Eupdts March11-Indian & Global Economic Indicators

March 2011Surge Research Supportwww.ecofin-surge.co.in

Indian & Global Economic and Financial Market Indicators Contents Page 1. Important Rates to Remember ………… 3 2. Indian Economy — Growth Indicators ………… 4 3. Indian Economy — Price Indicators ………… 6 4. Indian Economy — Banking Indicators ………… 7 5. Indian Economy — Exchange Rates ………… 9 6. Indian Economy — Interest Rates ………… 11 7. Indian Economy — Stock Markets ………… 14 8. Indian Economy — Capital Flows ………… 17 9. Indian Economy — Commodity Markets ………… 20 10. Global Economy — Economic Indicators ………… 22 11. Global Economy — Stock Indices ………… 23 12. Global Economy — Commodity Indices 24 Special Feature Highlights of Economic Survey & Union Budget 2011-201225 www.ecofin-surge.co.inE-UpDates March 2011 2 Surge Research Support

GDP IIP 2010-11 8.60% Dec-10 1.60% 2009-10 7.40% Dec-09 18.00% (Apr-Dec) As on 28-Feb-11 28-Feb-10 As on 28-Feb-11 28-Feb-10Bank rate 6.00% 6.00% CRR 6.00% 5.50%Repo rate 6.50% 4.75% PLR/Base rate* 8.25-9.50% 11.00-12.00%Reverse repo 5.50% 3.25% CMR 5.50-7.15% 2.00-3.40% Inflation (WPI) Oil Price (World Average) Jan-11 8.23% Feb-11 98.30 Jan-10 8.53% Feb-10 73.04 Spot Price FOB $ per barrel $/Rupee Rate Purchasing Managers Index February 28-Feb-11 45.80 HSBC Markit Mnfg. PMI 57.9 26-Feb-10 46.23 HSBC Markit Services PMI 60.2RBI Reference rate For Global rates visit: www.ecofin-surge.co.in/at-a-glance.html *Base rate has been introduced since 1st Jul, 2010. For explanations visit http://www.ecofin-surge.co.in/terminology.html E-UpDates March 2011 3 Surge Research Support

Growth Indicators GDP Growth Rates Q1 Q2 Q3 Q4 FY 2010-11 8.9 8.9 8.2 8.6 2009-10 6.3 8.6 7.3 7.4GDP[at Constant(2004-05) prices] Q2-2010-11 Rs.Crore YoY Growth Q3-2010-11 Rs.Crore YoY Growth (Jul-Sep) (Share in (Oct-Dec) (Share in GDP) GDP) (%) (%) 1 Agriculture, Forestry & Fishing 130,335 4.4 219,494 8.9 2 Mining & Quarrying 25,444 7.9 28,118 6.0 3 Manufacturing 188,919 9.8 190,767 5.6 4 Electricity, Gas & Water Supply. 23,036 3.4 23,151 6.4 5 Construction 93,294 8.7 94,566 8.0 6 Trade, Hotels, Transport and Communication 317,716 12.1 330,032 9.4 7 Financing, Insurance, Real Estate & Business Services. 205,253 8.2 214,716 11.2 8 Community, Social & Personal Services. 168,620 7.4 160,819 4.8 9 GDP at factor cost (1 to 8) 1,152,618 8.9 1,261,664 8.2 10 Private final consumption expenditure 744,033 8.6 (59.2) 827,021 9.0 (60.1) 11 Government final consumption expenditure 140,521 10.4 (11.2) 159,579 -3.0 (11.6) 12 Gross fixed capital formation 428,033 17.8 (34.1) 410,767 5.6 (29.8) 13 Changes in stocks 44,903 (3.6) 45,295 (3.3) 14 Valuables 27,591 (2.2) 29,482 (2.1) 15 Exports 271,075 13.8 (21.6) 281,157 16.2 (20.4) 16 Less Imports 364,755 13.8 (29.0) 325,419 -7.3 (23.6) 17 Discrepancies -34,625 (-2.8) -51,641 (-3.8) 18 GDP at market price (10 to 17) 1,256,776 10.4 (100) 1,376,242 9.7 (100) E-UpDates March 2011 4 Surge Research Support

2009-10 (QE)* Rs.Crore YoY Growth 2010-11 Rs.Crore YoY Growth (%) (AE)* (%) 18 GDP at market price 48,69,317 9.1 53,42,571 9.7 19 Net Indirect Taxes (Less Subsidies ) 375,574 463,339 9 GDP at factor cost (18-19) 44,93,743 8.0 48,79,232 8.6 20 Net factor income from abroad -28,889 -34,261 21 Gross national product at factor cost 44,64,854 7.9 48,44,971 8.5 (9 + 20) 23 Net national product/National Income at factor cost (Less Depreciation) 39,46,540 7.5 42,69,994 8.2 24 Population (in million) 1170 1186 25 Per capita income (Rs.) (23/24) 33731 6.1 36003 6.7*See February issue for details of Estimates of GDP(at factor cost) by Economic activity & Expenditures on GDP (at market prices) Dec-10 Dec-09 Dec-10 FY2010-11 * FY2009-10* Production Index Index 93-94 =100 Change (YoY, %) (Index of Industrial Production) 353.6 348.2 1.6 8.6 8.61. Mining 216.9 209.0 3.8 7.7 8.72. Manufacturing 385.0 381.1 1.0 9.1 8.93. Electricity 249.3 235.2 6.0 4.7 5.7 *Apr-Dec. Compilation is now based on new series of WPI (for the IIP items reported in value terms). 375 IIP-Annual Averages 350 Mining & 325 Quarrying (104.7) 300 275 Manufacturing 250 (793.6) 225 200 Electricity (101.7) 175 150 125 General Index 100 (1000.0) 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 E-UpDates March 2011 5 Surge Research Support

InflationWholesale Price Index All Primary Non-food Crude(Base: 2004-05=100) Food Articles Manufactured Commodities Articles Articles Petroleum(Inflation %) ProductsNovember - 2010 142.3 (7.48) 182.6 180.2 167.7 196.4 128.4December - 2010 144.1 (8.40) 188.9 186.9 171.6 201.1 128.9January - 2011 145.9 (8.23) 193.4 190.7 177.9 207.5 129.9 Linked All Industrial Rural Agricultural India UNME Workers Labourers LabourersConsumer Price Index Base 1984- Base Base 1986- Base 1986-(Inflation %) 85=100 2001=100 87=100 87=100November - 2010 710 (8.4) 182 (8.33) 569 (6.95) 570 (7.14)December - 2010 719 (9.4) 185 (9.47) 580 (8.01) 581 (7.99)January - 2011 NA 188 (9.30) 588 (8.69) 589 (8.67) Weekly Inflation (WPI) WPI (Base 2004-05=100) New Series 150 Date Food price Primary articles 2008-09 2009-10 2010-11 4-Dec-10 9.46 13.25 145 11-Dec-10 12.13 15.35 140 18-Dec-10 14.44 17.24 25-Dec-10 18.32 20.2 135 1-Jan-11 16.91 17.58 130 8-Jan-11 15.52 17.03 15-Jan-11 15.57 17.26 125 22-Jan-11 17.05 18.44 120 29-Jan-11 13.07 16.24 115 5-Feb-11 11.05 14.58 12-Feb-11 11.49 15.77 110 19-Feb-11 10.39 14.84 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar E-UpDates March 2011 6 Surge Research Support

COMPONENTS & SOURCES OF MONEY STOCK (M3) AND THEIR VARIATIONS (Rs crores) March 31 December January 2010 2010 2011 M3 5,579,567 6,202,428 6,239,385 % change during the month 3.00 2.33 0.60 % change since March 31 16.80 11.16 11.83(A) Components of M3 ( 1+2+3+4) 1 Currency with the public 768,048 868,918 888,120 % change during the month 1.72 0.18 2.21 % change since March 31 15.27 13.13 15.63 2 Demand deposits with banks 714,157 707,548 658,989 % change during the month 13.39 5.62 (6.86) % change since March 31 22.81 (0.93) (7.72) 3 Time deposits with banks 4,093,577 4,622,329 4,678,906 % change during the month 1.62 2.27 1.22 % change since March 31 16.17 12.92 14.30 4 Other deposits with RBI 3,785 3,632 13,370 % change during the month 2.52 (13.28) 268.12 % change since March 31 (32.08) (4.04) 253.24(B) Sources of M3 (5+6+7+8-9) 5 Net bank credit to govt.(i+ii) 1,668,258 1,792,169 1,822,327 % change during the month 5.06 (1.10) 1.68 % change since March 31 30.56 7.43 9.24 i RBIs credit 220,218 263,952 269,302 % change during the month 45.00 3.10 2.03 % change since March 31 257.61 19.86 22.29 ii Other banks credit 1,448,041 1,528,216 1,553,025 % change during the month 0.84 (1.79) 1.62 % change since March 31 19.07 5.54 7.25 6 Bank credit to commercial sector (i+ii) 3,483,253 4,027,237 3,995,507 % change during the month 4.41 4.55 (0.79) % change since March 31 15.32 15.62 14.71 i RBIs credit 1,328 1,626 1,325 % change during the month (71.82) - (18.51) % change since March 31 (90.39) 22.44 (0.23) ii Other banks credit 3,481,925 4,025,611 3,994,181 % change during the month 4.52 4.55 (0.78) % change since March 31 15.81 15.61 14.71 7 Net foreign exchange assets of the banking 1,275,039 1,365,276 1,396,918 sector % change during the month (2.43) 1.15 2.32 % change since March 31 (5.71) 7.08 9.56 8 Governments currency liabilities to the 10,919 12,152 12,152 public % change during the month 1.75 3.32 - % change since March 31 8.60 11.29 11.29 9 NNML of the banking sector (i+ii) 857,902 994,406 987,518 % change during the month 4.04 3.10 (0.69) % change since March 31 (3.47) 15.91 15.11 i RBIs NNML 310,301 343,030 373,698 % change during the month (8.66) (2.60) 8.94 % change since March 31 (20.01) 10.55 20.43 ii Other banks NNML(Residual) 547,601 651,376 613,820 % change during the month 12.93 6.38 (5.77) % change since March 31 9.34 18.95 12.09 Note: (i) Figures in parentheses denote negative numbers. E-UpDates March 2011 7 Surge Research Support

