Fw: REC Tax Free Bonds - Issue opening on 3 Dec 2012

 

RURAL ELECTRIFICATION CORPORATION LIMITED

Issue period: 3 December 2012 to 10 December 2012

Issue Highlights: Issue of Tax Free Secured Redeemable Non Convertible Bonds Issue Size: Rs 1,000 Crore with an option to retain oversubscription upto Rs 4,500 Crore Additional Coupon Rate - Category-IV Applicants - 0.50% p.a. REC is one of only 16 Indian PSUs granted "Navratna" status 66.80% shareholding held by Govt. of India as on 31 Sep 2012 When Bonds held by the original allottees of Category IV are sold / transferred, coupon rate will be revised to the coupon rate for Category I, II & III investors. Refer to details. Application cannot be made by Non-resident Indians and Foreign nationals. Key Benefits: The income from interest on these Bonds is fully exempt from Income Tax and no TDS is applicable. Wealth Tax is not levied on investment in bonds under section 2(ea) of the Wealth-tax Act, 1957. Credit Ratings indicating highest safety: AAA by CARE and ICRA, AAA/Stable by CRISIL. The Bonds shall be listed and can be traded on BSE and NSE. No upper limit on investment amount. No lock in period for the Bonds. Terms of the Issue: Particulars Issue Details Face Value per Bond Rs 1,000 Tenor 10 years 15 years Minimum Application Rs 5,000 (in multiples of Rs 1,000 thereafter) Coupon Rate % p.a. (Category I, II and III) 7.22 7.38 Additional Coupon Rate % p.a. (Category IV) 0.50 0.50 Total Coupon Rate % p.a. (Category IV) 7.72 7.88 Effective yield % p.a. (Category I, II and III) 7.22 7.38 Effective yield % p.a. (Category IV) 7.72 7.88 Frequency of Interest payment (Paid on 1st December) Annual Annual Issuance Physical and Demat mode Interest on application % p.a. As per coupon rate applicable to investor category Interest on refund % p.a. 5.00 Redemption Date 10 years from Deemed Date of Allotment 15 years from Deemed Date of Allotment Redemption Amount Repayment of the face value with interest Issue Structure: Investor Category I - Institutional II - Non Institutional III - HNI (more than 10 lacs) IV - Retail (upto and including 10 lacs) Issue allocation 15% 15% 40% 40% *Basis of allotment: on first come first serve basis * For the purpose of information only, invest only after referring to the final prospectus.

Disclaimer: Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai - 400 042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Regn. Nos. BSE Cash-INB011073351; F&O-INF011073351; NSE - INB/INF231073330; DP: NSDL-IN-DP-NSDL-233-2003; CDSL-IN-DP-CDSL-271-2004; Mutual Fund: ARN 20669; For any complaints email at igc@sharekhan.com; Disclaimer: Client should read the Risk Disclosure Document issued by SEBI, relevant exchanges and the T & C on www.sharekhan.com before investing.Sharekhan Disclaimer: Sharekhan Limited is engaged as a distributor of IPO/Bonds/NCD. Sharekhan or any of its group concerns do not in any manner recommends any product or any of its characteristics. The client is advised to take his / her own independent decisions for investing in any financial product after understanding their respective nature and risk and returns involved. The client may also approach his / her own consultants for investing in financial products or in relation to the tax related aspects. We do not solicit any action based upon this promotional material. Please note that the product does not take into account any particular investment objectives, financial decisions or needs of individual recipients. Neither Sharekhan nor any person connected with Sharekhan accepts any liability arising out of investment suggested in the material above.

Fw: Investor's Eye: Update - Gateway Distriparks (Expect limited impact of hike on haulage rates), Fertilisers (Weak demand for complex fertilisers; expect improvement in H2)

 

 

