1

ADVICE for the WISE

Newsletter – APRIL 2013

Economic Update 4

Equity Outlook 8

Debt Outlook 11

Forex 13

Commodities 14

Index Page No.

Contents

Real Estate 15

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From the Desk of the CIO…

“Advisory services are provided through Karvy Stock Broking Ltd. (PMS) having SEBI Registration No: INP000001512. Investments are subject to market risks. Please read the disclaimer on slide 18”

Dear Investors,

The Cypriot hiccup caused a lot of anxiety to investors around the world

through March. While the scale of the problem in Cyprus is quite small

vis-à-vis the Euro-zone economy, the spirit of the deal made investors

wonder if something similar might happen in the bigger economies in the

troubled periphery. The depositors taking a hit of the bank failure was

indeed a first. Part of the reason ECB proposed the deal in its original form

was political. With the well-known Russian links Cyprus in not quite a

poster-boy for good governance. The idea of bailing out Cypriot banks for

most Euro area common people (especially German) simply translates

into spending their honest money to make good the losses of the Russian

black-money hoarders. The bailout then understandably required a

suitable indicator of the sternness of the saviors. As things evolved, the

deal was later ‘sweetened’ to avoid losses for the small depositors.

However, the damage to the perception of Euro-zone fire-fighting efforts

was already done by then.

It is not hard to understand the corollary some experts are drawing from

this. If Cypriot bank bailout requires the depositors to take part of the hit,

a similar principle might apply in future to a bailout in say Portugal or

Italy. If the Portuguese or Italian savers also think similarly now, they

would be inclined to take money out of the banks in their respective

countries and move it to north Europe before trouble begins. That would

then make the financial health of the southern banks worse – thus

precipitating the very crisis they feared. We believe this fear is overblown.

The Euro area banks have been strengthened through repeated rounds of

capitalization, stress tests and active government support. It is not hard to

imagine that Euro area depositors are not worried about the financial

health of their banks. The issue of a bailout and a subsequent bank-run in

anticipation of losses to depositors then is not quite pressing. However, if

some concerns were to emerge in the short term in one of the larger

Euro-zone countries, the current climate is quite explosive and conducive

for a messy round of bank failures. ECB has taken note of that and has

postured adequately to ward off such self-fulfilling prophecies.

Domestically, RBI obliged the investors and borrowers alike by reducing

the repo rate by 25 bps. However, what it gave in rate cut, it took away in

the hawkish tone of the policy. In a country full of edgy investors, this

hawkishness was enough to make them push up bond yields. We continue

to believe that with decelerating inflation RBI will have sufficient room for

further rate cuts this year.

The most important domestic development was DMK walking out of the

government thus making the latter fully dependent on outside support for

survival. The political uncertainty went up sharply with this development.

There is relative calm for now on this front. However, the guessing games

have begun regarding election timing, prime ministerial candidates, third

front and so on. The environment of uncertainty has made many wonder

if the government will have the flexibility or even the willingness to push

the much-needed reforms. The actual reforms might not amount to

much. The pessimism amongst corporate captains owing to this however

is real and the effect of that on the continued lack of investments is quite

corrosive for growth. The prime minister and the finance minister have

tried to talk up the sentiments. The jury is still out though on whether the

pessimism has deepened or reduced.

3

As on 28th Mar 2013

Change over last month

Change over last year

Equity Markets

BSE Sensex 18836 (0.14%) 8.23%

S&P Nifty 5683 (0.18%) 7.31%

S&P 500 1569 3.60% 11.41%

Nikkei 225 12398 7.25% 22.95%

Debt Markets

10-yr G-Sec Yield 7.95% 8 Bps (64 bps)

Call Markets 14.66% 681 Bps 523 Bps

Fixed Deposit* 8.75% 0 Bps (50 bps)

Commodity Markets

RICI Index 3707 (0.4%) (2.8%)

Gold (`/10gm) 29426 (0.3%) 4.8%

Crude Oil ($/bbl) 108.45 (3.3%) (12.1%)

Forex

Markets

Rupee/Dollar 54.4 (1.13%) (6.15%)

Yen/Dollar 94.16 (2.5%) (12.6%)

Economic Update - Snapshot of Key Markets

10 yr Gsec

Gold

• Indicates SBI one-year FD •New 10 Year benchmark paper(8.15%, 2022 Maturity) was listed in the month of June, the 1 year yield is compared to the earlier benchmark(2021 Maturity)

4

75

85

95

105

115

125

135 Sensex Nifty S&P 500 Nikkei 225

40

42

44

46

48

50

52

54

56

58

60

`/$

6.80

7.30

7.80

8.30

8.80

9.30

26000

27000

28000

29000

30000

31000

32000

33000

US

Europe

Japan

Emerging economies

• The Conference Board Consumer Confidence Index®, which had improved in February, declined in March.

