act as an immediate resistance on
the upside.
Pharma, Utilities and FMCG sectors witnessed closures of around 4-6%.
Other sectors which witnessed closure of
open interest were Energy, BFSI, Cement,
Consumer Durables (CD), Auto & Infrastructure sectors.
On the other hand, Capital Goods sector
witnessed an increase in open interest of
around 0.57%.
Nifty Nov Future has open interest of 2.31 crore
shares, which increased 23.1 lakh shares in OI
during the last week while Nov 8200 PE has open
interest of 47 lakh shares. Heavy call writing was observed in 8200 CE which may act
as a resistance for Nifty. We suggest building a Protective Put in Nifty.
Protective put in Nifty
Buy one lot of Nifty Fut @ 8378-8380 and Buy one lot of 8200PE@ 28-29.
Max Profit 3350 and Max Loss 1625. TF 5-6 days
Jargon Buster- Where We decode complex technicalspeak
Fundamental
Technical
Derivatives
LOANS
TRIANGLES
PAY-OFF OF FUTURES
When a business firm
gives any loan to its
employees or to its sister concerns or to its
directors then this loan
is shown in asset side
of the balance sheet
because it is recoverable in future as per
the terms of conditions
of loans given. Normally, a company other
than finance company
should avoid of giving
the loans.
Triangles are commonly found in the price charts
of financially traded assets (stocks, bonds, futures,
etc.). The pattern derives its name from the fact
that it is characterized by a contraction in price
range and converging trend lines, thus giving it a
triangular shape. Triangle Patterns can be broken
down into three categories: the ascending triangle,
the descending triangle, and the symmetrical
triangle. While the shape of the triangle is significant, of more importance is the direction that the
market moves when it breaks out of the triangle.
The Pay-off of a futures contract on maturity depends on the spot
price of the underlying asset at the time of maturity and the price
at which the contract was initially traded. There are two positions
that could be taken in a futures contract:
a. Long position: one who buys the asset at the futures price (F)
takes the long position, and
b. Short position: one who sells the asset at the futures price (F)
takes the short position
In general, the pay-off for a long position in a futures contract
on one unit of an asset is: Long Pay-off = ST Ð F
Where F is the traded futures price and ST is the spot price of the
asset at expiry of the contract (that is, closing price on the expiry
date). This is because the holder of the contract is obligated to buy
the asset worth ST for F. Similarly, the pay-off from a short position
in a futures contract on one unit of asset is: Short Pay-off = F Ð ST
Lastly, while triangles can sometimes be reversal patternsÐmeaning a reversal of the prior
trendÐthey are normally seen as continuation patterns (meaning a continuation of the prior trend).
4
Finapolis
The
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)XQG3HUIRUPDQFH9LVDYLV%HQFKPDUN
)XQG %
PDUN
Source: ACEMF
5
Finapolis
The
STOCK TECHNICALS
BHARTIARTL
Stocks
BHARTIARTL remained laggard during
current bull market rally. The stock
has gained around 8% only while Nifty
has gained over 33% in last one year. In
Aug’14 stock price witnessed monthly
breakout from its long term falling
trend line, indicating going ahead we’ll
see stock participation in ongoing rally.
The stock is trading in the range of 378 to
420 over last two months, and in the last
session only it tested the lower level and
bounced back from there. Going forward
we expect the stock to test its upper end
of the range near 420 levels in coming
weeks and eventually move beyond it.
Therefore, we recommend going long in
the counter for immediate targets of 415420 levels in the coming weeks.
BHARTIARTL
ACC
Nifty Top-5 (Weekly)
376
415
1508.75
Buy
1508-1510
1481
1565
Company
07-Nov
going long in the counter for initial target
of 1565 levels in the coming weeks.
Points of observation
 The stock has been trading in a
rectangle channel pattern over last
five months and is moving towards its
previous high of 1565 levels, breaking and
sustaining beyond the range stock can
move towards newer highs.
Currently stock is holding well above
its major 200-DEMA which is well
respected during recent correction, and
also holds above its medium to short
term moving averages.
 On a daily chart Parabolic SAR is
trading below the price, suggesting
buying will remain intact in the stock
and among the daily oscillators, the 14day RSI is trading comfortably above the
9-day EMA signal line and also, MACD is
trading in the positive territory above the
9-day EMA signal line, reaffirming our
bullish view on the counter.
J.K. Jain
FII vs MF: Weekly net purchases
FII (Rs Cr)
31-Oct % Change
Unitech
22.55
20.50
10.00
GAIL India
485.05
528.80
-8.27
Suzlon Energy
