2. Contents
Index Page No.
Economic Update 4
Equity Outlook 8
Debt Outlook 11
Forex 13
Commodities 14
Real Estate 15
2
3. From the Desk of the CIO…
Dear Investors,
The Cypriot hiccup caused a lot of anxiety to investors around the world health of their banks. The issue of a bailout and a subsequent bank-run in
through March. While the scale of the problem in Cyprus is quite small anticipation of losses to depositors then is not quite pressing. However, if
vis-à-vis the Euro-zone economy, the spirit of the deal made investors some concerns were to emerge in the short term in one of the larger
wonder if something similar might happen in the bigger economies in the Euro-zone countries, the current climate is quite explosive and conducive
troubled periphery. The depositors taking a hit of the bank failure was for a messy round of bank failures. ECB has taken note of that and has
indeed a first. Part of the reason ECB proposed the deal in its original form postured adequately to ward off such self-fulfilling prophecies.
was political. With the well-known Russian links Cyprus in not quite a Domestically, RBI obliged the investors and borrowers alike by reducing
poster-boy for good governance. The idea of bailing out Cypriot banks for the repo rate by 25 bps. However, what it gave in rate cut, it took away in
most Euro area common people (especially German) simply translates the hawkish tone of the policy. In a country full of edgy investors, this
into spending their honest money to make good the losses of the Russian hawkishness was enough to make them push up bond yields. We continue
black-money hoarders. The bailout then understandably required a to believe that with decelerating inflation RBI will have sufficient room for
suitable indicator of the sternness of the saviors. As things evolved, the further rate cuts this year.
deal was later ‘sweetened’ to avoid losses for the small depositors. The most important domestic development was DMK walking out of the
However, the damage to the perception of Euro-zone fire-fighting efforts government thus making the latter fully dependent on outside support for
was already done by then. survival. The political uncertainty went up sharply with this development.
It is not hard to understand the corollary some experts are drawing from There is relative calm for now on this front. However, the guessing games
this. If Cypriot bank bailout requires the depositors to take part of the hit, have begun regarding election timing, prime ministerial candidates, third
a similar principle might apply in future to a bailout in say Portugal or front and so on. The environment of uncertainty has made many wonder
Italy. If the Portuguese or Italian savers also think similarly now, they if the government will have the flexibility or even the willingness to push
would be inclined to take money out of the banks in their respective the much-needed reforms. The actual reforms might not amount to
countries and move it to north Europe before trouble begins. That would much. The pessimism amongst corporate captains owing to this however
then make the financial health of the southern banks worse – thus is real and the effect of that on the continued lack of investments is quite
precipitating the very crisis they feared. We believe this fear is overblown. corrosive for growth. The prime minister and the finance minister have
The Euro area banks have been strengthened through repeated rounds of tried to talk up the sentiments. The jury is still out though on whether the
capitalization, stress tests and active government support. It is not hard to pessimism has deepened or reduced.
imagine that Euro area depositors are not worried about the financial
3
“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 18”
4. Economic Update - Snapshot of
Key Markets
135 Sensex Nifty S&P 500 Nikkei 225
As on 28th Change over Change over 125
115
Mar 2013 last month last year 105
95
BSE Sensex 18836 (0.14%) 8.23% 85
75
Equity S&P Nifty 5683 (0.18%) 7.31%
Markets S&P 500 1569 3.60% 11.41%
9.30
Nikkei 225 12398 7.25% 22.95% 8.80
8.30
7.80 10 yr Gsec
7.30
6.80
10-yr G-Sec Yield 7.95% 8 Bps (64 bps)
Debt Markets Call Markets 14.66% 681 Bps 523 Bps
33000 Gold
32000
Fixed Deposit* 8.75% 0 Bps (50 bps) 31000
30000
29000
28000
27000
RICI Index 3707 (0.4%) (2.8%) 26000
Commodity Gold (`/10gm) 29426 (0.3%) 4.8%
Markets 60
`/$
Crude Oil ($/bbl) 108.45 (3.3%) (12.1%) 58
56
54
52
50
48
46
Forex Rupee/Dollar 54.4 (1.13%) (6.15%) 44
42
40
Markets Yen/Dollar 94.16 (2.5%) (12.6%)
• Indicates SBI one-year FD 4
•New 10 Year benchmark paper(8.15%, 2022 Maturity) was listed in the month of June, the 1 year yield is compared to the earlier benchmark(2021 Maturity)
5. Economy Update - Global
• The Conference Board Consumer Confidence Index®, which had improved in February, declined in March.
