karvy private wealth - advice for the wise - july 2010
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ADVICE for the WISE
Newsletter – July’10
2
Economic Update 4
Equity Outlook 7
Debt Outlook 16
Insurance 19
Forex 21
Commodities 22
Index Page No.
Contents
Dear Investor,
Last month, RBI has raised its repo rate by 0.25% to 5.5%
and reverse repo rate by 0.25% to 4%. This has come on
the back of relatively robust GDP growth and continued
concerns on the inflation front. The economic growth in
recent quarters has been quite robust and the forecast of
growth in the next year has been revised upwards recently.
On the other hand inflation has continued to rise in recent
months. May inflation was as high as 10.2% and is
expected to rise further.
As the growth momentum continues and so do worries on
inflation, RBI is expected to raise the rates further in its
July 27th monetary policy announcement. We believe the
impact of the rate hikes on the equity markets to be fairly
muted. However, it will certainly dampen the possibility of
a break out on the higher side for equity markets in the
next 2-3 months. The effect on the debt markets would be
a rise in the yields. Yields may inch further up due to
expectation of another hike.
Positive domestic economic growth outlook augers well
for profit growth of listed Indian companies. Hence profit
driven price increase of Indian equities looks quite
reliable. The other angle of valuation changes is
complicated by differences in the growth rates of Indian
economy and global economy.
The global cues have been fairly mixed through lastmonth. The Eurozone crisis has become broader butless immediate than what it was in Greece alone. Theassessment of the US Federal reserve regarding thehealth of US economy has become more cautious inrecent weeks. Renewed concerns of a real estatebubble in China have dampened investors’sentiments further. A climate of mild caution globallywould be a positive for India. On the other hand panicdue to a specific and sharp negative event on theglobal level might lead to flight to safety on the part ofglobal investors.
As a result, investors should be prepared to moveinto equities in either scenario. Continuity of neutralglobal economic outlook is sufficient to graduallyinvest in Indian equities. On the other hand, eventdriven corrections should be consideredopportunities to move aggressively in Indian equities.
Real estate markets across the country have revivedsignificantly. The medium term outlook on real estateremains positive for tier 1 cities and cautious for tier 2cities. Residential real estate demand has risen due topent up demand from the lack of transactions during2008 and 2009. The improvement in commercial andretail real estate has been more muted owing tooversupply created during the boom period.
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.24
Change over
last monthAs on
June 30th 2010
Equity markets
Debt markets
Commodity markets
Forex
markets
Change over
last year
6
6.5
7
7.5
8
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
(%)
10 yr G-sec yieldLine 2Line 3Line 4Line 5Line 6Line 7Line 8Line 9Line 10Line 11Line 12Line 13Line 14Line 15Line 16
* Indicates SBI one-year FD
17,7015,3121,0319,383
7.54% 5.58%6.00%
2,95118,805
74.1
46.688.7
4.5%4.4%
(5.4%)(3.9%)
(1 bps)28 bps(0 bps)
0.1%2.3%7.7%
0.3%(2.7%)
22.1%23.8%12.1%(5.8%)
53 bps258 bps
(100 bps)
1.4%29.2%72.7%
(2.6%)(6.9%)
BSE SensexS&P NiftyS&P 500 Nikkei 225
10-yr G-Sec YieldCall MarketsFixed Deposit*
RICI IndexGold (Rs/10gm)Crude Oil ($/bbl)
Rupee/DollarYen/Dollar
Snapshot of Key Markets
4
2,500
2,700
2,900
3,100
3,300
3,500
Jun-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oct-
09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
RICI index
44
45
46
47
48
49
50
Ju
n-0
9
Ju
l-0
9
Au
g-0
9
Se
p-0
9
Oct-
09
No
v-0
9
De
c-0
9
Ja
n-1
0
Fe
b-1
0
Ma
r-1
0
Ap
r-1
0
Ma
y-1
0
Ju
n-1
0
Rupee/Dollar
5
US
Europe
Japan
Emerging economies
• China’s purchasing managers’ index released by HSBC Holdings Plcdropped to a 4-month low of 50.4 from 52.7 in May as output and neworders dropped outright for the first time since the depths of the globaldownturn in March 2009.
• The Conference Board Consumer Confidence Index which had been on
the rise for three consecutive months, declined sharply in June and now
stands at 52.9, down from 62.7 in May indicating growing uncertainty
about the future state of the economy and labor market .
• US m-o-m unemployment rate edged down to 9.5 per cent in June 10.
• Euro-zone purchasing managers index for June fell to 56.0 from 56.4 inMay indicating a slow pace of growth.
