APRIL 1, 2013

Economy News
If the country has to meet the projected growth of 8% during the 12th Five Year Plan, the Indian economy should mark a growth of more than 9 per cent in the last two years of the Plan period, given that the first year of the period is only posting a growth of 5 per cent, according to Planning Commission deputy chairman Montek Singh Ahluwalia. (BS) The government is considering a proposal to cap the prices of all medicines at the time of launch. This could mean pharmaceutical companies would have to seek initial price approval from the regulator before launching products, a government official said. (BS) In order to protect customer interest, regulators in financial sector and consumer protection bodies need to keep a close watch on product design as well as financial innovation, RBI Deputy Governor K C Chakrabarty has said. (ET) Travelling in trains is set to become costlier from today as the increase in reservation fee and superfast charges announced in the Rail Budget come into effect from April 1. (BS) In a bid to tide over the power crisis in Andhra Pradesh, the Central Electricity Authority (CEA) has agreed to mediate with Gujarat and Maharashtra for a novel swapping arrangement wherein AP would get 6.5 mmscmd of natural gas to run about 1,500 Mw of idle gas-power capacity. In return, AP will offer similar quantity of power to these states by purchasing from the surplus states, including the eastern region. AP has come up with this alternative idea as it cannot draw power directly from the surplus regions of the country due to corridor load constraints. (BS) Power tariff across consumer categories in Andhra Pradesh has been raised with effect from April 1 according to orders issued by the Andhra Pradesh Electricity Regulatory Commission (Aperc). (BS)

Equity
% Chg 28 Mar 13 Indian Indices SENSEX Index NIFTY Index BANKEX Index BSET Index BSETCG INDEX BSEOIL INDEX CNXMcap Index BSESMCAP INDEX World Indices Dow Jones Nasdaq FTSE NIKKEI HANGSENG 1 Day 1 Mth 3 Mths

18,836 5,683 13,033 6,885 9,018 8,327 7,402 5,805 14,579 3,268 6,412 12,398 22,465

0.7 0.7 1.7 1.1 2.2 0.5 1.5 1.3 0.4 0.3 0.4 0.5 0.7

(0.1) (0.2) (1.3) 1.9 (1.8) (3.7) (1.8) (6.5) 3.7 3.4 0.8 5.7 (3.1)

(3.1) (3.8) (9.1) 21.1 (17.3) (2.2) (12.6) (20.9) 12.7 10.4 8.2 18.0 (1.6)

Value traded (Rs cr)

28 Mar 13 Cash BSE Cash NSE Derivatives 3,069 14,102 264,529 % Chg - Day 91.0 61.2 35.7

Net inflows (Rs cr)

26 Mar 13 FII Mutual Fund 567 (22) % Chg (29.8) (87.6) MTD 10,399 (1,767) YTD 54,751 (7,328)

Corporate News
ONGC Videsh Ltd (OVL) and its partner Oil India Ltd (OIL) have closed in on another energy asset in Africa. The consortium has offered up to $5 bn to buy the combined 20% stake of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field. (BS) Jindal Steel and Power's (JSPL's) bid to acquire a majority stake in Gujarat NRE Coke's Australian subsidiary has not been successful, with the company managing to acquire only 31.49 per cent stake at the end of its open offer. (ET) Syndicate Bank said it would raise $500 million to fund its London operations through the medium term note (MTN) bond issue. (BS) Chennai-based Polaris Financial Technology has approached engineering and construction group L&T and India's third-largest technology services exporter Wipro to gauge their interest in acquiring its services business, three people with direct knowledge of the matter said. (ET) Japan has emerged as a focus market for Indian bulk drug makers. Active pharmaceutical ingredient (API) makers like Ahmedabad-based Dishman Pharmaceuticals, Hyderabad-based Suven Lifesciences and Chandigarhbased Ind-Swift Labs are all upbeat on the Japanese market. Dishman Pharmaceuticals and Chemicals, which is supplying to eleven companies in Japan already and has seven APIs approved by the country's drug regulator, is eyeing a five-fold growth in revenue from Japan this fiscal (2012-13). (BS) Gujarat Industrial Development Corporation (GIDC) has acquired additional 3 per cent stake in the state-run alkali products maker, Gujarat Alkalies & Chemicals Ltd (GACL) through the open market purchase. (BS) The Mahindra group, which forayed into the solar power sector three years ago, said it could add another 500 megawatts (Mw) over the next 24-36 months. (BS)
Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange

FII open interest (Rs cr)

26 Mar 13 FII FII FII FII Index Index Stock Stock Futures Options Futures Options 7,543 34,666 21,463 30 % Chg (51.8) (43.0) (16.3) (99.0)

Advances / Declines (BSE)

28 Mar 13 Advances Declines Unchanged A 156 50 B 1304 935 93 T 149 158 30 Total % total 1,609 1,143 123 56 40 4

Commodity

% Chg
28 Mar 13 1 Day 1 Mth 3 Mths

Crude (NYMEX) (US$/BBL) 96.8 Gold (US$/OZ) 1,598.8 Silver (US$/OZ) 28.5

(0.4) 0.3 0.3

6.7 1.7 (1.2)

5.4 (4.6) (6.8)

Debt / forex market

28 Mar 13 1 Day 1 Mth 3 Mths 10 yr G-Sec yield % Re/US$ 8.1 54.3 8.1 54.4 8.0 54.4 8.2 54.8

Sensex
21,000 19,500 18,000 16,500 15,000 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13

MORNING INSIGHT

April 1, 2013

COMPANY UPDATE
Ritwik Rai ritwik.rai@kotak.com +91 22 6621 6310

SUN TV NETWORK
PRICE: RS.390 TARGET PRICE: RS.426 RECOMMENDATION: ACCUMULATE FY14E P/E: 19.2X

We met with the management of Sun TV Network, to gather the company's views on operations and future growth areas. The following are key takeaways from our meeting: Advertising environment continues to be uncertain, although Sun TV, on account of strength in FMCG/ local advertising, is likely to outperform industry growth rates. The management expects that in the coming year, the company's advertising revenues shall be comfortably ahead of the industry growth rates, and is likely to come in at 10%-12% for the next few quarters. Significant uptick in advertising growth in the industry is likely only by 2HFY14. As of now, the company is largely reliant on better inventory utilization for advertising growth; pricing improvements may be seen toward 2HFY14.
Summary table
(Rs mn) FY12 FY13E 19,335 4.7 14,454 74.8 10,161 6,780 17.2 (2.1) 28.9 71.2 9.5 25.2 24.1 5,727 190 22.7 5.5 7.7 10.3 FY14E 22,586 16.8 16,700 73.9 12,048 7,991 20.3 17.9 33.5 80.4 9.5 26.7 26.2 8,753 186 19.2 4.8 6.4 8.7

Sales 18,472 Growth (%) -8.3 EBITDA 14,144 EBITDA margin (%) 76.6 PBT 10,224 Net profit 6,929 EPS (Rs) 17.6 Growth (%) (10.0) CEPS (Rs) 29.6 BV (Rs/share) 65.1 Dividend / share (Rs) 9.5 ROE (%) 28.4 ROCE (%) 26.6 Net cash (debt) 2,519 NW Capital (Days) 193 P/E (x) 22.2 P/BV (x) 6.0 EV/Sales (x) 8.2 EV/EBITDA (x) 10.7

TRAI's recent initiative to regulate the number of minutes of advertising on channels may impact the mix of advertising growth in the near-term. Most of Sun TV's channels are already compliant with the proposed regulation; however, commercial time on a few leading channels of the company (movie channels) may be marginally ahead of the new regulations (likely a minute or so ahead per hour of broadcasting, at about 13 minutes/ hour). As such, some inventory repackaging (proposing packaging of air time with some lesser utilized channels) may be required to comply with proposed regulation in these specific channels. The management believes that: a/ these transitions, all else remaining equal, shall not be very cumbersome, and b/ that if the transitions are cumbersome, the industry is likely to move to a higher advertising rate. On DAS rollout, the company believes that as and when billing begins, benefits shall begin to appear. At the present point, the company (along with the industry) is in a wait and watch mode. In North India, Sun TV has signed deals with MSOs on a - la- carte basis; in the South as a whole, Sun TV believes that its bouquets in the four south Indian states shall be indispensible, and the company shall be able to generate Rs 20-Rs 25 per subscriber. We note that on DTH platform, the company is able to generate Rs 38/ subscriber. We have earlier pointed out that the confusion over several issues that DAS rollout in Tamil Nadu creates has potential to trigger a run up in valuation of Sun TV Network. This idea had, in the recent past, played itself out, as the Ministry of Information and Broadcasting had sought TRAI's view (which were not in favour of granting license to state sponsored enterprises running cable and broadcasting operations). However, no developments have taken place since then, and DAS rollout in Chennai is still in a state of confusion as legal battles continue. The Ministry of Information and Broadcasting has still not taken a final call on whether the state sponsored entities should enter broadcasting. MSOs in Chennai are proceeding cautiously in seeding set-top boxes, in our understanding, as they await clarity on regulatory issues. Issues being encountered in Chennai are potentially issues that could be faced by the industry in the rest of the state. As such, the management is unable to make a judgment of the medium-term benefits likely from Tamil Nadu unless relevant ministry/ courts take their decision.

