Weekly Wrap

Investment idea
Sun Pharma
Pre-eminent play in pharma space
Sun Pharma has one of the fastest growing and most resilient businesses model among the Indian generics players. After strengthening its presence in India and US, Sun Pharma has started generating significant revenues in other geographies as well (International market constituted 60% of FY11 sales). The company has consistently delivered growth and has proven its expertise in driving operational efficiencies to extract margins that are significantly higher than competitors (~34% v/s industry margin of ~22%)

October 28, 2011

BUY CMP `510

11 Sector: Pharmaceuticals
BSE code: NSE code: 52 Week h/l (`): Market cap (`cr): FV (`): Performance rel. to sensex (%) Sun Pharma Cipla Ranbaxy Dr Reddy 1m (0.2) (4.9) (3.7) 3.9 3m 0.7 (0.8) (4.0) 6.2 1yr 30.6 (5.0) (1.8) 11.7 524715 SUNPHARMA 540 / 393 50,203 1

Shareholding pattern September'11 Promoters Institutions Non promoter corp Public & others Share price chart
Sun Pharma 130 100 70 40 Oct-10 Sensex

(%) 63.7 25.6 5.0 5.7

One of the best franchisees in domestic market

Companys domestic business comprises mainly high margin and high growth therapeutic areas like CVs, neurology and diabetology (chronic segment). Industry surveys indicate high level of brand recognition for Sun Pharmas products among doctors. The companys prudent brand building strategy is evident from its top 10 selling brands that constitute 15% of domestic sales. Sun Pharmas 2,700-strong field force has ensured wide market reach and largest market share (~4.4%) in highly fragmented domestic pharma market. Brand franchise of drugs in chronic segments, once established, is durable. Hence, we expect the leadership to continue.

Apr-11

Oct-11

1 year forward PE
550 450 350 250 150 50
Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11
19.7 28,925 33.0 26,954 16.0 26.0 18.7 3.7 16.6 0.0 21.3

(Rs)

23.5x 20.4x 17.3x 14.2x 11.1x

US business to flourish with Taro in bag

After a two-year legal tussle, Sun Pharma has acquired majority control of Taro Pharma in the US. Recently the company announced its intention to take full control of Taro. Sun Pharma currently owns 29.5mn shares of Taro (66.3% of the equity capital and 77.3% voting rights). Sun Pharma has proposed to acquire the minority shareholders in Taro for a cash consideration of $24.5/share. The deal is EPS assertive if goes through. The benefits from this acquisition also include large distribution strength, entry into the attractive dermatology segment and access to branded-drug sales infrastructure in the US. Taros acquisition to strengthen companys portfolio in the US market and with synergy coming in margin improvement inevitable; Operating leverage to enhance further with resolution at Caraco manufacturing unit. However, in the short term, it would act as a dampener to the margins (though in Q1FY12 Taro reported better than expected margin; 35% v/s expected 27%). Sun pharma as a whole has ANDAs for 151 products pending for approval (including 19 tentative approvals)

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Source: Company, India Infoline Research

Valuation 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) Debt/Equity (x) RoE (%) FY10 40,074 (6.2) 13,628 34.0 13,511 (25.7) 13.0 39.1 6.7 38.5 0.0 18.2 FY11 57,214 42.8 19,672 34.4 18,161 34.4 17.5 29.1 5.6 26.0 0.0 21.0 FY12E 73,234 28.0 24,900 34.0 23,228 27.9 22.4 22.7 4.6 20.4 0.0 22.2 FY13E 87,650

Steady growth ahead; recommend BUY

Sun Pharma has a one of the best franchises in the domestic market. The long term driver for the company includes its JV with Merck for EMs and taking full control of Taro in US. Sun Pharma and Mercks JV for EMs excluding India will generate revenues after FY14. We expect 24% and 26% revenue and PAT CAGR respectively over FY11-FY13E. Strong balance sheet (cash balance of `21bn) coupled with superior return ratios makes Sun Pharma as one of the best bet in pharma space. We recommend buy with a 9-month target price of `580.