• Unemployment in the Euro zone remained at a record 10% in May for thethird month running with almost 16m people out of work.
• The industrial production grew by 0.8% in April from the March levelwhich is a 9.5% rise on a 12-month comparison.
• Though at a YoY increase of 20%, Japan’s industrial production slipped0.1% in May from the previous month marking the first decrease in threemonths.
• Japan’s unemployment rate increased in May 10 (m-o-m) to 5.2% from5.1% in April 10.
Economy Update - Global
6
Economy Outlook - Domestic
• The GDP growth rate for FY10 came in at 7.4%;better than the estimated 7.2% for FY10 with FY10Q4 GDP figure coming in at 8.6%.
• For FY10, growth in construction sector remainedunchanged at 6.5%, while industry and servicesgrew at 9.3% (vs 8.2% ) and 8.5% (vs 8.7%) year onyear.
• The Finance ministry is targeting FY11 growth at~8.50%. We believe the current target is sustainableas we expect manufacturing and service sectors tocontinue to drive growth in the next few quarters,even as farm output stages a turnaround.
IIP monthly data
GDP growth
• Industrial output as measured by the Index ofIndustrial Production (IIP) grew by 17.6% (y-o-y)in April 10; with growth seen across all sectors.The manufacturing sector in April grew 19.4% asagainst 0.4% a year earlier
• We believe the growth in IIP will shift fromconsumption led sectors to manufacturingsectors as the economy keeps improving.
Economic Outlook - Domestic
• Bank credit growth further improved in the month ofMay as it increased by 17.1% as compared to 17.0%in the month of April 2010
• We expect credit growth to further improve in thenext few quarters and settle at ~20% levels on theback of improving business confidence and declinein risk aversion on the part of banks as theeconomic recovery gathers momentum.
8
13
18
23
28
M ay-09 Jul-09 Sep-09 N o v-09 Jan-10 M ar-10 M ay-10
(%)
Bank Credit Aggregate Deposits
• Inflation as measured by WPI stood at 10.16%(y-o-y) for the month of May-10 as compared to9.59% during April 10
• We expect WPI inflation numbers to increase incoming months due to a direct fall out of the fuelprice hike and wearing off of high base effect butexpect moderation in m-o-m inflation numbersas the RBI continues its monetary tighteningstance.
Growth in credit & deposits of SCBs
Inflation
-4
-2
0
2
4
6
8
10
12
14
Apr-
08
Jul-
08
Oct-
08
Jan-
09
Apr-
09
Jul-
09
Oct-
09
Jan-
10
Apr-
10
(%)
7
8
Equity Outlook
• FIIs invested Rs. 10,244 Cr. in equities in the month
of June alone as the markets remained relatively
stable throughout the month on cues of stable
macroeconomic indicators.
• Mutual Funds sold around Rs. 1,092 Cr in the month
of June as Corporates exited the markets to fulfill
their advance tax liabilities for the quarter.
• Substantial improvement in sales was witnessed in
Q2 & Q3 mainly in consumption oriented sectors of
the economy.
• We expect improvement in sales in upcoming
quarters; especially in the manufacturing space as
domestic demand picks up.
• Recent Q3 & Q4 numbers have beaten estimates
with higher sales and better operational efficiency
aiding profit growth.
• Margins are expected to remain stable in the
following quarters as lower interest costs are offset
by higher raw material costs
FII & MF data Sales growth
Profit growth
Overweight
Neutral
Recommendation Sector Rationale
Sector Outlook
9
Power Positive on Power cos. with installed capacity, Power
equipment manufacturers and EPC contractors
Auto Auto stocks look fully priced. Despite upbeat sales
expectations, expect margins to come under pressure
Capital Goods We expect the capex cycle to once again gather steam as
demand picks up. Positive on manufacturing companies
Oil & Gas The oil companies are expected to benefit from the deregulation
of oil prices; positive on upstream oil companies and refineries.
Banks Credit off take to improve driving core earnings growth and
NPAs to decline as economy recovers.
Cement Despite large capacity build-up, no sustained pressure seen
on sales realization as demand growth is equally strong.
Higher capacity of the existing players will help post strong
profit growth and improved ROE
IT Upside capped in IT stocks due to the depreciating Euro and
higher employee costs compressing profit margins.
Consumer Goods Sector currently enjoys rich valuations and is unlikely to see
any P/E upgrades or earnings upgrades in the medium term.
