The document provides an economic and market update and outlook for investors. It discusses recent domestic and global economic developments, including interest rate hikes in India and mixed cues from other economies. Domestically, growth is expected to remain robust while inflation may rise further. Equity markets may see muted impacts from rate hikes. The outlook remains positive for certain sectors like power and capital goods. Recommendations are provided for mutual funds focusing on different styles and sectors.

1. ADVICE for the WISE
Newsletter – July’10

2. Contents
Index Page No.
Economic Update 4
Equity Outlook 7
Debt Outlook 16
Insurance 19
Forex 21
Commodities 22
2

3. From the Desk of the CIO…
Dear Investor, The global cues have been fairly mixed through last
Last month, RBI has raised its repo rate by 0.25% to 5.5% month. The Eurozone crisis has become broader but
and reverse repo rate by 0.25% to 4%. This has come on less immediate than what it was in Greece alone. The
the back of relatively robust GDP growth and continued assessment of the US Federal reserve regarding the
concerns on the inflation front. The economic growth in health of US economy has become more cautious in
recent quarters has been quite robust and the forecast of recent weeks. Renewed concerns of a real estate
growth in the next year has been revised upwards recently. bubble in China have dampened investors’
On the other hand inflation has continued to rise in recent sentiments further. A climate of mild caution globally
months. May inflation was as high as 10.2% and is would be a positive for India. On the other hand panic
expected to rise further. due to a specific and sharp negative event on the
global level might lead to flight to safety on the part of
global investors.
As the growth momentum continues and so do worries on
inflation, RBI is expected to raise the rates further in its As a result, investors should be prepared to move
July 27th monetary policy announcement. We believe the into equities in either scenario. Continuity of neutral
impact of the rate hikes on the equity markets to be fairly global economic outlook is sufficient to gradually
muted. However, it will certainly dampen the possibility of invest in Indian equities. On the other hand, event
a break out on the higher side for equity markets in the driven corrections should be considered
next 2-3 months. The effect on the debt markets would be opportunities to move aggressively in Indian equities.
a rise in the yields. Yields may inch further up due to
expectation of another hike. Real estate markets across the country have revived
significantly. The medium term outlook on real estate
Positive domestic economic growth outlook augers well remains positive for tier 1 cities and cautious for tier 2
for profit growth of listed Indian companies. Hence profit cities. Residential real estate demand has risen due to
driven price increase of Indian equities looks quite pent up demand from the lack of transactions during
reliable. The other angle of valuation changes is 2008 and 2009. The improvement in commercial and
complicated by differences in the growth rates of Indian retail real estate has been more muted owing to
economy and global economy. oversupply created during the boom period.
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 3

4. Snapshot of Key Markets
As on Change over Change over
June 30th2010 last month last year
BSE Sensex 17,701 4.5% 22.1%
Equity S&P Nifty 5,312 4.4% 23.8%
markets
S&P 500 1,031 (5.4%) 12.1%
Nikkei 225 9,383 (3.9%) (5.8%)
8
10-yr G-Sec Yield 7.54% (1 bps) 53 bps 7.5
(%)
Debt markets Call Markets 5.58% 28 bps 258 bps 7
6.5
Fixed Deposit* 6.00% (0 bps) (100 bps) 6
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
10 yr G-sec yield
Line 2
Line 3
Line 4
3,500 Line 5
Line 6
3,300 Line 7
Commodity
RICI Index 2,951 0.1% 1.4% 3,100
Line 8
Line 9
Line 10
markets Gold (Rs/10gm) 18,805 2.3% 29.2% 2,900 Line 11
Line 12
Line 13
2,700
Crude Oil ($/bbl) 74.1 7.7% 72.7% 2,500
Line 14
Line 15
Line 16
Nov-09
Oct-09
Jul-09
Feb-10
Mar-10
Aug-09
Sep-09
Dec-09
Apr-10
May-10
Jun-09
Jan-10
Jun-10
RICI index
50
Forex Rupee/Dollar 46.6 0.3% (2.6%)
49
48
47
markets Yen/Dollar 88.7 (2.7%) (6.9%) 46
45
44
Jul-09
Dec-09
Oct-09
Apr-10
Jun-09
Jan-10
Jun-10
Feb-10
Mar-10
Aug-09
Sep-09
Nov-09
May-10
* Indicates SBI one-year FD Rupee/Dollar
4

