Weekly Wrap

Investment idea
Cairn India
Cairn a direct beneficiary of high crude prices and weak rupee September 14, 2012

BUY CMP `341

11 Sector: Oil & Gas

BSE code: NSE code: 52 Week h/l (`): Market cap (`cr): FV (`): Performance rel. to sensex (%) Cairn ONGC Reliance Oil India 1m 1.6 (2.1) (1.8) (1.6) 3m (3.6) (2.2) 2.8 (3.4) 1yr 8.7 3.0 (11.8) (13.2) 532792 CAIRN 401 / 258 65,049 10

Shareholding pattern June'12 Promoters Institutions Non promoter corp Public & others Share price chart
140 120 100 80 Sep-11 Cairn Sensex

Cairn India is a pure play on crude oil prices with operating margins of 80% and net margins of 60%. Any rise in crude oil prices directly flows to the bottom line. Furthermore, a weak INR helps profitability as the refiners are billed in USD. For every, US$5/bbl rise in crude prices Cairns EPS for FY13 will rise by 5.4%, while every Re1/US$ depreciation in INR EPS increases by 1.8%.

(%) 58.9 14.9 1.9 24.4

More upsides for crude price

On the backdrop of a global slowdown, the demand for crude oil has been weak. Nevertheless, economies across the world through stimulus measures are trying to rev up the growth. Both Euro Zone and US have already announced measures to stimulate their economies. China too has been cutting interest rates and is planning to implement a few more stimulating measures. In such a scenario, the demand for crude oil will see an immediate bump up while supply will take time to catch up leading to spurt in crude prices.

Jan-12

May-12 Sep-12

Approvals for higher production will be the next trigger

Rajasthan gross production

180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13

Current production from the Cairn operated Rajsthan field is ~175,000bopd. The company has filed for various approvals to increase the production further. With Bhagyam production lower than the companys guidance, the government has apprehensions for giving further approvals. However, over the medium term, we expect the government to give approvals considering the rising imports of crude oil and its impact on the trade deficit.

boepd

Rajasthan Gross

Attractive awaited

valuations,

maiden

dividend

keenly

Cairn India currently trades at a P/E of 6x on FY14E EPS of `57.1. This is based on a production estimate of 200,000bopd in FY14, crude oil realization of US$95/bbl and `/US$ estimate of 53. Factoring in current crude price and exchange rate valuation attractiveness will only increase. With cash balance of `70bn at the end of FY12 and expected cash flow generation of `55bn in FY13, investors are anticipating a high maiden dividend payout. The announcement is expected as soon as the internal restructuring of the new management is done with.

Source: Company, India Infoline Research

Realisations
120 Natural Gas (RHS) US$/bbl Crude Oil (LHS) US$/mscf 4.8 4.6 4.4 4.2 4 3.8 3.6 3.4

Financial summary
Y/e 31 Mar (` m) Revenues yoy growth (%) Operating profit OPM (%) Reported PAT yoy growth (%) EPS (`) P/E (x) Price/Book (x) EV/EBITDA (x) RoE (%) FY11 102,559 541.4 84,117 82.0 63,344 440.1 32.4 10.6 1.7 7.8 17.1 FY12 118,607 15.6 95,532 80.5 79,377 25.3 38.9 8.8 1.4 6.0 16.8 FY13E 155,507 31.1 125,363 80.6 94,033 18.5 49.3 7.0 1.1 4.2 17.7 20.9 FY14E 174,916 12.5 140,619 80.4 108,935 15.8 57.1 6.0 1.0 3.1 17.3 20.1

