advice for the wise - november'2011
DESCRIPTION
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.TRANSCRIPT
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 ($/bbl) 108.4 3% 34%
Forex
Markets
Rupee/Dollar 48.9 0.1% (8.9%)
Yen/Dollar 78.3 (2.2%) 2.7%
Economic Update - Snapshot of Key Markets
10 yr Gsec
Gold
* Indicates SBI one-year FD
75
80
85
90
95
100
105
110
115
120
125Sensex Nifty
S&P 500 Nikkei 225
6.80
7.30
7.80
8.30
8.80
9.30
29
/Se
p/1
0
29
/Oct/
10
29
/No
v/1
0
29
/De
c/1
0
29
/Ja
n/1
1
28
/Fe
b/1
1
31
/Ma
r/1
1
30
/Ap
r/1
1
31
/Ma
y/1
1
30
/Ju
n/1
1
31
/Ju
l/1
1
31
/Au
g/1
1
30
/Se
p/1
1
31
/Oct/
11
40.0041.0042.0043.0044.0045.0046.0047.0048.0049.0050.0051.00
30
/Se
p/1
0
31
/Oct/
10
30
/No
v/1
0
31
/De
c/1
0
31
/Ja
n/1
1
28
/Fe
b/1
1
31
/Ma
r/1
1
30
/Ap
r/1
1
31
/Ma
y/1
1
30
/Ju
n/1
1
31
/Ju
l/1
1
31
/Au
g/1
1
30
/Se
p/1
1
31
/Oct/
11
`/$
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
30-A
ug-
2010
30-S
ep-2
010
31-O
ct-2
010
30-N
ov-
2010
31-D
ec-2
010
31-J
an-2
011
28-F
eb-2
011
31-M
ar-2
011
30-A
pr-
2011
31-M
ay-2
011
30-J
un
-201
1
31-J
ul-
2011
31-A
ug-
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
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Honest, unbiased advise
19
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20
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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.
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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 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: [email protected] 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