5. Economy Update - Global
• The Conference Board Consumer Confidence Index which had been on
the rise for three consecutive months, declined sharply in June and now
US 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 in
May indicating a slow pace of growth.
Europe • Unemployment in the Euro zone remained at a record 10% in May for the
third month running with almost 16m people out of work.
• The industrial production grew by 0.8% in April from the March level
which is a 9.5% rise on a 12-month comparison.
• Though at a YoY increase of 20%, Japan’s industrial production slipped
0.1% in May from the previous month marking the first decrease in three
Japan months.
• Japan’s unemployment rate increased in May 10 (m-o-m) to 5.2% from
5.1% in April 10.
• China’s purchasing managers’ index released by HSBC Holdings Plc
Emerging dropped to a 4-month low of 50.4 from 52.7 in May as output and new
economies orders dropped outright for the first time since the depths of the global
downturn in March 2009.
5

6. Economy Outlook - Domestic
IIP monthly data
• The GDP growth rate for FY10 came in at 7.4%;
better than the estimated 7.2% for FY10 with FY10
Q4 GDP figure coming in at 8.6%.
• For FY10, growth in construction sector remained
unchanged at 6.5%, while industry and services
• Industrial output as measured by the Index of grew at 9.3% (vs 8.2% ) and 8.5% (vs 8.7%) year on
Industrial Production (IIP) grew by 17.6% (y-o-y) year.
in April 10; with growth seen across all sectors.
The manufacturing sector in April grew 19.4% as • The Finance ministry is targeting FY11 growth at
against 0.4% a year earlier ~8.50%. We believe the current target is sustainable
as we expect manufacturing and service sectors to
• We believe the growth in IIP will shift from continue to drive growth in the next few quarters,
consumption led sectors to manufacturing even as farm output stages a turnaround.
sectors as the economy keeps improving.
GDP growth
6

7. Economic Outlook - Domestic
Growth in credit & deposits of SCBs
28 B ank Credit A ggregate Depo sits
23
(%)
18
• Inflation as measured by WPI stood at 10.16%
13 (y-o-y) for the month of May-10 as compared to
9.59% during April 10
8
M a y- 0 9 J ul- 0 9 S e p- 0 9 N o v-09 J a n- 10 M a r- 10 M a y- 10
• We expect WPI inflation numbers to increase in
coming months due to a direct fall out of the fuel
price hike and wearing off of high base effect but
• Bank credit growth further improved in the month of
expect moderation in m-o-m inflation numbers
May as it increased by 17.1% as compared to 17.0%
as the RBI continues its monetary tightening
in the month of April 2010
stance.
• We expect credit growth to further improve in the
next few quarters and settle at ~20% levels on the
Inflation
back of improving business confidence and decline 14
in risk aversion on the part of banks as the 12
10
economic recovery gathers momentum.
8
6
(%)
4
2
0
Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr-
-2 08 08 08 09 09 09 09 10 10
-4 7

8. Equity Outlook
FII & MF data Sales growth
• 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.
• FIIs invested Rs. 10,244 Cr. in equities in the month Profit growth
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 • Recent Q3 & Q4 numbers have beaten estimates
their advance tax liabilities for the quarter. 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 8

9. Sector Outlook
Recommendation Sector Rationale
Power Positive on Power cos. with installed capacity, Power
equipment manufacturers and EPC contractors
Capital Goods We expect the capex cycle to once again gather steam as
demand picks up. Positive on manufacturing companies
Banks Credit off take to improve driving core earnings growth and
NPAs to decline as economy recovers.
Overweight
Oil & Gas The oil companies are expected to benefit from the deregulation
of oil prices; positive on upstream oil companies and refineries.
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
Consumer Goods Sector currently enjoys rich valuations and is unlikely to see
any P/E upgrades or earnings upgrades in the medium term.
IT Upside capped in IT stocks due to the depreciating Euro and
Neutral higher employee costs compressing profit margins.
Auto Auto stocks look fully priced. Despite upbeat sales
expectations, expect margins to come under pressure
9

10. Our Equity MF Recommendations
1 year
3 year return Since Inception AUM (Cr.) Date of Inception
return
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%
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 CAGR
Performance as on 30th June, 2010
10

11. Our Equity MF Recommendations
Since Date of
1 year return 3 year return AUM (Cr.)
Inception 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 CAGR
Performance as on 30th June, 2010
Return below one year is absolute and above one year is CAGR
Performance as on 30th June, 2010
11

