THE DAILY Date: 21 August 2020
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THE DAILY Date: 21 August 2020
The Daily Viewpoint
Markets could open up following positive Asian markets and US
DOMESTIC INDICES indices that closed mildly in the positive on Thursday …
Indian markets could open up following positive Asian markets
Close Points % Change
today and US indices that closed mildly in the positive on
SENSEX 38220 -394 -1.02 Thursday.
NIFTY 11312 -96 -0.84
U.S. stock-market benchmarks booked gains on Thursday and the
MIDCAP 14869 128 0.87
Nasdaq closed at a record high, as investors rushed to large-
SMALL CAP 14422 103 0.72 capitalization technology and e-commerce shares for safety, after
a pair of economic reports set off concerns about the broader
SECTORAL INDICES U.S. economy’s tenuous recovery from the coronavirus epidemic.
A rally in technology-related sectors, including communication
Close Points % Change
services and consumer discretionary, led the charge after U.S.
POWER 1695 67 4.10 weekly jobless benefit claims data popped back above 1 million in
METAL 9233 86 0.94 the week ended Aug. 15, rising to 1.106 million on a seasonally
OIL & GAS 13402 75 0.57 adjusted basis. A more optimistic sign of the labor market
REALTY 1745 7 0.39 recovery, however, came from continuing claims, which fell to
Healthcare 19089 28 0.15 14.844 million from 15.480 million.
CD 22953 6 0.03
Separately, the Philadelphia Fed index, a reading of business
CG 14061 -23 -0.16
conditions in the Philadelphia area, fell to 17.2 in August from
IT 18311 -56 -0.30 24.1 in July, which was followed by a report on leading economic
AUTO 17850 -68 -0.38 indicators from the Conference Board showing only marginal
TECK 8824 -47 -0.53 improvement.
Finance 5115 -64 -1.24
BANKEX 24960 -345 -1.36 Meanwhile, Chinese Commerce Ministry spokesman Gao Feng in
Beijing on Thursday confirmed plans to talk with U.S.
counterparts to review progress on a trade deal, Reuters
BSE 200 GAINERS/LOSERS reported.
GAINERS % LOSERS %
The ‘Buffett Indicator’ as it’s called in Wall Street circles — which
NHPC 12.17 MUTHOOTFIN -5.42 takes the Wilshire 5000 Index (viewed as the total stock market)
ADANITRANS 10.00 MOTHERSUMI -4.52 and divides it by the annual U.S. GDP — is at its highest level since
TATAPOWER 8.37 HINDZINC -3.54 before the internet bubble crash in 2000. Currently, the ratio of
SUNTV 7.71 ICICIPRULI -3.27 1.7 is some 70% above its historical average of one.
FRETAIL 7.22 AJANTPHARM -3.01
The Indian Government is planning to sell part of its stake in
Indian Railway Catering and Tourism Corp Ltd. in the current
ADVANCE/DECLINES fiscal, and has invited bids from merchant bankers for managing
the sale process. The government currently holds 87.40% stake in
BSE % IRCTC. To meet SEBI's public holding norm, the government has
ADVANCES 1595 54 to lower its stake in the company to 75%.
DECLINES 1169 40
The National Stock Exchange (NSE) on August 20 has decided to
UNCHANGED 169 6 include SBI Life Insurance Company and Divi's Laboratories in the
Nifty50. It will remove Bharti Infratel and Zee Entertainment
INSTITUTIONAL ACTIVITY Enterprises (ZEE) from the benchmark index.
Rs Cr 20/08/20 19/08/20 August Total Asia Pacific stocks edged higher in Friday morning trade following
the release of mixed U.S. economic data overnight.
FII -268 459 12326 (prov.)
MF -672 -97 -7980 (prov.)
Page 2The Daily Viewpoint
GLOBAL INDICES Indian benchmark indices closed lower on Aug 20 after weak
Asian cues subdued local sentiments post the release of US Fed
Close Points % Chg minutes on Wednesday. Nifty closed 96 points, or 0.84 percent,
down at 11,312.20.
DOW JONES 27740 46.85 0.17
S & P 500 3386 10.66 0.32
Nifty fell with a down gap on Thursday and closed near intraday
NASDAQ 11265 118.49 1.06 lows. Post a higher opening on Friday, trends in Asian and
FTSE 6013 -98.64 -1.61 European markets would dictate its move during the day.