Investor's Eye [November 22, 2012]  Sharekhan www.sharekhan.com

Summary of Contents STOCK UPDATE   Gateway Distriparks Recommendation: Buy Price target: Rs166 Current market price: Rs129 Expect limited impact of hike on haulage rates Key points  Indian Railways to hike haulage rates: Indian Railways is proposing to hike the haulage rates by up to 16-31% for the container train operators in two phases (December 2012 and February 2013). The increase in haulage rates would depend on the weight (tonnage) of the containers, with an overall increase of 31% (per TEU) for containers of 10-20 tonne and 16% for containers of over 20 tonne. This increase is expected to impact both the domestic and export-import businesses. Limited impact of hike on the consolidated business: The steep increase in the haulage rates (after many years of stable tariff structure) would negatively impact Gateway Distriparks Ltd (GDL)'s rail freight business both in terms of a shift to the road transport and an increase in the margin pressure. The company indicated that the absolute increase in cost would be in the range of Rs3-4 crore. But, it would pass on some of the cost to its customers. The overall impact on the consolidated financials of the company would be quite limited (as the segment contributes to only around 4% at the consolidated EBITDA level). At the moment, we are keeping our estimate and price target unchanged. The changes would be made based on the revision of tariffs and the extent of pass through of the increased cost to the customers. Maintain Buy with price target of Rs166: We continue to like GDL given its leadership position in all the three verticals, ie container freight stations, rail transportation and cold chain services. The company would be among the key beneficiaries of a revival in trade and an expected movement of goods with the opening up of retail sector for the foreign companies. At the current market price, the stock traded at 10.3x and 8.8x its FY2013E and FY2014E earnings. The valuations turned attractive after a sharp correction in the past few days. We maintain our Buy recommendation on GDL with a price target of Rs166. SECTOR UPDATE Fertilisers Weak demand for complex fertilisers; expect improvement in H2 We have attended the conference call on "Current affairs on P&K fertiliser" by Zuari Agro Chemicals. Zuari Agro Chemicals is the demerged entity of Zuari Industries, which focuses on the business of agricultural inputs (installed capacity of 4 lakh tonne of urea and 7.2 lakh tonne of non-urea). Zuari Agro Chemicals is scheduled to soon get relisted on the bourses. The key takeaways of the conference call are as follow: Industry scenario  Weak demand for complex fertilisers: Use of complex fertilisers (non-urea fertiliser) is witnessing a sharp decline in demand because of its higher price in comparison with urea fertilisers and an uneven monsoon in the khariff season. Artificially keeping the price of urea low and increasing the price difference between urea and non-urea fertilisers are affecting the sales of non-urea fertiliser. During H1FY2013, use of non-urea fertilisers has seen a demand destruction of 25%, whereas consumption of urea fertilisers has increased sharply. Margins in complex fertilisers under pressure: Currently, the price of ammonia (a key raw material for non-urea fertilisers) is also ruling on the higher side on back of lower supply due to closure of plants producing ammonia around the world, which is also impacting the margins of the fertiliser manufacturers. Better demand outlook for H2: Demand for non-urea fertilisers may improve from the current level due to an increase in the sowing acreage during the current rabi season due to a late revival of monsoon and an increase in the level of water in the reservoirs. On other side, raw materials, like ammonia and phosphoric acid, may see some moderation in their prices due to a higher incremental supply in the global market and a lower demand from the high-importing countries like India and China. In the upcoming contract renewals for the raw materials, we expect the Indian companies to drive a hard bargain to offset the impact of a depreciating rupee.  Non-availability of raw materials lead to lower production/sales volumes: In H1FY2013, fertilizers sold by Zuari Agro Chemicals stood at 7.07 lakh tonne (which include 1.9 lakh tonne of urea, 1.9 lakh tonne of complex fertilizer and 3.3 lakh tonne of traded fertilisers). This amounts to a decline of 23% in volumes sold in H1FY2013 as compared with the same period of last year, mainly due to closure of plants (for 69 days in Q1FY2013) resulting from non-availability of raw materials (namely phosphoric acid). Thus, the margins were much lower than steady state level. The EBIDTA margins of the non-urea fertiliser stood at Rs1,500 per tonne. In traded volumes, the margins stood at Rs750-1000/tone, which the company believes is in a reasonable range. Natural gas supply to ease cost pressures: The company will start receiving natural gas by the end of December 2012 and will start the trial run of its urea plant from January 2013 for the next three month. The conversion of feedstock from naphtha to gas will help the company to reduce the cost of manufacturing and will boost the production of urea. The company is also setting up a 1-MT plant of complex fertilisers along with a phosphoric acid plant, which will take care of the raw materials for the complex fertilisers. The company has also tied up for procuring rock phosphate from Peru for the next 25 years. Backward integration for raw materials will help the company to improve its EBIDTA per tonne margin and will also help it to reduce the risk of availability of the raw materials. Valuations-could relist at Rs260-280/share: We expect Zuari Agro Chemicals to post a profit after tax of around Rs150-160 crore (rough estimate) in FY2013 (EBITDA of Rs144 crore in H1FY2013 but performance to improve in H2FY2013 due to a better demand and an expected easing of cost pressures). We expect the stock to relist at around Rs260-280/share on the bourses. However, we do not actively cover the stock and do not have a recommendation on it. For the past one year, we have been advocating preference for single sulphur phosphate manufacturers like Liberty Phosphate and Rama Phosphate among the complex fertilisers companies due to a growing demand for the low-cost phosphate fertilisers. Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Sharekhan Special: Q2FY2013 earnings review

