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Editorial September 2013 Volume: 3 Issue: 6 Price: Rs. 25 Company Management Managing Director Alex K Babu Chief Executive Officer N. Bhuvanendran Chief Operating Officer Bobby Jose Editor K. Aravind Marketing Executive Maria Namitha Correia Research Team Head-Research & Strategies Group Krishnan Thampi K Senior Fundamental Analyst Amar Chandramohan Senior Technical Analysts Anish C.V Economic&Commodity Analyst Vignesh S B K Fundamental Analyst Shajan K.S Junior Technical Analyst Sumin Nicholas Layout & Design M.T.Gopalakrishnan, DezignCentre, Kochi Head Office Hedge Equities, Hedge House, Mamangalam, Kochi, Pin-682 025 Tel: 0484 3040400 E-mail: online@hedgeequities.com Website: www.hedgeequities.com Disclaimer The information contained inour report does not constitute an offer to sell securities or the solicitation of an offer to buy, any security. The information in our report is not intended as financial advice. Hedge Equities Ltd do not undertake the responsibility for any investment decision taken by the readers based on this report. Moreover, none of the research report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction. The information and opinions contained in research reports have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express or implied, is made by Hedge Equities Ltd to their accuracy. Moreover, you should be aware of the fact that investments in securities or other financial instruments involve risks. Past results do not guarantee future performance. sim p-\-s- Xpw \otb...- sim psim n- Xpw \otb... hs- ]m nse ""sim p-\-s- Xpw \otb... sim p-sim- n- Xpw \otb...'' F {]i-kvx-amb CucSn a tam-l knw-kns apj- Øp-t\m n ]mts ÿnxnbn-emwv C v C y- m. 1991 kmº- ØnI {]Xn-k- nsb AXn-Po-hn- m-\mbn BtKm-f-h -c-w, DZmc-h -cw \b-ßƒ v XpS- -an- a tam-l knwkns ImeØp Xs bmwv C y-bpss kmº-øni hf IpØs\ CSn- -Xn\p ]n mse cq]-bpss aqeyw Ncn-{X-Ønse G hpw henb XI bn-te v Iq p-ip-øp-ibpw \mw 1991se Ah-ÿ-bn-te v Xncn- pt]m-hp-i-bmtwm F Bi ]S-cp-Ibpw snøp Xv. a tam-l knwkpw Nn-Zw-_-chpw \mw t\cn-sp- Xv henb {]iv\- sam pas a n Bizm-k-h-N-\-ßƒ Dcp-hnSpIbpw \ma{x tami- m-c-s v ImWn- m IW- p-iƒ -\nc-øp-ibpw snøptºmgmwv cq] Gjy Id kn-i-fn G hpw henb aqey-x-i t\cn- -Xv. tumf-dns ta t mbvabmwv {]iv\imc-w-sa v ]ds m-gn-bp Ch ]t Gjy Id kn-i-fn cq] F psim v G hpw henb CSnhv t\cn- p-sh tnmzysø A`n-ap-Jo- I-cn- m CjvSs -Sp- n-. Hcp ImeØv Gjybnse G hpw i - amb Id kn-bmbn-cp cq]-bv mwv Cu KXn-tISv kw`-hn- -Xv. 2008 C y t\cn {]Xn-k n Nm{In-I-am-bn-cp- p. Ata-cn- bn \n v XpS-ßnb kmº-øn-i-am-μy-øns `qxw `qtemi-søbmsi Iog-S- n-b-t mƒ AXn C ybpw AI-s - p. F m sshimsx amμysø AXn-Po-hn- m \ap v km[n- p. 2009 Ncn{Xw krjvsn- p-sim v bp]nf ho pw A[n-Im-c-Øn-se-Øn-btXmsS cmjv{sob ÿnc-x-bp-ssbpw \b-]-c-amb ]pxnb am -ß-fpsSbpw ]n _-e-øn C y i -amb hf ssih-cn- psa {]Xo DW p. BtKmfXe-Øn \nt -]-I C y-bnte v D p-t\m- n. F m \ap v ssih Ah-k-c-ßƒ Ign \mev h j-øn-\p- n a tam-l knw-kns k m If- p-ip-fn- p. Ata-cn- kº-zvhy-hÿ t\sp ta ss Nq n-im n \mw t\cn-sp {]Xn-k n Nm{InI {]Xn`mkam-sW v hmzn- mw. ]t Gjy cmpy-ß-fnse Id kn-i-fn cq] G hpw henb CSnhv t\cnsp Ah-ÿ-bn-te v FØn-bXpw Id v A u v IΩn \nb-{ -Wm-Xo-X-ambXpw \mw t\cn-sp LS-\m-]-c-amb {]iv\-ßƒ aqe-am-wv. hntz-i-\n-t ]w kw_- n \b-]-c-amb Ahy- -Xbpw A\n- n-x-xzhpw, P\-t -a-{]-h Ø-\-ß-fpsS t]cn-ep [q Øv, kmº-øni A -S- -an- m-bva, ASn-ÿm\ kui-cy-ß-fpss A`mhw, D]-t`mK D - -ß-fpsS Imcy-Øn-ep ]cm-{i-bxzw XpS-ßnb ASn-ÿm-\-]-c-amb {]iv\-ß-fmwv C ybpss \Sp-shm-Sn- -Xv. \mw t\cn-sp Cu Akm-[m-cW kml-n-cysø Ipdn- p hni-i-e-\- amwv Cu e -Ønse Ih tãmdn. sluvpv Hmlcnsb Ipdn- p \nß-fpss hne-tb-dnb A`n- {]m-b-ßfpw \n tzi-ßfpw kzmkxw snøp -p. si.-a-c-hnμv FUn-, sluvpv Hmlcn editor@hedgeequities.com Printed, published and owned by Alex K.Babu, printed at Sterling Print House (P) Ltd., Ponekkara- Cheranelloor Road, AIMS Ponekkara PO, Cochin-41 for Varna Offset Printers (EKM) and published at Hedge Equities, Hedge House, Mamangalam, Kochi, Pin- 682 025. Editor: K. Aravind sluvpv Hmlcn sk]v w-_ 2013 3

Contents September 2013 6 1991? c v ]Xn- m- n-te-sd-bmbn XpS ph-cp ]pø kmº-øni \b-ß-fpss ^e-ambn ssih-cn kmº-øni hf If- p-ip-fn- `c-w-t\-xrxzw amdnb BtKmf kml-n-cy-øn\p ap n F p snø-w-sa- -dn-bmsx angn- p- \n pibm-wv. C y t\cn-sp Cu {]Xn-k- n-bpss Imc-W-ßsf hni-i-e-\w snøp tej\w. kº-zvhy-h-ÿsb sh n-te- -dn InS-Øm C\nbpw ImØn-cn- twm?...10 IpSpw P v Xbm-dm- p- Xp t]mse emlh-tømss Imcy-ßsf kao-]n- p- -Xn\p ]I cw Id v A u v IΩn F{Xbpw s]s v \nb-{ -W-hn-t[-b-am- p- -Xn-\p ASn-b nc \S-]-Sn-I-fmWv kzoi-cn-t - -Xv. 4 sluvpv Hmlcn sk]v w-_ 2013 hf sb hcn- p-si- nb hnz-kv[ hnc-an- p-tºmƒ...11 sk skivkv kº-zvhy-h-ÿbpss _mtcmao -dmtwm?...12 hn]-wn-bnse Nm m- -Øn \nt -]-I\v F p-imcyw?...21 hne CSn- mepw \nt -]- tbm-ky-amb Hml-cn-Iƒ am{xw sxc-s -Sp- pi...22 snωo I j-i v sdt muv t\ w...23 28 24 15 kwi-b-ßƒ v adp-]sn hmb-\- m-cpss kwi-b-ßƒ v adp-]sn \ Ip- Xv sluvpv CIzn- okv No^v FIvkn-Iyq- ohv Hm^o-k F.-`p-h-t\-{μ ani hcp-am\w t\sm IpSpw_ ] - dn D m-z\ _nkn-\-kv Hcp Iq w IpSpw-_-ßƒ tn v Irjn-bn-S-Øn D m-zn- n- p ip -amb ] - -dn-iƒ D]-t`m- m- ƒ v t\cn-s -Øn- p _nkn-\kns km[y-x-isf Ipdn- v kn.-l-cn-l-c Fgp-Xp tej\w. ÿnc-\n-t -]-Øn-eqsS ani t\ -Øn\v F^v-Fw]nIƒ t\ w IW- m- p-tºmgpw \nipxn _m[yx ]cn-kwn- p-tºmgpw Ct m-gsø \ne-bn _m v ^nivkuv sut m-kn- pitf- mƒ ani- Xv F^v-Fw-]n-I-fmWv.

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Cover Story bp-sa- m-bn-cp p {]Xo-. cmpym- c Xe- Øn \nt -]-I C ysb D p-t\m- nbn-cp- Xpw Cusbmcp {]Xo- -bpss ASnÿm-\-Øn-em-bn-cp- p. ]t B {]Xo- -I-fpsS \ng-en \n v C v C y Fhn-sS-sbØn \n p p? A v ix-am\w kmº-øni hf -bn-te v Iq p-ip-ønb C y ho pw Hcp km[m-cw aq mw temi cmpyw F ]gb ÿm\w Xncn- p-]n-sn- n-cn- p psh v ]d-tb- n-h-cpw. \nt -]-I- v BI j- I-amb CSw F khn-ti-jx Ign GXm\pw h j-ßƒ p- n \ΩpsS `c- W-t\-Xr-Xz-w If- p-ip-fn p. "C ym t{kmøv tãmdn'sb Ipdn v Ct mƒ Bcpw an m-dn-. Aßs\ aqjni kv{xo ho pw aqjnikv{xobmbn! BtKmfh -c-w-øns Cc? 1991 apx ]pø kmº-øni \bßƒ \S- n-em- n- XpS-ßnbXv XI - Sn kº-zvhy-h-ÿsb c n- m ap n Xpd- n hgn-bn-eqss t]mipi F \ne-bn-em-wv. \c-knw-l-dmhp k mc v ]Xn- m- n-te-sd-bmbn XpS p-h-cp ]pø kmº-øni \b-ß-fpss ^e-ambn ssih-cn kmº-øni hf If- p-ip-fn- `c-w-t\-xrxzw amdnb BtKmf kml-n-cy-øn\p ap n F p snø-w-sa- -dn-bmsx angn- p-\n pibm-wv. `c-w-x-e-ønse ]nsn- p-ti-sn-s bpw sisp-im-cy-ÿ-x-bpssbpw Zqjy-^-e-ßƒ A\p-`-hn-t - n-h-cp- Xv F m hn`m-k-ß-fnepw s] P\-ß-fm-Wv. kmº-øni {]Xn-k n cq -amb 1991 se Ah-ÿ-bn-te- mwv cmpyw Xncn- p-t]m- Ip- -sx Bi- -bmwv Ct mƒ Hcp hn`mkw kmº-øni hnz-kv[ ] p-sh- p- -Xv. AtX kabw hntzi hym]mc IΩnbnse h [\ Dƒs -ss-bp ASn-ÿm-\- ]-c-amb {]iv\-ßƒ aqew C y t\cn-sp kmº-øni {]Xn-k n Xm m-en-ihpw Nm{In-I-hp-am-sW v ]d v ssi Igp-Im- \mwv `c-w-x-e-ønse t\xm- ƒ \nc- cw {ian- p- -Xv. F m Hcp Nm{InI {]Xn- `m-ksa -Xn-ep-]cn LS-\m-]-c-amb {]iv\- ß-fpsS ^ew IqSnbmWv \mw C v A\p-`hn p- Xv F -XmWv bmym yw. Ah-k-c-ßsf icn-bmbn D]-tbm-Kn- m- Xn-cn- m\p "kn n' `c-w-x-e-ønse \ΩpsS t\xm- ƒ F pw Im n-bn-cp- p. ]pg-bnse sh -a-{xbpw Hgp-In-t m-b-xn\p tijw AW-sI- m hy{kx Im p ]n _p nbmwv Ah-cpsS apj-ap-{z. Hcp [\- Imcy imkv{x- t\xrxzw simsp- p k mcn\v t]mepw C{Xbpw hi-xn-cn-thbp- q-sh v Xncn- -dn-tb n hcp-tºm-gmwv ]nsn- p-ti-sns Imcy-Øn C y-bnse cmjv{sob t\xm- ƒ F{X ap n-em-sw v \mw Xncn- -dn-bp- -Xv. 6 sluvpv Hmlcn sk]v w-_ 2013 si.-a-c-hnμv D m-z-\- -a-xsb sim p \b-ß-fmwv k m Bhn-jvI-cn p -Xv. tziob sxmgn-ep-d p ] Xn apx ` y kpc m _n hscbp P\-{]nb t a-{]h Ø-\-ß-fn-eqsS k m snøp- Xv cmpysø Xmtg-X- n-ep- -h-cpss D m-z-\- a-xsb \in- n- p-i-bm-wv. ASpØ ImeØp hsc C y `mhn-bn se G hpw henb kmº-øni i n-bm bn amdm-\p km[y-x-isf Ipdn- mwv \mw a\- m-b-k-ap- n-cp- -Xv. `mhn-bnse BtKmf kmº-øni ]h lukp-iƒ ssn\bpw C y-bp-am-bn-cn- p-sa v hntzi kmº-øn I hnz-kv[ t]mepw {]h-nn- n-cp- p. H ] Xv ix-am\w hf m-ti-jn-bp C y v AØ-c-samcp ÿm\-tø v Db-cm Ign-

cnse [\-Im-cy-a-{ n-bm-bn-cp a taml knwkv XpS- -an BtKm-f-h -c-w, DZm-c-h -cw \b-ßsf XpS v C y {[px-k-xn-bn-ep kmº-øni hf ssih-cn- p-ibpw snbvxp. H ]Xv ixam\w kmº-øni hf -bn-te v \ap v IpXn- m Ign- Xv ]pø kmº-øni \b-ß-fpss ^e-ambm-wv. F m C v BtKm-f-h -cwøns tzmj-^-e-ßfpss Cc-bmbn amdp-i-bmtwm C y? C y hn]-wn-bn-te v BtKmf Iº- \n-iƒ v hgn-xp-d p simsp-øtxmss hntzi \n anx hkvxp- ƒ D]-t`m- m- -fpss ssib-i-e-øm-bn. D]-t`m-K-Øn A[n-jvTn-X-amWv C y- -bpss kmº-øni hf. B`y- c D]-t`mKw h [n- m t]m \S-]-Sn-IfmWv F pw k m kzoicn- n- p- -Xv. 2008 kmºøni amμyw i -am-b-t mƒ B`y- c D]-t`mKw h [n- n- m th DtØ-PI ] -Xn-I-fmWv k m Bhn-jvI-cn- -Xv. F m CØ-c-Øn D]- t`mkøn A[n-jvTn-X-amb kº-zvhy-hÿ Cd- p-axnsb Aan-X-ambn B{i-bn-t n hcp p F -XmWv \ΩpsS G hpw henb \yq\-x. D]- t`mkw h [n- p- -Xn\v A\pk-cn v D m-z\ taj-e-iƒ v DtØ-P\w ]I-cp-Ibpw D m- Z\ cwkøv kzm{i-bxzw krjvsn- p-ibpw snøp- -Xn \mw XnI ]cm-p-b-am-bn-cp- p. Hcp hosv D m- p- -Xn\p th kma-{kn-iƒ t]mepw ssn\- t]mep cmpy-ß-fn \n v Cd- p-axn snøpw hn[w \mw D m-z\ taj-e-bn ]nt m p t]mhp-i-bmwv snbvx-xv. D]-t`mKw h [n- p- -Xn\v A\p-k-cn v Cd- paxnsb Aan-X-ambn B{i-bnt n hcp- Xv Hcp cmpy-øns bpw kmº-øni `{Z-Xbv v tn -X-. D m-z\ taj-ebn h h-f ssih-cn ssn\sb t]mep cmpyßsf amxr-i-bmbn kzoicn m \msam-cn- epw ap ssi FSp-Ø-Xp-an-. BtKmf h -c-w-øns ^e-ambn C y-bn-te v FØn-s m- ncn- p hntzi D - -ßƒ Aan-X-ambn D]-t`mKw snøp- Ibpw AXn-\mbn Cd- p-axn h [n- n- p-ibpw snøp- Xv Hcp ioe-am- nbxns `hn-jy- Øp-I-fmWv C v \mw t\cn-sp- -Xv. H ]Xv ix-am\w kmº-øn I hf -bn-te v cmpy-øn \v IpXn- m Ign- Xv 1991 Bcw-`n BtKm-fh -c-w, DZm-c-h -c W \b-ß-fpss ^e-ambm- Wv. F m C v BtKm-fh -cwøns tzmj-^e-ß-fpss Cc-bmbn amdp-ibmtwm C y? XpS -bmbn c v XhW {][m-\-a-{ n-bm-im-\p A]q hmh-kcw e`n- n pw a tam-l knw-kn\v ]ng- -sx-hn-ss-? \ΩpsS {]mhowyw F n-em-sw v Xncn- -dn v AXn IqSp-X {i ti{μo- I-cn- m-\p {iahpw C y \S-Øn-bn- n-. D m-z\ taj-e-bnepw tkh\ taje-bnepw Hcp t]mse ]nt m p t]mhp-ibmwv \mw snbvx-xv. sfsn cwksø G hpw henb i n-bmbn C y amdn-bxv GsX- nepw k m ] -Xn-bp-sS ^eam-b-. sxmæq-dp-i-fpss BZy-Øn {]Xn- `m-im-en-i-fmb F Pn-\o-b amcpss _u n -I-ti-jn-bn \n v ]ndhn sim XmWv sfsn cwksø hf. F m Cu hf t]mepw th hn[w D]-tbm-K-s -Sp-Øm \ΩpsS k m-cn\v Ign- n-. sfsn taj-e-bnse km[y-x-iƒ Xncn- -dn v ssn\ hnzym n-iƒ v {]txyi ]cn-io e\w \ Ip-Ibpw `mhn-bnse BtKmf sfsn Bh-iy-ßƒ v A\p-kr-X-amb tkh-\-ß ƒ \ Im {]m]vx-amb hnz- Kv[-cpsS Hcp ]pxnb Xe-apd sb hm sø-sp- p-ibpw snøptºmƒ \mw ap n-ep Ahk-c-ßsf Hcp ]cn-[n- - pdw D]-tbm-Kn- m {ian- n-. D m-z-\- -a-xsb sim p kmº-øni \b-ßƒ Hcp `mkøv D m-z-\-cw-k Øpw ASn-ÿm\ kuicy hni-k\ cwkøpw cmpyw Gsd ]nt m- p-t]miptºmƒ adp-`m-køv D m-z-\- -a-x sb sim p \b-ß-fmwv k m Bhn-jvI-cn p \S- nem n t]m -Xv. tziob sxmgnep-d p ] Xn apx ` y kpc m _n hsc-bp P\-{]nb t a-{]-h Ø-\-ßfn-eqsS k m snøp- Xv cmpysø Xmtg-X- n-ep- -hcpss D m-z-\- -a-xsb \in- n- p-i-bm-wv. tziob sxmgn-ep-d p ] XnbpsS Imcyw Xs -sb-sp- p- I. sxmgn Ah-k-c-ß-fpsS e`yx Dd- m pw hn[w sxmgnen-s-ßsf k -am- p-ibpw sxmgn-em-fn-iƒ v A l-amb thx\w Dd- p-h-cp-øpibpw sxmgn-en-s-ß-fn AXn-\p \n_- -\-Iƒ \S- n-em- p- Ibpw snøp- -Xn\v i -amb \S-]-Sn-Iƒ kzoi-cn- p-ibpw snøp -Xn\p ]Icw sxmgn ens {Inbm-fl-I-Xbpw A pw If- p-ip-fn- p-ibpw sxmgn F t]cn sn øp ]mgvthe v Iqen \ Ip-Ibpw snøp Hcp kwhn- sluvpv Hmlcn sk]v w-_ 2013 7

Cover Story [m-\w am{xambn tziob sxmgn-ep-d p ] Xn A[:]Xn p. sxmgn Ah-k-c-ßƒ Ht -sd-bp \n amw taj-e-i-fp-ambn Cu ] -Xnsb _ n- n- p-ibpw AXp-hgn sxmgn tijn D m-z-\- -a-ambn D]-tbm- Kn- p-ibpw snøp- -Xn\v ]IcamWv k m JP-\m-hn \n v Hmtcm h jhpw (Cu h jw AXv 55,000 timsn cq]bmwv) h XpI ]mgm- n-i-f-bp- -Xv. tz iob sxmgn-ep-d p ] Xnbpw k m Poh- \- m v Aan-X-amb iºf h [-\ t]mep t a-{]-h Ø-\-ßfpw aqe-amwv ]W-s -cp w \nb- { -Wm-Xo-X-am-b-Xv. Zcn-{Zs\ F pw Zcn-{Z-\mbn \ne-\n ØpI F \ntj-[mfli kao-]\w ` y-kp-c m _n t]mep t a-]- n-i-fpss adp-h-i-am-wv. P\-ßƒ v sxmgne-h-k-c-ßƒ Hcp- p ] XnIƒ D m-ip- -Xn\v A -co w Hcp- p-ibpw D m-z-\- -ax h [n- n- p-ibpw AXp-hgn cmpy-øns hf v kw`m-h\ snøp- -Xn\v Xmtg- n-s-bn-ep- -hsc {]m]vx-cm- p- Ibpw snøp- -Xn\v ]Icw k_vkn Un \ In F m-ehpw Zmcn-{Zy-Øn\v adp-a-cp v Is -Øm-sa v Icp-Xp- Xv hni-e-amb kmº-øni ho -W-am-Wv. A Xv D m-z-\- -a-x hf ØpI F Btcm- Ky-I-c-amb kao-]-\-øn\v hn]-co-x-am-wv. kao-]-\-ønse CØcw sshieyw aq ew \ΩpsS hn`-h-ßfpw A[zm-\-^-ehpw ]mgm- n-i-f-bp-ibmwv snøp- -Xv. Irjn- m v ani hne e`n- p- -Xn-\mbn Xm ßp-hnebpsS ASn-ÿm-\-Øn [m\yßƒ tij-cn- p k m \bw as mcp DZm-l-c-Ww. tij-cn- p D - ßƒ \in- p-t]m-im-xn-cn- m th tãmtdpv kui-cy-ßƒ Hcp- p- -Xn hogvn hcp- Øp- Xp aqew h txm-xnemwv ` y-[m- \y-ßƒ ]mgm-ip- Xv. axn-bmb kw`-cw kui-cy-ß-fn- m-ø-xn-\m Hmtcm h jhpw 44,000 timsn cq]-bpss [m\y-ßfpw ]g-ßfpw ] - -dn-ifpamwv ]mgm-ip- sx v ` y-a{ n ic-xv]-hm shfn-s -Sp- Øp-tºmƒ `c-w- - X-e-Ønse sisp-im-cyÿ-x-bpss Nn{X-amWv shfn-s -Sp- -Xv. ]m gm n If-bp ]g-ßfpssbpw ] - -dn- IfpsSbpw hne am{xw GI-tZiw 13,309 timsn cq]- hcp-sa- mwv ]hm-dns shfns -Sp-Ø. 32 Zi-e w S ` y-h-kvxp- ƒ kw`-cn- m-\p timƒuv tãtdpv kui-cy-ß-fpss A]cym]vX-X-bmWv cmpyøv \ne-\n p- -Xv. Zmcn-{Zyhpw hne- -b- hpw cq -amb Hcp cmpy-ømwv Cßs\ kw`-hn- p- Xv F -XmWv ssh]- co-xyw. 8 sluvpv Hmlcn sk]v w-_ 2013 Zo L-Z i-\-an- mø cmjv{sob t\xrxzw ap n-ep Ah-k-c-ßsf Xpe- p-i-fbp- -Xn {]txyi kn nim p- -h-cmwv F m-ehpw \ΩpsS cmjv{so-b-t\-xr-xzw. Zo L-Z in-i-fmb t\xm sf \msam-cn- epw cmjv{sob, `c-w-t\-xr-xzß-fn hmgn- m-dn-. hmwm Xs AXv {lkz-im-e-tø p am{x-am-bn-cn- pw. AØcw t\xm- -fpss Zo L-Z i-\hpw amt\-pvsa v anihpw th -hn[w D]-tbm-Kn- m- \mw {ian- ncp- n-. C y-bpss BZy sø {]Xn-tcm- [-a-{ n-bm-bn-cp hn.-si.irjvw-ta-t\ms\ t]mep C y-bpss hf sb Ipdn v henb kz]v\-ßƒ sim p-\-s- ncp Icp-Øsc Xg- -XmWv \ΩpsS Ncn-{Xw. {]ikvx ]{X-{]-h Ø-I\pw Poh-N-cn- cmpy-øns hf, kmº- ØnI `{Z-X, cmpym- c cwk Øv Hcp kmº-øni i n F \ne-bn-ep ÿm\w XpS-ßnb e y-ßfpss Imcy-Øn hy hpw thdn- Xp-amb Z i-\hpw tdmuv am pw ssiap-x-em-bp t\xm- fpss A`mhamWv C y-bpss im]w. {X-Im-c-\p-amb Sn.-sP.-F-kv.-tPm Pv Hcp tej- \-Øn ap {]Xn-tcm-[-a{ n hn.-si.-irjvw-ta-t\ms\ kvacn- p- Xv Cßs\: ""{]Xn-tcm-[a{ n-bm-bn-cns IrjvW-tat\ms a\-kn-ep- m-bn-cp kz]v\w sndnb tamt m-dp-iƒ hni-kn- n v \mss ßpw bm{ ni ]mh-ifpw bm{ ni Krtlm- ]-I-c-W-ßfpw {]N-cn- n- pi F -Xm-bn-cp- p. F m B Bi-b-ßƒ B{K-l-ßfmbn HXp-ßn. ]m m-xy-cm-py-ß-fpss Nph- Sp-]n-Sn v ssn\ Cu cwkøp t\snb h apt w C y hn]-wn-bn [mcm-f-ambn hn -gn- p ssn\okv Ifn-t m- p-i-fpss hnp-b-øn ImWmw. C ybv p In msx t]mb Ah-kcw ssn\ Imim n am n.'' ssn\sb t]mep cmpy-ß-fp-ambn Xmc-Xayw snøp-tºmƒ C v D m-z\ taj-e-bn _lp-zqcw ]n n \n t n hcp \ΩpsS KXn-tI-Sn s Imc-W-ß-fnte v FØn-t\m- p-tºmƒ IrjvWta-t\ms\ t]mep- hsc \mw Xo bm bpw kvacn- -Ww. ap n-ep Ahk- -cßsf Xncn- -dn-bp-ibpw AXns\ Zo L-ho- -WtØmsS kao-]n- p-ibpw snøp {Im -Z in-iƒ Xgb-s -Sp-tºmƒ {]iv\-ßsf ^e-{]- Z-ambn t\cn-sp Icp-Øp t\xm fmwv `c-w-x-e-øns ]Sn- p ]pd-øv Ccn-t - n-h-cp- -Xv. cmpy-øns hf, kmº-øni `{Z- X, BtKmf cwkøv kmº-øni i n F \ne-bn-ep ÿm\w XpS-ßnb e y-ßfpss Imcy-Øn hy hpw thdn- Xp-amb Z i-\hpw tdmuv am pw ssiap- X-em-bp t\xm- fpss A`mhw F pw C y-bpss im]-am-bn-cp- p. Ah n-sbn D m-ip Bim-In-c-W-ßsf tem_o-bnw-knse kzx-kn- -amb sabvhg- -tømss X n-s -Sp-Øp- -XmWv cmjv{sobw sxmgn-em- nb t\xm- -fpss ]Xn-hv. C v C y t\cn-sp kmº-øni {]Xn-k nbpss Imc-W-ß-fn-sem v C mi- n-bp t\xm- -fpss A`mham-Wv. C y kº-zvl-s-\-bpss Ncn-{X-sa- Xv Zo L-Z in-xzhpw C m-i- nbpw C mø cmjv{so-b-t\-xrxzw \ΩpsS ap n-ep kph Wm-h-k-c-ßƒ \nc- -c-ambn ]mgm- n-b-xns kpzo L-amb Ncn-{Xw IqSn-bm- Wv. 1991 XpS-ßn-bn-SØp Xs \msaøn \n p- p-sh hna i\w t\cn-ts n hcp- Xv `c-w-t\-xr-xz-øns ]nsn- p-tisv aqe-am-wv.

sluvpv Hmlcn sk]v w-_ 2013 9

Economy Watch kº-zvhy-h-ÿsb sh n-te- -dn InS-Øm C\nbpw ImØn-cn- twm? IpSpw P v Xbm-dm- p- Xp t]mse eml-h-tømss Imcy-ßsf kao-]n- p- -Xn\p ]Icw Id v A u v IΩn F{Xbpw s]s v \nb-{ -W-hn-t[-b-am- p- -Xn-\p ASn-b nc \S-]-Sn-I-fmWv kzoi-cn-t - -Xv. acwm-k- -\mbn InS- p tcmknsb c n- m Ah-km\ awn- q-dn sh nte- t]mep Poh c m am K-ßƒ Ah-ew-_n- p- -Xn\p ]Icw aq v t\cw CS-hn v B n-_-tbm- n- p-iƒ \ Ip Xp t]mse-bmwv k m \ΩpsS kº-zvhyh-ÿsb c n- m Hmtcmtcm \S-]SnI ƒ kzoi-cn- p- -Xv. tcmk-e- -W-ßƒ 1998epw 2001epw snbvxxp t]mse F -B sf t_m p-i-fn-eqss tumf kam l-cww \SØn Id v A u v IΩn v ]cn-lmcw ImWm-\mWv k m {iant - -Xv. AXp am{x-amwv kº-zvhy-h-ÿsb c n m s]s v ^ew Xcp Po h c- m-am Kw. I p-xp-s-ßn-b-t mƒ ssibpw si n t\m nbn-cn- p-ibpw At mƒ kzoi-cnt n-bn-cp {]Xn-tcm[ am -Kßƒ tcmkn ac-wm-k- -\mbn InS- p-tºmƒ kzoi-cn- pibpw snøp _p n-iq-\y-x-bmwv Ct mƒ k m-cns Xe- -Øp- -h {]I- Sn- n p -Xv. Id v A u v IΩn samø B`y- c D m-z-\-øns 3.7 ix-am-\-ambn Ipdbv p-sa- mwv [\-Im-cy-a{ n ]n.-nn-zw-_-c- Øns {]Jym-]-\w. Ign kmº-øni h jw 8820 timsn tumf-dm-bn-cp Id v A u v IΩn Cu h jw 7000 tumfdmbn Ipd-bv pisb e yw km m- XvI-cn- m FÆ D]-t`mKw \nb-{ n- p- I, Ah-iy-km-[-\-ß-f- mø D - -ßfpsS Cd- p-axn \nb-{ n- p-i, hntzi hmwnpy hmbv]-iƒ p hyh-ÿ-iƒ DZm-c-am- p-i, s]mxp-ta-jem FÆ Iº-\n- Iƒ ASn-ÿm\ kuicy ] -Xn-Iƒ mbn hntz-iøp \n v ]Ww Is -Øp-I, {]hmkn \nt ] ] -Xn-Iƒ DZm-c-am- pi XpS-ßnb \S-]-Sn-I-fmWv NnZw-_cw {]Jym- ]n- -Xv. kz W-Øns Cd- p-axn Xocph 10 sluvpv Hmlcn sk]v w-_ 2013 F v ix-am-\-øn \n v ]Øv ix-am-\-ambn h [n- n- p-ibpw snbvxp. Id v A u v IΩn 7000 timsn tumf-dn-te v Ipd- p-sim- p-h-cni F e yønte v Fß-s\-bmWv NnZw-_cw FØm t]mip- Xv? D n p snehn c v cq]bpw Acn v A v cq]bpw em`n- p Xc-Øn IpSpw P v Bkq- {XWw snøp- eml-h-ønemwv Id v A u v IΩn Ipd-bv pi F e y- ` Øn-te- p NnZw-_-c-Øns "amã πm '. kz W-Øns Cd- p-axn Xocph 10 ixam\ambn h [n- n- Xn-eqsS kz W Cd- paxn 100 S Ipd v 850 SÆn-te v FØn- p-a-s{x. (kz W Cd- p-axn Xocph F v ix-am-\-ambn h [n- n- n pw \S p kmº- ØnI h jw G-{]n Pqsse Ime-b-f-hn Cd- p-a-xn-bn 87 ix-am\w h [-\-bm-wp- m-b-xv.) a v IW- p-iƒ Cßs\ t]mip p: FÆ D]-t`mKw \nb-{ n- p- -Xn-eqsS 150 timsn tumf em`n pw. ]nf-^vkn, C y sdbn thkv ^n\m kv tim td-j, sfsff^vkn-f F o Iº- \n-iƒ ]pd-øn-d- p IS- -{X-ßƒ hgn 400 timsn tumfdpw s]mxp-ta-jem FÆ Iº- \n-iƒ hntz-iøp \n v as mcp 400 timsn tumfdpw kam-l-cn- pw. {]hmkn \nt ] ] -Xn-Iƒ DZm-c-am- p- -Xn-eqsS kam-l-cn- m t]mip- Xv 100 timsn. hntzi hmwnpy hmbv]-bn-eqss kam-l-cn- p Xv 200 timsn. km[m-cw \ne-bn-ep 6500 timsn tumf-dn\p ]pdsa Cßs\sb mambn kam-l-cn- p 1100 timsn tumf IqSn-bm-Ip-tºmƒ Id v A u v IΩn 7000 timsn tumf-dmbn Ipd-bpw IS-emkn F mw F{X-sb-fp w! IpSpw-_-\m-Y IpSpw P v Xbm-dm- p- Xp t]mse C{X eml-h-tømss Imcy-ßsf kao-]n- p- -Xn\p ]Icw Id v A u v IΩn F{Xbpw s]s v \nb-{ - W-hn-t[-b-am- p- -Xn-\p ASn-b nc \S- ]-Sn-I-fmWv kzoi-cn-t - -Xv. 1998epw 2001epw snbvxxp t]mse F -B sf t_m p-ifn-eqss tumf kam-l-cww \SØn Id v A u v IΩn v ]cn-lmcw ImWm-\mWv k m {ian-t - -Xv. AXp am{x-amwv kº-zvhy-h-ÿsb c n- m s]s v ^ew Xcp Poh c- m-am Kw. AØcw \S-]-Sn-Iƒ k m-cns IS-_m-[yX h [n- n- p-sa- Hcp hn`mkw kmº-øni imkv{x- dpss hmzw _men-i-amwv. A{Xbpw IS- _m-[yx Gs -Sp- m am{xw {XmWnbn m- Ø-XmtWm C y kº-zvhy-h-ÿ? ]en-i- \n-c v h [n- n- p-ibpw [\-e-`yx Ipd-bv p- Ibpw snøp- Xp t]mep hf sb sim p \S-]-Sn-Iƒ am n-sh v hf sb DtØ-Pn- n- m t]m \S-]-Sn-IfmWv Ct mƒ cmpy-øn\v Bh-iyw.

