HINDUJA BANK (SWITZERLAND) LTD

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Carmella Della Daniels
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1 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 as Asian and European stocks dropped. The S&P BSE Sensex was down 41 points or 0.2%. The market breadth was negative. Indian stocks fell for the fourth straight trading session today, 25 October ITC reversed intraday gain in late as the company's top line growth in Q2 September 2013 disappointed investors. Another index heavyweight Reliance Industries (RIL) edged lower. GAIL (India) dropped after the company reported weak Q2 result in late trade. IT stocks edged higher. Metal and mining stocks edged lower. NMDC fell after reporting weak Q2 result. L&T dropped on profit booking after recent rally triggered by the company reporting strong growth in order inflow in Q2 September Shares of FMCG firm Dabur India hit record high. Private bank major ICICI Bank rose after reporting good Q2 result. Idea Cellular declined as the company's net profit declined on sequential basis in Q2 September Shares of other telecom firms also declined after Idea Cellular's Q2 results. Auto stocks dropped. Adani Ports and Special Economic Zone slumped after announcing good Q2 results. Adani Power dropped as the company's consolidated net losses widened in Q2 September HIGHLIGHTS IN THE HEADLINES TODAY Markets end in red for fourth straight session ITC Q2 net up 21% at Rs bn ICICI Bank Q2 net profit rises 20%, beats estimates AUM under portfolio managers drop 30% in Sept Import ban hits Wockhardt, Q2 PAT down 70% Colgate Q2 net dips 24% at Rs 1.09 bn TVS Motor net profit up by 97% in Q2 INSTITUTIONAL ACTIVITY ON NSE & BSE Category Buy Value (` bn) Sell Value (` bn) Net Value (` bn) Foreign Institutional Investors (FII) Domestic Institutional Investors (DII) (4.98)

2 INDEX MOVEMENTS Index Close Open High Low Close Gain / Loss Var. S&P BSE Sensex 20,725 20,726 20,782 20,623 20,684 (41.91) (0.20) CNX Nifty 6,164 6,154 6,175 6,126 6,145 (19.45) (0.32) CNX 500 4,713 4,705 4,715 4,684 4,693 (19.60) (0.42) CNX Nifty Junior 12,060 12,035 12,066 11,935 11,956 (103.90) (0.86) CNX Midcap 7,439 7,423 7,450 7,357 7,366 (73.45) (0.99) CNX IT 8,682 8,670 8,823 8,648 8, CNX 100 6,043 6,033 6,048 6,003 6,019 (24.10) (0.40) BANK Nifty 10,902 10,881 10,952 10,798 10,897 (5.95) (0.05) NIFTY GAINERS NIFTY LOSERS Company Curr. Gain Company Curr. Loss TCS 2,065 2, HCLTECH 1,081 1, WIPRO NTPC SSLT HINDALCO (4.93) DLF (4.83) NMDC (3.68) CAIRN (3.53) TATASTEEL (3.10) 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 22, Nikkei , Shanghai Composite 2, Straits Times 3, Taiwan TAIEX 8, Yen / INR 63.19

3 GLOBAL MARKET OVERVIEW European stocks dropped on Friday, 25 October 2013, after a disappointing take on German business confidence and as investors digested another round of quarterly earnings. Key benchmark indices in France and Germany shed 0.04% to 0.13%. UK's FTSE 100 index rose 0.06%. Asian markets declined on Friday, 25 October 2013, as forecasts from Canon Inc. to Posco disappointed investors. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan, Indonesia and South Korea fell by 0.3% to 2.75%. GLOBAL NEWS German business sentiment unexpectedly deteriorated in October as sales expectations slipped in most sectors, including manufacturing, indicating that the economy is only gradually regaining its strength. The Ifo institute's business confidence index dropped for the first time in six months, to in October from in September. The UK economy grew at the fastest rate in more than three years during the third quarter, official data showed Friday, an indication the recovery that began earlier this year is picking up speed. In its preliminary estimate, the Office for National Statistics said gross domestic product grew 0.8% between July and September compared with the second quarter, when it grew 0.7%. Friday's quarterly data is the strongest growth since the second quarter of 2010 when the economy grew 1%. South Korea's economic growth maintained the same robust pace in the third quarter as the preceding quarter, beating market expectations and bolstering hopes that Asia's fourth-largest economy stays on a recovery track. Gross domestic product rose a seasonally adjusted 1.1% in the July-September period from the previous quarter, when the economy grew at the same pace, the Bank of Korea said Friday. That is the strongest pace since the first quarter of 2011, when the economy grew 1.3% on quarter. On a year-on-year basis, the economy expanded 3.3% in the third quarter, accelerating from the second-quarter's 2.3% gain. ECONOMIC AND POLITICAL NEWS India's foreign exchange reserves rose to $ billion in the week ending October 18 by $1.88 billion, shows Reserve Bank of India (RBI) data released Friday. Foreign currency assets, a key component of reserves rose to $ billion, a rise of $1.84 billion during the week. Gold reserves remained unchanged. Global financial services major HSBC today lowered India's current account deficit (CAD) forecast for this financial year to 3.4% of GDP from 4.1% earlier. HSBC said the country's CAD is at an unsustainable level, and expected to gradually decline in the coming years and in , it is likely to be at 3.2% of GDP. Prime Minister Manmohan Singh has returned from his 5 day tour ofrussia and China, a reasonably satisfied man. The PM held wide ranging talks with India s two other BRICS partners on a host of strategic and economic issues, inking a variety of agreements, MOUs and a landmark border pact with China that many believe is a significant foreign policy achievement for Singh. World Bank will provide $360 million loan for development of second phase of water project, including for modernisation of irrigation and drainage systems in Uttar Pradesh.