The Index now stands at 59.7 (1985=100), down from 68.0 in February.

• the Department of Commerce announced that the US economy grew at a faster than expected 0.4% in

the fourth quarter of 2012,. The annualized figure was better than an earlier estimate of 0.1% growth,

reflecting increased investments in plant and equipment.

• The seasonally adjusted Markit Eurozone Manufacturing PMI dropped in March 2013 to 46.8 from 47.9

witnessed in February 2013. The Eurozone manufacturing sector is fallen in the first quarter, with an

acceleration in the rate of decline in March raising the risk that the downturn may also intensify in the

second quarter also.

• Cyprus reached a deal with international lenders for a 10bn euro bailout under which the country’s

second-largest bank, Laiki, will be restructured and holders of bank deposits of more than 1 lakh euros

will have to take losses.

Economy Update - Global

• Japan’s Manufacturing PMI posted a reading of 50.4 in March 2013 up from 48.5 in February 2013. This

was the first reading above the critic al 50.0 no-change mark since May 2012. A rebound in output and

new orders exerted the main positive influence on the latest PMI reading.

• The seasonally adjusted unemployment rate came at 4.3% in February 2013, up from 4.2% in January

2013.

• China’s HSBC PMI posted a reading of 51.6 in March 2013, up from 50.4 in February 2013., signaling a

modest improvement in the Chinese manufacturing sector.

• Consumer prices in China rose to 3.2% in February 2013 from a year earlier and much higher from

January's 2.0%.

• India’s HSBC Purchasing Managers’ Index(PMI) posted 52.0 in March 2013 down from 54.2 in February

2013, signaling a slowdown in output growth on the back of a deceleration in new orders and power

outages. 5

Economy Outlook - Domestic

• The country's gross domestic product (GDP) grew at a 10-year

low of 4.5% during the third quarter of the current financial

year, hurt by a slowdown in agriculture, mining and

manufacturing, pushing the projected annual growth rate down

further. The gross domestic product (GDP) had expanded by 6%

in the same period of last fiscal.

• The economic growth in the first nine months of this fiscal

(April-December) stood at 5%. The manufacturing sector grew

an annual 2.5% during the quarter while farm output rose just

1.1% & mining fell by 1.4%.

• The Industrial sector slightly rebounded to 3.3% during the

quarter from 2.7% y-o-y in the June quarter and 2.6% in the

corresponding quarter of the previous year. India’s GDP growth

pegged at 6.1%-6.7% for FY14; FY13 growth seen 5.0%. India's

key eight core sector growth expands 3.9% in January following

2.5% growth in December.

GDP growth

• Industrial production inched up 2.4% mainly on account of good

show by manufacturing and power sectors. However, during this

fiscal so far it has contracted in six out of ten months. As a

consequence the cumulative industrial output growth for the April-

Jan period is a paltry 0.9%, down from 3.4% in the same period of

2011-12.

• Manufacturing sector grew at 2.7% in January 2013 after

contracting for the previous two months. Weak consumption and

investment demand on the domestic front and sluggish exports on

the external front has hit the manufacturing sector hard. Output of

11 out of 22 manufacturing industry groups at a 2-digit

classification contracted in January 2013.

• Output of the eight core infra industries having nearly 38% weight

in IIP, grew by 3.9% in January 2013 as compared to 2.5% a month

ago. The infra industries that witnessed negative growth in January

2013 were crude oil, natural gas, fertilizers and cement.

IIP

6

7.8 7.7

6.9

6.1

5.3 5.5

5.3

4.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

FY11(Q4) FY12(Q1) FY12(Q2) FY12(Q3) FY12(Q4) FY13(Q1) FY13(Q2) FY13(Q3)

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Jan 12 Feb 12 Mar 12

Apr 12 May 12

Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12

Dec 12 Jan 13

Economic Outlook - Domestic

As on Feb 2013 Bank credits grew by 16.3% on a Y-o-Y basis

which is about 0.6% higher than the growth witnessed in Feb

2012. Aggregate deposits on a Y-o-Y basis grew at 12.8%, viz-a

viz a growth of 14.4% in Feb 2012.

