Karvy Private Wealth’s newsletter ‘ADVICE for the WISE’ for August 2010 a ready reckoner for you to not only understand the key investment markets but also to help you make better investment choices. It gives an overall picture of Equity, Debt, Insurance, Commodities, Forex Market, and global and domestic Economic updates.

1. ADVICE for the WISE
Newsletter – August’10

2. Index Page No.
Economic Update 4
Equity Outlook 8
Debt Outlook 16
Forex 18
Commodities 19
Alternative Assets 21
2

3. Dear Investor, However, the average expected inflation for the year has been
revised upwards as well. In light of such expectations, RBI is
Indian equity markets have remained largely flat through last likely to be quite unambiguous in its stance. In future we
month. This was partly due to the cautious sentiments in light of expect the monetary tightening to continue. Both repo rate
monetary policy tightening and partly due to lackluster corporate and reverse repo rates will continue to increase. Also the
results. While both developments were largely expected, their difference between the two is likely to be reduced further in
materialization kept investors looking for non-existent positive order to reduce the interest rate volatility.
surprises. The mixed news from global markets has made us
maintain our cautious outlook for the short term. Owing to the Debt markets reacted as expected to the rate hikes with
strong economic fundamentals, our long term view for Indian marked increase in yields. Yields are likely to increase further
equities remains bullish. In this context, the present market before peaking. Thus we maintain a negative outlook on long
tenure debt. Investment opportunities in debt are likely to be
scenario seems ripe for cherry picking of good quality stocks rather
found on the credit side. The positive economic growth
than investing in broad index. In terms of sectors, banking and
atmosphere has reduced the credit risk considerably.
consumer goods appear to be attractive bets owing to strong
However this has not necessarily led to a reduction of credit
credit growth and renewed vigor in consumption respectively. spreads. Carefully selected corporate credit is likely to be
Private equity investments are also a good option to capture the quite attractive in terms of risk adjusted yield in the present
positive long term growth momentum of Indian economy. context. The idea should be to lock in attractive interest rates
in steps while the interest rate cycle peaks.
In the monetary policy announced late last month, RBI has
increased repo rate by 25 basis points to 5.75% (from 5.5%) and The relative calm on the front of various investment avenues
reverse repo rate by 50 basis points to 4.5% (from 4.0%). RBI had can be used as a period to rebalance portfolio allocations to
already increased both repo rate and reverse repo rate by 25 basis reflect the currently persisting expectations of growth rates
points each on an ad-hoc basis earlier last month. The moves were and risks of different asset classes. The stability and relative
largely expected owing to the sustained high inflation rate. In predictability of the current equity and debt markets allows
recent weeks, most experts have increased their forecast of Indian gradual restructuring of both sides of the portfolio and also
GDP growth rate for FY11 from 8.0% to 8.5%. selective investments in alternate assets.
“Advisory services are provided through Karvy Stock Broking Ltd. (PMS) having SEBI Registration No: INP000001512. Investments are subject to market risks. Please
read the disclaimer on slide no.23” 3

4. As on Change over Change over 130
July 30th 2010 last month last year 120
110
BSE Sensex 17,868 0.9% 14.0% 100
90
Equity S&P Nifty 5,368 1.0% 15.8% 80
markets
Dec-09
Mar-10
Apr-10
May-10
Jul-09
Jun-10
Jul-10
Sep-09
Oct-09
Jan-10
Feb-10
Aug-09
Nov-09
S&P 500 1,102 6.9% 11.6%
Sensex Nifty
Nikkei 225 9,537 1.6% (7.9%) S&P 500 Nikkei 225
8.3
10 Yr.…
7.8
10-yr G-Sec Yield 7.80% (25 bps) 82 bps 7.3
Debt markets Call Markets 4.88% (48 bps) 188 bps 6.8
Fixed Deposit* 6.00% (0 bps) (50)bps
7/31/2009
8/31/2009
9/30/2009
10/31/2009
11/30/2009
12/31/2009
1/31/2010
2/28/2010
3/31/2010
4/30/2010
5/31/2010
6/30/2010
7/31/2010
3,500
3,300
Commodity RICI Index 3,131 6.1% 5.2% 3,100
2,900
markets Gold (`/10gm) 17,768 (5.5%) 21% 2,700
Crude Oil ($/bbl) 75.5 0.8% 7.8% 2,500
Oct-09
Aug-09
Sep-09
Nov-09
Feb-10
Dec-09
Mar-10
Jul-09
Apr-10
May-10
Jul-10
Jan-10
Jun-10
RICI
50
Forex Rupee/Dollar 46.6 0.3% 3.5% 48
46
markets Yen/Dollar 88.7 2.5% 9.3% 44
Jan-10
Jun-10
Jul-09
Aug-09
Sep-09
Jul-10
Dec-09
Feb-10
Oct-09
Apr-10
Mar-10
Nov-09
May-10
Rupee/Dollar
* Indicates SBI one-year FD 4

