Results for Quarter ended December 31, 2009content.indiainfoline.com/admin/PDF/1697571430_Q3... · June08 Sep 08 Dec 08 Mar09 Jun 09 Sep09 Dec09 Equities brokerage Avg. Daily Volume

Results for Quarter ended December 31, 2009January 20, 2010

• Performance highlights

• Business review

• Corporate overview

• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)

2Results for Quarter ended December 31, 2009

3

Performance highlights- Q3FY10

Overall consolidated financial performance

Ö For the quarter, Income, PBT and PAT stood at Rs3,195 mn, Rs969mn and Rs595 mn respectively

Ö Income up 38.7%, PBT up 113.5% on yoy basis; Income up 1.9%, PBT down 0.2% on qoq basis

Ö EBIDTA margin was 35.3% as compared to 40.1% in the previous quarter

Broking

Ö Average daily volumes were Rs 37.6 bn, up 87.9% yoy, up 12.6% qoq

Ö Overall market share in NSE was 3.9% as against 3.6% at the end of last quarter

Ö Commodities brokerage registers 49.3% increase yoy and 6% increase qoq

Life Insurance

Ö Life insurance distribution income was up 84.3% yoy and 6.7% qoq

Ö WAPI was Rs62.1 bn, up 43.9% yoy and 51.4% qoq

Investment Banking

Ö Sole BRLM for Cox & Kings IPO

Ö Global Coordinator and BRLM for QIP of KSK Energy Ventures Limited

Ö Joint Global Coordinator for Gammon India Limited

Credit and Finance

Ö Book size Rs12 bn compared to Rs9.1 bn at the end of last quarter

Ö Loan growth likely to accelerate in the next quarter on the back of improving macro-economic scenario

Wealth Management

Ö Assets under advisory crossed Rs 50 bn – spanning across 1400 families

Ö Innovative products structured on the fixed income side including Co-Lending transactions; NABARD; IIFCL;Structured Notes

Results for Quarter ended December 31, 2009

4

Performance highlights- Q3FY10Income (Rs mn)

PBT (Rs mn) EBITDA Margin (%)

EBITDA (Rs mn)

2,304

1,870

2,563

3,136 3,195

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10

454

291

817

970 969

-

200

400

600

800

1,000

1,200


609

437

958

1,257

1,129

-

200

400

600

800

1,000

1,200

1,400


26%23%

37%40%

35%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%



5

Financial Highlights – Q3FY10

Rs Mn Q3FY10 Q3FY09 Y-Y Q2FY10 Q-Q

Income from operations 3,191.3 2,295.1 39.0% 3,133.3 1.8%

Other income 3.5 8.9 (61.0%) 2.3 47.6%

Total Income 3,194.8 2,304.0 38.7% 3,135.6 1.9%

A. Direct cost 721.2 510.8 41.2% 635.9 13.4%

B. Employee cost 828.3 719.8 15.1% 736.1 12.5%

C. Administration expenses 516.4 464.5 11.2% 507.1 1.8%

EBITDA 1,128.9 608.9 85.4% 1,257.0 (10.2%)

Interest 10.4 56.8 (81.8%) 155.6 (93.3%)

Depreciation & amortisation 150.0 98.5 52.2% 131.6 14.1%

Profit / (Loss) before tax 968.5 453.6 113.5% 969.9 (0.2%)

Provision for taxation 341.7 112.1 205.2% 326.9 4.5%

Profit/(Loss) after tax before minority 626.8 341.6 83.5% 643.0 (2.5%)

Minority Interest 31.8 43.8 (27.5%) 62.8 (49.4%)

Profit/(Loss) after tax 595.0 297.7 99.8% 580.2 2.6%

9MFY10 9MFY09 Y-Y

8887.5 7739.6 14.8%

6.6 21.6 (69.4%)

8894.1 7761.2 14.6%

1924.2 1683.3 14.3%

2207.1 2104.4 4.9%

1418.8 1487.4 (4.6%)

3344.0 2486.1 34.5%

173.1 309.0 (44.0%)

415.6 273.3 52.1%

2755.3 1903.8 44.7%

938.3 590.4 65.7%

1817.0 1313.4 38.3%

124.9 118.3 5.7%

1692.1 1195.1 41.6%


6

Income composition – Q3FY10

Rs Mn Q3FY10 Q3FY09 Y-Y Q2FY10 Q-Q

Equities brokerage & related 1783.1 1113.7 60.1% 1935.5 (7.9%)

