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INVESTOltS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODEI\ATELY HIGH RISK

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

An Open-ended Equity-Linked Savings Scheme (ELSS) with a lock-in period of 3 years

An Individual/HUF is entitled to deduction from gross total income for investments in Equity-Linked Savings Scheme (ELSS) up to� 1.5 lakhs (along with other prescribed investments) under Section BOC of the Income-tax Act, 1961. In view of the individual nature of the tax consequences, each investor is advised to consult his/her own professional tax adviser.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

| EXECUTIVE EDITOR’S NOTE |

| |

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.

Vol.: 02 | Issue: 02 | March 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 Geojit Investment Services Ltd. is a wholly owned subsid-iary 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, Saji Thomas, Mathew Joseph. Investment Advisory: Jeevan Kumar K C, Vijayasri Kaimal, Vijayananda Prabhu, Ranjith V M Copy Desk: Elizabeth V, Jyothi Radhakrishnan, Anna Salas Art: Ashik Basheer - Principal Designer, Sajan Jose, Anoop Mathew Registered Office: 34/659 - P, Civil Line Road, Padivattom, Kochi - 682024, Kerala, India.

MAIL BOX: Letters must be addressed to:

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The markets are volatile and I am worried about my investments, please advise whether I should continue with my investments or book profit?

Sneha Ramakrishnan, Bengaluru

Volatility is normal in markets. Lack of volatility is abnormal. We had an abnormal year in 2017 with historically low volatility. 2018 will be far more volatile; globally as well as in India. You should continue with your investments in good quality stocks and mutual funds. If you have ongoing SIPs, continue them. Don’t stop SIPs. You may even start new SIPs. Whether you should book profits or not would depend on the kind of investments you have. Don’t sell your quality stocks and book profit. If you are sitting on some big profits on your investments in small caps or mid-caps, whose valuations are very high, you may book some profits in them. Even switching from small cap funds to large cap or multi cap funds would be a good idea. Large caps have much superior margin of safety now.

With LTCG on equities and MF, do you think ULIPs a better invest-ment bet?

Poonam Banerjee, Calcutta

It may appear so from tax perspective. But it would be much better to opt for term insurance for insurance purpose and equity oriented mutual fund for your investment. Should you buy bonds to save capital gains? The lock-in period of section 54EC tax-saving bonds has increased from 3 years to 5 years. Should I still prefer them over other investments that give bet-ter returns?

Vignesh Arora, Mumbai

If you have capital gains to be saved u/s 54 EC you may opt for that. Otherwise, there are better investment opportunities in debt funds and dynamic plans. In debt investments, there is the additional attrac-tion of indexation benefit if you redeem after 3 years. For those inves-tors in the high income tax bracket, debt funds are attractive.

OUR VIEWS ASSORTMENT LEARNING CURVEGUEST COLUMN

OUR VIEWS

March 5, 2018 I Geojit Insights I 28 March 5, 2018 I Geojit Insights I 28

The tax structure wef 1st April 2018 for mutual funds can be summarized as follows.


IS THIS A GOOD TIME TO INVEST INEQUITY FUNDS?

G U E S T C O L U M N

Data as on 31 Jan 2018 | Source: Baroda Pioneer Internal Research, Bloomberg

C O L U M N


OUR VIEWS

Vinod Nair

March 5, 2018 I Geojit Insights I 13

Implication to India's bond market...

Source: Geojit Research, Bloomberg

3.90% 3.90%

3.50%

3.50%

3.30%3.20%

3.00%

7.74%

7.47%

6.68%

7.60%

6.40%

6.60%

6.80%

7.00%

7.20%

7.40%

7.60%

7.80%

8.00%

2.60%

2.80%

3.00%

3.20%

3.40%

3.60%

3.80%

4.00%

FY15 FY16 FY17 FY18E FY19E

Bond Yield (RHS)

Sharp hike in U.S bond yield impacting the market...

Source: Geojit Research, Bloomberg

2.50%

3.20%3.50%

4.20%

4.70%

2.27%

2.44% 2.41%

2.93%

2.10%

2.20%

2.30%

2.40%

2.50%

2.60%

2.70%

2.80%

2.90%

3.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

2015 2016 2017 2018E 2019E

Fiscal De�cit (LHS) Bond Yield (LHS)

| EXECUTIVE EDITOR’S NOTE |


G U E S T C O L U M N

SMART TALK


Mathew Joseph

OUR VIEWS

Investment Trend 2007 -17

Source: Geojit Research , SEBI

33,426

18,340 19,284

35,770

5,793 6,745 1,284 1,201

11,362

26,373

75,475

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Amount Raised (Rs cr)

26215310315920103 36 36

No of IPOs

Sensex Trend 2007 -17

Source: Bloomberg , Geojit Research

47%

-52%

81%

17%

-25%

26%9%

30%

-5% 2%

28%

0

5000

10000

15000

20000

25000

30000

35000

40000

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Sensex Return



829

1001

1,157

1,224

1,243

1,442

1,542

1,741

1,870

1,913

5,701

8,400

8,695

9,600

11,373

MAHINDRA LOGISTICS

INDIAN ENERGY EXCHANGE

GODREJ AGROVET

HUDCO

BSE

COCHIN SHIPYARD

RELIANCE NIPPON LIFE ASSET MANAGEMENT

ERIS LIFESCIENCES

AVENUE SUPERMARTS

AU SMALL FINANCE

ICICI LOMBARD GENERAL INSURANCE

SBI LIFE INSURANCE

HDFC STANDARD LIFE INSURANCE

THE NEW INDIA ASSURANCE

GENERAL INSURANCE CORPORATION OF INDIA

Most subscribed IPOs in 2017 Least subscribed IPOs in 2017 Issuer Name O�er

Size (Rscr)

O�er Price (Rs)

Listing day closing price (Rs)

IPO subscription (x)

Issuer Name O�er Size (Rscr)

O�er Price (Rs)


IPO subscription (x)

Capacit'eInfraprojects 400 250 343 183

The New India Assurance 9600 800 727 1.2

CDSL 524 149 262 170 GIC India 11373 912 874 1.4

MAS Financial Services 460 459 654 128

GTPL Hathway 485 170 172 1.5

Dixon Technologies 600 1766 2892 117 Bharat Road Network 601 205 208 1.8

Avenue Supermarts 1870 299 642 104 Tejas Networks 777 257 264 1.9

Godrej Agrovet 1157 460 596 95 Khadim India 543 750 689 1.9

Reliance Nippon 1542 252 284 81 CL Educate 239 502 422 1.9

Hudco 1,224 60 73 79 ICICI Lombard 5701 661 681 2.3

Source: Geojit Research, SEBI

Top gainers on the listing day Top losers on the listing day


O�er Price (Rs)


Listing day gain


O�er Price (Rs)


Listing day gain

Avenue Supermarts 1,870 299 642 115% CL Educate 239 502 422 -16%

CDSL 524 149 262 76% The New India Assurance 9,600 800 727 -9%

Dixon Technologies 600 1766 2,892 64% Matrimony.com 497 985 905 -8%

Au Small Financie Bank

1,913 358 542 51% Khadim India 543 750 689 -8%

MAS Financial Services 460 459 654 43%

Security and Intelligence Services 780 815 757 -7%

Shankara Building Products 345 460 632 37% PSP Projects 212 210 200 -5%

Capacit'eInfraprojects 400 250 343 37% GIC India 11,373 912 874 -4%

BSE 1,243 806 1,069 33% Shalby 505 248 240 -3%

Godrej Agrovet 1,157 460 596 29% Indian Energy Exchange

1,001 1,650 1,629 -1%

Prataap Snacks 482 938 1,181 26% Eris Lifesciences 1,741 603 602 0%


Top gainers in 2017 Losers in 2017

Issuer Name O�er

Size (Rscr)

O�er Price (Rs)

Price at Year end

2017 Return


O�er Price (Rs)

Price at Year end

2017 Return

Apex Frozen Foods 152 175 839 379% CL Educate Ltd 239 502 290 -42%

Avenue Supermarts 1,870 299 1180 295%

The New India Assurance 9,600 800 601 -25%

Shankara Building Products 345 460 1778 287%

S Chand and Company 729 670 519 -22%

CDSL 524 149 376 152% GIC India 11,373 912 754 -17%

PSP Projects 212 210 514 145% Shalby 505 248 216 -13%

Dixon Technologies 600 1766 4193 137% Khadim India 543 750 676 -10%

Au Small Finance Bank 1,913 358 668 86%

Bharat Road Network 601 205 186 -9%

Capacit'e Infraprojects 400 250 395 58%

Matrimony.com 497 985 929 -6%

Tejas Networks 777 257 389 51% GTPL Hathway 485 170 165 -3%

Security and Intelligent Services 780 815 1,197 47%

Indian Energy Exchange 1,001 1,650 1,610 -2%

Source:

Geojit Research , SEBI

Key g uidelines for Investing in IPOs …

1) Understand the business Always prefer companies with niche business model. In those companies competitive intensity will be lower, thus they may enjoy higher pricing power which bring higher margins and pro�tability.

2) Purpose of the IPO Before applying for an IPO, we should see where the money is going. Preference

should be given to those companies which gives emphasis for long term growth (capex) and debt reduction.

3) Understand the risks It is important to understand the risks related to both the business and the market.

For example, existence of any regulatory risks can have a negative impact on future earnings of the company.

4) Study the promoters Always pick up IPOs of companies with strong fundamentals backed by quality

management. A trusty promoter can attract investors to the company in the secondary market as well.

5) Valuation

The IPO price is �nalised after valuing the company’s revenues, pro�ts and taking into account things like cash generation and debt in the balance sheet. For retail investors, these details are too complicated and their best play is to compare the valuation of an IPO stock with a listed peer in the secondary market.


OUR VIEWS

Dr. V . K. Vijayakumar

|STOCK RECOMMENDATIONS|

Tata Global Beverages (TGB) is the 2nd largest branded tea company in the world. In FY17, TGB derived 71% of its turnover from branded tea sales. TGB has transformed itself from being a mere tea player to a global beverage giant through acquisitions and strategic alliances with glob-al brands like Pepsi and Starbucks. Its brands have pres-ence in over 40 countries. It is a global natural beverage player with ~60% of the consolidated revenues coming from markets outside India such as UK, USA, Canada etc. Notably, Tata Coffee is a 57.48% subsidiary of TGB.

