PREPARE A PORTFOLIO BASED ON SHARES OF BSE SENSEX COMPANIES ONLY BY ALL SHORTS OF ANALYSIS WHICH YOU PREDICT TO GIVE THE BEST POSSIBLE RETURNS IN 1-2 YEARS TIME. TOTAL INVESTMENT IS ₹ 10, 00,000, MAXIMUM

NUMBER OF COMPANIES-10...MINIMUM NUMBER OF COMPANIE

PGDM 2014 -16

SECURITY ANALYSIS & PORTFOLIO MANAGEMENT

What is a portfolio?

The set of all securities held by an investor is called his portfolio. This may contain just one security but since in general, nobody puts all their eggs in one basket, it will contain several securities or assets. Such a portfolio is known as diversified portfolio.

The portfolio theory makes two fundamental assumptions i.e.

If two portfolios have identical expected returns then investors would choose the one which has lower risk and

If the two portfolios have identical risk then investors would choose the one, which has a higher expected return.

Stock Name Amount to be InvestedLUPIN 1,50,000CIPLA 60,000

INFOSYS 1,50,000Dr. Reddy 1,50,000

VEDANTA 40,000TATA STEEL 1,50,000

TCS 1,50,000HDFC BANK 1,50,000

Total 10,00000

“Having different types of stocks in your portfolio can enhance returns.” Kenneth Fisher

Analysis to the Problem:

The above portfolios based on shares of BSE Sensex companies are selected on the basis of detailed analysis. List of the analysis are followed below:

Fundamental Analysis Technical Analysis Random Walk Theory

Fundamental Analysis:

The intrinsic value of an equity share depends upon multiple factors. A logical & Systematic approach is indispensable for the security. It is difficult to say exactly what processes the market goes through in pricing the shares, especially as it is really a compound entity consisting of millions of retail investors, mutual funds, institutional investors both domestic & foreign etc.

Fundamental value of the share is nothing but the present value of future benefits in terms of dividend declared by the company, discounted at a rate which investors expect to earn on the equity of the firm. This is the price investors will be willing to pay for the share. This value is frequently referred to as intrinsic value or fundamental value. All demand and supply of shares is supposed to originate from the expected future benefits of the stocks. If the actual market price exceeds this fundamental price, investors already holding the shares would sell.

World economy:

For all nation there is a need of more socially- inclusive models of growth and development. As per world investment report 2015 FDI inflows in 2014 declined 16 percent to $ 1.2 trillion. However, recovery is in sight in 2015 and beyond. FDI flows today account for more than 40 percent of external development finance to developing and transition economies.

Last week Indian equities suffered the worst loses in four years as waves of FII selling pushed indices down to 52 weeks low. The China syndrome was one reason for bearishness. But there were several India specific reasons as well : The monsoon has been below par(13 % less than normal), First quarter growth has been slow, Political resistance and legislative reforms appears to be the prominent. Global sentiment revolves around two factors. One is the ability of the Chinese govt. to control the narrative building around the world’s second largest economy. There has been slow down. The equity bubble has burst. The yuan has been devalued. The PRC’s reserves have eroded by $340 billion. The second big factor is the attitude of the US federal reserve. Will the fed raise the USD policy rate at the mid month meeting of the federal open markets committee? Most traders are betting that it will not raise. One never knows.

India has reasonably good fundamentals in terms of a low current account deficit an improving fiscal deficit and not too much overseas debt.

China's policymakers and regulators promised deeper financial market reforms. They emphasized signs that the economy was stabilizing, but trimmed 2014 growth figures and said foreign exchange reserves fell in August by $93.9 billion - the largest monthly fall on record - to $3.55 trillion.

Indian Economy:

Indian economy is classified in three sectors — Agriculture and allied, Industry and Services. Agriculture sector includes Agriculture (Agriculture proper & Livestock), Forestry & Logging, Fishing and related activities. Industry includes Manufacturing (Registered & Unregistered), Electricity, Gas, Water supply, and Construction. Services sector includes Trade, repair, hotels and restaurants, Transport, storage, communication & services related to broadcasting, Financial, real estate & professional services, Community & social Services etc.

17.01

30.02

52.97

Sector wise GDP contribution in the Year 2014-15

Agriculture Sector Industry sector Service sector

Economic Indicators In IndiaParticulars Units Actual figure

GDP $ $2.469 trillionGDP GROWTH % 7%GDP per capita $ $1,928INFLATION % CPI:  3.78%

WPI: -4.05%Base borrowing rate % 8.25%

Population below poverty line % 23.6%Labour force million 502.3 million

Unemployment million 10.8 millionSLR % 21.50%CRR % 4.00%

REPO RATE % 7.25%BANK RATE % 8.25%

EXPORT/ IMPORT USD Million 23137/35950

If we look at India’s history it has outperformed emerging market peers on growth in the past decade, but underperformed in terms of inflation (which has been higher than peers). Indian Government is putting in place a policy framework to address the country’s fiscal, inflation, regulatory and infrastructure challenges. Investment cycle could be upgraded if these expectations are reflected in policy progress (Land reforms, Labor reforms and GST) and macroeconomic indicators over the next year, leading to growth that’s sustainable. In my point of view RBI’s monetary policy action will be decided by how it weighs domestic factors such as lower growth and inflation with external risks arising out of international financial market volatility. RBI has taken action to address macro-economic imbalances that were apparent in 2013, in terms of inflation and current account deficit. According to Atsi Sheth, senior VP of Moody’s investor service, Singapore that “A proactive monetary policy stance, coupled with the transparency around the action should ensure sustainable growth”.

One question that always strikes in our mind that will any narrowing interest rate spread between India and the US lead to foreign investor outflows? It depends on the specific kind of foreign investor flow. In my view, financial market volatility is less likely to influence outflows by direct investors, who have come to India for its long-term growth outlook, which remains robust on a global scale. Similarly if corporate profitability recovers with growth, the Indian equity market could continue to attract Investment, although exchange rate volatility could pose risks. At this time although there are depreciation pressures on the rupee due to global uncertainties, compared to other emerging market currencies, It has enjoyed relative stability.

Lastly for external investors in India’s bond market, their Interest will depend on whether current trends of fiscal consolidation and softening inflation.

