Untitled - Geojit Financial Services Ltd

OUR VIEWS

|

|

If we are to see a recovery in corporate earnings, then which sectors are likely to see the fastest uptick in revenues? -Ram Mohan, Nagpur Q2 results indicate recovery in corporate earnings. This is likely to gather momentum going forward. Oil and energy sectors are likely to report continued traction in earnings. Metals are likely to report better earnings. Automobiles, particularly cars and two wheelers are already doing well. Commercial vehicles are likely to show uptick in earnings. Prospects for cement also look good. With bank recapitalisation initiatives PSU banks may report better earnings. With slight depreciation in the rupee, exporters are likely to report better earnings. But pharma will take time to report improvement in earnings while IT might show mild improvement. FMCG is likely to see a fast uptick in earnings. How advisable is it for a retiree to invest in Systematic Withdrawal Plans of debt funds? -Pankaja Makarandi, Mumbai If retirees or those who are about to retire have a lumpsum to invest, they may consider Systematic Withdrawal Plans. SWPs can be done in equity or debt funds. The withdrawal amount and the time (once monthly or quarterly) can be decided by the investor. If the withdrawal is less than the returns generated by the fund, it can run into perpetuity. Otherwise it will exhaust after a period of time. The important issue in SWPs is the tax angle. The catch is that tax advantage (long -term capital gains) arising out of inflation indexation in the case of a debt fund is available only after investment for 3 years. Short-term capital gains (gains from selling before 3 years) arising from debt funds are taxed as per the income slab and tax rate of the investor.

Vol.: 01 | Issue: 12 | January 05, 2018

Printed & Published by: C J George, Director, Geojit Investment Services Limited 34/659- P, Civil Line Road, Padivattom Kochi - 682 024, Kerala, India Owned by: Geojit Investment Services Limited 34/659- P, Civil Line Road, Padivattom Kochi - 682 024, Kerala, India Printed at: S.T. Reddiar & Sons (V.V.Press), Publishers & Computerised Offset Printers, P.B.No.3627, Veekshanam Road, Ernakulum– 682035 Published at: Geojit Investment Services Limited 34/659- P, Civil Line Road, Padivattom Kochi - 682 024, Kerala, India Editor: C J George, Director, Geojit Investment Services Limited , 34/659- P, Civil Line Road, Padivattom Kochi - 682 024, Kerala, India Phone: + 91 484 2901000 Website: www.geojit.com Email: [email protected] Corporate Identity Number: U52599KL1995PLC008606

What sort of investor should look to invest in fixed income securities? -Aparna Sundararaman, Chennai Fixed income securities should be an integral part of every portfolio. Diversification requires that the investor should invest across asset classes. Fixed income securities should be preferred by those investors having a moderately low risk appetite. Retirees who are dependent on returns from their retirement corpus should ideally go for fixed income securities. MAIL BOX: Letters must be addressed to: The Executive Editor, Geojit Insights, 34/659 -P, Civil Line Road, Padivattom, Kochi-682024, Kerala, India. or [email protected]

Dr.V . K. Vijayakumar

GEOJIT INSIGHTS IS DISTRIBUTED FREE TO GEOJIT CLIENTS. IF YOU WISH TO SUBSCRIBE OR UNSUBSCRIBE TO OUR MAILING LIST PLEASE WRITE TO US..

Geojit Investment Services Ltd. is a wholly owned subsidiary of Geojit Financial Services Ltd., (formerly known as Geojit BNP Paribas Financial Services Ltd.) Total Number of Pages: 52 pages (including cover) RNI NO: KERENG/2017/72534 Geojit Team: Writers: Dr. V. K. Vijayakumar, Executive Editor Vinod Nair, Head Research Anand James, Chief Market Strategist Fundamental Research: Antu Eapen Thomas, Anil R, Dilish K Daniel Investment Advisory: Jeevan Kumar K C, Vijayasri Kaimal, Vijayananda Prabhu, Ranjith V M Copy Desk: Elizabeth V, Sankar Ramachandran, Jyothi Radhakrishnan Art: Ashik Basheer - Principal Designer, Sajan Jose, Anoop Mathew Registered Office: 34/659 - P, Civil Line Road, Padivattom, Kochi - 682024, Kerala, India.

Views and opinions expressed in the magazine are not necessarily those of Geojit Insights, its publisher and / or editors. We (at Geojit Insights) do our best to verify the information published, but do not take any responsibility for the absolute accuracy of the information. Geojit Insights does not accept responsibility for any investment or other decision taken by readers on the basis of information provided herein.

OUR VIEWS

2018 – CURRENCIES TO TAKE

CENTRE STAGE GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

Anand James

GUEST COLUMN

Mahesh Vyas MD & CEO, CMIE

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

LENS ON THE ECONOMY

GUEST COLUMN

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

OUR VIEWS

NEW OPPORTUNITY Phase -I of Bharatmala Economic corridors development Inter -corridor & feeder roads

Antu Eapen Thomas

Border & International connectivity roads Coastal & port connectivity roads Expressway Balance road works under NHDP Sub Total Roads under other existing schemes Grand total Source: MoRTH, Geojit Research

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

Length(km) 9,000 6,000 5,000 2,000 2,000 800 10,000 34,800 48,877 83,677

Outlay (Rscr) 120,000 80,000 100,000 25,000 20,000 40,000 150,000 535,000 157,300 692,300

Outlay /Km 13.3 13.3 20.0 12.5 10.0 50.0 15.0 15.4 3.2 8.3

OUR VIEWS

OUR VIEWS

Execution to ramp up…

Bharatmala Funding Gross budgetary support Central road funds Budgetary support Monetisation Toll collections Private Investment (PPP) Total Source: MoRTH, Geojit Research

(Rscr) 237,024 209,279 59,973 34,000 46,048 1,06,000 6,92,324

mix% 34% 30% 9% 5% 7% 15% 100%

18000 16000 14000 12000 10000 8000 6000 4000 2000 0

Constructions (Km)

17000

Growth % (RHS)

107% 36% 37%

14% 5732

5013 FY12

8231

4260

FY13

-26%

4% 4410

6061

FY14

FY15

FY16

FY17

120% 100% 80% 60% 40% 20% 0% -20% -40%

FY18E -FY22E

Source: MoRTH , Geojit Research.

.

FROM

TO

Six Corridors

Fifty Corridors

40% freight on National Highways

70-80% freight on

~300 districts

~550 districts

(GQ. NS- EQ)

connected by 4+ Lane Highways

National Highways

connected by 4+ Lane Highways

Source: MoRTH, Geojit Research

Competitive nature is intact… 10

OB to Sales

7.7

8

D/E

7.6

6 3.5

4

2.1

2

1.2

0.8

2.6

2.7

2.2

2.2

2.2

0.7

0 KNR Construction Ltd

PNC Infratech

NCC

Ashoka Builcon

Dilip Builcon

Sadbhav Engineering

Source: Company data, Bloomberg, Geojit Research

.

Competitors… Company

M.Cap

Revenue (FY17 20E CAGR)

EPS(FY17 -20E CAGR)

ROE%*

1yr Fwd P/E

KNR Construction Ltd

3,782

19

15

21

18.4

16.3

PNC Infratech

4,706

24

21

9

22.2

17.0 18.7

P/E 3yr Avg

NCC

6,666

9

29

8

22.5

Ashoka Builcon

4,470

21

9

10

22.6

19.6

Dilip Builcon

12,439

22

29

25

19.3

14.6

Sadbhav Engineering

6,181

15

14

13

25.7

27.4

Source: Company data, Bloomberg, Geojit Research *FY18E

January 5, 2018 I Geojit Insights I GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

15

GUEST COLUMN

SMART TALK

Sailesh Raj Bhan

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

GUEST COLUMN

Avnish Jain

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

GUEST COLUMN

Investment Horizon 1 – 3 Years

Risk Category Moderate

3 – 5 Years

Moderate

OUR VIEWS

ASSORTMENT

LEARNING CURVE

Fund Canara Robeco Dynamic Bond Fund Canara Robeco Medium Term Opportunities Fund Canara Robeco Income

COVER STORY OUR VIEWS

Vinod Nair

Sensex Nifty BSEMidcap BSESmallcap BSE500 * as on 15th Dec

GUEST COLUMN

OUR VIEWS

ASSORTMENT

LEARNING CURVE

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*

Average

-52% -52% -67% -69% -58%

81% 76% 108% 115% 90%

17% 18% 16% 17% 16%

-25% -25% -34% -36% -27%

26% 28% 39% 36% 31%

9% 7% -6% -10% 3%

30% 31% 55% 63% 37%

-5% -4% 7% 6% -1%

2% 3% 8% 2% 4%

24% 25% 40% 49% 30%

11% 11% 17% 17% 13% Source: Bloomberg

OUR VIEWS

Pe rf ormance of Dev

United States UK Germany Japan Average

el oped Market 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*

-35% -32% -40% -42% -37%

24% 26% 28% 22% 25%

10% 11% 16% -3% 8%

6% -7% -15% -18% -8%

5% 6% 30% 24% 16%

28% 14% 25% 57% 31%

9% -3% 3% 7% 4%

-2% -4% 10% 9% 3%

13% 13% 7% 1% 8%

24% 5% 15% 19% 16%

Source: Bloomberg

Pe rf ormance of I

GUEST COLUMN

ndi a compared to the res

t of th e w or ld

Emerging Markets

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*

Brazil Russia China South Africa Mexico South Korea Turkey Philippines Indonesia Average India Out or Under performance

-41% -67% -65% -28% -25% -41% -53% -48% -51% -46% -51% -5%

84% 123% 74% 30% 46% 50% 96% 64% 88% 73% 78% +5%

1% 24% -15% 17% 18% 22% 29% 38% 46% 20% 18% -2%

-18% -18% -21% -1% -3% -11% -22% 4% 3% -10% -24% -14%

7% 6% 3% 23% 18% 9% 51% 33% 13% 18% 27% +9%

-15% 2% -6% 17% -2% 1% -13% 1% -1% -2% 6% +8%

-3% -7% 51% 8% 0% -5% 24% 23% 22% 13% 31% +18%

-13% 26% 13% 2% 0% 2% -13% -4% -12% 0% -4% -4%

39% 25% -13% 0% 7% 3% 6% -2% 15% 9% 3% -6%

21% -3% 7% 13% 5% 22% 39% 22% 14% 16% 26% +10%

OUR VIEWS

ASSORTMENT

LEARNING CURVE

Rating: BUY

Rating: BUY Rating: BUY

Bank of Baroda (BoB) is a state-owned International banking and financial services company headquartered in Vadodara, Gujarat with a corporate office in Mumbai. BoB has total advances~ Rs 387,302Cr with a network of 5422 branches and 10441 ATMs. The bank has international presence with a network of 106 branches across 25 countries.

Rating: BUY

Incorporated in August 1994, HDFC Bank Ltd is the second largest private sector bank in India with a nationwide distribution network of 4,729 branches and 12,259 ATM's in 2,669 cities/towns. At present the bank is having a loan book size of ~Rs.604,867cr.

BOB’s loan book grew at a modest pace of 9% YoY in Q2FY18 mainly led by domestic advances. Domestic loan book witnessed healthy trends (↑14% YoY) aided by strong growth in retail advances (↑26% YoY in) and stable growth in wholesale credit (↑15% YoY) in Q2FY18. Within retail, home loans outperformed (↑34% YoY in Q2FY18). However, the bank continues to curtail its low yielding international loan book (↓1% YoY in Q2FY18). The low cost CASA deposits grew at a robust pace of 24% YoY, term deposits declined by 5% YoY in Q2FY18. As a result, total deposits increased at a muted pace of 3% YoY in Q2FY18. CASA ratio improved by 580 bps YoY to 33.4% in Q2FY18. Going forward, we expect advances to grow at a healthy pace of 11% CAGR over FY17-19E.

HDFC Bank continued to outperform on the business front with a strong 22% YoY growth in advances and 16% YoY growth in deposits in Q2FY18. On assets side, domestic retail advances (55% of domestic loan book) grew 29% YoY, within which personal loans, credit cards and business banking grew at 36%, 45% and 44%, respectively in the same quarter. The domestic corporate loan book also posted a healthy growth of 25% YoY on the back of demand for working capital loans and small-time capex in Q2FY18. On liabilities side, CASA ratio improved to 43% (↑246 bps YoY) supported by 24% YoY growth in CASA deposits in the same period. Going forward, we expect the bank to continue to outpace the industry growth rate (8-9%) and factor 20%/15% CAGR in advances/deposits over FY17-19E supported by the bank’s robust retail franchise.

Net interest income (NII) increased at a moderate pace of 9% YoY (in line with our expectation) on the back of healthy growth in domestic loan book in Q2FY18. However, net interest margin (NIM) declined by 27 bps YoY to 2.5% as incremental exposure to good quality accounts suppressed the yield on advances (↓125 bps YoY) in Q2FY18. We expect NIM to improve from here on (2.8% in FY19E) on account of declining interest reversal cases coupled with increasing retail share in the total loan book. Provisions increased at a much faster pace of 30% YoY as BOB continued to provide aggressively against stressed accounts in Q2FY18. As a result, net profit declined by 35.6% YoY (below our expectation) in Q2FY18. We have also increased our credit cost estimate for FY18E by 10 bps to 2.1%. Going forward, we expect net profit to increase at a CAGR of 64% (albeit on a lower base) over FY17-19E led by improvement in margins along with lower provisions.

HDFC Bank’s net interest income (NII) increased at a robust pace of 22% YoY on a quarterly basis(in line with our expectation) on the back of strong loan growth coupled with 11 bps YoY expansion in NIM to 4.8%. Increase in NIM was on the back of 419 bps YoY improvement in credit/deposit (c/d) ratio. Non-interest income grew by 24% YoY mainly on account of 24% YoY increase in fee and commission income. As a result, pre-provisioning profit increased by 30% YoY in Q2FY18. Provisions witnessed a spike of 97% YoY (decrease of 5.3% QoQ) as the bank made additional provisions of Rs700cr for the 5:25 account (Rs400cr through P&L and Rs300cr from floating provisions). Thus, net profit increased at a relatively slower pace of 20% YoY on quarterly basis (in line with our expectation). Going forward, we expect NII and net profit to grow at a healthy CAGR of 20% and 21%, respectively over FY17-19E supported by stable NIM of around 4.6%.

BOB’s asset quality improved marginally as fresh slippages declined by 41% QoQ. Hence, Gross/Net non-performing assets (NPA) improved by 24/12 bps sequentially to 11.2%/5.1% in Q2FY18. Provision coverage ratio also (PCR) improved by 90 bps QoQFY18 to 67.2% as the bank continues to make provisions judiciously. The bank has total exposure to the tune of Rs77bn towards first list of loan accounts referred to IBC/ NCLT. Notably, all these loans have already been classified as NPAs and currently the bank holds PCR of ~54% for these accounts. We project Gross/Net NPA ratios to decline to 8.5%/3.2% by FY19.