Our Equity MF Recommendations
Return below one year is absolute and above one year is CAGR
Performance as on 30th June, 2010turn below one year is absolute and above one year is CAGRPerformance as on 30th June, 2010
1 year return
3 year return Since Inception AUM (Cr.) Date of Inception
Core Diversified
HDFC Top 200 Fund 35.4% 17.3% 23.9% 7,220 03/09/1996
Franklin India Prima Plus 31.3% 9.1% 21.0% 1,727 29/09/1994
DSPBR Top 100 Equity Fund 29.8% 13.1% 35.7% 2,679 11/03/2003
Nifty 23.8% 7.1%
Aggressive Equity
DWS Investment Opportunity Fund 31.9% 12.3% 22.7% 178 10/02/2004
HDFC Growth 42.0% 14.1% 23.6% 1,279 11/11/2000
Reliance Growth 40.8% 14.2% 29.6% 7,353 08/12/1995
Mid and Small Cap
IDFC Small & Mid Cap Equity Fund 55.9% N/A 26.6% 650 07/03/2008
Reliance RSF Equity Fund 38.4% 19.5% 23.9% 2,635 12/06/2005
Birla Mid Cap 47.7% 13.3% 36.0% 1,757 16/10/2002
CNX Mid Cap 49.8% 10.8%
10
Our Equity MF Recommendations
1 year return 3 year returnSince
InceptionAUM (Cr.)
Date of Inception
Index/ETFs
Benchmark Nifty BeES 24.8% 7.9% 22.5% 537 28/12/2001
Benchmark Junior BeES 45.0% 9.0% 35.6% 208 21/02/2003
Balanced
HDFC Prudence Fund 44.8% 16.2% 19.9% 3,992 01/02/1994
DSPBR Balanced Fund 31.3% 12.7% 17.9% 672 27/05/1999
Birla SL Balance 95 30.7% 13.3% 24.8% 290 28/03/1995
Sector / Thematic
Sundaram Capex Opportunities 27.5% 7.8% 21.0% 542 29/09/2005
Reliance Banking Fund 44.5% 23.9% 35.6% 1,121 28/05/2003
Reliance Diversified Power Sector Fund 29.1% 23.1% 40.3% 5,320 10/05/2004
Nifty 23.8% 7.1%
Crisil Balanced Index 16.5% 8.5%
Return below one year is absolute and above one year is CAGRPerformance as on 30th June, 2010
Return below one year is absolute and above one year is CAGRPerformance as on 30th June, 2010
11
Motilal Oswal – MOSt 50 NFO
Overview
A fundamentally Weighted ETF based on the S&P
CNX Nifty Index. The MOSt 50 basket consists of all
50 stocks of Nifty but in a proportion determined by
using a pre-defined methodology that assigns
weights based on stock’s fundamentals (ROE, net
worth, retained earnings & price) against market cap
based weights used in Nifty.
Issue Terms
• Entry Load : Nil
• Exit Load : Nil
•
Minimum Application amount :Rs. 10,000 & in
multiple of Rs. 1 thereafter
• NAV offer price :During NFO period MOSt Shares
M50 (units) will be allotted at 1/100th of M50 basket
Value
• NFO Period : 30th June 2010 to 19th July 2010
Positives
• Higher allocation to stocks with superior
fundamentals & reasonable valuations giving a
higher upside potential.
• It combines the benefit of active algorithmic
allocation & passive execution protecting
investors from any fund manager bias
• Lower cost structure as compared to a traditional
investment product
• Real time prices – ETFs can be traded on real
time ‘spot’ prices on the exchange, unlike mutual
funds which can be bought/sold only at end of day
NAVs
• Speedy & Easy execution – Real time execution of
buy-sell orders through any broking account thus
offering intraday liquidity
• No Entry or Exit loads
12
13
• The structure is for those investors who are mildly bullish on the market and would not like to take "end of the period" or
"point-to-point" risk on the market.
Tenure15 / 18 Months
Participation Rate110%
Principal Protection100%
Initial LevelAverage of Nifty at 1M, 2M, 3M
Final LevelAverage of Nifty at 13M, 14M, 15M
KO Rebate14% [absolute]
KO Level120%
If KO is not triggered1.1 * Max { 0, Final Level/Initial Level - 1}
Barrier Observation Frequency Monthly from 4M to 12M
Nifty Linked Debentures
Nifty linked - Knockout structure
14
Option 1 Option 2 Option 3 Option 4
Nifty depreciates or
appreciates by 0%
Nifty appreciates
by 10%
Nifty appreciates
by 19.99% Knock Out @ 20%
Indicative Yield 0% 11% 21.99% 14%
Tenure (Days) 548 548 548 548
Indexation Rate 6.32% 6.32% 0.00% 0.00%
Upfront Expenses 2% 2% 2% 2%
Face Value (Rs.) 100 100 100 100
Investment Amount 102 102 102 102
Value of FV after indexation 106.32 106.32 100.00 100.00
Absolute Return (%) 0.00 11.00 21.99 14.00
Total 100 111 121.989 114
Taxable Amount (LTGC with indexation) 0.00 4.68 19.99 12.00
Tax Rate 22.66% 22.66% 11.33% 11.33%
Tax Incidence 0.00 1.06 2.26 1.36
Variable Expenses 0% 0% 0% 0%
Cash Flow (net of taxes) 100.00 109.94 119.72 112.64
Absolute Post Tax Return (%) 0.00 9.94 19.72 12.64
XIRR 0.00% 6.52% 12.74% 8.25%
The indicative yields are expected to be in the range of 0% to 12.60%. The yield mentioned in the calculation is only indicative and inno way assures the exact yield of the portfolio. The exact portfolio would be determined after the portfolio is constructed. PastPerformance may or may not be sustained in future Please consult your tax advisor before investing.