Sector wise analysis:

Banking Sector

According to the Reserve Bank of India (RBI), the banking sector in India is sound, adequately capitalized and well-regulated. Indian financial and economic conditions are much better than in many other countries of the world. Credit, market and liquidity risk studies show that Indian banks are generally resilient and have withstood the global downturn well.

With a sense of optimism slowly creeping in, the banking industry expects that 2015 will bring better growth prospects. This optimism stems from factors such as the Government working hard to revitalise the industrial growth in the country and the RBI initiating a number of measures that would go a long way in helping the banks to restructure. The recent announcements of RBI, it is felt, are a clear pointer to the future of the restructured domestic banking industry. Recently It added 11 payment Banks and also to give boost to SME’s, it added Bandhan Bank to the financial system.

Presently the Indian banking sector is fragmented, with 46 commercial banks pushing for business with dozens of foreign banks as well as rural and co-operative lenders. State banks control 80 percent of the market, leaving relatively small shares for private rivals.

At the end of February, 13.7 crore accounts had been opened under Pradhan mantri Jan Dhan Yojna (PMJDY) and 12.2 crore RuPay debit cards were issued. These new accounts have mobilized deposits of Rs 12,694 crore (US$ 2.01 billion).

Standard & Poor’s estimates that credit growth in India’s banking sector would improve to 12-13 per cent in FY16 from less than 10% in the second half of FY14.

Investments/developmentso The United Economic Forum (UEF), an organization that works to improve socio-economic status of

the minority community in India has signed a memorandum of understanding (MoU) with Indian Overseas Bank (IOB) for financing entrepreneurs from backward communities to set up businesses in Tamil Nadu.

o In a major boost for the infrastructure sector, as well as for banks financing long gestation projects, the RBI has extended its flexible refinancing and repayment option for long-term infrastructure projects to existing ones where the total exposure of lenders is more than Rs 500 crore (US$ 78.98 million).

o Bandhan Financial Services Pvt. Ltd has raised Rs 1,600 crore (US$ 252.69 million) from two international institutional investors to help convert its microfinance business into a full service bank. Bandhan was one of the two entities to get a banking licence in April 2014 along with infrastructure finance company IDFC Ltd.

o The Competition Commission of India (CCI) has cleared the merger of ING Vysya Bank with Kotak Mahindra Bank, which would create the country's fourth largest private sector lender. The proposed Rs 15,000 crore (US$ 2.36 billion) deal is not likely to have any appreciable adverse effect on competition in India, as per the competition "The share of both entities in various relevant markets is insignificant," the CCI said.

o The Government has announced a capital infusion of Rs 6,990 crore (US$ 1.1 billion) in nine state run banks, including State Bank of India (SBI) and Punjab National Bank (PNB), but based on new efficiency parameters such as return on assets and return on equity. In a statement, the finance ministry said, “This year, the Government of India has adopted new criteria in which the banks which are more efficient would only be rewarded with extra capital for their equity so that they can further strengthen their position."

Road Map for the banking sector:

The Indian economy is now on the threshold of a major transformation, with expectations of policy initiatives being implemented. Positive business sentiments, improved consumer confidence and more controlled inflation should help boost the economic growth. Higher spending on infrastructure, speedy implementation of projects and continuation of reforms will provide further impetus to growth. All this translates into a strong growth for the banking sector too, as rapidly growing business turn to banks for their credit needs, thus helping them grow.

Pharmaceutical Sector

Snapshots

Healthcare industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players.  During 2008-20, the market is expected to record a CAGR of 17 per cent 

Per capita healthcare expenditure is estimated at a CAGR of 11.3 per cent during FY 2008–15E to US$ 91 billion by 2015. This is due to rising incomes, easier access to high-quality healthcare facilities and greater awareness of personal health and hygiene. Greater penetration of health insurance aided the rise in healthcare spending. Economic prosperity is driving the improvement in affordability for generic drugs in the market. The total industry size is expected to touch USD160 billion by 2017 and USD280 billion by 2020.

Over 2012–20, total healthcare spending is expected to rise at a CAGR of 20 per cent to US$ 280 billion from US$ 65 billion. Industry revenues are expected to expand at a CAGR of 12.1 per cent during 2012-20 and reach US$ 45 billion 

As per the Ministry of Health, development of 50 technologies has been targeted in the FY16, for the treatment of disease like Cancer and TB. Healthcare has become one of India's largest sectors - both in terms of revenue and employment. The industry comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment. According to estimates, the overall Indian health care market today is US$ 65 billion, of which the hospital supplies and health care equipment segment is believed to be only around US$ 4.5-5 million. Health care delivery, which includes hospitals, nursing homes and diagnostics centres, and pharmaceuticals, constitutes 65 per cent of the overall market. India requires 600,000 to 700,000 additional beds over the next five to six years, which potentially throws an opportunity of more than

US$ 25-30 billion. While the existing hospitals would look at expanding their capabilities, a lot of new properties would also come up.

Investments

The hospital and diagnostic centres attracted foreign direct investment (FDI) worth US$ 2,793.72 million between April 2000 and January 2015, according to data released by the Department of Industrial Policy and Promotion (DIPP).

Some of the major investments in the Indian healthcare industry are as follows:

o Mylan Inc has signed a deal to acquire the female health care businesses of Famy Care Ltd, a specialty women’s health care company, for US$ 750 million in cash and additional contingent payments of up to US$ 50 million.

o Apollo Hospitals Enterprise (AHEL) plans to add another 2,000 beds over the next two financial years, at a cost of around Rs 1,500 crore (US$ 241.24 million), as per Mr Prathap C Reddy, Founder and Executive Chairman, Apollo Hospitals.

o Temasek Holdings Pte Ltd has acquired the entire 17.74 per cent stake of Punj Lloyd Ltd in Global Health Pvt Ltd, which owns and operates the Medanta super specialty hospital in Gurgaon, Haryana.

o Apollo Health and Lifestyle Ltd (AHLL), a wholly-owned subsidiary of Apollo Hospitals Enterprise, has acquired Nova Specialty Hospitals at an estimated cost of Rs 135-145 crore (US$ 21.71-22.32 million)

o India's universal health plan that aims to offer guaranteed benefits to a sixth of the world's population will cost an estimated Rs 1.6 trillion (US$ 25.73 billion) over the next four years.

o The Competition Commission of India (CCI) in its meeting has approved the proposed merger between Sun Pharma and Ranbaxy, subject to the parties inter alia carrying out the divestiture of their products relating to seven relevant markets for formulations.

o India and Sweden celebrated five years of memorandum of understanding (MoU). The cooperation in healthcare between India and Sweden will help in filling gaps in research and innovative technology to aid provisioning of quality healthcare.

o Generic drug maker Mylan Inc and the US-based Abbott Industries have received the CCI’s nod to proceed with their merger.

o All the government hospitals in Andhra Pradesh would get a facelift with a cost of Rs 45 crore (US$ 7.23 million), besides the establishment of 1,000 generic medical shops across the State in the next few months.