CAC 4911 -65.99 -1.33
DAX 12830 -147.33 -1.14 Key Index Change Update Effective September 25th.
NIKKEI 225 22962 81.38 0.36 Nifty 50 Index
SHANGHAI COMP. 3381 16.67 0.50 Inclusions: Divi’s Labs, SBI Life Insurance.
HANG SENG 24987 195.11 0.79 Exclusions: Bharti Infratel, Zee Entertainment.
BOVESPA 101468 614.15 0.61
Nifty Next 50 Index
EXCHANGE RATES Inclusions: Adani Green Energy, Alkem Laboratories, Bharti
Infratel, LT Infotech, Tata Consumer Products.
Exclusions: Divi's Labs, NHPC, Page Industries, SBI Life
Value % Change Insurance, Shriram Transport Finance.
USD/INR 75.0 0.20
EURO/USD 1.187 0.05 Nifty 100 Index
USD/GBP
Inclusions: Adani Green Energy, Alkem Laboratories, Larsen &
1.323 0.11
Toubro Infotech, Tata Consumer Products.
USD/JPY 105.7 -0.11 Exclusions: NHPC, Page Industries, Shriram Transport Finance,
Zee Entertainment Enterprises.
COMMODITIES
RBL Bank to Raise $209 Million With Preference Share Sale
RBL Bank Ltd. plans to raise 15.66 billion rupees ($209 million)
Value % by issuing shares to five investors, including Maple II BV, ICICI
Gold ($ / Oz) 1954.0 0.39 Prudential Life Insurance Co. and CDC Group Plc. The bank’s
Silver ($ / Oz) 27.4 1.04 board approved the issuance of about 88.5 million preferential
Crude Oil Futures 42.9 0.21
shares at 177 rupees a share.
Brent Oil ($ / Barrel) 45.1 0.36
Maple II BV, which is indirectly owned by funds affiliated to
Baring Private Equity Asia, will subscribe to 56.4 million shares
BOND YIELD and hold 9.45% stake in the bank after the offering, according
to the filing. Other investors include Gaja Capital Fund and its
Value % Chg bps affiliate Gaja Trustee Co. Ltd.
IND10 Yr Bond Yield 6 0 GMM Pfaudler to acquire controlling stake in parent group
GMM Pfaudler will be acquiring a majority stake in the global
ADR business of its parent Pfaudler Group for $27.4 million from
private equity firm Deutsche Beteiligungs AG Fund VI (DBAG),
Value $ % the company said in a regulatory filing.
Dr Reddys Labs 59.65 0.08
The company will acquire 34.4% of the Pfaudler Group by itself
HDFC Bank 47.72 1.12
and another 19.6% through its wholly-owned subsidiary Mavag
ICICI Bank 10.05 0.00 AG. Additionally, the Patel family, the promoters of GMM
Tata Motors 8.22 -1.32 Pfaudler will acquire an a 26% stake in the Pfaudler Group.
Wipro 4.24 -0.70 DBAG will continue to retain the balance 20% stake.