TGB has a robust portfolio of global & regional brands. In FY17, branded business contributed ~88% to the total rev-enues. In terms of brand-wise sales mix, 45% of its sales come from Indian tea, 29% come from Tetley, 14% come from Eight O’ Clock and 12% come from Others. In India, TGB continues to maintain leadership position in packaged tea segment (No. 2 in world). While tea (tea portfolio in-cludes black, green, herbal and fruit ones) is the mainstay of TGB with 71% of revenue coming from branded tea sales, it has growing interests in other businesses including coffee & water. We expect tea revenues to grow at ~6% CAGR over FY17-20E led by strong innovative premium product portfolio coupled with increasing awareness about health and wellness.

Green and herbal tea categories enjoy higher margins when compared to the conventional black tea. Globally, the green tea and fruit/herbal tea is expected to witness a CAGR of ~9% & 7% respectively over the next five years. With 37 flavoured green tea, 27 specialty tea and 180 herb-al blends in portfolio, TGB has enhanced its focus on green and herbal tea categories to offset the decline in the black tea category.

TGB has put in-place a new strategy to drive growth and improve profitability. Under the core business rejuvenation, the company while focusing on the power brands (Tata Tea & Tetley) will expand its product offerings in premium and non-black categories. It is also planning to foray in large tea consuming Asian markets such as Singapore, Malaysia and China. To renew Nourishco, the company launched several new products/variants under Tata Gluco Plus and Himalayan water brands leading to sharp improvement in operating performance. It is further exploring options to launch Himalayan water in the US. Besides, TGB is looking to further increase store count at Starbucks. Moreover, the company is also undertaking business restructuring like exiting from loss making geographies and pruning losses from stressed markets to improve profitability.

We expect TGB to gain market share across geographies led by its innovative premium product offerings. As a result, revenue/PAT is estimated to grow at ~6%/23% CAGR over FY17-20E. Given TGB’s focus on reviving growth and prof-itability, we factor 220bps increase in overall EBITDA mar-gin over FY17-20E. We have a ‘BUY’ rating on TGB with a Target Price of Rs.308 by valuing at 27x FY20E EPS.

KEC International Limited is a global infrastructure Engi-neering Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission & Distribution, Cables, Railways and Water & Renewable. The Company has powered infrastructure development in 63 countries across Africa, Americas, Central Asia, Middle East, South Asia and South East Asia.

Q3FY18 revenue grew by 26% YoY to Rs 2,405cr (above estimate) led by superior execution in T&D busi-ness (20%YoY), Railway (98% YoY) and SAE tower (41% YoY). However, solar business continues to remain impacted with anomalies in various taxation policies of the government while cable business impacted due to high GST rate of 28%. EBITDA margin improved by 64bps YoY on account of 5% drop in other expenses while gross margin reduced by 420bps YoY to 27.7%. Further, decrease in depreciation by 9% and lower tax out go elevated the earnings by 79% YoY to Rs112cr. We increased FY18E/19E PAT estimate by 5%/3% re-spectively owing to strong operational performance and healthy execution.

9MFY18 order book grew by 53% YoY to Rs 17,148cr supported by a significant growth of 105% YoY in new orders. Orders from T&D, railway, cables is picking up as the impact from GST is settling down. Management ex-pects that the order intake for railways to exceed Rs 3,500 cr in FY18. In February, KEC received an order of Rs2,035cr of which over 85% is contributed from railway segment. Further, KEC holds strong L1 orders of Rs 4,000cr (70% from domestic) and is expected to convert into the order book in the coming quarters. We expect KECs order book to grow at a CAGR of 29% over FY17-19E.

Sharp increase in outlay for roads, rail and power in the Union Budget has raised the prospects for KEC. Addi-tionally, government is moving fast towards optimal elec-trification of railway network. 4000 km are targeted for commissioning during 2017-18. This will enhance the demand outlook for equipment suppliers & EPC players. Execution is back on track and margin is expected to stabilize on account of cost control measures. Manage-ment expect traction in ordering activity from SEBs main-ly from south India and Bihar. Further, railway electrifica-tion orders will pick up and revenue from railway is ex-pected to double in FY19. Healthy order book & improve-ment in margins will drive the earnings growth. We factor adj. PAT to grow at CAGR of 30% over FY17-20E. We roll over our valuation to FY20E EPS with a target price of Rs406, based on a P/E of 16x FY20E earnings and assign ‘Accumulate’ rating.

General disclosure and disclaimer: Tata Global Beverages Ltd http://bit.ly/2ocEevW and KEC International Ltd https://goo.gl/gwb52N

Analyst: Abhijit Kumar Das Dion Global Solutions Ltd., INH100002771

Analyst: Antu Eapen Thomas Geojit Financial Services Ltd., INZ000104737

Rating: BUY Rating: ACCUMULATE

|STOCK RECOMMENDATIONS|

Escorts Ltd (EL) is the third largest Agricultural tractor manu-facturer in India. It has a strong presence in the north and west market, with an overall market share of 11% as on FY17. EL is operating in the sectors of Agricultural machin-ery, construction & material handling equipment and railway equipment. The Company offers more than 45 variants of tractors from 25 to 80 HP. Its brands of tractors include Es-cort, Farmtrac and Powertrac. It has four manufacturing plants in Faridabad and one subsidiary unit in Poland in the name of Farmtrac Europe. It also manufactures diverse range of equipment like cranes, loaders, vibratory rollers and forklifts for the construction industry having a market share of 9%. Q3FY18 revenue grew by 12%YoY led by 12% volume growth in the tractor business (80% of the revenue) which was largely driven by the sales from the strong market (UP, MP, & Northern states) and opportunistic market (AP, WB, ODISHA). EBITDA margin expanded 350bpsYoY driven by cost control initiatives and better tax offset under GST. Rev-enue from Construction equipment’s grew by 26% due to increase in road infrastructure spending & Railway grew by 30% due to higher order inflow. Adj. PAT grew by 65%YoY.

Government initiatives towards increasing farm productivity through farm consolidation and farm mechanization have reflected in the EL’s growth. EL expanded portfolio and tech-nology upgrades in tractors have resulted in improved num-bers both in existing and newer geographies. Exports have grown by 10%YoY for the quarter. Share of new products in tractors stands at ~20% currently and have better margin than existing products as per the management. Revenue from construction equipments and railway segments will continue to reflect sizable improvement in FY19. Manage-ment has indicated 15-20% CAGR growth in Railway in the next 3 years. We expect revenue and PAT to grow by 16%/34% CAGR for FY20 factoring 15%YoY growth in the tractor sales.

EL has outperformed the tractor industry growth rate (15%) leading to an increase in market share from 10% to 11% in FY17, in which the Farmtrac and Powertrac brands has 5%/6% market share respectively. Lastly, addressing the lower penetration in opportunistic market (southern India) has resulted in 50bps improvement and also +100bps in the strong market (northern India), mainly driven by focussed support on its top dealers. Q3FY18 market share stands at 10.4% for tractors and 8% for construction equipments.

Margin expansion through new launches & cost initiatives and further government support for better agricultural output is expected to be earning growth catalysts. We believe that the current valuation is justifiable on the back of robust earn-ings outlook, massive government push and normal mon-soon. We value EL at 23x on FY20E EPS with a revised target price of Rs.973 and maintain our rating as Accumu-late.

TVS Motor Company Limited is a 2-wheeler manufacturer in India, with a revenue of over Rs13,000 Cr ($2 billion) in 2016-17. It is the flagship company of the Rs. 40,000 Cr ($6 billion, in 2014-15) TVS Group. The Company manu-factures a range of 2-wheelers from mopeds to racing mo-torcycles. The Company’s products include domestic range of two-wheelers, three-wheelers and international range of two-wheelers with manufacturing facility mainly in south India. The company has four manufacturing plants, three located in India (Hosur, Tamil Nadu and Mysore, Karnataka and Nalagarh, Himachal Pradesh) and one in Indonesia (Karawang). Today TVS Motor functions through a strong nationwide network of more than 3500 touch points includ-ing dealers, authorized service centres and other certified points across all the states in India.

Q3FY18 revenue grew by 24%YoY due to 15% volume growth and better product mix. PAT grew by 16%YoY. EBITDA margin expanded by 50bps due to reduction in fixed cost. Vehicle price are likely increase by ~1-2% to factor in increase in commodity price. TVS outperformed the domestic as well as exports industry in Q3FY18 with improving market share. Motor cycle and scooter grew by 26% and 22%YoY in volume respectively. 3W volume grew by massive 71%YoY owing to higher exports from the new geographical market.

The company registered 18%YoY in premium segment on its flagship brand Apache 150 during Q3FY18 and also the executive segments remained robust at 45%YoY due to lower base and festive season. The management has high-lighted that they have plans to launch two new vehicles one each in scooter and motorcycles by end of this fiscal year. We factor 19% CAGR in revenue over FY17-20E driven by improvement in export, revival in rural demand and growth in the urbanisation for high margin premium motor cycles.

New products launches are targeted towards filling gaps in their product portfolio and would improve product mix. As per the management, the recently launched Apache RTR 310 (tie-up with BMW) is working well for the company. The Management has maintained its target EBITDA margin at 10% in FY19. We expect the EBITDA margin to improve by 240bps at 9.5% by FY20 owing to superior product mix and new launches and cost control measures. Expect to gain market share in domestic MC/Scooter, led by in-creased network expansion and other value added ser-vices.

We expect the earnings to grow by 39%/23% for FY19E/FY20E factoring better traction in volume across segments, new launches, superior product mix and robust export growth. Higher raw material price and competition in the premium segment will put pressure on the margin for the near term. Currently TVS is trading at premium valuation of 32x/26x on FY19E/FY20E EPS. We value at 29x FY20E and upgrade our rating to Buy from reduce with a revised target price of Rs.715.

