indcap newsletter · 2016-03-12 · indcap advisors pvt. ltd. mumbai i new delhi i kolkata i...

Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad

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Indcap

NEWSLETTER

February, 2015


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CONTENTS

Private Equity and Mergers & Acquisitions 3

M&A Deals – February 2015 4

PE Deals – February 2015 5

Indcap Opportunities 6-8

Budget Overview 2015-16 9-11

Indcap Performance 12

Legal Updates 12

Markets/ Commodities 13

February, 2015


US-based private equity firm Carlyle Group acquired 49 per cent stake in PNB Housing Finance Ltd.

from Destimoney Enterprises Private Ltd (DEPL) for INR 15,200 Mn.

Asia-focused investment firm Equis Funds Group has invested INR 7,200 Mn in Bangalore-based real estate developer Assetz Property.

Singapore's state owned investment firm Temasek has led an INR 3,700 Mn investment round in Bangalore-based Manthan Software Services Pvt. Ltd.

Jain Housing and Construction Ltd., a residential real estate developer from Chennai, has raised funding of around INR 2,200 Mn from Singapore-based wealth fund GIC Private Ltd.

Piramal Fund Management and Aditya Birla Real Estate Fund have together invested around INR 2,070 Mn in a project related special purpose vehicle (SPV) of Bangalore-based realtor Adarsh Developers.

Practo Technologies Pvt. Ltd. has raised INR 1,870 Mn in its second institutional round of funding led by Sequoia Capital with participation of Matrix Partners.

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Dalmia Cement (Bharat) Ltd. has raised its stake holding in OCL India Ltd. (formerly Orissa Cement)

from 48 per cent to 74.6 per for INR 10,230 Mn.

ITC Hotels, India's second largest hotel chain acquired Park Hyatt Hotel property in Goa owned by Blue Coast Hotels for INR 5,154 Mn.

Japanese conglomerate Mitsubishi has picked up 34% stake in Indo Nissin Foods, maker of Top Ramen instant noodles in India, for about INR 5,000 Mn.

Prakash Steelage sold 68 per cent stake in its seamless stainless steel tube division for INR 2,540 Mn to Spain's Tubacex.

Drug maker Sanofi has invested INR 900 Mn to buy 20 per cent stake in Apollo Sugar Clinics Ltd, a diabetes care clinic chain of Apollo Hospitals Enterprises Ltd.

US-based eMedEvents Corporation has announced INR 78 Mn investment and strategic tie-up with OMICS International.

German based Information Technology Company has acquired Verna based L&A Tech, a people centric mobile applications developer for INR 71 Mn.

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*An extensive list of M&A and PE deals announced in February 2015 is provided in the subsequent pages

February , 2015


M & A Deals – February 2015

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*INR to USD conversion rate considered at USD 1 = INR 62 N.A. – Not Available

February , 2015

Target Deal Type Buyer Industry Deal Value

Stake (%) INR in Mn

OCL India Ltd. Acquisition Dalmia Cement (Bharat) Ltd.

Cement 10,230 27

Park Hyatt Hotel located in Goa Acquisition ITC Limited Hospitality 5,154 N.A

Indo Nissin Foods Limited Acquisition Mistubishi Corportion Foods 5,000 34

Prakash Steelage Limited’s seamless stainless steel tube division

Acquisition Tubacex Steel & Steel

Products 2,540 68

Apollo Hospitals Enterprises Ltd. Acquisition Sanofi Healthcare 900 20

eMedEvents Corporation Acquisition OMICS International Technology/ Healthcare

78 N.A

Verna based L&A Tech Acquisition German based Information Technology Company

Information Technology

71 N.A

Pressman Advertising Acquisition Warren Tea Limited Media &

Advertising 70 N.A

Eventifier Acquisition BookMyShow (Bigtree Entertainment)

Technology 62 N.A

Spicejet Ltd. Acquisition Ajay Singh Aviation N.A 59

Envocare Pest Control Services Acquisition Sila Solutions Private Limited

Pest Control N.A 51

Karnataka Nutraceuticals India Limited

Acquisition Quadragen Vet Health Private Limited

Healthcare N.A 50

Aadhaar Wholesale Trading and distribution Ltd.

