ADVICE for the WISE

Newsletter –November’11

2

Economic Update 4

Equity Outlook 8

Debt Outlook 11

Forex 13

Commodities 14

Index Page No.

Contents

Real Estate 17

Dear Investor,

October turned out to be a rather positive and optimism

inducing month - with most positive global news coming in

along with the adaptation of dovish stance by RBI. The festive

season helped maintain a positive sentiment. While the results

of several listed companies disappointed investors, especially

in the infrastructure space, the beginning of the end of

monetary policy tightening has rekindled investor's hopes.

European governments (especially French and German) have

continued to test the limits of global financial system as they

dither, argue about and re-re-redraft the comprehensive

rescue plan for the troubled governments of Greece, Portugal,

Spain and the pre-emptive action to avoid larger ones like Italy

from losing market access. With their self imposed deadline of

the November 3rd G20 summit for reaching a consensus on

the rescue plan drawing near, there are positive signs of action

in the major European capitals. We continue to believe that

Euro as a currency will survive, Greece may default (though

indirectly and partially) while Portugal et al will not. Due to a

disorderly default in a Greece or a failure to reach any decisive

plan for rescue of others there might be significant downside

in equity markets; however the likelihood of this happening is

lower than 10%.

Debt markets have regained some of their shine with the

end in sight for the monetary policy tightening. In light of

the RBI statement on the eve of policy announcement, we

believe that long term corporate and quasi-government

debt has now become attractive to invest in. While the

interest rates may yet go up slightly after a brief pause,

they are near their peak and investors can start to buy

long tenor bonds and long term debt mutual funds.

Looking back at the year gone by so far, one would notice

the large movements in gold, US Dollar in the positive

direction while equities in the negative direction. That got

us thinking about whether these assets can be combined

into a portfolio which is optimized dynamically - with the

intention of minimizing risks for a good return. We have

designed just the right portfolio for this. This month we

are launching Pi - our multi asset quant fund. The simple

idea of Pi is to make sure that investors' wealth grows

year on year on the back of appreciation of one or more

of its constituent asset classes i.e. equities, commodities,

gold and currencies.

3

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 no.20”

4

As on 31st

Oct 2011 Change over last month

Change over last year

Equity Markets

BSE Sensex 17705 7.6% (11.2%)

S&P Nifty 5326 7.8% (11.5%)

S&P 500 1284 13.5% 8.6%

Nikkei 225 8522 (2%) (7.4%)

Debt Markets

10-yr G-Sec Yield 8.88% 44 bps 73 bps

Call Markets 8.60% 30 bps 160 bps

Fixed Deposit* 9.25% 0 bps 225 bps

Commodity Markets

RICI Index 3463 7.9% 6.0%

Gold (`/10gm) 27475 5.7% 38.1%

Crude Oil ($/bbl) 108.4 3% 34%

Forex

Markets

Rupee/Dollar 48.9 0.1% (8.9%)

Yen/Dollar 78.3 (2.2%) 2.7%

Economic Update - Snapshot of Key Markets

10 yr Gsec

Gold

* Indicates SBI one-year FD

75

80

85

90

95

100

105

110

115

120

125Sensex Nifty

S&P 500 Nikkei 225

6.80

7.30

7.80

8.30

8.80

9.30

29

/Se

p/1

0

29

/Oct/

10

29

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31

/Oct/

11

40.0041.0042.0043.0044.0045.0046.0047.0048.0049.0050.0051.00

30

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0

31

/Oct/

10

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/Oct/

11

`/$

18000

20000

22000

24000

26000

28000

30000

5

US

Europe

Japan

Emerging economies

• China’s HSBC PMI Index came in at 51.0(Oct’11), a solid rebound from the 49.9 recorded inSeptember to mark the first rise above the 50 level that demarcates contraction fromexpansion since June’11.

• An annual expansion of 2.5% in the third quarter of 2011 has pushed American GDP backto pre-recession levels after 15 quarters, according to figures released last week.

• United States’ Consumer Confidence for the month Oct 2011 is at 39.80, which hasdipped from 46.40 in September 2011.

