Weekly Wrap

Investment idea
Den Networks Ltd
Subscription ramp-up during Phase I; Phase II to be a bigger driver January 04, 2013

BUY CMP `197

11 Sector: Media
BSE code: NSE code: 52 Week h/l (`): Market cap (`cr): FV (`): Performance rel. to sensex (%) DEN Dish TV Hathway ZEE Ent 1m (3.6) (2.2) 0.3 6.1 3m 5.4 (10.3) 18.2 6.7 1yr 239.4 5.0 120.8 69.2 532814 DEN 210/47 2,618 10

Shareholding pattern September '12 Promoters Institutions Public & others (%) 53.8 15.2 31.1

Digital subscription of Den Networks rose from ~0.5mn to 1.6mn during Phase I digitization (covering 4 Metros). With constant demand from Local Cable Operators (LCOs) for more Set Top Boxes (STB), the total number of subscribers in Phase I locations is expected to cross 2mn by Jan2013. Out of the current subscribers of 1.6mn, Delhi is the core area of presence accounting for 1.1mn, followed by Mumbai (0.3mn) and Kolkata (0.2mn). The full impact of Phase I digitization on Dens top line would be reflected from Q4 FY13. In Phase II locations, DEN has a subscriber base of 4-4.5mn, of which 0.5mn are already digitized. With companys strong foothold in Phase II locations (presence in 24 cities out of the total 38 cities) and lower penetration of digital cable (~10%) within its subscribers, revenue growth would likely be robust in the longer term. Ministry of Information & Broadcasting (MIB) is already in talks with industry on Phase II implementation. As digitization progresses, DENs subscriber base is expected to touch 15-20mn from the current 11mn.

Share price chart

500 400 300 200 100 0 Jan-12

Den Networks Sensex

Jun-12

Nov-12

MSOs better placed than DTH players to reap digitization benefits

Likely to deliver 100%+ earnings CAGR

With relatively lower requirement for capex, ability to provide bundled services (video, broadband, telephone, etc), capacity to carry more HD channels and large LCO network, we expect MSOs to benefit significantly from digitization. From mid-Sept to Phase I deadline, DTH players added subscribers to the tune of 0.17mn whereas MSOs added 1.7mn subscribers. DEN, being one of the leading MSO, has already received order for ~2mn STBs from Phase II locations signifying the phenomenal pace of digitization. In addition to increased demand for STBs, digitization will gradually eliminate the scope of under-declaration of subscribers by the LCOs (Digital Addressable System identifying each subscriber). Resultantly, MSOs will have direct control over its subscribers and would share a legitimate portion of the revenue pie.

Digitization has resulted in complete turnaround of the cable industry. Backed by factual subscriber statistics and lower content cost, Den Networks being one of the leading cable distribution companies is likely to see a meaningful impact on its profitability. This was partially evident in sharp operating margin improvement during H1 FY13, from 7.3% in FY12 to 20.2%. Full impact of Phase I implementation, commencement of Phase II (a bigger opportunity), significant demand for STBs and margin improvement would drive exceptional earnings growth (100%+ CAGR) over FY12-15.

Financial summary
Y/e 31 Mar (` m) Revenue yoy growth (%) Operating profit OPM (%) Net Profit yoy growth (%) EPS (`) FY12 11,295 10.5 822 7.3 143 (8.7) 1.1 61.5 180.0 3.2 24.0 1.4 1.8 1.0 FY13E 9,827 (13.0) 1,867 19.0 588 127.0 4.4 65.0 44.5 3.0 12.9 4.8 7.1 3.7 FY14E 12,775 30.0 2,619 20.5 816 40.3 6.1 71.2 32.0 2.8 10.1 5.8 9.0 4.5 FY15E 15,969 25.0 3,785 23.7 1,376 44.5 10.4 81.5 19.0 2.4 7.3 8.4 13.6 6.5

.to drive robust growth in earnings

1,500 (Rs mn)

1,200 CAGR 112.8% 900

Adj.BVPS (`) P/E (x) P/BV (x) EV/EBIDTA (x) RoCE RoE RoA

600

300

Source: Company, India Infoline Research

0 FY12 FY13E FY14E FY15E

Source: Company, India Infoline Research

India Infoline Weekly Wrap

Market Outlook
The New Year has brought good tidings for equity markets world over and India is no exception. Though Friday was subdued, the week managed to clock gains of ~1.7% for the main indices. It was indeed high drama and a last minute scramble in US as Obama and team got into action to avoid the fiscal cliff crisis. A likely recession scenario was averted after the House of Representatives approved a Senate bill that raised tax for the rich and delayed spending cuts, triggering a rally across global indices. For India, the coming week will usher in corporate results including companies like Infosys, which may continue to remain lackluster. The corporate commentary will be examined to gauge the mood at India Inc. IIP and inflation could have a bearing on the RBIs policy meeting later in the month. The coming week, will be more stock-specific with indices in a narrow range.

