INVESTOR JOURNAL. What s Inside. Highlights of the Month. Fund of the Month RELIANCE REG SAVINGS FUND-EQUITY PLAN(G) INVESTOR JOURNAL.

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1 KARVY s What s Inside Market Review Page 01 Karvy Investment Insight 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»» Close on the heels of the 7th Pay Commission recommendations being approved by the Union Cabinet, Government employees could soon have the option to invest up to 75 per cent of their contributions to the National Pension System (NPS) in equities. This would be a five-fold jump in the maximum equity exposure allowed for government NPS. Existing investment guidelines for government employees mandate investment in equity to a maximum of 15 per cent with the floor level set at 5 per cent. The rest has to be invested in fixed-income securities including government securities and corporate bonds.»» Equity mutual fund schemes, which attract higher commissions, had a record net inflow of nearly Rs 75,000 crore in Most of this money came through systematic investment plans, considered a long-term asset.»» Gold continued its dream run in 2016 getting boost from global uncertainties post-brexit. The yellow metal surged to its highest point since March 2014 to touch $1, an ounce in global markets, thereby registering gains of nearly 30 per cent from the $1060 levels it traded in early January, This week gold prices in domestic markets touched Rs 31,050 per 10 grams touching its 28-month high.»» It was a month of IPOs with 3 of them getting listed on the D-Street. Quess Corp listed at a premium of 59%, L&T Infotech listed at 1.75% discount and Advanced Enzyme technologies listed at 35% premium.»» Month of July saw equity markets deliver about 4.9% return.. This month has been a rewarding one for Debt too with 10 Yr benchmark rallying by ~30 bps over the period. As guided early in the July, the aggressive duration stance did see some moderation but our funds largely remained in the top quartile of their respective peer groups.»» The International Monetary Fund (IMF) marginally trimmed its India growth forecast by 0.1 percentage point to 7.4% in FY17-FY18 on slack investment recovery, even as it modestly lowered global economic growth projections for 2016 and 2017 too, owing to downside risks from Brexit.»» Individual foreign investors can now hold up to 15 per cent stake in Indian stock exchanges, up from the earlier 5 per cent. A decision to this effect was taken by the Union Cabinet. Currently, foreign investors, in aggregate, can hold up to 49 per cent stake in any stock or commodity exchange. KARVY s Fund of the Month RELIANCE REG SAVINGS FUND-EQUITY PLAN(G) The primary investment objective of this option is to seek capital appreciation and or to generate... Page 04

2 Market Review In line with expectations, RBI maintained status quo on policy rates in its Second Bi-Monthly Policy Review of FY17. CRR and SLR were held unchanged at 4% and 21.25% respectively. On the forward guidance front, the RBI stance remained accommodative with incoming macroeconomic and financial developments defining the finer contours of future policy decisions. Until then, focus remains on improving transmission of previous rate cuts to aid growth. At its policy meeting, US FOMC stayed pat on its interest rates, while flagging lower risks to its future economic outlook. Even while it maintained that Sep was a live policy, affirmation of market expectations of no Fed rate hike acted as a huge sentiment changer for domestic market. With its broad expectations a reality, market sentiment was greatly uplifted. What followed next was yet another round of rally as yields softened by as much as bps in a single session. The 10Y benchmark 7.59% GS 2026 closed at Rs (7.16%) as compared to Rs (7.25%) on previous closing. INR ended the month of June at against the USD. Indian broader indices outperformed most of the peers in the month. Sensex and Nifty both were up by 3.90% and 4.23% respectively. In the corresponding period, FIIs were net buyers in Equity segment worth around Crores and were net sellers in Debt segment worth 6505 Crores respectively. Mutual Funds were net buyers in Equity to the tune of Crores and in debt up to 22, Crores. Apart from FII and MF activity, Key domestic data released in the month of July were: 1.Foreign Trade: The country s merchandise exports stood at USD billion in Jun 16 as against USD billion recorded last year. The country s merchandise imports bills eased to USD billion in Jun 16 from USD billion recorded a year ago. Oil imports continued to ease Y-o-Y, contracting by 16.42% to USD 7.25 billion in Jun 16. The non-oil imports dipped by 4.11% in Jun 16 to USD billion vis-àvis non-oil imports of USD billion recorded in the month of June of the previous fiscal. 2.Inflation: Wholesale Price Index based inflation inched higher to -0.32% from -0.47% in May-16. Food inflation, which was 7.88% in the month of May 16 went up to 8.18% yoy in Jun 16. The fuel inflation stood at -3.62% in Jun 16 from -6.14% in the month of May 16. CPI inflation stood at 5.77% in Jun 16 from 5.76% in the month of May Index of Industrial Production (IIP): Index of Industrial Production (IIP) for May 16 went up by 1.2% against dismal growth of -1.3% in previous month. Manufacturing production in India registered a growth of 0.7% for May 16. Basic Goods slowed to 3.95% in May 16 compared to 4.66% in Apr 16. Capital goods contracted by 12.39% in May 16 against 25.04% in Apr 16. Among the BSE sectoral indices, Metal, Oil & Gas, Midcap were the major gainers which ended the month up by 10.40%, 8.99% and 8.06% respectively while IT & Teck were the major losers ending the month down by 3.45% & 1.94% respectively. Among the NSE sectoral indices, Metal, Commodities and PSE were the major gainers which ended the month up by 11.03%, 8.42% and 8.09% respectively while major indices such as VIX & IT ended the month in the negative territory, falling by 8.43% & 1.86% respectively. Among the major Asian Indices, it was a positive month for Nikkei, Hangseng and Taiwan ended up by 6.38%, 5.28% and 3.67% respectively. It was a positive month for all major European indices with DAX, CAC-40, DAX, BEL-20 and FTSE ending up by 6.79%, 4.77%, 3.56% and 3.38% respectively. It was a great month for all Major American Indices with NASDAQ, S&P500, NYSE and Dow Jones, which ended up by 5.27%, 3.56%, 2.82% and 2.80% respectively. Among the major indices across the world, Bovespa, Brazilian index had an amazing month, going up by 11.22%. 1