Acquisition Future Consumer Enterprises Ltd.

FMCG/ Retail N.A 30

Integrated Food Park Pvt Ltd Acquisition Future Consumer Enterprise Ltd.

FMCG N.A 29

JustEat.in Acquisition Foodpanda Foods/ Technology N.A N.A

Yorke Communications. Acquisition Adfactors PR Technology N.A N.A


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PE Deals – February 2015

February , 2015

Company Industry Investor Amount

Equity (%) INR in Mn

Punjab National Bank Housing Finance Limited

Banking/ Financial Services Carlyle Group 15,200 49

Bangalore-based real estate developer Assetz Property

Real estate Equis Funds Group 7,200 N.A

Manthan Systems Technology Temasek Holdings, Norwest Venture Partners

3,700 N.A

Jain Housing and Construction

Real Estate GIC Pvt. Ltd. 2,200 N.A

Adarsh Developers' project

Real Estate Piramal Fund Management and Aditya Birla Real Estate Fund

2,070 N.A

Practo Technologies Pvt. Ltd.

Technology Sequoia Capital with participation of Matrix Partners

1,870 N.A

FirstCry.com Technology Valiant Capital & Existing Investors

1,560 N.A

PC Jeweller Limited Jewellery Creador 1,350 N.A

Cambridge Clean Energy Ltd.

CleanTech Amadeus Capital Partners & others

1,300 N.A

Faaso's Food Services Pvt. Ltd.

Technology/ Foods Lightbox Ventures & Others 1,200 N.A

The Aleph Group PTE Ltd. (Culture Machine)

Technology Tiger Global, Times Internet and existing investor Zodius Capital

1,120 N.A

Ashiana Housing Ltd. Real Estate Creador 1,000 N.A

Coffee Day Enterprises Foods & Beverages Rakesh Jhunjhunwala and Infosys Co-Founder Nandan Nilekani

1,000 N.A

A DreamWorks Animation-related tech startup

Technology Infosys Ltd. 940 N.A

*INR to USD conversion rate considered at 1 USD = 62 INR N.A. – Not Available


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Sell Side Opportunities

February , 2015

Sector Location Opportunity Brief Key Highlights

Hospitality India This is one of the leading F&B business operator and operates in the hospitality, banqueting and catering sectors in India

The Company is seeking a strategic buyer for one of its hotels located in Gujarat.

170 rooms in the 5 star category The ARR (15% CAGR) and Occupancy (33% CAGR)

of the subject hotel have shown consistent increase over the last 3 years

The company carries a strong brand recall especially in the Gujarat and Western India market

The subject hotel has experienced a revenue CAGR of 14% (INR 559 mn in FY12 to INR 729 in FY14) and also maintaining EBITDA margins of more than 35%

Renewable Energy

India The Group is engaged in a number of diverse activities such as Renewable Energy Generation, Business Investments, and Infrastructure Development.

The group is planning to sell majority equity stake in four of its hydro- power projects, aggregating to 63.50 MW capacity.

The projects are located in four different locations in Karnataka.

The main focus of the group is Renewable Energy space in India.

Infrastructure India The Company operates in commodities and Infrastructure domain

The company has signed Concession Agreement with Madhya Pradesh Road Development Corporation (“MPRDC”). for executing 9 Road projects on DBFOT basis.

The company is planning to exit from all the 9 projects since it wants to focus on the mainstay commodities business.

Foods India The Company operates Frozen Foods business in Ahmedabad

Plant facility has quality certifications like ISO 9000, ISO 22000 and BRC

The plant has a state of art technology and follows HACCP process .

The company has been in the business since 2009. Excellent Infrastructure and close connectivity of

port for exports business.

Renewable Energy

India The Company is an SPV for implementation of 5 MW Hydro Electric Power Project in Himachal Pradesh.

The company is looking to sell majority equity stake.

PPA has been signed with HPSEB with additional realization benefits on deemed generation.

Project is operational and achieved COD on 30.11.2011 (5 months ahead of scheduled COD)

EBITDA- INR 5.30 crs (Margin-~84%)


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February , 2015

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Sell Side Opportunities

Sector Location Opportunity Brief Key Highlights

Cement India The Company is engaged in Cement business for more than 25 years. The brand is well established in Andhra Pradesh

The 1000 TPD capacity, cement plant is located in Andhra Pradesh.

