Karvy Private Wealth - Advice for the Wise (October 2010)


Published on

‘Advice for the Wise’ newsletter for the month of October is out; it would give you a detailed outlook across sectors along with economic updates both from a global and domestic perspective, do take a look.

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Karvy Private Wealth - Advice for the Wise (October 2010)

  1. 1. ADVICE for the WISE Newsletter – October’10
  2. 2. Index Page No. Economic Update 4 Equity Outlook 8 Debt Outlook 17 Forex 19 Commodities 20 Alternative Assets 21 2
  3. 3. Dear Investor, On debt front, the statement of RBI at the September The recent rally in Indian equity markets has been remarkable. It announcement of monetary policy has calmed a lot of nerves. happened without a significant directional change in growth rate RBI effectively stated that the future changes in the monetary or nature of growth of the economy. The breakout was effectively policy will be driven more by the specific state of affairs at the a delayed realization of the strength and hence attractiveness of time of decision. This is in contrast to RBI’s stance so far Indian companies to domestic as well as foreign investors. While which was to bring the interest rates in the economy up to a we remain very bullish about the prospects of Indian equities in ‘normal’ level to avoid overheating. This normalization seems the medium term, the driver of the current rally makes us cautious to be over. We expect another 25 bps repo rate hike in in the short term. This rally is driven primarily by the foreign fund November (with potentially a larger hike in reverse repo rate inflows – which is also apparent from the sharp appreciation of to narrow the rate corridor). That however has been factored the Rupee in the recent weeks. in the long term debt yields. We recommend gradual entry However, Indian equities are still far from what can be deemed into long tenor debt with the expectation that the rate cycle bubble territory. The FY2011 price-to-earnings ratio at 20 remains would peak in near future. well below previous all-time highs. This keeps the window open A fear that is at the back of everyone’s mind is that of a for the long term investor to enter the equity markets at the double-dip recession in the developed economies. An present levels as well. The characteristic of an FII driven rally is interesting alternative for portfolio construction in such a that it typically favors index stocks. This points to an interesting context is to use a combination of debt and long dated investment strategy for investors worried about the ill-effects of FII options instead of debt and equity with the proportions pullout in near future. These investors would do well to find some altered suitably to have the same returns in the medium non-index alternatives in their preferred sectors – in the large cap term. This achieves two ends – higher liquidity and more space or even the mid-cap space. Another gauge would be to use importantly greater safety from extreme events. Such the extent of FII interest in a stock as a parameter for evaluation of portfolios are ‘Black Swan’-proof! In case of a major the attractiveness of a stock, thus favoring good stocks with lesser meltdown, such portfolios tend to lose lesser than their FII interest. These are short term measures though and can vanilla counterparts since their actual exposure to the risky backfire if the FII inflows continue unabated.. assets is through a small part of their total value. “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. 4. As on Change over Change over 124 Sensex Nifty 119 S&P 500 Nikkei 225 Sep 30st 2010 last month last year 114 109 BSE Sensex 20,069 11.7% 17.2% 104 Equity S&P Nifty 6,030 11.6% 18.6% 99 94 markets S&P 500 1,141 8.8% 8.0% 89 84 Nikkei 225 9,369 6.2% (7.5%) 8.2 8 7.8 7.6 10-yr G-Sec Yield 7.85% (12 bps) 64 bps 7.4 7.2 Debt markets Call Markets 5.75% 66 bps 275 bps 7 6.8 10 yr G-Sec Fixed Deposit* 7.00% 25 bps 75 bps 20000 Gold Spot 19000 18000 Commodity RICI Index 3,361 8.6% 14.1% 17000 markets Gold (`/10gm) 19,165 1.3% 22.7% 16000 Crude Oil ($/bbl) 79.95 5.9% 21.5% 15000 14000 48 47.5 47 `/$ Forex Rupee/Dollar 44.92 4.6% 6.5% 46.5 46 45.5 markets Yen/Dollar 83.7 1.4% 7.4% 45 44.5 44 May-10 Apr-10 Oct-09 Jun-10 Jul-10 Aug-10 Jan-10 Sep-09 Nov-09 Dec-09 Feb-10 Mar-10 Sep-10 * Indicates SBI one-year FD 4