4 INDUSTRY NEWS After the largest Indian information technology (IT) services firm, Tata Consultancy Services (TCS) earlier this month raised its hiring target for FY14, most of its large and mid-sized peers are expected to follow suit. Experts believe that hiring in the IT sector has already risen by about 20% in the recent past, and it will increase further in October-December, The number of telephone subscribers in India rose to million at the end of August from million in the previous month -- a monthly growth rate of 0.19 percent, data released by the Telecom Regulatory Authority of India said Friday. The share of urban subscribers has declined from per cent to per cent whereas share of rural subscribers has increased from percent to percent in the month of August. Assets managed by portfolio managers for investments have plunged by 30% to Rs 6.7 tn in September this year from the previous month's levels, according to Sebi data. SECTOR PERFORMANCE AND TRENDS Out of 2602 scrips traded over BSE, 1022 advanced & 1420 declined. IT stocks were the sole gainers. Sector Var S&P BSE IT 1.54 S&P BSE TECK 0.98 S&P BSE CONSUMER DURABLES 0.25 S&P BSE BANKEX (0.12) S&P BSE POWER (0.48) S&P BSE OIL & GAS (0.49) S&P BSE PSU (0.54) S&P BSE HEALTHCARE (0.80) S&P BSE FMCG (0.93) S&P BSE AUTO (1.19) Sector Trend * Auto BFSI Construction Consumer Goods Energy Industrial Manufacturing IT Metals Telecom * Shows trend for current & last four trading sessions S&P BSE METAL (1.22) S&P BSE CAPITAL GOODS (1.61) S&P BSE REALTY (2.27) BONDS, T-BILLS & IPOs The Reserve Bank of India will sell Rs 120 billion ($1.95 billion) of treasury bills on Oct. 30, which includes 60 billion rupees each of 91-day and 364-day t-bills, it said in a release on Friday. ($1 = Indian rupees).

5 COMMODITIES Snapping two-day gains, gold prices fell by Rs 10 to Rs 32,400 per ten gram in the national capital today on reduced offtake at existing higher levels amid a weak global trend. Silver also dropped by Rs 750 to Rs 49,450 per kg on lack of buying support from industrial units and coin makers. CORPORATE ANNOUNCEMENTS ITC today reported Q2 net profit of Rs bn against Rs bn in the corresponding quarter last year, a gain of 21%. Net sales in the quarter came in at a lower than expected Rs bn. Robust growth in retail advances helped ICICI Bank to reported 20% growth in net profit to Rs bn in the July-September quarter. Healthy growth in fee income and higher margins have also helped the largest private sector lender in the country to beat analysts estimate for second quarter. Net interest income was at Rs bn during the three-month period, up 20% from a year earlier. GAIL today reported a net profit of Rs 9.16 bn for the quarter ended September 30, 2013 as compared to Rs 9.85 bn for the quarter ended September 30, Total Income has increased from Rs bn for the quarter ended September 30, 2012 to Rs bn for the quarter ended September 30, Drugmaker Wockhardt Ltd has reported a 70% fall in quarterly profit, following a fall in its sales in the US and UK markets. The company was hit by the ban imposed on its plants in Aurangabad during last quarter. Wockhardt reported 69.46% decline in its consolidated net profit for the second quarter ended September 30, 2013 at Rs 1.38 bn. Net sales during the period under review stood at Rs bn as against Rs bn in the year-ago quarter. FMCG major Colgate Palmolive India today posted a 24.51% decline in net profit at Rs 1.09 bn for the second quarter ended September 30, Net sales of the company, however, rose to Rs 8.95 bn for the second quarter, as compared to Rs 7.73 bn during the same period. Indian Overseas Bank has reported a 16.35% drop in net profit of Rs 1.32 bn during the quarter ended September Bank's total income increased by eight% to Rs bn. Buoyed by strong sales, Adani Ports and SEZ Ltd today reported over 24% jump in consolidated net profit at Rs 3.41 bn for the quarter ended September 30, Net sales of the company jumped by over 47% to Rs bn during Q2. TVS Motor Company has registered an increase of 96.6% in net profit at Rs mn for the quarter ended September 30, The total income from operations stood at Rs bn for the quarter, an increase of 16.12%. Adani Power reported a sharp widening of net loss at Rs bn for the second quarter ended September 30, 2013, mainly on account of rupee depreciation and higher cost of coal imports. Shree Cements today reported a 24.5% dip in net profit for the July-September quarter at Rs 1.72 bn on higher freight and "other" expenses. 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 11 May 2015 DAILY MARKET COMMENTS INDIA SUMMARY The benchmark indices ended at the high point of the day, touching one-week highs, led