• Greece’s debt will be reduced, private banks and insurer are asked to accept 50 percentlosses on the Greek bond holdings, and the rescue fund EFSF will be strengthened,supported also by non-European investors

• The CPI rose 0.6% in September increasing the inflation for the year to 5.2% higher froman expected estimate of 4.9%. The inflation number is the highest since Sept 2008

• The seasonally adjusted Markit /JMMA Purchasing Managers’ Index (PMI) posted 50.6 inOctober, up from 49.3 in September, signalling a marginal improvement in manufacturingsector operating conditions. A level over 50 also signifies growth while a level below 50indicates contraction.

• The jobless rate slid to 4.1% from 4.3% in Sept’11, and the core food inflation was steadyat 0.2%.

Economy Update - Global

6

Economy Outlook - Domestic

• The GDP growth rate for Q1 FY12 came in at 7.7%, theweakest in last 6 quarters. The growth was seen at 7.8% inthe last quarter. The economic growth for FY11 was 8.5%backed by improved farm output and growth in theservices sector.

• "While the manufacturing sector grew 7.2 percent in April-June from a year earlier, construction was a dark spot in the data, rising just 1.2 percent annually, down from 7.7 percent a year earlier, as higher interest rates dampened the housing market and big-ticket projects were plagued by delays in approvals. Mining output grew 1.8 percent, compared with 7.4 percent a year ago while Financing, insurance, real estate and business service grew 9.1 percent versus 9.8 percent a year ago.

• A steady rise in interest rates combined with stubbornlyhigh inflation would impact demand and credit sensitivesectors making a growth target of 8% difficult to achieve.

IIP monthly data

GDP growth

• IIP figure came in at 4% which was lower than theconsensus of 4.4%. A look at the subsectors clearly pointsto a broad-based slowdown of sub-4% YoY growth acrosssectors. Apart from electricity which continues to grow atclose to double digits (9.5% YoY), manufacturing (4.5%YoY) and mining (-3.4% YoY) continued to disappoint. Onthe user side, capital goods remained volatile growing at3.9% YoY in Aug-11.

• Revisions for July are significant in mining, manufacturingand consumer goods sectors. Overall IIP growth wasrevised upwards from 3.3% YoY to 3.8% YoY.

• The IIP figures have been very volatile in the last year andespecially after the introduction of the new series. Webelieve that monthly indicators and IIP in isolation maynot a very efficient way of indicating long term growth.We expect the growth to eventually moderate out thoughhigh input costs may be a dampener for themanufacturing sector. 4.0

5.0

6.0

7.0

8.0

9.0

10.0

FY10(Q2) FY10(Q3) FY10(Q4) FY11(Q1) FY11(Q2) FY11(Q3) FY11(Q4) FY12(Q1)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Jul 10

Aug 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan 11

Feb 11

Mar 11

Apr 11

May 11

Jun 11

Jul 11

Aug 11

Economic Outlook - Domestic

• The credit grew 23% on a y-o-y basis while deposits grew at ~21% in September. Even though RBI has been raising interest rates, an increase was seen in personal loans.

• Due to the successive increase in the cost of borrowing, a moderation has been seen in the credit growth and the current estimate for the Fiscal is ~ 17-19%.

• On account of the slowing growth in the economy and the expected decrease in inflation, a pause is expected in the interest rate hikes.

• The inflation rate in India was reported at 10.1percent in Sept’2011 vis-à-vis 9.78% inAugust‘11. Food inflation, as measured by theWholesale Price Index (WPI), stood at 12.21%on the week ending 22nd Oct’11 vis-à-vis at13.55% in the corresponding week of theprevious year.

• With the monetary tightening stance by RBI, wedo expect WPI inflation numbers to moderateout eventually.

Growth in credit & deposits of SCBs

7

Wholesale Price Index

* End of period figures

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0% Bank Credit Aggregate Deposits

8

Equity Outlook

The last of October saw a sharp rally in risky assets across the world onthe back of the three –pronged agreement reached by European Unionpolitical leadership to stem the contagion from the soverign-debt crisis: Avoluntary 50% hair cut for private investors in Greek debt which wouldhelp reduce soverign debt in greece, Recapitalizing seventy Europeanbanks to the extent of 108 billion dollars and increasing the size ofEuropean Union Financial Stabilty Fund (EFSF) to 1.4 trillion dollars whichwould provide support to other peripheral Euro area countries.. All thethree measures combined with further fiscal austerity measures weresupposed to stem the contagion in European markets.

