The summary provides an overview of key economic and market updates from various countries and sectors based on an advisory report from Hedge Research & Strategies Group. The report notes that major equity markets were mixed in April with the Nifty up 0.65% while DAX was down 0.95%. Major bond yields declined. Commodity prices were also mixed. The US economy showed signs of recovery while Eurozone growth was led by Germany. Japan raised sales tax but saw a wider trade deficit. China took steps to steady its slowing economy. In India, markets saw bullish trends on election optimism. RBI kept rates unchanged. Various sectors are analyzed including metals, banking, IT, automobiles and FMCG

1. Hedge research & strategies group
Hedge Research & strategies GroupHedge Research & Strategies Group
Advisory Solutions

2. Economic Update – Snapshot of Key Markets
Equity
Markets
Debt
Markets
Commodity
Markets
Currency
Markets
Nifty
DAX
DJIA
Nikkei 225
REPO
CBLO
CALL
CRB Index
Gold ($
per ounce)
WTI Crude
Oil ($/bbl)
USD/INR
USD/JPY
60.3
102.30
+0.65%
-0.95%
+10.80%
+4.92%
6696
9544
16501
14524
8.61%
8.67%
8.65%
311.37
1291
101.62
+2.15%
+0.54%
+0.04%
+7.46%
-14.33%
+8.03 %
-188 bps
-261 bps
+103bps
+58 bps
+135 bps
+106 bps
-0.12%
-0.12%
+0.27%
-1.84%
+11.44%
+17.09%
+10.07%
+4.99%
As on 30 April 2014 Change over Last Month Change over Last Year
Gold $ per ounce
USD/INR
10 year G-Sec (8.15%) 2022 benchmark Yield
10 year G-Sec (8.15%) 2022 benchmark Yield
10 year G sec 8.83% bond yield

3. Economic Update (Global) – April 2014
Emerging
Economies
Japan
Europe
US
• • The Federal chair Jannet Yellen commented in an event that length of time the Federal Reserve keeps its
key interest rate near zero will depend on how far the U.S. economy remains from the central bank's
employment and inflation goals, and how long it will likely take to meet them.
•Initial claims for state unemployment benefits ticked up 2,000 to a seasonally adjusted 304,000 for the week
ended April 12, Philadelphia Federal Reserve Bank said its business activity index increased to 16.6 this month
from 9.0 in March, Retail sales and industrial production were robust in March. surge in new orders and
shipments also showed the recovery of world’s largest economy.
•The European Central Bank president said , is ready to deploy anything in its monetary policy toolbox if
inflation stays too low for too long despite keeping interest rates steady .
• Euro zone private sector started the second quarter on its strongest footing since 2011. Growth in the euro
zone was again led by Germany, the bloc's largest economy, where the PMI jumped from March and was just
shy of February's 32-month high. Markit's flash composite PMI, widely regarded as a good gauge of growth,
jumped to 54.0 in April from March's 53.1
• Japan raised its sales tax rate from 5 percent to 8 percent, marking the first sales tax hike in 17 years. First
step of the two-stage tax hike is aimed at covering swelling social security costs for the country's aging society,
which would help increase government tax revenues and restore the nation's fiscal health.
• Japan’s Trade Deficit Widens as Export Growth Weakens. Japan’s weakest export growth in a year spurred a
wider-than-forecast trade deficit in March, adding to challenges for Prime Minister Shinzo Abe in steering the
economy through the aftermath of sales-tax rise.
• China acted for the first time this year to steady its stumbling economy by cutting taxes for small firms on
and announcing plans to speed up the construction of railway lines.
• China Manufacturing Gauge Signals Economic Weakness for the past few months. China is trying to balance
supporting growth with curbing shadow banking, eliminating overcapacity and reducing pollution
US
EUROPE
ASIA
CHINA
U.S
EUROPE
ASIA
CHINA