The Index now stands at 59.7 (1985=100), down from 68.0 in February.
US • the Department of Commerce announced that the US economy grew at a faster than expected 0.4% in
the fourth quarter of 2012,. The annualized figure was better than an earlier estimate of 0.1% growth,
reflecting increased investments in plant and equipment.
• The seasonally adjusted Markit Eurozone Manufacturing PMI dropped in March 2013 to 46.8 from 47.9
witnessed in February 2013. The Eurozone manufacturing sector is fallen in the first quarter, with an
acceleration in the rate of decline in March raising the risk that the downturn may also intensify in the
Europe second quarter also.
• Cyprus reached a deal with international lenders for a 10bn euro bailout under which the country’s
second-largest bank, Laiki, will be restructured and holders of bank deposits of more than 1 lakh euros
will have to take losses.
• Japan’s Manufacturing PMI posted a reading of 50.4 in March 2013 up from 48.5 in February 2013. This
was the first reading above the critic al 50.0 no-change mark since May 2012. A rebound in output and
Japan new orders exerted the main positive influence on the latest PMI reading.
• The seasonally adjusted unemployment rate came at 4.3% in February 2013, up from 4.2% in January
2013.
• China’s HSBC PMI posted a reading of 51.6 in March 2013, up from 50.4 in February 2013., signaling a
modest improvement in the Chinese manufacturing sector.
• Consumer prices in China rose to 3.2% in February 2013 from a year earlier and much higher from
Emerging January's 2.0%.
economies • India’s HSBC Purchasing Managers’ Index(PMI) posted 52.0 in March 2013 down from 54.2 in February
2013, signaling a slowdown in output growth on the back of a deceleration in new orders and power
outages.
5
6. Economy Outlook - Domestic
10.0%
8.0% • The country's gross domestic product (GDP) grew at a 10-year
6.0% IIP low of 4.5% during the third quarter of the current financial
4.0% year, hurt by a slowdown in agriculture, mining and
2.0% manufacturing, pushing the projected annual growth rate down
0.0% further. The gross domestic product (GDP) had expanded by 6%
-2.0% in the same period of last fiscal.
-4.0%
-6.0% • The economic growth in the first nine months of this fiscal
Jan 12 Feb 12 Mar Apr 12 May Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov Dec 12 Jan 13
12 12 12 (April-December) stood at 5%. The manufacturing sector grew
an annual 2.5% during the quarter while farm output rose just
1.1% & mining fell by 1.4%.
• Industrial production inched up 2.4% mainly on account of good
show by manufacturing and power sectors. However, during this
• The Industrial sector slightly rebounded to 3.3% during the
fiscal so far it has contracted in six out of ten months. As a
quarter from 2.7% y-o-y in the June quarter and 2.6% in the
consequence the cumulative industrial output growth for the April-
corresponding quarter of the previous year. India’s GDP growth
Jan period is a paltry 0.9%, down from 3.4% in the same period of
pegged at 6.1%-6.7% for FY14; FY13 growth seen 5.0%. India's
2011-12.
key eight core sector growth expands 3.9% in January following
2.5% growth in December.
• Manufacturing sector grew at 2.7% in January 2013 after
contracting for the previous two months. Weak consumption and
8.0 7.8 7.7
investment demand on the domestic front and sluggish exports on
7.5
the external front has hit the manufacturing sector hard. Output of 6.9 GDP growth
7.0
11 out of 22 manufacturing industry groups at a 2-digit
6.5 6.1
classification contracted in January 2013.
