1. Healthcare

Morning Notes
LKP Advisory
3-Feb-2015
Indices
FII's & DII's in equity
2-Feb
30-Jan
% Chg.
Major Indices
2-Feb
30-Jan
% Chg.
29,122
29,183
-0.21%
CAC 40 Index
4,628
4,604
0.51%
02-Feb
8,797
8,809
-0.13%
DAX Index
10,828
10,694
1.25%
S&P BSE MID CAP
10,799
10,739
0.56%
Dow Jones Industrial Average
17,361
S&P BSE SMALL CAP
11,457
11,329
1.13%
FTSE 100 Index
S&P BSE SENSEX
S&P CNX NIFTY
Rs.Crs
Buy
Sell
Net
FII / FPI Investments
5639
6269
-630
1747
1971
-224
17,165
1.14%
DII's Investments
6,783
6,749
0.49%
FII's contribution to the total turnover
47%
Nasdaq Composite Index 4,677
4,635
0.89%
DII's contribution to the total turnover
15%
BSE Sectoral Indices
S&P BSE CAPITAL GOODS 17,309
17,096
1.25%
Major Asian Indices
2-Feb
30-Jan
% Chg.
FII's in Derivatives
11,290
11,179
1.00%
Hang Seng Index
24,485
24,507
-0.09%
02-Feb
S&P BSE CONSUMER DURABLES
10,756
10,655
0.94%
Nikkei 225
17,558
17,674
-0.66%
Net
-3
769
-1887
54
S&P BSE TECk
6,170
6,136
0.55%
KOSPI Index
1,953
1,949
0.18%
OI
22359
49941
59020
1863
S&P BSE AUTO
Chg.OI
-1.8%
3.5%
2.8%
26%
S&P BSE IT
Rs.Crs
Index Fut Index Opt Stock Fut Stock Opt
20,078
19,986
0.46%
Shanghai Composite
3,128
3,210
-2.56%
S&P BSE POWER
2,233
2,225
0.37%
Taiwan SE Index
9,387
9,362
0.27%
S&P BSE BANKEX
22,782
22,716
0.29%
S&P BSE REALTY
1,816
1,811
0.24%
Commodities (MCX)
2-Feb
30-Jan
% Chg.
Futures (NSE)
2-Feb
30-Jan
% Chg.
15,631
15,667
-0.23%
Aluminium (27FEB2015)
115
115
-0.13%
USDINR 25-FEB-2015
62.12
62.24
-0.18%
8,185
8,205
-0.25%
Copper (27FEB2015)
341
343
-0.57%
EURINR 25-FEB-2015
70.63
70.39
0.34%
S&P BSE METAL
10,142
10,190
-0.47%
Crude (19FEB2015)
3,053
2,855
6.94%
JPYINR 25-FEB-2015
52.82
52.89
-0.13%
S&P BSE OIL & GAS
10,088
10,143
-0.54%
Gold (5FEB2015)
27,840
27,895
-0.20%
FTSE100 (20-FEB-2015)
6778
6844
-0.96%
8,129
8,275
-1.77%
Silver (5MAR015)
38,005
38,105
-0.26%
S&P500 (20-FEB-2015)
2003
2007
-0.17%
S&P BSE HEALTHCARE
S&P BSE PSU
LTP
Chg % Chg
Company
LTP
HCLTECH
1894
102
5.7
ASIANPAINT
809
-49
-5.7
AXISBANK
621
33
5.6
BHARTIARTL
361
-13
-3.5
HINDALCO
145
6
3.9
DRREDDY
3137
-96
-3.0
WIPRO
627
20
3.3
ACC
1515
-45
-2.9
1355
33
2.5
JINDALSTEL
154
-5
-2.8
Company
LTP
Top Gainers
BSE Midcap
UPL
Chg % Chg
393
25
6.9
HCLTECH
1893
99
5.5
SIEMENS
1095
55
5.3
AXISBANK
617
28
EXIDEIND
195
9
Company
LTP
MONSANTO
FRL
DELTACORP
SPARC
IFCI
Company
Top Gainers
BSE Smallcap
LTP
FLFL
MARICOKAYEL
SUVEN
ZODIACLOTH
CERA
Chg % Chg
808
-49
-5.8
-193
-5.6
HINDPETRO
632
-24
-3.6
4.8
BHARTIARTL
360
-13
-3.5
4.8
YESBANK
832
-30
-3.5
Chg % Chg
Company
LTP
3584
416
13.2
TVSMOTOR
286
-22
-7.1
132
15
12.5
NAUKRI
99
9
10.5
361
33
10.0
41
3
8.0
LTP
Chg % Chg
87
14
20.0
1393
232
20.0
264
42
18.7
401
51
14.7
2396
258
12.1
ASIANPAINT
Chg % Chg
3262
Top Losers
BSE 100
Top Gainers
BSE 100
Company
Top Losers
BSE Midcap
KOTAKBANK
Top Losers
CNX Nifty
Company
Top Losers
BSE Smallcap
Top Gainers
CNX Nifty
S&P BSE FMCG
UNITDSPR
Chg % Chg
808
-37
-4.4
PINEANIM
37
-2
-4.4
MPHASIS
348
-15
-4.2
REPCOHOME
666
-26
-3.7
Company
LTP
MKEL
Chg % Chg
33
-3
-9.2
RSSOFTWARE
202
-19
-8.7
MPSLTD
824
-72
-8.0
1794
-149
-7.7
17
-1
-7.6
KKCL
SHRGLTR
FIIs' contribution to the total Derivatives turnover
24%
Domestic Market View
Markets to get a cautious start; RBI credit policy
eyed
The Indian markets ended marginally in red in last
session despite some late hour recovery. Today, the
start is likely to remain cautious and traders will be
eyeing the Reserve Bank of India’s (RBI) bi-monthly
monetary policy. RBI governor Raghuram Rajan had
already cut the repo rate, or the key lending rate, to
7.75 percent, the first rate cut in his tenure. Though,