4. Equity Market Review – April 2014
Indian markets are witnessing a bullish trend for the month as Opinion polls stating a Modi led BJP government in power is attracting
strong capital Inflows into the country . RBI in its bi-monthly meet kept the key rates unchanged. Geopolitical tension in Ukraine ,
uncertainty over the fed interest rates slow growth in China have been the major events in the global front. RBI gave banking license to
Bandhan financial services and IDFC after it got node from election commission .
• Reserve Bank of India (RBI) in its first Bi-monthly Monetary Policy statement 2014-15 announced on 1 April 2014, kept the policy
repo rate unchanged at 8.0%. Other policy instruments such as cash reserve ratio also remain unchanged at 4%. Increase the liquidity
provided under 7-day and 14-day term repos from 0.5 per cent of net demand and time liabilities (NDTL) of the banking system to 0.75
per cent
•India's annual consumer price inflation in March inched up to 8.31 per cent from 8.03 in February, mainly on account of a rise in fruit
and vegetable prices. India's wholesale prices-based inflation accelerated to a three-month high of 5.70 percent in March, driven up
by increases in food and fuel costs.
• India's Index of industrial production (IIP) dipped 1.9% in February 2014, snapping 0.8% growth recorded in the previous month.
Driven by a decline in consumer goods ,capital goods and manufacturing goods growth . Mining sector, basic goods ,intermediate
goods and electricity rose for the month.
• India's trade deficit widened in March on a sharp fall in exports, which would further ease pressure on the country's current account
balance. The trade deficit stood at $ 10.50 billion, almost five months high.
• Foreign institutional investors (FIIs) have bought stocks worth a net $ 1.19 billion (around Rs 7,191 crore) till 23 April.

5. Economic Update (Domestic) – April 2014
• Foreign institutional investors (FIIs), the main driver of Indian equities, have bought stocks worth a net $1.19 billion (around Rs
7,191 crore) till 23 April. The biggest inflow record was seen in Feb 2012 when FIIs invested $3.18 billion.
• India's industrial output declined in Feb after a rise in the previous month. The index of industrial production declined 1.9% percent
annually in January .
• The wholesale price index (WPI), India's main inflation rose to quickest pace since December 2013 and three months high at 5.70 %
. The rise was due to higher food, fuel and manufacturing costs
INDIA IIP
India IIP

6. Sectors Under our Research Radar
• Metal
• Banking & Financial Services.
• IT & IT Enabled Services
• FMCG
• Automobiles & Ancillaries
• Capital Goods
• Telecom
• Oil & Gas
• Pharma

7. Metal sector
• Metal sector is sluggish on global economic scenario and on concerns of decline in industrial demand because of falling
Purchasing managers Index (PMI’s) & slowing global growth.
• Indian metal companies are affected because of low demand as high inflation rates & tight monetary policy along with low
government spending affects the sector. The international metal prices has turned lower and the other input costs have rose
which is putting more pressure on companies which will reduce the operating margin.
Metals & Mining Sector
Global Scenario
• Metal sector has lately seen some green shoots in global economy. This is boosting sentiment that economic
recovery is on the cards and demand is set to improve. Strong manufacturing PMI from China and Europe is
positive for the sector. On the LME and other metal markets, base metal have fallen sharply since the start of
this year. However off late it is seeing some stability on the back of positive economic data from major
developed economies.
Indian Scenario
• The metal & mining companies has been struggling because of subdued demand. The prices of metals have
dropped on the LME as well. However sharp depreciation in Indian rupee is expected to benefit these
companies.
• India steel sector is said to grow by 3% this year. An added advantage is that the court has ordered the
opening of the B grade mines in Karnataka. With the new import tax of 2.5%, the opening of the mines will
offer some support to the prices.
STOCK IN FOCUS : Hindalco
• Hindalco is advisable for aggressive long term investors because of its attractive valuations. With its
subsidiary Novelis performing well and immune to metal prices is positive for the company in the current
weak economic scenario. Though some concerns prevail in domestic business, it is expected to be in short
term and over long term its growth is intact. Investors can start buying the stock at the current levels and
accumulate at the lower levels for investment target of Rs. 150.

