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Contents of High Noon PUNTERS CALL Strong opening for the weekNifty being pulled up by bulls
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	MOMENTUM SWING
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	MOMENTUM CASH IDEAS
We expand our basket of calls for short-term traders by introducing Momentum Cash Ideas, which are non-derivative calls with a slightly longer time frame of 1-10 days compared with Momentum Swing. The stock ideas in Momentum Cash Ideas will cover only liquid cash stocks from the CNX 500 basket.

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Contents of Currency Eagle Eye PUNTERS CALL USD-INR: Opportunity for bulls The USD-INR had taken support near the key weekly as well as monthly moving averages (MAs). GBP-INR: Bulls have upper hand The GBP-INR has been trading in a medium-term falling channel.
EUR-INR: Climbing up The EUR-INR was falling for the last several months. JPY-INR: At a crucial junctureThe JPY-INR had reached near the lower end of the multi-month falling channel as well as near the extended Fibonacci target.

Contents of Currency Eagle Eye PUNTERS CALL USD-INR: Opportunity for bulls The USD-INR had taken support near the key weekly as well as monthly moving averages (MAs). GBP-INR: Bulls have upper hand The GBP-INR has been trading in a medium-term falling channel.
EUR-INR: Climbing up The EUR-INR was falling for the last several months. JPY-INR: At a crucial junctureThe JPY-INR had reached near the lower end of the multi-month falling channel as well as near the extended Fibonacci target.

DERIVATIVES INFO KIT

Open interest break-up

		BANKNIFTY	CNXIT	NIFTY	STOCK	TOTAL
Future	3414.59	21.40	13023.01	58551.76	75010.76
Call	5131.31	0.61	56536.12	9444.15	71112.20
Put	4259.78	0.17	53497.71	4740.29	62497.95
Total	12805.67	22.17	123056.85	72736.21	208620.91
Near Month	12240.40	19.95	78346.21	69782.67	160389.23
Far Months	565.27	2.22	44710.64	2953.54	48231.67

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May 13, 2015
Stock Update Ashok Leyland Reco: Buy PT: Rs78 CMP: Rs70 Margins touch double digits; Buy maintained with a revised PT of Rs78 Key points Q4FY2015 volume growth at 31.3%; OPM in double digits: Ashok Leyland Ltd (ALL) continued to lead the commercial vehicle (CV) industry in terms of volumes and posted a growth of 31.3% in Q4FY2015. Aided by the volume growth, multiple price increases taken and a richer product mix, the revenues for the quarter rose by 46.4% YoY to Rs4,506 crore. Improved gross profit margin and higher operating leverage enabled ALL to post a double-digit margin of 10.1% after a gap of nine quarters. The company took a write-off of Rs224 crore pertaining to an investment in a joint venture with Nissan which was offset by a gain of Rs215 crore in the sale of immovable property. Adjusted for these items, the net profit for the quarter stood at Rs238 crore as against a loss of Rs12.7 crore in Q4FY2014. Management expects industry volume to grow at 10-15% in FY2016: ALL with a volume growth of 28.2% in FY2015 has outpaced the domestic heavy CV industry, which has grown at 16%. This has expanded its market share by 271BPS to 28.5%. The management has guided for an industry volume growth of 10-15% in FY2016 and expects to maintain the market share at the current levels. Exports are expected to remain strong and grow at 15-20% in FY2016. Additionally, the benefit of relatively benign commodity prices is expected to be visible on the gross profit margin going forward. Maintain Buy with a revised PT of Rs78: We have broadly maintained our volume and profitability estimates for FY2016 and FY2017. The management has done remarkably well to substantially reduce the debt on the balance sheet by Rs2,000 crore in FY2015 through a mix of asset sale and lower working capital. We have raised our earnings estimates for FY2016 and FY2017 by 2.8% and 3.3% respectively to reflect the additional saving on the interest cost. We remain positive on the stock and reiterate our Buy recommendation with a revised price target of Rs78 (earlier Rs76), valuing the core business at 16x FY2017E earnings. Relaxo Footwear Reco: Buy PT: Rs880 CMP: Rs811 PT revised to Rs880; Retain Buy Key points Strong Q4FY2015 performance aided by margin improvement: In Q4FY2015 Relaxo Footwear’s revenue growth of 18.3% was driven by both a volume growth and a premiumisation-led improvement in the product mix. The strong growth in the revenues along with falling prices of raw materials (EVA and other chemicals that are crude derivatives) boosted the OPM by 404BPS in Q4FY2015. Driven by a healthy operating performance and a reduction in the interest cost, the net earnings grew by a strong 95.6% YoY to Rs42.7 crore. Favourable industry dynamics coupled with enduring brands to keep financials strong: With its economical price points (averaging at Rs115) the company is well placed to cash in on the transition towards branded shoes from the unorganised segment. We, thus, expect the company to post a 20.7% revenue CAGR over FY2015-17. Further, the initiatives to improve efficiency and rationalise costs along with stable raw material prices are likely to culminate into a strong 26.2% earnings growth (CAGR) over FY2015-17. Strong re-rating captures healthy fundamentals; Retain Buy: The company’s strong brand equity and wide distribution reach along with a favourable trend in demand and a stable raw material pricing regime are likely to keep the earnings growth buoyant. Given these positives, the stock has witnessed a strong re-rating (6x returns since the initiation of a Buy call by us) and has comprehensively outperformed the market. Though we believe the recent sharp run-up captures the upside in the near term (the stock is trading at 29.7x its FY2017 EPS of Rs27.4), we retain our positive stance on the company due to its structural growth story. We retain our Buy rating with a price target of Rs880.

