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May-June 2012

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Home Bound Wellness Saga


Content

May-June 2012

06

Rupee Counts

Kotak Investment Advisory Desk advices on investing in India

10

Home Bound

Indian luxury rail journeys let the traveler explore destinations at their own sweet pace

12

06 10

Culture Check

It's been 100 years of Bollywood and is still going strong and has gone global too

14

Wellness Saga

We introduce Ayurveda treatments sin details - Shirodhara, Panchakarma, Meditation and Yoga

12 14

16

Flavor Land

Indian cuisine is not always a work of fusion as its authenticity is its USP

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Chairman Note

Dear Customer, Market gurus all across the globe are mulling over burgeoning Indian economy. As a non-resident Indian, you have the right to be a part of it and Kotak NRI Banking is crafted to help you benefit from this strong growth story. The Bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products. The Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Kotak has one of the largest and most respected Wealth Management teams in India, providing the widest range of solutions to high net worth individuals, entrepreneurs, business families and employed professionals. We are pleased to present to you the very first edition of Stay Rooted – a monthly online magazine designed as an extension to the Kotak NRI services. The magazine features a dedicated section on the Indian and world market scenario, Rupee Count where in the Kotak Bank Investment Advisory Desk help you make informed investment decisions. Our expert for this edition, Sankaran Naren shares his viewpoint on the Indian economy, FII inflows, global market conditions from an investment standpoint and more. Adding to these, the magazine also presents an array of stories best describing Indian kaleidoscope with features on Bollywood, Ayurveda, Indian luxury trains and cuisine. We will be delighted to receive your feedback and suggestions on segments of the magazine that will help us grow and further strengthen our bond with you.

Chairman

www.nri.kotak.com 01


Rupee Counts

transfer money safe The days of bank wire transfer and money transfer companies - infamous for time consuming and preposterously costly, are beyond us.

A bank draft transfer in India rupees is the first way for NRIs to send money. Almost every Indian bank those maintain their branch overseas have the facility of a bank draft in Indian currency. This is highly desirable due to the fact that such bank draft can be cashed immediately. The intended beneficiary will have access to the money as soon as he presents the bank draft to his bank. It is also safe and secure because it is routed through an Indian bank. Many expatriates have set up an NRE account principally for remitting their money safely to India. One of the biggest advantages of this account is that the NRIs can deposit foreign currency in their country of residence. The second advantage is that the NRI can authorize an Indian resident, usually a family member to operate it. Ultimately, the Indian assignee is able to withdraw funds from this account in Indian currency. It typically take a week’s time to complete such transfer, also the remitted money is tax-free. All major banks in India have NRI-NRE accounts facilities for NRIs. Not only have that, one can transact from this account via internet making it a preferential bank account for expatriates for remittance purposes. These types of money transfers to India are quick, easy and highly economical. An Internet based money transfer can be done by simply using a credit card or a debit card. It helps to transfer funds electronically to virtually all international locations. This type of transfer is completed in 48 hours if the beneficiary resides in any metropolitan cities across India or 72 hours if the beneficiary resides anywhere else in India. Over and above this, one must also check the transfer fee levied and the exchange rate offered before choosing amongst the various ways of sending money to India.

"An Internet based money transfer can be done by simply using a credit or a debit card"

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www.nri.kotak.com 03


Rupee Counts

HDFC BANK LTD.

Stock Ideas A company's profile and performance predict a lot about its market value. We bring to you an inside scoop on two companies from different sectors and their valuations.

JAGRAN PRAKASHAN LTD Jagran Prakashan (Jagran) is one of the leading media houses of the country that publishes Dainik Jagran, India’s largest read Hindi daily with a total readership of 55.27 million (IRS 2011 Q3). Established in 1942, Dainik Jagran is published in 100 editions across 15 states. Jagran has also diversified into I-Next (‘Hinglish’ Tabloid), City Plus (English Weekly), Out of Home, Event Management and Portal Services. Jagran enjoys strong branding, robust market shares (in core Hindi speaking belt) and a differentiated marketing strategy across segments. Its strategy involves an expansion across newspaper verticals, tap into varied population demographics and reading habits. We believe this strategy is very sound, as Jagran already has substantial market share across Hindi markets and now needs to tap into other segments. Furthermore, due to its strong brands, the company enjoys the support of local advertisers, which results in higher advertisements as well as circulation revenues, relative to peers. Despite aggressive competition, Jagran continues to be dominant, while other players such as Amar Ujala and Aaj have lost their readership and stronghold. The company also remains relatively unthreatened by its nearest competitor Dainik Bhaskar Corp, which has an insignificant presence in Jagran’s key market – Uttar Pradesh.

