MARKETS TODAY KEY OVERNIGHT DEVELOPMENTS MUST ...

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28-Jun-16

Latest Points % Chg.

NIKKEI 225 * 15543.7 220.6 1.4

HANG SENG * 20330.0 157.6 0.8

DOWJONES 17409.7 269.5 1.6

NASDAQ 4691.9 97.4 2.1

SGX NIFTY FUT* 8156.5 25.0 0.3

INFY 17.6 0.2 1.3

HDFC BANK 64.9 1.2 1.9

ICICI BANK 6.9 0.3 3.8

TATA MOTORS 33.4 1.2 3.6

WIPRO 11.9 0.2 1.5

DR REDDY 49.0 1.2 2.6

* At 08:20 a.m. IST on 29-Jun-16

WORLD INDICES & INDIAN ADRs (US$)

29 June 2016

Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]

Please refer to important disclosures at the end of the report For private Circulation Only.

EQUITY

Latest 1 Day P/E* P/B*

SENSEX 26,524.6 0.5 19.8 2.9

NIFTY 8,127.9 0.4 20.7 2.8

CNXMIDCAP 13,495.4 0.6 30.7 1.9

28-Jun-16

*Source: Bloomberg

COMMODITIES

Latest Points % Chg.

GOLD 1311.8 (12.7) (1.0)

CRUDE OIL 47.9 1.5 3.3

FII ACTIVITIES IN DERIVATIVES 28-Jun-16

FII Net Buy (Rs.

Crs)

Open

Interest

Ch. in Open

Int. (DOD)

Index Futures (792.0) 15342.2 9.8

Index Options 1403.8 77800.1 2.4

Stock Futures (309.1) 56040.7 1.0

Stock Options (34.5) 6966.8 2.3

NET INFLOWS (Rs. Crs.) 27-Jun-16

NET MTD YTD

FII (69.1) 3762.9 18131.8

MF** 298.0 633.6 10065.0

*YTD From January till date **As on 23-Jun-16

28-Jun-16

Closing % Chg.

Rs. / $ 67.9 (0.04)

Rs. / EURO 74.8 (0.54)

Rs. / UK Sterling 89.7 (3.78)

EXCHANGE RATE

G.SEC. YIELD 28-Jun-16

Yield (%)

GS CG2025 8.2% 7.45

MARKETS TODAY Currency and equity markets are stabilising as Brexit fears subside. Indian market is likely to be positive on Wed as Asia markets opened higher following gains across US and Europe. However, few investors may be also on edge ahead of Jun Futures and Options (F&O) expiry tomorrow. Foreign institutional investors (FIIs) have been selling for last three consecutive sessions. Resistance is seen at 8155 levels & support is seen at 8112 levels. Stock watch: Thomas Cook, SBI, ICICI, DLF, Bosch, Strides.

KEY OVERNIGHT DEVELOPMENTS Wall Street bounced back on Tues, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. Asian share markets joined a global rally on Wed as the immediate impact of Britain's vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures. MUST KNOW….

Siemens gains on order win from Power Grid

Shilpa Medicare up, to acquire Navya Biologicals

HT Media jumps, to acquire 50.5% stake in Singapore firm

Trent surges on share split announcement

Bank of Maharashtra raises Rs.500 crore by issue of Basel III bonds

Intense Technologies announces multi-year, managed services contract

GE Shipping purchases five year old capesize dry bulk carrier

Indiabulls Housing Finance to raise Rs.625 crore

Hotel Leela up on plans to sell Hyderabad land in FY17

Confident of 25% organic growth for next 3 years: Take Solutions

Neotel deal to help cut debt; data biz to be in focus: Tata Comm

Quess Corp's Rs.400-cr IPO to kick off tomorrow

Bharti Infratel up after announcing share buyback schedule

RPG Life enters cosmetic segment, partners with Italian co

A2Z Infra Engg rises, gets order of USD 3.8 mn from Uganda

Impaired Rs.558 cr in FY16, Nissan JVs uncertain: Ashok Leyland

ITC to invest Rs.4,000 cr to set up to 9 plants

SBI to soon send detailed merger plan for govt approval

ABG Shipyard up, Religare Finvest acquires 24.49% stake in co

To begin production in Karnataka mine soon: Deccan Gold

Panacea Biotec shares rally on launch of antidiabetic drug

Pay revisions may add 10% to industry growth rate: Hitachi

Punj Lloyd up, to place Singapore arms under judicial mgmt.