Financing and Investment 598.4 850.6 (29.6%) 726.7 (17.7%)

Marketing and online media 203.2 162.5 25.0% 106.5 90.8%

Life Insurance distribution 143.5 77.9 84.3% 134.5 6.7%

Commodities brokerage & related 82.7 55.4 49.3% 78.1 6.0%

Wealth and Mutual fund advisory 95.5 33.4 185.6% 115.0 (17.0%)

Merchant Banking 284.8 1.6 17278.7% 37.3 662.9%

Other income 3.5 8.9 (61.0%) 2.3 47.6%Total Income 3194.8 2304.0 38.7% 3135.6 1.9%



• Business review


• Industry update

7

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)


8

Equities

Ö Market share on NSE at 3.89% in Q3FY10 as against 3.64% in Q2FY10

Ö NSE cash volumes down 14% qoq and F&O volumes up 26.2% qoq

Ö Average daily turnover up 12.6% qoq to Rs37.55bn, a 87.9% rise over the previous year

Ö Turnover qrowth led by F&O volumes causes revenue to decline

Ö Our network of branches is present in over 2,100 locations with a customer base of over 750,000in Q3FY10

Ö Our analysts won the awards in the ‘Oil and Gas’ and ‘Commodities’ sectors at the Zee Business‘India’s best market analysts awards-2009’.

3.5%

3.9%

2%

3%

3%

4%

4%

5%Series1Market Share on NSE

IIL market shareEquities broking (Cash & FAO)

1,585 1,4831,114 1,153

1,7681,936

1,783

2,374

2,622

1,998 1,916

3,225 3,336

3,755

0

500

1000

1500

2000

2500

3000

3500

4000

June 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09

Equities brokerage Avg. Daily Volume


9

Insurance

Ö Insurance mobilization in Q3FY10 stood at Rs621 mn, up 51.4% qoq and up 43.9% yoy

Ö Insurance industry private sector volumes down 5% yoy for the first 8 months of current fiscal,but showing signs of revival

Ö The last quarter of current financial year is expected to show further improvement with improvingmarket scenario and traditional seasonality

Ö Impact of IRDA changes in net yield to clients is difficult to ascertain

Changing product mix Income (Rs mn)

68%

10%

22%

1%

Endowment ULIP Pension Health

54%

6%

39%

1%

Q2FY10 Q3FY10


288

231

156 159

78 89 84

134 144

0

50

100

150

200

250

300

350

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09

Life Insurance Commission (Rs mn)

10

Credit and Finance

Ö The loans portfolio as on Decemeber 31, 2009 stood at Rs12 bn

Ö Mortgages contribute to 47% of the lending book, followed by margin funding, LAS and personalloans at 32%, 11% and 10% respectively

Ö Net NPAs on the books continue to remain less than 1%

Ö Loan growth likely to accelerate on the back of improving macro-economic scenario

Number of disbursals Portfolio break-up

16%

51%

17%

16%

Personal Loan Mortagage Loan

Margin Funding LAS/Debenture

Q2FY10 Q3FY10

10%

47%

32%

11%

291433

528368

15 2 28151 148

1229

14161574

471

0 2 0 0 00

200

400

600

800

1000

1200

1400

1600

1800

Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10

Secured loans Unsecured loans


Mortgage Loan

11

Wealth Management

Ö Assets under advisory crossed Rs 50 bn – spanning across 1400 families

Ö Successfully sold IPO applications in the non-institutional category for Cox and Kings

Ö Innovative products structured on the fixed income side including Co-Lending transactions;NABARD; IIFCL; Structured Notes

I I F L P r i v a t e W e a l t h ’ s P r o d u c t P r o p o s i t i o n

Advisory Accounts

Ö In-house equity anddebt advisory

Ö Derivatives andOptions strategy

Ö Real Estate advisory

Ö Private Placements

Ö Assets under theFamily office advisoryprogram havecrossed Rs 20 bn

Executionary Platform

Ö In-house equitybroking

Ö NBFC credit

Ö Commodity trading

Ö Currency trading

Custody and Trust

Ö Trust services andsuccession planning

Managed Accounts

Ö Independent AssetManagers

Ö Structured Notes

Ö Partners for the USD200,000 opportunity

Ö Equity and DebtMutual Funds

Ö Commodity andcurrency PMS/trusts

Ö Real Estate andPrivate Equity Funds


12

Investment Banking

2009

IPO

Cox & Kings India Ltd.

