Union Budget 2012- - Progressive but not Aggressive -13 ut

The Finance Minister in the backdrop of global uncertainties and domestic constraints both economic and political presented a pragmatic budget, preserving the growth momentum of the economy (est. at 7.6% for FY13) by containing the high fiscal deficit to 5.1% in FY13. The budget seems to be more realistic and achievable and endeavors to focus on crucial sectors like agriculture, infrastructure and power to strengthen and revive the economy to achieve sustainable medium term growth. This would be implemented through Addressing supply side bottlenecks in agriculture, transportation & infrastructure. Measures taken to provide low cost funds to some stressed infrastructure sectors like power, airlines, roads & bridges, ports & shipyards, affordable housing, fertilizers & dams. housing, Increasing the tax/GDP ratio through increase in indirect taxes, service tax and broadening of service tax net. Reducing cap on subsidies to 2% of GDP Higher outlays on agriculture, health education and employment generation health, ent multiplier effect This budget is also perceived as populist budget, with enhancement of exemption limit to provide some comfort to aam aadmi from high inflation. Also, the introduction of Rajiv Gandhi Equity Savings Scheme & reduction of STT tax to be positive for the retail investors. This would result in higher disposable eduction income which leads to higher consumption. The markets closed negatively as profit booking continued and the budget did not have anything substantial to offset it Most of the positive announcements were on expected lines and had negligible impact on the market. However, going forward we expect the market to stay range bound between 5100 and 5500 for few weeks and follow global cues. The domestic events like interest rate cut, last quarter s results of FY12 and announcement of reforms in the first quarter of FY may give a new direction to the FY13 market. The Nifty then may move ahead towards the 6000 mark in the second half of this year. would have

Macro Economy
The major challenge for the government has been f fiscal balance which has deteriorated in FY12. Fiscal deficit increased to 5.9% against 4.6% targeted last budget, due to slippage in direct tax revenue and increased subsidies. This forced the Finance Minist to introduce amendments to the FRBM Act as a part Minister of Finance Bill, 2012. Firstly, concep of Effective Revenue Deficit to address the structural imbalances in concept the revenue account is being brought in as a fiscal parameter. Secondly, provision for Medium-term Medium Expenditure Framework Statement is being introduced in the Act Further the FM has tried to focus on Act. the growth drivers of the economy through various measures as indicated below.

Proposal/Announcement Direct Tax The net borrowings of the government would stand at INR 4.79 tn in FY13 Endeavour to keep central subsidies under 2% of GDP in 2012-13. Over next 3 year, to be further brought down to 13. 1.75% of GDP. Exemption limit for the general category of individual taxpayers proposed to be enhanced to INR 2,00,000 from INR 1,80,000 To provide low cost funds to stressed infrastructure sectors, rate of withholding tax on interest payment on ECBs proposed to be reduced from 20% to 5% for 3 years for certain sectors. Reduction in securities transaction tax by 20% on cash delivery transactions. Proposal to extend weighted deduction of 200% for R&D expenditure in an inhouse facility for a further period of 5 years beyond March 31, 2012 Proposal to provide weighted deduction of 150% on expenditure incurred for agri-extension services. extension Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant ing and machinery Transfer Pricing Regulations to apply to certain domestic transactions Proposal/Announcement Indirect Tax Service tax rate hiked from 10% to 12% & proposal to tax all services except those in the negative list comprising of 17 heads Standard rate of excise duty to be raised from 10% to 12%, tandard

Unicons View This will impact fiscal consolidation process of government Positive for the economy as it will help in reducing the fiscal deficit, but deficit roadmap is not clear it will increase the disposable income in the hands of common man Positive for the industries especially for Infrastructure sector which is facing the capital constraints Positive for the retail investors and is expected to boost the volumes in capital markets Positive for the Pharma sector Positive for the Agri sectors

