A welcome respite in softening of commodity prices provided some much- needed positive sentiment to the Indian equity markets last month.Most benchmarks recovered quite well from their early lows and are showing definite signs of positive near term movement.
2. Contents
Index Page No.
Economic Update 4
Equity Outlook 8
Debt Outlook 13
Forex 16
Commodities 17
Real Estate 18
2
3. From the Desk of the CIO…
Dear Investor, This is because if the global outlook improves sharply we may
see a smart rally thereby creating concerns of over-valuation
A welcome respite in softening of commodity prices provided in the medium term. Curiously hence the global investors may
some much-needed positive sentiment to the Indian equity choose to increase their allocation to Indian equities amidst a
markets last month. Most benchmarks recovered quite well from scenario which by domestic standards may not count as a
their early lows and are showing definite signs of positive near very positive one. Hence it is prudent to not sit on the
term movement. With global concerns reducing on the back of sidelines in this market
Greek Government agreeing to a tough austerity measures and
thus tiding over the short term liquidity concerns in managing its Debt markets continue to expect a further rate hike in light of
debt, risk appetite seems to have returned amongst global the persistently high inflation. The price hike in diesel is likely
investors. Domestic investors have also taken a cue from the to make it worse still – at least in the short term. We maintain
mildly positive sentiment and are cautiously entering the equity our negative outlook on long term debt and positive outlook
markets. on short term debt as well as short term credit.
A recent study shows that by various measures, India is one of the In the current market scenario, structured products that
most overheated emerging markets. In concrete terms, this means significantly add to the portfolio returns for a mildly bullish
that the economy is operating at or above its productive capacity. market in the medium term are likely to be quite useful. In
In such a case it cannot grow faster unless there are capacity line with our view on Indian equities, we are proposing one
improvements through aggressive investments in infrastructure such option. The idea is generate additional returns for a
and capital formation.. mildly positive performance of the markets while capping the
upside if the markets grow aggressively. This is a valuable
On account of these concerns, our short term outlook continues to addition to one’s portfolio since the rest of the equity
remain cautious while in the medium to long term we maintain portfolio should do well if the markets rally sharply while if
our bullish outlook. Investors would do well to continue investing they remain subdued a well-designed structured product
in smaller amounts now. would boost overall returns.
“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.23” 3
5. Economy Update - Global
• The Conference Board Consumer Confidence Index, which had declined in May to
61.7, decreased further in June to 58.5. Inspite of a 0.2% increase in inflation vs.
US the 0.4% rise last month, the confidence was low due to continuing worries
about the economy’s strength, high unemployment and stagnating wages.
• The m-o-m unemployment rate remain unchanged at 9.1 per cent in June 11.
• Euro-zone PMI fell to 53.8 in June from 55.8 in May 11. The slowing was due to
weakened output growth, lacklustre domestic demand in many countries,
Europe especially the austerity –hit periphery & near stagnation of export sales.
• Unemployment rate in the Euro zone remained unchanged in June‘11 at 9.9%.
• The Japan Manufacturing Purchasing Managers Index (PMI) decline to seasonally
adjusted at 50.7 in June down from May’s 51.3, mainly due to stagnation of new
Japan order levels, reflecting subdued client demand from both domestic and external
sources.
• Japan’s unemployment rate fell to 4.5% in June ’11 from 4.7% in May ’11
• The HSBC China Manufacturing Purchasing Managers Index is down to 11
month low at 50.7 in June from 51.6 in May.
Emerging
economies • Chinese economy is expected to slow down to grow at 9.6% in 2011. The retail
sales increased by16.9 percent year-on-year basis in May
5
6. Economy Outlook - Domestic
16.0% IIP monthly data
14.0%
• The GDP growth rate for Q4 FY11 came in at 7.8% the
12.0% lowest in the year while the Q1 estimates for Q1 and Q3
10.0% were revised upwards to 9.3 (from 8.9) and 8.3 (from an
8.0% earlier 8.2) respectively. The economic growth for the year,
6.0% is 8.5% for 2010-’11 backed by improved farm output and
4.0% growth in the services sector.
