22 February 2017

RETAIL RESEARCH F&O Event Tracker

F&O Stocks Tracker of Forthcoming Corporate Action from February 23, 2017 to March 22, 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 1478.00
2 Ambuja Cements Ltd 16/03/2017 20/03/2017 24/03/2017 Dividend 60% 2 238.65
3 BPCL 28/02/2017 01/03/2017 01/03/2017 Dividend 195% 10 707.75
4 CESC Ltd 23/02/2017 27/02/2017 27/02/2017 Dividend 100% 10 871.85
5 Hexaware Technologies 02/03/2017 03/03/2017 03/03/2017 Dividend 50% 2 218.75
6 HPCL 01/03/2017 02/03/2017 02/03/2017 Dividend 225% 10 558.05
7 Rural Electrification 27/02/2017 28/02/2017 28/02/2017 Dividend 70% 10 158.75

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 23, 2017 to March 22, 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 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 15.35 or 4.9% Stock price expected to fall due to interim dividend to be announced on March 06, 2017
2 Rural Electrification Ltd Discount of Rs 6.25 or 4.1% Stock going Ex Dividend on 27-Feb-2017
3 HPCL Discount of Rs 19.10 or 3.6% Stock going Ex Dividend on 01-Mar-2017
4 Union Bank of India Discount of Rs 4.05 or 2.8% Stock price expected to fall in near term by traders
5 BPCL Discount of Rs 18.85 or 2.7% Stock going Ex Dividend on 28-Feb-2017
6 Canara Bank Discount of Rs 4.60 or 16% Stock price expected to fall in near term by traders due to rights issue

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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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