5. • The Conference Board Consumer Confidence Index which had which had
declined sharply in June, retreated further in July. The Index now stands at
US 50.4 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 surprisingly recovered to 56.7 in July
from 55.6 in June indicating a continued recovery in the region. There has
Europe been an improvement in both the manufacturing and services sector.
Industrial production rose by 0.9% (m-o-m) and 9.4% (y-o-y).
• Unemployment in the Euro zone remained at a record 10% in June for the
fourth month running with almost 16m people out of work.
• Japan’s industrial production dropped by 1.5% in June from the previous
month signaling the nation’s export-led recovery is losing momentum.
Japan • Japan’s unemployment rate increased in June 10 (m-o-m) to 5.3% from 5.2% in
May 10 . These are the highest levels in the last 7 months.
• The HSBC China Manufacturing Purchasing Managers Index, fell to 49.4 in
July from 50.4 in June. It was the first month since March 2009 that the PMI
Emerging reading was below 50 indicating contraction in the manufacturing activity.
economies This reflects the the combined effect of credit tightening, property cooling
measures and Beijing's measures to cut capacity in energy-intensive sectors.
5

6. IIP monthly data
15%
10% • The GDP growth rate for FY10 came in at 7.4%;
5% better than the estimated 7.2% for FY10 with FY10
0% Q4 GDP figure coming in at 8.6%.
May-09
-5% Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10
• For FY10, growth in construction sector remained
unchanged at 6.5%, while industry and services
grew at 9.3% (vs 8.2% ) and 8.5% (vs 8.7%) year on
• Industrial output as measured by the Index of year.
Industrial Production (IIP) grew by 11.5% (y-o-y)
in May 10. While this is way below the estimated • The Finance ministry is targeting FY11 growth at
16%, combined with a manufacturing PMI of ~8.50%. We believe the current target is sustainable
as we expect manufacturing and service sectors to
57.3 in June, it shows expansion in the
continue to drive growth in the next few quarters,
manufacturing sector. even as farm output stages a turnaround.
• We believe the growth in IIP will shift from
consumption led sectors to manufacturing
sectors as the economy keeps improving. GDP growth
6

7. Growth in credit & deposits of SCBs
25 Bank Credit Aggregate Deposits
20
• Inflation as measured by WPI stood at 10.55%
15
(y-o-y) for the month of June-10 as compared to
10
10.16% during May 10 driven by high food and
5 fuel prices.
0
• We expect WPI inflation numbers to increase in
coming months due to a direct fall out of the
fuel price hike but expect moderation in m-o-m
inflation numbers as the RBI continues its
• Bank credit growth further improved in the month monetary tightening stance and the base effect
of June as it increased by 19.6% as compared to comes into play.
18.1% in the month of May 2010
12.0%
• We expect credit growth to further improve in the 10.0% Inflation
next few quarters and settle at ~20% levels on the 8.0%
back of improving business confidence and decline 6.0%
in risk aversion on the part of banks as the 4.0%
economic recovery gathers momentum. 2.0%
0.0%
Jun-09
Oct-09
Jan-10
Jun-10
Dec-09
Jul-09
Feb-10
Mar-10
Apr-10
Aug-09
Sep-09
Nov-09
May-09
May-10
-2.0%
-4.0%
7

