Money-Weekly Update

Money Weekly
04 September 2015
Developed Equity Markets
Index
% Change
Last Close
Page
No.
Corporate News
Page
No.
Industrial Production
U.S. (S&P)*
UK (FTSE)*
WTD
YTD
1,951
(1.9)
(5.2)
6,094
(2.5)
(7.2)
Japan (Nikkei 225)
17,792
(7.0)
2.0
Germany (DAX)*
10,130
(1.6)
3.3
4,571
(2.2)
7.0
21,738
(1.2)
14.3
9,885
(4.5)
(3.8)
Macro-Economic News
Consumer Durables
Global Sector Performance
Capital Goods
Nifty Index Forward Multiples
Outlook
Italy (FTSEMIB)*
Global Indices
Event Calendar
Spain (IBEX)*
Government Bond
France (CAC)*
BRIC Equity Markets

India (Sensex)
Major Event of the Week

HDFC Bank slashes base rate by 35 bps to 9.35%
25,199
(4.5)
(8.4)
India (Nifty)
7,655
(4.3)
(7.6)
China (Shanghai)
3,160
(2.2)
(2.3)
Russia (Micex)*
Brazil (Ibov)*
Nifty & Institutional Flow
1,710
(0.6)
22.4
47,366
0.4
(5.3)
20,841
(3.6)
(11.7)
1,886
(2.7)
(1.5)
Asian Equity Markets

Hong Kong(HSI)
(` Mn)
150000
8522
100000
8565
8533
8800
8519
8600
8300
8400
50000
8002
8200
8000
7800
(50000)
7600
7655
(100000)
(150000)
7400
7200
24-Jul
31-Jul
07-Aug
FII (LHS)
14-Aug 21-Aug 28-Aug 04-Sep

MF (LHS)
Nifty (RHS)
Source: NSE
Korea (Kospi)
BSE Sector
% Change
Last Close
WTD
YTD
BSE Mid Cap
10,369
(3.6)
(0.0)
BSE Small Cap
10,611
(3.5)
(4.3)
Auto
16,983
(5.7)
(8.8)
Bankex
18,443
(6.4)
(14.1)
Capital Goods
15,440
(5.4)
(0.0)
Power
1,733
(7.0)
(17.2)
Realty
1,241
(2.9)
(20.2)
Technology
5,989
(2.0)
2.5
FMCG
7,599
(2.8)
(2.2)
Metal
7,117
(3.8)
(33.8)
Institutional Activity
Spot market
WTD
MTD
YTD
FII (Rs bn)
(31.9)
(26.4)
(29.0)
MF (Rs bn)
28.8
24.0
451.0
Top Nifty Movers Shakers
Tech Mahindra
2.5%
NA
BHEL
(12.1%)
Ambuja
Cements
2.4%
NA
M&M
(10%)
Cairn India
0.8%
NA
Commodities Update
% Change
Unit
NA
NA
SBI
(9.6%)
Hindalco
(9.5%)
PNB
(8.7%)
Power Grid
(8.5%)
Axis Bank
(7.9%)
WTD
YTD
Crude Oil(Brent)**
$/Bbl
50
0.5
(12.2)
Gold(OTC)**
$/Oz
1,125
(0.8)
(5.1)
Silver(OTC)**
$/Oz
15
0.7
(6.3)
Copper(LME)**
$/MT
5,264
2.3
(17.3)
Aluminum(LME)**
$/MT
1,610
1.4
(11.8)
Sugar(LIFFE)**
$/MT
351
2.7
(10.4)
ZINC(LME)**
$/MT
1,811
0.1
(16.9)
Currency
INR/USD**
Icici Bank
(9.1%)
Close
USD/EURO**
USD/JPY**
% Change
Close
WTD
YTD
66.5
(0.5)
(5.2)
1.1
(0.4)
(7.9)
119.1
2.2
0.6
** As per Friday 16:30 hrs IST

Source: Bloomberg
Source: NSE
Aditya Birla Money Limited

Cello Triumph, Unit No. 502-503 & 505 | I. B. Patel Road | off W.E. Highway | Goregaon (East) | Mumbai - 400063 | Tel: +91 22 61802800
Page No: 1
Money Weekly
04 September 2015
Top Corporate News during the week