Source: Company, India Infoline Research

Apr-11

India Infoline Weekly Wrap

Market Outlook
Indian markets did well to notch up gains on all three trading days in the holiday-shortened Diwali Week. Indications of a pause by the RBI offset the 13th rate hike in the past 18 months. The main indices rallied in lockstep with other world markets amid expectations of a wide-ranging deal to control the eurozone debt crisis. The deal finally saw the light of day, lifting all risky assets in tandem. Encouraging data on the health of the US economy, including Q3 GDP report, also buoyed the sentiment. More gains could follow with the Nifty having crossed 5350. It could go as high as 5600 if we dont get any fresh bad news. It is likely to get good support around 5000 on the way down. Some resistance is a given as the global macro-economic backdrop is still fragile, inflation remains sticky and policy making in slow lane. FII flows will continue to be an important determinant going ahead along with results. A judicious mix of defensive and growth strategy should be the mantra over the next 12-18 months.

Technical View
A Bullish breakout from Inverted Head & Shoulder was confirmed above 5160 and 460 points amplitude of the pattern indicate conservative target of 5610. The 200 DMA of 5415 may not hold its importance this time, as rally is gaining strength from high beta sector like Metals and Banks. Nifty is also about to form an Island Reversal with gap of 5285, acting as a strong support and which may also add fuel to the current rally.

F&O View
Nifty rollover for current expiry was at 80% vs 62% last expiry, with rollover majorly on long side. In addition Bank nifty rollover were in line at 76%. On option side, Highest OI in call is at 5400 whereas on put side it is at 5000. Writing is seen in 5500 call which may act as resistance, whereas on put side it is seen at 5300 strike. With VIX near it 52week low, ideal option strategy for month will be Long straddle or strangle.

FIIs/MFs activity
1,000 (Rs cr) 500 0 (500) (1,000) (1,500)
22-Sep 23-Sep 26-Sep 27-Sep 28-Sep 3-Oct 4-Oct 5-Oct 7-Oct 10-Oct 11-Oct 12-Oct 13-Oct 14-Oct 17-Oct 18-Oct 19-Oct 20-Oct 21-Oct 24-Oct

Advance/Decline
Net FIIs inflow Net MFs Inflows
2,500 2,000 1,500 1,000 500 0
26-Sep 27-Sep 28-Sep 29-Sep 30-Sep 3-Oct 4-Oct 5-Oct 7-Oct 10-Oct 11-Oct 12-Oct 13-Oct 14-Oct 17-Oct 18-Oct 19-Oct 20-Oct 21-Oct 24-Oct 25-Oct 26-Oct

(No of stocks)

Advance

Decline

Global performance
Nikkei Dow Jones Sensex Nifty Hangseng Nasdaq Shanghai 0.0 3.0 6.0 3.8 6.7 9.0 12.0 3.4 6.1 6.2 11.1 4.3

Sectoral performance
BSE Metal BSE Realty BSE Auto BSE Oil & Gas BSE IT BSE-200 BSE Power BSE FMCG BSE Cap Goods BSE Pharma BSE Bank BSE Small-Cap 0% 2.5% 1.9% 2% 4% 6% 8% 10% 6.0% 5.4% 5.2% 4.8% 4.7% 4.5% 3.9% 9.0% 8.3% 8.0%

India Infoline Weekly Wrap

Technical Check
Nifty 50 & CNX 500 top 10 gainers
NSE Nifty Company Hindalco Inds Reliance Infrast Tata Motors Ltd Sterlite Industr Jaiprakash Assoc Tata Steel Ltd Grasim Inds Ltd Reliance Capital Reliance Power Dlf Ltd CMP (`) 142 464 207 133 79 484 2,557 372 95 249 % Chg Company 16.9 6.4 16.1 15.5 13.2 11.7 11.7 11.4 11.1 10.6 Db Realty Ltd Ivrcl Ltd Sterlite Industr Polaris Software Jsw Steel Ltd Yes Bank Ltd Jindal Saw Ltd Jaiprakash Assoc Jindal South Wes India Cements CNX 500 CMP (`) 71 41 133 148 666 316 150 79 577 82 % Chg 2.0 15.7 15.5 15.0 14.7 13.6 13.4 13.2 12.5 12.1 Company PNB State Bank Ind Bharat Petrol Hdfc Bank Ltd Sesa Goa Ltd -