Asset quality continued to remain stable as Gross and Net non -performing asset (NPA) ratios stood at 1.3% (↑2 bps QoQ) and 0.4% (↓1 bp QoQ), respectively. Notably, with respect to one of the project loan accounts, the bank is in dialogue with the Reserve Bank of India (RBI) regarding its classification as the loan had undergone 5/25 restructuring in February 2016. However, considering no other divergence at the recent RBI’s asset quality review, we maintain our confidence on the bank’s asset quality. Besides, low restructured book (0.1%), nil 5:25 & SDR and Rs1,000cr floating provisions lends further comfort. Hence, we don’t expect any negative surprises on asset quality front over near to medium term.

The Bank’s new management is gradually reinstating confidence through major changes in operating structure and they focus on cleaning up the balance sheet for laying the foundation to achieve sustainable growth. We continue to prefer BOB among public sector banks owing to its better capital position, able management and higher provision coverage ratio. Moreover, gradual improvement in asset quality will lead to better profitability. As a result, we expect RoA and RoE to improve to 0.5% and 9%, respectively by FY19E. Hence, we maintain BUY rating on the stock with a revised upwards TP of Rs208 and value the bank at P/ABV of 1.6x for FY19E. Analyst: Kaushal Patel Dion Global Solutions Ltd., INH100002771

We are structurally positive on HDFC Bank considering its best in-class asset quality (Gross/Net NPA of 1.3%/0.4% by FY19E), superior deposit franchise and credit underwriting ability. It will help the bank to maintain superior return ratios with RoE of 20% and RoA of 2% over FY17-19E. Overall, the bank is well placed to benefit from the expected pick-up in the economic growth cycle. Hence, we maintain a BUY rating on the stock with a revised target price (TP) of Rs2,050 (4.7x FY19E P/ABV). Analyst: Kaushal Patel Dion Global Solutions Ltd., INH100002771

General Disclosures and Disclaimers: Bank of Baroda http://bit.ly/2BHfQub and HDFC Bank http://bit.ly/2CAY6xs

Indigo is the largest and most profitable player in the domestic aviation industry, promoted by Rakesh Gangwal and Rahul Bhatia, with 40% market share of Indian aviation industry. The company operates a low-cost carrier (LCC), with a total fleet of over 141 Airbus A320 aircraft currently, providing services to over 39 domestic and 7 international destinations. Historically, Indigo has maintained highest scores in operational parameters reliability and on-time performance leading to creation of a strong brand image. It has consistently reported profits for the past 8 years, even when crude oil averaged over USD100/bbl. Its unique fleet strategy of having a single aircraft (Airbus A320) with an young fleet ~5 years, and an approach of bulk purchases and sale leaseback, coupled with a single class of economy service with no frills, have enabled it to achieve cost leadership (CASK ex-fuel lower by 15%25% vs. peers) and maintain a lean balance sheet. The addition of new A320neos (15% more fuel efficient) in its fleet will further reduce its operating cost. Given large size of aircraft orders (430 A320neos aircrafts), Indigo was able to negotiate favourable price for these aircrafts. This has helped the company in reducing the overall costs associated with the acquisition, maintenance and operation of aircraft. India is one of the fastest-growing air travel market globally. Aviation market has experienced rapid growth beginning from 2003 supported by strong economic growth, expansion of middle class, tourism, rail travel substitution, improvement in aviation infrastructure and favourable regulatory environment. Further, the role played by low cost carrier (LCCs) to make air travel affordable was another key factor leading to strong growth in Indian Aviation sector. The domestic traffic grew by 10% CAGR over FY08-17 to 104 million in FY17. Going forward domestic air traffic growth is expected to grow at a sustainable rate 10%-15% driven by increased affordability, initiatives from the government and continued market share gain by LCCs. Indigo is best positioned to benefit from this structural growth, with its cost and market leadership, aggressive fleet expansion, continued focus on high-density routes and improving aircraft utilization which is expected help them in gaining market share. In past 2 years the sector fortunes has witnessed a turnaround led by lower crude prices. The industry witnessed strong discount wars for gaining market share. In recent times, the crude price has steadily moved up from average of $43/bbl a year ago to $54/bbl in 2017 and is currently trading at $63/bbl. It is very difficult to extrapolate the crude price movement. But with rising fuel prices, we believe rationalisation in ticket prices will emerge given limited scope for absorption of higher fuel prices. We are positive on Indigo given its strong network, aggressive fleet additions and load factor of 82% for last 7 years. We expect Indigo to keep gaining market share, helped by more profitable operations and a stronger balance sheet relative to peers. We value Indigo at 20x on FY19E with a target price of Rs1,426 and have a Buy rating. Analyst: Anil R Geojit Financial Services Ltd., INH200000345

Granules formerly known as Triton Laboratories started their operations by producing Active Pharmaceutical intermediary (API) in the year 1984 with Hyderabad as their base. Over the years Granules has evolved itself from just an API manufacturer to a company that has strong presence across the entire value chain in the pharmaceutical industry. Currently they are a leading generic player in the Indian pharmaceutical industry with 2/3rd of its revenue generated from North America and Europe and the rest coming from emerging markets like India. As of today it employs around 2,300+ staff, has 250+ customer base, and span across 60+ countries around the world. Granules is vertically integrated across the entire value chain from active pharmaceutical ingredients (API) to finished dosages (FD)/formulations whereby securing the ability to manufacture at a very low cost. Granules also possess industry leading batch size for manufacturing PFIs and are having one of the largest for that in APIs. Their low cost of manufacturing and strong global presence establish them as a prospective player in the industry. The primary products which form their core are Paracetamol, Ibuprofen, Metformin and Guaifenesin which together comprise around 84% of the total revenue. As of today they have 22 products in their portfolio and have obtained 11 regulatory approvals and 5 ANDA’s. Going forward the management is expecting to file 12 ANDA’s every year with a view to increase their market presence. Granules is also going through a revamping stage in its capacity utilisation rates with capacity expansions happening at Paracetamol, Metformin and Guaifenesin manufacturing facilities. This will remove the API level bottleneck and translates into increased revenues. Once API production reaches its fullest capacity, output across PFI and FD segments will be increased consequently. Thus the company is bagging on the synchronisation benefit from its low cost manufacturing ability. After the acquisition of Auctus pharma in 2014, Granules witnessed a surge in their EBITDA and PAT owning to access towards potentially high margin products. On similar lines we expect consolidated revenue to grow at 19%CAGR over CY17-19E led by increase in product releases. At current CMP of 127 Granules is trading at a P/E of 16x on FY19E EPS.Consolidated EBITDA and PAT witnessed a 16% / 38% growth respectively in FY17 on YoY basis.Granules ongoing efforts to integrate vertically is set to improve these margins. We further believe that better performance in the US and European markets will lead to a favorable climate for business growth and forecasts the EBITDA margin to improve by 160bps over CY17-19E. Granules current efforts to venture into OTC and Rx markets will strengthen these numbers going forward. On the back of expiry of patents on a number of blockbuster drugs over the next few years and an expected positive swing for pharma sector, Granules is well positioned to gain significant benefits. We thus expect valuation to improve ahead due to a better earnings outlook of 22% CAGR over CY17-19E. Hence, we value Granules at 18x on FY19E EPS and arrive at a target price of Rs 147. Analyst: Dilish K Daniel Geojit Financial Services Ltd., INH200000345

General Disclosures and Disclaimers: Indigo http://bit.ly/2CBlI59 and Granules http://bit.ly/2BGraa9

EQUITY FUND RECOMMENDATIONS: JANUARY 2018

Mid /Mid & Small Cap Funds

Large Cap Equity Mutual Funds

 Large Cap Funds invest in industry leaders with stable growth.  They are least risky among the equity category due to their large size, lower volatility and high liquidity.  Suited for first time investors, or for investors with least risk appetite and for conservative investors looking for small equity allocations.

 Mid Cap funds invest in medium sized companies beyond the top 100 companies by market cap.  They are future large caps. The fund displays higher volatility and has the potential to deliver higher risk adjusted returns over longer term.

 Suited for young investors with longer investment horizon. Scheme Name

Data as on 13.12.2017

Scheme Name

CAGR %

CAGR % 1 Year

3 Years

5 Years

Franklin India Smaller Cos Fund (G)

34.47

19.52

29.70

L&T Midcap Fund-Reg (G)

43.28

22.12

28.39

1 Year

3 Years

5 Years

Invesco India Growth Fund (G)

34.44

13.74

18.50

Kotak Emerging Equity Scheme (G)

33.59

19.10

24.35

SBI Bluechip Fund-Reg (G)

24.86

13.36

18.17

Canara Rob Emerg Equities Fund-Reg (G)

41.68

19.78

28.01

ICICI Pru Focused Bluechip Equity Fund( G)

27.64

11.81

16.69

HDFC Mid-Cap Opportunities Fund (G)

31.72

17.81

25.55

Aditya Birla SL Frontline Equity Fund( G)

25.37

11.35

17.04

SBI Magnum MidCap Fund-Reg (G)

25.04

16.83

25.26

Reliance Top 200 Fund (G)

31.65

12.00

17.90

BNP Paribas Equity Fund (G)

29.66

10.29

16.69

Franklin India Bluechip Fund (G)

20.95

10.39

14.10

Kotak 50(G)

24.20

10.67

14.89

UTI Equity Fund (G)

22.92

8.86

15.33

DSPBR Focus 25 Fund-Reg (G)

22.05

10.96

15.68

Flexi Cap / Multi cap Funds

 The fund manager has the freedom to invest across market caps that increases investment opportunity. The volatility risk is higher than large cap funds due to presence of mid caps in the portfolio.

 Suited for long term investments in equity without the hassle of constant portfolio restructuring. Scheme Name

 The scheme enjoys tax benefit forming the 80 C category with 3 year lock in period  Portfolio is generally multi cap with higher large cap allocation which reduces volatility risk.

Scheme Name

CAGR % 1 Year

3 Years

5 Years

Aditya Birla SL Tax Relief '96(G)

37.99

16.92

21.88

Axis LT Equity Fund (G)

30.20

12.79

22.15

DSPBR Tax Saver Fund-Reg (G)

28.16

15.61

20.21

ICICI Pru LT Equity Fund (Tax Saving) (G) *

21.78

10.46

17.53

 Under Review

Balanced Funds

CAGR % 1 Year

3 Years

5 Years

Kotak Select Focus Fund (G)

30.00

14.35

20.27

DSPBR Opportunities Fund-Reg (G)

31.79

17.35

20.21

Tata Equity P/E Fund (G)

32.05

17.11

22.32

Aditya Birla SL Equity Fund (G)

27.09

15.55

21.09

L&T India Spl. Situations Fund-Reg (G)

33.35

13.57

18.32

Franklin India Flexi Cap Fund (G)

24.61

11.38

17.92

ICICI Pru Value Discovery Fund (G)

16.96

10.44

20.19

Tata Equity Opportunities Fund (G) *

23.95

11.59

17.31

 Under Review

Equity Linked Saving Schemes (ELSS)

 These are designed to combine the benefit of equity and debt in the same portfolio  Ensures equity taxation on returns due to majority allocation in equity (65%) and 35% in debt. In the debt portfolio the fund managers mostly hold short term papers to reduce duration related risk.

 Suited for investors with low risk appetite.

Scheme Name

CAGR % 1 Year

3 Years

5 Years

SBI Magnum Balanced Fund-Reg (G)

22.02

12.15

17.70

HDFC Balanced Fund (G)

22.58

12.68

18.52

L&T India Prudence Fund-Reg (G)

23.33

13.03

18.08

ICICI Pru Balanced Fund (G)

20.62

12.71

18.32

The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month of December 2017. (For ISIN refer Funds in Limelight)

INCOME FUNDS

DEBT FUND RECOMMENDATIONS – JANUARY 2018

 Average Maturity is 5 to 10 years.  Maturity varies from short to long term to benefit from yield curve movements.  Dynamically managed portfolio suited for tactical allocation.

LIQUID FUNDS

 Average Maturity is less than 90 days.  Ideal for parking idle funds for very short period.  Least risk of volatility since there is no comparing of the rates with the market.

Scheme Name

Data as on 15.12.2017

Scheme Name

Absolute Return %

Absolute Return %

CAGR

NAV

YTM

Average Maturity Years

1 Month

6 Months

1 Year

UTI Income Opp Fund (G)

15.57

8.69

2.04

0.23

2.90

7.14

DSPBR Income Opportunities Fund-Reg(G)

28.13

8.72

3.13

0.13

2.62

6.71

CAGR %

NAV

YTM

Average Maturity Days

2,329.45

6.35

32.85

0.52

3.29

6.69

Kotak Income Opportunities Fund (G)

18.76

8.74

2.71

0.14

2.69

6.70

272.74

6.41

36.50

0.52

3.25

6.66

ICICI Pru Income (G)

54.43

7.44

10.04

0.15

-0.06

4.56

Reliance Liquid-Treasury Plan (G)

4,139.18

6.32

178.85

0.52

3.25

6.67

Tata Liquid Fund-Reg (G)

3,129.74

6.31

37.80

0.51

3.25

6.65

L&T Liquid Fund (G) Aditya Birla SL Cash Plus (G)

1 Month

6 Months

1 Year

DYNAMIC FUNDS

 Average Maturity 1 to 10 years.  Similar to Income funds, with greater flexibility to choose papers of different maturities, lower Average Maturity in a bear market and vice versa.

ULTRA SHORT TERM FUNDS

Scheme Name

 Average Maturity is 3 to 6 months. Scheme Name YTM


1 Month

3 Months

6 Months

DHFL Pramerica Low Duration Fund (G)

23.27

8.21

226.30

0.41

1.40

3.20

Franklin India Low Duration Fund (G)

19.53

8.85

642.40

0.36

1.49

3.69

UTI Treasury Advantage-Reg( G)

4,290.85

7.03

198.12

0.39

1.36

2.96

26.47

7.16

361.35

0.33

1.26

2.93

SBI Savings Fund-Reg (G)

Scheme Name

1 Month

6 Months

1 Year

ICICI Pru Dynamic Bond Fund (G)

19.59

7.56

6.55

0.15

0.86

5.32

Axis Dynamic Bond Fund (G)

17.46

7.15

6.00

0.14

0.34

3.54

IDFC Dynamic Bond Fund-Reg (G)

20.64

7.37

8.75

0.04

-0.32

4.50

Aditya Birla SL Dynamic Bond Fund-Reg(G)

29.99

7.73

13.52

-0.10

-0.53

2.32

Generally 80% of the portfolio is allocated into debt and 20% into equity. Preferred by conservative investors who want some allocation in equities. Absolute Return %

YTM


1 Month

6 Months

1 Year

L&T ST Income Fund-Reg(G)

18.36

8.30

1.55

0.30

3.45

8.46

ICICI Pru Regular Savings(G)

18.21

9.13

2.17

0.17

2.84

6.99

218.15

7.31

2.80

0.16

2.46

5.75

32.16

7.49

2.77

0.02

2.42

6.03

 Average maturity is 1 to 4 years.  Provides accrual returns plus capital appreciation.