8. Banking & Financial Services sector
Current Scenario
• RBI’s steps has been reflecting in currency markets where rupee has strengthened and stability is seen. RBI
has eased Marginal standing facility rates to ease the borrowing cost for banks and companies.
• RBI increased the repo rate by 25 bps in January meet to keep a check on rising core inflation and to
stimulate growth in the economy.
STOCK IN FOCUS: Union Bank
• Aggressive investors can consider an investment in the UBIL stock. The bank posted decent results for
Q2FY14. The pace of loan growth only came in at 17% yoy for Q4 vs 21% yoy for Q3. This led to NII growth of
11% yoy. NIMs saw a decline from 3% to 2.89% and the management attributed this to high cost of funds and
interest rate cuts on the base rate and the sectoral rates. Other income growth came in at 8% but this was
mainly led by treasury income growth of 79% yoy, The bank was boosted by profits on the sale of its
investments that grew by 85% yoy. However the core fee based income declined by 4% yoy. Operating costs
rose by 13% yoy. The asset quality performance was mixed. NPA position continues to improve and this bodes
well going forward as there will be less interest income reversals and lower credit costs Infact Gross NPAs have
been trending lower since Q1FY13. Absolute Gross NPAs which stood at Rs. 6541 crores in Q1FY13 have
declined every quarter since and in Q4FY13 came in at Rs. 6313 crores (In Q3FY13 it stood at Rs. 3168 crores)..
With regards to valuations we continue to maintain our BUY rating with price target of Rs.150

9. Information Technology & IT enabled service Sector
Current scenario
• Indian IT Industry is expected to benefit for short term from Indian Rupee which depreciated close to 6% in
June. Economic conditions are lot better now as Euro zone is stabilizing and on improved economic data from
United States.
• gradual revival in the outsourcing demand in the US and the European market helped Indian IT players to
resume on the growth path. This strong momentum in the business is reflected in their valuations, which have
soared sharply compared with their year-ago levels . First, the December and the March quarters are
traditionally weak for IT companies due to the festive holidays and the annual exercise carried by client firms to
ascertain IT budgets for the next year. IT players typically report a sequential volume growth of 1.5-3% during
this period, compared with more than 3% increase in the first two quarters.
STOCK IN FOCUS:
We are not profiling any stock in the IT sector.

10. Auto & Ancillary sector
Current Scenario
• Auto sector is facing the worst sales streak in over a decade.
• Auto is also facing multiple headwinds such as an increase in raw material cost, increase in cost of operations
and high interest costs. Increase in excise duty on vehicles was impose during the budget.
• In the recent credit policy meet RBI has decided to leave the rates unchanged, but the lending rates are not
lowered by backs. Auto companies posted lower than expected results this quarter.
STOCK IN FOCUS : Maruthi Suzuki
The company posted strong results for Q4FY13 buoyed by higher sales of new models such as Ertiga, Dzire and
Swift, operating efficiencies and the benefit of a favourable exchange rate. As was the case with other players
MSIL’s sales volume declined by 4.6% yoy but average price realizations grew by an impressive 14.4% yoy and
0.2% qoq taking total sales growth rate to 9.4% yoy. Diesel vehicles now account for 58% of MSIL’s sales mix and
helped boost realizations. Besides discounts for the quarter dropped from the Q3 level of Rs. 12000 to Rs.10000.
Traditionally MSIL has been able to perform rather well in a falling market and FY13 was no exception. While
industry volumes declined by 2.2% for the full year, MSIL’s sales volumes rose by 4.4%. The company also
improved its market share by 1% to 39.5% in FY13. Operating profits rose by a whopping 108% yoy while
operating profit margins rose by 3% yoy to reach 10.7% The company received a boost by way of yen
depreciation relative to the dollar and this added 1.3% to the operating profit margin. PAT growth came in at
79% yoy. With regard to valuations we maintain our HOLD rating with our target price of Rs.1885.

11. Fast Moving Consumer Goods (FMCG)
Current scenario
• Fast moving consumer goods sector is in neutral to positive mode as investors are already churning out stocks
from defensive to cyclical on positive sentiment into the new year. Valuation wise, FMCG is currently on the
higher side compared to forward earnings and with high input costs the margins are expected to be squeezed.
• Good volume numbers in last quarter is however indicating strong demand for FMCG companies and the
easing inflation is big positive for the FMCG companies as the margins for the company will improve in future.
STOCK IN FOCUS :
• FMCG companies are currently over valued and major FMCG companies are trading around 35 times to its FY
14 earnings. Volumes saw a growth below market expectations in the second quarter of FY 13 and their
promotional and advertisement expenses are expected to inch up higher in next couple of quarters however
the decline in the input costs will aid margins to improve.