HDFC Bank slashes base rate by 35 bps to 9.35%- Negative mainly for PSU banks as their market share or NIM gets adversely
impacted
India's second largest private sector lender, HDFC Bank has reduced its base rate or the minimum lending rate by 35 bps to 9.35%
effective from Tuesday. The new base rate will be the lowest lending rate in the banking industry prompting its peers to go f or similar
actions. The PSU banks are the most adversely impacted as their profitability is under severe pressure. If they lower their base rates, their
NII and profitability shall be impacted. If they do not lower their rates, they tend to lose their market share and their NII gets adversely
impacted. Thus, we believe the rising competition is most negative for PSU banks who are struggling to maintain their profitability and tier 1
ratios. Negative for PSU banks including SBI, BOI, BOB, PNB, Canara Bank, etc.
Cipla set to buy American business of Hetero Drugs for $550 million Positive from medium to long term perspective
As per media reports, Cipla is set to buy the American business of Hyderabad-based Hetero Drugs as it seeks to expand its fledgling
presence in the world's biggest pharma market. Cipla to acquire Invagen and Camber, Hetero's wholly owned subsidiary, for abo ut $550
million, a multiple of the company's total revenues of $150-200 million. Cipla will also get access to a manufacturing facility and approvals
to treat a variety of illnesses from HIV, hypertension and heart diseases to depression drugs such as acyclovir, amlodipine,
escitalopram. Hetero received a boost recently when it secured the approval to make aripiprazole, a blockbuster drug used to treat
schizophrenia and bipolar disorder. Positive for CIpla from medium to long term perspective.
Macro Economy & Other News
Domestic
International
Indias manufacturing PMI eases to 52.3 in August

India's manufacturing growth eased slightly in August from the
six-month high recorded a month ago, following softer growth in
new orders, a private survey showed. The Nikkei India
Manufacturing Purchasing Managers' Index (PMI) declined to
52.3 in August from 52.7 in July, according to data released on
Tuesday. A reading of over 50 on this survey-based index
indicates expansion. The softer manufacturing data comes a
day after the government's official statistics showed the
country's economic growth slowed to 7 per cent in April-June
quarter from 7.5 per cent in the previous quarter. The core
sector growth slumped to a three month low of 1.1 per cent in
July, indicating a soft start to the second quarter of FY16.
China Manufacturing PMI Slips To Six-Year Low

The manufacturing sector in China contracted at a faster rate in
August, the latest surveyrevealed on Tuesday, as its PMI hit a sixyear low reading of 47.3.That's higher than last month's flash
estimate of 47.1, but it's down sharply from 47.8 in July. It also
moves further beneath the boom-or-bust line of 50 that separates
expansion from contraction.
U.K. Service Sector Logs Weakest Growth Since 2013
The services Purchasing Managers' Index dropped to 55.6, which
was the weakest score since May 2013, survey results from
Market Economics and the Chartered Institute of Procurement &
Supply showed. That was in contrast to economists' expectation
for a modest improvement in the reading to 57.7 from 57.4 in July.
The growth slowed for second straight month. A PMI score above
50 indicates expansion in the sector and the latest reading
remained above the long-run survey average of 55.2. Further,
activity has now grown for 32 consecutive months, which was the
second-longest sequence of growth since the survey started in
July 1996. The economy looks set to grow by 0.5% in the third
quarter, down from 0.7 % in the three months to June, with the
ongoing upturn almost entirely dependent on the service sector.
Source: Economic Times, Business Line, Business Standard, Times of India, DNA Money, Mint, Financial Express, Bloomberg

Page No: 2
Money Weekly
04 September 2015
Global Equity Indices & Sectoral Performance
Global Sectoral Performance