General disclosure and disclaimer: Escorts Ltd https://goo.gl/PkhzTv and TVS Motors https://goo.gl/haeWFz

Analyst: Saji Thomas Geojit Financial Services Ltd., INZ000104737

Analyst: Saji Thomas Geojit Financial Services Ltd., INZ000104737

Rating: BUY Rating: ACCUMULATE

March 5, 2018 I Geojit InsightsI 30

EQUITY FUND RECOMMENDATIONS: MARCH 2018

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. Data as on 14.02.2018

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.

Under Review

Scheme Name CAGR %

1 Year 3 Years 5 Years

Invesco India Growth Fund (G) 27.50 11.00 18.76 SBI Blue chip Fund-Reg (G) 18.50 10.22 17.97 ICICI Pru Focused Blue chip Equity Fund( G) 21.32 9.72 16.95 Reliance Top 200 Fund (G) 25.32 9.77 18.39 Aditya Birla SL Frontline Equity Fund( G) 18.05 8.83 17.11 UTI Equity Fund( G) 18.45 7.21 15.84 BNP Paribas Equity Fund( G) 21.06 7.22 16.47 Franklin India Blue chip Fund( G) 15.03 8.12 14.03 Kotak 50(G) 18.08 7.80 15.02 DSPBR Focus 25 Fund-Reg (G) 16.47 8.52 16.08

Scheme Name CAGR %


Tata Equity P/E Fund( G) 25.94 15.52 23.27

Kotak Select Focus Fund( G) 20.36 11.54 20.54

Aditya Birla SL Equity Fund( G) 19.01 13.20 21.77

DSPBR Opportunities Fund-Reg( G) 21.68 14.53 20.20

L&T India Spl. Situations Fund-Reg (G) 27.52 11.38 19.16

ICICI Pru Value Discovery Fund (G) 14.50 8.08 21.23

Franklin India Flexi Cap Fund( G) 17.40 8.10 17.93

Tata Equity Opportunities Fund( G)* 18.80 9.15 17.88


Mid /Mid & Small Cap Funds

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 adjust-

ed returns over longer term. Suited for young investors with longer investment horizon. Equity Linked Saving Schemes (ELSS) 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.

Under Review

Balanced Funds

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 port-

folio the fund managers mostly hold short term papers to reduce duration related risk. Suited for investors with low risk appetite.

The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month of February 2018. (For ISIN refer Funds in Limelight)

Scheme Name CAGR %


Franklin India Smaller Cos Fund (G) 26.36 17.13 29.62

L&T Midcap Fund-Reg( G) 32.20 19.28 29.36

Canara Rob Emerg Equities Fund-Reg( G) 31.82 17.86 29.81

Kotak Emerging Equity Scheme (G) 22.55 16.43 25.40

HDFC Mid-Cap Opportunities Fund( G) 23.44 16.16 26.33

SBI Magnum Mid Cap Fund-Reg( G) 15.95 13.95 25.81

Scheme Name CAGR % 1 Year 3 Years 5 Years

Aditya Birla SL Tax Relief '96(G) 29.71 12.55 22.20

Axis LT Equity Fund (G) 24.60 9.98 22.96

DSPBR Tax Saver Fund-Reg (G) 20.07 13.06 20.67

ICICI Pru LT Equity Fund (Tax Saving) (G) * 15.90 8.02 17.98

Scheme Name CAGR % 1 Year 3 Years 5 Years

HDFC Balanced Fund( G) 19.50 11.40 19.18

SBI Magnum Balanced Fund-Reg ( G) 19.04 9.75 17.31

ICICI Pru Balanced Fund( G) 16.16 11.31 18.20

L&T India Prudence Fund-Reg (G) 17.47 10.71 18.56


DEBT FUND RECOMMENDATIONS – MARCH 2018 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. Data as on 16.02.2018

ULTRA SHORT TERM FUNDS Average Maturity is 3 to 6 months Suitable for short term fund parking. Minor volatility in returns due to marking fund rates to market.

SHORT TERM FUNDS Average maturity is 1 to 4 years. Provides accrual returns plus capital appreciation. Suitable for short term investment of around 3 years. Returns subject to volatility in market rates .

Scheme Name Absolute Return % CAGR%

YTM Average Maturity Days 1 Month 6 Months 1Year

Franklin India Low Duration Fund( G) 9.37 616.85 0.57 3.08 7.79

DHFL Pramerica Low Duration Fund( G) 8.60 208.05 0.51 2.90 6.76

UTI Treasury Advantage-Reg ( G) 7.64 166.99 0.45 2.70 6.26

SBI Savings Fund-Reg( G) 7.93 233.60 0.46 2.62 6.19

Scheme Name Absolute Return % CAGR%

YTM Average Maturity

years 3 Months 6 Months 1 Year

L&T ST Income Fund-Reg (G) 8.68 1.12 1.15 2.74 7.41

ICICI Pru Regular Savings( G) 9.81 2.12 0.95 2.16 6.57

Aditya Birla SL Treasury Optimizer Plan(G) 7.80 2.50 0.47 1.34 6.19

Reliance STF(G) 7.99 2.67 0.37 1.31 5.44

Scheme Name Absolute Return % CAGR %

YTM Average Maturity Days 1 Month 6 Months 1 Year

Aditya Birla SL Cash Plus (G) 6.67 40.15 0.56 3.27 6.66

Reliance Liquid-Treasury Plan (G) 6.59 45.00 0.56 3.26 6.67

Tata Liquid Fund-Reg (G) 6.53 29.70 0.56 3.27 6.65

L&T Liquid Fund( G) 6.47 32.85 0.52 3.25 6.69


INCOME FUNDS

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.

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.

MONTHLY INCOME PLAN

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

The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month of February 2018 ( For ISIN refer Funds In Limelight)


YTM Average Maturity years 1 Month 6 Months 1 Year

Kotak Income Opportunities Fund (G) 9.23 2.30 0.52 2.26 6.36

UTI Income Opp Fund( G) 9.07 1.97 0.37 2.33 6.40

DSPBR Income Opportunities Fund-Reg( G) 9.09 2.86 0.27 1.78 6.06

ICICI Pru Income (G) 7.66 7.24 -0.51 -1.72 4.74


YTM Average Maturity Years 3Months 6 Months 1 Year

ICICI Pru Dynamic Bond Fund( G) 7.87 6.25 -0.30 -1.28 4.66

Axis Dynamic Bond Fund( G) 8.20 6.80 -0.31 -0.76 3.77

IDFC Dynamic Bond Fund-Reg( G) 7.67 6.69 -0.22 -1.76 2.98

Aditya Birla SL Dynamic Bond Fund-Reg( G) 8.12 7.51 -0.57 -2.33 2.75


YTM Average Maturity Years 6 Months 1 Year 3Years

Sundaram MIP-Aggr Plan (G) 8.14 2.87 2.55 7.88 8.59

Aditya Birla SL MIP II-Wealth 25(G) 7.48 7.55 -0.93 8.26 9.22

Reliance MIP(G) 8.69 6.11 0.74 7.60 6.88

SBI Magnum MIP(G) 8.10 7.54 -0.53 5.42 8.12


FUNDS IN THE LIMELIGHT Data as on 14.02.2018 The schemes are listed in the below table according to the position they hold in the quartile ranking for the month of February

Equity Large Cap CAGR %

ISIN Code Scheme Name Inception Date

Minimum Amount NAV 1 Year 3 Years 5 Years

INF205K01247 Invesco India Growth Fund(G) 9-Aug-07 5000 32.50 27.50 11.00 18.76 INF200K01180 SBI BlueChip Fund-Reg(G) 20-Jan-06 5000 37.95 18.50 10.22 17.97 INF109K01BL4 ICICI Pru Focused Bluechip Equity Fund(G) 23-May-08 5000 40.23 21.32 9.72 16.95 INF846K01CH7 Axis Focused 25 Fund(G) 29-Jun-12 5000 25.50 27.76 12.14 16.61

INF789F01869 UTI Top 100 Fund(G) 20-May-09 5000 64.98 22.72 8.66 16.22

INF204K01562 Reliance Top 200 Fund(G) 8-Aug-07 5000 32.89 25.32 9.77 18.39

INF205K01304 Invesco India Business Leaders Fund(G) 21-Aug-09 5000 27.20 19.88 8.39 15.74

INF090I01296 Templeton India Growth Fund(G) 5-Sep-03 5000 270.29 23.65 11.86 16.94

INF174K01245 Kotak Classic Equity Scheme(G) 27-Jul-05 5000 48.17 23.70 9.47 15.53 INF209K01BR9 Aditya Birla SL Frontline Equity Fund(G) 30-Aug-02 1000 217.24 18.05 8.83 17.11 INF846K01164 Axis Equity Fund(G) 5-Jan-10 5000 24.90 25.06 7.64 15.33 INF194K01466 IDFC Focused Equity Fund-Reg(G) 16-Mar-06 5000 39.57 36.55 11.12 15.27 INF205K01213 Invesco India Dynamic Equity Fund(G) 4-Oct-07 5000 28.26 17.60 8.89 15.42 INF209K01462 Aditya Birla SL Top 100 Fund(G) 24-Oct-05 1000 57.39 17.42 8.89 17.69 INF789F01513 UTI Equity Fund(G) 1-Aug-05 5000 128.69 18.45 7.21 15.84

INF109K01431 ICICI Pru Top 100 Fund(G) 9-Jul-98 5000 325.28 15.58 9.15 16.36 INF251K01894 BNP Paribas Equity Fund(G) 23-Sep-04 5000 84.33 21.06 7.22 16.47

INF789F01976 UTI Mastershare(G) 3-Aug-05 100 115.41 19.73 6.86 15.05

INF903J01116 Sundaram Select Focus(G) 30-Jul-02 5000 163.51 23.91 7.19 13.32

INF663L01GW4 DHFL Pramerica Large Cap Fund(G) 30-Jan-03 5000 159.67 17.91 7.02 15.57

INF090I01171 Franklin India Bluechip Fund(G) 1-Dec-93 5000 454.76 15.03 8.12 14.03

INF174K01153 Kotak 50(G) 5-Feb-03 5000 222.71 18.08 7.80 15.02 INF740K01532 DSPBR Focus 25 Fund-Reg(G) 10-Jun-10 1000 22.71 16.47 8.52 16.08