Vedanta Ltd 6.95 2.06
INFOSYS 12.82 0.16
Page 3The Daily Viewpoint Commercial vehicle makers to incur Rs 6,000 crore net loss this fiscal: Report Commercial vehicle manufacturers are expected to incur a massive net loss to the tune of Rs 6,000 crore in the current financial year, with the volume likely to touch its lowest point in a decade after two consecutive years of high de-growth, Ratings agency Crisil said on Thursday. In the April-June period of financial year 2021, as per data, the total CV (commercial vehicle) sale in the country stood at 31,636, a decline of 85 per cent year-on-year as the country remained in the Coronavirus-induced lockdown for most part of the June quarter. A 30 per cent decline in sales volume on an already weak base would lead to a nearly six-fold increase in a net loss to Rs 6,000 crore for commercial vehicle (CV) makers this fiscal, Crisil Ratings said in the release. Banks sanction over Rs 1 lakh cr concessional loans to Kisan Credit Card holders The Finance Ministry on Thursday said banks have sanctioned over Rs 1 lakh crore concessional loans to Kisan Credit Card (KCC) holders to help farmers meet financial requirements during the COVID-19 crisis. As on August 17, 1.22 crore KCCs have been sanctioned with the credit limit of Rs 1,02,065 crore, and this will go a long way in reviving the rural economy and accelerating agricultural growth, the ministry said in a statement. This reflects an increase of Rs 12,255 crore, over Rs 89,810 crore sanctioned to 1.1 crore KCC holders as on July 24. Malaysia's Axiata exits Vodafone Idea, latest foreign investor to leave India Axiata Group Berhad has sold its residual stake in Vodafone Idea (VIL) and exited India’s telecom sector, having taken a substantial hit on its investments after a high-profile entry more than a decade ago. The Malaysian telco's exit leaves only SingTel and Vodafone Group from among the old-time foreign investors in the debt-laden sector. GAIL sees gas sales returning to pre-COVID-19 levels by quarter end GAIL India Ltd sees its gas demand returning to pre-COVID-19 levels by the end of the current quarter as the expansion of the city gas network will offset shrinking consumption. Sheela Foam Q1FY21 result update Revenue of the company posted degrowth by 48% y-o-y to Rs.268.97 cr. The net profit of the company has posted a degrowth of 70% y-o-y to Rs.11.80 cr from Rs.38.72 cr in the same quarter previous year. The Average per kg. price of TDI was Rs. 124/- in Q1FY21, Rs. 122/- in Q4FY20 and Rs. 154/- in Q1FY20. The Company sold 1.85 lac of Mattress during Q1FY21 against sales of 5.62 lac of Mattress in the corresponding quarter of the previous year. The Revenue from Indian operations on a standalone basis was Rs. 127 cr compared to Rs. 436 cr of Q1FY20. The EBITDA for the quarter was Rs. 1 cr as compared to Rs. 53 cr of the corresponding quarter. The Net Profit (PAT) for Q1FY21 was Rs. 2 cr as compared to Rs. 35 cr of the corresponding quarter. Revenue from operations from Australia was Rs. 82 cr compared to Rs. 79 cr of Q1FY20. The EBITDA increased to Rs. 13 cr from Rs. 8 cr of corresponding quarter (Due to change in Accounting Standard in Australia) and the Net Profit (PAT) was Rs. 4 cr which was at par with the PAT of corresponding quarter. The Revenue from operations from Spain was Rs. 60 cr, with an EBITDA of Rs. 11 cr and Net Profit of Rs. 7 cr. OIL India (Q1FY21), Results Preview Oil India Ltd is likely to report 50.1 per cent YoY sales decline to Rs 1700 crore. Company could post de growth of 94.8 per cent YoY in net profit in Q1FY21. Domestic oil production could be down 8/1% YoY/QoQ at 0.7mmt and Gas production likely to be down 8% YoY to 0.7bcm and realisation could fall 32/23% YoY/QoQ to USD 2.4/mmbtu. Update on development of block Area 1 Rovuma, Mozambique and LNG project and update on the production from Baghjan area will be key monitarable. Page 4
The Daily Viewpoint Government Plans Further Stake Sale In IRCTC, Invites Bids From Merchant Bankers By Sept. 10 The GoI intends to disinvest a part of the paid up equity capital of IRCTC out of its shareholding through 'Offer for Sale method of shares by promoters through the stock exchanges. The merchant bankers will have to submit their bids by Sept. 10. The government currently holds 87.40% stake in IRCTC. To meet SEBI's public holding norm, the government has to lower its stake in the company to 75%. Important news/developments to influence markets Stock Investments by foreigners in Japan increased by 371 billion yen in the week ending August 15 of 2020. Germany's producer prices decreased by 1.7 percent year-on-year in July 2020, the sixth consecutive month of declines. On a monthly basis, producer prices went up 0.2 percent, beating market consensus of a 0.1 percent rise. Eurozone's construction output growth sharply slowed in June, after a strong recovery in May. Construction output rose 4 percent from May, when it surged 29.4 percent, revised from 27.9 percent. The US Labor Department said that initial jobless claims for the week ended Aug. 15 came in at 1.106 million. Initial claims for the previous week were also revised higher by 8,000 to 971,000. The Philadelphia Federal Reserve’s manufacturing index fell 7 points to a seasonally adjusted reading of 17.2 in August, the regional bank said. This is the second straight decline in the index after it his 27.5 in June. The Conference Board LEI for the U.S. increased for the third consecutive month in July. The latest Conference Board Leading Economic Index (LEI) for July was up 1.4% from the June final figure of 103.0. Page 5
The Daily Viewpoint
Daily View on Nifty
Nifty LTP 2-Day View Reversal level 7-Day View Reversal level
11,312 Bullish Move below 11291 Bullish Move below 11183
Targets for 2 day:
Target: 11536-11614
11397
Nifty Intra Timeframe (30 min) Nifty Daily Timeframe
Technical Observation:
Markets ended with losses on Thursday after a gap down opening. The Nifty finally lost 96.2 points or 0.84% to close at
11,312.2. Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby out performing the
Sensex/Nifty. Market breadth was positive on the BSE/NSE.