2.0%
0.0% • The slowdown in the rate of growth in the last quarter was
May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11
due to poor performance of the manufacturing sector
• Industrial output as measured by the Index of Industrial which grew at 5.5% v/s the 15.2% growth last year. A
Production (IIP) decreased to 6.3% (y-o-y) in April from slowdown was also seen in the mining, trade and hotels
an upwards revised 7.8% in March ’11. This data was while services, including banking and insurance witnessed
according to the new base year (2004/05), new growth in the last quarter.
components and weightings. According to the old series,
the figure for the month stands at 4.4%. • The next year growth target is 8% which we believe is
achievable.
• Manufacturing growth slowed from 18% in the same
period last year to 4.4% in 2011. Mining also slowed
down from 12% last year to 2.1% this year. According to
the old series, low off-take of capital goods was noticed
with production growth at just 2.5% in April 2011
compared with 64.1 % in April 2010 while as per the new
10.0
GDP growth
9.0
series, capital goods registered a growth of 14.5%
8.0
• The IIP figures have been very volatile in the last year. 7.0
We believe that monthly indicators and IIP in isolation 6.0
may not a very efficient way of indicating long term 5.0
growth. We expect the growth to eventually moderate
4.0
out though high input costs may also be a dampener for
FY10 (Q1) FY10(Q2) FY10(Q3) FY10(Q4) FY11(Q1) FY11(Q2) FY11(Q3) FY11(Q4)
manufacturing.
6
7. Economic Outlook - Domestic
Growth in credit & deposits of SCBs • Inflation as measured by WPI decreased
Bank Credit Aggregate Deposits
marginally and was recorded at 9.06% (y-o-y)
30.0%
for the month of May 11 as compared to 8.66%
25.0%
during April 11. The increase was driven by
20.0% higher manufactured goods prices. These
15.0% figures are based on the new base year and
10.0% WPI list.
5.0%
• We expect WPI inflation numbers to moderate
out due to the expected decrease in food
inflation (on the back of a good monsoon) and
• Bank credit growth rose to 21.8 percent in May* the monetary tightening stance by RBI, but
from 21.2 percent in the month of April while increasing fuel prices may be a cause of worry.
Deposits grew by 16.6 percent compared to 16.7
percent in April 2011. 11.0%
Wholesale Price Index
10.0%
• Growth of credit demand and tight liquidity had put
pressure on the banks to raise their deposit rates. 9.0%
We have seen a rate hike of 25 bps in the June policy 8.0%
review but high inflationary pressure may lead the
7.0%
RBI to increase rates further in the coming months.
This increase may dampen the rate of credit growth 6.0%
Oct/10
Jan/11
Jun/10
Mar/11
Aug/10
May/10
Jul/10
Apr/11
May/11
Sep/10
Nov/10
Dec/10
Feb/11
though.
* End of period figures 7
8. Equity Outlook
Looking back at June, the equity markets were flooded with negative news flow on account of high inflation, global turmoil & high
interest rates. We saw RBI raising interest rates by 25bps. Globally, we saw a scare due to solvency issues present in Greece. A crisis was
averted by some deft measures taken by the European and Greek authorities. The month end saw relief rally with a FII’s pumping in
5000 crores in Indian Equity. Global markets also posted the biggest weekly rally in two years driven by easing Greece turmoil. We are
positive on the long term Indian growth story and we consider any short term panic as excellent entry opportunity for equity clients.
The government has hiked fuel prices indicating its intention to take a few politically unpopular but economically sound decisions.
Global Crude oil prices have also come down and have been hovering around 110$/barrel for brent crude. While Inflation would stay at
9% plus levels for next few months, going forward we would expect some respite due to cooling off of food and energy prices. We would
expect interest rates to peak after rising another 25-50bps. An earlier than expected peaking of the inflation numbers would help RBI
reach the end of the tightening cycle earlier than expected. Monsoons are expected to be around 95% of the long term average which
would be sufficient for the Kharif crop.
