ADVICE for the WISE

Newsletter –September’11

2

Economic Update 4

Equity Outlook 8

Debt Outlook 11

Forex 14

Commodities 15

Index Page No.

Contents

Real Estate 17

Dear Investor,

Global economic developments remained in a sort of suspendedanimation through last month – especially coming on the back ofthe recent months of significant turbulence. This was a welcomerelief as most asset markets experienced relatively stable state inAugust. While day to day volatility continued across equities, debtand gold, there was no definitive directional change.This is driven in large parts by the actual absence of materialchange in the fundamentals in the recent weeks. While datacontinues to pour in from all sides including US employment,European debt programs and Indian GDP growth, none of thesehas any significantly better or worse information than what isalready known. Even the much awaited Jackson Hole speech of theUS Fed chairman produced another inconclusive input to thedecision making of investors globally.

We maintain our cautious short term and positive medium termoutlook on Indian equities. However, sectoral preferences haveshifted in the last few months from the domestic-interest-rate-neutral globally oriented sectors like IT towards safer bets likeFMCG and Pharma. We also continue to advise our clients to havedownside protection on their equity portfolios through 5%-8%out-of-the-money put options on Nifty.

We had suggested a few opportunistic strategies to benefitfrom the market movement across different asset classes aswell as amongst stocks. Most of these have generatedpositive returns – including the strategy to be invested in Goldand Nifty ahead of the macroeconomic developments in thedeveloped economies as well as being long in Coal India andother mining stocks with a hedge through opposite positionin Nifty. We continue to advise on similar short termstrategies – with focus on metal stocks this month in one ideaand equities plus gold in another.

One of the key findings of behavioral finance is the lossaversion amongst human investors. A loss of a certain amountpsychologically hurts us lot more than a gain of similaramount. Similarly a real loss through action is morebothersome than opportunity loss through inaction. Thisproduces interesting and quite sub-optimal distortions in thetypical investor’s investment decisions. As a first step, we cando well to recognize these biases and almost pre-empt themwhile making decisions. A timely example would be toremember that the short term losses in equities are paperlosses till we book them. While we live through the rollercoaster which may bring us some mental pain even if the netreturns in a year’s time are positive, what finally matters isthe real money in the bank – which increases nevertheless!

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

Aug 2011 Change over last month

Change over last year

Equity markets

BSE Sensex 16677 (8.4%) (7.2%)

S&P Nifty 5001 (8.8%) (7.4%)

S&P 500 1213 (6.1%) 15.6%

Nikkei 225 8954 (8.9%) 1.5%

Debt Markets

10-yr G-Sec Yield 8.32% (14 bps) 35 bps

Call Markets 8.05% 105 bps 290 bps

Fixed Deposit* 9.25% 0 bps 250 bps

Commodity markets

RICI Index 4024 (0.2%) 30.0%

Gold (`/10gm) 26761 15.3% 41.5%

Crude Oil ($/bbl) 116 (0.3%) 53.1%

Forex

markets

Rupee/Dollar 46.02 (4.0%) 2.3%

Yen/Dollar 76.75 1.4% 10.5%

Economic Update - Snapshot of Key Markets

10 yr Gsec

Gold

* Indicates SBI one-year FD

80

90

100

110

120

130

140Sensex Nifty

S&P 500 Nikkei 225

6.80

7.30

7.80

8.30

8.80

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15000

17000

19000

21000

23000

25000

27000

29000

42.00

43.00

44.00

45.00

46.00

47.00

48.00

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`/$

5

US

Europe

Japan

Emerging economies

• The HSBC's Services Purchasing Managers' Index (PMI) slid to 50.6 in August2011 from 53.5 in July 2011

• The GDP of China is expected to be at 9.7% for the quarter.

• With S&P lowering the long-term U.S. credit rating from AAA to AA-plus, theConference Board Consumer Confidence Index, which had improved slightly inJuly, plummeted in August. The Index now stands at 44.5, down from 59.2 in July.

• The employment index slipped to 51.6, its lowest since September 2010,unemployment rate being 9.1%

• Euro Area’s Markit composite purchasing managers index fell to 50.7 from 51.1 inJuly inching closer to the contraction phase. The final August manufacturing PMIshowed a contraction in growth, while the final services PMI slipped to a 23-month low of 51.5 from a July reading of 51.6.

