Aug 2014.cdr - Reliance Securities

JULY 2014
Research Desk | Innovation of the Month | Customer Service | Currency Research Desk
Reliance My Gold Plan | Mutual Fund Desk | Monthly Economic Calendar | Rgurukool Corner
From the desk of Business Head
A month of consolidation;
marginal profit-booking in broader market
After an exceptionally strong June, the month of July was more in
the nature of consolidation for the Indian stockmarket. While new
life-time highs were made in the month gone by, the bulls and the
bears displayed near equal might. Thus, while the Nifty did make
a couple of valiant attempts to overpower the 7,800 level, profitbooking at higher levels restricted the Nifty’s rise to 1.4% for the
month. Further, the bears had a relatively greater say in the
broader market proceedings with the CNX Mid-cap and Smallcap indices ending the month with a loss of ~2% and 6%
respectively. However, there was little change in FII behavior as
they continued to lap up Indian equity with net buying worth
~Rs9,350cr (~US$1.5bn) done in July, taking their total
investment in 2014 to ~Rs72,000cr (~US$12bn).
July was a very important month with the Railway and the Union
Budgets by the new government in power. Notably, these
budgets were under the radar of one-and-all chiefly owing to the
mandate with which the BJP government was voted to power,
leading to considerable expectations being built not just around
these events, but also in the government’s normal course of
working. In this backdrop, we believe that the Railway Budget
rightly focused on the need of the hour, which aimed to
improve/raise resources (internal and external) to sustain not just
capital but also social expenditure without compromising on
efficiency and safety of the railways. Notably, the biggest and
most challenging of decisions pertaining to freight and passenger
fare hikes had already been taken about a couple of weeks ahead
of the Railway Budget. This was followed by the Union Budget,
which again was a well-balanced act aimed at improving the
country’s fiscal position along with providing some triggers for
resumption of consumption, which would support the economic
recovery. Both the budgets laid considerable emphasis on the
Public Private Partnership (PPP) model for the growth of the
economy.
Apart from these events, certain key economic data points last
month were favorable with the CPI Inflation coming in at 7.3%
(30-month low) and the HSBC PMI Manufacturing index (released on
Aug 1) coming in at 17-month high. While a falling inflation is important
from the RBIs point of view as this has been the key parameter it is
tracking before it starts to ease interest rates, improvement in
manufacturing activity is indicative of early signs of the economy
bottoming out. Apart from this, the progress of monsoon in July, which
is also a very crucial month for sowing, has been a big relief for the
economy as the rain deficit has now reduced from 40% in end June to
22% in end July. This reduces the fears of agri-inflation to a certain
extent going forward.
However, on the flipside, the global newsflow was not particularly
supportive for equities as an asset class. While geopolitical tensions
pertaining to Russia, Ukraine and Gaza topped headlines last month,
Argentina’s debt default affected sentiments towards stocks and bonds
in general.
Going forward into August, while the month will begin with the RBI
Monetary Policy (August 5) wherein we expect the governor to
maintain status quo for now, we believe that a 50bps rate cut in early
months of 2015 is a high probability. We remain optimistic of this as
inflation in general has already displayed signs of cooling off along with
the government’s focus on fiscal consolidation, which is what the RBI
desires. Apart from this, in our view, the new government has so far
been largely successful in ‘not disappointing’ the market considering
the various measures it has announced towards development of
infrastructure, urbanization, agriculture, etc., apart from tackling issues
related to governance and politics. We believe that expectations of
continued newsflow from the government quarters will support the
valuations for Indian equities in the medium-term. We continue to
advocate taking exposure in sectors like Auto, Banking, Cement,
Pharma and IT.
Yours Sincerely
RM/363/07.07.2014
Dear Partner,
Rajeev R. Srivastava
Business Head
1
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ISO 9001:2008 for providing equity & equity derivative trading services through online trading system. Investment in securities market is subject to market risk. Registered Office: Reliance Securities Limited, 11th
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011234839; MCX>SX - INB / INF 261234836 INE 261234833; AMFI ARN No.29889).