A v h jw dnk hv _m v Kh W-dmbn {]h Øn Un.-kp- -dmhp hnc-an- Xv C y Akm-[m-c-W-amb kmº-øni {]Xn-k- n-bn AI-s - n-cn- p thf-bn-em-wv. hf sb hcn- p-si nb hnz-kv[ hnc-an- p-tºmƒ... c v h jw A[n-I-ambn e`n tkh\ Ime-b-fhv ]q Øn-bm n sk]v w-_ \men\v Un.-kp- -dmhp dnk hv _m v Kh W ]Zhn clpdmw cmp\v ssiam-dptºmƒ A v h j- mew C y-bnse ti{μ-_m- ns\ apt m- p-\-bn kmº- ØnI imkv{x- C ybpss kmº- ØnI `{Z-X v \ Inb kw`m-h-\-i-sf- msw v ]cn-tim-[n- p- Xv DNn-X-am-bn-cn- pw. ]W-s -cp w \nb-{ -W-hn-t[-b-am- pi F Xv apjy-a-p- -bmbn kzoi-cn kp -dmhp G -hp-sam-sp-hn cq]-bpss aqey- X-I t\cn-sm-\mbn kzoi-cn- Xv Akm- [m-c-w-amb Nne \S-]-Sn-I-fm-bn-cp- p. Ah \ Inb ^ew F mwv? BtKmf kmº-øni amμyw \ne-\n 2008-emWv kp -dmhp Kh W-dmbn ÿm\- ta- -Xv. 2009-10 8.6 ix-am-\-hpw 2010-11 9.3 ix-am-\hpw kmº-øni hf ssihcn- -txmss C y kº-zvhy-hÿ ho pw {Sm n-em-bn. At m-tg pw ]W-s -cp w h msx IqSn-bn-cp- p. AtXmsS ]W-s cp w \nb-{ n- pi F Xmbn kp -dm-hphns apjyap-. AXn-\mbn ]en-i-\n-c- p-iƒ At±lw h [n- n p. CXn-\nsS ]e Imc-W-ß-fm kmº-øni hf ]ndtim p t]mbn. kmº-øni hf sa -s - Sp-Øm ]en-i-\n-c- p-iƒ Ipd-bv -Wsa hmzw kp -dm-hp- snhn-sim- n-. ]Ws -cp- -amwv apjy Bi F -Xm-bn-cp p At±-l-Øns adp-hm-zw. HSp-hn F p kw`-hn p? ]W-s -cp w h [n- p-ibpw kmº-øni hf Ipd-bp-Ibpw snøp "ÃmKv^vtf-j ' F Ah-ÿ-bnte v \mw aq pw IpØn howp. DZm-c-amb kmº-øni \b-ß-fn-eq-ss- {]Xn-k- n-isf AXn-Po-hn- m\pw kº- Zvhy-h-ÿsb icn-bmb {Sm nte v \bn- m\pw s_ s_cm- sb t]mep ti{μ- _m v Kh W am {ian- p-ibpw AXn hnp-bn- p-ibpw snbvx ka-bøv AXn\v t\ hn-]-co-x-amb \b-amwv kp -dmhp kzoi-cn- Xv. DtØPI ] -Xn-I-fn-eqsS ]W-sam-gp- p- -Xn\v ]pdsa ]en-i-\n-c- p- Iƒ sh n- p-d v kmº-øni hf sb Xzcn-X-s -Sp-Øm BtKmf sk {S _m p-iƒ {ian- p- thf-bn CsXm pw DZm-c-amb kmº-øni \bß-fn-eq-ss- {]Xn-k- n-sb AXn-Po-hn- p -Xnepw kº- Zvhy-h-ÿsb icn-bmb {Sm nte v \bn- p -Xnepw s_ s_cm- sb t]mep ti{μ-_m v Kh W am hnp-bn- t mƒ AXn\v hn-]-co-x-amb \b-amwv kp -dmhp kzoi-cn -Xv. ImWp-Ibpw tiƒ p-ibpw snømø a nemwv kp -dmhp s]cp-am-dn-b-xv. ]W-s -cp w Ipd-bv pi F apjy AP ^e-{]-z-ambn \S- n-em- m\pw At±l-Øn\v km[n- n-. AXn-\p am K-ßƒ At±-l-Øn\v ap n-en F Xmbn-cp p AXn\p Imc-Ww. kssπbpw Unam pw XΩn-ep A -c-amwv hne- -b- -Øn\pw AXp-hgn ]W-s -cp- -Øn\pw hgn-sh- p- - Xv. Cu A cw Ipd- p-sim- p-h-cp- -Xn-eqsS am{xta C y-bnse ]W-s -cp w \nb-{ - W-hn-t[-b-am- m km[n- p-i-bp q. D m- Z\ \jvsw Ipd- p-sim v Ah-iy-h-kvXp- ƒ D m-z\ ti{μ-øn \n v kpk-aambn D]-t`m- m-hns ssibn-se-øm-\p kssπ irwje kwhn-[m\w Imcy- -a-am- nbm am{xta ksπbpw Unam pw XΩn- ep A cw Ipd-bv m\pw AXp-hgn hne- -b- sø ]nsn- p-si- m\pw km[n- q. AXm- Is dnk hv _m ns \nb-{ - W-Øn-ep Imcy-hpa-. ]t Cu bmym yw Dƒs m- msx ISpw-]n-Sp-Ø- m-c-\mb Imc-W-hsc t]mse s]cp-am-dp- I-bmWv kp -dmhp snbvx-xv. G -hp-sam-sp-hn cq]-bpss aqey-x-i XS-bp- -Xn-\mbn kzoi-cn \S-]-Sn-I-fn-eqsSbpw C y-bpss kmº-øni `{Z-Xbv v tzmjw snøp coxn-bn-emwv At±lw {]h Øn- -Xv. [\-e-`yx Ipd-bv p- Xp hgn At±lw hf sb apc-sn- n- m t]m snbvxn-iƒ v B w Iq n. F m cq]bpss aqeyw ]nsn- p-\n Øp- -Xn Cu \S-]-Sn-I-sfm- pw th -hn[w {]tbm-p\w snbvxp-an-. cmpy-øns kmº-øni hf -Ip- Øs\ Ipd Xn\v k m-cns \b-]-camb ] m-lmxw apx Akw-kvIrX kma-{kn-i-fpss hne- -b w hsc ]e Imc- W-ß-fp- m-imw. ]t Ch-sb mw tn v kmº-øni hf sb sim -t mƒ IgpØv srcn- m ]en-i-\n-c v th hn[w Ipdbv m Xbm-dm-ImXncp kp -dm-hphpw H wiqsn. cq]-bpss aqey-x-i sdt muv \nehm-c-øn-se-øp- -Xn\v km yw hln- p- Ibpw AXv \nb-{ n- m-\mbn ho pw hf sb Iim v snøp Akm-[m-cW \S-]-Sn-Iƒ kzoi-cn- p-ibpw AXpw ^ew snømxn-cp -t mƒ "lmhq, hnc-an- m ka-b-am-bt m' F v Bizmkw sim p- Ibpw snbvx, kmº-øn-i-im-kv{x- cpss "A]q h-k-w-'øn s]sp dnk hv _m v Kh W F \ne-bn-em-bn-cn- p- Ibpw B.kp -dm-hp-hns\ cmpyw Hm p- -Xv. sluvpv Hmlcn sk]v w-_ 2013 11

Focus sk skivkpw \n^v nbpw kº-zvhy-h-ÿ-bpss _mtcm-ao- -dmtwm? Hmlcn kqnniifmb sk skivkpw \n^v nbpw Hmlcn hn]-wn-bpss bym apj-a Im n-ø-cp- -sx v kqnn-iifp-ssbpw _lp-`q-cn-`mkw enãuv Iº-\n-I-fp-sSbpw {]I-S-\-Ønse A cw hy -am- p p. Hmlcn hn]wn kº-zvhy-h-ÿ-bpss _m tcmao -dm-sw mwv k w. cmpy-øn s kmº-øni hf bpw Iº-\n-I-fpsS ani {]I-S-\hpw Hmlcn hn]-wn-bn {]Xn-^-en- p- p-sh- n-cns kº- Zvhy-h-ÿ-bpsS IÆm-Sn-bmbn Hmlcn hn]-wnsb ImWm-sa- mwv ]d-bm-dp- -Xv. Hmlcn hn]wnbpss KXnsb Ipdn v s]mxpsh hne-bn-cp-øp -Xm- Is Hmlcn kqnni Ftßm v \oßp- p-sh- -Xns\ B{i-bn- mwv. F m 9.5 ix-am\w hf -bp- m-bn-cp Hcp kº- Zvhy-hÿ Hcp ]Xn- m- nse G hpw Xmgv hf m\nc- mb A v ix-am\øn-te v Iq p-ip- Øn-b-t mgpw Hmlcn kqnn-i-bmb sk skivkv 18,000-20,000 t]mbn n- XpS-cp- -Xns bp n F mwv? Hmlcn hn]wn kº-zvhy-h-ÿ-bpss _mtcm-ao- -dm-sw- nepw Hmlcn kqnniifm b sk sk-ivkn-s\tbm \n^v n-sbtbm Aßs\ IW- m- m Ign-bn-s - mwv CXv hy -am- p- -Xv. _nfkvc 500 Iº- \n-i-fn ]Ip-Xn-bn-te-sdbpw Ah-bpsS A - B-kvXn-aqey (s\ v h Øv)-Øns Xmsg hym]mcw snøp-ibpw Cu Iº-\n-I-fpsS hn]-wn-aqeyøn I\Ø tnm kw`-hn- p-ibpw snbvxn pw sk skivkpw \n^v nbpw Db \ne-bn XpS-cp-I-bm-Wv. Hmlcn hn]-wn-bn enãv snbvx Iº-\n- I-fpsS s]mxp-\n-esb sk skivkpw \n^v nbpw {]Xn-^-en- n- p- n-s mwv CXn \n v hy -am-ip- -Xv. AXp-sIm- p- Xs Hmlcn kqnni Hmlcn hn]-wn-bpss bym apj-a Im n-ø-cp- -sx pw ]dtb n hcpw. sk sk-ivkns {]I-S\w 30 Iº-\n- I-fp-sSbpw \n^v n-bpss {]I-S\w 50 Iº- \n-i-fpssbpw hn]-wn-aq-eysø ASn-ÿm- \-am- n-bp- -Xm-Wv. kqnn-im-[n-jvtnx Hmlcn-IfpsS {]I-S-\sØ am{x-amwv Cu kqnn- I-Iƒ {]Xn-^-en- n- p- -Xv. _nf-kvc 500 Dƒs a v 470 Iº-\n-I-fp-sSbpw _nf-kvc 500\v ]pd-sa-bp sndp-ins Iº-\n-I-fpsSbpw {]I-S\w sk sk-ivkn Hcp Xc- Ønepw {]Xn-^-en- n- -s -Sp- n. sk sk-ivkn Xs G hpw IqSp-X 12 sluvpv Hmlcn sk]v w-_ 2013 shbn-t -Pp BZysØ aq v Iº-\n-I-fpsS (sf-sn-kn, dne-b kv C -kv{so-kv, C t^mkn-kv) samøw shbn-t Pv Xs 30 ixam\w hcpw. Ct mƒ sk sk-ivkns\ Xmßn-\n Øp dne-b kv C kv{sokv, F^v -Fw-knPn Iº-\n-I-fmb sfsn-kn, lnμpÿm bqwn-en-h, sfsn Iº-\n-I-fmb C t^m-kn-kv, Snkn-F-kv, hnt{]m F nhbpss shbn-t -Pv 40 ix-am-\-øn\v api-fnem-wv. Cu Iº-\n-I-fpsS ani {]I-S-\-amWv sk sk-ivkns\ Db \ne-bn \ne- \n Øp- -Xv. sk sk-ivknse `qcn-`mkw 2008 P\p-h-cn-bn h InS HmlcnIƒs m w CS-Ø cw- sndp-ins HmlcnIfpw ani {]I-S\w ImgvN sh n-cp- p. F m Ct mƒ _nf-kvc 500 Dƒs 40 ix-am\w Iº-\n-IfpsS bpw Hmlcn hne Ah-bpsS _p v hmeyp-hnt\- mƒ Xmsg-bmWv. Iº-\n-I-fpsS {]I-S-\sØ t]mepw sk skivkv icn-bmbn {]Xn-^-en- n- p- n-s - -XmWv bmym yw. GXm\pw em PvIm v Hml-cn-I-fn \nt -]I ÿm]-\-ßfpss Xm cyw h [n- n-cn- p- p-sh- Xp sim pam{xw Hmlcn kqnni Db \nebn XpS-cp-Ibpw AXn\v ]pd-øp Iº-\n-I-fpsS Zp _-e-amb \nesb Hmlcn kqnni {]Xn-^-en- n- m-xncn- p-ibpw snøp- p. \ne-hn hn]- Wn-aq-ey-Øn `oa- m-cmb h InS Iº-\n-I-fp-sSbpw a v Iº-\n-I-fpsSbpw {]I-S-\-Øn KWy-amb A c-am-wp- -Xv. 2008 P\p-h-cn-bn Hmlcn kqnni F m-e-søbpw Db \ne-bn-se-ønb-t mƒ h InS Hmlcn-Iƒs m w CS- Øcw Iº-\n-Ifpw sndp-ins HmlcnIfpw ani {]I-S\w ImgvN sh n-cp- p. A v _nf-kvc 500 Dƒs Ggv Iº-\n-Iƒ am{x-amwv ]pkvx-i-aq-ey-tø- mƒ Xmgv Hml-cn-hn-e-bp- m-bn-cp- -Xv. F m C v Nn{Xw Xo Øpw hyxy-kvx-am-wv. sk skivkv 18,000-20,000 t]mbn n XpS-cptºmgpw CS-Ø-cw- -sn-dp-ins Iº-\nIƒ ISpØ {]Xn-k- n-sb-bmwv t\cn-sp- -Xv. _nf-kvc 500 Dƒs 40 ix-am\w Iº- \n-ifpw Ah-bpsS ]pkvxi-aq-ey-tø- mƒ Xmsg-bmWv hym]mcw snøp- -Xv. _nf-kv- C-bn hym]mcw snøp 2415 Iº-\n-Ifn 1352 Iº-\n-IfpsSbpw Hmlcn hne ]pkvx-i-aq-ey-tø- mƒ Xmsg-bm-Wv. 2012 Ah-km-\-Øn 970 Iº-\n-I-fmWv CØ-csamcp aqey-x-i t\cn- n-cp- -sx- n B Iº-\n-I-fpsS ] ni F v amk-øn-\p- n Imcy-ambn \ofw sh p. kmº-øni {]Xn-k n Ft mgpw sndp- InS Iº-\n-I-sf-bmWv IqSp-X he-bv p- -Xv. i -amb kmº-øni ASn-Ød {]Xn-k- nsb t\cn-sm h InS Iº-\n- Isf IqSp-X {]m]vx-am- p p. F m sndp-ins Iº-\n-I-fpsS ÿnxn AX-. Db ]en-i-\n-c pw IS-_m-[y-Xbpw {]- Xn-Iqe \nt -]m- -co- hpw Ahsb IqSp- X he-bv p- p. ]e CS-Ø-cw sndp-ins Iº-\n-I-fp-sSbpw ÿnxn kmº-øn-i-amμyw ISp-Øp-\n- n-cp 2008-te-Xn-t\- mƒ tamiam-wv.

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Focus F -sf-kn v t]mfnkn DS-a-I-tfmSv A w IqSn DØ-c-hm-Zn-Ø-amImw ASn-ÿm-\-]-c-amb LS-I-ßƒ IW- n-se-sp- p-tºmƒ dnkviv IqSn-bXpw henb CSn-hn\p tijhpw sne-thdnb \ne-bn-ep- -Xp-amb Nne Iº-\n-I-fn F -sfkn v 4 5 ix-am\w Hmlcn ] m-fn-ø-am-wp- -Xv. C ybnse G hpw henb \nt -]I ÿm]-\-sa \ne-bn t]mfnkn DS-a-IfpsS -^ v _p n-]q hw ssiimcyw snøp- -Xn-\p DØ-c-hm-ZnØw s]mxp-ta-jem C jp-d kv ÿm]-\-amb F -sf-kn p v. Cu DØ-c-hm-ZnØw icnbmw hn[w F -sfkn \n h-ln- p- pt m? hn]-wnbn hfsc tamiw {]I-S\w ImgvN sh p Nne CS-Ø-cw- -sn-dp-ins Iº-\n-I-fn F -sf-kn-bv p KWy-amb Hmlcn ] m-fnøw IW- n-se-sp- p-tºmƒ Cu DØ-c-hm-Zn-Ø-Øn \n pw F -sfkn hyxn-n-en- p- p-sh v Icp-tX- n-h-cpw. ASn-ÿm-\-]-c-amb LS-I-ßƒ IW- nse-sp- p-tºmƒ hf-sc dnkviv IqSn-bXpw h enb CSn-hn\p tijhpw sne-th-dnb \nebn-ep- -Xp-amb Nne Iº-\n-I-fn F -sf kn v 4 5 ix-am\w Hmlcn ] m-fn-ø-am- Wp- -Xv. ASp-ØnsS 85 ix-am-\-øn-tesd CSnhv t\cn kntemkv knãw-kv, tim F Up-t -j, KoXm-RvPen spwkv F o Hml-cn-Iƒ DZm-l-c-Ww. Cu Hml-cn-Iƒ F sfkn hmßn-bxv Db hne-bn-ep-am-wv. ayqnz ^ p-iƒ GXm v Xo Øpw Hgn-hm- n-b Iº-\n-I-fn-emWv F -sf-kn v 4 5 ix-am\w Hmlcn ] m-fn-ø-ap -Xv. kntemkv knãw-knepw tim FUp-t -j\n epw Hcp ayqnz ^ v t]mepw \nt ]w \S-Øn-bn- n-. KoXm-RvPen spwkn ayqnz ^ p-ifpss Hmlcn ] m-fnøw 0.01 ix-am\w am{x-am-wv. 2012 HIvtSm-_-dn\pw 2013 G{]n-en\pw CS-bn KoXm- RvPen spwkns Hmlcn hne Cc- n-bm-bn h [n n-cp- p. AXn\p tijw Hmlcn hne 88 ix-am\w CSn- p. AtX kabw Cu Iº-\nbn sk]v w-_-dn 1.9 ixam\ambn-cp Hmlcn ] mfnøw F -sf-kn- 2013 Pq Wn 4.9 ix-am-\-ambn h [n- n- p. kntemkv knãw-kv, tim FUp-t -j F o Iº\nI-fpsS Imcy-Ønepw CtX coxn-bn-emwv F sfkn Hmlcn ] m-fnøw 14 sluvpv Hmlcn sk]v w-_ 2013 anihv Ipd sndp-ins Iº-\n-I-fpsS Hml-cn-Iƒ hmßn- q- p- Xv bp n-kl-a-s pw \nt -]I ÿm]-\-sa \ne-bn axn-bmb ]T-\-ßƒ \S-Ønb-Xn\p tijw F -sfkn Xocp-am-\-ßƒ ssis mt - -Xp-s pw A\-en- Ãp-Iƒ Nq n- m- p- p. h [n- n- -Xv. tim FUp-t -j\n Pqsse- -sk-]v w- _ ss{xam-k-øn 1.09 ix-am-\-am-bn-cp p F -sf-kn-bpss Hmlcn ] m-fn-øw. ]n o Sv CXv 3.97 ix-am-\-ambn h [n- n- p. sk]v w- _ 12\v 345 cq] hne-bp- m-bn-cp Hmlcn 15 cq]-bn-te v CSn- p. kntemkv knãøns 2.31 ix-am\w Hml-cn-Iƒ F -sfkn Pqsse- -sk-]v w- _ ss{xam-k-øn hmßn. Unkw-_-dn Hmlcn ] m-fnøw 4.13 ix-am-\-ambn h [n- n- p. Pqsse-bn 325 cq] hne-bp- m-bn- tnmcp- Xv t]mfnkn DS-a-I-fpsS \nt -]-aqeyw Hmlcn 52 BgvNsØ F -sf-kn-bpss Iº\n hne* Db hne-bn Hmlcn (cq]) \n p CSnhv (%) ] m-fnøw (%) kntemkv knãwkv 11.84 96.28 4.13 tim FUp-t -j 14.80-95.79 3.97 KoXm-RvPen spwkv 73.10-88.74 4.89 F_nPn jn vbm Uv 257.10-38.17 1.96 ]n]m-hmhv Un^ kv 64.10-34.82 7.94 aμ\ C -kv{sokv 230.85-25.29 2.72 sdkvt]m kohv 87.50-24.82 3.60 C -kv{sokv ^vsfivkn-s^v 210.10-18.64 4.35 C \m-j-w sdbn t_m t]t gvkv 74.70-14.13 4.56 *23-8- 2013se hne cp Hmlcn 12 cq]-bn-te v CSn -t mƒ F -sf-kn-bpss \nt -]-aq-ey-ønepw I\Ø tnm -bp- m-bn. Cu Iº-\n-Iƒ \nt -]-tbm-ky-a-s m Wv Hcp hn`mkw A\-en-Ãp-Iƒ Nq n- m- p- -Xv. hmbv]-bv mbn ]W-b-s -Sp-Ønb Hml-cn-Iƒ hmbv] \ Inb Iº-\n-Iƒ hn - gn- -Xns\ XpS mwv Cu Hml-cn-I-fn I\Ø hne-bn-snhv Zriy-am-b-Xv. hmbv] Xncn- -S- m tijn-bn- møxp aqew ]W-b-s - Sp-Ønb Hml-cn-Iƒ \jvs-s -Sp-tØ n h Iº-\n-I-fpsS Hml-cn-I-fn F -sfkn Db txmxn \nt ]w \S-Øn-b-t mƒ C y-bnse G hpw henb C jp-d kv Iº-\n-bpsS \nt -]-X-{ -ßsf Ipdn- mwv kwi-b-ap-b-cp- -Xv. Ct m-gsø hne-bn t]mepw Cu Hml-cn-Iƒ sne-th-dnb \nebn-em-sw- mwv A\-en-Ãp-Iƒ Nq n- m- p- -Xv. hn]wn CSn-bp kμ `ß-fn ap \nc Hml-cn-I-fnepw kqnn-im-[n-jvtnx Hmlcn-I-fnepw e`n- p \nt -]m-h-kcw {] tbm-p-\-s -SpØn ani t\ -ap- m- p- - XmWv s]mxpsh F -sf-kn-bpss \nt - ]-X-{ w. F m ASn-ÿm-\-]-c-ambn bmsxmcp ani-hp-an- mø sndp-ins Iº-\n- I-fpsS Hml-cn-Iƒ hmßn- q- p- Xv bp nk-l-a-s pw \nt -]I ÿm]-\-sa \ne-bn axn-bmb ]T-\-ßƒ \S-Øn-b-Xn\p tijw F sfkn Xocp-am-\-ßƒ ssi s m-t - -Xp-s pw A\- en-ãp-iƒ Nq n- m- p- p. t]mfnkn DS-a-I-fpsS ]Ww \nt -]n p- Xp kw_- n v -Xo-cp-am-\-ß-sf-Sp- p- - Xn\p apºv Iº-\n-I-fpsS `c- W-an-I-hv, hf m-km-[y-x, hcp-am\tijn XpS-ßnb LS- I-ßƒ IW- n-se-sp- p- Xv ]c-a-{]-[m-\-am-sw- n-cns ASn-ÿm-\-]-c-amb CØcw Imcy-ß-fn-emWv F -sfkn hogvn hcp-øn-b-xv. BXy- n- I-ambn CØcw hni-e-amb \nt -] Xo-cp-am-\-ß-ƒ v hne \ ti n hcp Xv t]mfnkn DS-a-Ifm-Wv.

Q&A tnmzyßƒ v adp]sn Hmlcn \nt ]w kw_- n hmb-\- m-cpss kwi-b-ßƒ v sluvpv CIzn- okv No^v FIvkn-Iyq- ohv Hm^o-k F.-`p-h-t\-{μ adp-]sn \ Ip p tnm: Rm AtimIv sebvem ns Hml-cn-Iƒ 24.90 cq] v hmßn-bn-cp- p. Ct mƒ hne 13 cq]-bm-wv. Cu Hml-cnho pw hmßp- -Xn-\p Xmßv \ne-hmcw F{X-bmWv? ln Um tim, F &Sn, Sm m tamt m-gvkv, Fkv_n-sF, hn -Km Uv, dneb kv C -kv{so-kv, BIvknkv _m v F o Hml-cn-I-fpsS Xmßv, kω Z \nehm-c-ßƒ Adn-bm Xm -cy-ap- v. \ncrvp\ \mb D: Cu Hml-cn-I-fpsS Xmßv- -k-ω Z \nehmcw Xmsg ]dbpw hn[-am-wv. v Hmlcn Xmßv kω Zw (cq]) (cq]) ln Um tim 92-84 114 Fkv_nsF 1520-1310 1900 F &Sn 650-570 900 AtimIv sebvem 12-10 21 BIvknkv _m v 920-860 1400 hn -Km Uv 505-476 624 dne-b kv 780-720 910 tnm: F &Sn, sfkn-sfknsf _m v, [\-e van _m v, s^u-d _m v, kuøv C y _m v, sfsnkn F o Iº-\n-I-fpsS Hmlcn ] m-fnøw ]cn-tim- [n- -t mƒ s{]mtam- tlmƒunwkv ]qpyambn tcj-s -Sp-Øn-bXv I p. F p-sim- mwv s{]mtam- am F m Hml-cn-Ifpw hn Xv? Cu Hml-cn-I-fn \nt -]n- p- Xv dnkvimtwm? Fkv-C-F am\p-^m- IvN-dnwKv F Iº-\n-bpsS `mhn-km-[y- Xsb Ipd v Adn-bm\pw Xm -cy-ap- v. APn txmakv D: Cu Iº-\n-I-fpsS s{]mtam- am Hmlcn-Iƒ hn Xp aqe-a s{]mtam- tlmƒ UnwKv ]qpy-ambn tcj-s -Sp-Øn-bncn- p Xv. Ch-bpsS bym s{]mtam- am C Ãn- yq-j, t\m C Ãn- yq-j F o hn`m-k-ß-fn hcp t_mun-itfm {SÃp-Itfm tim -td-j-\p-itfm Bbn-cn- msa- -Xn-\m-emWv CXv. Cu kmt -XnI Imcyw Hmlcn sxc-s -Sp- p- -Xn-\p Hcp am\-z-wvu-ambn FSp-t - -Xn-. Xm ƒ ]cm-a in ]e Iº-\n-Ifpw s{]m^- tnmzy-ßƒ Ab-t C -sa-bn hnemkw: editor@hedgeequities.com j-wepiƒ amt\pv snøp ani Iº- \n-i-fm-wv. Fkv-C-F am\p-^m-ivn-dnwkv `oa-amb IS-_m-[y-X-bp Hcp ssivssã Iº- \n-bm-wv. Ct m-gsø \ne-bn Cu Hmlcn \nt -]-Øn\v A\p-tbm-Py-a-. tnm: Rm 150 cq]bv v FUp-tImw-]ns Hml-cn-Iƒ hmßn-bn- p- v. Ct mƒ 20 cq]- bn \n p Cu Hmlcn ho pw hmßn icm-icn \nt ] snehv Ipd- p- Xv DNn-X-amtWm? A_vZpƒ K^q si.kn D: Cu Hmlcn ho pw hmßp- -Xn\v A\ptbm-Py-a-. Hmlcn hne Db-cp-tºmƒ hns m-gn-bp- -XmIpw A`n-Im-ayw. tnm: Sm m tamt mgvkv (hm-ßnb hne: 320 cq]), Sm m Ão (hm-ßnb hne: 312 cq]), AtimIv sebvem v (hm-ßnb hne: 21.10 cq]), F &Sn (hm-ßnb hne: 985 cq]), kuøv C y _m v (hm-ßnb hne: 25.40 cq]), shm m Sv (hm-ßnb hne: 897 cq]) F o Hml-cn-Iƒ Rm ssihiw sh p- p. C-h-bpsS Xmßv, kω Z \nehm-c-ßƒ Adn-bm Xm -cy-ap- v. AtPjv D: Cu Hml-cn-I-fpsS Xmßv- -k-ω Z \nehmcw Xmsg ]dbpw hn[-am-wv. Hmlcn Xmßv kω Zw (cq]) (cq]) Sm m tamt mgvkv 270-254 320 kuøv C y 18-16.40 29 _m v Sm m Ão 220-200 320 F &Sn 650-570 900 AtimIv 12-10 21 sebvem v shm m Sv 330-250 750 tnm: skbn-ens 500 Hml-cn-Iƒ Rm ssihiw sh p- p- v. Ct mƒ Hmlcn hmßnb hne-tb- mƒ 50 ix-am\w Xmsgbm-Wv. Cu Hmlcn XpS pw ssihiw sh p-ibmtwm sntø- Xv? at\mpv Sn.]n D: skbn Zo L-Im-e-tØ v ssihiw sh m-hp ani Hmlcn-bm-Wv. Fkv-C-F am\p-^m-ivn-dnwkv `oa-amb IS-_m-[y-X-bp Hcp ssivssã Iº-\n-bm-Wv. Ct m-gsø \ne-bn Cu Hmlcn \nt -]-Øn\v A\p-tbm-Py-a-. F &Sn, sfkn-sfknsf _m v, s^u-d _m v, kuøv C y _m v, sfsnkn F nh s{]m^-j- WepIƒ amt\pv snøp ani Iº-\n-I-fm-Wv. skbn Zo L-Im-e-tØ v ssihiw sh m-hp ani HmlcnbmWv. sluvpv Hmlcn sk]v w-_ 2013 15