Gujarat Gas up on gas distribution permission in Gujarat

Brexit to hit revenues, but Q1 is a safe period: Mastek

Surya plans to demerge, sell lighting business for Rs.3000 cr

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Corporate Announcements Siemens gains on order win from Power Grid

Share prices of Siemens gained Tues as it has bagged an order worth Rs.570 crore. The company has won

an order worth Rs.570 crore to supply static synchronous compensator (STATCOM) solutions to Power

Grid Corporation of India. The order includes design, engineering, supply, civil, installation, testing and

commissioning of STATCOMs at four substation locations of Power Grid i.e. Ranchi, Rourkela, Kishenganj

and Jeypore across the states of Bihar, Jharkhand and Odisha. Harald Griem, Executive Vice President and

Head, Energy Management Division, Siemens said, "The company has once again demonstrated its

indigenous manufacturing and technology capabilities to meet the growing demands of Indian power

sector." Earlier in this month, the company had won an order worth approximately Rs.83 crore from Indian

Railways’ Diesel Locomotive Works, Varanasi.

Shilpa Medicare up, to acquire Navya Biologicals

Share of Shilpa Medicare rose Tues as it has approved the amalgamation of Navya Biologicals with itself.

The company's board has approved the acquisition of Navya Biologicals in exchange for 14 lakh shares of

company to be issued to the shareholders of Navya Biologicals. The acquisition is subject to approval from

requisite authorities and will be completed in 7 to 8 months.

HT Media jumps, to acquire 50.5% stake in Singapore firm

HT Media shares rallied Tues after its subsidiary decided to invest in Singapore firm that operates online

platform. "HT Overseas Pte Ltd, a company incorporated in Singapore and wholly owned step-down

subsidiary of HT Media, shall make an investment in Sports Asia Pte Ltd, a company incorporated in

Singapore," says the media firm in its filing. Sports Asia is engaged in operating an online platform across

the web, mobile and social media containing football content. The investment in Singapore firm will enable

the company to diversify in digital content development, it says. HT Oveseas will acquire 50.5% stake in

Sports Asia at a price of Singapore dollar 1 per share and the transaction will be completed by Jul 1.

Trent surges on share split announcement

Share prices of Trent surged Tues as it has announced the sub-division of its share. The company has

approved the sub-division of its equity shares of face value of Rs.10 per share into equity shares having a

face value of Re.1 each. The sub-division of equity shares is subject to approval of shareholders and

statutory approvals. The company's board also approved the raising of funds by issue of non-convertible

debentures (NCDs) on a private placement basis upto an amount not exceeding Rs.300 crore. The issue of

NCDs is also subject to the approval of shareholders.

Bank of Maharashtra raises Rs.500 crore by issue of Basel III bonds

Bank of Maharashtra has informed BSE that the Bank has raised Rs.500 Crore by issue of Basel III Compliant

Unsecured Redeemable Non-Convertible Tier II Bonds. The Bonds have been rated as AA hyb by ICRA and

AA by CARE. The Bonds bear the coupon rate of 9.20% p.a.

Intense Technologies announces multi-year, managed services contract

Intense Technologies Ltd has informed BSE regarding a Press Release dated Jun 28, 2016 titled "Intense

Technologies announces multi-year, managed services contract".

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GE Shipping purchases five year old capesize dry bulk carrier

Great Eastern Shipping Company Ltd has informed BSE regarding a Press Release dated Jun 28, 2016 titled

"G E Shipping purchases a five year old Capesize Dry Bulk Carrier".

Indiabulls Housing Finance to raise Rs.625 crore

Indiabulls Housing Finance is planning to raise Rs.625 crore through issuance of non-convertible

redeemable debentures, the company said. "The company proposes to issue 6,250 secured non-

convertible redeemable debentures with a face value of Rs.10 lakh each aggregating Rs.625 crore (plus

greenshoe option) on a private placement basis," the company said in a BSE filing. The issue will open on

Jun 30 and close on the same day. The non-convertible redeemable debentures will have a coupon rate of

9% and are proposed to be listed on NSE and BSE. Last week, the company said it is planning to raise Rs.300

crore through issuance of non-convertible redeemable debentures.