12. Capital Goods &, Engineering & power
Current scenario
• Capital goods & Power sector has been affected by macro economic headwinds such as availability of coal,
high cost of raw materials & weak order book.
• Capital goods & Engineering sector is expected to benefit form the FY 14 infra targets of Rs.1.15 lakh crore
set by Prime minister. Target is to roll out projects worth Rs 1.15 lakh crore in public-private-partnership
mode by the end of this calendar year, including setting up 60 airports. The other major projects include
monitoring the construction of Mumbai's Rs 30,000 crore elevated rail corridor and power and transmission
projects worth Rs 40,000 crore.
STOCK IN FOCUS: L&T
•Larsen & Toubro Limited is an Indian multinational conglomerate headquartered in Mumbai, India. The
company has business interests in engineering, construction, manufacturing, information technology and
financial services. Larsen is a company which has a strong brand name and track record mainly on the
engineering and construction. Larsen and Toubro posted net sales went up by 26.11% to Rs.12078.33crore in
first quarter of FY13 from Rs.9577.87crore in the same quarter FY12. Engineering & Construction segment,
which contributing 86.87% to the total revenue, increased for the period by 30% to Rs.10489.76 crore. Even
after the other income increased by 124.64% to Rs.605.84crore the operating profit margin contracted and
reported only 19.37% growth. Valuation based on the DCF method suggesting a fair value of Rs.1379/share.
An investor with moderate profile can consider a buy at Rs.1104 with 20% margin of safety.

13. Telecom Sector
Current Scenario
• The Department of Telecom is hoping to announce the new M&A guidelines next month as it attempts to
infuse life into a sector battered by controversies. Telecom sector now looks stable and seems back on its
feet with initial investment proposal of over Rs 11,000 crore received in 2013.
• While government is hopeful of announcing mergers and acquisitions guidelines in January and a new
policy on machine-to-machine communications in first quarter of 2014, in 2013 it was able to implement
new licensing regime of Unified Licences, open up telecom sector for foreign investment by raising FDI limit
to 100 percent from 74 percent.
• The government is gradually addressing concerns related to the industry but at the same time there has to
be a balance between compliance with rules and consumers interests.
STOCK IN FOCUS
• Currently we do not advise any stock for the month in telecom sector because of regulatory uncertanity.

14. Oil & Gas Sector
Current Scenario
• Government increased the gas prices to $8.4/mmbtu from April next year will incentivise investment in
the oil & gas sector which will reduce the energy import bill. The revision in gas price will bring in much
required technology and risk capital from foreign majors to tap vast unexplored resources in deep and ultra
deep water frontiers basins.
• India plans to relax rules for oil and gas exploration licenses in time for the next bidding round, so as to
attract global companies. In the past, regulatory uncertainty discouraged many of them from bidding for
exploration blocks.
STOCK IN FOCUS :Petronet LNG
• PLL has showcased a good performance over the last couple of quarters on the back of good numbers it
disclosed. The company’s strong business model (stable re-gasification margins and term con-tracts),
expanding volumes on account of strong demand estimates, higher marketing margin for spot cargoes due to
huge demand-supply gap in natural gas, expected long-term contracts from Gaz-prom and other sources for
Kochi terminal and Dahej expansion hold it in good stead and make an impressive bet for the long term. PLL
posted net sales for the second quarter of FY 13 went up by 41.03% to Rs.7487.89crore from Rs.5309.40
crore in the previous year same quarter. EBIDT margin excluding Other income decreased from 8.35% to
5.36% due to 46.76% rise in the raw material cost but Rs.138.87crore other income (forex gain –Rs.114.10)
helped the company to post highest quarterly net profit of Rs.314.79crore against Rs.260.34crore in the
second quarter last fiscal. Commissioning of Kochi terminal is expected to be in the last quarter of current
fiscal but the operation will be in full capacity by the second half of FY14 due to delay in pipeline
construction. We had a buy rating in the stock previously and reached target level. Based on our DCF
valuation, we have a 12 month price target for the stock of Rs 186/ share. An investor with moderate risk
profile can consider a buy on this stock at or below Rs.143 levels which provides a 20% margin of safety to its
current fair Value.