there is build-up of expectations for yet another round
of rate cut but RBI governor may not oblige so soon,
but any kind of surprise can give markets the
direction. There will be buzz in the payment banks
licence seekers, as the big corporate like RIL, Aditya
Birla Group, Airtel and Future Group have joined the
race for payment bank licence with the end of the
deadline for seeking payment bank and small finance
banks licences. There will be some buzz in the IT
sector too, with the development in US, where the
Republican leadership has opposed US President
Barack Obama's move to tax overseas earnings.
There will be lots of important result announcements
too, to keep the markets in action.
Domestic Market OverView
Markets end slightly lower ahead of RBI policy meeting
Extending their downfall, Indian equity benchmarks ended the Monday’s trade slightly in the red as
investors opted to remain on sidelines ahead of Reserve Bank of India (RBI) policy meeting on
February 3. Though, Street widely expects Central bank to pause during the February 2015
monetary policy review, while maintaining a dovish tone, and resume cutting the repo rate by a
further 50 basis points (bps) after the presentation of the Union Budget. Markets, after a negative
opening, started moving southward but sudden spurt in noon deals helped key gauges to gain their
positive terrain. Though, the recovery proved short-lived and markets ended the session with a cut of
around one fifth of a percent.
Overall sentiments remained dampened as investors remained worried over a huge shortfall in tax
deducted at source (TDS) collections, the Central Board of Direct Taxes (CBDT) has asked the
income tax department (I-T) to initiate special measures to achieve the collection target for this
financial year. Selling got intensified after Growth in India’s factory activity slipped in January from
December’s two-year high as new orders rose at a weaker rate despite factories keeping price
increases to a minimum. The HSBC India Purchasing Managers’ Index (PMI), a headline index
designed to measure the overall health of the manufacturing sector, slid to three month low at 52.9 in
January, down from 54.5 in the prior month.
Depreciation in Indian rupee too dampened the sentiments. Rupee was trading at 61.90 per dollar at
the time of equity markets closing compared with its previous close of 61.86. Meanwhile, metal
stocks edged lower after downbeat Chinese factory sector data raised concerns about the world's
second-largest economy. On the flip side, auto stocks remained on buyers’ radar on report that car
sales in January are estimated to have risen almost 8% over the same month last year, despite an
increase in prices on the back of 4-6% hike in excise duties from the month.
Global Market Overview
Asian markets end mostly in red on Monday
The Asian equity benchmarks ended mostly in red on Monday, after the latest gauge of China’s
factory sector activity raised concerns about the world’s second-largest economy. Malaysian markets
were closed today on account of ‘Malaysia - FT Day’ holiday. Activity in China’s factory sector shrank
for the second straight month in January, as the New Year got off to a rocky start for the world’s
second-largest economy. The slack performance, including a 15th month of shrinking factory
employment, will add to the debate over how and whether Beijing will accelerate policy easing, with
most bank economists calling for a combination of rate cuts and increased liquidity to spur productive
investment. The final HSBC/Markit Purchasing Managers’ Index (PMI) for January came in at 49.7