Futures Options Currency Expiry on Closing price (in Rs)* Volume (in lots)# OI (in lots)# 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % USDINR 27‐May‐15 64.1850 64.3700 ‐0.29% 1533533 1792589 ‐14.45% 1807027 1878248 ‐3.79% EURINR 27‐May‐15 72.0175 72.3750 ‐0.49% 61439 79916 ‐23.12% 75500 71564 5.50% GBPINR 27‐May‐15 100.5075 100.8450 ‐0.33% 90443 75070 20.48% 65734 62995 4.35% JPYINR 27‐May‐15 53.6000 53.6525 ‐0.10% 25299 22092 14.52% 9462 7243 30.64% Currency Expiry on Closing price (in Rs)* Volume (in lots)# OI (in lots)# 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % USDINR 27‐May‐15 64.1825 64.3725 ‐0.30% 209184 209070 0.05% 449623 430565 4.43% EURINR 27‐May‐15 72.0175 72.3650 ‐0.48% 6743 11874 ‐43.21% 10259 10693 ‐4.06% GBPINR 27‐May‐15 100.5175 100.8250 ‐0.30% 9366 8820 6.19% 5526 5829 ‐5.20% JPYINR 27‐May‐15 53.5950 53.6475 ‐0.10% 1689 2181 ‐22.56% 645 658 ‐1.98% Strike price Closing price (in Rs) Volume (in lots) OI (in lots) IV 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % CE62.25 0.0000 0.0000 0.0% 0 0 0.0% 0 0 0.0% 0 11.95 ‐100.0% CE62.5 1.6600 1.9500 ‐14.9% 501 1287 ‐61.1% 8457 8956 ‐5.6% 6.98 12.16 ‐42.6% CE62.75 0.0000 0.0000 0.0% 0 0 0.0% 13000 13000 0.0% 9.27 0 0.0% CE63 1.2275 1.4000 ‐12.3% 1781 3224 ‐44.8% 51200 51709 ‐1.0% 6.85 7.63 ‐10.2% CE63.25 0.9450 0.0000 0.0% 275 0 0.0% 2336 2361 ‐1.1% 3.86 0 0.0% CE63.5 0.7900 0.9625 ‐17.9% 2947 33262 ‐91.1% 75304 75459 ‐0.2% 6.28 7.48 ‐16.0% CE63.75 0.5875 0.7600 ‐22.7% 3265 1171 178.8% 18058 19114 ‐5.5% 6.49 7.19 ‐9.7% CE64 0.4350 0.5925 ‐26.6% 66716 104006 ‐35.9% 308518 304726 1.2% 6.24 7.48 ‐16.6% PE62.25 0.0000 0.0000 0.0% 0 0 0.0% 1100 1100 0.0% 7.78 8.84 ‐12.0% PE62.5 0.0125 0.0100 25.0% 4998 19638 ‐74.5% 30359 30301 0.2% 7.25 7.2 0.7% PE62.75 0.0200 0.0200 0.0% 23 455 ‐94.9% 3525 3525 0.0% 7.24 7.6 ‐4.7% PE63 0.0325 0.0325 0.0% 29789 30023 ‐0.8% 76456 75834 0.8% 6.69 7.26 ‐7.9% PE63.25 0.0525 0.0500 5.0% 