In keeping with the guidance and an increasingly benign stance,

RBI reduced the repo rate by 25 bps to 7.50% in its monetary

policy as of 19th March 2013. While doing so, it also emphasized

that supporting growth is going to be a priority in days ahead. It

kept the others rates viz CRR and SLR unchanged.

The key triggers favoring the rate cut seem to be lower

trajectory of WPI and core inflation, lower GDP data than

anticipated and of course the government’s intent to rein in the

fiscal deficit.

The headline inflation picked up in February on higher fuel costs

but another measure of price pressures cooled, WPI, the main

inflation indicator, rose an annual 6.84% in February. The annual

reading for December was revised up to 7.31% from 7.18%. The

non-food manufacturing inflation, which the central bank uses to

gauge demand-driven price pressures, slowed to 3.8% in February

from 4.1% a month ago.

The CPI data tracks retail prices in five major food groups -fuel and

light, housing, clothing and miscellaneous - across rural and urban

India, providing a comprehensive reference point for the Reserve

Bank of India (RBI) to take effective monetary policy measures to

deal with inflation.

India's annual inflation rate, based on all India general Consumer

Price Index, or CPI, as per base year 2010, for February 2013 came

in at 10.91%, higher than the preceding month's 10.79%. The retail

inflation for the month under review remained in the double-digit

territory for third month in a row, due to higher prices of

vegetables, cereals, edible oil, and protein-based items.

Growth in credit & deposits of SCBs

* End of period figures 7

6.0% 6.2% 6.4% 6.6% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0% Wholesale Price Index

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

Bank Credit Aggregate Deposits

Equity Outlook

The month of March saw political uncertainty with DMK withdrawing support from the UPA government. The government survives with

outside support from UP based regional parties SP and BSP. While the government remains stable for now, it is difficult to predict the political

events in the next few months. Equity markets have turned volatile with concerns about the recently unveiled reform measures. However,

the government has continued with the monthly hike in diesel prices. If price hikes continue for auto fuels, it will lead to easing of pressure on

fiscal deficit front.

RBI has taken cognizance of these fiscal consolidation measures and continued with monetary easing with 25bps cut in repo rates in the

march review. RBI has maintained its focus on reviving growth while highlighting that ‘even as the policy stance emphasizes addressing the

growth risks, the headroom for further monetary easing remains quite limited.’ While headline wholesale price inflation and its core

component, non-food manufactured products inflation have softened, the consumer price inflation continues to be at elevated levels. RBI

believes that the onus of reviving the investment cycle lies with the government stating that the ’government has a critical role to play in this

regard by remaining committed to fiscal consolidation, easing the supply bottlenecks and improving governance surrounding project

implementation.’

The key risk factor for Indian markets in FY14 remains the political stability and the government’s ability to push through fiscal consolidation.

It is important that some of the key reform measures like Goods and Services Tax (GST) and diesel & kerosene price deregulation are pushed

through by the government. RBI might also find it difficult to carry out the necessary rate cuts if inflationary pressures don’t abate.

We witnessed one of the best quarters for FII inflows in Q1 of 2013 with total inflows crossing 10 billion dollars. While Indian markets

corrected, developed markets rallied sharply on hopes of economic revival this year. With US economy bouncing back and improvement in

unemployment number, Global situation remains benign and conducive to equity markets in 2013. Indian equity markets have significantly

underperformed global equity this quarter. Several high quality stocks have corrected sharply. With macros on the mend, we believe that the

correct correction is overdone and should be used to build a long term equity portfolio. 8

Sector Stance Remarks

BFSI Overweight

The reversal of the interest rate cycle will assist in managing asset quality better and would lead to

increase in credit growth. However, we like the private sector more than public sector due to

better management quality and higher balance sheet discipline

FMCG Overweight

We like the secular consumption theme. We prefer “discretionary consumption” beneficiaries such

as Cigarettes, IT hardware, durables and branded garments, as the growth in this segment will be

disproportionately higher vis-à-vis the increase in disposable incomes.

IT/ITES Overweight Demand seems to be coming back in Europe. US volume growth has also remained resilient. With

pricing already bottomed out, we have turned positive on the space.