Positive for the SME sector

Negative for certain sector Unicons View Service tax expected to yield additional ervice revenue of INR 186.6 bn, however it is evenue bn inflationary in nature Hike is expected to garner net revenue

merit rate from 5% to 6% and the lower merit rate from 1% to 2% with few exemptions Excise duty on large cars also proposed to be enhanced Full exemption from basic customs duty for import of equipment for expansion or setting up of fertiliser projects upto March 31, 2015 Full exemption from basic duty provided to certain fuels for power generation, coal mining project imports. , Full exemption from import duty on certain categories of specified equipment needed for road construction, tunnel boring machines and parts of their assembly Cess on crude petroleum oil produced in India revised to INR 4,500 per metric tonne Increase basic customs duty on imports of gold and other ncrease precious metals, Levy of excise duty of 1% on branded precious metal jewellery to be extended to include unbranded jewellery.

gain of INR 272.8 bn, however it is bn inflationary in nature Negative for Auto companies Positive for the fertilizer sector

Positive for the power sector which are facing the delays in execution Positive for the infrastructure sector which are facing execution delays This will help the government to garner more revenues This will help the government to garner more revenues. This will marginally his impact the demand of gold and increasing demand for other financial instruments

BFSI
Proposal/Announcement The government has allocated INR 158.88bn in FY13 for investment in the public sector banks through a holding company route. Focus on Infra & Agri sectors The INR 100 bn short term refinance fund for regional rural banks Reduction of STT to 0.1% Current Status In FY12 government infused INR 120 bn in PSBs Unicons View On expected lines. Allocation of capital lines for infusion into PSU banks will be a positive for banks with low government holding like SBI, Union bank of India & IDBI Positive for banks which is witnessing a nks slowdown in credit Positive for all regional rural banks Removal of STT would reduce transaction cost to encourage retail participation. Marginally positive for stock broking companies.

Currently at 0.125%

Increase in Limits for FII's Investment in Long term Infra bonds has been hiked to INR 600 bn & Reduce withholding tax to 5% on ECB for 3 years Permitting two-way fungibility in -way Indian Depository Receipts subject to a ceiling with the objective of encouraging greater foreign participation in Indian capital market

Long term Infra bonds at INR 300 bn & withholding tax currently at 20% -

Positive for IDFC, PFC, REC ve

Positive for Standard Chartered IDR

Union Budget 2012-13 was positive for the banking and financial sector in terms of policy announcement. banking The focus of the budget was agriculture & in infrastructure sector this would lead to increase loan growth & fee income for banks. Also, captalisation of PSU banks will be positive, but large government borrowings may put pressure on the interest rates going forward. We expect banks, NBFCs & Financial institutions to post healthy growth on the back of higher fund allocation.

Power
Proposal/Announcement Tax-free bonds worth INR 100bn for bn power sector ECB to part finance rupee debt of upee existing power plants Current Status Announced in Budget 2012-13 Announced in Budget 2012-13 Unicons View Inline with Unicon Pre-Budget. This Pre announcement would support capital raising plans of power companies. Inline with Unicon Pre-Budget. This Pre announcement would improve margin of power generation players like Tata Power, Reliance Power, NTPC, etc. Inline with Unicon Pre-Budget. This Pre announcement would support UMPP (Ultra Mega power project) and would accelerate new capex deployments. de This announcement would support UMPP (Ultra Mega power project) players, who delayed capex plans due to high coal prices. This announcement would expand margins for power generation players gener (using these fuels) and attract new investments. Partially Inline with Unicon Pre-Budget. Pre This announcement would support margin expansion of power players and o attract new investments. This announcement would support margin expansion of steam coal based ste power players.

Extending sunset date for setting up power generation undertakings for ion claiming 100% deduction of profits for 10 years by 2 years till March 31, 2013 Extension of depreciation of 20% in the initial year for new assets acquired by power generation companies Full exempt from basic duty for certain fuels for power generation (Natural Gas, LNG, Uranium concentrate, Sintered Uranium Dioxide in natural and pellet form) Reduction in Withholding tax on ithholding interest payments on ECB to 5% for three years Full exemption from basic customs duty and a concessional CVD of 1% to % Steam coal for a period of two years till March 31, 2014 Coal linkage agreement with Coal India for power players with Long ong term Power Purchase Agreements with DISCOMs and to those commissioning on or before March 31, 2015

Announced in Budget 2012-13

Announced in Budget 2012-13

Announced in Budget 2012-13

Existing rate at 20%

Existing custom duty at 5%

Announced in Budget 2012-13

Inline with Unicon Pre-Budget. This Pre announcement would support investments in power generation sector.

