2. Index Page No.
Economic Update 4
Equity Outlook 8
Debt Outlook 17
Forex 21
Commodities 22
2
3. Dear Investor, While we advise staying invested in the equity markets,
investors worried about short term volatility or carrying a
Indian equity markets experienced significant turbulence in the trading portfolio can use a 2 month slightly out-of-the-money
past month. This was owing to both domestic and global factors. put option on the Nifty Index to hedge the downside.
On the domestic front the uncovering of multiple scams spooked When one looks beyond the next quarter, the effect of global
the investors who worried about the potential fallout of the scams factors on Indian markets is going to play an important role.
on political stability. Globally monetary tightening in China and The desperate efforts of the US Federal Reserve to drive
renewed sovereign debt concerns in Ireland renewed the fears of economic activity by bringing down long term yields through
most investors regarding the fragile nature of recovery in global quantitative easing will send a wave of liquidity through the
economy. The fears of political instability on the domestic front globe. Much as it happened in 2006 and 2007, this is likely to
have now subsided. However the concerns regarding the so-called boost the asset markets globally. The Indian investors need to
‘unknown unknowns’ remain. be cognizant of the impending over-valuation this may bring
Globally the state of affairs is unlikely to become much better in to equity and real estate markets here. Equally importantly
near future. Europe is likely to continue to experience periodic they should be mindful of the potential falls that come as the
bouts of sovereign debt concerns amongst its less stable risk appetite subsides. The next few years thus are likely to be
economies. While this may cause worry for the global investors, it fairly volatile for Indian asset markets.
is likely to have limited impact on either the Indian economy or the As we had recommended over last few months, gold continues
investor sentiments regarding Indian markets. On the other hand, to be effective as a useful hedge against asset bubble built on
the policy-driven slowdown in growth in China to tame inflation easy liquidity and their pricking. Most importantly since the
might cause reduction of risk appetite for emerging markets source of the liquidity is the US thus potentially driving value
amongst global investors. There might be a silver line for Indian of dollar down, gold becomes relevant as dollar hedge as well.
markets here if the pace of Chinese slowdown is not significant and Last month saw several specific stocks drop significantly in
the global investors merely reallocate the emerging market price owing to their perceived link to the housing loan scam.
portions of their portfolios. However, a hard landing for the While some of these are likely to have a real impact on their
Chinese economy however will most certainly bring about the books due to the crisis, most are beaten down by panic. That
proverbial ‘flight to safety’ driving down asset markets in emerging makes a good case for buying selectively into some of the
economies! ‘fallen angels’.
“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
5. • The Conference Board Consumer Confidence Index rose to a five month high
of 54.1 in November from 50.2 in October. This indicated a positive outlook
US from the consumers and favorable business conditions as the holiday season
begins.
• US m-o-m unemployment rate remained unchanged at 9.6 per cent in Oct’10.
• Euro-zone purchasing managers index rose to 55.4 in November from 54.6 in
October. The growth was driven by improvement in the German and French
Europe economies while debt burdened Ireland and Spain continued to struggle.
Owing to a strong German recovery, the Service Job index was at its highest
level since February ’10.
• Unemployment in the Euro zone was at a 10 yr. high of 10.1% in October.
• Japan’s industrial production declined by 1.8% in October as stimulus effects
waned and slowing global demand hit exports. The manufacturing PMI
Japan increased to 47.3 from 47.2 October but still indicated contraction in the
Japanese markets.
• Japan’s unemployment rate increased to 5.1% in Oct 10 from 5% in Sept 10.
• The HSBC China Manufacturing Purchasing Managers Index, rose to 55.3 in
November from 54.7 in Oct. indicating accelerating manufacturing activity.
Emerging • China’s GDP is expected to rise 10% in 2010 (revised upwards from 9.5%)
economies accelerating from 9.1% in 2009. The economy grew at 11.9% in the first
quarter, 10.3% in the second quarter and 9.6% in the third quarter.