Payoff Structure – Scenario Analysis
Investment Rationale
• Our in house view on Nifty is bullish, based on our assessment that the domestic economy will grow at near
double digit levels led by strong growth in industry and services and resurgence in agriculture which will help drive
corporate earnings growth at a CAGR of 18% to 20% over the next three years.
• The product provides 110% participation on the Nifty and also provides 100% capital protection; thereby protecting
the downside completely and providing returns higher than actual Nifty performance.
• In case of any sharp up swings, the product ensures a coupon of 14%.
• There is no end of period risk.
Risks
• Credit risk of the issuer. However, the debentures will be secured partly by way of creation of charge on
immovable property and partly by way of hypothecation / floating charge on the current assets and / or receivables
and / or other movable tangible and / or intangible assets and/or any other asset of the issuer and / or its affiliates
subject to the satisfaction of the debenture trustee.
Taxation
• As it is a listed debenture, it will be taxed at 10.3%
Nifty Linked Debentures
15
16
Debt Outlook
3
5
7
9
1 4 7 10 13 16 19
Yrs
(%) • The benchmark 10 yr G-sec yield increased from
7.4% in May to settle around 7.54% in the month
of June. With high inflation numbers, we see the
RBI tightening its monetary stance in the coming
review.
• We believe that future monetary tightening
measures is unlikely to a major impact on the
longer end of the yield curve. We expect the 10 yr
G-sec yields to remain in the broad range of 7.25
– 8.0% in the next few quarters.
10-yr G-sec yield
Yield curve
• We expect yields at the longer end of the yield
curve to remain stable. High inflation, monetary
tightening and rising credit growth will keep the
yields at the longer end range bound.
• Short term liquidity concerns arising from 3G
auctions and advance tax payments will keep
yields at the shorter end at elevated levels.
• Due to rising inflationary expectations, we expect
further interest rate hikes by RBI in the July policy
review.
6
6.5
7
7.5
8
8.5
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
(%)
Debt Strategy
We recommend liquid plus funds for short-term parking of
money (up to two months). We expect returns from this
category of funds to improve as the RBI continues to exit
its loose monetary stance and as liquidity becomes tight.
OutlookCategory Details
Liquid Plus
Long Tenure Income Funds
We expect yields at the longer end of the yield curve to
remain stable. Yields may remain in the broad range of
7.25 – 8.0% in the next few quarters. This may be an
attractive investment once the inflationary pressure in the
economy settles down.
MIPs
MIPs should be considered as an investment option; given
the low returns in debt instruments. A 15%-20% equity
kicker should deliver superior returns as compared to
pure debt instruments.
17
Short Term Bond Funds
We recommend short term bond funds with a 6-12 month
investment horizon as we expect them to deliver superior
returns due to high YTM and concerns over credit quality
ease as the economy recovers, thereby prompting ratings
upgrade.