Source: Company, Kotak Securities - Private Client Research

Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation

MORNING INSIGHT

April 1, 2013

In the past, the management has said on conference calls that DTH was providing a way forward to digitization in Tamil Nadu as citizens confused with the position of the state government, and consequently of the MSOs, were opting for DTH in a big way. In the conference call for 3QFY13, the management had said that DTH pick-up had been noticeably stronger in November/ December. Our discussions with the management indicate that the DTH deployment in Chennai has softened since December. This, as per management, is likely on account of examinations season (March- April) that tends to weaken subscriber additions. In our understanding, it could also indicate a growing comfort of the populace with the belief that analogue cable is unlikely to be replaced in a hurry. The management said that cost escalation shall be moderate going forward, and that the company did not see a significant pressure on either content costs or others. We sense that the company believes that the sharp escalation in certain costs and working capital seen in FY12/FY13 is likely a peak in acceleration. Going forward, we believe that costs shall see modest growth, on content or otherwise. The regional space is likely to see a significant escalation in competitive activity. Even so, the company believes that it shall be able to manage these pressures without a significant rise in expenses. As of now, we sense that the management thinks that the company can manage competitive activity with standard tools that it has used so far (better understanding of the audience, strong grip over content, and distribution built over a period of time). The company indicated that several competitors were raising content expenses to extremely high levels and the benefits derived from the same were questionable (and to that extent, not sustainable, at least for single genre players). The management asserted that if weekly ratings showed a downtrend, the company will take corrective actions. The company would not shy away from investing aggressively in programming if the expenses were at least EBITDA neutral (i.e. monetizable in the first screening). As of now, competitive intensity is under control. Related to the above is the fact that Sun TV generates a significant amount of cash, and operates in spaces that broadly account for only 25% of the television viewership of India. It has been our belief that there is a case for Sun TV, assuming timely DAS rollout, to expand the genres they operate in. The management says that it continues to believe that Hindi Entertainment is an overcrowded space; however, the company continues to evaluate opportunities in other languages/ genres. Among other media spaces that the company is involved in, we note that: 1/ the company believes that losses in IPL franchise (Sunrisers) shall be limited to Rs 250-Rs 300 mn in FY14, and the franchise shall likely break-even in FY15, 2/ the company shall participate in Phase-3 radio FM auctions and look to enhance its reach in smaller cities, 3/ the company shall be distributing two Tamil movies in FY14, after practically withdrawing from the business for several quarters now.

We take note of the following in making our recommendation/ setting our price target for Sun TV Network Although catering to only four languages, Sun TV Network's channels are largely indispensable to c.40% of India's C&S population. Sun TV has historically dominated three of the four states it is present in, and possesses bargaining power that is unparalleled among significant genres in Indian television. Sun TV is a significant DAS play (assuming DAS rollout in TN also), simply because it is a musthave for most of the regions that the company operates in.
Assuming that costs shall be contained to moderate levels, and revenues from TN geographies shall not materialize in FY14, we believe Sun TV shall still be on track to meet our estimates for the year. However, more aggressive estimates of the street (consensus EPS estimates are 7% ahead) are unlikely to be met, unless a resolution of DAS rollout in Tamil Nadu is in favour of Sun TV.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