Interview " simc n πm nse {]iv\-ßƒ aqew hn p-h-chv Ipd p' \ Ip Iº-\n-bpsS simc- n-bnse πm n-s\-xn-cmb kacøn\v ]n n Nne \n n]vx Xm -cy- m-cpss ssii-fp-s v kwi-bn-t - n-bn-cn- p- p. 35 h jambn {]h Øn- p-h-cp XmWv simc- n- - SpØv ImXn- p-fsø πm v. Cu πm n \n pw ]pd-tø- p-hn-sp amen\yw aqew ]mcn-ÿn-xni {]iv\-ß-fp- m-ip psh Btcm-]Ww Cu ASpØ ImeØp am{xap- m-b-xm-wv. Cu Btcm-]-W-Øn\v bm sxmcp ASn-ÿm-\-hp-an-. hfsc imkv{xob-amb coxn-bn {So v snbvxv ]cn-an-x-amb txmxn ]pd-tø v sh w Hgp pi bmwv snøp- -Xv. D m-z-\-øn-\mbn D]- tbm-kn- p sh w D m-z-\-øn\p ti jw kwkvi-cn- p-hm 20 timsn cq] aps- n-bp _rl-ømb kwhn-[m\amwv {] h Øn- p-h-cp- -Xv. 24 awn- qdpw {]h Øn- p πm n\p th n {]Xn-Zn\w A v e w cq]-bmwv Iº\n sne-hn-sp- -Xv. aen-\o-i-cw \nb-{ W t_m Uv A\p-imkn- p F m am\-z-wvu-ßfpw ]men- mwv CXv {]h Øn- p- -Xv. ^mivs-dn-bn \n v Hgp- p amen \yw aqew ao NØp-s]m-ßn-sb B tcm-]-w-øn bmsxmcp Ig-ºp-an-. ]pgbn ao NØp-s]m-ßn-bXp t]mep kw`hw apsºm-cn- epw D m-bn- n-. UnkvNm Pv t]mbn n \n pw aq ticf kwÿm\ hyh-kmb hni-k\ tim -td-j-s bpw \n m spem- n P ms bpw kwbp kwcw-`-amb \n m spem- n C y enan- Uv spem- ns bpw A\p-_- nx D - -ß-fp-sSbpw D m-z\w \S-Øp C y-bnse {]apj Iº-\n-I-fnsem m-wv. ^m a Iº-\n-Iƒ v Huj[ tncp-h-iƒ hnx-cww snøp \n m spem- n t\csø ]q W-ambpw Hcp _n Sp _n Iº-\n-bm-bncp- p. F m aq v h jw apºv I kyq-a s{]muivsvkv hn`m-k-øn-te pw IS- -txmss ^puv kπn-sa dn D - -ß-fpsS hn]-wn-bnepw Iº\n km n[yw Adn-bn- p. Cu hn`m-k-øn s]sp ]pxnb GXm\pw D - -ßƒ IqSn hn]-wn-bn-se-øn- ms\m-cp-ßp Iº-\n-bpsS ] -Xn-I-sfbpw Ct m-gsø _nkn-\kv \nesbbpw Ipdn v Iº\nbpsS amt\-pnwkv Ub-d-IvS Pn.-kp-io-e kwkm-cn- p p: s]mxpsh Ign kmº-øni h jw \n m spem- ns\ kw_- n- n-s-tømfw ani Xmbn-cp- p. Cu h jhpw {]I-S\ anihv Bh Øn- m Ign-bp-sa v {]Xo- n- p- pt m? Ign h jw GItZiw 300 timsn cq]-bm-bn-cp p hn p-hc-hv. Cu h jw {]Xo- n- p hn p-hchv F{X-bmWv? s]mxpsh Iº-\n-bpsS G hpw ani h j-ß-fn-sem- m-bn-cp p 2012-13. ^m a _nkn-\kv sa -s - Xpw spem- n t]m ep Huj[ \n am- 16 sluvpv Hmlcn sk]v w-_ 2013 W-Øn-\p tncp-h-i-fpss Unam v h [n- Xpw Iº-\n v Gsd KpW-I-c-am-bn. F m Cu h jw simc n πm nse {]iv\- ßƒ aqew D m-z\w KWy-ambn Ipd- n- p- v. 2013 P\p-hcn apx HmKÃv hscbp D m-z-\-øn GI-tZiw 30 ixam\w Ipd-hp- m-bn. CXv hn ph-chv Ipdbp- -Xn\pw Iº-\n-bpsS samøw {]I-S\w Xmtg v t]mip- -Xn\pw Imc-W-am-bn. simc n πm nse {]iv\-ßƒ C m-bncp- p-sh- n Cu h jw 350 timsn cq]- bpss hn p-h-c-sh- nepw ssih-cn- m Rßƒ v km[n- p-am-bn-cp- p. Ct mgsø \ne-bn B e yw ssihcn- pi Ffp- -a-. F nepw simc n πm nse {]iv\-ßƒ Xma-knbmsX ]cn-l-cn- m Ign-bp-sa- mwv Rßƒ {]Xo- n- p- -Xv. ASpØ ss{xam-k-ßfn D m-z\w sãun-bm-ip- -txmss Iº-\n-bpsS {]I-S \w sa -s -Sp-Ibpw snøpw. I gn h j-tø-xn\v Xpeyam b hn p-h-c-sh- nepw ssih-cn- m km[n- p-sa mwv {] Xo-. simc n πm v ]mcn-ÿnxni {]iv\-ß-fp- m- p- p-sh v Btcm-]n v kacw snøp h D -bn- p ]cm-xn-i-fn F{XtØmfw Ig-ºp v? Hcp Ig-ºp-an-s - -XmWv bmym yw. tic-f-øn-\-iøpw ]pd- Øp-ambn aqhm-bn-c-tømfw t] v t\cn pw A msxbpw sxmgn Pn.-kp-io-e 2013 P\p-hcn apx HmKÃv hsc-bp D m-z-\-øn GI-tZiw 30 ix-am\w Ipdhp- m-bn. CXv hn phchv Ip d-bp- -Xn\p Imc-W-am-bn. simc n πm nse {]iv\-ß ƒ C m-bn-cp- p-sh- n Cu h jw 350 timsn cq]-bpss hn p-h-c-sh- nepw ssih-cn- m km[n- p-am-bn-cp- p.

cbpw Bd-cbpw Intem-ao- Zqsc-bmWv NØ ao\p-isf I -Xv. CXn-\n-S-bn-ep ÿe-ß-fn-sem pw Aßs\ kw`-hn- n- n-. ]me-øn\p Xmsgbpw ]pg-tbmsv tdmuv tn p-\n p ÿe-øp-amwv CXv kw`-hn- -Xv. CXv Btcm a\- q hw snbvx- Xm-sW- mwv Rßƒ hniz-kn- p- -Xv. kacw \S-Øp B Iu knens `mkøp \n pw i{xp-xm-]-c-amb kao-]-\-amwv Rßƒ t\cn-sp- -Xv. Hcp BtcmKy k th \S-Øm-sa v ]d- t mƒ AXn-t\mSv kl-i-cn- m B Iu kn Xbm-dm-bn-. Ct mƒ {]iv\w tims-xn-bpss ]cn-k-w-\-bn-em-wv. tims-xnbpss `mkøp \n v A\p-Iqe \S-]-SnbmWv Rßƒ {]Xo- n- p- -Xv. s]mxpsh hcp-am-\-øn \ ss{xamkw GXmWv? s]mxpsh Ah-km\ ss{xamkamwv ani- -Xv. Ah-km\ ]mz-øn hn \ IqSp- -XmWv km[m-c-w-bmbn I p-h-cp- -Xv. ]t Ign h jw Hssk πm n {]iv\-ßƒ XpS-ßn-bXp ImcWw Ahkm\ ss{xamkønse {]I-S\w Xmc-Xtay\ ani Xm-bn-cp- n-. H mw ss{xam-k-ønse {]I-S\w ap h jw CtX Ime-b-f-hp-ambn Xmc- Xayw snøp-tºmƒ Xmtg p t]mim Imc-W-sa- m-bn-cp p? H mw ss{xam-k-øn Poh-\- m v Hml-cn-Iƒ Cjyp snbvxn-cp- p. CXv 1.5 timsn cq]-bpss snehv hcp-øn-sh- p. AtX kabw Iº-\n-bpsS {]h Ø\w IW- n-se-sp-øm H mw ss{xamkw ani- -Xm-bn-cp- p. Iº\n ]c-º-cm-k-x-ambn hn -\-bpss 55 ix-am\w Ib- p-axnbpw 45 ix-am\w B`y- c hn \bpw F A\p- ]mxamwt m ]n p-s-cp- -Xv. Cu A\p- ]m-x-øn Xs -bmtwm Ct mgpw hn \ \S- p- Xv? B`y- c hn]-wnbpss km[y-x-isf Fß-s\-bmWv ImWp- Xv? Gsd- psd Cu A\p-]m-X-Øn Xs bmwv Ct mgpw hn \ \S- p- -Xv. hn]wn Imem-h-ÿ-b-\p-k-cn v Nne-t mƒ Ib- p-axn ]Øv ix-am\w hsc h [n- mw. B`y- c hn]-wn-bn \ tπbdmbn XpS-cpIbpw AtX kabw Ib- paxnbnepw {i ti{μo-i-cn- p-ibpw snøpi F XmWv Rß-fpsS \bw. Ib- p-axn Gsd h [n- n v B`y- c hn \ Ipdbv pi F \bw s]mxpsh Iº-\nbv n-. Cubn-sS-bmbn ]e hntzi ^m a Iº- \n-ifpw C ybnte v hcnibpw Chn- SpsØ Iº-\n-I-fp-ambn tn v {]h Øn- p-ibpw snøpibmwv. C y-bn-te v hcp AØcw Iº-\n-I-fpsS FÆw IqSns m- n-cn- p-i-bm-wv. AXn-\m B`y- c cwkøv spem- n t]mep Huj[ tncp-h-i-fpss Bhiyw h [n pw. AXn- c v D - -ßƒ hn]-wn-bnse-øn- m Xbm-dm-bn- p v. ]t simc n πm nse {]iv\-ßƒ aqew Ah-bpsS tem v sship-i-bm-wv. Cu {]iv\-ßƒ C m-bn-cp- p-sh- n Ign kmº-øni h jw Xs Ch- hn]-wnbn-se-øn- p-am-bn-cp- p. \m B`y- c hn \ IqSm\p kml- N-cy-amWv Hcp-ßn-bn-cn- p- Xv. \ne-hn B`y- c hn]-wn-bn \n m-spem- ns ] m-fnøw F{X ix-am-\-amwv? GI-tZiw Ccp-]Xv ixam\w hcpw. a -ccw-k-øp an Iº-\n-Ifpw B`y- c hn]-wn-bn-emwv {i ti{μo-i-cn- n-cn- p- -Xv. Iº-\n-bpsS I kyq-a D - amb simfm-sp s] n\v \ne-hn Fhn-sSsbm-s -bmwv hn]-wn-bp- Xv? simfm-ssp s] ns hn \ \S- p Xv tic-f-ønepw Xan-gv\m n-ep-am-wv. tic-ftø- mƒ ani hn \ \S- p- Xv Xangv\m- n-em-wv. a v Z n-tw- y kwÿm- \-ß-fn-te pw hn]-w\w hym]n- n- m ] -Xn-bp- v. ]pxnb I kyq-a D - -ßƒ hn]- Wn-bn-se-Øn- m-\p ] -Xn- F{XtØmfw ]ptcm-kan n- p v? c v D - -ßƒ hn]-wn-bn-se-øn- m Xbm-dm-bn- p v. ]t simc n πm nse {]iv\-ßƒ aqew Ah-bpsS tem v sship-i-bm-wv. Cu {]iv\-ßƒ C m-bncp- p-sh- n Ign kmº-øni h jw Xs Ch- hn]-wn-bn-se-øn- p-am-bn-cp- p. Chbv p ]pdsa Nne D - -ßƒ IqSn hni-kn- n- m-\p {]h Ø-\-ßƒ \S- p-h-cn-i-bm-wv. Iº-\n-bpsS πm p-iƒ ]q W-ti-jn-bnemtWm {]h Øn- p- Xv? ]pxnb πm p-iƒ XpS-ßm ] -Xn-bpt m? Iº-\n v Ct mƒ tic-f-øn aq pw tic-f-øn\v ]pdøv c pw πm p-i-fm-wp- -Xv. CXn tic-f-ønsebpw alm-cm-jv{sbn-sebpw πm p-iƒ ]q W {]h Ø\ tijn-bn-emwv {]h Øn- p- -Xv. KpP-dm- Ønse πm ns D m-z\w sã_nssekv snbvxn n-. as mcp πm v IqSn Bcw-`n- m ] -Xn-bp- m-bn-cp- p-sh- n epw AXv \S- n-. I kyq-a D - ß-fpsS FÆw h [n- n m am{xta Cu taj-e-bn IqSp- X hnpbw ssih-cn- m-\m-iq. AXn\v Bdv- -Ggv s{]muiv vkv F nepw thww. A{Xbpw D - -ß-fpsS D m-z\w \n hln- p-tºmƒ Hcp C -t{k-j Bh-iy-am- Wv. AØ-c-samcp L -Øn Ch-bpsS D m-z\w ]pxnb Hcp πm n ti{μo-icn- p- -Xns\ Ipdn v Btem-Nn- pw. ^m a skivs-dnse hf Iº-\n v F{X-tØmfw KpWw snbvxn- p v? ^m a skivs-dnse hf bpw a -chpw h [n- -txmss Huj-[-tN-cp-h-I-fpsS hn -\- m-cmb Rßƒ v AXv Gsd KpW-I-c-am-bn- p v. a cw ISp-Ø-tXmsS Nne Iº-\n-Iƒ KpW-\n-e-hm-c-Øn {]txyi \njvi j ]pe Øp- p- v. AØcw Iº-\n-Iƒ KpW-\n-e-hm-c-ap spem- n hnx-cww snøp Rß-fn \n v am{x-amwv hmßp- -Xv. Ah-cn \n p Unam n\v A\p-k-cn v D m- Z\w \S-Øm-\m-hp- n-s - -XmWv {]iv\w. πm p-i-fpss D m-z\ tijn ]c-am-h[n {]h Ø-\- -a-am-bm Xs Unam n\v A\p-k-cn v kssπ snøm-\m-in-. CØ-c-samcp hn]wn Imem-hÿ hn]peo-i-c-wøn\v G hpw A\p-tbm-Pyat? AXv icn-bm-wv. ]t Akw-kvIrX hkvxp- -fpss e`yx h [n- m-øxp sim mwv hn]p-eo-i-c-w-øn\v Rßƒ Xp\n-bm-Ø-Xv. AXp-sIm v hen-sbmcp \nt -]-Øn \n pw amdn-\n p- p. Akw-kvIrX hkvxp- -fpss e`yx Iq m-\mbn Iº\n Hcp πm v Bcw-`n- p- -Xns\ Ipdn v t\csø kqnn- n ncp- t m? {IjvUv t_m kns e`yx Iq m-\mbn \ne-hn-ep kπ-b am-cp-ambn tn v Hcp πm v XpS-ßm Btem-Nn- p- p- v. C mcy-øn [mc-w-bn-se-ønbn p v. Hmkvt{Sen-b ssivt\m-f-pn D]-tbm-Kn- p πm v Bbn-cn pw CXv. C y-bn \ne-hn AØcw D X \ne-hm-c-ap Hcp πm v am{xamwp- -Xv. Ct mƒ IqSp-X-embpw DØ-tc- y-bn \n mwv {IjvUv t_m kv sim p-h-cp- -Xv. tic-f-øn Xs πm v Bcw-`n- p- -txmss KXm-KX snehv Ipd-bv- m\pw KpW-\n-e-hmcw sa -s -Sp-Øm\pw km[n- pw. v\n m spem- ns Hmlcn hne Ct mƒ _p v hmeyp-hn-t\- mƒ Xmsg-bm-Wv. Hmlcn A hm-eyquv BsW A`n- {]m-b-apt m? Hmlcn hne A hm-eyquv BsW A`n-{]m-b-an-. Hmlcn hne an -t mgpw _p v hmeyp-hnt\ mƒ Xmsg-bm-bn-cp- p. Hmlcn hne Db-cm-ØXn\v ImcWw Imc Ww t{sunwkv thmfyw Ipd-hm-Wv F -Xm- Wv. Iº-\n-tbmSv {]Xn-_- X ]pe Øp Hml-cn-bp-S-a-I-fm-Wv Rßƒ p- Xv. Ah Hmlcn hym]mcw snøp- Xv hfsc Ipdhm-Wv. Cubn-sS-bmbn t{sunwkv thmfyw A w IqSn-b-Xmbn I p-h-cp- p. AXv kt m-j-i-c-am-wv. sluvpv Hmlcn sk]v w-_ 2013 17

18 sluvpv Hmlcn sk]v w-_ 2013

sluvpv Hmlcn sk]v w-_ 2013 19

Investor Behaviour \nt -]-I-sc \n _- n-x-ambpw t_m[-h cn Ww Hmlcn \nt ]w Bcw-`n- p- -h hn]-wnsb Ipdn v a\-kn-em- p- -Xn-\p mkp-ifn ]s -Sp- p- Xv \n _- -am- n-bm am{xta \nt -]-I n-s-bnse t_m[-h -c-ww Hcp bmym y-am-hq. AeIvkv si.-_m_p Hmlcn hn]-wn-bn Ct mgpw sndp-in-s- \n-t -]-I-cpsS ] m-fnøw Xptemw Xp - am-bn-cn- p-ibpw hn]wn Dul- - -h-s- Øns ti{μ-ambn XpS-cp-Ibpw snøp- Xv F p-sim- mwv? G hpw k o W-Xbp \nt ] am KsØ hfsc eml-htømss ssiimcyw snøp- Xp sim m Wv AXv kw`-hn- p- Xv Ft ]d-bm-\m- Iq. C m-cy-øn Cu cwkøv {]h Øn- p ÿm]-\-ßfpw \nb-{ W t_munbpw \nt -]-Icpsa mw DØ-c-hm- Zn-I-fm-Wv. Hmtcm \nt -]-I\pw A\p-tbm-Py-amb hn[w \nt ] ] Xn Bhn-jvI-cn- p- Itbm AXv \S- n-em- p- -Xn-\mbn D]-tZi-ßƒ \ Ip-Itbm snøp- coxn Hmlcn \nt ] cwkøv Ct mgpan. adn v D - ]- -ß-fpsS hn \ F e yw am{xw ti{μo-i-cn- p _nkn-\-kmwv Cu cwksø ÿm]-\-ßƒ snøp- -Xv. C mcy-øn \nt -]-I ImWn-t DØc-hm-ZnØw Ahcpw {]I-Sn- n- p- n. G hpw k o W-X-bp \nt ] am KØn \nt ]w \S-Øp-tºmƒ Hcmƒ AXns\ Ipdn v an\naw Kth-j-W-sa- nepw \S-Øn-bn-cn- Ww. AXn\v klm-b-i-amb mkp-ifn ]s -Sp- p-ibpw Hmlcn \nt -]sø Ipdn v Bh-iy-amb Adn-hp- Iƒ t\sm\pw {ian- -Ww. F n am{xta Hmlcn \nt -]w ^e-{]-z-ambn apt m- psim- p-t]m-im \nt -]-I\v km[n- q. F m AØcw Xbm-sd-Sp- p-iƒ \S- Øm `qcn-`mkw \nt -]-Icpw Xbm-dm-Ip- n-. a v coxn-i-fn \S-Øp \nt -]- Øn\v apt m-sn-bmbn \S-Øp Kth-jWw t]mepw Hmlcn \nt -]-Øns Imcy- Øn Ah-ew-_n- p- n-. DZm-l-c-W-Øn\v `qan hmßp-tºmƒ ÿe-øns {]txy-i- X-Isfbpw hmwn-py-km-[y-x-isfbpw hn]- Wn-aq-ey-sØbpw Ipdn v Kth-jWw \S- Øm Im p Xm cyw t]mepw Hmlcn \nt -]w Bcw-`n- p- -Xn\p apºmbn kzoi-cn-t Xbm-sd-Sp- p-i-fpss Imcy- 20 sluvpv Hmlcn sk]v w-_ 2013 Øn Im p- n-. Hmlcn \nt -]Ønte v IS- m k - -X-bp ]e pw hn]-wnsb Ipdn v ]Tn- m\p Xm -cy-tam Bh-iyamb kabtam D m-i-w-sa- n-. AØ-c- - m v ayqnz ^ p-i-fmwv A\p-tbm- Py-amb am Kw. t\cn v Hmlcn \nt ]w \S-Øp- Xv Hgn-hm- p-i-bmwv AØ-c- m sntø- -Xv. C m-cy-øn \nb-{ W t_munbpw Aew`mh]q W-amb kao-]-\- amwv Ah-ew-_n- p- -Xv. Hmlcn \nt ]w Bcw-`n- p- h AXnte v Xncn-bp- -Xn\p apºmbn hn]-wnsb ]cn-n-b-s - SpIbpw \nt -]-co-xn-isf Ipdn v a\-knem- p-ibpw snøp- -Xn-\p mkp-ifn ]s -Sp- p- Xv \n _- -am- n-bm am{xta \nt -]-I n-s-bn-ep t_m[- h -c-ww kw`-hn- p-i-bp- q. ss{uhnw Kv ssãv ]mkm-bh p am{xta hml-\- tam-sn- m A\p-hm-Z-ap q F Xp-t]mse Hmlcn \nt ]Ønte v IS- m k - -Xbp ]e pw hn]-wn sb Ipdn v ]Tn- m\p Xm -cy-tam Bh-iy-amb kabtam D m-i-w-sa- n-. AØ-c m v ayqnz ^ p-i-fmwv A \p-tbm-py-amb \nt ] am Kw. Hmlcn hn]-wnsb Ipdn v {]my-ani ]T\w \S-Øn-b-h am{xta Hmlcn \nt -]-Øn\v tbmky-cm-bn-cn- p-i-bp- q-sh \n_- - \sb Ipdn v t]mepw \nb-{ W t_mun v Btem-Nn- m-hp- -Xm-Wv. Hml-cn-Ifpw Hmlcn _ nx D - -ßfpw hn p- hsc \nt -]-Is kmº-øni khn-tij-x-iƒ a\-kn-em n Ah v A\p-tbm- Py-amb \nt ] ] -Xn-Iƒ \n tz-in- m ]cn-io-en- n- p-ibpw snø-ww. hn]-wnbpss {]h Ø-\sØ ] n a\-kn-em- m am{xw klm-bn- p- -XmWv \ne-hnep \n _- nx k n-^n-t -j timgvkp- Iƒ. AØcw timgvkp-i-fpw ]co- m-co- Xnbpw Agn- p-]-wn v hnt[-b-am- -Ww. kmº-øni Bkq-{X-W-Øns ASnÿm-\-Øn hy -amb e y-ß-tfmss \nt -]-I\v A\p-tbmPy-amb \nt ] ] XnIƒ Bhn-jvI-cn- -s -SpIbpw AXv \nt -]-I\v hy -amb t_m[y-ap coxnbn \S- n-em- p-ibpw snøp Xc-Øn Hmlcn hym]mcw Agn- p-]-wn-bp-tºmƒ am{xta Hmlcn \nt ]w \ΩpsS cmpyøv imkv{xo-b-ambpw kzoim-cy-x-tbm-ssbpw \S- n-em- -s -Sp-Ibpw AXn\v {]Nm-c-ta-dp- Ibpw snøp-i-bp- q.

Equity Master hn]-wn-bnse Nm m- -Øn \nt -]-I\v F p Imcyw? Nm m -ßƒ v {]m[m\yw simsp- msx Hmlcn \nt -]-Øn ASn-bp-d- p-\n pibmwv \nt -]-Is hnp-b-øns ASn-ÿm-\-ß-fn-sems v hmd _pt^ a\-kn-em- nbxpw A\p-`-h-ØneqsS-bmWv hmd _pt^ C y-bnse sndp-ins Hmlcn \nt -]- I-cn `qcn-`m-k-hpw \nt -]hpw t{sunwkpw XΩn-ep hyxymkw a\-kn-em- msxtbm Dƒs m- m-sxtbm BWv Hmlcn hn]- Wnsb kao-]n- p- -Xv. Hmlcn hmßn Hcp amk-øn-\p- n ]Øv ix-am\w em`w In p-i-bm-sw- n hm jn-im-sn-ÿm-\- Øn em`w 120 ix-am\w F v IW- p- Iq n Hmlcn hn m AØ-c- m asn- n-. Aßs\ snømsx Hmlcn ssihiw sh p- -hcn \s mcp `mkhpw 20 ix-am-\hpw 30 ix-am-\hpw hne Ibdn-b-Xn\p tijw Hml-cn-bn Xncp-Ø-ep- m-ip-tºmƒ Bi-b- p-g- -Øn-em-Ipw. 30 ix-am\w apt -dnb Hmlcn hmßnb hnebn-te v Xncn-s -Øp-Ibpw ho pw CSn-bp- Ibpw snøp-tºmƒ Bi-b- p-g w ]cn-{`m- n-bm-bn amdpw. hmßnb hne-bn-te v Xncns -Øn-bm hn v a\-k-am-[m\w hos -Sp- pi F -XmIpw ASpØ \nt -]-X-{ w. hn -Xn\p tijw Hmlcn ho pw 30Dw 40Dw ix-am\w apt -dp-tºmƒ hos -SpØ a\- k-am-[m\øn\p ]Icw C m-`wkhpw \jvst_m-[hpw ÿm\w ]nsn- n-cn- pw. BZy-ambn Hmlcn \nt ]w \S-Øn-b- Xn\p tijw X\n- v CØ-c-Øn-ep- mb A\p-`-hsØ ] n \nt -]-Kpcp hmd _pt^ ]d-bp- p- v. AXn\p tijamwv Hmlcn hn]-wn-bnse Ib- n-d- -ßƒ v {]m[m\yw simsp- msx \nt -]-Øn ASn-bp-d- p-\n pibmwv Hmlcn \nt - ]-Is hnp-b-øns ASn-ÿm-\-ß-fnsem v F v a\-kn-em- n-bsx v hmd _pt^ ]d-bp- p. Cu Xncn- -dnhmwv Hmlcn \nt -]- Øn hnp-bn- p- -Xn\v GsXmcp Zo L- Ime \nt -]-I\pw Bh-iyw. Nm m w hn]-wn-bpss IqS- n-d- m-wv. AXn- msx hn]-wn-bn-. Hmlcn hn]-wn-bn Ct mƒ \S- p Nm m- søbpw CtX ImgvN- m-tsmss Z in- m \nt -]-I v Ignb-Ww. Hcp Hmlcn hmßp- -Xn\v IrXyamb Imc-W-ap- m-i-ww. X\n v hf mkm-[y-x-bps v t_m[y-ap Iº-\n-IfnemWv Hcmƒ \nt ]w \S-tØ -Xv. B t_m[y-øn\v Abmƒ \S-Ønb Kth-jW fmbn-cn Ww ]n _-ew. kml-n-cy-ßƒ v A\p-kr-X-ambn Iº-\n-bpsS hf -bn hyxn-bm-\-ß-fp- m-ip-tºmgpw Xm \S- Ønb Kth-j-W-ß-fpsS ASn-ÿm-\-Øn Is -Ønb Iº-\n-bpsS \nt -]-tbm-ky- Xsb km[q-i-cn- p Imc-W-ßƒ am -an- msx \ne-\n p-s - n hf -bnse hyxn-bm-\-ßƒ Hmlcn hne-bn krjvsn- p Nm m- -ßsf \nt -]-I Ku\nt - -Xn-. CS- m-esø {]iv\-ßƒ Xm m-en-i-am-sw v Abmƒ v Xncn- dn-bm-\m-ipw. Kth-j-W-ß-fpsS ASn-ÿm- \-Øn Is Ønb Iº- \n-bpss \nt -]-tbm-ky-x sb km[q-i-cn- p Imc- W-ßƒ am -an- msx \ne- \n p-s - n Iº-\nbpsS hf -bnse hyxn-bm- \w Hmlcnbn krjvsn- p Nm m- -ßsf Hcp Zo L-Ime \nt -]-I Ku \n-t - -Xn-. Hmlcn hn]-wn-bn CubnsS \S CSn-hn I\Ø XI -sb-bmwv _m nwkv Hml-cn-Iƒ t\cn- -Xv; {]txy-in pw s]mxpta-jem _m nwkv Hml-cn-Iƒ. an s]mxpta-jem _m nwkv Hml-cn-Ifpw HmK-Ãn 52 BgvNsØ Xmgv hne-bn-te v CSn- p. cq]-bpss aqey-x-i XS-bm-\m-\mbn dnk hv _m v kzoi-cn \S-]-Sn-Iƒ aqew _m p-i-fpss [\-e-`yx Ipd- -Xpw ]eni-\n-c- p-iƒ Db-cp kml-n-cy-hp-amwv s]mxp-ta-jem _m nwkv Hml-cn-Isf {]Xn- Iq-e-ambn _m[n- -Xv. hmd _pt^-bpss \nt ] XXz-imkv{Xw A\p-k-cn v Cu kml-n-cy-øn _m nwkv Hml-cn-I-fn t\csø \nt ]w \S-Øn-bn- p- -h F mwv sntø- Xv? Ct m-gsø {]Xn- `mkw Zo L-Im-em-Sn-ÿm-\-Øn \ne- \n p- -Xm-tWm-sb v ]cn-tim-[n- p-ibmwv Abmƒ sntø- -Xv. dnk hv _m v kzoi-cn- Xv {lkz-im-e-tø- p \S-]- Sn-I-fm-sW pw cq] aqey-x-i sb AXn- Po-hn p Ign- m AXv ]n h-en- -s - Sp-sa pw Imcy-ßƒ hne-bn-cp-øp Hcp Zo L-Ime \nt -]-I\v a\-kn-em- m- \mipw. Zo L-Im-em-Sn-ÿm-\-Øn C y ani kmº-øni hf ssih-cn- m- \p km[y-x-ifpw AXns t\ w G hpw IqSp-X simøp- Xv kº-zvhy-hÿ-bpss IÆm-Sn-bmb _m nwkv taj-ebm-bn-cn- p-sa- p-ap- \nk-a\w Xncp-Øm Ct m-gsø {lkz-ime \S-]-Sn-Iƒ Hcp Imc-W-a-s v t_m[y-ap \nt -]-Is\ kw_- n v Cu Nm m- -ßƒ Bi- m-p- \-I-hp-a-. AtX kabw C se hmßnb Hml-cn-Iƒ \msf hn v em`sa-sp- p-itbm \jvsw ]cn-an-x-s -Sp-Øp-Itbm snøm Hcpßn-\n p t{su am v Cu {]iv\- ßƒ hf-sc-tbsd Bi- m-p-\-i-hp-am-wv. sluvpv Hmlcn sk]v w-_ 2013 21

Investment Strategies hne CSn- mepw \nt -]-tbm-ky-amb Hml-cn-Iƒ am{xw sxc-s -Sp pi I\Ø CSnhv t\cn Hml-cn-Iƒ hmßms\mcp-ßp h sxc-s -Sp- p- Xv \nt -]-tbm-ky-amb Hml-cn-I-fm-tWm-sb v Dd- p-h-cp-øp- -Xn-\mbn Nne Imcy-ß-ƒ {i n-t - -Xp- v. cq]bpss aqey-x-i C y-bpss kmº- ØnI `{Z-X-bn hn -te n- p- p-sh Bi Hmlcn hn]-wn-sb i -amb CSnhn-te v \bn- -t mƒ \nt -]-I v ap n BI j-i-amb Ah-k-c-ß-fmWv Xpd- p-in- n-b-xv. i -amb Xncp-Ø t\cn Ht sd Hml-cn-Iƒ hfsc Xmgv snehv Ipd \ne-bn hym]mcw snøp ani Hm l-cn-iƒ t]mepw IqSp-X CSnhv t\cn-sp- Xv {]Xn-Iqe hn]wn Imem-h-ÿ-bn km [m-c-w-am-wv. AXp-sIm- p- Xs \nt ]mh-k-c-ßƒ i-cn-bmbn {]tbm-p-\-s -Sp- Øm A\p-tbmPy-amb am Kw F-kv-sF-]n BWv. hne-bn Ct mƒ e`y-am-wv. ]e Hml-cn- Ifpw {]h-n-\-ß-sfbpw IW- p-iq- -ep-isfbpw Im n -d-øn-bmwv AXn-i-bn- n- p hne XI -bn-te v ]Xn- -Xv. CØc-samcp L -Øn Hml-cn-Iƒ hmßms\m cp-ßp h sxc-s -Sp- p- Xv \nt - ]-tbm-ky-amb Hml-cn-I-fm-tWm-sb v Dd- p-h-cp-øp- -Xn-\mbn {i n-t Nne Imcy-ß-fp- v. Hmlcn hne F m-e-søbpw Xmgv hne-bn-em-sw- txm 52 BgvNsØ Xmgv hne-bn-te v CSn- p-sh- txm Hcp Hmlcn hmßp- -Xn\p t{]c-i-amb Imc-Wa-. F{X Xmgv hne-bnepw Hmlcn aqeyh-ømtwm F v hne-bn-cp-tø tpmen \nt -]-I \n h-ln-t - -Xm-bp- v. Nne Hml-cn-Iƒ I\Ø hne XI p tij hpw sne-th-dnb \ne-bn Xs -bm-bn-cn pw. Hmlcn hnebpw {]Xn Hmlcn hcp-am-\hpw XΩn-ep A\p-]m-Xw, Hmlcn hnebpw ]pkvx-i-aqeyhpw XΩn-ep A\p-]m-Xw XpS-ßnb am\-z-wvu-ß-fpss ASn-ÿm-\-Øn Hml-cn-bpsS aqeyw \n W-bn- p-tºmgmwv hne aqey-tø- mƒ IqSp-X-emtWm IpdhmtWm F v hy -am- p- -Xv. 22 sluvpv Hmlcn sk]v w-_ 2013 Cu aqey-\n Wb am\-z-wvu-ß-fpss ASn-ÿm-\-Øn am{xw Hcp Hmlcn \nt - ]-tbm-ky-am-sw v Xocp-am-\n m\pw km[n- n-. Hmlcn sne-th-dn-b-xmtwm A tbm F v hne-bn-cp-øm-\p D]m[n am{x-amwv Cu A\p-]m-X-ßƒ. Hmlcn F p-sim v hne-x-i sb t\cn- p-sh Imc-W-ßƒ hne-bn-cp-øp-ibpw B Imc-W-ßƒ ]q Wambpw Hmlcn hne-bn {]Xn-^-en- n- -s - n- p-t m-sb v ]cn-tim-[n pibpw sntø - Xp- v. {]Xn-Iqe Imem-h-ÿsb AXn-Pohn- m km[n- mø Iº-\n-IfpsS Hmlcn-I-fn hne-x-i XpS -Y-bm-tb- mw. DZm-l-c-W-Øn\v Aan-X-amb IS _m[y-xbmwv ]e Iº-\n-I-fp-sSbpw Hml-cn-hn-esb XI -bn-te v \bn- -Xv. ]en-i-\n-c v Db n-cn- p kml-n-cy-øn Cu ISs -Wnsb AXn-Po-hn- m tijn-bn- mø Iº-\n-IfpsS Hml-cn-Iƒ v "Ic-Sn-I-fpsS Benw-K-\'-Øn \n v ap -am-ipi Ffp- -a-. AXn-Po-h-\-ti-jn-bp- Xpw ASn-ÿm- \-]-c-amb ASn-Ø-d-bp- -Xpap \ne-hm-c-ap Iº-\n-I-fpsS Hmlcn-I-fmWv hne-x- I sb t\cn- sx- n, Ah BI j-i-amb aqey-ønemwv C t mƒ hym]mcw sn øp- -sx- n Ahsb \n t -]-tbm-ky-amb Hml-cn-I-fpsS ] n-i-bn s]sp-ømw. At mgpw amt\- Pvsa ns ani-hv, _nkn-\-kns \ne F o LS-I-ßfpw ]cn-k-wn-t - -Xp- v. -an-i Hml-cn-IfmsW- n t]mepw hn]- Wn-bnse hnimcw {]Xn-Iq-e-am-Ip-tºmƒ bp n-lo-\amw hn[w hne-x-i t\cn-t - mw. snehv Ipd \ne-bn hym]mcw snøp ani Hml-cn-Iƒ t]mepw IqSp- X CSnhv t\cn-sp- Xv {]Xn-Iqe hn]wn Imem-h-ÿ-bn km[m-c-w-am-wv. AXp-sIm- p-xs \nt ]mh-k-c-ßƒ icn-bmbn {]tbm-p-\-s -Sp-Øm A\p-tbmPy-amb am Kw knã-am- niv C sh-ãvsa v πm (F-kv-sF-]n) BWv. F m amkhpw \n nx Xob-Xn-I-fn \nt ]w \S-Øp coxn F m Xcw \nt - ]I pw Ah-ew-_n- m-hp- -Xm-Wv. Hmlcn-Isf \nco- n- m ka-bhpw k - -Xbp-ap \nt -]-I v ]e F {Sn t]mbn p-iƒ \n -bn v \nt ]w \S- Øp coxnbpw Ah-ew-_n- mw. AtX kabw Hml-cn-Iƒ sxc-s -Sp- p- -Xn Bi-b- p-g w t\cn-sp- \nt -]-I v ayqnz ^ p-i-fmwv Ft mgpw A\p-tbmPy-amb -\nt -]-am Kw. ayqnz ^ p-i-fnepw Fkv-sF]n coxn Ah-ew-_n- p- -XmIpw DØaw.