6.0
5.5
5.5 5.3 5.3
• Output of the eight core infra industries having nearly 38% weight
5.0
in IIP, grew by 3.9% in January 2013 as compared to 2.5% a month 4.5
4.5
ago. The infra industries that witnessed negative growth in January
4.0
2013 were crude oil, natural gas, fertilizers and cement. FY11(Q4) FY12(Q1) FY12(Q2) FY12(Q3) FY12(Q4) FY13(Q1) FY13(Q2) FY13(Q3)
6
7. Economic Outlook - Domestic
21.0%
Growth in credit & deposits of SCBs The headline inflation picked up in February on higher fuel costs
but another measure of price pressures cooled, WPI, the main
19.0% Bank Credit Aggregate Deposits
inflation indicator, rose an annual 6.84% in February. The annual
17.0%
reading for December was revised up to 7.31% from 7.18%. The
15.0%
13.0%
non-food manufacturing inflation, which the central bank uses to
11.0%
gauge demand-driven price pressures, slowed to 3.8% in February
9.0%
from 4.1% a month ago.
7.0%
The CPI data tracks retail prices in five major food groups -fuel and
5.0%
light, housing, clothing and miscellaneous - across rural and urban
India, providing a comprehensive reference point for the Reserve
Bank of India (RBI) to take effective monetary policy measures to
deal with inflation.
As on Feb 2013 Bank credits grew by 16.3% on a Y-o-Y basis
which is about 0.6% higher than the growth witnessed in Feb India's annual inflation rate, based on all India general Consumer
2012. Aggregate deposits on a Y-o-Y basis grew at 12.8%, viz-a Price Index, or CPI, as per base year 2010, for February 2013 came
viz a growth of 14.4% in Feb 2012. in at 10.91%, higher than the preceding month's 10.79%. The retail
inflation for the month under review remained in the double-digit
In keeping with the guidance and an increasingly benign stance, territory for third month in a row, due to higher prices of
RBI reduced the repo rate by 25 bps to 7.50% in its monetary vegetables, cereals, edible oil, and protein-based items.
policy as of 19th March 2013. While doing so, it also emphasized Wholesale Price Index
8.0%
that supporting growth is going to be a priority in days ahead. It 7.8%
7.6%
kept the others rates viz CRR and SLR unchanged. 7.4%
7.2%
7.0%
The key triggers favoring the rate cut seem to be lower 6.8%
trajectory of WPI and core inflation, lower GDP data than 6.6%
6.4%
anticipated and of course the government’s intent to rein in the 6.2%
6.0%
fiscal deficit.
7
* End of period figures
8. Equity Outlook
The month of March saw political uncertainty with DMK withdrawing support from the UPA government. The government survives with
outside support from UP based regional parties SP and BSP. While the government remains stable for now, it is difficult to predict the political
events in the next few months. Equity markets have turned volatile with concerns about the recently unveiled reform measures. However,
the government has continued with the monthly hike in diesel prices. If price hikes continue for auto fuels, it will lead to easing of pressure on
fiscal deficit front.
RBI has taken cognizance of these fiscal consolidation measures and continued with monetary easing with 25bps cut in repo rates in the
march review. RBI has maintained its focus on reviving growth while highlighting that ‘even as the policy stance emphasizes addressing the
growth risks, the headroom for further monetary easing remains quite limited.’ While headline wholesale price inflation and its core
component, non-food manufactured products inflation have softened, the consumer price inflation continues to be at elevated levels. RBI
believes that the onus of reviving the investment cycle lies with the government stating that the ’government has a critical role to play in this
regard by remaining committed to fiscal consolidation, easing the supply bottlenecks and improving governance surrounding project
implementation.’
The key risk factor for Indian markets in FY14 remains the political stability and the government’s ability to push through fiscal consolidation.
