By S.P. Tulsian Post Budget Impact on Capital Market & The Road Ahead 1 st August, 2014 Mumbai

2 Fiscal Consolidation Inclusive Growth Focus on Infra Inflation Control Budget Focus Areas

3 Fiscal Deficit Targets FY15 – 4.1% FY16 – 3.6% FY17 – 3.0% Subsidy Reduction GST Road Map – April 16 Direct Benefit Transfer Divestment in PSUs Curtail Budgetary Support Basel III Capital – Rs Lakh Cr. by FY19 Fiscal Consolidation

4 Encourage Savings Encourage Investments Inviting FDI – 49% in Insurance & Defence REITs and INVITIs PSU Capex – Rs. 2,47,941 Cr. in FY15 Continuing with old social schemes Inclusive Growth

5 NH Target of 8,500 km in FY15 PPP Model for 15,000 km of Gas Pipeline 16 new Ports with focus on Port connectivity Inland Navigation – Allahabad to Haldia National Industrial Corridor, covering about 15 States 10 year tax holiday for Power Generation, T&D- project completed by Provide coal linkage, for projects completed by Develop SEZ in Kandla and JNPT Improve domestic coal production, with quality control and environment protection Focus on Infra

6 Improve Farm productivity Digital India Venture Capital to encourage new start up by Youths 100 Smart Cities Financial Inclusion Mission Linkage of Perennial Rivers Promote Tourism at various locations 6 Textile Mega clusters across India Pro Industry = Pro Poor = Pro Growth Inflation Control

7 GAAR Deferral Avoid Retro tax amendments Policy clarity in Infra Projects Investment Negatives Dividend Distribution Tax hike Super Rich Tax Surcharge continued MAT relief on listed stocks STCG/ LTCG Grant relief of STCG/ LTCG to retail investors Retail Investors’ base need to get enlarged Foreign Capital

8 Oil & Gas & Natural Resources – ONGC, BPCL, Coal India, NMDC Cement – Ambuja, Ultratech, Ramco Cement, Shree Cement, JK Cement Realty – IB Real, Prestige Estate, HDIL, DLF Automobiles – Maruti, M&M, TVS Motor NBFCs – M&M Finance, Shriram City Union, Bajaj Finance Housing Fin – LIC Housing, DHFL, IB Housing Metals – Hindalco, Hind Zinc, Sesa Sterlite, JSW Steel Pharma – Biocon, Glenmark, Torrent Pharma FMCG – Asian Paints, Dabur, Emami, God Consumer Infra – L&T, Adani Enterprises, Rel Infra, JP Associates Power – JSW Energy, Adani Power, CESC, Torrent Power MNCs – GSK Consumer, SKF, Novartis, Siemens, ABB Stock Picks (sector wise)

Multibagger Stocks MCX Century Textiles IB Real Adani Ports Aban Offshore Ashok Leyland Kernex Micro DB Realty Wockhardt 9

Thank You!