Agri Culture snωo Irjn simgp- p p; I j-i v sdt muv t\ w {]apj snωo D mzi cmpy-ß-fnse D m-z\w Ipd- Xpw C y-bnse D m-z\w h [n- Xpw snωo- I j-i v ani BZmbw e`n- p- Xn\v hgn-sbm-cp- p- p. snωo D m-z-\-ønepw Ib- p-a-xn-bnep-ap- mb IpXn- p-nm w I j-i v h t\ amip- p. Unam n-sebpw D m- Z\ a-x-bnsebpw h [-\sb XpS v snωo D m-z\w Cu h jw A v Cc- n-bm-ip-sa- mwv {]Xo- n- p- -Xv. kap{zhn-`-h-ß-fpss Ib- pa-xn- Cu h jw F m-e-sø bpw Db \ne-bn (3508 Zie w tumf- ) FØn. cq]-bp ss ASn-ÿm-\-Øn 29 ix-am- \hpw tumf-dns ASn-ÿm-\- Øn 23 ix-am-\hpw hf bmwv Ib- p-a-xn-aq-ey-øn-ep- mb-xv. kap{zhn-`-h-ß-fpss Ib- p-a-xn-bn 50 ix-am-\hpw sn Ωo-\m-Wv. 1740 Zi-e w tumfdns snωo Ib- p-a-xn-bmwv \S- -Xv. CXpw sdt m-um-wv. t\csø C y-bnse I j- I ªm v sssk F snωo C\-amWv IqSp-Xembpw Irjn snbvxn-cp- Xv. CXn\p ]Icw D m-z-\- -ax IqSn-b h\man F C\-Øns Irjn hym]-i-am-b-txmssxmwv snωo D m-z\w sdt m-un-se-øn-b-xv. ªm v sssk C\-Øn\v tcmk-_m[ IqSn-bXpw D m-z\ a Ipd- Xpw aqew 2009 apxemwv hn\man C\-Øns Irjn C y-bn Bcw-`n- -Xv. ªm v sssk-dp-ambn Xmc-Xayw snøptºmƒ h\m-an-bpss D m-z-\- -ax hfsc IqSp-X-em-Wv. Irjn snøp - ªm v sssk Ip p-ß-fn 70 ix-am-\amwv AXn-Po-h- \-tijn {]I-Sn- n- p- -sx- n h\man Irjn-bn CXv 85-90 ix-am-\-am-wv. Hcp slivs-dn \n pw \mev S ªm v ssskdmwv icm-icn D m-zn- n- m-\m-hp-i. AtX kabw Hcp slivs F Øv t]m n \n pw Ggv- -F v S h\man D m-zn- n- m-\m-ipw. πmãniv sse\nw-kp t]m p- I-fn \n v 16-18 S hsc D m-z\w e`n- pw. 2012-13 ªm v sssk snωo-\p-i-fpss t\csø C y-bnse snωo I j-i ªm v sssk F C\-amWv IqSp-X-em bpw Irjn snbvxn-cp- Xv. CXn\p ]Icw h\man F IqSpX D m-z-\- -ax bp C\w Irjn snøp- Xv hym]-i-am-b-txmss snωo D m-z\w sdt m- Un-se-Øn-. D m-z\w 1,23,303 sa{sniv SÆpw h\m-an snωo-\p-i-fpss D m-z\w 1,47,516 sa{sniv SÆpambn-cp- p. 2013-14 CXp-hsc ªm v sssk snωo-\p-i-fpss D m-z\w 75,000 sa{sniv SÆm-Wv. AtX kabw h\m-an snωo-\p-i-fpss D m-z\w 2,25,00 sa{sniv SÆmbn h [n- p. h\man snωo-\p-i-fpss D m-z-\-øn-eqss I j- I v ani hcp-am-\-amwv e`n- - p- Xv. t\csø Hcp Intem ªm v sssk snωo D m-zn- n- p- -Xn\v 150 200 cq]-bm-bn-cp p sne-hv. ChbpsS hn -\-bn-eqss 250-300 cq]-bmwv I j-i v In n-bncp hcp-am-\w. AtX kabw h\man snωo-\p-i-fpss D m- Z\ snehv Intembv v GItZiw 150 cq] am{x-am-wv. Hcp Intem h\man snωo- hn p-tºmƒ e`n- p- Xv 600 cq]-bm-wv. AXm-bXv Hcp Intembn \n pw e`n- p em`w GI-tZiw 450 cq]. t\csø In n-bncp hne 450-500 cq]- bm-bn-cp p. CXmWv IpXn- p-i-bdn 600 cq]- bn-se-øn-b-xv. snωo IqSp-X-embn D m-zn- n- p Xmbvem v, Ct m-t\jy F o cmpy-ßfn D m-z\w KWy-ambn Ipd- -XmWv C- y-b \n p snωo\n\v Unam v h [n- m Imc-Ww. Cu cmpy-ß-fn 70 ix-am-\-tøm-f-amwv D m-z\w Ipd- - Xv. cq]-bpss aqeyw Ipd- Xpw snωo Ib- p-a-xn- m v KpW-I-c-am-bn- p- v. Un am v Gdn-b-Xns\ XpS v IqSp-X Irjnbn-S-ß-fn-te v Irjn hym]n- n- m I j I {]txyi Xm -cy-amwv Im p- -Xv. sluvpv Hmlcn sk]v w-_ 2013 23

Agri Culture IpSpw_ ] - dn D m-z\ _nkn-\kneqss ani hcp-am-\w t\smw Hcp Iq w IpSpw-_-ßƒ tn v Xß-fpsS Irjn-bn-S-Øn D m-zn- n- p ip -amb ] - -dn-iƒ D]-t`m- m- ƒ v t\cn-s -Øn- p _nkn-\kn\v tic-f-øn henb km[y-x-bp- v. kn.-l-cn-l-c \nßƒ ]pxn-sbmcp kwcw`w XpS-ßm B{K-ln- p- pt m? As - n \ne-hn-ep tpmenbn \nt m _nkn-\kv cwkøp \nt m Hcp am w Dt±in- p- p t m? dn b sa v Ign v ]pxnb kwcw-`-ßƒ XpSß-W-sa v B{K-ln- p- -bm-fmtwm? _nkn-\kv XpS-ß-W-sa v B{K-l-ap ho -Ω-bmtWm? CXn-sem-s -bp-]cn kwl j-c-ln-x-amb _nkn-\kv F kz]v\w a\-kn sim p-\-s- p- -bm- 24 sluvpv Hmlcn sk]v w-_ 2013 fmtwm? F n H -\-h[n Ah-k-c-ß-fp- Xpw Zn\w-{]Xn Bh-iy- m Gdn-h-cp- -Xp-amb "IpSpw_ ] - dn D m-z\ _nkn-\kv' \nßƒ v A\p-tbm-Py-am-bncn- pw. ip -amb ]g-ßfpw ] - -dn-ifpw kzbw D m-zn- n- p-ibpw AXv _ p- fpw {]nb-s - -h-cp-ambn ] p-sh- p-ibpw snøp Im jni kwkvim-c-øn-te- p Xncn- p-t]m v F v \ap v CXns\ hnti-jn- n- mw. am\-kni kwxr-]vxnbvs m w \s mcp hcp-am-\w IqSn IpSpw _ ] - dn D m-z\ _nkn\kn \n pw t\sn-sb-sp- mw. GsXmcp _nkn-k-\-kn-s bpw hnpbw amt\pv snøp- -Xnse anihns\-bmwv B{i-bn- n-cn- p- -Xv. as m _nkn-\kv kwcw-`-ß-fnepw amt\pv snøp coxn v {]txyi {]m[m\yw \ Ip-Ibpw D m- Z-\-Ønepw hn]-w-\-ønepw ]pxnb ]co -W-ßƒ \S-Øp-Ibpw CXv henb hnp-b-ßƒ v hgn-sbm-cp- p-ibpw snøp- p. F m Im jn-i-cw-køv amt\- Pvsa nse ]nsn- p-tispw Bkq-{X-W-an- mbvabpw kmt -Xn-I-hn-Zy-Iƒ D]-tbm-K-s - Sp-Øp- -Xnse Adn-hn- m-bvabpw aqew \mw hfsc ]n n-te v t]mbn-cn- p- p. F mwv IpSpw_ ] - dn D m-z\ _nkn-\kv? Irjn-cw-KsØ IpSpw-_-ß-fpsS Iq mbva F v Npcp- n- -d-bmw. _nkn- \-kn\v Bh-iy-amb samøw XpI F mhcpw Xpey-ambn sjb-dnspibpw IpSp-_mw- K-ß-fn \n v sxc-s -Sp- -s Xm cyhpw Ign-hp-ap Hcm-fpsS t\xr-xz-øn ^mw Bcw-`n- p-ibpw Cu _nkn-\kv Iq mbva-bnse Hmtcm IpSpw-_hpw Xß-fpsS _ p- -fp-ssbpw kplr-øp- -fp-ssbpw hosp-i-fn-te v Bh-iy-amb ] - -dn-iƒ hn]-w\w snøp- -Xn-\p Hm UdpIƒ FSp- p-ibpw Hm U A\p-k-cn- p ^man D m-zn- n ip -amb ] - -dn- Iƒ IrXy-ambn ho n-se-øn p- -Xns NpaXe ^mw amt\-p-cpss t\xr-xz-øn k -am- p-ibpw snøp p. hn]p-e hpw i -hp-amb irwj-e-bn-eqss IpSpw_

] - dn D m-z\ _nkn\kv hnp-b-ic-am- m km[n- pw. Nn -bmb πm\nwkv \nß-fpss _nkn-\-kns\ ]Sn-]-Sn-bmbn Db Øpw. CXv {]mtbm-kn- -am- p -Xns coxn hni-z-am- mw. BZy-]-Sn-bmbn \nß-fpss _ p- tfm kplr-øp- tfm Dƒs 10 IpSpw_ß-sf-sb- nepw IpSpw_ ] - dn D m-z\ _nkn\kn ] m-fn-i-fm- p-i. Irjn- mbn 50 sk v ÿe-sa- nepw Bhiy-am-Wv. CXv kz -am-bn-s - n ]m -Øns\-Sp- mw. 50 sk v ÿesø XS-sam-cp-, Pe-tk-N-\w, hf-{]-tbm-kw, hnøv, snsn-iƒ ]S Øp- -Xn-\p ], te _, t{im]v amt\-pnwkv XpSßnb Imcyßƒ mbn 1.25 e w cq] snehv {]Xo- n- mw. ]Øv sk v hox-ap A v tπm p-i-fmbn Xncn v A v hyxykvx ] - -dn-iƒ Irjn snøm-hp- -Xm-Wv. {]oknj ^manwkv coxn-iƒ Ah-ew-_n- p-sim v Db D m-z-\hpw KpW-ta- bpw Dd- p-h-cp-ømw. lcnx Hm Km-\nIv ^mwkns am v ÃUn A\p-k-cn v Hcp icm-icn IpSpw_w BgvN-bn A v Intem ] - -dn-iƒ D]-tbm-Kn- p- p- v. hnhn[ ] - -dn-iƒ Intembv v 120 cq] IW- m- nbm HcmgvN 600 cq]-bpss ] - -dn-iƒ Hcp IpSpw_Øn\v Bh-iy-am-Wv. Hcp amk sø snehv 2400 cq]. \nß-fpss IpSpw_ Iq m-bva-bn-te pw a v _ p- -fp-ssbpw kplr-øp- -fp-ssbpw IpSpw-_-ß-fn-te pw ^man D m-zn- n ip -amb ] - -dn- Iƒ FØn- p- -Xn-eqsS ani hcp-am\w Is -Øm-\m-Ipw. D m-z\w IqSp-tºmƒ tjm p-i-fn-te pw hn]-w\w hym]n- n- m km[n- pw. 50 sk n aq c amk-øn-\p- n \S- Øp Hcp Xh-WsØ hnf-sh-sp neqss 1.50 e w cq] hn p-h-chv t\sm-\mipw. Hcp h jw aq v XhW Irjn-bn-d- m-\m-ipw. Hmtcm Irjn Ign-bp-tºmgpw hc-hp-sn-ehp IW- p-iƒ AwK-ßsf t_m[y-s -Sp-Øp- Ibpw Cu hcp-am-\-øn \n p-sim v IqSp-X ÿe-ß-fn-te v Irjn hym]n- n- p-ibpw snømw. ] - dn Irjn v k m-cn \n p B\p-Iq-ey-ßƒ {]tbm- P-\-s -Sp-Øp-Ibpw snømw. XS-sam-cp-, Pe-tk-N-\w, hf-{]-tbm- Kw, hnf-i-fpss sxc-s -Sp- v, hnf kwc- -Ww, hnf-sh-sp v F n-h-bpss imkv{xo bamb coxn-iƒ ] - dn D m-z\ _nkn- \-kn Adn- n-cn-t - Xv AXy- m-t]- n-x-am-wv. CtX Ipdn v Adn-bm-Ø-h Hcp Irjn hnz-kv[s klmbw txsp-i. hn]-w\coxn txm -Ønse ip -amb ] - dn-iƒ hnfsh-spøv Ht m ct m awn q-dn\p- n Bh-iy- m v FØn- p-sim-sp- m km[n- -Ww. CXn\v IrXyamb hnf-sh-sp v coxn- Iƒ Ah-ew-_n- -Ww. Irjn-bn-S-Øn \n v ASp- -f-bn-te v F -Xm-IWw _nkn-\- kns apj-ap-{z. _nkn-\kv Ft mgpw {i n-t {]my-ani Imcy-ßƒ \nßƒ IpSpw_ ] - dn D m-z\ _nkn-\-kn-te v Xncn-bm X -c-\m-sw- n Xmsg ]d-bp Imcy-ßƒ {i n-t - -Xp- v. D m-z-i\pw D]-t`m- mhpw XΩn-em-I-Ww. CXn\v hnizm-ky-x-bmwv {][m-\w. txm - Øn Irjn v D]-tbm-Kn- p ssph-h-fßƒ, hf- q- p-iƒ, cmk-h-f-ßƒ, ssph- Io-S-\m-in-\n-Iƒ F n-hsb Ipdn v D]-t`m- m-hns\ t_m[y-s -Sp-tØ- Xv _nknkns hf v Bh-iy-am-Wv. D - ßƒ D]-t`m- m-hn-s\-øn- p- -Xn\v sndnb k hokv Nm Pp-Iƒ CuSm- m-hp- -Xm-Wv. ] - dn D m-z\ _nkn-\kv hym]-iambn \S- n-em- m Dt±-in- p- p-s - n Xmsg ]d-bp Imcy-ßƒ IqSn IW- n-se- Sp- mw. samø I -h-s- m, ] - -dn-bn \n v Dt]m - -ß-fp- m- p- -h, sndp-in-s- m F n-h {][m-\-ambpw B{i-bn- p- Xv Irjn- m-sc-b-, CS-\n-e- m-sc-bm-wv. Cu km[y-x-i-fmwv \mw {]tbm-p-\-s -SptØ- -Xv. GXv ] - -dn-bmtwm Irjn snøp- Xv AXv 365 Znh-khpw hn]-wn-bn e`y-am- p- -Xn-\p πm\nw-kp-ifmwv Bhiyw. Bip-]-{Xn-Iƒ, Hm^o-kp-Iƒ, ^vfm p- Iƒ, hnzym-`ymk ÿm]-\-ßƒ, s]mxpÿm-]-\-ßƒ F nh ti{μo-i-cn v D]-t`m- 1. \nßƒ v F{X-k-abw Irjn p th n \o n-sh- m Ignbpw? 2. GXv hn]w\ coxn-bmwv sxcs - Sp- m Dt±-in- p- Xv? 3. GsXms D - -ßƒ mwv Irjnbn ap K-W\ simsp- p- Xv? 4. Irjn v D]-bp- -amb ÿeamtwm \nß-fp-tsxv? 5. GXv Imem-h-ÿ-bnepw ip -Pew e`y-amtwm? 6. GsXms sajn-w-dn-i-fmwv Irjn v Bhiyw? 7. Irjn p th _P v 8. sxmgn-em-fn-i-fpss e`yx m- ƒ v {_m Uv D - -ßƒ FØn- p-sim-sp- p-i-bmwv as mcp hn]-w-\-co-xn. ip -amb ] - -dn-iƒ D]-t`m- m- ƒ v ÿnc-ambn e`y-am-ip-sa hnizmkw krjvsn- m km[n- m Npcp-ßnb Imew sim p Xs \nß-fpss _nkn-\kv {_m v snø-s -Spw. \nß-fpss txm -Øn e`y-am-ip ip -amb ] - -dn-iƒ D]-t`m- m-hn\v ^man-seøn hnf-sh-sp- p- -Xn-\p Ahk-c-sam-cp- p-i-bmwv as mcp hn]-w-\-co-xn. ] - dn _nkn-\-kn CXv Xo Øpw hyxykvx-amb Hcp coxn-bm-bn-cn- pw. Irjn-bpsS ASn-ÿm\w Pe-tk-N-\hpw hf-{]-tbm-khpw IoS-\m-in-\n-bpsS {]tbm- Khpw am{x-am-sw [mcw ]e p-ap- v. F m CsXmcp LSIw am{x-ta-bm-hp- p- q. \nß-fpss \nco- -Whpw ImgvN- m-spw Irjn-bn \n v t\ -ap- m- p- -Xn {][m-\-am-wv. (ssph-irjn coxn-iƒ, {Ko lukv Iƒ n-th-j F nh \S- n-em- p-ibpw t{im]v amt\-pnwkv snbvxp-sim-sp- pi bpw snøp Be- pg-bnse lcnx Hm Km-\nIv ^mwkns DS-a-bmWv tej-i. t^m : 9048002625) sluvpv Hmlcn sk]v w-_ 2013 25

Market Trends C-Sn-bp Hml-cn-I-fn hntz-i-\n-t ]w h [n- p p Ign Hcp h j-øn-\nss hn]-wn-aqey-øn I\Ø XI t\cn Nne Iº- \n-i-fn hntzi \nt -]I ÿm]-\-ßƒ Hmlcn ] m-fnøw h [n- n- -Xmbn dnt m v. sp]n Atkm-kn-tb- vkv, Fwkn- F-Ivkv, bqwn-b _m v, shm m Sv, apøq v ^n\m kv, s{iun v A\m-en-knkv, _npn-b F\ Pn knãw-kv, kn ss Ivkv C -kv{so-kv, PnSn-F C {^ F o Iº-\n-I-fnemWv hntzi \nt -]I ÿm]- \-ßƒ Ign Hcp h j-øn-\nss Hml cn ] m-fnøw h [n- n- -Xv. Ch-bn an Hml-cn-Ifpw 52 BgvNsØ Xmgv hne v sxm -SpØ \ne-bn-emwv Ct mƒ hym]mcw snøp- -Xv. Ign \mev ss{xam-k-ß-fn-embn Cu Iº-\nI-fnse Hmlcn ] m-fnøw {Iam-\p- K-X-ambn hntzi \nt -]I ÿm]-\-ßƒ h [n- n- p-i-bm-bn-cp- p. AtX kabw Ign Hcp h j-øn-\nss Cu Hml-cn- Iƒ I\Ø hne XI sb t\cn-sp-ibpw snbvxp. DZm-l-c-W-Øn\v 2012 PqWn Fwkn-FIvkn(aƒ n ItΩm-Un n FIvkvtN- v) 8.84 ix-am-\-am-bn-cp Hmlcn ] mfnøw 2013 PqWn hntzi \nt -]I ÿm]-\-ßƒ 18.24 ix-am-\-ambn h [n- n- p. AtX kabw 2013 CXp-hsc Cu Hml-cn-bpsS hne 80 ix-am\w CSn-bp-IbmWv snbvx-xv. Ign PqWn PnSn-F C {^bn hntzi \nt -]I ÿm]-\-ßƒ v 0.50 ix-am\w am{x-ap m-bn-cp Hmlcn ] mfnøw 2013 PqWn 12.65 ix-am-\-am-bmwv h [n- n- Xv. Hcp h j-øn-\nss Cu Hmlcn-bpsS G hpw Db hne 9.90 cq]-bmbn-cp- p. Ct m-gsø hne 1.78 cq] am{xam-wv. Hmlcn kqnn-i-bp-ambn Xmc-Xayw snøp-tºmƒ Xo Øpw Zp _-e-amb {]I-S \w ImgvN sh Hml-cn-I-fn hntzi \nt -]I ÿm]-\-ßfpss Xm cyw h [n- Xv Cu Iº-\n-Isf kw_- n {]Xn-Iqe hm Ø-Isf Hmlcn hne ]cam-h[n {]Xn-^-en- n p Ign- p-sh pw aqey-øns ASn-ÿm-\-Øn Cu Hmlcn-Iƒ BI j-i-am-sw- p-ap \nk-a-\- Øns ASn-ÿm-\-Øn-em-sW v A\-en- Ãp-Iƒ Nq n- m- p- p. Pqssebn eniznuv ^ p-i-fpss BkvXn-bn 45,300 timsn cq]-bpss tnm. cq]-bpss aqey-x-i XS-bp-Isb e y-tømss dnk hv _m v [\-e-`yx Ipd-bp- -Xn-\mbn kzoi-cn \S-]-Sn-I-fmWv eniznuv ^ p-i-fn I\Ø hn \ kω Z-Øn\v hgn-sh- -Xv. CtX XpS v eniznuv ^ p-ifpss BkvXn- 1.29 e w timsn cq]- bmbn Ipd- p. Pqsse-bn ayqnz ^ p-ifpss samøw B kvxnbn 50,600 timsn cq] (Bdv ix-am-\w)bpss CSn-hp- m-bn. 2013 am n\p tijw BZy-am-bmWv ayq Nz ^ p-i-fpss BkvXn F v e w timsn p Xmtg v CSn-bp- - Xv. Bw^n (Atkm-kn-tb-j Hm ^v ayqnz ^ v kv C C y)- bpss dnt m v A \p-k-cn v 7.61 26 sluvpv Hmlcn sk]v w-_ 2013 eniznuv ^ p-i-fn \n v tnm Xv 45,000 timsn cq] e w timsn-bmwv Pqsse-bnse BkvXn. {Sjdn _n p-iƒ, ItΩ-gvky t] dp-iƒ, k n-^n- vkv Hm^v sut m-kn v kv XpS-ßnb AXoh {lkz-im-e-tø- p IS- -{X-ß-fnemWv eniznuv ^ p-iƒ \nt ]w \S-Øp- -Xv. \ne-hn tim td- p-iƒ ]pd-øn-d- p ItΩ-gvky t] dp-iƒ 11.50 ix-am-\hpw _m p-iƒ ]pd-ønd- p k n-^n- vkv Hm^v sut m-kn v kv 10.50 ix-am\hpw GI-tZi hm jni t\ amwv \ Ip- -Xv. eniznuv ^ p-iƒ s]mxpsh G hpw Ipd dnkvip su v ^ p-i-fm-bm Wv ]cn-k-wn- -s -Sp- -Xv. F m dnk hv _m v [\-e-`yx Ipd-bp- -Xn-\mbn kzoicn \S-]-Sn-I-fmWv su v hn]-wn-sbbpw AXp hgn eniznuv ^ p-iƒ Dƒs -ssbp su v ^ p-i-sfbpw Gsd {]Xn- Iq-e-ambn _m[n- -Xv. [\-e-`yx ho pw sa -s -Sp kml-ncyw D m-bm am{x ta su v hn]-wn-bpss {]I-S\w sa -s - Sp-I-bp- q-sh- mwv A\-en-Ãp-Iƒ Nq n- m- p- -Xv.

Outlook \nt -]-I pw a[p-c-øn\v ] -kmc hmßmw Hmlcn hn]wn CSn-bp-tºmƒ ItΩm- Un n t]mep a v \nt ] am K-ß-fnte v Xncn-bp- Xv Hcp hn`mkw \nt -]- I-cpsS coxn-bmwv. AØ-c- m v hnjymx \nt -]-I-\mb Pnw tdmtp-gvkns hm p- Iƒ v snhn simsp- mw. ItΩm-Un n t{su am v At±lw \ Ip D]-tZiw ] -km-c- hmßm-\m-wv. Imcy-ßƒ Ipg- - Øn-em-bn-cn- p-tºm-gmwv Xm Ft mgpw \nt ]w \S-Øm-dp- -sx pw F m-esøbpw Db hne-bpss 75 ix-am\w Xmsg \n p ] kmc ItΩm-Un n t{su am v ani A-h-k-c-amWv \ Ip- -sx pw At±lw ]d-bp- p. kz Whpw sh nbpw ssihiw sh p- p-s - nepw Ct mƒ Xm Ah hmßp- n-s - mwv Pnw tdmtpgvkv ]d-bp- -Xv. AtX kabw ASpØ h jw Ch hmßp- -Xn-\p Ah-kcw e`n- p-sa pw At± lw {]Xo- n- p- p. temi-øn G hpw IqSp-X kz Ww hmßp cmpy-amb C y Cd- p-axn ]cn-an-x-s -Sp-Øp-tºmƒ Pnw tdmtpgvkv Unam v- -kssπ A\p-]m-X-Øn am w hcpsa- mwv At±lw Nq n- m- p- -Xv. cq]- bpss aqey-x-i C y-bpss kmº-øni `{ZXsb Xs {]Xn-Iq-e-ambn _m[n- p kml-n-cy-øn Cd- p-axnsnehv Ipdbv p- -Xn-\mbn C y kz Ww Cd- p-axn snøp Xv ]cn-an-x-s -Sp Øm \n _- n-x-amipsa mwv Pnw tdmtpgvkns \nk-a-\w. Hmlcn \nt -]-Øn\v A\p-tbm-Py-amb cmpy-sa \ne-bn C ybpss BI j-wo-bx Ipd p hcn-i-bm-sw A`n-{]m-bamWv Pnw tdmtpgvkv ]pe Øp- -Xv. hntzi \nt - ]I ÿm]-\-ßƒ a v hf p-h-cp hn]-wn-i-fn-te v Xncn-bp- -Xns kqn\ Pnw tdmtp-gvkns hm p-ifn-ep- v. aym am-dnemwv At±lw G hpw ani \nt ] km[yx ImWp- - Xv. djybpw \nt -]-km-[y- X-bp ani hn]-wn-bmsw v At±lw A`n-{]m-bs -Sp- p. News Scan hn \-bn ho pw s]t{smƒ Imdp- Iƒ Uok Imdp-Isf Hmh ts v sn bvxp. 25 amk-øn\p tij-amwv Uok Imdp-I-fnse hn]-wn-bnse B[n-]Xyw Ah-km-\n- -Xv. Uok hne Db -txm ss Uok Imdp-I-fn \n pw s]t{smƒ Imdp-I-fn-te v D]-t`m- m- ƒ IpSn-tbdn s]t{smƒ Imdp-Iƒ Uok Imdp-Isf adn-i-s p XpS-ßn-sb- mwv hn -\-bpss IW- p- Iƒ kqnn- n- p- -Xv. s]t{smƒ Imdp- Iƒ v Unam v h [n- -txmss Im \n am-xm- fpw D m-z- \-Øn s] t{smƒ ImdpI ƒ v ap K-W \ \ In XpSßn-. \S p km º-ØnI h jw H mw ss{xam-k-øn 42 ix-am\w D]-t`m m fmwv Uok Im hmßn-b- Xv. I-gn h jw CtX Imeb-hn 54 ixam\w D]-t`m- m- ƒ Uok Im hmßnb ÿm\-ømwnxv. FÆ D m-z\ Iº-\n-Iƒ Uok hne h [n- n- p- Xv s]t{smƒ, Uok hne-bnse A cw Ipd- -XmWv s]t{smƒ Im hn \ h [n- p- -Xn\v Imc-Ww. cmpym- c hne-bp-ambn Xpe\w {]m]n- p- Xp hsc L -ß-fmbn Uok hne h [n- n- p- -Xn\v Ign P\p-h-cn-bn k m FÆ D m-z\ Iº-\n-Iƒ v A\p-hmZw \ In-bn-cp- p. Pqsse amk-øn s]t{smƒ Im hn -\-bn 12.5 ix-am\w h [-\-bp- msb- mwv dnt m v. Hmt msamss_ taj e ISpØ {]Xn-k- nsb t\cn-sp-ibpw samøw hn \ Ipd-bp-Ibpw snøp kml-n-cy-øn BWn-Xv. AtX kabw Uok Im hn \ IpØs\ CSn-bp-I bpw snbvxp. s]t{smƒ Im hn -\-bnep- m-b h [\ \nc- n-t\- mƒ henb CSn-hmWv Uok Im hn -\-bn-ep- mb-xv. sluvpv Hmlcn sk]v w-_ 2013 27