100 80 60 40 20 0

Q1 FY10

Q2 FY10

Q3 FY10

Q4 FY10

Q1 FY11

Q2 FY11

Q3 FY11

Q4 FY11

Q1 FY12

Q2 FY12

Q3 FY12

Q4 FY12

RoCE (%) 18.1 18.2 Source: Company, India Infoline Research

Source: Company, India Infoline Research

Q1 FY13

India Infoline Weekly Wrap

Market Outlook
Indian markets had a splendid week, with the BSE Sensex and the NSE Nifty scaling seven-month peaks besides crossing important milestones. The much-awaited move on fuel price revision did come about, with the Government finally hiking diesel prices. LPG subsidy has been capped while excise duty on petrol has been slashed. The Government was also due to take a call on a whole host of reform measures to avert BRICS first debt downgrade to junk. All eyes are on the RBI, which reviews its policy on Monday. With inflation in August spiking, the RBI may not yet cut policy rates. Stocks could fly even higher if the RBI too springs a pleasant surprise. Globally too, things have improved considerably, with Europe, China and now the US unleashing fresh stimulus to boost growth. One bad news for India is the fresh uptick in commodity prices, especially that of crude oil and gold. We also need to see what follow-up policy action the Centre unveils in order to restore investor confidence.

Technical View
Markets for the week cheered the stimulus measures by fed with splendid rally of more than 4% and closed convincingly above 5550 mark. Such move has confirmed breakout from symmetrical triangle above 5450 levels and same gap is likely to ac as pivot support. The weak dollar trade has fuelled rally across equity and commodity class across the world and with support of global stimulus, the momentum is likely to remain upbeat.

F&O View
Nifty future witnessed huge addition of long position, nifty future total open interest stood at 24mn shares. On option front, Nifty September 5600 call which has been witnessing writing from start of the month witnessed huge unwinding of short position, While nifty September 5600 put saw huge buying before RBI policy meet which is schedule on Monday It saw addition of 40mn shares in open interest. Nifty range for the next week might be between 5450-5650.

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

Advance/Decline
2,000 1,600 1,200 800 400 0
3-Sep 5-Sep 5-Sep 7-Sep 10-Sep 11-Sep 12-Sep 23-Aug 24-Aug 27-Aug 28-Aug 29-Aug 30-Aug
10-Sep

(No of stocks)

Advance

Decline

21-Aug

22-Aug

23-Aug

24-Aug

27-Aug

28-Aug

29-Aug

30-Aug

Global performance
Sensex Nifty Hangseng Nikkei Dow Jones Nasdaq Shanghai (0.2) 0.0 1.0 2.0 3.0 4.0 5.0 0.6 1.8 3.2 4.4 4.4 4.2

31-Aug

11-Sep

Sectoral performance
BSE Metal BSE Realty BSE Cap Goods BSE Bank BSE Auto BSE Oil & Gas BSE IT BSE-200 BSE Small-Cap BSE FMCG BSE Power (0.2) BSE Pharma(0.4) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1.2 2.6 3.9 3.7 5.6 5.3 5.0 4.8 4.5 6.4

(1.0)

31-Aug

13-Sep

(600)
3-Sep 4-Sep 5-Sep 6-Sep 7-Sep

India Infoline Weekly Wrap

Technical Check
Nifty 50 & CNX 500 top 10 gainers
NSE Nifty Company Hindalco Ind Tata Motors IDFC Tata Steel LT SAIL JP Assoc ICICI Bank Jindal S & P DLF CMP (`) 118 270 139 405 1,490 85 74 1,008 373 217 % Chg Company 12.6 Arss Infra 11.1 Adani Ent 9.2 Tata Metaliks 9.2 Sonata Software 8.9 Hindalco Ind 8.9 Inox Leisure 8.5 Polaris 7.5 PSL 7.4 CMC 6.5 Aftek CNX 500 CMP (`) 45 189 64 22 118 64 137 63 1,100 8 % Chg 23.1 21.8 13.9 13.9 12.6 12.5 12.4 12.2 12.1 12.0 Company Cipla NTPC Power Grid Ranbaxy Lab. Siemens Bharti Airtel BHEL -