The company has a mining lease spread over 330 acres of land located near the Cement plant, for meeting limestone requirements, sufficient for existing capacity for 295 years.

The company has a 10 MW thermal plant in nearby vicinity for meeting the power requirements.

Solar Power India 30 Mw operational solar power plant located in Gujarat & Rajasthan

30 MW in Rajasthan (5 MW) & Gujarat (25 MW) PV Technology: Thin Film Commissioned in the year 2012 PPA signed at Rs. 12.50 per unit and Rs. 15 per unit

for Rajasthan & Gujarat respectively.

Real Estate India The property is a private IT park building occupied by a single International IT/ ITES player, situated in Kolkata

The property was constructed in 2004, measuring 94,624 sq. ft of flexible, modern office space, arranged over one basement, ground and eight upper floors.

71 car parking spaces at basement level. The owners have tenanted the property to the

multinational IT giant for its third tenure with an option to renew for 2 more terms.

Sector Location Company Brief Acquisition Criteria

Real Estate India The company based out of Ahmedabad, is engaged in Real Estate Sector

Interested in acquiring companies in the following sectors: • 4/5 Star Hotel Property (preferably in

Goa, Kerala) • 3-5 MTPA Cement plant in western

India • Warehousing

Renewable Energy India Engaged in manufacturing solar module and Solar Cell.

Looking to acquire Solar cell manufacturing line ranging from 10 MWs to 25 MWs

Solar Power Plants in the range of 5 MWs to 50 MWs in multiples of 5 MWs & 10 MWs

Buy Side Opportunities


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Sector Location Company Brief Acquisition Criteria

Renewable Energy India The company based out of Western India is engaged into diversified business

Looking to acquire Wind Plants in the range of 5 MWs to 25 MWs

Age of Machine : 3-4 years old. PLF: Should be 18-20% in last 3-4 years Location: Anywhere in India Make of Machine: Any Vendor

Pharmaceuticals India The group is engaged into manufacturing of dyes, pigments, caustic etc.

The company is diversifying into API and is interested in acquiring API manufacturing company.

Investment : Approx Rs. 1,000 mn.

FMCG India The company is based out of western India, and is a well established brand throughout India

The company is looking to acquire cement unit and basic chemicals companies.

FMCG India The company is engaged in the manufacturing of FMCG products.

Engaged in healthcare, homecare, personal care category preferably on herbal/ natural platform.

Well established brand (Regional/PAN India)

Gross Margin should be more than 50%.

Healthcare India One of the largest healthcare providers in the private sector

Bed Size: 100 beds and more Location: Tier II and III cities (preferably

in Pune) Hospital which is either operational or

near to completion.

Renewable Energy India The company is based out of Gujarat and having diversified businesses. The co. is currently having capacity of 25 MW of hydro power generation and another 50 MW is under implementation.

The Company is interested in acquiring additional capacity 20 MW of hydro power generation

Electronics

India The company is based out of Gujarat and engaged in manufacturing/assembling of home appliances. The company having its own brand with excellent dealer network across India.

The company is looking for good technology partner as a part of backward integration and capture complete value chain.

Project Size: INR 2,000 million

Buy Side Opportunities February , 2015


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February , 2015

ECONOMY :

GDP growth rate accelerated to 7.4% (April till December 2014) during Financial Year (FY) 2014-15 as compared to 6.9% during FY 2013-14. Monetary easing, facilitated by government reforms, provided impetus to growth

Wholesale Price Index (WPI) inflation declined to 3.4% during FY 2014-15 (April-December 2014) which remained persistently high around 6 - 9% during FY 2013-14

Foreign exchange reserves stood at US$ 328.7 billion at the end of January 2015 registering a marginal increase of US$ 24.5 billion from the end of January 2014

Fiscal deficit targeted to be contained at 4.1% of the GDP in FY 2014-15 (budget estimates) as compared to 4.5% of the GDP during FY 2013-14. It is expected to drop to 3.9% in FY 2015-16

Current Account Deficit (CAD) narrowed down to US$ 17.94 billion (1.9% of GDP) as at September 2014 compared to US$ 26.9 billion in FY 2013-14. CAD continues to be high because of temporarily muted exports and high gold imports

DIRECT TAX PROPOSAL:

1. No change in Basic Exemption Limit for Individuals. 2. Limit U/s. 80D raised from Rs.15000 to Rs. 25000. Further increase for Senior Citizens from Rs 20000 to

Rs. 30000. 3. Increase in limits of deduction under Section 80DD and 80U for disabled person from Rs. 50,000 to Rs.

