HINDUJA BANK (SWITZERLAND) LTD

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1 HINDUJA BANK (SWITZERLAND) LTD BUILDING WEALTH, ENABLING ENTERPRISE March 11 th, 2013 DAILY MARKET COMMENTS INDIA SUMMARY Key benchmark indices snapped four day winning streak after the Reserve Bank of India (RBI) governor D. Subbarao on Friday, 8 March 2013, said that RBI doesn't accept high inflation as normal and believes that stable prices are critical for sustained economic growth. Political worries also weighed on the bourses after the DMK on Saturday, 9 March 2013, warned the UPA government that it would not remain a mute spectator if the Centre continued to toe a soft line on the Sri Lanka issue. Weakness in European stocks also hit sentiment adversely on the domestic bourses. The 30-share S&P BSE Sensex was down 32 points or 0.19%. The market breadth was negative. Realty major DLF hit 52-week high. Most telecom stocks rose after the Ministry of Communications & Information Technology on Friday, 8 March 2013, said that recently some telecom access service providers hiked certain components of mobile tariff. Among Nifty constituents, Asian Paints scaled record high. Berger Paints India scaled record high after the company said it has agreed to acquire the architectural operations of Sherwin Williams Paints India. HIGHLIGHTS IN THE HEADLINE TODAY Markets end marginally lower ahead of Feb IIP data Sun Pharma hits new high on brokerage upgrades CLSA's Woods reduces India position Feb car sales at 12-year low, plunge 25% L&T HFC's profitability may be low on high operating expenses: ICRA Moody's downgrades Core Education to B2; outlook negative 3M US to sell 1% in Indian arm; stock down 4% INSTITUTIONAL ACTIVITY ON NSE & BSE Category Buy Value (` bn) Sell Value (` bn) Net Value (` bn) Foreign Institutional Investors (FII) Domestic Institutional Investors (DII) (7.87)

2 INDEX MOVEMENTS Index Close Open High Low Close Gain / Loss Var. Sensex 19,683 19,680 19,755 19,603 19,646 (37.02) (0.19) S&P CNX Nifty 5,946 5,946 5,971 5,930 5,942 (3.35) (0.06) S&P CNX 500 4,661 4,661 4,683 4,654 4, CNX Nifty Junior 11,859 11,861 11,933 11,843 11, CNX Midcap 7,847 7,848 7,887 7,842 7, CNX IT 7,357 7,356 7,380 7,290 7,305 (52.40) (0.71) CNX 100 5,846 5,846 5,873 5,835 5,844 (1.50) (0.03) BANK Nifty 12,197 12,222 12,241 12,130 12,165 (31.85) (0.26) NIFTY GAINERS NIFTY LOSERS Company Curr. Gain Company Curr. Loss SIEMENS DLF TATAPOWER ASIANPAINT 4,771 4, HDFC HEROMOTOCO 1,693 1, BAJAJ-AUTO 1,975 2, IDFC WIPRO TCS 1,561 1, COMMODITIES & CURRENCIES ASIAN MARKETS Commodity (Futures) Day Curr. Day Index Closing Gain / Loss Var. Brent Crude (USD / bbl) Gold (USD / t. Oz) 1, , Silver (USD / t. Oz) Currency Curr. Rate USD / INR EUR / INR Hangseng 23, Nikkei , Shanghai Composite 2, Straits Times 3, Taiwan TAIEX 8, Yen / INR