Nifty 50 & CNX 500 top 10 Losers

NSE Nifty CMP (`) 962 1,910 637 483 206 % Chg Company (2.0) (2.0) (1.1) (0.9) (0.3) Vip Inds Ltd Deccan Chro Union Bank Indiabulls Finan Panacea Biotec Dishman Pharm Provogue Ltd Atul Ltd Sun Tv Network Oracle Financial CNX 500 CMP (`) 855 50 222 153 98 52 29 192 254 2,090 % Chg (8.7) (7.9) (7.3) (6.4) (6.1) (5.7) (5.2) (5.1) (4.2) (4.0)

Technically strong
CMP (`) 269 76 356 474 37 10 days Moving Average (`) 266 75 349 468 37 Total Traded Qty (lacs) 0.1 1.3 0.3 0.7 4.9 10 days Average Traded Qty (lacs) 0.1 1.3 0.3 0.6 4.6

Technically weak
CMP (`) 109 120 206 145 386 10 days Moving Average (`) 111 125 214 150 396 Total Traded Qty (lacs) 1.0 8.0 6.3 1.0 0.4 10 days Average Traded Qty (lacs) 1.0 5.8 4.7 0.8 0.3

Company CESC Ltd Dena Bank Biocon Ltd Lupin Ltd Bajaj Hindusthan

Company Welspun Corp Ltd Exide Indus Ltd Sesa Goa Ltd Allahabad Bank Cummins India

Bulk deals
Date 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct Institution BNP Paribas Deutsche Sec Macquarie Bk Macquarie Bk Citigroup Gl Scrip name Balrampur Chini Balrampur Chini Balrampur Chini DCHL Pennar Industries B/S S S S S S Qty (lacs) 25.6 15.7 21.0 12.8 19.0 Price 53.4 53.7 53.1 47.4 40.0

Book closure and record date

Company Exide Inds MRF Foseco India Hexaware Tech KSB Pumps Procter & Gamble Date 02 Nov 2011 02 Nov 2011 03 Nov 2011 03 Nov 2011 04 Nov 2011 04 Nov 2011 Purpose Interim Dividend Interim Dividend Interim Dividend Interim Dividend Interim Dividend Dividend

Nifty Future VWAP

5200 5100 5000 4900 4800 4700 4600
30-Sep 3-Oct 4-Oct 5-Oct 7-Oct 10-Oct 11-Oct 12-Oct 13-Oct 14-Oct 17-Oct 18-Oct 19-Oct 20-Oct 21-Oct 24-Oct 25-Oct 26-Oct 28-Oct

Bank Nifty Future VWAP

Nifty Vwap
10200 10000 9800 9600 9400 9200 9000 8800 8600
30-Sep 3-Oct 4-Oct 5-Oct 7-Oct 10-Oct 11-Oct 12-Oct 13-Oct 14-Oct 17-Oct 18-Oct 19-Oct 20-Oct 21-Oct 24-Oct 25-Oct 26-Oct 28-Oct

Nifty Futs Close

Bank Nifty Futs Close

Bank Nifty Vwap

India Infoline Weekly Wrap

Commodity Corner
Base metals
LME base metals witnessed impressive gains this week, supported by hopes of a solution to the euro zone debt crisis. Better macroeconomic numbers on the US and Chinese front also helped the upside in prices. In this respect, HSBC China Flash Manufacturing PMI reading expanded to 51.1 for October, as compared with 49.9 during the previous month. On US front, the countrys GDP grew at 2.5% during Q3 2011, as compared with a growth rate of 1.3% during the previous quarter. Copper, the leader of the complex paved the path for the base metals complex, registering double digit gains in percentage terms. Copper prices continued to derive strength from strikes at Freeport McMoRan Copper & Gold Inc copper mine in Peru and Indonesia. Freeport has declared force majeure on some concentrate sales from its strike-hit Grasberg mine in Indonesia. On the price front, euro zone deal related euphoria may support the base metals prices for next few days. However, structural debt problems in Europe have not been solved yet, which could rule out any substantial upside in the complex. In this regard, we reiterate with our Sell on rally strategy.