COMPONENTS & SOURCES OF RESERVE MONEY AND THEIR VARIATIONS (Rs crore) March 31 January February 2010 2011 2011 Reserve Money : 1,155,281 1,247,056 1,279,123 % change during the month 0.48 2.57 % change since March 31 7.94 10.72(A) Components of Reserve Money (1+2+3) 1 Currency in circulation 799,198 924,666 940,936 % change during the month 2.02 1.76 % change since March 31 15.70 17.74 2 Bankers deposits with RBI 352,299 309,020 334,568 % change during the month (6.71) 8.27 % change since March 31 (12.28) (5.03) 3 "Other" deposits with RBI 3,785 13,370 3,618 % change during the month 278.22 (72.94) % change since March 31 253.24 (4.41) (B) Sources of Reserve Money (4+5+6+7-8) 4 Net RBI credit to Government 220,218 269,302 300,211 % change during the month 2.03 11.48 % change since March 31 22.29 36.32 RBI credit to Banks & Commercial Sector 2,497 5,793 4,996 5 % change during the month (13.58) (13.76) % change since March 31 132.00 100.08 5.1 RBI credit to banks(including NABARD) 1,169 4,468 3,426 % change during the month (12.01) (23.32) % change since March 31 282.21 193.07 5.2 RBI credit to Commercial Sector 1,328 1,325 1,570 % change during the month (18.46) 18.49 % change since March 31 (0.23) 18.22 6 Net Foreign Exchange Assets of RBI 1,231,949 1,333,507 1,333,268 % change during the month 2.43 (0.02) % change since March 31 8.24 8.22 7 Govts Currency Liabilities to the Public 10,919 12,152 12,152 % change during the month 3.32 - % change since March 31 11.29 11.29 8 Net Non-monetary Liabilities of RBI 310,301 373,698 371,505 % change during the month 8.91 (0.59) % change since March 31 20.43 19.72 Note: (i) Figures in parentheses denote negative numbers.E-UpDates March 2011 8 Surge Research Support

Exchange Rate Movement of the Rupee (INR) Average of Buying & Selling Dollar Euro Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month 1-Feb-11 Tue 45.79 46.06 46.59 47.29 62.99 63.33 64.04 64.92 2-Feb-11 Wed 45.61 45.88 46.41 47.11 63.13 63.47 64.18 65.07 3-Feb-11 Thu 45.62 45.88 46.43 47.12 62.87 63.19 63.91 64.78 4-Feb-11 Fri 45.67 45.92 46.47 47.16 62.23 62.55 63.26 64.13 7-Feb-11 Mon 45.51 45.76 46.28 46.99 61.70 62.02 62.70 63.59 8-Feb-11 Tue 45.33 45.57 46.08 46.77 61.83 62.15 62.81 63.68 9-Feb-11 Wed 45.46 45.71 46.22 46.90 61.93 62.24 62.91 63.7610-Feb-11 Thu 45.74 45.98 46.50 47.17 62.35 62.66 63.33 64.1911-Feb-11 Fri 45.71 45.96 46.47 47.15 61.82 62.13 62.80 63.6214-Feb-11 Mon 45.52 45.78 46.28 46.96 61.27 61.59 62.26 63.0815-Feb-11 Tue 45.51 45.77 46.27 46.98 61.58 61.92 62.58 63.4517-Feb-11 Thu 45.39 45.65 46.16 46.84 61.54 61.87 62.56 63.3818-Feb-11 Fri 45.26 45.53 46.05 46.75 61.39 61.74 62.42 63.2921-Feb-11 Mon 45.08 45.35 45.86 46.54 61.69 62.04 62.71 63.5622-Feb-11 Tue 45.33 45.60 46.09 46.78 61.73 62.07 62.75 63.5723-Feb-11 Wed 45.17 45.44 45.96 46.66 61.92 62.28 62.95 63.8124-Feb-11 Thu 45.49 45.79 46.31 46.98 62.69 63.07 63.75 64.6025-Feb-11 Fri 45.38 45.72 46.19 46.90 62.60 63.05 63.68 64.5528-Feb-11 Mon 45.29 45.61 46.08 46.82 62.68 63.10 63.76 64.64 Pound Yen Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month 1-Feb-11 Tue 73.80 74.20 75.05 76.09 56.13 56.48 57.15 58.06 2-Feb-11 Wed 74.02 74.42 75.26 76.31 56.01 56.35 57.03 57.93 3-Feb-11 Thu 74.05 74.45 75.30 76.33 55.83 56.16 56.84 57.74 4-Feb-11 Fri 73.62 74.00 74.84 75.89 55.94 56.26 56.94 57.85 7-Feb-11 Mon 73.34 73.72 74.53 75.58 55.25 55.57 56.22 57.14 8-Feb-11 Tue 73.04 73.43 74.20 75.23 55.18 55.50 56.14 57.02 9-Feb-11 Wed 73.03 73.42 74.21 75.22 55.05 55.37 56.01 56.8910-Feb-11 Thu 73.48 73.86 74.65 75.65 55.33 55.64 56.29 57.1611-Feb-11 Fri 73.03 73.41 74.20 75.19 54.71 55.02 55.66 56.5214-Feb-11 Mon 72.80 73.19 73.98 74.96 54.61 54.93 55.56 56.4215-Feb-11 Tue 73.21 73.62 74.40 75.44 54.45 54.77 55.40 56.2917-Feb-11 Thu 73.19 73.58 74.37 75.38 54.28 54.59 55.23 56.0918-Feb-11 Fri 73.37 73.79 74.59 75.61 54.28 54.60 55.25 56.1221-Feb-11 Mon 73.07 73.49 74.28 75.29 54.23 54.57 55.20 56.0722-Feb-11 Tue 73.27 73.70 74.47 75.47 54.63 54.97 55.60 56.4623-Feb-11 Wed 73.25 73.68 74.48 75.51 54.53 54.87 55.51 56.4024-Feb-11 Thu 73.55 74.01 74.81 75.81 55.62 55.99 56.65 57.5325-Feb-11 Fri 72.94 73.47 74.21 75.24 55.35 55.76 56.38 57.2728-Feb-11 Mon 73.49 73.99 74.75 75.82 55.34 55.73 56.35 57.27 E-UpDates March 2011 9 Surge Research Support

Exchange Rate Movement of the Rupee (INR) Annualised Premia Dollar Euro Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month 1-Feb-11 Tue 7.31 7.17 6.66 6.77 6.84 6.22 2-Feb-11 Wed 7.20 7.16 6.66 6.76 6.85 6.26 3-Feb-11 Thu 6.92 7.25 6.66 6.38 6.78 6.19 4-Feb-11 Fri 6.77 7.19 6.65 6.35 6.79 6.22 7-Feb-11 Mon 6.80 6.94 6.61 6.51 6.64 6.22 8-Feb-11 Tue 6.68 6.78 6.46 6.39 6.49 6.07 9-Feb-11 Wed 6.94 6.90 6.46 6.17 6.45 6.00 10-Feb-11 Thu 6.62 6.81 6.35 6.23 6.47 5.99 11-Feb-11 Fri 6.76 6.82 6.42 6.29 6.49 5.91 14-Feb-11 Mon 7.07 6.85 6.43 6.45 6.66 6.00 15-Feb-11 Tue 7.08 6.90 6.57 6.83 6.62 6.15 17-Feb-11 Thu 7.10 7.01 6.49 6.73 6.80 6.07 18-Feb-11 Fri 7.40 7.17 6.69 7.16 6.88 6.29 21-Feb-11 Mon 7.43 7.10 6.58 7.13 6.78 6.17 22-Feb-11 Tue 7.39 6.88 6.50 6.92 6.81 6.05 23-Feb-11 Wed 7.41 7.18 6.71 7.10 6.79 6.20 24-Feb-11 Thu 8.07 7.36 6.64 7.52 6.94 6.19 25-Feb-11 Fri 9.23 7.29 6.79 8.98 7.12 6.33 28-Feb-11 Mon 8.82 7.16 6.85 8.24 7.04 6.35 Pound Yen Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month 1-Feb-11 Tue 6.70 6.92 6.30 7.63 7.47 6.98 2-Feb-11 Wed 6.77 6.87 6.28 7.53 7.49 6.99 3-Feb-11 Thu 6.59 6.93 6.25 7.33 7.47 6.96 4-Feb-11 Fri 6.37 6.80 6.25 7.09 7.38 6.95 7-Feb-11 Mon 6.48 6.68 6.20 7.18 7.21 6.94 8-Feb-11 Tue 6.51 6.51 6.07 7.07 7.10 6.78 9-Feb-11 Wed 6.60 6.59 6.07 7.20 7.16 6.80 10-Feb-11 Thu 6.47 6.55 5.99 7.05 7.16 6.72 11-Feb-11 Fri 6.34 6.56 6.00 7.02 7.13 6.73 14-Feb-11 Mon 6.62 6.61 6.02 7.26 7.14 6.74 15-Feb-11 Tue 6.93 6.66 6.18 7.40 7.20 6.89 17-Feb-11 Thu 6.67 6.64 6.09 7.07 7.15 6.76 18-Feb-11 Fri 7.09 6.85 6.20 7.43 7.34 6.90 21-Feb-11 Mon 7.03 6.76 6.15 7.79 7.35 6.88 22-Feb-11 Tue 7.19 6.71 6.08 7.73 7.29 6.79 23-Feb-11 Wed 7.28 6.89 6.27 7.74 7.38 6.96 24-Feb-11 Thu 7.77 7.06 6.24 8.40 7.65 6.99 25-Feb-11 Fri 8.99 7.12 6.39 9.38 7.65 7.08 28-Feb-11 Mon 8.39 7.04 6.43 8.79 7.50 7.08E-UpDates March 2011 10 Surge Research Support