Road Map for the Health & Pharma sector

India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.

Telemedicine is a fast emerging sector in India. In 2012, the telemedicine market in India was valued at US$ 7.5 million, and is expected to grow at a CAGR of 20 per cent to US$ 18.7 million by 2017.

There are vast opportunities for investment in healthcare infrastructure in both urban and rural India. About 1.8 million beds are required by the end of 2025. Additionally, 1.54 million doctors and 2.4 million nurses are required to meet the growing demand.

The Indian Pharma market size is expected to grow to US$ 85 billion by 2020. The growth in Indian domestic market will be on back of increasing consumer spending, rapid urbanisation, raising healthcare insurance and so on. Going forward, better growth in domestic sales will depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers are on the rise. Moreover, the government has been taking several cost effective measures in order to bring down healthcare expenses. Thus, governments are focusing on speedy introduction of generic drugs into the market. This too will benefit Indian Pharma companies. In addition, the thrust on rural health programmes, life saving drugs and preventive vaccines also augurs well for the Pharma companies.

References: Department of Industrial Policy and Promotion (DIPP), Press Information Bureau (PIB)

Automobile Industry

Snapshots of Auto Sector

Two wheelers dominate production volumes; in FY15, the segment accounted for about 79.40 per cent of the total automotive production in the country. India is the world’s second-largest two wheeler manufacturer and fourth-largest producer of commercial vehicles. A unique feature of Indian auto sector is the presence of three wheelers which are a form of public transportation equivalent to taxis. The Indian auto industry is one of the largest in the world with an annual production of 21.48 million vehicles in FY 2013-14.The automobile industry accounts for 22 per cent of the country's manufacturing gross domestic product (GDP). An expanding middle class, a young population, and an increasing interest of the companies in exploring the rural markets have made the two wheelers segment (with 80 per cent market share) the leader of the Indian automobile market.

The overall passenger vehicle segment has 14 per cent market share. India is also a substantial auto exporter, with solid export growth expectations for the near future. Various initiatives by the Government of India and the major automobile players in the Indian market is expected to make India a leader in the Two Wheeler and Four Wheeler market in the world by 2020. Sales of commercial vehicles in India grew 5.3 per cent to 52,481 units in January 2015 from a year ago, according to Society of Indian Automobile Manufacturers (SIAM). Sales of cars also grew for a third month in a row to 169,300 units in January 2015, up 3.14 per cent from the year-ago period. Car market leader Maruti Suzuki India witnessed 8.6 per cent higher sales at approximately 118,551 units in February 2015, out of which 107,892 were sold in domestic market and 10,659 units were exported. Hyundai Motor India Ltd (HMIL) reported a 2.4 per cent growth in total sales at 47,612 units in February, compared with 46,505 units in the same month last year.In the two-wheeler segment, Hero Moto Corp witnessed sales of 484,769 units in February 2015. TVS Motor Co posted 15 per cent higher sales at 204,565 units against 177,662 units. Bajaj Auto sold a total of 243,000 two and three-wheelers segment.

Investments

To match production with demand, many auto makers have started to invest heavily in various segments in the industry in the last few months. The industry has attracted foreign direct investment (FDI) worth US$ 12,232.06 million during the period April 2000 to February 2015, according to the data released by Department of Industrial Policy and Promotion (DIPP).

Germany-based luxury car maker Bayerische Motoren Werke AG’s (BMW) local unit has announced to procure components from seven India-based auto parts makers.Suzuki Motor Corp is planning to sell the automobiles made in the Gujarat plant, in Africa.Tata Motors Ltd, India’s largest automobile maker, will sell trucks in Malaysia, Vietnam and Australia to strengthen its presence in the Asia-Pacific region.

The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route. Excise duty on small cars, scooters, motorcycles and commercial vehicles was reduced in February last year to 8 per cent from 12 per cent to boost the ‘Make in India’ initiative of the Indian government.

Under the Union budget of 2015-16, the Government has announced to provide credit of Rs 850,000 to farmers, which is expected to boost the tractors segment. The government is aligning to ensure that at least one family member is economically strong to support the family. This is expected to improve the sentiments of entry-level two-wheelers.

The government has formulated a Scheme for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India, under the National Electric Mobility Mission 2020 to encourage the progressive induction of reliable, affordable and efficient electric and hybrid vehicles in the country.

The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed at accelerating and sustaining growth in this sector. Also, the well-established Regulatory Framework under the Ministry of Shipping, Road Transport and Highways, plays a part in providing a boost to this sector.

Road Map for the Auto sector

The Japanese auto maker Maruti Suzuki expects the Indian passenger car market to reach four million units by 2020, up from 1.8 million units in 2013-14.

The vision of AMP 2006-2016 sees India, “to emerge as the destination of choice in the world for design and manufacture of automobiles and auto components with output reaching a level of US$ 145 billion; accounting for more than 10 per cent of the GDP and providing additional employment to 25 million people by 2016.”

Oil & Gas Industry

Snapshot:

In 2014, coal accounted for 56.47 per cent of total primary energy demand. Energy demand in the Asia-Pacific region is expected to reach 5,627 Mtoe by 2020 and 6,861 Mtoe by 2035. India’s energy demand is projected to double to 48.7 quadrillion btu by 2035.