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MORNING INSIGHT

April 1, 2013

Current valuations of Sun TV, we believe, do not account for a possibility that Sun TV may be able to extract due subscription revenues from Tamil Nadu. There may thus be significant upside in the stock, if Tamil Nadu market were to be freed of state intervention, and if DAS rollout were achieved in FY14/FY15 in key cities of Tamil Nadu. Prior to recent decline from highs, the stock had benefited from a burst of positive news-flow and expectations of quick resolution of the issues being faced in Tamil Nadu analogue market. The news-flow on these counts has been lacking in the past few months, and it is difficult to make a call on when the same may revive. Sun TV has, over the past two years, been significantly impacted by allegations made over promoter/ promoter entities. Although we are in no position to take a call on either the resolution of the issue or the extent of damage that the same could entail to Sun TV's operations, it is a matter of historical record that a 15%20% decline in the stock is not uncommon as adverse news-flow peaks. Newsflow in the past few weeks has been adverse, and has led to c. 20% decline from recent peak. We believe Sun TV Network is unlikely to breach valuations of 22x FY14 PER, until negative news-flow abates/ positive news-flow is initiated.
We maintain ACCUMULATE rating on Sun TV Network with a price target of Rs.426

Our fundamental view on Sun TV Network remains positive, as we believe that while timing of cash flows is difficult to ascertain, Sun TV's strength in content places the company well in a digital environment. We continue to think that the opportunity set for Sun TV Network is wide, and its position in the South Indian markets shall be strong in the near future. We would maintain an accumulative stance on the stock, while looking for more attractive price points/ improved news-flow scenarios to invest more aggressively in Sun TV Network. We maintain our positive stance on Sun TV Network, while we cut our price target 10%, as we believe that resolution of the issues in Tamil Nadu could take longer than we anticipated in our more recent reports. Maintain ACCUMULATE, with a price target of Rs 426.

Kotak Securities - Private Client Research

Please see the disclaimer on the last page

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MORNING INSIGHT

April 1, 2013

Bulk Deals

Trade details of bulk deals

Date Scrip name Name of client Buy/ Sell Quantity of shares Avg. price (Rs) 109.7 108.0 109.9 93.3 94.4 95.5 37.1 66.1 66.1 159.3 159.7 158.6 58.5 58.9 57.6 57.6 57.6 73.3 54.3 53.5 44.8 44.7 49.6 49.7 49.6 80.5 80.5 72.8 73.2 71.7 73.4 43.0 43.0 43.0 43.0 43.0 371.7 251.9 252.0 102.0 102.0 109.6 109.6 112.8 50.0 50.0 252.1 252.1 105.8 106.0 425.2

28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar 28-Mar

Brescon Corp Brescon Corp Brescon Corp Choice Infra Choice Infra Choice Infra Cubical Fin Dhenu Buildcon Dhenu Buildcon Finalysis Cred Finalysis Cred Finalysis Cred Focus Ind Focus Ind Focus Ind Focus Ind Focus Ind Intellivate Cap Kapil Cotex Kapil Cotex Kemrock Inds Kemrock Inds Kwality Cred Kwality Cred Kwality Cred Lambodhara Lambodhara North Eastern North Eastern North Eastern North Eastern Photoquip India Photoquip India Photoquip India Photoquip India Photoquip India Ravinay Trad Seshasayee Pap Seshasayee Pap

Shresth Builders Pvt Ltd Pagaria Holding Pvt Ltd Black Fox Financial Pvt Ltd Manasvi Consultancy Private Emma Auto Ancillary Pvt Ltd Pooja M Goel Cab Securities Ltd. Sar Capital Pvt Ltd Abdul Zameer Hakim Khan Bharat Vanechand Shah Natraj Capital & Credit Pvt Ltd Tushar India P Ltd Delware Polymers Pvt Ltd Sumitra Devi Pardeep Kumar Nehra Sidhishree Tradecomm Pvt Ltd Sangitaben Rajeshbhai Vekaria Vekariya Rajesh Arjanbhai Kalpesh Mahendrabhai Patel Jhaveri Credits And Capital Ltd Mcx Nova Merchants Pvt Ltd Smita Srivastava Pearl Dealers Pvt Ltd Kishanlal Devidutt Saraf Halan Finance & Investment Pvt Ltd Yuthika Commercial Pvt Ltd Pranidhi Commerce Pvt Ltd Marubhumi Dealer Pvt Ltd Kalyani Barter Pvt Ltd Javed Mehdi Saiyed Vimal Jayant Soni Taraben Jayant Soni Jayant Purushotam Soni Dhaval Jayant Soni Lincoln Pharmaceuticals Ltd Sangameshwar properties Coromandel Sugars Ltd