Money Market Rates & Liquidity Over Net Injection(+)/ Repo Rates night RBI Absorption(-) of Liquidity (Repo/Reverse Rates Call LAF (Rs. Crore) Repo) (%) Money* CBLO* Mibor USD Libor 1-Feb-11 78470.0 6.5 / 5.5 6.90 6.49 6.98 0.236 2-Feb-11 66045.0 6.73 6.44 6.79 0.235 3-Feb-11 45530.0 6.53 6.41 6.59 0.237 4-Feb-11 56085.0 6.37 6.23 6.59 0.237 5-Feb-11 0.0 6.25 6.44 7-Feb-11 64685.0 6.59 6.45 6.65 0.237 8-Feb-11 68875.0 6.65 6.47 6.69 0.236 9-Feb-11 73535.0 6.59 6.48 6.65 0.236 10-Feb-11 88890.0 6.58 6.49 6.65 0.234 11-Feb-11 81990.0 6.24 4.93 6.72 0.234 12-Feb-11 91510.0 6.59 6.51 14-Feb-11 0.0 6.84 6.50 6.96 0.233 15-Feb-11 100395.0 6.80 6.51 6.87 0.234 17-Feb-11 104015.0 6.82 6.51 6.87 0.231 18-Feb-11 100700.0 6.82 6.52 0.230 21-Feb-11 85305.0 6.78 6.49 6.84 0.230 22-Feb-11 75070.0 6.73 6.49 6.77 0.228 23-Feb-11 76830.0 6.75 6.49 6.78 0.227 24-Feb-11 70085.0 6.71 6.49 6.77 0.226 25-Feb-11 72005.0 6.57 6.17 6.80 0.226 26-Feb-11 0.0 6.79 6.59 28-Feb-11 79930.0 6.5/5.5 6.94 6.49 7.00 0.226*Weighted.Avg.Rates Call Money Mibor USD Libor 7.00 0.238 0.236 6.80 0.234 0.232 6.60 0.230 6.40 0.228 0.226 6.20 0.224 1-Feb-11 3-Feb-11 5-Feb-11 7-Feb-11 9-Feb-11 11-Feb-11 13-Feb-11 15-Feb-11 17-Feb-11 19-Feb-11 21-Feb-11 23-Feb-11 25-Feb-11 27-Feb-11 E-UpDates March 2011 11 Surge Research Support

Debt Market YieldsConstant Maturity Yields for Government Bonds - February 2011 >10 Year & >15 Year & Date 3 months 6 months 1 year 2 Year 3 Year 4 Year 5 Year 7 Year 10 Year <=15 Year <= 20 Year >20 Year 1-Feb-11 7.05 7.40 8.17 8.45 8.45 2-Feb-11 7.35 8.16 8.21 8.48 8.51 3-Feb-11 7.10 7.41 8.16 8.19 8.55 8.52 4-Feb-11 7.08 8.13 8.24 8.48 8.59 7-Feb-11 7.04 7.42 8.17 8.26 8.52 8.58 8-Feb-11 7.06 8.24 8.24 8.49 8.63 9-Feb-11 7.00 7.98 8.45 8.19 8.24 8.47 8.57 10-Feb-11 7.11 7.63 8.64 8.35 8.59 8.21 8.50 8.56 11-Feb-11 7.07 7.65 8.60 8.22 8.54 8.61 14-Feb-11 7.09 7.63 8.21 8.17 8.28 8.52 8.40 15-Feb-11 7.10 8.11 8.18 8.35 8.18 8.47 8.49 17-Feb-11 7.89 8.40 8.29 8.18 8.46 8.51 18-Feb-11 7.09 7.45 8.21 8.16 8.15 8.45 8.49 21-Feb-11 7.02 7.60 8.39 8.18 8.15 8.50 8.42 22-Feb-11 7.10 7.60 8.14 8.24 8.19 8.39 8.61 23-Feb-11 7.09 8.25 8.17 8.49 8.49 24-Feb-11 7.08 7.63 8.05 8.14 8.16 8.43 8.20 25-Feb-11 7.10 7.61 8.10 8.18 8.14 8.50 8.52 28-Feb-11 7.03 7.62 8.12 8.12 8.49 8.44 Average 7.07 7.41 7.62 7.89 8.26 8.12 8.26 8.26 8.19 8.48 8.50Bond Yield Spreads over Gilts - February 2011Maturity/ Type 6 months 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 15 Year AAA PSU 2.12 2.02 1.68 1.37 1.11 0.86 0.84 0.82 0.80 0.81 0.80 0.54 Bank 2.06 1.96 1.60 1.31 1.07 0.84 0.81 0.78 0.77 0.76 0.74 0.47 NBFC 2.44 2.41 2.05 1.70 1.44 1.20 1.19 1.19 1.24 1.32 1.36 1.09 Corporate 2.21 2.14 1.80 1.47 1.22 0.97 0.94 0.92 0.90 0.91 0.90 0.57 AA+ PSU 2.24 2.16 1.82 1.52 1.26 1.01 0.99 0.96 0.95 0.96 0.95 0.69 Bank 2.15 2.09 1.72 1.42 1.19 0.95 0.93 0.91 0.90 0.90 0.88 0.60 NBFC 2.54 2.63 2.32 2.05 1.83 1.62 1.64 1.65 1.65 1.69 1.70 1.55 Corporate 2.36 2.29 2.00 1.71 1.47 1.23 1.22 1.21 1.19 1.20 1.18 0.85 AA PSU 2.38 2.30 1.99 1.69 1.44 1.20 1.17 1.13 1.12 1.13 1.12 0.86 Bank 2.28 2.21 1.89 1.62 1.39 1.15 1.12 1.08 1.07 1.06 1.04 0.79 NBFC 2.74 2.83 2.47 2.23 2.04 1.86 1.88 1.89 1.88 1.91 1.90 1.75 Corporate 2.56 2.54 2.25 2.01 1.77 1.53 1.52 1.51 1.49 1.50 1.48 1.15 E-UpDates March 2011 12 Surge Research Support

Weighted Average YTMs 7.50 8.00 8.50 9.00 9.50 10.00 7.00 7.20 7.40 7.60 7.80 8.00 8.20 8.40 8.60 8.80 September 2012 April-2012 May-2012 January 2013 September-2013 November-2014 December 2013 June-2015E-UpDates March 2011 September-2015 April-2016 January 2014 January-2017 April-2017 January 2014 July-2017 January-2018 May 2015 January-2018 April-2018 November-201813 December 2015 June-2019 January-2020 October 2016 Maturity Year May-2020 Debt Market Yields December-2020 November 2020 May-2021 Yields of Gsecs Traded in February 2011 May-2021 January 2021 February-2022 August-2022 January 2021 September-2022 Yields of Benchmark Corporate Bonds (AAA) - February 2011 February-2027 October 2021 August-2027 February-2032 August-2032Surge Research Support December 2022 August-2034 September-2035 December 2030 July-2040