Zooming into the Nifty 30 min charts, we observe that the Nifty has managed to close above the short term trend reversal levels
of 11291, thereby ensuring the short term uptrend is still intact. However, the fact that the Nifty was making lower tops during
the day after a gap down opening does not augur well. This increases the probability of a breakdown in the near term. We
nevertheless continue with our view of a short term uptrend till we are proved otherwise.
On the daily chart, technical indicators are now giving mixed signals. While the Nifty continues to trade above the 20-day SMA,
the 14-day RSI has declined sharply and cut its 9-day EMA from above, indicating a loss of momentum. The 20-day SMA
nevertheless continues to remain above the 50-day SMA, indicating that the intermediate trend remains positive (See the daily
chart above).
Given the intensity with which the markets have fallen on Thursday, the bulls would need to come back strongly to ensure the
uptrend continues. Traders will need to watch if the Nifty can cross the immediate highs of 11362 for the uptrend to resume. A
break below 11291 would reverse the current short term uptrend and possibly lead to a sharp sell off towards the next major
supports of 11216-11111.
Conclusion:
While the 1-2 day trend of the Nifty remains up, given the price action seen in the Nifty and the intensity with which the
markets have fallen on Thursday, the bulls would need to come back strongly to ensure the uptrend continues. Traders will
need to watch if the Nifty can hold above the crucial trend reversal levels of 11291 in the coming sessions; else the current
uptrend would reverse and we could be headed lower.
Retail
PageResearch
6The Daily Viewpoint
DATA & EVENTS
OPEN SHORT-TERM TRADING CALLS
UPSIDE
NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET VALID TILL
%
Bank Nifty 22000 Call
1 20-Aug-20 Buy 303.7 315 210 430 37 31-Aug-20
Option (27th Aug Expiry)
2 20-Aug-20 Buy HPCL 220 Aug Call Option 5.75 5.6 4 9.1 63 27-Aug-20
3 30-Jul-20 Buy TCS 2317.10-2247 2249 2213 2456 9 21-Aug-20
4 17-Aug-20 Buy IOC 87.25-84 89 83 92.5 4 26-Aug-20
5 19-Aug-20 Buy Century Ply 134-136.45 138.15 132.8 144 4 21-Aug-20
6 20-Aug-20 Buy VIP Inds 268-272.15 279.9 263.8 300 7 31-Aug-20
Shriram Transport
7 20-Aug-20 Buy 684-660 688.9 653 725 5 31-Aug-20
Finance
8 20-Aug-20 Buy Shoppers Stop 168-172.25 173.5 165.8 185 7 31-Aug-20
9 20-Aug-20 Buy BPCL 410-418 411.8 405 429 4 31-Aug-20
10 20-Aug-20 Buy Pidilite Industries 1454 1450 1410 1499 3 27-Aug-20
NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY TEAM ARE ON REAL TIME BASIS. A TRADING RECOMMENDATION
SHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET IS TOUCHED IN INTRADAY
TRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THE POSITIONS. REFER JAMMOON
FOR TIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.