3 FII Activity: (Month Between 01-July-2016 to y-2016) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Jul-16 3, , Jul-16 4, , , Jul-16 4, , Jul-16 3, , , , , Jul-16 87, , , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Jul-16 1, Jul Jul-16 1, Jul , , Jul-16 23, , , MF Activity: (Month Between 01-July-2016 to y-2016) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Jul-16 1, Jul-16 1, , Jul-16 1, , Jul , , Jul-16 20, , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 1-Jul-16 10, , , Jul-16 4, , , Jul-16 7, , , Jul-16 6, , , , , , Jul-16 97, , , Sensex & Nifty: S&P BSE SENSEX Date Close Price Points Diff %age Change 30-Jun-16 26, Jul-16 27, % 11-Jul-16 27, % 19-Jul-16 27, % 25-Jul-16 28, % , % 3.90% CNX Nifty Index Date Close Price Points Diff %age Change 30-Jun Jul % 11-Jul % 19-Jul % 25-Jul % % 4.23% 2

4 Karvy Investment Insight 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. Equity Stocks Generally refers to buying and holding of shares of a company on a stock market by individuals/ firms in anticipation of income from dividends and capital gains, as the value of the stock rises. Face Value It is also known as par value of the stock. Face Value of share is generally Rs.10. Dividend Is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, it can either re-invest it in the business (called retained earnings), or it can distribute it to shareholders. EPS (Earning Per Share): It is the rupee value of earnings per outstanding share of a company s equity stock. EPS (net income formula) = Profits - Dividends / No. Of Outstanding Shares P/E Ratio: or price-to-earnings ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Bond: It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bonds, is obliged to pay them interest. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets. Debenture: A debenture is a document that either creates a debt or acknowledges it, and it is a debt without collateral. Nifty is the 50 stock index comprised of some of the largest & most liquid stocks traded on the NSE. BSE 100 is the stock index comprised of 100 of the largest & most liquid stocks traded on the BSE. 3