Equity Market TurnoverBSE Equity Market BSE Sensitive Index, Sensex (30 Scrips) (1978-79=100) Average Daily Market No of co.s No. of scrips Turnover Turnover Capitalisation Month-Month/Year listed* traded (Rs.cr) (Rs.cr) (Rs.cr)* High Low Closing P/E P/B Div Yield Nov-10 5022 3058 105787.32 5037.49 7065715.34 21108.64 18954.82 19521.25 23.03 3.71 1.06 Dec-10 5034 3106 81425.54 3701.16 7294570.46 20552.03 19074.57 20509.09 22.93 3.73 1.05 Jan-11 5047 3048 69711.01 3485.55 6593176.31 20664.8 18038.48 18327.76 22.00 3.62 1.08NSE Capital Market Segment S&P CNX Nifty (50 Scrips)(Nov.3, 1993=100) Average Daily Market No of co.s No. of scrips Turnover Turnover Capitalisation Month- Month/Year listed* traded (Rs.cr) (Rs.cr) (Rs.cr)* High Low Closing P/E P/B Div Yield Nov-10 1536 1538 363993.00 17333.00 6894912.00 6338.50 5690.35 5862.70 24.39 3.81 1.03 Dec-10 1552 1623 295685.00 13440.00 7139310.00 6147.30 5721.15 6134.50 23.82 3.76 1.05 Jan-11 1558 1549 267332.00 13367.00 6441491.00 6181.05 5416.65 5505.90 22.84 3.65 1.08*End of the Month. Derivatives TurnoverBSE Derivatives (F&O) Trades Index Futures Stock Futures Index Options Stock Options Total Average Notional Notional Daily No. of Turnover (Rs. No. of Turnover No. of Turnover No. of Turnover No. of Turnover TurnoverMonth / Year contracts cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) (Rs. cr.) Nov-10 37 1.12 …. … … … … … 37 1.12 0.05 Dec-10 435 12.92 …. … … … … … 435 12.92 0.06 Jan-11 39 1.13 …. … … … … … 39 1.13 0.06NSE Derivatives (F&O) Segment Index Futures Stock Futures Index Options Stock Options Total Average Notional Notional Daily No. of Turnover (Rs. No. of Turnover No. of Turnover No. of Turnover No. of Turnover TurnoverMonth / Year contracts cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) (Rs. cr.) Nov-10 14761031 424789.14 18364437 539872.48 62618461 1902943.6 3055321 98240.98 98799250 2965846.19 141230.77 Dec-10 11406712 322793.26 15409764 432644.26 50684431 1519280.3 2741412 82391.22 80242319 2357108.95 107141.32 Jan-11 14095425 384484.41 14823064 411149.08 67038657 1962515.6 2771609 83684.81 98728755 2841833.90 142091.70 E-UpDates March 2011 14 Surge Research Support

Index MovementsBSE: BSE Sensitive Index, Sensex (30 Scrips) (1978-79=100) Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield 1-Feb-11 18425.18 18452.06 17982.17 18022.22 19.66 3.40 1.15 2-Feb-11 18216.91 18306.00 18042.61 18090.62 19.82 3.42 1.15 3-Feb-11 18113.73 18466.21 18064.61 18449.31 20.22 3.49 1.12 4-Feb-11 18450.07 18542.20 17926.98 18008.15 19.78 3.41 1.15 7-Feb-11 18135.02 18180.94 17977.01 18037.19 19.83 3.42 1.15 8-Feb-11 18141.51 18141.51 17742.18 17775.70 19.51 3.36 1.17 9-Feb-11 17723.99 17864.32 17508.35 17592.77 19.18 3.31 1.18 10-Feb-11 17603.29 17636.88 17362.59 17463.04 19.02 3.29 1.19 11-Feb-11 17519.13 17752.56 17295.62 17728.61 19.28 3.33 1.18 14-Feb-11 17940.16 18227.62 17857.12 18202.20 19.78 3.42 1.15 15-Feb-11 18260.08 18361.66 18050.48 18273.80 19.92 3.43 1.14 16-Feb-11 18273.06 18358.84 18216.12 18300.90 19.90 3.44 1.14 17-Feb-11 18345.12 18532.61 18233.79 18506.82 20.07 3.47 1.13 18-Feb-11 18564.08 18690.97 18159.82 18211.52 19.76 3.41 1.15 21-Feb-11 18238.54 18457.49 18082.66 18438.31 20.04 3.46 1.13 22-Feb-11 18390.72 18457.90 18187.33 18296.16 19.90 3.44 1.14 23-Feb-11 18233.77 18377.48 18150.01 18178.33 19.76 3.41 1.15 24-Feb-11 18135.12 18135.12 17559.70 17632.41 19.23 3.32 1.18 25-Feb-11 17775.08 17812.44 17469.97 17700.91 19.28 3.33 1.18 28-Feb-11 17811.08 18296.53 17718.88 17823.40 19.44 3.36 1.17 BSE NSE 560018550 5550 550018250 5450 540017950 5350 530017650 525017350 5200 1-Feb-11 2-Feb-11 3-Feb-11 4-Feb-11 7-Feb-11 8-Feb-11 9-Feb-11 10-Feb-11 11-Feb-11 14-Feb-11 15-Feb-11 16-Feb-11 17-Feb-11 18-Feb-11 21-Feb-11 22-Feb-11 23-Feb-11 24-Feb-11 25-Feb-11 28-Feb-11 E-UpDates March 2011 15 Surge Research Support

NSE: S&P CNX Nifty (50 Scrips)(Nov.3, 1993=100) Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield 1-Feb-11 5537.30 5539.15 5402.00 5417.20 20.70 3.42 1.15 2-Feb-11 5469.55 5490.60 5415.65 5432.00 20.80 3.43 1.15 3-Feb-11 5430.45 5532.65 5418.00 5526.75 21.16 3.49 1.13 4-Feb-11 5519.90 5556.30 5369.05 5395.75 20.67 3.40 1.15 7-Feb-11 5430.15 5440.35 5376.95 5396.00 20.69 3.41 1.15 8-Feb-11 5432.35 5432.35 5303.40 5312.55 20.35 3.35 1.17 9-Feb-11 5293.05 5339.45 5225.65 5253.55 20.12 3.32 1.19 10-Feb-11 5246.05 5272.60 5196.80 5225.80 20.01 3.30 1.19 11-Feb-11 5219.65 5319.45 5177.70 5310.00 20.34 3.35 1.17 14-Feb-11 5340.25 5463.80 5340.25 5456.00 20.86 3.45 1.14 15-Feb-11 5467.75 5506.50 5408.35 5481.00 20.96 3.47 1.13 16-Feb-11 5467.60 5504.80 5460.35 5481.70 20.95 3.47 1.13 17-Feb-11 5501.70 5553.00 5463.40 5546.45 21.19 3.51 1.12 18-Feb-11 5557.55 5599.25 5441.95 5458.95 20.86 3.46 1.14 21-Feb-11 5456.60 5526.25 5413.10 5518.60 21.09 3.49 1.13 22-Feb-11 5504.40 5519.45 5437.30 5469.20 20.90 3.46 1.14 23-Feb-11 5452.45 5495.20 5427.55 5437.35 20.82 3.44 1.14 24-Feb-11 5408.75 5423.40 5242.50 5262.70 20.15 3.33 1.18 25-Feb-11 5321.05 5338.20 5232.75 5303.55 20.31 3.36 1.17 28-Feb-11 5330.15 5477.00 5308.60 5333.25 20.42 3.38 1.17FUTIDX-NIFTY Futures(Expiry 24-Feb-11) Open High Low Close Settlement Price No. of contracts Change in OI 1-Feb-11 5542.0 5542.0 5411.2 5429.2 5429.2 594033.0 1841300.0 2-Feb-11 5491.3 5510.0 5421.7 5442.5 5442.5 511387.0 -237150.0 3-Feb-11 5431.0 5545.9 5425.0 5539.0 5539.0 461163.0 -172150.0 4-Feb-11 5528.0 5566.1 5356.5 5387.0 5387.0 668227.0 2891050.0 7-Feb-11 5400.0 5444.5 5370.1 5394.1 5394.1 418123.0 -265800.0 8-Feb-11 5411.3 5421.0 5303.6 5314.5 5314.5 469506.0 796450.0 9-Feb-11 5305.0 5347.9 5228.0 5261.0 5261.0 665458.0 388950.0 10-Feb-11 5250.0 5285.0 5210.2 5230.2 5230.2 619926.0 -48750.0 11-Feb-11 5241.0 5329.9 5175.1 5317.5 5317.5 608254.0 494450.0 14-Feb-11 5346.0 5467.6 5336.0 5455.7 5455.7 529377.0 -484400.0 15-Feb-11 5456.0 5504.0 5397.5 5476.1 5476.1 508123.0 -106550.0 16-Feb-11 5481.2 5508.2 5458.6 5485.3 5485.3 347916.0 147750.0 17-Feb-11 5494.0 5550.0 5460.1 5546.3 5546.3 370956.0 296350.0 18-Feb-11 5566.2 5589.0 5436.1 5453.7 5453.7 634023.0 -1072800.0 21-Feb-11 5451.0 5539.0 5411.0 5528.2 5528.2 496119.0 -1506950.0 22-Feb-11 5500.0 5520.0 5428.2 5470.4 5470.4 637286.0 -2933150.0 23-Feb-11 5456.3 5501.8 5426.5 5435.8 5435.8 494484.0 -5404450.0 24-Feb-11 5418.6 5430.0 5251.0 5265.3 5262.7 690296.0 -2390200.0 E-UpDates March 2011 16 Surge Research Support