• Unemployment rate in the Euro zone is at 10%

• Moody's lowered Japan's credit rating by one notch to Aa3, due to the frequentchanges in administration, weak prospects for economic growth and its recentnatural and nuclear disasters.

• Japanese exports dropped by 3.3% more than expected during July• Japan’s unemployment rate rose to 4.7% in July ’11 from 4.6% in June ’11

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

• Industrial output as measured by the Index of IndustrialProduction (IIP) increased at an unexpected rate of 8.8%in June from an upward revised number of 5.9% in May.This data was according to the new base year (2004/05),new components and weightings. This growth waspushed up by capital goods, manufacturing, basic goods,mining and electricity.

• During the month, the capital goods sector growthsurged by 37.7 percent from the 3.7 last June. The basicgoods also rose by 7.5 percent from the 3.7 percent ofJune last year, while intermediate goods fell by 1.9percent from 8.5 for the corresponding month last year.

• The IIP figures have been very volatile in the last year.We believe that monthly indicators and IIP in isolationmay not a very efficient way of indicating long termgrowth. We expect the growth to eventually moderateout though high input costs may also be a dampener formanufacturing.

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10

Dec 10 Jan 11 Feb 11 Mar 11

Apr 11 May 11

Jun 11

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)

Economic Outlook - Domestic

• Bank credit growth deceased to 19.3 percent in Julyfrom 21.9 percent in June* while Deposits grew by18.1 percent compared to 20.4 percent in June 2011.

• On account of the increasing interest rates, somemoderation has been seen in the credit demand lastmonth. Persistently high inflation may trigger a ratehike in the coming months increasing the borrowingcosts further.

• Moderation in the credit offtake is expected tocontinue in the coming months.

• Inflation as measured by WPI decreasedmarginally to 9.22% in July from 9.44% in June‘11. The number for May was revised upwardsto 9.56% from an earlier estimate of 9.06%. Thedecrease was driven by marginally lower foodand fuel costs which decreased to 8.19 (from8.38% in June) and 12.04% (from 12.27 in June)respectively.

• With an expected decrease in the fuel pricesand 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

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

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

Bank Credit Aggregate Deposits

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

8

Equity Outlook

The month of August witnessed the downgrading of US sovereign rating by S&P and renewed concerns on the fiscal health of euro zonecountries. This lead to huge bouts of volatility across the globe with equities undergoing a significant correction. On the domestic front,as political energies were spent on addressing the anti-corruption movement, economic reforms have again moved away fromgovernment’s radar screen. Indian markets saw significant redemption pressure from FIIs with a total outflow of Rs 12,500 crore.

Standard & Poor(S&P) downgraded the U.S. credit rating from AAA to AA+ in the first week of August. S&P expressed concern about thelong term sustainability of US debt and the political wrangling during the debt limit enhancement negotiations ahead of next year’spresidential election. Growth continues to weaken in US with Q2 GDP number coming in below consensus expectations.

So far, there has been no announcement regarding the coming of Quantitative Easing (QE 3) although Fed Chairman continues tomention that Fed has several tools available at their disposal to spur growth and they will use it as and when required. Central bank’spolicy panel will be having a two day meet in September where they will take a stock of the economy. For the time being, they expectthe fiscal policy to play more proactive role. So, all eyes are now on President Obama’s speech in September as he is expected toannounce some stimulus measure that could lead to job creation and continuation of tax benefits to individual tax holders.

In Europe, the fiscal situation of PIIGS countries continues to be fragile and it would require constant support from the European centralbank in the short to medium term. Growth continues to weaken in Germany and France. Last month saw fresh turbulence coming up indebt markets of Italy & Spain. European governments could increase the size of European Financial stability fund (EFSF) in the months tocome and continue to buy sovereign bonds of Peripheral Eurozone countries which could help stabilize the debt markets. A durablesolution to the sovereign debt crisis still needs to be found.