Healthcare Overweight

We believe in the large sized opportunity presented by Pharma sector in India. India’s strength in

generics is difficult to replicate due to quality and quantity of available skilled manpower. With the

developed world keen to cut healthcare costs, and a vast pipeline of drugs going off-patent, Indian

pharma players are at the cusp of rapid growth.

E&C Neutral

The significant slowdown in order inflow activity combined with high interest rates has hurt the

sector. Now since the interest rate cycle has started to reverse, we have turned more constructive

on this space.

Sector View

9

Sector Stance Remarks

Telecom Neutral The regulatory hurdles and competitive pressures seem to be reducing. Incumbents have started

to increase tariffs slowly and we believe that consolidation will happen sooner than expected.

Automobiles Neutral

Raw material prices have started coming down which would boost margins. Auto loans are also

getting cheaper. We are more bullish on SUV’s and agricultural vehicles segment due to lesser

competition and higher pricing power.

Energy Neutral

With the ongoing price deregulation of diesel, we believe the total subsidy burden on Oil PSU’s

will come down during the course of the year. We are turning more constructive on the space

now.

Power Utilities Neutral We like the regulated return charteristic of this space. This space provides steady growth in

earnings and decent return on capital.

Metals Underweight Commodity prices have corrected significantly over the last few months due to concerns about

growth in China and developed parts of the world.

Cement Underweight Cement industry is facing over capacity issues and lackluster demand. With regulator taking a

strong view against pricing discipline, the profits of the sector are expected to stay muted.

Sector View

10

Debt Outlook

• The Gsec market started the last week of the fiscal on a bearish note on political uncertainties and 10 year benchmark yield touched 7.99%. But on 28th March, the G-Sec market closed better on value buying and on measures, such as additional and special LAF, by RBI to tackle current liquidity tightness. It was the last day of trading for this fiscal and bonds bid FY13 farewell on a positive note. The benchmark 10-year security 8.15% GOI 2022 closed the week at 7.95% with a 8 Bps rise during March 2013.

• India's fiscal deficit in Apr-Feb, the first eleven months of the current financial year, rose 2.8% on year to Rs 5.074 lakh cr; fiscal deficit was Rs 41680 cr in February versus Rs 58600 cr a year ago.

• The spread on a 10 year AAA rated corporate bond reduced to 89 Bps on 28TH March 2013 from 104 Bps(as on 28th Feb 2013). AAA Rated bond yields dipped by 6 bps to 8.85% as compared to the yields a month earlier at 8.91%.

10-yr G-sec yield Yield curve

(%)

(%)

11

7.2

7.4

7.6

7.8

8.0

8.2

8.4

0.0

0

.8

1.6

2

.4

3.2

4

.0

4.9

5

.7

6.5

7

.3

8.1

8

.9

9.7

1

0.5

1

1.3

1

2.1

1

2.9

1

3.7

1

4.5

1

5.3

1

6.1

1

6.9

1

7.7

1

8.5

1

9.4

6.80

7.30

7.80

8.30

8.80

9.30

Debt Strategy

Outlook Category Details

Long Tenure Debt

Indian long term debt is likely to see capital appreciation owing to the expected monetary easing. With the third policy rate cut happening in March 2013, with a 25 Bps cut in Repo and no CRR along with lesser probability of future cuts in the policy rates in the coming quarter, but along with this is a lot of uncertainty in the market and hence would recommend to hold on to the current investments in the Longer term papers. These papers are suitable for both - investors who may want to stay invested for the medium term (exiting when prices appreciate) and those who would want to lock in high yields for the longer term.

Some AA and select A rated securities are very attractive at the current yields. A similar trend can be seen in the Fixed Deposits also. Tight liquidity in the system has also contributed to widening of the spreads making entry at current levels attractive.

With the third policy rate cut that happened in Feb 2013, with a 25 Bps cut in Repo rate and no CRR along with lesser probability of future cuts in the policy rates in the coming quarter, but as there is influence of global factors in the market, a lot of uncertainty is coupled with it, hence, we would recommend to invest in and hold on to current investments in short term debt Due to liquidity pressures increasing in the market as RBI has a huge borrowing plan, short term yields would remain higher. Short Term funds still have high YTMs (9%–9.5%) providing interesting investment opportunities.

Short Tenure Debt

Credit

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Forex

• INR has appreciated against two major currencies other than USD & GBP. INR depreciated by 1.1% against the US Dollar. Rupee has appreciated against dollar since the beginning of the calendar year by 0.81%. The rupee started the year at 50.88 a dollar and ended at 54.28 a dollar. It touched its all-time low of 57.33 a dollar on 22 June.

