1. 1 24 th Nov, 2013 Guar Scenario Mapping The Market Thought of Guar complex by Nagaraj Meda Managing Director TransGraph Consulting Pvt.Ltd 11 th Oct’2014

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3. 3 Guar- Price Outlook

4. © TransGraph Consulting Pvt Ltd Slide Guar Seed Jodhpur Spot Market, INR/Qtl Review 4

5. © TransGraph Consulting Pvt Ltd Slide Guar yearly average prices 5 Source:TG Crop year: Oct to Sep

6. © TransGraph Consulting Pvt Ltd Slide Competitive Crop Scenario 6 Source:TG & CACP Last two years in western Rajasthan there has been increase in soybean and Maize cultivation also along with Guar.

7. © TransGraph Consulting Pvt Ltd Slide Rainfall in Gaur region during the guar sowing 7 In Rajasthan sowing period 72% of rainfall deficit have seen, which have kept lower sown guar sown area this year. Meanwhile in Gujarat 27% deficit was observed and Haryana near 54% deficit rainfall observed. In Rajasthan sowing period 72% of rainfall deficit have seen, which have kept lower sown guar sown area this year. Meanwhile in Gujarat 27% deficit was observed and Haryana near 54% deficit rainfall observed. Source: IMD

8. © TransGraph Consulting Pvt Ltd Slide Guar sown acreage in guar region 8 Source:TG & agri departments Guar sown acreage declined significantly across guar region due to scanty rainfall during the sowing period. In Rajasthan acreage declined near 14%, whereas, in Gujarat and Haryana declined above 35% acreage from last year sown area.

9. © TransGraph Consulting Pvt Ltd Slide India Guar sown area 9 Source:TG & Rajasthan agri department

10. © TransGraph Consulting Pvt Ltd Slide Indian Guar production 10 Source:TG year: Oct to Sep

11. © TransGraph Consulting Pvt Ltd Slide Domestic Guar gum demand 11 Indian guar gum consumption may decline by 13% for 2014-15 year due to anticipation of rise in guar gum prices by lower production, so Textile and Paper & Paper board industry may turn to other substitute products. Source:TG Year: Oct to Sep

12. © TransGraph Consulting Pvt Ltd Slide Guar gum exports sector wise 12 Anticipation of rise in guar prices may impact guar gum consumption in Food, Textile and other industries due to they have alternative (substitute) source at cheaper prices. Source:TG Year: Oct to Sep

13. © TransGraph Consulting Pvt Ltd Slide Expected Guar gum consumption sector wise in 2014- 15 13 In total Indian guar gum exports 62% of gum is consumed by US shale industry, remaining is food, paper and textile industry. In domestic markets major players are Food, Paper and Textile industries. Source:TG

14. © TransGraph Consulting Pvt Ltd Slide Indian Guar gum exports 14 Source:TG & DGFT Year : Oct to Sep

15. © TransGraph Consulting Pvt Ltd Slide Indian Guar Balance sheet 15 Source :TG Crop year: Oct to Sep

16. Technical Price Outlook 16

17. © TransGraph Consulting Pvt Ltd Slide Guar Seed Jodhpur Spot Market, INR/Qtl Preferred-Long Term 17 Guar Seed prices, after completion of Cycle wave 2 at INR4080 initiated Primary wave 1 in Cycle wave 3. With in the same, Intermediate wave-1 is completed at INR 6266 and initiated downside correction as intermediate Wave 2 which may culminate near INR 4900 ahead of turning higher towards INR 8500 as Intermediate wave 3 in the next 7-9 months.

18. © TransGraph Consulting Pvt Ltd Slide 18 Guar Gum Jodhpur Spot Market, INR/Qtl Elliot Wave count-Preferred-Long Term Guar Gum prices, after completion of Cycle wave 2 at INR 10900 initiated Primary wave 1 in Cycle wave 3. With in the same, Intermediate wave-1 is completed at INR 17440 and initiated downside correction as intermediate Wave 2 which may culminate near INR 13500-13000 ahead of turning higher towards INR 28000 as Intermediate wave 3 in the next 7-9 months.

19. © TransGraph Consulting Pvt Ltd Slide Guar Seed and Guar Gum Spot Market Price Outlook 19 TransGRAPH Price Outlook Market Jodhpur Guar Seed Spot MarketJodhpur Guar Gum Spot Market Week Closing INR 5561/qtl. on October 08, 2014INR 15641/qtl. on October 08, 2014 ELLIOTT WAVEPreferred-Long Term Cycle3-Up Primary1-Up Intermediate2- Down (verge of ending) Directional Component 1-4 Weeks: Sideways to weak 1-3 Months: Slightly positive 7-9 Months: Positive Price Range (for 1-3 Months)INR 4900-6700INR 13000-16000 Price Range (for 7-9 Months)INR 4900-8500INR 13000-28000 Price Outlook Summery: 1)Guar Seed Prices are likely to remain sideways to slightly negative to post a low around INR 4900 initially to set stage for a medium term recovery towards INR 8500-8800 in the coming 6-7 months. 2)Guar Gum Prices are likely to remain sideways to negative to post a low around INR 13000 initially to set stage for a medium term recovery towards INR 27500-28000 in the coming 6-7 months.

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