The short term concerns like inflation, interest rates and high crude prices have largely been discounted by the market. The markets are
trading at a very reasonable valuation of 14 times FY12 earnings. We will have the earning season beginning soon and we expect
Q1FY12 (Y-o-Y) earnings growth to be in the range of 15%-20%. The corporate advance tax numbers have shown a growth of 22% over
last year. We expect the earnings to be led by the banking space. The earnings growth for leading private sector banks is expected to be
between 20%-25% and hence we continue to be bullish on private banks. We also expect IT and Pharma to post good numbers. The
monsoon session of Parliament, also starting in August, could see some reform measures in sectors like Insurance and retail being
announced. We expect the earnings growth and reform action to drive equity market returns in the medium to long term .
8
9. Sector Outlook
Sector Stance Remarks
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
Healthcare Overweight 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
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
E&C Equalweight
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.
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
BFSI Equalweight
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
We prefer “discretionary consumption” beneficiaries such as Cigarettes and branded garments, as the
FMCG Equalweight
growth in this segment will be disproportionately higher vis-à-vis the increase in disposable incomes.
Commodity prices have moved up significantly I last six months due to easy monetary environment.
Metals Equal weight
Positive on the producers of Steel, Copper and Aluminium.
9
10. Sector Outlook
Sector Stance Remarks
Robust volume growth led by some uptick in pricing makes IT an attractive investment. Market
IT/ITES Equalweight share gains led by deeper and wider expansion of global delivery model will drive earnings
growth. Best played through Tier I stocks.
Demand outlook remains robust with strong earnings growth despite raw material price hikes
Automobiles Equalweight and raging competition. We are more bullish on commercial vehicle and agricultural vehicles
segment due to lesser competition and higher pricing power.
Cement demand will certainly grow over the next three years. But the issue is on the supply
Cement Underweight
side. We do see an oversupply situation for the next 3-4 quarters.
We like the growth prospects of power sector but believe that value will be created by
Power Utilities Underweight engineering services providers. Merchant power rates have been sliding downwards and coal
prices have been on the way up putting pressure on return ratios.
The regulatory cap on RoE does not allow a vast value creation opportunity in the
Energy Underweight infrastructure owning companies. We would stay away from oil PSUs, due to issues of cross
subsidization distorting the underlying economics of oil exploration and refinering businesses.
The regulatory hurdles, competitive pressures and leverage prevent any return to high
profitability levels in the short to medium term. The huge capex incurred in the rollout of 3G
Telecom Underweight
services will put further stress on the already stretched balance sheets. Remain cautious on
Sector’s prospects.
10
11. DELTA Portfolio
• DELTA seeks to invest in a portfolio of mutual funds through a PMS route that aims to would provide higher returns than the
blended benchmark.
• The asset allocation between Debt and Equity would be done on the basis of the risk profile of the investor (conservative,
moderate or aggressive)
• There is further allocation into sub-asset classes depending on our views on the same
• The portfolio would be reviewed and rebalanced regularly to maintain the asset allocation and the right selection of funds
Asset Allocation for DELTA:
Asset Class DELTA Conservative DELTA Moderate DELTA Aggressive
Equity 50% 75% 100%
Debt 50% 25% 0%
11
12. Portfolio Performance*
1 Year Since Inception (29/4/09)
Portfolios 3 Months (Absolute)
(Absolute) CAGR
Conservative 0.42% 3.78% 22.03%
Market Return Benchmark** (0.79%) 3.75% 17.01%
Moderate (0.10%) 2.87% 28.20%
Market Return Benchmark** (1.65%) 3.82% 23.06%
Aggressive (0.31%) 4.15% 35.45%
Market Return Benchmark** (2.62%) 2.99% 28.06%
Absolute Return Benchmark 1.50% 6.00% 8.00%
Asset Class Benchmarks
Market Return Benchmark: Equity BSE 200
Market Return Benchmark: Debt Blended Bond Fund Index
Absolute Return Benchmark SBI 1 year Fixed deposit rate
*(Returns as on 30th June 2011)
The performance specified is post expenses.The performance indicated here is based on in-house testing of the portfolio. The portfolio has been offered on the
PMS platform since 23rd November 2010
**The Market Return Benchmark is based on BSE 200 and Blended Bond Fund index, taken in the same proportion as the asset allocation of that variant
12
13. Debt Outlook
8.90 Yield curve
8.80
8.70 • The benchmark 10 yr G-sec yield decreased from
8.60
8.41% in the month of May ‘11 to close at
8.50
8.40 around 8.33% in June‘11.