Fund3 months
(%)6 months
(%)1 year (%)
Since Inception
AUM (Cr.)Date of
Inception
MIPs
HDFC MIP LT 3.3% 5.0% 15.3% 12.6% 6,161 29/12/2003
Birla SL MIP II Savings 5 1.6% 2.7% 6.5% 8.7% 1,793 22/05/2004
Liquid Plus Funds
Reliance Medium Term Fund 1.3% 2.5% 4.9% 6.9% 13,942 25/09/2000
HDFC CMF- Treasury Advantage Plan 1.2% 2.3% 4.7% 6.9% 31,521 03/01/2000
Birla SL Floating Rate - LTP 1.3% 3.0% 7.2% 6.9% 587 05/06/2003
Short Term Funds
Birla Dynamic Bond Fund 1.6% 3.4% 6.8% 8.2% 8,613 30/09/2004
Reliance Short Term Fund 1.6% 2.8% 5.9% 7.8% 8,613 23/12/2002
Reliance RSF Fund – Debt Option 1.5% 3.1% 7.2% 5.0% 2,890 12/06/2005
Kotak Credit Opportunities Fund NA NA NA 6.3% 283 11/05/2010
Templeton India Income Opportunities Fund
2.2% 4.9% NA 9.9% 2,653 21/12/2009
Income Funds
ICICI Pru Income Plan 1.6% 1.7% 3.3% 9.7% 789 19/06/1998
Canara Robeco Income Fund 2.6% 3.0% 4.9% 9.2% 217 19/09/2002
Returns are absolutePerformance as on 30th June, 10
Our Debt MF Recommendations
18
19
Our Top Life
Insurance Recommendations
Term PlansBirla Sun Life High Net Worth Term Plan*
HDFC Standard Life – Term Assurance PlanICICI Pru Life Insurance Pure Protect
Metlife – Suraksha Plus
Pension PlansTATA AIG Invest Assure Future Plus
Child Plans
Kotak Headstart Future Protect
Birla Sun Life Children Dream Plan
Max New York Life Shiksha Plus
Annuity PlansICICI Pru Life Immediate Annuity
ULIPsKotak Platinum EDGE
Birla SL Platinum Premier
Our Top Health
Insurance Recommendations
Family CoverStar Family Health OptimaApollo Munich Easy Health Standard
Annual PremiumRs.6,875
Rs.9,999
Both policies cover self, spouse and 2 dependent childrenEntry Age for Apollo is 3 months – 60 yrsEntry Age for Star Health is 5 months – 60 yrs
Sum AssuredRs. 5 LRs. 5 L
Health Cover – Senior CitizensStar Health Senior Citizens Red Carpet
Sum AssuredRs. 2 L
Annual PremiumRs. 9,326
Loss of income coverageTATA AIG Life Health First
Annual PremiumRs. 13,605
Entry age is 60-69 years
Critical IllnessHDFC Critical Care Plan
Sum AssuredRs. 5 L
Annual PremiumRs. 3,465
Assuming an individual of 30 yrs of age and policy term of 20 years
20
Sum AssuredRs. 2 L
21
Forex
•The Rupee appreciated v/s the US dollar and the Euro
in the month of May due to uncertainties emerging in
Euro zone economies and slow pace of recovery in
the U.S..
• Our medium term view is that the rupee is likely to
strengthen further in 2010. Higher interest rates in
India would attract large capital flows. Moreover the
government is expected to simplify the rules on
foreign inflows to facilitate larger foreign capital
inflows in the form of FDI
Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
Capital account balance
• Exports for the month of May increased by 35.1%
y-o-y while imports increased by 38.5% increasing
the trade deficit to USD 11,292 Mn.
• Capital account balance was positive in the first
nine months for FY10
• We expect the capital account balance to remain
positive due to expectations of higher interest
rates; thereby attracting inflows and buoyant
equity markets
22
Commodities
40
70
100
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Oil
($ /
bb
l)
Precious
Metals
Oil & Gas
Agri
• Prices of essential commodities have seen a marginal
increase in the last month. But, due to expectations of
higher production output, we see the prices declining in the
coming months
• A favorable Rabi output to further cool prices in the medium
term
Base
Metals
• The data released regarding consumer confidence, jobless
claims and lower vehicle demand in the last month suggest
a decrease in metal prices in the shorter term but as the
markets stabilize over the next six months, we could expect
a modest uptrend in prices.
• Gold likely to trade higher as low interest rates in the
west enhances Gold’s alternate investment demand
Gold prices likely to average $1,200/oz on Comex and
Rs. 17,900/10 gm on MCX, for the next six months.
• Though last month the crude prices increased by 7.7%, but
they are expected to trade lower in Q2 due to no significant
seasonal demand (Q2 is the maintenance season for
refineries)
• Natural gas prices to trade lower in Q2 owing to speculation
over weak demand.
800
850
900
950
1000
1050
Jun-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oct-
09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
RICI Agri
1,500.00
1,700.00
1,900.00
2,100.00
2,300.00
2,500.00
2,700.00
Jun-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oct-
09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
RICI Metal
14000
15000
16000
17000
18000
19000
20000
Gold 10 gm
23
Why Karvy Private Wealth?
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.
Leveraging breadth of related businesses that KARVY is in
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.
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.
All-India presence
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.
Product-neutral advice
24
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
25
Contact Us
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Email: wealth@karvy.com SMS: ‘HNI’ to 56767 Website: www.karvywealth.com
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Mumbai – 400 051
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