Valuation Table CMP

Year to

Diluted EPS

EPS growth

P/E

98

31-Mar

(Rs)

(%)

(x)

2012E

6.0

16.3

2013E

8.0

33.3%

12.2

2014E

8.0

0.0%

12.2

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Valuation: The stock is currently valued at 12.2x FY14E EPS of 8.0 which in our view looks quite attractive considering the dominant position Jagran enjoys in its key markets. We value the stock at Rs 115 which discounts the stock at 14.4x times FY14E EPS of 8.0.

HDFC Bank is India’s second largest private sector bank in terms of asset size and network. It ranks third amongst all banks in terms of market capitalization, after SBI and ICICI Bank. It was founded by HDFC, India’s largest mortgage company. HDFC Bank provides commercial and transactional banking services and treasury products to wholesale and retail customers. Towards the end of March 2012, HDFC Bank’s Balance Sheet size was Rs 3379.1 billion, deposits stood at Rs 2467.1 billion and advances stood at around Rs1954.2 billion. Holding a strong position, HDFC Bank currently operates through a network of 2544 branches. HDFC Bank has a track record of delivering consistent and robust growth in earnings. It has a strong retail franchise with extensive branch network and diversified product offering. It has good scope for earning higher fee income through cross-selling of products of group companies’ viz. HDFC Standard Life, HDFC AMC and HDFC Securities. HDFC bank can boast best in the industry CASA ratio (~48.4%). Its pricing power and high CASA ratio have contributed to high NIM of 4.20% (FY12), historically one of the best in the industry. HDFC Bank is well capitalized with comfortable capital adequacy of 16.50%. It has a sound asset quality track record with low Net NPA ratio at 0.20%, which is lower than many peers in the private sector. Valuation: HDFC Bank has been trading at a premium to the other banks, private and public sector, due its consistent and strong performance over the years. We assign FY13E P/Adjusted BV (Rs.147/share) multiple of 4.1x FY13E BV and 3.5x FY14E BV of Rs.173 / share and arrive at a price target of Rs.610.

Valuation Table CMP

Year to

Adjusted BV

BV growth

P/ ABV

542

31-Mar

(Rs)

(%)

(x)

2012

126.0

2013E

147.0

2014E

4.3

173.0

16.7%

3.7

17.7%

3.1

© M a X p o s u re M e d i a G ro u p


Talking Profit Sankaran Naren, CIO Equity, ICICI Prudential AMC Ltd gives us an insight into the current Indian market trends.

What are your views on the Indian equity markets going forward? We believe that markets will still continue to be volatile and will be driven by flows, global oil prices or domestic triggers like government execution of the budget blueprint, pass through of oil prices and monsoons. While there are challenges abound, positive cues continue to provide optimism. Factors like moderating inflation and a downward interest rate bias from here on. Therefore, the Indian economy in 2012 can continue to deliver on growth, albeit we are able to leverage on our positives and demonstrate affirmative action and execution. Do you see FIIs continuing to put money into the domestic market? How is India placed as an investment destination compared to its peers? We believe that the FIIs continue to believe in the India story but are clearly looking for cues like our ability to demonstrate affirmative action on reforms and execution speed. Therefore policy initiatives towards some pass through of oil prices, increased spending on infrastructure development, divestment has the potential to provide significant impetus to the market and FII sentiment. What is your view on global markets and the current state of the economy? Europe continues to grapple with issues and is still in the midst of debt crisis. On the other hand the US markets have been demonstrating strong signs of

growth. We believe that today, there are fewer challenges in the US than in other parts of the world, and solutions to key macroeconomic issues are closer on the horizon. This apart, the US corporates are cash rich, innovative and entrepreneurial and 3% dividend yield versus 0% bond yield makes it very interesting for investors. All these factors make US markets attractive from an investment standpoint in the current context.

on the fiscal and current account deficit concerns of India. Growth v/s value bias: Value bias given that most growth stocks are already at high valuations. Cash holdings in the portfolio – increase/ decrease: We are in the business of managing people’s money and hence are invested according to the individual fund mandate. Hence we do not believe in taking cash calls, except in funds that have a mandate to do so like the ICICI Prudential Dynamic Plan and the ICICI Prudential Volatility Advantage Plan. We however have increased our cash viz a viz Dec within the mandated levels.