Over the next few years, dependence on gas, hydro power and nuclear power is expected to increase relative to oil and coal. The government aims to quadruple India’s nuclear power generation capacity to 20 GW by 2020; currently, seven nuclear power reactors of 4,930 MWe capacity are under construction. In coming decades, a major portion of consumption dependability of energy mix is expected to shift from coal and petroleum to other resources like natural gas, solid biomass & waste and nuclear & other renewable sources.

It plays a vital role in influencing decisions across other important spheres of the economy. In 1997–98, the New Exploration Licensing Policy (NELP) was envisioned to deal with the ever-growing gap between demand and supply of gas in India. As per a recent report, the oil and gas industry in India is anticipated to be worth US$ 139,814.7 million by 2015. With India’s economic growth closely linked to energy demand, the need for oil and gas is projected to grow further, rendering the sector a fertile ground for investment.

To cater to the increasing demand, the Government of India has adopted several policies, including allowing 100 per cent foreign direct investment (FDI) in many segments of the sector, such as natural gas, petroleum products, and refineries, among others. The government’s participation has made the oil and gas sector in the country a better target of investment. Today, it attracts both domestic and foreign investment, as attested by the presence of Reliance Industries Ltd (RIL) and Cairn India.

India increasingly relies on imported LNG; the country was the fifth-largest LNG importer in 2013, accounting for 5.5 per cent of global imports. India’s LNG imports are forecasted to increase at a CAGR of 33 per cent during 2012–17.

State-owned ONGC dominates the upstream segment (exploration and production), accounting for approximately 60 per cent of the country’s total oil output (FY13).

Investment

Essar Oil Ltd has signed a deal with Russia-based OAO Rosneft to import 10 million tonnes (MT) of crude oil per year for 10 years.

Reliance Industries Ltd (RIL) and Mexican state-owned company Petroleos Mexicanos (Pemex) have entered into a memorandum of understanding (MoU) for cooperation in the oil and gas sector.

Two landmark initiatives for energy efficiency – Design Guidelines for Energy Efficient Multi-Storey Residential Buildings and Star Ratings for Diesel Gensets and for Hospital Buildings – were launched by Mr Dharmendra Pradhan, Minister of State with Independent Charge for Petroleum and Natural Gas, Government of India.

India and Norway have discussed bilateral relationship between the two countries in the field of oil and natural gas and decided to extend cooperation in hydrocarbon exploration.

To strengthen the country`s energy security, oil diplomacy initiatives have been intensified through meaningful engagements with hydrocarbon rich countries.

Direct Benefit Transfer for LPG consumer (DBTL) scheme launched in 54 districts on November 11, 2014 and expanded to rest of the country on January 1, 2015 will cover 15.3 crore active LPG consumers of the country.

Special dispensation for North East Region: For incentivising exploration and production in North East Region, 40 per cent subsidy on gas price has been extended to private companies operating in the region, along with ONGC and OIL.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Mr Narendra Modi, has approved a mechanism for procurement of Ethanol by Public Sector Oil Marketing Companies (OMCs) to carry out the Ethanol Blended Petrol (EBP) Program.

Road Map for the Oil & Energy sector:

By 2015-16, India’s demand for gas is set to touch 124 MTPA against a domestic supply of 33 MTPA and higher imports of 47.2 MTPA, leaving a shortage of 44 MTPA, as per projections by the Petroleum and Natural Gas Ministry of India. Moreover, Business Monitor International (BMI) predicts that India will account for 12.4 per cent of Asia-Pacific regional oil demand by 2015.

Source: Ministry of petroleum & Natural Gas. Press information Bureau.

IT sector:

Availability of skilled English speaking workforce has been a major reason behind India’s emergence as a global outsourcing hub. During FY08-15 number of graduates addition to talent pool in India grew at a CAGR of 9.4 per cent. Growing talent pool of India has the ability to drive the R&D and innovation business in the IT & services. The contribution of the IT sector to India’s GDP rose to approximately 9.5 per cent in FY15 from 1.2 per cent in FY98. The top six firms contribute around 36 per cent to the total industry revenue, indicating the market is fairly competitive, with TCS being the leader accounting for about 10.1 per cent.

India has emerged as the fastest growing market for Dell globally and the third largest market in terms of revenue after the US and China, said Mr Alok Ohrie, Managing Director, Dell India.

India, the fourth largest base for young businesses in the world and home to 3,000 tech start-ups, is set to increase its base to 11,500 tech start-ups by 2020, as per a report by Nasscom and Zinnov Management Consulting Pvt Ltd.

India’s internet economy is expected to touch Rs 10 trillion (US$ 161.26 billion) by 2018, accounting for 5 per cent of the country’s gross domestic product (GDP), according to a report by the Boston Consulting Group (BCG) and Internet and Mobile Association of India (IAMAI). In December 2014, India’s internet user base reached 300 million, the third largest in the world, while the number of social media users and smartphones grew to 100 million.

Public cloud services revenue in India is expected to reach US$ 838 million in 2015, growing by 33 per cent year-on-year (y-o-y), as per a report by Gartner Inc. In yet another Gartner report, the public cloud market alone in the country was estimated to treble to US$ 1.9 billion by 2018 from US$ 638 million in 2014. The increased internet penetration and rise of e-commerce are the main reasons for continued growth of the data center co-location and hosting market in India.

Investment

Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments from major countries. The computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth US$ 13,788.56 million between April 2000 and December 2014, according to data released by the Department of Industrial Policy and Promotion (DIPP).

The private equity (PE) deals increased the number of mergers and acquisitions (M&A) especially in the e-commerce space in 2014. The IT space, including e-commerce, witnessed 240 deals worth US$ 3.8 billion in 2014, as per data from Dealogic.

India also saw a ten-fold increase in the venture funding that went into internet companies in 2014 as compared to 2013. More than 800 internet start-ups got funding in 2014 as compared to 200 in 2012, said Rajan Anandan, Managing Director, Google India Pvt Ltd and Chairman, IAMA.

Most large technology companies may have so far focused primarily on bigger enterprises, but a report from market research firm Zinnov highlighted that the small and medium businesses will present a lucrative opportunity worth US$ 11.6 billion in 2015 and US$ 25.8 billion in 2020. Moreover, India has nearly 51 million such businesses of which 12 million have a high degree of technology influence and are looking to adopt newer IT products, as per the report.

he adoption of key technologies across sectors spurred by the 'Digital India Initiative' could help boost India's gross domestic product (GDP) by US$ 550 billion to US$ 1 trillion by 2025, as per research firm McKinsey.