on a seasonally adjusted basis, just below the 50.0 level that separates growth from contraction.
US markets closed choppy trade with good gains
The US markets closed higher on Monday, after spending much of the trading session dipping in and
out of negative territory. Investors looked past a batch of government reports that suggested that the
economy may be losing steam and focused instead on rising oil prices, which juiced shares in energy
companies, and upbeat quarterly earnings. On the economy front, Americans cut spending in
December by the largest amount since 2009, buying fewer cars and trucks and devoting less money
to energy amid a deep plunge in oil prices. Yet incomes posted another solid again and falling
inflation is allowing Americans to get more bang for their buck. Personal spending fell a seasonally
adjusted 0.3% last month. Personal income, meanwhile, rose 0.3%. Meanwhile, inflation as gauged
by the PCE price index slipped 0.2% in December. And the core rate that excludes food and energy
was unchanged. Outlays for US construction projects rose 0.4% in December to a seasonally
adjusted annual rate $982.1 billion, led by public spending.
LKP Advisory
Index Futures
(OI in '000 Shares)
Future
Chg
Spot
Chg
Prem /
2-Feb
(%)
2-Feb
(%)
Disc
62.3
NIFTY
8,860
-0.15
8,797
-0.13
CNXIT
BANKNIFTY
12,022
0.97
11,944
1.01
20,052
-0.42
19,866
0.11
Total Open Interest
2-Feb
Chg (%)
25,658
-2.0
77.8
14
16.6
186.2
2,356
12.9
Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares)
Symbol
Total OI
2-Feb % Chg.
CESC
1,113
14%
175,643
34%
PFC
6,299
13%
2,120,730
43%
PETRONET
5,752
13%
2,173,185
TECHM
2,174
12%
1,227,702
WIPRO
8,356
9%
KOTAKBANK
6,224
9%
UPL
Increase
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
30%
86,081
734
740
0.3%
0.7%
6.5
43%
344,064
310
307
3.8%
4.5%
-2.5
75%
60%
992,532
181
182
0.4%
0.7%
1.7
57%
64%
426,178
2895
2919
0.9%
0.9%
23.5
1,855,524
57%
61%
722,656
625
630
3.1%
3.1%
4.9
1,260,654
71%
68%
265,741
1352
1364
2.3%
2.5%
12.0
Del Qty Cash Market
2-Feb
% Del.
Prev
% Del.
Prem /
Disc
6,498
8%
1,181,992
25%
37%
669,814
394
396
6.9%
7.1%
2.4
LICHSGFIN
10,680
8%
991,200
35%
25%
465,489
480
484
0.3%
0.5%
4.0
IFCI
56,776
7%
5,384,406
23%
29%
461,806
41
41
8.2%
8.3%
0.4
AXISBANK
26,962
7%
1,938,493
27%
25%
654,620
617
622
5.0%
5.1%
4.8
Increase in
Del Qty
Spot
(Rs.)
Fut
(Rs.)
Spot
Chg (%.)
Fut
Chg (%.)
Prem /
Disc
Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares)
Symbol
YESBANK
Total OI
2-Feb % Chg.
Del Qty Cash Market
2-Feb
% Del.
Prev
% Del.
8,180
28%
4,677,205
53%
37%
3,442,714
832
839
-3.5%
-3.2%
7.0
COALINDIA
28,192
25%
21,946,893
65%
51%
13,748,741
355
358
-1.6%
-0.8%
2.8
ICICIBANK
65,936
19%
25,249,497
72%
48%
10,425,470
352
355
-2.5%
-2.3%
3.0
ASIANPAINT
7,614
19%
3,439,106
65%
68%
1,003,827
808
815
-5.8%
-5.7%
6.8
TVSMOTOR
5,097
14%
1,979,091
39%
29%
1,252,668
285
286
-7.4%
-7.4%
1.1
HAVELLS
6,117
11%
2,071,318
63%
39%
1,342,060
250
252
-3.2%
-3.0%
2.2
15,230
11%
1,350,207
39%
37%
131,076
184
185
-2.7%
-2.8%
1.1
901
10%
70,247
45%
26%
42,257
1388
1399
-2.5%
-2.3%
10.6
ARVIND
9,892
7%
932,367
38%
17%
299,408
284
286
-2.5%
-2.3%
2.4
COLPAL
596
7%
52,471
57%
51%
11,030
1839
1850
-1.9%
-1.9%
11.4
Change in OI
% Chg
CROMPGREAV
BATAINDIA
Open Interest Break-up
(Rs. in Cr.)
02-Feb
30-Jan
INDEX FUTURES
27,531
27,467
64
0.23
INDEX OPTIONS
88,790
83,126
5,664
6.81
116,321
110,593
5,728
5.18
STOCK FUTURES
70,618
67,792
2,826
4.17
STOCK OPTIONS
11,010
9,071
1,940
21.38
TOTAL INDEX
TOTAL STOCKS
81,629
76,863
4,766
6.20
GRAND TOTAL
197,950
187,456
10,494
5.60
FII's
133,183
129,894
3289
2.53
64,767
57,562
7205
12.52
Others
LKP Advisory
Corporate News