"With no clear resolution on the fiscal deficit problem, volatility is the only given."

What is your market cap bias currently (large cap v/s small and mid cap)? Any specific advice for long term and short term specifically with respect to mid cap bias? We are currently biased towards mid and small caps given the relative valuation attractiveness of this segment. There continues to pockets of valuation attractiveness in select segments across the large cap in sectors like oil and gas, technology etc. What is your current investment strategy with respect to the below mentioned? Defensive/aggressive portfolio structuring: We are currently defensive given our view of expected market volatility until there is a clear resolution

What would you currently advise to the retail investor with fresh money to invest? We have been for a while recommending that investors look at volatility as the new asset class. With yet no clear resolution on the fiscal deficit problem and status quo on fuel prices, volatility is the only given. We therefore believe that funds that help capitalize on volatility like Dynamic Funds and the Volatility Advantage Fund are best suited for investors. We therefore believe that the three themes that will help investor with risk adjusted returns over the next year will be volatility, value and asset allocation. www.nri.kotak.com 05


Rupee Counts

Market Outlook Indian stock market is again confronting a tough time after a smooth beginning this year. Many sectors such as IT and technology registered loss. However, experts are still optimistic. The BSE Sensex lost 0.5% during the month of April amidst aggressive 50 bps rate cut by RBI, largely in-line Q4FY12 results and IMD’s forecast of normal monsoon. While the mid-cap index lost 0.5% in-line with the Sensex, the smallcap index outperformed both the indices with a 2% gain during the month. Defensive sectors continued to remain in the limelight with FMCG and Healthcare registering 6.2% and 2.6% gains respectively. Auto index too gained 5% during the month. IT and Teck indices were major losers with 6-7% correction due to disappointing Q4 performance and guidance by Infosys. Capital goods, Realty and Power continued its downtrend with declines of 6.8%, 4.7% and 3.8% respectively. Among Sensex stocks, Tata Motors, Hero Motocorp and ITC were the top performers with gains of 14.9%, 8.8% and 8.2% respectively while Infosys, BHEL and GAIL were the worst performers with declines of 14%, 12.5% and 11.9% respectively. On the Fixed Income markets front, after RBI surprised the debt markets with a deeper than expected 50 bps cut in Repo rate, 10Y G-Sec rallied to 8.36% from 8.45%. The rally, however, was short lived after official statements that room for further easing was limited. Call rates still remain 30-35 bps higher over the repo, signaling the still tight liquidity conditions. As expected, Liquidity Adjustment Facility (LAF) borrowing by Banks has eased to an average of Rs 1,005 billion in April, from Rs 1,567 billion in March. This is still above 1.5% of Net Demand and Time Liabilities (NDTL), breaching RBI’s comfort zone of +/-1% of NDTL. 1Y CD rates have eased to 9.65% (as of 22nd Apr) from a high of 10.85% during mid-March. 3M CD rates have corrected even more sharply from 11.50% in March to 9.20% currently. Banks’ investment in Mutual Funds has reduced considerably to Rs 245 bn in April from Rs 1,100 bn during same period last year. On the equity side, overall from a valuations standpoint,

the equity markets continue to look attractive from a medium to long term perspective. However currently there are some headwinds like government inaction towards reforms and fiscal consolidation, low expectations of further rate cut by RBI, deteriorating global economic outlook and decline in risk appetite among global investors leading to reversal in FII flows etc. Hence, we have revised our outlook on equity from ‘Neutral’ to ‘Marginal Underweight’. Our expected Sensex target for April -2013 is 19,600 which translates to expected returns of 13.2% p.a. from equities over the next 12 – 18 months. On a market capitalization basis, we are relatively overweight on small-caps as compared to mid-caps and large-caps. On the sectoral front, we are overweight on Pharma and Infrastructure. On the debt side, the yield curve is currently inverted and

"The BSE Sensex lost 0.5% during the month of April amidst aggressive 50 bps rate cut by RBI"

