JOURNAL FRANKLIN INDIA SMALLER COS FUND(G)

Transcription

1 KARVY s What s Inside Market Review Page 01 Karvy Investment Insignt Page 03 Fund of The Month Page 04 Readers Corner Page 05 Story of The Month Page 06 SIP Performance Page 07 Category Average Returns Page 08 Fixed Deposits Schemes Page 09 Equity Funds Performance Page 10 Debt Funds Performance Page 11 Global Markets at a Glance Page 12 Indices Watch Page 13 Highlights of the Month»» The Securities and Exchange Board of India (Sebi) plans to allow trading in weather derivatives, a financial instrument for managing this risk in the agriculture sector. Sources say a Sebi panel is analyzing pricing models on such derivatives and working on the infrastructure needed. Unlike other financial derivatives, those on the weather do not have a definite pricing model.»» Tata Mutual Fund has collaborated with Tinkle Digest to curate a 32-page comic that seeks to educate people about mutual funds. The book that consists of a series of 11 stories depicts Professor Simply Simply introducing and explaining to Suppandi concepts related to investing using everyday examples from the common man s life.»» In an effort to ease retail participation in the securities market, regulator SEBI will pitch for a common KYC (Know Your Customer) norm for banking and the capital markets. With this, your bank KYC specification will soon be enough for you to avail of other financial services, offered by securities market intermediaries.»» The initial public offering (IPO) of Ujjivan Financial Services got a strong response, with the issue receiving bids for crore shares, which was 41 times the total issue size of 2.96 crore shares.»» Following a weak set of numbers for the three months to March, ICICI Bank s market value fell below that of Kotak Mahindra Bank (KMB). The lender had however, regained its No.3 spot in the market cap league by the close of the session. KARVY s Fund of the Month FRANKLIN INDIA SMALLER COS FUND(G) An open end diversified equity fund that seeks to provide long term capital appreciation... Page 04

2 Market Review Global bond markets continued to rally as yields fell sharply across the key developed markets in March. The US Fed gave out an extremely dovish guidance during the month which has pushed back market s rate hike expectations significantly. Separately, central banks in Japan and Europe have continued to look at aggressive monetary easing steps to kick-start their economic growth. Even while yields came down, risk assets rallied sharply. EM equities and commodities (including base metals and crude) recovered from their cyclical lows hit earlier this year. Dollar gave up some of its gains against major currencies. On the other hand, Gold continued its really strong performance in 2016 despite the turn in sentiment. Indian bond markets too rallied sharply after the budget as the promise to stick to the fiscal roadmap saw a complete turnaround in market sentiment. Benchmark 10 year yields which were trading at close to 7.6% as on month ending February fell close to 10 bps during the month to end at 7.5%. INR ended the month of Apr at against the USD. Indian broader indices outperformed most of the peers in the month. Sensex and Nifty both were up by 1.04% and 1.44% respectively. In the corresponding period, FIIs were net buyers in Equity segment worth around 3670 Crores and in Debt segment worth 2437 Crores respectively. Mutual Funds were net sellers in Equity to the tune of 273 Crores and net buyers in debt up to 35,506 Crores. Apart from FII and MF activity, Key domestic data released in the month of April were: 1.Foreign Trade: The country s merchandise exports contracted by 5.47% (Y-o-Y) to USD billion in Mar 16 as against USD billion recorded in Mar 15. Cumulative exports for Apr 15- Mar 16 decreased by 15.85% to USD billion. The country s merchandise imports bills eased to USD billion in Mar 16 from USD billion recorded a year ago. Oil imports eased further falling by 35.30% (Y-o-Y) to USD 4.80 billion in Mar 16. The non-oil imports fell down by 17.92% in Mar 16 to USD billion vis-à-vis imports of USD billion recorded in same period of previous fiscal. 2.Inflation: Wholesale Price Index based inflation for Mar 16 stood at -0.85% vs -0.91% in Feb 16. Food article inflation, which was 6.62% in the month of Feb 16 fell to 5.27% yoy. The fuel inflation stood at 3.38% in Mar 16 v/s 4.59% in the previous month. CPI fell to 4.83% from 5.26% in Mar Index of Industrial Production (IIP): Index of Industrial Production (IIP) for Feb 16 stood at 2%. Manufacturing output saw marginal expansion at 0.73% yoy in Feb 16 against 5.13% in Feb 15. Basic Goods doubled to 5.41% in Feb 16 against 4.91% in previous year. Capital goods contracted by 9.77% in Feb 16 against expansion of 8.33% in Feb 15. Among the BSE sectoral indices, Realty, Metal and Small Cap ended the month up by 10.45%, 5.55% and 4.54% whereas BSE IT fell by -0.51%. Among the NSE sectoral indices, Realty, Metal and Media ended the month up by 11.66%, 6.96% and 4.41% respectively. Among the major Asian Indices, it was a positive month for Hangseng, which ended the month up by 1.40% whereas Taiwan and Straits fell by 4.2% and 0.08% respectively. It was a positive month for all European indices with FTSE 100, BEL-20, CAC-40 and DAX ending up by 1.09%, 1.08%, 1% and 0.74%. It was a good month for Major American Indices with NASDAQ, Dow Jones and S&P500 ending up by 4.68%, 0.50%, and 0.27% whereas Dow Jones fell by 0.36%. Among the major indices across the world, Bovespa, Brazilian index was exceptional, ending higher by 7.70%. 1