Nifty 50 & CNX 500 top 10 Losers

NSE Nifty CMP (`) 369 168 120 541 673 255 205 % Chg Company (3.1) Tulip Telecom (2.3) Kemrock Ind (1.6) Orissa Minerals (1.1) Karuturi Global (0.9) Balmer Lawrie (0.4) Shasun Pharma (0.1) Sterling Biotech - West Coast Pap - Blue Star - Coromandel Int CNX 500 CMP (`) 65 80 47,874 3 574 163 6 62 165 276 % Chg (24.5) (10.1) (9.9) (8.3) (7.6) (7.3) (5.4) (5.0) (4.9) (4.7)

Technically strong
CMP (`) 96 469 61 17 93 10 days Moving Average (`) 94 463 60 16 92 Total Traded Qty (lacs) 1.2 1.1 0.9 2.7 0.9 10 days Average Traded Qty (lacs) 0.3 0.7 0.5 1.1 0.4

Technically weak
10 days Moving Average (`) 606 1223 966 382 205 Total Traded Qty (lacs) 2.3 0.0 7.5 3.1 0.3 10 days Average Traded Qty (lacs) 0.6 0.0 6.9 2.7 0.2

Company Syndicate Bank Bhushan Steel Indian Hot. Gujarat Nre Andhra Bank

Company Lupin BEL United Spirits Cipla Marico

CMP (`) 575 1177 931 369 198

Bulk deals
Date 11-Sep 13-Sep 13-Sep Institution IFCI HSBC Global Ruane Cunniff Scrip name Kothari Petrochem IRB Infrastructure Develo Vadilal Industries B/S S B S Qty (lacs) 25.7 35.4 0.9 Price (`) 10.3 123.0 231.8

Book closure and record date

Company Bhushan Steel Mangalore Chem Archies Aries Agro Gujarat State Fert PVR Date 18 Sep 2012 18 Sep 2012 20 Sep 2012 20 Sep 2012 20 Sep 2012 20 Sep 2012 Purpose Dividend Dividend Final Dividend Dividend Stock Split Final Dividend

Nifty Future VWAP

5600 Nifty Futs Close Nifty Vwap

Bank Nifty Future VWAP

10800 10600 10400 Bank Nifty Futs Close Bank Nifty Vwap

5500

5400
10200

5300

10000 9800
3-Sep 4-Sep 5-Sep 6-Sep 7-Sep 10-Sep 11-Sep 12-Sep 13-Sep

10-Sep

11-Sep

12-Sep

13-Sep

31-Aug

14-Sep

31-Aug

14-Sep

5200
3-Sep 4-Sep 5-Sep 6-Sep 7-Sep

India Infoline Weekly Wrap

Commodity Corner
Base metals
LME Base metals registered significant breakout on the upside this week, underpinned by ECB initiative of unlimited bond buying programme and monetary expansion by the US Federal Reserve. Reports of China fast-tracking spending on some infrastructure projects also provided a shot in the arm to the metal bulls. In this regard, Chinas top economic planners have approved another batch of major infrastructure-investment projects worth US$156bn. The complex has garnered steam, with LME Copper prices breaching the near term resistance of US$8,300/ton and seems to be consolidating around these levels for few days, considering the euphoria markets are living with. Excitement regarding US Federal Reserves policy of monetary operation could be short lived, as the markets rationally would ponder What next? Historical trends reveal that simply monetary expansion has failed to resolve the core economic issues. In spite of several rounds of quantitative easing, the unemployment rates have stubbornly remained around 8-9% levels. This speaks volumes of the fact that printing money is not a panacea and does not necessarily guarantee growth in the real economy. The firm trend in the non-ferrous complex could last for next week, before an eventual profit taking takes place. Currently, most of the metals seem to be overbought, if analysed on the merits of the prevalent fundamentals.