In India, Q1 GDP data has come at 7.7%, slightly above expectations. We believe that Q2 data will be softer and could be closer to 7%.RBI seems to be coming to an end of its interest rate tightening cycle although it could increase repo rates further by 25 bps in its policyreview on 16th September. We expect growth to recover in the second half of this fiscal with some revival in capital formation activity.The recent correction has brought the equity valuation down to very attractive levels. With inflation and interest rates expected to peakout in the next three months, the second half of this fiscal should be much better for Indian equity. Although short term volatility maycontinue due to adverse global factors, we believe it is a great time to go out and start building a long term equity portfolio.

9

Sector Outlook

Sector Stance Remarks

Healthcare Overweight

We believe in a 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 OverweightWe 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.

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.

Automobiles Neutral

Demand outlook remains robust with strong earnings growth despite raw material price hikes and

raging competition. We are more bullish on commercial vehicle and agricultural vehicles segment due

to lesser competition and higher pricing power.

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 over utilities, T&D and other

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

10

Sector Outlook

Sector Stance Remarks

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.

Metals UnderweightCommodity prices are coming under pressure due to concerns about growth in developed parts

of the world. Hence a cautious stance is recommended

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

economics of oil exploration and refinery businesses.

IT/ITES Underweight

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.

Cement UnderweightCement 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.

Power Utilities Underweight

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.

11

Debt Outlook

• After consistent increase in the interest rates, moderation was seen in the interest rates in the lastmonth. The benchmark 10 yr G-sec yield decreased from 8.45% in July ’11 to 8.33% in June’11.

• The yields for the 2 year period saw a marginal increase while moderation was seen for all othertenors. Corporate bond yields also saw a marginal dip in interest rates in the month.

• With no respite from the high inflation in spite of monetary tightening, we expect another 25 - 50bps hike in the year.

10-yr G-sec yieldYield curve

(%)

7.8

8.0

8.2

8.4

8.6

8.8

9.0

9.2

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

.61

1.5

12

.41

3.3

14

.11

5.0

15

.91

6.8

17

.71

8.5

19

.4

6.80

7.00

7.20

7.40

7.60

7.80

8.00

8.20

8.40

8.60

Debt Strategy

OutlookCategory Details

Long Tenure Debt

With inflationary pressure not easing, we expect more rate hikesin the year though these may not be implemented immediatelyand could be limited to a couple of hikes. Moreover, these hikesare already expected and may get factored in. Hence, we havechanged our stance from negative to neutral and believe that itmay be 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

Mutual Fund in Focus – Reliance MIP

Basic Theme – Monthly Income Plan

The fund aims to generate regular returns through investment in Debt and Money Market Instrument and long-term capitalappreciation by investing a portion of the Scheme's assets in equity and equity related instruments. The fund manager keeps moderateequity exposure averaging around 15-18% but takes active calls on the debt front. Over the years, he has taken active calls on theduration front which has helped him deliver superior returns.The fund is managed by Mr.Ashwani Kumar and Mr. Amit Tripathi.

Fund Details

Top Holdings Sector Allocation Performance (as on 31st August 2011)

Government Of India 12.1

Power Finance Corpn. Ltd. 8.4

REC 5.9

Tata Teleservices

(Maharashtra) Ltd.4.5

Reliance Capital Ltd. 3.6

Tata Power 3.1

Aditya Birla Nuvo Ltd. 3.9

Tata Motors 3.10.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

3 Months 6 Months 1 Year 3 Year

Reliance MIP(G)

Crisil MIP Blended Index

AAA & Equivalent,

62.59%

Others, 15.50%

Equity, 17.89%

Derivatives, 0.13%

Cash & Equivalent,

3.89%

AUM Rs.7565 Cr.

Expense Ratio 1.54%Exit Load 1% on or before 1y, nil after thatAverage Maturity 3.52 years

Equity Portfolio Market Cap Blended

Portfolio 78% Debt, 18% Equity

Returns (%)

3m 6m 1 Yr 3 Yrs

Reliance MIP(G) 0.3% 3.2% 3.3% 14.1%

Crisil MIP Blended Index

0.5% 2.2% 4.0% 7.4%

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Forex

• The Rupee depreciated against USD, GPB, Euro & Yen• The rupee weakened due to global meltdown in equities on

the back of US economic problems along with the euro zonebanking woes

• The slide in global equities world over has increased thedemand for safe-haven currencies like the Japanese yen andthe Swiss franc

• We expect the rupee to continue to weaken given thecontinuous demand for dollars by oil importers. Inanticipation of this, banks have been engaging in buy-sellswaps (buying dollars in spot market and selling in forwardmarket) resulting in a dollar shortage and pushing its valuehigher.