Precious metals
Precious metals witnessed resurgence this week, with gold prices managing to breach key resistance levels of US$1,700/ounce. The complex was buoyed by the broad based rally in the commodity complex and a weaker US dollar. There was a growing anticipation that a solution to European debt crisis is on the anvil. Market focus was emphasised on the summit of European Union and euro-zone heads of state, where a package of measures to fight the debt crisis was expected. In this respect, European leaders have persuaded bondholders into accepting 50% write-off on Greek debt. EU official have also reached a consensus to boost the EFSF rescue fund to 1 trillion euros (US$1.4 trillion) from 440bn euros, as a measure to avert the debt crisis spreading in the European region. Silver prices managed impressive jump, deriving cues from the strength in the industrial metals complex. On the price front, we tend to remain bullish on the yellow metal, as expanding money supply in Europe on account of leverage of European Financial Stability Facility (EFSF) augments the bullish price projections. Moreover, loose monetary policy in US is expected to remain intact.

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) COMEX Gold COMEX Silver * Last Traded Price High 8,280 20,300 1,976 2,295 2,052 High 1,754 36 Low 6,810 18,170 1,740 2,100 1,800 Low 1,613 30 LTP* 8,068 19,839 1,942 2,248 2,024 LTP* 1,736 35 Chg(%) 12.9 5.5 7.6 5.8 5.7 Chg(%) 6.1 13.6

Weekly inventory update

Tons Copper (LME) Nickel (LME) Zinc (LME) Aluminium (LME) Lead (LME) Tin (LME) Shanghai Copper Shanghai Zinc Shanghai Aluminium 432,375 87,042 783,350 4,551,075 387,900 16,550 73,768 375,288 113,329 Abs Chg. (15,425) 222 (9,300) (13,900) (50) (950) (13,958) (6,507) (4,707) Chg (%) (3.4) 0.3 (1.2) (0.3) (0.0) (5.4) (15.9) (1.7) (4.0)

LME Copper
10500 10000 9500 9000 8500 8000 7500 7000 6500 US$/ ton Copper (LME)

COMEX Gold
2000 US$/ ounce 1750 Gold

1500

1250

Oct-10

Oct-10

Oct-11

Jan-10

Jan-11

Oct-11

Apr-10

Jul-10

Apr-11

Jan-10

Jan-11

Apr-10

Jul-10

Apr-11

Jul-11

Jul-11

6000

1000

India Infoline Weekly Wrap

Mutual Fund Round-up
India Infoline picks
Mutual Funds HDFC Top 200 Fund (G) ICICI Prudential Dynamic - (G) IDFC Sterling equity Fund (G) Fidelity Tax Advantage (G) HDFC Prudence Fund (G) Reliance equity opportunities(G) IDFC Premier Equity-A(G) Assets (` Cr) 10,692 4,130 1,122 1,247 6,356 3,193 2,415 NAV (`) 192.3 99.4 17.5 20.7 204.0 34.0 32.4 Absolute return (%) as on October 28, 2011 1wk 1.6 1.6 0.1 1.3 0.7 0.7 0.6 1mth 2.1 3.2 (1.3) 2.6 0.3 1.8 1.8 3mth (7.8) (7.1) (8.8) (5.3) (6.4) (7.2) (3.2) 6mth (11.4) (9.9) (7.4) (7.7) (6.3) (6.9) (0.8) 1yr (14.7) (9.3) (12.9) (11.8) (8.3) (11.8) (8.7) 2yr 14.4 19.5 27.4 23.4 26.8 35.9 37.1 3yr 130.9 128.6 140.2 133.0 138.4 173.1 170.7 5yr 83.8 68.4 NA 80.7 90.8 72.5 177.1