 

 

Sharekhan Special [November 21, 2012]  Sharekhan www.sharekhan.com

Summary of Contents   SHAREKHAN SPECIAL Q2FY2013 earnings review Earnings growth largely in line with growing number of positive surprises Key points Earnings slightly ahead of estimates: On an aggregate basis the earnings of the Sensex companies grew by 4.3% year on year (YoY; 12.9% ex oil companies) in Q2FY2013 which was slightly ahead of our estimate. This was mainly driven by a better than expected performance from the private banks as well as the fast moving consumer goods (FMCG) and pharmaceutical (pharma) companies. However, sectors like metal, power and telecommunications (telecom) largely disappointed on the earnings front. Top performers and losers: Thirteen companies out of the 30 companies in the index showed a year-on-year (Y-o-Y) decline in their profit but the extent of the surprise was lower compared with the previous quarters. Companies like HCL Technologies (HCL Tech), Sun Pharmaceutical Industries (Sun Pharma), Cipla, Maruti and NTPC delivered a positive surprise on the earnings front. However, the major disappointments came from companies such as Tata Steel, SAIL, Tata Power and Bharti Airtel. Revenue growth turns sluggish: The aggregate revenues of the Sensex companies grew by 11.7% YoY, in line with our expectations. The growth was the lowest in several quarters. Despite the positive impact of the rupee's depreciation in some sectors (information technology [IT], pharma etc), the revenue growth turned sluggish contributed by a general slowdown in the economy. The growth in the revenues was led by the pharma, IT services and telecom sectors. The private banks continued to post a healthy performance though State Bank of India (SBI)'s top line growth was affected by a sharp decline in its net interest margin (NIM). Margin pressure continues: During Q2FY2013, the EBITDA margin of the Sensex companies (ex banks) declined to 17.2% (vs our estimate of 17.8%) from 19.9% in Q2FY2013. Maximum stress was seen in the oil & gas and telecom stocks as well as Reliance Industries Ltd (RIL). The decline in the output of the high-margin gas production business significantly dented RIL's profitability during the quarter. However, the EBITDA margin in the pharma and IT sectors showed a marginal expansion as compared with Q2FY2012. Outlook-earnings growth holding up for large companies: Despite a tough macro-economic environment, the earnings growth of the Sensex companies is holding up with more positive than negative surprises. However, the same is not true for the broader market with many mid-sized companies struggling with difficult business conditions. The good news is that the incremental downgrades in the consensus earnings estimates have slowed down (~1% in Q2FY2013) and are largely confined to a few troubled sectors. The consensus expectation is of an earnings growth of 8-10% in FY2013 and that of close to 14% in FY2014 which seem achievable. However, the expectation of a pick-up in the earnings is built on the consensus expectation that the Reserve Bank of India (RBI) would cut the interest rates by 100-125 basis points over the next four quarters. Moreover, the global uncertainties and volatility in commodity prices also pose a risk to the consensus earnings estimate. Click here to read report: Sharekhan Special   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Investor's Eye: Special - Q2FY2013 Banking earnings review, Q2FY2013 earnings review

 

 