Road Map for IT sector

Internet should be a basic human right, say 87 per cent of internet users in India, compared with 83 per cent globally, according to a report by Centre for International Governance Innovation (CIGI). ndia continues to be the topmost offshoring destination for IT companies followed by China and Malaysia in second and third position, respectively.

FMCG Sector

India’s FMCG industry is expected to grow at 12 per cent in 2016, reaching the sales figure of US$ 49 billion.

India’s consumer confidence continues to be the highest globally and has improved in the second quarter of calendar year 2015 (Q2), riding on a positive economic environment and low inflation. Nielsen’s findings reveal that the consumer confidence of urban India increased by one point in the second quarter of 2015 from that in the preceding quarter. Urban India’s consumer confidence is 131 in the second quarter of 2015, up three points from 128 in the previous corresponding period. The current score helps India stay on top of the global consumer confidence index for the quarter and is followed by the Philippines (122) and Indonesia (120). Confidence in India has risen for the seven consecutive quarters.

Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favourable population composition and increasing disposable incomes. A recent study by the McKinsey Global Institute (MGI) suggests that if India continues to grow at the current pace, average household incomes will triple over the next two decades, making the country the world’s fifth-largest consumer economy by 2025, up from the current 12th position.According

to a report by Boston Consulting Group (BCG) and the Confederation of Indian Industry (CII), India’s robust economic growth and rising household incomes would increase consumer spending to US$ 3.6 trillion by 2020. The maximum consumer spending is likely to occur in food, housing, consumer durables, transport and communication sectors. The report further stated that India's share of global consumption would expand more than twice to 5.8 per cent by 2020.

India’s market is consumer driven, with spending anticipated to more than double by 2025. The Indian consumer segment is broadly segregated into urban and rural markets, and is attracting marketers from across the world.

Investments

Following are some major investments and developments in the Indian consumer market sector.

FMCG major Hindustan Unilever (HUL) announced a reorganisation of its go-to-market operations from the traditional four sales branches to 14 consumer clusters in order to provide services to diverse consumers across channels and geographies. The company has termed the initiative as “Winning in Many Indias”.

In a series of strategic buy-outs this year, SnapDeal, which acquired online utility service provider Freecharge and financial services portal RupeePower, has signalled its ambition to build a service platform so as to stand out in an online marketplace, which until now was dominated by an array of products from cameras to apparel and furniture.

Road map for FMCG sector

According to a recently published TechSci Research report, "India Food Services Market Forecast & Opportunities, 2020", the food services market in India is expected to expand at a CAGR of over 12 per cent through 2020, primarily driven by increasing disposable income, changing lifestyle, and changing tastes and preferences of consumers. Another major factor propelling the demand for food services in India is the growing youth population, primarily in the country’s urban regions. India has a large base of young consumers who form the majority of the workforce and, due to time constraints, barely get time for cooking.

Research firm Nielsen projected that rural India’s FMCG market will surpass the US$ 100 billion mark by 2025. Online portals are expected to play a key role for companies trying to enter the hinterlands. The Internet has contributed in a big way, facilitating a cheaper and more convenient means to increase a company’s reach.

In the first half of this calendar year, the volume of house hold consumption of FMCG products in rural areas grew 5.5% over the same period of a year ago. In January –June this year , the rate of overall household FMCG consumption growth in rural areas was more than twice as much as in urban areas.

Engineering Sector

Engineering exports from India increased 14.7 per cent to US$ 70.6 billion in FY15’.

The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors of the economy, is of strategic importance to India’s economy. Growth in the sector is driven by various sub-sectors such as infrastructure, power, steel, automotives, oil and gas, consumer durables etc

India on its quest to become a global superpower has made significant strides towards the development of its engineering sector. The Indian government has appointed the Engineering Export Promotion Council (EEPC) to be the apex body in charge of promotion of engineering goods, products and services from India. India exports transport equipment, capital goods, other machinery/equipment and light engineering products such as castings, forgings and fasteners to various countries of the world.

Coupled with favourable regulatory policies and growth in the manufacturing sector, many foreign players have started to invest in the country. India recently became a permanent member of the Washington Accord (WA) on June 13, 2014. The country now joins an exclusive group of 17 countries who are permanent signatories of the WA, an elite international agreement on engineering studies and mobility of engineers.

Market size

Driven by strong demand for engineering goods, exports from India registered a double digit growth at 10.22 per cent to touch US$ 26.4 billion in June 2014 from US$ 24.02 billion in the corresponding month last year. This growth can be credited to the robust expansion in shipments of aircraft, spacecraft parts and automobiles. The second best performing sector was non-ferrous metals and metal products. India exports its engineering goods mostly to the US and Europe, which accounts for over 60 per cent of the total exports. Recently, India's engineering exports to Japan and South Korea have also increased with shipments to these two countries rising by 16 and 60 per cent respectively.

Investments

The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative advantage in terms of manufacturing costs, technology and innovation. The foreign direct investment (FDI) inflows into India's miscellaneous mechanical and engineering industries during April 2000 to January 2015 stood at around US$ 3,948.17 million, as per data released by the Department of Industries Policy and Promotion (DIPP).

Hyderabad-based infra player IL&FS Engineering Services has informed the bourses that it has bagged a port project worth Rs 179.84 crore (US$ 28.74 million) in Maharashtra. "The company has received a letter of award (LOA) from IL&FS Maritime Infrastructure Company Limited (IMICL) on behalf of Dighi Port Limited for engineering, procurement, and construction (EPC) contract for the development of multipurpose berth, backup yard development and utilities of multipurpose terminal berth 5 on the north of Dighi Port, Agardanda in Maharashtra," the company said. According to the company, the project completion period is 545 days from the date of notice to proceed (NTP) and the scope of work includes design and construction of multipurpose berth, reclamation of 50 acres of backup area, among others. Leading online retailer Snapdeal is increasing focus on mobile commerce, where it will be doubling its engineering staff count to 700 soon as it sees over 90 per cent of business coming in through this platform over the next three years. Accordingly, the company has shifted half of its 350 engineers from PC to mobile commerce following the massive jump in traffic on this platform till last year.