Hotel Leela up on plans to sell Hyderabad land in FY17

Hotel Leela Venture shares surged Tues after the company decided to sell land in Hyderabad during current

financial year. In its latest corporate presentation, the company said it shelved initial plans of building a

luxury hotel at Banjara Hills in Hyderabad after significant new supply came up in the area. It has 3.85 acres

of land at Banjara Hills. This land will be sold in FY17, says the company which expects to fetch Rs.150 crore

through the sale. It further says the agreement to sell office space next to the Leela Palace Hotel in Chennai

has been signed, adding the transaction will be concluded after receipt of completion of certificate. Its

office space with saleable area of 2.7 lakh square feet is ready for fit outs. For Pune property, it has signed

an agreement with Sky Realty Projects on a 50:50 gross revenue sharing basis after cancelling its initial

plans of building luxury hotel due to significant new supply in area. The company has 34,102 square meters

of land near the golf club, wherein Sky Realty has started construction of high-end residential cum

commercial property. Hotel Leela has surplus land of 8,027 square meters next to Leela Palace in

Bangalore. It has signed a joint development agreement with Prestige Developers for developing high-end

residences. The company says the work has commenced and apartments are being sold in Bangalore.

Confident of 25% organic growth for next 3 years: Take Solutions

Take Solutions won a large long-period deal from one of its top clients. The deal contract is valid till 2024

with total deal size adding up to around USD 160 mn, said Vice Chairman & Managing Director, Srinivasan

HR. He expects a compounded annual growth rate of 15%. However, he clarified that there are covenants.

Performance matrix is attached to the deal but since the company has an excellent performance track

record, they are confident of executing the deal. He is not only confident of a 25% organic growth in FY17

but also of sustaining similar growth for the next three years. He also does not rule out inorganic growth.

On the margin front, he said, margins for the lifescience business are upwards of 25% and that there is an

opportunity to expand the margins by 1.5-2% over the next two years, he said.

Neotel deal to help cut debt; data biz to be in focus: Tata Comm

The deal to sell South African business Neotel, will help Tata Communication spare its debt, says Pratibha

Advani, CFO of Tata Communications. The company's gross debt stands USD 3.1 bn including Neotel debt.

The company said that Liquid Telecom, a pan-African teleco group will acquire its South African subsidy

Neotel for Rs.2,900 crore. While Neotel’s debt will be reduced, the core debt of the group will come down

by USD 50 mn post the deal. “Our intent is to bring down our debt to EBITDA ratio to 2.5 times,” says

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Advani. Tata Communications' focus is on strengthening its data services business. The margins for data

business are expected to improve to 30% over the next three years, she says.

Quess Corp's Rs.400-cr IPO to kick off tomorrow

Staffing firm Quess Corp will hit capital markets on Jun 29 to raise Rs.400 crore through an initial public

offering. The company, promoted by Ajit Isaac and Thomas Cook (India), has fixed a price band of Rs.310-

317 per share with a face value of Rs.10 each. The issue will open for public subscription on June 29 and

close on Jul 1. The initial public offering (IPO) comprises fresh issue of shares aggregating Rs.400 crore.

Headquartered in Bengaluru, the firm intends to use funds towards incremental working capital,

acquisitions and other strategic initiatives, debt repayment and other general corporate purposes. Set up in

2007, Quess Corp offers comprehensive solutions, including recruitment, temporary and technology

staffing, and IT products and solutions, among others.

Bharti Infratel up after announcing share buyback schedule

Bharti Infratel shares gained Tues after announcing schedule for buyback of shares. The telecom tower

infrastructure company said its buyback offer will open on Jul 12 and close on Jul 25, 2016, adding the last

date of settlement of bids on the stock exchange will be Aug 2. The company will dispatch the letter of

offer for buyback to eligible shareholders appearing on the record date of Jun 16 on or before Jul 4. Bharti

Infratel announced its buyback of 4.7 crore equity shares at a price of Rs.425 per share under tender offer

route in Apr. The buyback will be maximum Rs.2,000 crore worth of shares.

RPG Life enters cosmetic segment, partners with Italian co

Drug firm RPG Life Sciences has forayed into the cosmetic segment by collaborating with an Italian

cosmetic firm Labo Cosprophar and will launch two products for hair and skin care. "The company is in-

licensing two research-based products to be launched in the Indian cosmetic market this Jul," RPG Life

Sciences said in a statement. A separate division has been created to market Crescina and Fillerina,

products specialised in hair fall control and anti-ageing, respectively, it said. "Their (Labo Cosprophar)

products have presence in over 33 countries, including Europe, the UK, the US and Asia. We are confident

that both these products will be ideal to fill the need gap in respective therapies," RPG Life Sciences

Managing Director C T Renganathan said. The company recognises the need for research-based result

oriented treatments in hair loss and anti-ageing segments in India, he added.