8. Market valuations and outlook
We believe that the time correction has been underway for a good period of time now. Indian equity markets have now remained flat
for over three quarters. On the other hand, the earnings growth is panning out as per our expectations. The Sensex has remained flat
but the valuations have corrected from 17.9x forward earnings (September 2009) to now 15.7x forward earnings. Our earning
expectation from the Sensex is ` 1050 for FY11 and ` 1250 for FY12. If the market remains flat for a quarter or two and the earnings
growth remains on track (which in our opinion is likely), the valuations should start looking comfortable. In our view, this is an
appropriate time to start allocation to Indian equities with a long term view and an uncompromising attention to quality.
Near Term Concerns
We are cognizant of the key issues that are holding markets back despite record
inflows from FIIs during this calendar year. India can do little about the
developments in the western world. The economic data from US and EU is
mixed and does not indicate a decisive trend so far. We are subscribers of the
view that the worst may be over, but consumption in western world will suffer
for a long time to come. Notwithstanding its domestic character, India will be
adversely impacted in an eventuality of the crisis deepening.
Back here, inflationary pressures have caused the policymakers to sit up and
start monetary tightening. The quarterly results for Q1FY11 bear the scars from
rising input costs in the economy. If the monsoons turn out fine as it appears, Sensex forward
food inflation should be manageable, but the same cannot be opined for fuel PER will get better
and commodities. It will be interesting to watch how the central bank balances if the markets
remain flat for a
between monetary tightening, liquidity induction and growth.
quarter or two.
8

9. FII & MF data Sales growth
Series1 Series2
20000
15000
10000 • Substantial improvement in sales was witnessed in Q2 & Q3
Rs. (Cr)
5000
mainly in consumption oriented sectors of the economy.
Current Results by corporates show a strong Sales growth
0
Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10
for the current quarter while consolidated figures are yet to
-5000
come.
-10000 • We expect improvement in sales in upcoming quarters;
-15000 especially in the manufacturing space as domestic demand
picks up.
• FIIs invested ` 16,617 Cr. in equities in the month of July Profit growth
alone as the markets remained relatively stable throughout
the month on cues of stable macroeconomic indicators. We
also saw huge FII inflows in the Debt segment amounting to
` 8,100 Cr.
• Mutual Funds sold around ` 4,182 Cr in the month of July as • Recent Q3 & Q4 numbers have beaten estimates with
Corporates and Banks exited the markets. Banks are higher sales and better operational efficiency aiding profit
currently gaining a higher rate of ~5.8% (Call rate) as growth.
compared to returns given by Liquid funds.
• Margins are expected to remain stable in the following
quarters as lower interest costs are offset by higher raw
material costs 9

10. Recommendation Sector Rationale
Higher credit growth, well managed NPAs, improved capital market
BFSI activities and expectations of reforms
Industrials Focus on infrastructure spend intact
Overweight
Discretionary Robust domestic demand, income growth, favorable demographics,
Consumption rapid urbanization
Resilient demand in CRAMS, generics opportunity getting better and
Healthcare strong pressure on governments to reduce public healthcare costs
Lower volumes, affordability issues and the leverage on the balance
Real Estate sheets of the companies
Positive steps in the direction of fuel price deregulations, increased E&P
Oil & Gas activities but under recoveries still loom large
Neutral Cement
Significant overcapacity build up and slow down in North, West and
South India markets.
Despite the macroeconomic opportunity, we are concerned about the
Telecom ongoing price war and significant leverage post 3G & BWA auctions
10

11. Alpha Portfolio
• Our Portfolio Management Model
– Is Comprehensive and has an Inclusive Approach to Equities. It is Sector and Market Cap neutral.
– Has Undiluted Market Exposure. There is no Capping of gains and No Cash calls
– Is Non-restrictive and plays on all available Investment Themes such as Growth, Re-Rating etc.
– Aims at generating Alpha through Active Portfolio Management
– Looks towards Management of Core Investment Risks
– Carries out Incisive Research to identify Winners
• KPW v/s traditional equity advisory models
KPW Equity Advisory Traditional Equity Advisory
Long Term investing in wealth-creating, Frequent churning of the investor’s
undervalued stocks portfolio
Both KPW and the investor’s focus is on Advisor and Investor’s interests are
generating long term returns not aligned
11

12. Investment Idea
Company and
Generation (Top Down &
Management Profiling
Bottom Up)
Attribution Analysis,
Periodical Portfolio Proprietary & Third
Evaluation &
Alpha Portfolio Party Research
Rebalancing
Portfolio Building & Internal Valuation &
Risk Management Screening
12