The Greek Prime minister announced that he will put the bailout packagegiven to Greece through a referendum due to lack of political consensusin Greece. The referendum is expected to happen in the month ofDecember and will decide if Greece will accept the terms of the bailoutpackage. It is our view that for Euro area to sustain, sooner or later,European governments will have to move towards some kind of fiscalunion to prevent a full-blown crisis. A move in the opposite directioncould have huge economic and political costs.

Third quarter GDP data in US came in at 2.5%, above consensusexpectations which eased concerns about US economy moving towards adouble-dip. The dollar Index fell 5% resulting in sharp bounces in equity,commodities and crude oil. In this month’s US Fed meeting, the marketswill look for any indication of further quantitative easing although FedChairman continues to mention that Fed has several tools available attheir disposal to spur growth and they will use it as and when required.US consumer demand has been holding up so far and the Thanksgivingholiday buying will give a good indicator of how that demand will movefrom here onwards.

RBI hiked repo rates by 25bps on 25th October. The tone of the policy

statement by the Governor remains has changed from hawkish to dovishwith growth continuing to remain under pressure. The governor talkedabout ‘De-sesonalized quarter-on-quarter headline and core inflationmeasures showing moderation’. According to RBI, inflation will startfalling in December and will moderate to about 7% by March 2012. TheGovernor also said that ‘likelihood of a rate action in December mid-quarter policy review is relatively low’. RBI has cut the FY12 growthforecast from 8% to 7.6%. RBI has effectively hiked rates by 525 bps inlast sixteen months and this could result in demand destruction leadingto price moderation. Our own sense is that considering the significantslowdown in growth expectation, Rbi will definitely pause if not end therate tightening cycle now.

FII’s put in 2500 of fresh money into Indian equity markets whichresulted in markets rallying almost 7%.The rupee after depreciatingalmost 13% to 50 levels has bounced slightly and stabilized around 49mark. We believe this provides a very exciting entry opportunity in equitymarkets for dollar investors. The second quarter earnings have come inon expected lines. The earning season has been led by private sectorbanks, FMCG and automobiles. ITC and HUL came in with excellentresults and both are trading at life time highs. We continue to remainpositive on FMCG names as consumption demand remains quite strong.PSU banks continue to face pressure on the asset quality with powerbooks coming under great pressure. Also, Infra companies continue toface pressure due to high interest rates and lack of new orders.

With interest rates peaking out and inflation also expected to startcoming down in next few months, we expect that the coming monthsshould see improvement in equity market sentiment. We adviseinvestors to stay invested and build a longer term equity portfolio.

9

Sector Stance Remarks

Healthcare Over weight

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. We would bet on the opportunity in Generics and

CRAMS space

FMCG Over weightWe prefer “discretionary consumption” beneficiaries such as Cigarettes and branded garments, as the

growth in this segment will be disproportionately higher vis-à-vis the increase in disposable incomes.

E&C Neutral

The USD 1 trillion Infra opportunity is hard to ignore. We believe Power sector to be a better play over

other sub sectors such as ports, roads and telecom infrastructure, because of favorable economics

under PPP model. Within power, we like the engineering companies and utilities over T&D and other

infrastructure owners because of their superior profitability and better competitive dynamics.

BFSI Neutral

Financial sector is undeniably the lubricant for economic growth. Whether the growth comes from

consumption or investments, credit growth is inevitable. Being a well regulated sector, BFSI in India has

good asset quality and capital adequacy ratios. Despite the increasing in interest rates, we believe banks

will be able to pass on higher cost of funds to clients as demand remains strong

Telecom Neutral

The regulatory hurdles, competitive pressures and leverage prevent any return to high profitability levels

in the short to medium term. However, incumbents have started to increase tariffs slowly and we

believe that consolidation will happen sooner than expected.