Research Desk
Technical View for the Month
NIFTY (7,603)
NIFTY closed July 2014 once again on a positive
note, rising about 1.4% creating a new history for
itself. During the month, we observed NIFTY
witnessing a sharp rise from a low of 7,422
registered during mid-month to a high of 7,841
mark during the second half of the month. The rally,
however, remained limited to frontline stocks with
CNX Mid-cap and Small-cap indices
underperforming the benchmark index by a huge
margin.
On monthly chart, the RSI (14,9) continues to trade
above the 50 mark suggesting strength in the
underlying, however, continues to trade in the
overbought zone. The MACD (9,24) continues to
suggest a strong trend in the offing that should see
NIFTY touching higher levels on monthly charts as
mentioned last month. The major concern comes
from Stochastic (5,3) that continues to remain in
overbought zone since past few months. On monthly chart, cluster of all the short-term averages lie in the range of 7,500 to 7,000, which will
provide support in case of any decline.
Last time we had mentioned about a move towards 7,750-7,900 mark with 7,200 to 7,100 being good support zone. With NIFTY registering a
high of 7,841, it is likely to witness some base creation on daily charts that will provide good opportunity for accumulating quality stocks.
While long-term technical remains intact and in favor of the bulls, in the short-term some correction cannot be ruled out. Both 7,450 and
7,200 remain key supports going ahead.
Technical Picks for the Month
M&M FINANCIAL SERVICES (CMP: 242)
M&M Financial Services has created multiple bottoms around level
of Rs230. Even during the recent sell-off, the stock once again found
support around the same level and has reversed. While MACD
below the neutral line is still a cause of concern, the RSI has already
given a positive crossover after moving into oversold zone on daily
charts. Further, Stochastics too is in oversold zone and is pointing
towards an up move in the offing. Despite some near-term strong
resistances, we are convinced that the stock will witness a fresh
move towards level of Rs265 and then Rs290 in 1-2 months. Thus,
we recommend Accumulating the stock at the current level of Rs242
and on dips towards Rs230 with a closing based stop loss of Rs226
for an up move towards Rs265 to Rs290.
BANK OF BARODA (CMP: Rs894)
Bank of Baroda managed to breach its three and half years old falling
trend line in last week of April 2014 by crossing over a downward
slopping trend line and later with the upbeat momentum registered a
fresh life-time-high of Rs998. Post a stunning rally, stock witnessed
minor decline, but support from its 20-weeks Exponential Moving
Average and prior resistance line reversed the near-term trend and
helped the stock to close at eight week high level. We believe the
stock will surpass the psychological level of Rs1,000 and trade in a
new orbit of Rs1,100-1,200 in the short-term. Most of the technical
indicators are in bullish mode and coincide with our view. Thus, long
position can be initiated in the stock at current level and on dips
towards Rs850 with a closing based stop loss of Rs770 for a
probable up move towards Rs1,100-1,200 in the next 1-2 months.
Note: Since the above recommendations are on BUY side, strict stop loss is strongly advised.
2
Research Desk
Fundamental / Technical Calls Performance
Strike Rates – July 2014
Note: As on July 31, 2014; Source: Refer Daily Market Lens / LIVE Market Calls data
Some Fundamental Call updates:
* Swaraj Engines up ~70% since our initial recommendation @ Rs485 in December 2012
** Maruti Suzuki up ~80% since our initial recommendation @ Rs1,161 in January 2012
3
Research Desk
Reliance Securities Model Portfolio Performance
Since inception in October 2011, the Reliance Securities
Model Portfolio has outperformed its benchmark (Sensex)
by ~15%!
Thus, while the Sensex has given a return of ~61% in this
period, the R-Model Portfolio has given a return of over 76%,
which is ~24% higher (in absolute terms) than Sensex
returns.