5
6. 19.0% IIP monthly data
• The GDP growth rate for Q2 FY11 came in at 8.9%
14.0% backed by a strong growth in services and
9.0%
agricultural output.
4.0% • The agriculture sector, which accounts for nearly
17% of GDP, rose 4.4% and this offset the
moderation manufacturing sector growth, where
• Industrial output as measured by the Index of production went up by 9.8%. The services sector
Industrial Production (IIP) grew by 4.4% (y-o-y) in too grew at 9.7% during July-September this year,
September ‘10 as compared to an upward led mainly by finance and real estate as well as
revised 6.9% in August ‘10. Decline in capital trade, hotels, transport and communication
goods output along with a base effect pulled
down the index. • The Finance ministry is targeting FY11 growth at
~8.50% - 8.75% which may be revised upwards. We
• Though 14 out of the 17 industries, which believe the current target is sustainable as we
constitute the IIP, posted positive growth in expect manufacturing and service sectors to
September, the quantum of increase was continue to drive growth in the next few quarters.
modest. Important sectors like chemicals, metals
and machinery registered negative growth.
• Growth in manufacturing, which constitutes 10
GDP growth
9
around 80 per cent of the IIP saw growth slip to 8
4.5 per cent from 11 per cent a year ago. 7
6
• We believe the growth will eventually moderate 5
4
out and may end lower than that seen in the first FY09 (Q2) FY09 (Q3) FY09 (Q4) FY10 (Q1) FY10(Q2) FY10(Q3) FY10(Q4) FY11(Q1) FY11(Q2)
part of the fiscal. 6
7. Growth in credit & deposits of SCBs
23.0%
Bank Credit Aggregate Deposits • Inflation as measured by WPI stood at 8.58%
21.0% (y-o-y) for the month of October -10 as
19.0% compared to 8.62% during September 10. These
17.0%
15.0%
figures are based on the new base year and
13.0%
WPI list.
11.0%
9.0%
• We expect WPI inflation numbers to moderate
7.0%
5.0%
in m-o-m inflation numbers due to the expected
Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 decrease in food inflation and the monetary
tightening stance by RBI.
• After a dip in August and September, bank credit
growth increased in the month of October to 20.4% 12.0%
as compared to 19.0% in the month of September Inflation
10.0%
2010.
8.0%
• We expect credit growth to further improve in the 6.0%
next few quarters and settle at ~20% levels on the 4.0%
back of improving business confidence and decline 2.0%
in risk aversion on the part of banks. Increase in
0.0%
exposure to Infrastructure projects is also expected Jan-10
Oct-09
Mar-10
Jun-10
Oct-10
May-10
Nov-09
Apr-10
Aug-10
Sep-10
Feb-10
Jul-10
Dec-09
in the second half of the fiscal. -2.0%
7
8. Bloodbath that started on the Dalal Street after the Diwali week got extended through the month as global worries and 2G spectrum
allocation and housing loan scams back home spooked the bourses. Volatility remained evident throughout the month as futures and
options’ (F&O) traders switched their positions from November month contracts to next month series. Realty counter suffered deep
cuts during the month as investors rushed for profit booking in anything related to real estate or infrastructure space after the Central
Bureau of Investigation (CBI) unearthed fake housing loan scandal. Metal, public sector undertaking and capital goods pockets also took
serious beating from the bears. On the flip side, software and technology counters showed some strength in relative sense. The S&P
CNX Nifty lost about 2.6% to close at 5,863 in November. The real damage however was inflicted in the mid cap and small cap indices
which declined by over 6%. The real estate index lost over 10% during the month, while BSE Bankex fell by a little over 6%. Mirroring
their faith on the Indian economy, overseas funds have infused a staggering $4.78 billion in the capital market in November, taking the
year-to-date total to $39 billion.
