MARKET Diary

9-May-17

Nifty Intraday Chart Market

KEY LEVELS Market Value % Change
Support 1 : 9285 Morning Traded Market
SGX NIFTY 9,356.00 0.11%
Resistance 1: 9365
Resistance 1: 9425 NIKKIE 19874.18 -0.11%
HANG SENG 24,656.94 0.32%
Yesterday Closing Market
Sensex 29,926.15 0.23%
Nifty 9,314.05 0.31%
Market Outlook DOW 21,012.28 0.03%
Event Today Nifty has given a volatile movement in 9298-9339 NASDAQ 6,102.00 0.03%
zone throughout the day on Monday and closed the
day at 9314.05. It had a net gain of 0.31% over the CAC 5,382.96 -0.92%
Result previous days close. The broader market was in DAX 12,694.55 -0.18%
ALEMBICLTD , ASTRAZEN favor of bulls as the midcap and small cap indices
outshined the benchmark index and closed the day
FTSE 7,330.86 0.05%
BHARTIARTL , BLUESTARCO after gaining 0.6%-1.2%. EW ALL SHARE 17,205.27 0.52%
CARBORUNIV , DENABANK On the sectoral front, Banking, Realty and % Change in 1 day
GMDCLTD , GODREJCP Information Technology stocks were on the buyers Commodity Price ( Yesterday Closing )
radar while Metal and FMCG indices closed in red.
INDIGO , LAOPALA Commodity/Currencies Value % Change
The breadth of the market was positive and about
NELCO , PETRONET two shares advanced for every share declined at GOLD 28091.00 0.07%
SYNDIBANK , THYROCARE NSE. SILVER 38011.00 -0.02%
TRIDENT , VIJAYABANK According to the data compiled by Solvent
CRUDEOIL 49.56 0.43%
Extractors Association (SEA), countrys oil meals
Concall increased by 19% to 135474 tonnes in April 2017 as
NATURALGAS 204.20 -2.85%
ABB India : 8:30 AM compared with 113978 tonnes in the corresponding DOLLAR/RS. 64.47 -0.10%
Cera Sanitary : 11:30 AM period of the previous year. The export from Kandla EURO/RS. 70.65 -0.24%
Bharti Infra : 2:30 PM is reported at 107287 tonnes or 79%, followed by 0.13%
POUND/RS. 83.60
Mumbai 15577 tonnes or 11%, Mundra Handled
NIIT Tech : 3:30 PM % Change in 1 day
11110 tonnes or 8% and Kolkata handled 1500
Godrej Cons : 4:30 PM Institutional Turnover
tonnes or 1%.
Dena Bank : 4:45 PM Nifty in-line with other global indices traded in a FII
Majesco : 5:00 PM very narrow range post French election result Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
yesterday. Nifty now has traded very narrowly for 08-May-17 3404 3947 (542)
IPO
last 9 trading sessions. Volatility has fallen across all
HUDCO the global markets. The CBOE Volatility Index (US) May-17 76435 77484 (1049)
Price band: 56-60 has fallen below 10, a low since Feb 2007. Our own 2017 76435 77484 (1049)
NSE based India VIX has fallen to 11.6, that again is
Opens: 8th May 2017 close to a multi year low.
Closes: 11th May 2017 NSE derivative and cash data along with MF flow DII
data suggests high investing demand by investors Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
Interim Dividend but there is lack of trading interest. In short term 08-May-17 2951 2288 663
sense, Nifty 9300 PE continues to provide strong
GMBREW : Rs 3/- May-17 49775 45264 4511
support to the market
GPTINFRA : Rs 1.5/- 2017 49775 45264 4511
( Exdate : 9.5.2017)

Quote of the Day : "All there is to investing is picking good stocks at good times and staying with them as
long as they remain good companies. " Warren Buffett
Narnolia Securities Ltd
IEA Snapshot

EICHERMOTOR "BUY" 09th May 2017

Eicher Motors is well placed in the domestic two-wheeler industry. RE volumes have grown at a 42% CAGR over last 5 years. Management
is expanding itself through only exclusive stores which reflect management's focused approach to make it a premium brand. Strong order
book of classic 350 models and capacity addition in-line with demand will give further headroom for growth for RE. In the commercial
vehicle space, VECV has positioned itself as the third strong player after Tata Motors and Ashok Leyland. There are short-term hiccups in
the domestic market like GST and Monsoon which may slow down the overall trucking activity in the country, however, the long-term
growth story remains intact backed by strong infra-activity in the country and growing exports markets. We expect margins to expand by
160 bps to 32.5% in FY19. Currently, the stock is trading at 8.0x FY19E P/BV. Earlier we recommended this stock at Rs.24007 for a target
price of Rs.26600 and the stock has achieved our recommended target, but considering the future growth potential, we upgrade our target
to Rs. 28009 and maintain BUY' rating on this stock