Sector View

9

Sector View

Sector Stance Remarks

Automobiles Neutral

Demand outlook remains robust with strong earnings growth. Raw material prices have started

coming down which would boost margins. We are more bullish on two-wheeler and agricultural

vehicles segment due to lesser competition and higher pricing power.

Metals Neutral

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

growth in developed parts of the world. We believe the commodity prices will bounce back once

growth recovers and hence would be positive on industrial metals space.

Energy Under weightWe would stay away from oil PSUs, due to issues of cross subsidization distorting the underlying

economics of oil exploration and refinery businesses.

Cement Under weightCement demand will certainly grow over the next three years. But the issue is on the supply side.

We do see an oversupply situation for the next 3-4 quarters.

IT/ITES Under weight

IT space might come under pressure due to continued concerns about growth in developed parts of

the world. While US and European customers of Indian IT companies are in good health, Order

inflows might slow down in near term

Power Utilities Under weight

We like the growth prospects of power sector but believe that value will be created by engineering

services providers. Merchant power rates have been sliding downwards and coal prices have been

on the way up putting pressure on return ratios.

10

11

Debt Outlook

• The 10 year benchmark G–Sec yield increased by 44 bps in October to close at 8.88%. This was afteran increase of 25 bps in the interest rates by RBI.

• The medium term papers rallied the most in the month and rose 52 bps to close at 8.83%. While theG-sec yields increased, the 10 year AAA corporate paper yields remained constant at 9.84%.

• Though no easing has been seen in the inflation figures, a pause is expected by the RBI and no hikemay be seen in the immediate future though the central bank would monitor the inflation closely.

10-yr G-sec yieldYield curve

(%)

6.80

7.30

7.80

8.30

8.80

9.30

8.3

8.4

8.5

8.6

8.7

8.8

8.9

9.0

9.1

0.0

0.9

1.8

2.7

3.5

4.4

5.3

6.2

7.1

8.0

8.8

9.7

10.6

11.5

12.4

13.3

14.1

15.0

15.9

16.8

17.7

18.5

19.4

Debt Strategy

OutlookCategory Details

Long Tenure Debt

RBI hiked the interest rates for the 13th time since march 2010 by25 Bps, the repo rate now stands at 8.5% and reverse repo at7.5%. RBI has shown an intention to pause further rate hikes.Our stance on long term debt remains neutral believe that it maybe a good time to start looking for interesting investmentopportunities in the medium term.

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

12

We recommend investment into short term bond funds witha 6-12 month investment horizon as we expect them todeliver superior returns due to high YTM. We have seen theshort term yields harden due to reduced liquidity andconsecutive rate hikes prompted by inflationary pressures. Tillthese factors do not stabilize, we see Short term bond fundsand FMPs as an interesting investment option.

Short Tenure Debt

Credit

13

Forex

• INR appreciated by about 1% during the month. Also,during the month it did witness a low of 50.07, butrecovered after some stability was sensed in theInternational markets. It closed at 48.87 at the end ofthe month.

• The Eurozone currencies strengthened in the month as adecision was taken to write of 50% of the debts and tostrengthen the EFSF bringing some sense of containmentof the Eurozone crisis.

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

• India’s merchandise exports grew 36.4 per cent in September,reaching $24.8 billion from $18.2 bn a year before. However,this is a much lower rise than the previous two months. In July,exports grew 81.8 per cent; in August, these rose 44.2 per cent

• Capital account balance was positive throughout FY11 andstood at `273133 Cr. at the end of the year. For FY 12, thecapital account is at `93,621Cr. for Q1.

• We expect factors as higher interest rates to attract moreinvestments to India. Increased limits for investment byFIIs would also help in bringing in more funds thoughuncertainty in the global markets could prove to be adampener.

-10000

40000

90000

140000

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

Capital Account Balance-5.00%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

USD GBP EURO YEN

-16000

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

-20

0

20

40

60

80

100

Export Import Trade Balance (mn $)

14

Commodities

Precious

Metals

Oil & Gas

The recent bout of global uncertainty have pressurizedcrude oil amid concern of double dip recession in the USand global economy slipping into red. We expect crude oilprices have topped out in the interim and can only movedown from here on. We have seen some firmness in theprices post the announcement of Greece bailout package,nevertheless, any such temporary uptick shall not besustained. Expect crude oil prices to be steady.