  5. 5. • The Conference Board Consumer Confidence Index which had increased last month declined sharply by 4.7 points to a seven month low of 48.5 in US September. The pullback in confidence was due to less favorable business and labor market conditions coupled with a pessimistic short term outlook. • US m-o-m unemployment rate increased to 9.6 per cent in August 10. • Euro-zone purchasing managers index slid to 53.7 from 55.1 in August. This is the lowest level in 8 months indicating a cooling of the sector after the Europe buoyant growth rates seen earlier this year. • Unemployment in the Euro zone remained stable at 10.1% in August but Germany and Austria saw significant improvement with unemployment falling to 6.2% in Spain. The unemployment in Spain reached a staggering 20.5%. • Japan’s industrial production declined by by 0.3% in August due to decreased global demand and a strong Yen. The manufacturing PMI declined to a low of Japan 49.5 in September, indicating contraction in the Japanese markets. • Japan’s unemployment rate decreased in August 10 (m-o-m) to 5.1% from 5.2% in July 10. . • The HSBC China Manufacturing Purchasing Managers Index, increased to a four month high of 52.9 in September from 51.9 in August due to surging Emerging domestic demand. economies • China’s GDP is expected to rise 9.5% in 2010 accelerating from 9.1% in 2009. The economy grew at 11.9% in the first quarter and 10.3% in the second quarter. 5
  6. 6. IIP monthly data 20.0% • The GDP growth rate for Q1 FY11 came in at 8.8% 18.0% 16.0% backed by a strong growth in manufacturing and 14.0% agricultural output. 12.0% 10.0% 8.0% • The Manufacturing sector grew by 12.4 per cent 6.0% during April-June, 2010, against 3.8 per cent in the 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul same period last fiscal while agricultural output witnessed a growth of 2.8 percent (y-o-y) due to improved harvests. The services sector saw a • Industrial output as measured by the Index of moderated growth over last year with business Industrial Production (IIP) grew by 13.8% (y-o-y) services growing at a rate of 8% against 11.8% last in July 10 as compared to 7.3% in June 10. The year. growth was driven by a 63% growth in the Capital Goods sector. • The Finance ministry is targeting FY11 growth at ~8.50% - 8.75%. We believe the current target is • Growth in manufacturing, which constitutes sustainable as we expect manufacturing and around 80 per cent of the IIP increased to 15 per service sectors to continue to drive growth in the cent for the month over last year. next few quarters, even as farm output stages a turnaround. • The manufacturing PMI fell to 55.1 in September 10 GDP growth from 57.25 in August indicating a strong growth 9 8 but at a weakening pace. 7 6 • We believe the growth in IIP will remain robust 5 but will eventually moderate out and may end 4 lower than that seen in the first part of the fiscal. FY09 (Q1) FY09 (Q2) FY09 (Q3) FY09 (Q4) FY10 (Q1) FY10(Q2) FY10(Q3) FY10(Q4) FY11(Q1) 6
  7. 7. Growth in credit & deposits of SCBs Bank Credit Aggregate Deposits 23.0% 21.0% • Inflation as measured by WPI stood at 8.5% 19.0% 17.0% (y-o-y) for the month of August -10 as compared 15.0% to 9.97% during July 10. These figures are based 13.0% on the new base year and WPI list. 11.0% 9.0% 7.0% • We expect WPI inflation numbers to moderate 5.0% in m-o-m inflation numbers due to the expected Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 decrease in food inflation and the monetary tightening stance by RBI. This will also happen due to the base effect coming into play. • After ten months of sustained increase, bank credit growth decreased in the month of August to 19.4% as compared to 19.7% in the month of July 2010. 12.0% 10.0% Inflation • We expect credit growth to further improve in the 8.0% next few quarters and settle at ~20% levels on the 6.0% back of improving business confidence and decline 4.0% in risk aversion on the part of banks. Increase in 2.0% exposure to Infrastructure projects is also expected 0.0% in the second half of the fiscal. Oct-09 Jan-10 Mar-10 Jun-10 May-10 Aug-09 Nov-09 Apr-10 Aug-10 Jul-09 Sep-09 Feb-10 Jul-10 Dec-09 -2.0% 7