Equity Flexi Cap CAGR %



INF179K01426 HDFC Capital Builder Fund(G) 1-Feb-94 5,000.00 297.22 28.32 12.99 20.65 INF205K01189 Invesco India Contra Fund(G) 11-Apr-07 5,000.00 47.01 31.20 13.81 22.97 INF200K01222 SBI Magnum Multicap Fund-Reg(G) 16-Sep-05 1,000.00 47.55 22.05 13.47 20.90 INF277K01451 Tata Equity P/E Fund(G) 29-Jun-04 5,000.00 139.40 25.94 15.52 23.27 INF174K01336 Kotak Select Focus Fund(G) 11-Sep-09 5,000.00 32.84 20.36 11.54 20.54 INF677K01023 L&T India Value Fund-Reg(G) 8-Jan-10 5,000.00 38.29 24.90 17.33 25.98 INF173K01940 Principal Growth Fund(G) 25-Oct-00 5,000.00 147.01 31.67 14.75 21.31 INF209K01AJ8 Aditya Birla SL Equity Fund(G) 27-Aug-98 1,000.00 717.16 19.01 13.20 21.77 INF740K01094 DSPBR Opportunities Fund-Reg(G) 16-May-00 1,000.00 222.07 21.68 14.53 20.20 INF200K01305 SBI Magnum Multiplier Fund-Reg(G) 28-Feb-93 5,000.00 218.98 24.50 12.06 20.64 INF173K01AC1 Principal Dividend Yield Fund(G) 15-Oct-04 5,000.00 52.85 29.66 13.34 16.00 INF677K01098 L&T India Spl. Situations Fund-Reg(G) 22-May-06 5,000.00 50.53 27.52 11.38 19.16 INF109K01613 ICICI Pru Multicap Fund(G) 1-Oct-94 5,000.00 278.21 17.63 11.10 18.73 INF251K01951 BNP Paribas Dividend Yield Fund(G) 15-Sep-05 5,000.00 48.34 23.67 11.62 18.82 INF109K01761 ICICI Pru Dynamic Plan(G) 31-Oct-02 5,000.00 261.03 17.56 10.24 17.81 INF194K01524 IDFC Classic Equity Fund-Reg(G) 9-Aug-05 5,000.00 45.71 24.23 12.35 15.73 INF174K01187 Kotak Opportunities Fund(G) 9-Sep-04 5,000.00 115.52 19.51 11.26 18.86 INF247L01478 MOSt Focused Multicap 35 Fund-Reg(G) 28-Apr-14 5,000.00 26.60 24.37 16.83 0.00 INF090I01239 Franklin India Prima Plus Fund(G) 29-Sep-94 5,000.00 584.97 17.36 9.57 18.69 INF090I01981 Franklin India High Growth Cos Fund(G) 26-Jul-07 5,000.00 39.93 19.19 9.89 22.75

INF204K01323 Reliance Growth Fund(G) 8-Oct-95 5,000.00 1,155.74 26.28 12.24 19.78

INF204K01GB3 Reliance Reg Savings Fund-Equity Option(G) 8-Jun-05 500.00 74.70 29.83 11.45 18.59 INF277K01956 Tata Ethical Fund(G) 24-May-96 5,000.00 160.66 23.52 7.17 16.93 INF109K01AF8 ICICI Pru Value Discovery Fund(G) 16-Aug-04 1,000.00 145.34 14.50 8.08 21.23 INF090I01205 Franklin India Flexi Cap Fund(G) 2-Mar-05 5,000.00 79.70 17.40 8.10 17.93

INF277K01428 Tata Equity Opportunities Fund(G) 25.02.1993 5,000.00 198.71 18.80 9.15 17.88


Equity- Mid Caps CAGR %



INF917K01254 L&T Midcap Fund-Reg(G) 9-Aug-04 5,000 145.71 32.20 19.28 29.36

INF760K01167 Canara Rob Emerg Equities Fund-Reg(G) 11-Mar-05 5,000 95.28 31.82 17.86 29.81

INF174K01DS9 Kotak Emerging Equity Scheme(G) 30-Mar-07 5,000 40.15 22.55 16.43 25.40

INF179K01CR2 HDFC Mid-Cap Opportunities Fund(G) 25-Jun-07 5,000 57.77 23.44 16.16 26.33

INF209K01LF3 Aditya Birla SL Pure Value Fund(G) 27-Mar-08 1,000 65.61 35.73 19.33 30.03

INF173K01155 Principal Emerging Bluechip Fund(G) 12-Nov-08 5,000 109.70 29.27 17.34 27.19 INF200K01370 SBI Emerging Businesses Fund-Reg(G) 11-Oct-04 5,000 134.49 32.24 13.60 18.20 INF200K01271 SBI Magnum Global Fund-Reg(G) 30-Sep-94 5,000 176.54 26.95 9.60 21.45 INF174K01211 Kotak Midcap Scheme(G) 24-Feb-05 5,000 80.51 24.17 15.87 23.43 INF109K01AN2 ICICI Pru Midcap Fund(G) 28-Oct-04 5,000 104.29 26.87 13.81 26.47

INF336L01AV2 HSBC Midcap Equity Fund(G) 19-May-05 10,000 62.85 34.65 17.90 27.62

INF194K01342 IDFC Sterling Equity Fund-Reg(G) 7-Mar-08 5,000 56.98 39.71 15.11 22.33

INF200K01560 SBI Magnum MidCap Fund-Reg(G) 29-Mar-05 5,000 81.81 15.95 13.95 25.81

Equity- Mid & Small Caps CAGR %



INF200K01T28 SBI Small & Midcap Fund-Reg(G)* 9-Sep-09 5,000 61.13 55.60 27.07 37.30 INF204K01HY3 Reliance Small Cap Fund(G) 16-Sep-10 5,000 46.77 46.56 23.54 36.30

INF179KA1RZ8 HDFC Small Cap Fund-Reg(G) 3-Apr-08 5,000 46.45 48.10 21.70 24.54

INF090I01569 Franklin India Smaller Cos Fund(G) 13-Jan-06 5,000 61.28 26.36 17.13 29.62 INF209K01EN2 Aditya Birla SL Small & Midcap Fund(G) 31-May-07 1,000 42.88 33.58 21.11 28.15 INF209K01322 Aditya Birla SL MNC Fund(G) 27-Dec-99 1,000 751.55 27.37 9.98 24.81

* Subscription Stopped ELSS CAGR %



INF209K01108 Aditya Birla SL Tax Relief '96(G) 10-Mar-08 500 31.30 29.71 12.55 22.20

INF209K01348 Aditya Birla SL Tax Plan(G) 3-Oct-06 500 39.17 29.36 11.99 21.43

INF846K01131 Axis LT Equity Fund(G) 29-Dec-09 500 40.70 24.60 9.98 22.96

INF194K01292 IDFC Tax Advt(ELSS) Fund-Reg(G) 26-Dec-08 500 58.89 36.63 14.30 21.93

INF677K01064 L&T Tax Advt Fund-Reg(G) 27-Feb-06 500 56.79 28.31 14.23 19.75 INF179K01996 HDFC Long Term Adv Fund(G) 2-Jan-01 500 348.12 24.73 12.64 18.76 INF205K01270 Invesco India Tax Plan(G) 29-Dec-06 500 48.59 24.14 10.69 20.16 INF740K01185 Tata India Tax Savings Fund-Reg(DP) 31-Mar-96 500 77.61 26.46 14.08 20.91

INF173K01361 Principal Tax Savings Fund 31-Mar-96 500 216.18 31.35 14.63 21.27

INF247L01544 MOSt Focused Long Term Fund-Reg(G) 21-Jan-15 500 17.98 28.88 19.40 0.00

INF740K01185 DSPBR Tax Saver Fund-Reg(G) 18-Jan-07 500 46.96 20.07 13.06 20.67

INF090I01775 Franklin India Taxshield(G) 10-Apr-99 500 548.12 15.69 8.62 18.09 INF109K01464 ICICI Pru LT Equity Fund (Tax Saving)(G) 19.08.1999 500 352.73 15.90 8.02 17.98

Balanced Funds CAGR %



INF179K01392 HDFC Balanced Fund(G) 11-Sep-00 5,000.00 150.11 19.50 11.40 19.18

INF200K01107 SBI Magnum Balanced Fund-Reg(G) 6-Jan-96 1,000.00 125.59 19.04 9.75 17.31

INF173K01CL8 Principal Balanced Fund(G) 14-Jan-00 5,000.00 75.62 27.20 13.96 17.59

INF109K01480 ICICI Pru Balanced Fund(G) 3-Nov-99 5,000.00 129.01 16.16 11.31 18.20

INF917K01LB0 L&T India Prudence Fund-Reg(G) 7-Feb-11 5,000.00 26.27 17.47 10.71 18.56

INF109K01BH2 ICICI Pru Balanced Advantage Fund(G) 30-Dec-06 5,000.00 33.36 13.43 9.57 14.33

INF204K01FW1 Reliance Reg Savings Fund-Balanced Op-tion(G) 10-Jun-05 500.00 54.97 19.55 10.99 16.99

INF789F01323 UTI Balanced Fund(G) 2-Jan-95 1,000.00 171.76 16.68 9.86 14.68 INF090I01817 Franklin India Balanced Fund(G) 10-Dec-99 5,000.00 114.73 12.68 8.08 15.97

INF209K01BT5 Aditya Birla SL Balanced '95 Fund(G) 10-Feb-95 1,000.00 752.15 14.80 9.70 16.90