Capital Market FlowsMutual Funds Investment Trends Gross Purchases Gross Sales Net Investment Equity (Rs Crores) (Rs Crores) (Rs Crores)1-Feb-11 421.1 643.8 -222.72-Feb-11 914.5 449.0 465.53-Feb-11 663.4 525.4 138.04-Feb-11 570.3 591.5 -21.27-Feb-11 451.9 471.5 -19.68-Feb-11 557.9 573.9 -16.09-Feb-11 585.3 788.9 -203.610-Feb-11 678.8 599.9 78.911-Feb-11 679.3 425.6 253.714-Feb-11 589.7 398.2 191.415-Feb-11 559.4 795.6 -236.216-Feb-11 392.9 598.9 -206.017-Feb-11 818.7 370.2 448.418-Feb-11 885.3 843.9 41.421-Feb-11 247.0 428.0 -181.022-Feb-11 617.3 414.6 202.823-Feb-11 731.2 417.5 313.724-Feb-11 1234.5 1080.5 154.025-Feb-11 556.7 617.1 -60.428-Feb-11 1050.6 744.6 306.0 Total for Month 13205.8 11778.6 1427.1 Gross Purchases Gross Sales Net Investment Debt (Rs Crores) (Rs Crores) (Rs Crores)1-Feb-11 1698.7 1105.2 593.52-Feb-11 3304.5 1337.6 1966.93-Feb-11 1964.0 1217.8 746.14-Feb-11 4263.9 893.6 3370.37-Feb-11 3996.2 1509.0 2487.28-Feb-11 2551.5 1046.4 1505.19-Feb-11 5317.4 1149.2 4168.210-Feb-11 4828.9 2306.9 2522.011-Feb-11 3576.8 3223.3 353.614-Feb-11 3245.4 2648.5 596.915-Feb-11 2209.2 4508.3 -2299.216-Feb-11 0.0 0.0 0.017-Feb-11 1958.6 1768.7 189.918-Feb-11 2383.7 2226.0 157.721-Feb-11 1608.0 351.6 1256.422-Feb-11 2437.0 1335.9 1101.223-Feb-11 2083.1 1190.7 892.324-Feb-11 3531.6 1344.8 2186.725-Feb-11 3948.7 2187.7 1761.028-Feb-11 2974.2 3978.4 -1004.2 Total for Month 57881.4 35329.6 22551.6 E-UpDates March 2011 17 Surge Research Support

Mutual Funds Asset Position Mutual Funds Asset Position Private Sector Mutual Public Sector (of which) Apr 2010-Jan 2011 Funds Mutual Funds UTI Total Mobilisation of Funds 5,808,979.0 1,710,484.3 675,365.3 7,519,463.3 Net Inflow/ Outflow (-ve) of funds 66,473.8 -14,185.1 -3,528.1 52,288.7 566,177.1 124,903.3 64,760.5 691,080.4 Cumulative Position of Net Assets as on Jan, 31, 2011 (%) 81.93% 18.07% 9.37% 100.00% in Rs. Crore ECB Dec-10 Automatic Route 2,350,535,707 Approval Route 1,065,452,290 Total ECB (& FCCB) 3,415,987,997 Value in USD Includes FCCB and NCPS FII Investments in Primary & Secondary Markets Debt Gross Purchases Gross Sales Net Investment Net Investment (Rs Crores) (Rs Crores) (Rs Crores) US($) million 1-Feb-11 1931.2 536.9 1394.3 303.4 2-Feb-11 1141.6 861.8 279.8 61.1 3-Feb-11 196.8 1688.4 -1491.6 -326.9 4-Feb-11 629.6 1.0 628.7 137.8 7-Feb-11 448.3 140.0 308.3 67.6 8-Feb-11 940.0 1040.0 -100.0 -21.9 9-Feb-11 626.9 1449.2 -822.3 -181.2 10-Feb-11 1217.3 532.6 684.6 151.0 11-Feb-11 336.6 1098.3 -761.7 -167.1 14-Feb-11 627.3 380.1 247.2 54.0 15-Feb-11 1983.2 734.5 1248.7 274.4 17-Feb-11 788.3 410.6 377.7 83.2 18-Feb-11 1827.8 1452.7 375.1 82.7 21-Feb-11 350.2 567.2 -217.0 -48.0 22-Feb-11 664.3 834.4 -170.1 -37.7 23-Feb-11 661.9 752.9 -91.1 -20.2 24-Feb-11 957.8 1254.3 -296.4 -65.6 25-Feb-11 344.9 598.3 -253.4 -55.9 28-Feb-11 1329.0 1354.1 -25.1 -5.5 Total for Month 17003.0 15687.3 1315.7 285.3 Total for 2011 43081.1 31588.6 11492.6 2537.0E-UpDates March 2011 18 Surge Research Support

Equity Gross Purchases Gross Sales Net Investment Net Investment (Rs Crores) (Rs Crores) (Rs Crores) US($) million 1-Feb-11 2592.5 3493.0 -900.5 -196.0 2-Feb-11 3453.7 3879.4 -425.7 -92.9 3-Feb-11 3087.1 3133.2 -46.1 -10.1 4-Feb-11 2669.4 2007.6 661.8 145.0 7-Feb-11 2575.5 2351.1 224.4 49.2 8-Feb-11 2757.9 2757.2 0.7 0.1 9-Feb-11 3004.4 3536.0 -531.6 -117.1 10-Feb-11 3692.7 3977.4 -284.6 -62.8 11-Feb-11 3046.2 3891.7 -845.5 -185.5 14-Feb-11 3252.7 3687.1 -434.4 -94.9 15-Feb-11 3127.9 2899.5 228.4 50.2 17-Feb-11 4594.6 4419.0 175.6 38.7 18-Feb-11 2288.8 2202.8 86.1 19.0 21-Feb-11 2845.7 2601.2 244.5 54.1 22-Feb-11 2177.5 2216.2 -38.7 -8.6 23-Feb-11 2855.0 2762.6 92.4 20.5 24-Feb-11 3317.3 3330.5 -13.1 -2.9 25-Feb-11 3685.7 5935.5 -2249.8 -495.9 28-Feb-11 2826.8 3356.2 -529.4 -116.7 Total for Month 57851.4 62437.2 -4585.5 -1006.6 Total for 2011 115137.7 124536.3 -9398.6 -2060.1 No of Registered FIIs :1703 as on 28.2.2011. 800.0 FII Equity MF Equity 500.0 Net Flows (Rs.Cr.) 200.0 -100.0 -400.0 -2249.8 -700.0 -1000.0 1-Feb- 8-Feb- 15-Feb- 22-Feb- 11 11 11 11 Apr.- Nov. 2010-11 Nov-10 Nov-09 Foreign Investment Direct Investment 19,002 1,628 1,700 Portfolio Investment 32,797 -19,811 1,274 Total 51,799 -18,183 2,974 in USD MillionE-UpDates March 2011 19 Surge Research Support

Commodity Futures & Spot Markets Value of Trade on Commodity Exchanges (in Rs.Crore) MCX NCDEX All Exchanges YoY % Growth During 1st - 15th Feb ’11 452,060.42 110,968.28 597,253.74 52.91 During 16th -31st Jan ’11 447,344.01 88,399.07 563,264.81 64.39 During 1st - 15th Jan ’11 472,475.48 91,939.73 591,458.22 62.09Commodity Futures & Spot Prices Pulse: Chana Sugar Refined Soya Oil Metal: Gold Energy: Crude Oil (100 Kgs) (100 Kgs) (10 Kgs) (10 Grams) (1 Bbl.) Date Futures Spot Futures Spot Futures Spot Futures Spot Futures Spot1-Feb-11 2573.0 2636.0 2999.0 2996.0 670.7 644.7 20131.0 19975.0 4327.0 4236.02-Feb-11 2573.0 2601.0 2989.0 2983.0 679.6 650.8 20021.0 19875.0 4292.0 4158.03-Feb-11 2573.0 2633.0 2989.0 2959.0 678.3 649.6 20343.0 19825.0 4292.0 4146.04-Feb-11 2573.0 2634.0 2936.0 2940.0 671.4 643.5 20257.0 20085.0 4231.0 4131.05-Feb-11 2573.0 2640.0 2918.0 2911.0 673.1 644.2 20270.0 20088.0 4233.0 4063.07-Feb-11 2573.0 2683.0 2922.0 2915.0 668.1 641.4 20162.0 20015.0 4152.0 4063.08-Feb-11 2650.0 2661.0 2902.0 2909.0 664.7 639.3 20324.0 19982.0 4109.0 3929.09-Feb-11 2629.0 2684.0 2897.0 2895.0 671.7 641.8 20400.0 20180.0 4133.0 3946.010-Feb-11 2629.0 2695.0 2912.0 2905.0 669.1 641.3 20427.0 20220.0 4136.0 3931.011-Feb-11 2604.0 2682.0 2912.0 2923.0 671.6 640.0 20353.0 20250.0 4089.0 3953.012-Feb-11 2604.0 2676.0 2941.0 2919.0 664.8 635.3 20340.0 20190.0 4091.0 3916.014-Feb-11 2604.0 2637.0 2933.0 2950.0 660.2 634.3 20370.0 20150.0 4093.0 3916.015-Feb-11 2604.0 2590.0 2932.0 2940.0 655.3 630.0 20500.0 20325.0 4009.0 3859.016-Feb-11 2604.0 2606.0 2944.0 2930.0 642.5 630.1 20506.0 20355.0 4027.0 3832.017-Feb-11 2604.0 2598.0 2928.0 2931.0 648.8 20516.0 20370.0 4030.0 3863.018-Feb-11 2604.0 2603.0 2941.0 2932.0 646.9 634.0 20538.0 20420.0 4069.0 3919.019-Feb-11 2604.0 2625.0 2955.0 2938.0 638.8 632.7 20548.0 20425.0 4072.0 3895.021-Feb-11 2604.0 2622.0 2946.0 2945.0 646.5 633.2 20730.0 20575.0 4304.0 3895.022-Feb-11 2604.0 2608.0 2940.0 2944.0 644.2 636.5 20787.0 20623.0 4314.0 3895.023-Feb-11 2604.0 2618.0 2962.0 2940.0 620.1 627.8 20984.0 20650.0 4526.0 4313.024-Feb-11 2604.0 2597.0 2969.0 2957.0 621.1 622.0 21096.0 20970.0 4552.0 4434.025-Feb-11 2604.0 2591.0 2976.0 2957.0 625.2 625.2 20918.0 20725.0 4434.0 4414.026-Feb-11 2604.0 2585.0 2957.0 2964.0 640.0 633.3 20961.0 20833.0 4462.0 4441.028-Feb-11 2604.0 2523.0 2931.0 2964.0 629.1 631.1 20923.0 20800.0 4444.0 4441.0Multi Commodity Exchange of India. Futures: March contract; Gold: April contract E-UpDates March 2011 20 Surge Research Support