15. Pharmaceutical Sector
Current Scenario
• Pharma sector is highly linked to government regulations as structural changes are undergoing in the
sector. Pharma sector is growing at a good phase compared to global pharma sector and the production
costs are almost 50 percent lower in India than in Western nations, while overall R&D costs are about one-
eighth and clinical trial expenses are around one-tenth of Western levels which are positive for the sector.
• In long term, the pharma sector is one of the preferred sector as it offers huge scope for development as
low production costs give India an edge over other generics-producing nations, especially China.
STOCK IN FOCUS: Dr. Reddy
• We are not profiling any stock for the sector.

16. Debt Overview & Outlook

17. Debt Market update
• India G sec is trading just below 9% in April and traded in the range of 8.80% to 9.10 % . RBI continued to deepen the 7 day
and 14 day repo rates. There was general expectations that there wont be another rate hike by RBI on fall in inflation but to
everyone’s surprise RBI increased the repo rate by 25 bps to 9%
• Call money rates were under pressure at early part of the month however RBI announced 14 day and 28 day repo to ease
pressure in call money rates which would ease pressure on borrowing money.
• The government is likely to report a lower fiscal deficit for FY14 than the target set by the Finance Minister P Chidambaram in
the interim budget. There are indications that the number could be as low as 4.5 percent, which is marginally lower than 4.6
percent that was mentioned in the interim Budget.
Indian Interest rate RBI – long term graph10 year G-Sec (8.83 %) 2023 benchmark Yield

18. Debt Strategy
We remain negative on short term funds. We expect short term rates to increase in
near term mainly due to risk of increase in inflation and thereby increase in repo
rates. Due to unseasonal rainfall , lot of crops were effected and there is good
probability of inflation increasing. We remain slightly negative on short term debt as
the shot term rates has declined and we expect it to trade in higher levels and
borrowing amount is almost same as last year.
We are positive on long term bonds because we see the interest rate cycle has
topped out and expect one more rate hike which should be the end. Disinflationary
trend is projected by RBI and is likely to happen because of fiscal tightening in Q3
and slower industrial activity over medium term . However more supply of bonds is
likely to limit the upside.
Risk of increase in inflation and El nino scenario are the key risks for interest rate
cycle. Borrowing calendar in first half is around 61% of the total borrowing which is
slightly on the higher side which should put pressure on bond yields. However
additional limit for long term investors in Gilt funds and yields close to 9% should
attract FII’s. Stability in forex markets is the major positive and we maintain our slight
negative bias on Medium term.
Short
Tenure Debt
Long Tenure
Debt
Medium
Term
Category Outlook Details

19. Commodities – Outlook & Strategy

20. BULLIONS – Outlook & Strategy
• Spot gold prices in international market reached levels close
to $1280 levels however it s was unable to breach the level of
1400 on the the back of negative news flow for Gold. Federal
reserve decision to hike interest rate hike sooner than expected
was set back for bullion. Easing tensions between Russia and
West was also other reason for the gold to decline.. Outlook:
Gold is expected to remain weak and volatile due to issues on
the back of strong economic data from US after weather related
issues. Fed’s decision to withdraw QE 3 from the market is also
concern.
• Silver prices declined with negative bias. Silver on technical
side trading just below the important level of 20 and is trading
around $19.39 an ounce. Bargain hunting is expected to
provide some support to the falling silver prices. Strong
manufacturing activity in Euro zone is supporting silver prices.
Outlook: Silver is expected to remain volatile due to issues
such as Fed’s decision to withdraw QE3 from the market and
recent weakness in Global economic data. . Bargain hunting is
expected to arise after steep decline in prices on strong
manufacturing demand.
As on 31 April 2014
SILVER
GOLD

21. BASE METALS – Outlook & Strategy
• Copper prices declined sharply on worries over Chinese
economy slowdown which is the world’s major metal consumer
with share of 40%.
• Copper is expected to end the year with surplus which is
expected to put pressure on copper prices.
• US Housing is one of the bright spots in US markets indicating
recovery in world’s largest economy. Copper is expected to get
support because of increased demand from US housing
segment.
• Outlook: Copper prices is expected to trade with negative bias
on weaker manufacturing data. Expansion in manufacturing
activity in Euro zone is positive as the PMI is improving after
three years of contraction. Any easing from Europe and global
liquidity is supportive for copper prices and it is trading near cost
of production which will act as cushion for copper prices. US fed
reserve meet will continue to be an important factor to watch
for
As on 31 April 2014
COPPER

