HINDUJA BANK (SWITZERLAND) LTD

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1 HINDUJA BANK (SWITZERLAND) LTD BUILDING WEALTH, ENABLING ENTERPRISE 11 March 2014 DAILY MARKET COMMENTS INDIA SUMMARY Key benchmark indices eked out small gains in a choppy trading session. The S&P BSE Sensex garnered points or 0.14%. The market breadth was negative. Among the 30 Sensex shares, 17 shares declined and 13 shares rose. Index heavyweight ITC rose. Pharma stocks were mixed. IT stocks edged higher. ONGC dropped 1.72%, with the stock sliding on profit booking after recent rally. Shares of public sector oil marketing companies declined. Bank shares declined on profit booking. The S&P BSE Bankex jumped 12.93% in the preceding six trading sessions to settle at 13,755 on Tuesday, 11 March 2014, from a recent low of 12,180 on 3 March Maruti Suzuki India rose 0.5%, with the stock reversing intraday fall in volatile trade. A group of investors of Maruti Suzuki India (MSIL) has ratcheted up pressure on India's top carmaker to abandon a plan for its Japanese parent to build a new plant to make cars for the Indian firm, saying it would hurt shareholders. SpiceJet jumped 3.32% after the budget carrier placed an order with Boeing Co for 42 Boeing B737 Max planes worth $4.4 billion by swapping existing orders of 12 Boeing 737 planes. In the foreign exchange market, the rupee edged lower against the dollar on global risk-off sentiment. HIGHLIGHTS IN THE HEADLINES TODAY Markets end flat ahead of Jan IIP, Feb CPI data India's industrial output raise by 0.1% in January Tech Mahindra gets nod to merge Mahindra Engineering HCL Tech CEO denies stake sale rumour Just Dial, L&T Finance Holdings gain on inclusion in the F&O segment Gold extends gains to 5-1/2 mth high on safe-haven demand Rising global temperatures threaten world coffee production INSTITUTIONAL ACTIVITY ON NSE & BSE Category Buy Value (Rs bn) Sell Value (Rs bn) Net Value (Rs bn) Foreign Institutional Investors (FII) Domestic Institutional Investors (DII) (8.22)

2 INDEX MOVEMENTS Index Close Open High Low Close Gain / Loss Var. S&P BSE Sensex 21,826 21,793 21,966 21,768 21, CNX Nifty 6,512 6,498 6,546 6,487 6, CNX 500 5,027 5,017 5,050 5,012 5, CNX Nifty Junior 12,587 12,573 12,653 12,555 12, CNX Midcap 8,143 8,137 8,168 8,097 8,114 (29.15) (0.36) CNX IT 9,829 9,824 9,922 9,824 9, CNX 100 6,373 6,360 6,406 6,351 6, BANK Nifty 12,043 11,998 12,143 11,888 12,024 (19.05) (0.16) NIFTY GAINERS Company Curr. Gain SUNPHARMA ASIANPAINT ITC HEROMOTOCO 2,065 2, COALINDIA NIFTY LOSERS Company Curr. Loss BHEL (2.77) TATAMOTOR (2.37) HINDALCO (2.21) PNB (2.15) IDFC (1.90) COMMODITIES & CURRENCIES Commodity (Futures) Day Curr. Day Brent Crude (USD / bbl) Gold (USD / t. Oz) 1, , Silver (USD / t. Oz) Currency Curr. Rate USD / INR EUR / INR ASIAN MARKETS Index Closing Gain / Loss Var. Hang Seng 21, Nikkei , Shanghai Composite 1, Straits Times 3, Taiwan TAIEX 8, Yen / INR 59.65

3 GLOBAL MARKET OVERVIEW European stocks dropped on Wednesday, 12 March 2014, as companies from Tod's SpA to G4S Plc reported worse-than-forecast results. Key benchmark indices in France, Germany and UK shed 1.02% to 1.58%. Asian stocks fell on Wednesday, 12 March 2014, on concerns that China's economy may be faltering. Key benchmark indices in China, Indonesia, South Korea, Hong Kong, Taiwan, Singapore and Japan were off 0.17% to 2.59%. GLOBAL NEWS China's central bank governor said on Tuesday that the country's deposit rates are likely to liberalised in one to two years - the most explicit timeframe to date for what would be the final step in freeing up banks to set their own interest rates. The move will let financial markets decide the price of loans, which economists say will go a long way to prevent the wasteful investment funded by artificially cheap credit that has led to a massive buildup in debt. "Deposit rate liberalisation is on our agenda. Personally I think it's very likely to be realised within one to two years," said Zhou Xiaochuan, the head of the People's Bank of China. The recovery in developed economies is on track although slowing activity in big emerging markets means global growth will be only moderate at best in the near term, the OECD said on Tuesday. Exceptionally bad winter weather in North America and a sales tax hike in Japan are also disrupting the pace of recovery, the Paris-based Organisation for Economic Cooperation and Development said. Against that backdrop, the OECD urged the European Central Bank and the Bank of Japan to keep up their monetary stimulus, if not increase it, while it said the US Federal Reserve was right to begin winding down its bond-buying programme. The stand off between the West and Russia over the Ukraine crisis continues. Germany told Russia it must switch course in Crimea by next week or risk more sanctions as Ukraine's deposed president warned of a possible civil war. The European Union will discuss harsher penalties on March 17 barring "obvious changes in Russia's actions," German Foreign Minister Frank-Walter Steinmeier said in Estonia. A planned March 16 referendum in Crimea on whether to join Russia should be halted, he said. Toppled President Viktor Yanukovych told reporters in Russia that lawlessness is spreading in Ukraine, fomented by the "fascists and ultranationalists" who are in charge in Kiev. ECONOMIC AND POLITICAL NEWS India's industrial output was higher by 0.1% during January, as mining and electricity sectors performed marginally better, government data showed Wednesday. Factory output measured in terms of the Index of Industrial Production (IIP) dropped by 0.6% in December, registering contraction for the third straight month. The cumulative growth of the industrial production for the April-January period year-on-year was at a standstill from the corresponding period of last fiscal, according to data released by the Central Statistics Office (CSO). The weakening spree in the rupee against the dollarcontinued for the second straight day. According to currency dealers the weakness was due to dollar buying by state-run banks. Caution ahead of key consumer inflation data in the day also weighed. The rupee ended weak at a level breaching the Rs 61 per dollar mark. "The dollar buying was due to defense related payments and meeting the demands of oil marketing companies," said a currency dealer with a state-run bank. As per estimates of currency dealers in state-run banks, the dollar demand of these public sector OMCs are in the range of $ 6-7 billion per month.