Power sector gained major focus in Budget 2012 13, with various relaxations like extension of sunset date 2012-13, for power generators, reduction in duty on certain fuels, announcement of tax free bonds, concessions in tax-free ECB, etc to increase ROE of power projects and attract investment in the sector. No reforms were declared and for the power equipments sector. Relaxations in Budget would be beneficial for companies like Tata Power, Adani Power, JSW Energy, CESC, etc.

Infrastructure & Capital Goods

Proposal/Announcement Tax free bonds limit raised to INR 600 bn Current Status Existing exemption is INR 300 bn Unicons View In line with our pre-budget. Positive for pre infrastructure companies as it will lead to increased availability of Finances (companies like L&T,GMR, IRB) In line with our pre-budget. Positive for pre Infrastructure companies. IVRCL infra, companie IRB Infra. Positive for companies involved in road ompanies Infrastructure like IRB, Sadbhav, L&T, IVRCL Infra, ILFS transport. ,

Increased allocation for rural infrastructure development fund by INR 20 bn to INR 200 bn 8,800 km of road projects to be awarded in FY13 & Allocation of the Road Transport and Highways Ministry enhanced by 14% to INR 253.6 bn Irrigation projects, Oil & Gas/LNG storage facilities and oil & gas pipelines etc. now qualify for viability Funding Rate of withholding tax on interest payment on ECBs for power, airlines, roads & bridges, ports & shipyards, affordable housing and dams reduced to 5% for 3 years

The existing allocation is INR 180 bn In FY12, 7300 km of road projects has been awarded

Irrigation projects were not having this benefit

Positive for IVRCL Infra,Ramky Infra r Infra

Current at 20%

Positive for Infrastructure sector, will help sector in long term funding.

Allocation for AIBP increased to INR Allocation was INR 124 Positive for IVRCL Infra 142.4 bn up 13% bn in 2011-12 Delhi Mumbai Industrial Corridor - Announced in budget Positive for Infrastructure sector central assistance of INR 185.bn 2012-13 spread over 5 years approved. USD 4.5 bn as Japanese participation in anese the project. Customs duty on coating Current stands at 7.5% Positive for capital goods manufactures material for manufacturing of like - BHEL, ABB electrical steel reduced to 5% Union Budget 2012-13 has provided some relief to the infrastructure sector, with increase in allocation on 13 various development projects. According to the 12TH plan the infrastructure investment need to increase from 8.0% of GDP in the base year (2011 n (2011-12) to about 10 % of GDP in 2016-17. The total investment in 17. infrastructure would translate to over INR. 45 tn or USD 1 tn during the 12TH Plan period to achieve the targeted 9% GDP growth. The budget has tried to address some of the core problems like long term the finance ; supply bottlenecks to ensure long term commitment to development of infrastructure in the country.

Real Estate
Proposal/Announcement Provisions under rural housing fund increased to INR 40 bn and Interest subvention of 1 percent on housing loans upto INR 15 lakh extended for one more year Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund TDS of 1% on transfer of certain immovable property (other than agriculture land) Current Status Currently at INR 30 bn Unicons View Positive for realty sector

Announced in budget 2012-13

Positive for realty sector

On transfer of immovable property by a non-resident

Help in reporting mechanism of transactions in the real estate sector and improve transparency. transparency

Indian real estate industry has been battling with multiple headwinds, which has affected the growth in , grow the sector. Slower allied industry growth coupled with a series of monetary tightening measures by the RBI and developers emphasis on keeping the prices high has affected the volume across the segments segments. Government focus on the affordable housing and initiative in increasing the transparency is expected to accelerate the demand and investment in the sector. erate

Auto
Proposal/Announcement Rise in Excise duty by 2% to 12% Current Status Existing 10% Unicons View Negative for all automobile but extra burdens would be transfer to the end used gradually so there would be increase in the prices of Vehicles. Although the impact on the sales volumes s will be negative, as it is in line with the market expectation. Negative: Maruti (70% portfolio is petrol) Diesel run UVs will get dearer negative and prima facie negative for TATA Motors & M&M but we believe the target customer would be able to it to take the hike. The extra cost would be passed on which would result in increase in the CV prices so negative for Tata Motors, Ashok Leyland, Eicher, Force Motors.