Road Map for Engineering sector

The engineering sector is a growing market. Current spending on engineering services is projected to increase to US$ 1.1 trillion by 2020. With development in associated sectors such as automotive, industrial goods and

infrastructure, coupled with a well-developed technical human resources pool, engineering exports are expected to touch US$ 120 billion by 2015. Also, the Union Budget 2014-15 has allocated funds for several infrastructure projects which are further expected to provide a boost to the engineering sector. The industry can also look forward to deriving revenues from newer services and from newer geographies with Big Data, Cloud, M2M and Internet of Things becoming a reality.

References: Press Releases, Media Reports, Department of Industrial Policy and Promotion (DIPP) statistic, Engineering Export Promotion Council, The Union Budget 2014-15.

Industry analysis takes note of the macro input on a specific Industry. It also tries to identify the nature and present states of a particular Industry to monitor its growth, life cycle and future prospectus.

There are two types of Industry i.e. Cyclical Industry and defensive Industry.

If we consider the shares of BSE Sensex we will find that it comprises of cyclical industry & Defensive Industry.

Cyclical Industry Defensive IndustryBANKING SECTOR PHARMA SECTOR

AUTO SECTORIT SECTOR

OIL & GAS SECTORFMCG SECTOR

STEEL, MINES & COALPOWER & TELECOM

Company Analysis

Beta, R2, Volatility and Returns of S&P SENSEXScrips for July-2014 to June-2015

Scrip Code Company Avg. Daily Volatility (%)

Returns (1 year) (%)

Free-float Adj.Factor

500010 HOUSING DEVELOPMENT FINANCE CORP.LTD. 1.81 37.65 1

500087 CIPLA LTD. 1.76 68.49 0.63

500103 BHARAT HEAVY ELECTRICALS LTD. 2.38 1.19 0.37

500112 STATE BANK OF INDIA 14.76 5.19 0.41

500124 DR.REDDY'S LABORATORIES LTD. 1.59 46.34 0.75

500180 HDFC Bank Ltd 1.17 28.19 0.78500182 HERO MOTOCORP LTD. 1.6 13.04 0.6500209 INFOSYS LTD. 4.84 35.12 0.84500295 Vedanta Ltd 2.39 -29.66 0.37

500312 OIL AND NATURAL GAS CORPORATION LTD. 2.13 -17.36 0.21

500325 RELIANCE INDUSTRIES LTD. 1.51 -18.96 0.51

500440 HINDALCO INDUSTRIES LTD. 2.5 -13.99 0.62

500470 TATA STEEL LTD. 2.07 -33.34 0.69500510 LARSEN & TOUBRO LTD. 1.76 0.6 0.88

Scrip Code Company Avg. Daily Volatility (%)

Returns (1 year) (%)

Free-float Adj.Factor

500520 MAHINDRA & MAHINDRA LTD. 1.73 1.59 0.74

500570 TATA MOTORS LTD. 1.93 15.64 0.66

500696 HINDUSTAN UNILEVER LTD. 1.57 43.05 0.33

500875 ITC LTD. 1.62 -3.14 0.7507685 WIPRO LTD. 1.43 12.52 0.27

524715 SUN PHARMACEUTICAL INDUSTRIES LTD. 1.85 61.16 0.45

532155 GAIL (INDIA) LTD. 1.85 0.12 0.37532174 ICICI BANK LTD. 10.42 8.49 1532215 AXIS BANK LTD. 10.54 53.82 0.71532454 BHARTI AIRTEL LTD. 1.8 17.71 0.35

532500 MARUTI SUZUKI INDIA LTD. 1.39 62.69 0.44

532540 TATA CONSULTANCY SERVICES LTD. 1.49 22.57 0.26

532555 NTPC LTD. 1.67 -14.13 0.25532977 BAJAJ AUTO LTD. 1.43 17.16 0.46533278 COAL INDIA LTD. 1.74 4.81 0.2

About Lupin Limited

Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.

Lupin is the 6th largest and fastest growing top 10 generics player in the US (5.5% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales globally. The Company is also the fastest growing top 10 generic pharmaceutical players in Japan (ranked 8th) and South Africa (ranked 4th - IMS Health).

For the financial year ended 31st March 2015, Lupin's Consolidated turnover and Profit after Tax were Rs. 125,997 million (USD 2.06 billion) and Rs. 24,032 million (USD 393 million) respectively.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 2595.01 2165.42 9752.47Net Profit 699.92 407.70 2397.35EPS 15.56 9.07 53.41OPM % 38.91 26.25 36.44NPM% 26.97 18.83 24.58Security Variance % 8.96Market Capitalisaton F.F 43617.4452 weeks High/Low 2112/1307.10

1n (%) June-15 Mar-15 Dec-14Promoter 46.59 46.63 46.66

FII 36.75 34.69 31.77DII 6.82 8.67 10.74

Others 9.84 10.01 10.83Total 100 100 100

BETA 0.2614/07/2015 Dividend 7.5021/07/2014 Final Dividend 3.0013/02/2014 Interim Dividend 3.0029/07/2013 Dividend 4.0013/07/2012 Dividend 3.20

Group-A, Face Value – RS 2 and security code – 500257, Pharmaceuticals

News:

Lupin Launches First-ever Duloxetine 40mg Delayed-Release Capsules in the US.

Lupin Announces New Center of Excellence for Inhalation Research in Florida.