The index for food prices came down to a single digit after four months, dipping to an 18-month low of 8.6% in the week ended
November 20. The decline came about on arrival of winter crops in the market but onions, fruits and milk became costlier. Food inflation
was at this level last in May 2009. The decline is expected to ease pressure on headline inflation, which stood at 8.58% in October,
allowing the Reserve Bank some breathing space in its next monetary policy review. The new GDP numbers released by the government
show that the Indian economy continues to maintain its growth momentum despite a tough global environment. At 8.9% for a second
quarter in a row, the economy is growing near its trend rate and fears of overheating seem to be overdone right now. There are two
underlying trends that deserve closer attention.
First, the revival in farm output this summer from its drought-induced trough in 2009 has pushed up GDP in the second quarter. Farm
output has grown at the fastest rate in 11 quarters. Maintaining this growth rate is almost impossible. Meanwhile, manufacturing
growth has slowed down and has also been volatile in recent months. There have been problems with the way the index of industrial
production is calculated but that is the best indicator we have for now. The wild swings in factory output are a worry.
8
9. Second, the GDP numbers show that private sector demand continues to pick up. A huge increase in government spending had
supported economic activity in the crisis months of late 2008 and early 2009, but the private sector has now stepped it to pick up the
slack in domestic demand that could have arisen as the government tries to cut its fiscal deficit. Yet, private consumer demand seems
to be doing better than private investment demand. High frequency data on cement dispatches, telecom subscribers, car sales and
airline bookings suggest that consumer spending continues to be robust.
The domestic equity markets may consolidate around the current levels next month before showing any significant moves either way.
Developments on recently unearthed housing loan scandal will be on investors’ radar. Developments from South Korea and Ireland will
also be important for the equity markets across the globe. While news flow will continue to impact markets in the near term, the
valuations remain fair and will continue to attract foreign money. The prospective risk return ratio looks favorable for entry into these
markets for long term investors. Investors should increase exposure to quality equity ideas selectively. At 16.5x FY12 earnings, growth
is clearly the guiding valuation influencer for the markets. And that is unlikely to change in the near future.
FII & MF data • FIIs invested ` 18,293 Cr. in equities in the month of
25000.0 FII MF November. This was ` 10,000 Cr. lesser than last month
20000.0 which witnessed huge inflows in the Coal India IPO issue.
15000.0 The markets declined by 2% in the month on account of the
10000.0 various scams discovered in the real estate, banking and 2G
5000.0 space.
0.0
• Mutual Funds invested around ` 251 Cr. in the month of
-5000.0
November as market correction provided good levels to
-10000.0
invest.
-15000.0
9
10. Sector Stance Remarks
We believe in a 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
Highly
Healthcare developed world keen to cut healthcare costs, and a vast pipeline of drugs going off-patent, Indian
Overweight
pharma players are at the cusp of rapid growth. Here, we have taken exposure to medium-sized, non-
index ideas while trying to play on the opportunity in Generics and CRAMS.
The USD 1 trillion Infra opportunity is hard to ignore. Here, we have carefully taken Power sector as
our dominant bet over other sub sectors such as ports, roads and telecom infrastructure, because of
E&C Overweight favorable economics under PPP model. Within power, we focus on the engineering companies over
utilities, T&D and other infrastructure owners because of their superior profitability and better
competitive dynamics.
Financial sector is undeniably the lubricant for economic growth. Whether the growth comes from
consumption or investments, credit growth is inevitable. Being a well regulated sector, BFSI in India
BFSI Overweight
has good asset quality and capital adequacy ratios. This, when juxtaposed to the growth opportunity
available makes an attractive long term opportunity.
The exposure is in “discretionary consumption” beneficiaries such as Paints and branded food, as the
FMCG Neutral growth in this segment will disproportionately higher vis-à-vis the increase in disposable incomes. This
also provides a defensive posture to the portfolio.
Despite the regulatory hurdles, competitive pressures and leverage we believe in the mammoth
opportunity here, largely because of the continuing under-penetration of voice in rural markets and
Telecom Neutral
huge demand for data services in urban markets. 3G & BWA will make sure the revenues grow at
reasonable pace. Discretionary consumption again.