DEBT FUNDS Data as on 16.02.2018

MIP Absolute Return % CAGR %

ISIN Code Scheme Name Minimum Investment YTM

Average Maturity

Years 6 Months 1 Year 3 Years

INF179K01AP0 HDFC Multiple Yield Fund 2005(G) 5,000 6.70 0.17 4.79 9.48 8.08 INF209K01AZ4 Aditya Birla SL Monthly Income(G) 1,000 7.22 0.69 2.56 8.27 7.75 INF903J01HB0 Sundaram MIP-Aggr Plan(G) 5,000 8.14 2.87 2.55 7.88 8.59 INF109K01902 ICICI Pru MIP 25(G) 5,000 8.92 4.54 1.46 9.33 8.73 INF846K01693 Axis Income Saver Fund(G) 5,000 7.97 1.60 2.79 9.26 6.54 INF903J01HI5 Sundaram Regular Savings Fund(G) 5,000 7.87 1.12 2.35 6.26 8.14 INF209K01728 Aditya Birla SL MIP II - Savings 5 Plan(G) 1,000 9.76 2.36 1.62 7.10 7.97 INF251K01845 BNP Paribas MIP Fund-Reg(G) 1,000 6.83 1.51 1.71 8.05 6.79 INF740K01441 DSPBR MIP Fund-Reg(G) 1,000 8.16 3.88 1.41 7.58 7.63 INF174K01393 Kotak MIP(G) 5,000 0.00 4.22 1.20 7.32 8.17 INF789F01AA8 UTI MIS(G) 1,000 0.00 5.41 1.16 7.20 7.31 INF209K01751 Aditya Birla SL MIP II-Wealth 25(G) 1,000 7.48 7.55 -0.93 8.26 9.22 INF179K01AF1 HDFC MIP-STP(G) 5,000 7.80 6.11 1.57 7.84 7.16 INF204K01FD1 Reliance MIP(G) 5,000 8.69 6.11 0.74 7.60 6.88 INF200K01859 SBI Magnum MIP(G) 5,000 8.10 7.54 -0.53 5.42 8.12

Income Funds Absolute Return % CAGR %


Average Maturity

Years 1 Month 6 Months 1 Year

INF090I01445 Franklin India Income Opportunities Fund(G) 5,000 10.20 2.26 0.59 2.97 7.96

INF903J01EU7 Sundaram Income Plus(G) 5,000 8.25 1.33 0.43 2.78 6.47

INF090I01DG6 Franklin India IBA-A(G) 10,000 9.51 2.63 0.55 2.44 7.30

INF174K01DY7 Kotak Income Opportunities Fund(G) 5,000 9.23 2.30 0.52 2.26 6.36

INF251K01EP9 BNP Paribas Corp Bond Fund(G) 5,000 7.89 2.70 0.36 2.12 6.53 INF789F01QZ1 UTI Income Opp Fund(G) 5,000 9.07 1.97 0.37 2.33 6.40 INF846K01BP2 Axis Regular Savings Fund(G) 5,000 8.74 2.50 0.36 2.32 7.29 INF767K01535 LIC MF Income Plus(G) 5,000 6.83 1.71 0.36 2.34 5.80

INF204K01FQ3 Reliance Reg Savings Fund-Debt Option(G) 500 9.37 2.61 0.28 2.17 6.48

INF917K01130 L&T Income Opportunities Fund(G) 10,000 9.01 2.45 0.35 2.11 6.50

INF200K01719 SBI Regular Savings Fund(G) 5,000 8.11 3.50 0.26 1.54 6.87

INF740K01599 DSPBR Income Opportunities Fund-Reg(G) 1,000 9.09 2.86 0.27 1.78 6.06

INF740K01557 DSPBR Bond Fund-Reg(G) 1,000 8.35 3.54 0.27 1.56 6.34 INF109K01365 ICICI Pru Income(G) 5,000 7.66 7.24 -0.51 -1.72 4.74

Income-Dynamic Absolute Return % CAGR %


Average Maturity

Years 1 Month 3 Months 1 Year

INF090I01BP1 Franklin India Dynamic Accrual Fund(G) 10,000 10.28 2.69 0.51 1.07 7.67

INF174K01FA2 Kotak Flexi Debt Fund-Reg(G) 5,000 8.23 4.83 0.14 -0.02 6.12

INF251K01DW7 BNP Paribas Flexi Debt Fund(G) 5,000 7.10 4.12 -0.08 -1.08 4.35

INF109K01CB3 ICICI Pru Dynamic Bond Fund(G) 5,000 7.87 6.25 -0.30 -1.28 4.66

INF789F01JQ5 UTI Dynamic Bond Fund-Reg(G) 10,000 8.00 5.37 0.07 -1.49 4.30

INF846K01917 Axis Dynamic Bond Fund(G) 5,000 8.20 6.80 -0.31 -0.76 3.77

INF173K01AT5 Principal Dynamic Bond Fund(G) 5,000 7.90 5.30 -0.20 -1.15 3.49

INF663L01484 DHFL Pramerica Dynamic Bond Fund(G) 5,000 7.30 4.67 -0.14 -1.65 5.07

INF277K01360 Tata Dynamic Bond Fund-Reg(G) 5,000 7.11 6.84 -0.16 -1.16 3.87

INF677K01916 L&T Flexi Bond Fund-Reg(G) 10,000 8.04 3.91 -0.27 -1.05 3.62

INF194K01QG4 IDFC Dynamic Bond Fund-Reg(G) 5,000 7.67 6.69 -0.22 -1.76 2.98

INF209K01793 Aditya Birla SL Dynamic Bond Fund-Reg(G) 1,000 8.12 7.51 -0.57 -2.33 2.75


Short Term Funds Absolute Return % CAGR%

ISIN Code Scheme Name Minimum Investment YTM Avg. Maturity

Years 3 Months 6 Months 1 Year

INF090I01304 Franklin India ST Income Plan(G) 5,000 10.22 2.38 1.18 2.77 8.04 INF109K01TP7 ICICI Pru Regular Income Fund(G) 5,000 9.17 0.82 1.30 2.75 6.77 INF209K01MC8 Aditya Birla SL Savings-Ret(G) 1,000 7.84 0.83 1.34 2.83 7.02 INF677K01452 L&T ST Income Fund-Reg(G) 10,000 8.68 1.12 1.15 2.74 7.41 INF109K01GU4 ICICI Pru Regular Savings(G) 10,000 9.81 2.12 0.95 2.16 6.57 INF179K01CU6 HDFC Short Term Opportunities Fund(G) 5,000 7.79 1.49 0.92 2.27 6.24 INF209K01LQ0 Aditya Birla SL Cash Mgr Fund(G) 1,000 7.75 0.75 1.12 2.44 6.15 INF209K01785 Aditya Birla SL Short Term Fund(G) 1,000 7.88 2.00 0.78 1.92 6.33 INF179K01AY2 HDFC Regular Savings Fund(G) 5,000 8.61 1.80 0.76 1.92 5.92 INF223J01DT4 DHFL Pramerica Short Maturity Fund(G) 5,000 8.46 1.94 0.72 1.81 6.41 INF251K01CX7 BNP Paribas ST Income Fund(G) 5,000 7.85 1.94 0.91 1.97 5.91 INF760K01720 Canara Rob Short Term Fund-Reg(G) 5,000 7.21 1.01 0.93 2.06 5.56 INF789F01QA4 UTI ST Income Fund-Inst(G) 10,000 8.06 1.92 0.65 1.66 5.82 INF917K01CL8 L&T Short Term Opportunities Fund-Reg(G) 10,000 7.84 1.44 0.74 1.86 5.64 INF903J01FG3 Sundaram Select Debt-STAP(G) 5,000 7.55 1.28 0.88 1.97 5.61 INF209K01LV0 Aditya Birla SL Treasury Optimizer Plan(G) 1,000 7.80 2.50 0.47 1.34 6.19 INF204K01FL4 Reliance STF(G) 5,000 7.99 2.67 0.37 1.31 5.44

Ultra Short Term Funds Absolute Return % CAGR%


Days 1 Month 6 Months 1 Year

INF090I01CN4 Franklin India Ultra Short Bond Fund-Super Inst(G) 10,000 8.64 266.45 0.60 3.40 7.94

INF090I01BU1 Franklin India Low Duration Fund(G) 10,000 9.37 616.85 0.57 3.08 7.79 INF663L01HV4 DHFL Pramerica Low Duration Fund(G) 5,000 8.60 208.05 0.51 2.90 6.76 INF173K01DG6 Principal Low Duration Fund(G) 5,000 8.33 319.00 0.51 2.92 6.95 INF090I01CA1 Franklin India Savings Plus Fund(G) 10,000 7.42 244.55 0.48 3.01 6.94 INF174K01FD6 Kotak Treasury Advantage Fund(G) 5,000 7.77 178.85 0.52 2.83 6.56 INF251K01DL0 BNP Paribas Money Plus Fund-Reg(G) 10,000 7.08 146.00 0.50 2.87 6.55 INF200K01MO2 SBI Ultra Short Term Debt Fund(G) 5,000 7.36 167.90 0.51 2.82 6.51 INF846K01537 Axis Treasury Advantage Fund(G) 5,000 7.49 185.00 0.49 2.88 6.35 INF194K01FU8 IDFC Ultra Short Term Fund-Reg(G) 5,000 7.50 284.00 0.49 2.76 6.77 INF917K01AS7 L&T Ultra Short Term Fund(G) 10,000 7.67 138.70 0.49 2.81 6.62 INF173K01BY3 Principal Money Mgr(G) 5,000 7.87 106.00 0.50 2.82 6.08 INF903J01EN2 Sundaram Ultra Short Term Fund-Reg(G) 1,000 7.35 193.45 0.47 2.82 6.38 INF740K018P2 DSPBR Low Duration Fund-Reg(G) 1,000 7.61 226.30 0.51 2.73 6.46 INF767K01AO5 LIC MF Savings Plus(G) 5,000 7.90 343.00 0.46 2.86 6.37 INF200K01U41 SBI Treasury Advantage Fund-Reg(G) 5,000 7.73 222.65 0.49 2.70 6.33 INF789F01331 UTI Treasury Advantage-Reg(G) 1,00,000 7.64 166.99 0.45 2.70 6.26 INF200K01636 SBI Savings Fund-Reg(G) 500 7.93 233.60 0.46 2.62 6.19