• The fall of the rupee in fiscal year 2013 created many trends in the market. For one, the rupee’s neo-normal exchange rate was established at above 50 a dollar. It also forced importers and borrowers of foreign currency loans to hedge their exposure

• Volatility as last year is expected to continue as the rupee would track cues from the domestic markets as well as global shores. If US economy recovers, the dollar will rally, putting the rupee under pressure

Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data

• The projected capital account balance for Q2 FY 12 is revised from Rs. 84,400 Cr to Rs. 78,800 Cr also the Q1 figure was revised downwards to Rs. 99,500 Crores from Rs. 1,02,100 Crores.

• We expect factors such as higher interest rates to attract more investments to India. Increased limits for investment by FIIs would also help in bringing in more funds though uncertainty in the global markets could prove to be a dampener.

-10000

40000

90000

140000

FY 10 (Q3) FY 10 (Q4) FY 11 (Q1) FY 11 (Q2) FY 11 (Q3) FY 11 (Q4) FY 12 (Q1) FY 12 (Q2)

Capital Account Balance

Exports during Feb, 2013 were valued at US $ 26.26 bn which was 4.23% higher than the level of US $ 25.19 bn during Feb, 2012. Imports during Feb, 2013 were valued at US $ 41.18 Bn representing a negative growth of 2.65% over the level of imports valued at US $ 40.12 Bn in Feb 2012 translating into a trade deficit of $14.92 Bn.

13

-1.1% -0.9%

1.6%

0.8%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

USD GBP EURO YEN

-25000

-20000

-15000

-10000

-5000

0

-20

-10

0

10

20

30 Export Import Trade Balance (mn $)

Commodities

Precious

Metals

Oil & Gas

The expectation of steadier global growth is a good news for the oil counter given the excess liquidity available. There is no evidence of oil shortage and given the ample supply coupled with the decent growth prospects, we expect oil to remain firmer. While China is expected to stage a good performance this year is positive for the oil market, the signal coming from the Fed on unwinding of the stimulus program this year, keep a lid on the prices. As the risk of oil spike has subsided considerably, the upside on this counter looks capped.

Crude

Gold

Having risen consecutively for eleven years, dollar-gold price performance is one of the best among other asset classes, generating an annualized return of 18%. The global financial system was flood with central banks liquidity that had risen risk asset in the year 2012 and this is expected to further lift risk asset prices in the year 2013. Given this backdrop, one could expect a decent profit booking on the precious metal counter as the money flow shall now be diverted to equities that was under owned since 2008. We also expect liquidity to dry up significantly around end of 1QCY following the ECB’s LTROs amid a sharp pull back in dollar index -following the Fed’s signal to wind down the stimulus program this year - could rattle global commodity prices. The controlled measures by the central bankers to curb gold demand with a prime objective being to shore up confidence in the monetary and banking system, bullion in all probability will not be a free market. As bullion derivatives market is far larger than the size of physical metal, a small trigger is sufficient enough to create a big impact. Domestically, it now seems that gold has formed an intermediate top and one could see consider price pull back going ahead in the year 2013.

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60

70

80

90

100

110

120

130

26000

27000

28000

29000

30000

31000

32000

33000

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Real Estate Outlook

Asset Classes Tier I Tier II

Residential

A lot of new supply has been seen in the Tier I markets across all price

segments, especially in NCR-Delhi and Mumbai, owing to faster approvals and

expectations of a sales recovery due to the reduction in the home loan

interest rates.

While some of the new launches have selectively seen a good response,

overall sales have still been slow and prices continued to be stagnant in most

markets.

Mid-income residential segment with Rs. 4,000 – 6,000 per sq. ft. entry

pricing with good developers in Pune, Bangalore, NCR and Mumbai suburbs

are expected to see good percentage returns with relatively low risk.

Implications of Budget 2013: The additional one-time tax exemption of Rs.

1,00,000 for home loans below Rs. 25 Lacs is expected to give a slight push in

the affordable housing segment. TDS of 1% on all properties above Rs. 50 lacs

after May 2013 and increase in service tax from 3.09% to 3.71% for flats above

2,000 sq. ft. in size or Rs. 1 Cr. in value may act as dampeners for sale of mid

to high end residential space.