OPEN CASH POSITIONAL CALLS
TARGET TARGET TARGET UPSIDE
NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL VALID TILL
1 2 3 %
1 1-Jun-20 Buy Avanti Feeds** 442.0 515.3 403.0 481.0 520.0 575.0 12 1-Dec-20
Glenmark
2 30-Jul-20 Buy 445.9 490.5 415.0 483.0 530.0 8 28-Oct-20
Pharma*
3 4-Aug-20 Buy Abbott India* 16009.0 16900.0 14800.0 17290.0 18890.0 12 2-Nov-20
4 5-Aug-20 Buy Hatsun Agro* 707.4 751.3 640.0 779.0 849.0 13 3-Nov-20
5 7-Aug-20 Buy Federal Bank 54.2 54.4 51.0 58.0 61.0 12 5-Nov-20
6 10-Aug-20 Buy Orient Cement 70.9 71.5 63.0 79.0 85.0 19 8-Nov-20
7 13-Aug-20 Buy Karur Vysya Bank 35.0 36.5 31.0 39.3 45.0 23 11-Nov-20
8 18-Aug-20 Buy Brigade Enterprise 156.3 162.0 142.5 172.0 190.0 17 16-Nov-20
9 18-Aug-20 Buy PNC Infra* 145.0 156.5 132.0 160.0 175.0 12 16-Nov-20
Repco Home
10 19-Aug-20 Buy 136.0 146.5 131.0 145.0 150.0 2 17-Nov-20
Finance*
Page 7The Daily Viewpoint
DATA & EVENTS
OPEN DERIVATIVE POSITIONAL CALLS
TARGET TARGET UPSIDE VALID
NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1
2 3 % TILL
Max Financial Aug Till 27th
1 5-Aug-20 Buy 550.4 537.1 515 595.0 620.0 15
Fut Aug
ICICI Bank Aug Till 27th
2 5-Aug-20 Buy 360 367.0 345 375 390 6
Fut* Aug
Till 27th
3 14-Aug-20 Buy M&M Fin Aug Fut 135.8 135.4 126 148 - - 9
Aug
Till 27th
4 18-Aug-20 Buy SRF Aug Fut 4226.2 4250.0 3990 4460 4610 5
Aug
L&T Finance Sept Till 24th
5 20-Aug-20 Buy 69.25 69.2 65 74.5 78 8
Fut Sep
OPEN E-MARGIN POSITIONAL CALLS
TARGET TARGET UPSIDE VALID
NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1
2 3 % TILL
Motilal Oswal
1 23-Jul-20 Buy 696.0 689.5 632.0 770.0 810.0 - 17 23-Oct-20
Financial Serv
2 4-Aug-20 Buy Sanofi India 8171.0 8410.0 7480.0 8989.0 9600.0 - 14 4-Nov-20
Indian Energy
3 10-Aug-20 Buy 192.8 188.9 175.0 212.0 235.0 - 24 10-Nov-20
Exchange
OPEN DERIVATIVE POSITIONAL CALLS
TARGET TARGET UPSIDE VALID
NO. RECO DT. RECO COMPANY NAME ENTRY CMP SL TARGET 1
2 3 % TILL
Amara Raja
Buy 746.0 741.2 705 805 9
Batteries Aug Fut Till 27th
1 10-Aug
Aug
Sell Maruti Aug Fut 6617.8 6960.1 7025 6100 12
*= 1st Target Achieved
**= 2nd Target Achieved
Page 8The Daily Viewpoint
QUARTERLY RESULTS ANNOUNCED
COMPANY Q1FY21 YoY (%) QoQ (%) Remarks
Sales NP
Sales NP Sales NP
(Rs Cr) (Rs Cr)
As Per
Sheela Foam 269 12 -48 -70 -47 -63
Estimates
PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss
Page 9The Daily Viewpoint Disclaimer: This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published for any purposes without prior written approval of HSL. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report. HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from t date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report. HDFC securities Limited, SEBI Registration No.: INZ000186937 (NSE, BSE, MSEI, MCX) |NSE Trading Member Code: 11094 | BSE Clearing Number: 393 | MSEI Trading Member Code: 30000 | MCX Member Code: 56015 | IN-DP-372-2018 (CDSL, NSDL) | CDSL DP ID: 12086700 | NSDL DP ID: IN304279 | AMFI Reg No. ARN -13549 | PFRDA Reg. No - POP 11092018 | IRDA Corporate Agent Licence No.CA0062 | Research Analyst Reg. No. INH000002475 | Investment Adviser: INA000011538 | CIN-U67120MH2000PLC152193 Registered Address: I Think Techno Campus, Building, B, Alpha, Office Floor 8, Near Kanjurmarg Station, Kanjurmarg (East), Mumbai - 400 042. Tel -022 30753400. Compliance Officer: Ms. Binkle R Oza. Ph: 022-3045 3600, Email: complianceofficer@hdfcsec.com. Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing. Page 10
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