A2Z Infra Engg rises, gets order of USD 3.8 mn from Uganda

Share of A2Z Infra Engineering rose Tues as it has bagged a contract worth 3.8 mn. The company has

received a contract from ministry of energy and mineral development (The Republic of Uganda) for design,

supply and construction of MV lines and associated low voltage network in various project areas along

Kawanda Masaka 220KV transmission line of USD 3.8 mn. Earlier in this month, the company has received a

contract from Nepal Electricity Authority for expansion of distribution network in the Western region of

Nepal, worth of USD 13.56 mn.

Impaired Rs.558 cr in FY16, Nissan JVs uncertain: Ashok Leyland

Hinduja flagship firm Ashok Leyland "impaired" a total of Rs.558 crore in 2015-16 on its investment in

partnerships, subsidiaries and associates, including three JVs with Nissan which it termed as having

"significant uncertainty" in their continuity. In May 2008, Ashok Leyland and Nissan had formed three JVs --

Ashok Leyland Nissan Vehicles Ltd (ALNVL) for vehicle manufacturing; Nissan Ashok Leyland Power Train

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Ltd (NALPT) for making power trains and Nissan Ashok Leyland Technologies Ltd (NALT), which is a

technology joint venture. The partners have invested about Rs.1,000 crore as equity between them. "The

company and its joint venture (JV) partner (Nissan Motors Ltd) are in discussions to resolve the uncertainty

with respect to the continuity of the joint venture operations represented by three companies," Ashok

Leyland said in its Annual Report for 2015-16. It, however, said the financial statements of these companies

have not been adopted by the board of directors of respective companies. "Under the circumstances,

considering the significant uncertainty in continuity of the joint venture operations and the accumulated

losses of the joint venture entities, the company has provided for the carrying value of the investment in

the said companies aggregating Rs.296 crore," Ashok Leyland added. As per the annual report, the

provision for diminution in the value of investments in ALNVL is Rs.195.87 crore while that of NALPT is

Rs.74.04 crore and Rs.26.05 crore for NALT. Ashok Leyland said it has made an impairment provision of

Rs.107 crore towards Albonair Germany, Rs.150 crore towards Optare Plc, UK, and Rs.5 crore towards

Albonair India. "Thus, in all, your company has impaired Rs.558 crore during the year," Ashok Leyland said

in the report addressed to its shareholders. Earlier this year, the Japanese firm had served termination

notice for the technology joint venture after the Indian partner dragged Renault Nissan Automotive India

Pvt Ltd (RNAIPL) to the court over alleged violations of contract agreement and flouting of Export

Promotion Capital Goods (EPCG) scheme regulations. In 2014-15, Ashok Leyland had announced that it had

made an impairment provision of Rs.214 crore out of total investment of Rs.509 crore in the three Nissan

JV entities.

ITC to invest Rs.4,000 cr to set up to 9 plants

FMCG major ITC will invest Rs.4,000 crore over the next 2-3 years to set up 8-9 factories across the country

for manufacturing of food products. "We plan to put 8-9 massive factories over the next 2-3 years and we

will invest about Rs.4,000 crore to manufacture products across different categories we operate in," ITC

Foods CEO V L Rajesh told on Jun 28. ITC's branded packaged foods division grew by around 11% to clock a

turnover of Rs.7,097.49 crore in 2015-16. Food is the second largest business for ITC after cigarettes. The

company, which recently expanded its new Sunfeast Farmlite biscuits portfolio catering to health conscious

consumers, is looking at tapping this fast growing consumer segment. "Health segment of the biscuit

market is about one per cent of industry right now but it is growing the fastest. Key approach is to have a

full portfolio across segments. We will make a big play in this segment for sure," Rajesh said. He further

said: "Our claims on health benefits are validated by our labs and research centre in Bengaluru. We

recently launched sugar release control Aashirvaad Atta for people who have sugar issues. We back our

claims with science." Sunfeast Farmlite biscuits also has multiple variants in the Oats range, Oats with

Almonds, Oats with Raisins and Oats with Chocolate. The company entered into the dairy segment with

Ghee in October last year and launched dairy whitener in North East this month. "We are testing waters

with all products... You will see lot of action (with new launches)," Rajesh said, when asked when would the

company make these products pan India.