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

• Exports for the month of May increased by 81.7% (y-o-y)while imports increased by 51.5% over last year. The tradedeficit increased to USD 11 bn.

• Capital account balance was positive throughout FY11 andstands at `273133 Cr. for the fiscal while it was 37,298 Cr.for Q4.

• We expect the capital account balance to remain positiveas higher interest rates would make investment in theIndian markets attractive hence drawing investments intothe market.

-10000

40000

90000

140000

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

Capital Account Balance

-20000

-15000

-10000

-5000

0

-200

20406080

100Export Import Trade Balance (mn $)

-0.06

-0.05

-0.04

-0.03

-0.02

-0.01

0.00

USD GBP EURO YEN

15

Commodities

Precious

Metals

Oil & Gas

The recent downgrade by US credit rating to AA+ by S&P hastriggered a bout of selling across all major asset classesbarring precious metals. Gold Futures in the COMEX hasclimbed to a record $1700 an ounce following investors rushto the safer haven. As commodities are likely to correctfollowing global fund liquidation, any dips in gold pricesshould be bought. Coupled with the domino effect on globalstock markets mayhem, gold is entering into a seasonallystrong fourth quarter and gold can only go up. We continueto maintain our year-end target of $1780 an ounce.

The recent bout of global uncertainty have pressurized crudeoil amid concern of double dip recession in the US and globaleconomy slipping into red. We expect crude oil prices havetopped out in the interim and can only move down from hereon. Although, the middle east will be hit by the falling dollarincome and might try to limit their production in order tosupport prices, we believe any such temporary uptick shall notbe sustained. This is obviously a positive news for theemerging markets. Expect crude oil to remain under pressure.

Crude

Gold

15000

17000

19000

21000

23000

25000

27000

29000

30-

Au

g-1

0

30

-Sep

-10

31-

Oct

-10

30-

No

v-1

0

31-

Dec

-10

31-

Jan

-11

28

-Feb

-11

31-

Mar

-11

30-

Ap

r-1

1

31-

May

-11

30-

Jun

-11

31-

Jul-

11

31-

Au

g-1

1

60.0

70.0

80.0

90.0

100.0

110.0

120.0

130.0

30-A

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2010

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2011

Cygnus II

Product Specifications

Issuer Karvy Financial Services Limited

Instrument Secured Redeemable Non-Convertible Debenture

Reference Index MCX Front Month Futures Gold price

Tenor 36/40 Months

Initial Level Reference Index as on Deemed Date of Allotment

Final Level Simple average of reference index on Final Fixing Date

Opening Date 29-August-2011

Closing Date 21- September-2011

Proposed Deemed date of Allotment

29- September-2011

Coupon Max {0%, PR * Gold Performance}

Participation Rate 120%

Principal Protection 100%

Placement Charges 3%+10.30%S.T. on placement charges collected upfront

Objective:

To generate provide enhanced upside participation in gold while mitigating any downside risk and providing capital protection to the investor

16

Real Estate Outlook - I

17

Asset Classes Tier-1* Tier-II**

Residential

Sales are under pressure as usual, Q2 & Q3 of 2011

would clear clouds on possible correction in this

sector. Lot of developers launching new projects

since the existing ones have hit roadblocks due to

high prices. The loading on actual usable area has

seen a sharp rise in Mumbai, Bangalore & Pune,

from an average 20% to 35%, this is another way to

hedge the realty prices. Investors seem to be

interested in under development, pre-launched

projects which clearly give them appreciation

without any possible speculation. RBI credit rate

increase with tightening of construction finance to

developer is only increasing pressure on

developers.

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

demand comes from smaller cities closer to these

Tier-II & III cities

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.

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.

*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 outlook is updated on a quarterly basis

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We are an open-architecture firm at two levels – asset class level and product level :• 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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Contact Us

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