3 FII Activity: (Month Between 01-Apr-2016 to 30-Apr-2016) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Apr , , Apr , Apr-16 1, Apr-16 4, , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Apr , , , , , , Apr-16 5, , , Apr-16 5, , Apr , , , MF Activity: (Month Between 01-Apr-2016 to 30-Apr-2016) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 4-Apr-16 3, , , , , , , Apr-16 5, , Apr-16 4, , Apr-16 64, , , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 4-Apr-16 1, , , , , , Apr-16 2, , Apr-16 1, Apr-16 24, , , Sensex & Nifty: S&P BSE SENSEX Date Close Price Points Diff %age Change 31-Mar-16 25, Apr-16 25, % , % , % 25-Apr-16 25, % 29-Apr-16 25, % 1.04% CNX Nifty Index Date Close Price Points Diff %age Change 31-Mar Apr % % % 25-Apr % 29-Apr % 1.44% 2

4 Karvy Investment Insignt Peace of mind and Wealth Creation ideas for long term Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey. Create S.M.A.R.T. Goals Not SMART SMART S SPECIFIC Specific I want to go somewhere in my winter vacation. I want to visit Goa on my winter vacations. M MEASUREABLE Measurable I need to save some money for going on a trip. I need to save Rs.3000 for going on a trip. A ACHIEVABLE Achievable I will arrange all the money myself. I will request my parents to give me Rs.2000 & for the rest I will use my savings. R REALISTIC Realistic I will start saving the amount required 2 months before leaving for the vacation. I will start saving Rs.200 monthly from my pocket money. T TIMELY Timely I will save money sometime soon. I will save Rs.200 per month for next 5 months. 3