CAGR

NAV

YTM


6 Months

1 Year

3 Years

Sundaram MIP-Aggr Plan (G)

19.11

8.03

3.53

4.61

10.66

10.46

Aditya Birla SL MIP II-Wealth 25(G)

38.91

7.16

7.81

3.31

14.57

12.00

SBI Magnum MIP(G)

38.30

7.70

8.69

1.97

8.61

10.25

Reliance MIP(G)

40.98

8.40

9.73

3.03

9.45

8.87

Absolute Return % CAGR NAV

Reliance STF(G)


Scheme Name

SHORT TERM FUNDS

Aditya Birla SL Treasury Optimizer Plan (G)

YTM

MONTHLY INCOME PLAN

 

 Suitable for short term fund parking.  Minor volatility in returns due to marking fund rates to market.

CAGR

NAV

Absolute Return % NAV

Absolute Return %

The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month of December 2017. ( For ISIN refer Funds In Limelight)

FUNDS IN THE LIMELIGHT

Data as on 13.12.2017

The schemes are listed in the below table according to the position they hold in the quartile ranking for the month of December 2017.

Equity Large Cap

CAGR %

Scheme Name

Inception Date

Minimum Amount

NAV

1 Year

3 Years

5 Years

INF205K01247 Invesco India Growth Fund(G)

09.08.2007

5000

31.70

34.44

13.74

18.50

INF846K01CH7 Axis Focused 25 Fund(G)

29.06.2012

5000

25.45

39.00

15.44

17.77

INF200K01180 SBI BlueChip Fund-Reg(G)

20.01.2006

5000

37.60

24.86

13.36

18.17

INF109K01BL4 ICICI Pru Focused Bluechip Equity Fund(G)

23.05.2008

5000

39.58

27.64

11.81

16.69

INF205K01213 Invesco India Dynamic Equity Fund(G)

04.10.2007

5000

28.12

27.76

11.43

15.63

INF209K01BR9 Aditya Birla SL Frontline Equity Fund(G)

30.08.2002

1000

214.08

25.37

11.35

17.04

INF090I01296 Templeton India Growth Fund(G)

05.09.2003

5000

269.72

30.94

13.78

17.51

INF209K01462 Aditya Birla SL Top 100 Fund(G)

24.10.2005

1000

56.92

26.08

10.99

17.47

INF205K01304 Invesco India Business Leaders Fund(G)

21.08.2009

5000

26.44

24.54

10.91

15.43

INF174K01245 Kotak Classic Equity Scheme(G)

27.07.2005

5000

47.26

30.77

11.26

15.66

INF204K01562 Reliance Top 200 Fund(G)

08.08.2007

5000

32.27

31.65

12.00

17.90

INF194K01466 IDFC Focused Equity Fund-Reg(G)

16.03.2006

5000

39.43

49.72

13.68

14.90

INF789F01869 UTI Top 100 Fund(G)

20.05.2009

5000

63.07

28.97

10.81

15.07

INF846K01164 Axis Equity Fund(G)

05.01.2010

5000

24.58

32.15

8.93

15.53

INF251K01894 BNP Paribas Equity Fund(G)

23.09.2004

5000

83.59

29.66

10.29

16.69

INF109K01431 ICICI Pru Top 100 Fund(G)

09.07.1998

5000

323.78

23.11

11.62

16.64

INF903J01116 Sundaram Select Focus(G)

30.07.2002

5000

160.99

31.93

9.45

12.84

INF663L01GW4 DHFL Pramerica Large Cap Fund(G)

INF090I01171 Franklin India Bluechip Fund(G)

30.01.2003 01.12.1993

5000 5000

156.89 448.34

23.97 20.95

9.42 10.39

15.29 14.10

INF174K01153 Kotak 50(G)

05.02.2003

5000

218.18

24.20

10.67

14.89

INF789F01513 UTI Equity Fund(G)

01.08.2005

5000

125.84

22.92

8.86

15.33

INF740K01532 DSPBR Focus 25 Fund-Reg(G)

10.06.2010

1000

22.18

22.05

10.96

15.68

ISIN Code

Equity- Mid Caps

CAGR %

INF917K01254

L&T Midcap Fund-Reg(G)

Inception Date 09.08.2004

144.48

43.28

22.12

28.39

INF174K01DS9

Kotak Emerging Equity Scheme(G)

30.03.2007

5,000

39.91

33.59

19.10

24.35

INF760K01167

Canara Rob Emerg Equities Fund-Reg(G)

11.05.2005

5,000

93.03

41.68

19.78

28.01

INF173K01155

Principal Emerging Bluechip Fund(G)

12.11.2008

5,000

108.40

40.43

20.27

26.87

INF179K01CR2

HDFC Mid-Cap Opportunities Fund(G)

25.06.2007

5,000

57.11

31.72

17.81

25.55

02.05.2006

5,000

36.26

39.41

18.59

24.80

ISIN Code

Scheme Name

INF251K01AW3 BNP Paribas Mid Cap Fund(G)

Minimum Amount 5,000

NAV

1 Year

3 Years

5 Years

INF903J01173

Sundaram Select Midcap(G)

19.07.2002

5,000

520.93

33.92

19.86

25.24

INF209K01LF3

Aditya Birla SL Pure Value Fund(G)

27.03.2008

1,000

63.57

43.63

19.14

29.16

INF174K01211

Kotak Midcap Scheme(G)

24.02.2005

5,000

79.37

33.48

18.27

21.94

INF200K01560

SBI Magnum MidCap Fund-Reg(G)

29.03.2005

5,000

82.27

25.04

16.83

25.26

INF194K01342

IDFC Sterling Equity Fund-Reg(G)

07.03.2008

5,000

55.53

51.34

17.91

21.15

INF200K01271

SBI Magnum Global Fund-Reg(G)

30.09.1994

5,000

178.58

31.28

14.11

22.02

Equity- Mid & Small Caps

CAGR %

INF200K01T28

SBI Small & Midcap Fund-Reg(G)*


59.55

65.16

30.07

36.51

INF090I01569

Franklin India Smaller Cos Fund(G)

13.01.2006

5,000

60.37

34.47

19.52

29.70

INF204K01HY3

Reliance Small Cap Fund(G)

16.09.2010

5,000

44.96

52.23

24.56

32.90

INF209K01EN2

Aditya Birla SL Small & Midcap Fund(G)

31.05.2007

1,000

42.50

46.27

23.84

26.93

INF179KA1RZ8

HDFC Small Cap Fund-Reg(G)

03.04.2008

5,000

43.40

47.87

20.16

22.85

INF740K01797

DSPBR Micro-Cap Fund-Reg(G)*

14.06.2007

1,000

66.90

33.66

23.66

30.81

Minimum Amount 500

NAV

1 Year

3 Years

5 Years

ISIN Code

Scheme Name


NAV

1 Year

3 Years

5 Years

* Subscription Stopped

ELSS

CAGR %


NAV

1 Year

3 Years

5 Years

INF209K01108


31.13

37.99

16.92

21.88

INF205K01189 Invesco India Contra Fund(G)



45.19

36.73

15.81

21.80

INF209K01348

Aditya Birla SL Tax Plan(G)

03.10.2006

500

38.98

37.35

16.27

21.10

INF179K01426 HDFC Capital Builder Fund(G)

01.02.1994

5,000

289.42

34.94

14.44

20.25

INF194K01292

IDFC Tax Advt(ELSS) Fund-Reg(G)

26.Dec.08

500

56.67

44.40

17.25

20.94

INF174K01336 Kotak Select Focus Fund(G)

11.09.2009

5,000

32.56

30.00

14.35

20.27

INF846K01131

Axis LT Equity Fund(G)

29.12.2009

500

40.21

30.20

12.79

22.15

INF200K01222 SBI Magnum Multicap Fund-Reg(G)

16.09.2005

1,000

46.91

30.50

15.99

20.79

INF277K01I60

Tata India Tax Savings Fund-Reg(DP)

31.03.1996

500

77.47

37.54

17.72

20.75

INF251K01951 BNP Paribas Dividend Yield Fund(G)

15.09.2005

5,000

48.63

35.75

15.10

19.24

INF179K01996

HDFC Long Term Adv Fund(G)

02.01.2001

500

342.76

31.08

13.71

18.97

INF740K01094 DSPBR Opportunities Fund-Reg(G) INF173K01940 Principal Growth Fund(G)

16.05.2000 25.10.2000

1,000 5,000

222.12 145.65

31.79 41.52

17.35 16.65

20.21 20.65

INF677K01064

L&T Tax Advt Fund-Reg(G)

27.02.2006

500

55.10

34.46

15.84

18.70

INF205K01270

Invesco India Tax Plan(G)

29.12.2006

500

47.69

28.96

13.42

19.85

INF277K01451 Tata Equity P/E Fund(G)

29.06.2004

5,000

134.88

32.05

17.11

22.32

500

214.25

41.30

16.51

20.64

INF209K01AJ8 Aditya Birla SL Equity Fund(G)

1,000

703.61

27.09

15.55

21.09

Principal Tax Savings Fund

31.03.1996

27.08.1998

INF173K01361 INF740K01185

DSPBR Tax Saver Fund-Reg(G)

18.01.2007

500

46.63

28.16

15.61

20.21

INF174K01187 Kotak Opportunities Fund(G)

09.09.2004

5,000

114.98

29.16

14.36

18.38

INF336L01BA4

HSBC Tax Saver Equity Fund(G)

05.01.2007

500

38.02

36.20

13.73

18.21

INF209K01165 Aditya Birla SL Advantage Fund(G)

24.02.1995

1,000

433.05

33.87

16.88

22.25

INF090I01775

Franklin India Taxshield(G)

10.04.1999

500

545.49

22.96

11.78

18.24

INF090I01239 Franklin India Prima Plus Fund(G)

29.09.1994

5,000

575.55

24.24

12.36

18.44

INF109K01464

ICICI Pru LT Equity Fund (Tax Saving)(G)

19.08.1999

500

347.83

21.78

10.46

17.53

INF200K01305 SBI Magnum Multiplier Fund-Reg(G)

28.02.1993

5,000

215.32

31.51

15.19

19.94

INF677K01023 L&T India Value Fund-Reg(G)

08.01.2010

5,000

37.07

31.06

18.96

25.32

INF247L01478 MOSt Focused Multicap 35 Fund-Reg(G)

28.04.2014

5,000

26.36

37.00

20.36

0.00

ISIN Code

1 Year

3 Years

5 Years

SBI Magnum Balanced Fund-Reg(G)


NAV

INF200K01107


125.30

22.02

12.15

17.70

INF179K01392

HDFC Balanced Fund(G)

11.09.2000

5,000

147.53

22.58

12.68

18.52

INF917K01LB0

L&T India Prudence Fund-Reg(G)

07.02.2011

5,000

25.82

23.33

13.03

18.08

INF173K01CL8

Principal Balanced Fund(G)

14.01.2000

5,000

74.47

31.46

15.06

17.06

INF109K01480

ICICI Pru Balanced Fund(G)

03.11.1999

5,000

127.41

20.62

12.71

18.32

ICICI Pru Balanced Advantage Fund(G)

30.12.2006

5,000

33.09

16.80

10.83

14.16

Equity Flexi Cap ISIN Code

Scheme Name

CAGR %

ISIN Code

Scheme Name

Balanced Funds Scheme Name

CAGR %

INF090I01981 Franklin India High Growth Cos Fund(G)

26.07.2007

5,000

40.31

30.18

13.27

23.31

INF677K01098 L&T India Spl. Situations Fund-Reg(G)

22.05.2006

5,000

48.87

33.35

13.57

18.32

INF173K01AC1 Principal Dividend Yield Fund(G)

15.10.2004

5,000

52.26

38.44

13.46

15.45

INF194K01524 IDFC Classic Equity Fund-Reg(G)

09.08.2005

5,000

44.53

30.14

14.64

14.89

INF277K01956 Tata Ethical Fund(G)

24.05.1996

5,000

159.77

28.44

10.69

17.24

INF090I01205 Franklin India Flexi Cap Fund(G)

02.03.2005

5,000

79.25

24.61

11.38

17.92

INF109K01BH2

INF109K01761 ICICI Pru Dynamic Plan(G)

31.10.2002

5,000

255.68

22.58

11.80

17.49

10.06.2005

500

54.10

25.31

13.24

16.49

INF109K01613 ICICI Pru Multicap Fund(G)

01.10.1994

5,000

272.35

22.98

12.44

17.79

INF204K01FW1 Reliance Reg Savings Fund-Balanced Option(G)

INF109K01AF8 ICICI Pru Value Discovery Fund(G)

16.08.2004

1,000

140.95

16.96

10.44

20.19

INF209K01BT5

Aditya Birla SL Balanced '95 Fund(G)

10.02.1995

1,000

752.44

21.55

11.92

17.19

INF277K01428 Tata Equity Opportunities Fund(G)

25.02.1993

5,000

194.24

23.95

11.59

17.31

INF090I01817

Franklin India Balanced Fund(G)

10.12.1999

5,000

114.66

16.87

10.79

16.27

INF789F01323

UTI Balanced Fund(G)

02.01.1995

1,000

168.46

21.12

11.01

14.27

January 5, 2018 I Geojit InsightsI 34

January 5, 2018 I Geojit Insights I

35

DEBT FUNDS

Data as on 15.12.2017

Absolute Return %

MIP ISIN Code INF903J01HB0 INF179K01AP0 INF740K01441 INF209K01751 INF109K01902 INF179K01AF1 INF846K01693 INF251K01845 INF174K01393 INF209K01AZ4 INF194K01RW9 INF179K01AE4 INF200K01859 INF204K01FD1

Scheme Name Sundaram MIP-Aggr Plan(G) HDFC Multiple Yield Fund 2005(G) DSPBR MIP Fund-Reg(G) Aditya Birla SL MIP II-Wealth 25(G)

ICICI Pru MIP 25(G) HDFC MIP-STP(G) Axis Income Saver Fund(G) BNP Paribas MIP Fund-Reg(G) Kotak MIP(G) Aditya Birla SL Monthly Income(G) IDFC MIP-Reg(G) HDFC MIP-LTP(G) SBI Magnum MIP(G) Reliance MIP(G)

Minimum Investment

NAV

YTM

5,000 5,000 1,000 1,000 5,000 5,000 5,000 1,000 5,000 1,000 5,000 5,000 5,000 5,000

19.11 31.04 36.42 38.91 39.26 30.59 18.36 26.93 29.79 65.94 20.49 44.15 38.30 40.98

8.03 6.54 7.91 7.16 8.55 7.55 7.36 7.05 7.62 6.77 7.42 7.80 7.70 8.40


3.53 0.29 4.12 7.81 8.79 6.92 1.50 1.62 7.74 0.62 5.49 8.41 8.69 9.73

Income Funds ISIN Code

Scheme Name

Minimum Investment

NAV

YTM


CAGR %

6 Months

1 Year

3 Years

4.61 5.17 4.74 3.31 2.90 3.53 4.24 3.27 2.83 3.49 2.66 2.48 1.97 3.03

10.66 11.11 10.48 14.57 12.65 10.92 11.25 10.08 10.34 8.11 9.41 9.85 8.61 9.45

10.46 8.59 9.21 12.00 10.59 8.33 7.66 8.52 9.91 8.63 9.11 9.58 10.25 8.87

Absolute Return CAGR % % 1 Month 6 Months

1 Year

Short Term Funds ISIN Code INF677K01452 INF090I01304 INF209K01MC8 INF109K01TP7 INF209K01785 INF223J01DT4 INF179K01CU6 INF109K01GU4 INF209K01LQ0 INF179K01AY2 INF789F01QA4 INF251K01CX7 INF846K01644 INF209K01942 INF179K01913 INF903J01FG3 INF209K01LV0 INF204K01FL4