Index
value
Developed
US
UK
GERMANY
FRANCE
JAPAN
Index
Return
Technology
Basic
Materials
Financials
Telecom
Oil &
Gas
Health
Care
Consumer
Goods
Industrials Utilities
DOW
FTSE
DAX
CAC
NIKKEI
16375
6091
10120
4566
17792
-1.61
-2.51
-1.73
-2.34
-7.02
-0.98
2.19
-0.26
-0.73
0.39
-2.81
-0.91
-0.1
0.14
-2.29
-2.52
-1.53
0.05
-0.77
-2.52
-1.02
0.66
1.46
-0.74
-1.03
-1.59
0.97
-1.21
0.44
-1.05
---0.3
-3.97
-3.57
-5.41
-0.7
0.85
---3.14
-0.17
-3.85
1.41
-0.04
1.06
-1.86
-1.28
0.55
-1.77
-0.98
-0.17
BOVESPA
MICEX
NIFTY
SANGHAI
47366
1710
7655
3160
0.45
-0.55
-4.34
-2.23
------2.12
-2.39
9.06
----1.75
8.67
-4.23
----3.73
16.84
-1.14
----0.58
11.9
-0.09
----1.83
13.45
-1.69
----2.1
14.13
-0.34
----0.59
3.74
-------1.13
4.62
2.52
----1.83
5.19
HSI
KOSPI
STRAITS
TWSE
20841
1886
2864
8001
-3.57
-2.66
-3.12
-0.23
-0.9
1.8
---4.87
-2.46
0.21
---3.9
-1.66
-1.46
-2.26
1.17
1.54
2.17
-3.55
1.54
-1.19
2.2
2.22
6.17
-1.55
-3.08
---1.98
-1.12
0.69
-1.92
8.58
----0.38
---6.31
-1.15
1.35
-1.79
2.97
BRIC
BRAZIL
RUSSIA
INDIA
CHINA
Asian
HONG KONG
KOREA
SINGAPORE
TAIWAN
Source: Bloomberg, ABML Research

Note: As per Friday 16:30 hrs IST
Nifty Relative Valuation Metrics (1 Year Forward)

1Yr Forw ard P/E (x)
1Yr Forw ard P/B (x)

4.5
28.0
26.0
4.0
24.0
+2 SD
+2 SD
22.0
3.5
+1 SD
20.0
+1 SD
3.0
18.0
Mean: 2.5
Mean: 15.8
16.0
2.5
14.0
2.0
-1 SD
-1 SD
12.0
10.0
1.5
-2 SD
-2 SD
8.0
Mar-07 Jan-08 Nov-08 Sep-09 Jul-10 May-11 Feb-12 Dec-12 Oct-13 Aug-14 Jun-15
1.0
Mar-07 Jan-08 Nov-08 Sep-09 Jul-10 May-11 Feb-12 Dec-12 Oct-13 Aug-14 Jun-15
+
M
-
Source: NSE, ABML Research

Page No: 3
Money Weekly
04 September 2015
Global Indices Forward P/E

18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
30%
25%
20%
15%
10%
5%
0%
Brazil
BOVESPA
Russia
Micex
India
Nifty*
China
SHCOMP
US
DowJ
Germany
DAX
PE CY14
France
CAC
UK
FTSE
PE CY15
PE FY14*
Japan
NIKKEI*
Hong Kong
His-
Korea
Kospi
Singapore
Straits
Taiwan
TWSE
EPS % C han ge
PE FY15*

Global Indices Forward P/BV

6.0
2.5
5.0
2.0
4.0
1.5
3.0
1.0
2.0
0.5
1.0
0.0
(%)
3.0
0.0
Brazil
BOVESPA
Russia
Micex
India
Nifty*
China
SHCOMP
US
DowJ
Germany
DAX
P/BV CY14
France
CAC
UK
FTSE
P/BV CY15
PE FY14*
Japan
NIKKEI*
Hong Kong
His-
Korea
Kospi
Singapore
Straits
Taiwan
TWSE
Divide nd Yie ld CY13
PE FY15*

Global Indices RoE

RoE
21%
19%
17%
15%
13%
11%
9%
7%
5%
Brazil
BOVESPA
Russia
Micex
India
Nifty*
China
SHCOMP
US
DowJ
Germany
DAX
CY14
France
CAC
CY15
UK
FTSE
FY14*
Japan
NIKKEI*
Hong Kong
His-
Korea
Kospi
Singapore
Straits
Taiwan
TWSE
FY15*


Page No: 4
Money Weekly
04 September 2015
Government Bond Yield (India)