* Current Model Portfolio
To know more visit: http://www.rsec.co.in/products-and-services/financial-Services/equity/rmodelportfolio
How to Invest online
Step 1: https://trade.rsec.co.in/
Step 2: Select Rofferings > Model Portfolio
Disclaimer at the last page
4
INNOVATION OF THE MONTH
In our endeavor to offer gratifying experience to you; we
attempt to innovate & employ novel ideas that can add
worth to our esteemed and exclusive customers. In line
with our attempt, allow us to present R-advantage – a
program launched exclusively for our esteemed
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categories ranging from lifestyle to utility products. That's
not all, being a part of our R-advantage; it entitles you to
privileges and promotions that will be served to you.
As an esteemed customer of Reliance Securities, you are
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Trading online, minimum 5 delivery transactions a month
or other activities like updating your contact details will
earn you R-advantage points. To summarize, all you
need to do is to use the services to earn points and start
redeeming the rewards.
Also, R-advantage is not just about collecting and spending
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5
Customer Service Team
Customer Service Performance - E-mail
The number of client requests serviced in the month of June 14
20,794
% of client requests serviced within defined TAT
99.02%
Customer Service Performance - Call
Awareness Tip
The number of Service Calls received in June,14 (CNT & Helpdesk) 41539
% of Calls Answered
Please do not share your
Account Details with any one
92%
Self Help Tips
Login in Insta Plus and you can Earn, Redeem & Relish with R-advantage rewards program in below mentioned steps
A.
Login to Insta Plus.
B.
Click on R advantage in main menu
C.
You can view your reward points and redeem your points from wide range of products.
Thank you for being Very Helpful and Supportive .
- Rajnish M Damodaran, June 25 ,2014
Thank you for being helpful.
- Vishak Dave – June 27,2014
For more information:
www.rsec.co.in
022-3988 6000, 2581 6000
[email protected]
6
Currency Research Desk
Fundamental Outlook
The Indian Rupee appreciated meagerly by 0.70% while subdued movement was observed during
the whole month with recorded low volume in the trading sessions. The reason behind the narrow
movement was absence of any strong fundamental data during the month. Besides the Wholesale
Price Index stands at 5.43% against the 6.01%. Last month data showing a sharp narrowing in the
current account deficit to just 0.2 percent of gross domestic product should also prop up the rupee in
the interim. Still, weak growth will probably prevent the rupee from any significant break higher. And
the Reserve Bank of India has been intervening in the market daily, buying dollars to prevent sharp
rises in the currency from strong foreign inflows persistent into capital market.
The Federal Reserve policy minutes, in the month of July concerns about financial stability shouldn’t prompt a change in current monetary
policy while flagging pockets of increased risk-taking in the financial system. Fed Chair Yellen delivered a comprehensive salvo in the global
debate among central bankers over whether interest rates should be a first-order tool to curb financial excess, saying supervision should be
the main line of defense against turmoil. Monetary policy faces significant limitations as a tool to promote financial stability, Fed Chair Yellen
Indicated at the International Monetary Fund. Its effects on financial vulnerabilities, such as excessive leverage and maturity transformation,
are not well understood and are less direct than a regulatory or supervisory approach. Federal Reserve majorly focus on primary role should
fall to a macro prudential approach, a combination of multiagency oversight, attention to bank capital and liquidity, and regulatory pressure to
create buffers against failure. Meanwhile, the dollar fell the most versus the yen in 13 weeks as the Federal Reserve signaled willingness to
keep borrowing costs at unprecedented lows even as the U.S. labor market improves.
USD INR Daily Chart
Technical Outlook:
The USDINR headed higher sharply to its 2.00% during the month of July 2014. The pair may find immediate support near INR 58.75-59.00,
which is the support level of blue downward trend line. Sustaining below INR 59.50 could lead towards INR 58.30 while immediate resistance
can be seen at INR 61.00 then
61.30.
As per technical chart, USDINR is
still headed downward with lower
tops and lower bottom pattern and
further trading can be expected in
the range of 61.20 to 58.50, in the
weekly chart though any further
weakness in Dollar could push the
rupee till 58.50-59.00 levels in this
month. Among technical indicators,
MACD slightly cross over upside to
expect prices slight higher in very
near term, towards 61.20 which can
be selling opportunity for medium
term. Overall, near term scenario
looks subdued between 61.30 to
58.50 per dollar and it is advisable to
short sell USDINR during pullbacks
at 61.20-61.30 levels while aiming
for 58.80 - 58.50 during coming
months.