Sole Book RunningLead Manager

Rs.6,100mn

2009

QIP

KSK Energy Ventures Ltd.

Book Running LeadManager

Rs.5,159mnQIP

Book RunningLead Manager

Gammon India Ltd.

2009

Rs.3,042mn

Ö During the quarter under review, we did the QIPs of Gammon India and KSK Energy Ventures andwere the sole BRLM for the Cox & Kings IPO

Ö The highlight was the sole management of Cox & Kings which debuted at a 25% premium with atremendous response from all segments, namely retail, QIB and HNI

Ö Getting increased recognition and traction as Investment Bankers with superior distributioncapabilities

Ö During the current quarter, we are a BRLM for the Infinite Solutions IPO which had a recordsubscription of 44 times


13


• Business review


• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)Results for Quarter ended December 31, 2009

14

Evolution

1995 Ö Commenced operations as an Equity Research firm

1997

Ö Launched Probity 200 desk - reports covering top 200Indian companies, key sectors and the economy

Ö Client base included leading FIIs, banks, consultingfirms and companies

1999 Ö Launched www.indiainfoline.com

2000Ö Launched online trading through www.5paisa.comÖ Started distribution of life insurance and mutual fund

products

2003 Ö Launched proprietary trading platform TraderTerminal for retail customers

2004Ö Acquired commodities broking licenseÖ Launched Portfolio Management Service

2005 Ö Maiden IPO and listed on NSE, BSE

2006Ö Acquired membership of DGCXÖ Launched Wealth Advisory Services

2007Ö Commenced institutional equities business under IIFLÖ Formed Singapore subsidiary, IIFL (Asia) Pte Ltd

2008Ö Launched IIFL WealthÖ Transitioned to insurance broking model

2009

Ö Acquired registration for Housing FinanceÖ Received in-principle approval from SEBI for setting

up a Mutual FundÖ Venture Capital license

Revenues (Rs mn)

EBITDA (Rs mn)

PAT (Rs mn)

7732,180

4,257

10,234 9,631 8,894

FY05 FY06 FY07 FY08 FY09 9MFY10

22

492756

15991448

1692


303869

1412

4022

2923 3340



15

Business Model

• Institutionalequities

• Derivatives

• Investmentbanking

• Corporate debt

• Wealthmanagement

• Advisory• Financing

• Equities• Mutual funds• Insurance

Retail Affluent

InstitutionalCorporate

CUSTOMERSEGMENTS

Our service offerings

Equities

Insurance

Credit & finance

Wealth management

Asset Management

Investment banking


16

Corporate Structure

India Infoline Ltd.(Bloomberg: IIFL IN)

India InfolineCommodities

India InfolineInvestment

Services

India InfolineMedia &ResearchServices

IIFL RealtyIIFL (Asia) PteIIFL Wealth

Management

MoneylineCredit

India InfolineHousingFinance

India InfolineDistribution

Co.

India InfolineInsurance

Brokers

IIFL VenturesIIFL Capital

* The above chart does not cover all group companies

India InfolineMarketing& Services

India InfolineInsuranceServices


17

Vision and Strategy

Ö Focus on corecompetence in financialservices

Ö Ensure de-riskedbusiness throughmultiple products anddiverse revenue streams

Ö Asset-heavy or long-gestation businessesthrough separate JVs/group companies

Ö Drive stickiness throughhigh quality research &service

Ö Maintain cutting-edgeproprietary technology

Ö Wide, multi-modalnetwork serving as one-stop shop to customers

Business Strategy Customer Strategy

Vision

“To become the Most Respected Company in the financial services space”

Ö Attract exceptionallytalented and drivenpeople

Ö Ensure conduciveenvironment

Ö Liberal Ownership-sharing

People Strategy


18

Management Team

Ö Team with impeccable academic and professional credentialsÖ Open door, transparent and performance oriented cultureÖ Increasing level of employee ownership