As part of its expansion plans in India, Kokuyo Camlin has decided to set up a state-of-the-art factory at Patalganga, MIDC in
Maharashtra. The new factory will manufacture Markers, Mechanical Pencils, Fine leads, Pens and other stationery products and is
expected to commence its operations in 2016.

Steel Strips Wheels (SSWL) has reported 3% growth in its total wheel rim sales to 10.03 lakh as compared to 9.70 lakh in January
2014. In terms of Value, the company has achieved gross turnover of Rs 103.3 crore in January 2015 as compared to Rs 100.2
crore in January 2014, recorded a growth of 3% and achieved a Net turnover of Rs 93.3 crore in January 2015 as against Rs 89.6
crore in January 2014, recorded a growth of 4%. However, the export volumes dropped by 4% to 1.21 lakh in January 2015 as
against 1.25 lakh in January 2014.

TASC Outsourcing, a Middle East's leading Contract Staffing and talent management firm, has gone live with Ramco Systems’
end-to-end ERP for Services (also called SRP - Services Resource Planning). TASC Outsourcing manages thousands of
employees who are contracted to companies in industries such as IT, retail, finance, oil & gas and energy. Offering service modules
such as finance, procurement, operations, human capital management (HCM) & payroll, TASC will utilize the SRP services from
Ramco to automate its processes and increase efficiencies in employee care, while also reducing revenue leakage by enhancing
resource productivity.

Ashok Leyland, the commercial vehicle manufacturer, has reported an increase of 36% in sales in January 2015 to 10,639 units as
against 7,847 units sold in the same period of last year. The company has experienced a rise of 45% in its medium and heavy
commercial vehicle (M&HCV) products segment to 8,005 units in January. The company’s light commercial vehicle (LCV) witnessed
a rise of 14% to 2,634 units in January 2015. Sales for April 2014-January 2015 period went up 14% over previous year period to
81,382 units.

Lupin has received final approval for its Vancomycin Hydrochloride Capsules, 125 mg and 250 mg from the United States Food and
Drugs Administration (USFDA) to market a generic version of ANI Pharmaceuticals, Inc’s Vancocin capsules 125 mg and 250 mg
strengths. Lupin Pharmaceuticals Inc. (LPI), the company’s US subsidiary would commence marketing the product shortly.

Escorts agri machinery segment (EAM), a subsidiary of Escorts, has sold 3,369 tractors in January 2015 against 4,742 tractors in
January 2014. Domestic sales in January 2015 stood at 3,223 tractors against 4,695 in January 2014. Export for the month of
January 2015 at 146 tractors against 47 tractors in January 2014.

Tata Motors has launched its new-generation Xenon and Prima commercial vehicles in the Malaysian market, with partner DRBHICOM Commercial Vehicles (DHCV). A blend of design and performance, the Tata Prima will be available as a Prime mover, in
the 4x2 and 6x4 configuration – with the Prima 4038.S and Prima 4938.S, catering to fleet owners and goods transportation
companies, whereas the muscular Tata Xenon pick-up will cater to traders, small & medium industries, estate/plantation as well as
individuals, in six single & dual cab pick-ups, in six variants.

Alstom T&D India has successfully commissioned the Rajya Vidyut Prasaran Nigam’s (RVPN) 765 kV substation in Anta. Anta is
Rajasthan’s first 765 kV substation, and the second largest with a total of twenty-six bays, ten 765 kV bays and sixteen 400 kV bays.
This substation will play a significant role in pooling and evacuating the power flow from the three major power plants in the state
(Kalisindh, Kawai and Chhabra) to the national grid.

Aditya Birla Nuvo (ABNL) has submitted an application to the Reserve Bank of India (RBI) for obtaining license for setting-up
Payments Bank, in accordance with the Guidelines for Licensing of Payments Bank issued by RBI on November 27, 2014.