Contrary to above view, any weekly close above INR 61.50 could change the trend form bearish to consolidation mode with upward bias that
could push the pair towards INR 63.15 levels.
For more information:
www.rsec.co.in
022-3988 6000
Visit Our Branch
[email protected]
SMS <RSEC CD> to 53636
Disclaimer at the last page
7
Disclaimer: This report is prepared exclusively for Reliance Commodities. The information and opinions contained in the document have been compiled from sources believed to be reliable. Use of data and information contained in this report is at your own
risk. This document is not, and should not be construed as, an offer to sell or solicitation to buy any commodity. Reliance Commodities Ltd. do not accept responsibility for any losses or damages arising either directly or indirectly from the use of this document.
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8
Mutual Fund Desk
Mutual Funds Update:
Like every year, the June quarter is when the industry assets
witness a strong growth after the mayhem witnessed in the March
quarter. It has been noted that the growth in the first quarter of the
financial year stands significantly better than the other quarters
particularly because the March quarter witnesses exceptionally
huge outflows on account of year end and tax obligations which hits
the assets under management or AUM severely. As a result the
following months see a return of huge funds which is reflected in
their AUM growth. The AUM for June quarter grew by close to 18%
to Rs 974,715 crores as compared to a drop of 0.1% in March. At the
same time, this growth was higher than a rise of 15.7% in the
corresponding period last year. This could be attributed to positive
equity market rally which too supported the overall AUM growth of
the industry.
It was almost after two years that the equity category recorded
quarterly inflows. It was primarily the equity market rally post the
forming of the new government that boosted investor confidence.
Equity fund category assets grew by over 27% during the quarter
with inflows of Rs 9,969 crores as compared to outflows of Rs 1,034
crores in the March quarter. The category witnessed net quarterly
inflows after almost two years. While all the three months of the
quarter saw inflows, it was the month of June that contributed
heavily followed by the month of May.
The ELSS category on the other hand saw its assets surge on the
back of rising equity markets however the category wasn’t able to
garner inflows. For the quarter ended June 2014, the ELSS funds
saw a AUM growth of 18.3% however witnessed net outflow of Rs
954 crores as against inflows of Rs 108 in the previous quarter.
The major contribution came in the month of April when the assets
grew by almost 15% followed by a 7% growth in May. It was the
month of June when the AUM declined by 3.6% which again did not
come as a surprise as AUM’s tend to drop in quarter end period on
account of financial institutions rushing to meet their tax liabilities.
Inflows remained positive with major contribution from the debt
side. Moreover what changed this quarter were the equity fund
inflows which have been in negative for the over two years.
However this quarter around the equities too garnered significant
inflows backed by strong equity market performance.
The June quarter recorded huge inflows from all the debt categories
put together. But primarily it was the liquid and money market fund
category which saw the highest inflows of Rs 78,188 crores as
compared to outflows of Rs 49,489 crores in March quarter. At the
same time, the category emerged as the highest gainer AUM-wise
as it surged by to 62%.
Recommended Mutual Fund Schemes
Equity Funds:
Absolute
CAGR Returns (%)
Volatility (3 Years)
Scheme Name
AUM(Cr.)