Institutional Equities

Investment Banking

Consumer Finance

Retail Broking

Wealth Management

International Operations

H. Nemkumar, VasudevJagannath, AniruddhaDange

Ajit Menon, Donald D’Souza

Apul Nayyar

Nandip Vaidya

Karan Bhagat, Yatin Shah

Bharat Parajia

Management Team

Finance

Compliance

Operations

Audit & Risk

Human Resources

Technology

Kapil Krishan

R Mohan

Narendra Jain

Upendra Jaiswal

Capt Rahul Sharma

Sankarson Banerjee

Offshore Asset ManagementDeepesh Pandey, ManishSrivastava

Insurance Distribution Sateesh Kumar

Corporate FunctionsVerticals

Chairman and Managing Director Nirmal Jain Executive Director R. Venkataraman


19

Corporate governanceEminent independent directors of group companies

Sat Pal Khattar

A.K. Purwar

Nilesh Vikamsey

Kranti Sinha

M. N. Singh

Non-executive Director

Independent Director




• Chairman of the Khattar Holding Group of Companies• Member of Presidential Council of Minority Rights• Chairman of the Board of Trustee of Singapore Business Federation

• Joined State Bank in 1968 and became chairman in 2002• Became Chairman of Indian Banks Association in the year 2005-06• Received CEO of the year’ and ‘Outstanding Achiever of the year’ award

• Chartered Accountant and partner of Khimji Kunverji & Co• Part of the Managing Council and heading the Corporate Members

Committee of the Chamber of Tax Consultants (CTC)

• Director and Chief Executive of LIC Housing Finance Limited -1998 to 2002• Concurrently was the MD of LICHFL Care Homes• Served as Deputy President of Governing Council of Insurance Institute

• Joined the ‘Indian Police Service’ in 1967• Worked as the chiefs of the crime branch of Mumbai Police, State CID and

Anti-Corruption Bureau

Name Designation Brief Profile

34%

18%

21%

27%

Promoters &Promoters

group

Public/Others

FIIs, VCsMFs, UTI,FIs, Banks

Category-wise shareholding (%)

Board Committees Key Role

Audit Committee Supervise financial reporting process and ensurecompliance with statutory requirements

CompensationCommittee

Review compensation of Executive & Non – ExecutiveDirectors and senior employees

Share Transfer &Investor Grievance

Review investor grievances and ensure redressal tothe satisfaction of the shareholders

Board Committees


20

How we differentiate ourselves

• Promoted by first generation professional entrepreneurs• Management team unmatched in terms of professional credentials, experience as

well as academic backgroundManagerial depth

• Net worth approximately Rs 17 bn with negligible debtWell-capitalized

• Present at over 2,100 business locations, with over 500 own branches• Effectively cover over 450 cities across India

Distribution reach

• The top management is driven by pride and reward of ownership• To think and work like an owner is part of organization’s DNA

Owner-mindset

• Uniquely placed with proprietary front, mid and back office software• Effectively harnessed technology to facilitate processes and provide superior

customer experienceTechnology edge

• De-risked and diversified business model across multiple revenue streams• Multiple products across all segments of financial services

De-risked


21

The 'STAR' Edge

Ö We are a one stop financial services shop for retail customers with our offeringsdifferentiated by the

↗ Service: Our efficient Customer service team provides proactive service atlightning fast speed

↗ Technology: Our proprietary Trader Terminal technology is a feature richplatform with real-time streaming quotes, instant order confirmation, charts etc.

↗ Advice: Our award winning research provides clients with ideas with anextraordinary track record of success

↗ Reach: Our experienced, qualified and dedicated Relationship Managers havedeep market insights and are a dedicated point of contact for their clients


22

Service

Ö Multiple touch points

Ö ‘Welcome call’ is made to all the new customers toenhance comfort level

Ö Features like trade confirmation on SMS, ledgerbalance over SMS are appreciated by customers

Ö Trading interface very rich – full access to ledger,depository, trade history, etc

Ö HNWI customers are allotted dedicatedRelationship Managers – personalised touch forboth trading and service needs

Call Center

Branch

RelationshipManager Internet

Franchisees

Multiple customer touch points


23

TechnologyÖ Uniquely placed with proprietary front, mid and back office software

Ö 40 member tech team for software development and maintenance led by a Chief InformationOfficer

Ö Trader Terminal, our proprietary online trading platform, is widely acknowledged as cutting edge

Ö Feature rich application with a ‘light’ bandwidth requirement

Ö Real-time pre-order risk management and surveillance

Ö Other features

Ö Streaming quotes, instant order confirmation, multiple market watches, alerts

Ö Single-click access to depository, ledger, MTM profit/loss statement

Ö Advanced charting options and technical analysis tools, highly customizable view, Live-chatwith customer care