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we expect yield curve to steepen. This would benefit shorter end rates which could see a fall. This provides investors the opportunity to lock-in investments at a higher yield and also to benefit from capital appreciation as yields ease going forward. On the longer end of the yield curve, the continuous supply of sovereign paper and announcement by RBI of very little scope for further rate cuts, has put pressure on the longer end of the curve and led to sharp selloff in government bonds in recent past. We view that investors can look at taking tactical exposure in long term G-sec funds at 8.65% to 8.75% levels and redeem if yields ease off to 8.15% to 8.25% levels on the back of announcement of OMOs or any indication of further rate cuts. © M a X p o s u re M e d i a G ro u p


Word in Charts Keep an eye on the Indian market performance in different sectors with the performances reviews for currency, crude oil, gold, policy rates as well as inflation in major economies. Crude Oil

Gold

Currency Performance 1

Currency Performance 2

Policy Rates

Inflation in major economies

Equity Market Performance 1

Equity Market Performance 2

www.nri.kotak.com 07


Culture Check

Light Camera

Bolly wood

Indian cinema has come a long way, from the silent, black and white beauties to fast paced movies targeting the multiplexes. And it was on April 21, 2012 that the cult called Bollywood became a century old with Dada Saheb Falke’s movie Raja Harishchandra turning 100. We wonder what makes it click.

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Bollywood observers have been fascinated with it, fans across the globe have raved about it and critics have secretly applauded it. Indian cinema that was sadly christened Bollywood after its western counterpart is a charmer in its own league. Bollywood has the major share among the 1000 odd films made every year in languages as diverse as the culture of this country. The latest being Byari, a film in Beary language spoken by a very small population with a meager budget of Rs 70 lakh. What has made Bollywood a proud part of the pop culture is majorly its portrayal of larger than life personalities and their fairytale lifestyles. Bollywood transports the viewers to a world away from the everyday grind. However, Bollywood has also evolved with the times. From religious crowd-pullers to mindless action flicks, from social melodramas to teen love stories and films targeting NRIs. While the western movies are specially tagged ‘musicals’ when they feature songs and dance, Indian cinema is almost synonymous with song, dance, music and celebration. If 20s was about silent movies with portrayal of gods on screen, the 30s was the era of talkies. With the first Indian talky Alam Ara released in March 1931 changed a lot everything for Indian cinema. With a brief period of boldness of script and stories, 40s gave way to candy floss, feel-good, songdance routine movies. The 50s was definitely the golden period of Indian cinema. Not only the directors dared to be different with their path-breaking stories but films also put the spotlight on the common man. From gods to gods of small things, Indian cinema saw some brilliant work from directors such as Satyajeet Ray, Guru Dutt, Bimal Roy and veteran actors such as Nargis, Meena Kumari, Madhubala, Dilip Kumar and Rajendra Kumar, who helped these scripts come to life, convincingly. 1960s saw the grandest of movie epic in Mughal-e-Azam. That gold production stopped there. 70s was like a new birth for Bollywood as it applauded the some of the very first superstars, blockbuster hits and greatest comedies of all time. While Dev Anand, Rajesh Khanna and Dharmendra charmed their ways into every woman’s heart, Waheeda Rehman, Sadhna and Asha Parekh, later Hema Malini became fashion icons for the youth. And then there came the

mother of all hits, Sholay in 1975 that broke all box-office records and popularity surveys and doing so, even today. It also made masala movies the next big thing in Bollywood. This period also has the best of comedies to boast such as Chupke Chupke (1975) and Khatta Meetha (1978). Indian cinema in 80s was yet again struck by the formula films where love affair between a rich heroine and poor hero was the subject in almost every other film. The period could be categorized as a lean period for Bollywood that witnessed set formula films. However, comedies such as Khoobsurat (1980) and social-stigma turned poetic saga like Umarao Jaan (1981) were breathe of fresh air and also made Rekha the nation’s heartthrob. The 90s was a total u-turn from what Bollywood has ever been known for. Grand films, grander sets and sky-rocketing budgets entered the industry. Movies like Dilwale Dulhaniya Le Jaenge made a strong connection with the Indians settled abroad and raised interest in Bollywood worldwide. After experiencing bouts of lean time and sea of wasted talents, this scenario however is slowly, but surely changing as our grand old industry is churning out films with some out-of-the-box plots such as Tare Zameen Par, 3 Idiots, Kahaani, Paan Singh Tomar, Dev D, Udaan and more. Tables are turning too with the original plot of Kahaani being considered for a Hollywood remake. Looks like the era of films by Satyajeet Ray can relax for the new kid is on the block.