4028 627 542.4% 22227 22344 ‐0.5% 6.6 6.91 ‐4.5% PE63.5 0.0950 0.0900 5.6% 37827 54995 ‐31.2% 124009 126428 ‐1.9% 6.39 7.1 ‐10.0% PE63.75 0.1550 0.1450 6.9% 2186 4311 ‐49.3% 8580 7373 16.4% 6.47 7.08 ‐8.6% PE64 0.2400 0.2225 7.9% 65538 114308 ‐42.7% 183668 184990 ‐0.7% 6.56 7.09 ‐7.5% Underlying Open Interest Volume 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % CE PE PCR CE PE PCR CE PE PCR CE PE PCR USDINR 1107772 637988 0.5759 1112530 645920 0.5806 ‐0.80% 299472 210332 0.7023 435553 335475 0.7702 ‐8.81% Visit us at www.sharekhan.com May 14, 2015 * Closing price is for near month # OI and Volume are aggregates for 12‐months USDINR (expiry on May 27, 2015): active option activity (MCX SX) PCR ratio (MCX SX) Strike price Closing price (in Rs) Volume (in lots) OI (in lots) 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % CE62.25 2.1125 1.8000 17.36% 0 0 0.00% 0 0 0.00% CE62.5 1.8650 1.5575 19.74% 0 0 0.00% 380 380 0.00% CE62.75 1.6225 1.3250 22.45% 0 0 0.00% 0 0 0.00% CE63 1.3850 1.1000 25.91% 0 0 0.00% 1330 1330 0.00% CE63.25 1.1575 0.8925 29.69% 0 0 0.00% 29 29 0.00% CE63.5 0.7775 1.0250 ‐24.15% 36 114 ‐68.42% 542 514 5.45% CE63.75 0.5900 0.8200 ‐28.05% 93 67 38.81% 164 134 22.39% CE64 0.4375 0.5900 ‐25.85% 3657 7267 ‐49.68% 6398 6398 0.00% PE62.25 0.0025 0.0075 ‐66.67% 0 0 0.00% 0 0 0.00% PE62.5 0.0050 0.0125 ‐60.00% 0 50 ‐100.00% 436 436 0.00% PE62.75 0.0125 0.0325 ‐61.54% 0 0 0.00% 0 0 0.00% PE63 0.0325 0.0300 8.33% 702 388 80.93% 284 284 0.00% PE63.25 0.0450 0.0975 ‐53.85% 0 0 0.00% 42 42 0.00% PE63.5 0.0950 0.0825 15.15% 1292 1159 11.48% 556 521 6.72% PE63.75 0.1625 0.1325 22.64% 30 23 30.43% 151 121 24.79% PE64 0.2525 0.2250 12.22% 1948 7876 ‐75.27% 8978 9064 ‐0.95% Underlying Open Interest Volume 13‐05‐15 12‐05‐15 Chg. % 13‐05‐15 12‐05‐15 Chg. % CE PE PCR CE PE PCR CE PE PCR CE PE PCR USDINR 16691 12312 0.7376 14952 11877 0.7943 ‐7.14% 10484 6209 0.5922 16882 11494 0.6808 ‐13.01%