Ö Live research and news updates

Trader Terminal Snapshot


24

Advice

Ö Separate retail research team in place, well integrated with institutional research team

Ö Market Mantra, our daily comprehensive retail product covers market outlook, latest news,economy snapshot, personal finance insights, event notes, management meets, research ideas, etc

Ö Our research is available on international wire services like Bloomberg, Thomson First Call andInternet Securities

Ö Our Research Team is ranked as Number 1 amongst the ‘Most Read Analysts’ in Thomson Reutersscoreboards

Ö HNI customers get access to both retail and institutional research

Research offerings – a few reports

Market Mantra is acomprehensive daily retail

productSectoral insights

Regional research inHindi and Gujarati

Comprehensive research onthe emerging FMCG giants

Focus is on bottom-upanalysis, with a rigorous industry

overlay

INCH analysis on INdia andCHina


25

Reach

Ö A multi-channel network spread over 450 cities andtowns comprising over 2,100 business locations,covering all metros, Class A, Class B towns and afew Class C locations

Ö Invested in training with a captive training centre atMumbai and regional training hubs

Ö Compared to other brokers, IIL has the widestreach and actively sources business throughmultiple sales channels


26

Awards and accolades


BEST MARKETANALYST 2009

Best Analystawards in the ‘Oil

& Gas’ and‘Commodities’

sectors at the ZeeBusiness for 2009

BROKER QUALITYRATING

CRISILBQ1

BROKER QUALITYGRADING 2009

Awarded BQ1Broker Qualityrating (highest

rating) from CRISIL

BEST BROKERAGE2009

Amongst the top 3for ‘Best

Brokerage’ in Indiaby AsiaMoney for

2009

INDIA’S MOSTVALUABE CEOs 2009

Nirmal Jain rankedsecond in ‘India’s

Most ValuableCEOS’ by Business

World for 2009

BEST BROKER –INDIA 2008

MOST IMPROVEDBROKERAGE – INDIA

2008

FASTEST GROWINGBROKING HOUSE

2008

27

CRISIL broker rating - BQ1

Ö CRISIL assigned a ‘BQ1’ broker quality grading (highest rating) to India Infoline

Ö Methodology

Ö CRISIL team had multiple rounds of meetings with department heads and seniormanagement to obtain a detailed understanding of all systems and processes

Ö They collected all relevant documents and policies of the company

Ö After evaluating India Infoline on the identified risk parameters, CRISIL’s rating committeediscussed the case and determined the final grading

Ö The assigned grading reflects India Infoline’s effective external interface, robust systemsframework and strong risk management system. The grading also reflects India Infoline’shealthy regulatory compliance track record, and adequate credit risk profile

Ö CRISIL used the following key parameters

Ö Quality of compliance

Ö Systems framework

Ö Management of market risk

Ö External interface

Ö Credit profile

Ö Rating



• Business review


• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)Results for Quarter ended December 31, 2009

29

0

5

10

15

20

25

30

35

40

Jan-08 Mar-08 Jun-08 Aug-08 Nov-08 Feb-09 Apr-09 Jul-09 Oct-09 Dec-09

Institutional share Annual average(%) Share of Cash Market

Equities

Institutional Share of cash market volumesTotal cash market turnover (Rs bn)

Index derivatives - dominant market share in 2009

Source: Bloomberg, IIFL Research

Total derivatives market turnover (Rs bn)


Source: Bloomberg, IIFL Research. Based on provisional data from the exchanges


0

200

400

600

800

1000

1200

1400

1600

Jan-05 Jul-05 Feb-06 Sep-06 Mar-07 Oct-07 Apr-08 Nov-08 Jun-09 Dec-09

Daily derivatives Mkt turnover Annual averageRs bn

050

100150200250300350

400450500

Jan-05 Jul-05 Feb-06 Aug-06 Mar-07 Sep-07 Apr-08 Nov-08 May-09 Dec-09

Daily cash mkt turnover Annual AverageRs bn

0%

10%

20%

30%

40%

50%

60%

70%

2005 2006 2007 2008 2009

Stock derivatives share in turnover Index derivatives share in turnover


30

Insurance

(40) (20) - 20 40 60 80

SBI LifeReliance Life

Max New YorkBajaj Allianz

ICICI PrudentialKotak Mahindra Old Mutual

Tata AIGMet Life

Birla SunlifeHDFC Standard

Total private playersLIC

Insurance Industry (%)