Liquid Funds Absolute Return % CAGR%


Days 1 Month 6 Months 1 Year

INF846K01412 Axis Liquid Fund(G) 500 6.58 37.00 0.56 3.29 6.70 INF209K01RU9 Aditya Birla SL Cash Plus(G) 1,000 6.67 40.15 0.56 3.27 6.66 INF204K01UN9 Reliance Liquid-Treasury Plan(G) 100 6.59 45.00 0.56 3.26 6.67 INF277K01LQ7 Tata Liquid Fund-Reg(G) 5,000 6.53 29.70 0.56 3.27 6.65 INF173K01DA9 Principal Cash Management Fund(G) 5,000 6.89 36.00 0.53 3.27 6.75 INF109K01VQ1 ICICI Pru Liquid Plan(G) 500 6.58 36.74 0.55 3.24 6.62 INF194K01VX9 IDFC Cash Fund-Reg(G) 5,000 6.47 30.00 0.55 3.25 6.60 INF767K01IS9 LIC MF Liquid(G) 5,000 6.64 31.00 0.55 3.24 6.61 INF917K01JH1 L&T Liquid Fund(G) 10,000 6.47 32.85 0.52 3.25 6.69 INF204K01VA4 Reliance Liquidity(G) 5,000 6.59 38.00 0.55 3.22 6.58 INF760K01CW9 Canara Rob Liquid Fund-Reg(G) 5,000 6.39 25.55 0.55 3.22 6.51 INF336L01BN7 HSBC Cash Fund(G) 10,000 6.74 25.55 0.52 3.24 6.67 INF200K01LJ4 SBI Magnum InstaCash Fund(G) 5,000 6.47 25.55 0.55 3.22 6.59 INF200K01MA1 SBI Premier Liquid Fund(G) 50,000 6.66 32.85 0.55 3.22 6.55 INF109K01TX1 ICICI Pru Money Market Fund(G) 500 6.67 32.60 0.52 3.21 6.63


SIP Focus Data as on 18.02.2018

3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each

Inv. Amount :Rs.180000/- Inv. Amount :Rs.300000/- Inv. Amount:Rs.600000/-

Scheme Name Present value(Rs) Return % Present

value(Rs) Return % Present value(Rs) Return %

Large Cap Funds Templeton India Growth Fund (G) 2,32,359 17.67 4,71,670 18.37 13,37,591 15.40

Reliance Top 200 Fund(G) 2,28,576 16.49 4,69,724 18.19 13,75,483 15.92

Invesco India Growth Fund(G) 2,29,653 16.82 4,68,406 18.08 13,76,960 15.94

SBI Blue Chip Fund-Reg( G) 2,17,352 12.90 4,52,652 16.66 13,63,557 15.76 ICICI Pru Focused Blue chip Equity Fund(G) 2,25,808 15.61 4,48,360 16.27 - -

Aditya Birla SL Top 100 Fund(G) 2,17,929 13.09 4,44,066 15.87 13,52,947 15.61

DSPBR Focus 25 Fund-Reg (G) 2,14,683 12.03 4,43,845 15.85 - -

Aditya Birla SL Frontline Equity Fund (G) 2,18,582 13.30 4,42,751 15.75 13,60,664 15.72

ICICI Pru Top 100 Fund(G) 2,23,564 14.90 4,40,425 15.54 12,96,770 14.82

BNP Paribas Equity Fund (G) 2,11,520 10.99 4,27,974 14.36 12,64,294 14.34

Kotak 50(G) 2,14,083 11.84 4,27,601 14.32 11,85,041 13.13

UTI Equity Fund(G) 2,12,786 11.41 4,25,851 14.15 12,98,460 14.84

Franklin India Bluechip Fund (G) 2,13,100 11.51 4,21,018 13.68 12,16,659 13.62

Flexicap Funds L&T India Value Fund-Reg (G) 2,40,505 20.17 5,55,264 25.19 - -

Tata Equity P/E Fund (G) 2,46,021 21.83 5,41,489 24.13 16,49,915 19.31

Invesco India Contra Fund (G) 2,42,953 20.91 5,29,771 23.21 16,35,553 19.15

Aditya Birla SL Equity Fund (G) 2,32,197 17.62 5,00,713 20.85 14,91,054 17.43

SBI Magnum Multicap Fund-Reg (G) 2,29,468 16.77 4,95,959 20.45 14,16,685 16.47

Franklin India High Growth Cos Fund(G) 2,23,100 14.75 4,95,117 20.38 16,54,674 19.37

HDFC Capital Builder Fund (G) 2,38,193 19.47 4,94,485 20.33 15,40,697 18.04

Aditya Birla SL Advantage Fund(G) 2,22,718 14.63 4,90,942 20.03 14,41,558 16.80

DSPBR Opportunities Fund-Reg (G) 2,33,791 18.11 4,90,463 19.99 14,56,984 17.00

Kotak Select Focus Fund (G) 2,27,077 16.02 4,84,525 19.48 - -

SBI Magnum Multiplier Fund-Reg (G) 2,26,134 15.72 4,79,673 19.06 14,51,071 16.92

L&T India Spl. Situations Fund-Reg (G) 2,32,540 17.73 4,79,049 19.01 14,89,295 17.40

ICICI Pru Value Discovery Fund (G) 2,12,777 11.41 4,69,362 18.16 17,31,039 20.20

Kotak Opportunities Fund (G) 2,24,303 15.14 4,67,763 18.02 13,64,339 15.77

ICICI Pru Multicap Fund (G) 2,22,964 14.71 4,63,446 17.64 13,76,626 15.94

Franklin India Prima Plus Fund(G) 2,17,061 12.81 4,59,019 17.24 14,24,846 16.58

IDFC Classic Equity Fund-Reg (G) 2,32,193 17.62 4,56,815 17.04 12,14,053 13.58

ICICI Pru Dynamic Plan (G) 2,29,691 16.84 4,55,451 16.92 13,82,715 16.02

Franklin India Flexi Cap Fund (G) 2,14,225 11.88 4,47,524 16.19 13,74,993 15.91

Tata Equity Opportunities Fund(G) 2,17,699 13.02 4,47,043 16.15 13,17,300 15.11


SIP FOCUS 3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each

Inv. Amount :Rs.180000/- Inv. Amount:Rs.300000/- Inv. Amount :Rs.600000/-

Scheme Name Present value (Rs) Return % Present

value (Rs) Return % Present value (Rs)

Return %

Midcap Canara Rob Emerg Equities Fund-Reg (G) 2,45,681 21.73 6,06,824 28.95 22,61,696 25.17

L&T Midcap Fund-Reg (G) 2,52,600 23.78 6,02,735 28.66 20,02,769 22.91

Kotak Emerging Equity Scheme (G) 2,36,753 19.03 5,66,449 26.03 17,92,332 20.85

Sundaram Select Midcap (G) 2,35,494 18.64 5,52,105 24.95 18,89,889 21.84

HDFC Mid-Cap Opportunities Fund (G) 2,38,068 19.43 5,48,098 24.64 20,27,710 23.14

Franklin India Prima Fund (G) 2,31,777 17.49 5,33,177 23.48 18,90,655 21.84

SBI Magnum MidCap Fund-Reg (G) 2,18,200 13.18 5,16,556 22.15 17,69,358 20.61

Mid &Small Caps Reliance Small Cap Fund (G) 2,75,902 30.43 7,03,132 35.29 - -

Franklin India Smaller Cos Fund (G) 2,40,835 20.27 5,84,195 27.33 21,92,995 24.60

Infrastructure Funds L&T Infrastructure Fund-Reg (G) 2,61,083 26.25 5,77,643 26.86 14,14,186 16.44

Franklin Build India Fund (G) 2,31,894 17.52 5,40,646 24.06 - -

Aditya Birla SL Infrastructure Fund (G) 2,32,428 17.69 4,92,887 20.19 13,00,472 14.87

Equity Linked Savings Scheme IDFC Tax Advt (ELSS) Fund-Reg (G) 2,44,156 21.27 5,12,401 21.81 - -

Aditya Birla SL Tax Relief '96(G) 2,33,852 18.13 5,06,845 21.36 - -

Tata India Tax Savings Fund-Reg (DP) 2,33,262 17.95 4,96,690 20.51 15,08,575 17.64

DSPBR Tax Saver Fund-Reg (G) 2,28,869 16.58 4,85,153 19.54 15,02,855 17.57

Axis LT Equity Fund (G) 2,20,590 13.95 4,82,609 19.32 - -

Invesco India Tax Plan (G) 2,25,253 15.44 4,76,394 18.78 15,22,024 17.81

Franklin India Tax shield (G) 2,13,218 11.55 4,48,601 16.29 14,20,500 16.52

ICICI Pru LT Equity Fund (Tax Saving) (G) 2,16,166 12.52 4,45,918 16.05 14,33,854 16.70

Balanced Funds HDFC Balanced Fund (G) 2,23,733 14.95 4,65,539 17.82 14,93,244 17.45

ICICI Pru Balanced Fund (G) 2,25,577 15.54 4,60,647 17.39 14,32,337 16.68

L&T India Prudence Fund-Reg (G) 2,17,967 13.11 4,53,605 16.75 - -

SBI Magnum Balanced Fund-Reg (G) 2,16,325 12.57 4,42,770 15.75 13,06,289 14.96

Aditya Birla SL Balanced '95 Fund (G) 2,15,561 12.32 4,41,542 15.64 13,36,473 15.38

Franklin India Balanced Fund (G) 2,08,522 9.99 4,26,411 14.21 12,35,429 13.91

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.


Aggressive Portfolio*

Category Recommended Allocation 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.

Equity Funds Large Cap Funds 40% Small and Midcap Funds 20% Thematic Funds 20%

Debt Funds Income Funds 10%

Dynamic Bond Funds 10%

Moderately Aggressive Portfolio*

Category Recommended Allocation 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.

Equity Funds

Multi Cap Funds 30%

Large Cap Funds 15%

Mid Cap Funds 15%

Debt Funds

Income Funds 20%

Short Term Funds 10%


Moderate Portfolio*

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

Debt Funds

Income Funds 20%



Equity Funds Multi Cap Funds 40%

Conservative Portfolio*

Category Recommended Allocation 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+

Debt Funds


Income Funds 20%


Equity Funds Balanced Funds 20%

MODEL PORTFOLIO FOR DIFFERENT CLASS OF INVESTORS

* 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.