SBI to soon send detailed merger plan for govt approval

With nine months to go to complete the merger process involving its associates, SBI is working on details of

the amalgamation proposal, which will be submitted to the government soon for approval. The Cabinet

earlier this month gave in-principle approval to merger of the five associate banks and Bhartiya Mahila

Bank with the State Bank of India. "The bank has started negotiation process with the six different entities

after getting in-principle clearance from the Cabinet. Once the amalgamation plan is ready, it will be

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submitted to the government for the final nod as per the Section 35 of SBI Act, 1955," a senior government

official said. Section 35 states terms and conditions relating to such acquisition, if agreed upon by the

Central Board of the State Bank and the directorate or management of the banking institution concerned

and approved by the Reserve Bank, shall be submitted to the central government for its sanction and that

Government may by order in writing accord its sanction. It is expected that they should submit the detailed

plan in the next few weeks as a dedicated team from SBI is working on this, the official said. The entire

merger process should complete in this financial year, the official said. SBI has five associate banks -- State

Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State

Bank of Hyderabad. Of these, State Bank of Patiala and State Bank of Hyderabad are unlisted. The proposed

merger will likely create one of the largest lenders in Asia. The merged entity will create a banking

behemoth, which can compete with the largest in the world, with an asset base of Rs.37 lakh crore or over

USD 555 bn. SBI alone has close to 16,500 branches, including 191 foreign offices, spread across 36

countries. SBI could consider merging all the lenders with itself at one go or stretch the process with one

lender at a time, the official said, adding that those details are being worked out. The last merger of its

associate State Bank of Indore took about 55 weeks, but it would be significantly less this time, the official

added. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore

was merged.

ABG Shipyard up, Religare Finvest acquires 24.49% stake in co

ABG Shipyard shares are up on Tues after Religare Finvest acquired 24.49% stake (i.e. 1.3 crore shares) in

the company. Religare acquired this stake through revocation of encumbered shares. As per Dec 2015

shareholding pattern, promoter and promoter group held 38.57% stake (2.08 crore equity shares) in the

company. Out of which, 2.07 crore shares have been pledged. On standalone basis, the company has long

term borrowings of Rs.5,030 crore as of Mar 2016, increased from Rs.4,345 crore in FY15 while the current

market capitalisation of the company is Rs.170 crore. ABG Shipyard has been posting losses for many

quarters. Its net loss in FY16 increased 4-fold to Rs.3,704.7 crore against Rs.897.7 crore in previous financial

year.

To begin production in Karnataka mine soon: Deccan Gold

Gold Exploration Company Deccan Gold Mines in spite of being in operation for the past ten years haven’t

been able to extract gold. Citing the reasons for this delay, Managing Director, Sandeep Lakhwara said

getting a gold mining licence is a very tedious and a very long process. However, the company is seventy%

through in its licence process for Ganajur mines in Karnataka. The approvals from Ministry of Mines, Delhi

has come through but since the execution will happen in Karnataka we need a letter of intent, which has

not yet come, said Lakhwara. The plan is to go into production by last quarter of 2017, or first quarter of

2018 and by that all licences and permits would be in place, he said. He said the company has also applied

for two more mining licences apart from Ganajur mines. One of the licences is for a satellite site around the

Ganajur’s main deposit. The opportunity to extract gold from these sites is quite high, said Lakhwara. So far

they have drilled about 5600 meters in the Ganajur mines, which has been sufficient to generate the

required data, he said. Ganajur has an estimated gold deposit of 3,08,000 ounces. The company also has

exploration prospects in Andhra Pradesh, Kerala and Rajasthan.

Panacea Biotec shares rally on launch of antidiabetic drug

Panacea Biotec shares rally on Tues after the company launched antidiabetic drug at an affordable cost.

"Panacea introduces indigenously developed high quality antidiabetic drug, Tenepan (Teneligliptin), for

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treatment of type 2 diabetes mellitus," says the country's third largest biotechnology company. It further

says this launch is part of its commitment to Government of India's Make in India mission. Diabetes

mellitus is the most common metabolic disorder. "With the launch of Tenepan, we intend to reach out to

patients with the latest therapeutic treatment for diabetes via 38,000 doctors and achieve our goal to

become the No. 1 company in diabetes operating market," Rajesh Jain, joint managing director said.

Pay revisions may add 10% to industry growth rate: Hitachi

Mar and Apr have seen good demand pick-up against the same period last year, although May has been a

letdown, says Gurmeet Singh, Executive Director at Hitachi Home and Life Solutions (India). Speaking to

media, Singh says events like Seventh Pay Commission implementation which lead to higher disposable

income levels tend to add at least 10% to the industry’s normal growth rate. He expects the upcoming 7th

pay commission to boost sales. "We witnessed strong tailwind, particularly in the room air conditioning

segment, when the last pay commission was implemented. We expect a similar fillip this time around also,"

he says. Considering the recovery in demand, he does not expect much pile-up of inventory this year.

Punj Lloyd up, to place Singapore arms under judicial mgmt.