75,000. It is further proposed to raise the limit of deduction in respect of a person with severe disability from Rs. 1 lakh to Rs. 1.25 lakhs.

4. Donation made to National Fund for Control of Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.

5. Deduction for Contribution to Pension Fund- Limit increased from Rs 1 lakh to Rs. 1.50 lakh. 6. Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be

fully exempt. 7. Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s

contribution. 8. Transport Allowance Limit increased from Rs. 800 per Month to Rs. 1600 per Month. 9. Individual tax payer will benefit to the extent Rs 4,44,200 from the exemptions announced. 10. Additional investment allowance (@15%) and additional depreciation (@35%) to new manufacturing

units set up during the period 01-04-2015 to 31-03-2020 in notified backward areas of Andhra Pradesh and Telangana.

11. Balance of 50% of additional depreciation @20% for new plant and machinery installed and used for less than six months by manufacturing unit or a unit engaged in generation and distribution of power is to be allowed immediately in the next year.

12. 100% deduction to contributions to Swachh Bharat Kosh and Clean Ganga Fund. [Except contribution in CSR]

13. Yoga included in the ambit of charitable purposes under the Income Tax Act. 14. Specified Domestic Transaction Limit proposed to increase to 20 Crore from 5 Crore. 15. Income Tax on Royalty Fees For Technical Reduced from 25% to 10%. 16. No Cash transaction of more than Rs. 20,000/- towards payment of advance for Infrastructure

transaction. 17. Quoting PAN is Mandatory for all Transactions above Rs. 1 Lakh. 18. 300% penalty and 10 yrs rigorous imprisonment on concealment of Income. 19. Wealth Tax act abolished and 2% Surcharge imposed on Super Rich having Income above 1 Crore.

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20. Corporate Tax Rate proposed to be reduced from 30% to 25% over next 4 years, starting from next financial year.

21. MAT rationalised for FIIs and members of an AOP. 22. GAAR deferred by 2 years. 23. Monetary limit for a case to be heard by a single member bench of ITAT increase from 5 lakh to15 lakh. 24. Tax free infra bonds for road, rail and irrigation projects. 25. FM’s proposal to rationalise capital gains tax regime for real estate investment trusts (REIT’s). 26. Domestic Transfer Pricing limit increased from 5 crores to 20 crores.

INDIRECT TAX PROPOSAL 1. Service Tax: a) Service-tax plus education cess increased from 12.36% to 14% to facilitate transition to GST. The

revised rate shall come into effect from a date to be notified. b) Expect to implement Goods & Services tax by April 2016. c) Enabling provision to introduce Swacch Bharat Cess on all or any of the taxable services at a rate of 2%

of the value of such taxable services. d) Online Service Tax Registration within two working days. e) Time limit for taking CENVAT Credit on inputs and input services is being increased from six months to

one year. f) Service Tax assessees are being allowed to issue digitally signed invoices and maintain other records

electronically. g) Penalty provisions in Service Tax are being rationalized to encourage compliance and early dispute

resolution. h) Services by common affluent treatment plant exempt from Service-tax. i) Service Tax exemption extended to certain pre cold storage services in relation to fruits and vegetables

so as to incentivise value addition in crucial sector. j) Service-tax exemption on Varishtha Bima Yojana. k) Service Tax exemption withdrawn on Mutual Fund Agents to AMC and extended to pre cold storage and

warehousing.