10
11. Sector Stance Remarks
Rich valuations, maturing growth and the menace of appreciating Rupee makes us little cautious
IT/ITES Underweight here. We have chosen to be with the bellwether stock here and believe we have better sectors to
look at.
We believe in the growth prospects here but raw material prices and raging competition
Automobiles Underweight indicates issues. The rich valuations don’t help either. We have taken a position in the
commercial vehicle segment as things are looking much better there.
Through a single company, we have taken a large-sized exposure to refinery and natural gas
exploration sector. The regulatory cap on RoE does not allow a vast value creation opportunity in
Energy Underweight the infrastructure owning companies. We have also purposely tried to stay away from PSUs, due
to issues of cross subsidization distorting the underlying economics of oil exploration and refinery
businesses.
India is not completely isolated from global slowdown. Commodity prices are an international
Metals Underweight issue. We have chosen to stay away with a cautious view to the global commodity cycle.
Cement demand will certainly grow over the next three years. But the issue is on the supply side.
Cement Negative
We do see an oversupply situation for the next 3-4 quarters.
We like power sector but believe that greater value will be created by engineering services
Power Utilities Negative providers. Utilities may be a more defensive play, but we have been defensive enough for the
time being.
11
12. Price as on 5th
Stock CMP 52 Wk high 52 Wk. Low P/E P/B
Nov.
Central Bank of India 198.4 243.4 249.05 136.55 6.72 1.84
Biocon 406.1 433.0 464.60 253.15 27.26 5.19
PNB 1269.6 1376.0 1395.00 842.10 9.33 2.47
Orbit Corp 91.35 117.75 178.03 57.00 11.8 1.23
Due to a number of scams being unearthed, Indian equity markets have experienced a correction in the
recent weeks. During this correction, some stocks have been hit particularly harder than the rest and thus
have witnessed a much sharper fall than their peers. Many of them have fallen well below their fair
market value.
Such stocks may be interesting investment options at their current levels. Few of these have been
specified above. Besides these, several other stocks in the real estate and banking domain will be
attractive buys due to the sharp correction experienced by both those sectors.
12
13. Fund Details Fund framework & management style
NAV (As on 30th Nov, 2010)
Management Style Active
Rs. 114.11 • Concentrated stock portfolio investing in a single sector
Moderate
AUM: Rs. 1,503 Cr. • The fund is managed by Mr. Sunil Singhania who
Minimum investment: Passive believes in capital appreciation though long term
Rs. 5,000
High Medm Low
investing
Entry Load: Nil Extent of diversification
Exit Load: Performance and performance attribution
< 1 yr 1.00%
Else Nil • The fund has very consistent performances over 80%
Reliance Banking
Options: the years and has outperformed the index at every 60% BSE Bankex
50.0%
Growth, Dividend instant over time periods 36.5%
40% 35.6% 30.1%
28.8%
Expense Ratio: • While the Banking sector as a whole has been an 22.9% 23.2%
20%
1.99% outperformer, the fund has consistently beaten the 7.8%
Risk Analysis Banking index due to superior stock selection skills 0%
6 mth 1 year 3 years 5 years
Sector concentration & view on sector orientation Top company exposures & portfolio quality
Sharpe Ratio: 0.22
Std. Deviation: 37.44%
• Banking is the best proxy to GDP growth • Fairly concentrated stock portfolio with
• We believe Banking stocks are attractive due to 18 stocks with top ten stocks
Risk Level: High low NPAs and reasonable P/Es. As the economy constituting 82.6% of the portfolio
Return Potential: High improves, we expect NPAs to further go down • Stock selection has been excellent in
and credit growth to pick up; thereby aiding the last few years
Market Cap: Large growth in Banks.