9.79

2.19

0.32

3.84

8.80

INF846K01BP2 Axis Regular Savings Fund(G)

5,000

16.64

8.28

2.70

0.22

3.25

7.60

INF789F01QZ1 UTI Income Opp Fund(G)

5,000

15.57

8.69

2.04

0.23

2.90

7.14

500

23.78

8.91

2.62

0.17

3.07

7.34

INF090I01DG6 Franklin India IBA-A(G) INF200K01719 SBI Regular Savings Fund(G) INF917K01130 L&T Income Opportunities Fund(G)

10,000 5,000 10,000

59.97 29.74 19.56

9.14 7.95 8.71

2.44 4.18 2.84

0.22 0.24 0.18

3.09 2.46 2.90

8.05 8.03 7.38

INF903J01EU7 Sundaram Income Plus(G)

5,000

24.89

7.97

1.23

0.43

3.18

6.61

INF251K01EP9 BNP Paribas Corp Bond Fund(G)

5,000

18.63

7.15

2.04

0.26

2.98

6.85

INF740K01599 DSPBR Income Opportunities Fund-Reg(G)

1,000

28.13

8.72

3.13

0.13

2.62

6.71

INF174K01DY7 Kotak Income Opportunities Fund(G)

5,000

18.76

8.74

2.71

0.14

2.69

6.70

INF767K01535 INF200K01594 INF740K01557 INF109K01365

5,000 5,000 1,000 5,000

21.40 42.05 54.16 54.43

6.62 7.64 8.09 7.44

1.14 5.33 3.81 10.04

0.37 0.13 0.00 0.15

2.72 1.55 2.72 -0.06

6.22 6.27 5.23 4.56

Scheme Name

Minimum Investment

NAV

YTM


Franklin India Dynamic Accrual Fund(G)

10,000

60.10

10.06

2.80

0.24

3.56

8.78

ISIN Code

INF174K01FA2 Kotak Flexi Debt Fund-Reg(G)

5,000

22.01

7.81

4.23

0.06

2.12

6.04

INF109K01CB3 ICICI Pru Dynamic Bond Fund(G)

5,000

19.59

7.56

6.55

0.15

0.86

5.32

INF277K01360 Tata Dynamic Bond Fund-Reg(G)

5,000

26.34

7.17

6.49

0.35

0.27

4.42

INF173K01AT5 Principal Dynamic Bond Fund(G)

5,000

29.24

7.48

6.03

-0.02

1.09

4.37

INF677K01916 L&T Flexi Bond Fund-Reg(G)

10,000

18.41

7.47

6.37

0.05

0.99

3.31

INF200K01958 SBI Dynamic Bond(G)

5,000

21.33

6.87

10.91

0.27

-0.03

4.48

INF846K01917 Axis Dynamic Bond Fund(G)

5,000

17.46

7.15

6.00

0.14

0.34

3.54

INF789F01JQ5 UTI Dynamic Bond Fund-Reg(G)

10,000

19.87

7.53

8.01

-0.05

0.43

5.04

INF179K01848

INF173K01DA9 INF917K01JH1 INF846K01412 INF209K01RU9 INF336L01BN7 INF204K01UN9 INF277K01LQ7 INF740K01FK9 INF109K01TX1 INF194K01VX9 INF767K01IS9 INF109K01VQ1 INF204K01VA4 INF760K01CW9 INF200K01LJ4

INF204K01FQ3 Reliance Reg Savings Fund-Debt Option(G)

LIC MF Income Plus(G) SBI Magnum Income(G) DSPBR Bond Fund-Reg(G) ICICI Pru Income(G)

Income-Dynamic ISIN Code INF090I01BP1

Absolute Return CAGR % % 1 Month 6 Months

1 Year

5,000

58.62

7.61

9.10

0.05

0.34

2.99

INF251K01DW7 BNP Paribas Flexi Debt Fund(G)

5,000

29.50

6.82

5.55

-0.12

0.44

4.01

INF194K01QG4 IDFC Dynamic Bond Fund-Reg(G)

5,000

20.64

7.37

8.75

0.04

-0.32

4.50

INF209K01793 Aditya Birla SL Dynamic Bond Fund-Reg(G)

1,000

29.99

7.73

13.52

-0.10

-0.53

2.32

HDFC High Interest Fund-Dynamic Plan(G)


L&T ST Income Fund-Reg(G) Franklin India ST Income Plan(G) Aditya Birla SL Savings-Ret(G) ICICI Pru Regular Income Fund(G) Aditya Birla SL Short Term Fund(G) DHFL Pramerica Short Maturity Fund(G) HDFC Short Term Opportunities Fund(G)

ICICI Pru Regular Savings(G) Aditya Birla SL Cash Mgr Fund(G) HDFC Regular Savings Fund(G) UTI ST Income Fund-Inst(G) BNP Paribas ST Income Fund(G) Axis Short Term Fund(G) Aditya Birla SL ST Opportunities Fund(G)

HDFC High Interest-STP(G) Sundaram Select Debt-STAP(G) Aditya Birla SL Treasury Optimizer Plan(G)

Reliance STF(G)

ISIN Code

20.20

Franklin India Income Opportunities Fund(G)

Scheme Name

Minimum Investment

NAV

YTM

10,000 5,000 1,000 5,000 1,000 5,000 5,000 10,000 1,000 5,000 10,000 5,000 5,000 1,000 5,000 5,000 1,000 5,000

18.36 3,590.35 324.17 17.17 65.31 31.28 18.83 18.21 409.85 33.88 20.83 19.50 18.55 28.44 34.12 29.30 218.15 32.16

8.30 9.87 7.16 8.77 7.29 8.16 7.24 9.13 7.17 8.11 7.55 7.13 7.15 7.84 7.66 6.98 7.31 7.49

1.55 2.34 0.89 1.03 2.11 2.49 1.52 2.17 0.88 1.89 2.21 1.93 1.90 2.91 2.92 1.82 2.80 2.77

Ultra Short Term Funds

5,000

INF090I01445

Absolute Return % CAGR% Average Maturity Years

INF090I01CN4 INF173K01DG6 INF663L01HV4 INF090I01CA1 INF090I01BU1 INF767K01AO5 INF917K01AS7 INF194K01FU8 INF174K01FD6 INF200K01MO2 INF251K01DL0 INF846K01537 INF760K01795 INF789F01331 INF903J01EN2 INF173K01BY3 INF740K018P2 INF200K01636

Scheme Name Franklin India Ultra Short Bond FundSuper Inst(G)

Principal Low Duration Fund(G) DHFL Pramerica Low Duration Fund(G) Franklin India Savings Plus Fund(G) Franklin India Low Duration Fund(G) LIC MF Savings Plus(G) L&T Ultra Short Term Fund(G) IDFC Ultra Short Term Fund-Reg(G) Kotak Treasury Advantage Fund(G) SBI Ultra Short Term Debt Fund(G) BNP Paribas Money Plus Fund-Reg(G) Axis Treasury Advantage Fund(G) Canara Rob Savings Plus Fund-Reg(G) UTI Treasury Advantage-Reg(G) Sundaram Ultra Short Term Fund-Reg(G)

Principal Money Mgr(G) DSPBR Ultra Short Term Fund-Reg(G) SBI Savings Fund-Reg(G)

Principal Cash Management Fund(G) L&T Liquid Fund(G) Axis Liquid Fund(G) Aditya Birla SL Cash Plus(G) HSBC Cash Fund(G) Reliance Liquid-Treasury Plan(G) Tata Liquid Fund-Reg(G) DSPBR Liquidity Fund-Reg(G) ICICI Pru Money Market Fund(G) IDFC Cash Fund-Reg(G) LIC MF Liquid(G) ICICI Pru Liquid Plan(G) Reliance Liquidity(G) Canara Rob Liquid Fund-Reg(G) SBI Magnum InstaCash Fund(G)

0.30 0.21 0.37 0.26 0.23 0.23 0.20 0.17 0.30 0.13 0.21 0.22 0.13 0.14 0.14 0.24 0.16 0.02

3.45 3.72 3.29 3.11 2.83 2.81 2.96 2.84 2.92 2.63 2.52 2.60 2.58 2.68 2.45 2.51 2.46 2.42

1 Year 8.46 8.88 7.26 7.03 6.71 7.25 6.72 6.99 6.51 6.66 6.36 6.10 6.14 5.76 5.85 5.86 5.75 6.03

Absolute Return % 6 Months

Minimum Investment

NAV

YTM


10,000

23.53

8.20

328.50

0.45

1.67

3.80

5,000 5,000 10,000 10,000 5,000 10,000 5,000 5,000 5,000 10,000 5,000 5,000 1,00,000 1,000 5,000 1,000 500.00

2,712.87 23.27 31.18 19.53 26.06 27.81 24.14 27.27 2,197.38 25.02 1,897.83 26.70 4,290.85 23.27 1,924.62 12.37 26.47

7.63 8.21 7.06 8.85 6.52 6.86 6.95 6.99 6.64 6.60 6.93 6.93 7.03 6.73 6.79 6.99 7.16

361.00 226.30 262.80 642.40 170.00 178.85 305.00 189.80 240.90 160.60 176.00 317.55 198.12 200.75 81.00 284.70 361.35

0.41 0.41 0.38 0.36 0.42 0.36 0.38 0.39 0.38 0.37 0.39 0.37 0.39 0.39 0.41 0.30 0.33

1.45 1.40 1.48 1.49 1.47 1.42 1.35 1.37 1.38 1.37 1.39 1.33 1.36 1.35 1.37 1.32 1.26

3.39 3.20 3.34 3.69 3.11 3.19 3.16 3.10 3.07 3.18 3.06 3.11 2.96 3.06 2.82 3.10 2.93

Liquid Funds Scheme Name

1 Month 6 Months

1 Month 3 Months

Absolute Return % CAGR% Minimum Investment

NAV

YTM


5,000 10,000 500 1,000 10,000 100 5,000 1,000 500 5,000 5,000 500 5,000 5,000 5,000

1,653.28 2,329.45 1,882.71 272.74 1,693.03 4,139.18 3,129.74 2,425.73 234.84 2,062.45 3,074.93 251.32 2,555.00 2,056.63 3,752.48

6.57 6.35 6.35 6.41 6.45 6.32 6.31 6.30 6.39 6.27 6.39 6.32 6.23 6.30 6.33

31.00 32.85 44.00 36.50 29.20 178.85 37.80 32.85 37.00 34.00 30.00 35.51 48.00 29.20 25.55

1 Month 6 Months 0.52 0.52 0.52 0.52 0.52 0.52 0.51 0.52 0.51 0.51 0.51 0.51 0.51 0.51 0.51

3.30 3.29 3.27 3.25 3.29 3.25 3.25 3.23 3.25 3.24 3.24 3.22 3.20 3.19 3.22

1 Year 6.74 6.69 6.71 6.66 6.66 6.67 6.65 6.60 6.64 6.60 6.61 6.62 6.58 6.52 6.61


37

SIP Focus

Data as on 15.12.2017 3 Year @ Rs.5000 each Inv. Amount :Rs.180000/-

Name Scheme

Present value(Rs)

Return %

5 Year @ Rs.5000 10 Year @ Rs.5000 each each Inv. Inv. Amount :Rs.300000/- Amount :Rs.600000/Present value(Rs)

Return %

Present value(Rs)

Return %

Large Cap Funds

SIP FOCUS Scheme Name

3 Year @ Rs.5000 each Inv. Amount :Rs.180000/Present Return % value (Rs)

5 Year @ Rs.5000 10 Year @ Rs.5000 each each Inv. Inv. Amount :Rs.300000/- Amount :Rs.600000/Present Present Return Return % value (Rs) value (Rs) %

Flexicap ICICI Pru Value Discovery Fund(G)

2,12,694

11.47

4,77,245

18.93

17,36,232

20.30

Franklin India Prima Plus Fund(G)

2,22,489

14.67

4,75,582

18.79

14,54,813

17.00

Templeton India Growth Fund(G)

2,41,778

20.71

4,93,016

20.29

13,82,613

16.05

ICICI Pru Multicap Fund(G)

2,25,750

15.71

4,73,326

18.59

13,82,705

16.05

Reliance Top 200 Fund(G)

2,32,614

17.88

4,82,741

19.41

13,93,045

16.19

Franklin India Flexi Cap Fund(G)

2,21,510

14.35

4,68,241

18.14

14,17,677

16.52

Invesco India Growth Fund(G)

2,33,344

18.11

4,80,242

19.20

13,88,088

16.12

IDFC Classic Equity Fund-Reg(G)

2,37,580

19.43

4,67,724

18.10

12,25,211

13.78

SBI BlueChip Fund-Reg(G)

2,24,164

15.21

4,70,890

18.38

13,94,604

16.21

ICICI Pru Dynamic Plan(G)

2,31,309

17.47

4,63,128

17.69

13,89,115

16.14

Aditya Birla SL Top 100 Fund(G)

2,25,134

15.52

4,63,792

17.75

13,93,022

16.19

Tata Equity Opportunities Fund(G)

2,21,771

14.44

4,60,281

17.43

13,30,848

15.33

ICICI Pru Focused Bluechip Equity Fund(G)

2,30,454

17.21

4,61,666

17.55

-

-

Aditya Birla SL Frontline Equity Fund(G)

2,23,894

15.12

4,57,944

17.22

13,90,130

16.15

L&T Midcap Fund-Reg(G)

2,66,031

27.87

6,41,251

31.44

20,75,964

23.62

Canara Rob Emerg Equities Fund-Reg(G)

2,52,957

24.07

6,32,914

30.88

22,97,867

25.51

ICICI Pru Top 100 Fund(G)

2,30,118

17.10

4,57,127

17.14

13,29,483

15.31

Kotak Emerging Equity Scheme(G)

2,47,766

22.52

5,97,298

28.40

18,44,809

21.43

DSPBR Focus 25 Fund-Reg(G)

2,19,307

13.64

4,56,693

17.10

-

-

Sundaram Select Midcap(G)

2,47,936

22.58

5,87,385

27.68

19,67,414

22.62

BNP Paribas Equity Fund(G)

2,17,803

13.15

4,45,907

16.11

12,94,301

14.81

HDFC Mid-Cap Opportunities Fund(G)

2,47,613

22.48

5,77,505

26.96

20,95,270

23.80

Kotak 50(G)

2,18,070

13.24

4,38,896

15.46

11,99,649

13.38

Franklin India Prima Fund(G)

2,38,812

19.81

5,56,853

25.42

19,28,787

22.26

UTI Equity Fund(G)

2,15,093

12.26

4,35,284

15.12

13,13,816

15.09

SBI Magnum MidCap Fund-Reg(G)