5 Fund of The Month FRANKLIN INDIA SMALLER COS FUND(G) Investment Objective: An open end diversified equity fund that seeks to provide long term capital appreciation by investing in mid and small cap companies. Portfolio: Name Top 10 Companies Holdings %age Top 10 Sector Wise Holding Industry Name (%) Call Money 8.6 Finolex Cables Ltd. 4.2 eclerx Services Ltd. 2.9 Yes Bank Ltd. 2.8 FAG Bearings India Ltd. 2.7 Voltas Ltd. 2.4 Tata Motors - DVR Ordinary 2.3 Repco Home Finance Ltd. 2.3 Finolex Industries Ltd. 2.1 Bank - Private 12.9 Other 8.6 Bearings 5.8 Air Conditioners 4.7 Cement & Construction Materials 4.4 IT - Software 4.3 Cable 4.2 Chemicals 4.2 Printing And Publishing 3.4 HDFC Bank Ltd. 2.4 Indicates an increase or decrease or no change in holding since last profile. About Performance of the Scheme: Tweet of the Month Construction - Real Estate 3.2 Indicates an increase or decrease in holding since last portfolio. It is an open end diversified equity fund that seeks to provide long-term capital appreciation by investing in mid and small cap companies. The fund has defined smaller (mid and small cap) companies as the ones which have market capitalization below that of 100th stock in the CNX 500 index. It focuses on identifying high growth companies operating in small cap space that are likely to transform into... To read the full Information, Click Here As long as 80-90% of industry AUM is with respectable & performing funds beating benchmarks why assume distributor is not doing good job? - Aashish P IIP growth, better than expectations. CPI below expectations. Monsoons to be above normal, It s raining good news. - Sandip Sabharwal@ sandipsabharwal At 2 pc rental yield, we own few houses! At 8 pc bond yields, we Rent bonds! - Kalpen Parekh@ KalpenParekh Rule #1: Don t lose money. Rule #2: Don t forget rule # 1. Rule #3: Haha good luck it s actually way harder than that. - Morgan TMFHousel If you want a plan by which to stop drinking, look at a drunken man when you are sober. - Chinese 4

6 Readers Corner FIVE PARAMETERS TO CONSIDER WHILE PICKING A DEBT FUND The universe of Debt Funds is a lot more complicated place viz-a-viz Equity Funds. This makes choosing a debt fund lot more difficult than picking any equity scheme. Equity schemes are typically chosen based on certain factors such as fund manager track record, year returns, etc. However, debt funds performance would not be tracked that far. In fact they act opposite to equities in terms of risk tolerance. In equity schemes, risk is higher when investment duration is lower and higher when duration is lesser, whereas in debt funds, risk is lower when investment duration is lower and vice versa. Here are five parameters to help you pick a debt fund: Corpus or AUM The foremost factor to consider while choosing a debt fund, especially ultra short term, short or liquid funds would be Corpus managed by the scheme or AUM (Assets under Management). This is extremely important since you would expect excellent liquidity in debt funds due to the low duration of investment. Most of the times, only large AMCs would be able to garner large AUMs due to their inherent popularity. Average Maturity Every debt fund holds certain securities such as Govt securities, T-bills, Commercial papers and other bonds. Bonds have maturities anywhere between 30 days - 5 years or more. The risk in a debt mutual fund increases when the average duration of the bonds it holds increases... To read the full Article, Click here 5

7 Story of The Month PURPOSE OF LIFE Once upon a time, there lived a wise man. He was the head of the local administration of a small village. Everyone respected him and his views and opinions were well regarded. His son, however, was very lazy and wasted his time sleeping and spending time with his friends. As he grew older, the wise man began to worry about his son s future. He recognized the need to give something to his son so that he can take care of himself and his family to be. One day, he called his son to his room and said - My son, you are no more a kid now. You must learn to take responsibilities and understand life. He handed his son a bag. When the son opened the bag, he was surprised to see 4 pair of clothes, one for each season. There also were some raw food and a map. His father continued- I want you to go find a treasure. I have drawn a map of the place where the treasure is hidden. The next day, he set out on his journey. He had to travel really far across borders, forests and mountains. Months passed by. Along the way, he met a lot of people; some who helped him and some who tried to rob him. Finally, after a long year, he reached his destination. The map showed the treasure being placed below the cliff under the tree. Upon spotting the tree, he began to dig the ground. He searched and searched but found nothing. He spent two days looking. By the third day he decided to leave. Disappointed, he headed back home. On his way back, he experienced the same changing seasons. This time, however, he halted to enjoy the blooming flowers in spring and the dancing birds in monsoon. He stayed in places only to watch the sun set or to enjoy pleasant summer evenings. Since, the supplies he carried were over by then, he learned to hunt and make arrangement for his meals. He learned how to shelter himself. When he reached home, he walked straight into his father s room. The father immediately jumped to his feet and hugged his son. So how was your journey my son, did you find the treasure he asked. The journey was fascinating. But forgive me for I wasn t able to find it. There wasn t any treasure in the very first place my son. Tell me how was your journey to the place? Did you enjoy it? Of course not father! I had no time. I was worried someone else would find the treasure before I did. He continued- but I did enjoy the journey on my way back home. I made many friends and witnessed miracles every day. I learned many different skills and the art of survival. The father said to him- Exactly my son. I want you to lead your life not only with a goal, but also learn to experience the real treasures of life. MORAL OF THE STORY: Direct Dil Se The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and rich experiences. Courtesy : Karvy Learning Center 6

