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$5/bbl rise in crude prices Cairn’s EPS for FY13 will rise by 5.4%, while every Re1/US$ 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 company’s 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

LPG subsidy has been capped while excise duty on petrol has been slashed. All eyes are on the RBI.0 1.000 600 200 (200) (Rs cr) Net FIIs inflow Net MFs Inflows Advance/Decline 2.0 7.0 1. The Government was also due to take a call on a whole host of reform measures to avert BRICS’ first debt downgrade to ‘junk’. 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. things have improved considerably.200 1. the momentum is likely to remain upbeat.India Infoline Weekly Wrap Market Outlook Indian markets had a splendid week. China and now the US unleashing fresh stimulus to boost growth. with the BSE Sensex and the NSE Nifty scaling seven-month peaks besides crossing important milestones.0 2. nifty future total open interest stood at 24mn shares.6 1.0 6.4 4.4 4.0 4. Nifty range for the next week might be between 5450-5650.800 1.2 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 (0.9 3.0 5. Stocks could fly even higher if the RBI too springs a pleasant surprise.600 2. 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.0 4.4) (1.0 5. the RBI may not yet cut policy rates.4 (1.000 1. Globally too. with Europe.2 4.8 4.0 3. F&O View Nifty future witnessed huge addition of long position.2) BSE Pharma(0.6 5.600 1.0) 0.5 6.2) 0.6 3.0 0.8 3. 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. FIIs/MFs activity 2. Such move has confirmed breakout from symmetrical triangle above 5450 levels and same gap is likely to ac as pivot support.7 5. with the Government finally hiking diesel prices.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 2.0 2. The much-awaited move on fuel price revision did come about.3 5.0 4.400 1. With inflation in August spiking. which reviews its policy on Monday.0) 2 31-Aug 13-Sep (600) 3-Sep 4-Sep 5-Sep 6-Sep 7-Sep .0 3. Nifty September 5600 call which has been witnessing writing from start of the month witnessed huge unwinding of short position.0 1. On option front. One bad news for India is the fresh uptick in commodity prices. The weak dollar trade has fuelled rally across equity and commodity class across the world and with support of global stimulus.

2 12.1) (9.1 21.7 0.3) Kemrock Ind (1.Coromandel Int CNX 500 CMP (`) 65 80 47.5 PSL 7.9) (4.8 13.6 12.5 12.6) (7.9 Inox Leisure 8.9 10 days Average Traded Qty (lacs) 0.4 Technically weak 10 days Moving Average (`) 606 1223 966 382 205 Total Traded Qty (lacs) 2.2 1.3) (5.9 12.3 123.4 0.9) Balmer Lawrie (0.0) (4.1) Sterling Biotech .0 Company Cipla NTPC Power Grid Ranbaxy Lab.9 Hindalco Ind 8.2 Sonata Software 8.3 0.West Coast Pap .874 3 574 163 6 62 165 276 % Chg (24.3) (7.5 Aftek CNX 500 CMP (`) 45 189 64 22 118 64 137 63 1.5) (10. 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) 25.0 7.7 0.1 12.1) Tulip Telecom (2.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 1.4) (5.7 35.5 Polaris 7.9 13.5 3.6) Orissa Minerals (1.4) Shasun Pharma (0. Siemens Bharti Airtel BHEL - Nifty 50 & CNX 500 top 10 Losers NSE Nifty CMP (`) 369 168 120 541 673 255 205 % Chg Company (3.9) (8.9 Price (`) 10.4 12.1 0.5 1.4 CMC 6.2 Company Syndicate Bank Bhushan Steel Indian Hot.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 3 .1 Adani Ent 9.7) Technically strong CMP (`) 96 469 61 17 93 10 days Moving Average (`) 94 463 60 16 92 Total Traded Qty (lacs) 1.3 0.9 2.008 373 217 % Chg Company 12.100 8 % Chg 23.1 0.0 231.Blue Star .490 85 74 1.0 6.7 0.9 2.3 10 days Average Traded Qty (lacs) 0.1) Karuturi Global (0.6 Arss Infra 11.6 0.2 Tata Metaliks 9.1 0.