2,28,686

16.65

5,48,849

24.80

18,25,690

21.24

Franklin India Bluechip Fund(G)

2,17,654

13.10

4,32,638

14.87

12,38,829

13.99

Mid & Small Caps

SBI Magnum Equity Fund-Reg(G)

2,14,281

11.99

4,29,910

14.61

12,35,174

13.93

Reliance Small Cap Fund(G)

2,82,640

32.53

7,31,005

37.14

-

-

Franklin India Smaller Cos Fund(G)

2,50,259

23.27

6,16,775

29.77

22,48,766

25.11

Flexicap Funds

Midcaps

Infrastructure Funds

L&T India Value Fund-Reg(G)

2,46,223

22.06

5,74,334

26.73

-

-

L&T Infrastructure Fund-Reg(G)

2,75,122

30.45

6,09,705

29.28

14,53,506

16.99

Tata Equity P/E Fund(G)

2,49,632

23.08

5,54,274

25.22

16,58,240

19.44

Franklin Build India Fund(G)

2,45,569

21.86

5,81,957

27.29

-

-

Invesco India Contra Fund(G)

2,45,452

21.83

5,40,161

24.13

16,41,015

19.25

Aditya Birla SL Infrastructure Fund(G)

2,45,520

21.85

5,25,203

22.94

13,58,793

15.72

Aditya Birla SL Advantage Fund(G)

2,42,571

20.96

5,40,076

24.12

15,50,274

18.19


2,41,864

20.74

5,29,376

23.28

-

-

Franklin India High Growth Cos Fund(G)

2,34,390

18.44

5,28,888

23.24

17,29,034

20.22

DSPBR Tax Saver Fund-Reg(G)

2,39,160

19.91

5,10,993

21.79

15,54,054

18.23

Aditya Birla SL Equity Fund(G)

2,38,526

19.72

5,19,100

22.45

15,14,131

17.75

Axis LT Equity Fund(G)

2,25,687

15.69

5,02,762

21.11

-

-

17.06

4,91,842

20.19

15,46,310

18.14

2,45,993

21.99

5,18,673

22.42

15,14,149

17.75

Invesco India Tax Plan(G)

2,30,007

DSPBR Opportunities Fund-Reg(G)

Franklin India Taxshield(G)

2,20,735

14.10

4,69,883

18.29

14,67,363

17.16

SBI Magnum Multicap Fund-Reg(G)

2,37,229

19.32

5,16,630

22.25

14,44,049

16.86

ICICI Pru LT Equity Fund (Tax Saving)(G)

2,19,632

13.74

4,58,725

17.29

14,55,037

17.00

HDFC Capital Builder Fund(G)

2,42,354

20.89

5,07,928

21.54

15,56,178

18.26

Balanced Funds

Kotak Select Focus Fund(G)

2,34,287

18.41

5,05,121

21.31

-

-

HDFC Balanced Fund(G)

2,27,687

16.33

4,78,600

19.05

15,19,881

17.82

2,29,474

16.90

4,72,915

18.56

14,49,426

16.93

SBI Magnum Multiplier Fund-Reg(G)

2,33,766

18.24

5,00,587

20.93

14,85,899

17.40

ICICI Pru Balanced Fund(G) L&T India Prudence Fund-Reg(G)

2,22,579

14.70

4,67,323

18.06

-

-

Kotak Opportunities Fund(G)

2,33,290

18.09

4,90,299

20.06

14,04,504

16.34

Aditya Birla SL Balanced '95 Fund(G)

2,23,578

15.02

4,62,152

17.60

13,83,424

16.06

L&T India Spl. Situations Fund-Reg(G)

2,35,164

18.68

4,88,711

19.93

14,96,872

17.53

SBI Magnum Balanced Fund-Reg(G)

2,22,163

14.56

4,59,465

17.36

13,35,573

15.40

Franklin India Balanced Fund(G)

2,14,968

12.22

4,44,010

15.94

12,70,665

14.46

The above listed funds are taken from the first two quartiles of mutual fund analysis and ranked on the basis of 5 year SIP return.


Equity Linked Savings Scheme

The above listed funds are taken from the first two quartiles of mutual fund analysis and ranked on the basis of 5 year SIP return.


39

MODEL PORTFOLIO FOR DIFFERENT CLASS OF INVESTORS Aggressive Portfolio* Category

Equity Funds

Debt Funds

Recommended Allocation

Large Cap Funds

40%

Small and Midcap Funds Thematic Funds

20% 20%

Income Funds

10%

Dynamic Bond Funds

10%

This portfolio is ideal for investors with high risk tolerance and those who wish to generate wealth over longer time horizon. Minimum investment horizon recommended is 10 years. The thematic funds could be replaced by sector funds or gold on opportunity basis.

Moderately Aggressive Portfolio* Category

Equity Funds

Debt Funds


Multi Cap Funds

30%

Large Cap Funds

15%

Mid Cap Funds

15%

Income Funds

20%

Short Term Funds

10%

Dynamic Bond Funds

10%

This portfolio has potential for higher long term risk adjusted return with downside protection aided by debt portfolio. Suited for investors with longer investment horizon of 7 years + or those who can shoulder higher volatility in returns.

Moderate Portfolio* Category

Debt Funds

Equity Funds


Income Funds

20%

Dynamic Bond Funds

30%

Short Term Funds

10%

Multi Cap Funds

40%

This portfolio is ideal for investors who are new to equity investments and those who want higher tax adjusted returns compared to fixed return investments. Ideal Investment horizon is 5 years+

Conservative Portfolio* Category

Debt Funds

Equity Funds


Short Term Funds

40%

Income Funds

20%

Dynamic Bond Funds

20%

Balanced Funds

20%

For investors who cannot afford high volatility in their portfolio and at the same time wish to earn returns better than Fixed deposits. Ideal Investment horizon is 3 years+

* Investors are classified in to 4 groups based on their risk tolerance level, age, objective of investment, time horizon for which they ready to park funds etc. Schemes could be chosen from our recommended list with respect to Its category. In case the investor finds that a fund is removed from the recommended list due to under performance, he/she may replace that fund with another one in the same category. Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.


Franklin India Bluechip Fund

CATEGORY: Large Cap

Kotak Classic Equity Scheme

CATEGORY: Large Cap

Inception Date

01.12.1993

AUM as on NOV.2017 ( in Cr)

Rs. 8385.27

Inception Date

27.07.2005


Benchmark

S&P BSE SENSEX

Expense Ratio#

2.23

NAV as on 15.12.2017

Rs. 454.76

Risk Status

Moderately High

Benchmark

NIFTY 100

Expense Ratio#

2.65

Rs. 47.83

Risk Status

Moderately High

Fund Manager

Mr. Anand Radhakrishnan & Ms. RoshiJain :- Mr. Radhakrishnan holds a B.Tech, CFA and PGDM from IIM Ahmedabad. He has been a part of the fund management team since Apr 2007.Ms. Jain holds a CFA, ACA and PGDM. She is the part of the fund management team since May-2016.

NAV as on 15.12.2017 Fund Manager

Mr. Deepak Gupta :-Mr. Gupta holds a B.Com (H), CA, Cost Accountant and CFA. He has been managing this fund since Jan- 2017.

Investment Dynamics

Scheme Performance

This veteran large cap fund holds 94.13% of its portfolio in equity and 5.87% in cash and cash equal. In its equity portfolio the fund holds 95.63% into Large cap stocks and 4.37% into mid cap stocks. The large cap exposure in this fund is higher than its category average. The fund sticks to more than 90% exposure towards Large-caps throughout its life's span. While the fund maintains quality stocks in its portfolio that helped the fund to absorb the market volatility, but at times it also dampens performance of the fund. The fund usually holds 5-10 percent in Mid-caps while the small caps have never find a place in its portfolio. The fund has outperformed its benchmark in a long term perspective with a high margin, were the fund was able to generate an alpha of 3.98% in three years and 3.22% in five years over the benchmark return .

Period

Portfolio Moves

Investment Dynamics

Rs. 128.59

Scheme Performance

The Kotak classic equity fund is a large cap fund which holds 89.15 in equity ,10.70% in cash and 0.15% others. Out of the equity portfolio, the fund holds 88.08% in Large- cap stocks,11.22% in Mid-cap stocks and 0.7% in to Small-cap stocks.The fund has higher exposure towards Mid- caps when comparing to its benchmark as well as the category average. This fund has the flexibility to invest up to 35% in Money market instruments and debt securities, while the fund can have concentrated exposure towards some sectors which can be different from benchmark weightage. This fund has outperformed its benchmark in almost all the periods with an alpha of 5.46% on one year, 2.50% on three years and 2.80% on five years over its bench mark returns .

Period

Investment Strategy

Portfolio Moves

Investment Strategy

The fund holds a medium size portfolio of 41 stocks with high portfolio movement last month. The fund added Housing Development Finance Corporation Ltd. (HDFC Corp.) in to its portfolio, while it has increased its holdings in ICICI Lombard General Insurance Co Ltd (10%), Sun pharma (8%) and HCL Tech (6%). Last month the fund exited from Hindustan Unilever Ltd. While, It have reduced its holdings in Coal India Ltd. (-33%),IndusInd Bank Ltd.(-22%),Bajaj Auto Ltd.(-9%),ICICI Bank Ltd.(-8%) etc.

This veteran fund always believes in quality stock picking from the Sensex basket, Nifty and BSE 100. The fund holds a diversified portfolio of 40-45 stocks. The individual holdings of more than 5% is limited to the top three holdings. This fund will make a good bet in the portfolio of a low risk appetite investor with a long term perspective. The fund holds Bank - Private, IT - Software and Parma as the top three sectors. The private banks still hold a positive outlook with laying greater emphasis on providing improved services to their clients and also upgrading their technology. The IT and pharma holds a neutral outlook .

The fund holds a medium size portfolio of 50 shares. The portfolio movement on the fund was comparatively less last month. The fund added Dr. Reddys Laboratories Ltd. to its portfolio while there was no exit in the equity portfolio. The fund increased its holding in Biocon Ltd. (1003%) and Hindustan Unilever Ltd. (26%), while there was no reduction in portfolio last month .

The fund management team search for stocks which are fundamentally sound and having an attractive valuation. This fund has the flexibility to invest on equity based derivatives such as futures and options. During any sharp upward movement in the market the fund usually tends to increase its debt exposure to reduce the market risk. This funds will find a place in the portfolio of a moderate as well as aggressive investor. The top three sector exposure of the fund are Bank - Private, Refineries and IT - Software. The private banks and refineries holds a positive outlook while the IT holds a neutral .

Risk Reward Measures (%)

Top 10 Holding


Top 10 Holding

One year data

Category Range

Returns

Category

SIP Returns

7.24

9.38

16.25

6 Months 1 Year

24.05

29.81

17.19

3 Year

11.65

12.06

13.60

5 Year

14.33

15.58

14.84

10 Year

9.45

7.82

13.46

Since Inception

21.54

13.72

20.90

Sector Wise

(%)

Company Wise

(%)

One year data

Returns

Category

SIP Returns

6 Months

13.02

9.38

23.13

1 Year

33.94

29.81

23.98

3 Year

12.82

12.06

15.79

5 Year

15.87

15.58

16.47

10 Year

8.61

7.82

13.70

Since Inception

13.46

13.72

13.28

Sector Wise

Category Range

(%)

Company Wise

(%)

Standard Deviation*

0.57

0.57 - 0.77

Bank - Private

25.10

HDFC Bank Ltd.

9.51

Standard Deviation*

0.63

0.57 - 0.77

Bank - Private

15.46

Reliance Industries Ltd.

5.88

Sharpe**

0.12

0.09 - 0.21

IT - Software

8.98

Infosys Ltd.

4.89

Sharpe

0.15

0.09 - 0.21

Refineries

10.18

HDFC Bank Ltd.

5.42

Information Ratio***

-0.05

-0.08 - 0.15

Pharmaceuticals & Drugs

7.75

Larsen & Toubro Ltd.

4.57


0.07

-0.08 - 0.15

IT - Software

9.39

Infosys Ltd.

5.21

Other

5.87

Bharti Airtel Ltd.

4.38

Other

7.41

Hindustan Unilever Ltd.

4.54

Engineering - Construction

4.57

ICICI Bank Ltd.

4.22

Power Generation/ Distribution

5.48

Maruti Suzuki India Ltd.

4.51

Telecommunication Service Provider

4.38

Yes Bank Ltd.

4.03

Finance - NBFC

4.98

Hindalco Industries Ltd.

3.43

Automobile Two & Three Wheelers

4.32

Mahindra & Mahindra Ltd.

3.44

Metal - Non Ferrous

4.67

Axis Bank Ltd.

3.30

Cement & Construction Materials

3.59

State Bank Of India

2.98

Household & Personal Products

4.54

Power Grid Corporation Of India Ltd.

2.98

Power Generation/ Distribution

3.56

Axis Bank Ltd.

2.94

Automobiles - Passenger Cars

4.51

Bajaj Finance Ltd.

2.87

Automobiles-Trucks/Lcv

3.54

NTPC Ltd.

2.70


4.37

GAIL (India) Ltd.

2.72

*

Measures the risk, lower the better.

**

Measures the excess return (over risk free rate) per unit of risk, higher the better.

***

Measures the consistency of a fund manager in beating the benchmark, higher the better.

#

The expense ratio is the total fee charged by the fund. It is expressed as a percentage of total assets.

*


**


***


#


Aditya Birla SL Tax Plan (G)

CATEGORY: ELSS

Inception Date

03.10.2006


Benchmark

S&P BSE SENSEX

Expense Ratio#

2.55

NAV as on 15.12.2017

Rs. 39.18

Risk Status

Moderately High

Fund Manager

Mr. Ajay Garg:- Mr. Garg holds B.E (Electronics) and MBA (Finance). He manages this fund since Oct 2011.

Investment Dynamics

Rs. 649.98

Inception Date

Scheme Performance

The Aditya Birla SL Tax Plan is an Equity Linked Savings Scheme (ELSS) which invests 98.28% of its portfolio into equity and 2.07% into debt. Out of its equity portfolio, the fund invests 39.4% into Large cap stocks, 53.49% in to Mid-cap stocks and 7.11% in to Small-cap stocks. This fund has a higher exposure towards Midcap stocks than its benchmark and the category peers. This helps the fund to outperform its benchmark as well as the category with high margin. This Mid-cap exposure also helps the fund to generate a high alpha on the bull run phase, but the fund may also face a downward pull in bear phase. The fund was able to generate an alpha of 17.76% in one year, 9.72% in three year and 10.78% in five years over its benchmark returns.

Period

Returns

Category

SIP Returns

6 Months

15.24

10.72

26.97

1 Year

38.81

33.42

26.23

3 Year

17.63

13.59

20.49

5 Year

20.91

17.90

22.12

10 Year

9.31

8.33

16.61

Since Inception

12.96

18.01

16.35

Portfolio Moves

Investment Strategy

The fund holds a medium size portfolio of 51 shares with less portfolio movement. Last month the fund has not added any new stocks into its portfolio, while it increase its holdings in Thomas Cook (India) Ltd. (10%),Pfizer Ltd. (9%) Glaxo SmithKline Pharmaceuticals Ltd. (9%)Bayer CropScience Ltd. (5%) etc. The fund has exited form Tech Mahindra Ltd. and Hindalco Industries Ltd., while it reduces the holdings in Century Textiles & Industries Ltd. (-5%). .