HUDDCO "SUBSCRIBE" 08th May 2017

HUDCO is a wholly-owned Government company with more than 46 years of experience in providing loans for housing and urban
infrastructure projects in India. HUDCOs AUM stands at ~Rs 36800Cr out of which 89% is to state government and their agencies. The loan
book of the company has till date been growing at 7.5% CAGR for last 4 years which appears low considering other listed housing finance
company. GNPA of the company stands at 6.80% while NNPA at 1.51% which is again higher than its listed peers. However the company is
expected to benefit hugely from Pradhan Mantri Awas Yojna under Housing for All by 2022. As the CAR is high at 63.9%, risk of any equity
dilution in the near term gets eliminated.
The company is attractively priced at 1.4 times BV with Return on Equity at 7.6%
We recommend SUBSCRIBE
*For details, refer to our daily report- India Equity Analytics

Top News
EMAMILTD Q4FY17 result concall update:
International business: degrew by 38% in Q4FY17 due to
inventory correction and pressure in MENA region.
Worse is over for international business. Expects double digit
growth from international business in FY18.
Domestic volume declined by 1.5% whereas value growth
remained 3% in Q4FY17.
Domestic business is still subdued.
Company is taking major distribution restructuring. Increased
direct reach by 90000 outlets in Q4FY17.
Commissioned Assam Plant (invested Rs 300cr)in
Q4FY17.Fiscal benefits of this plant with go for 10 years.
Overall Tax rate: next five years could be under MAT rate.
Gross margin: Maintain Gross margin in FY18, max. can be
impacted by 20 bps.
AD&P expenses: will go up by 1% and .5% in FY18.
Product launches: Launched whole range of pain reliever
under Jhandu brand (spray, roll on and gel).
Planning to launch many more products in 2HFY18.
Company will try to reduce impact of direct reach expansion
cost by reducing other expenses items.
If indirect tax related Ayurvedic products remains 12% and
personal care products remained 18% than company will
marginally benefited. Presently company pays 11-11.5%
indirect tax for Ayurvedic products and 24% for personal care
products.
Capex.: Rs150 cr for FY18,plans to pay debt by March2018.
Modern trade grew by 20% in Q4FY17 and FY17.
Narnolia Securities Ltd
Concall Highlights 4QFY17 VISAKA Indusries Ltd.
>>Building Products contribute handsomely (36% YoY).
>>Spinning unit was under pressure due to increase in Operating and
administrative expenses & due to Depreciation and interest cost incurred
during the year due to capacity expansion project which went into
production in Nov 1, 2016. Just when it gets commercialised,
Demonetization happened which affected the existing production also.
Volatility in oil prices also impacted.
>>Expect doing well in FY18.
>>Cement volumes were fairly good.
>>Working capital days reduces to 11 days.
>>Free cash flow is expected to increase from last year.
>>Total debt in BS is 250 Cr. Inventory & receivable will clear the debt. No
debt is depending on CF.
>>Expected Volume growth 6% in FY18.
Natco Pharma has launched generic sofosbuvir 400 mg/velpatasvir 100
mg tablets used for the treatment of chronic hepatitis C in India. The
company has launched a generic version of sofosbuvir 400 mg/velpatasvir
100 mg fixed dose combination in India under the brand name Velpanat
Wockhardt is seeking shareholders' approval via a postal ballot for
raising additional capital by way of one or more public or private offerings,
including through qualified institutional placement (QIP), for an amount
not exceeding Rs. 1,000 crore
Torrent Pharma has completed the acquisition of women healthcare
brands Regestrone and Pregachieve for India from Swiss pharma major
Novartis AG. While the company did not disclose the deal size, it is
estimated to be close to Rs 500 crore.
 F&O OPEN INTEREST ( Number of Contracts )
Individual Foreign Institutions

MARKET MOVERS (1 MONTH CHANGE)

Nifty Movers NSE Sectoral Indices Performance

TRADING IDEAS

Scrip Reco Initiation Price Target 1 Target 2 Stop Loss Rational

After getting a strong support near Rs 1400,
the stock has given a good pullback rally
yesterday. Some delivery based buying was
SYMPHONY Buy 1467.75 1498 1547 1438
also witnessed towards yesterdays closing
session. Another 4-5% upside is expected
from here.