8 SIP Performance S&P BSE SENSEX Large-cap Current NAV (`) 3 Year SIP 5 Year SIP Rs Rs Profit-SIP XIRR(%) Profit-SIP XIRR(%) Birla SL Advantage Fund(G) Birla SL Equity Fund(G) SBI BlueChip Fund-Reg(G) BNP Paribas Equity Fund(G) Reliance Vision Fund(G) Reliance Growth Fund(G) Birla SL Top 100 Fund(G) Multi cap Birla SL Pure Value Fund(G) Birla SL India Opportunities Fund(G) L&T India Value Fund(G) ICICI Pru Value Discovery Fund(G) Franklin India High Growth Cos Fund(G) SBI Magnum Multicap Fund-Reg(G) Sundaram Rural India Fund(G) Mid Cap & Small Cap DSPBR Micro-Cap Fund-Reg(G) SBI Small & Midcap Fund-Reg(G) Reliance Small Cap Fund(G) Franklin India Smaller Cos Fund(G) SBI Magnum MidCap Fund-Reg(G) Canara Rob Emerg Eq Fund-Reg(G) Mirae Asset Emerging BlueChip-Reg(G) ELSS Birla SL Tax Relief '96(G) Axis LT Equity Fund(G) Birla SL Tax Plan(G) Reliance Tax Saver (ELSS) Fund(G) Franklin India Taxshield(G) BNP Paribas LT Equity Fund(G) Religare Invesco Tax Plan(G) Sector Franklin Build India Fund(G) SBI Pharma Fund-Reg(G) Kotak Infra & Eco Reform Fund(G) ICICI Pru Exports & Other Services Fund(G) Reliance Pharma Fund(G) L&T Infrastructure Fund(G) DSPBR Natural Res & New Energy Fund-Reg(G) Index ICICI Pru Nifty Next 50 Index Fund(G) IDBI Nifty Junior Index Fund(G) GS CNX 500(G) R*Shares CNX 100 ETF HDFC Index Fund-Nifty(G) As on 02 nd May 16 (Funds have been arranged on 5 years performance) 7

9 Category Average Returns Category Diversified Sector Funds Speciality Sub Category 1 Week Return 1 Month Return 3 Month Return 6 Month Return 1 Year Return 3 Year Return 5 Year Return Since Inception Large-cap Mid-cap Multi-cap Small-cap Banks & Financial Services Energy & Power FMCG Infrastructure Media & Entertainment Pharma & Health Care Service Industry TECk Contra Dividend Yield Index - Nifty Index - Sensex MNC Equity Exchange Traded Funds Equity Linked Savings Scheme Arbitrage Funds Debt-Oriented Equity-Oriented Asset Allocation Balanced Funds Debt-Oriented Equity-Oriented Category Capital Protection Funds Monthly Income Plans Fund Of Funds Debt-Oriented Equity-Oriented Hybrid-Oriented Gold - FOF Gold Exchange Traded Funds Income Gilt Floating Rate Speciality- Debt Long Term Medium Term Short Term Long Term Medium Term Short Term Long Term Floating Rate Med Term Floating Rate Short Term Floating Rate Interval Funds - Half Yrly Interval Funds - Monthly Interval Funds - Quarterly Interval Funds - Yearly Liquid Ultra Short Term Plan Returns are as on 02 nd May 16 8