5 Fund of The Month RELIANCE REG SAVINGS FUND-EQUITY PLAN(G) Investment Objective: The primary investment objective of this option is to seek capital appreciation and or to generate consistentreturns by actively investing in equity / equity related securities. Portfolio: Name Top 10 Companies Holdings %age Top 10 Sector Wise Holding Industry Name (%) Honeywell Automation India Ltd. 6.1 Larsen & Toubro Ltd. 4.4 HDFC Bank Ltd. 4.3 Ultratech Cement Ltd. 3.7 HCL Technologies Ltd. 3.7 Infosys Ltd. 3.4 Bombay Burmah Trading Corporation Ltd. 3.3 Divis Laboratories Ltd. 3.2 Aditya Birla Nuvo Ltd. 3.1 IT - Software 10.4 Engineering - Industrial Equipments 9.8 Engineering - Construction 8.5 Bank - Private 6.7 Pharmaceuticals & Drugs 6.0 Cement & Construction Materials 5.4 Bank - Public 4.9 Auto Ancillary 4.9 Electric Equipment 4.2 Bajaj Auto Ltd. 3.0 Indicates an increase or decrease or no change in holding since last profile. About Performance of the Scheme: Diversified 3.1 Indicates an increase or decrease in holding since last portfolio. The primary investment objective of this option is to seek capital appreciation and or to generate consistent returns by actively investing in equity / equity related securities. The fund manager Omprakash Kuckian currently invests 77%... Tweets of the Month To read the full Information, Click Here India in sweet spot?good monsoon, Brexit Blues behind, low oil. Things to watch US interest rates, GST, Fcnr redemption. Achhe din for real? - Uday Govt continues to b active on oil sector ;have allowed kerosene prices to go up by 25 paise every month till 2017 end.. fiscal + Ve - A Luck has a peculiar habit of favoring those who don t depend on it. ~Author Unknown - sandip Regret & nostalgia are terrible emotions for an investor to own. Owning them stops us from seeking better businesses we will love to own. - Shyam Sometimes the questions are complicated and the answers are simple. Dr. Seuss - Harsh 4

6 Readers Corner MUTUAL FUNDS VS STOCKS WHO WINS THE RACE? Mutual Funds vs. Direct Equity Who wins the Race? Is a direct foray into the stock markets preferable over investing in mutual funds? The answer probably lies in the investor s capabilities. For instance, when we talk about wealth-creating stocks, blue-chip names, such as TCS, Reliance, Infosys, Wipro, etc come to mind. While they have managed to garner great returns in the past 20 odd years, how many investors would have spotted these winners right at the beginning? Not too many, we suppose... 1) Behavioral Science A critical element in successful investing is how you react to feelings of both discomfort during the market s fear cycle and invincibility when markets are booming, writes Marty Leclerc in an article in the Forbes magazine... 2) Investing in top companies Anyone would love to invest in top companies such as MRF Ltd, Eicher Motors or Bosch... 3) Investing regularly in small amounts It is not quite easy investing small amounts in the same stock every month, quarter or year... 4) Professional Management We had discussed on how tough it would have been for the common investor to identify an Infosys, Wipro or TCS at the beginning?... To read the full Article, Click Here 5