Crude

Gold

60.0

70.0

80.0

90.0

100.0

110.0

120.0

130.0

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2010

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2011

The problems in the Euro Zone is far from over as concernswere raised on the implementation of proposed Greecebailout package. Further, concerns were raised on ChineseShadow lending and possible slowing or the hard landing inChina. The fundamental factors largely remainedunchanged and Indian market has seen fresh buyingdemand during the festive Diwali Season despite pricesstaying higher. Expect gold prices to remain firm as anycorrection shall be supported by physical purchases.

18000

20000

22000

24000

26000

28000

30000

Orion 4

Objective:

– To generate superior fixed income payoff (return) while preserving the capital.

– To generate appreciation even if the reference index is at (or above) 105% of its initial level.

Payoff Scenario:

– If final level is greater than or equal to strike level, then the structure pays an absolute coupon of 21% (annualized return of

13.56%).

– In case, if the final level is below the strike level, no coupon is paid out, but structure remains capital protected.

15

Product in Focus

Nifty Digital Growth Product Specifications

Reference Index S&P CNX Nifty Index

Tenor 15 / 18 Months

Coupon 21%

Strike Level 105% of Initial Level

Initial Level Reference Index as on Trade Date

Final Level(1/3)* Σ Reference Index(i); where i=13M to 15M

Payoff At Maturity

If Final Level >= Strike Level Principal * (1 + Coupon)

If Final Level < Strike Level Principal * (1 + 0%)

Pi - Multi Asset Quant Portfolio

• Pi is a multi-asset quantitative portfolio investing in Nifty, Gold, Crude oil and USDINR through liquid futures contracts in NSE and

MCX and other major exchanges

• Pi is managed using a well defined quantitative strategy with no human intervention in the execution of the strategy

• Pi is aimed at generating positive and consistent absolute returns through investing into assets with low correlations

• Investment horizon for investing in Pi is 24 months and above

• The average annual rolling returns of Pi are higher than its constituents –driven largely by the dynamic quantitative approach

• While most asset classes have significantly large negative annual rolling returns; Pi has minimum annual rolling return of 9%

(positive)

• The worst calendar quarter for most Nifty and crude oil have been as low as -23% and -61% respectively. For Pi the worst quarter

has been -2%

16

Product in Focus

Nifty Crude Oil Gold USD Pi

Average annual rolling returns 14% 19% 25% 2% 38%

Worst annual rolling returns -58% -54% 5% -13% 9%

Worst calendar quarterreturns -23% -61% -8% -2% -2%

Real Estate Outlook - I

17

Asset Classes Tier-1* Tier-II**

Residential

Strong pre-launch sales still keeps the developers far from

any correction, though sales are down to alsmost 35%

since last quarter, there is no correction visible. The over-

supplied locations are stagnant and would be similar for

the coming 2 quaters. Entry points anywhere from Rs.

3000 - Rs. 6000 per sqft in cities like Pune, NCR,

Hyderabad, Chennai and Bangalore are still considred

lucarative by first time home -buyers depending on their

usage. The retail investors (2nd home buyers) and HNI

investors vary or delaying their decision with expectation

of correction. Mumbai stands still tall with prices on their

peak in over-supplied market also. Correction again are

reported only on media and not on ground level.

The demand is keeping the Tier II cities afloat, the

infrastructure development in these cities have made the

residential development spread across the city limits. On

an average price is still affordable. Key development

developer are seeing demand of 3BHK and luxury

development but are only doing well if the project size is

limited to 100-150 units. The trend seems to be favorable

since there is lot of Investor demand comes from smaller

cities closer to these Tier-II & III cities. Excellent time to

buy anything between Rs. 3000-3500 sqft with known

developers.

Advice Price point entry is the key. Good time to sell. Time right to buy, look at 3-8 acre developments only

Commercial/IT

Still in the shadows of over-supply and cautious expansion

approach by corporate, this segment has gone through

correction. Rates per sqft have seen almost 30% down-

trend and will be stagnant for the coming 2-3 quarters.