About Cipla Limited

Cipla Limited manufactures and sells pharmaceutical and personal care products in India. It offers active pharmaceutical ingredients; and formulations in therapeutic areas, such as allergy, analgesic, anti-malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, HIV-AIDS, hormones and steroids, iron chelators, musculoskeletal, neuropsychiatry, oncology, respiratory, urology, and women’s health, as well as nutritional and ophthalmic products. The company also provides veterinary products for various animals, including companion, equine, general care, livestock, and poultry. In addition, it offers inhaled medication and devices comprising dry powder inhalers, metered-dose inhalers, spacers and related devices, nasal sprays, nebulizers, and inhalation accessory devices. The company also exports raw materials, intermediates, prescription drugs, over-the-counter drugs, and veterinary products to approximately 170 countries worldwide. Cipla Limited was founded in 1935 and is based in Mumbai, India.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 3542.27 2701.46 10131.78Net Profit 690.05 213.90 1181.09EPS 8.59 2.66 14.71OPM % 29.46 16.06 20.82NPM% 19.48 7.92 11.66Security Variance % 9.79Market Capitalisaton F.F 30679.6152 weeks High/Low 752.45/558.65

1n (%) June-15 Mar-15 Dec-14Promoter 36.79 36.80 36.80

FII 18.29 25.43 23.93DII 16.01 9.75 11.38

Others 28.91 28.02 27.89Total 100 100 100

BETA 0.52 (Source : Reuters.com)11/08/2015 Dividend 2.0006/08/2014 Dividend 2.0006/08/2013 Dividend 2.00

01/08/2012 Dividend 2.0009/08/2011 Final Dividend 2.00

Group-A, Face Value – RS 2 and security code – 500087, Pharmaceuticals

News:

o Cipla buys up US generics drug makers for $550m. o India's Cipla to Buy Two U.S. Firms for $550 Million.o Cipla appoints Umang Vohra and Prabir Jha to its management team.

About Infosys

Infosys Limited, together with its subsidiaries, provides business consulting, technology, engineering, and outsourcing services in North America, Europe, India, and internationally. Its solutions include business information technology (IT) services comprising application development and maintenance, independent validation services, infrastructure management, business process management, and engineering services consisting of product engineering and life cycle solutions; and consulting and systems integration services, including consulting, enterprise solutions, systems integration, and advanced technologies. Its solutions also comprise Finacle, a banking solution that address the banking, e-banking, mobile banking, customer relationship management, payments, treasury, origination, liquidity management, and wealth management needs of retail, corporate, and universal banks; cloud-hosted business platforms and software products; and Edge Suite products and platforms. In addition, the company offers business intelligence solutions comprising cloud computing, enterprise mobility, digital, and big data and analytics. Infosys Limited serves clients in financial services and insurance; manufacturing; communications and services; energy and utilities; retail, and consumer packaged goods and logistics; life sciences and healthcare; and growth markets. The company was formerly known as Infosys Technologies Limited and changed its name to Infosys Limited in June 2011. Infosys Limited was founded in 1981 and is headquartered in Bengaluru, India.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 12,738.00 11,926.00 47,300.00Net Profit 2,897.00 3,024.00 12,164.00EPS 12.61 26.33 105.91OPM % 33.33 36.99 37.44NPM% 22.74 25.36 25.72Security Variance % 7.5Market Capitalisaton F.F 1,74,482.5852 weeks High/Low 1186/898.53Total traded Qty. (Lk) 0.64

1n (%) June-15 Mar-15 Dec-14Promoter 13.08 13.08 13.08

FII 40.99 37.96 41.58DII 16.11 15.10 15.28

Others 29.82 33.86 30.06Total 100 100 100

BETA 0.6615/06/2015 Bonus issue 1:115/06/2015 Final Dividend 29.5002/12/2014 Bonus issue 1:116/10/2014 Interim Dividend 30.0029/05/2014 Final Dividend 43.00

Group-A, Face Value – RS 5 and security code – 500209, IT Consulting and software

News

Infosys' New Finacle Suite to Tap Payment Bank Applicants

Infosys veterans are India’s latest philanthropic heroes

Infosys announces three new service lines Ai Ki Dō.

About DR. Reddy Laboratories

Dr. Reddy �s Laboratories Limited operates as an integrated pharmaceutical company worldwide. It operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment produces and markets finished pharmaceutical products as branded formulations or generic finished dosages. This segment also engages in biologics business. The PSAI segment develops active pharmaceutical ingredients (APIs) and intermediaries, which are used as principal ingredients for finished pharmaceutical products. This segment also offers contract research services to other companies; and manufactures and sells APIs and steroids in accordance with the specific customer requirements. The Proprietary Products segment focuses on the discovery, development, and commercialization of novel small molecule agents in therapeutic areas, such as anti-infective, metabolic disorders, and pain and inflammation. It also provides differentiated formulations for unmet medical needs; and a portfolio of in-licensed patented dermatology products As of March 31, 2015, this segment had 18 active products in proprietary products development pipeline that are in various stages of development. The company �s therapeutic categories primarily include gastro-intestinal, cardiovascular, pain management, oncology, dermatology, urology, and nephrology. Dr. Reddy’s Laboratories Limited has strategic partnership with GlaxoSmithKline plc to develop and market products outside India; collaboration, license and option agreement with Curis, Inc. to discover, develop, and commercialize small molecule antagonists for immuno-oncology and precision oncology; and collaboration agreement with Merck Serono to develop a portfolio of biosimilar compounds in oncology, primarily focused on monoclonal antibodies. The company was founded in 1984 and is headquartered in Hyderabad, India.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 2525.93 2688.72 10010.94Net Profit 475.85 571.42 1679.35EPS 27.92 33.54 98.60OPM % 29.79 31.37 26.11NPM% 18.84 21.25 16.78Security Variance % 7.5Market Capitalisaton F.F 38,614.3252 weeks High/Low 4337/2883.4Total traded Qty. (Lk) 0.11

1n (%) June-15 Mar-15 Dec-14Promoter 25.48 25.48 25.49

FII 37.75 38.86 38.53DII 5.92 5.44 5.66

Others 30.85 30.22 30.32Total 100 100 100

BETA 0.310/07/2015 Final Dividend 20.0011/07/2014 Final Dividend 18.00

12/07/2013 Final Dividend 15.0028/06/2012 Final Dividend 13.7530/06/2011 Final Dividend 11.25