Commodity Futures & Spot Indices Futures Index : MCXCOMDEX MCXAGRI MCXMETAL Spot Index : MCXSCOMDEX MCXSAGRI MCXSMETAL 1-Feb 3335.32 2775.81 4216.09 3262.84 2918.40 4147.56 2-Feb 3375.14 2961.53 4236.63 3304.92 2926.99 4194.43 3-Feb 3362.53 2969.93 4220.89 3295.66 2927.20 4197.61 4-Feb 3377.16 2960.08 4263.67 3300.44 2936.36 4190.42 5-Feb 3363.12 2945.28 4277.04 3308.79 2908.72 4231.90 7-Feb 3364.87 2939.32 4284.52 3287.33 2906.66 4247.32 8-Feb 3328.38 2932.42 4258.62 3285.45 2919.89 4252.76 9-Feb 3328.85 2933.49 4294.58 3243.83 2922.52 4226.15 10-Feb 3341.27 2964.74 4295.75 3267.74 2945.52 4264.68 11-Feb 3346.92 2978.93 4302.02 3256.65 2963.13 4245.25 12-Feb 3329.75 2973.30 4294.64 3269 2961.58 4261.68 14-Feb 3326.48 2957.59 4296.70 3253.43 2949.91 4259.90 15-Feb 3342.93 2962.86 4334.50 3250.44 2941.61 4271.22 16-Feb 3321.27 2965.57 4324.92 3263.28 2918.42 4314.99 17-Feb 3316.07 2944.04 4312.87 3245.81 2922.94 4294.70 18-Feb 3320.68 2946.05 4330.75 3236.44 2914.29 4274.54 19-Feb 3338.20 2926.52 4364.40 3267.56 2916.27 4317.19 21-Feb 3335.76 2907.53 4367.51 3264.58 2908.61 4329.52 22-Feb 3425.59 2921.63 4430.61 3284.83 2909.46 4381.98 23-Feb 3410.82 2921.63 4375.97 3352.94 2908.36 4357.06 24-Feb 3467.41 2870.74 4403.87 3350.89 2882.88 4330.51 25-Feb 3484.08 2855.79 4427.95 3394.27 2855.79 4347.97 26-Feb 3465.44 2861.02 4428.45 3367.51 2861.11 4339.32 28-Feb 3457.24 2742.27 4447.64 3412.95 2885.09 4378.18Multi Commodity Exchange of India: Index Close 4500 4300 4100 3900 MCXSCOMDEX MCXSAGRI MCXSMETAL 3700 MCXCOMDEX MCXAGRI MCXMETAL 3500 3300 3100 2900 2700 1-Feb 3-Feb 5-Feb 7-Feb 9-Feb 11-Feb 13-Feb 15-Feb 17-Feb 19-Feb 21-Feb 23-Feb 25-Feb 27-Feb E-UpDates March 2011 21 Surge Research Support

Global Economic IndicatorsEconomic & Financial Market Indicators for India’s Major Trading Partners Growth Inflation Interest rates External Sector Stock Country Risk Market Indicator/ GDP IIP PPI CPI Short- Long- Exchange Trade FX Reserves Share Sovereign Country term rate term Rate Rate Balance# Price Rating** (% change on year ago) (% change on year ago) (%) (per US$) $ bn. Growth*USA 2.8 M01/ 5.2 M01/ 3.6 M01/ 1.6 0.23 3.46 M12/ -646.5 4.2 AAA/StableChina 9.8 M12/ 13.5 M01/ 4.9 4.68 3.99 6.57 M01/ 176.8 2847.3 4.0 AA-/StableSingapore 12.5 M12 / 9.0 M12/ 4.6 0.44 2.43 1.27 M01/ 43.6 227.1 -4.2 AAA/StableHong Kong 12.0 M01/ 10.5 M01/ 5.5 0.23 2.56 7.79 M01/ -41.3 268.6 -0.1 AA+/StableUK 1.7 M12/ 3.6 M01/ 4.8 M01/ 4.0 0.80 3.74 0.61 M12/-150.4 4.5 AAA/StableGermany 4.0 M12/ 9.9 M01/ 9.4 M02/ 2.0 1.10 3.20 0.72 M12/ 204.5 7.5 AAA/StableNetherlands 2.4 M12/ 4.7 M01/ 9.9 M01/ 2.0 1.10 3.38 0.72 M12/ 50.7 6.5 AAA/StableSaudi Arabia 2010/ 3.3 M01/ 5.3 0.75 3.75 2010/ 147.9 460.4 -19.6 AA-/StableBelgium 1.8 M11/ 6.3 M01/ 9.5 M02/ 3.4 1.10 4.26 0.72 M12/ 20.8 7.9 AA+/ -veSouth Korea 4.8 M01/ 13.7 M02/ 4.5 3.15 4.57 1128.00 M01/ 44.9 296.0 -5.4 A/StableItaly 1.3 M12/ 5.4 M01/ 5.1 M02/ 2.3 1.10 4.79 0.72 M12/ -36.5 14.1 A+/StableMalaysia 4.8 M12/ 4.2 M01/ 2.4 3.04 2.91 3.04 M12/ 34.1 106.5 0.3 A-/StableJapan 2.2 M01/ 4.7 M01/ 1.6 M01/ 0.0 0.16 1.23 81.7 M12/ 91.2 1.9 AA-/StableFrance 1.5 M12/ 7.0 M01/ 5.5 M01/ 1.8 1.10 3.60 0.72 M12/ -67.5 9.7 AAA/StableBrazil Q3/ 6.7 M01/ 2.5 M01/ 6.0 11.17 6.16 1.66 M02/ 21.7 296.3 -2.9 BBB-/StableIndonesia 6.9 M12/ 5.2 M02/ 6.8 9.84 4.79 8811.00 M01/ 21.9 92.2 -3.7 BB/+veSpain 0.6 M12/ 0.5 M01/ 6.8 M02/ 3.6 1.10 5.31 0.72 M12/ -69.3 12.3 AA/-veSouth Africa 3.8 M12/ 0.2 M01/ 3.7 5.58 8.53 6.86 M12/ 1.7 401.0 -4.0 BBB+/StableThailand 3.8 M01/ 3.7 M01/ 3.0 2.60 3.56 30.5 M12/ 14.0 169.7 -5.6 BBB+/StableTaiwan 6.9 M01/ 17.2 M01/ 1.1 1.18 1.40 29.6 M01/ 9.9 387.1 -5.5 AA-/StableEuro area 2.0 M12/ 8.0 M01/ 6.1 M02/ 2.4 1.10 3.19 0.72 M12/ 0.3 8.8India 8.2 M12/ 1.6 M01/ 9.3 7.14 8.33 44.9 M01/ -113.4 274.4 -10.5 BBB-/StableNote: Countries have been chosen according to their ranking by value of exports in 2008-09. A few countries have been omitted due to insufficient data.GDP is for Q4 of 2010 unless otherwise mentioned.# Trade balance for last 12 months. FX Reserves at end-January 2011. Exchange rate as on 2nd March 2011.*% change of the major index in US$ terms, over 31st Dec 2010, as of 2nd March 2011.**Foreign Currency Ratings by S&P.For more Countrywise Indicators and Updates visit: www.ecofin-surge.co.in/at-a-glance.html World Output, Inflation & Trade (% change, IMF Estimates, WEO Database) 7.0 15 GDP Inflation Trade 6.0 10 5.0 5 4.0 Trade 3.0 0 2.0 -5 1.0 -10 0.0 -1.0 -15 2008 2009 2010 2011 2012 2013 2014 2015 E-UpDates March 2011 22 Surge Research Support