- Fixed Income ÿnc-\n-t -]-Øn-eqsS ani t\ -Øn\v F^v-Fw-]n-Iƒ t\ w IW- m- p-tºmgpw \nipxn _m[yx ]cn-kwn- p-tºm gpw Ct m-gsø \ne-bn _m v ^nivkuv sut m-kn- pitf- mƒ ani- Xv F^v-Fw-]n-I-fmWv. cq]-bpss aqeyxi XS-bp- -Xn-\mbn dnk hv _m v ssisim \S-]-Sn-Isf XpS v [\-e-`yx IpdbpIbpw ]en-i-\nc- p-iƒ Db-cpIbpw snøp kml-n-cy- Øn F^v-Fw]n (^n-ivkuv sanyq-dn n πm ) BI ji-amb \nt ] am K-ambn amdn-bn-cn- p-i-bm-wv. Db t\ w \ Ip F^v-Fw-]n-I-fp-ambn ayqnz ^ v Iº-\n-Iƒ hn]-wn-bn-se-øp- p. CØcw \nt ] ] -Xn-I-fpsS Hgp v Xs -bmwv hn]-wn-bn D m-bn-cn- p- - Xv. F mwv F^v-Fw]n? _m v ÿnc-\n-t -]-Øn\v Xpey-amWv F^v-Fw]n. ayqnz ^ v Iº-\n-I-fmWv F^v-Fw]n F t]cn-ep su v πm\p- Iƒ hn]-wn-bn-se-øn- p- -Xv. _m v \nt -]Øn \n p ]eni Dd- mbpw \nt -]-I\v e`n- p- -XmsW n F^v- Fw-]n-bnse t\ w kqnnx t\ -am-wv. sk_n-bpss \n tziw A\p-k-cn v F^v- Fw]nbn \n p t\ w Kymc ouv BsW v {]Jym-]n- m ayqnz ^ v Iº-\n-Iƒ v A\p-hm-Z-an-. AXn-\m-emWv kqnnx t\ w (C n-t Uv dnt ) F v ]cm-a in- p- -Xv. k n-^n- vkv Hm^v sut m-kn- vkv (kn-un), ItΩ-gvky t] (kn-]n), awnam v C kv{sp-sa vkv, tim -td v t_m v F o IS- -{X-ß-fnepw Nne-t mƒ _m v ÿnc-\n-t -]-ß-fnepw \nt -]n- p su v kvioap-i-fmwv F^v-Fw-]n. Hcp amkw apx aq v h jw hsc-bmwv F^v-Fw-]n-bpsS \nt ] Ime-b-f-hv. \nt ]w \S-Øp IS- -{X-ß-fpsS Imeb-fhv A\p-k-cn v F^v-Fw-]n-bpsS \nt ] Ime-b-f-hpw hyxy-kvx-am-bn-cn- pw. Ime-b-f-hv ]q Øn-bm-Ip- -Xn\v apºv \nt ]w ]n h-en- m km[n- n-. F^v-Fw-]n-I-fpsS \yq ^ v Hm^ (F - F-^v-H) ct m aqt m Znhkw am{x-amwv 28 sluvpv Hmlcn sk]v w-_ 2013 \o p-\n p-i. Cu ka-bøp am{x ta Ch-bn \nt -]n- m km[n- p- Ibp q. ^nivkuv sut m-kn- n-t\- mƒ Db t\ w F^v-Fw-]n-I-fpsS kqnnx t\ -tø- mƒ bym t\ -Øn\v t\cnb hyxnbm-\-ap- m-imw. AtX kabw _m v ÿnc- \n-t -]Øn \n v \ Ip t\ w Kymc ouv dnt -Wp-ambn hyxym-k-ap- m- Im-dn-. F m ^nivkuv sut m-kn- p- I-tf- mƒ ani t\ amwv F^vFw]n \ Ip- Xv. 13 amk Ime-b-f-hpw 9.3 i X-am\w ]enibpap ^n IvkUv sut m-kn- n \n pw 10 e w cq] v apifn hm jni hcp-am-\-ap \nt -]-I\v \nip-xn Ingn- -Xn\p tijw e`n- p- Xv 6.96 ix-am\w hm jn I ]eni Bbn-cn- pw. kam\ \nc n-ep F^v- Fw-]n- \ Ip t\ w 10.08 ix-am-\-am-wv. \nipxn _m[yx IW- m- p-tºmgpw F^v -Fw]n-bmWv _m v ^nivkuv sut mkn- n-t\- m-ƒ BI j-iw. ^nivkuv sut m-kn- n\p ]en-i \nt -]-Is \nipxn m_v A\p-k-cn- v \nipxn hnt[- b-am-wv. DZm-l-c-W-Øn\v _m v ^nivkuv sut m-kn- p-i-fn \nt -]n- p 10 e -Øn\v api-fn hcp-am-\-ap h ]eni-bpss 30.90 ix-am\w \nip-xn-bmbn (k Nm Pv Dƒs -ss) \ I-Ww. AtX kabw Hcp h j-øn\v api-fn \nt ] Ime-b-f-hp F^v-Fw]nbn \n p t\ w Zo L-Ime aqe-[\ t\ ambmwv IW- m- p- -Xv. Zo LIme aqe-[\ t\ - Øn\v \nipxn \ ti- -Xn-. F^v-Fw- ]nbpss Ime-b-fhv Hcp h j-øn XmsgbmsW- n \nipxn m_v A\p-kcn- mhpw \nipxn IW- m- p- -Xv. Db \nipxn m_n s]sp- h v F^v-Fw-]n-bmWv _m v ^nivkuv sut m-kn- n-t\- mƒ A\p-tbm-Pyw. DZml-c-W-Øn\v 13 amkw Ime-b-f-hp 9.3 ix-am\w hm jni ]eni e`n- p ^nivkuv sut m-kn- n \n pw 10 e w cq] v api-fn hm jni hcp-am-\-ap \nt -]-I\v \nip-xn Ingn- -Xn\p tijw e`n- p- Xv 6.96 ix-am\w hm jni ]eni am{x-am-bn-cn- pw. AtX kabw kam\ kqnnx t\ \nc- n-ep F^v-Fw-]n-bn \n v e`n- p t\ w 10.08 ix-am-\-am-wv. _m v ^nivkuv sut m-kn- n-te-xn-t\- mƒ F^v -Fw-]n-bn \n v \nt -]-I v e`n- p- Xv aq v ix-am-\-øn-tesd hm jni t\ -am-sw v Cu Xm-c-X-ayØn \n pw hy w. ]pxnb ^ p-iƒ {]h-ln- p p HmK-Ãn F^v-Fw-]n-I-fpsS 40 F -F- ^vh(\yq ^ v Hm^ )I-fmWv FØn-b-Xv. G{]n apx Pq hsc ]pd-øn-d-ßnb F^v-Fw]n F -F-^v-H-I-fpsS Cc- n-bm-wn- Xv. s]mxpsh an F^v-Fw-]n-I-fp-sSbpw Ime-b-fhv Hcp h j-am-sw- n ]en-i-\nc- p-iƒ Db-cp kml-n-cy-øn Hcp amkhpw aq v amkhpw ssz Ly-ap F^v Fw-]n-Ifpw FØp- p. aq v h jsø F^v-Fw]n 10.5 ix-am\w t\ -amwv \ Ip- -Xv. CXv _m v ÿnc-\n-t -]-Øn ]eni-tb- mƒ Db -Xm-Wv.

kz W-hmbv]m Iº-\n-Iƒ F knun ]pd-øn-d- p p apøq v ^n\m kns bpw aw- pdw ^n\m kn-s bpw F kn-un- Cjyp sk]v w-_-dn- \S- pw. HIvtSm-_-dn F knun Cjyp \S-Øm-\mWv apøq v ^n tim ns ] -Xn. kz Whmbv]m _nkn-\kv cwkøv ticfw Bÿm-\-ambn {]h Øn- p apøq v ^n\m kv, aw- pdw ^n\m kv, apøq v ^n tim v F o Iº-\n-Iƒ [\-k-am-l-c-w-øn-\mbn F knun (t\m I sh _vƒ Uns_- )Iƒ ]pd-øn-d- p- p. Db ]en-i-\n-c- nep ÿnc-h-cp-am\ am K-ßƒ txsp \nt -]-Isc kw_- n- n-s-tømfw BI jiamwv F kn-un-iƒ. cq]-bpss aqeyw ]nsn- p-\n Øm-\mbn dnk hv _m v kzoi-cn \S-]-Sn-Isf XpS v [\-e-`yx Ipd-bp-Ibpw ]en-i-\n-c v Db-cpIbpw snøp kml-n-cy-øn Cu Iº-\n-Iƒ HSp-hn \S-Ønb F knun Cjyp-hn-te- Xn-t\- mƒ sa -s ]en-i-\n-c v CØh-W-bp- m-ip-sa- mwv kqn-\. sk]v w-_-dn-emwv apøq v ^n\m kn s bpw aw- pdw ^n\m kn-s bpw F kn-un-bpss Cjyp \S- p- -Xv. AAtd nw-kmwv apøq v ^n\m kns Cjyphn\v e`n- n-cn- p- -Xv. 1000 cq] apj-hn-ebp F kn-un-i-fn-eqss 150 timsn cq] kam-l-cn- p-i-bmwv Iº-\n-bpsS e yw. ap h j-ß-fn F kn-un-i-fpss hn - \-bn-eqss Iº\n 1800 timsn cq] kam-lcn- n-cp- p. CXv \mem-asø Xh-W-bmWv apøq v ^n\m kv F knun Cjyp \S- Øp- -Xv. aw- pdw ^n\m kv F kn-un-i-fpss hn -\-bn-eqss 100 timsn cq] kam-l-cn- m-\mwv Dt±-in- p- -Xv. HIvtSm-_-dn F knun Cjyp \S-Øm-\mWv apøq v ^n tim ns ] -Xn. kam-l-cn- p XpI \n -bn- n- n-. F mwv F knun? \nt -]-I-cn \n pw Iº-\n-Iƒ kzoi-cn- p Hcp Xc-Øn-ep hmbv]- bmwv Uns_-. Hml-cn-I-fm n am m \pw am m km[n- m-ø-xp-amb Uns_- -dp-i-fp- v. t\m IW-h -_nƒ Uns_- dpiƒ (F kn-un) Hml-cn-Ifmbn am m-\m-hmø Uns_- -dp-ifmwv. Ch-bpsS bo Uv Hml-cn-I-fmbn am m-\m- Ip Uns_- -dp-i-tf- mƒ Db -Xm-bncn- pw. F kn-un-iƒ ]ªnIv Cjyp-hn\p tijw tãm v FIvkvtN- n enãv snøp-ibmwv ]Xnhv. enãv snbvxxn \p tijw Ch Hml-cn-I-sf t]mse hmßm\pw hn m\pw \nt -]-I v \ne-hn-ep Zo L-Ime _m v \nt -]-Øns ] eni\nc- n-t\- mƒ aq v- - \mev ix-am\w Db hm jni t\ w F kn-unifnse \nt -]-Øn-eqsS e`n- p-sa- Xv su n \n t ]w \S-Øm Xm cy-s -Sp- hsc kw_- n v BI j-i-am-wv. km[n- pw. Cjyp hne-tb- mƒ Db hne v hym]mcw snøp t_m p-iƒ \nt -]-I v FIvkvtN v hgn hn m km[n- pw. hn msx ssihiw sh p t_m p-iƒ v F knunbpss Iq td v (IS- -{X- Øn \nt -]n- p \nt -]-I\v \nt ] Ime-b-fhv Ign-bp- Xp hsc ssihiw sh p-i-bm-sw- n e`n- p hm jni ]en-ibmwv Iq td v)a\pk-cn- p t\ w e`n- pw. \ne-hn-ep Zo L-Ime _m v \nt - ]-Øns ]eni\nc- n-t\- mƒ aq v- - \mev ix-am\w Db hm jni t\ w F kn-uni-fnse \nt -]-Øn-eqsS e`n- p-sa- Xv Xo -bmbpw su n \nt ]w \S-Øm Xm -cy-s -Sp- -hsc kw _- n v Gsd BI j-i-am-wv. Hcp e w cq] hsc-bp _m v \n t -]-Øn\v dnk hv _m v \ Ip- Xp t]mep kpc- n-xxzw F kn-uniƒ v Cs - nepw ani Iº-\n-I-fpsS F kn-un-iƒ sxc-s -Sp- p- hsc kw_- n- n-s-tømfw dnkviv Ipd-hmWv. td nwkv GP kn-iƒ F knuniƒ v \ Ip td nwkv aqe-[\ kpc- n-x-xz-øn-\p Hcp am\-z-wvuw IqSn-bm-Wv. A+ td nw-kp F kn-un-iƒ axn-bmb kpc- n-x-xz-amwv Dd p \ Ip- -Xv. sluvpv Hmlcn sk]v w-_ 2013 29

Insurance F -sfkn t]mfn-kn-iƒ v sne-th-dp p HIvtSm_ H v apx F -sf-kn-bpss ]c-º-cm-kx C jp-d kv t]mfn-kn-iƒ sne-th-dn-b-xm-ip- p. aq v ix-am\w tkh\ \nipxn D]-t`m- m- -fn \n pw F -sfkn CuSm- p- txmss t]mfnkn DS-a-Iƒ IqSp-X XpI hm jni AS-hmbn \ ti- n-h-cpw. \ne-hn kzimcy C jp-d kv Iº- \n-iƒ D]-t`m- m- -fn \n v tkh\ \nipxn CuSm- p-tºmƒ F -sfkn {]Nm-c-ta-dnb F tum-hvsa v, awn-_m v t]mfn-kn-iƒ v tkh\ \nipxn CuSm- m-dn-. t]mfnkn DS-a-bpsS ^ n (C- Xp-hsc CuSm- nb Nm Pp-Iƒ Ign- p {]oan-bhpw \nt -]-Øn \n p t\ hpw Dƒs - -XmWv t]mfnkn DS-a-bpsS ^ v) \n mwv F -sfkn \nipxn CuSm- n \ In-bn-cp- -Xv. F m sfb Un-F-bpsS \n tziw A\p-k-cn v F -sf-kn v Cu G msv \n Ø-emt n h n-cn- p-i-bm-wv. tkh-\-\n-ipxn {]txy-i-ambn t]mfnkn DS-a-bn \n v CuSm- -W-sa- mwv sfb Un-F-bpsS DØ-c-hv. \ne-hn Hcp e w cq] hm jni {]oan-b-ap Hcp F tumhvsa v t]mfn-kn v HIvtSm-_ H v apx 1,03,000 cq] {]oan-b-ambn \ ti- n-h-cpw. sse^v C jp-d kv taj-e-bn 83 ix-am\w hn]wn ] m-fn-ø-ap F sf-kn- v kzimcy C jp-d kv Iº-\n- Ifpam-bp a cøn -{]oan-b-øns Imcy-Ønep m-bn-cp ta ss -bmwv \ne-hn Hcp e w cq] hm jni {]oan-b-ap F -sf-kn-bpss F tum-hvsa v t]mfn-kn v HIvtSm-_ H v apx 1,03,000 cq] hm jni AShmbn \ ti- n-h-cpw. CtXmsS \jvs-am-ip- -Xv. AtX kabw tkh\ \nipxn {]txy-i-ambn CuSm- p- -txmss t]mfn-kn-i-fn-t -ep t_mwkv h [n- m km[y-x-bp-s - mwv F sfkn hrø-ßƒ Ah-Im-i-s -Sp- -Xv. t]mfnkn DS-a-bpsS ^ n \n v tkh\ \nipxn CuSm- p- Xv \n Ø-em- p- txmss ^ ns aqeyw h [n- p-sa- - XmWv CXn\v Imc-W-ambn F -sfkn hrø-ßƒ Nq n- m- p- -Xv. tkh\ \nipxn h [n- n- p- Xv Db {]oan-b-ap CΩo-Un-b v A\zn n πm\p-i-fp-w knwknƒ {]oanbw t]mfn-kn-ifpw hmßp- -h-sc-bmwv IqSp-X-embn _m[n- p-i. {]oanbw IqSp- Xv A\p-k-cn v tkh\ \nip-xnbpw IqSpw. Banking kmºøn-i-amμyw ]nsn-ap-dp- p-tºmgpw s{iun v Im Uv hgn-bp D]-t`m-K-Øn h h [-\-sb v dnt m v. s{iun v Im Uv hgn-bp icm-icn {]Xn-amk sne-hn-s c v h jw apºv 4462 cq]-bm-bn-cp- Xv 6322 cq]-bmbn h [n- p-sh- mwv dnt m n ]d-bp- -Xv. samss_ t^m-wp-ifpw Ce- Ivt{Sm-WnIvkv D - -ßfpw s{iun v Im Uv D]-tbm-Kn v hmßp-tºmƒ Xpey-am-k-K-Uphmbn ]W-a-S- m-\p kui-cy-amwv s{iun v Im Uv D]-tbmKw h [n- m hgn-sbmcp nb-xv. hn p- h v s{iun v dn kvin- m-sxbpw hm ßp- -h v ]en-_m- [y-x-bn- m-sxbpw CS- ]msv \S-Øm-hp Cu coxn hym]-i-am bn kzoi-cn- -s - n- p- v. D]-t`mKw h [n- Xpw s{iun v Im Uv D]-tbmKw IqSn-b- Xn\v Imc-W-am-bn- p- v. 2011 sabv amk Øn samøw s{i Un v Im Uv D]-tbm 30 sluvpv Hmlcn sk]v w-_ 2013 s{iun v Im Uv D]-tbm-K-Øn h h [\ Kw 7880 timsn cq]-bm-bn-cp- p. 2013 sabv amk-øn CXv 12,380 timsn cq]-bmbn h [n- p. h [\ 57 ix-am-\w. \mev h j-øn\p tijw s{iun v Im Uv taje hf -bnte v Ic-I-b-dn. s{iun v Im Up-I-fpsS FÆw 1.76 timsn-bn \n v 1.95 timsnbmbn h [n- p. kvam vt^m-wp-iƒ t]mep hne-tbdnb D - -ß-fpsS hn \ h [n- n- p- -Xn-\mbmWv \n am-xm- ƒ Xpey-am-k-K-Uphmbn ]W-a-S-bv m-hp kvioap-iƒ v cq]w \ In-b-Xv. ]eni _m[yx \n am-xmthm IS- m-ct\m hln-t - n-h-cp-sa- nepw CØcw kvioap-iƒ hgn D - -ßƒ hmßn-b-h ]W-a-S-bv p- -Xn hogvn hcp- Øn-bm AXns dnkviv t\cn-ts- n-h-cp- Xv s{iun v Im Uv \ Inb _m n-\m- Wv. AXp-sIm- p-xs \n am-xm- ƒ CØcw kvioap-iƒ hgn D - -ßƒ hym]- I-ambn hn m Xm -cy-s -Sp- p. s{iun v Im Uv hgn km[-\-ßƒ hmßn-b-xns _n Xpey-am-k-K-Up-hmbn AS-bv m\p kuicyw s{iun v Im Uv Iº-\n-Iƒ \ Ip- p- v. F m CXn\v ]eni hcp-sa- -Xn-\m kzoimcyx Ipdhm-Wv. C jp-d kv Iº-\n-Ifpw Nne k m ÿm]-\-ßfpw s{iun v Im Uv hgn ]Ww kzoi-cn- p p v. AtX kabw ]en-i-bn- mø Xpey-am-k-KUp kvioap- Iƒ mwv kzoim-cyx IqSp-X.

Insurance {]oanbw XncnsI e`n p t]mfn-kn-iƒ \jvsw hcp-øn-sh pw km[m-cw tsw t]mfn-kn-iƒ v D]-t`m- m- sf BI jn- m km[n- møxn\m-emwv t]mfnkn Ime-b-fhn\v tijw {]oanbw XpI XncnsI e`n p tsw t]mfn-kn-iƒ v C jp-d kv Iº-\n-Iƒ cq]w \ In-b-Xv. sse^v C jp-d kv F e yw G hpw icn-bmb coxn-bn \S- n-em-ip- Xv tsw t]mfn-kn-i-fn-em-wv. ]t C jp-d kv D]-t`m- m- -fn tsw t]mfn-kn- Iƒ FSp- p hcpss FÆw hfsc ]cnan-x-am-wv. t]mfnkn DS-a v acww kw`hn- n-s - n {]oanbw \jvs-am-ip-sa- Xpw tsw t]mfn-kn-i-fn \n v \nt -]-sa \ne-bn bmsxmcp dnt Wpw e`n p- ns Xpw tsw t]mfn-kn-iƒ FSp- p- -Xn \n pw D]-t`m- m- sf ]n n-cn- n- p LS-I-am-Wv. sse^v Ih-tdPv am{xw \ Ip t]m fn-kn-i-fm-sw -Xn-\m tsw t]mfn-kn- Iƒ v Ct mgpw F tum-hvsa v t]mfnkn-i-sftbm bpen-]p-i-sftbm t]mse D]- t`m- m- sf Imcy-ambn BI jn- m km[n- mø kml-n-cy-øn-emwv t]mfn kn Ime-b-f-hn\v tijw {]oanbw XpI Xn cnsi e`n p tsw t]mfn-kn-iƒ v sse ^v C jp-d kv Iº-\n-Iƒ cq]w \ Inb-Xv. CØcw t]mfn-kn-iƒ FSp- p t]mfnkn DS-a-Iƒ v t]mfnkn Ime-b-fhv ]q Øn-bm-Ip-tºmƒ AS {]oanbw XpI XncnsI e`n- pw. H -t\m- -Øn km[m-cw tsw t]mfn-kn- I-tf- mƒ BI j-i-amwv Cu t]mfn-kn- Iƒ F v txm m-w. AS {]oanbw \jvs-am-in- t m F Nn D]- t`m- m- -fnep m-ipi kzm`mhn-iw. Cu a\-im-kv{xsø NqjWw snøpibmwv C jp-d kv Iº-\n-Iƒ snøp- -Xv. km[m-cw tsw t]mfn-kn- I-tf- mƒ Db {]oanb amwv {]oanbw Kymc n \ Ip tsw t]mfn-kn-i-fpts-xv. DZm-l-c-W-Øn\v F vun-f^vkn tsw Ajzd kv πm\n 25 e w cq]-bpss ]cn-c- -bv mbn 30 m-asø hbkn 25 h j t]mfnkn Ime-b-fthmsS t]mfnkn FSp- p Hcmƒ \ ti hm jni {]oanbw 6848 cq]- bm-wv. AtX kabw F vun-f^vkn {]oanbw Kymc n tsw πm\n 25 e w cq]-bpss ]cn-c- - mbn 30 m-asø hbkn 25 h j t]mfnkn Ime-b-f-thmsS AS {]oanbw \jvs-am-in- F Xn-\m H -t\m- -Øn km[m-cw tsw t]mfn-kn-i-tf- mƒ BI j-i-amwv {]oan bw XncnsI e`n p t]m fn-kn-isf v txm m-w. Cu a\:-im-kv{xsø NqjWw snøpibmwv C jp-d kv Iº-\n-Iƒ. t]mfnkn FSp- p Hcmƒ \ ti hm jni {]oanbw 19500 cq]-bm-wv. {]oan-b- Ønse A cw hfsc hep-xm-wv.tsw Ajzd kv πm\ns bpw {]oanbw Kymc n tsw πm\ns bpw {]oanbw XpI-Ifnse hyxymkw 12652 cq]. C\n-bmWv IW- nse Ifn-Iƒ. {]oanbw Kymc n πm\n A[n-I-ambn \ Ip {]oanbw XpI v bmsxmcp dnt Wpw C jp-d kv Iº-\n-bn \n v e`n- p- n-. AS- p {]oanbw XpI am{xw XncnsI e`n- p- p. AXmbXv 19500 cq] hoxw hm jni {]oanbw \ In F vun-f^vkn {]oanbw Kymc n tsw πm FSpØ Hcmƒ v t]mfnkn Ime-b-f-hn-\nsS acww kw`-hn- n-s - n Ime-b-fhv ]q Øn-bm-bm XncnsI e`n- p- Xv 4,87,500 cq]-bm-bn-cn- pw. AtX kabw 6848 cq] hm jni {]oan-b-ambn \ In tsw Ajz-d kv πms\- SpØv C jp-d kv ]cn-c Dd- p-h-cpøp- Ibpw {]oanbw Kymc n πm\n A[n-Iambn Hmtcm h jhpw \ ti n-h-cp 12,652 cq] Hml-cn-I-fntem ayqnz ^ ntem ÿnc \nt ] am K-ß-fntem 25 h j-tø v \nt -]n- p-i-bpam-sw- n e`n- p- Xv ani t\ -am-bn-cn- pw. DZm-l-c-W-Øn\v {]Xn-h jw 12,652 cq] hoxw 25 h j-tø v \S-Øp \nt ] Øns hm jni ]eni F v ix-am\w IW- m- p-i-bm-sw- n \nt ] Imeb-f-hn\p tijw e`n- p- Xv 9,22,962 cq]- bm-bncn pw. AXm-bXv {]oanbw XncnsI e`n- p- - Xn\mbn Db {]oan-b-ap t]mfn-kn-bn tn m \jvs-am-ip- Xv 4,35,462 cq]-bm- Wv. km[m-cw tsw t]mfnkn FSp pibpw _m n XpI \nt -]n- p-ibpw snøp- - XmWv em`-i-c-sa v Cu IW- n \n pw hy -am-wv. sluvpv Hmlcn sk]v w-_ 2013 31

Mutual Fund ayqnz ^ v \nt -]-Øns snehv Fßs\ Ipdbv mw? ^ ns FIvkvs] kv tdtjym IqSp- -Xn\v A\p-k-cn v t\ w Ipd-bpw. ImcWw F Fhn-bn \n v Ingn- p XpI FIvkvs] kv tdtjym IqSp- -Xn\v A\p-k-cn v IqSpw. kam\amb {]I-S\w ImgvN sh p Htc hn`m-k-øn s]sp H n IqSp-X ^ p-i-ƒ ns-bn Hcp Xnc-s -Sp v \S- ØpI ]e-t mgpw \nt -]I v hnj-a- I-c-ambn A\p-`-h-s -Smdp- v. ^ p-i-fpss sxc-s -Sp- n CØ-c-samcp B i-b- p-g w hcp-tºmƒ \nt -]-I v B{i-bn- m-hp am\-z-wvu-amwv ^ p- I-fpsS FIvkvs] kv tdtjym. ayqnz ^ v \nt -]-Øn \n v e`n- p t\ sø _m[n- p Hcp LS-Iw F \nebn FIvkvs] kv tdtjym snehv Ipd ^ p-iƒ I s -Øm klmbiamb Hcp D]m-[nbm-Wv. Hcp ^ v am t\pv snøp-tºmƒ ayqnz ^ v Iº- \n v hnhn-[-bn\w sne-hp-iƒ hcp- p- v. Cu snehp-i-fn-te- mbn hnhn-[-bn-\-ønep Nm Pp-Iƒ ayqnz ^ v Iº- \n-iƒ \nt -]-Icn \n v CuSm- p- p. amt\pv sa v ^okv, cpnkv{sm B v {Sm kv^ GP v ^o kv, HmUn v ^okv, ItÃm-Un-b ^o kv, am - nwkv ^o kv, Unkv{Sn-_yq-j ^okv F nhbmwv ayqnz ^ p-iƒ hnhn[ sne-hp-i-fpss ASn-ÿm-\-Øn \nt -]-I-cn \n v CuSm- p- -Xv. ayqnz ^ p-iƒ CØ-c- Øn Nm Pv C\-Øn CuSm- p XpI- ^ ns BkvXn-bpsS F{X ix-am\w BsW- mwv FIvkvs] kv tdtjym kqnn- n- p- -Xv. snehv C-\-Øn F - Fhn-bn \n v Ingn- p XpI-bpsS KWy-`m-Khpw ^ v amt\pv snøp- -Xn\v Iº\n CuSm- p amt\-pvsa v ^o kmwv. skiyq-cn- okv B v FIvkvtN v t_m Uv Hm^v C y (sk-_n)-bpss N w 32 sluvpv Hmlcn sk]v w-_ 2013 A\p-k-cn v ayqnz ^ ns FIvkvs] kv tdtjym ]c-am-h[n 2.50 ixam\w Bbn-cn- -Ww. AXm-bXv sne-hn-\-øn CuSm- p ^okp-iƒ BkvXn-bpsS 2.50 ix-am-\-øn IqSp-X BIm ]msn-. Bdv amk-øn-sem-cn- -emwv ^ v lu kp-iƒ FIvkvs] kv tdtjym shfn-s - Sp-Øp- -Xv. ^ ns FIvkvs] kv tdtjym Iq Sp- -Xn\v A\p-k-cn v t\ hpw Ipd-bpw. ImcWw F Fhn-bn \n v Ingn- p XpI FIvkvs] kv tdtjym IqSp- -Xn\v kz w \ne-bn ^ p-iƒ sxc-s -Sp- p h p am{x-ta Ub-dIvSv πm\p-iƒ sim v KpW-ap- q. ^ p- Iƒ t\cn v sxc-s -Sp- m ssh`-h-an- mø km[mcw \nt -]-I v hnx-c-w- m-cpss tkh\w Hgn-hm- m-\m-in-. A\p-k-cn v IqSpw. FIvkvs] kv td tjym Ipd ^ v sne-hn-\-øn \nt -]-Øn \n v Ingn- p XpI F Ivkvs] kv tdtjym IqSp-X-ep ^ v sne-hn-\-øn Ingn- p XpI-tb- mƒ Ipd-hm-bn-cn pw. s]mxpsh Ipd BkvXn-bp ^ p-i-fpss FIvkvs] kv tdtjym hen b BkvXn-bp ^ p-i-tf- mƒ Db \ne-bnembncn- pw. sn-dp-ins ^ v lu kp-i-fpss ]e ani ^ p-ifpssbpw F Ivkvs] kv tdtjym Db \ne-bn-emsw v ImWm-hp- - Xm-Wv. CØcw ^ p-ifpss BkvXn Xmc-X-tay\ Ipd-hmsW Xp Xs Imc- Ww. Ub-dIvSv πm\p-i-fnse \nt ]w \nt -]-Ønse snehv Ipd-bv m-\p IqSp-X ^e-h- Ømb am Kw Ub-d IvSv πm\p-i-fn \n t -]n- p-i-bm-wv. hnx-c-w- msc Hgnhm n ayqnz ^ v Iº-\n-I-fpsS Hm^okp-Iƒ hgntbm ayq Nz ^ v Iº-\n-IfpsS sh_vssk- p- Iƒ hgntbm t\cn v \nt ]w \S-Ømhp ^ p-i-fmwv U b-divsv πm\p-iƒ. hnx-c-w- msc Hgn-hm- p- -Xn-\m Ah p IΩn-j XpI em`n- m-sa -XmWv UbIvSv πm\p-i-fpss khn-ti-j-x. Ub-dIvSv πm\p-i-fpss F Ivkvs] kv tdtjym km[m-cw πm\p-ifp-ts-xn-t\- mƒ Ipd-hm-Wv. F m kz w \ne-bn ^ p-iƒ sxc-s -Sp- p h p am{x-ta UbdIvSv πm\p-iƒ sxc- -Sp-ØXp sim v KpW-ap- q. ^ p-iƒ t\cn v sxc-s - Sp- m ssh`-h-an- mø km[m-cw \nt -]-I v hnx-c-w- m-cpss tkh\w Hgn-hm- m-\m-in-.