Demand in Tier II cities is largely driven by the trend towards

nuclear families, increasing disposable income, rising

aspiration to own quality products and the growth in

infrastructure facilities in these cities. Price appreciation is

more concentrated to specific micro-markets in these cities.

Cities like Chandigarh, Jaipur, Lucknow, Ahmedabad, Bhopal,

Nagpur, Patna and Cochin are expected to perform well.

Commercial/IT

Prices for the commercial asset class continue to be dampened due to the

historic oversupply. In terms of absorption, Bangalore, Hyderabad and Pune

markets are doing better than the national average.

Rentals in commercial asset class are seen to be rising slowly but they are still

below the peal values achieved in the past. In relative terms, Bangalore

market has outperformed other markets owing primarily to the demand from

the IT industry.

Specific pre-leased properties with good tenant profile and larger lock-in

periods continue to be good investment opportunities over a long-term

horizon.

Relatively low unsold inventory and smaller unit sizes have

led to stable lease rentals in Tier II cities. Not much

movement in the capital values has been seen in the Tier II

cities.

Real Estate Outlook

16

Please Note:

Tier I* markets include Mumbai, Delhi & NCR, Bangalore, Pune, Chennai, Hyderabad and Kolkatta

Tier II* markets includes all state capitals other than the Tier I markets

The IC note is proposed to be presented every quarter

Asset Classes Tier I Tier II

Retail

In HY2 2012, Government approved 51% foreign

ownership in multi-brand retail and 100% in single-brand

retail. While this move is expected to infuse new

enthusiasm in the sector, it will take a gestation period of

at least an year for this to translate into actual off-take of

space. In fact, completion of a number of malls has been

delayed to defer the construction costs and capitalize on

the expected future demand from FDI.

Currently, unsold inventory levels continue to be high

levels and lease rentals stagnant.

Tier II cities see a preference of hi-street retail as compared

to mall space in Tier I cities. While not much data on these

rentals gets reported, these are expected to have been

stagnant.

The mall culture has repeatedly failed in the past n the

Tier-2 cities. Whether the FDI in retail can change this

phenomenon can be known with more certainty once the

effect of FDI is more visible in Tier I cities.

Land

Agricultural / non-agricultural lands with connectivity to

Tier I cities and in proximity to upcoming industrial and

other infrastructure developments present good

investment opportunities. Caution should however be

exercised due to the complexities typically involved in

land investments.

Land in Tier II and III cities along upcoming / established

growth corridors have seen good percentage appreciation

due to low investment base in such areas.

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Pedigreed Senior Management Team

17

Disclaimer

The information and views presented here are prepared by Karvy Private Wealth(a division of Karvy Stock Broking Limited) or other Karvy Group

companies. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the

accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it.

The investments discussed or recommended here may not be suitable for all investors. Investors must make their own investment decisions based on

their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any

information or analysis mentioned here, investors may please note that neither Karvy nor any person connected with any associated companies of

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The information given in this document on tax are for guidance only, and should not be construed as tax advice. Investors are advised to consult their

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Karvy Private Wealth (A division of Karvy Stock Broking Limited) operates from within India and is subject to Indian regulations.

Karvy Stock Broking Ltd. is a SEBI registered stock broker, depository participant having its offices at:

702, Hallmark Business plaza, Sant Dnyaneshwar Marg, Bandra (East), off Bandra Kurla Complex, Mumbai 400 051 .

(Registered office Address: Karvy Stock Broking Limited, “KARVY HOUSE”, 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad 500 034)

SEBI registration No’s:”NSE(CM):INB230770138, NSE(F&O): INF230770138, BSE: INB010770130, BSE(F&O): INF010770131,NCDEX(00236,

NSE(CDS):INE230770138, NSDL – SEBI Registration No: IN-DP-NSDL-247-2005, CSDL-SEBI Registration No:IN-DP-CSDL-305-2005, PMS Registration No.:

INP000001512” 18

Contact Us

Bangalore 080-26606126

Chennai 044-45925923

Coimbatore 0422-4291018

Hyderabad 040-44507282

Kolkata 033-40515100

Mumbai 022-33055000

Gurgaon 0124-4780228

Email: wealth@karvy.com SMS: ‘HNI’ to 56767 Website: www.karvywealth.com

Corporate Office : 702, Hallmark Business Plaza, Off Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Pune 020-30116238

Kochi 0484-2321831

Delhi 011-43533941

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