Monthly changed in Govt. Bond Yield Curve
Government Bond Yields

10.0
8.0
9.5
7.97
8.0
7.95
9.0
7.9
8.0
7.82
7.9
7.5
(%)
(%)
8.5
7.0
7.79
7.78
7.8
6.5
7.8
6.0
7.7
7.71
7.68
7.7
Jul-15
Feb-15
Apr-14
Sep-14
Nov-13
Jun-13
Jan-13
Aug-12
Oct-11
Mar-12
Jun-11
Dec-10
Mar-10
Aug-10
May-09
Oct-09
7.71
5.5
7.6
3m
GIND5YR Index
6m
1Yr
5Yr
GIND10YR Index
3-Sep-15
3-Aug-15
G-sec AAA Corporate Bond Spread (India)

5 Yr Corp Bond Spread
10 Year Corp Bond Spread
12
11
11
10
10
9
(%)
8
7
10 Yr AAA Corporate Bond Yield
5 Yr AAA Cor por ate Bond Yield
10 Yr Govt Bond Yield
Jul-15
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jul-11
Jan-12
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jun-15
Dec-14
Jun-14
Dec-13
Jun-13
Dec-12
Jun-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
(%)
5 Yr Govt Bond Yield
CD & CP Rates Movement

Certificate of Deposit Rates
CD 6month
CP 3month
CD 12month
CP 6month
CP 12 month

Page No: 5
Jul/15
Jan/15
Jun/14
Dec/13
May/13
Nov/12
Apr/12
Oct/11
Sep/10
Mar/10
Aug/09
Feb/09
Jul/15
Jan/15
Jul/14
Jan/14
Jul/13
Jan/13
Jul/12
Jan/12
Jul/11
Jan/11
Jul/10
Jan/10
Jul/09
Jan/09
(%)
CD 3month
15
13
11
9
7
5
3
Apr/11
Com mercial Paper Rates
(%)
13.5
11.5
9.5
7.5
5.5
3.5
1.5
Money Weekly
04 September 2015
Index of Industrial Production
(2)
3
0
(4)
1
(4)
10
(1)
Jun-15
3
2
(4)
-3
MoM (%) (LHS)
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
(10)
Jun-14
179
Jun-15
180
May-15
179
Apr-15
198
Mar-15
181
Feb-15
189
Jan-15
186
Dec-14
172
Nov-14
165
Oct-14
172
Sep-14
166
Aug-14
173
Jul-14
172
Jun-14
250
200
150
100
50
0
15
10
5
(5)
(10)
(15)
May-15
% D in Industrial Production
Index of Industrial Production
6
3
(3)
(6)
YoY (%) (RHS)
Consumer Durables
% D in Consumer Durables Index
5
-11
-4
(2)
(3)
MoM (%) (LHS)
Jun-15
May-15
Apr-15
Mar-15
Jan-15
(21)
Oct-14
Sep-14
-5
-15
-35
Aug-14
(19)
-15
Dec-14
-20
(1)
-6
-9
Nov-14
-23
-4
(1)
Jul-14
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
100
Jun-14
200
16
19
10
Jun-14
246
253
259
261
251
247
208
202
192
242
219
221
300
212
400
25
20
15
10
5
(5)
(10)
(15)
(20)
(25)
Feb-15
Consumer Durables Index
25
15
5
-5
-15
-25
-35
-45
YoY (%) (RHS)
Consumer Non Durables

% D in Consumer Non Durables Index
(1)
(3)
(0)
(9)
1
(5)
MoM (%) (LHS)
Jun-15
May-15
Apr-15
Mar-15
(12)
Feb-15
(4)
Dec-14
Sep-14
(9)
Jan-15
Oct-14
(1)
14
5
0
Nov-14
Aug-14
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
50
11
24
5
Jul-14
100
30
20
10
(10)
(20)
Jun-14
151
151
159
180
179
185
186
151
145
132
150
138
152
200
149
Consumer Non Durables Index
12
9
6
3
(3)
(6)
YoY (%) (RHS)
Capital Goods
30
23
(3)
7
(8)
(6)
MoM (%) (LHS)
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
(16)
Aug-14
9
5
(3)
(24)
(7)
(4)
Jun-15
18
(10)
12
Apr-15
(3)
12
6
May-15
19
Mar-15
12
Jul-14
45
30
15
(15)
(30)
Jun-14
Jun-15
232
May-15
251
Apr-15
261
% D in Capital Goods Index
330
Mar-15
255
Feb-15
271
Jan-15
270
Dec-14
252
Nov-14
239
Oct-14
Sep-14
261
221
Aug-14
263
Jul-14
Jun-14
350
300
250
200
150
100
50
0
271
Capital Goods Index
YoY (%) (RHS)