It is important that some of the key reform measures like Goods and Services Tax (GST) and diesel & kerosene price deregulation are pushed
through by the government. RBI might also find it difficult to carry out the necessary rate cuts if inflationary pressures don’t abate.
We witnessed one of the best quarters for FII inflows in Q1 of 2013 with total inflows crossing 10 billion dollars. While Indian markets
corrected, developed markets rallied sharply on hopes of economic revival this year. With US economy bouncing back and improvement in
unemployment number, Global situation remains benign and conducive to equity markets in 2013. Indian equity markets have significantly
underperformed global equity this quarter. Several high quality stocks have corrected sharply. With macros on the mend, we believe that the
correct correction is overdone and should be used to build a long term equity portfolio.
8
9. Sector View
Sector Stance Remarks
The reversal of the interest rate cycle will assist in managing asset quality better and would lead to
BFSI Overweight increase in credit growth. However, we like the private sector more than public sector due to
better management quality and higher balance sheet discipline
We like the secular consumption theme. We prefer “discretionary consumption” beneficiaries such
FMCG Overweight as Cigarettes, IT hardware, durables and branded garments, as the growth in this segment will be
disproportionately higher vis-à-vis the increase in disposable incomes.
Demand seems to be coming back in Europe. US volume growth has also remained resilient. With
IT/ITES Overweight
pricing already bottomed out, we have turned positive on the space.
We believe in the large sized opportunity presented by Pharma sector in India. India’s strength in
generics is difficult to replicate due to quality and quantity of available skilled manpower. With the
Healthcare Overweight
developed world keen to cut healthcare costs, and a vast pipeline of drugs going off-patent, Indian
pharma players are at the cusp of rapid growth.
The significant slowdown in order inflow activity combined with high interest rates has hurt the
E&C Neutral sector. Now since the interest rate cycle has started to reverse, we have turned more constructive
on this space.
9
10. Sector View
Sector Stance Remarks
The regulatory hurdles and competitive pressures seem to be reducing. Incumbents have started
Telecom Neutral
to increase tariffs slowly and we believe that consolidation will happen sooner than expected.
Raw material prices have started coming down which would boost margins. Auto loans are also
Automobiles Neutral getting cheaper. We are more bullish on SUV’s and agricultural vehicles segment due to lesser
competition and higher pricing power.
With the ongoing price deregulation of diesel, we believe the total subsidy burden on Oil PSU’s
Energy Neutral will come down during the course of the year. We are turning more constructive on the space
now.
We like the regulated return charteristic of this space. This space provides steady growth in
Power Utilities Neutral
earnings and decent return on capital.
Commodity prices have corrected significantly over the last few months due to concerns about
Metals Underweight
growth in China and developed parts of the world.
Cement industry is facing over capacity issues and lackluster demand. With regulator taking a
Cement Underweight
strong view against pricing discipline, the profits of the sector are expected to stay muted.
10
11. Debt Outlook
8.4
Yield curve 10-yr G-sec yield
9.30
8.2
8.80
8.0
(%)
(%)
7.8 8.30
7.6 7.80
7.4 7.30
7.2 6.80
3.2
5.7
0.0
0.8
1.6
2.4
4.0
4.9
6.5
7.3
8.1
8.9
9.7
10.5
11.3
12.1
12.9
13.7
14.5
15.3
16.1
16.9
17.7
18.5
19.4
• The Gsec market started the last week of the fiscal on a bearish note on political uncertainties and 10 year benchmark yield
touched 7.99%. But on 28th March, the G-Sec market closed better on value buying and on measures, such as additional and
special LAF, by RBI to tackle current liquidity tightness. It was the last day of trading for this fiscal and bonds bid FY13 farewell on
a positive note. The benchmark 10-year security 8.15% GOI 2022 closed the week at 7.95% with a 8 Bps rise during March 2013.