2. Excise: a) Basic Excise duty rate has been changed from 12% to 12.50 %. b) Since Education Cess and Secondary & Higher Education Cess leviable on excisable goods are being exempted in general, there will be no corresponding levy as CVD on imported goods. c) Simultaneously, the standard ad valorem rate of duty of excise (i.e. CENVAT) is being increased from

12% to 12.5%. d) Specific rates of Basic Excise Duty on petrol, diesel, cement, cigarettes & other tobacco products (other

than biris) are revised. e) However, the total incidence of various duties of excise on petrol and diesel remains unchanged. Other

Basic Excise Duty rates (ad valorem as well as specific) with a few exceptions are not being changed. f) Excise duty on footwear with leather uppers and having retail price of more than `1000 per pair

reduced from 12% to 6%. g) Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and LED lamps from

12% to 6%. h) Mobiles handsets, including cellular phones from 1% without CENVAT credit or 6% with CENVAT credit

to 1% without CENVAT credit or 12.5% with CENVAT credit. i) NCCD of 1% on mobile handsets including cellular phones remains unchanged. j) Wafers for use in the manufacture of integrated circuit (IC) modules for smart cards from 12% to 6%. k) Tablet computers from 12% to 2% without CENVAT credit or 12.5% with CENVAT credit.

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l) Solar water heater and system from 12% to Nil without CENVAT credit or 12.5% with CENVAT credit. m) Excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm

and by 15% for cigarettes of other lengths. Similar increases are proposed on cigars, cheroots and cigarillos.

n) Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on condensed milk put up in unit containers. It is also being notified for the purpose of valuation with reference to the Retail Sale Price with an abatement of 30%.

o) Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on eanut butter. p) Excise duty on sacks and bags of polymers of ethylene other than for industrial use is being

increased from 12% to 15%. q) Excise duty on chassis for ambulances is being reduced from 24% to 12.5%. r) The levy of additional duty of excise @ 5% on “waters, including mineral waters and aerated waters,

containing added sugar or other sweetening matter or flavoured” is being omitted. Simultaneously, the Basic Excise Duty on these goods is being increased from 12% to 18%.

s) Concessional customs and excise duty rates on specified parts of Electrically Operated Vehicles and Hybrid Vehicles, presently available upto 31.03.2015, is being extended upto 31.03.2016.

t) Excise duty structure of 2% without CENVAT credit or 12.5% with CENVAT credit is being prescribed for tablet computers.

u) Full exemption from excise duty is being extended to captively consumed intermediate compound coming into existence during the manufacture of Agarbattis. Agarbattis attract Nil excise duty.

v) Online central excise to be done in two working days. w)Central Excise are being allowed to issue digitally signed invoices and maintain other records

electronically. x) Penalty provisions in Central Excise are being rationalized to encourage compliance and early dispute

resolution.

3. Customs: a) Reduced Custom Duty on 22 Items. b) Customs Education Cesses will continue to be levied on imported goods. c) Penalty provisions in Customs are being rationalized to encourage compliance and early dispute

resolution. d) Increase in Basic Customs Duty of Metallurgical coke from 2.5% to 5%. e) Tariff rate on iron & steel and articles of iron or steel, increased from 10% to 15%. However, there is

no change in the existing effective rates of basic customs duty on these goods f) Tariff rate on Commercial Vehicles from 10% to 40% and effective rate from 10% to 20%. g) However, customs duty on commercial vehicles in Completely Knocked Down (CKD) kits and

electrically operated vehicles including those in CKD condition will continue to be at 10%.

Other Implications : 1. Amendment in SEBI and RBI Laws. 2. Proposed to merge commodities regulator with SEBI. 3. Vision of a building direct regime which will be internationally competitive. 4. Monetary Policy Framework Agreement with RBI, to keep inflation below 6%. 5. Government firm on journey to achieve fiscal target of 3% of GDP. 6. Forward Markets commission to be merged with SEBI. 7. Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity

will be exercised by Government in consultation with RBI. 8. FEMA Act to be amended to incorporate Black Money provisions.

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February , 2015

Indcap has successfully assisted one of the leading Tea producers in India, based out of Kolkata, in raising working capital credit facilities to the tune of INR 235 Mn, from two Leading PSU Banks at a highly competitive rate.

Indcap has successfully assisted one of its esteemed clients based out of Kolkata, engaged in IT, ITes & IT Peripherals Sector, in getting its debt restructured with enhancement to the tune of INR 460 Mn.