22. ENERGY & AGRI – Outlook & Strategy
• WTI Crude oil prices consolidated with positive bias. It is
supported by launch of TransCanada pipeline which is push more
crude from Cushing Oklahoma to the southern refineries which
will increase the usage of WTI crude oil and reduce the import of
Brent crude. Tension eased between Russia and west which lead
to cooling off prices however strong economic data and pipeline
supported the prices. Outlook: Crude price is expected to be
volatile for the coming months. Positive economic data from US
and Geo political tensions is expected to support oil prices . US
federal reserve decision is expected to have effect on oil prices.
• Rubber prices saw a drop in global prices. This was mainly due
to supply concerns as the tapping season is set to come to a halt
by the end of the month. Rubber prices rose last month following
the government decision to hike the import duty to 20% or Rs 30
per kg from the earlier Rs 20 per kg. Rubber growers had feared
that rubber prices may fall below cost of production if the
situation continued and even the Rubber Board had
recommended a temporary ban on imports. Outlook : We expect
rubber prices to trade with negative bias concerns over global
growth. Especially after recent disappointing growth data from
big economies.
As on 31 April 2014
CRUDE OIL
RUBBER

23. Forex - Outlook & Strategy

24. Forex – Outlook & Strategy
As on 31 April 2014
• Government's fiscal deficit in the 10 months through January
2014 has overshot revised estimates of Rs 5.24 lakh crore for
this fiscal.
• The fiscal deficit during April-January 2013-14 worked out to
be Rs 5.32 lakh crore or 101.6 per cent of the revised
estimates. The government had in the budget for 2013-14
proposed to bring down the fiscal deficit to 4.8 per cent of GDP
or Rs 5.42 lakh crore
Cu
Currency Current Rate Short Term Trend
Dollar index 79.95 Up
EUR / USD 1.38 Down
USD / JPY 102.40 Up
GBP / USD 1.6790 Up
USD / INR 61.07 Down
EUR / INR 84.87 Down
JPY / INR 59.51 Down
GBP / INR 102.76 Neutral
• The Indian rupee hit a one-month low as dollar demand from oil
importers and weaker regional currencies kept it under pressure
even after the local unit posted its worst single-day fall since March
20th in April. However rupee bounced back towards the end of the
month. Meanwhile, in debt markets foreign investors have been net
sellers over the previous two weeks. The largest bourse National
Stock Exchange (NSE) said it is ready to extend trading hours for
currency traders and is awaiting a nod from market regulator SEBI.
• India's trade deficit narrowed to a little under $138 billion
during the last financial year, compared to over $190 billion in
the previous year on account of an 8% fall in imports. Gold and
silver imports declined 40% to $33.5 billion in 2013-14,
compared to close to $56 billion in the previous year.
Trade balance and export - import data

25. Mutual Funds- In Focus
Liquidity Management Solutions Investment Solutions
Liquid or Equivalent Funds
• HDFC Cash Management Fund -Treasury
Advantage Plan (TAP)
•Reliance Liquid fund - TP
• HDFC Liquid Fund
• UTI Floating Rate short term Fund
Debt –Short/Medium Term Solutions
• IDFC SSIF Short term plan A
• HDFC Medium term opportunities Fund
• UTI Short term Income Fund - Retail
• Religare Credit opportunities Fund
• DSPBR Strategic Bond Fund
Equity Funds
• Birla Sun life Frontline Equity fund
• ICICI Pru Focused Blue chip Fund
• DSP Black Rock Small & Midcap Fund
• UTI Opportunities fund
• IDFC Premier
• HDFC Midcap Opportunity Fund
•UTI Equity Fund
•Reliance Equity opportunities Fund
•SBI Magnum Balanced Fund

26. Hedge Equities is an established retail and institutional financial service provider in India, with Head
Quarters at Kochi with PAN –India presence of more than 130 retail outlets and an overseas office in
Dubai. The service folio of Hedge Equities include Equity, Mutual Funds, Derivatives, Commodities,
Currency, Fixed Income Securities, Depository Services, Clearing Services, Margin Funding, Fundamental
and Technical Research Support & Wealth Management Services (Hedge WMS)
SEBI Registered Portfolio Manager
Dedicated Team of Portfolio Managers & Dealers
Strong in - house Research Team
Investment options across the full risk - reward scale
Disciplined & Rational Investment approach