8.30
8.20 • With no respite from the high inflation in spite
8.10
8.00 of monetary tightening, we may see a few more
7.90 interest rate hikes in the year.
(%)
0.02
0.98
1.94
2.90
3.85
4.81
5.77
6.73
7.69
8.65
9.61
10.57
11.53
12.48
13.44
14.40
15.36
16.32
17.28
18.24
19.20
• In the last month, we saw tight liquidity in the 8.60
beginning of the month on account of the 8.40
10-yr G-sec yield
advance tax outflows but in the second half, as 8.20
the money supply increased, a decline was seen
8.00
in the shorter term yields.
7.80
7.60
• We expect yields across the yield curve to remain
7.40
at elevated levels. High inflation, monetary
7.20
tightening and rising credit growth will keep the
yields at the longer end range bound.
13
14. Debt Strategy
Category Outlook Details
We recommend short term bond funds with a 6-12 month
investment horizon as we expect them to deliver superior
Short Tenure returns due to high YTM. We have seen the short term yields
Debt harden due to reduced liquidity due to expected advance tax
outflows and consecutive rate hikes prompted by inflationary
pressures. Hence, Short term bond funds and FMPs provide
an interesting investment option.
Some AA and select A rated securities are very attractive at
the current yields. A similar trend can be seen in the Fixed
Credit Deposits also. Tight liquidity in the system has also
contributed to widening of the spreads making entry at
current levels attractive.
With tight liquidity and inflationary pressure being high, we
expect more rate hikes in the current year. As the inflationary
Long Tenure pressure begins to settle down, these may be attractive
Debt investments but currently, we would recommend staying out of
the longer term investments.
14
15. Pegasus I
Objective: Payoff Scenario:
To generate superior payoff with a coupon of 13% amid The structures pays a contingent coupon of 13% along with 100%
participation in the market on the upside. participation on the reference index, subject to a knockout event at
120% of the initial level.
To generate absolute positive return even if the return on
reference index is negative (up to ~10%) amid principal In the event of a knockout event happening, the structures pays a
protecting below contingent level. coupon of 13%.
Nifty Hybrid Product Specifications Payoff At Maturity
Issuer Karvy Financial Services Limited If Final Level >= Knockout Level Principal * (1 + Coupon )
If Initial Level < Final Level < Principal * (1 + Coupon +
Instrument Secured Redeemable Non-Convertible Knockout Level PR * {Final Level /Initial Level – 1})
Debenture
If Initial Level > Final Level >= Principal * (1 + Coupon )
Reference Index S&P CNX Nifty Index
Contingent Level
Tenor 14 / 15 Months If Final Level < Contingent Principal
Level
Initial Level Reference Index as on Trade Date
40%
Final Level Reference Index as on Trade Date + Nifty Return Structure Payoff
30%
14M
20%
Knockout Level 120% of Initial Level
10%
Contingent Level 90% of Initial Level
0%
Coupon 13% -25% -15% -5% 5% 15% 25%
-10%
Participation Rate 100%
-20%
Note: Graph not to scale and pricing is indicative only
Principal Protection 100% -30%
15
16. Forex
Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
80 0
3.0% 60 Export Import Trade Balance (mn $)
-5000
40 -10000
2.5% 20
0 -15000
-20 -20000
2.0%
1.5%
1.0%
• Exports for the month of May increased by 56.9% (y-o-y)
0.5%
while imports increased by 54.1% over last year. The trade
0.0% deficit increased to USD 14.9 bn.
USD GBP EURO YEN
-0.5% 140000
Capital Account Balance
-1.0%
90000
• The Rupee appreciated against USD & GBP and depreciated
40000
against the Euro & Yen.