The stock has found a strong support near

Short at Rs 620 and thereafter gave a good
Sun Pharma May (1 Lot pullback yesterday. Huge amount of put
6.35 2 0.5 10
620 PE =700) writing was also witnessed at strike price
620. So it is very unlikely to breach this level
in the current expiry.

Narnolia Securities Ltd

 Result Calendar Q4FY17
BSE Code Company Name Date BSE Code Company Name Date
523120 ADORMUL 09-May-17 524742 CAPPL 10-May-17
517041 ADORWELD 09-May-17 500280 CENTENKA 10-May-17
506235 ALEMBICLTD 09-May-17 523100 COSMOFE 10-May-17
506820 ASTRAZEN 09-May-17 511413 CREST 10-May-17
530803 BHAGIL 09-May-17 532173 CYBERTECH 10-May-17
532454 BHARTIARTL 09-May-17 533309 DALMIABHA 10-May-17
500067 BLUESTARCO 09-May-17 500123 ELANTAS 10-May-17
513375 CARBORUNIV 09-May-17 540153 ENDURANCE 10-May-17
532121 DENABANK 09-May-17 530389 GEEFC 10-May-17
522074 ELGIEQUIP 09-May-17 530263 GLOBALCA 10-May-17
526227 FILATEX 09-May-17 531111 GOTHIPL 10-May-17
540064 FRETAIL 09-May-17 506879 GUJTHEM 10-May-17
535917 GCMCOMM 09-May-17 500182 HEROMOTOCO 10-May-17
535431 GCMSECU 09-May-17 524735 HIKAL 10-May-17
505250 GGDANDE 09-May-17 500184 HSCL 10-May-17
532181 GMDCLTD 09-May-17 539449 IGC 10-May-17
532424 GODREJCP 09-May-17 504092 INDOKEM 10-May-17
509895 HINDMILL 09-May-17 538422 JACKSON 10-May-17
526217 HITECHPLAS 09-May-17 502901 JAMSHRI 10-May-17
539448 INDIGO 09-May-17 536493 JK AGRI 10-May-17
507942 JOGENG 09-May-17 517569 KEI 10-May-17
505890 KENNAMET 09-May-17 535730 KHOOBSURAT 10-May-17
532686 KERNEX 09-May-17 533293 KIRLOSENG 10-May-17
505283 KIRLPNU 09-May-17 517415 LEENEE 10-May-17
526947 LAOPALA 09-May-17 530441 MAHAN 10-May-17
590078 MAITHANALL 09-May-17 500248 MAVIIND 10-May-17
539289 MJCO 09-May-17 532850 MIC 10-May-17
504112 NELCO 09-May-17 532440 MPSLTD 10-May-17
506532 NITTAGELA 09-May-17 539229 MRSS 10-May-17
503031 PENINLAND 09-May-17 526721 NICCOPAR 10-May-17
532522 PETRONET 09-May-17 508941 PANCARBON 10-May-17
530331 PREMCO 09-May-17 532742 PAUSHAKLTD 10-May-17
526801 PSL 09-May-17 531879 PIONDIST 10-May-17
534618 SAL 09-May-17 531768 POLYMED 10-May-17
538685 SHEMAROO 09-May-17 530815 REFNOL 10-May-17
530593 SIRHIND 09-May-17 520075 SAMKRG 10-May-17
523756 SREINFRA 09-May-17 540203 SFL 10-May-17
532276 SYNDIBANK 09-May-17 520086 SICAL 10-May-17
539871 THYROCARE 09-May-17 500550 SIEMENS 10-May-17
521064 TRIDENT 09-May-17 533018 SIMPLXMIL 10-May-17
505978 TRITONV 09-May-17 533019 SIMPLXPAP 10-May-17
532401 VIJAYABANK 09-May-17 503229 SIMPLXREA 10-May-17
517498 WEBELSOLAR 09-May-17 514454 SOUTLAT 10-May-17
512245 ZNIVITRD 09-May-17 534680 SRGHFL 10-May-17
512161 8KMILES 10-May-17 535621 SVGLOBAL 10-May-17
531866 AAGAMCAP 10-May-17 507785 TAINWALCHM 10-May-17