TVS Motor Company has recorder marginal sales growth of 1.23% in month of January 2015, with total sales increasing from
186,313 units recorded in the month of January 2014 to 188,598 units in the month of January 2015.
LKP Advisory

Coal India, the world’s largest coal miner by output, has reported provisional production of 46.60 million tonnes in January 2015, as
against target of 50.09 million tonnes. The company’s total off-take for the month of January stood at 44.09 million tonnes as against
a target of 49.93 million tonnes.

Vakrangee has made an application with the Reserve Bank of India (RBI) in the capacity of Corporate Business Correspondent for
Payments Bank License. The company has received its board’s approval for the same on February 02, 2015.

Tata Motors’ total sales including exports of Tata commercial and passenger vehicles in January 2015 were 42,582 vehicles, a
growth of 5.19% over 40,481 vehicles, sold in January 2014. The company’s domestic sales of Tata commercial and passenger
vehicles for January 2015 were 38,621 units, a growth of 5.36% over 36,657 vehicles, sold in January 2014. Cumulative sales
(including exports) for the company for the fiscal are 405,577 units, lower by 14.72% over 475,560 vehicles, sold last year. While
market continues to remain challenged by macroeconomic trends, besides positive growth in segments such as M&HCV and
Passenger Cars, Exports have grown in January 2015 by 4%, over last year.

Maruti Suzuki India, country’s largest car maker, has registered a rise of 13.9% in its total car sales (Domestic + Export) for the
month of January 2015 at 116606 units, as against 102416 units in January 2014. The company’s domestic sales rose by 9.3% in
January 2015 at 105559 units, as against 96569 units in corresponding month last year.

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has sold 627
units worth Rs 310 crore in Q3FY15 as compared to 279 units worth Rs 131 crore in Q3FY14 amounting to 125% growth in volume
and 137% growth in value.

Atul Auto has registered 9.19% growth in its January 2015 sales. The company has sold 3,636 units in the month against 3,330
units sold in January 2014. Total sales from April 2014 to January 2015 were 34,974 vehicles, a rise of 11.96%, as compared to
31,238 vehicles sold in the same period a year ago.

Biocon is planning to spend 10 per cent of its annual biopharma revenue on research and development (R&D) in the next fiscal
year. The company, which is pursuing R&D in both novel biologics as well as biosimilars (generic versions of biologic drugs), in
various stages of trials, had spent around Rs. 131 crore on R&D in the previous fiscal year which was 6 per cent of biopharma sales.

Sundaram Brake Linings has temporary stopped operations in Plant 4 - located in Mahindra World City (MWC), Chengalpet in
state of Tamil Nadu. This step has been taken as the company has decided to upgrade its plant.

Bajaj Auto, the second-largest motorcycle manufacturer has registered 9% drop in total sales to 2,88,746 units in January 2015
against 3,18,171 units in January 2014. The sales of the motorcycles decreased by 12% and stood at 2,46,955 units in the month
under review against 2,81,390 units in January 2014. However, the company has reported 14% rise in Commercial Vehicles sales
which stood at 41,791 units as compared to 36,781 units in month of January 2014.

US Federal Trade Commission (USFTC) has completed its review of the proposed acquisition of Ranbaxy Laboratories by Sun
Pharmaceutical Industries and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (HSR Act). The early termination of the waiting period under the HSR Act satisfies one of the essential
conditions to the closing of the Ranbaxy acquisition.

Indian Overseas Bank (IOB) has launched an issue of Unsecured, Non-Convertible, Additional Tier -I, Basel III Compliant
Perpetual bonds to the extent of Rs 1,000 crore. This includes a green shoe option of Rs 300 crore to augment additional Tier-I
capital and strengthen capital adequacy under Basel-III norms.

Capital Trust has received an approval to apply for license of Small Finance Bank in accordance with the Reserve Bank of India
(RBI) Guidelines dated November 27, 2014. The company has applied for the same. The board of directors at their meeting held on
January 27, 2015 has approved for the same.
LKP Advisory

Divis Laboratories is considering setting up a third manufacturing site to augment capacities besides de-risking its business. The
company made an application to the Government of Andhra Pradesh for allotment of land near Kakinada and the company is
awaiting favourable response. The company proposes to make an initial investment of Rs 500 crore on this facility.

SE Investments has received an approval to file an application with Reserve Bank of India (RBI) for seeking banking license and
conversion of company into Small Finance Bank. The board of directors at their meeting held on February 01, 2015 has approved
for the same.