Personal Finance kvam vt^m hgn C\n e`n pw kvam v _m nwkv k hokv kvam vt^m Bπn-t -j\piƒ hgn thk-øn tkh-\-ßƒ \ Ip πm vt^mw hni-kn- n- p- -Xn _m nw-kv -[-\-Imcy tkh\ taj-e-bnse Iº-\n-Iƒ {]txyi {i Im p p. hmbv]bv v At]- n- m Xs Dugw hcp- Xpw ImØv _m v imj-bn Zo Lambn ImØn-cn-t Ime-sams Ign- p. hmbv]bv v At] \ Im C\n _m n t]mhpi t]mepw th. kvam v t^m-wnse Bπn-t -j- D]-tbm-Kn v hmbv]bv p At] \ Im-hp Xc- Øn-ep \qx\ tkh\ coxn-ifmwv _m nwkv tkh\ k{º-zm-b-ßsf \nc- cw am n-a-dn- p-sim- n-cn- p ]pxp-x-e-apd _m p-iƒ \S- n-em- p- -Xv. cmpysø G hpw henb c m-asø kzimcy _m mb F vun-f^vkn _m mwv kvam vt^m hgn hmbv]m At] \ Im-hp tkh\w BZy-ambn \S- n-em- n-b-xv. kvam vt^m hgn A u v kw_- n ASn-ÿm\ hnhcßƒ \ IpI am{xta D]-t`m- mhv sntø- -Xp- q. Hmt mta Uv knã-øn tcj]-s -Sp-Ø-s - n- p D]-t`m- m-hns s{iun v lnãdn kw_- n hni-zmw-ißƒ ]cn-tim-[n- -Xn\p tijw At] kzoi-cn- -s -Sp- p. \ne-hn-ep D]-t`m- m- fpss s{iun v lnãdnbpss ASnÿm-\-Øn Ah v A l-amb ]pxnb tkh-\-ßsf Ipdn v Adn-bn- p-ibpw snøp- p. ]c-º-cmkx timƒ sk -dp-ifnse Poh\- m-cpss FÆw Ip d-bv m\pw D]-t`m- m-hn\v IqSp-X thk-øn tk h\w \ Im\pw kvam v t^m Bπn-t -j-\p- Iƒ D]-tbm-Kn- p-sim- p Cu tkh\ coxn-bn-eqss _m p- Iƒ v km[n- p- p. Hcp Poh- -\- m-cs CS-s]- S-ep-an- msx D]-t`m- m-hn \v X\n vth "sk ^v k hokv' A Xn-thKw e`n- p-ibpw sn øp- p. Hcp imj-bn e `n- p an kvam vt^m-wnse Bπn-t j- D]-tbm-Kn v hmbv] bv p At] \ Imhp Xc-Øn-ep \qx\ tkh\ coxn-ifmwv _m nw Kv tkh\ k{º-zm-b-ßsf \nc- cw am n-a-dn- p-sim- n-cn- p ]pxp-x-e-apd _m p- Iƒ \S- n-em- p- -Xv. -hmdpw tkh-\-ßfpw e`y-am-ip Xc- Øn kvam vt^m-wpi-fn D]-tbm-Kn- p _m nwkv Bπn-t -j-\p-iƒ hni- kn- n- -s - n- p- v. CØcw Hmt m-ta- Uv sk ^v- -k hokv Hm]vj IqSp-X D]- t`m- m- ƒ v e`y-amhp txmss timƒ sk -dp-i-fn-se-øp timfp-i-fpss FÆ- Øn 60 ix-am\w Ipd-hp- m-ip-sa- mwv ssivt\m-fpn Kth-jW ÿm]-\amb Km SvW \S-Ønb k th-bn Nq n- m- p - Xv. _m p-i-fmwv XpS- -Øn CØcw tkh\w D]-tbm-Kn- m Bcw-`n- -sx- nepw Ct mƒ C jp-d kv Iº-\n-Ifpw kvam vt^m Bπn-t -j hgn-bp-ff tkh-\-ßƒ \ Ip- p- v. _PmPv Aeb kv, Sm m FsFF C jp-d kv XpSßnb C jp-d kv Iº-\n-Iƒ Xß-fpsS D]-t`mKvXr tkh\w sa -s -Sp-Øp- -Xn- \mbn kam-\-amb kmt -Xn-I-hn-Zy-Iƒ D]- tbm-kn- p- p- v. [\-Imcy tkh-\-ßsf Ipdn- p hnh-c-ßƒ kvam vt^m-wp-ifn e`y-am- pi F e y-tømss bmwv Cu Iº-\n-Iƒ ]pxnb Bπn-t j-\p-iƒ cq]-s -Sp-Øp- -Xv. DZm-l-c-W-Øn\v _PmPv Ae-b kv P\- d C jp-d kv CubnsS hn]-wn-bn-en-d- nb Cuko-Sm_v F B t{um-bnuv Bπn-t -j D]-tbm-Kn v Hcp t]m fnkn DS-a v hml\ C jp-d kv t]mfn kn ]pxp- m\pw s bn-ap-iƒ cpn-ã sn øm\pw km[n- pw. Bπn-t -j kzoicn- p s{iun v Im Uv hgntbm su_n v Im Uv hgntbm {]oanbw XpI AS bv mw. Im Uv Bπn-t -j kzoicn p Ign- m Im Uv DS-a-bpsS A u- n \n v {]oanbw su _n v snøp-ibpw DS Xs t]m fnkn Cjyp snøp-ibpw snøpw. t\csø Hm sse hgnbp tkh-\-ßƒ ]cn-n-bs -Sp-Øn-b-tXmsS _m nwkv- -[-\- Imcy tkh\ taj-ebn h Xv henb am -ß-fm-bn-cp- p. Cu taj-e-bn-ep F m Iº- \n-ifpw Hm sse πm v t^mw hni-kn- n- p-ibpw sn bvxp. kam-\-amb coxn-bnemwv kvam vt^m Bπn-t -j πm vt^mw hni-kn- n- p- -Xn\v Cu taj-e-bnse Iº-\n-Iƒ {]txyi {i Im p- -Xv. sluvpv Hmlcn sk]v w-_ 2013 33

Q1 Results {]apj Iº\nIfpsS {]h Ø-\^ew kωn{iw {]apj em PvIm v Iº-\n-I-fpsS 2013-14 kmº-øni h j-ønse H mw ss{xamk {]h Ø-\-^-e-ß-fpsS Ah-tem-I-\w. Ign e -Øn \n pw XpS. sluvpv dnk v sukviv \S p kmº-øn-i-h jw G{]n apx Pq hsc-bp H mw ss{xamk Ime-bf-hnse {]apj Iº-\n-I-fp-sS {]h Ø-\- ^-e-ßfn kωn{i kz`m-h-amwv \ng-en- -Xv. Pqsse- Ahkm-\-hm-c-Ønepw HmK-Ãnep-ambn {]Jym-]n {]apj Iº-\n-I-fpsS {]h Ø-\-^-e-ßsf Ipdn- p hne-bn-cp- Ø-emWv Xmsg \ In-bn-cn- p- -Xv. sfsnkn: ap h j-tø- mƒ ani -sx- nepw hn]wn {]Xo- n- Xnt\- mƒ Xmgv {]h Ø\ ^e-amwv {]apj F^v- Fw-knPn Iº-\n-bmb sfsnkn ]pd-øp-hn- -Xv. sfsnknbpss H mw ss{xamkøn se A m-zm-bw 1891.33 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 1602.14 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS samøw hcp-am\w 7613.88 timsn cq]-bmbn h [n- p. ap h jw CtX Ime-b-f-hn 6876.43 timsn cq]-bpss samøw hcp-am-\-amwv Iº\n t\sn-b-xv. amcpxn kpkpin: hn]wn {]Xo- n- Xns\m w \n p Xpw ap h j-tø- mƒ ani Xpamb em`-amwv C y-bnse G hpw henb Im \n am-xm- -fmb amcpxn kpkpin ssih-cn- Xv. amcpxn kpkp-in-bpss H mw ss{xamkønse A m-zm-bw 631.61 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 423.77 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\nbpsS samøw hcp-am\w 10441.64 timsn cq]- bmbn Ipd p. ap h jw CtX Ime-b-fhn 10890.46 timsn cq]-bpss samøw hcpam-\-amwv Iº\n t\sn-b-xv. skbn : ap h j-tø- mƒ Xmgv {]h Ø\ ^e-amwv skbn ]pd-øp-hn- -Xv. skbn-ens H mw ss{xamkønse A m-zm-bw 808.17 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 1133.78 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS samøw hcp-am\w 12957.48 timsn cq]-bmbn h [n p. ap h jw CtX Ime-b-f-hn 11168.17 timsn cq]-bpss samøw hcp-am-\-amwv Iº\n t\sn-b-xv. - sã sse v C -kv{sokv: ap h j-tø- mƒ Xmgv {]h Ø\ ^e-amwv sã sse v C -kv{sokv ]pd-øp-hn- -Xv. sã sse v C -kv{sokns H mw ss{x 34 sluvpv Hmlcn sk]v w-_ 2013 amkønse A m-zm-bw 934.06 timsn cq]- bmwv. ap h jw CtX Ime-b-f-hn 1201.59 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 9315.29 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 11596.8 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. sfun-f^vkn: hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ ani Xpamb {]h Ø\ ^e-amwv sfun-f^vkn ]pd-øp-hn- -Xv. sfun- F^vknbpsS H mw ss{x amkønse A m-zm-bw 557.31 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 379.78 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 2298.57 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 1842.17 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. sp]n Atkm-kn-tb vkv: hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ ani Xpamb {]h Ø\ ^e-amw sp]n Atkm-kn-tb vkv ]pd-øp-hn- -Xv. sp]n Atkm-kn-tb vkns H mw ss{xamkønse A m-zm-bw 334.51 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 138.84 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 3351.93 G hpw henb kzimcy tajem _m mb sfknsfknsf _m ns bpw Fkv_n-sF, bqwn-b _m v, I\dm _m v F o s]mxp-ta-jem _m p-ifpssbpw \njv{in-bmkvxn H mw ss{xamk-øn h [n- Xv Cu Hml-cn-Iƒ v Xncn- -Sn-bm-bn. timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 3036.67 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. dne-b kv Im n- : ap h j-tø- mƒ ani em`amwv dne-b kv Im n- ssih-cn- Xv. dne-b kv C -kv{sokns H mw ss{xamkønse A m-zm-bw 133 timsn cq]-bmwv. ap h jw CtX Ime-bf-hn 45 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 1938 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 1676 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. skk-tkmh: hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ Xmgv Xpamb em`-amwv skktkmh ssih-cn- Xv. skk-tkmhbpss H mw ss{xamkønse A m-zm-bw 414.3 timsn cq]-bmwv. ap h jw CtX Ime-bf-hn 963.97 timsn cq]-bpss A m-zm-bamwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 383.74 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 1747.72 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. tum.-sd-uvvokv em_v: hn]wn {]Xo- n- Xnt\- mƒ Xmgv Xpw ap h j-tø- mƒ ani Xpamb {]h Ø\ ^e-amwv tum.-sd-uvvokv em_v ]pd-øp-hn- -Xv. ap h jtø- mƒ Xmgv em`-hp-amwv Iº\n t\sn-b-xv. tum.-sd-uvvokv em_ns H mw ss{xamkønse A m- Zm-bw 360.93 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 335.98 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\nbpsS H mw ss{xam-k-ønse samøw hcpam\w 2882.48 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 2562.46 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. F Sn-]nkn: ap h j-tø- mƒ ani em`-amwv F Sn-]nkn ssih-cn- -Xv. F Sn- ]nknbpss H mw ss{xamkønse A m- Zm-bw 2527.02 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 2498.67 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-

bpss H mw ss{xam-k-ønse samøw hcpam\w 16358.78 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 16847.94 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. `mcxn Fb ss : hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ Xmgv Xpamb {]h Ø\ ^e-amw `mcxn Fb ss- n-t -sx- nepw ani hf ssih-cn- m- km[y-xbps amt\-pvsa ns {]Jym-]\w Hmlcn hne Db-cp- -Xn\v hgn-sh- p. `mcxn Fb ss- ns H mw ss{xamkønse A m-zm-bw 688.9 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 762.2 timsn cq]-bpss A m- Zm-b-amWv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-øn se samøw hcp-am\w 20299.5 timsn cq]-bm-bn Db p. ap h jw C tx Ime-b-f-hn 18570.3 timsn cq]bmbn-cp p Iº\nbpsS samøw h cp-am-\w. F vkn-f ssivt\mfpokv: hn]wn {]Xo- n- Xnt\ mƒ ani Xpw ap h j-tø- mƒ ani Xpamb {] h Ø\ ^e-amw F vkn-f ssivt\mf Pokv ]pd-øp-hn- -Xv. F vkn-f ssivt\mfpokns H mw ss{x amkønse A m-zm-bw 1447.21 timsn cq]-bmwv. ap h jw CtX Imeb-f-hn 658.75 timsn cq]-bpss A m-zm-b-am Wv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse sam Øw hcp-am\w 4285.7 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 2610.31 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. sfkn-sf-knsf _m v: hn]wn {]Xo- n- Xns\m w \n p Xpw ap h jtø- mƒ ani Xp amb {]h Ø\ ^eamw sfkn-sf-kn sf _m v ]pd-øp-hn- - Xv. ]t _m ns B kvxn-ta Ipd p. sfkn-sf-knsf _m ns H mw ss{xam kønse A m-zm-bw hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ Xmgv Xpam b {]h Ø\^e-amWv `mcxn Fb ss- n-t -sx- nepw ani hf ssi h-cn- m- km[y-xbps amt\-pvsa ns {]Jym- ]\w Hmlcn hne Db-cp- - Xn\v hgn-sh- p. {]apj Iº-\n-I-fpsS H mw ss{xam-k-ønse {]h Ø-\-^ew Iº\n A m-zmbw (timsn) hcp-am\w (timsn) 2013-14 2012-13 hf 2013 14 2012-13 hf Q1 Q1 (%) Q1 Q1 (%) sfsnkn 1891.33 1602.14 18.05 7613.88 6876.43 10.72 amcpxn kpkpin 631.61 423.77 49.04-10441.64 10890.46-4.12 skbn 808.17 1133.78-28.71 12957.48 11168.17 16.02 sã sse v C -kv{sokv 934.06 1201.59 0.08 9315.29 11596.8 19.67 sfun-f^vkn 557.31 379.78 46.74 2298.57 1842.17 24.77 sp]n Atkm-kn-tb vkv 334.51 138.84 140.93 3351.93 3036.67 10.38 dne-b kv Im n- 133 45 195.55 1938 1676 15.63 skk-tkmh 414.3 963.97 57.02 383.74 1747.72 78.04 tum.-sd-uvvokv em_v 360.93 335.98 7.42 2882.48 2562.46 12.48 F Sn-]nkn 2527.02 2498.67 1.13 16358.78 16847.94 2.90 `mcxn Fb ss 688.9 762.2 9.61 20299.5 18570.3 9.31 F vkn-f ssiv 1447.21 658.75 119.69 4285.7 2610.31 64.18 sfkn-sf-knsf _m v 2747.39 2076.58 32.30 18351.85 16639.71 10.28 sfunbm sk p-em 462.71 234.14 97.62 6538.77 5503.69 18.80 sss m C kv{sokv 182.48 156-.12 16.88 3145.91 2230.86 41.01 bqwn-b _m v 560.22 511.59 9.50 7613.53 6561.1 16.04 Sm m ]h 114.7 145.93 9111.57 7316.47 24.53 dm _mivkn - 524.24 585.25 2718.83 3328.50 18.31 ep]n 401.06 280.39 43.03 2577.11 2277.3 13.16 Sm m tamt mgvkv 1726.07 2244.91-23.11 46966.95 43562.1 7.81 Im\dm _m v 792.07 775.24 2.17 10507.88 9164.47 14.65 - UnF -F^v 181.19 292.79-38.11 2328.55 2453.18 5.08 F v]n-kn-f 1460.48 9248.8 51968.01 44710.17 16.23 HF Pnkn 4015.98 6077.7 33.92 20505.24 21216.24-3.35 Fkv_nsF 4298.56 4874.7 11.81 52502.29 46782.7 12.22 _n]n-kn-f 150.32-8836.7 59074.74 54862.24 7.67 ln Um tim 474.09 424.77 11.61 6265.87 6329.37 1.01 alo{μ & alo{μ 937.91 725.64 29.25 10186.75 9427.24 8.05 Sm m Ão 1139.01 597.88 90.50 32988.42 34110.58 3.28 skbn 450.91 696.41 35.25 9722.01 8550.03 5.08 ssiva-lo{μ 686.3 540.5 27 4103.2 3372.7 21.7 2747.39 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 2076.58 timsn cq]-bpss A m- Zm-b-amWv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 18351.85 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 16639.71 timsn cq]bmbn-cp p Iº\nbpsS samøw hcpam-\w. sfunbm sk p-em : hn]wn {]Xo- n- Xnt\ mƒ ani Xpw ap h j-tø- mƒ ani Xpamb {]h Ø\ ^e-amwv sfunbm sk p-em ]pd-øp-hn- -Xv. sfunbm sk p-emdns H mw ss{xamk Ønse A m-zm-bw 462.71 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 234.14 timsn cq]-bpss A m-zm-b-amwv Iº\n t\snb-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 6538.77 timsn cq]- bm-bn Db p. ap h jw CtX Ime-b-f-hn 5503.69 timsn cq]bmbn-cp p Iº\nbpsS samøw hcpam-\w. sss m C kv{sokv: ap h j-tø- mƒ ani sx nepw hn]wn {]Xo- n- Xnt\ mƒ Xmgv {]h Ø-\-^-e-am-Wv sss m C kv{sokv ]pd-øphn- -Xv. AtX kabw ani hf ssih-cn- m- km [y-xbps amt\pv sa ns {]Jym-]\w Hm lcn hne Db-cp- -Xn\v hgnsh- p. sss m C kv{so kns H mw ss{xamk Ønse A m-zm-bw 182.48 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 156.12 timsn cq]-bpss A m-zm-bamwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xamk-ønse samøw hcpam\w 3145.91 timsn cq]-bmbn Db p. ap h jw CtX Ime-b-f-hn 2230.86 timsn cq]bmbn-cp p Iº\nbpsS samøw hcpam-\w. bqwn-b _m v: hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ ani Xpamb {]h Ø\ ^e-amw bqwn-b _m v ]pd-øp-hn- -Xv. AtX kabw _m ns BkvXnta Ipd- p. bqwn-b _m ns H mw ss{xam kønse A m-zm-bw 560.22 timsn cq]-bmwv. ap h jw CtX Ime-b-fhn 511.59 timsn cq]-bpss sluvpv Hmlcn sk]v w-_ 2013 35

Q1 Results em`-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 7613.53 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 6561.1 timsn cq]bmbncp p Iº\nbpsS samøw hcp-am-\w. Sm m ]h : hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpw ap h j-tø- mƒ Xmgv Xpamb {]h Ø\^e-amWv Sm m ]h ]pd-øp-hn- -Xv. Sm m ]h \memw ss{x amkøn 114.7 timsn cq]bpss \jvs-amwv tcj-s -Sp-Øn-b-Xv. ap h jw CtX Imeb-f-hn 145.93 timsn cq]-bpss A m-zm-bamwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 9111.57 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 7316.47 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. dm _mivkn: dm _mivkn \jvs-amwv tcj-s -Sp-Øn-b-sX- nepw am Pn sa -s - -Xns ASn-ÿm-\-Øn Iº\n Hcp Xncn- p-h-chv \S-Øm-\p km[y-x-bp-s Nne \nt -]I ÿm]-\ß-fpss hne-bncp-ø-ep-iƒ Hmlcn hne i -ambn Db-cp- -Xn\v hgn-sh- p. dm _mivkn H mw ss{xamkøn 524.24 timsn cq]bpss \jvs-amwv tcj-s -Sp-Øn-b-Xv. ap h jw CtX Ime-b-f-hn 585.25 timsn cq]-bpss \jv-samwv Iº\n t\cn -Xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 2718.83 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 3328.50 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. ep]n : ap h j-tø- mƒ ani sx nepw hn]wn {]Xo- n- Xnt\ mƒ Xm 36 sluvpv Hmlcn sk]v w-_ 2013 gv {]h Ø-\-^-e-am-Wv ep]n ]pd-øphn- -Xv. ep]ns H mw ss{xamkønse A m-zm-bw 401.06 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 280.39 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 2577.11 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 2277.3 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. Sm m tamt mgvkv: ap h j-tø- mƒ Xmgv Xpw hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpamb {]h Ø-\-^-e-am-Wv Sm m tamt mgvkv ]pd-øp-hn- -Xv. Sm m tamt m gvkns H mw ss{xamkønse A m-zmbw 1726.07 timsn cq]-bmwv. ap h jw C tx Ime-b-f-hn 2244.91 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\nbpsS H mw ss{xam-k-ønse samøw hcpam\w 46966.95 timsn cq]-bm-bn Db p. F vkn-f ssivt\m-fpo kv, sfunbm sk p-em, UnF -F^v, _n]n-kn- F, Sm m Ão, alo{μ & alo{μ F o Iº-\n- Iƒ hn]wn {]Xo- n- Xnt\- mƒ ani H mw ss{xamk {]h Ø-\-^-eamWv ]pd-øp-hn- -Xv. ap h jw CtX Ime-b-f-hn 43562.1 timsn cq]bmbn-cp p Iº\nbpsS samøw hcpam-\w. Im\dm _m v: ap h j-tø- mƒ ani- sx- nepw hn]wn {]Xo- n- Xnt\ mƒ Xmgv {]h Ø-\-^-e-am-Wv Im\dm _m v ]pd-øp-hn- -Xv. BkvXn ta Ipd-bp-Ibpw snbvxp. AtX kabw t\csø Xs Im\dm _m ns Hmlcn hne-bn I\Ø CSn-hp- m-b-xn-\m {]h Ø-\-^-e-sØ XpS v hne-bn henb Xncp-Ø-ep- m-bn-. Im\dm _m ns H mw ss{xamkøn se A m-zm-bw 792.07 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 775.24 timsn cq]-bpss A m-zm-b-amwv Iº\n t\sn-b-xv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 10507.88 timsn cq]-bmbn Db p. ap h jw CtX Ime-b-f-hn 9164.47 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. UnF -F^v: ap h j-tø- mƒ Xmgv sx- nepw hn]wn {]Xo- n- Xnt\ mƒ ani {]h Ø-\-^-e-am-Wv UnF -F^v ]pd-øp-hn- -Xv. UnF -F^ns H mw ss{xamkønse A m-zm-bw 181.19 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 292.79 timsn cq]-bpss A m-zm-b-amwv Iº \n t\sn-b-xv. Iº-\n-bpsS H mw ss{xamk-ønse samøw hcp-am\w 2328.55 timsn cq]-bm-bn Db p. ap h jw CtX Imeb-f-hn 2453.18 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. F v]n-kn-f : H mw ss{xam-k-øn F v]n-kn-f \jvs-amwv tcj-s -Sp-Ønb-sX- nepw ap h j-hp-ambn Xmc-Xayw

snøp-tºmƒ \jvsw Ipd-bv m km[n- p. F v]nknf ns H mw ss{xamkønse \jvsw 1460.48 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 9248.80 timsn cq]-bpss \jvsamwv tcj-s -Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 51968.01 timsn cq]-bm-bn Db p. ap h jw CtX Ime-b-f-hn 44710.17 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. HF Pnkn: ap h j-tø- mƒ Xmgv sx- nepw hn]wnbpss {]Xo- -bvs m w \n p {]h Ø-\-^-e-am-Wv HF Pnkn ]pd-øp-hn- -Xv. HF PnknbpsS H mw ss{xamkønse A m-zm-bw 4015.98 timsn cq]-bmwv. ap h jw CtX Ime-bf-hn 6077.7 timsn cq]-bpss A m- ZmbamWv tcj-s -Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 20505.24 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 21216.24 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. Fkv_nsF: ap h j-tø- mƒ Xmgv {]h Ø-\-^-e-am-Wv Fkv_nsF ]pd-øphn- -Xv. BkvXn-ta Ipd-bp-Ibpw snbvxp. Fkv_nsFbpsS H mw ss{xamkønse A m-zm-bw 4298.56 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 4874.7 timsn cq]-bpss A m-zmbamwv Iº\n tcj-s - Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k- Ønse samøw hcp-am\w 52502.29 timsn cq]-bm-bn h [n p. ap h jw CtX Imeb-f-hn 46782.7 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. _n]n-kn-f : ap h j-tø- mƒ ani Xpw hn]wn {]Xo- n- Xnt\ mƒ ani- -Xp-amb {]h Ø-\-^-e-am-Wv _n]n-kn- F ]pd-øp-hn- -Xv. _n]n-kn-f ns H mw ss{xamkønse A m-zm-bw 150.32 timsn cq]-bmwv. ap h jw CtX Ime-bf-hn 8836.75 timsn cq]-bpss \jvsamwv Iº\n tcj-s -Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 59074.74 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 54862.24 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am- \w. ln Um tim: ap h jtø- mƒ ani Xpw hn]wnbpss {]Xodm _mivkn \jvs-amwv tcj-s -Sp-Øn-b-sX- nepw am Pn sa -s - -Xns ASn-ÿm-\-Øn Iº\n Hcp Xncn- p-h-chv \S-Øm- \p km[y-x-bp-s Nne \nt -]I ÿm]\ ßfpsS hne-bn-cp-ø-ep- Iƒ Hmlcn hne i -ambn Db-cp- -Xn\v hgn-sh- p. bvs m w \n p -Xp-amb {]h Ø- \-^-e-am-wv ln Um tim ]pd-øp-hn- -Xv. ln Um timbpss H mw ss{xamkønse A m-zm-bw 474.09 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 424.77 timsn cq]-bpss A m-zm-bamwv Iº\n tcj-s -Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 6265.87 timsn cq]-bm-bn Ipd p. ap h jw CtX Ime-b-f-hn 6329.37 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. alo{μ & alo{μ: ap h j-tø- mƒ ani Xpw hn]wn {]Xo- n- Xnt\ mƒ ani- -Xp-amb {]h Ø-\-^-e-am-Wv alo{μ & alo{μ ]pd-øp-hn- -Xv. alo{μ & alo{μbpss H mw ss{xamkønse A m- Zm-bw 937.91 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 725.64 timsn cq]-bpss A m-zm-bamwv Iº\n tcj-s -Sp- ØnbXv. Iº-\n-bpsS H mw ss{xam-k- Ønse samøw hcp-am\w 10186.75 timsn cq]-bm-bn h [n p. ap h jw CtX Ime-b-f-hn 9427.24 timsn cq]bmbncp p Iº\nbpsS samøw hcp-am-\w. Sm m Ão : ap h j-tø- mƒ ani Xpw hn]wn {]Xo- n- Xnt\ mƒ ani- -Xpamb {]h Ø-\-^-e-am-Wv Sm m Ão ]pd- Øp-hn- -Xv. Sm m Ãoens H mw ss{xamkønse A m-zm-bw 1139.01 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 597.88 timsn cq]-bpss A m-zm-bamwv Iº\n tcj-s -Sp-ØnbXv. Iº-\n-bpsS H mw ss{xam-k-ønse samøw hcp-am\w 32988.42 timsn cq]-bm-bn Ip-d p. ap h jw CtX Ime-b-f-hn 34110.58 timsn cq]bmbn-cp p Iº\nbpsS samøw hcp-am-\w. skbn : ap h j-tø- mƒ Xmgv Xpw hn]wn {]Xo- n- Xnt\ mƒ Xmgv Xpamb {]h Ø-\-^-e-am-Wv skbn ]pd-øphn- -Xv. skbnens H mw ss{xamkønse A m-zm-bw 450.91 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 696.41 timsn cq]-bpss A m-zm-bamwv Iº\n tcj-s -Sp- ØnbXv. Iº-\n-bpsS H mw ss{xam-k- Ønse samøw hcp-am\w 10494.08 timsn cq]-bm-bn Ip-d p. ap h jw H mw ss{xam-k-øn 11055.95 timsn cq]bmbncp p Iº\n ssih-cn samøw hcp-am- \w. ssiv alo{μ: ap h j-tø- mƒ ani {]h Ø-\-^-e-am-Wv ssiv alo{μ ]pd-øphn- -Xv. ssiv alo{μbpss H mw ss{xamk Ønse A m-zm-bw 686.3 timsn cq]-bmwv. ap h jw CtX Ime-b-f-hn 540.5 timsn cq]-bpss A m-zm-bamwv Iº\n tcj-s -Sp- ØnbXv. Iº-\n-bpsS H mw ss{xam-k- Ønse samøw hcp-am\w 4103.2 timsn cq]bm-bn h [n p. ap h jw C tx Ime-b-f-hn 3372.7 timsn cq]bmbn-cp p Iº\nbp ss samøw hcp-am-\w. sluvpv Hmlcn sk]v w-_ 2013 37

Company Report sibv C y: Db dnkviv k - Xbp h v A\p-tbmPyw F\ Pn taj-e-bnse Hml-cn-Ifn \nt -]n m Xm -cy-s -Sp, Db dnkviv k - -X-bp- h v 377 cq] e y-an v sibv C y-bpss Hmlcn hmßm-hp- -Xm-Wv. apl-ωzv k^o-jv, jmp si.-fkv Aeq-an-\n-bw, snºv, kn v, Cubw, sh n, Ccp-º-bncv XpS-ßnb {]Ir-Xn-hn-`-h-ßfpsS ]cy-th-j-w-ønepw D m-z-\-ønepw G s - n-cn- p thzm {Kq ns `mkamwv sibv C y. C y-bn 15 h jambn {]h Øn- p-h-cp sibv C y cm PysØ FÆ- -hm-xi hn`-h-ßƒ hni-kn- n- p taj-e-bn Hcp {][m\ ] mwv hln- p- -Xv. Ct m-gsø hne dnkviv k - X {]Xo- n- p hne sibv C y 310 cq] (23 08-2013se hne) Db Xv 377 cq] Ing- C y-bnse tchbmwv Iº\n BZy-ambn hni-kn- n FÆ- -hm-xi ]msw. ]n osv 2000 ]Sn- m-d C y-bnse e van hmxi ]mtw Is -Øp-Ibpw 2002 D m-z\w Bcw-`n- p-ibpw snbvxp. kzx- { -ambn hmxi ]cy-th-j-whpw D m-z- \hpw \n h-ln- p C y-bnse G hpw henb Iº-\n-I-fn-sem- mwv sibv C y. sibv C ybpw kwbp kwcw` ] mfn-ifpw tn mwv C y-bnse B`y- c {IqUv Hmbn D m-z-\-øns 20 ix-am- \hpw \n h-ln- p- -Xv. kmº-øn-i-\ne 2012-13 kmº-øn-i-h j-øn Iº\n hcp-am-\-øn 48 ix-am\w hf ssihcn- p. 56 ix-am\w hf -tbmss A m-zmbw 11,605 timsn cq]-bmbn Db p. 17,524 timsn cq]-bmwv Ign kmº-øni h j- Ønse hcp-am-\w. D m-z-\-øn 19 ixam\w hf -bp-ap- m-bn. 2,05,323 _mc FÆ-bmWv {]Xn-Zn\w D m-zn- n- p- -Xv. Ign kmº-øni h jw Iº-\nbpsS hcp-am-\hpw A m-zm-bhpw F m-esøbpw Db \ne-bn-se-øn. cmp-ÿm tªm nse D m-z\w h [n- Xpw {]h Ø-\ snehv Ipd- -Xp-amWv Iº-\n-bpsS hf bv v kml-b-i-am-b-xv. ani an -[- \ap Iº\n v hmbv]m _m[y-x-bn-. 38 sluvpv Hmlcn sk]v w-_ 2013 sibv C y skivs F\ Pn C]n-Fkv 63.11 ]n/c 4.6 C kv{sn ]n/c 11.79 hn]-wn-aqeyw 57490 timsn cq] 52 BgvNsØ 365.90 cq] Db hne 52 BgvNsØ Xmgv hne 267.90 cq] _p v hmeyp 249.70 cq] ss{]kv Sp 1.2 _p v hmeyp _o 0.629 t^kv hmeyp 10 cq] F -F-kvC CAIRN timuv _nf-kvc 532792 timuv \nt -]-I-tcmSv kulm Z-]-c-amb kao- ]\w kzoi-cn- p Iº-\n-bmWv sibv C y. F m h jhpw em`-øns 20 ixam-\-tømfw Iº\n em`-hn-ln-x-ambn \ Im-dp- v. Ign h jw Hcp Hml-cn v 11.5 cq] hox-amwv Iº\n em`-hn-ln-x-ambn A\p-h-Zn- -Xv. samøw em`-øns 21.2 ixam\w Hml-cn-bp-S-a-Iƒ v em`-hn-ln-x-ambn hnx-cww snbvxp. FÆ- -hm-xi tªm p-ifn ]cy-thjww \S-Øp- Xp kw_- n \b-øn ti{μk m hy X hcp-øn-bxv cmpÿm tªm ns hn`htijn ]q W-ambn D]-tbm-Kn- p- -Xn\v Iº-\n v klm-b-i-am- Ipw. ASpØ aq v h j-øn-\p- n cmpÿm tªm n 450 ]cw FÆInW-dp- Iƒ Ipgn- m-\mwv Iº-\n-bpsS ] -Xn. CXn- \mbn Iº\n 300 timsn tumf-dns \nt ]w \S-Øpw. \nt -]-km-[yx Db dnkviv k - -X-bp- \nt - ]-I v 377 cq] e y-an v Cu Hmlcn hmßm-hp- -Xm-Wv.