G U E S T C O L U M NC O L U M N


FUND FOCUS: March, 2018 Axis Focused 25 Fund CATEGORY: Large Cap Inception Date 29.06.2012 AUM as on JAN.2018 ( in Cr) Rs. 2948.96 Benchmark NIFTY 50 Expense Ratio# 2.06 NAV as on 19.02.2018 Rs. 25.23 Risk Status Moderately High

Fund Manager Jinesh Gopani: Mr. Gopani is a B. Com (H) and MMS from Bharati Vidyapeeth Institute of Manage-ment Studies and Research. He is managing this fund since Jun 2016 .

Investment Dynamics

The Axis 25 Fund is a very young fund which holds 95.99% of its port-folio in to equity and 4.01% in cash. On its equity portfolio the fund have 62.84% exposure to large cap companies, 35.73% exposure towards mid cap companies and 1.42% towards small cap companies. This fund holds a small portfolio which concentrates its exposure up to 25 companies. The fund had out performed its benchmark almost all the times in its life span of five years. The fund had also generated an alpha of 7.80% in one year and 4.64 % in three year over its bench-mark return.

Portfolio Moves

This fund currently holds a small portfolio of 21 stocks. Even if the portfolio is very small, the stock movement during the last month was high. Last month the fund added Bajaj auto in to its portfolio, while it exited from Infosys Ltd and Mahindra & Mahindra Financial Services Ltd. The fund has increased its exposure in Sun Pharmaceutical Indus-tries Ltd.(155%), Bajaj Finance Ltd.(37%), Gruh Finance Ltd.(34%) etc. The fund has reduced its holdings in Page Industries Ltd.(-7%) and HDFC Standard Life Insurance Co Ltd (-1%).

Scheme Performance Period Returns Category SIP Returns

6 Months 6.14 5.13 21.11

1 Year 25.18 17.97 22.57

3 Year 11.23 8.61 17.31

5 Year 16.33 15.32 -

10 Year - 9.29 -

Since Inception 17.81 12.74 17.62

Investment Strategy This large cap fund restrict itself to 25 shares which form a part of the top 200 performing shares. Being very young large cap fund, this fund finds the undervalued shares, to pick to its kitty. Last month the fund's exposure towards defensive sectors have increased while it still holds a majority of its portfolio in cyclic sectors. This large cap fund will be a good pick for an investor who looks for corpus building in a long term perspective. The fund holds the major part of its portfolio in Banking, finance, and Auto ancillary. The Finance- investment and Auto ancillary holds a positive outlook while the Banking sector currently holds a neutral outlook with the issues of NPA in public sector banks.

Top 10 Holding Sector Wise (%) Company Wise (%)

Bank - Private 18.2 HDFC Bank Ltd. 8.77

Finance - Investment 14.3 Kotak Mahindra Bank Ltd. 7.81

Auto Ancillary 9.1 Maruti Suzuki India Ltd. 7.65

Automobiles - Passenger Cars 7.6 Shree Cement Ltd. 6.85

Cement & Construction Materials 6.8 Supreme Industries Ltd. 5.97

Plastic Products 6.0 Gruh Finance Ltd. 4.83

Pharmaceuticals & Drugs 5.8 Bajaj Finance Ltd. 4.70

Finance - Housing 4.8 Bajaj Finserv Ltd. 4.32

Finance - NBFC 4.7 Info Edge (India) Ltd. 4.10

BPO/ITeS 4.1 Bajaj Auto Ltd. 3.94

Risk Reward Measures (%) One year data Category Range

Standard Deviation* 0.67 0.54 - 0.76

Sharpe** 0.13 0.06 - 0.15

Information Ratio*** 0.05 -0. 08 - 0.09

* 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.

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FUND FOCUS: March, 2018 ICICI Pru Top 100 Fund (G) CATEGORY: Large Cap Inception Date 09.07.1998 AUM as on Jan.2018 ( in Cr) Rs. 3217.41

Benchmark NIFTY 50 Expense Ratio# 2.34

NAV as on 19.02.2018 Rs. 319.33 Risk Status Moderately High

Fund Manager Sankaran Naren & Prakash Gaurav Goel:-Mr.Naren has done B.Tech from IIT Chennai and MBA (Finance) from IIM Kolkata. He has been managing this fund since Feb 2012. Mr. Goel is Chartered Ac-countant & Bachelor of Commerce. He has been managing this fund since Oct 2017.

Investment Dynamics

The ICICI Pru Top 100 is a veteran large cap fund which holds 98.52% of its portfolio in equity and 1.48% in cash. The fund holds 72.5% of its equity portfolio in large caps, 24.57% in Mid-caps,2.93% in small caps. The fund have a highly competent and experienced team which man-aged to give a consistent performance throughout its life span. The fund had managed to deliver benchmark beating return over all period of times. The one-year return of the fund over last five years has been better than its benchmark more than 80% of the time. The fund was able to generate an alpha of 2.92% in three years and 4.17% in five years over its benchmark returns.

Portfolio Moves

The fund holds a medium portfolio of 53 stocks. The last months wit-nessed lot of portfolio movements in the fund. The fund added 3 new stocks in to its portfolio. The new purchases are Alembic Pharmaceuti-cals Ltd, Tata Steel Ltd and Zee Entertainment Enterprises Ltd. The fund had also increased its holdings Colgate-Palmolive (India) Ltd (1169%), Asian Paints Ltd(79%), Hindalco Industries Ltd(76%) were major among them. The fund had exited from Container Corporation Of India Ltd. It had also reduced its holdings Lupin Ltd (-51%), Adani Ports and Special Economic Zone Ltd(-14%) etc.


6 Months 4.63 5.13 15.20

1 Year 12.72 17.97 18.20

3 Year 8.23 8.61 13.81

5 Year 15.81 15.32 15.55

10 Year 10.71 9.29 13.78


Investment Strategy This consistent performing large cap fund have a good track record of containing downside during the turbulent times, the fund had delivered a higher return than its benchmark in the long term. The fund follows a large-cap approach, with a tilt toward value stocks. The fund manage-ment strategy is centred on a top-down approach. The portfolio strate-gy is driven by the fund management team's ability to construct a differentiated portfolio comprising of stocks that become long-term winners. This fund will be suitable for a investor who is looking for a long term capital appreciation. The fund holds Banking-Private, Power generation and IT as the top three sectors. The Banking and Power generation holds a neutral outlook were the IT holds a positive outlook.


Bank - Private 15.8 ICICI Bank Ltd. 4.89

Power Generation/Distribution 9.9 Infosys Ltd. 4.36

IT - Software 7.6 HDFC Bank Ltd. 4.04

Bank - Public 6.4 NTPC Ltd. 4.03

Pharmaceuticals & Drugs 4.8 Oil & Natural Gas Corpo-ration Ltd. 3.97

Oil Exploration 4.0 The Federal Bank Ltd. 3.68

Metal - Non Ferrous 3.9 Tata Chemicals Ltd. 3.64

Engineering - Construction 3.9 ITC Ltd. 3.54

Fertilizers 3.6 Axis Bank Ltd. 3.20

Cigarettes/Tobacco 3.5 Power Grid Corporation Of India Ltd. 2.99



Sharpe 0.07 0.06 - 0.15

Information Ratio*** -0.05 -0. 08 - 0.09





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FUND FOCUS: March, 2018 DSPBR Tax Saver Fund CATEGORY: ELSS Inception Date 18.01.2007 AUM as on JAN.2018 ( in Cr) Rs.3982.50



Fund Manager Mr. Rohit Singhania:- Mr. Singhania holds MMS from University of Mumbai. He has been managing this fund since July 2015.

Investment Dynamics

The DSPBR Tax Saver Fund is a decade old Equity Linked Savings Scheme (ELSS) which holds 97.25% of its portfolio into equity and 2.75% into cash. On its equity portfolio the fund holds 69.38% in large cap stocks, 24.14% in midcap stocks and 6.49% in small cap stocks. This fund manage to outperform its benchmark by a wide margin in the last 3 and 5 years. On the one year rolling return basis the fund had outperformed its benchmark more than 90% of the time in the last three years. The fund was able to generate an alpha of 3.63% in three years and 5.07% in five years over its benchmark returns.

Portfolio Moves

The fund holds a large portfolio of 70 stocks in its kitty. Last month showed a large number of stock movements on the fund's portfolio. The fund had added Bajaj Corp Ltd, Dixon Technologies (India) Ltd, KEC International Ltd, LIC Housing Finance Ltd, Tata Steel Ltd and Welspun India Ltd in to portfolio while it exited from Bharti Airtel Ltd, Eicher Motors Ltd and Sun Pharmaceutical Industries Ltd. The fund had also increased its holding in certain stocks, the major ones were Dilip Buildcon Ltd (109%),Jubilant Food Works Ltd (102%) etc.


6 Months 3.54 6.44 15.97

1 Year 16.52 19.79 19.66

3 Year 11.84 9.89 17.16

5 Year 19.74 17.69 19.53

10 Year 11.73 9.56 16.32


Investment Strategy This decade old consistent performing ELSS play a safer game in its category. The fund management team does not stick to any particular style and follows a blended growth at a reasonable price approach to select stocks. The team adopts a fluid investment approach without any bias or restrictions in terms of stocks or sectors. Even if the fund follows multi-cap by mandate, the fund has been quite large-cap orient-ed in the last five years. This fund is suitable for a long term investor who have a moderate risk taking appetite. The Bank - Private, Bank - Public and Finance - NBFC are the top three sectors in the fund. The Banking sector have a neutral outlook while the NBFC holds a positive outlook.



Bank - Public 7.3 ICICI Bank Ltd. 4.64

Finance - NBFC 6.9 Tata Steel Ltd. 4.28

Refineries 6.3 State Bank Of India 3.95

Engineering - Construc-tion 4.6 Larsen & Toubro Ltd. 3.31

Steel & Iron Products 4.5 GAIL (India) Ltd. 3.11

Automobiles - Passenger Cars 4.2 Maruti Suzuki India Ltd. 2.50

Pharmaceuticals & Drugs 3.8 ITC Ltd. 2.47

Insurance 3.2 Hindustan Petroleum Corporation Ltd. 2.40

Industrial Gases & Fuels 3.1 Vedanta Ltd. 2.20



Sharpe 0.09 0.07 - 0.16






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FUND FOCUS: March, 2018 HDFC Capital Builder Fund CATEGORY: ELSS Inception Date 01.02.1994 AUM as on Jan.2018 ( in Cr) Rs.2541.22



Fund Manager Miten Lathia:- Mr. Lathia is a B.Com (H) and CFA holder. He has been managing this fund since Aug 2010.