13. Basic Theme
A diversified portfolio of stocks that seeks Alpha through superior stock selection. The Portfolio Management adopts a comprehensive
approach and invests across sectors, investment themes and market capitalization categories.
Portfolio Details Absolute Returns (%)
Entry Load Nil Comparatives 1 Month Since Inception
Exit Load Nil (Full management fee to be levied if redeemed before 1 yr)
Management Fee 1.5% p.a. Alpha Portfolio 1.4% 12.57%
Profit Share 20% of Outperformance over 12% 1.04% 6.65%
S&P CNX Nifty
Top 10 Holdings Sector Allocation Performance
ITC Ltd. 7.5%
ACC Ltd. 6.5% 14%
12.57%
Alpha Portfolio
Mahindra & Mahindra Ltd. 5.7% Financials 12%
Others 28%
Reliance Industries Ltd. 5.0% 20%
Cement 10% Nifty
Infosys Technologies Ltd. 5.0% 12%
IT
HDFC Ltd 4.8% 8% 8%
6.65%
Consumer
Shriram Transport 4.2% Oil & Gas Goods 13% 6%
SBI 4.0% 8% Auto 9%
4%
ICRA 3.9%
BHEL 3.9% 2% 1.40% 1.04%
0%
1M Since Inception (30/11/09) 13

14. Nifty Linked – Knockout structure
• 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.
Nature of Debenture Secured Non Convertible Debenture
Face Value ` 1,00,000
Minimum Subscription ` 5,00,000
Premium
Up to 25,00,000 1.5% of the Face Value of debenture
Above 25,00,000 1.0% of the Face Value of debenture
Tenure 15 / 18 Months
Participation Rate 110%
Principal Protection 100%
Initial Level Average of Nifty at first three months, with a 95% floor
Final Level Average of Nifty at last three months
KO Rebate 16%
KO Level 120%
If KO is not triggered 1.1 * Max { 0, Final Level/Initial Level - 1}
Barrier Observation Frequency Monthly from 4M to 12M
Issuer / Rating LAA rated NBFC
Listing NSE
14

15. 15/18 Months: 110% PR
Entry Nifty 5200 5200 5200 5200 5200 5200
Final Nifty Level 2500 5200 6000 6200 6500 7000
Nifty Return -51.92% 0.00% 15.38% 19.23% 25.00% 34.62%
Product Return 0.00% 0.00% 16.92% 21.15% 16.00% 16.00%
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 16%.
• 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.
15

16. Yield curve
(%)
10.00 • The benchmark 10 yr G-sec yield increased from
8.00 7.54% in June to settle around 7.8% in the
6.00
month of July. This was due to the RBI tightening
4.00
2.00
its monetary stance in the July Review.
0.00
• We believe that future monetary tightening
1.1
0.0
2.2
3.2
4.3
5.4
6.5
7.5
8.6
9.7
10.8
11.8
12.9
14.0
15.1
16.1
17.2
18.3
19.4
(Yrs.) measures is unlikely to a major impact on the
longer end of the yield curve and once the
inflation drops, the yields may peak out around
• We expect yields at the longer end of the yield 8% levels. We expect the 10 yr G-sec yields to
curve to remain stable. High inflation, monetary remain in the broad range of 7.25 – 8.0% in the
tightening and rising credit growth will keep the next few quarters.
yields at the longer end range bound.
10-yr G-sec yield
8.2
• Short term liquidity concerns arising from 3G 8 10 Yr. Gsec yield
7.8
auctions and advance tax payments will keep 7.6
yields at the shorter end at elevated levels. 7.4
7.2
7
• Due to rising inflationary expectations, there may 6.8
be further interest rate hike by RBI but will
stabilize around 7.25 – 8% levels by year end.
16

17. Category Outlook Details
We recommend short term bond funds with a 6-12 month
investment horizon as we expect them to deliver superior
Short Tenure returns due to high YTM and concerns over credit quality ease
Debt as the economy recovers, thereby prompting ratings upgrade.
Positive economic climate has reduced credit risks without a
commensurate decrease in credit spreads. Some AA and select
Credit A rated securities are very attractive at the current yields. A
similar trend can be seen in the Fixed Deposits also.
We expect yields at the longer end of the yield curve to go up.
Long Tenure Yields may move to the broad range of 7.5– 8.5% in the next
Debt few quarters. This may be an attractive investment once the
inflationary pressure in the economy settles down. Currently
however the outlook remains negative.
17

18. Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
Singapore Dollar 100 Export Import Trade Deficit 0
(Mn)
Euro 50
(%)
Japanese Yen 0
British Pound -50 Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr-1 May- Jun-1 -20000
09 09 09 09 09 09 09 10 10 10 0 10 0
US Dollar
• Exports for the month of May increased by 30.4% y-o-y
-8.00% -6.00% -4.00% -2.00% 0.00% 2.00% while imports increased by 23.5% increasing the trade
(%)
deficit to USD 10,554 Mn.
•The Rupee appreciated v/s the US dollar in the month of June
due to a slow pace of recovery in the U.S. and investment into
the Indian markets. The positive stress test results in the Capital account balance
Eurozone, and indication of a speedier recovery of the
economy than expected earlier proved to be a positive
indicator for the Euro and the British Pound.
• Our medium term view is that the rupee is likely to • Capital account balance was positive in the first nine
strengthen further in 2010. Higher interest rates in India months for FY10
would attract large capital flows. Moreover the government is
expected to simplify the rules on foreign inflows to facilitate • We expect the capital account balance to remain positive
larger foreign capital inflows in the form of FDI as higher interest rates would make investment in the
Indian markets attractive hence drawing investments into
the market. 18

19. 20000
19000 Gold Spot
18000
• The recent correction has triggered technical shorts that might 17000
Precious take gold to much lower levels; however the physical demand
16000
15000
14000
should arrest any sharp fall in gold prices given the forthcoming
Metals
7/31/2009
8/31/2009
9/30/2009
10/31/2009
11/30/2009
12/31/2009
1/31/2010
2/28/2010
3/31/2010
4/30/2010
5/31/2010
6/30/2010
7/31/2010
festival season in India. While the correction is imminent in the
short term, the long term prospects of gold continue to remain
attractive. 90
Crude
• Last month the crude prices increased by 0.8%, and are expected to
80
trade lower in Q2 due to no significant seasonal demand (Q2 is the
maintenance season for refineries)
Oil & Gas 70
• Natural gas prices to trade lower in Q2 owing to speculation over
60
weak demand. Jul 09 Sep Oct Nov Dec JanFeb Mar Apr May Jun 10 10
Aug 09 09 09 09 09 10 10 10 10 10 Jul
1,050
RICI Agri
• Prices of essential commodities have seen an increase of 10.7% in 1,000
950
the last month. But, due to expectations of higher production 900
Agri output, we see the prices declining in the coming months 850
• A favorable Rabi output to further cool prices in the medium term 800
Jul-09
Oct-09
Apr-10
Feb-10
Mar-10
Jan-10
May-10
Jun-10
Aug-09
Sep-09
Nov-09
Dec-09
2,700
RICI Metal
• While in the last month, the metal index rose by 5.2% triggered by 2,500
2,300
Base the positive global news and decreasing LME inventories, there is 2,100
still uncertainty in the global markets. As the markets stabilize over 1,900
Metals the next six months, we could expect a modest uptrend in prices.
1,700
1,500
Nov-09
Oct-09
Jul-09
Jul-10
Dec-09
Feb-10
Mar-10
Aug-09
Sep-09
Apr-10
May-10
Jan-10
Jun-10
19

20. Overview
A scheme that will invest in physical silver, gold and • Capital Protected Gold Linked Structures enable limiting the
capital protected gold linked structures in a phased downside in case of adverse market movements
manner. The Advisory team to run the fund consists of • Opportunity to redeem investment in physical gold
Ajay Mitra, Navin Kumar, Sumit Somani, Sachin Tulsyan,
Saurabh Kumar and a nominee from the business • The drawdown over a period of 6 months helps us invest into
gold at different prices levels giving us an opportunity to
partners and/or custodian partner
average our costs.
Attractiveness Product Features
• Cost savings through the Scheme’s life cycle: • Size: ` 300 Crores + Green shoe option of ` 200 Crores
• MBS-1 would buy gold and deposit it in a gold deposit • Maturity: 3 years (plus potential 1 year extension)
scheme with ScotiaMocatta which will earn a net interest
• Minimum contribution: ` 15 lacs for individual investor (` 10
of 1– 1.5% p.a. not available normally to small ticket lacs in case of single installment) , ` 25 lacs for
investors. corporate/institutional investors
• Physical Silver is purchased internationally and is of very • Hurdle rate: 12% compounded, annualized IRR (pre-tax)
pure import quality. Through tie up with ScotiaMocatta,
• Profit Sharing: 10% of net profits of the Scheme with catch up
storage, custodian and insurance charges will be brought
below 1% p. a. Hence, through MBS-1, there is a saving of
2%-3% due to reduced procurement prices as well as • Management fee: 1.5% p.a. of committed amount
reduced storage and custodian expenses. • Setup fee: One Time Set up cost of 2% of commitment amount
• Portfolio customization for investments above ` 50 Lakh
• Drawdown: Single Installment, or 25% upfront and balance
75% in three equal installments of 25% each, over a period of
6m (each at an interval of 2 months)
20