Dharani Sugars & Chemicals has requested the banks to re-structure the loans provided to the company under CDR Mechanism.
The company expects to receive approval from individual banks approving the re-structuring proposals.

Eicher Motors and Volvo Group’s joint venture firm, VE Commercial Vehicles (VECV) has reported 25.08% jump in total sales of its
Eicher branded products at 3,262 units in January as against 2,608 units sold in the year-ago period.

IFCI is planning to sell its 2.5% stake in stock exchange NSE in the next 15 days which may fetch the financial institution about Rs
500 crore. At present, infrastructure lender IFCI holds 5.44% stake in the premier bourse.

NMDC has reduced iron ore prices by Rs 200-300 per tonne for the February as weak global prices, which nosedived to five-and-ahalf-year lows, are putting pressure on domestic rates.
Economy

HSBC PMI slips to three month low of 52.9 in January
Raising hopes of a rate cut by the Reserve Bank of India (RBI), Indian manufacturing activity retreated from two year high in January
on slower pace of order flows from domestic and global markets. The HSBC India Purchasing Managers' Index (PMI), a headline
index designed to measure the overall health of the manufacturing sector, slid to three month low at 52.9 in January, down from 54.5
in the prior month. Notably, despite falling, the index remained consistent with a solid improvement in business conditions in
January. Moreover, the latest expansion was the fifteenth in as many months since the index has been higher above the watershed
50 mark, which denotes growth since November 2013.
The latest survey points that business conditions although have improved at a solid rate albeit more slowly than in the previous
month. The overall improvement in the Indian manufacturing sector has been underlined by further output growth in January.
Production has risen at a robust pace, extending the current sequence of expansion to 15 months.

CBDT directs I-T dept to initiate special measures to meet direct taxes collection target
Apprehensive over a massive deficit in TDS collections, Central Board of Direct Taxes (CBDT) has mandated Income Tax (IT)
department to initiate special measures to achieve the direct taxes collection target for this fiscal. The board has directed I-T officials
to bolster their efforts and give special emphasis on tax collections under the Tax Deducted at Source (TDS) and Advance Tax
categories.This development comes on the heels of TDS collections slipping by 50% for the fiscal. For FY2013-14, the growth under
this head was 16.73%, while in FY2014-15 the growth slipped to 7.84%. The budgeted target under the direct tax category has been
pegged at Rs 7.36 lakh crore for the current fiscal, while the collection has summed up to Rs 5,46,661 crore till January 23,
according to CBDT.
Further, the apex policy making body of the I-T department, also asked the taxman to ensure that those assessees who have made
handsome self-assessment tax declarations should be tapped to deposit it as advance tax so that the figures could be collated and
reflected in this fiscal, which will end December 31.In order to ensure better TDS and Advance Tax collections, I-T officials have
been asked to make on-spot visits to defaulting organisations and also interact with officials and individuals responsible under the
established official mechanism in this regard.
LKP Advisory

ATF price slashed by 11.3% to cost less than diesel
With international oil prices dipping to six years low, Jet fuel (ATF) prices were slashed by a steep 11.3% over the weekend. With
this, price of aviation turbine fuel (ATF), or jet fuel, in Delhi was cut by Rs 5,909.9 per kilolitre, or 11.27%, to Rs 46,513.02 per kl.
Notably, the reduction which followed the steepest ever cut of Rs 7,520.52 per kl or 12.5% affected from January 1, has led to ATF
becoming cheaper than even diesel. With the effective rate ATF costs Rs 46.51 per litre, while diesel still costs Rs 51.52 per litre.
However, the prices of diesel and petrol were kept unchanged as per the fortnightly revision.
Traditionally, auto fuels being of lesser quality than ATF, should cost less, but four consecutive excise duty hikes since November -totaling Rs 7.75 a litre on petrol and Rs 7.50 on diesel, have reversed this trend. This development is definitely encouraging for
Aviation industry which continues to reel under liquidity pressure since jet fuel constitutes over 40% of an airline's operating costs
and the price cut will ease the financial burden of cash-strapped carriers. Notably, the latest cut marks seventh straight reduction in
jet fuel rates since August.

