01 March 2017

RETAIL RESEARCH F&O Event Tracker

F&O Stocks Tracker of Forthcoming Corporate Action from March 02, 2017 to April 01, 2017
S. No. Scrip Ex Date BC/RD Date Event Benefit Face Value Futures Price
Stock Split / Bonus / Dividend From To Rs. Rs.
1 ACC ltd 16/03/2017 20/03/017 24/03/2017 Dividend 60% 10 1414.0
2 Ambuja Cements Ltd 16/03/2017 20/03/2017 24/03/2017 Dividend 60% 2 229.45
3 Castrol India 07/03/2017 08/03/2017 08/03/2017 Dividend 40% 5 413.65
4 Gail (India) Ltd 09/03/2017 11/03/2017 11/03/2017 Bonus 1:3 10 509.60
5 Hexaware Technologies 02/03/2017 03/03/2017 03/03/2017 Dividend 50% 2 225.10

In case of stocks having a high dividend yield, it is observed that the futures start trading at a discount to the spot (by an amount less than the dividend expected)
immediately on the announcement of the dividend. The discount keeps fluctuating till the Ex-date, when the spot price attains parity with the futures price. After this
date, the futures start trading at the regular premium.

However, the small dividend (in terms of yield) announcements are seen to have no material impact on the discount/premium of stock futures to the spot price.

Bonus or stock split announcements are seen to have no major impact on the stock futures trading at a premium/discount to the spot (either before or after the Ex-
date).

Board meetings/ Announcement Dates for F&O stocks from February March 02, 2017 to April 01, 2017
Board Meeting/
S. No. Scrip Announcement Date Board Meeting Purpose Impact
1 Cadila Healthcare 07/03/2017 Dividend (last year 320% Interim announced) Could start trading at a small discount
2 Coal India 06/03/2017 Dividend (last year 274% Interim announced) Could start trading at a small discount
3 TVS Motors 06/03/2017 Dividend (last year 150% Interim announced) Could start trading at a small discount

Stock Futures (March 2017) currently trading at a significant discount/premium

Stocks Trading at a significant discount/
S.No. Scrip Premium Reason
1 Coal India Discount of Rs 13.60 or 4.4% Stock price expected to fall due to interim dividend to be announced on March 06, 2017
2 Just Dial Discount of Rs 14.00 or 2.6% Stock price expected to fall in near term by traders
3 Union Bank of India Discount of Rs 2.15 or 1.5% Stock price expected to fall in near term by traders

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This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document
may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities Ltd. "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration
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