Excise duty increased for petrol and diesel engine up to 1,000cc by 2% to 12%

10%

Increase in excise duty on large diesel cars to 27% (Ad vole rum)

22% + INR 15000 per vehicle

Chassis for building of commercial vehicle bodies to be charged excise duty at an ad valorem rate instead of mixed rate. (Rate increased to 15% Rate 15%)

Existing 12% + Rs 10000 for outsourcing of body building

The Union budget 2012-13 has marginally negative impact for the auto industry. As in line with the 13 market expectation, the Budget has increased excise duty by 2% across the categories. However, no increased special duty has been levied on diesel engine vehicles, which was by and large expected in the street, which would have otherwise affected M&M substantially. On the base of overall increase in the excise duty, we expect auto companies to take price hikes and pass on the extra burden to end customers. This would have an insignificant impact on the companys bottom bottom-line.

Fertilisers & Agri

Proposal/Announcement Viability Gap Funding to support upport PPP in capital investment in fertiliser sector Withholding tax on interest payments on ECB is proposed to be reduced to 5% for three years Increase in investment linked nvestment deduction of capital expenditure Reduce basic customs duty on some educe water soluble fertilisers, other than , urea to 5% Reduce basic customs duty on liquid fertilisers, other than urea to 2.5% Imports of equipment for initial setting up or substantial expansion of fertiliser projects are being fully exempted for a period of three years up to March 31, 2015 Weighted deduction of 150% on expenditure incurred for agri agriextension services Allocating a sum of INR 2bn for incentivizing research through rewards Current Status Announced in Budget 2012-13 Existing rate at 20% Unicons View This announcement would investments in fertiliser sector. This announcement would margin of fertiliser sector. attract

support

To be enhanced from 100% to 150% Existing duty at 7.5%

Existing duty at 5%

This announcement would attract ment investments in fertiliser sector. This announcement would boost demand for these fertilisers. Positive for companies like Coromandel Coromand International, GSFC, etc. This announcement would boost demand for these fertilisers. Positive for companies like GSFC, etc. This announcement would investments in fertiliser sector. attract

Existing basic custom duty at 5%

Announced in Budget 2012-13

Announced in Budget 2012-13

This announcement would support R&D activities in all agri-related sectors agri especially seeds. Positive for companies like Rallis India, Kaveri seeds, etc. This announcement would support R&D activities in seeds sector. Positive for companies like Rallis India, Kaveri seeds, etc.

Subsidy for Fertilisers is inline with Unicon Pre budget estimates around INR 600 bn. Investments in Pre-budget fertilisers has been the targeted space of the government in the Budget 2012 13; with reforms like viability 2012-13; gap funding, exemption in equipment import and increase in capex related deductions. Budgetary reforms are positive for companies like Chambal fertiliser, Zuari industries, etc looking to expand operations in urea manufacturing.

FMCG
Proposal/Announcement FDI in multi-brand retail trade status quo Increase in base central excise duty to 12% Current Status Existing limit of 50% Current rate at 10% Unicons View Negative as some clarification on this was expected in the budget bud If passed on to consumers it may lead to demand moderation. Thus affecting the companies like HUL, Nestle, ITC, Dabur etc. in negative way. This will increase the advertising cost for the companies and affect the bottom line along with margins. Companies affected are HUL, GlaxoSmithKline Consumer Healthcare Ltd., Nirma etc This will result in incidence of duty as a percentage of retail Sale Price to reduce from 4.5% to 3.65% It is positive. Negative for companies like ITC, Godfrey Phillips and VST industries.