Precious metals
Precious metals commenced this week on a strong note, as subdued U.S employment report provided the impetus. In Europe, we had affirmative news for the markets; as German constitutional court declared that permanent rescue package is a legitimate instrument. At the end of this week, gold prices extended its northward journey, just US$15 short of 2012 highs. Silver prices also witnessed impressive gains, trading close to US$35/ounce resistance levels. US Federal Reserve policy action enacted as the catalyst, with the apex body deciding to expand its balance sheet aggressively. Fed will initiate additional monthly purchases of US$40bn per month in new mortgage debt instruments. These additional purchases would be open ended and would continue until labour markets show any concrete signs of improvement. In addition, the apex body will continue its Operation Twist plan to replace short-term securities on its balance sheet with long-term bonds. The combined actions will together expand the Feds holdings by roughly US$85bn per month through the end of this year. Gold bugs remain euphoric, considering the recent development in U.S & Europe. Gold prices are traditionally deemed as a proxy for monetary expansion and inflation. As various central banks are willing to expand the balance sheet or offer some kind of stimulus in order to stimulate sagging economy, prospects are ripe for the yellow metal to extend the bull trend.

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) Spot Gold Spot Silver * Last Traded Price High 8,371 17,370 2,100 2,149 2,250 High 1,778 35 Low 7,693 16,001 1,890 1,968 2,036 Low 1,689 32 LTP* 8,075 16,750 2,036 2,102 2,158 LTP* 1,770 35 Chg(%) 1.3 1.5 3.4 3.9 3.0 Chg(%) 2.0 2.8

Weekly inventory update

Tons Copper (LME) Nickel (LME) Zinc (LME) Aluminium (LME) Lead (LME) Tin (LME) Shanghai Copper Shanghai Zinc Shanghai Aluminium 217,175 120,876 924,200 5,008,975 293,200 11,875 156,401 302,400 387,176 Abs Chg. 1,225 (204) (21,050) 137,550 (10,250) 210 5,328 2,618 6,140 Chg (%) 0.6 (0.2) (2.2) 2.8 (3.4) 1.8 3.5 0.9 1.6

LME Copper
10500 10000 9500 9000 8500 8000 7500 7000 6500 6000
Mar-10 May-10 Jan-10 Mar-11 Jan-11 May-11 Jan-12 Mar-12 Jul-10 Jul-11 May-12 Sep-10 Nov-10 Nov-11 Sep-11 Jul-12 Sep-12

COMEX Gold
Copper (LME)
2000 US$/ ounce Gold

US$/ ton

1750

1500

1250

Jan-10

Mar-10

Jan-11

Mar-11

Jan-12

May-10

May-11

Mar-12

May-12

Jul-10

Jul-11

Nov-10

Nov-11

Sep-10

Sep-11

Jul-12

Sep-12

5500

1000

India Infoline Weekly Wrap

Mutual Fund Round-up
India Infoline picks
Mutual Funds HDFC Top 200(G) ICICI Pru Dynamic(G) IDFC Sterling Equity(G) Fidelity Tax Advt(G) HDFC Prudence(G) Reliance Equity Oppor-Ret(G) IDFC Premier Equity-A(G) Assets (` Cr) 10,692 4,130 1,061 1,203 6,356 3,193 2,345 NAV (`) 200.4 108.1 19.8 21.7 214.7 39.0 34.6 Absolute return (%) as on Sep 14, 2012 1wk 3.6 2.8 3.1 2.8 2.6 2.1 2.2 1mth 1.4 2.9 2.9 2.4 1.2 2.2 2.6 3mth (2.9) 1.0 8.9 1.5 (1.4) 6.9 3.9 6mth 7.4 13.1 11.7 7.4 5.6 18.0 5.8 1yr (7.9) 1.4 0.7 (5.3) (1.2) 1.8 (2.5) 2yr 24.2 34.6 56.3 35.7 41.1 62.7 54.8 3yr 55.0 47.4 45.1 63.3 63.9 88.7 5yr 7.4 13.0 11.7 7.3 5.6 18.0 5.8