This performing ELSS selects the stocks in to its portfolio very carefully, this is clearly visible in the portfolio movement of this fund. The fund manager usually purchases stock in small quantities but in regular intervals. As the fund holds maximum exposure to Mid cap stocks, this fund makes a suitable position in an aggressive investors portfolio. The fund has maximum exposure towards Auto Ancillary, Bank - Private and Pharmaceuticals & Drugs. The Auto ancillary and Pharma holds a neutral outlook with a long term opportunities, while the Private Banks still holds a positive outlook with strong growth in savings due to the rise of disposable income


Top 10 Holding

One year data

Category Range

Sector Wise

(%)

Company Wise

(%)

Standard Deviation*

0.56

0.56 - 0.77

Auto Ancillary

11.42

Sundaram-Clayton Ltd.

9.23

Sharpe

0.21

0.11 - 0.21

Bank - Private

10.85

Honeywell Automation India Ltd.

7.21

-0.02 - 0.14


10.63

Gillette India Ltd.

6.64


8.87

Johnson Controls - Hitachi Air Conditioning India Ltd.

5.12

Consumer Durables Electronics

7.21

Bayer CropScience Ltd.

5.06

Air Conditioners

5.12

Thomas Cook (India) Ltd

4.09

Pesticides & Agrochemicals

5.06

GlaxoSmithKline Pharmaceuticals Ltd.

3.83

Retailing

4.46

Pfizer Ltd.

3.81

Travel Services

4.09

ICRA Ltd.

3.42

Ratings

3.42

Shoppers Stop Ltd.

3.41


0.10

*


**


***

#



IDFC Tax Advantage (ELSS) Fund

CATEGORY: ELSS AUM as on Nov.2017 ( in Cr)

26.12.2008

Rs. 797.96

#

Benchmark

S&P BSE 200

Expense Ratio

2.34

NAV as on 15.12.2017

Rs. 57.44

Risk Status

Moderately High

Fund Manager

Mr. Daylynn Pinto:- Mr. Pinto holds a B.Com (H) and PGDM. He has been managing this fund since October 2016.

Investment Dynamics

Scheme Performance

This comparatively new Equity Linked Savings Scheme holds 95.29% into equity,4.06% into debt and 0.65% into cash. The equity portfolio of the fund is then diversified into 47.93% Largecap stocks, 31.92% Mid-cap stocks and 20.15% Small-cap stocks. This fund holds comparatively higher exposure towards Mid-cap as well as Small-cap stocks than its benchmark and category average. Even if it is a new comer, the fund has given comparatively consistent returns than is benchmark in almost all the years of its existence. The fund has outperformed its benchmark in almost all the periods with an alpha generation of 16.52% on one year,7.43% on three years and 7.16% on five years over its benchmark return.

Period

Portfolio Moves

Investment Strategy

This fund holds a large portfolio of 74 stocks. The last month was an active month for the funds, as it added HEG Ltd., Khadim India Ltd., Praxis Home Retail Ltd. and Tata Power Company Ltd. to its portfolio and exited from Axis Bank Ltd.. The fund have also increased its holdings in Avenue Supermarts Ltd.(50%), Petronet LNG Ltd. (33%), TI Financial Holdings Ltd.(29%),Union Bank Of India (25%) etc., while the fund manager have reduced the holdings in ITC Ltd.(-71%), Mcleod Russel India Ltd.(-51%), Capacite Infraprojects Ltd.(-29%) etc .

The fund manager picks the stocks on the basics of growth on a reasonable price philosophy. The fund management team identifies stocks based on deep understanding on the growth potential of the industry and regularly interact with the management to understand the future plans. This ELSS will be suitable for a moderately high risk appetite investor. The fund holds Bank - Private, IT -Software and others as the top three sectors. The Bank- private holds a positive outlook while the IT - Software holds a neutral outlook as the sector is undergoing a phase of consolidation in the business model owing to digitalization, artificial intelligence, and cloud commuting .


Top 10 Holding

One year data

Returns

Category

SIP Returns

6 Months

14.69

10.72

32.95

1 Year

47.61

33.42

31.45

3 Year

19.02

13.59

21.36

5 Year

21.09

17.90

22.38

10 Year

-

8.33

-

21.50

18.01

19.51

Since Inception

Sector Wise

Category Range

(%)

Company Wise

(%)

Standard Deviation*

0.70

0.56 - 0.77

Bank - Private

13.93

HDFC Bank Ltd.

4.88

Sharpe**

0.19

0.11 - 0.21

IT - Software

4.88

Future Retail Ltd.

3.78


0.14

-0.02 - 0.14

Other

4.72

ICICI Bank Ltd.

3.47

Retailing

4.62

Minda Industries Ltd.

2.96


4.08

KEC International Ltd.

2.42

Cement & Construction Materials

4.08

The Ramco Cements Ltd.

2.11

Engineering - Construction

3.96

GAIL (India) Ltd.

2.05


3.34

Infosys Ltd.

1.96

Industrial Gases & Fuels

3.32

VRL Logistics Ltd.

1.91

Tyres & Allied

3.22

IndusInd Bank Ltd.

1.87

*


**


***


#


PAN - INDIA OFFICE NETWORK Principal Dividend Yield Fund Inception Date

CATEGORY: Flexi Cap AUM as on NOV.2017 ( in Cr)

15.10.2004

Rs.136.62

#

Benchmark

NIFTY DIV OPPS 50

Expense Ratio

2.68

NAV as on 15.12.2017

Rs. 52.95

Risk Status

Moderately High

Fund Manager

Mr. Dhimant Shah :-Mr. Shah holds a B.Com (H) and Chartered Accountant. He has been managing this fund since December 2011.

Investment Dynamics

Scheme Performance

The Principal Dividend Yield fund is a Multi-cap Fund that invests 99.08% of its portfolio in to Equity,0.15% in Debt and 0.77% in Cash. In its Equity portfolio the fund invests 68.29% into Largecap stocks, 24.89% into Mid-cap stocks and 6.82% into Small-cap stocks. This fund has higher exposure towards large cap when comparing to its category average. The fund invests up to 65% of its equity holding on stocks with a dividend yield of more than 1.5 times of Nifty. This fund outperforms its benchmark on almost all the periods, by generating an alpha of 19.49 % in one year, 7.82% on three years and 7.14% on five years over its benchmark returns .

Period

Returns

Category

SIP Returns

6 Months

16.14

10.53

29.97

1 Year

42.02

32.50

31.81

3 Year

15.05

13.58

20.02

5 Year

15.51

17.90

18.76

10 Year

8.43

8.87

14.59

Since Inception

13.49

15.95

13.51

Portfolio Moves

Investment Strategy

The fund holds comparatively large portfolio of 59 stocks with a lot of portfolio movement visible on last month. The fund have added Bharti Airtel Ltd. to its portfolio, while exited from Cummins India Ltd.. The fund have increased its holdings in City Union Bank Ltd. (31%), Dishman CarbogenAmcis Ltd.(21%), Tamil Nadu Newsprint & Papers Ltd. (15%)Exide Industries Ltd.(14%), Ceat Ltd. (13%),SRF Ltd. (12%),Infosys Ltd.(10%) ,HDFC Bank Ltd.(6%) and SBI(4%). During the period the fund have also reduced its holdings in HEG Ltd.(-30%),Himadri Speciality Chemical Ltd.(22%) etc.

This performing dividend yield fund combines the equity market returns with the cushion of high dividend income from stocks. This fund can invests up to 65%in to stocks that have a dividend yield of at least 1.5times of Nifty. The balance will be invested on other stocks with likely hood of higher dividend in the current year or higher cash flow due to sale of business. This fund can be added in to the portfolio of an investor who expect a dividend on regular intervals of time. The top three sector exposure of the fund are Bank - Private, Household & Personal Products and Refineries ,which holds a positive market outlook.


Top 10 Holding

One year data

Category Range

Sector Wise

Standard Deviation*

0.67

0.51 - 0.92

Bank - Private

Sharpe**

0.18

0.06 - 0.18


0.12

-0. 08 - 0.13

*


**


***

#



(%) 12.22

Company Wise

(%)

Hindustan Unilever Ltd.

7.85

Household & Personal 9.51 Products

Maruti Suzuki India Ltd.

4.63

Refineries

9.14

Hero MotoCorp Ltd.

3.99

Cigarettes/Tobacco

6.52

ITC Ltd.

3.94

Automobile Two & Three 5.89 Wheelers

HDFC Bank Ltd.

3.77

Automobiles - Passen4.63 ger Cars

ICICI Bank Ltd.

3.75

IT - Software

3.73

Dalmia Bharat Ltd.

3.48

Diversified

3.71

State Bank Of India

3.38

Miscellaneous

3.48

Reliance Industries Ltd.

3.20

Bank - Public

3.38

Bharat Petroleum Corporation Ltd.