Global Stock Indices Selected Indian & International Stock Indices BSE Dollex- S&P FTSE NIKKEI HSI STI IPC BOVESPA 30 (India) DJI (US) 500(US) 100(UK) 225 (Japan) (HongKong) (Singapore) (Mexico) (Brazil) 1-Feb-11 3,231.32 12,040.16 1,307.59 5,957.80 10,274.50 23,482.95 3,184.74 37,618.10 67,847.00 2-Feb-11 3,252.46 12,041.97 1,304.03 6,000.10 10,457.36 23,908.96 3,211.12 37,948.75 66,688.00 3-Feb-11 3,322.04 12,062.26 1,307.10 5,983.30 10,431.36 3,211.12 37,739.08 66,765.00 4-Feb-11 3,239.94 12,092.15 1,310.87 5,997.40 10,543.52 3,211.12 37,451.84 65,269.00 7-Feb-11 3,256.76 12,161.63 1,319.05 6,051.00 10,592.04 23,553.59 3,192.18 65,362.00 8-Feb-11 3,220.88 12,233.15 1,324.57 6,091.30 10,635.98 23,484.30 3,185.36 37,565.65 65,771.00 9-Feb-11 3,178.62 12,239.89 1,320.88 6,052.30 10,617.83 23,164.03 3,150.56 36,986.94 64,218.00 10-Feb-11 3,141.01 12,229.29 1,321.87 6,020.00 10,605.65 22,708.62 3,103.39 36,652.13 64,578.00 11-Feb-11 3,184.94 12,273.26 1,329.15 6,062.90 22,828.92 3,077.27 37,011.49 65,756.00 14-Feb-11 3,285.84 12,268.19 1,332.32 6,060.10 10,725.54 23,121.06 3,104.42 36,998.93 66,558.00 15-Feb-11 3,297.31 12,226.64 1,328.01 6,037.10 10,746.67 22,899.78 3,080.66 36,951.25 66,341.00 16-Feb-11 3,300.75 12,288.17 1,336.32 6,085.30 10,808.29 23,156.97 3,094.72 37,074.93 67,571.00 17-Feb-11 3,347.63 12,318.14 1,340.43 6,087.40 10,836.64 23,301.84 3,082.83 37,226.43 67,685.00 18-Feb-11 3,305.32 12,391.25 1,343.01 6,083.00 10,842.80 23,595.24 3,086.92 37,522.30 68,067.00 21-Feb-11 3,353.53 6,014.80 10,857.53 23,485.42 37,242.05 67,259.00 22-Feb-11 3,316.65 12,212.79 1,315.44 5,996.80 10,664.70 22,990.81 3,019.12 36,781.55 66,440.00 23-Feb-11 3,302.22 12,105.78 1,307.40 5,923.50 10,579.10 22,906.90 3,001.85 36,464.07 66,910.00 24-Feb-11 3,187.36 12,068.50 1,306.10 5,920.00 10,452.71 22,601.04 2,973.08 36,446.56 66,949.00 25-Feb-11 3,204.15 12,130.45 1,319.88 6,001.20 10,526.76 23,012.37 3,025.16 36,880.20 66,903.00 28-Feb-11 3,235.60 12,226.34 1,327.22 5,994.00 10,624.09 23,338.02 3,010.51 37,019.70 67,383.00Closing Values International Stock Index Movements vs BSE Sensex ( Feb-2011, with 1st Feb=100) DJI (US) S&P 500 (US) FTSE 100(UK) NIKKEI 225 (Japan) HSI (HongKong) STI (Singapore) IPC (Mexico) BOVESPA (Brazil) E-UpDates March 2011 23 Surge Research Support

Global Commodity Prices Primary Commodity Indices*/ PricesUnits Descriptor Nov-09 Dec-09 Jan-10 Nov-10 Dec-10 Jan-11Index Number Fuel and Non-Fuel 140.82 140.83 145.99 164.66 174.59 181.58Index Number Non-Fuel 140.82 145.92 149.89 177.55 187.31 196.32Index Number Industrial Inputs 141.27 148.72 157.64 187.52 196.22 207.26Index Number Food 137.12 139.52 138.77 165.77 176.97 183.30Index Number Agricultural Raw Materials 107.40 111.22 112.82 140.95 146.65 156.66Index Number Cotton 71.78 76.78 77.40 155.47 168.22 178.93Index Number Metals 165.73 175.81 190.02 221.16 232.02 243.81Index Number Fuel 140.82 137.85 143.71 157.12 167.15 172.96Index Number Crude Oil 145.82 140.86 144.95 158.91 169.33 174.28US Dollars per Metric Ton Aluminum 1956.55 2181.26 2230.15 2324.05 2356.67 2439.70 " Copper 6682.44 6976.98 7367.40 8458.42 9152.86 9533.20 " Zinc 2196.55 2374.04 2414.69 2283.30 2287.32 2375.81US Cents per Metric Ton Iron Ore 99.26 105.25 125.91 160.55 168.53 179.63USD per 000 Cubic Meters Natural Gas, H H, Louisiana 132.37 192.51 210.32 133.70 152.85 161.71US Dollars per Barrel Crude Oil 77.56 74.88 77.12 84.53 90.07 92.66 " Crude Oil, Brent 77.04 74.67 76.37 85.67 91.80 96.29 " Crude Oil Dubai Fateh 77.63 75.49 76.64 83.74 89.18 92.19 " Crude Oil WTI 78.00 74.49 78.34 84.19 89.22 89.51US Dollars per Metric Ton Palm oil 674.33 727.60 742.00 1059.01 1171.22 1238.57US Dollars per Metric Ton Rice, Bangkok 566.25 606.00 598.00 543.14 536.78 527.50US cents per Pound Rubber 116.74 127.47 139.79 195.32 215.28 250.36US Dollars per Metric Ton Soybean Oil 854.24 867.40 838.22 1123.30 1208.33 1257.14US Dollars per Metric Ton Soybeans 370.71 379.30 358.97 459.96 483.76 511.10US cents per Pound Sugar, European 27.58 27.01 26.89 26.60 25.97 26.23 " Sugar, Free Market 22.77 24.90 21.91 28.90 31.09 32.09 " Sugar, U.S. 29.46 31.53 29.91 38.09 38.00 39.67US Dollars per Metric Ton Sunflower Oil 1070.43 1132.91 1113.62 1395.77 1466.26 1528.95US cents per Kg. Tea 361.05 374.22 338.67 331.68 352.13 368.10US Dollars per Metric Ton Wheat, Mexico 211.04 206.25 201.51 274.08 306.52 326.54*New series with Base 2005=100 Observed & Projected Price Movements, IMF WEO Database Fuel and Non-Fuel Price Indices 2011 Cereals Price Index includes Wheat, 2010 Maize (Corn), Rice, and Barley 2009 Sugar Index European, Free market, and U.S. Price Indices 2008 Crude Oil Index(Petroleum), Brent, West Texas Intermediate, and the Dubai Fateh 2007 Metals Price Index, Copper, Aluminum, Iron Ore, Tin, Nickel, Zinc, 0 50 100 150 200 250 Lead, and Uranium Price Indices E-UpDates March 2011 24 Surge Research Support

Highlights of Economic Survey & Union Budget 2011-2012Overview of the Economy⇒ GDP is estimated to have grown at 8.6% in 2010-11, with agricultural growth showing strong momentum and growing 5.4% compared with 0.4% last year, while manufacturing growth remained at the previous year’s level at 8.8%. Demand –side GDP measured in constant prices is estimated to grow at 9.7% in 2010-11. Compositionally positive shifts in demand are indicated with private final consumption expenditure picking up, government expenditure decelerating and a pick-up in gross fixed capital formation and net exports. ⇒ Exports in April-December 2010 up 29.5 per cent; imports up 19 per cent. Trade gap narrowed to $82.01 billion in April-December 2010. ⇒ Data on IIP exhibited sharp volatility in the current fiscal with growth varying from 1.6% to 16.6%. IIP growth during Apr-Dec is at 8.6%. ⇒ Services (excluding construction) growth slowed to 9.6% in 2010-11 from 10.1% in 2009-10. ⇒ Production of foodgrains in 2010-11 is likely to be 232.07 million tonnes as compared to 218.11 million tonnes last year. ⇒ Food inflation declined from a peak of 20.2% in February, 2010, to 8.6% in December, 2010. ⇒ In the current financial year (2010-11), overall average inflation from April-December 2010 at 9.4 per cent, is the highest recorded in the last ten years. WPI inflation which peaked at 11% in April 2010 has come down to 8.4% by December. Build-up in FY 2010-11 (April-Dec) at 6.11% is lower than the corresponding period of the previous year at 7.9%. ⇒ Gross Fiscal Deficit stands at 4.8 per cent of GDP, down from 6.3 per cent last year. ⇒ Savings rate has gone up to 33.7 per cent, while the investment rate is up at 36.5 per cent of GDP. ⇒ Net bank credit has grown by 59 per cent. Deposit growth was slow as real interest rates were depressed. ⇒ India’s external debt stood at US$295 bn. at end-September, increasing by 12.8% over end-March 2010. Economic Outlook ⇒ Economy expected to grow at 9% in 2011-12 with a margin of +/-0.25%. ⇒ Inflation is expected to be lower in 2011-12 with the measures taken by both the Government and the RBI showing further lagged effect. ⇒ Current account deficit seen lower in 2011-12 with improvements in foreign trade and investment.Budget Estimates for 2011-12 ⇒ Gross Tax receipts are estimated at Rs. 9,32,440 crore an increase of 24.9% over the Budget Estimates (BE) for 2010-11. Non-tax revenue receipts estimated at Rs. 1,25,435 crore. ⇒ Total expenditure proposed at Rs. 12,57,729 crore, an increase of 13.4% over BE for 2010-11, with an increase of 18.3% in total Plan allocation and 10.9% in the Non-plan expenditure. ⇒ Effective Revenue Deficit estimated at 2.3 per cent of GDP in the Revised Estimates (RE) for 2010- 11 and 1.8 per cent for 2011-12. Fiscal Deficit brought down from 5.5 per cent in BE 2010-11 to 5.1 per cent of GDP in RE 2010-11. Fiscal deficit seen at 5.1 percent of GDP in 2010-11; 4.6 percent of GDP in 2011-12 and 3.5 percent of GDP in 2013-14. All subsidy related liabilities to be brought into fiscal accounting. ⇒ Net market borrowing of the Government through dated securities in 2011-12 to be Rs. 3.43 lakh crore and an additional Rs.15,000 crore to be financed through Treasury Bills. Central Government debt estimated at 44.2 per cent of GDP for 2011-12 as against 52.5 per cent recommended by the 13th Finance Commission.E-UpDates March 2011 25 Surge Research Support