Shares of Punj Lloyd climbed Tues after the Singapore High Court allowed the company to set up

subsidiaries under judicial management. "Singapore High Court has approved, on Jun 27, the application

for placing both Punj Lloyd Pte Ltd (PLPL) and Sembawang Engineers and Constructors Pte Ltd (SEC) under

Judicial Management," says the engineering company in its filing. On Jan 18, the proposal for scheme of

arrangement by PLPL and SEC, subsidiaries of Punj Lloyd in Singapore, with their respective creditors was

not approved by the SEC creditors and the scheme was withdrawn by PLPL. Hence, on Feb 17, PLPL and SEC

had filed respective applications under the Singapore Companies Act with the Singapore High Court,

seeking permission for placing both under judicial management. Punj Lloyd Pte Ltd, based in Singapore, is

the holding company for Punj Lloyd subsidiaries in Asia Pacific region and is also working as EPC contractor

for projects in Singapore and other neighbouring countries. Sembawang Engineers and Constructors Pte

Ltd manages projects around the globe from its headquarters in Singapore.

Gujarat Gas up on gas distribution permission in Gujarat

Gujarat Gas shares rallied Tues after the oil regulator granted permission to set up operations of gas

distribution in Ahmedabad. "Gujarat Gas has accepted the authorisation from Petroleum and Natural Gas

Regulatory Board (PNGRB) to lay, operate, build or expand city or local natural gas distribution network for

Ahmedabad district (excluding area already authorised) in Gujarat on Jun 27," says the company in its filing.

The oil regulator has granted 300 months of infrastructure exclusivity valid upto Jun 21, 2041 and 60

months of marketing exclusivity valid upto Jun 21, 2021 for the city or local natural gas distribution

network. Authorisation area for proposed city gas distribution network will cover a geographical area of

5760.41 square kilometres.

Brexit to hit revenues, but Q1 is a safe period: Mastek

Sudhakar Ram, MD & Group CEO, Mastek in an interview to media says there could be negative growth in

the year in rupee terms but not in constant currency terms. He was talking about the fallout from the

Brexit event. For the company, 95% of the revenues come from the UK; so, revenues will be impacted, says

Ram adding that one rupee fall in the pound will affect revenues by one%. However, he does not see much

impact in the first quarter; expect translation losses, he says. The impact of the currency will mainly be

seen in the topline and not so much in the margins, assures Ram, adding that the company is comfortably

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hedged around 50-60% of futures revenues for the next few quarters. The company’s search for acquiring

companies in USD 20-30 mn range continues with nothing definite to report, says Ram.

Surya plans to demerge, sell lighting business for Rs.3000 cr

Surya Roshni plans to demerge and sell its lighting business for Rs.3,000 crore, sources have told media.

The company has reached out to investors for the sale. Private equity firms Bain and Baring Asia may be

interested in Surya's lighting business, it is learnt. Apart from lighting products and home appliances, Surya

also deals in steel products and PVC pipes. The company has total debt of Rs.1,268 crore, as opposed to

equity of Rs.811 crore, on its books. When contacted, Surya said there was no proposal for demerger and

sale of its lighting business. "We are continously reducing debt and are very much comfortable on the debt

front now," it said.

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Information of Bulk Deals – 28th June 2016 on BSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Camexltd Seven Hill Industries Limited B 59,765 31.78

Cllimited Topmost Commercial Pvt Ltd B 31,693 291.19

Dune Chelisha Saumil Bhavnagari S 60,000 20.3

Dune Hardasbhai Babubhai Patel B 144,690 20.33

Dune Subhadraben Rameshchandra Shah B 42,000 20.23

Geetanj Dhwanil Saumilbhai Bhavnagari B 105,000 21.89

Geetanj Kiran Pritesh Gandhi S 25,000 22

Istrnetwk Pradeep Malu S 240,700 19.61

Kuwerin Avesh Dhelawat S 122,250 7.6

Kuwerin Sangeeta Rajesh Jain B 122,350 7.6

Premsyn Anand Arya S 75,200 31.03

Premsyn Mittal Amitkumar . B 18,900 31.1

Premsyn Purvi Krishan Panshari B 56,400 31

Pvr Merrill Lynch Capital Markets Espana Sa Sv S 250,000 953

Pvr Merrill Lynch Markets Singapore Pte. Ltd. B 250,000 953

Sflinter Active Nirman Private Limited B 49,500 34.2

Sflinter Neha Nandlal Agrawal S 91,500 34.2

Sflinter Viewpoint Advisory Private Limited B 41,000 34.2

Vinrklb Amit Mukesh Shah B 39,500 3.99

Vinrklb Shreyans Lodha S 90,000 3.99

Vinrklb Surbhit Mukesh Shah B 50,500 3.99

Virtualg Shree Suprinit Tradinvest Private Limited B 3,500,000 3.97

Zppolysa Santosh Gajander Singh S 2,103 101.4

Information Of Bulk Deals – 28th June 2016 On NSE

Scrip name Name of Client BUY (B) / SELL (S)