3.13

ANDHRA PRADESH: Branches: Ananthapur: 08554-274507, 08, 09, 09995808994, Bhimavaram: 08816-221014,15, 9995805088, Chirala: 08594-233627, 628 , 629, 9995809112, Chittoor - Andhra Pradesh:08572-233971, 72, 9995808905,Gajuwaka Main Road: 0891-2549347, 48, 49, 9995808943, Governorpet: 0866 - 2578084,86, 87, 9995809377, Guntur: 0863-2331063, 64, 65, 6533775, 76, 9995809388, Kadapa:08562-245773, 74, 75, 76, 9995808996 Kakinada: 0884 - 2344491, 92, 93, 9995809042, Kurnool: 085818228831, 32,33, 9885502276, Nandyal: 08514-225987, 88, 89, 9995809387 Narasaraopet:08647-223134, 35, 36, 38, 9995808908, Nellore: 0861-2311697, 2311712, 735, 736, 9347112168, Ongole: 08592 222010,11,12, 09959022564, Rajahmundry: 0883-2448635, 36,37, 9995808907, Station Road – Kavali: 08626-244104, 5, 6, 7, 9995808986, Tenali: 08644 -220120, 450, 221860, 840, 9995808941 Tirupati: 0877 - 2220882, 84, 2220879, 8008238872, Vijayanagaram: 08922 - 220163,4, 5, 09346220829, Vijayawada: 08666647995, 98,9995809391,Visakhapatnam: 0891 - 2717351, 52, 53, 9998509107 Business Associates: Nandyal- Opp. Govt Hospital: 08514 249003; Chodavaram: 08934 245088, 08121742700, 9059909089, 9133682124, 9133682126; Visakhapatnam - Diamondpark Road: 08916666242; Ongole- Gupthas Square Complex : 08592 283010 / 20, 9959022564 BIHAR: Branches: Patna: 0612-2216842, 43, 44, 45, 7091099399 GOA: Branches: Margao: 0832 2712696, 693, 2736576, 09326112251 GUJARAT: Branches: Ahmedabad – Motera: 079- 23298586, 87, 23294323, 9995801194, Ahmedabad-Shahibaug: 079- 22862522,23,22862535,9995800482, Ahmedabad –Ambavadi: 079-40024925, 40024926,26441410, 26441425, 09995800553, Anand: 02692-246931,34,32,33, 9995801207, Bharuch: 02642-226998, 858, 807,9995801227 Jamnagar: 0288-2553369 , 0288-2553370,028, Junagadh: 2620386, 9995801416, Karelibaug– Vadodara: 0265 -2780541, 2780542, 2780543, 93 7 75 79 7 87 , Navsari: 02637233472,233473, 233474,233475; 9099053861, Rajkot-Moti Tanki Chok: 0281-2221722, 23, 24, 25 Surat - Empire State Bldg: 0261-2479661, 2479662, 2479663, 2479664, 9995801242, Vadodara - R C Dutt: 0265-2324586, 2354326, 2354091, 2351795, 9 0 9 9 0 5 3 8 7 2 , Valsad :02632 - 245901, 245902, 245903, 9995801243. Business Associates: Keshav Baug: 09898088987; Mehsana: 02762-220314, 02762- 223594,09824434378, 09925938517; HARYANA: Branches: Faridabad: 0129-2429380/ 0129-2429381/ 0129-2429382, 9995801875 Gurgaon: 0110124-2566238, 2566239, 2566240, 4105747, 4257712, 09910025558 . JAMMU & KASHMIR: Branches: Jammu: 2474163, 2474164,9906069423. JHARKHAND: Branches: Dhanbad: 0326-2302405, 06, 07,09304127514, Jamshedpur: 09386708146, 0657- 2233734, 2442983, 2442984, 985, Ranchi: 0651-2331401, 2331403, 04, 09234611160. KARNATAKA: Branches: Bagalkot: 08354 222557, 222558, 222566, 9995801424, Banashankari: 080-26690875, 26690401, 26691241, 9591996180, Bangalore: 080 40429999, 40984621, 40984070, 9995809548, Basavangudi: 080 - 26676121, 26676181, 26611243, 26676141, 09980114690, BC Road: 08255 230767, 230769, 9343350687, Belagavi: 09342209326, 2402128, 2402131, 2402156, 2422153, 2422154, 9995801622 Bellary: 08392 – 255393, 94, 95, 9995801609, Bhatkal: 08385 224062, 224063, 226482,226483, 09741329922, Bidar: 08482-222652, 53, 54, 9995800543, Bijapur: 08352-242714, 242715, 242716, 240407, 240408, 9995801489 Chickmagalur: 08262 234892, 93, 94, 233564, 230418, 09343574542, Chitradurga: 08194 223254, 74, 221270, 71, 9995801495, Davangare: 08192 253671, 08192253575, 08192 253576, 7338461961, Dharwad: 0836 2790031, 2790032, 2790033, 9995801494 Frazer Town: 080 25564350,080 25564351,080 25564352, 09995800730, Gadag: 274550, 274551, 274552, 252550, 250250, 9 995801635 Gulbarga Town: 08472-272940, 08472-272941,9995809189, HAL Airport Road: 080 25231243, 25231286, 25231254, 09341051088, Hassan: 08172 233609, 610, 233652, 7760686146, HSR Layout: 080-25723451, 52,, 9108025990,Hubli: 0836 2353371, 72, 73, 9995801601, Indiranagar: 080 25252831, 32, 25252823, 25252841,09343706936, Jayanagar: 080-26562600, 01, 02, 03, 04, 05, 06, 07, 08, 9995809448 Koramangala:080 - 25503462, 25500232, 25503273, 41303691, 7338191374, Majestic: 080 22340067, 68,09341114190, Malleswaram: 080 -23360980,81, 82, 84, 09343706756, Mangalore: 0824 2444531, 2426158, 2446024, 2441535, 2441542, MangaloreCity: 0824 2221434, 2221435, 2223881, 2223873, Mercara: 08272 221671 221672 220672 220441, 07022255332, Mysore –Saraswathipuram: 0821-2344816, 2344817, 2344818, 2344819, 09342183451, Mysore - V V Mohalla: 0821 2516519, 2415050, 2519309, 2517719, 9995809587, Raichur: 08532 226925, 226926, 226927, 9995809257, Rajaji Nagar: 080-23109739, 23109745, 09341805767, Rajarajeshwari Nagar: 080 28606326, 28606327, 09108028854, Shimoga: 08182 271905, 08182 271901, 225597, 09343310824, Tumkur: 0816 – 2285651, 52, 53, 09379222011, Udupi Town: 0820-2529689, 2528269, 2527689, 9740189922, Whitefield: 08028456665, 08028455082, Mob : 9663125104, 9663125104. Business Associates: Ankola: 08388 – 232353, 232255, 232455, 231522, Banashankari BDA Complex: 080 26715410, 26715460, 09379337789, 9972099978, BTM Layout – Bangalore:080 41506462, 63, 09845730404, Channarayapatna: 08176 - 252161, 09242461911, 09242624222, 8884870989, Gangavati: 08533 234406, 07, 09916136294, 09916134294, Gulbarga: 9448477078, 08472 324613, Honavar: 08387 221804, 221504, 8904973288, 9972191924, Haveri - Shivajinagar: 08375 233363,8861308596; Ilkal: 09901903375, 08351-271494, Jalahalli Cross: 080 41228351, 40903157, 40903149,09886718394, Jayanagar 9th Block: 080 41301711, 9845730404 09343509764, Kammanhalli: 080 41330045, 41330046, 41330048, 41330049, 41330047, Koppal: 231402, 231202, 9886716394, Kushal Nagar- Manglore:08276 272756, 274134, 9341066950 Kengeri Satellite Town: 080 28486202, 09448108364, Mangalore - Presidency Zone-1: 0824 2444521,9480974005; Mangalore Town: 0824 2430120, 4288120,9342699120, Marathahalli: 08064522596, 42132181, 09342552077, 09341037912, New BelRoad: 080 23519633, 23519644, 09243164208, Puttur: 08251-231285, 09449801285, 09449818285, R T Nagar: 115, Sahakara Nagar: 080-48536117, 23620778,79, 8546970778 Sarjapur Road: 080-28440711, 28440712, 9886483496, 9845294327, Sharadadevinagar – Mysore: 0821-4851883, 84, 75400-06866 / 9087720279 Udupi: 0820 4295656, 4295894, 9845314134, 9916314944,Vidyaranyapura – Bangalore: 080 23646724, 41626004, 9448052835, Vijayanagar: 805 06 9 94 8 0 , 08 0 23 20 4 28 2, 08 02 3 20 4 29 3 , Yelahanka: 08041538197, 28561934, 08088038009. KERALA: Branches: Alapuzha: 0477 2252605, 2252607, 2264853,9995800090, Alwaye: 0484-2630568, 2621205, 2620445, 2624404, 2630796 , 9995800065, Alathur-Palakkad: 04922-225786,226786,9995855786 Anchal: 0475 - 2270175/76,2270458/59, 9995800120, Angamaly : 0484-2454793, 2454792, 2454791, 9995800142, Attingal-Trivandrum: 0470 2622120, 2622130,2621020, 9995800072, Calicut: 0495 2722387, 2722388, 9995800089, 2723137, 2723237, 2723969, Calicut Nadakkavu: 0495- 2761430, 2761431, 2761432, 9995800081, Chalakudy: 0480 2705048, 2700248, 2709048, 2709095, 9995800092 Changanacherry: 0481- 2429091, 2400294,9995800084, Chittur-Palakkad: 0492 3224591, 3222292, 9995806381, Edapal: 0494 -2689402, 2689404, 9995806385, Edappally: 0484-4014281, 282, 283, 9995800049, Erattupetta: 04822-275993, 275994, 275995, 09995800048, Guruvayoor: 0487 2551798, 2550238, 2555460, 2557775, 9995800061, HNI Kochi: 0484- 2380182 2380189 2363262, 9995800135, HNI Trivandrum: 0471 2539668, 69, Infopark – Kochi: 0484-4061991, 4061990, 4023041, 9995800051, Irinjalakuda: 0480 2827734, 2826735, 2829566, 2820111, Kaduthuruthy: 04829 322800, 801, 284299, 9995800083, Kaloor: 0484-4046512,13, 2533416, 9995800069, 2534568, Kaloor MES Building: 0484 2405227, 2405229, 9995800425, Kanhangad: 0467- 2200731, 2200733, 2200735, 9995800952, Kanjirapally: 04828 – 204912, 204914, 204172, Kannur: 0497 2712101, 02, 03, 2761127, 2761276, Kannur - Fortlight: 0497 2761018, 2768215, 2761514, Kasaragod: 04994 -225245, 225497, 226868, 9995800106, Kattappana: 04868 274783 , 250708, 9995808272, Kochi: 0484-2355325, 2355327, 2355328, 2350971, 2369074, 2370138, Kolenchery: 0484 2760090, 2761381, 9995800738, Kollam: 0474 2745171, 2746552, 2745706, 2764126, 2763618, 2769081-84,9995800060,Kollam 2 – Bishop Jerome Nagar: 0474 2768085, 86, 87,9995800071. Kottakkal: 0483-2741501, 2741502, 2741503, 3203221 , 9995800078, Kottayam - K K Road: 0481 2567646, 2565311, 2301163, 2303548, Kottayam – Nagampadom: 0481 2561145, 46, 47, 48, 9995800075, Kottiyam: 0474 2534093, 89, 2534070, 9995800150, Kozhikode: 0495 2727944, 2724170, 2720132, 3261013, Mala: 9995800077, 0480- 2897700, 2897701, Malappuram: 0483-2735880, 2735881, 2, 9995800156, Mallappally: 0469-2681394, 98, 2681474, 09995800121, Manjeri: 0483-2769011, 2769022, 2769033, 9995806538, Mattancherry: 0484 - 2227337, 7388, 2224688, 4188, 2211391, 2225840, 9995800063, Moonupeedika: 0480-2836980, 2836990, 2836970, 9995800076, Muvattupuzha: 04852835753, 2835795, 2835798, 2835925, 9995800136, Neyyattinkara: 0471- 2220844 ,2220944, 2221044, 9995800149, Nilambur: 0493 1 - 2211 71, 2 2 18 6 4, 2 21 8 85, 99 9 58 00 0 74 , Pala: 0482 - 2210471, 2211071, 2216245, 46, Palakkad: 0491- 2544576, 2544580, 2544571, 9995800054, Palakkad - Stadium Byepass Road: 04912533312, 2533313, 9995800070, Palarivattom: 0484 2334208, 2348111, 2533390, Pathanamthitta: 0468 2326243, 2326244, 2228486, 2270172, Payyannur : 04985 201901, 02, 03, 9995800147, Piravom: 0485 2243388, 2243988, 9995800041, Ponnani: 0494 - 2664919, 2666808, 9995800073, Sulthan Bathery: 04936 226175, 227411, 224151, 9995800119, Talasserry: 0490 2344511, 2344512, 2344513, 9995800094, Techno Park – Thiruvananthapuram: 9995800068, 0471 2527635, 636, Thamarasseri: 0495 2225425, 26, 27, 9995800117, Thiruvalla: 0469 2604455, 2634425, 3206887, 2607305, 2636051, Thiruvananthapuram: 0471- 2467710, 2467720, 2467730, 2467726, 2466584, 9995800093, Thrissur – Punkunnam: 0487 2385072, 74, 76, 9995800099, Thrissur - Round North: 2322826, Thrissur - Round South: 459, 2429810, 11, 2427465, 66, 2430016-19, 2427458, Trissur - Kokkalai: 0487-2442803, 2442804, 05, 2440973, 2423141, Trivandrum Karamana: 0471 2348165, 66,67, 69, 9995800141, Vadakencherry: 04922- 254249, 254250, 254251, 9995800151, Valanchery– Kozhikode: 0494- 2642220, 2642440, 2642660, 9995802149, Varkala: 0470-2611706, 09, 9995800067, Vatakara: 0496 2515783, 84, 9995800625, Vytilla: 0484- 2306036,2306049, 2307774, 2302142, Wadakanchery: 04884-232250, 236050, 231611, 9746111187 Business Associates: Adoor: 04734- 220940, 226307, 9447560081, Ambalapuzha: 0477 2970494, 9446611700 Angamaly - Church Junction: 0484 2456777, 2457444, Athirampuzha: 0481- 2730198, 2730399, Ayyappankavu – Ernakulam: 0484- 2392820, 2391840, 3001006, 9846279195, Bank Junction - Aluva: 0484- 2620962, 9447578610, Calicut - Malabar Gate: 0495- 4050918, 4060461,9895779945, 9447736040, Chavakkad: 0487 - 2502000, 9746760006, Chengannur: 04792457544, 2457545, 9447971343, Cherpu: 0487 2971494, 9946662494, 9895245201, Cherpulassery -Trichur: 0466 2284054, 2284550, 94473 80233, 9447939434, Cherthala: 0478- 2811877, 9447089891, Cherupuzha: 04985- 240145, 240132, 9495097923, Civil Station Calicut: 0495-2371116, 3253303, 9249122799, Elamakkara: 0484 4020969, 2340969, 9497668001, Ernakulam – Kadavanthara: 0484- 2324366, 9496305566, Ettumanur: 0481-2531924, 2531925, 9142051267, Haripad: 0479- 2410960, 2410961, 9645090257, Irinjalakuda – Chanthakunnu: 0480-2833390, 9895880671, Iritty: 0490 - 2494522, 2494523, 9447721122, 9447290050, Kakkanad: 0484- 2428353, 2428354, 9447125354, Kalamassery: 9995824886, 9744793339 , 9895013589, Kaloor - Katrikadavu: 0484 3200525, 9847325023, Kalpetta: 04936 204670, 205452, 205771, Kanhangad: 0467 2209322, 2209625, 2207878, 2207910, 9447086822, 9495986822, Kannur Town: 0497 2701570, 9400501571, 9446337789, 9656107789, 8891965789, Karukachal: 0481 2486529, 9447087229, 9446516529, Karunagappally: 047- 2622192, 2620139, Kattappana - Ozhukayil Complex:04868- 274977, , Kizhakkambalam: 0484- 2684632, 2684628, 9446062562, Kodakara: 0480-2622502, 9072741633, 9995695469, Kodungallur: 0480- 2808298, 99, 9447259640, Konny: 0468- 2340701, 3290368, 2248883, 9447074708, Koonammavu: 0484 2512919,6512919, 9567652919, 9446135128, Koothattukulam: 0485- 2250461, 2881272, 9745050642, Kothamangalam: 0485- 2824023, 2828874, 2827401, 9447267063, 9745768034, Kottarakara: 0474- 2452166, 2450244, 9446556148, Kottayam - Star Junction: 0481- 2561926, Koyilandy: 0496 - 2620099, 8086161216, Kozhencherry: 0468- 2210083, 2210641, 8606012179, 9847314385, Kumbanad: 0469- 2663474, 9847365760, Kunnamkulam-Harvest: 04885- 210762, 210412, 210449, Kurisumood:0481- 2728034, 2728033, 2728035, 09447087229, Manarcad – Kottayam: 0481- 2371267,9946832777, Manjapra: 0484 2692544, 9446128473, Mannarkkad: 04924-225556, 225656, 9745005638, 9745006238, Mavelikara: 0479-2340353, 2301343, 9447971343, Mukkam: 0495 2298467, 9846297894, Muvatupuzha: 0485-2833501, 2834026, 2832269, 9847221711, Nemmara: 04923 244220, 244340, 9496838029, 9847263902, North Irinjalakuda: 04802825031, 3259370, 94462 32417, North Paravur: 0484– 4020886, 886, 2443010, 9349124767, Ottappalam: 0466 - 2247702, 2247703, 2249554, 2249664, Pala - Ambady Complex: 04822-216399, Palakkad - Chittur Road: 0491- 2536673, 2536674, Palakkad Jrs: 0491- 2533125, 126, 127 Panampilly Nagar: 0484- 2317887, 2317888, 9544700210, Pandalam: 04734252607, 9495823023, 9495823023, Pathanapuram: 0475-2353553, 9400892704, 9400654917, Pattam: 0471-2545521, 2545523, 9447427427, Pattambi:0466- 2212640, 2212641, 2211536, 2211537, 9846060299 , Payyannur: 04985- 201922, 201933, 201122, 9447781122, Penta Menaka: 0484 2323232, 2323231,