14.65
13.45
8.92
ABB India
1085.55
1168.75
-7.12
DLF
134.50
124.75
7.82
Coal India
344.55
370.55
-7.02
Axis Bank
469.05
439.40
6.75
Hero MotoCorp
2887.60
3064.25
-5.76
33.05
31.15
6.10
M&M
1239.10
1306.20
-5.14
Jp Associates
Targets
389-390
Nifty Bottom-5 (Weekly)
31-Oct % Change
Stop Loss
Buy
ACC has gained over 10% in last one
month while Nifty gained only around
6% over the same period, indicating its
outperformance over Nifty. The stock
is in a rising trend from last one year,
from the lows of 970 stock rise towards
1564 levels made in the beginning of
Sept’14, post which it witnessed round
of profit booking/correction towards 1355
levels, wherein from stock rebounded in
last month, and we expect the stock to
continue its momentum over next few
weeks also. Therefore, we recommend
The stock is moving within a rising
channel on a weekly chart, recently
found support from its lower channel.
Also, stock has respected its 100 Days
EMA in current correction.
Entry
390.85
ACC
The stock witnessed breakout from its
long term falling trend line on a monthly
chart, and now retraced back, which
has validated the breakout significance,
reaffirming underlying strength in
prices.
07-Nov
Action
On a weekly chart Parabolic SAR is
trading below the price, suggesting
buying will remain intact with the
counter in the near term. The stock
is bouncing from its lower Bollinger
band, indicating support area and on
sustaining above the level price can rise
towards upper band. MACD (12/26/9)
has given bullish crossover in negative
territory and now managed to move
above trigger line, indicating intact
uptrend.
Points of observation
Company
CMP
1569.1
MF (Rs Cr)
3365.5
2328.5
1956.7
255.1
797.0
-629.4
1396.1
FII (Rs Cr)
-2968.6
10-Oct
17-Oct
24-Oct
31-Oct
MF (Rs Cr)
7-Nov
Source: SEBI.gov.in
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6
Finapolis
The
KEY DATA
Domestic indices: Weekly performance
Global indices: Weekly performance
Close
(Nov 07)
Close
(Oct 31)
Weekly
(%)
6M
(%)
12M
(%)
Sensex
27868.63 27865.83
0.01
23.81
33.38
19.31
GLOBAL INDICES
0.18
24.15
34.14
18.72
MSCI World Index
8337.00
8322.20
P/E
Ratio
Indices
Indices
Nifty
BSE 500
10650.66 10594.89
0.53
27.21
39.47
20.00
MSCI Asia Pacific Ex Japan
BSE Auto
18338.67
18579.07
-1.29
37.27
50.22
16.94
ASIA
BSE Bankex
19854.42
19505.16
1.79
33.88
54.01
17.14
Hang Seng
BSE Capital Goods
15945.21
15924.51
0.13
31.46
74.20
36.20
BSE Consumer Durables
9746.42
9875.10
-1.30
43.46
60.16
35.54
BSE FMCG
7530.68
7497.07
0.45
10.39
14.52
46.35
BSE Healthcare
14884.58
14354.01
3.70
37.92
54.41
27.95
BSE IT
10820.55
10701.99
1.11
24.13
27.87
20.29
BSE Oil & Gas
11053.57
11160.18
-0.96
12.74
25.33
BSE Metal
11334.93
11849.95
-4.35
13.74
BSE Realty
1642.36
1553.42
5.73
18.25
BSE PSU
8281.33
8343.37
-0.74
26.37
40.50
2134.13
2166.41
-1.49
27.97
6000.54
5937.65
1.06
23.92
BSE Power
BSE Teck
Singapore Straits Times (STI)
S. Korea
Nikkei 225
Close
(Nov 07)
Close
(Oct 31)
Weekly
(%)
1707.53
1708.09
-0.03
1.39
7.50
17.52
477.01
485.68
-1.79
0.89
0.49
12.70
23550.24 23998.06
3286.39
6M
(%)
12M
(%)
P/E
Ratio
-1.87
8.30
2.92
10.19
3274.25
0.37
1.54
2.63
13.38
0.00
1939.87
1964.43
-1.25
-3.20
111.22
16880.38
16413.76
2.84 20.29 18.64
20.64
15.76
AMERICA
Dow Jones
17554.47
17390.52
0.94
6.27
S&P 500
2031.21
2018.05
0.65
8.15 16.26
17.99
12.02
NASDAQ
4638.47
4630.74
0.17 14.03 20.25
61.33
22.85
13.82
Brazil Bovespa
20.53
17.87
EUROPE
11.51
FTSE-100
30.44
19.24
DAX 30
9351.38
9326.87
0.26
24.94
18.38
CAC 40
4205.26
4233.09
-0.66
52637.06 54628.60
6586.33
6546.47
-3.65
12.57
-2.62 -0.20
0.61 -3.09
17.02
-1.66
16.77
-1.78
2.98
16.84
-5.42
-1.77
25.73
Note: The closing for the US and Europe is as of 6th November
Dow Jones movement
10-Year Bond Yield (%)
17475
9.130
17050
8.935
16625
8.740
16200
8.545
15775
8.350
15350
Nov/13
Feb/14
May/14
Aug/14
Nov/14
Brent Crude (US$/bbl)
8.155
Nov/13
22.00
107.5
20.60
101.0
19.20
94.5
17.80
88.0
16.40
Feb/14
May/14
Aug/14
Nov/14
Feb/14
May/14
Aug/14
Nov/14
Silver (US$/OZ)
114.0
81.5
Nov/13
Feb/14
May/14
Aug/14
Nov/14
15.00
Nov/13
Disclaimer : The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Stock Broking Limited. The
information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we
are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their
specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that
neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author,
directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose
his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities
till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Stock Broking Ltd. This report is intended
for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any
options, futures or other derivatives related to such securities.
7

A

Transcription

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