Technical View
Nifty continues to be in strong uptrend and is consolidating above 6,000 mark as it trades above all the critical moving averages. The immediate resistance for Nifty is seen at 6,090 levels and above which it may take shot at all time high of 6,335. With Nifty surpassing most of important resistance zone of 5920-5930 this week and with no major signs of trend reversal, the up move could extend further.

F&O View
FIIs remained net buyers for the week bought heavily in cash segment, while remained net sellers in cash segment. Long addition was seen in Bank nifty. On option front, Highest OI is at 6200 call and 5800 put. Put writing was seen at 6000 strike, while 6100 put which is I-T-M option has witnessed buying in today trade. Nifty range for the week might be in the range of 5920-6150. Long build was seen in Banking, Realty and Oil & Gas sector.

FIIs/MFs activity
4,400 3,800 3,200 2,600 2,000 1,400 800 200 (Rs cr) Net FIIs inflow Net MFs Inflows

Advance/Decline
2,000 (No of stocks) 1,600 1,200 800 400 0
1-Jan
5.2 4.1 3.7 2.6 2.5 2.3 2.2 2.0 1.9 1.8 1.0

Advance Decline

14-Dec

17-Dec

18-Dec

19-Dec

20-Dec

21-Dec

24-Dec

26-Dec

27-Dec

28-Dec

17-Dec

18-Dec

19-Dec

20-Dec

21-Dec

24-Dec

26-Dec

26-Dec

27-Dec

28-Dec

Global performance
Nasdaq Dow Jones Hangseng Nikkei Shanghai Nifty Sensex 0.0 1.0 2.0 1.8 1.7 2.0 3.0 4.0 5.0 2.9 2.8 3.5 4.7

31-Dec

Sectoral performance
BSE Realty BSE Oil & Gas BSE Small-Cap BSE Power BSE Bank BSE Metal BSE-200 BSE IT BSE Auto BSE Cap Goods BSE Pharma (0.8) BSE FMCG (1.0) 0.0

1.0

2.0

3.0

4.0

31-Dec

1-Jan

5.0

6.0

2-Jan

(400)

India Infoline Weekly Wrap

Technical Check
Nifty 50 & CNX 500 top 10 gainers
NSE Nifty Company RCOM PNB ONGC BHEL BPCL IDFC Reliance Infra DLF Gail India Cairn India CMP (`) 81 908 285 243 374 184 547 238 371 337 % Chg Company 10.1 Ind-Swift Lab 7.8 Jai Corp 7.1 Srei Infra 6.7 IB Finan 6.2 IFCI 6.0 Gitanjali Gems 5.8 Gammon Infra 5.7 SIB 5.7 Lakshmi Vilas 5.4 Arss Infra CNX 500 CMP (`) 59 83 50 310 38 587 15 29 117 52 % Chg 26.6 22.0 17.4 15.4 15.1 14.8 14.6 14.2 13.6 13.4 Company ITC Sun Pharma Hero Motocorp Kotak Mah Cipla -

Nifty 50 & CNX 500 top 10 Losers

NSE Nifty CMP (`) 282 735 1,888 650 416 % Chg Company (2.4) Bl Kashyap (0.6) Radico (0.4) Simplex Infra (0.1) Suzlon Energy (0.1) Wyeth - Madras Cem. - Emami - Ipca Labs - Info Edge - United Brew CNX 500 CMP (`) 12 144 231 18 871 241 585 507 336 928 % Chg (6.8) (5.6) (5.5) (4.9) (3.7) (3.4) (2.7) (2.7) (2.7) (2.5)

Technically strong
CMP (`) 202 354 72 66 1182 10 days Moving Average (`) 197 345 70 64 1145 Total Traded Qty (lacs) 2.5 0.6 11.1 2.4 1.6 10 days Average Traded Qty (lacs) 2.3 0.5 4.4 1.3 1.4

Technically weak
10 days Moving Average (`) 418 26 27 611 532 Total Traded Qty (lacs) 3.1 11.7 7.3 1.4 1.0 10 days Average Traded Qty (lacs) 1.7 5.8 4.2 0.3 0.5