Investment Dynamics

The HDFC Capital Builder fund is a veteran Large cap oriented Flexi cap Fund which holds 94.90% in to equity and 5.10% in to cash. The fund holds 71.19% of its equity portfolio in Large caps, 21.06% in Mid Caps and 7.75% in small cap companies. As a flexi cap fund, this fund holds 20-30% in mid caps stocks almost all the period since the incep-tion of the fund. Since 2015, this fund is maintaining an equity expo-sure of more than 90% in almost all the time. The fund had out per-formed its benchmark almost all the periods, were it generated an alpha of 6.01% in one year,4.23% in three years and 5.91% in five years.

Portfolio Moves

The fund holds a large portfolio of 58 stocks. The fund showed a lot of movements in this portfolio last month were it was more on a purchase mode. Last month the fund added Bharti Airtel Ltd and Newgen Soft-ware Technologies Ltd in to its portfolio. The major increase in holdings for the last month were Persistent Systems Ltd (310%), NTPC Ltd.(173%), Aditya Birla Fashion and Retail Ltd.(116%), Gujarat Pipavav Port Ltd.(79%) etc. Last month the fund has exited from PNC Infratech Ltd, Sundram Fasteners Ltd and VEDLRPS


6 Months 11.89 6.01 23.27

1 Year 25.5 19.22 24.15

3 Year 12.33 9.79 18.15

5 Year 20.03 17.59 19.83

10 Year 12.61 10.39 16.79


Investment Strategy This veteran fund is a consistent performer in its category for a long period. The fund operates without a sector bias and combines growth and value approaches. The fund manager prefers companies with strong management, leadership position and operating efficiency. The fund’s portfolio is reasonably diversified, with most of its top picks being heavyweights from frontline indices. This fund will be suitable for an investor who look for a capital appreciation with a reasonable risk appetite. The fund holds Banking , IT and Pharma as its top three sectors The Banking holds a netural outlook while the Pharma and IT holds a positive outlook in coming years.



IT - Software 6.9 Reliance Industries Ltd. 4.16

Pharmaceuticals & Drugs 6.8 Axis Bank Ltd. 3.73

Other 5.1 ITC Ltd. 3.72

Refineries 4.7 HDFC Ltd. 3.54

Engineering - Construc-tion 4.5 Infosys Ltd. 3.41

Power Generation/Distribution 3.8 Yes Bank Ltd. 3.07

Cigarettes/Tobacco 3.7 Vedanta Ltd. 3.02

Finance - Housing 3.5 GAIL (India) Ltd. 2.96

Household & Personal Products 3.1 ICICI Bank Ltd. 2.64



Sharpe** 0.14 0.04 - 0.14






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FUND FOCUS: March, 2018 Franklin India High Growth Companies Fund (G) CATEGORY: FLEXICAP Inception Date 26.07.2007 AUM as on JAN.2018 ( in Cr) Rs. 8023.30


NAV as on 19.02.2018 Rs.39.17 Risk Status Moderately High

Fund Manager Anand Radhakrishnan & Roshi Jain: Mr. Radhakrishnan who manages this fund Since May 2016 is a B.Tech, CFA and PGDM from IIM Ahmedabad. Ms.Roshi Jain who manages this fund Since Jul 2012 is a CFA, ACA and PGDM. .

Investment Dynamics

Franklin India high growth companies fund is an actively managed fund which holds 90.62% in to equity and 9.38% in cash. Out of its equity portfolio the fund currently holds 67.20% in large caps, 25.7% in Mid caps and 7.1% in small caps. This fund had consistently beaten its benchmark by considerable margin across time zones. This consistent performing fund have outperformed its benchmark in almost all the periods. This fund was able to generate an alpha of 1% in three years and 8.21% on five years over its benchmark returns.

Portfolio Moves

The fund holds a medium size portfolio of 32 shares. Last month was a selling month for the fund were the fund reduced its holdings in HDFC Ltd.(-59%), Ipca Laboratories Ltd.(-10%), Idea Cellular Ltd.(-10%), EIH Ltd.(-8%), Mahindra & Mahindra Ltd.(-7%) etc. Meanwhile, the fund has increased its holding in ITD Cementation India Ltd( 34%), Bharti Airtel Ltd.(28%), Bharat Petroleum Corporation Ltd.(11%) and ICICI Bank Ltd. (1%)


6 Months 7.35 6.01 17.87

1 Year 16.56 19.22 19.65

3 Year 9.05 9.79 16.90

5 Year 22.10 17.59 21.27

10 Year 12.84 10.39 -


Investment Strategy This decade old performer had witnessed the worst of the market phases in recent history, and has yet come up as winners. The fund management team follows an active investment strategy and focus on rapid growth companies which are selected based on growth pro-spectus. The filters setup by the fund management team ensure that only quality companies will make its way into the portfolio. The Bank - Private, Bank - Public and Telecommunication - Service Provider holds the top three sectors of the fund. The Banking sector currently holds a neutral outlook and the telecommunication holds a positive outlook with an expected rapid growth in next few years.


Bank - Private 25.8 ICICI Bank Ltd. 8.80

Bank - Public 10.3 HDFC Bank Ltd. 8.75

Other 9.3 State Bank Of India 8.59

Telecommunication - Service Provider 7.1 Axis Bank Ltd. 8.14

Pharmaceuticals & Drugs 6.1 Bharti Airtel Ltd. 5.04

Refineries 5.7 Tata Motors - DVR Ordi-nary 4.76

Automobiles-Trucks/Lcv 4.8 Indian Oil Corporation Ltd. 3.90

Consumer Durables - Domestic Appliances 3.6 Whirlpool Of India Ltd. 3.59

Bearings 3.0 NTPC Ltd. 2.91

Power Generation/Distribution 2.9 Abbott India Ltd. 2.84



Sharpe** 0.08 0.04 - 0.14

Information Ratio*** -0.02 -0. 08 - 0.08





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PAN - INDIA OFFICE NETWORK 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: 085818-228831, 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: 0866-6647995, 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 – Mot-era: 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, 9377579787 , Navsari: 02637-233472,233473, 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, 9099053872, Valsad :02632 - 245901, 245902, 245903, 9995801243. Business Associ-ates: 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 Koramanga-la:080 - 25503462, 25500232, 25503273, 41303691, 7338191374, Majestic: 080 22340067, 68,09341114190, Malleswaram: 080 -23360980,81, 82, 84, 09343706756, Manga-lore: 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, 9072530283, 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, Channarayapat-na: 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, 9341066950 Kengeri Satellite Town: 080 28486202, Koppal: 231402, 231202, 9886716394, Kushal Nagar- Manglore:08276 272756, 274134, 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: 8050699480, 08023204282, 08023204293 , 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, Mat-tancherry: 0484 - 2227337, 7388, 2224688, 4188, 2211391, 2225840, 9995800063, Moonupeedika: 0480-2836980, 2836990, 2836970, 9995800076, Muvattupuzha: 0485- 2835753, 2835795, 2835798, 2835925, 9995800136, Neyyattinkara: 0471-2220844 ,2220944, 2221044, 9995800149, Nilambur: 04931 - 221171, 221864, 221885, 9995800074 , Pala: 0482 - 2210471, 2211071, 2216245, 46, Palakkad: 0491- 2544576, 2544580, 2544571, 9995800054, Palakkad - Stadium Byepass Road: 0491-2533312, 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: 0479- 2457544, 2457545, 9447971343, Cherpu: 0487 2971494, 9946662494, 9895245201, Cherpulassery -Trichur: 0466 2284054, 2284550, 94473 80233, 9447939434, Cher-thala: 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 2485256, 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- 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: 0480- 2825031, 3259370, 94462 32417, North Paravur: 0484– 4020886, 887, 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,


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, Ravipuram: 0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thaliparamba: 0460- 2204632, 2208794, 2204357, 09249992448,Thaliparamba Bazar: 0460- 2204437, 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: 0487- 2426507, 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, 4852239, 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, 7024100751, 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: 011-46504139, 32682650, Old Delhi: 011-32466655,23827408, South Delhi: 42603017, 9312439791. ORISSA: Branches: Berhampur: 0680 2221094, 2221093, 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:0183-5002901,02,03,04,10,9317550333,Bhatinda:0164-2237147,48,50,51,5006486,09995801953,Chandigarh:0172-5046120121,122,123,124,125,126,127,8968451220, Jalandhar: 0181-5030046, 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: 04561-261604,05,06,09995800241, 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: 04651-273775, 205281, 272733, 08754121214, Mayiladuthurai: 04364 222036, 227177, 9790641172, 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: 04142-251060, 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, 2336804, 9995802096, Sivakasi: 62, 63,228161,62,223162, 9677670552, Srirengam: 0431 2437006, 2437007, 2437008, 9995802176, T.Nagar (Internet Trading - It): 044 - 28344925 , 42170091, Thanjavur: 04362-274996, 274992, 274993, 9995802257 Theni: 04546 -250561, 250859, 250285, 250022, 9995801959 Thiruvallur: 9995801141, 27662522, 27662657, 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, 09840444375, 09952937774, 9600137165, Annanagar-West: 044 26567483,26567484, Besant Nagar: 044 24917714, 24917715, 42150969, Bhavani: 04256 -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: 040-66665291, 92, 93, 09515107528, Mahbubnagar: 08542 221256, 221257, 221363, 7673959992 Mehdipatanam: 23521740, 23521750, 23521751,9995808940 Nizama-bad:08462 220009, 220016, 220030, 9995809037 P G Road Secunderabad: 040-27892465, 27892466, 27892467, 27892468, 9995802198, 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: 0120-2820430, 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, 40619458, 09831891765.

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