10 Fixed Deposits Schemes FD Name Rating Industry Interest Rate * (Up to) Bajaj Finance Ltd. FAAA by CRISIL ICRA MAAA Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category. 9.15% DHFL Aashray Deposit Plus CARE AAA FD, BWR FAAA Dewan Housing Finance Ltd (DHFL) is the second housing finance company to be set up in the private sector in India. 9.15% Gruh Finance Ltd. MAAA by ICRA, FAAA by CRISIL GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank. 8.25% HDFC Ltd. FAAA by CRISIL, MAAA by ICRA A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million. 8.65% HUDCO taa+(ind) by FITCH, CARE AA+(FD) by CARE HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country. 7.95% ICICI Home Finance Ltd CARE FAAA, ICRA MAAA ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space. 8.85% KTDFC KTDFC is a Non Banking Financial Company fully owned by the Government of Kerala. 8.75% LIC Housing Finance Ltd. FAAA / STABLE by CRISIL One of India s largest housing finance companies, having nation-wide network. Consistent record of dividend payments. 8.75% Mahindra & Mahindra Financial Services Ltd CRISIL FAAA Mahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry. 8.70% PNB Housing Finance Ltd. FAAA by CRISIL PNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi. 8.50% Shriram City Union Finance Ltd. IND +AA- CARE AA FD As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India s premier financial services company specializing in retail finance. 9.00% Shriram Unnati Deposits MAA+ by ICRA, FAA+ by CRISIL With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry 9.00% Sundaram Home Finance Ltd. ICRA MAA+ Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance. 8.75% * highest rate including additional interest for Senior citizens, employees etc. wherever applicable 9

11 Equity Funds Performance Scheme Name Diversified Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION DSPBR Micro-Cap Fund-Reg(G) UTI Transportation & Logistics Fund(G) Reliance Small Cap Fund(G) SBI Small & Midcap Fund-Reg(G) Franklin India Smaller Cos Fund(G) ELSS Axis LT Equity Fund(G) Reliance Tax Saver (ELSS) Fund(G) Birla SL Tax Relief '96(G) Birla SL Tax Plan(G) Franklin India Taxshield(G) Sector ICICI Pru Exports & Other Services Fund(G) Franklin Build India Fund(G) SBI Pharma Fund-Reg(G) ICICI Pru Technology Fund(G) SBI IT Fund-Reg(G) Dividend Yield BNP Paribas Dividend Yield Fund(G) Tata Dividend Yield Fund(G) Birla SL Dividend Yield Plus(G) HSBC Dividend Yield Equity Fund(G) UTI Dividend Yield Fund(G) Global MOSt Shares NASDAQ-100 ETF ICICI Pru US Bluechip Equity Fund(G) Birla SL Intl. Equity Fund-B(G) Birla SL Intl. Equity Fund-A(G) GS Hang Seng BeES Equity Index ICICI Pru Nifty Next 50 Index Fund(G) IDBI Nifty Junior Index Fund(G) GS CNX 500(G) R*Shares CNX 100 ETF ICICI Pru Nifty Index Fund(G) Equity FOF Quantum Equity FoF Fund(G) Kotak Asset Allocator Fund(G) Franklin India Feeder - Franklin U.S. Opp Fund(G) Birla SL Financial Planning FOF Aggressive Plan(G) Birla SL Asset Allocator Multi FoF(G) (Funds has been arranged on the basis of 3 years performance) 10