512437 APOLLOFI 10-May-17 530199 THEMISMED 10-May-17
532938 CAPF 10-May-17 530131 UDAICEMENT 10-May-17
524200 VINATIORGA 10-May-17 539301 ARVSMART 12-May-17
505537 ZEEL 10-May-17 532230 BENGALT 12-May-17
500101 ARVIND 11-May-17 532485 BLIL 12-May-17
539017 ASHFL 11-May-17 514045 BSL 12-May-17
500820 ASIANPAINT 11-May-17 500040 CENTURYTEX 12-May-17
539122 BODHTREE 11-May-17 501833 CHOWGULSTM 12-May-17
539131 CLLIMITED 11-May-17 533146 DLINKINDIA 12-May-17
532365 DSSL 11-May-17 500124 DRREDDY 12-May-17
530117 FAIRCHEM 11-May-17 517477 ELNET 12-May-17
500033 FORCEMOT 11-May-17 517300 GIPCL 12-May-17
538319 GCMCAPI 11-May-17 517354 HAVELLS 12-May-17
532296 GLENMARK 11-May-17 500189 HINDUJAVEN 12-May-17
533248 GPPL 11-May-17 538838 ICL 12-May-17
532482 GRANULES 11-May-17 505737 INTLCOMBQ 12-May-17
500676 GSKCONS 11-May-17 522245 IYKOTHITE 12-May-17
532281 HCLTECH 11-May-17 532508 JSL 12-May-17
504731 IBRIGST 11-May-17 531602 KOFFBREAK 12-May-17
532835 ICRA 11-May-17 539524 LALPATHLAB 12-May-17
517380 IGARASHI 11-May-17 523457 LINDEINDIA 12-May-17
526887 INDOCRED 11-May-17 522235 MINALIND 12-May-17
505358 INTEGRAEN 11-May-17 503772 MODWOOL 12-May-17
509496 ITDCEM 11-May-17 532140 MOHITE 12-May-17
538794 JETINFRA 11-May-17 532529 NDTV 12-May-17
538092 JOONKTOLL 11-May-17 500790 NESTLEIND 12-May-17
500243 KIRLOSIND 11-May-17 524558 NEULANDLAB 12-May-17
526423 KRITIIND 11-May-17 500314 ORIENTHOT 12-May-17
533210 KRITINUT 11-May-17 509820 PAPERPROD 12-May-17
524000 MAGMA 11-May-17 521080 PASARI 12-May-17
506919 MAKERSL 11-May-17 540173 PNBHOUSING 12-May-17
500206 MARGOFIN 11-May-17 539678 QUICKHEAL 12-May-17
534312 MTEDUCARE 11-May-17 530517 RELAXO 12-May-17
530557 NCLRESE 11-May-17 505807 ROLCOEN 12-May-17
523385 NILKAMAL 11-May-17 500350 RSWM 12-May-17
539333 PENPEBS 11-May-17 539450 SHK 12-May-17
523648 PLASTIBLEN 11-May-17 513498 SOUTHMG 12-May-17
531172 PRANAVSP 11-May-17 513605 SRIPIPES 12-May-17
526477 SAENTER 11-May-17 539353 SWARAJAUTO 12-May-17
504959 STOVACQ 11-May-17 500114 TITAN 12-May-17
530445 SUMERUIND 11-May-17 532513 TVSELECT 12-May-17
532262 TCIIND 11-May-17 526941 VAICC 12-May-17
532026 THEWEST 11-May-17 540180 VBL 12-May-17
520113 VESUVIUS 11-May-17 509367 APTANN 13-May-17
532613 VIPCLOTHNG 11-May-17 531795 ATULAUTO 13-May-17
509038 VOLLF 11-May-17 532656 FACORALL 13-May-17
505533 WESTLIFE 11-May-17 500141 FERROALL 13-May-17
524208 AARTIIND 12-May-17 524226 GAEL 13-May-17
535755 ABFRL 12-May-17 521176 GANGOTRI 13-May-17
519183 ADFFOODS 12-May-17 532644 JKCEMENT 13-May-17
 519191 JOLYMER 13-May-17 531254 OPTIFIN 13-May-17
532652 KTKBANK 13-May-17 500333 PIXTRANS 13-May-17
502157 MANGLMCEM 13-May-17 522152 SOLIMAC 13-May-17
540401 MAXIMUS 13-May-17 521200 SURYALAXMI 13-May-17
526616 NATPLAS 13-May-17