1 Month
3 Months
6 Months 1 Year
3 Years
5 Years
1 Year
3 Years
5 Years
Birla SL Frontline Equity Fund
5,859
6.13
18.79
27.30
41.83
15.93
17.15
15.26
1.14
0.19
Reliance Top 200 Fund
893
8.83
23.21
33.12
48.63
14.95
15.36
15.54
1.09
0.04
ICICI Pru Focused BlueChip Eq Fund
6,645
6.18
17.10
24.54
40.31
14.84
18.61
11.74
0.87
0.27
5.41
15.84
22.67
33.44
10.83
12.00
S&P BSE 100
Franklin India Flexi Cap Fund
1,924
6.45
20.71
30.23
49.90
14.69
17.22
14.74
1.07
0.04
HDFC Equity Fund
15,108
8.39
27.82
39.47
57.84
14.62
19.62
16.18
1.13
-0.09
ICICI Pru Dynamic Plan
4,747
7.21
17.77
25.56
54.48
16.12
19.45
14.34
1.00
0.22
Reliance Equity Opportunities Fund
7,325
8.64
23.90
32.92
52.86
18.62
24.89
15.57
0.99
0.24
6.36
18.60
25.43
36.67
10.45
12.25
S&P BSE 500
HDFC Mid-Cap Opportunities Fund
5,912
10.62
30.62
43.74
70.10
21.87
26.80
15.69
0.96
0.32
ICICI Pru Value Discovery Fund
5,242
8.96
31.30
45.37
75.74
22.74
26.87
18.50
1.22
0.24
Franklin India Smaller Cos Fund
844
9.50
30.63
45.93
73.66
25.42
24.38
20.95
1.50
0.30
Data as on 29th
Nov 2013 Fund
DSPBR
Micro-Cap
850
11.47
37.34
50.36
81.75
21.21
19.82
1.16
0.00
10.77
33.79
40.88
57.25
11.01
S&P BSE Mid-Cap
13.06
Data as on 30th June 2014
9
Mutual Fund Desk
Debt Funds:
Scheme Name
Absolute
CAGR
Average Maturity (Years)
AUM(Cr.)
1 Month
3 Months
6 Months
1 Year
3 Years
Average Maturity
Modified Duration
YTM
Birla SL Cash Plus
16,448
0.73
2.36
4.63
9.64
NA
8.78
NA
0.19
HDFC Cash Mgmt-Savings
6,168
0.73
2.33
4.54
9.46
9.36
8.70
0.12
0.12
0.72
2.25
4.63
9.64
8.82
Crisil Liquid Fund Index
Birla SL Dynamic Bond Fund
8,977
0.40
3.21
5.74
6.71
9.35
8.83
NA
6.33
Franklin India ST Income Plan
9,574
0.75
2.85
5.44
8.88
9.68
10.29
1.86
1.68
0.71
2.50
5.09
8.76
8.96
Reliance Reg Savings Fund-Debt Plan
4,798
0.87
2.90
5.53
8.63
9.28
10.56
1.91
1.79
ICICI Pru Regular Savings
4,550
0.70
2.74
5.47
8.35
9.02
10.36
1.86
1.51
0.76
3.81
6.64
4.55
7.97
Crisil Short Term Bond Fund Index
Crisil Composite Bond Fund Index
Data as on 30th June 2014
Recommended Model Portfolios by Mutual Fund Team
Scheme Theme
Mutual Fund Schemes
EQUITY
Aggressive %
Moderate%
Conservative%
75%
50%
25%
Reliance Equity Opportunities Fund
Diversified
15%
15%
5%
HDFC Equity Fund
Diversified
15%
10%
5%
Birla SL Frontline Equity Fund
Large cap
15%
10%
10%
ICICI Pru Focused Bluechip Fund
Large cap
10%
10%
5%
ICICI Pru Value Discovery Fund
Mid cap
10%
5%
Nil
HDFC Mid Cap Opportunity Fund
Mid cap
10%
Nil
Nil
25%
50%
75%
DEBT
Templeton India ST Income Fund
Short term income
Nil
10%
15%
Reliance RSF - Debt Plan
Long term income
5%
5%
15%
Medium Term Income
10%
10%
15%
Short term FMP
Nil
10%
15%
Liquid
5%
10%
10%
Gold Fund
5%
5%
5%
100%
100%
100%
Birla Sun Life Dynamic Bond Fund
1 Year FMP
HDFC Cash Mgmt Fund-Savings
Gold Fund
Total
Source: Morningstar, Ace MF
Disclaimer: This document is meant for the customers of Reliance Securities Limited only. In case you are a non resident, please note that you need to comply with the relevant local laws of the country of your residence, before
investing. Mutual Funds and securities investments are subject to market risks, and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the Net Asset Value
(NAV) of the Units issued by Mutual Fund Schemes can go up or down depending on the factors and forces affecting the securities market. There are no assurances or guarantees that the objectives of any of the mutual fund
schemes will be achieved. The investments may not be suited to all categories of investors. Please read the Scheme Information Document and Statement of Additional Information of the respective mutual fund carefully before
investing.