3 GLOBAL MARKET OVERVIEW European stocks edged lower on Monday, 11 March 2013, as investors took in Chinese data that gave off some weaker economic signals, while a downgrade for Italy at the end of last week weighed on peripheral markets. Key benchmark indices in France, Germany and UK dropped by 0.02% to 0.4%. Asian stocks were mixed on Monday, 11 March 2013, after US jobs data beat estimates. Key benchmark indices in Singapore, Japan and Taiwan rose by 0.1% to 0.53%. Key benchmark indices in China, Indonesia, and South Korea fell by 0.13% to 0.42%. Hong Kong's Hang Seng was flat. GLOBAL NEWS Ratings agency Fitch added to Italy's mounting problems on Friday, 8 March 2013, by cutting its credit rating due to the political uncertainty after recent national election, deep recession and rising debt. Fitch lowered Italy's sovereign rating by one notch to BBB-plus, with a negative outlook, raising the risk its next ratings change will be a further downgrade. The election produced a hung parliament, with a centre-left coalition winning the lower house but falling short of control of the Senate, which has equal legislative powers. German exports rose more than economists forecast in January, adding to signs that Europe's largest economy is gathering momentum after a contraction in the fourth quarter. Exports, adjusted for working days and seasonal changes, advanced 1.4 percent from December, when they gained 0.2 percent, the Federal Statistics Office in Wiesbaden said today. China's industrial production and retail sales rose less than forecast in the first two months of the Calendar year 2013, evidence of a moderating economic rebound that may slow the fastest consumer-price gains in 10 months. Factory output increased 9.9% from a year earlier, the National Bureau of Statistics said Saturday. Retail sales jumped 12.3% and fixed-asset investment excluding rural households rose 20.7%. Consumer prices rose a more-than-estimated 3.2% in February. ECONOMIC AND POLITICAL NEWS In February, for the second straight month, India's exports grew year-on-year, providing some relief to the government while it struggles to boost outbound shipments. The official data released today showed that exports were up 4.23 % at $26.26 billion in February 2013, over $25.19 billion in the same month of It was in January that exports rose from the first time after the outbound shipments contracted for eight months in the current financial year. In , exports rose only for three months so far-- April, January and February. The Government will get Rs bn from the auction of 800 MHz CDMA spectrum that concluded today. Sistema Shyam Teleservices (SSTL), the lone bidder in the 800 MHz spectrum band today, has bid for only eight circles. But, the company had submitted application for 11 telecom circles before the auction. Indian companies invested $1.65 billion in the month of February, Reserve Bank of India said today. Companies committed the money by the way of equity, loans and issuing guarantees to their wholly owned subsidiaries (WOS) and joint ventures (JVs) with foreign countries. In January Indian companies had invested $3.30 billion dollars in other countries. Deputy chairman of Planning Commission Montek Singh Ahluwalia today said that the tax imbroglio concerning British telecom major Vodafone Plc is under serious discussion and there could be a solution soon. Vodafone, the largest investor in India so far in the corporate sector, has been in constant struggle with Indian tax authorities ever since it bought Hutchison Whampoa's local mobile business in 2007 for around $11 billion.

4 INDUSTRY NEWS Domestic passenger car sales declined by 25.71% to 158,513 units in February, the biggest fall in more than 12 years and the fourth consecutive monthly slide, Society of Indian Automobile Manufacturers (SIAM) said, as sluggish economic growth continues to weigh on demand in the once-booming market. Car sales were down 4.6% for the first 11 months of the fiscal year ending in March with the industry bracing for its for first annual sales fall in a decade. SECTOR PERFORMANCE AND TRENDS Out of 3003 scrips traded over BSE, 1395 advanced & 1474 declined. DLF lifted Realty index in a lacklustre market. Sector Var S&P BSE REALTY 1.32 S&P BSE CAPITAL GOODS 0.59 S&P BSE HEALTHCARE 0.53 S&P BSE POWER 0.52 S&P BSE FMCG (0.10) S&P BSE PSU (0.14) S&P BSE BANKEX (0.24) S&P BSE AUTO (0.45) S&P BSE OIL & GAS (0.45) S&P BSE TECK (0.53) S&P BSE METAL (0.56) Sector Trend * Auto BFSI Construction Consumer Goods Energy Industrial Manufacturing IT Metals Telecom * Shows trend for current & last four trading sessions S&P BSE IT (0.67) S&P BSE CONSUMER DURABLES (1.38) BONDS, T-BILLS & IPOs India's largest mobile phone maker Micromax Informatics Ltd. is reviving its initial public offer plans to help its private equity investors to sell a part of their stake. PE funds Sequoia Capital, Sandstone Capital and Madison India Capital will soon appoint investment banks to complete the issue in 2013 after it was withdrawn in July SEBI had approved Micromax offer proposal to sell 10% stake or 21.5 mn shares for Rs 4.26 bn through a public offer in 2011 valuing the company at roughly $1 billion. Dredging Corporation of India, provider of integrated dredging services to India's major ports, non-major ports, shipyards and Indian Navy is hoping to raise up to Rs 5 bn by way of tax-free bonds.

5 COMMODITIES Snapping two-days losing track, gold prices today gained Rs 20 to Rs 29,840 per 10 grams here on low level buying amid a firm global trend. Silver also advanced by Rs 50 to Rs 55,100 per kg. Goldman Sachs said it was raising its near-term commodity outlook to "overweight," saying the commodities' sell-off was overdone. "Commodity markets declined sharply in February along with emerging market (EM) equities due to renewed concerns over China, which we believe is overdone," Goldman analysts said in a note to clients on Monday. CORPORATE ANNOUNCEMENTS Infrastructure major GVK today said that it sold majority stake of 51 per cent interest in its Australian mine, Hancock's rail and port infrastructure, to Aurizon. 3M India today said that its promoter company, 3M Company US, plans to off load 1% of their holdings in the company to comply with the 25% minimum public shareholding requirement. Berger Paints today said it will acquire the architectural operations of Sherwin Williams Paints India for an undisclosed sum. The acquisition will be carried out through Berger's whollyowned subsidiary, Brushworks Paints Ltd. Steel Authority of India (SAIL) has earmarked an investment of Rs bn for expanding capacity of its Gua iron ore mine and setting up of beneficiation and pellet plants in Jharkhand. The information in this publication was developed using data which Hinduja Bank (Switzerland) Ltd assumes to be accurate; nevertheless, Hinduja Bank (Switzerland) 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