Economic growth gets revised upwards to 6.9 percent for 2013-14 under new series
Government’s decision to update the base year for measuring national accounts resulted in economic growth rate getting revised
upwards to 6.9 percent for 2013-14. The economic growth rate for 2012-13 has been revised upwards to 5.1 percent from earlier
estimate of 4.5 percent. The previous estimates had put economic growth rate at sub-5 percent level for the past two years.
The Gross Domestic Product (GDP) growth rate for 2013-14 too, following adoption of the new series with base year 2011-12 has
gone up by almost 50 percent. The rate of expansion was estimated at 4.7 percent under the old series that had 2004-05 as base
year. However, the size of economy marginally declined to Rs 113.45 lakh crore in 2013-14 under the new series from Rs 113.55
lakh crore under the old series. Similarly, the size of the economy in 2012-13 declined under the new series to Rs 99.88 lakh crore
from Rs 101.13 lakh crore at current market prices. Also, during 2013-14, contribution of agriculture sector has declined marginally
to 18.2 percent in new series from 18 percent with 2004-05 as base year.
Source: Reuters, Ace Equity & LKP Research
LKP Advisory
Tech View
CNX Nifty
Technical View
Nifty witnessed an increased amount of volatility yesterday which is likely to influence today’s trading session too. The outcome of RBI’s
monetary policy will influence the orientation of the markets. The short term supports are seen at 8700 levels whereas near term
resistances are seen at 8900 levels.
IMPORTANT LEVELS FOR THE DAY
Support
BSE
NSE
BANKNIFTY
S1
28,925
8741
19543
S2
28,688
8672
19217
R1
29,308
8852
20071
R2
29,544
8920
20397
Pivot
29,116
8,796
19,807
Resistance
.
LKP Advisory
Tech View
PIVOT POINTS
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
ACC
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
1525
1592
1559
1532
1505
1471
GAIL
430
443
435
429
423
415
ADANIENT
655
685
667
652
638
620
GLENMARK
716
733
725
719
713
705
ADANIPORTS
336
353
344
338
331
323
GMRINFRA
20
22
21
20
19
18
ADANIPOWER
52
54
53
52
51
50
GODREJIND
312
321
315
311
307
301
ALBK
115
119
117
115
114
111
GRASIM
3808
3937
3877
3829
3780
3721
AMBUJACEM
249
258
252
248
243
238
HAVELLS
250
267
259
253
247
239
ANDHRABANK
94
98
95
93
91
89
HCLTECH
1891
2004
1926
1863
1800
1722
APOLLOHOSP
1349
1407
1370
1340
1309
1272
HDFC
1269
1322
1291
1266
1241
1209
APOLLOTYRE
243
255
249
245
240
235
HDFCBANK
1082
1132
1101
1076
1051
1019
ARVIND
284
308
296
287
278
267
HDIL
110
119
115
111
107
102
ASHOKLEY
66
68
67
66
65
64
2833
2953
2893
2844
2795
2735
ASIANPAINT
808
887
850
821
791
755
HEXAWARE
238
253
243
235
226
216
1264
1303
1278
1257
1236
1210
HINDALCO
145
152
147
143
140
135
617
658
630
608
585
557
HINDPETRO
629
692
663
639
616
586
2349
2498
2425
2365
2306
2232
HINDUNILVR
908
949
930
914
899
879
BANKBARODA
188
199
193
188
183
176
HINDZINC
174
181
177
173
170
166
BANKINDIA
274
286
278
272
265
257
IBREALEST
84
90
87
85
82
79
BATAINDIA
1388
1456
1424
1397
1371
1338
ICICIBANK
352
369
361
354
348
339
BHARATFORG
1066
1111
1081
1057
1033
1003
IDBI
72
74
73
72
70
69
BHARTIARTL
359
386
373
363
353
340
IDEA
154
159
156
154
151
148
BHEL
294
302
297
294
290
285
IDFC
176
187
180
176
171
164
BIOCON
422
441
430
421
413
402
IFCI
41
45
43
40
38
35
BPCL
749
795
770
750
731
706
IGL
464
486
475
466
457
446
CAIRN
236
242
238
236
233
230
INDIACEM
109
114
111
109
107
105
CANBK
455
475
461
450
439
425
INDUSINDBK
875
900
883
870
856
839
CENTURYTEX
577
606
591
579
567
552
INFY
2137
2174
2154
2138
2122
2102
CESC
734
773
753
737
721
702
IOB
59