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 `192.3 `236/187 `10,692 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. Infosys Ltd. ITC Ltd. Reliance Industries Ltd. Top 3 sectors (%) Banks Consumer Non Durables Software 23.1 11.1 10.8 6.9 6.4 5.9 4.6 4.1 92.0 2.5 5.5

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 Viral Belawala `34.0 `39.86/31.80 `3,193 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 Laboratories Ltd. Aventis Pharma Ltd. Infosys Technologies Ltd. ICICI Bank Ltd. HDFC Bank Top 3 sectors (%) Banks Consumer Non Durables Software 22.1 10.8 9.9 5.1 4.8 6.7 5.9 4.3 93.3 0.0 6.7

NFO update
Fund Name Sundaram Capital Protection Oriented Fund 5 Years (Series 3) IDFC FMP Yearly Series 53 ICICI Prudential Fixed Maturity Plan Series 57- 3 Years Plan C IDBI Gold Fund Close 31-Oct 31-Oct Type CE CE Class Debt-Hybrid Debt-FMP Debt-FMP Gold-fund

Dividend update
Mutual Fund UTI Mastershare Edelweiss absolute return fund Dividend % Record date 22.00 31-Oct 1.80 28-Oct Class Equity HybridEquity

04-Nov CE 02-Nov OE

India Infoline Weekly Wrap

Chartbook
Weekly Inflation
25 20 15 10 5 0 (%) Primary Article Inflation Food Inflation

Interest Rate
18 16 14 12 10 8 6 4
May-11 Nov-08 Feb-10

(%)

10yr Gsec yield 3mth CP rate

5yr AAA bond yield

May-11

Nov-08

Feb-10

IIP and Six core Industries

16 14 12 10 8 6 4 2
May-10 May-11 Oct-10 Apr-10 Nov-10 Dec-10 Mar-11 Feb-11 Apr-11 Jul-10 Jun-10 Aug-10 Sep-10 Jan-11 Jun-11 Jul-11 Aug-11

Dec-10

Sep-09

Oct-11

Jan-08

Jun-08

Crude (Brent/ Nymex)

180

(%)

Six core Ind.

IIP
160 140 120 100 80 60 40

(US $)

Nymex Crude

Brent Crude

May-11
May-11

Nov-08

Feb-10

Currency Movements
100 90 80 70 60 50 40
May-11 Nov-08 Feb-10 Dec-10 Sep-09 Oct-11 Apr-09 Jan-08 Jun-08 Jul-10

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

(EURO/USD) (INR/GBP)

Nov-08

Feb-10

Sep-09

Source: Bloomberg

Dec-10

Oct-11

Jan-08

Jun-08

Apr-09

Jul-10

30

Dec-10

Sep-09

Oct-11

Jan-08

Jun-08

Apr-09

Jul-10

20

Dec-10

Sep-09

Apr-09

Oct-11

Jan-08

Jun-08

Apr-09

Jul-10

Jul-10

45

50

55

60

65

70

100

10

20

30

40

50

60

70

80

90

PMI

10,000
Dec-10

15,000

20,000

25,000

30,000

5,000
Jan-08

0
(%)
May-08

Apr-99
Jan-11 Feb-11 Mar-11
Aug-09

Source: Bloomberg

Chartbook...

Volatility Index

Apr-00
Oct-08 Mar-09

Sensex PE Band

Apr-01
India Germany

May-02

May-03

May-04
Apr-11 May-11 Jun-11
VIX
Jan-10 Jun-10 Nov-10 Apr-11

Jun-05

Euro Zone US

Jun-06

Jun-07

Jul-08
Jul-11 Aug-11

China

Jul-09

Jul-10
Sep-11

5x

13x

21x

17x

9x

Jul-11

200

300

400

500

600

700

800

1,160

1,180

1,200

1,220

1,240

1,260

1,280

1,300

1,320

18 PE (x) 16 14 12 10 8 6 4 2 0

Dow Jones

Apr-10

Jan-08 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10

(Rs)