5 0. before an eventual profit taking takes place. China’s top economic planners have approved another batch of major infrastructure-investment projects worth US$156bn.175 120.140 Chg (%) 0. most of the metals seem to be overbought.100 2. These additional purchases would be open ended and would continue until labour markets show any concrete signs of improvement.770 35 Chg(%) 1. The complex has garnered steam. considering the euphoria markets are living with.3 1.371 17. Precious metals Precious metals commenced this week on a strong note.8 3.075 16. we had affirmative news for the markets.9 3.6 (0.200 5. In Europe.9 1. The firm trend in the non-ferrous complex could last for next week. considering the recent development in U.036 2.001 1.401 302.975 293. prospects are ripe for the yellow metal to extend the bull trend.050) 137.875 156. Reports of China fast-tracking spending on some infrastructure projects also provided a shot in the arm to the metal bulls. just US$15 short of 2012 highs. the unemployment rates have stubbornly remained around 8-9% levels.689 32 LTP* 8.200 11.890 1.250 High 1.250) 210 5. Gold prices are traditionally deemed as a proxy for monetary expansion and inflation.8 Weekly inventory update Tons Copper (LME) Nickel (LME) Zinc (LME) Aluminium (LME) Lead (LME) Tin (LME) Shanghai Copper Shanghai Zinc Shanghai Aluminium 217.0 Chg(%) 2.5 3. as subdued U.8 (3. This speaks volumes of the fact that printing money is not a panacea and does not necessarily guarantee growth in the real economy.778 35 Low 7. US Federal Reserve policy action enacted as the catalyst.0 2.008.4) 1. Fed will initiate additional monthly purchases of US$40bn per month in new mortgage debt instruments. with LME Copper prices breaching the near term resistance of US$8.328 2. underpinned by ECB initiative of unlimited bond buying programme and monetary expansion by the US Federal Reserve.036 Low 1. Note: This market commentary is written at 12:30 PM IST LME prices Base Metals (US$/ton) Copper Nickel Zinc Aluminium Lead Precious Metals (US$/ounce) Spot Gold Spot Silver * Last Traded Price High 8.S employment report provided the impetus. Gold bugs remain euphoric.400 387.S & Europe.India Infoline Weekly Wrap Commodity Corner Base metals LME Base metals registered significant breakout on the upside this week. Silver prices also witnessed impressive gains. gold prices extended its northward journey.370 2. the apex body will continue its Operation Twist plan to replace short-term securities on its balance sheet with long-term bonds.693 16.176 Abs Chg.4 3. In spite of several rounds of quantitative easing.2) (2.750 2. Excitement regarding US Federal Reserve’s policy of monetary operation could be short lived.968 2. As various central banks are willing to expand the balance sheet or offer some kind of stimulus in order to stimulate sagging economy. trading close to US$35/ounce resistance levels.618 6.876 924. In this regard.225 (204) (21. as German constitutional court declared that permanent rescue package is a legitimate instrument. 1.102 2.149 2.6 LME Copper 10500 10000 9500 9000 8500 8000 7500 7000 6500 6000 Mar-10 May-10 Jan-10 Mar-11 Jan-11 May-11 Jan-12 Mar-12 Jul-10 Jul-11 May-12 Sep-10 Nov-10 Nov-11 Sep-11 Jul-12 Sep-12 COMEX Gold Copper (LME) 2000 US$/ 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 4 Sep-12 5500 1000 . as the markets rationally would ponder “What next?” Historical trends reveal that simply monetary expansion has failed to resolve the core economic issues. At the end of this week.550 (10. with the apex body deciding to expand its balance sheet aggressively.2) 2. The combined actions will together expand the Fed’s holdings by roughly US$85bn per month through the end of this year. if analysed on the merits of the prevalent fundamentals.158 LTP* 1. In addition. Currently.300/ton and seems to be consolidating around these levels for few days.

7 11. of stocks No.9 6mth 7. of sectors Expense ratio Exit load Prashant Jain `200.2 6.8 3.6 2.6 18.6 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 5 .8% 1% before 1 year Asset allocation (%) Equity Debt Cash/call Top 5 holdings (%) State Bank of India ICICI Bank Ltd. 2012 1wk 3.1/29.3 `3.3 7.000 BSE 100 34 21 1.8 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.4 0.85% 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 .9 88.5 8.2 0.6 3.2 1mth 1.7 41.4 108.4 1.1 `11.3 35.2) 1.6 56.Diversified Growth & dividend `5.203 6.0 47.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) 10.9) 1.0 34.7 6.0 0.1 11.473 Open-ended Equity .0 99. of stocks No.0 `39.2 5.1 63.1 2.0 11.3) (1.1 2.5 (1.6 18.2 2.7/168.000 BSE 200 66 30 1.6 2.9 1.2 4.4 5.2 2.3 5.9 8.7 39.3 63.Diversified Growth.7 7.0 2.9 2.1 19.7 5yr 7.8 4.8 1yr (7.4 13.345 NAV (`) 200.6 3mth (2.0 8.1 62.7 13.4 `218.130 1.7 214.9 2.356 3.7 7.4 0.8 7.8 6.8 2.8 Reliance equity opportunity fund Fund snapshot Fund Manager Latest NAV NAV 52 high/low Latest AUM (cr) Type Class Options Min investment Benchmark No.0 5. of sectors Expense ratio Exit load Shailesh Raj Bhan `39.5) 2yr 24.2 34.061 1.9 3. ITC Ltd.4 2.0 5.6 Absolute return (%) as on Sep 14.8 (2.4) 6.8 3yr 55.9) 1.190 Open-ended Equity .8 21.7 (5.4 13.9 97.Private 14.193 2.7 54.9 4. Infosys Larsen & Toubro Top 3 sectors (%) Banks Energy FMCG 26. Dividend & Bonus `5.692 4.4 45.

