1. Some Basic Rules which needs to be understood about these Tactical Calls Reason for 5 Bets on the same theme : These Tactical Positions are more Event based and hence its important to play the theme over several Stocks. While the Individual Allocations might look low, all these Stock bets should be looked as one Consolidated Bet. The Internal bets are a combination of different Risk-Reward mix. Strictly maintain Allocation limits, Stop losses & Targets : Tactical Positional Calls are meant to be medium term positions and hence, it is very important to follow strictly on these parameters. Maintain a Good Long Term Portfolio: As any Market participant should know, best way to create Wealth is to build a Solid Portfolio for the longer horizon. These Tactical Bets should not consist of more than 20% of anyones Capital Allocation. Specialists in discovering Multibagger stocks

2. Tactical Calls for Rupee Depreciation Note 1 : Remember all 5 Stocks together form one Tactical Position on Currency depreciation. Note 2 : All the 5 Stocks are good companies available at decent Prices. Hence, even without the recent Rupee Depreciation they are Investment worthy stocks. The recent Rupee depreciation is just the catalyst to their share prices over the next few months.Expected Time frame on these Calls = 6 to 9 Months Stock NameIndustryAllocation LimitBuy RangeTarget RangePersistent SystemsAgro Inputs2%550-570630-650United PhosphorousAgroChemicals2%115-135170-180Mayur UniquotersLeather2%Around 420500Poly MedicureMedical Devices1%220-230270-280Balkrishna IndustriesTires1%195-210240-260 Specialists in discovering Multibagger stocks 3. Briefs on the FIVE Tactical Positions Specialists in discovering Multibagger stocks 4. Persistent Systems (BUY) Bulls Eye Call Maximum Allocation Limit :- 2 % Exit : Selling Strategy We would like to Exit the stock around Q4-FY13. While we believe that this stock must have a place in Ones Portfolio for the long term, the near term expected outperformance makes it a Bulls Eye bet too. Classification Type : Tactical Positional CallMain Reason for Picking Persistent : Has a formidable Business Model with High Return Ratios and Strong Growth. Current Price : Persistent Systems = 595 Accumulation Range : Persistent Systems = 550-570Our primary reason for recommending it for the Medium Term is the huge benefits of the currency movement on the companys Bottom line. The companys attractive price action over the past few months also point to the stock making a new Life high pretty soon.Significant Triggers One Liner on Persistent Systems Call :-Target Price/ Stop Loss Persistent Systems is the best placed IT company to benefit from Rupee Depreciation, as it has one of the highest Offshore mix and also a strong IP revenue stream which are billed in USD.Persistent Systems = 650 / 500 Pick up in US Economy. Higher Technology spending. Strategy Buy High & Sell Higher.Time Frame 6 to 9 Months (See : Exit) 5. United Phosphorous (UPL) (BUY) Bulls Eye Call Maximum Allocation Limit :- 2 % Exit : Selling StrategyMain Reason for Picking UPS : Has Strong Brands across the world and quoting at a discount to Global peers.Our Exit timeline with the stock would be over the next 6 Current Price : months. It was also a part of our Monsoon special call. United Phosphorous = 140 We believe that a combination of factors would help the Accumulation Range : company to post good results for next 2 Quarters. Classification Type : Tactical Positional Call Its a solid stock which is a indirect beneficiary of the Rupee depreciation which the Markets are still not factoring in their estimates. Moreover the strong business model will provide us comfort on the downside.One Liner on United Phosphorous Call :While we believe that the Global Agro-Chemicals space is witnessing some traction and UPL being a large player will certainly reduce the Valuation gap with its Peers. This will help us play in the Large Cap space which is the flavour of the season.United Phosphorous = 115-135 Significant Triggers Translation Gains. Volume growth pick up. Strategy Buy for the breakout from its range. Target Price/ Stop Loss United Phosphorous = 175 / 100 Time Frame 6 to 9 Months (See : Exit) 6. Mayur Uniquoters (BUY) Bulls Eye Call Maximum Allocation Limit :- 2 % Exit : Selling StrategyWe would like to hold this stock for at least the next 12 Months, as we see a strong upside potential indicators on both Technical & Fundamental basis. Classification Type : Tactical Positional Call. We believe that a combination of Lower Valuations, Increasing Investor attraction, Superior Growth and Quality Management would help the stock to outperform broader markets over the next 6-9 months.Main Reason for Picking Mayur : Mayur Profits would benefit strongly from the Rupee movement and also increase its Cost competitiveness. Current Price : Mayur Uniquoters = 446 Accumulation Range : Mayur Uniquoters = Around 420 Significant Triggers New Capacity addition. Improving Margins (Product Mix).One Liner on Mayur Uniquoters Call:-Strategy While Mayur has a low Export component compared with our other stocks, its Margins in Exports are much higher compared to its Indian operations and hence the Rupee depreciation can impact the Bottom line in a hugely positive manner. Also the companys product line allows it to enjoy the benefits of the fall rather than passing it on to clients.Buy for a Break out from its Range. Target Price/ Stop Loss Mayur Uniquoters = 510 / 380 Time Frame 6 Months (See : Exit) 7. Poly Medicure (BUY) Bulls Eye Call Maximum Allocation Limit :- 1 % Exit : Selling Strategy We would intend to exit this Stocks over the next 3-6 months as the next 2 Quarters would indicate to the Market, the kind of Margins the company makes. Classification Type : Tactical Positional Call. While the stock has performed exceedingly well, we believe that there is still a lot of steam left in its Earnings growth and the company would continue to surprise the Markets positively. One Liner on Poly Medicure Call :Poly Medicure exports most of its products and with the current rupee levels, the company would be making windfall gross profits in most of their products. It would be while for the competition to catch up as the Regulatory hurdles are strong in the business.Main Reason for Picking Poly : Poly Medicure is one of the few companies which can enjoy the entire benefits of the Rupee depreciation. Current Price : Poly Medicure = 240 Accumulation Range : Poly Medicure = Around 225 Significant Triggers Strong growth in Gross Margins. Improving Return on Equity. Strategy Buy High & Sell Higher. Target Price/ Stop Loss Poly Medicure = 275 / 200 Time Frame 6 Months (See : Exit) 8. Balkrishna Industries (BUY) Bulls Eye Call Maximum Allocation Limit :- 1 % Exit : Selling Strategy While the near term results can be volatile, we believe that the medium term fundamentals stay intact and the stock should get rated higher. Classification Type : Tactical Positional Call. Balkrishna Industries has a very strong business model and the Markets have not factored its strong competitive advantage. We believe that Investors should take advantage of the short blip to position for tactical gains One Liner on United Phosphorous Call :While Balkrishna has Foreign Debt and imports most of its Raw Materials, the company is still a net beneficiary of the Rupee depreciation as its cost competitiveness increases strongly. Moreover the current valuations and the price correction makes it a Medium Term BUY.Main Reason for Picking Balkrishna : Balkrishnas strong Export led business competitiveness gets another booster shot with the recent depreciation. Current Price : Balkrishna Industries = 230 Accumulation Range : Balkrishna Industries = Around 210 Significant Triggers Debt Reduction. Revenue growth after 2 years. Strategy Buy Low and Sell High. Target Price/ Stop Loss Balkrishna Industries = 275 / 185 Time Frame 6 Months (See : Exit) 9. THANK YOU Specialists in discovering Multibagger stocks