Investor's Eye [November 21, 2012]  Sharekhan www.sharekhan.com

Summary of Contents SHAREKHAN SPECIAL Q2FY2013 Banking earnings review Asset quality concerns persist, operating performance also tapers for PSBs Key points Earnings below estimates due to weak performance of PSBs: During Q2FY2013, Sharekhan's banking universe reported an earnings growth of 14.4% YoY (9.4% quarter on quarter [QoQ]; ex State Bank of India [SBI]), which was lower than our estimate. The lower growth was due to a disappointing performance by the public sector banks (PSBs), which reported a decline of 5.3% YoY in earnings (ex SBI). However, the private sector banks continued to report a strong performance as the earnings grew by 27.5% YoY (6.1% QoQ). Operating performance comes under pressure: The operating performance of the banks weakened as the net interest income (NII) grew by 11.3% YoY, slightly lower than our estimate. The NII growth for the PSBs was merely 7.6% YoY while the private banks showed a growth of 25.7% YoY. The net interest margins (NIMs) declined on a quarter-on-quarter (Q-o-Q) basis for most PSBs due to rate cuts and interest income reversals on the non-performing assets (NPAs). Asset quality stable for private banks but it continues to deteriorate for PSBs: During Q2FY2013, the slippages continued to rise for the PSBs (especially Bank of India [BoI], Punjab National Bank [PNB] and Allahabad Bank), leading to a rise in the NPAs on a Q-o-Q basis. The restructured assets also expanded across the PSBs, though at a slower pace. The private banks were able to maintain their asset quality.  Outlook-challenges in plenty, remain selective: Going ahead, we believe the pressures remain on the asset quality and business growth fronts due to the sharper than expected slowdown in the economy. We believe that the private banks are likely to outperform the PSBs and maintain a decent earnings growth and asset quality. We prefer ICICI Bank (strong operating performance and asset quality) and Federal Bank (attractive valuation and structural improvement in balance sheet) among the private banks and SBI (reasonable valuation and relatively better growth in core income) among the PSBs. Q2FY2013 earnings review Earnings growth largely in line with growing number of positive surprises Key points Earnings slightly ahead of estimates: On an aggregate basis the earnings of the Sensex companies grew by 4.3% year on year (YoY; 12.9% ex oil companies) in Q2FY2013 which was slightly ahead of our estimate. This was mainly driven by a better than expected performance from the private banks as well as the fast moving consumer goods (FMCG) and pharmaceutical (pharma) companies. However, sectors like metal, power and telecommunications (telecom) largely disappointed on the earnings front. Top performers and losers: Thirteen companies out of the 30 companies in the index showed a year-on-year (Y-o-Y) decline in their profit but the extent of the surprise was lower compared with the previous quarters. Companies like HCL Technologies (HCL Tech), Sun Pharmaceutical Industries (Sun Pharma), Cipla, Maruti and NTPC delivered a positive surprise on the earnings front. However, the major disappointments came from companies such as Tata Steel, SAIL, Tata Power and Bharti Airtel. Revenue growth turns sluggish: The aggregate revenues of the Sensex companies grew by 11.7% YoY, in line with our expectations. The growth was the lowest in several quarters. Despite the positive impact of the rupee's depreciation in some sectors (information technology [IT], pharma etc), the revenue growth turned sluggish contributed by a general slowdown in the economy. The growth in the revenues was led by the pharma, IT services and telecom sectors. The private banks continued to post a healthy performance though State Bank of India (SBI)'s top line growth was affected by a sharp decline in its net interest margin (NIM). Margin pressure continues: During Q2FY2013, the EBITDA margin of the Sensex companies (ex banks) declined to 17.2% (vs our estimate of 17.8%) from 19.9% in Q2FY2013. Maximum stress was seen in the oil & gas and telecom stocks as well as Reliance Industries Ltd (RIL). The decline in the output of the high-margin gas production business significantly dented RIL's profitability during the quarter. However, the EBITDA margin in the pharma and IT sectors showed a marginal expansion as compared with Q2FY2012. Outlook-earnings growth holding up for large companies: Despite a tough macro-economic environment, the earnings growth of the Sensex companies is holding up with more positive than negative surprises. However, the same is not true for the broader market with many mid-sized companies struggling with difficult business conditions. The good news is that the incremental downgrades in the consensus earnings estimates have slowed down (~1% in Q2FY2013) and are largely confined to a few troubled sectors. The consensus expectation is of an earnings growth of 8-10% in FY2013 and that of close to 14% in FY2014 which seem achievable. However, the expectation of a pick-up in the earnings is built on the consensus expectation that the Reserve Bank of India (RBI) would cut the interest rates by 100-125 basis points over the next four quarters. Moreover, the global uncertainties and volatility in commodity prices also pose a risk to the consensus earnings estimate. Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Sharekhan Special: Q2FY2013 Auto earnings review

 

  