Surely, the segment is at the down-tip of the cycle, and is

the best opportunity for companies looking for long term

holding of real estate office space.

Commercial segment not that significant, but unlike Tier-I

the price differentiation is double favoring commercial

since most of them are in CBD areas.

Advice Excellent time to buy smaller office spaces at CBD areas Space not defined well, depends on independent needs.

Real Estate Outlook - II

18

Asset Classes Tier-1* Tier-II**

Retail

The FDI allowance is given lot of impetus to this

sector, its been now almost 3 years since retail has

seen a major transformation on all its business

aspects and have been built to suit Indian way for

consumerism. Low cost, high reach, heavy variety,

less innovation, existence with competition,

maximizing bottom line than top-line approach have

been making the retailers smarter. Revenue share

model with a built in MG is how the deals are done

Retail is slow in these markets; unorganized markets

are still a hot choice. Most high-street locations are

expensive to own thus have a high lease rental and

have witnesses heavy churn. Investment would

always have capital protected due to dearth of

available space..

Land

Most interesting times, traded now more as

commodity, very fastly getting absorbed, locked.

Non-real estate sector see immense opportunity

since it can be used as tangible and most credible

pledge against business

Still available cheaper, plotted development is a hit

since the trend of standalone homes are prevalent.

Advice Hold Land, if Owned Hold Land, if Owned

1. Tier I* markets include Mumbai, Delhi & NCR, Bangalore, Pune, Chennai, Hyderabad and Kolkatta2. Tier II* markets includes all state capitals other than the Tier I markets 3. The IC note is proposed to be presented every quarter

Why Karvy Private Wealth?

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• Offering COMPREHENSIVE choice of investing across all asset classes• Offering EXTENSIVE choice of multiple products from different product providers under each asset class

Open Architecture – Widest array of products

Intensive Research

We closely track the historical performance across asset classes, sub-asset classes and product providers to identify, evaluate andrecommend investment products (KPW’s or third-party). We have our own proprietary methodology for evaluating products; forproduct providers, we also note the investment style and risk management philosophy. Our comprehensive analysis determinestruly exceptional performers to be added to your portfolio

When you become a Client of KPW, besides getting intelligent & practicable Investment Advice, you get the benefit of “The KPW 3-S Service Promise” :

• Smooth and Hassle Free – Attention, Service & Convenience• Sharp and proactive – Portfolio monitoring and tracking• Smart –Incisive insights on markets and Investment products

The KPW 3-S Service promise:

Group-wide, we have no Mutual Fund or Insurance products of our own unlike most of the financial services groups (banks orbroking houses), who are doing wealth management. Neither do we have exclusive tie-up with any single insurance company likeall banks do.

Honest, unbiased advise

19

A talented team of leaders with global and Indian experience, having a unique blend of backgrounds of wealth management,private equity, strategy consulting and building businesses powers Karvy Private Wealth and its operations.

Pedigreed Senior Management Team

20

Disclaimer

The information and views presented here are prepared by Karvy Private Wealth or other Karvy Group companies. The information containedherein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completenessthereof. 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 decisionsbased on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While actingupon any information or analysis mentioned here, investors may please note that neither Karvy nor any person connected with any associatedcompanies of Karvy accepts any liability arising from the use of this information and views mentioned here.

The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above-mentioned companies fromtime to time. Every employee of Karvy and its associated companies are required to disclose their individual stock holdings and details of trades,if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling ofshares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. Allemployees are further restricted to place orders only through Karvy Stock Broking Ltd.

The information given in this document on tax are for guidance only, and should not be construed as tax advice. Investors are advised to consulttheir respective tax advisers to understand the specific tax incidence applicable to them. We also expect significant changes in the tax laws oncethe new Direct Tax Code is in force – this could change the applicability and incidence of tax on investments

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

Mumbai office Address: 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”

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Bangalore 080-26606126

Chennai 044-45925923

Delhi 011-43533941

Hyderabad 040-44507282

Kolkata 033-40515100

Mumbai 022-33055000

Gurgaon 0124-4780222

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

Goa 0832-2426870

Pune 020-30116238

Noida 0120-4255337