Indcap has successfully assisted a leading Iron & Steel Manufacturing Group, based out of Kolkata, in second restructuring of debts in one of their Group Companies to the tune of INR 700 Mn (including enhancements).

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As announced in the Sixth Bi-Monthly Monetary Policy Statement, 2014-15 dated February 3, 2015, RBI

in its notification RBI/2014-15/44 REF.No.MPD.BC.376/07.01.279/2014-15 dated Feb 03, 2015 stated to merge the Export Credit Refinance (ECR) facility with the system level liquidity provision with effect from the fortnight beginning on February 7, 2015.

RBI in its notification RBI/2014-15/448 A.P.(DIR Series) Circular No. 71 dated Feb 03, 2015 clarified that, all future investment by FPIs in the debt market in India will be required to be made with a minimum residual maturity of three years, subject to conditions

As per RBI’s Notification No. FEMA. 335/2015-RB dated 04-03-2015, In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA 21/2000-RB dated May 3, 2000), the existing regulation 7 has been substituted by the following namely: “7. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries- No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau or Hong Kong without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.”

In order to smoothen the functioning of Securitisation/ Reconstruction Companies it has been decided by RBI, as per its Notification DNBR(PD-SC/RC) No. 01/CGM (CDS)/ 2014-2015 dated February 24, 2015 that, henceforth only the following changes in the share holding pattern of the SC/RC will require Reserve Bank’s prior approval: I. any transfer of shares by which the transferee becomes a sponsor. II. any transfer of shares by which the transferor ceases to be a sponsor. III. an aggregate transfer of ten percent or more of the total paid up share capital of the SC/RC by a

sponsor during the period of five years commencing from the date of certificate of registration.

RBI has amended the Guidelines on Private Placement of NCDs (maturity more than 1 year) by NBFCs, as per its notification no. RBI/2014-15/475 DNBR (PD) CC No.021/03.10.001/2014-15, dated February 20, 2015

To develop the corporate debt market, RBI has decided to permit bonds issued by multilateral financial institutions like World Bank Group (e.g., IBRD, IFC), the Asian Development Bank and the African Development Bank in India as eligible underlying for repo in corporate debt securities, as per the directions in its notification RBI/2014-15/447 FMRD.DIRD.04/14.03.002/2014-15dated February 03, 2015

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Indcap Advisors Pvt. Ltd. Offices

Kolkata New Delhi Mumbai

Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,

Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446

823, DLF Tower A Jasola District Centre New Delhi – 110 025

Ph. No.:- +91 11 2694 2340/ 41/ 42

Suite # 603, 6th

Floor, Balarama Bandra Kurla Complex, Bandra (E)

Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450

Bangalore Ahmedabad

2003, Embassy Habitat 59, Palace Road

Bangalore – 560 052 Ph. No.:- +91 96423 21155

A-707, Infinity Tower Corporate Road, Prahladnagar,

Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336

www.indcapadvisors.com

Disclaimer

This document is issued by INDCAP ADVISORS PVT. LTD. The information contained herein is derived from various public documents we believe to be reliable, but which we have not independently verified. INDCAP makes no guarantee as to the accuracy or completeness of this information and is not responsible for errors of transmission of factual or analytical data, nor shall it be liable for damages arising out of any person’s reliance upon this information. The opinions in this document constitute our present judgment, which is subject to change without notice. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a INDCAP member in your home jurisdiction if you wish to use INDCAP services in effecting a transaction in any investment mentioned in this document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of INDCAP.

Stock Indices Opening

(2nd Feb’15) Closing

(27th Feb’15) Change %

Sensex 29,143.63 29,220.12 0.26%

Nifty 8,802.50 8,844.60 0.48%

FTSE 6,749.40 6,946.70 2.92%

Nikkei 17,536.61 18,797.94 7.19%

Dow Jones 17,169.99 18,132.70 5.60%

Gold ( INR/10 Grams) 27,954.00 26,309.00 -5.89%

Silver (INR /1 Kg) 37,872.00 36,565.00 -3.45%

USD ($) 61.70 61.67 -0.05%

Euro (€) 69.94 69.04 -1.29%

GBP (£) 92.71 95.20 2.69%

Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

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indcap newsletter · 2016-03-12 · indcap advisors pvt. ltd. mumbai i new delhi i kolkata i...

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