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 `200.4 `218.7/168.1 `11,190 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 (%) Banks Energy FMCG 26.7 13.9 8.5 8.2 6.7 6.2 5.2 4.0 99.2 0.0 0.8

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 `39.0 `39.1/29.3 `3,473 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 (%) Divi's Labs HDFC SBI ICICI Bank Infosys Top 3 sectors (%) Healthcare IT Banks - Private 14.7 11.8 7.3 7.8 6.8 4.9 4.6 3.9 97.4 0.0 2.6

NFO update
Fund Name SBIMF SDFS 90 Days - 70 DWS Fixed Maturity Plan-Series 16 JPMorgan India Fixed Maturity Plan Series 502 Close 17-Sep 26-Sep 28-Sep Type CE CE CE Class Debt Debt Debt

India Infoline Weekly Wrap

Chartbook
Inflation
14 12 10 8 6 4 2 0
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12

Interest Rate
Monthly Inflation MFG Products
18 16 14 12 10 8 6 4
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12

(%)

(%)

10yr Gsec yield 3mth CP rate

5yr AAA bond yield

(2)

IIP and Six core Industries

16 12 8 4 0 (4)
Oct-10 Aug-10 Aug-11 Oct-11 Jun-10 Jun-11 Dec-10 Dec-11 Apr-12 Apr-10 Apr-11 Feb-12 Feb-11 Jun-12

Crude (Brent/ Nymex)

IIP
180 160 140 120 100 80 60 40
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12

(%)

Six core Ind.

(US $)

Nymex Crude

Brent Crude

(8)

20

Currency Movements
100 90 80 70 60 50 40
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12

Dollar Index
(INR/USD) (INR/JPY)
95 Dollar Index 90 85 80 75 70

(EURO/USD) (INR/GBP)

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Source: Bloomberg

Jul-12

30

40

45

50

55

60

65

70

100

10

20

30

40

50

60

70

80

90

PMI

10,000

15,000

20,000

25,000

30,000

35,000

5,000
Jan-08

Dec-10

(%)

Apr-99
Jul-08 Jan-09

Chartbook...

Source: Bloomberg

Apr-00

Feb-11 Apr-11

Volatility Index

Sensex PE Band

Apr-01

Apr-02
Jul-09 Jan-10 Jul-10

India Germany

Apr-03

Jun-11 Aug-11 Oct-11

VIX

Apr-04

Apr-05

Apr-06

Apr-07
Jan-11

Dec-11 Feb-12

Euro Zone US

Apr-08
Jul-11

Apr-09

Apr-10
Jan-12

Apr-12

21x

9x

China

Apr-11
Jul-12

Jun-12 Aug-12

17x

5x

13x

Apr-12

200

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

(Rs)

Dow Jones

Apr-11 Jun-11 Aug-11 Oct-11

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

PE (x)

Nasdaq

PE Comparision

S&P 500

FTSE

US Initial Jobless Claims

DAX

Sensex Earning Estimates

India Infoline Weekly Wrap

Hang Seng*

FY13

Nikkei*

Dec-11 Feb-12

Shanghai Comp

Brazil Bovespa

Mexico Bolsa

Jan-11

Apr-12
Jul-11

FY14

Initial Jobless Claims ('000)