Summary
We believe the recent correction in the markets provides an opportunity to investors to buy the fund at attractive levels. The fund
manager’s ability to pick up multi baggers in the Banking space has resulted in the fund’s tremendous performance over the years
and is recommended for investors with a long term investment horizon 13
14. • 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%
14
15. *
1 Year Since Inception (29/4/09)
Portfolios 6 Months (Absolute)
(Absolute) CAGR
Conservative 7.85% 11.46% 28.17%
Market Return Benchmark** 7.06% 9.70% 22.33%
Moderate 11.70% 16.23% 40.94%
Market Return Benchmark** 10.00% 12.59% 31.79%
Aggressive 13.38% 18.56% 49.50%
Market Return Benchmark** 11.68% 14.32% 38.54%
Absolute Return Benchmark 5.25% 6.00% 7.75%
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
*(Returns as on 30th November 2010)
The performance specified is post management fee and all other expenses. The fixed fee model has been considered in all cases.
**The Market Return Benchmark is based on BSE 200 and Crisil Bond index, taken in the same proportion as the asset allocation of that variant 15
16. Karvy Principal Protected Note Linked to S&P CNX Nifty Index
Issuer Karvy Financial Services Limited
Tenor 36 / 40 months
Index S&P CNX Nifty Index
Minimum Investment Rs. 50,00,000
Principal Protection 100%
Participation Rate 50%
Assured Coupon 22.50%
Initial Level Official Closing level of S&P CNX Nifty Index level on DDA
Outcomes at Maturity
Final Level Note Return
Average of Official Closing level of S&P CNX Nifty Index level on DDA+1M,
DDA+2M, DDA+3M ……..DDA+36M * for all 36 months+
Payoff 22.50% + Max { 0%, PR* (Final Level/Initial Level -1)}
40% 22.50% + 45% return x 50% participation rate 42.50%
10% 22.50% + 10% return x 50% participation rate 27.50%
-20% 22.50% + 0% 22.50%
This example is for illustrative purpose only and does not constitute a guaranteed return or performance.
16
17. 9.2 Yield curve • The benchmark 10 yr G-sec yield increased from
9.0 8.15% in the month of October to close at
8.8 around 8.19% in November.
8.6
8.4
8.2 • We believe that future monetary tightening
8.0
7.8
measures are unlikely to have a major impact on
7.6 the longer end of the yield curve. We also
7.4 believe that this is the peaking of the Interest
7.2
rate cycle and unless Inflation doesn’t increase
10.4
11.1
11.8
12.4
13.1
13.8
14.5
15.2
15.9
16.6
17.3
18.0
18.7
19.4
0.0
0.7
1.4
2.1
2.8
3.5
4.2
4.9
5.5
6.2
6.9
7.6
8.3
9.0
9.7
(%)
drastically, we may not have further tightening
in the system. 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
8.4
yields at the longer end range bound. 8.2 10-yr G-sec yield
8
• With increase in rates in the November review, 7.8
the 10 year G Sec yields were around 8.15%. We 7.6
7.4
expect this to be the peaking of the interest rate 7.2
cycle and another rate hike may not be seen in 7
the immediate future. The yields will stabilize 6.8
around 7.5 – 8.5% levels by year end.
17
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.
We have seen the short term yields harden due to reduced
liquidity in the market and it may further increase as we see
outflows for Advance tax payments in December.
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 this to be the peaking of the yields at the longer end
of the yield curve. Yields may move to the broad range of 7.5–
Long Tenure 8.5% in the next few quarters. As the inflationary pressure
Debt settles down towards the end of the fiscal, these may be an
attractive investment. We recommend gradual entry into long
tenor debt.
18
19. Objective:
• To invest in a portfolio of High Yielding Securities
Investment Rationale:
• The strategy of this portfolio is to invest in lower rated higher yielding securities. We believe that the risk-adjusted returns for
such bonds are currently very attractive. We would be actively monitoring these bonds, thereby selecting the ones which are
relatively safer and offering higher returns.