The views herein constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the readers. This information is meant for general reading purpose only and is not
meant to serve as a professional investment guide for the readers. This document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Reliance
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How to Invest online in Mutual Fund
Step 1: https://trade.rsec.co.in/
Step 2: Select Investment Offering > Mutual Fund > Choose a Fund of your choice
Disclaimer at the last page
For more information:
022-3988 6000
SMS <RSEC MF> to 53636
Visit Our Branch
[email protected]
10
Corporate Fixed Deposits
Corporate Fixed Deposits are Fixed Deposits placed by investors with companies for a fixed term carrying a prescribed rate of interest. The
companies in turn use these funds to fulfill their capital requirement from time to time.
Corporate FDs are attractive investment avenue for conservative investors who do not want to take the risk of vagaries of stock market.
Corporate FDs also offer higher interest rates than normal bank FDs.
However unlike Bank FDs your investment in Corporate FD is not guaranteed by Govt of India or RBI or by any government sponsored
agencies.
How to choose a good Corporate FD Scheme?
Ignore the un rated Company Deposit Schemes: Chose only AA+ and above rated FD issuing corporate .Within a given rating grade, choose
the company with a better reputation. It is better to make shorter deposit of around 1 year to 3 years check on the servicing standards of the
company before investing. Based on our research, we recommend the following Corporate FDs to suit your requirements.
Mahindra Finance Co. Ltd Fixed Deposit
Name of the Company
Minimum Amount
Senior Citizen
Credit Rating
Shriram Transport Finance Company Ltd (Shriram Unnati FD Scheme)
25,000
0.25
FAA+ & MAA+
Mahindra & Mahindra Finance Services Ltd
10,000
FAAA
25,000
0.25
50,000
(Interest rate %) ( Period in Months)
12
24
36-60
48-60
Frequency
9.25
9.75
10.75
Nil
Yearly
9.05
9.52
10.47
Nil
Half yearly
8.95
9.41
10.34
Nil
Quarterly
9.25
10.23
11.94
12.60 -13.32
Cumulative
12
18
24
36/48-60
Frequency
9.25
9.75
10.00
10.25/9.75
Cumulative
9.00
N/A
9.75
10.00/9.50
Half Yearly
8.90
N/A
9.65
9.90/9.40
Quarterly
How to Invest online in Corporate FDs
Step 1: https://trade.rsec.co.in/
Step 2: Select Investment Offering > Corporate FD > Choose a FD of your choice
Disclaimer at the last page
For more information:
022-3988 6000
SMS <RSEC MF> to 53636
Visit Our Branch
[email protected]
12
Monthly Economic Calendar
13
CORNER
Stock Support and Resistance Levels for Trading
Candlestick Chart
A candlestick chart is a style of bar-chart used primarily to describe price movements of a security, derivative, or currency over time.
It is a combination of a line-chart and a bar-chart, in that each bar represents the range of price movement over a given time interval. It is
most often used in technical analysis of equity and currency price patterns. They appear superficially similar to error bars, but are
unrelated.
Candlestick charts are thought to have been developed in the 18th century by Munehisa Homma, Japanese rice trader of financial
instruments. They were introduced to the Western world by Steve Nison in his book, Japanese Candlestick Charting Techniques.
Black & White
Colour
The basic candlestick
Candlesticks are usually composed of the body (black or white), and an upper and a lower shadow (wick) the area between the open and
the close is called the real body, price
excursions above and below the real body are
called shadows. The wick illustrates the highest
and lowest traded prices of a security during the
time interval represented. The body illustrates
the opening and closing trades. If the security
closed higher than it opened, the body is white
or unfilled, with the opening price at the bottom
of the body and the closing price at the top. If the
security closed lower than it opened, the body is
black, with the opening price at the top and the
closing price at the bottom. A candlestick need
not have either a body or a wick.