27. Hedge Wealth Management Services (WMS)
Hedge WMS is designed exclusively for the discerning investor who desires customized & research oriented
rational investment solutions. As a SEBI Registered Portfolio Manager, Hedge Equities through its WMS
division helping investors to Build, Manage & Grow their Wealth. The company ushers investors to higher
growth terrains by formulating novel investment option across full risk- reward scale. Disciplined, Rational &
Objective investment approach derived from intensive research are hallmark of Hedge WMS.
The foundation of Hedge WMS is our belief that our customer’s needs are of paramount importance and
investments should be tailored to meet their unique needs, requirements & risk appetite. We know that our
approach to the management of wealth must reflect our investor’s depth and breadth of needs.
To this end, we help develop a strategy that evaluates your complete financial needs and provide solutions
through efficient cash & asset allocation, dynamic rebalancing, strong research & a diversified investment
portfolio to minimize risk and maximize return. It is our conviction that we can combine our research insights,
market reach and a culture of information sharing with an unwavering focus on risk management to deliver a
real return to investors after inflation and taxes

28. Hedge Equities Research reports
• Morning Report
• Monthly Report
• Company Analysis Reports
• Daily Economic Reports
• Daily Commodities Report
• Daily Currency Report
Hedge Equities Research & Strategies Team
Head of Research: Krishnan Thampi K
Sr. Technical Analyst: Anish .C
Jr. Fundamental Analyst : Jasna
Fundamental Analyst : Shajan. KS
Economic & Commodity Analyst: Vignesh SBK
Reach us at Research@HedgeEquities.com

29. Disclaimer
This document does not solicit any action based on the material contained herein, Hedge Equities Ltd ("the Portfolio Manger") will not
treat recipients as clients by virtue of their receiving this presentation. The recipient of this material alone shall be responsible / liable
for any decision taken on the basis of this material The distribution of this presentation in certain jurisdictions may be restricted or
totally prohibited to registration requirements and accordingly, persons who come into possession of this presentation are required to
inform themselves about and to observe any such restrictions and/ or legal compliance requirements Persons who may receive this
presentation should consider and independently evaluate whether it is suitable for his/ her/ their particular circumstances and are
requested to seek professional financialadvice. Past performance is not a guide for future performance Future returns are not
guaranteed and a loss of principal may occur The company and its affiliates accept no liabilities for any kind of damage arising out of
this presentation With respect to all information found in this presentation, the company and its directors, officers, agents, or
employees and its affiliates make no warranty, express or implied, including the usefulness of any information contained therein and
the presentation shall not be liable for any indirect, incidental or consequential damages sustained or incurred in connection with the
use, operation, or usability to use this presentation and information contained therein Under no circumstances will the company be
liable for any loss or damage caused by anyone's reliance on information contained in this presentation
RISK FACTORS -
All securities investments are subject to market risks and there can be no assurance that the Objectives of the portfolio (s) will be
achieved Each portfolio will be exposed to various risks depending on the investment Objective, investment philosophy, investment
strategy and the capital markets, interest rates, currency exchange rates, changes in laws/policies of the government, taxation laws,
political, economic or other developments, general decline in the Indian Markets, which may have adverse impact on individual
securities, a specific sector or all sectors. Further, the investments by the portfolio shall involve investment risks such as trading
volumes, settlement risk, liquidity risk, default risk including the possible loss of capital, The portfolio with investment objective to
invest in a specific sector/ industry would be exposed to risk associated with such sector/ industry and its performance will be
dependent on performance of such sector/ industry The decisions of Portfolio manager may not always be profitable. Investors of the
Portfolio Management Services are not offered by guaranteed assured returns. The Portfolio Manager may invest in shares, debt, units
of mutual funds, deposits or other financial instruments of associate/ group companies, The name of the portfolios does not in any
manner indicate either the of the product or their future prospects and returns, Investors are advised to read the risk factors given in
the Portfolio management Services Agreement and Disclosure Document before investments

30. Hedge Research View & January 2012 Monthly Outlook
Economic Update – Domestic & Global
Equity
Debt
Commodity
Mutual Funds & Liquidity Solutions
Currency
Real Estate
You can reach us at research@hedgeequities.com