12. Motilal Oswal – MOSt 50 NFO
Overview Positives
A fundamentally Weighted ETF based on the S&P
CNX Nifty Index. The MOSt 50 basket consists of all • Higher allocation to stocks with superior
50 stocks of Nifty but in a proportion determined by fundamentals & reasonable valuations giving a
using a pre-defined methodology that assigns higher upside potential.
weights based on stock’s fundamentals (ROE, net
worth, retained earnings & price) against market cap • It combines the benefit of active algorithmic
based weights used in Nifty. allocation & passive execution protecting
investors from any fund manager bias
Issue Terms • Lower cost structure as compared to a traditional
investment product
• Entry Load : Nil
• Real time prices – ETFs can be traded on real
• Exit Load : Nil time ‘spot’ prices on the exchange, unlike mutual
• funds which can be bought/sold only at end of day
Minimum Application amount :Rs. 10,000 & in NAVs
multiple of Rs. 1 thereafter
• Speedy & Easy execution – Real time execution of
• NAV offer price :During NFO period MOSt Shares buy-sell orders through any broking account thus
M50 (units) will be allotted at 1/100th of M50 basket offering intraday liquidity
Value
• No Entry or Exit loads
• NFO Period : 30th June 2010 to 19th July 2010
12

13. Nifty Linked Debentures
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.
15 / 18 Months
Tenure
110%
Participation Rate
100%
Principal Protection
Average of Nifty at 1M, 2M, 3M
Initial Level
Average of Nifty at 13M, 14M, 15M
Final Level
14% [absolute]
KO Rebate
120%
KO Level
1.1 * Max { 0, Final Level/Initial Level - 1}
If KO is not triggered
Barrier Observation Frequency Monthly from 4M to 12M
13

14. Payoff Structure – Scenario Analysis
Option 1 Option 2 Option 3 Option 4
Nifty depreciates or Nifty appreciates Nifty appreciates
appreciates by 0% by 10% 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 in
no way assures the exact yield of the portfolio. The exact portfolio would be determined after the portfolio is constructed. Past
Performance may or may not be sustained in future Please consult your tax advisor before investing.
14

15. Nifty Linked Debentures
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%
15

16. Debt Outlook
Yield curve
• The benchmark 10 yr G-sec yield increased from
(%)
7.4% in May to settle around 7.54% in the month
9 of June. With high inflation numbers, we see the
7 RBI tightening its monetary stance in the coming
5 review.
3
1 4 7 10 13 16 19 • We believe that future monetary tightening
measures is unlikely to a major impact on the
Yrs 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.
• 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. 10-yr G-sec yield
8.5
• Due to rising inflationary expectations, we expect 8
7.5
further interest rate hikes by RBI in the July policy
(%)
7
review.
6.5
6
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
16

17. Debt Strategy
Category Outlook Details
We recommend short term bond funds with a 6-12 month
Short Term investment horizon as we expect them to deliver superior
Bond Funds returns due to high YTM and concerns over credit quality
ease as the economy recovers, thereby prompting ratings
upgrade.
MIPs should be considered as an investment option; given
the low returns in debt instruments. A 15%-20% equity
MIPs kicker should deliver superior returns as compared to
pure debt instruments.
We recommend liquid plus funds for short-term parking of
money (up to two months). We expect returns from this
Liquid Plus
category of funds to improve as the RBI continues to exit
its loose monetary stance and as liquidity becomes tight.
We expect yields at the longer end of the yield curve to
Long
remain stable. Yields may remain in the broad range of
Tenure 7.25 – 8.0% in the next few quarters. This may be an
Income attractive investment once the inflationary pressure in the
Funds economy settles down.
17

18. Our Debt MF Recommendations
3 months 6 months Since Date of
Fund 1 year (%) AUM (Cr.)
(%) (%) Inception 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
2.2% 4.9% NA 9.9% 2,653 21/12/2009
Fund
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 absolute
Performance as on 30th June, 10
18

19. Our Top Life
Insurance Recommendations
Term Plans
Birla Sun Life High Net Worth Term Plan*
HDFC Standard Life – Term Assurance Plan
ICICI Pru Life Insurance Pure Protect
Metlife – Suraksha Plus
ULIPs
Kotak Platinum EDGE
Birla SL Platinum Premier
Pension Plans
TATA AIG Invest Assure Future Plus
Child Plans
Kotak Headstart Future Protect
Birla Sun Life Children Dream Plan
Max New York Life Shiksha Plus
Annuity Plans
ICICI Pru Life Immediate Annuity
19