4 INDUSTRY NEWS Changing climatic conditions and rising global temperatures is likely to affect world coffee production in the coming years. The threat is significantly higher in case of Arabica coffee, which requires relatively specific ecological and meteorological conditions in order to produce quality beans, said International Coffee Organisation (ICO). The total number of telecom subscribers in the country rose marginally to crore in January, on the back of increase in rural subscribers, sectoral regulator Trai said today. The share of urban subscribers declined from 60.03% to 59.86%, whereas the share of rural subscribers increased from 39.97% to 40.14% in January. India's Media and Entertainment (M&E) industry is likely to grow at 14.2% to more than Rs 1.78 tn in the next four years. Ficci's M&E Committee chairman and Star India CEO Uday Shankar said: "Amidst an environment of gloom and doom, the media and entertainment industry registered an impressive growth of 12% last year. SECTOR PERFORMANCE AND TRENDS Out of 2921 scrips traded over BSE, 1286 advanced & 1470 declined. Sector Var S&P BSE BANKEX (0.23) S&P BSE CAPITAL GOODS (0.73) S&P BSE REALTY (0.07) S&P BSE POWER (0.58) S&P BSE OIL & GAS (0.73) S&P BSE METAL (0.21) S&P BSE CONSUMER DURABLES 0.86 S&P BSE AUTO (0.66) S&P BSE TECK 0.48 S&P BSE IT 0.56 Sector Trend * Auto BFSI Construction Consumer Goods Energy Industrial Manufacturing IT Metals Telecom * Shows trend for current & previous trading sessions S&P BSE FMCG 1.22 S&P BSE HEALTHCARE 1.23 BONDS, T-BILLS & IPOs The issuance calendar for marketable dated securities for April-September 2014 is expected to be released this month and the street expects about 60-66% of the gross market borrowing of the government to be completed by September. This may translate into government bond auction of Rs bn per week in the first half of next fiscal. In the current fiscal during the first half the Reserve Bank of India (RBI) auctioned government bonds for a notified amount of Rs 150 bn per week.

5 .COMMODITIES Gold climbed for a second session on Wednesday to its highest in 5-1/2 months, as global uncertainty over economic growth and tensions in Ukraine burnished the metal's safe-haven appeal. Weakness in equities and base metals, along with technical buying, propelled gold prices through resistance at $1,355 an ounce, traders said. CORPORATE ANNOUNCEMENTS Budget airline SpiceJet today announced an order for 42 Boeing 737 MAX jets valued at $4.4 billion. The agreement between Boeing and SpiceJet was signed today. The fuel efficient planes will be delivered 2017 onwards. Leading bourses BSE and NSE have given approval for the merger of Mahindra Engineering Services with Tech Mahindra saying that the amalgamation does not violate securities laws norm. The information in this publication was developed using data which Hinduja Bank () Ltd assumes to be accurate; nevertheless, Hinduja Bank () Ltd accepts no liability and offers no guarantee. The availability of such information does not constitute a recommendation to buy or sell any of the securities discussed therein. Statements made in this publication can be changed without prior notice. Moreover, the content is not intended for individuals (or entities) who (which), by reason of their nationality or domicile or for any other reason, are subject to foreign regulations prohibiting access to banking services or investment instruments via one or several distribution channels, or prohibiting or restricting the use of any information provided in this document.

HINDUJA BANK (SWITZERLAND) LTD

HINDUJA BANK (SWITZERLAND) LTD BUILDING WEALTH, ENABLING ENTERPRISE October 25, 2013 DAILY MARKET COMMENTS INDIA SUMMARY Key benchmark indices edged lower in choppy trade on last trading day of the week