49

2323630, 2323631, 9388800188, Perinthalmanna: 04933 227975, 325075, 9446767004, 9446767005, 9249901122, Perumbavoor: 0484-2590689, 9809820010, 9809820100, 9562143334, 9447433316, Punalur: 0475 2227556, 8547879132, Quilon Ashramam: 0474-2797940, 9895773259, 9349835356, Ravipuram: 0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thaliparamba: 0460- 2204632, 2208794, 2204357, 09249992448,Thaliparamba Bazar: 04602204437, 9846994444, Thiruvankulam: 0484– 2787180, 7077, 7977, 9447164942, 9605109990, Thodupuzha: 0486- 2225263, 2229561, 2229562, 2227232,Thriprayar: 0487 2394545, 9074144735 Trissur- AR Tower: 0487-2331023,2320523,9446438757, Thrissur – Kuriachira: 0487- 2252307, Thrissur - M.G.Road: Thrissur - Pallikulam Road:0487- 2440457, 3254514, 9847946972, Thrissur Ambaloor: 0480-2757226, 2757227, 32911,9387828851, Thrissur- East Fort: 04872426507, 9446576505, Thrissur Harvest: 0487- 2330071,72, 2330496, 7034707200 Tirur: 0494- 2431943, 9995894699, 2420414, 2420124, Tripunithura: 0484- 2778828, 4066586, 9495983130, 9447708726, Trivandrum – Kumarapuram: 0471- 4064164, 9645879326,Trivandrum – Sasthamangalam: 0471- 4060068, 9946996002, Trivandrum, East Thampanoor: 0471- 4060329, 3021229, 7293786987, 9633200329, Vadanappilly: 0487- 2604321, 2601116, 2604737, 9495462737, Vaikom: 04829- 223674, 9447011244, Vatakara: 0496-2513241, 2523496, 09995177955, Vazhakkala: 0484- 2428599, 2428799, 9995808140, Vengara: 0494- 3215353, 9995894599. MADHYA PRADESH: Branches: Bhopal: 09981500822, 0755 - 4083979, 4083973, 4083655, Indore-Sapna Sang eeta: 0731- 2572204, 2571104, 4020889, 4020890, 9752501444, Indore-Y N Road: 0731 2547224, 2547225, 4245318, 4249021, 09893026647, Jabalpur: 7869915368, 0761-2481002, 2481003, Rewa: 07662- 254166, 254167, 254168, 70 24 1 00 7 51, Sagar Civil Lines: 9893101067, 0758 2227405, 2227406, 2227407, Ujjain: 0734 - 4071528,4061853, 4061674, 9981524244. Business Associates: Khandwa: 0733 - 2223822, 2225822, 9685036222. MAHARASHTR: Branches: Ahmednagar: 0241 - 2452360, 2452362, 2452363, 2452364, 7028919036, Andheri East: 022-30082222, 23, 24, 25, 26, 27, 28, 29, 09323104455, Andheri West: 022 26239300, 26200188, 26200154, 26239200, 09072530242, Aurangabad: 0240- 2350390, 2350391, 2350392, 2343650, 7028919031, Bandra: 022-26465144, 26465145, 46, 26001572, 74, 75, 78, 09324276147, Borivili: 022-28989161, 62, 63, 64, 65, 09322302142, Chembur: 022-25253027, 25251072, 25250082, 25251067, 25257449, 25256188, 08452048069, Dadar– Prabhadevi: 022- 24384816, 24382909, 24383198, 09322302145, Dhule: 02562-222284, 222484, 7028919032, Fort Mumbai: 022-66368911, 66368912, 09323814935, Ghatkopar – West: 022 – 25117632, 33, 34, 35, 36, 9072530218,Goregaon: 022 - 28425880, 28423455, 28428548, 9322880135, Jalgaon: 0257- 2237656, 2237657, 2237658,7028919035, Kalyan – Dombivili:0251- 2863446, 2863465, 2862866, 2863206, Kandivali East: 022-28460200, 28460204, 28846106, Karad: 02164 229730, 229732, 229733, 9860717438, Kolhapur: 0231-2520794, 2520974 , 6679101, 110, 09370329889, Mulund: 022 25927316, 25920563, 09322302146, 25905029, Mumbai-Vileparle: 022 26193812, 26193823, 26100435, 09322660241, Mumbai-Powai: 022 25717107, 25717108, 093223 02144, Nagpur: 0712 6559714, 6587784, 7028919037, Nanded: 02462 - 245546, 245547, 7028919034, Nasik: 0253-2575505, 2575506, 2580116, 2580245, 7028919039, Nasik Road: 0253-2453657, 2453658, 7028919038, Nerul: 022 27700559, 27700569, 27700579, 09072530252, Pune Camp: 020-26332985, 26332986, 26332987, 09072530248, Pune Chinchwad: 020 27442281, 27442282, 27442283, 9373777121, Pune Deccan: 020- 25533136, 25532582, 25532583, 09372738393 Pune Marketyard: 09372633033, 24261556, 24261564,Ratnagiri: 02352 271104, 271105, 271106, 271107, 09373466064, Sangli: 0233-2326281,2326282, 09326651235, Satara: 02162 228161, 228162, 228163, 228164, Sholapur: 0217-2316479, 2316303, 9370009957, Sion: 022 24042010, 24042011, 24042012, Thane: 022 –25438882, 25437974, 25422190, 25422191, 25454510, 25392112, 25392127, Ulhasnagar:0251-2560763, 2560752, 2560768, 9324966198, Vashi: 022-67911596, 67911597, 67911598,09323814936, Zaveri Bazar: 022-22095001, 22095003, 22095004, 22093001, 22093002. Business Associates: Diamond Garden – Chembur: 022 25247021, 022 25297518, 09820290855, Fort – 2: 022 - 22631371, 22631372, 098202 91774, Kolhapur City: 0231 2667030, 2667040, 2667050, 2667041, 2667051, 9326630060, L&T Capital Company Limited: 022- 22 67372852, 09820190742, Malad: 022 28822132, 28822142, 28822138, 28818812, 13, Thane West: 093239 59119, 25308077, 25308766, 25862810. NEW DELHI: Branches: Connaught Place: 011-43598491, 92, 93, 96, 97, 98, 47340415, 9899047510 Janakpuri: 9958599262, 45508972, 45508973, Kondli: 011 22510450, 22510451,22510453, 22510452,09599667163, Mayur Vihar:011-45160313,43073612, 43073613,43073614, 43073615, 22753936, 48, 52, 43, Nehru Place: 011- 46507571, 46507572,46507573, 09311722844, New Delhi: 011- 26160082, 26160083, 26160084, 09599667158, Pitampura: 27352731, 27352732, 09995801932.Business Associates: Lajpat Nagar: 42603017, 9312439791. ORISSA: Branches: Berhampur: 0680 2221094, 2221093, 011-46504139, 32682650, Old Delhi: 011-32466655,23827408, South Delhi: 2221092, 09338437956, Bhubaneshwar – Janpath: 0674 2573351, 2380551, 2380940, 09337001821, Cuttack: 0671-2314500, 01, 02,7593891671, 09583625732, Rourkela: 0661 2500099, 2500089, 2500059, 9337243034, 9853398432, Sambalpur: 0663 - 2541669, 2540189, 2541860, 2541830, 09337017219. PUNJAB: Branches:Amritsar:01835002901,02,03,04,10,9317550333,Bhatinda:0164-2237147,48,50,51,5006486,09995801953,Chandigarh:0172-5046120121,122,123,124,125,126,127,8968451220, Jalandhar: 01815030046, 5030043, 44, 099995802105, Ludhiana: 09995801924, 0161-5099223, 24, 26, 28, 33, 37, Patiala: 602, 603, 604, 605, 606, 9995801952. RAJASTHAN: Branches: Ajmer: 0145-2633376, 2633377, 09928599280, Bhilwara: 09928599281, 01482-242643, 242644, 242645, Bikaner: 0151-2530613, 614, 09950040631, Jaipur: 0141- 4011801,02, 03, 04, 9950040674, Jodhpur: 0291-2770450, 2770451,52, 53, 09995801947, Kota: 0744-2365400, 01, 02,0 7073695666, Sikar: 0157-2271234, 251065, 66, 9950330666, Udaipur: 0294-2421485, 86, 87, 9928599282. TAMIL NADU: Branches: Adayar: 044 24422890, 91, 93, 42054296, 07358771601, Anna -26193932 36, 9840099974, Anna Nagar – Madurai: 0452 - 2521036, 2521037, 2521038, 2521039, 2526035, 09952423244, Ashok Nagar: 044 23701025, 23701068, 23701217, 7358771602,Avadi: 044-26375382, 26375391, 26375394, 29035441, 07358065761, Blue Star Anna Nagar: 04426161580, 79, 78, 77, 9995801150, Chengelpet: 044 27429894, 27429895, 27429896, 09995802289, Chennai - T Nagar: 044 24353930, 24353931, 24353933, 42033891, 7358771604 Chidambaram: 04144-225158, 223060, 223071, 9995802198, Coimbatore: 0422 2222005, 2220718, 2222115, 4351295, 09995802068, Coonoor: 0423 2232572, 2221847, 9995802064 Devakottai: 04561261604,05,06,09995800241, Dharmapuri- Coimbatore: 04342-267411, 267412, 267413, 9995802037, Dindigal: 0451 2434871, 2434971, 2434870, 2434972, 9995802065 Egmore: 044 28194015, 16,17, 7358771603, Erode: 0424 2241144, 2241155, 2241119, 2264994, 2214470, 2214480, 9995802144, Erode Brough Road – Coimbatore: 0424 2226001, 02, 9995802045, George Town: 044 25354564, 25354565, 25354566, 25354567, 09840694951, Gobichettipalayam: 04285- 227242, 227243, 227245, 9790945205, Guindy: 044 22201655, 22201656, 22201657, 7358771607 HNI Chennai: 044-26404435, 36, 9995802330, Hosur: 04344-246828, 246829, 246830, 80, 81, 82, Kanchipuram: 044 27231315, 27231316, 27231317, 9995801142, Karur: 04324 - 260965, 260966, 260241, 9995802207, Karur 2: 04324 - 233993, 233728, 233994, 233995, 9995802047, Karur 3: 04324 231991, 231992, 231994, 09995801954, Krishnagiri: 04343-237186, 237187, 237188, 09345040541, Kumbakonam: 0435 - 2400953, 2400954, 2403094, 9995802076 M C Road – Royapuram: 044-25955282, 91, 42872879, 09995801768, Madurai -K K Nagar: 0452 2584612,13,1 4 , 09995802019, Marthandam: 04651273775, 205281, 272733, 08754121214, Mayiladuthurai: 04364 222036, 86, 96, 227177, 9344022825, Metha Nagar - Nelson Manickam Road: 9995801102, Mettuppalayam: 04254 225725, 225677, 225645, 225669, 9995802197, Mettur: 04298 242236, 8242238, 8242249, 9995802168, Mint Street – Sowcarpet: 044-25205333, 25205344, 25205358, 09840013165Nagercoil: 04652 –234435,81,82, 09995802067, Namakkal: 04286 274205, 274206, 274207, 9995802079, Neyveli: 04142251060, 251061, 251062, 9995801963, Nungambakkam: 044 28211056, 58, 59, 9995801139, Perambur: 044 25518831, 25518832, 33, 9995801068, Pudukkottai: 04322-228920, 228922, 228927, 9995802044, R.A Puram-Chennai: 044 24362059, 069, 089, 9995801127, Rajapalayam: 04563 223105, 6, 7, 09995801955, Ramanathapuram: 0422- 2310656, 2310671, 2317765, 9995809697, Coimbatore - Ramnagar: 0422 2234319, 2234321, 2236576, 2236577, 9995800706 Salem: 0427 - 2336801, 2336802, 2336803, 62, 63,228161,62,223162, 9677670552, Srirengam: 0431 2437006, 2437007, 2437008, 9995802176, T.Nagar (Internet Trading 2336804, 9995802096, Sivakasi: It): 044 - 28344925 , 42170091, Thanjavur: 04362-274996, 274992, 274993, 9995802257 Theni: 04546 -250561, 250859, 250285, 250022, 9995801959 Thiruvallur: 9995801141, 27662577, 27662522, Tiruchengode: 04288-250057, 250067, 250072, 09791666130, Tirunelveli: 0462 – 2323304,05,06,08,09, 09677848946, Tiruvannamalai: 04175 251067, 251068, 04, 9995801044, Tnagar Usman Road: 044 24352070, 71, 72, 7358771606, Town Hall – Coimbatore: 0422 - 2301457, 2301458, 9995802103, Trichy: 0431-2767521, 2766621, 2766276, 3299014, 9995801985 Trichy 2: 0431- 2710627, 2710637, 2710647, 9995801720, Trichy 3 – Cantonment: 0431-2414115, 2414116, 9995802142 Vadapalani: 044 23652234, 23652235, 23652238, 7358771609, Velachery - South Chennai: 044 22440755, 22440756, 22440239, 22450236, 22440317, 9995802287, Vellore: 0416 2256133, 233, 433, 7358771608, Vepery: 044 - 26411431, 26411432,09995802272, Villupuram: 250027, 251262, 250037, Virudhunagar: 04562 -246611, 14, 9995802034. Business Associates: Adambakkam: 7299667544, 22600231, 43580069, Ambattur: 044 - 42086962, Besant Nagar: 044 24917714, 24917715, 42150969, Bhavani: 04256 09840444375, 09952937774, 9600137165, Annanagar-West: 044 26567483,26567484, 234035, 235137, 9788775557, Kumbakonam - Nbs Towers: 0435 2400955, 9995802047 Madurai East: 0452 – 4353613, 4382861, 90871 44444, Mylapore: 044 42074441, 42088275, 42088274, 09940085959,Nandanam: 044 42640436, 8012760119, Nanganallur: 044 22249943, 22249944, 43588446, 9840366171, Parrys: 044 25250070, 25249924, 25242922, 09940673388, Pondichery: 0413- 4205253, 6537730, 4205252, 09443050592, Purusawalkam Chennai: 044- 42051118, 09840792535, Tambaram West: 044 - 22262544, 45030123, 9884385113, 7845335113, Tirunelvelli – Palayamcottai: 0462-2572111, 2572555, 09443193467, Tirupur: 0421 6549646, 2224660, 4324049, 09363056711, 09363036523, 09363020602, Tuticorin: 0461-2339138, 2339139, 4009137, 09363319837, 9894806936, Washermanpet: 9840029077, 9840710281, West Mambalam: 044-42614182, 42614183, 42614184, 9841390655.TELANGANA: Branches: A S Rao Nagar – Hyderabad: 27132872, 27132873, 27132874, 9995808955Ameerpet –Hyderabad: 040 23414686, 23414687, 23414689, 9959022567 Banjara Hills: 040 23391418, 23391419, 23391420, 23370117, 9995809432 Begum Bazar: 040-24740442,040 -24740443,040-24650439, 9642023482, Dilsukh Nagar: 040 - 23447691, 23447692, 23447693, 23447694, 09346623769, 9995809431 Habsiguda: 040 40165414, 40165415, 9995808997 Hitech City – Hyderabad: 040 - 23115026, 23114826, 23114821,9959022563 Hyderabad - Himayat Nagar: 040-23220316, 23220318, 23220329, 23220327, 9072530258, Karimnagar – Hyderabad: 0878 - 2233073, 2233074, 2234073, 2234074, 9995809322, Khammam: 08742-222240, 222250, 222260, 9995808993, Kukatpally: 04066665291, 92, 93, 09515107528, Mahbubnagar: 08542 221256, 221257, 221363, 7673959992 Mehdipatanam: 23521740, 23521750, 23521751,9995808940 Nizamabad:08462 220009, 220016, 220030, 9995809037 P G Road Secunderabad: 040-27892465, 27892466, 27892467, 27892468, 9346581118, Santhosh Nagar: 040-24532981, 24532982, 24532973, 24532974, 09995809354, Warangal – Hyderabad: 0870 2447145, 2447146, 2447147, 09959022566.UTTAR PRADESH: Branches: Agra: 0562 2525916, 2525875, 2525873, Allahabad: 0532-2260473, 2260474, 09956295252, Bareilly: 2510664, 2510876, 09956295253, Ghaziabad - Rdc Raj Nagar: 01202820430, 2820422, 2820423, 2820424, 09560871444, Gorakhpur: 0551- 2204954, 2204631, 2204628, 2204616, 09956295258, Indirapuram: 0120 – 4159950, 51, 52, 53, 54, 09971015581, Kanpur: 0512 - 2540715, 2540716 09956295257, Lucknow: 0522-2629824, 2629826, 2629827, Meerut: 0121-4032101, 4032102, 4032103, 9897514979, Moradabad: 5912410350, 5912410380, Noida: 91, 93, 4340744, 745, 09958698298, 9810068936, Vaishali: 0120-4162545, 4162546, 4162547, 4162548, 4162549, 9560377411, Varanasi: 0542 - 2222828, 2222829, 2222830, 09956342346. Business Associates: Agra– Nehru Nagar : 0562 -2529414, 2529273/ 83, Bareilly– Prabhat Nagar: 0581 -2531774 , 75, Lucknow Park Road: Ph: 0522-410370, 4072191, 4007123, 9519385522, UTTARAKHAND: Dehradun: 0135 2711859, 2711854, 2650816, WEST BENGAL: Branches: Asansol: 0341-222014, 2220148, 149, 150, 09332208162, Barasat: 033 25241657, 25241658, 09333874734, Behala: 033-24075054, 24075055, 09831891583, Camac Street- Kolkata: 033 22892784, 22892784, 22892785, 228927846, 22892787, Gariahat: 033 24669641, 24669642, 09330930844, Princep Street: 033 40647868, 40053825, 07593891673, Siliguri: 0353 2541789, 2789, 3789, 08585075633, Tegoria: 033-40647873, 40647874, 09831891765.