Company Sesa Goa OBC Essar Oil Indian Hotels ICICI Bank

Company Cipla Bajaj Hind Ashok Leyland Lupin Fed Bank Ltd

CMP (`) 416 25 27 604 527

Bulk deals
Date 03-Jan-13 Institution India Cap Fund Scrip name Zodiac Cloth Jindal Saw S Kumars PC Jeweller B/S S B S B Qty (lacs) 18.4 67.4 15.0 3.3 Price (`) 175.0 126.0 13.0 143.0

Book closure and record date

Company Siemens Mphasis Walchandnagar MRF Persistent Sys Date 16 Jan 2013 17 Jan 2013 23 Jan 2013 30 Jan 2013 31 Jan 2013 Purpose Dividend Final Dividend Dividend Final Dividend Interim Dividend

31-Dec-12 Morgan Stanley 28-Dec-12 IDBI 27-Dec-12 DVI Fund Mauritius

Nifty Future VWAP

6100 6050 6000 5950 Nifty Futs Close Nifty Vwap

Bank Nifty Future VWAP

13000 12900 12800 12700 12600 Bank Nifty Futs Close Bank Nifty Vwap

5900 5850 5800 27-Dec 28-Dec 31-Dec 1-Jan 2-Jan 3-Jan 4-Jan

12500 12400 12300 27-Dec 28-Dec 31-Dec 1-Jan 2-Jan 3-Jan 4-Jan

India Infoline Weekly Wrap

Commodity Corner
Base metals
Base metals have witnessed handsome gains, as bulls sought substantial encouragement from the mitigating concerns regarding US fiscal cliff. In addition, rebound in Chinese manufacturing activity has also provided a shot in the arm for the bulls. Recent flow of macroeconomic numbers in China suggests that the countrys manufacturing sector continues to expand. We infer that an incremental government spending on infrastructure projects is aiding such growth. On price front, LME copper prices have breached the psychological level of US$8,000/ton and are successfully sustaining above the same. On fundamental front, LME Lead inventories are at their lowest level since early November. In addition, the ratio of cancelled warrants to total stocks have surged to 57%, implying that more than half of the LME inventories are booked for delivery. We tend to remain optimistic on the non-ferrous complex, as prices would be more receptive to the improving macroeconomic developments emanating from China and US. We advocate buying the metals on dips, as prices should find support at the immediate support levels.

Precious metals
Gold prices commenced the week on a positive note, as hopes of an agreement on the US fiscal cliff negotiations underpinned the buying sentiment. In this regard, the House of Representatives and Senate struck a deal to avoid the fiscal cliff. The deal consists of keeping most of the existing tax cuts intact except on individuals making over US$400,000 or households making US$450,000 per annum, much higher than Democrats initial yardstick of US$250,000. Nothing much is done on the spending cuts, which have been delayed for two months, as it seems that the Senate wants to buy some time on this. However after two months, the onus lies on the US congress for taking decisive measures on spending cuts and extensions of debt ceiling. However at this juncture, precious metals have lost substantial ground, paring all the recent gains related to the fiscal cliff euphoria. There could be a short term setback for the gold bugs, as US Federal Reserve now intends to end the bond buying programme before the end of 2013. The minutes of the latest policy meet reveal that Federal Reserve officials want to slow or stop asset purchases during this year, as the potential costs could rise due to the increasing size of Fed's balance sheet. Precious metals could remain under further pressure, if the US nonfarm payroll numbers for December comes higher than the 150,000 expected. Improving labour markets should strengthen the dollar and effectively weigh on the complex.

Note: This market commentary is written at 12:30 PM IST

LME prices
Base Metals (US$/ton) Copper Nickel Zinc Aluminium Lead Precious Metals (US$/ounce) Gold Silver * Last Traded Price High 8,257 17,880 2,187 2,184 2,499 High 1,695 31 Low 7,875 17,025 2,050 2,058 2,308 Low 1,638 29 LTP* 8,098 17,376 2,072 2,106 2,357 LTP* 1,640 29 Chg(%) 2.7 1.0 1.0 2.1 1.0 Chg(%) (0.9) (2.0)

Weekly inventory update

Tons Copper (LME) Nickel (LME) Zinc (LME) Aluminium (LME) Lead (LME) Tin (LME) Shanghai Copper Shanghai Zinc Shanghai Aluminium 320,225 141,672 1,215,325 5,217,250 312,625 12,655 206,458 312,031 446,936 Abs Chg. 2,175 2,598 (9,250) 575 (10,775) (95) 1,685 1,300 4,641 Chg (%) 0.7 1.9 (0.8) 0.0 (3.3) (0.7) 0.8 0.4 1.0