Increase in service tax to 12%

Current rate at 10%

Increase in excise duty on branded ready made garments to 12% with abatement of 70% Increase of excise duty on demerit goods such as certain cigarettes, Hand rolled bidis and pan masala, gutkha, chewing tobacco, unmanufactured tobacco and Zarda scented tobacco. Reduction of basic custom duty to 5% on specified coffee plantation and processing machinery Reduction in basic customs duty on uty Titanium dioxide to 7.5%

The current excise duty is at 10% with abatement of 55 % Current rate lower at 8.8%

Existing rate at 7.5%

Positive for companies like Tata Cofee, Nestle etc Positive for paint companies like Asian Paints, Berger Paints, etc

Current rate at 10%

13 The Budget 2012-13 seems to be overall neutral for FMCG sector. The increased allocation of funds for rural and farm development is expected to improve the rural prosperity, also the revision of income tax prosperity, slabs is expected to increase the disposable income and increase the consumer spending. The above positives are seemed to be negated by increase in excise duty and service tax to 12% moderating the demand of products and increasing advertising expenses for FMCG companies. cts

Pharma / Healthcare
Proposal/Announcement MAT rate kept unchanged Current Status Existing rate at 18.5% Unicons View Negative for companies paying MAT. Reduction of MAT was expected. Companies affected are Sun Pharma, Cadila Healthcare, Torrent Pharma. Positive for companies having R&D expenses. It will increase the R&D nses. expenditure and encourage more companies to take up R&D projects. Positive for companies like Glenmark, Biocon, Dr. Reddys etc Negative for MNC Pharma companies. However if passed to consumers it may not affect the companies. Most Domestic companies earn from excise exempt locations. Positive for Healthcare sector. It will aid Hospitals in its Capex plans. Companies to be benefited are Apollo Hospitals, Fortis Healthcare. The move was expected and is positive for companies like Lupin, Sun Pharma, Ph Cipla. It will increase the disposable income of an individual, thus increasing the healthcare related spend of an individual. Positive for entire Pharmaceutical Sector Encourage sales of Probiotics

Extend the weighted deduction of e 200% for R&D expenditure in an in-house facility beyond March 31, house 2012 for a further period of five years. Increase in excise duty to 12%

The Current Weighted deduction for R&D expenditure at 200% was till 2012.

Current rate at 10%

Investment linked deduction of inked capital expenditure incurred in Hospital sector to be provided at the enhanced rate of 150 % Extended concessional basic customs ssional duty of 5% with full exemption from excise duty/CVD to 6 specified life lifesaving drugs/ vaccines. Increase in the basic exemption limit of Income Tax to 0.2 mn

The existing rate at 100%

Current exemption was extended to 4 life saving drugs Current Limit at 0.18 mn

Increase in allocation for NRHM to INR 208.22 bn Reduction of custom duty on Probiotics to 5%

Current allocation at 185 bn Existing rate at 10%

The Budget 2012-13 seems to be overall Neutral for Pharma / Healthcare sector. The weighted deduction 13 of 200% on R&D expenditure has been extended for 5 yrs further, which will lead to higher R&D activities. However the unchanged MAT rate is taken as a negative proposal as companies were negative expecting some relief on that measure. The in increase in Excise duty to 12% if passed on to consumers is unlikely to affect the companies. The increased allocation to NRHM will help boost the rural sales.

Education
Proposal/Announcement Provide INR 25,555 cr towards the Right to Education(RTE) and Sarva Shiksha Abhiyan (SSA) Setting up 6000 schools at block level as modern schools in the Twelfth Five year plan Provide INR 3124 cr to Rashtriya Madhyamik Shiksha Abhiyan (RMSA) Set up a Credit Guarantee Fund to provide better flow of credit to students Current Status Represents an increase of 21.7% over 2011 2011-2012 Unicons View This announcement will have a positive impact on the education sector and will help increase infrastructure in rural areas I primary schools and colleges. This announcement will provide additional primary and secondary education facilities to ondary the youth This announcement will have a positive impact on the education sector and will help achieve universal access and quality secondary education This announcement will provide better access to credit to students in need of funds for their education