Sharekhan Special [November 16, 2012]  Sharekhan www.sharekhan.com

Summary of Contents SHAREKHAN SPECIAL Q2FY2013 Auto earnings review   Subdued Q2; expect recovery in H2FY2013 Key points   Earnings boosted by M&M and Apollo Tyres  In Q2FY2013, the aggregate revenues of the automobile (auto) companies under our active coverage reported a revenue growth of 12.7% and a net profit growth of 6.3% as compared with the corresponding period of the previous fiscal. Given the prevailing tough macro-economic conditions, the performance appears to be robust due to a strong growth reported by both Mahindra and Mahindra (M&M) and Apollo Tyres. Excluding M&M, the aggregate revenue growth drops to 4.9% and the earnings decline by 2.5% as most of the other companies reported a decline at the profit after tax (PAT) level.    Auto companies including those under soft coverage report profit decline Similarly, Sharekhan's auto tracking universe (including nine companies under soft coverage) saw a revenue growth of 13.2% year on year (YoY) but reported an earnings decline of 2.2% YoY. Ex M&M, the revenues grew by 11.1% while the profit declined by 6.2% during the quarter under review.   ALL added to our conviction list on robust Q2FY2013 performance During the last three months, most of the stocks under our coverage, except M&M, had been kept on Hold recommendation. We recently added Ashok Leyland Ltd (ALL) to our Buy list due to an improved growth and margin outlook (refer to our Stock Update on ALL dated November 9, 2012).    Apollo Tyres, M&M and Suprajit outperform on earnings front Most of the companies under our tracking universe reported an earnings decline as a moderating revenue growth resulted in operating de-leverage which affected the profitability. Only M&M amongst the original equipment manufacturers (OEMs), and Apollo Tyres and Suprajit Engineering (Suprajit) in the ancillary space reported an earnings growth during the quarter. Exide Industries (Exide) reported a jump in the earnings mainly due to the low base effect of the corresponding period of the previous year.

Fw: Investor's Eye: Update - Jaiprakash Associates; Special - Q2FY2013 Auto earnings review

 

 