Tax Proposals Direct taxes ⇒ Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs. 2,000. Exemption limit enhanced to Rs. 2,50,000 and qualifying age reduced to 60 years for senior citizens. Exemption limit for citizens, who are 80 years or above raised to Rs. 5,00,000. ⇒ Surcharge for domestic companies reduced from 7.5% to 5% and for foreign companies from 2.5% to 2%. ⇒ Minimum Alternate Tax (MAT) rate increased from 18% to 18.5% of book profits. MAT to be levied on developers of Special Economic zones (SEZs) and units in SEZ. ⇒ Concessional tax rate of 15% proposed on dividends received by the Indian companies from their foreign subsidiaries during financial year 2011-12. ⇒ Investment linked deduction extended to housing projects under a scheme for affordable housing and production of fertilizer. ⇒ DTC proposed to be effective from April 1, 2012. Indirect taxes ⇒ The Budget has proposed to stay on course for transition to GST. Significant progress in establishing IT infrastructure for introduction of GST. ⇒ Central Excise Duty maintained at standard rate of 10 per cent. ⇒ Nominal Central Excise Duty of 1 per cent has been imposed on 130 items entering in the tax net. ⇒ Lower rate of Central Excise Duty enhanced from 4 per cent to 5 per cent. ⇒ Parallel Excise Duty exemption granted for domestic suppliers producing capital goods needed for expansion of existing mega or ultra mega power projects. ⇒ Peak rate of Custom Duty held at its current level. ⇒ Standard rate of Service Tax retained at 10 per cent, with proposals of expansion in the tax base.Some Proposals Related to Infrastructure, Agricultural and Social sector Development ⇒ Allocation to infrastructure in 2011-12 increased by 23.2% over the previous year. ⇒ To boost infrastructure development in railways, ports, housing and highways, tax free bonds of Rs. 30,000 crore proposed to be issued by Government undertakings during 2011-12. ⇒ Allocation for social sector in 2011-12, proposed at Rs.1,60,887 crore amounting to 36.4% of total plan allocation and increased by 17% over the current year. Allocation for education increased by 24% over current year. Plan allocations for health stepped-up by 20%. Allocation for Bharat Nirman programme proposed to be increased by Rs.10,000 crore from the current year to Rs.58,000 crore in 2011-12. Plan to provide Rural Broadband Connectivity to all 2,50,000 Panchayats in the country in three years. ⇒ Credit flow for farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore in 2011-12. ⇒ Interest subvention enhanced from 2% to 3% for providing short-term crop loans to farmers who repay their crop loan on time. ⇒ NABARDs capital base to be strengthened by infusing Rs.3000 crore, as Government equity in a phased manner. ⇒ To attract investment in the cold storage sector, capital investment in the creation of modern storage capacity to be eligible for viability gap funding scheme of the Finance Ministry. Cold chains and post-harvest storage to be recognized as an infrastructure sub-sector. Full exemption from excise duty extended to certain machinery required for this sector. ⇒ To ensure greater efficiency, cost effectiveness and better delivery for of kerosene, LPG and fertilisers, Government to move towards direct transfer of cash subsidy to people living below poverty line in a phased manner. ⇒ Mortgage Risk Guarantee Fund proposed under Rajiv Awas Yojana to guarantee housing loans taken by Economically Weaker Sections and LIG households and enhance their credit worthiness.E-UpDates March 2011 26 Surge Research Support

⇒ For removal of production and distribution bottlenecks for items (constituting 70% of WPI basket of primary food articles) contributing to the recent inflationary pressure, allocations under the ongoing Rashtriya Krishi Vikas Yojana increased from Rs.6,755 crore in 2010-11 to Rs.7,860 crore in 2011- 12.⇒ Allocation of Rs.400 crore to improve rice based cropping system in Eastern India. Allocation of Rs.300 crore each to promote: 60,000 pulses villages in rainfed areas; 60,000 hectares under oil palm plantations; implementation of vegetable initiative; higher production of nutritious millets like Bajra, Jowar, Ragi and others; animal based protein production through livestock development, dairy farming, fisheries etc; and fodder development in 25,000 villages.⇒ State Governments to review and enforce a reformed Agriculture Produce Marketing Act.Some Proposals Related to the Investment Environment⇒ Notified infrastructure debt funds to attract foreign funds for financing of infrastructure proposed; a reduced withholding tax rate of 5% (instead of the current rate of 20%) to apply to interest payment on the borrowings of these funds; and income of the funds to be exempt from tax.⇒ FII limit for investment in corporate bonds issued in infrastructure sector raised.⇒ Additional deduction of Rs.20,000 for investment in notified long-term infrastructure bonds extended⇒ Disinvestment receipts for 2011-12 estimated at Rs. 40,000 crore.⇒ SEBI registered MFs permitted to accept subscription from foreign investors who meet KYC requirements for equity schemes.⇒ Discussions underway to further liberalise the FDI policy.⇒ Amendments proposed to the Banking Regulation Act in the context of additional banking licences to private sector players to be considered.⇒ Legislative changes to be introduced in Insurance and Pension funds sectors. Changes are also proposed to Acts related to bank debt recovery.⇒ Self assessment to be introduced in Customs to modernize the Customs administration.⇒ Proposal to introduce simplified scheme for refund of taxes paid on services used for export of goods.⇒ Mega Cluster Scheme to be extended for leather products and handicrafts.⇒ Recapitalisation for PSBs and RRBs include Rs.6,000 crore allocated to enable PSBs to maintain a minimum of Tier I CRAR of 8% and Rs.500 crore for RRBs to maintain a CRAR of at least 9% as on March 31, 2012.⇒ Keeping in mind the recent problems related to Micro Finance Institutions, India Microfinance Equity Fund of Rs.100 crore is proposed to be created with SIDBI and Women’s SHG’s Development Fund to be created with a corpus of Rs.500 crore.⇒ Rs.5,000 crore to be provided to SIDBI for refinancing incremental lending by banks to Micro Small and Medium Enterprises. Rs.3,000 crore to be provided to NABARD to provide support to handloom weaver co-operative societies.⇒ Provision under Rural Housing Fund enhanced to Rs.3,000 crore.⇒ Existing housing loan limit for dwelling units under priority sector lending enhanced to Rs.25 lakh. Summary by Surge Research Support February 2011E-UpDates March 2011 27 Surge Research Support

E-UpDates Subscription (Renewal) form One year subscription: Rs. 2000.00 Back issue: Rs. 150.00 (per issue) SUBSCRIBER INFORMATION (Please complete the form clearly to receive information and offerings from Ecofin-Surge) Subscription for……………………………. Subscription Number……………..………… (New subscription or Renewal or Back issue) (for renewal) Issues from……………………………………………….. to ………………………………………………. (please specify for Back issues) Name ……………………………………………………………………………………… Organization ……………………………………………………………………………… Address1…………………………………………………………………………………... Address2…………………………………………………………………………………... City…………………………………………….. State …………………………………… Pin……………………..Phone………………….…… Email……………………………. PAYMENT INFORMATION Cheque (in favour of SURGE RESEARCH SUPPORT) Cheque Number …………………. Bank ………..…………………….. Date………………………….. Amount…………… OR Bank Transfer (made payable to SURGE RESEARCH SUPPORT) Bank Name: Axis Bank Branch: Rashbehari Avenue, Kolkata A/C Number: 911020021891851 IFS Code: UTIB0000253 Date………………………….. Amount…………… Please complete this page and mail (/email) it to: Sakuntala Sarkar For: Surge Research Support 772, R.N. Tagore Road Kolkata 700 077 West Bengal, INDIA Email: ecofin.surge@gmail.comE-UpDates March 2011 28 Surge Research Support

Prepared by the Please explore at www.ecofin-surge.co.in To subscribe visit www.ecofin-surge.co.in/kiosk.html or email ecofin-surge@gmail.com Rs. 2000.00 (USD 50)(12 Issues)E-UpDates March 2011 29 Surge Research Support

Eupdts March11-Indian & Global Economic Indicators

by Ecofin Surge on Aug 27, 2011

Accessibility

Categories

Tags

Upload Details

Usage Rights

Statistics

Eupdts March11-Indian & Global Economic Indicators — Document Transcript