• India's fiscal deficit in Apr-Feb, the first eleven months of the current financial year, rose 2.8% on year to Rs 5.074 lakh cr; fiscal
deficit was Rs 41680 cr in February versus Rs 58600 cr a year ago.
• The spread on a 10 year AAA rated corporate bond reduced to 89 Bps on 28TH March 2013 from 104 Bps(as on 28th Feb 2013).
AAA Rated bond yields dipped by 6 bps to 8.85% as compared to the yields a month earlier at 8.91%.
11
12. Debt Strategy
Category Outlook Details
With the third policy rate cut that happened in Feb 2013, with a 25 Bps cut in
Repo rate and no CRR along with lesser probability of future cuts in the policy
rates in the coming quarter, but as there is influence of global factors in the
Short Tenure market, a lot of uncertainty is coupled with it, hence, we would recommend
Debt to invest in and hold on to current investments in short term debt Due to
liquidity pressures increasing in the market as RBI has a huge borrowing plan,
short term yields would remain higher. Short Term funds still have high YTMs
(9%–9.5%) providing interesting investment opportunities.
Some AA and select A rated securities are very attractive at the current
yields. A similar trend can be seen in the Fixed Deposits also. Tight liquidity
Credit in the system has also contributed to widening of the spreads making entry
at current levels attractive.
Indian long term debt is likely to see capital appreciation owing to the expected
monetary easing. With the third policy rate cut happening in March 2013, with
a 25 Bps cut in Repo and no CRR along with lesser probability of future cuts in
the policy rates in the coming quarter, but along with this is a lot of uncertainty
Long Tenure
in the market and hence would recommend to hold on to the current
Debt investments in the Longer term papers. These papers are suitable for both -
investors who may want to stay invested for the medium term (exiting when
prices appreciate) and those who would want to lock in high yields for the
longer term.
12
13. Forex
Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
30 0
Export Import Trade Balance (mn $)
2.0% 20 -5000
1.6%
10 -10000
1.5%
0 -15000
1.0% 0.8% -10 -20000
-20 -25000
0.5%
0.0%
-0.5% Exports during Feb, 2013 were valued at US $ 26.26 bn which was
4.23% higher than the level of US $ 25.19 bn during Feb, 2012.
-1.0% Imports during Feb, 2013 were valued at US $ 41.18 Bn
-0.9%
-1.5%
-1.1% representing a negative growth of 2.65% over the level of
USD GBP EURO YEN
imports valued at US $ 40.12 Bn in Feb 2012 translating into a
trade deficit of $14.92 Bn.
140000
Capital Account Balance
• INR has appreciated against two major currencies other than USD
& GBP. INR depreciated by 1.1% against the US Dollar. Rupee has 90000
appreciated against dollar since the beginning of the calendar year
by 0.81%. The rupee started the year at 50.88 a dollar and ended
40000
at 54.28 a dollar. It touched its all-time low of 57.33 a dollar on 22
June.
-10000
FY 10 (Q3) FY 10 (Q4) FY 11 (Q1) FY 11 (Q2) FY 11 (Q3) FY 11 (Q4) FY 12 (Q1) FY 12 (Q2)
• The fall of the rupee in fiscal year 2013 created many trends in the
market. For one, the rupee’s neo-normal exchange rate was • The projected capital account balance for Q2 FY 12 is revised
established at above 50 a dollar. It also forced importers and from Rs. 84,400 Cr to Rs. 78,800 Cr also the Q1 figure was revised
borrowers of foreign currency loans to hedge their exposure downwards to Rs. 99,500 Crores from Rs. 1,02,100 Crores.