7 Story of The Month FRESH LIME WATER Little Lucy was preparing fresh lime water for the first time. While preparing it, she ended up adding five times the lemon juice amount than what was required. The result was a disaster. It was so sour that no one could even take one sip of it. She went to her mother and said, Mom, I think I added extra lemon juice. Could you please suggest how I could remove it so that my fresh lime water can taste good. The mother smiled and told her There is no way that anyone can remove the extra lemon juice from the water. Lucy felt very disappointed. Direct Dil Se The mother saw this and told her, Lucy, you do not have to feel bad. You can rectify the fresh lime water by adding four more glasses of water to the already made lime water. This will dilute the lemon juice to make five glasses of fresh lime water. MORAL OF THE STORY: Sometimes we do things which cannot be undone. When we cannot undo things, we should not waste more time over it. It would be like trying to remove lemon juice from lime water. We should get busy in adding so many right things in our life; positive thoughts, actions, people. We all made mistakes in our life and have bitter memories but we can get busy making and adding happy memories now. We should try to do a lot of good things and concentrate on making life more positive today. 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) Reliance Growth Fund(G) Birla SL Frontline Equity Fund(G) Axis Focused 25 Fund(G) DSPBR Equity Fund-Reg(G) Multi cap Birla SL Pure Value Fund(G) Sundaram Rural India Fund(G) L&T India Value Fund-Reg(G) SBI Magnum Multicap Fund-Reg(G) Birla SL Special Situations Fund(G) Birla SL India GenNext Fund(G) Tata Equity P/E Fund(G) Mid Cap & Small Cap DSPBR Micro-Cap Fund-Reg(G) SBI Small & Midcap Fund-Reg(G) Franklin India Smaller Cos Fund(G) Mirae Asset Emerging BlueChip-Reg(G) Birla SL Small & Midcap Fund(G) SBI Magnum MidCap Fund-Reg(G) Canara Rob Emerg Eq Fund-Reg(G) ELSS DSPBR Tax Saver Fund-Reg(G) Axis LT Equity Fund(G) Birla SL Tax Relief '96(G) Birla SL Tax Plan(G) L&T Tax Saver Fund(G) Invesco India Tax Plan(G) Reliance Tax Saver (ELSS) Fund(G) Sector ICICI Pru Banking & Fin Serv Fund(G) Franklin Build India Fund(G) DSPBR Natural Res & New Energy Fund-Reg(G) Kotak Infra & Eco Reform Fund(G) L&T Infrastructure Fund-Reg(G) SBI Pharma Fund-Reg(G) SBI Infrastructure 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 IDFC Nifty Fund-Reg(G) As on 30 th July 16 (Funds have been arranged on 3 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 30 th July 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. 8.90% 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. 8.55% 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% 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. 8.50% 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 FAAA/Stable by CRISIL, MAA+/Stable by ICRA 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) Sundaram S.M.I.L.E Fund(G) Canara Rob Emerg Eq Fund-Reg(G) ELSS Reliance Tax Saver (ELSS) Fund(G) Axis LT Equity Fund(G) Birla SL Tax Relief '96(G) ICICI Pru LT Equity Fund (Tax Saving)(G) DSPBR Tax Saver Fund-Reg(G) Sector Franklin Build India Fund(G) L&T Infrastructure Fund-Reg(G) ICICI Pru Banking & Fin Serv Fund(G) DSPBR Natural Res & New Energy Fund-Reg(G) Invesco India Infrastructure Fund(G) Dividend Yield BNP Paribas Dividend Yield Fund(G) Tata Dividend Yield Fund(G) Birla SL Dividend Yield Plus(G) Principal Dividend Yield Fund(G) UTI Dividend Yield Fund(G) Global MOSt Shares NASDAQ-100 ETF Birla SL Intl. Equity Fund-B(G) ICICI Pru US Bluechip Equity Fund(G) Franklin Asian Equity Fund(G) Birla SL CEF-Global Agri-Reg(G) 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 HDFC Index Fund-Sensex Plus(G) Equity FOF Kotak Asset Allocator Fund(G) Birla SL Asset Allocator Multi FoF(G) Birla SL Financial Planning FOF Aggressive Plan(G) Franklin India Life Stage FOFs-20(G) ICICI Pru Very Aggressive(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 L&T Gilt Fund-Reg(G) ICICI Pru Gilt-Invest-PF(G) HDFC Gilt-Long Term Plan(G) Tata Gilt Mid Term Fund(G) SBI Magnum Gilt-LTP-Reg(G) Income ICICI Pru Long Term Plan(G) Birla SL Dynamic Bond Fund-DAP(G) Birla SL Dynamic Bond Fund-Ret(G) Birla SL Treasury Optimizer Plan(G) UTI Dynamic Bond Fund-Reg(G) Hybrid Funds Performance Scheme Name Balanced Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION ICICI Pru Child Care Plan-Gift Plan HDFC Balanced Fund(G) Tata Balanced Fund(G) HDFC Prudence Fund(G) L&T India Prudence Fund-Reg(G) MIP SBI Magnum Children Benefit Plan ICICI Pru Child Care Plan-Study Plan Birla SL MIP II-Wealth 25(G) ICICI Pru MIP 25(G) HDFC MIP-LTP(G) Arbitrage ICICI Pru Blended-B-I(G) Kotak Equity Arbitrage Scheme(G) ICICI Pru Equity-Arbitrage Fund(G) Reliance Arbitrage Advantage Fund(G) IDFC Arbitrage Fund-Reg(G) Gold-FOF IDBI Gold Fund(G) ICICI Pru Regular Gold Savings Fund(G) Canara Rob Gold Saving Fund-Reg(G) Birla SL Gold Fund(G) Kotak Gold 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 2,180 2,170 2,160 2,150 Exhibit: Dollar Index Exhibit: US 10 Yr Yld % Exhibit: Euro Stoxx 50 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 30-Jun-16 As on -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 30-Jun-16 As on -16 % Change Bovespa % CAC % Dow Jones % Hang Seng % Nasdaq % Nikkei % S&P % S&P % Taiwan Weighted % All Ordinaries % Index Name As on 30-Jun-16 As on -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/ /33 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