Page No: 6
30
20
10
0
-10
-20
Money Weekly
04 September 2015
Outlook
Indian equity markets witnessed severe carnage during the week with Sensex falling by 4.5% WTD. Fear of moderation in China and
global economic growth, redemption pressure in emerging funds have led to huge FII outflows (~Rs 200 bn in past 1 month) from our
markets. Government has issued circular to exempt FII from MAT but its positive impact was absorbed by FIIs to offload shares. The
banking sector was the major culprit as Bankex declined by 6.4% WTD. The banking stocks were under pressure as i) HDFC Bank slashed
its Base rate by 35 bps to 9.35% which has intensified competition, ii) RBI may soon issue guidelines for banks to calculate base rate by
marginal cost of funding and iii) expectation of interest rate hike by Fed.
Going ahead, we believe the non-farm payroll data will be a very crucial factor which shall set the direction of equity markets. Depending
on this data which shall be announced today, the market may built in expectations related to Fed interest rate hike accordingly. Fed policy
is scheduled on September 16 and 17th. Progress of monsoon and updates on special session of Parliament for passage of GST bill will
be key monitorables. We believe Indian economy is well-placed with falling crude & other commodity prices, low inflation, low twin deficit
and reasonably good GDP growth. Overall, fragile global economy and pressure of FII outflow shall keep Indian markets volatil e in short
term. However, we remain bullish on the medium term outlook of Indian stock markets and recommend investors shall accumulate the
quality stocks on this correction. Companies delivering steady PAT growth trajectory shall be most preferred.
Event Calendar
Economy
Monday 7th Sep
Tues 8Th sep
Wed 9Th sep
Thurs 10th Sep
Domestic:
Friday 11Th sep

Industrial Production YoY
July ( Prior 3.80%)
Global:
UK:
US:
Germany
Initial Jobless Claims
CPI MoM Aug ( Exp
Prior (1.30% , Actual
June (Prior282 K)
0.00% , Prior 0.00%)
1.50%)
Continuing Claims
CPI YoY Aug (Exp 0.20%
June (Prior2257K)
, prior 0.20%)
China
CPI YOY Aug (exp 1.60%
, prior 1.90%)
PPI YOY Aug (Exp 5.60%, Prior -.5.40%)
France
Jul ( Prior 0.60%)
Source: Bloomberg

Page No: 7
Money Weekly
04 September 2015
Research Team
Vivek Mahajan
Hemant Thukral
Head of Research
Head Derivatives Desk
022-61802820
022-61802870
vivek.mahajan@adityabirla.com
hemant.thukral@adityabirla.com
Fundamental Team
Sunny Agrawal
FMCG/Cement/Mid Caps
022-61802831
sunny.agrawal@adityabirla.com
Shreyans Mehta
Construction/Real Estate
022-61802829
shreyans.m@adityabirla.com
Jaymin Trivedi
Banking & Finance
022-61802833
jaymin.trivedi@adityabirla.com
Naveen Baid
IT
022-61325250
naveen.baid@adityabirla.com
Sudeep Shah
Sr.Technical Analyst
022-61802837
sudeep.shah@adityabirla.com
Rahil Vora
Technical Analyst
022-61802834
rahil.vora@adityabirla.com
Ammolh Paatil
Sr. Derivative Analyst
022-61325226
ammolh.paatil@adityabirla.com
Soni Patnaik
Derivative Analyst
022-61802832
soni.patnaik@adityabirla.com
Avinash Nahata
Head - Advisory Desk
022-61802824
avinash.nahata@adityabirla.com
Suresh Gardas
Advisory Desk
022-61207619
suresh.gardas@adityabirla.com
Salim Hajiani
Advisory Desk
022-61207618
salim.hajiani@adityabirla.com
Pradeep Parkar
Advisory Desk
022-61207625
pradeep.parkar@adityabirla.com
Mohan Jaiswal
Sr. Exec.-Research Support
022-61802838
mohan.jaiswal@adityabirla.com
Quantitative Team
Advisory Support
ABML research is also accessible in Bloomberg at ABMR