Quantity Shares

Trade Price/ W Avg. Price

Adv Metering Tech Ltd Consortium Enterprises B 100000 30.1

Adv Metering Tech Ltd Consortium Securities Private Ltd. S 100000 30.1

Arss Infra Proj. Ltd Vivek Bhimsaria B 100000 80.89

Hanung Toys And Textiles Southasianhospitalityserviceslimited S 408860 6.78

Sanco Industries Ltd. Minshi Creation Private Limited S 72000 48.07

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Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015

Company Name Name of Acquirer / Seller Securities Held pre Transaction

Securities Acquired / Disposed Number Value Transaction Type

Securities held post Transaction

Period

Bajaj Electricals Ltd.-$ Dileep Sharma 7500 (-) 7,500 1680000 Disposal (-) 27/06/2016

Kotak Mahindra Bank Ltd. Sumit Bali 163000 (-) 4,000 2936000 Disposal 159000 (-) 27/06/2016

L.G.Balakrishnan & Bros.Ltd. L G Sports Ltd 25150 (0.16) 4,000 1771248.94 Acquisition 29150 (0.19) 27/06/2016

Reliance Industries Ltd. Anil Kumar Singh 4560 (-) 2,923 2841156 Disposal 1637 (-) 23/06/2016

Thirumalai Chemicals Ltd. Sridhar Sundararajan Huf 15000 (0.15) 2,190 619150 Disposal 12810 (0.12) 27/06/2016

Thirumalai Chemicals Ltd. Kala Sundarvedha 16000 (0.16) 2,200 622000 Disposal 13800 (0.14) 27/06/2016



Thomas Cook (India) Ltd. Madhavan Menon 347349 (0.09) 36,318 7960179.24 Disposal 311031 (0.08) 27/06/2016

Mahindra & Mahindra Ltd. Rajesh Ganesh Jejurikar 31069 (-) 2,000 2776291 Disposal 29069 (-) 27/06/2016

Itc Ltd. Ashesh Ambasta 26560 (-) 5,000 1755498 Disposal 21560 (-) 24/06/2016

Itc Ltd. B Hariharan 135021 (-) 5,000 1805000 Disposal 130021 (-) 27/06/2016

Itc Ltd. Vijay Jaiswal 13000 (-) 13,000 4660136 Disposal (-) 23/06/2016

Itc Ltd. Hemant Malik 45881 (-) 7,000 2509150 Disposal 38881 (-) 27/06/2016

Itc Ltd. Rohinton Mehta 64800 (-) 25,000 8964750 Disposal 39800 (-) 27/06/2016

Itc Ltd. Srinivasan Sriram 9500 (-) 6,000 2150000 Disposal 3500 (-) 27/06/2016

Itc Ltd. Paritosh Wali 135500 (-) 5,000 1791280 Disposal 130500 (-) 27/06/2016

Investment & Precision Castings Ltd.

Piyush I Tamboli 1048329 (20.96) 4,200 Acquisition (21.05) 27/06/2016

Avonmore Capital & Management Services Limited

Navjeet Singh Sobti 892415 (3.67) 5,000 45968.28 Acquisition 897415 (3.69) 27/06/2016

Deccan Gold Mines Ltd. Rama Mines (Mauritius) Ltd 25839641 (28.61) 55,100 Disposal (28.54) 27/06/2016

Aviva Industries Ltd. Bharvin Patel 854920 (57.03) 52,006 1034412.6 Acquisition 906926 (60.50) 27/06/2016

Garnet International Ltd. Suresh Gaggar 570074 (9.16) 750 Acquisition (9.17) 27/06/2016

Orbit Exports Ltd. Mediaman Multitrade Pvt. Ltd. 1237081 (8.62) 6,000 Acquisition (8.66) 23/06/2016

Madhav Marbles & Granites Ltd. Gelda Finance And Trading Pvt Ltd 45023 (0.50) 9,400 Disposal 35623 (0.40) 24/06/2016

Shrenuj & Co.Ltd. Shrenuj Investments & Finance Pvt Ltd 13204764 (6.85) 5,000 29970 Disposal 13199764 (6.84) 27/06/2016

Orchid Pharma Ltd R Sowmya 1655000 (1.86) 5,000 193750 Disposal 1650000 (1.85) 20/06/2016