Investor's Eye [November 16, 2012]  Sharekhan www.sharekhan.com

Summary of Contents STOCK UPDATE   Jaiprakash Associates Recommendation: Buy Price target: Rs102 Current market price: Rs91 Price target revised to Rs102 Result highlights  Q2FY2013 earnings below estimate: In Q2FY2013 JP Associates Ltd (JAL) posted a net profit of Rs128 crore (a decline of 48.5% year on year [YoY]). The same was below our estimate on account of a lower than expected profitability of the cement business and a 23.3% surge in the interest outgo YoY.  Cement and real estate divisions support the revenue growth; construction division offsets the benefit: The revenues from the cement division, accounting for over 45% of the overall revenues, grew by an impressive 22.9% on a year-on-year (Y-o-Y) basis (largely supported by a growth in the average blended realisation). The real estate division also witnessed a healthy revenue growth of 32.7% YoY to Rs268 crore in the same quarter. However, on account of a 17% Y-o-Y decline in the revenues from the construction division, the overall revenues of the company could grow by just 4% YoY to Rs2,983 crore.  OPM expanded YoY and sequentially: On the margin font, the operating profit margin (OPM) expanded by 20 basis points YoY and by 50 basis points quarter on quarter (QoQ) to 26.5% during the quarter. The margin expanded on account of an improvement in the profitability of the cement division (an earnings before interest and tax [EBIT] margin of 9.7% as against that of just 2.3% in Q2FY2012) but was lower than our estimate. The margin of the construction division stood healthy at 34.1%, which was much higher than our estimate on account of the claims received for the earlier period and a better revenue mix. On the other hand, the profitability of the other division, namely real estate, contracted to 35.5% from 43.3% in the corresponding quarter of the previous year.  Surge in the interest outgo and depreciation charge dents earnings: The interest outgo increased by 23.3% YoY to Rs464 crore and the depreciation charge increased by 23.4% YoY to Rs178 crore during the quarter. Hence, at the net profit level the company posted a decline of 48.5% YoY to Rs128 crore (as compared with a 4.8% growth at the operating level).  Earnings estimates for FY2013 and FY2014 downgraded: We are downgrading our earnings estimates for FY2013 and FY2014 mainly to factor in the lower than expected volume growth in the cement business. We have lowered our margin estimates mainly to factor in the cost pressure in the cement business. We have also factored in the higher interest cost in our estimates. Consequently, our revised earnings per share (EPS) estimate for FY2013 now stands at Rs4 and that for FY2014 works out to Rs4.5.  Maintain Buy with a revised price target of Rs102: We continue to like JAL due to its diversified business model and aggressive expansion plan. The near-term trigger in the stock will be the likely stake sale in Jaypee Cement Corporation as it will de-leverage the JAL balance sheet to some extent. In terms of valuation, we continue to value the stock using the sum-of-the parts (SOTP) valuation method and arrive at a value of Rs102 per share. We maintain our Buy recommendation on the stock with a revised price target of Rs102. SHAREKHAN SPECIAL Q2FY2013 Auto earnings review   Subdued Q2; expect recovery in H2FY2013 Key points   Earnings boosted by M&M and Apollo Tyres  In Q2FY2013, the aggregate revenues of the automobile (auto) companies under our active coverage reported a revenue growth of 12.7% and a net profit growth of 6.3% as compared with the corresponding period of the previous fiscal. Given the prevailing tough macro-economic conditions, the performance appears to be robust due to a strong growth reported by both Mahindra and Mahindra (M&M) and Apollo Tyres. Excluding M&M, the aggregate revenue growth drops to 4.9% and the earnings decline by 2.5% as most of the other companies reported a decline at the profit after tax (PAT) level.    Auto companies including those under soft coverage report profit decline Similarly, Sharekhan's auto tracking universe (including nine companies under soft coverage) saw a revenue growth of 13.2% year on year (YoY) but reported an earnings decline of 2.2% YoY. Ex M&M, the revenues grew by 11.1% while the profit declined by 6.2% during the quarter under review.   ALL added to our conviction list on robust Q2FY2013 performance During the last three months, most of the stocks under our coverage, except M&M, had been kept on Hold recommendation. We recently added Ashok Leyland Ltd (ALL) to our Buy list due to an improved growth and margin outlook (refer to our Stock Update on ALL dated November 9, 2012).    Apollo Tyres, M&M and Suprajit outperform on earnings front Most of the companies under our tracking universe reported an earnings decline as a moderating revenue growth resulted in operating de-leverage which affected the profitability. Only M&M amongst the original equipment manufacturers (OEMs), and Apollo Tyres and Suprajit Engineering (Suprajit) in the ancillary space reported an earnings growth during the quarter. Exide Industries (Exide) reported a jump in the earnings mainly due to the low base effect of the corresponding period of the previous year.    Outlook and valuation We expect the automotive volumes to recover in H2FY2013 on the back of the festive season in Q3FY2013 and an improved economic outlook with the easing of the interest rates expected in Q4FY2013. Raw material prices are expected to remain subdued. With a recovery in the volumes, the benefits of operating leverage are expected to result in a margin improvement in H2FY2013. M&M remains our preferred pick in the auto sector.   Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Various options of Investing in Gold

 

Dear Investor,

Greetings from Integrated.

Gold has become a very popular investment destination as it is the best hedge against inflation and provides a perfect diversification to any portfolio.

We are happy in providing different options for investing in Gold - Gold ETF, Gold Funds, E-Gold & Reliance My Gold Plan.

Gold ETFs :

----------

Each unit of Gold ETF is approximately equal to 1 gram of Gold. Units can be bought or sold like shares through our NSE / BSE Terminals. Units will get credited in your Demat account, like Shares.

Gold Funds :

------------

"Fund of Funds", where amount mobilised will be invested in existing Gold ETFs. Special advantage - you can invest in Gold in a systematic manner - through SIP. Ideal option for investors who do not have a demat / trading account.

E-Gold - National Spot Exchange Limited :

-------   ---------------------------------

You can purchase E-Gold like shares (exclusive trading account). Purchased units will get credited in your Demat account (exclusive Demat account). You can sell the units like shares. Facility of taking physical delivery by surrendering E-Gold units.

Reliance My Gold Plan - In association with World Gold Council :

----------------------     ---------------------------------------

Enables you to save 24 Karat, 995 fineness pure Gold daily (Daily SIP). Minimum investment Rs.1000 per month & in multiples of Rs.500 thereafter. You can convert accumulated Gold into Gold Coins at multiple outlets across India.

For further informations and application forms, kindly contact your nearest branch of Integrated.

For list of branches, please visit www.integratedindia.in 

 

MF investments are subject to market risks. Please read scheme information document carefully before investing.

Regards,
Integrated Enterprises (India) Ltd.,