Page No: 8
Money Weekly
04 September 2015
Disclaimer:
This document is not for public distribution and is meant solely for the personal information of the authorised recipient.
No part of the information must be altered, transmitted, copied, distributed or reproduced in any form to any other
person. Persons into whose possession this document may come are required to observe these restrictions. This
document is for general information purposes only and does not constitute an investment advice or an offer to sell or
solicitation of an offer to buy / sell any security and is not intended for distribution in countries where distribution of
such material is subject to any licensing, registration or other legal requirements.
The information, opinion, views contained in this document are as per prevailing conditions and are of the date of
appearing on this material only and are subject to change. No reliance may be placed for any purpose whatsoever on
the information contained in this document or on its completeness. Neither Aditya Birla Money Limited (ABML) nor any
person connected with it accepts any liability or loss arising from the use of this document. The views and opinions
expressed herein by the author in the document are his own and do not reflect the views of Aditya Birla Money Limited
or any of its associate or group companies. The information set out herein may be subject to updating, completion,
revision, verification and amendment and such information may change materially. Past performance is no guarantee
and does not indicate or guide to future performance.
Nothing in this document is intended to constitute legal, tax or investment advice, or an opinion regarding the
appropriateness of any investment, or a solicitation of any type. The contents in this document are intended for
general information purposes only. This document or information mentioned therefore should not form the basis of
and should not be relied upon in connection with making any investment. The investment may not be suited to all the
categories of investors. The recipients should therefore obtain your own professional, legal, tax and financial advice
and assessment of their risk profile and financial condition before considering any decision.
Aditya Birla Money Limited, its associate and group companies, its directors, associates, employees from time to time
may have various interests / positions in any of the securities of the Company(ies) mentioned therein or be engaged in
any other transactions involving such securities or otherwise in other securities of the companies / organisation
mentioned in the document or may have other potential conflict of interest with respect of any recommendation and /
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Money Weekly

Developed Equity Markets

Japan (Nikkei 225)

Global Sector Performance

Nifty Index Forward Multiples

BRIC Equity Markets

Major Event of the Week

Nifty & Institutional Flow

Asian Equity Markets

14-Aug 21-Aug 28-Aug 04-Sep

BSE Mid Cap

BSE Small Cap

FII (Rs bn)

Top Nifty Movers Shakers

** As per Friday 16:30 hrs IST

Aditya Birla Money Limited

Top Corporate News during the week

Macro Economy & Other News

Indias manufacturing PMI eases to 52.3 in August

China Manufacturing PMI Slips To Six-Year Low

Aditya Birla Money Limited

Global Equity Indices & Sectoral Performance

Global Sectoral Performance

Source: Bloomberg, ABML Research

Nifty Relative Valuation Metrics (1 Year Forward)

1Yr Forw ard P/B (x)

Source: NSE, ABML Research

Aditya Birla Money Limited

Global Indices Forward P/E

Source: Bloomberg, ABML Research

Global Indices Forward P/BV

Divide nd Yie ld CY13

Source: Bloomberg, ABML Research

Global Indices RoE

Source: Bloomberg, ABML Research

Aditya Birla Money Limited

Government Bond Yield (India)

Government Bond Yields

Source: Bloomberg, ABML Research

G-sec AAA Corporate Bond Spread (India)

10 Year Corp Bond Spread

10 Yr AAA Corporate Bond Yield

5 Yr AAA Cor por ate Bond Yield

10 Yr Govt Bond Yield

5 Yr Govt Bond Yield

Source: Bloomberg, ABML Research

CD & CP Rates Movement

Source: Bloomberg, ABML Research

Aditya Birla Money Limited

Com mercial Paper Rates

Index of Industrial Production

MoM (%) (LHS)

Index of Industrial Production

YoY (%) (RHS)

Source: Bloomberg, ABML Research

MoM (%) (LHS)

Consumer Durables Index

YoY (%) (RHS)

Source: Bloomberg, ABML Research

Consumer Non Durables

MoM (%) (LHS)

Consumer Non Durables Index

YoY (%) (RHS)

Source: Bloomberg, ABML Research