To better highlight price movements, modern
candlestick charts (especially those displayed
digitally) often replace the black or white of the
candlestick body with colors such as red (for a
lower closing) and blue or green (for a higher closing). Observe the chart below
Hope this article has been useful… for further knowledge on the subject visit us at www.rgurukool.com
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14
General Disclaimers
General Disclaimers: This document is meant for the customers of Reliance Securities Limited only. In case you are a non resident, please note that
you need to comply with the relevant local laws of the country of your residence, before investing. Mutual Funds and securities investments are
subject to market risks, and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in
securities, the Net Asset Value (NAV) of the Units issued by Mutual Fund Schemes can go up or down depending on the factors and forces affecting
the securities market. There are no assurances or guarantees that the objectives of any of the mutual fund schemes will be achieved. The
investments may not be suited to all categories of investors. Please read the Scheme Information Document and Statement of Additional Information
of the respective mutual fund carefully before investing.
The views herein constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the
readers. This information is meant for general reading purpose only and is not meant to serve as a professional investment guide for the readers.
This document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable.
Reliance Securities Limited (RSL) or its directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the
accuracy, completeness, adequacy and reliability of such information.
Due care has been taken to ensure that the disclosures and opinions given fair and reasonable. No action has been solicited based upon the
information provided herein, and the information is not intended to be an offer or solicitation for the purchase or sale of any financial product or
instrument. Recipients of this information should rely on information/data arising out of their own investigations. Readers are advised to seek
independent professional advice and arrive at an informed investment decision before making any investments.
None of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive
or exemplary damages, including lost profits arising in any way whatsoever from the information contained in this material. RSL, the directors,
employees, affiliates or representatives of RSL, associate companies, affiliates, and representatives including persons involved in the preparation or
issuance of this material may from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) / specific
economic sectors / mutual funds, if mentioned herein.
Risks: Trading and investment in securities are subject market risks. There are no assurances or guarantees that the objectives of any of trading /
investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The names of
securities mentioned herein do not in any manner indicate their prospects or returns. The value securities referred to herein may be adversely affected by
the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces affecting capital
markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks including but not
limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest
rates may affect the pricing of derivatives.
Disclaimers in respect of jurisdiction: The possession, circulation and/or distribution of this Report may be restricted or regulated in certain jurisdictions
by appropriate laws. No action has been or will be taken by RSL in any jurisdiction (other than India), where any action for such purpose(s) is required.
Accordingly, this Report shall not be possessed, circulated and/or distributed in any such country or jurisdiction unless such action is in compliance with all
applicable laws and regulations of such country or jurisdiction. RSL requires such recipient to inform himself about and to observe any restrictions at his
own expense, without any liability to RSL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India.
Disclosure of Interest: The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their
personal independent views/opinions in respect of the securities and their respective issuers. Neither RSL nor the research analysts did have any known
direct /indirect conflict of interest including any long/short position(s) in any specific security on which views/opinions have been made, during the
preparation of this Report.
Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No
reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written
consent of RSL.
Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of.
ISO 9001:2008: Reliance Securities Limited holds a certificate issued by BSI Management System India Pvt. Ltd to the effect that it operates a Quality
Management System that complies with the requirements of ISO 9001:2008 for providing equity & equity derivative trading services through online trading
system. Investment in securities market is subject to market risk. Registered Office: Reliance Securities Limited, 11th Floor, R-Tech IT Park, Western
Express Highway, Goregaon (East), Mumbai - 400063. Tel: +91 22 3320 1212, CIN: U65990MH2005PLC154052. (NSE - INB / INF / INE 231234833; BSE
- INB / INF / INE 011234839; MCX>SX - INB / INF 261234836 INE 261234833; AMFI ARN No.29889).
15

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