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Indian Automobile Industry; Demand recovery remains elusive RBI Mid-Quarter Policy: Risks of a weaker Rupee leading to higher inflation and capital outflows led by changing global sentiments prompt the RBI to pause in the mid-quarter policy review Headline inflation eases to 4.7% and stays within comfort zone for the second month even as rupee depreciation clouds outlook Indian Banking Sector; Softening G-sec yields expected to boost PSBs’ profitability in Q1 2013-14 Industrial production rises by 2.0% in April 2013 led by consumer non-durables while growth of other sectors disappoints Indian Two-Wheeler Industry; Industry maintaining pricing discipline amidst weak demand environment RBI Guideline on Restructured Advances: Restructuring Norms Tightened; Some Relief for Projects under Implementation Non-agricultural GDP growth remains flat at 5.3% in Q3FY13 and Q4FY13; moderating consumption & investment growth pose a challenge Indian Pharmaceutical Sector: Pricing Policy Update Moderating commodity prices, weakening pricing power and normal monsoon to dampen inflation in FY14; languishing investments and limited fall in current account deficit continue to pose concerns

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ICRA BULLETIN: MONEY &
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	Indian Automobile Industry; Demand recovery remains elusive 6
	RBI Mid-Quarter Policy: Risks of a weaker Rupee leading to higher inflation and capital outflows led by changing global sentiments prompt the RBI to pause in the mid-quarter policy review 6
	Headline inflation eases to 4.7% and stays within comfort zone for the second month even as rupee depreciation clouds outlook 6
	Indian Banking Sector; Softening G-sec yields expected to boost PSBs’ profitability in Q1 2013-14 6
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Market Linked Debentures

Issuer	Valuation Date	Latest Valuation	Historical Valuation
Barclays Investments & Loans (India) Limited	13 Jun 2013	Latest Report	Historical Report
Citicorp Finance (India) Limited	18 Jun 2013	Latest Report	Historical Report
ECL Finance Limited	12 Jun 2013	Latest Report	Historical Report
Kotak Mahindra Prime Limited	13 Jun 2013	Latest Report	Historical Report
Motilal Oswal Financial Services Limited	13 Jun 2013	Latest Report	Historical Report