LME Copper
10500 9500 8500 7500 6500 5500

COMEX Gold
2050

1900 1750 1600 1450 1300 1150

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13

1000

dloG

)EML( reppoC

US$/ ton

US$/ ounce

India Infoline Weekly Wrap

Mutual Fund Round-up
India Infoline picks
Mutual Funds HDFC Top 200 Fund(G) ICICI Pru Dynamic Plan(G) IDFC Sterling Equity Fund-A(G) L&T Tax Advt Fund(G) HDFC Prudence Fund(G) Reliance Equity Opportunities Fund(G) IDFC Premier Equity Fund-A(G) Assets (` Cr) 12,102 4,056 1,193 1,153 6,224 3,830 3,071 NAV (`) 231.4 118.5 22.2 23.9 245.3 45.1 40.8 Absolute return (%) as on Jan 03, 2013 1wk 3.1 3.2 2.7 2.1 2.7 3.0 2.7 1mth 4.6 3.1 3.6 2.0 5.1 3.7 3.5 3mth 7.1 5.7 7.9 5.3 6.6 7.3 11.0 6mth 15.2 11.9 19.3 14.4 13.7 20.2 21.3 1yr 31.3 28.5 45.6 26.5 29.4 46.2 41.2 2yr 28.2 28.8 45.7 30.8 40.8 53.4 54.8 3yr 2.1 5.9 13.8 1.0 11.0 17.1 16.7 5yr 34.8 25.2 21.4 47.8 39.3 44.6

Funds this week: HDFC Top 200 Fund

Fund snapshot Fund Manager Latest NAV NAV 52 high/low Latest AUM (cr) Type Class Options Min investment Benchmark No. of stocks No. of sectors Expense ratio Exit load Prashant Jain `231.4 `231.4/168.1 `11,591 Open-ended Equity - Diversified Growth & dividend `5,000 BSE 200 66 30 1.8% 1% before 1 year Asset allocation (%) Equity Debt Cash/call Top 5 holdings (%) State Bank of India ICICI Bank Ltd. ITC Ltd. Infosys Larsen & Toubro Top 3 sectors (%) Financials Energy FMCG 31.2 15.8 11.1 8.1 7.4 6.4 5.7 4.2 99.7 0.5 (0.1)

Reliance equity opportunity fund

Fund snapshot Fund Manager Latest NAV NAV 52 high/low Latest AUM (cr) Type Class Options Min investment Benchmark No. of stocks No. of sectors Expense ratio Exit load Shailesh Raj Bhan `45.1 `45.1/29.3 `3,830 Open-ended Equity - Diversified Growth, Dividend & Bonus `5,000 BSE 100 34 21 1.85% 1% before 1 year Asset allocation (%) Equity Debt Cash/call Top 5 holdings (%) Divis Labs Infosys ICICI Bank Trent SBI Top 3 sectors (%) Financials Healthcare Technology 17.5 14.3 12.6 6.2 5.0 4.6 4.2 4.2 96.8 0.0 3.2

NFO update
Fund Name HDFC FMP 462D Jan-13 Sr-24 (1) ICICI Pru FMP Sr-65-483D Plan E Indiabulls Gilt Fund Close 08-Jan 09-Jan 11-Jan Type CE CE OE Class Debt Debt Debt

)PBG/RNI(

)DSU/ORUE(

IIP and Six core Industries

Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12

PII

)YPJ/RNI(

)DSU/RNI(

.dnI eroc xiS

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

stcudorP GFM

noitalfnI ylhtnoM

etar PC htm3

Crude (Brent/ Nymex)

edurC xemyN

dleiy cesG ry01

xednI ralloD

edurC tnerB

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

dleiy dnob AAA ry5

6
12 16 10 12 14 0 4 8 0 2 4 6 8 (8) (4) (2)
Apr-10

100

Inflation

Chartbook

30
(%) (%)
Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11

40

50

60

70

80

90

Source: Bloomberg

Currency Movements
10 12 14 16 18 2 4 6 8

India Infoline Weekly Wrap

Dollar Index

Interest Rate

70 100 120 140 160 180 20 40 60 80

75

80

85

90

95

(%)

(US $)

PMI

40

45

50

55

60

65

70

100

10

20

30

40

50

60

70

80

90

10,000

15,000

20,000

25,000

30,000

35,000

5,000
(%)

Apr-99

Jun-03 Apr-04

Jun-08

Apr-09 Feb-10

Dec-10 Oct-11

17x

13x

21x

Aug-12

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13
XIV

Feb-05 Dec-05
SU enoZ oruE

Oct-06 Aug-07

Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12
anihC ynamreG aidnI

31YF

Kospi*

Taiwan*

Straits*

Sensex

41YF

Mexico Bolsa

Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

)000'( smialC sselboJ laitinI

Brazil Bovespa

31YF

Source: Bloomberg

Chartbook...