Earning Estimate Q4FY17

Date NSE CODE SALES SALES YoY PAT PAT YoY
08-May-17 ABB 2207 10.30 101 28.40
08-May-17 INFRATEL 3504 10.10 723 0.60
08-May-17 CANBK 2668 12.40 458 LP
08-May-17 UNIONBANK 2339 12.20 134 39.60
09-May-17 GODREJCP 2445 10.70 340 6.30
09-May-17 PETRONET 7736 27.50 397 65.80
09-May-17 BHARTIARTL 22237 -10.90 677 -54.70
09-May-17 INDIGO 4948 20.90 185 -68.00
10-May-17 HEROMOTOCO 6844 -8.80 779 -6.70
10-May-17 SIEMENS 2675 -3.90 255 43.80
10-May-17 DALMIABHA 1852 -1.50 61 -35.30
10-May-17 ZEEL 1533 0.10 387 48.40
11-May-17 ASIANPAINT 3818 4.00 489 17.20
11-May-17 GSKCONS 1128 -1.30 167 -1.80
11-May-17 GLENMARK 3001 38.00 615 313.70
11-May-17 GRANULES 347 -6.90 36 9.60
11-May-17 HCLTECH 12052 12.70 1971 2.40
11-May-17 ARVIND 2489 7.30 129 16.60
12-May-17 HAVELLS 1590 7.70 126 -23.40
12-May-17 NESTLEIND 2755 20.00 412 35.00
12-May-17 DRREDDY 3757 0.00 465 23.60
12-May-17 TITAN 3004 23.30 172 -9.40
12-May-17 SHK 284 7.00 30 16.60

Result Q4FY17
BSE Code NSE CODE SALES SALES YoY PAT PAT YoY
524330 JAYAGROGN 424 14 15.60 95.00
532345 GATI 414 (2) 9.30 (40.15)
500680 PFIZER 453 (11) 68.00 (22.05)
500250 LGBBROSLTD 313 19 17.00 8.56
532698 NITINSPIN 285 50 15.70 38.08
507815 GILLETTE 534 (3) 105.80 30.86
524669 HESTERBIO 35 28 7.08 28.40
509715 JAYSREETEA 131 (1) (41.79) 23.93
500730 NOCIL 193 10 25.46 13.00
523539 PRECWIRE 250 19 6.92 39.52
532144 WELCORP 2172 21 30.39 31.84
500002 ABB 2318 17 91.84 29.39
534816 INFRATEL 1606 13 600.50 (16.41)
532483 Canbk 2374 14 (3905.00)
532477 Unionbank 2387 0 108.00 0.13
 Economic Calendar
Monday Tuesday Wednesday Thursday Friday
Country
8th May 17 9th May 17 10th May 17 11th May 17 12th May 17

CPI m/m , Core CPI m/m ,

NFIB Small Business Index Core Retail Sales m/m ,
PPI m/m , Unemployment
, Final Wholesale Crude Oil Inventories , 10-y Retail Sales m/m, Prelim
Labor Market Claims , Core PPI m/m, Natural
US Conditions Index m/m.
Inventories m/m , Bond Auction, Federal Budget
Gas Storage , 30-y Bond
UoM Consumer Sentiment,
IBD/TIPP Economic Balance. Business Inventories m/m ,
Auction.
Optimism. Prelim UoM Inflation
Expectations.

ECB Economic Bulletin ,

German Industrial Manufacturing Production
German Prelim GDP q/q ,
Production m/m , German m/m, Goods Trade Balance ,
German Factory Orders German Final CPI m/m ,
Trade Balance, French German 10-y Bond Auction, BOE Inflation Report , MPC
m/m , BRC Retail Sales French Prelim Non-Farm
UK/EURO ZONE Monitor y/y , Sentix
Final CPI m/m , French RICS House Price Balance , Official Bank Rate Votes ,
Payrolls q/q , Italian Prelim
Gov Budget Balance , NIESR GDP Estimate. Monetary Policy Summary ,
Investor Confidence. GDP q/q , Industrial
French Industrial Official Bank Rate , Asset
Production m/m.
Production m/m. Purchase Facility , MPC Asset
Purchase Facility Votes.

INDIA IIP Data

Narnolia Securities Ltd

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Road | Kolkata-700 020 , Ph : 033-40501500
em ail: narnolia@narnolia.com ,
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