-10000
• Appreciation was witnessed due to FII inflows on account of FY 10 (Q1) FY 10 (Q2) FY 10 (Q3) FY 10 (Q4) FY 11 (Q1) FY 11 (Q2) FY 11 (Q3) FY 11 (Q4)
rise in domestic markets coupled with decline in country’s
food inflation. Appreciation against USD was also due to • Capital account balance was positive throughout FY11 and
overall weakness seen in dollar against other currencies. stands at `273133 Cr. for the fiscal while it was 37,298 Cr.
for Q4.
• The GBP also depreciated against the Euro as the • We expect the capital account balance to remain positive
policymakers decided to keep the interest rates at record low as higher interest rates would make investment in the
for the month while the Euro appreciated after the Greek Indian markets attractive hence drawing investments into
Parliament approved the Austerity Bill. the market.
16
17. Commodities
23000
Gold prices tumbled as Greece progressed in staving off a 22000
Gold
21000
default amid US ending QE2, softening the prices of the 20000
commodities. This fall has deteriorated the technical strength 19000
that Gold has been exhibiting for a while. Further, ECB is likely 18000
Precious 17000
to hike the benchmark interest rate by 25bps as the Greek risk 16000
Metals of default has subsided; which will further put pressure on the 15000
yellow metal. On the flip side, the renewed strength in the
dollar will keep a lid on the gold prices for some time to come.
We expect precious metal to stay subdued in the days to come.
.
130.0
Crude
120.0
Oil prices witnessed a downtrend following a surprise 110.0
inventory release by the IEA. Nevertheless oil prices are well 100.0
supported on the lower side. Given the economic situation 90.0
Oil & Gas amid recent strong equity performance along with the implied 80.0
summer demand (in the US), oil prices are likely to rule firmer 70.0
60.0
and the trend is positive.
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
10 10 10 10 10 10 10 11 11 11 11 11 11
18. Real Estate Outlook - I
Asset Classes Tier-1* Tier-II**
Sales are under pressure as usual, Q2 & Q3 of 2011 The demand is keeping the Tier II cities afloat, the
would clear clouds on possible correction in this infrastructure development in these cities have
sector. Lot of developers launching new projects made the residential development spread across the
since the existing ones have hit roadblocks due to city limits. On an average price is still affordable. Key
high prices. The loading on actual usable area has development developer are seeing demand of 3BHK
seen a sharp rise in Mumbai, Bangalore & Pune, and luxury development but are only doing well if
from an average 20% to 35%, this is another way to the project size is limited to 100-150 units. The
Residential
hedge the realty prices. Investors seem to be trend seems to be favorable since there is lot of
interested in under development, pre-launched demand comes from smaller cities closer to these
projects which clearly give them appreciation Tier-II & III cities
without any possible speculation. RBI credit rate
increase with tightening of construction finance to
developer is only increasing pressure on
developers.
Still in the shadows of over-supply and cautious Commercial segment not that significant, but unlike
expansion approach by corporate, this segment Tier-I the price differentiation is double favoring
has gone through correction. Rates per sqft have commercial since most of them are in CBD areas.
seen almost 30% down-trend and will be stagnant
Commercial/IT 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.
18
19. Real Estate Outlook - II
Asset Classes Tier-1* Tier-II**
The FDI allowance is given lot of impetus to this Retail is slow in these markets; unorganized markets
sector, its been now almost 3 years since retail has are still a hot choice. Most high-street locations are
seen a major transformation on all its business expensive to own thus have a high lease rental and
aspects and have been built to suit Indian way for have witnesses heavy churn. Investment would
consumerism. Low cost, high reach, heavy variety, always have capital protected due to dearth of
less innovation, existence with competition, available space.
Retail 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
Most interesting times, traded now more as Still available cheaper, plotted development is a hit
commodity, very fastly getting absorbed, locked. since the trend of standalone homes are prevalent.
