TOPICS FOR PRESENTATION

1. Piramal Healthcare will pick up a further 5.5 per cent of the issued equity share
capital of Vodafone India (VIL) from ETHL Communications Holdings Limited
(Essar) for a consideration of around Rs.3,007 crore. The gross assets of Vodafone
India have been valued at Rs.59,200 crore as at the end of March 31, 2011. The latest
share buy announcement will take Piramal's stake in VIL to 11 per cent.
looking at an investment horizon of 12-24 months and expecting returns in the range
of 17-20 per cent on the investment.
2. Country's largest lender, State Bank of India, has decided to waive guarantees
and annual service fees for loans to small and medium businesses guaranteed under
the Credit Guarantee Fund Trust scheme.
The Trust, which came into being four years ago, charges a guarantee fee ranging
from 1 to 1.5 per cent of the loan amount while the annual service fee ranges from
0.50-0.75 per cent.
3. Gold
High liquidity and soft monetary policies of central banks across the world, to boost
economic activity, further channeled money to gold-based instruments. This resulted
in higher prices of gold.

There was some weakness in the price of gold towards the second half of last year due
to tightening of liquidity . However, the announcement by the US Federal
Reserve last week that it will maintain its soft monetary policy for the next couple of
years added to the positive sentiments on gold.

Analysts believe gold prices will remain firm in the short to medium terms, driven by
the soft monetary policies in the global markets coupled with economic uncertainty in
the European markets.

Individual investors can invest in gold, purchasing it from reputed dealers. Investors
can also invest in eunits of gold or gold-based mutual funds. Gold-based mutual
funds offer systematic investment plans (SIPs) for smooth and gradual investments.
4. Silver
it is the investment and speculation-led demand that has driven the prices of silver up
sharply in the recent past. The investment demand for silver has increased
exponentially over the last few years, and as a result, silver has significantly out-
performed gold in the recent past.

Price volatility remains quite high in silver. As a result, silver attracts more
speculative activity. The price of silver also started going up after the announcement
by the US Federal Reserve of its continuing soft monetary policy. Analysts believe
silver can break previous records if it catches the price momentum in the short to
medium terms.

5. If situation in Euro deteriorates further it may affect Indian exports.
Having already seen its effects on private investment, any further deterioration in the
economic situation of Europe has the potential to hit the Indian economy, including a
drop in exports, an International Monetary Fund (IMF) official has said.

"I think it is also clear that in India, as in other economies, demand for exports would
certainly be hit, and certainly for India, we've already seen effects on private
investment," IMF Director (Asia and Pacific Department) Anoop Singh said on the
downside risks for India if the European situation deteriorates.

6. Edelweiss Financial Services has tied up with Japan's SBI Holdings to launch an
alternative asset management fund. The $100-million fund - EW SBIH Crossover
Fund - will focus on investments in small and mid-cap listed companies in India.

7. US private equity giants Carlyle Group and Warburg Pincus took advantage of
India's recent stock market gains to reduce stakes in two financial firms in separate
deals on Wednesday, a sign of investor wariness about the sustainability of the current
rally.

Carlyle sold a quarter of its stake in India's top mortgage lender, Housing
Development Finance Corp, two sources with direct knowledge of the matter said,
raising about $270 million and nearly doubling their money from a 2007 investment.

In an unrelated deal, Warburg Pincus sold about 17.5 million shares in lender Kotak
Mahindra Bank through stock market deals to raise about $170 million, three sources
with direct knowledge of the matter said.
8. The government is considering tax concessions to deepen the corporate bond
market, a move that is expected to encourage foreign investments and bring down the
current account deficit.
Officials said the department of economic affairs has pitched for a cut or even
withdrawal of the withholding tax on interest payments on such bonds, a levy
identical to tax deducted at source for individuals.
The proposal, which is yet to receive clearance from the department of revenue, will
provide the much-needed headroom to the ministry in tackling the widening current
account gap. Private estimates peg current account deficit at $64 billion, or 3.5% of
GDP, in FY12.

9. Budget proposal for service tax.
The government is likely to bring more services in the tax net to raise revenues and
may introduce a negative list in the forthcoming Budget.
The government is expected to keep 22 services in the negative list and impose 10 per
cent tax on the rest, sources said, adding that services for the purpose would be
defined as all kinds of economic activities, barring goods, money and immovable
property.

10. Telenor could quit India after the 2G verdict.
Mobile services provider Uninor is a partnership between real estate company
Unitech and Telenor, which holds a 67.25% stake.
Uninor has 36 million customers, 17,500 workforce and 22,000 partners.
Telenor has so far invested Rs 6,135 crore for the 67.25 per cent stake and was
planning to invest over $ 3 bn or about Rs 15,000 crore in the Indian market.
Norways Telenor could quit India after the Supreme Court ordered cancellation of
122 licences issued after January 2008 on Thursday. An agency report quoted Telenor
CEO Jon Fredrik Baksaas saying that Telenor may not wait for new market rules to be
introduced.

11. Infosys Directors Switch Roles
Infosys announced on Friday that two directors of the company, B. G. Srinivas,
Global Head of the Manufacturing and Engineering Business, and Ashok Vemuri,
Global Head of Financial Services and Insurance Business, will be switching roles
with effect from April 1, 2012.S.
Gopalakrishnan, Executive Co-chairman, said, The rationale for the change is in
keeping with the Infosys 3.0 strategy.
The company board, he said, wanted to give them both exposure to different
business realms. Mr. Vemuri and Mr. Srinivas joined the board in June 2011.
While Mr. Vemuri will be responsible for business in the Americas, Mr. Srinivas will
remain responsible for business from Europe.

12. Reserve Bank of India deputy governor Subir Gokarn said the bank had taken
congnizance of the tight liquidity situation and announced a cut in Cash Reserve
Ratio (CRR) for rapid liquidity infusion. He attributed systemic liquidty deficit to
the apex bank's open market operation (OMO) activities. "We will do more OMOs
if liquidity remains tight," Gokarn said in an exclusive interview to CNBC-TV18.
There in no likelihood of a rate hike in the forthcoming policy, but the current
environment does not allow the central bank to go for a rapid rate cuts either,
Gokarn said.

13. NMDC
India's biggest iron ore miner, NMDC Ltd , is scouting for mineral assets in Brazil,
Mozambique, Russia, the United States and South Africa, it said in a statement.
The state-run miner is looking to meet its own requirements and ensure raw
material security for the country's steel and fertilizer industries, the statement
added.
NMDC had identified an iron ore asset in Brazil, with reserves of more than 1
billion tonnes, the statement said.
It is also planning to acquire coking coal assets in Russia and Mozambique with
more than 50 million tonnes and 150 million tonnes of reserves respectively.

14. HUL
India's largest fast moving consumer goods company Hindustan Unilever is
expected to report a robust set of numbers for October-December, helped by
staggered price hikes across its categories. The company reports third quarter
results on Monday.
FMCG companies have so far reported mixed results for the last quarter.
Cigarettes to hotels and FMCG major ITC reported a market beating 22% rise in
net profit. However, its volumes in the cigarettes segment disappointed the street.
HUL too has been raising prices across segments to offset some of the increase
in input costs. This will help HUL profits rise 15-18% year-on-year while net sales
are also seen going up at a similar rate in the third quarter. Religare Institutional
Research has forecast a 23.5% growth in HUL's net profit and 16% sales growth.