Market Leaders lmsh kv Vs hn -Km Uv I kyq-a Ce-Iv{Sn D taj-e-bnse {]apj Iº-\n-I-fmb lmsh kpw hn -Km Upw XΩn-ep Ivt{Sm-WnIv sã_n-sse-k {_m pw I kyq-a Ce-Iv{Sn D taj-e-bnse {]apj Iº- \n-bp-amb hn -Km Uv 1977-emWv ÿm]n-x-am-b-xv. sã_n-sse-kdn\p ]pdsa ]ºp-Iƒ, Ce-Iv{SnIv hm lo -dp-iƒ, tkmfm hm lo -dp- Iƒ, ti_n-fp-iƒ, bp]n-f-kv, koenwkv ^m\p-iƒ XpS-ßnb D - -ßfpw Iº-\n-bp-tS-Xm-bp- v. 83 hnx-c-w- mcpw 75 tkh\ ti{μßfpap Iº\nbpsS D - - Xmc-X-ay-Øn IqSp-X anihv ]pe Øp- Xv GXv Hml-cn-bmWv? jmp si.-fkv I kyqa CeIv{Sn D taje cmpy-øns kmº-øni hf -bn Hcp {][m\ ] mwv hln- p- -Xv. P\-ß-fpsS hcp-am\w h [n- p- Xpw D]-t`m-K-\n-c v {Iam-\p-K-X-ambn Db-cp- Xpw I kyq-a CeIv{Sn tajebnse Iº-\n-Iƒ v Gsd KpW-I-c-am-Ip- p. 1958 ÿm]n-x-amb lmsh kv I kyq-a CeIv{Sn- D -ß-fpsSbpw sshzypxn hnx-cw D - -ß-fpsSbpw D m-z\amwv \n h-ln p -Xv. ti_vƒ & hb, tamt m-gvkv, ^m, ]h I m-kn-, ^vfqd-k v emw]v, eqan-\-do-kv, kzn p-iƒ XpS-ßnb D - -ß-fmWv Iº\n \n an- p- -Xv. kzn vkn-b-dp-iƒ, ti_vƒ, sse nw-kv, Ce-Iv{Sn- I kyqa Uyqd_vƒ F o \mev taj-e-i-fn-embmwv Iº\n {]h Øn- p- -Xv. {Im_v{So, kn hm-\n-b, tim tim Uv, eqan-\ kv, ent\m-sse v F n-h-bmwv Iº-\n-bpsS {_m p-iƒ. lcn-zzm, _Õn, t\mbn-u, kln-bm-_m-zv, A hm, ^co-zm-_m-zv F nhn-s-ß-fn-emwv Iº-\n-bpsS \n amw πm p-iƒ ÿnxn snøp- -Xv. bqtdm- v, em n Ata-cn-, B{^n F n-hn-s-ß-fnepw Iº-\n v \n amw πm p-ifp v. 50 cmpy-ßfn-embn 5000-tesd t]cmwv lmsh kn\p th n tpmen snøp- -Xv. C y-bnse G hpw henb Ce- ßƒ C y-bnse Ggm-bn-c-tØmfw dos -bn tjm p-i-fn e`y-am-wv. \mev timsn D]- t`m- m- -fmwv Iº-\n- p- -Xv. 700 ÿncw Poh-\- m-cp Iº\n 5500 t] v ]tcm- -ambpw sxmgn \ Ip- p. Ign kmº-øni h jw ani hf -bmwv hn -Km Uv ssih-cn- -Xv. A m- Zm-b-Øn 41.01 ix-am\w hf hn -Km Uv t\sn-b-t mƒ lmsh kv ssih-cn em` hf 11.9 ix-am\w am{x-am-wv. AtX kabw em`hpw hcp-am-\hpw XΩn-ep A\p-]mXw IW- n-se-sp-øm lmsh kv anihv ]pe Øp- p. lmsh kns em`w hcp-am-\-øns 7.27 ix-am-\-am-wv. AtX kabw hn -Km Un-s em`w hcp-am-\-øns 4.55 ix-am-\-am-wv. dnt Hm Ak n (Hcp Iº-\n-bpsS BkvXn-bp-ambn Xmc-Xayw snøp-tºmƒ Iº-\n-bpsS em`- -ax F{X-tØm-f-am-sW- mwv dnt Hm Ak v kqnn- n- p- - Xv)epw lmsh kmwv anihv ]pe Øp- - Xv. lmsh kns dnt Hm Ak v METRIC Havells V - Guard Sales(cr) 7247.89 1360.21 PAT(cr) 581.43 62.92 EPS(Rs) 46.58 21.08 PATM% 7.27 4.55 ROE% 48.50 26.66 Book Value (Rs) 115.57 87.56 ROA (%) 13.47 11.20 PE 12.98 27.72 Net Sales Growth (%) 11.19 41.01 Core EBITDA Growth (%) 0.51 18.48 PAT Growth (%) 57.18 23.85 Total Debt/Equity 0.68 0.63 Interest Cover 6.39 5.11 Face Value 5 10 Market cap(cr) 7544.79 1660.57 Dividend Payout Ratio 16.10 16.60 Share Price 617 547 13.47 ix-am-\-am-wv. AtX kabw hn - Km Uns dnt Hm Ak vkv 11.20 ixam-\-hpw. Ccp-I-º-\n-IfpsSbpw Hml-cn-I-fpsS aqeyw hne-bn-cp-øp-tºmƒ lmsh kmwv snehv Ipd \ne-bn hym]mcw snøp -Xv. lmsh kns Hmlcn hne {]Xn Hmlcn hcp-am-\-øns 12.98 as-ßm- Wv. AtX kabw hn -Km Uns Hmlcn hne {]Xn Hmlcn hcp-am-\-øns 27.72 asßm-wv. su v/cizn n tdtjym (Iº-\n-bpsS samøw _m[y-x-isf Hml-cn-bp-S-a-I-fpsS \nt ]w sim v lcn- p- -Xn-eqsS su v/ CIzn n tdtjym Is -Ømw. Db su v/ CIzn n tdtjym kqnn- n- p- Xv Iº\n hf m-]- -Xn-Iƒ mbn Db txmxn hmbv]m-xpi hn\n-tbm-kn- p- p-sh- m-wv.) bn Ccp-I-º-\n-Ifpw anihv ]pe Øp- p. lmsh kns su v/cizn n tdtjym 0.68 Dw hn -Km Uns su v/cizn n tdtjym 0.63Dw BWv. hcp-am-\hpw ]eni C\-Ønep snehpw XΩn-ep A\p- ]mx(c dãv Ih-tdPv tdtjym)ønepw Ccp-I-º-\n-Iƒ pw ani-hp- v. \ne-hn-ep Hmlcn hnebpss 1.21 ix-am-\-amwv lmsh kv \ Inb em`-ho-x-sa- n hn -Km Uv \ Inb em`-hoxw Hmlcn hnebpss 0.63 ix-am\w am{x-am-wv. ani hf m ] -Xn-I-fp Iº- \n-i-fmwv lmsh kpw hn -Km Upw. Ign kmº-øni h jw hn - Km Uns hcp-am-\-øn i -amb hf -bp- m-sb- nepw Ccp-I-º-\n-Isfbpw Xmc-Xayw snøp-tºmƒ lmsh kmwv ani {]I-S\w ImgvN sh p- -sx p ImWmw. aqeyw hne-bn-cp-øp-tºmƒ hn -Km Uns\ At]- n v snehv Ipd \ne-bnepamwv lmsh kns Hmlcn. sluvpv Hmlcn sk]v w-_ 2013 39

Stock Recommendations {lkz-ime \nt -]-Øn-\mbn A v Hml-cn-Iƒ ani- -Xp-amb {]h Ø-\-^-e-am-Wv Sm m Ão H mw ss{xam- k-øn ssih-cn- - Sm m Ão Xv. aqeyw IW- n-se- C]n-Fkv 52.13 Sp- p-tºmƒ BI j-i-amb \ne-bn-em ]n/c 5.41 Wv Sm m Ãoens Hm 52 BgvNsØ Db hne 448.10 cq] lcn. 568.46 cq] _p 52 BgvNsØ Xmgv hne 195.40 cq] vhmeyphp Iºhmtß hne 220 cq] \n-bpss Hmlcn hne e yam- p hne 320 cq] Ct mƒ AXns c n H v am{x-am-wv. sluvpv dnk v sukviv Sm m Ão temiøv G hpw IqSp-X cmpy-ß-fn km n-[y-ap c mmasø Ão Iº-\n-bmWv Sm m Ão. Aº-Xn-tesd bqtdm-]y, Gjy cmpy-ß-fn-emwv Iº-\n v km n-[y-ap- -Xv. 26 cmpyß-fn \n amw bqwn- p-i-fp- v. {]Xn-h jw 30 aney S {IqUv Ão D m-zn- n- m tijn-bp Sm m Ão temisø Bdm-asØ henb Ão \n am-xm- -fm-wv. C y-bnse Iº-\nbpsS J\n-Iƒ Akw-kvIrX hn`-h-ßƒ Is -Øp- -Xn Sm m Ãoens\ kzbw]-cym]vxam p- p. ap h j-tø- mƒ ani Xpw hn]wn {]Xo- n- Xnt\ mƒ {lkz-ime \nt -]-Øn-eqsS t\ -ap m- p- -Xn\mbn Ct mƒ hmßm A\p-tbm-Py-amb A v Hml-cn-Iƒ s]t{sm-s\ v F -F Pn {Zho-IrX {]Ir-Xn-hm-X-I-Øns Cd- p-a-xnbpw ]p\ hm-x-ih -c-whpw \S-Øp Iº-\n-bmWv s]t{sm-s\ v F -F Pn. `mcxv s]t{sm-fnbw tim -td-j enan- -Uv, Kymkv AtXm-cn n Hm^v C y enan- -Uv, C y Hmbn tim -td-j enan- Uv F o Iº-\n-Iƒ mwv s]t{sm-s\ v F -F Pn hmxi hnxcww \S-Øp- -Xv. Kymkv AtXm-dn n Hm^v C y enan- -Uv, HF Pnkn, C y Hmbn tim -td-j, `mcxv s]t{sm-fnbw tim td-j F n-h-bmwv s]t{sm-s\ v F -F PnbpsS s{]mtam- am. s]t{sm-s\ v F -F PnbpsS BZysØ ss an\ KpP-dm-Ønse Zmsl-PnemWv. {]Xn-h jw 10 aney sa{sniv S tijn-bp ss an-\-emwv CXv. s]t{sm-s\ v F -F Pn 2014 Ah-km-\-tØm C]n-Fkv 14.72 ss CXns tijn 15 aney sa{sniv S ]n/c 8.47 Æmbn h [n- n- pw. 52 BgvNsØ Db hne 175 cq] sim n-bnse {]Xnh jw A v aney 52 BgvNsØ Xmgv hne 106.10 cq] hmtß hne 120 cq] sa{sniv S ti e yam- p hne 138 cq] jn-bp ss an-\ IΩn-j- snbvxp. spbn Cdn-tK-j Im jni taj-ebpambn _ -s thdn Hcp cwk-ømwv spbn Cdn-tK-j {]h Øn- p- -Xv. sh w Xfn- p Petk-N\ D]-I-c-W-ß-fpsS \n am-w-amwv Iº\n \S-Øp Xv. CXn\p ]pdsa hm hp-iƒ, hm ^n -dp-iƒ, hm hp- Iƒ, snsn-iƒ hf Øp- -Xn-\p IÆm- Sn- q-sv, ssph-h-fw, ]nhnkn ss] v, ]nhnkn jo v XpS-ßnb D - -ßfpw Iº\n \n an- p- p. hfsc i -amb hf m km[y-x-bp- Cu D - -ßfpsS _nkn-\kv km[y-x-iƒ {]tbm-p-\- s -Sp-Øm- tijn-bp Iº-\n-bmWv spbn Cdn-tK-j. i -amb a kq e`n kml-n-cy-øn Im jni A\p-_- nx D - -ßƒ \n an- p Iº\n F \ne-bn spbn Cdn-tK-js {]I- S\w sa -s -Sm km[y-x-bp- v. spbn Cdn-tK-j C]n-Fkv 0.01 ]n/c 56 52 BgvNsØ Db hne 86.40 cq] 52 BgvNsØ Xmgv hne 46.10 cq] hmtß hne 48 cq] e yam- p hne 65 cq] 40 sluvpv Hmlcn sk]v w-_ 2013 hnsf]n C -kv{sokv bm{xm D - -ßfpw tamƒuuv ^ Wn- -dp-ifpw \n an- p C y Iº-\nbmWv hnsf]n C -kv{sokv enan- -Uv. kmwkssw v Ign- m temisø G hpw henb c m-asø etkpv \n am-xm- fmwv hnsf]n C -kv{so-kv. AtX kabw C y-bn kmwk-ssw- ns\ ]n n-em n hnsf-]n-bmwv G hpw henb etkpv \n am-xm- ƒ. hnsf-]n-bpss D - ßƒ v C y p ]pdsa Kƒ^v cmpy-ßƒ, bpsi, bpf-kv, P a-\n, kvs]bn, C en XpS-ßnb cmpy-ß-fnepw GXm\pw B{^n-, sx p Ing- Gjy cmpy-ßfnepw hn]-wn-bp v. hn -\-bpss 10 ixam-\hpw Ib- p-a-xn-bn-eq-ss-bm-wv. BtKm-fhn]-Wn-bn Kƒ^v cmpy-ß-fnepw bqtdm- n-ep-amwv Iº\n {][m-\-ambpw {i ti{μo-i-cn- n-cn- p- -Xv. hnsf]n C -kv{sokv C]n-Fkv 2.19 ]n/c 22.42 52 BgvNsØ Db hne 97.65 cq] 52 BgvNsØ Xmgv hne 38.65 cq] hmtß hne 42 cq] e yam- p hne 53 cq] A _ntμm ^m a Huj-[-ßfpsSbpw Huj-[-tN-cp-h-I-fpsSbpw \n amww \S-Øp A _ntμm ^m a 125 cmpy-ß-fn-emwv D - -ßƒ FØn- p- -Xv. ap q-tdmfw D - -ßfmWv Iº\n p -Xv. {][m-\-ambpw bpfkv, P a-\n, djy, bpsi, {_ko F o cmpy-ß-fn-te- mwv Iº\n Huj[ Ib- p-axn \SØp- -Xv. Xß-fpsS _nkn-\kv tamu-en CubnsS Hcp Agn- p]wnbmwv A _n tμm ^m a \S-Øn-b-Xv. {][m-\-ambpw Huj-[-tN-cp-h-I-tf- mƒ Huj[ \n am-w- Øn-emWv Iº\n Ct mƒ {i ti{μo-icn- n-cn- p- -Xv. Iº-\n-bpsS hcp-am-\-øn s 54 ix-am-\hpw Ct mƒ Huj[ \n am- W-Øn \n m-wv. GXm\pw h jßƒ p apºv CXv 10 ix-am\w am{x-am-bncp- p. A _ntμm ^m a C]n-Fkv 23.68 ]n/c 7.58 52 BgvNsØ Db hne 204.90 cq] 52 BgvNsØ Xmgv hne 106.35 cq] hmtß hne 163 cq] e yam- p hne 190 cq]

Fundamental Analysis Hml-cn-I-fpsS aqey-\n W-b-Øn\v dotπ-kvsa v timãv hmeyp-th-j D m-z\ taj-e-bn {]h Øn- p Iº-\n-I-fpsS aqey-\n W-b-Øn-\mWv dotπ-kvsa v timãv hmeyp-th-j coxn IqSp-X A\p-tbm-Py-am-bn-cn- p- -Xv. IrjvW Xºn si. snehv Ipd \ne-bn As - n Xmgv aqey-øn hym]mcw snøp, \nt -]-Øn\v ]cn-k-w-\o-b-amb Hml-cn- Isf Is -Øm hnhn[ coxn-i-fp- v. A Xn-sem- mwv dotπ-kvsa v timãv hmeypth-j. ]pxn-sbmcp ] Xn Hcp- p- -Xn\v Hcp Iº-\n v hcp sne-hns ASn-ÿm- \-Øn B Iº-\n-bpsS HmlcnbpsS aqeyw Xmgv \ne-bn-emtwm F v \n Wbn- p coxn-bmwv CXv. DZm-l-c-W-Øn\v Du P D m-z\ taj-e-bn {]h Øn- p Hcp Iº-\n v Hcp sakm-hm v ssh ZypXn D m-zn- n- p- -Xn-\p ASn-ÿm\ kui-cy-ßƒ \n an p -Xn\v 6.5 timsn cq] snehv hcp- p-sh v Icp-Xp-I. Aßs\-sb- n 100 sakm-hm v sshzypxn D m- Zn- n- p Hcp πm v \n an- p- -Xn\v Iº- \n v hcp snehv 650 timsn cq]-bm-wv. AXm-bXv 650 timsn cq]-bmwv Iº-\n-bp ss dotπ-kvsa v timãv. dotπ-kvsa v tim Ãv hmeyp-th-j coxn A\p-k-cn v Iº- \n-bpss Hmlcn Xmgv aqey-øn-emtwm sb v Fßs\ Is -Øm-\m-Ip-sa v t\m mw. CXn-\mbn BZyw sntø- Xv Iº-\nbpsS F ss{]kv hmeyp IW- m- p-ibm-wv. Hcp Iº-\n-bpsS F ss{]kv hmeyp IW- m- p- -Xn\v hnhn[ coxn-ifp-s - nepw G hpw icn-bmb coxn C\n ]d-bp- -Xm-Wv. Iº-\n-bpsS hn]-wn-aqeyhpw Zo L-Ime hmbv]m _m[y-xbpw tn Øp XpIsb Iº-\n-bpsS ssihi-ap \o n-bn-cn v [\hpw ]W-am n am m-hp \nt -]-ßfpw tn Øp XpI sim v Ingn- m Iº-\n-bpsS F ss{]kv hmeyp IW- m- mw. Hcmƒ Hcp Iº\n hmßp-tºmƒ hcp snehv A-S- p-xo t hmbv]bpw Iº- \n-bpss \o nbncn v [\hpw Dƒs -ss-bp XpI IW- m- n-b-xn\p tijw hcp snehv F{X-bm-bn-cn- p-sa- mwv F ss{]kv hmeyp kqnn- n- p- -Xv. DZm-l-c- W-Øn\v F_nkn F Iº-\n-bpsS hn]- Wn-aqeyw 375.9 timsn cq]bpw Zo LIme hmbv] 213.2 timsn cq]bpw ssih-i-ap \o n-bn-cn v [\hpw ]W-am n am m-hp \nt -]-ßfpw tn Øp XpI 15.3 timsn cq]-bp-am-sw- n-cn- -s. F_nkn enan- - Uns F ss{]kv hmeyp 589.1- - 15.3=573.8 timsn cq]-bmwv. F ss{]kv hmeyp IW- m- n-b-xn\p tijw Cu XpIsb dotπ-kvsa v tim Ãv sim v lcn- p-i. Cß s\ lcn- m In p XpI H n\v Xmsg-bm-sW- n B Iº-\n-bpsS Hmlcn Xmgv aqey-øn-em-wv. \ne-hn-ep hne-bn B Hml-cn- \nt ]tbmky-am-wv. F ss{]kv hmeyp IW- m- n-b-xn \p tijw Cu XpIsb dotπ-kvsa v tim Ãv sim v lcn- p-i. Cßs\ lcn- m In p XpI H n\v Xmsg-bm-sW- n B Iº-\n-bpsS Hmlcn Xmgv aqey-øn-em- Wv. AXm-bXv \ne-hn-ep hne-bn B Iº-\n-bpsS Hml-cn- Hcp \nt ]mh-k-cambn ]cn-k-wn- m-hp- -Xm-Wv. api-fn ]d F_nkn F Iº-\n-bpsS Imcy- Øn F ss{]kv hmeyp 573.8 timsn cq]-bm-wv. Iº-\n-bpsS dotπ-kvsa v tim Ãv 650 timsn cq]-bm-sw v Icp-Xp-I. F ss{]kv hmeyphns\ dotπ-kvsa v timãv sim v lcn- m In p XpI 573.8/650= 0.88 BWv. AXm-bXv F_n-knbpsS Hmlcn Xmgv aqey-øn-em-wv. Cu aqey-\n Wb coxn A\p-tbm-Py-am -Ip- Xv D m-z\ taj-e-bn {]h Øn- p Iº-\n-I-fpsS Imcy-Øn-em-Wv. AtX kabw tkh\ taj-e-bn {]h Øn- p Iº-\nIfpsS Imcy-Øn dosπ-kvsa v timãv hmeyp-th-j coxn ^e-{]-z-am-i-wsa- n-. ImcWw tkh\ taj-e-bn {]h Øn- p Iº-\n-I-fpsS {][m\ BkvXn a\p-jy-hn-`-h-ti-jnbpw Bi-b-ßfp-am-Wv. \ne-hn kna v Iº-\n-I-fpsS dotπkvsa v timãv SÆn\v 120-125 tumf-dm- Wv. sshzypxn D m-z\ taj-e-bn {] h Øn- p Iº-\n-I-fpsS dotπ-kvsa v timãv Hcp sakm-hm- n\v 4.5 timsn cq]-bm- Wv. Ão Iº-\n-I-fpsS dotπ-kvsa v tim Ãv SÆn\v 43,571 cq]-bm-wv. sluvpv Hmlcn sk]v w-_ 2013 41

Technical Analysis snbv n awn ^vtfm: hnebpw thmfyhpw ]cnkwn p C n-t - snbv n awn ^vtfm C n-t - -dn Hcp Hml-cn-bpsS thmfyøns\m w hne IqSn ]cn-k-wn- mwv C n-t - Xbm-dm- p- -Xv. CXv Hml-cn-bpsS hyxn-bm\w kw_- n IqSp-X sa -s C n-t -j \ Ip- p. IrjvW Xºn si. ap e Øn thm fyw C nt dmb H _nhn (Hm _me kv thmfyw)sb Ipdn- m Wv hni-z-am- n-b-xv. Cu e -Øn awn ^vtfm thmfyw C nt dmb snbv n awn ^vtfm C n-t - -dns\ (kn-fw- F-^v-sF) ]cn-n-b-s -Smw. H_nhn t]mse Xs \nt -]-I pw t{su am pw hfsc D]-Im-c-{]-Z-amb C n-t - -dmwv kn- Fw-F-^v -sf. kn-fw-f-^v -sfbn Hcp Hmlcn-bpsS thmfyøns\m w hne IqSn ]cn-k- Wn- mwv C n-t - Xbm-dm- p- -Xv. CXv Hml-cn-bpsS hyxn-bm\w kw_- n IqSp- X sa -s C n-t -j \ Ip- -Xn\v klm-b-i-am-ip- p. kn-fw-f-^v-sf Hcp AIyp-a-te-j / Unkv{Sn-_yq-j sse\ns\ ASn-ÿm-\-am- n-bmwv {]h Øn- p- -Xv. ChnsS Hcp Znh-ksØ G hpw Db hne-bp-ssbpw G hpw Xmgv hne-bp-ssbpw Bh-td-Pn\v api-fnemwv Hmlcn hym]mcw Ah-km-\n- n- p- -sx- n Hml-cn-bn AIyp-a-tej\mWv \S- p- -sx v a\-kn-em- mw. AXm-bXv Hml-cn- IqSp-X hmß-s -Sp Nn{Xw c v 42 sluvpv Hmlcn sk]v w-_ 2013 ÿnxn-bmsw v a\- kn-em- mw. AtX ka bw Hcp ZnhksØ G hpw Db hne-bp-ss bpw G hpw Xmgv hnebpssbpw Bh-td-Pn\v XmsgbmWv Hmlcn hym]mcw Ah-km-\n- n- p- -sx- n Hml-cn-bn Unkv{Sn_yqj\mWv \S- p- -sx v a\-kn-em- mw. AXm-bXv Hmlcn- IqSp-X hn s -Sp ÿnxn-bm- Wp -Xv. CØ-c-Øn 20 As - n 21 ZnhksØ AIyp-a-te-j /Unkv{Sn-_yq-js icm-i-cn-sb-spøv XpS -bmbn tπm v snbvxmwv kn-fw-f-^v-sf Xbm-dm- p- - Xv. CXv +1\pw - 1\pw CS-bn HmkvI-te v snø-s -Sp- p. \Sp-hn-esØ t]mbn v ]qpyhpw. (H- m-asø Nn{Xw ImWp-I) Hcp Hml-cn-bpsS knfw-f-^vsf ]qpy- Øn\v api-fn-em-sw- n B Hml-cn-bn hmßp- -Xn-\p Unam v \ne-\n p- - Nn{Xw H v +50 v api-fn \oßp- Xv hfsc _p njv Bbn IW- m- -s -Sp- p. AtX kabw C n-t - - 50 v Xmtg v \oßp Xv hfsc s_bdnjv Bbpw IW- m- s -Sp- p. Hcp Hml-cn-bpsS hne api-fn-te v \o ßn-s m- n-cn- p-ibpw knfw-f-^vsf ]qpy-øn\v Xmsg-bp-am-sW- n B Hml Hcp Hml-cn-bpsS hne apifn-te v \oßn-s m- n-cn- p-ibpw knfw-f-^vsf ]qpy-øn\v Xmsg-bp-am-sW- n B Hmlcnbnse t]m kn- ohv s{s ns IcpØv Ipd- p-h-cp p-sh pw Hmlcn s\k- ohv s{s nte v \oßm-\p km[y-x-bps pw a\-kn-em mw. Xmbn ImWw. A tx kabw kn Fw-F-^vsF ]q Py-Øn\v Xmsg bm-sw- n B Hml-cn-bn hn \ kω Zw \ne-\n p- - Xmbn ImWmw. (c m-asø Nn {Xw ImWp-I) F m Hml cn hmßp-itbm hn pitbm snøp- -Xns\ Ipdn v Xocpam-\- sa-sp- p- -Xn\p apºmbn C n-t - -dns s{s v t\m p- Xv \ m-bncn- pw. C n-t cnbnse t]mkn- ohv s{s ns IcpØv Ipd- p-h-cp p-sh pw Hmlcn s\k- ohv s{s n te v \oßm-\p km[y-x-bp-s p-amwv a\-kn-em-t - -Xv. AXp t]mse Hml-cn-bpsS hne Xmtg v t]mip-ibpw knfw-f-^vsf ]qpy-øn\v api-fn-te v \oßpi-bp-am-sw- n AXv Hml-cn-bnse s\k- ohv s{s v amdn t]mkn- o-hm-im-\p km[yxbmbn AXns\ IW- m- mw.

sluvpv Hmlcn sk]v w-_ 2013 43

- Market Review cq]-bpss aqey-hy-xn-bm\w hn]-wnbpss KXn \n W-bn pw Hcp amk-øn-\nss \n^v n 8.5 ix-am\w CSnhmWv t\cn- Xv. AtX kabw HmK-Ãn {]Xn-Iqe hm Ø-Isf XpS p- mb CSn-hn\p tijw Hcp sndnb Ic-I-b w hn]-wn-bn I p. sluvpv dnk v sukviv cq]bpss aqeyw Ncn-{X-Øn BZy-ambn tumf-dn-s\-xnsc 65\v Xmtg v CSnbp - XmWv HmK-Ãn I -Xv. cq]-bpss aqey-x- I sb XpS v HmK-Ãn Hmlcn hn] Wn ISpØ CSn-hmWv t\cn Xv. Hcp L - Øn sk skivkv 11 amksø Xmgv \ne-bn-se-øpibpw snbvxp. cq]-bpss aqey-hy-xn-bm\w Xs -bmipw sk]v w-_- dnepw hn]-wnbpss KXnsb \n W-bn- p - {][m\ LS-Iw. bpfkv DtØ-PI ] Xn ]n h-en- ms\m-cpßpibm-sw kqn\bmwv s^ud dnk hv \ Ip- -Xv. AtX kabw DtØ-PI ] Xn ]n h-en- p XpSßp- Xv Ft m-gm-bn-cn- p-sa v s^u-d dnk hv hy -am- n-bn- n-. dnk hv _m pw k mcpw kzoi-cn \S-]-Sn-Iƒ \njv^-e-am- n-s m- mwv cq]- bpss aqeyw tumf-dn-s\-xnsc 65\v Xmtg v FØn-b-Xv. cq]sb aqey-xi bn \n v c n- pi F e y-tømss dnk hv _m v kzoi-cn v \S-]-Sn-Iƒ kº-zvhy-hÿsb {]Xn-Iq-e-ambn _m[n- p-sa Bi- bpw Db p. Pqsse-bn- [\-e-`yx Ipd-bv p- -Xn-\mbn ssisim \S-]-Sn- Iƒ p ]n mse C y Iº-\n-I-fpsS hntzi \nt -]-sø ]cn-an-x-s -Sp-Øm- \p \S-]-Sn-Iƒ Ign amkw dnk hv _m v kzoi-cn- p. ]t AXpsIm pw ^e-ap- m-bn. Cu \S- ]-Sn-I-sf mw hrym-hnem n-s m mwv cq]- bpss aqeyw tumf-dn-s\- Xnsc 65\v Xmtg v hsc CSn- -Xv. AtX kabw {]Xnk- nsb AXn-Po-hn- m- \m-ip-sa ip`-{]-xo- bmwv k m ] p-sh p- Xv. kmº-øni hf Xncn- p-]n-sn- p- - Xn\pw Xzcn-X-s -Sp-Øp- -Xn-\p-ap \S-]-Sn-Iƒ mipw ap K-W-\-sb v hn]wn NnZw-_cw Bh Øn- p- p. _m nwkv t]mse ]en-i-\n-c- p-ambn _ - 44 sluvpv Hmlcn sk]v w-_ 2013 HmK-Ãn hntzi \nt -] I ÿm]-\-ßƒ i -amb hn -\-bmwv \S-Øn-b-Xv. HmKÃv 1 apx 26 hsc hntzi \nt -]I ÿm]-\- ßƒ 4649 timsn cq]-bpss A -hn \ \S-Øn-b-t mƒ B`y- c \nt -]I ÿm]- \-ßƒ 4642 timsn cq]-bp ss A \n-t ]w \S-Øn. ap taj-e-isfbmwv hn]-wn-bnse CSnhv Imcy-ambn _m[n- -Xv. _m nwkv taje-bnse [\-e-`yx Ipd-bv p \S-]-Sn-I sf XpS v HmK-Ãn s]mxp-ta-jem _m nwkv Hml-cn-Iƒ Hcp h jsø G hpw Xmgv hne-bn-te v CSn- p. Hcp amk- Øn-\nsS _nf-kvc _m nwkv kqnni 10.64 ix-am\w CSnhv t\cn- p. AtX kabw {]Xn-Iqe hm Ø-Isf XpS p- mb CSn-hn\p tijw Hcp Ic-Ib w hn]-wn-bn I p. a v cmpy-ß-fpss Id knifpss Nph-Sp-]n-Sn v cq]-bpss Hml-cn, ItΩm-Un- n, Id kn hn]-wn-i-fpss {]I-S\w (HmKÃv 26se hn]wn \ne A\p-k-cn- v) hn]wn HmKÃv 26 Hcp amksø Hcp h jsø se \ne hyxn-bm\w hyxn-bm\w \n^v n 5476.50 8.58% -+2.56% -- - - - - - -- Hmlcn tum tpm kv 15010.51-3.29% +17.12% hn]wn UmIvkv 8416.99 +1.87% -+20.74% \n n 13660.55-6.19% +53.35% ItΩm-Un n kz Ww (Hcp Hu kns 1397 +4.79% - 16.34% tumf-dn-ep hne) {IqUv Hmbn (Hcp 107.10 +1.96% +9.77% _mc-en\vtumf-dn-ep hne) Id kn bpfkv tumf 64.30 cq] +5.85% +13.40% aqeyw A w sa -s - p. Ct m-gsø {]iv\-ßƒ aqew C y-bpss td nwkv XmgvØn-sI- n-s v td nwkv GP kn-i-fm b ^n v td nwkpw aqun-bpw {]Jym-]n- Xpw hn]-wn v XpW-bm-bn.bpF-kn-sebpw ssn\-bn-sebpw bqtdm- n-sebpw ] t knwkv amt\-tpgvkv C UIvkv sa -s - - Xv sa Hml-cn-Isf XpW p. t\csø D mb I\Ø CSn-hn\p tij-amwv sa Hml-cn-Iƒ apt w \S-Øn-b-Xv. cq]-bpss aqey-x-i sb XpS v hn] Wn CSn-hns\ t\cn- -t mƒ tumf-dns aqeyw sa -s - -Xp aqew sfsn Hml-cn-Iƒ i -amb apt - amwv ImgvN sh -Xv. _n F-kvC sfsn Hcp amk-øn-\nss Bdv ixam\w t\ -amwv ssih-cn- -Xv. _nf-kvc ssiv 2.5 ix-am\w t\ w ssih-cn- p. Hcp amk-øn-\nss \n^v n 8.5 ix-am\w CSnhv t\cn- p. HmKÃv 1 apx 26 hsc hn tzi \nt -]I ÿm]-\-ßƒ 4649 timsn cq]-bpss A -hn \ \S-Øn-b-t mƒ B`y- c \nt -]I ÿm]-\-ßƒ 4642 timsn cq]-bpss A \n-t ]w \S-Øn. hymh-km-bni D m-z\ kqnnibpw ]W-s -cp- hpw PqWn hymh-km-bni D m-z\w 2.2 ix-am\w Uot{KmØv tcj-s -Sp-Øn. sabv amk-øn 1.6 ix-am\w Uot{Km-Øm-bncp p tcj-s -Sp-Øn-b-Xv. hymh-km-bni D m-z\ kqnni hn]wn {]Xo- n- -Xn-t\- mƒ tamis \ne-bn-em-sw-øn-b- Xv. D]-t`mKvXr hym]mc hne- kqnnibpss ASnÿm-\-Øn-ep Pqssebnse ]W-s -cp w 9.64 ix-am-\-ambn. PqWn CXv 9.84 ix-am-\-am-bn-cp- p. AtX kabw sam Ø hym]mc hne kqnn- I-bpsS ASn-ÿm-\-Ønep Pqssebnse ] W-s -cp w 5.79 ix-am-\- ambn h [n p. PqWn CXv 4.86 ix-am-\-am-bn-cp- p.