Non-real estate sector see immense opportunity
Land since it can be used as tangible and most credible
pledge against business
19
20. International Investing: Superfund
Introduction Product Features
• Superfund is a group of investment companies with reach • Superfund A2 is available in Dollar, Euro and Gold
across 20 countries – predominantly in Europe, followed by US denominations. The minimum ticket size is $5,000 or €5,000.
and Asia. It was founded in 1996. The investment can be made from Indian money taken abroad
• Superfund group manages a number of funds – all of which use in line with the RBI limit of $200,000 per person per year.
exclusively futures contracts in commodities, currencies, stock Alternately, it can be made from funds available with the
indices and bonds across several global exchanges. Hence the investor in a foreign bank account.
product belongs to the asset class of “Managed Futures”. Fund manager/strategy
• It can be thought of as an alternative investment avenue with • Superfund does not employ human fund managers. Its
focus on absolute returns – in a manner similar to hedge investment strategy is that of trend following. It focuses on
funds, but with greater regulatory oversight and restriction to spotting definitive trends in the markets and entering/exiting
trading in only highly liquid futures. The investment strategy the markets on the basis of pre-determined rules. It is
used by Superfund Funds is algorithmic trading focused on illustrated in the graph below.
trend following. Performance
2011 (YTD) 2010 2009
Superfund Green Gold
A SPC 2.3% 38.86% -17.11%
Barclays CTA Index (1.23%) 5.47% -0.10%
20
21. AEGON Religare Rising Star
AEGON Religare Rising Star is unit linked child plan. It helps to build a corpus for child. The parent is life assured and in case
of parent’s death during this tenure all future premiums would be waived off. The company would continue to fund all future
basic premiums to policy fund value when due. Additionally, amount equal to annualised premium would be payable to child
at start of each policy year till maturity. On maturity fund value would also be payable to child.
Some of the key features of the plan are :
•Plan can be bought by parent in the age group of 18-60 years for child aged between 0-15 years .
•Policy term is 25- current age of the child and premium paying term is equal to policy term.
•Inbuilt income benefit option in case of prospers / parent’s death. This option pays amount equal to annualised premium to
beneficiary (child) till maturity of the plan from the date of death of parent without paying any additional premium.
•Low charging structure make it highly competitive when compared to its peers.
•Option to have upto 300% of the minimum basic sum assured as coverage amount providing enhanced protection.
•Option to select Invest Protect Option, in this option it is possible to gain from investment in equity market and also
minimizes the risk to returns as policy nears maturity. In this option money is systematically shifted from Accelerator Fund to
Secure Fund during the last 3 policy years.
•Auto-rebalancing - At the end of every policy year, this feature automatically rebalances the allocation of investments in
various funds to the allocation proportions chosen by investor.
21
22. Why Karvy Private Wealth?
Leveraging breadth of related businesses that KARVY is in
KARVY is an integrated financial services group, with Karvy Private Wealth being one of its arms. The entire
group’s strengths are leveraged to provide end-to-end wealth advice to Karvy Private Wealth clients. For
example, SME clients can receive advice on their personal wealth while also getting investment banking advice
from the I-banking arm of Karvy.
Maximum choice of products & services
KARVY Private Wealth offers the widest breadth of products and services, providing clients a variety of options
through a single contact. Products and services include equities, debt instruments, commodities, Mutual Funds,
Insurance, Structured Products, Financial Planning, real estate advice, etc.
Product-neutral advice
We ensure that our recommendations are 100% product-neutral and unbiased because unlike other players,
we are neither tied up with any one particular insurance company nor do we have our own mutual funds.
All-India presence
Set to have business in 20 - 25 cities we are poised to cater to families and businesses spread across multiple
cities in India providing them with combined and integrated advice. For one-off services, if required, we can
also leverage KARVY Group’s presence in 400 cities.
22
23. Disclaimer
The information and views presented here are prepared by Karvy Private Wealth 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 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 from time 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 of shares or other securities till such a time this recommendation has
either been displayed or has been forwarded to clients of Karvy. All employees 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 consult their respective tax advisers to understand the specific tax incidence applicable to them. We also expect
significant changes in the tax laws once the new Direct Tax Code is in force – this could change the applicability and incidence
of tax on investments
23
24. Contact Us
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Chennai 044-45925923
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Hyderabad 040-44507282
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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
24