  8. 8. The issues of abundance Indian equity participants have been pleasantly surprised by the unabated flow of foreign funds, and the month of September set a new record. These inflows are nothing but a reflection of the attention that India has drawn as a promising emerging market. Despite Sensex racing ahead, India focused equity funds continued to receive unprecedented magnitude of inflow. As per EPFR Global, around USD 300 mn were received in the week ending September 22, 2010 – the highest ever. These inflows have led to the Indian Rupee rising to a four-month high, raising discomfort among the policy makers, especially the RBI. Certainly, the central bank is concerned about the problems it poses for monetary policy. Time and again, various institutions have warned against the destabilizing impact of uncontrolled foreign inflows. But unlike countries like Brazil and Russia, India runs a trade deficit that is large and growing. The effect of foreign inflows has been muted so far. But this could change if this flow transforms into an uncontrollable deluge. With still a quarter to go and the recent momentum, FII inflows are expected to touch USD 25 bn for CY10. Anything uncontrollable will trigger policy action. The choice available with the policy makers to is not so straight forward. If the capital flows exceed the absorption capacity of the economy, RBI will either have to let Indian Rupee appreciate, or intervene in the currency markets. The former impacts the exporters while the later leads to excessive supply of Indian Rupee thereby further fuelling inflationary pressures. That is clearly an unenviable position to be in. So even as FII flows drive the markets, we need to be watchful for such a policy action. 8
  9. 9. More of index movement than markets The move in the market has not been homogeneous. As is the nature of any FII-led rally, this too has been concentrated much more on the index stocks. Even as Nifty moved up by almost 11.6% in the month of September, Nifty Junior and CNX Midcap have moved by a far more humble 5.6% each. This could be because of evident caution exercised by the domestic financial institutions and the retail segment. The frontline index stocks have outperformed mid- caps by a wide margin. Market outlook We believe that despite wholesome valuations and skepticism among the domestic investors, the markets will continue to stay buoyant. Till such time as FIIs remain the driving force, the large cap businesses will continue to find favor. We also believe that with the rising risk appetite sectors such as real estate, commodities and financial services will now dominate the next leg of market move. The news flow from the western world, China and Japan has been positive for some time now but it would be premature to declare all-green. FII flows are notoriously volatile and a short term correction due to adverse news clip cannot be ruled out. But there is nothing to indicate a large sized correction that is feared by some sections of the market observers. Our investment strategy is derived out of our current cautious stance on markets. We believe that current valuations are fair – neither dirt-cheap, nor prohibitively expensive. Indian markets will continue to be vulnerable to global news flow (from west) despite a strong domestic economy. 9
  10. 10. FII & MF data Sales growth 25000.0 FII MF 20000.0 15000.0 10000.0 • Substantial improvement in sales was witnessed in Q2 & Q3 5000.0 mainly in consumption oriented sectors of the economy. 0.0 Current Results by corporates show a strong Sales growth for the current quarter while consolidated figures are yet to -5000.0 come. -10000.0 • We expect improvement in sales in upcoming quarters; -15000.0 especially in the manufacturing space as domestic demand picks up. 80 • FIIs invested ` 24,978 Cr. in equities in the month of 60 Profit growth 40 September alone, driving the markets to 20k levels. The 20 (% ) markets also gained throughout the month on cues of 0 -20 FY07 (Q1) FY07 (Q2) FY07 (Q3) FY07 (Q4) FY08 (Q1) FY08 (Q2) FY08 (Q3) FY08 (Q4) FY09 (Q1) FY09 (Q2) FY09 (Q3) FY09 (Q4) stable macroeconomic indicators. -40 -60 • Mutual Funds sold around ` 6,819 Cr in the month of September as Corporates and Banks exited the markets. • Recent Q3 & Q4 numbers have beaten estimates with Banks are currently gaining a higher rate of ~5.75% (Call higher sales and better operational efficiency aiding profit rate) as compared to returns given by Liquid funds. growth. • Margins are expected to remain stable in the following quarters as lower interest costs are offset by higher raw material costs 10