• We expect factors such as higher interest rates to attract more
• Volatility as last year is expected to continue as the rupee would investments to India. Increased limits for investment by FIIs
track cues from the domestic markets as well as global shores. If would also help in bringing in more funds though uncertainty in
US economy recovers, the dollar will rally, putting the rupee under the global markets could prove to be a dampener.
pressure
13
14. Commodities
Having risen consecutively for eleven years, dollar-gold price performance
is one of the best among other asset classes, generating an annualized 33000
return of 18%. The global financial system was flood with central banks
32000 Gold
liquidity that had risen risk asset in the year 2012 and this is expected to
further lift risk asset prices in the year 2013. Given this backdrop, one 31000
could expect a decent profit booking on the precious metal counter as the
Precious money flow shall now be diverted to equities that was under owned since 30000
2008. We also expect liquidity to dry up significantly around end of 1QCY
Metals following the ECB’s LTROs amid a sharp pull back in dollar index -following 29000
the Fed’s signal to wind down the stimulus program this year - could
28000
rattle global commodity prices. The controlled measures by the central
bankers to curb gold demand with a prime objective being to shore up
27000
confidence in the monetary and banking system, bullion in all probability
will not be a free market. As bullion derivatives market is far larger than 26000
the size of physical metal, a small trigger is sufficient enough to create a
big impact. Domestically, it now seems that gold has formed an
intermediate top and one could see consider price pull back going ahead
in the year 2013.
130
The expectation of steadier global growth is a good news for the 120 Crude
oil counter given the excess liquidity available. There is no
110
evidence of oil shortage and given the ample supply coupled with
the decent growth prospects, we expect oil to remain firmer. 100
Oil & Gas While China is expected to stage a good performance this year is 90
positive for the oil market, the signal coming from the Fed on 80
unwinding of the stimulus program this year, keep a lid on the
70
prices. As the risk of oil spike has subsided considerably, the
upside on this counter looks capped. 60
14
15. Real Estate Outlook
Asset Classes Tier I Tier II
A lot of new supply has been seen in the Tier I markets across all price
segments, especially in NCR-Delhi and Mumbai, owing to faster approvals and
expectations of a sales recovery due to the reduction in the home loan
interest rates.
While some of the new launches have selectively seen a good response,
overall sales have still been slow and prices continued to be stagnant in most Demand in Tier II cities is largely driven by the trend towards
markets. nuclear families, increasing disposable income, rising
aspiration to own quality products and the growth in
Residential Mid-income residential segment with Rs. 4,000 – 6,000 per sq. ft. entry infrastructure facilities in these cities. Price appreciation is
pricing with good developers in Pune, Bangalore, NCR and Mumbai suburbs more concentrated to specific micro-markets in these cities.
are expected to see good percentage returns with relatively low risk. Cities like Chandigarh, Jaipur, Lucknow, Ahmedabad, Bhopal,
Nagpur, Patna and Cochin are expected to perform well.
Implications of Budget 2013: The additional one-time tax exemption of Rs.
1,00,000 for home loans below Rs. 25 Lacs is expected to give a slight push in
the affordable housing segment. TDS of 1% on all properties above Rs. 50 lacs
after May 2013 and increase in service tax from 3.09% to 3.71% for flats above
2,000 sq. ft. in size or Rs. 1 Cr. in value may act as dampeners for sale of mid
to high end residential space.
Prices for the commercial asset class continue to be dampened due to the
historic oversupply. In terms of absorption, Bangalore, Hyderabad and Pune
markets are doing better than the national average.
Rentals in commercial asset class are seen to be rising slowly but they are still Relatively low unsold inventory and smaller unit sizes have
below the peal values achieved in the past. In relative terms, Bangalore led to stable lease rentals in Tier II cities. Not much
Commercial/IT
market has outperformed other markets owing primarily to the demand from movement in the capital values has been seen in the Tier II
the IT industry. cities.
Specific pre-leased properties with good tenant profile and larger lock-in
periods continue to be good investment opportunities over a long-term
horizon. 15
16. Real Estate Outlook
Asset Classes Tier I Tier II
In HY2 2012, Government approved 51% foreign
ownership in multi-brand retail and 100% in single-brand Tier II cities see a preference of hi-street retail as compared
retail. While this move is expected to infuse new to mall space in Tier I cities. While not much data on these
enthusiasm in the sector, it will take a gestation period of rentals gets reported, these are expected to have been
at least an year for this to translate into actual off-take of stagnant.