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Orchid Pharma Ltd K Raghavendra Rao 6336173 (7.12) 15,000 578250 Disposal 6321173 (7.10) 17/06/2016


Orchid Pharma Ltd K Raghavendra Rao 6301173 (7.08) 1,910 73057.50 Disposal 6299263 (7.08) 22/06/2016


Oberoi Realty Ltd. Hitesh Naik 8000 (-) 5,500 1561821 Disposal 2500 (-) 22/06/2016

Jetking Infotrain Ltd. Siddarth Bharwani 111968 (1.90) 5,000 221490.21 Acquisition 116968 (1.98) 24/06/2016

Jetking Infotrain Ltd. Meher Mirchandani 72215 (1.23) 72,215 3176015.7 Disposal (-) 27/06/2016

Panama Petrochem Ltd. Malika Vazirali Rayani 560974 (1.39) 26,271 1399634 Acquisition 587245 (1.46) 27/06/2016

Pvr Ltd. Ajya Bijli 1045321 (2.24) 15 14460 Disposal 1045306 (2.24) 23/06/2016

Pvr Ltd. Ajya Bijli 1045306 (2.24) 94 90105 Disposal 1045212 (2.24) 27/06/2016

Futuristic Solutions Ltd. Mandeep Sandhu 1300761 (12.42) 10,500 Acquisition (12.52) 27/06/2016

L.G.Balakrishnan & Bros.Ltd. L G Sports Ltd 25150 (0.16) 4,000 1771248.94 Acquisition 29150 (0.19) 27/06/2016

Itc Ltd. Ashesh Ambasta 26560 (-) 5,000 1755498 Disposal 21560 (-) 24/06/2016

Itc Ltd. B Hariharan 135021 (-) 5,000 1805000 Disposal 130021 (-) 27/06/2016

Itc Ltd. Vijay Jaiswal 13000 (-) 13,000 4660136 Disposal (-) 23/06/2016

Itc Ltd. Hemant Malik 45881 (-) 7,000 2509150 Disposal 38881 (-) 27/06/2016

Itc Ltd. Rohinton Mehta 64800 (-) 25,000 8964750 Disposal 39800 (-) 27/06/2016

Itc Ltd. Srinivasan Sriram 9500 (-) 6,000 2150000 Disposal 3500 (-) 27/06/2016

Itc Ltd. Paritosh Wali 135500 (-) 5,000 1791280 Disposal 130500 (-) 27/06/2016

Lippi Systems Ltd.-$ Nandlal J Agrawal 1062292 (15.17) 10,000 Acquisition (15.31) 27/06/2016

Saksoft Ltd. Jonathan Eeley 12500 (0.12) 7,647 1563997 Disposal 4853 (0.05) 23/06/2016



Hindustan Media Ventures Ltd. Rajendra Kumar Agrawal 9775 (0.01) 9,500 2547230 Disposal (-) 23/06/2016

Intellect Design Arena Ltd Polaris Banyan Holding Pvt Ltd 23271162 (23.04) 1,55,346 31487024 Acquisition 23426508 (23.19) 27/06/2016

Madhav Marbles & Granites Ltd. Gelda Finance And Trading Pvt Ltd 45023 (0.50) 9,400 Disposal 35623 (0.40) 24/06/2016

Thomas Cook (India) Ltd. Madhavan Menon 347349 (0.09) 36,318 7960179.24 Disposal 311031 (0.08) 27/06/2016

Garnet International Ltd. Suresh Gaggar 570074 (9.16) 750 Acquisition (9.17) 27/06/2016

Orbit Exports Ltd. Mediaman Multitrade Pvt. Ltd. 1237081 (8.62) 6,000 Acquisition (8.66) 23/06/2016

Yes Bank Ltd. Ashish N Chandak 34188 (-) 3,500 3819825 Disposal 30688 (-) 23/06/2016

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Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating.

Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility

Low Risk High predictability/ Low volatility

Medium Risk Moderate predictability / volatility

High Risk Low predictability/ High volatility

Total Expected Return Matrix Rating Low Risk Medium Risk High Risk

Buy Over 15 % Over 20% Over 25%

Accumulate 10 % to 15 % 15% to 20% 20% to 25%

Hold 0% to 10 % 0% to 15% 0% to 20%

Sell Negative Returns Negative Returns Negative Returns

Neutral Not Applicable Not Applicable Not Applicable

Not Rated Not Applicable Not Applicable Not Applicable

Please Note

Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).

** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points.

“Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.

For any information or suggestion, please contact the below mentioned…

Nishita Shah ([email protected])

Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435.

Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758

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13

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