Kospi*

FY13

Taiwan*

Jun-12 Aug-12

Straits*

Jan-12 Jul-12

Sensex

India Infoline Weekly Wrap

News Recap
Finally, the Government managed to muster enough courage and hiked diesel prices while capping the LPG subsidy. Although petrol prices were left unchanged, the Centre did cut the excise duty on the fuel to help oil marketing companies recover losses. As is usually the case, the Opposition and couple of allies expressed displease at the steep fuel price hike, especially in diesel. While on the one hand the Governments bold moves will cut annual fuel subsidy bill, there are fears that inflation too will shoot up in the short term. Talking of inflation, the headline WPI reading for August came in way above consensus estimate, denting hopes of an immediate rate cut by the RBI. The Union Coal Ministry de-allocated four coal blocks even as the Central Govt suspended clearances to 93 iron ore mines in Goa. Goa suspended all mining activities temporarily after two former chief ministers were found to be involved in illegal mining. India's industrial output remained subdued in July, barely moving after a drop in June. SP chief Mulayam said he doesn't rule out early LS polls and that his party will play a critical role in government formation in the general election. The rupee hit 2 1/2-month high on fuel price hike and QE3. Indias August exports were down 9.7% YoY while April-Aug net direct tax collections were up 28% YoY. Monsoon rains were 21% above average in the week ended Sept. 12. The Centre may announce some spending cuts for FY13 on Saturday while the Planning Commission will approve 12th Plan document. Gold prices hit new all-time high in India while internationally the yellow metal rose to a six-month high. The Supreme Court refused to stay loading of fuel at the Kudankulam nuclear plant despite continuous protests. India's car sales fell 18% in August and SIAM said its revised FY13 car sales projection will be missed. ISMA said it sees 8% fall in sugar output during 2012-13 season Global aluminium inventory levels remain high, according to Kumar Mangalam Birla. Air India will fly its first Boeing 787 Dreamliner flight on Sept. 19. L&T said it will restructure IT and Integrated Engineering Services businesses. Essar Oil won a relief after the SC waived off interest payment in the sales tax case with the Gujarat government. Infosys said it will acquire Lodestone Holdings of Switzerland while Godrej Industries said it will divest its 43% stake in Godrej Hershey. SBI said it plans to recruit 20,000 people over next one year. Aditya Birla Nuvo arm approved Pantaloons demerger swap ratio. Deccan Chronicle rejected PVP Ventures ` 9bn bid for the Deccan Chargers IPL team amid concerns about its mounting debt troubles. Karl Slym became Tata Motors MD ahead of schedule even as the company announced entry into the Indonesian market. Fed unveiled QE3, saying that it will buy US$40bn agency MBS per month until the unemployment situation improves. The Fed also cut US GDP forecast for 2012 while raising the outlook on 2013. Moody's warned the US on "AAA" rating citing lack of progress on budget cuts. Oil and gold rallied on the QE3 euphoria while the dollar fell versus most rival currencies. German constitutional court ratified ESM and the EU fiscal compact with certain riders while the EC proposed new ECB powers for banking supervision. Lead or leave euro, George Soros told Germany while also warning of a recession in the eurozones largest economy. China has room for more economic stimulus to boost growth, Premier Wen Jiabao said. Apple took the wraps off the iPhone 5, terming it the thinnest and the lightest iPhone ever but not all were impressed with the new iPhone.

Event Calendar
Period : 17th 21st September
US Sep Empire Manufacturing (17 Sep) Aug Housing Starts MOM% (19 Sep) Aug Building Permits MOM% (19 Sep) RBI Policy Meet (17 Sep) Aug CPI YoY (18 Sep) China August Property Price (18 Sep) MNI September Flash Business Sentiment Indicator (21 Sep) Jul ECB Euro-Zone Current Account (17 Sep) Jul Euro-Zone Trade Balance (17 Sep) Sep Euro-Zone Consumer Confidence (20-23 Sep) US Sep Consumer Confidence (25 Sep) Q2 GDP QoQ (27 Sep) Aug Pending Home Sales YoY (27 Sep) Sep HSBC Flash Manufacturing PMI (22-25 Sep) MNI September Business Sentiment Indicator (28 Sep) Aug Euro-Zone M3 (27 Sep) Sep Euro-Zone Consumer Confidence (27 Sep) Sep Euro-Zone CPI Estimate YoY (28 Sep)

Period : 24th 28th September

India

China

China

Eurozone

Eurozone

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.