  11. 11. Recommendation Sector Rationale Higher credit growth, well managed NPAs, improved capital market BFSI activities and expectations of reforms Industrials Focus on infrastructure spend intact Robust domestic demand, income growth, favorable demographics, rapid Automobiles urbanization Overweight With strong rural demand and good agricultural incomes, we expect the FMCG sector to continue growing at good volumes Resilient demand in CRAMS, generics opportunity getting better and Healthcare strong pressure on governments to reduce public healthcare costs An upturn in investment activities bodes well for the sector. The Metals leverage in the sector has improved for better Volatile currency, rising wages pressure and protectionism noises in the IT west ask for caution Neutral Lower volumes, affordability issues and the leverage on the balance Real Estate sheets of the companies 11
  12. 12. Tenets of our investment philosophy Efficient diversification • Economic themes • Sectors • Capital efficiency • Companies & groups • Size of opportunity • Volatility factor • Reasonable gearing • Quality management • Capital allocation Quality Active risk Focus mitigation • Fundamental research Research • Analytical rigor Intensity • Margin of safety • Low churn • Management meetings • Long only approach • No cash calls • High conviction driven Long term Superior compounding 12
  13. 13. Stock Selection Portfolio Portfolio Review Construction Investment Investment Deviation Tolerance Universe Objective Risk quotient band Degree of diversification Portfolio Valuations Attribution Analysis Psychographics Macroeconomic Performance Quality filters View Appraisal Management Grading Buy / sell note Documentation Independent Audit 13
  14. 14. 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 3 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 11.59% 23.74% Profit Share 20% of Outperformance over 12% 13.5% 19.82% S&P CNX Nifty Top 10 Holdings Sector Allocation Performance Reliance Industries 11.2% 25% Alpha Portfolio 23.74% State Bank of India 6.5% Others Nifty HDFC 6.4% IT 16% Financials 19.82% 23% 20% ICICI Bank 6.3% 6% Oil & Gas Infosys 6.1% 11% Consumer 15% 13.50% Goods Larsen & Toubro 6.1% Healthcare 16% 11.59% Capital 10% BHEL 5.6% 12% Goods 16% Bharti Airtel 4.4% 5% Nestle 4.3% Titan 4.2% 0% Top 10 Stock Concentration 61.1% 3M Since Inception (30/11/09) 14
  15. 15. • DELTA seeks to invest in a portfolio of mutual funds through a PMS route that aims to would provide higher returns than the blended benchmark. • The asset allocation between Debt and Equity would be done on the basis of the risk profile of the investor (conservative, moderate or aggressive) • There is further allocation into sub-asset classes depending on our views on the same • The portfolio would be reviewed and rebalanced regularly to maintain the asset allocation and the right selection of funds Asset Allocation for DELTA: Asset Class DELTA Conservative DELTA Moderate DELTA Aggressive Equity 43% 66% 82% Debt 57% 34% 18% 15 15
  16. 16. Since Inception (29/4/09) Portfolios 6 Months (Absolute) 1 Year (Absolute) CAGR Conservative 9.3% 19.4% 36.3% Market Return Benchmark 7.9% 12.2% 26.4% Absolute Return Benchmark 3.4% 7.0% Moderate 12.8% 24.6% 50.8% Market Return Benchmark 10.9% 15.7% 38.0% Absolute Return Benchmark 3.4% 7.0% Aggressive 15.0% 29.3% 62.3% Market Return Benchmark 12.9% 18.1% 46.6% Absolute Return Benchmark 3.4% 7.0% *(Returns as on 31st September 2010) Asset Class Benchmarks Market Return Benchmark: Equity BSE 200 Market Return Benchmark: Debt CRISIL Composite Bond Fund Index Absolute Return Benchmark SBI 1 year Fixed deposit rate 16
  17. 17. 9.00 Yield curve 8.50 • The benchmark 10 yr G-sec yield decreased 8.00 from 7.97% in August to settle around 7.85% in 7.50 the month of September. 7.00 6.50 • We believe that future monetary tightening 6.00 measures are unlikely to have a major impact on 10.49 10.99 11.49 11.99 12.48 12.98 13.48 13.98 14.48 14.98 15.48 15.98 16.47 16.97 17.47 17.97 18.47 18.97 19.47 19.96 0.02 0.52 1.02 1.52 2.01 2.51 3.01 3.51 4.01 4.51 5.01 5.50 6.00 6.50 7.00 7.50 8.00 8.50 8.99 9.49 9.99 the longer end of the yield curve and once the (%) inflation drops, the yields may peak out around 8% levels. We expect the 10 yr G-sec yields to remain in the broad range of 7.5 – 8.5% in the • We expect yields at the longer end of the yield next few quarters. curve to remain stable. High inflation, monetary tightening and rising credit growth will keep the yields at the longer end range bound. 8.2 10-yr G-sec yield 8 • Due to rising inflationary expectations, there may 7.8 be further interest rate hike by RBI in the 7.6 7.4 November review but will stabilize around 7.5 – 7.2 8.5% levels by year end. 7 6.8 17