"The 90s was a total u-turn from what Bollywood has ever been known for"

www.nri.kotak.com 03


Flavor Land

Fusion-free You can find modern Indian cuisine all over the world now. But does fusion works always for India? We try to find the answer.

Modern Indian cuisine. Evolved Indian cuisine. A journey through India. But one thing it is not is 'fusion'.  "You have to be very careful," cautions Chef Vineet Bhatia, "how to approach the food in terms of ingredients. I don't do sushi with chicken tikka. But you can do a mock sushi made out of basmati rice, and flavour it with saffron, haldi and dhaniya but I would not use ingredients not native to India. You can mix pomfret from Maharashtra, moilee sauce from Kerala, and rice from North India. There's so much choice and variety in India, you don't need to go outside.” Bhatia is the brains behind Ziya, the eight-monthold restaurant on the first floor of Mumbai's Oberoi Hotel. He has already tested out his menu, to wide acclaim, in his flagship London restaurant Rasoi and its twin, Rasoi Geneva. He is the second UK-based chef - after Gordon Ramsay - to have Michelinstarred eateries in two countries. Bhatia compares preparing a plate to haute couture. "The food I cook is modern evolved Indian,” he says. "What is presented how it is presented - it's all creative and innovative. It's authentic in taste, but with a mêlange of spices. We design a plate. And often the plate inspires us to do a dish.” At Ziya, the dêcor is understated and elegant, a quiet backdrop against which the drama of beautifully prepared food is enacted. A counterpoint is Dêvi in the posh Flatiron neighbourhood of Manhattan. One almost expects nautch girls to start dancing midway through the meal. Everything else about the unpretentious Indian restaurant gives the impression of being at a royal feast in a resplendent Jaipur haveli - carved wooden doors, brightly coloured curtains and wide silver metal plates studded with tiny balls around the rim.  What Saran - who designed the menu - set out to do with the eatery was to break away from the "recent

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© M a X p o s u re M e d i a G ro u p


"You have to be very careful," cautions Chef Vineet Bhatia, "how to approach the food in terms of ingredients. "You have to be very careful," cautions Chef Vineet Bhatia, "how to approach the food in terms of ingredients."

immigrant mentality" of putting everything on a single menu. That bewilders guests, he says, especially those who are not familiar with the food. Plus, he adds, it breeds mediocrity in the restaurant and stereotypical ordering by the customer. He wants to show everyone that Indian food has a lot to offer besides chicken tikka masala and dal makhani, (which is why, mischievously, Dêvi only offers such dishes as expensively priced side dishes to discourage guests from ordering them.) His menu was designed to be spare - they don't overwhelm with options, but they do change part of the menu every four months.  The chefs at Dêvi know how not to overwhelm the palate with excessive seasonings. So vegetables are firm rather than overcooked and mushy, and spices complement rather than overwhelm. Also delightful is the pairing of traditional foods with unexpected sauces. The breast of chicken is stuffed with lamb and spinach, unusual in itself;placed upon tomato chutney with a hint of chilli, it is stunning. The medley of flavours enhances the taste of the clay tandoor, which lingers in the meat. The halibut is moored on a portion of kaddu ki subzi (butternut squash) in a sea of tangy rasam - a perfect example of how the cuisines of north and south India could be wedded in culinary bliss. The fish is garnished with Dêvi's divinely crispy signature kararee bhindi. All the restaurants clearly accomplish that goal, as evidenced by glowing reviews and satisfied customers. Despite spanning three continents and a varied audience, these chefs have managed pitch-perfect menus, impressive wine pairings, even nimbu paaniinspired cocktails. They may tweak their dishes slightly to accommodate the different palates of an American or Singaporean guest, but the essence remains the same. www.nri.kotak.com 03


Wellness Saga

Ayurveda Magic Wondering how an ancient science of life can hold significance in the modern times? Read on as our expert answers your question. Today’s fast paced lifestyle comes with its side-effects as it takes a huge toll on our physical and mental well-being. Experts suggest detoxification, i.e. a complete cleansing of the system. But, with several ‘detox fad’ doing the rounds in well-being corridors, it becomes a job unto itself to select what is best for both body and soul. This is where Ayurveda comes in