Fund manager K.P. Jeewan
Vehicle The investments will be made through the PMS structure
Target Returns 11% - 13%
Minimum returns expected 8% - 9%
Risks Interest Rate Risk and Liquidity Risk (No credit risk since all investments are in Sovereign/
Quasi Sovereign Instruments.)
Minimum investment Rs. 50,00,000
Entry Load NIL
Exit Load NIL; (If withdrawal is earlier than 12m, full years management fee will be charged on the
funds or securities withdrawn)
Management Fee 0.5% p.a.
Profit Sharing 10% p.a. of incremental gains beyond 8% p.a.
19
20. NABARD:
• Set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and
development of agriculture, small-scale, cottage and village industries, handicrafts and rural crafts
• Fully owned by the Government of India and Reserve Bank of India
• Minimum Ticket Size : `100,000
• Tenure : 10 Years
• Yield : 8%-8.05 for bonds maturing Jan 2019 if held till maturity
• Rating : ‘AAA’ rating by CRISIL & CARE
• Taxation : If held for less than a year : Marginal rate of taxation
If held for more than a year : 10% without indexation or 20% with
indexation whichever is lower
• Attractiveness
As interest rates are near their peak it is a good time to invest into these Zero Coupon bonds. As yield
curve goes down it can present situations to make Capital Gains. Else clients can also hold them till
maturity which itself would result in a higher yield vis-à-vis fixed deposits
20
21. Rupee movement vis-à-vis other currencies (M-o-M) Trade balance and export-import data
80 0
Export Import Trade Balance (mn $)
0.04 60 -2000
0.03 -4000
40
-6000
0.02 20
-8000
0.01 0
-10000
0.00 -20 -12000
-0.01 USD GBP EURO YEN
-40 -14000
-0.02
-0.03 • Exports for the month of October increased by 21.2% y-o-
-0.04 y while imports increased by 6.8% increasing the trade
deficit to USD 9.7 bn.
•The Rupee marginally depreciated v/s the US dollar in the 140000
month of November but appreciated against the Euro on Capital Account Balance
account of the increased uncertainty regarding the Eurozone 90000
crisis. 40000
•We expect the Rupee to remain volatile in the next month -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
with no clear direction. Higher interest rates in India would (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4) (Q1) (Q2) (Q3) (Q4)
-60000
attract large capital inflows putting an upward pressure on
the Rupee while increase in the Current account deficit would • Capital account balance was positive throughout FY10 and
put a downward pressure on the Rupee. Hence, a clear trend ended at `2,53,058 Cr. for the year.
might not be seen. • 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.
21
22. The geo political tensions in Korea, the European crisis and
continued concerns on global economy will all keep gold 20000
Gold
19500
afloat. However, any persistent strength in USD would be fatal 19000
18500
18000
to risky assets worldwide and gold in particular. Given this 17500
Precious 17000
scenario, it is prudent for the investor to stay aside in the near 16500
16000
Metals term or reduce exposure to gold in the short term. Needless to 15500
15000
say that the long term bullishness is intact and gold should find
Dec-09
Aug-10
Nov-09
May-10
Oct-10
Nov-10
Jul-10
Feb-10
Sep-10
Jan-10
Mar-10
Jun-10
Apr-10
a place in strategic asset allocation. Nevertheless, it is time to
move towards tactical asset allocation that would keep smart
investor high from the rest of the crowd.
Crude
• The crude prices increased by 6.3% (m-o-m) in November. This 90
was due to uncertainty in the Global markets. During the 85
month, prices moved between $83-$88 per barrel. 80
75
Oil & Gas • We expect the oil prices to moderate Although emerging 70
65
market economies are showing robust growth, developed
60
economies are expected to remain sluggish next year, which
Nov 09
Nov 10
Jul 10
May 10
Feb 10
Sep 10
Jan 10
Mar 10
Jun 10
Dec 09
Apr 10
Aug 10
Oct 10
combined with abundant supply, high inventories and weak
OPEC quota compliance may cap a further oil price rally.
22
23. 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. 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
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