  18. 18. 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. Tight liquidity in the system has also contributed to widening of the spreads making entry at current levels attractive. We expect yields at the longer end of the yield curve to top out Long Tenure soon. Yields may move to the broad range of 7.5– 8.5% in the Debt next few quarters. As the inflationary pressure settles down towards the end of the fiscal, these may be an attractive investment. We recommend gradual entry into long tenor debt. 18
  19. 19. Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data 5.0% 80 Export Import Trade Balance (mn $) 0 4.0% 60 -2000 3.0% -4000 40 2.0% -6000 20 1.0% -8000 0 0.0% -10000 -20 -12000 -1.0% Euro Japanese Yen British Pound US Dollar Singapore Dollar -40 -14000 -2.0% -3.0% • Exports for the month of August increased by 22.5% y-o-y while imports increased by 32.2% increasing the trade deficit to USD 13,035 Mn. •The Rupee appreciated v/s the US dollar in the month of 140000 September due to weak data in the U.S. markets. Capital Account Balance 90000 • Our medium term view is that the rupee is likely to 40000 strengthen further in 2010. Higher interest rates in India would attract large capital flows. Moreover the government is -10000 FY 07 FY 07 FY 07 FY 07 FY 08 FY 08 FY 08 FY 08 FY 09 FY 09 FY 09 FY 09 FY 10 FY 10 FY 10 FY 10 expected to simplify the rules on foreign inflows to facilitate (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4) -60000 larger foreign capital inflows in the form of FDI • Capital account balance was positive throughout FY10 and ended at `2,53,058 Cr. for the year. • We expect the capital account balance to remain positive as higher interest rates would make investment in the Indian markets attractive hence drawing investments into the market. 19
  20. 20. 20000 19500 Gold Spot • India and China will continue to provide the main thrust of 19000 overall growth in demand, particularly for gold jewellery, for the 18500 18000 remainder of 2010. Retail investment will continue to be a 17500 Precious substantial source of gold demand in Europe. Added to this the 17000 16500 forthcoming festive season in India is expected to keep the 16000 Metals demand strong during the seasonally strong 4Q. The ongoing 15500 15000 nervousness in the global financial market would further aid the Oct-09 Apr-10 Jul-10 Feb-10 Mar-10 May-10 Jan-10 Jun-10 Sep-09 Nov-09 Dec-09 Aug-10 Sep-10 safe haven buying. Any correction thus should be treated as an opportunity to hold this metal. • The crude prices increased by 6% (y-o-y) in September. This was due to depreciation of the USD, uncertainty in the Global markets and reduced inventory levels. During the month, prices 90 moved between $73-$80 per barrel. These are expected to be 85 Crude Oil & Gas steady in Q2 due to no significant seasonal demand (Q2 is the 80 75 maintenance season for refineries) 70 • Natural gas prices are expected to trade lower in Q2 owing to 65 speculation over weak demand. 60 Nov 09 Dec 09 Sep 09 Aug 10 Sep 10 Oct 09 Apr 10 Jul 10 Feb 10 Mar 10 Jan 10 May 10 Jun 10 20
  21. 21. Karvy Principal Protected Note Linked to MCX Gold price Issuer Karvy Financial Services Limited Tenor 36 / 40 months Index MCX Front Month Futures Gold price Minimum Investment Rs. 5,00,000 Principal Protection 100% Participation Rate 140% Initial Level Official Closing level of MCX Front Month Futures Gold Price on DDA Final Level Average of Official Closing level of MCX Front Month Futures Gold Price on DDA+1M, DDA+2M, DDA+3M ……..DDA+36M * for all 36 months+ Outcomes at Maturity Note Return Payoff Max { 0%, PR* (Final Level/Initial Level -1)} 45% 45% return x 140% participation rate 63% 35% 35% return x 140% participation rate 49% -20% Full principal protection below zero 0% This example is for illustrative purpose only and does not constitute a guaranteed return or performance. 21
  22. 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. 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. 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