Group-A, Face Value – RS 5 and security code – 500124, Pharmaceuticals

About Vedanta Aluminium

Vedanta Limited, formerly Sesa Sterlite Ltd., is an India-based global diversified natural resources company with operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminum and commercial power. The Company operates through segments, including Copper, Aluminium, Iron Ore, Power and Others. It operates Tuticorin smelter and India Copper Mines of Tasmania. Its custom smelting assets include a copper smelter, a refinery, a phosphoric acid plant, a sulfuric acid plant, a copper rod plant and two captive power plants at Tuticorin in Southern India, and a refinery and two copper rod plants at Silvassa in Western India. Its Iron Ore business consists of exploration, mining and processing of iron ore, pig iron and metallurgical coke and power generation. Its Aluminium operations include a refinery, a smelter and power plants at Lanjigarh and Jharsuguda. Its other activities include operation of its Vizag General Cargo Berth Private Limited in which it owns a 100% interest.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 7,887.09 8,030.95 32,502.41Net Profit 609.61 573.79 1,927.20EPS 2.06 1.94 6.50OPM % 21.41 15.43 20.41NPM% 7.73 7.14 5.93Security Variance % 18.24Market Capitalisaton F.F 9,176.9152 weeks High/Low 291.25/76.70Total traded Qty. (Lk) 7.36

1n (%) June-15 Mar-15 Dec-14Promoter 59.52 59.52 59.53

FII 16.29 17.35 17.03DII 6.78 5.66 5.84

Others 17.41 17.47 17.60Total 100 100 100

BETA 1.2606/07/2015 Final Dividend 2.3503/11/2014 Interim Dividend 1.7504/07/2014 Final Dividend 1.7506/11/2013 Interim Dividend 1.5031/05/2013 Dividend 0.10

Group-A, Face Value – RS 1 and security code – 500295, Iron & steel/ Interim Product

About Tata Steel

Tata Steel Limited is a holding company. The Company is engaged in manufacturing of steel and steel products. The Company's products include hot rolled coils, cold rolled coils, wire rods and rebars, and galvanized coils. The Company's segments include steel, ferro alloys and minerals, and others. The Company's other business segments consists of tubes, bearings, refractories, pigments, port operations and town services, among others. Its Indian operations are mainly carried out from Jamshedpur in Jharkhand with manufacturing divisions in Kharagpur (West Bengal), Joda and Bamnipal (Odisha), and Tarapur (Maharashtra). Its mines, collieries and

quarries are located in the States of Jharkhand, Odisha and Karnataka. Its international production capacities are located in Europe and Asia Pacific. The Company's subsidiaries include ABJA Investment Co. Pte. Ltd., Adityapur Toll Bridge Company Limited, Bangla Steel & Mining Co. Ltd. and Tata Steel Special Economic Zone Limited.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 9,093.71 10,634.89 41,785.00Net Profit 1,248.61 814.09 6,439.12EPS 12.41 7.94 64.49OPM % 27.97 16.02 29.87NPM% 13.73 7.65 15.41Security Variance % 14.26Market Capitalisaton F.F 14,849.3052 weeks High/Low 524.75/200.40Total traded Qty. (Lk) 10.88

1n (%) June-15 Mar-15 Dec-14Promoter 31.35 31.35 31.35

FII 12.36 16.23 17.37DII 28.75 25.15 25.42

Others 27.54 27.27 25.86Total 100 100 100

BETA 1.2623/07/2015 Dividend 8.0014/07/2014 Dividend 10.0015/07/2013 Dividend 8.0016/07/2012 Dividend 12.0004/07/2011 Dividend 12.00

Group-A, Face Value – RS 10 and security code – 500470, Iron & steel/ Interim Product

News:

Focusing Tata Steel's UK strip products business on higher-value markets.

About TCS

Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. The company offers assurance services, such as test consulting and advisory, test services implementation, and managed services; business intelligence and performance management, including business intelligence, business process management, enterprise data management, and integration services; and business process services. It also provides consulting services comprising business change, and business and technology optimization; eco-sustainability services; and engineering and industrial services, including new product development, plant, product lifecycle management, geospatial technology, and computing-based engineering services. In addition, the company offers enterprise security and risk management services; enterprise solutions; iON, a cloud-based ERP solution for small and medium businesses; and IT infrastructure services consisting of end user computing, IT service desk, converged network, managed security, and transformation solutions, as well as data center, application, and enterprise system and IT service management. Further, it provides IT services comprising system custom application development, application management and modernization, system integration, performance engineering, and open source platform services; platform solutions; and supply chain management services. Additionally, the company offers software products, such as digital software and solutions, as well as ignio, TCS BaNCS, TCS MasterCraft, and TCS technology products. It serves banking and financial services,

energy, utilities, government, healthcare, high tech, insurance, life sciences, manufacturing, media and information services, resources, retail and consumer products, telecom, travel, transportation, and hospitality industries. The company was founded in 1968 and is based in Mumbai, India. Tata Consultancy Services Limited is a subsidiary of Tata Sons Limited.

In Cr. Jun-15 Mar-15 FY 14-15Revenue 20,073.78 18,798.23 73,578.06Net Profit 5,488.97 3,457.26 19,256.96EPS 12.41 7.94 64.49OPM % 36.49 25.52 35.37NPM% 27.34 18.39 26.17Security Variance % 7.5Market Capitalisaton F.F 1,29,451.1652 weeks High/Low 2834./2348.25Total traded Qty. (Lk) 0.34

1n (%) June-15 Mar-15 Dec-14Promoter 73.86 73.90 73.90

FII 14.37 16.95 16.81DII 7.30 4.69 4.73

Others 4.47 4.46 4.56Total 100 100 100

BETA .1420/07/2015 Interim Dividend 5.5005/06/2015 Final Dividend 24.0027/01/2015 Interim Dividend 5.0029/10/2014 Interim Dividend 5.0028/07/2014 Interim Dividend 5.00

Group-A, Face Value – RS 1 and security code – 532540, IT consulting & Software

About Axis Bank

HDFC Bank Limited (HDFC Bank) is a banking company. The Bank is engaged in providing a range of banking and financial services including commercial banking and treasury operations. It operates in four segments: Treasury, Retail Banking, Wholesale banking and other banking business. The treasury segment primarily consists of net interest earnings from the Bank's investment portfolio, money market borrowing and lending, gains or losses on investment operations. The retail banking segment serves retail customers through a branch network and other delivery channels. The wholesale banking segment provides loans, non-fund facilities and transaction services to large corporates, emerging corporates, public sector units, Government bodies, financial institutions and medium scale enterprises. Other banking business segment includes income from para banking activities, such as credit cards, debit cards, third-party product distribution, primary dealership business and the associated costs.

Beta Value: 1.12