1527

36 37

52

5956

8573

64 63

48

4144

0

15

30

45

60

75

90

105

FY04

FY05

FY06

FY07

FY08

FY09

8M FY10

(%) Private Players LIC

Upto November2009, Source: IRDA

Source: IRDA

578343

181111

9666

5349

221186511

0 100 200 300 400 500 600 700

APE growth yoy (%)

APE market share (%)APE yoy growth (%)

Annual life insurance premiums

(4)

(23) (23)(27)

(16)

4

(23) (25)

(9)(5)

(15)

30

14

(6)(12)

(17) (18)

(5)

14 16

9

2935

12

45

34

(30)

(20)

(10)

0

10

20

30

40

50

Nov

-08

Dec

-08

Jan-

09

Feb-

09

Mar

-09

Apr

-09

May

-09

Jun-

09

Jul-0

9

Aug

-09

Sep-

09

Oct

-09

Nov

-09

(%) Private Players LIC

Source: IRDA

Source: IIFL Research


31

Mutual Funds

1,200

972825 782

681

-

200

400

600

800

1,000

1,200

1,400

RelianceMutual Fund

HDFC MutualFund

ICICIPrudential

Mutual Fund

UTI MutualFund

Birla Sun LifeMutual Fund

(Rs bn)

Top 5 AMCs contribution (Rs bn)Total AUM for the industry (Rs bn)

December 2009, Source: AMFI December 2009, Source: AMFI

AUM as a % of GDP across countriesAUM comparison across countries (2008)

Source: IIFL Research Source: IIFL Research

2,319

3,264

5,3274,940

7,437 7,6348,085 7,955

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Mar-06 Mar-07 Mar-08 Mar-09 Sep-09 Oct-09 Nov-09 Dec-09

(Rs bn)

9601

841

575

574

527

479

276

222

63

46

2

0 2000 4000 6000 8000 10000 12000


* India AUM as on Dec-09 was 177USDbn

*

220

80

70

40

30

25

15

15

13

0 50 100 150 200 250

HK

Australia

US

Brazil

Korea

UK

Taiwan

Japan

India

32

Capital raising and Fund flows

39

232

37

341

2.5

5.8

4.1

6.7

-

1

2

3

4

5

6

7

8

-

50

100

150

200

250

300

350

400

2006 2007 2008 2009

QIP raised Avg deal size (rhs)Rs bn Rs bn

FDI inflows in 2009 (till Nov) – US$27.5bn

Source: Bloomberg, IIFL ResearchSource: Bloomberg, IIFL Research

Portfolio Flows have turned positive from the start of FY10

Ytd. capital raised through QIPs


Big IPOs have set the tone of the market in 2009


0

1,000

2,000

3,000

4,000

5,000

6,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 2009

US$mn

Net FDI

285

340

185 191

4.2 3.5

4.7

10.1

-

2

4

6

8

10

12

-

50

100

150

200

250

300

350

400

2006 2007 2008 2009

IPO Avg deal size (rhs)Rs bn Rs bn

35

40

45

50

55-6

-4

-2

0

2

4

6

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09

Net FII Investments (US$bn)


33

Thank youThank you

Published in January 2010. © India Infoline Ltd 2009-10.

India Infoline Ltd. All rights reserved. Regd. Off: 75, Nirlon Complex, Off W E Highway, Goregaon (E) Mumbai-400 063.Tel.: +(91 22)4007 7000 Fax: 2685 0451.

This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation forthe purchase and sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and IndiaInfoline Ltd (hereinafter referred as IIL) and its subsidiaries or its employees or directors, associates will not be liable in any manner for the consequences of suchaction taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, but do not represent thatit is accurate or complete. IIL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to anyperson from any inadvertent error in the information contained in this publication. The recipients of this report should rely on their own investigations. IIL and/orits subsidiaries and/or directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report.

Documents

Results for Quarter ended December 31, 2009content.indiainfoline.com/admin/PDF/1697571430_Q3... · June08 Sep 08 Dec 08 Mar09 Jun 09 Sep09 Dec09 Equities brokerage Avg. Daily Volume