12 Debt Funds Performance Scheme Name Gilt Funds Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION Sundaram Gilt Fund(G) L&T Gilt Fund(G) IDFC G Sec-STP-Reg(G) SBI Magnum Gilt-STP(G) SBI Magnum Gilt-LTP-Reg(G) Income ICICI Pru Long Term Plan(G) Birla SL Medium Term Fund(G) Birla SL Treasury Optimizer Plan(G) SBI Corporate Bond Fund-Reg(G) Birla SL Treasury Optimizer Plan(DAP) Hybrid Funds Performance Scheme Name Balanced Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION HDFC Balanced Fund(G) L&T India Prudence Fund(G) Tata Balanced Fund(G) L&T Dynamic Equity Fund(G) SBI Magnum Balanced Fund-Reg(G) MIP ICICI Pru Child Care Plan-Study Plan SBI Magnum Children Benefit Plan Birla SL MIP II-Wealth 25(G) SBI Magnum MIP-Floater Plan(G) UTI MIS Adv Plan(G) Arbitrage ICICI Pru Blended-B-I(G) ICICI Pru Equity-Arbitrage Fund(G) Kotak Equity Arbitrage Scheme(G) Reliance Arbitrage Advantage Fund(G) IDFC Arbitrage Fund-Reg(G) Gold-FOF Religare Invesco Gold Fund(G) SBI Gold-Reg(G) Birla SL Gold Fund(G) HDFC Gold Fund(G) ICICI Pru Regular Gold Savings Fund(G) (Funds has been arranged on the basis of 1 year performance) 11

13 Global Markets at a Glance Exhibit: Nifty Exhibit: INR Exhibit: India 10 Yr Yld % Exhibit: S&P 500 2,120 2,080 2,040 2,000 Exhibit: Dollar Index Exhibit: US 10 Yr Yld % Exhibit: Euro Stoxx Exhibit: Eur Exhibit: Germany 10 Yr Yld % Exhibit: Nikkei Exhibit: JPY Exhibit: Japan 10 Yr Yld % Exhibit: Shanghai Exhibit: CNY Exhibit: China 10 Yr Yld % Source: Bloomberg, Karvy Research 12

14 Indices Watch Indian Indices: Index Name As on 29-Mar-16 As on 29-Apr-16 % Change S&P BSE Capital Goods % S&P BSE BANKEX % S&P BSE Power Index % S&P BSE PSU % S&P BSE DOLLEX % S&P BSE AUTO Index % S&P BSE SENSEX % S&P BSE % S&P BSE % S&P BSE % S&P BSE O & G Index % S&P BSE METAL Index % S&P BSE Mid-Cap % S&P BSE GREENEX % S&P BSE Small-Cap % S&P BSE TECk Index % S&P BSE Consumer Durables % S&P BSE IT % S&P BSE Health Care % S&P BSE FMCG % S&P BSE Realty Index % Global Indices: Index Name As on 29-Mar-16 As on 29-Apr-16 % Change Nasdaq % S&P % BEL % Bovespa % FTSE % NYSE % Hang Seng % DAX % CAC % All Ordinaries % Index Name As on 29-Mar-16 As on 29-Apr-16 % Change NIFTY FMCG % NIFTY MEDIA % NIFTY COMMODITIES % NIFTY % Nifty 500 Shariah index % NIFTY PSE % NIFTY DIV OPPS % NIFTY FINANCE % NIFTY IT % NIFTY REALTY % Nifty Midcap % INDIA VIX % NIFTY % NIFTY SERV SECTOR % NIFTY % NIFTY INFRA % NIFTY PHARMA % NIFTY METAL % NIFTY PSU BANK % NIFTY % NIFTY % NIFTY CONSUMPTION % NIFTY BANK % NIFTY ENERGY % For more information on MUTUAL FUNDS call or contact your nearest Karvy branch. Research Team PF/MFNL/ /30 Ankit Choradia ankit.choradia@karvy.com Phone : Production: Naga Babu K Disclaimer The information and views presented in this report are prepared by Karvy Stock Broking Limited. 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. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. This report is intended for a restricted audience and we are not soliciting any action based on it. 13