Nasdaq

S&P 500

May-10 Jul-10 Sep-10 Oct-10 Dec-10

PE Comparision

FTSE

DAX

US Initial Jobless Claims

Hang Seng*

FY12

India Infoline Weekly Wrap

Sensex Earning Estimates

Nikkei*

Shanghai Comp

Jan-11 Mar-11

Brazil Bovespa

FY13

Mexico Bolsa

Initial Jobless Claims ('000)

FY12

Kospi*

May-11 Jun-11 Aug-11 Oct-11

Nov-10 Apr-11 Sep-11

Taiwan*

Straits*

Sensex

India Infoline Weekly Wrap

News Recap
RBI frees interest rate on savings deposits

The RBI decided to deregulate the savings bank deposit interest rate with immediate effect. Banks are free to determine their savings bank deposit interest rate but they have to ensure uniform interest rates on savings bank deposits up to ` 1 lakh. Secondly, for savings bank deposits over ` 1 lakh, a bank may provide differential rates of interest, if it so chooses. However, there should not be any discrimination from customer to customer on interest rates for similar amount of deposit.

RBI hikes rate again...Hints at a pause

The RBI hiked the repo rate by 25 bps to 8.50%. The reverse repo rate now stands at 7.50%. The Marginal Standing Facility Rate is now at 9.50%. Inflation will begin falling in Dec. 2011, and then continue down a steady path to 7% by March, the RBI said. Notwithstanding current rates of inflation persisting till November, the likelihood of a rate action in the December mid-quarter review is relatively low, the RBI added.

Food inflation shoots past 11% on veggies

Food inflation rose to 11.43% YoY for the week ended October 15, compared with 10.6% in the preceding week. Food inflation stood at 14.20% in the corresponding week last year. On an annual basis, vegetable prices were up ~25%, fruits 11.96%, milk 10.85%, pulses 9.06%, cereals 4.62% and eggs, meat & fish 12.82%. On the other hand, onion prices fell ~19%.

Eurozone leaders seal deal on debt crisis

The European regions rescue fund was boosted to 1 trillion euros ($1.4 trillion) and investors agreed to a voluntary writedown of 50% on Greek debt. French. Other measures in the bailout plan included recapitalization of European banks, a potentially bigger role for the IMF, a commitment from Italy to do more to reduce its debt and a signal from leaders that the ECB will maintain bond purchases in the secondary market.

US economy accelerates in Q3

Third-quarter GDP grew at an annual rate of 2.5% in the July to September period. The pace of growth was in line with expectations, and was nearly double the 1.3% growth rate in Q2. US economy had grown by 0.4% in Q1.

Event Calender
Period : 31st Oct - 04th Nov
US Oct Total Vehicle sales (2 Nov) FOMC rate decision (2 Nov) Q3 Nonfarm Productivity (3 Oct) Sept Factory Orders (3 Nov) Oct unemployment rate (4 Oct) Sept Exports YoY% (1 Nov) Sept Imports YoY% (1 Nov) Primary Articles WPI YoY (3 Nov) Food Articles WPI YoY (3 Nov) Oct PMI Manufacturing (1 Nov) Oct China Non-manufacturing PMI (3 Nov) Sept Euro-Zone Unemployment Rate (31 Oct) Oct PMI Manufacturing (1 Nov) ECB Announces Interest Rates (3 Nov) US Sept Consumer Credit (8 Nov) Sept Wholesale Inventories (9 Nov) Oct Import Price Index YoY (10 Oct) Sept Trade Balance (10 Nov) Primary Articles WPI YoY (10 Nov) Food Articles WPI YoY (10 Nov) Fuel Power Light WPI YoY (10 Nov) Sept Industrial Production YoY (11 Nov) Oct Trade Balance (10 Nov) Oct Exports, Imports YoY% (10 Nov) Oct China Property prices (11 Nov) Oct Industrial Production YoY (11 Nov) Nov Sentix Investor confidence (7 Nov) Sept Euro-Zone Retail Sales YoY (7 Nov)

Period : 07th - 11th Nov

India

India

China

China

Euro Zone

Euro Zone

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.