Retail space. In fact, completion of a number of malls has been
The mall culture has repeatedly failed in the past n the
delayed to defer the construction costs and capitalize on
Tier-2 cities. Whether the FDI in retail can change this
the expected future demand from FDI.
phenomenon can be known with more certainty once the
Currently, unsold inventory levels continue to be high effect of FDI is more visible in Tier I cities.
levels and lease rentals stagnant.
Agricultural / non-agricultural lands with connectivity to
Tier I cities and in proximity to upcoming industrial and
Land in Tier II and III cities along upcoming / established
other infrastructure developments present good
Land growth corridors have seen good percentage appreciation
investment opportunities. Caution should however be
due to low investment base in such areas.
exercised due to the complexities typically involved in
land investments.
Please Note:
Tier I* markets include Mumbai, Delhi & NCR, Bangalore, Pune, Chennai, Hyderabad and Kolkatta
Tier II* markets includes all state capitals other than the Tier I markets
The IC note is proposed to be presented every quarter
16
17. Why Karvy Private Wealth?
Open Architecture – Widest array of products
We are an open-architecture firm at two levels – asset class level and product level :
• Offering COMPREHENSIVE choice of investing across all asset classes
• Offering EXTENSIVE choice of multiple products from different product providers under each asset class
Intensive Research
We closely track the historical performance across asset classes, sub-asset classes and product providers to identify, evaluate and
recommend investment products (KPW’s or third-party). We have our own proprietary methodology for evaluating products; for
product providers, we also note the investment style and risk management philosophy. Our comprehensive analysis determines
truly exceptional performers to be added to your portfolio
Honest, unbiased advise
Group-wide, we have no Mutual Fund or Insurance products of our own unlike most of the financial services groups (banks or
broking houses), who are doing wealth management. Neither do we have exclusive tie-up with any single insurance company like
all banks do.
The KPW 3-S Service promise:
When you become a Client of KPW, besides getting intelligent & practicable Investment Advice, you get the benefit of “The KPW 3-
S Service Promise” :
• Smooth and Hassle Free – Attention, Service & Convenience
• Sharp and proactive – Portfolio monitoring and tracking
• Smart –Incisive insights on markets and Investment products
Pedigreed Senior Management Team
A talented team of leaders with global and Indian experience, having a unique blend of backgrounds of wealth management,
private equity, strategy consulting and building businesses powers Karvy Private Wealth and its operations.
17
18. Disclaimer
The information and views presented here are prepared by Karvy Private Wealth(a division of Karvy Stock Broking Limited) 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
Karvy Private Wealth (A division of Karvy Stock Broking Limited) operates from within India and is subject to Indian regulations.
Karvy Stock Broking Ltd. is a SEBI registered stock broker, depository participant having its offices at:
702, Hallmark Business plaza, Sant Dnyaneshwar Marg, Bandra (East), off Bandra Kurla Complex, Mumbai 400 051 .
(Registered office Address: Karvy Stock Broking Limited, “KARVY HOUSE”, 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad 500 034)
SEBI registration No’s:”NSE(CM):INB230770138, NSE(F&O): INF230770138, BSE: INB010770130, BSE(F&O): INF010770131,NCDEX(00236,
NSE(CDS):INE230770138, NSDL – SEBI Registration No: IN-DP-NSDL-247-2005, CSDL-SEBI Registration No:IN-DP-CSDL-305-2005, PMS Registration No.:
INP000001512” 18
19. Contact Us
Bangalore 080-26606126
Chennai 044-45925923
Coimbatore 0422-4291018
Delhi 011-43533941
Gurgaon 0124-4780228
Hyderabad 040-44507282
Kochi 0484-2321831
Kolkata 033-40515100
Mumbai 022-33055000
Pune 020-30116238
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 19