Announced in Budget 2012 2012-13

Represents an increase of 29% over 2011 2011-12

Announced in Budget 2012 2012-13

Union Budget 2012-13 was moderate for the education sector. The government has continued to provide strong support to the education sector. Although, the budget did not include any specific announcements regarding the public private partner partnership (PPP) schemes. Over 70% of Indians will be of working age in 2025, hence the government has rightly supported the sector not only by assuring primary education, but by also providing universal access to higher education, the government has provided skilled training and sk last but not least investments through special grants to recognize excellence in universities and academic institutions, thus making the countrys youth more employable.

Information Technology
Proposal/Announcement Current Status Unicons View

Allocation of funds to complete 40crs Increase in UID spend by omplete additional AADHAR enrollments 13% to INR142.32 bn (UID) and proposed implementation We expect that allocated spend could of systems like payments under improve the revenues of IT companies to MGNREGA & pensions and whom the contracts have been awarded. disbursal of PDS, fertilisers & LPG Wipro and TCS being among them subsidies using AADHAAR as backbone. Union Budget 2012-13 was very subdued for the IT sector with no major announcements or clarifications 3 r on issues proposed by FICCI. There was no reduction of MAT on SEZ which is currently at 18.5%. The 18.5% only positive for the sector was the announcement by the government, of greater spending on egovernment, governance which will benefit IT companies who have established contracts with the government. government Positive for IT companies with domestic exposure like CMC, Wipro Infotech, MindTree, HCL Infosystems, Redington, Glodyne, Vakrangee.

Metal, Mining & Minerals

Proposal/Announcement Import duty on thermal coal has been reduced to nil Current Status 5% Unicons View Marginal benefit for the DRI producers those are dependent on the imported thermal coal. coal However in case of power companies, they have to work out on the costing mechanism as imported coal is still highly priced compared to domestic coal price. Positive for Nalco, price Sterlite Ind., Hindalco, JSW Steel & TATA Steel Benefit the steel players like Tata Steel, JSW Steel, SAIL, and Bhushan Steel. Positive for NMDC & JSPL.

Custom duty on steel increased to 7.5% Import duty on machinery for pellet and beneficiation plant has been reduced to 2.5% Basic customs duty on coating material for manufacture of electrical steel reduced to 5%. Custom duty on imported plant and machinery for surveying and prospecting for mining has been reduced from to 2.5%. Full exemption of custom duty for coal mining equipment.

5%

7.5%

7.5%

Positive for Bhushan Steel

Ranges from 7.5% to 10%

positive for companies prospecting for backward integration like NMDC, Coal India, JSPL, Nalco.

The Union Budget 2012-13 remained largely muted on the m 13 metal sector although few reliefs have been provided to bridge the demand supply gap for Coal in the industry. However Government is trying to encourage technology up gradation via reduction in custom duty in few of the projects related to raw material processing.

Media and Entertainment

Proposal/Announcement Exemption of basic custom duty on LCD and LED panels (key input in ut flat LCD, LED sets). Service tax hiked to 12% Exempt the industry from service tax on copyrights relating to recording ting of cinematographic films. Current at 10% Current Status Currently at 5% Unicons View Positive for sector as it will help in increasing penetration. Negative as the consumer is expected to pay higher. Positive for production and distribution companies like EROS, Balaji etc.

Current at 10%

The weak macro economic environment has resulted in a slowdown in the advertisement spend, which is expected to hurt growth prospects of most of the media companies. However, subscription revenue is ed expected to remain the major growth driver (on account of increasing digitization - mandatory digitization of cable TV (Jul2012 for metros and Mar13 for Tier1cit Tier1cities). According to KPMG the Indian t Media & Entertainment Industry grew from INR 587 billion in 2009 to INR 652 billion in 2 2010, registering a growth of 11%. The sector is projected to grow at a CAGR of 14 to reach INR 1,275 billion by 2015 on 14% the back of positive industry sentiment and growing media consumption consumption.

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