20. Our Top Health
Insurance Recommendations
Family Cover Sum Assured Annual Premium
Star Family Health Optima Rs. 5 L Rs.6,875
Apollo Munich Easy Health Standard Rs. 5 L Rs.9,999
Both policies cover self, spouse and 2 dependent children
Entry Age for Apollo is 3 months – 60 yrs
Entry Age for Star Health is 5 months – 60 yrs
Critical Illness Sum Assured Annual Premium
HDFC Critical Care Plan Rs. 5 L Rs. 3,465
Assuming an individual of 30 yrs of age and policy term of 20 years
Health Cover – Senior Citizens Sum Assured Annual Premium
Star Health Senior Citizens Red Carpet Rs. 2 L Rs. 9,326
Entry age is 60-69 years
Loss of income coverage Sum Assured Annual Premium
TATA AIG Life Health First Rs. 2 L Rs. 13,605
20

21. Forex
Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
• 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.
•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.. Capital account balance
• 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 • Capital account balance was positive in the first
foreign inflows to facilitate larger foreign capital nine months for FY10
inflows in the form of FDI
• We expect the capital account balance to remain
positive due to expectations of higher interest
rates; thereby attracting inflows and buoyant
equity markets 21

22. Commodities
20000
19000
18000
• Gold likely to trade higher as low interest rates in the 17000
Precious west enhances Gold’s alternate investment demand 16000
15000
Gold prices likely to average $1,200/oz on Comex and
Metals 14000
Rs. 17,900/10 gm on MCX, for the next six months.
Gold 10 gm
100
• Though last month the crude prices increased by 7.7%, but
Oil ($ / bbl)
they are expected to trade lower in Q2 due to no significant
Oil & Gas seasonal demand (Q2 is the maintenance season for 70
refineries)
• Natural gas prices to trade lower in Q2 owing to speculation 40
over weak demand. Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
1050
• Prices of essential commodities have seen a marginal 1000
increase in the last month. But, due to expectations of 950
900
Agri higher production output, we see the prices declining in the 850
coming months 800
• A favorable Rabi output to further cool prices in the medium
Nov-09
Oct-09
Apr-10
May-10
Jun-09
Jan-10
Jun-10
Jul-09
Feb-10
Mar-10
Aug-09
Sep-09
Dec-09
term RICI Agri
2,700.00
2,500.00
• The data released regarding consumer confidence, jobless 2,300.00
2,100.00
Base claims and lower vehicle demand in the last month suggest 1,900.00
a decrease in metal prices in the shorter term but as the 1,700.00
Metals markets stabilize over the next six months, we could expect 1,500.00
Nov-09
Oct-09
Apr-10
May-10
Jun-09
Jul-09
Jan-10
Jun-10
Dec-09
Feb-10
Mar-10
Aug-09
Sep-09
a modest uptrend in prices.
RICI Metal
22

23. Why Karvy Private Wealth?
Leveraging breadth of related businesses that KARVY is in
KARVY is an integrated financial services group, with Karvy Private Wealth being one of its arms. The
entire group’s strengths are leveraged to provide end-to-end wealth advice to Karvy Private Wealth
clients. For example, SME clients can receive advice on their personal wealth while also getting
investment banking advice from the I-banking arm of Karvy.
Maximum choice of products & services
KARVY Private Wealth offers the widest breadth of products and services, providing clients a variety of
options through a single contact. Products and services include equities, debt instruments,
commodities, Mutual Funds, Insurance, Structured Products, Financial Planning, real estate advice,
etc.
Product-neutral advice
We ensure that our recommendations are 100% product-neutral and unbiased because unlike other
players, we are neither tied up with any one particular insurance company nor do we have our own
mutual funds.
All-India presence
Set to have business in 20 - 25 cities we are poised to cater to families and businesses spread across
multiple cities in India providing them with combined and integrated advice. For one-off services, if
required, we can also leverage KARVY Group’s presence in 400 cities.
23

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
24

25. Contact Us
Bangalore 080-26606126
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Delhi 011-43509268
Goa 0832-2731822
Hyderabad 040-23312454
Kolkata 033-40515100
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Pune 020-66048791
Email: wealth@karvy.com SMS: ‘HNI’ to 56767 Website: www.karvywealth.com
Corporate Office : 702, Hallmark Business Plaza, Sant Dnyaneshwar Marg, Bandra (East),
Mumbai – 400 051
25