Volatility Index

Sensex PE Band

Feb-00 Dec-00

Oct-01 Aug-02

5x
200

9x

300

400

500

600

700

800

1,200

1,300

1,400

1,500

1,600

10.00

12.00

14.00

16.00

2.00

4.00

6.00

8.00

PE (x)

Dow Jones

(Rs)

Nasdaq

PE Comparision

S&P 500

FTSE

US Initial Jobless Claims

DAX

India Infoline Weekly Wrap

Sensex Earning Estimates

Hang Seng*

Nikkei*

Shanghai Comp

India Infoline Weekly Wrap

News Recap
HDFC Bank raises `14.05bn by way of private placement of bonds. . Wipro gets shareholder nod for demerger . Gujarat Gas has entered into an agreement with GSPC for purchase of 1.1mn standard cubic meters per day (mmscmd) of re-gasified LNG . RCOM calls for lower base price in CDMA auction . Tulip Telecom on has initiated discussions with lenders to restructure its `27bn debt with longer maturity periods. Sintex Industries raised US$170mn through a mix of FCCB and shares to qualified institutional investors to repay its bond holders US$290 million by March 2013. Spice Jet has raised `1.27bn through issue of securities to promoter. Suven Life Sciences has secured three product patents, two from Eurasia and one from Canada. Reliance Power synchronised the second of its two 300-MW units at its Butibori Thermal Power Project, near Nagpur, in Maharashtra. Elder Health Care Ltd (EHCL) has entered into the growing male energy booster market. The company has tied up with herbal medicines maker Shree Maruti Herbals. Geometrics German subsidiary Geometric Europe GmbH has acquired 100 per cent stake in electronics engineering company 3Cap Technologies GmbH (3Cap). Reliance Industries Ltd (RIL) wants to merge four of its associate companies in real estate with its main property development subsidiary, Reliance Commercial Land and Infrastructure Ltd (RCLIL), under the scheme of amalgamation proposed before the Bombay High Court. Mahindra & Mahindra said it is ramping up production of recently launched premium sports utility vehicle (SUV), the Rexton, by 500 units with an aim to lower waiting period. Dr Reddys Laboratories Ltd has launched Finasteride tablets, a bioequivalent generic version of Propecia (Finasteride) tablets in the US market. Punj Lloyd said its subsidiary Sembawang Engineers and Construction Pte Ltd has given a proposal to acquire the construction business of Macmohan Holdings Ltd, an Australian contract mining and construction company. Abbott Laboratories said it has completed the spin off of its research-based pharmaceuticals business into an independent company. The new biopharmaceutical company has been named AbbVie. Jet Airways said it was in talks with Abu Dhabis Etihad Airways for a potential stake sale in the Indian carrier, though terms had not been finalised. Indraprastha Gas Ltd is keen to buy Asian Development Bank's 5.2% stake in Petronet LNG Ltd, the nation's largest liquefied natural gas importer.

Event Calendar
Period : 07th 11th January
US Jan initial jobless claims (10 Jan) Nov wholesale inventories (10 Jan) Nov trade balance (11 Jan) Dec Imports & Exports YoY% (10-15 Jan) Dec Consumer price index yoy (9-13 Jan) Dec Producer price index (9-13 Jan) Dec Imports & Exports YoY% (10-13 Jan) Nov Euro-zone PPI YoY (8 Jan) Nov Euro-zone unemployment rate (8 Jan) ECB announces interest rates (10 Jan) US Advance Retail Sales (15 Jan) Producer Price Index (MoM) (15 Jan) Consumer Price Index (MoM) (16 Jan) Dec Imports & Exports YoY% (10-15 Jan) Monthly Wholesale Prices (14 Jan) CPI (YoY) (14 Jan) Actual FDI (YoY) (14-18 Jan) December Property Prices (18 Jan) Real GDP (YoY) (18 Jan) Euro-zone Trade Balance (15 Jan) Euro-zone CPI (16 Jan)

Period : 14th 18th January

India China

India

China

Europe

Europe

IIFL, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013 The information in this newsletter is generally provided from the press reports, electronic media, research, websites and other media. The information also includes information from interviews conducted, analysis, views expressed by our research team. Investors should not rely solely on the information contained in this publication and must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors as they believe necessary. The materials and information provided by this newsletter are not, and should not be construed as an advice to buy or sell any of the securities named in this newsletter. India Infoline may or may not hold positions in any of the securities named in this newsletter as a part of its business. Past performance is not necessarily an indication of future performance. India Infoline does not assure for accuracy or correctness of information or reports in the newsletter.