62
60
58
56
54
CIPLA
696
719
707
698
688
677
IOC
340
356
348
341
334
326
COALINDIA
355
364
358
354
350
345
IRB
269
279
274
270
266
260
1839
1969
1908
1859
1811
1750
ITC
361
377
369
363
357
350
CROMPGREAV
184
199
192
187
181
174
JINDALSTEL
155
166
160
156
152
147
DABUR
262
271
265
260
255
249
JISLJALEQS
70
74
72
70
68
66
DISHTV
80
84
82
80
78
76
JPASSOCIAT
29
30
29
29
28
27
1690
1806
1745
1695
1646
1585
JPPOWER
12
13
12
12
12
11
173
180
176
172
168
163
JSWENERGY
124
131
127
123
120
116
DRREDDY
3139
3220
3183
3153
3123
3085
JSWSTEEL
997
1040
1015
995
974
950
EXIDEIND
195
211
201
193
185
175
JUBLFOOD
1402
1437
1417
1401
1385
1366
FEDERALBNK
145
152
147
143
140
135
JUSTDIAL
1566
1619
1587
1560
1534
1502
AUROPHARMA
AXISBANK
BAJAJ-AUTO
COLPAL
DIVISLAB
DLF
LKP Advisory
HEROMOTOCO
Tech View
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
Scrip Name
CMP
RB2
RB1
PP
SB1
SB2
KOTAKBANK
1352
1416
1373
1339
1305
1262
TATACHEM
463
486
472
461
449
435
145
149
146
144
142
139
TATACOMM
409
429
419
411
404
394
71
74
72
70
69
67
TATAGLOBAL
164
177
169
163
157
149
480
498
486
477
467
455
TATAMOTORS
593
611
599
590
580
569
LT
1735
1784
1751
1724
1697
1663
TATAMTRDVR
357
372
364
358
352
344
LUPIN
1555
1653
1606
1569
1531
1485
TATAPOWER
91
95
93
91
89
87
M&M
1241
1324
1285
1253
1222
1182
TATASTEEL
384
404
395
387
379
370
M&MFIN
249
262
256
251
245
239
TCS
2514
2581
2536
2499
2463
2417
MARUTI
3669
3817
3736
3671
3607
3526
TECHM
2895
3091
2997
2921
2845
2751
MCDOWELL-N
3262
3725
3515
3346
3176
2966
TITAN
433
447
439
433
426
418
MCLEODRUSS
209
219
214
209
204
199
UBL
976
1020
997
979
960
937
40218
41001
40558
40199
39841
39398
77
80
78
76
75
73
NHPC
20
21
20
20
19
18
3087
3278
3179
3098
3018
2919
NMDC
141
146
143
141
139
137
UNIONBANK
209
220
214
210
205
199
UNITECH
KTKBANK
L&TFH
LICHSGFIN
MRF
NTPC
142
147
144
143
141
139
OFSS
3397
3475
3437
3405
3374
3336
ONGC
350
365
358
352
346
ORIENTBANK
265
278
271
266
PETRONET
181
187
183
PFC
310
327
PNB
192
199
POWERGRID
148
PTC
RANBAXY
RCOM
ULTRACEMCO
19
21
20
19
19
18
UPL
394
434
405
383
360
332
339
VOLTAS
266
275
270
265
261
256
260
254
WIPRO
625
646
632
621
609
595
181
178
174
YESBANK
832
892
861
837
812
782
316
306
297
285
ZEEL
372
382
377
372
368
363
195
191
188
183
151
149
148
146
144
100
104
102
101
99
97
720
745
731
720
709
695
81
83
82
80
79
78
RECLTD
345
366
352
341
330
316
RELCAPITAL
490
507
497
489
481
471
RELIANCE
908
931
920
911
902
892
RELINFRA
517
540
526
514
503
489
RPOWER
66
69
67
66
64
63
SAIL
76
78
77
76
75
73
SBIN
308
318
312
308
304
299
SIEMENS
1097
1170
1120
1080
1040
990
SRTRANSFIN
1159
1203
1177
1155
1134
1108
SSLT
198
211
205
200
196
190
SUNPHARMA
929
961
945
932
918
902
SUNTV
410
424
416
410
403
395
SYNDIBANK
120
126
122
119
116
112
LKP Advisory
UCOBANK
The information in this documents has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is for general
guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company makes no guarantee and assumes no liability for
any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. LKP Securities Ltd., and affiliates, including
the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies
mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest
with respect to companies mentioned herein or inconsistent with any recommendation and related information and opinions. LKP Securities Ltd., and affiliates may seek to
provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this
report, as on the date of this report or in the past.
LKP Securities Ltd. Ph: (91-22) 66351234 FAX: (91-22) 66351249 E Mail: [email protected] web: http://www.lkpsec.com
LKP Advisory