21. Overview Investment Committee
• ICICI Venture is launching its second real estate fund targeted • Mr. Sanjeev Dasgupta: President - Real Estate
at investments in residential realty projects for the mid income • Mr. Sudarshan Bajoria: Director - Real Estate
group. The fund focuses on established as well as emerging • Mr. Omprakash Srivastava: Director – Operations, Real Estate
locations of Tier I cities with established infrastructure Product Features
• Fund size: ` 500 Cr + green shoe option of ` 500 Cr
Attractiveness • Fund tenure: 5 years with an option of two 1 year extensions
• Demand for residential realty is expected to reach 7.5 million • Investment Term: 2 Years from date of initial closing
units by 2013 and the highest cumulative demand will be seen • Minimum Commitment: 2,500,000
by Mumbai (1.6 million units). Bangalore and Hyderabad are • Initial Draw-down Amount: 20% of total commitment
expected to witness the highest CAGR at 14%. • Expected IRR: 20 - 23%
• Real Estate investments in Tier 1 cities have proven to be more • Hurdle rate: 10% per annum
resilient to downturns and also provide significant upside • Upside Sharing: 20% of net profits of the fund with catch up
opportunity making it an attractive investment opportunity. • Management fee: 2% p.a. of the total commitment amount
• Investment strategy primarily focused on shorter tenure
residential projects and hence, may result in early realization
of profits.
• The company has strong real estate credentials and a proven
track record.
21

22. Leveraging breadth of related businesses that KARVY is in
KARVY is an integrated financial services group, with Karvy Private Wealth being one of its arms. The entire
group’s strengths are leveraged to provide end-to-end wealth advice to Karvy Private Wealth clients. For
example, SME clients can receive advice on their personal wealth while also getting investment banking advice
from the I-banking arm of Karvy.
Maximum choice of products & services
KARVY Private Wealth offers the widest breadth of products and services, providing clients a variety of options
through a single contact. Products and services include equities, debt instruments, commodities, Mutual Funds,
Insurance, Structured Products, Financial Planning, real estate advice, etc.
Product-neutral advice
We ensure that our recommendations are 100% product-neutral and unbiased because unlike other players,
we are neither tied up with any one particular insurance company nor do we have our own mutual funds.
All-India presence
Set to have business in 20 - 25 cities we are poised to cater to families and businesses spread across multiple
cities in India providing them with combined and integrated advice. For one-off services, if required, we can
also leverage KARVY Group’s presence in 400 cities.
22

23. The information and views presented here are prepared by Karvy Private Wealth or other Karvy Group companies. The
information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch
for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss
incurred based upon it.
The investments discussed or recommended here may not be suitable for all investors. Investors must make their own
investment decisions based on their specific investment objectives and financial position and using such independent advice,
as they believe necessary. While acting upon any information or analysis mentioned here, investors may please note that
neither Karvy nor any person connected with any associated companies of Karvy accepts any liability arising from the use of
this information and views mentioned here.
The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above-mentioned
companies from time to time. Every employee of Karvy and its associated companies are required to disclose their individual
stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment
recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has
either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only
through Karvy Stock Broking Ltd.
The information given in this document on tax are for guidance only, and should not be construed as tax advice. Investors are
advised to consult their respective tax advisers to understand the specific tax incidence applicable to them. We also expect
significant changes in the tax laws once the new Direct Tax Code is in force – this could change the applicability and incidence
of tax on investments
23

24. Bangalore 080-26606126
Chennai 044-45925925
Delhi 011-43533941
Hyderabad 040-44507282
Kolkata 033-40515100
Mumbai 022-33055000
Pune 020-66048791
Email: wealth@karvy.com SMS: ‘HNI’ to 56767 Website: www.karvywealth.com
Corporate Office : 702, Hallmark Business Plaza, Off Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
24