Ayurveda – The Science of Life Like any other form of medicine and well-being, Ayurveda is also shrouded with myths. The most common myth is that Ayurveda is just herbal treatment, some kind of home remedies. Some also believe that Ayurveda is just about treating diseases with metallic residue or medicines (bhasma). The term ‘Ayurveda’ is made of two Sanskrit words ‘ayu’ meaning life and ‘veda’ meaning science of or knowledge of or study of. It is, thus actually a branch of science that deals with how to lead a healthy life. The most important aspect of Ayurveda is that it is a preventive system. If a person leads his life according to Ayurveda, he will have

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the blessing of a completely healthy life. According to Ayurvedic philosophy and patho-physiology, our health is maintained because of an equilibrium of our doshas ( bio humors / bio forces) that are vata, pitta and kapha, dhatus (seven vital tissues such as rasa (lymphatic), rakta (blood), mamsa (muscles), meda (adipose tissue or fats), asthi (bones), majja (bone marrows or nervous tissue) and shukra (reproductive tissue), malas (excretory waste metabolites ) such as purish (stool), mootra (urine) and swead (sweat ), agni (digestive fire and blissful soul, mind and sense organs. In the treatment modalities, Ayurveda classify therapies as shaman

Yoga Yoga in its completely pure and traditional form has stemmed out from the roots of Hatha Yoga and adapting it to suit individual needs. It is a disciplined science encompassing all aspects of life in different ways and levels to balance the mind, body and spirit. This helps us to restore perfect health and leads us from consciousness to super consciousness, resulting ultimately in eternal bliss or Sat-Chitt. Under the guidance of experienced Yoga teachers, specific forms of Yoga and meditation program are designed that assists you through your journey of life, balancing your being and assisting you to achieve health and well being. One example is Yoga Nidra, which is a technique of deep yogic relaxation. Yoga Nidra means 'Psychic sleep', a state of conscious sleep where one is on the borderline between wakefulness and sleep. It is a guided process of relaxation for relaxing the agitations of the conscious mind and awakening the awareness and immense healing potential of the subconscious. In Yoga Nidra, the practitioner is on the threshold of the subconscious plane from where one can release the hidden psychic tensions of consciousness Ayurveda promotes a lifestyle that is in harmony with Mother Nature.

"Yoga and meditation program are designed to assist you to balance your being" chikitsa and shodhan chikitsa. Treating elevated vitiated doshas with medications is termed as shaman chikitsa. However, symptom could not be treated even after trying again and again with medicines, then one need to remove those excess doshas from the close routes , may be through mouth ( in the form of vomiting or vamana) or through purgation (virechana) or with the help of enigma (basti) or through nose (nasya) or through bloodletting (rakta mokshana). These five ways of removing excess of vitiated increased doshas are termed as Panchakarma therapy or Shodhan therapy.

Dr Aashish Phadke , MD, Ayurveda, Mumbai, MIIM(Gold Medal) is Ayurveda and Panchakarma Consultant at Dr Aashish Phadke’s Ayurvision – Centre for Ayurveda & Panchakarma Therapy, Mumbai & Navi Mumbai, India. Those interested to know more, log onto to www.ayurvision.com.

www.nri.kotak.com 03


Home Bound

No Rush

Ever dreamt of opening your eyes to a new destination, every morning amidst the best of luxuries and exploring the gem called India at your own sweet pace? If yes, then come along as indulgence on the wheels is calling.

With conveniently crafted itineraries, the luxury train is a fascinating way to explore your homeland. Travel by the night and explore a new destination by the day, all this without the hassle of packing and unpacking. Welcome onboard the luxury trains of India. Palace on Wheels Voted among the world’s best luxury trains, Palace on Wheels is India’s most revered luxury train. In operation since 1982, it offers itinerary to the royal destinations in the land of erstwhile Maharajas. The tour from Delhi to Agra let you discover and explore the myriad colors of Rajasthan even as you are accorded royal treatment and traditional Indian hospitality in the interiors suffused with nostalgia. The next scheduled departure is from September 2012 onward. USP: It is the most authentic and longest running luxury train tour in India. Coaches: The luxury starts right from the moment you step into one of the 14 guest carriages, each named after provinces of Rajasthan such as Alwar, Bharatpur, Bundi, Jaipur, Jaisalmer, Jodhpur, and Udaipur etc. Itinerary: Destinations Covered: Delhi - Jaipur - Ranthambore Chittorgarh - Udaipur - Jaisalmer - Jodhpur - Bharatpur - Agra - Delhi Duration: 7 Nights / 8 Days

