JAZAA FINANCIAL ADVISORY PVT. LTD.

1. JAZAA FINANCIAL ADVISORY PVT. LTD. Ethics . Principles . Social Responsibility WEEKLY NEWSLETTER www.jazaa.in 04th Aug 2012

2. NEWSLETTER 04th AUG 2012 BSE SENSEX INDIAN STOCK MARKETS Benchmark share indices ended their three-week losing streak, amid bargain hunting in fundamentally sound stocks, to gain over 2% higher in the week to August 3 The 30-share Sensexprovisionally ended down 26 points at 17,198 and the 50-share Nifty  ended down 12 points at 5,216. In the broader markets, the BSE Midcap index and the Small-cap closed down 0.2% and 0.1% respectively in line with the Sensex Metals stocks were the worst hit today with Sterlite, Tata Steel and Jindal Steel losing 2 per cent each on reports of slowing demand. Overall the market breadth was negative on the BSE. 1514 stocks declined as against 1263 advances. • GLOBAL MARKETS • The dollar sank on Friday as better-than-expected U.S. jobs growth in July had investors selling the traditional safe-haven currency while embracing the euro, putting it on track for its best one-day rise in a month. • Oil prices rose sharply on Friday, with Brent crude futures hitting a 10-week high, after a U.S. nonfarm payrolls report showed employers added more jobs than expected in July. • Britain's FTSE 100 index is seen opening up 4-7 points, or as much as 0.2 percent higher on Friday, according to financial bookmakers, steadying after sharp falls in the previous session. • The European Central Bank (ECB) has saved Greece from bankruptcy for the time being by securing it interim financing in the form of additional emergency loans from the Bank of Greece, German newspaper Die Welt said on Saturday.

3. NEWSLETTER 04th AUG 2012 Editor’s Blog The cabinet has finally decided the auction base price at 140 billion rupees, or at about 7.4 times the 2008 price, for 5 mega hertz of second-generation airwaves in the 1800 MHz band. The base price is a 23 percent cut from the telecoms sector regulator's proposed price of 181.1 billion rupees. Despite the cut in the auction base price the telecom players do not seem to be content with the decision. The price is a threat to small players such as Sitema and Telenor who have decided to pull out their business from India due to high auction costs. On the other hand giants like Bharti and Vodafone are not affected by the court orders and have plans to buy more airwaves to cover their overstretched network. Nevertheless whomsoever wins the ultimate sufferer will be the end users due to tariff hikes and inflated phone bills. The point I am making is amid the tussle between the beaurocrats and entrepreneurs the customers are being sandwiched. E-GOLD and E-SILVER CommodityE-GOLD Last Price: 3,022.3 % Return since last week: -0.35 % One year Return: 11.01 CommodityE-SILVER Last Price : 5,369.5 % Return since last week: 0.01 % One year Return: -11.02

4. NEWSLETTER 04th AUG 2012 • NEWS THIS WEEK • INDIA CUTS AIRWAVE AUCTION BASE PRICE • http://in.reuters.com/article/2012/08/03/india-telecoms-auction-2g-idINDEE8720AB20120803 JET AIRWAYS POSTS SURPRISE PROFIT http://in.reuters.com/article/2012/08/03/jetairways-results-spicejet-kingfisher-idINDEE8720AG20120803 WALL ST WEEK AHEAD: POSITIVE MOMENTUM IN THE FACE OF HEADWINDS http://in.reuters.com/article/2012/08/04/usa-stocks-weekahead-idINDEE87303620120804 • TELENOR EYES INDIAN SPECTRUM AUCTION DETAILS • http://in.reuters.com/article/2012/08/03/telenor-india-2g-spectrum-idINDEE8720G120120803 • DROUGHT DELIVERS FRESH BLOW TO REELING ECONOMY • http://in.reuters.com/article/2012/08/03/india-economy-drought-monsoon-idINDEE87206P20120803

5. NEWSLETTER 04th AUG 2012 FIRMS IN SHARIAH 50 Dabur India Limited is a leading Indian consumer goods company with interests in Hair Care, Oral Care, Health Care, Skin Care, Home Care and Foods. From its humble beginnings in the by lanes of Calcutta way back in 1884 as an Ayurvedic medicines company, Dabur India Ltd has come a long way today to become a leading consumer products manufacturer in India. Dabur recorded healthy 23% yoy growth in consolidated revenues at Rs13.6bn during Q4 FY12 led by volume growth of 12.4% below expectations of Rs14.7bn. Dabur has a unique mix of seven diverse growth engines in the FMCG space, which have a potential of delivering strong revenue growth.  It faces risk from increasing competition in some of its categories like hair oils, skin care, shampoos and slower growth in its international business profits. BSE TASIS SHARIAH 50

6. NEWSLETTER 04th AUG 2012 HADITH OF THE WEEK Narrated Hakim bin Hizam (RA): Allah's Messenger (PBUH) said, "The seller and the buyer have the right to keep or return goods as long as they have not parted, or till they part; and if both parties spoke the truth and described the defects and qualities (of the goods), then they would be blessed in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost.“ Hadith No. 2079, Book of Sales, SahihBukhari, Vol. 3 • SHARIAH FUNDS DO WELL IN BEARISH TIMES • Shariah-compliant funds are investment vehicles governed by Islamic laws and fully compliant with the principles of Islam. Shariah-compliant funds are probably not the best performers in a bullish market of current times, where the rally is primarily driven by banking stocks. But in a slightly bearish market these funds give decent returns. In India, this type of funds is yet to become popular among the masses. As a result, currently, the number of this kind of mutual funds is just a handful. But we may see more fund houses coming up with such funds in the time to come. • The fundamental characteristic of the Islamic finance industry is that it is founded on the principle of profit and loss sharing, rather than that of fixed rates of interest this encourages risk taking by prohibiting guaranteed and fixed income returns on investment whether interest-based or interest-like. Islamic investments avoid speculative investments such as derivatives which are more prone to risk and uncertain returns. All these factors allows shariah funds to do well in bearish times GLOSSARY OF ISLAMIC BANKING TERMINOLOGY Tawarruq The Islamic way of obtaining cash When as Islamic customer requires cash, they can use this arrangement to obtain it. It involves buying something on deferred credit and selling the item on to get cash. 

7. NEWSLETTER 04th AUG 2012

8. NEWSLETTER 04th AUG 2012 Disclaimer This document has been prepared by JaZaa Financial Advisory Pvt. Ltd.(JaZaa) This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. JaZaa will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavor to update the information herein on reasonable basis, JaZaa, its subsidiaries and associated companies, their directors and employees (“JaZaa and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent JaZaa and affiliates from doing so. We do not represent that information contained herein is accurate or complete and it should not be relied upon as such. This document is prepared for assistance only and is not intended to be and must not alone betaken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of JaZaa may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject JaZaa and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. JaZaa & affiliates may have used the information set forth herein before publication and may have positions in, may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities. JaZaa may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall JaZaa, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of JaZaa.

9. JAZAA FINANCIAL ADVISORY PVT. LTD. Ethics . Principles . Social Responsibility contact@jazaa.in www.jazaa.in Corporate Office: 159/2, First Floor, SaraiJullena, Near Fortis Escorts Heart Institute, New Delhi - 110025