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) 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 6 Jul-12 30 .

00 16.000 30.00 8. 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 7 .00 4.40 45 50 55 60 65 70 100 10 20 30 40 50 60 70 80 90 PMI 0 10.000 5.400 1.00 14.00 2.600 10.200 1..000 35.000 20.300 1.000 25. 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 1.500 1.00 - (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 .000 15.00 6.00 12..000 Jan-08 Dec-10 0 (%) Apr-99 Jul-08 Jan-09 Chartbook.

The information also includes information from interviews conducted. Monsoon rains were 21% above average in the week ended Sept. IIFL Centre. Infosys said it will acquire Lodestone Holdings of Switzerland while Godrej Industries said it will divest its 43% stake in Godrej Hershey. websites and other media. research. Past performance is not necessarily an indication of future performance. Apple took the wraps off the iPhone 5. Oil and gold rallied on the QE3 euphoria while the dollar fell versus most rival currencies. Talking of inflation. Kamala City. Essar Oil won a relief after the SC waived off interest payment in the sales tax case with the Gujarat government. George Soros told Germany while also warning of a recession in the eurozone’s largest economy. The rupee hit 2 1/2-month high on fuel price hike and QE3. Goa suspended all mining activities temporarily after two former chief ministers were found to be involved in illegal mining. according to Kumar Mangalam Birla. terming it the thinnest and the lightest iPhone ever but not all were impressed with the new iPhone. 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. there are fears that inflation too will shoot up in the short term.7% YoY while April-Aug net direct tax collections were up 28% YoY. Karl Slym became Tata Motors MD ahead of schedule even as the company announced entry into the Indonesian market. The materials and information provided by this newsletter are not. The Supreme Court refused to stay loading of fuel at the Kudankulam nuclear plant despite continuous protests. India Infoline does not assure for accuracy or correctness of information or reports in the newsletter. India’s August exports were down 9. the Opposition and couple of allies expressed displease at the steep fuel price hike. Mumbai 400 013 The information in this newsletter is generally provided from the press reports. Gold prices hit new all-time high in India while internationally the yellow metal rose to a six-month high. analysis. saying that it will buy US$40bn agency MBS per month until the unemployment situation improves. L&T said it will restructure IT and Integrated Engineering Services businesses. Lower Parel (W). Lead or leave euro. 19. The Union Coal Ministry de-allocated four coal blocks even as the Central Govt suspended clearances to 93 iron ore mines in Goa. Moody's warned the US on "AAA" rating citing lack of progress on budget cuts. Air India will fly its first Boeing 787 Dreamliner flight on Sept. Although petrol prices were left unchanged. India's car sales fell 18% in August and SIAM said its revised FY13 car sales projection will be missed. India's industrial output remained subdued in July. 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. Premier Wen Jiabao said. barely moving after a drop in June. Fed unveiled QE3. the headline WPI reading for August came in way above consensus estimate. Deccan Chronicle rejected PVP Ventures’ ` 9bn bid for the Deccan Chargers IPL team amid concerns about its mounting debt troubles. The Fed also cut US GDP forecast for 2012 while raising the outlook on 2013. Aditya Birla Nuvo arm approved Pantaloon’s demerger swap ratio. As is usually the case. views expressed by our research team. While on the one hand the Government’s bold moves will cut annual fuel subsidy bill. the Government managed to muster enough courage and hiked diesel prices while capping the LPG subsidy. ISMA said it sees 8% fall in sugar output during 2012-13 season Global aluminium inventory levels remain high.000 people over next one year. India Infoline may or may not hold positions in any of the securities named in this newsletter as a part of its business. especially in diesel. denting hopes of an immediate rate cut by the RBI. the Centre did cut the excise duty on the fuel to help oil marketing companies recover losses. electronic media. 12. 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. 8 .India Infoline Weekly Wrap News Recap Finally. SBI said it plans to recruit 20. German constitutional court ratified ESM and the EU fiscal compact with certain riders while the EC proposed new ECB powers for banking supervision. The Centre may announce some spending cuts for FY13 on Saturday while the Planning Commission will approve 12th Plan document. China has room for more economic stimulus to boost growth. and should not be construed as an advice to buy or sell any of the securities named in this newsletter. Senapati Bapat Marg.

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