Commodity Watch kz W-hn-e-bn {lkz-ime apt w XpS- t pw Hu kn\v 1370 tumf F kmt -Xn-I-ambn kp{]-[m\amb \ne-hm-c-øn\v api-fn-te v Db cmpym- c kz W hnesb XpW-bv p LS-I-ß-fmWv \ne-\n p- -Xv. sluvpv dnk v sukviv PqWn\p tij-ap G hpw Db \nebnte mwv HmK-Ãn kz W-Øns cmpym- c hne Db -Xv. C y-bn kz W-hne HºXv amksø G hpw Db \ne-bn-se-øp-ibpw snbvxp. apwss_-bn 10 {Kmw kz W-Øns hne 31,000 cq] v api-fn-em-wv. bpfknse ` h-\-hn -\ Ipd- Xv kz W-Øn s cmpym- c hne i -amb \ne-bn XpS-cp- -Xn\v XpW-bm-bn- p- v. Pqsse-bnse `h\ hn \bn 13.4 ix-am\w CSn-hm- Wp- m-b-xv. bpf-knse ]pxn b GI IpSpw_ `h-\-ß-fpss hn \ H ]Xv amksø Xmgv \ne-bn-em-sw-øn-b-xv. bpf-knse DtØ-PI ] Xn ]n h-en- psa v Ata-cn- ti {μ-_m- mb bp Fkv s^u-d dnk hv kqn\ \ In-bn- p-s - nepw IrXy-amb ka-b-]-cn[n hy -am- nbn- n-. `h\ hn \ Ipd- Xv DtØ- PI ] Xn ]n h-en- p- Xv sshin- n- m Imc-W-am-Ip-sa v Hcp hn`mkw hnz- Kv[ Nq n- m- p- p. C m-cy-øn \ne- Hcp amkøn\ns-s Hcp Hu kv kz WØns hne-bn-ep- mb hyxn-bm\w (tum-f-dn ) \n p Ahy- X kz W-hn-esb XpW- p LS-I-am-Wv. {lkz-im-em-sn-ÿm- \-Øn kz W-hn-e-bnse apt w XpS-cpsa ip`m-]vxn-hn-izm-k-amwv t{su amsc \bn- p- -Xv. Hu kn\v 1370 tumf F kmt - Xn-I-ambn kp{]-[m\amb \ne-hm-c-øn\v ap I-fn-te v HmK-Ãn kz W hne Dbcp - XmWv I -Xv. 1400 tumf-dn\v sxm -Sp-ØmbmWv kz Whne hym]mcw snøp- -Xv. Hcp amk-øn-\nss kz W-hn-e-bnep mb apt w A v ix-am\tømf-am-wv. C y-bn kz W-hne H ]Xv amk sø Db hne-bn-te v FØm Imc Ww kz W-Øns cmpym- c hne Db - Xn-s\m w cq]-bpss aqeyw CSn Xp IqSnbm-Wv. D -h-im-eøv kz W-Øns Unam v h [n- Xpw hne Db-cp- -Xn\v Imc-Wam-bn. AtX kabw kz W-Øns Cd- p-axn Ipd- p- -Xn\v ISpØ \S-]-Sn-I-fp-ambn apt m- p-t]m-ip-i-bmwv k m. kz W- Øns Cd- p-axn Xocph F v ix-am-\- Øn \n v ]Øv ix-am-\-ambn h [n- n- Xn-eqsS kz W Cd- p-axn 850 SÆn-te v FØn- p-ibmwv k m-cns e yw. F m kz W-Øns Cd- p-axn Xocphbn-ep- mb I\Ø h [\ aqew I - - SØv KWy-ambn h [n- p-sh- mwv dnt m p-iƒ. Sb D m- Z\w Ipd- Xpw d _ Unam v Ipd- p LS-Iam-Wv. d_ t_m Uns IW v {]Imcw Pqsse-bn d_ D m-z\ Øn 32 ix-am\w CSn-hp- mbn. 2012 Pqsse-bn 68,000 d_ D m-zn- n ÿm\øv Cu h jw Pqsse-bn 46,000 S d_ am{x-amwv D m-zn- n- - Xv. AtX kabw Pqsse-bnse d_ D]- t`mkøn h [\ D mbn- p- v. sluvpv Hmlcn sk]v w-_ 2013 45 sh nsh n-bp ss hne-bnepw i -amb ap t - -amwv HmK- Ãn-ep- m-b-xv. sabv H ]-Xn \p tijw B Zy-ambn sh n hne Hu kn \v kmt -Xn-Iambn kp{] [m \ \ne-hm-c-am b 24 tumfdn \v api-fn-tebvs -Øn. bpf kv {Sjdn t_m v bo Uv Ip d- Xv sh n-bpss hne Db-cp- -Xn\v Imc-W-amb LS-I-ß-fnsem- m-wv. tim bpf-kn se kmº-øn I \ne sa s -Sp- Xp kw_- n kqn-\-i-fpss ASnÿm-\-Øn tim - hne Db p. temi- Ønse G hpw henb tim D]-t`m- m- -fmb ssn\bnse hn ]p-eo-i-c-whpw tim hne sb XpW- p LS-I-am- Wv. c v h j-øn\p ti jw bqtdm- n se D m-z\ {]h Ø-\-ß ƒ sa -s - psh- -XmWv as mcp A\p-Iqe kqn-\. d_ kmº-øni {]Xn-k n d_ hnesb _m[n- psh mwv hn]-wn-bnse {]h-w-x- Iƒ hy -am- p- -Xv. C y-bnse hml \ hn \ Hcp ]Xn- m- nse G hpw Xm gv \ne-bnte v CSn- Xp aqew

Career sxmgn hn]wn amμy-øn-em-ip-tºmƒ {i n-t 5 Imcy-ßƒ a cw apdp-ip-ibpw sxmgn Ah-k-c-ßƒ Ipd-bp-Ibpw snøp-tºmƒ DtZym-Km n-iƒ ani tpmen Is - Øp- -Xn\v IqSp-X Xbm-sd-Sp- p-iƒ \S-tØ- -Xp- v. kmºøni {]Xn-k n ]nsn-ap-dp- n-bncns sxmgn Ah-k-c-ßƒ Npcp-ßn-hcp kml-n-cy-sø-bmwv DtZym-Km n- Iƒ t\cn-sp- -Xv. sne-th-dnb timgvkp-iƒ ]q Øn-bm n Gsd {]Xo- -tbmss F- Øp DtZym-Km n-iƒ v ap n ssi bpw \o n kzoi-cn- p Hcp sxmgn hn]- Wn-b- -bp- -Xv. amμyøns e -W-ßƒ {]I-S-am-Ip thf-i-fn tpmen Is -Øp- Ibpw ani iºfw Dd- p-h-cp-øp-ibpw sn øpi H pw Ffp- -a-. sxmgn Ah-k-cßƒ Ipd-bp-tºmƒ a cw IqSp- Xpw D tzym-km n-isf {]Xn-Iq-e-ambn _m[n- p- p. AXp-sIm- p-xs CØ-csamcp km l-n-cy-øn IqSp-X ap I-cp-X DtZym- Km n-i-fpss `mkøp \n v Bh-iy-ap- v. tpmen v At]- n- p- -Xn\p apºpw At]- n- -Xn\p tijhpw Xbm-sd-Sp- p-iƒ \S-Øp-tºmƒ {][m-\-ambpw {i n-t A v Imcy-ßsf Ipdn- mwv Xmsg ]d-bp- -Xv. 1 tpmen-bpss kz`mhw a\-kn-em n _tbm-um Xbm-dm- p- -Xn DtZymKm n-iƒ {]txyiw {i Imt - -Xp- v. sxmgn ]ckyw kq va-x-tbmss hne-bncp-ønbpw Iº-\n-bpsS sh_vssk v kμ in pw sxmgn Zm-Xm-hn\v th -sxs v a\-kn-em- p-i. ] p-sa- n Iº-\n-bnse Poh-\- m-cp-ambn kwkm-cn- m {ian- p- I. _tbm-um Xbm-dm- n-b-xn\p tijw AXv sxmgn-ep-s-a-bpss `mkøp \n p-sim v hna i-\m-fl-i-ambn hne-bn-cp-øp-i. tpmen pw Iº-\n-bpsS kwkvim-c-øn\pw \nßƒ A\p-tbm-Py-\msW v t_m[y-s - Sp-Øp Xn _tbm-um- -bn-eqss km[n- psa v Dd- p-h-cp-øp-i. 2 sxmgn ]c-ky-ßƒ hne-bn-cp-øp- -Xn-eqsS sxmgn hn]-wn v G hpw B h-iy-amb Ign-hp-Iƒ Fs m-s -bm-sw v a\-kn-em- m Ign-bpw. DZm-l-c-W-Øn\v \nßƒ sfsn taj-e-bn-emwv tpmen txsp- -sx- n G hpw Unam p sumssa GXm-sW v a\-kn-em- p-ibpw AXv ]cnio-en- m {ian- p-ibpw snøp-i. 3 IqSp-X Bfl-hn-izm-k-ap- -h-scbpw Npcp-ßnb hm p-i-fn hy -ambn kwh- Zn- p- -h-scbpw a p- -h-cp-ambn tn v ani coxn-bn tpmen snøm Ign-hp- h-sc-bp-amwv sxmgn-ep-s-a-iƒ Ft mgpw 46 sluvpv Hmlcn sk]v w-_ 2013 Xß-fpsS Iº-\n p th n sxc-s -Sp- m CjvS-s -Sp- -Xv. Cu Ign-hp-Iƒ X\n- p-t m-sb v Dd- p-h-cp-øm DtZym- Km n-iƒ {ian-t - -Xp- v. A`n-ap-Jßƒ v apºmbn CØcw Ign-hp-Iƒ hnikn- n- m\pw ]cn-io-en- m\pw {ian- pi. IqSp-X Bfl-hn-izm-k-ap- -h-scbpw Npcp-ßnb hm p-i-fn hy -ambn kw h-zn- p- -h-scbpw a p- -hcp-ambn tn v ani coxnbn tpmen snøm Ignhp- -h-sc-bp-amwv sxmgnep-s-a-iƒ Ft mgpw sxcs -Sp- m CjvS-s -Sp- -Xv. 4 Nne Ign-hp-Iƒ sxmgn-en\v Bhiy-an- m-ø-xmbn DtZym-Km n v txm mw. F m a p- -h-cn \n v \nßsf hyxykvx-\m p Ign-hp-I-fm-bn-cn pw sxc-s - Sp- n ]cn-k-wn- -s -Sp- -Xv. t\xr-ti-jnbp- -hsc Iº-\n-Iƒ Ft mgpw ]cn-k-wn- p- p. t\xr-]m-shw hni-kn- n- p- Xv sxmgn cwkøv ]pxnb hgn-iƒ Xpd- p- -Xn\pw ]pxnb km[yxiƒ Is -Øp- -Xn\pw \nßsf Ft mgpw klm-bn- pw. 5 IpSpw-_-ÿ-cmb, h j-ß-fpss A\p- `-h-]-cn-n-b-ap DtZym-K-ÿ an t mgpw ]pxnb tpmen-iƒ sxc-s -Sp- p- -Xn\v am\-z-wvu-am- p- Xv ani thx\ambncn pw. F m Icn-b-dn\v XpS- -an-sp- h AØ-c-samcp kao-]\w kzoi-cn- p- Xv Zo L-Im-em-Sn-ÿm-\-Øn KpW-I-cam-I-W-sa- n-. Icn-b-dn hf-cm\pw ani A\p-`-h-]-cn-Nbw t\sm\pw Ah-kcw Xcp tpmen-iƒ sxc-s -Sp- p -XnemWv Ah {i n-t - -Xv. ani {_m vio Øn-bp Iº-\n-Ifnse tpmen Hcp apx q- mbn ImWp-I.

Auto Check {]Xo- n- -Xnepw hfsc t\csø amcp-xn-bpss hmk B ÃnwKvtd hn]-wn-bn-se-øn. sk]v w_-tdmss lp m-bnbpss {Km Uv sf 10 hn]-wn-bn-se-øp-sa- mwv {]Xo- n- p- -Xv. {Km Uv sf 10s\ sh m ÃnwKvtd-bp-ambn amcpxn amcpxn kpkp-in-bpss kzn^v n\v sh phn-fn- Db Øn-s m v {Km Uv sf 10 F tamu-ep-ambn lp mbn FØp psh hm Ø ]pd-øp-h- -t mƒ Xs a cw t\cn-sp -Xn\v amcpxn kpkpin Hcp apgw apt -sb-dn- p. sf 10\pw sf 20bv pw CS-bn \n p ]pxnb tamu-emb {Km Uv sf 10 hn]-wn-bn-se-øp- -Xn\v apºp Xs hmk Bdns\ ]cn-jvi-cn- v ]pxnb tamu-emb ÃnwKv td amcpxn hn]-wn-bn-se-øn- p. hmk Bdn\pw kzn^v n\pw CS-bn \n p tamu-em-wv amcp-xn-bpss hmk B ÃnwKvtd. ÃnwKv td bpss sim n tjmdqw hne 4.27 e -Øn\pw 4.9 e - Øn\pw CS-bn-em-Wv. hmk Bdn-t\- mƒ GI-tZiw 50,000 cq]- IqSp-X-emWv ÃnwKv tdbpss hne. D -h-ime hn]-wn-sb e y-an- mwv ÃnwKvtd {]Xo- n- -Xnepw t\csø hn]-wn-bn-se-øn- -Xv. F -F-Ivkv-sF, hnf-ivkvsf, hnf- BtKm-f-X-e-Øn \ne-hnep sf 10\v ]I-c- mc\m-bmwv {Km Uv sf 10 FØp- -sx n C ybn c v tamu-ep-ifpw e`yam-bncn- pw. amcpxn hmk Bdns\ ]cn-jvi-cn- mwv ]pxnb tamu-emb ÃnwKvtd hn]-wn-bn-se-øn- Xv. IvkvsF(H) F o aq v hmcn-b p-i-fn ÃnwKv td e`y-amwv. hmk Bdn \n pw hyxy-kvx-ambn saen sluvemw-]p-ifmwv ÃnwKv tdbv p Xv. hnf-ivkvsf(h) hmcn-b n\v s{]mp-ivs sluvemw-]v, Atembv ho, ]pxnb ayqkniv knãw, F_n-Fkv ss{uh Fb _mkv F o ^o -dp-i-fp-ap v. sk]v w_-tdmss {Km Uv sf 10 hn]- Wn-bn-se-Øp-sa- mwv {]Xo- n- p- -Xv. sf 10 Uok tamu hn]-wn-bn-se-øn- p- Xv \o n-s m- p-t]mb lp mbn ]t B t]mcmbva {Km Uv sf 10s Imcy-Øn \ni-øpw. Uok-enepw s]t{smfnepw e`y-ambncn pw {Km Uv sf 10. BtKm-f-X-e-Øn \ne-hn-ep sf 10\v ]I-c- m-c\m-bmwv {Km Uv sf 10 FØp- -sx- n C y-bn c v tamu-ep-ifpw e`y-am-bncn- pw. t]cv tiƒ p-tºmƒ sf 10s hi-t`- Z-amsW v txm p-sa- nepw ]q W-ambpw ]pxnb skkvsa n-ep Im F \nebn-emwv {Km Uv sf 10 cq]-s -Sp-Øp- - Xv. sf 10-t\- mƒ 100 an n-ao- \of- q- Sp-X-ep- m-hpw. ªq SqØv ssen-t^m-wn, dnthgvkv Iyma-d, F_n-Fkv Fb _m-kv XpS-ßnb khn-ti-j-x-i-tfm-ss-bm-bn-cn pw Cu tamu-se-øp- -Xv. hne-bn sf 10\pw sf 20bv pw CSbn-em-bn-cn pw ]pxnb tamu-ens ÿm\w. 4.5 e -Øn\pw 6.5 e -Øn\pw CS-bn-embn-cn pw s]t{smƒ tamu-ens hne. 5.5 e -Øn\pw 7.5 e -Øn\pw CS-bn-em-bncn pw Uok tamu-ens hne. C y-bnse Im hn]wn ISpØ {]Xnk- nsb t\cn-sp thf-bn-emwv hn]wn ] m-fn-ø-øn H pw c pw ÿm\øv \n p amcp-xnbpw lp m-bnbpw ]pxnb tamu-ep-i-fp-am-sb-øp- -Xv. XpS bmb F v amkamwv Im hn -\-bn CSnhv t\cn Xv. G{]n Pq ss{xam-k- Øn 6,07,496 Imdp-I-fmWv hn -Xv. CXn 2,45,346 Imdp-Ifpw amcp-xn-bp-ts-xm-wv. 40.38 ix-am\w hn]wn ] m-fn-ø-amwv amcp-xnbv p- -Xv. sluvpv Hmlcn sk]v w-_ 2013 47

Product Launch -thƒ]qfns ]pxp-\nc D - -ß-ƒ Hm-W-Øn-\m-bn H-cp \n-c D-Xv-]- -ßƒ thƒ-]qƒ ti-c-f-øn ]p-d-øn-d- n. U-bd-Œv Iqƒ hn-`m-k-øn Po-\n b-kv d-{^n-p-td- - BWv Hcp ]pxnb D w. an-i- tãm-td-pv ku-i-cyw, 40 i-x-am-\w h-sc th-k-x-bn D-S\Sn sf-kv e-`y-am- p- km-t -Xn-I-hn-Zy F- n-h-b-sßn-b Cu d-{^n-p-td- 230 en- ti-jn-bp- -XmWv. dn- v ssh, t{k \n-d-ß-fn ]p-d-øn-d- p- thƒ- ]qƒ Po-\nb-kv an-i- ]m-t -Wp-I-fnep- -h-bmwv. t{^m-kv- v {^o hn-`m-k- Øn ]p-xn-b {]-^-j-w \n-c-bn-ep- d{^n-p-td- -dp-i-fm-wv thƒ-]qƒ ]pd-øn-d- p- Xv. an-i- ÿ-e-ku-i-cyw, C -enp v Iq-fnw-Kv kmt Xn-I-hn-Zy F- n-h-bm-wv {]-txyi-x. F-b -I- o-j hn-`m-k-øn ^ mkn-b \n-c-bn-ep- kv-πn- v F-b I- o-j-w-dp-iƒ ]p-d-øn-d- n. th-k- Øn i n-tbm-ssbpw Im-cy- a-xtbm-ssbpw {]-h -Øn- p- thƒ-]qƒ kn-ivkvxv sk -kv C -h - km-t - Xn-I-hn-Zy-bm-Wv C-Xn D-]-tbm-Kn- p- Xv. A[n-I NqSpw A[n-I X-Wp- pw A-\p-`-h-s -Sm-Ø co-xn-bn-ep- {I-ao- I-c-W-am-Wn-Xv. 3 Un Iqƒ ssiv-t\mf- Pn F- t]-cn-ep {Xo th F-b C -ts- v kw-hn-[m-\-am-wv C-Xn-ep- - Xv. 40 i-x-am-\w hsc Du - -kw-c- -W-Øn-\v hgn-sbm-cp- p p. ^p n Hm-t m-am- niv, skan Hm-t m-am- n-iv hmjnw-kv sa-jo-\p-i-fp-ss ]pxnb tam-uep-ifpw thƒ-]qƒ ]p-d-øn-d- n-bn- p- v. C-Xm-Zy-am-bn 93 Hmt m Ip- v d- ko-]n-iƒ A-S- -ap am-pn-iv Ip v ssa-t{im-th-hv \n-cbpw thƒ-]qƒ hn- ]-Wn-bn-se-Øn- p. t_mjv ]h Sqƒkns ]pxnb D -ßƒ t_mjv ]h Sqƒkns Up -C- v- bp-h sk ^v hn`m-k-øn s ]pxnb tlmw B v Im hmjv D - -ß-ƒ C y hn]-wn-bn-se-øn-. aæpw snfnbpw ag-aq-e-ap- m-ip Agp- p-i-fp-sams hrøn-bm- m Cu hmj-dp-iƒ D]-I-cn- pw. 10,500 cq] apx 18,000 cq]-hsc hne-hcp A p tamu-ep-i-fmwv tlmw B v Im hmjv td n-ep- -Xv. tamt m-dns i n, ^vtfm td- v, {]j F n-h-bn-emwv Cu tamuep-iƒ XΩn hyxym-k-s - n-cn- p- -Xv. {]apj dos -bn tãm-dp-ifnepw ^vfn]vim v t]mse-bp C simtagvkv t]m -ep-i-fnepw t_mjv ]h Sqƒkv D ] ßƒ e`yam Wv. hnhn[ o\nwkv Bhiyßƒ v D]-tbm-Kn- m-hp hyxykvx BIvk-k-dn-Ifpw CtXm-sSm w e`n pw. {]Xn-h jw 20 ix-am\w \nc- n hf tcj-s -Sp-Øp C ybn se Up -C- v- -bph sk ^v -D hn]-wn-bn 100 timsnbpss hn]-w- \ -e- y-amwv t_mjv e y-an-sp- sx v t_mjv ]h Sqƒkns sshkv {]kn-u v hnpbv ]mtfi ]d- p. Sm {S piƒ v {Sn- nƒ s_-\n-^n- v C -jpd -kv Sm tam-t m-gv-kn-s Fw&F- v-knhn, sf-knhn, F -kn-hn {S- p-iƒ pw Sn- -dp-iƒ- p-am-bn ]pxn-b {Sn- nƒ s_- \-^n- v C -jp-d -kv ] Xn Sm- tamt m-gv-kv G -s -Sp-Øn. C^v-tIm tsm n-tbm P-\-d C -jz-d -kv I-º- \n-bp-am-bp- ]- m-fn-ø-øn-eq-ss Ãmt -Uv tam-t m C -jp-d -kv t]mfn-kn-bm-bm-wv ]pxn-b {Sn- nƒ s_-\- ^n- v C -jpd -kv ] Xn \-S- m- p- Xv. tx-bv-am-\- n-gn-hv H-gn-hm- p- kotdm Un{]o-kn-tb-j Ih-tdPv, ]pxn-b hml-\w am- n- n- p- \yq shlv nƒ dotπ-kvsa v Ih-tdPv, h- cp-am-\ \jvsw \ Ip temkv Hm^v C Iw I-h-td-Pv F- n-ß-s\- k-hn-tij-am-bn cq-]-i - -\ snbv-x aq- v BUv Hm Ih-td-tPmSp IqSnbm-Wv {Sn- nƒ s_-\-^n- v C -jp-d -kv e`yam n-bn-cn- p- -Xv. ""`m-kn-iam-b \- -ap- m-bm km-[mc-w-bm-bn C -jpd -kv I-º-\nIƒ 100 i-x-am-\w s bnw \-ev-im-dn. am- n \- In-b ]m -Sv-kp-Iƒ- v A- v i-x-am- \w ap-x 50 i-x-am-\w h-sc tx-bv-am- \- n-gn-hv H-gn-hm- n-bn- m-wv s bnw Xp- I \-ev-imdp Xv. F- m Un-{]o-kntb-j th-bvh / kotdm Un-{]o-kn-tbj I-h-td-Pv ] -Xn A-\p-k-cn- v s bn-an -\n- v bm-sxm-cp Ip-dhpw h-cp- Øn.''- Sm tam-t m-gv-kv sim-ta-gv-ky sh-lv nƒ-kv F-Iv -kn-iyq- o-hv U-b-d-Œ c-hn ]n-jmc-sn ]-d p. 48 sluvpv Hmlcn sk]v w-_ 2013

aq v ]pxnb D - -ßfpambn kmwkmv Ce-Ivt{Sm-WnIvkv D taj-e-bnse {]apj Iº-\n-bmb kmwk-mv Ce-t{Œm-Wn- Iv-kv Hm-W-Øn-\v ss-en-hnj, d-{^n-p-td, F-b I- o-j-w hn-`m-k-ß-fn-embn ]pxnb aq- v \q-x-\ {]o-an-bw DXv] -ßƒ hn]- Wn-bn-se-Øn- p. Aƒ{Sm ssl su-^- \nj (bp-f- vun) Sn-hn 85Fkv9, {]o-anbw ssk-uv ss_ ssk-uv t{^m-kv- v {^o d-{^n-p-td- Sn9000, ^v-tfm kv- m -Unw- Kv Fb I- ojw Iyq9000 F- o D- Xv-]- -ß-fm-Wv hn]-wn-bn-se-øn- -Xv. HmW meøv tic-f-øn \n pw 250 tim-sn cq-]-bp-ss h-cp-am-\w t\-sm I-gn-bpsa- m-wv {]-Xo- n- p- -sx- v kmwk-mv C- y I -kyq-a s{]mu-œv ko-\n-b sshkv {]-knu v A-Xp P-bv ]-d- p. "h - W-hn-kvabw' F t]cn \S-Øp I kyq-a {]-tamj- ]cn-]m-sn-bn BI j- I-amb kωm-\-ß-fmwv `mky-hm- m-cmb D]-t`m- m- ƒ v \ Ip- -Xv. h -W-hnkv-a-b-Øn-s `m-k-ambn Hmtcm kmwk-mv D-Xv-]- w hm-ßp-tºmgpw D-d- mbpw H-cp k- Ωm-\w e-`n- pw. C-Xn-\p-]p-d-sabmWv 50,000 cq-] hn-e-bp- kv-am - v tlmw Pm v-t]m- v. sk-]v- w-_ 15 h-sc ti-c-f-øn-se F m kmw-k-mv AwKoIrX tjm-dq-ap-i-fn-ep-am-bn h -W-hn-kvabw Hm-^ e-`y-am-ipw. ]pxnb shkv] hnfivkv kviq ticf hn]-wn-bn : shkv] hnfivkv ]pd-øn-d- p NS-ßn acn- m F Pn-\o-tbgvkv Ub-d-IvS & knch cpvh v s_, Fd-Wm-Ipfw tamt m shln- nƒ C kvs]-ivs sp_n sf sndn-bm, If-a-ticn ap\n-kn- m-en n snb am Pam aw- m-s, acn- m F Pn-\o-tbgvkv Akn-Ã v P\-d amt\-p kp[ojv cmpv Fw.-B F n-h. km-t -Xn-Ihn-Zy-bpsS an-ihpw an-i- cq- ]-I -]-\bpw Dƒ-t cp- - 85F-kv9 kmw-k- Mn-s B-Zy-sØ Aƒ{Sm ssl su-^- \n-j Sn-hn-bmWv. B- I -j-iamb sssw-sekv Kme-dn Un-ssk-\nep- 85 C v h-en- -Øn-ep Cu SnhnbpsS Unkvsπ, AXns s{^-bn-an-\p- n ^v-tfm- v sn-øp- Xp-t]m-se txm- n- n- pw. kmw-k-mn-s h IW-Œv skm-eyqj cq-]-i - -\-b-\pk-cn- v H-tc H-cp ti- _nƒ am-{x-ta C-Xn-\v B-h-iy-ap q. A-Xphgn ]n- n ti-_n-fp-iƒ Iq-Sn- p-g- p- A-`w-Kn-bp- m-in. an-gn-thdn-b Nn-{X-ßƒs m w 120 hm- v kv-]o- -dp-iƒ s{^-bn-an- \p- n tn -Øp-h 85Fkv9 bp-f- v-un Snhn ani- HmUntbm A-\p-`-hhpw \- evip p. tkm-^v- v shb, lm -Uvsh-b cwk-øv h-cp-øn-bn-cn- p Kp-W-ta- m-h - -\-hn-s sa- w D-]-tbm- m- ƒ- v t\-cn- v A-\p-`hn- -dn-bmw. 27,00,000 cq- ]bmwv hn-e. tem-i-øpx-s B-Zy-ambn F-b -I- o-j-\-dp-i-fn sp- v F -Pn km-t -Xn-Ihn-Zy D-]-tbm-K-s -Sp-Øn-bn-cn- p -Xv F Ah-Im-i-hm- Z-tØm-sS-bmWv kmw-k-mv Iyq 9000 hn]-wn-bn-se-øn- n-cn- p- Xv. h-en-b ap-dn-ifn t]m-epw an-i- co-xnbn X-Wp- p-]-i-cp- -Xn\pw Nq-Sv \-ev-ip- -Xn\pw I-gn-bpwhn[w aq- p kv-ss]d F- b ^v-tfm-i-fm-wv C-h-bv- v. hn]-wn-bn-se-ønb kmwk-mns ]pxnb D - -ßƒ an-i- Im-cy- -a-xbpw Ip-d- Du -t m-]-tbm-khpw D-d- p-h-cp-øm-\mbn aq- p ^m-\p-ifpw G-gv Iq-fnw-Kv sk- nw-kp-ifpw H- nt m sh-tδ sdtbm {]-h -Øn- n- mw. Iyq 9000 F-b -I- o-j-\- Iq-fnw-Kv am-{xamtbm As - n X-Wp- pw Nq-Spw \-ev- Ip- - ss a- v I -t{smƒ kw-hn-[m-\-ap- txm Bb c- p tam-u-ep-ifn e-`yamwv. C-Xph-gn F-knbpw lo- dpw sh-tδ-sd hm-ßp -Xv H-gn-hm- mw. BI j-i-amb t m-kn mkv ^n-\n-jn F -Øn-{_u \n-d-øn-em-wv Iyq9000 e`yam-bn-cn- p- -Xv. {]o-an-bw X-e-Øn-ep 765 en- ti-jnbp- kmwk-mv Sn9000 d-{^n-p-td- 489 en- d-{^n-p-td- B-bpw 276 en- {^o-k Bbpw D-]-tbm-Kn- mw. ]m - o-j `n-øn- Iƒ C m-sx an-i- ÿ-e-ku-i-cy-am-wv Cu d-{^n-p-td- -dn\v. t^mƒ-uv sn-øm-hp- - hn-[- Øn-ep sj ^v, Cu-kn Km -Uv F o kui-cy-ß-fp-ap- v. {Sn- nƒ Iq-fnw-Kv km-t -Xn-I-hn-Zybpw c- v Iw-{]-k-dp-Ifpw D-]-tbm-Kn- p- -h-bmwv Cu d-{^n-p-td. AXp-sIm- px-s hfsc th-k-ønepw ^-e-{]-z-ambpw Iq-Sp-X ÿe-øv Ir-Xy-am-bn X-Wp-s -Øn- p- -Xn- \pw Iq-Sp-X `- y-km-[-\-ßƒ Iq-Sp-X {^-jm-bn kq- n- p- -Xn\pw km-[n- pw. Iq-SmsX, Iqƒ-ske-Œv π-kv km-t -Xn-I-hn- Zy D-]-tbm-Kn- v B-h-iyam-b Xm-]\n-e ap Iq n \n- -bn- mw. kmwk-mv h -W-hn-kvabw Hm-Ww {]-tamj- h-gn kmwk-mv ]m-\- Sn-hn-Iƒ-s m w kmwk-mv F-b -{Sm- v tlmw Xn-tb, Unhn-Un sπbdpiƒ, bp-f-kv-_n s] ss{uhp-iƒ F- n-hbpw ssa-t{im-th-hv Hm-h-\p- Iƒ-s m w Ip- v B -Uv Iym-cn In- p-ifpw sx-c-s -Sp- -s - d-{^n-p-td- -dp-iƒs m w {^-jv B -Uv ko In- p-ifpw hm-jnw-kv sajo-\p-iƒ-s m- w Im-jv _m v Hm-^-dp-I-fp-am-Wv e-`n- p- Xv. Iq-Sm-sX kmwk-mv D-]-tbm- m- ƒ- v kv -am - v tlmw Pm- v-t]m- n-\m-bp {]-XnZn-\ _w-] t{umbnepw ]-s -Sp- mw. 45 Zn-h-k-tØ-bv v Hmtcm Zn-h-khpw Hm-tcm-cpØ F- co-xnbn-emwv Pm- v-t]m- n-\p- k-ωm-\m lsc I-s -Øp-I. sluvpv Hmlcn sk]v w-_ 2013 49

50 sluvpv Hmlcn sk]v w-_ 2013

sluvpv Hmlcn sk]v w-_ 2013 51

RNI NO. KERMAL /2011/39839 HEDGE OHARI September 2013 Registered No. KL/EKM/724/2012-14 52 sluvpv Hmlcn sk]v w-_ 2013