Maharajas’ Express The latest luxury offering in India with five pan-Indian itineraries across some of the most prominent destinations across India, Maharajas Express has set a new benchmark when it comes to luxury train traveling. With state-of-the-art amenities that money could buy and technology could offer the journeys unravel the incredible Indian kaleidoscope. USP: It offers experience previously unheard of in luxury train journey, unlike any other in its genre. Coaches: Live your dream with the option of choosing from 14 guest carriages which include 20 deluxe cabins, 18 junior suites, four suites and one presidential suite.

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The Deccan Odyssey Of various ways to unfold the glorifying history of Marathas, Deccan Odyssey train tour is a course to explore the mesmerizing terrains of Konkan and Deccan region along with a halt in sun and sand paradise, Goa. A journey spanning over 168 hours includes a dash of culture, leisure and heritage mixed with the opulence of tastefully decorated interiors and impeccable hospitality. Often compared to the likes of the Blue Train of South Africa, this luxury train showcases the best of tourism assets of Maharashtra like pristine beauty of Konkan coast, culture, heritage, crafts and cuisine. The next scheduled departure is from December 2012 onwards. USP: Onboard, you can pamper yourself at the spa and work out at the gym. Coaches: Choose from 11 guest carriages that includes two presidential suite and dine at dining cars named Peshwa I and Peshwa II. You can relax at Mumbai Hi, the lounge bar or have your meetings in the conference car. Itinerary: Destinations Covered: Mumbai - Sindhudurg - Tarkarli - Goa/Vasco - Kolhapur - Daulatabad - Ajanta - Nashik - Mumbai Duration: 7 Nights / 8 Days

"With conveniently crafted itineraries, the luxury train is a fascinating way to explore your homeland"

www.nri.kotak.com 03


Welcome Home

Royal Rajasthan on Wheels A royal train journey unraveling the vibrant colors of Rajasthan and romance of Rajputana dipped in sheer opulence along with spiritual and cultural rendezvous at Varanasi and Khajuraho – this is your Palace of Wheels vacation. Every Sunday, the luxury train chugs out of Safdarjung Railway Station in New Delhi on a weeklong voyage to explore the length and breadth of India’s desert kingdom along with halts at Varanasi and Khajuraho to explore the royal, cultural and spiritual facets of India. The next scheduled departure is in October 2012 onward. USP: Son-et-Lumiere Show at Chittorgarh Fort, tryst with tigers at Ranthambore National Park and romantic boat ride in Lake Pichola in Udaipur are lined up for you. Coaches: The romantic vacation includes staying in one of the 14 carriages with 41 elegantly appointed cabins categorized as Bravura Suite and Extraordinary Suite. Savour scrumptious meal at the dining cars named Sheesh Mahal and Swarna Mahal. Itinerary: Destinations Covered: Delhi - Jodhpur - Udaipur - Chittorgarh - Sawai Madhopur Jaipur - Khajuraho - Varanasi - Agra - Delhi Duration: 7 Nights / 8 Days

The Golden Chariot

"Travel by the night and explore a new destination by the day, all this without the hassle of packing and unpacking"

04 ReachOut May-June 2012

With its two tastefully crafted itineraries – ‘Pride of the South’ and ‘Splendor of the South’, the The Golden Chariot offers tours across some of the most culturally and visually illuminating destinations in South India. The train is designed to imbibe the cultural ethos and traditions of the South India and comes equipped with state-ofthe-art amenities which include restaurants, business center, gymnasium and a spa carriage. The next scheduled departure is from October 2012 onwards. USP: A gym and a conference car make it a complete vacation for the discerning travellers. Coaches: You have a myriad of sating options to choose from the 26 twin beds, 17 double bed cabins and 1 cabin for the physically challenged. Dine and wine at two restaurants named Nala and Ruchi as well as Madira, the bar.

© M a X p o s u re M e d i a G ro u p



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