S B B B B S S S S S B B B S S S S S B S S S S S B B B S S S B B B B S S B S B B S B S B S S B

56,250 20,000 25,010 77,933 124,293 148,795 110,000 529,550 529,551 58,299 27,714 49,000 86,328 63,971 172,000 90,000 90,000 170,000 21,336 36,284 650,370 552,000 25,500 25,000 20,000 22,000 31,000 1,000,000 300,000 392,088 900,052 146,300 55,000 30,000 30,000 30,000 17,430 480,713 474,463 42,425 42,425 146,000 200,000 156,049 24,736 29,000 38,780,000 38,780,000 60,952 62,000 2,855,125

Forever Flourishing Fin & Inv Pvt Ltd B

Mushtaque Ahmed Vakilahmed Khan B

Shree Om Trades York Financial Services Pvt Ltd Shree Om Trades Anushikha Investments Pvt. Ltd. Stampede Stampede Stampede Surya Indl Surya Indl Titan Inds Titan Inds Vikas Globalone Vikas Globalone Yes Bank Alingan Vyapaar Pvt Ltd A. T. Invofin India Pvt Ltd Shree Vishwamurte Tradinvest Shree Padmavati Trade-Link Tata Sons Limited Kalimati Investment Co Ltd Geeta Prakash Shah Amber Enclave Pvt Ltd

Mushtaque Ahmed Vakilahmed Khan B

Morgan Stanley Asia (Singapore) Pte S

Source: BSE

Kotak Securities - Private Client Research

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For Private Circulation

MORNING INSIGHT

April 1, 2013

Gainers & Losers

Nifty Gainers & Losers

Price (Rs) Gainers ICICI Bank HDFC Bank ITC Ltd Losers Reliance Ind Tata Motors Bharti Airtel
Source: Bloomberg

chg (%)

Index points

Volume (mn)

1,045 625 309 773 269 292

2.4 1.8 1.0 (1.3) (2.4) (1.7)

8.7 6.2 5.3 (5.3) (3.7) (1.9)

5.6 4.9 8.3 6.1 14.5 4.5

Fundamental Research Team

Dipen Shah IT dipen.shah@kotak.com +91 22 6621 6301 Sanjeev Zarbade Capital Goods, Engineering sanjeev.zarbade@kotak.com +91 22 6621 6305 Teena Virmani Construction, Cement teena.virmani@kotak.com +91 22 6621 6302 Saurabh Agrawal Metals, Mining agrawal.saurabh@kotak.com +91 22 6621 6309 Saday Sinha Banking, NBFC, Economy saday.sinha@kotak.com +91 22 6621 6312 Arun Agarwal Auto & Auto Ancillary arun.agarwal@kotak.com +91 22 6621 6143 Ruchir Khare Capital Goods, Engineering ruchir.khare@kotak.com +91 22 6621 6448 Ritwik Rai FMCG, Media ritwik.rai@kotak.com +91 22 6621 6310 Sumit Pokharna Oil and Gas sumit.pokharna@kotak.com +91 22 6621 6313 Amit Agarwal Logistics, Transportation agarwal.amit@kotak.com +91 22 6621 6222 Jayesh Kumar Economy kumar.jayesh@kotak.com +91 22 6652 9172 K. Kathirvelu Production k.kathirvelu@kotak.com +91 22 6621 6311

Technical Research Team

Shrikant Chouhan shrikant.chouhan@kotak.com +91 22 6621 6360 Amol Athawale amol.athawale@kotak.com +91 20 6620 3350 Premshankar Ladha premshankar.ladha@kotak.com +91 22 6621 6261

Derivatives Research Team

Sahaj Agrawal sahaj.agrawal@kotak.com +91 22 6621 6343 Rahul Sharma sharma.rahul@kotak.com +91 22 6621 6198 Malay Gandhi malay.gandhi@kotak.com +91 22 6621 6350 Prashanth Lalu prashanth.lalu@kotak.com +91 22 6621 6110

Disclaimer
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stocks price movement and trading volume, as opposed to focusing on a companys fundamentals and as such, may not match with a report on a companys fundamentals. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Kotak Securities prior written consent. Registered Office: Kotak Securities Limited, Bakhtawar, 1st floor, 229 Nariman Point, Mumbai 400021 India.

Correspondence address: Infinity IT Park, Bldg. No 21, Opp Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Tel No : 66056825. Securities and Exchange Board Of India: Registration No's: NSE INB/INF/INE 230808130, BSE INB 010808153/INF 011133230/ INE 011207251, OTC INB 200808136, MCXSX INE 260808130. AMFI No: 0164. Investment in securities market is subject to market risk, please read the combined risk disclosure document prior to investing.
Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation