Contents...Geodata / Page: 5 / Vol. 9 / Issue 3 / September, 2016 Sensex closed for August at 28452.17 up 400.34 points for the month and Nifty closed at 8786.20. This is a 13th month

Vol. 9 Issue: 3 September, 2016 Editor: C J George Managing Director Geojit BNP Paribas Financial Services Ltd. Registered Office: 34/659-P, Civil Line Road, Padivattom, Kochi - 682024, Kerala, India. Corporate Identity Number: L67120K1994PLC008403 Phone: +91 484 2901000 Fax: +91 484 2979695 Website: geojitbnpparibas.com E-mail: [email protected] Printed, Published and Edited by: C J George Owned by: Geojit BNP Paribas Financial Services Ltd. Published from: Geojit BNP Paribas Financial Services Ltd., 34/659-P, Civil Line Road, Padivattom, Kochi - 682024. Printed at: Indu Systems, Cochin University Road, South Kalamassery, Kochi - 682022.

Geodata Contents Page No.

Opportunities in the bond market Dr. V. K. Vijayakumar - 4 Market Roundup - 5 Dr. V. K. Vijayakumar

Market has shifted to the next phase of rally Vinod Nair - 6

Stock Recommendations: State Bank of India - 7 NTPC Limited - 8 Thermax Limited . - 9 Bata India Limited - 10

Equity Fund Recommended List: August, 2016 - 11

Equity Fund Model Portfolio - 12 Debt Fund Recommended List: September, 2016 - 13 Good Picks - 14 Multi cap funds = (Diversification)2 Vijayanand Prabhu - 18

Mutual Fund Performance of Schemes - 19

Olympic lessons for the stock investor Anand James - 24

Pan – India Office Network - 25

General Disclosures and Disclaimers - 32

Geodata / Page: 4 / Vol. 9 / Issue 3 / September, 2016

On 25th August the RBI announced some major reforms in the bond market. These big bang reforms have the potential to un-leash profound consequences: beneficial effects for investors, corporates and the economy at large.

A healthy financial system plays a crucial role in economic growth and development. A vibrant bond market is necessary for the healthy development of the financial system. In the developed countries, corporates depend on bond markets for debt capital. Since the bond markets are deep and wide in the developed mar-kets, it is easy for companies to raise debt capital and investors to invest. However, the situation is different in the emerging econo-mies, where bond markets are under developed.

The corporate bond market eco system has three pillars: Institu-tions, Participants and Instruments. Institutions are the regulators (banking and capital market regulators), stock exchanges, clearing houses, depositories and credit rating agencies. The participants are mainly the issuers, investors and intermediaries. The instruments are the secu-rities issued and traded. A robust bond market eco system is necessary for the healthy devel-opment of the bond market.

In emerging economies like India, we have a vibrant stock market; but the bond market is ill developed. Bond markets are characterized by very few issuances, illiquidity, inadequate credit rating and institutional and regulatory deficiencies. The recently announced reforms have the potential to remove these deficiencies. The major features of the reforms are:

● Allows banks to raise money through ‘masala bonds’ – bonds issued abroad denominated in rupee.

● Proposes to accept corporate bonds in Repo (this will require amendment to the RBI Act)

● Proposes to allow listed firms to lend longer tenure money to banks through market mechanism.

● Pushes firms to access bond market for their funding needs beyond a point.

● This will ring fence banks’ exposure to corporate loans.

● Removes restrictions on the transfer of bonds to allow greater retail participation.

● Allows companies to hedge up to $30 million in the forex market and keep open positions of up to $ 5

million.

● Allows FPIs to trade in corporate bond market.

The important consequences of these reforms will be the following:

● Will increase the demand and supply of bonds

● Will improve bond market liquidity and this will attract investors

● Prospects for capital gains from investment apart from yield Investors will have an alternative to bank deposits.

● Greater opportunities will arise in the forex market

● Eventually derivatives like Credit Default Swaps will come, substantially widening the opportunities for investors.

More reforms will be required. The investment mandate of institutional investors like insurance companies, provident funds and pension funds will have to be tweaked allowing them to invest in corporate bonds. More measures will have to be initiated by the GoI, SEBI, IRDA and PFRDA.

The reforms will take some time to bear fruit, but these are important initiatives. The investment choices before investors are widening. Explosive growth in the bond market is in the offing.

Opportunities in the bond market

Dr.V. K. Vijayakumar, Chief Investment Strategist


Sensex closed for August at 28452.17 up 400.34 points for the month and Nifty closed at 8786.20. This is a 13th month high for the Sensex and a 16th month high for the Nifty. The Sensex is now 26.48 % up from the low of 22494.61 touched on 29th February 2016; the YTD return being 8.94%.

Autos, cement, NBFCs, retail focused private sector banks and a whole host of mid and small caps from across industries did well. IT stocks lost ground due to concerns of declining growth for the industry. Pharma stocks are recovering from the negative impact of US FDA issues. IT stocks, having been beaten down, look attractive from the valuation perspective. Pharma stocks provide buying opportunities.

Sustained fund flows – both domestic and foreign – have pushed up stock valuations. Mid and small cap valuations are on the higher side and excessive in some pockets. These are likely to correct. There is valuation comfort in large caps.

Q1 GDP growth disappoints

Q1 GDP growth rate came in at 7.1%, much less than market expectations. GVA came in at 7.3 %. Growth of 7.1 % is the slowest growth rate in 5 quarters. Lower growth in agriculture, construction and mining impacted the Q1 growth. However, the consensus is that growth will improve in the 3rd and 4th quarters thanks to the higher agricultural growth expected from the good monsoon.

Auto sales looking up in August

Passenger vehicles sales in August look robust with 16 % growth. Two wheeler sales have done better with 25 % growth. Good monsoon and 7th pay commission award augur well for the industry, going forward. The auto industry has good multiplier effect, which can boost GDP growth.

India to be the fastest growing economy till 2020

Mckinsey, in a recent report says that India will be the fastest growing economy in the world till 2020. India, according to Mckinsey is likely to grow at 7.7% during 2016 to 2020. Other emerg-ing markets are projected to grow much slower. For instance, China, Brazil and Turkey are projected to grow at 6.4 %, 2.2 % and 3.3 % respectively. 77 % of India’s growth during 2012 to 2020 will come from 49 clusters of districts with metropolitan cities at their nucleus. The takeaway from this projection is that urban consumption theme will do well.

Mutual funds gaining traction

The domestic mutual fund industry is steadily gaining traction. A healthy trend is the steady growth in SIPs. Presently there are 1.06 crore equity SIPs mobilizing Rs 3000 crores every month. Total MF folios has touched 4.89 crores with equity folios touching 3.54 crores. Total AUM of the industry touched 15.2 lakh crores by July 2016. Total equity folios stood at 4.5 lakh crores.

Market Roundup


Market has shifted to the next phase of rally

Market has effected a breakout from the narrow consolidation

range of 8,518 to 8,728 for Nifty during the last one month. Now

we have a new 52 week high of 8,819. Market is roaring as FIIs

continue to be positive while as an additional strength MFs have

started to play in the rally which was muted in the last three

months. FII inflows YTD is Rs 40,000cr compared to Rs 10,000cr

by MFs. In the last 3 months FII inflow was very solid at

Rs 25,000cr compared to only Rs650cr by MFs. But in last week

of August MF inflows had expanded to more than Rs1000cr.

We believe that last intermediate rally from 8,000 to 8,700 during

July to August was largely due to two factors. Firstly, in expectation of passage of GST bill

which is one of the most important reform undertaken post the 1991 liberalisation and second-

ly, the push in global liquidity due to sharp increase in world central banks’ reserves. After this

strong rally of 9% in about 2 months, market took a pause awaiting the performance of

Q1FY17 results and the progress post the passage of GST bill to implement it.

To ensure that this strength continues in the medium term, two factors have to be maintained.

Firstly, the external liquidity should continue to be buoyant. In her latest speech, Fed Chair

Janet Yellen, has clearly indicated that the US interest rate will have to move up considering

the solid improvement in the economy even though she didn’t indicate any clear time frame for

that. Post this, the probability of a Fed rate hike (an important factor which defines cost of world

liquidity) has increased from 28% and 45% to 34% and 60% for September and December

FOMC meets respectively (Bloomberg). Awaiting this speech, global markets did take a pause

for one week, after which, when the actual risk increased, US and MSCI-EM were able to hold

on to their performance. This indicates that market is not surprised and it has already discount-

ed a rate hike of 25bps by end of the year. Additionally, markets expect that the next phase of

the Fed hike will be gradual and will not significantly impact world's cost of liquidity.

Secondly, the hope of revival in earnings growth should really pay off by the latter half of this

year. The Q1FY17 results have been a mixed bag, but did provide room for improvement in

earnings growth in the future. Signs are positive for sectors like Auto, Cement, Chemicals,

NBFCs and Pharma. GDP growth was muted in Q1FY17 at 7.1% but is likely to expand to

7.6% by FY17.

Market is not looking concerned at the fact that the P/E valuation has increased to 17x (1 year

forward), which is similar to the high seen in the last cycle of 2015. Currently, Sensex is just

5.2% away from an all time high and might break that too, but given high valuation, the ques-

tion is when.

Vinod Nair, Head of Research


Stock Recommendations: State Bank of India

Rating: Buy

SBI is the largest commercial bank in India with over 1/5th market share of the Indian banking

sector. It has a strong domestic presence with 16,784 branches and international presence

with 198 branches across 36 countries. It operates through four segments: Treasury, Corpo-

rate Banking/Wholesale Banking, Retail Banking and Other Banking Business. The Corporate

Banking segment comprises the lending activities of corporate accounts group, mid corporate

accounts group and stressed assets management group. These include providing loans and

transaction services to corporate and institutional clients and further include non treasury oper-

ations of foreign offices/entities. The Retail Banking segment comprises of personal banking

activities, including lending activities to corporate customers, agency business and ATMs. The

Treasury segment includes the entire investment portfolio and trading in foreign exchange

contracts and derivative contracts. The Other Banking business segment focuses on the oper-

ations of all the non-banking subsidiaries and joint ventures of the group.

SBI’s Q1FY16 result was above expectations in terms of asset quality and business growth.

Advances and deposits grew 11% YoY each largely driven by the retail segment. NII increased

marginally by 4% YoY (in line with our expectation) as margin remained under pressure on the

back of incremental disbursements into low yielding corporate loans. Operating profit increased

at a healthy pace of 20% YoY supported by higher other income (+44% YoY). Gross NPA ratio

which increased by 44 bps sequentially was better than expected due to lower slippages.

Fresh slippages was lower at Rs8,790cr as compared to Rs30,313cr in Q4FY16. Besides, the

bank also maintained high provisioning coverage ratio (PCR) of 62%.

Retail loans and lending to high rated corporates would see strong momentum and help overall

advances to grow at a healthy CAGR of 11% over FY16-18E. Deposits would grow at a CAGR

of 13% led by retail deposits. Outlook on the asset quality is positive and Gross NPA ratio is

expected to improve to 6.0% from 6.9% by FY18E led by lower slippages coupled with higher

recovery. Though significant recovery in GNPA is not expected immediately, stabilization in

NPA is certainly positive.

Net profit would also witness strong traction aided by controlled credit cost and pick-up in loan

growth. Potential for the business to grow faster than industry average, profitability to improve

significantly and positive outlook on asset quality front makes SBI a preferred pick among the

public sector banks.

SBI is currently trading at P/ABV of 2.0x and 1.8x for FY17E and FY18E respectively. The

stock is trading at a discount of its five years mean (2.1x 1 Year Forward P/ABV) valuation. We

have a BUY rating on the stock with target price of Rs284 based on sum of the parts (SOTP)

methodology where we value its standalone business at Rs239 (P/ABV of 1.6x for FY18E) and

subsidiaries at Rs45 (holding company discount: 20%).

Analyst: Kaushal Kanubhai Patel Dion Global Solutions Ltd. INH100002771 For disclosure please turn to page 32


Stock Recommendations: NTPC Limited.

Rating: Buy

NTPC is the largest power generation company in India, with an installed capacity of 47,178

MW. NTPC has major presence in the entire value chain of the power generation business,

generating electricity via hydro, nuclear and renewable energy sources. Its core business in-

cludes consultancy, power trading, rural electrification, ash utilization and coal mining.

NTPC reported 11% YoY growth in net sales to Rs18,940cr in Q1FY17 primarily led by higher

power generation. While, the gross power generation rose to 64.6 billion units (BUs) (vs. 58.7

BUs in Q1FY16) on the back of higher PLF (Plant Load Factor- a measure of average capacity

utilization), energy sent out stood at 60.3 (BUs) (up by ~11% YoY). While the PLF for its coal

based power plants increased to 81.4%, PLF for its gas based power plants declined to 26.3%

(vs. 28.5% in Q1FY16). The company earned incentive income of ~Rs1.5bn in Q1FY17 on

account of higher PLF as eight of its plants reported PLF of more than 85%.

EBITDA margin expanded by 667bps YoY to 27.3% on account of improved generation and

reduction in fuel cost. Fuel expenses as a percentage of sales declined by 630bps YoY to

~61% (vs. ~68% in Q1FY16) benefited from higher availability of domestic coal. Imported coal

consumption during the quarter reduced to 0.6 million metric tonnes (mmt) as compared to 3.9

mmt in Q1FY16. Additionally, improvement in the quality of coal by Coal India also led to lower

consumption of coal.

Notwithstanding the healthy EBITDA growth, adjusted net profit grew merely by 4% YoY to

Rs2,370cr impacted by lower other income (down 34.5% YoY) attributed to expiry of one-time

settlement (OTS) scheme. Higher depreciation and interest expenses (up 17.6% and 19.8%

respectively) also impacted overall net profit growth.

Capacity addition continues to remain robust and the management has guided for capacity

addition of ~5,648 MW in FY17E and ~6,000 MW in FY18E. Out of this, NTPC is planning to

commission solar capacity of 768MW in FY17E. For FY17, NTPC is expected to incur a capex

of Rs30,000 crore on a standalone basis. Capex done in Q1FY17 was at Rs5,538 crore for the

standalone business while for the JV capex done was Rs1,182 crore. The robust capacity

addition plan provides strong growth visibility. Hence, we expect NTPC’s sales to grow at 11%

CAGR over FY16-18E.

EBITDA margin is expected to expand by 465 bps over FY16-18E to 29% led by reduction in

fuel cost (lower coal imports) and rationalization of coal linkages. We continue to remain posi-

tive on the growth prospects of the company on the back of robust capitalization and regulated

business model. We maintain our BUY rating on the stock with a target price of Rs176 based

on 1.4x FY18E P/B.

Analyst: Abhijit Kumar Das Dion Global Solutions Ltd. INH100002771 For disclosure please turn to page 32


Stock Recommendations: Thermax Limited

Rating: Sell

Thermax Limited (TMX) is a leading energy and environment solutions provider. They offer

integrated innovative solutions in the areas of heating, cooling, power, water and waste man-

agement, air pollution control and chemicals.

For Q1FY17, TMX standalone sales declined by 20% YoY which is much below our estimate.

The revenue de-growth was led by -13% YoY decline in environment business (19% of standl.

revenues) and -20% de-growth in energy business (81% of standl. revenue). The delay in

capex revival in the core sector is creating hindrance for getting project orders to TMX. During

the quarter, environment segment order intake grew by 16% YoY aided by non policy orders.

We expect the revival some quarters away, during this period the current scenario may repeat.

We project sales to grow by 1% CAGR over FY16-18E.

Gross margin expanded 946bps YoY to 52% in Q1FY17 on lower raw material costs. EBITDA

margin was up by 10bps YoY to 7.2% despite lower revenue. On a segmental basis, Energy

EBIT margin was down by 100bps YoY to 8% and Environment EBIT margin tumbled by

310bps YoY to 3.5% due to onetime provisioning in water projects. Lower commodity prices

helped to stem a steep fall in EBITDA. We expect EBITDA margins to be 8.8% and 9.2% in

FY17E and FY18E respectively.

Despite the challenges in domestic market, the company intends to invest about Rs 450-455

crore in expanding its manufacturing centers in India as well as in international markets. TMX

is setting up a world class facility at Dahej, which will ultimately reach a capacity of 41,500

meter cube per annum. Phase-I which is expected to be commissioned by end of March 2017

will have a capacity of 11,000 meter cube per annum. This is an area where TMX have been

able to make a presence in the international markets.

Similarly, TMX is also setting up a boiler and product manufacturing facility at Indonesia. The

project was to be completed in 2017-18, however due to certain import restrictions the compa-

ny is hastening the completion of the facility in FY17 itself. The third capex plan is for building a

facility for manufacturing of absorption chillers at Sri City in Andhra Pradesh. Good part of this

will be for exports. TMX have brought 40 acres of land and recently received all the environ-

mental clearances. The total outlay for this project is Rs 150 crore which is to be completed in

18 months.

Currently there is no hint from the management regarding any significant order inflow for the

next two quarters. We factor revenue and earnings CAGR of 1% and 4% respectively over

FY16-18E. We value subsidiaries/JV business on SOTP basis at 1x time P/B and value

Thermax standalone business at 21x FY18E EV/EBITDA and arrive at a target price of Rs784

with a Sell rating.

Analyst: Antu Eapen Thomas Geojit BNP Paribas Financial Services Ltd. INH200000345 For disclosure please turn to page 32


Stock Recommendations: Bata India Limited

Rating: Reduce

Bata India Ltd (BIL) is the largest retailer and leading manufacturer of footwear in India. BIL is

part of the global footwear major Bata Shoe Organisation-BSO which has presence in over 70

countries. BIL has 5 manufacturing facilities and is present through its retail network of 1,254

stores across tier1, tier2 and tier3 cities and also through wholesalers. Going with the latest

market trends, BIL also operates an online sales division and Bata Home delivery for improving

customer loyalty. In addition, there are tie-ups with major e-commerce sites to sell its products.

BIL is present in the non-retail segment and industrial footwear sector through its wholesale

and institutional sales division to tap underpenetrated markets. Currently, retail sales contribute

~78% of revenue, while wholesale ~22%.

During Q1FY17, BIL's revenue de-grew by 1.5% YoY to Rs648cr and PAT grew at modest 7%

YoY to Rs51cr. BIL continue to face headwinds in the same store sales growth. In the margin

front, Q1FY17 EBITDA margin was flat YoY at 12.2% despite 200bps improvement in gross

margin due to higher other expenses. Subdued demand is hurting the revenue momentum and

which is likely to continue in the next quarters. Thus, we lower our FY17 and FY18 revenue

estimates by 5.6% and 7% respectively. We continue to factor raw material benefits, modera-

tion in fixed overheads, efficiency in manufacturing and workforce rationalization to benefit

EBITDA margin. However, the modest revenue momentum will impact FY17E EBITDA margin

due to higher fixed costs, hence we lowered our FY17E EBITDA margin estimates by 60bps,

while we factor 200bps EBITDA margin expansion over FY16-18E.

Competition has intensified from new entrants with the spurt in E-commerce. BIL plans to over-

come this by enhancing presence in major online platforms. But, currently only ~1.5% of BIL's

sales is through online and is unlikely to witness a significant shift in next two years. BIL plans

its future retail network expansion largely through franchise model in tier2 and tier3 cities to

bring down operational costs and increase competitiveness. Further, manufacturing up-

gradation and a proposed ERP are other strategies panning out over the long term. Supply

chain ERP is expected to reduce inventory days (from current ~200 days) and improve com-

petitiveness of retail stores. We are watchful of these shifts in strategies while we expect the

benefits would be spread out only over a longer term.

We lowered our FY17E and FY18E PAT estimates by 13% and 8% respectively post the

Q1FY17 result due to reduced outlook on revenue and margin. To factor the tepid growth mo-

mentum, we reduced our valuation to 30x on FY18E P/E and lower our target price to Rs516

with a 'Reduce' recommendation.

Analyst: Anil R Geojit BNP Paribas Financial Services Ltd. INH200000345 For disclosure please turn to page 32


Equity Fund Recommended List: September, 2016

SL No

Scheme Name Category Recommenda-

tion

1 Birla SL Frontline Equity Fund Large Cap Recommended

2 Reliance Top 200 Fund Large Cap Recommended

3 SBI Bluechip Fund Large Cap Recommended

4 Invesco India Growth Fund Large Cap Recommended

5 DSP BR Focus 25 Fund Large Cap Recommended

6 BNP Paribas Equity Fund Large Cap Recommended

7 ICICI Pru. Focused Blue chip Equity Large Cap Recommended

8 UTI Equity Fund Large Cap Recommended

9 Franklin India Prima Plus Fund Flexi cap Recommended

10 L&T India Special Situations fund Flexi cap Recommended

11 Franklin India High growth cos fund Flexicap Recommended

12 Tata Equity Opportunities Fund Flexicap Recommended

13 ICICI Prudential Value Discovery Fund Flexicap Recommended

14 ICICI Prudential Dynamic Plan Flexi cap Hold

15 Franklin India Flexicap Fund Flexi cap Recommended

16 Kotak Select Focus Fund Flexi cap Recommended

17 Tata Equity P/E Fund Flexi cap Recommended

18 Reliance Equity Opportunities Fund Flexi cap Recommended

19 Kotak Emerging Equity Fund Mid cap Recommended

20 HDFC Midcap Opportunities Fund Mid cap Recommended

21 SBI Magnum Midcap Fund Mid cap Recommended

22 BNP Paribas Midcap Fund Mid cap Recommended

23 Tata Midcap Growth Fund Mid cap Under Review

24 Canara Robeco Emerging Equity Fund Mid cap Recommended

25 Franklin India Prima Fund Mid & Small cap Recommended

26 Birla SL MNC Fund Mid & Small cap Recommended

27 HDFC Balanced Fund Balanced Recommended

28 SBI Magnum Balanced Fund Balanced Recommended

29 L & T India Prudence Fund Balanced Recommended

30 Tata Balanced Fund Balanced Recommended

31 ICICI Prudential Balanced Fund Balanced Recommended

32 HDFC Infrastructure Fund Thematic Hold

33 Canara Robeco Infrastructure Fund Thematic Recommended

34 Birla SL Infrastructure Fund Thematic Recommended

35 DSP BR T.I.G.E.R Fund Thematic Recommended

36 Reliance Pharma Fund Sector Recommended

37 Reliance Tax Saver (ELSS) Fund ELSS Recommended

38 Axis Long Term Equity Fund ELSS Recommended

39 ICICI Prudential Long Term Equity Fund ELSS Recommended

40 BNP Paribas Long Term Equity Fund ELSS Recommended


Equity Fund Model Portfolio

Aggressive Equity Portfolio Returns % as on 29.08.2016

Fund Name Category Allocation 3 month 6 Month 1 Year 3 Year 5 Year

BNP Paribas Equity Fund Large Cap 15% 5.87 22.28 6.39 23.11 17.05

ICICI Pru Focused Bluchip Fund Large Cap 15% 8.8 27.25 10.79 22.25 16.19

Frnaklin Inida Prima Plus Fund Flexi Cap 20% 6.58 24.20 10.26 29.59 18.83

HDFC Midcap Opportunities Fund Mid Cap 15% 16.89 37.61 18.61 41.82 23.98

Kotak Emerging Equity Fund Mid Cap 15% 13.11 36.55 18.62 46.07 24.36

Canara Robeco Infrastructure

Fund Theme 10% 11.65 28.84 10.31 33 14.00

Reliance Pharma Fund Sector 10% 7.08 7.69 -3.82 26.46 21.65

Portfolio Returns Portfolio 100% 9.89 27.05 10.86 31.85 19.57

Benchmark – CNX Nifty Index 5.53 23.19 7.52 16.73 11.82

Moderate Equity Portfolio Returns % as on 29.08.2016


Birla Sunlife Frontline Equity Large Cap 15% 9.38 27.89 13.15 25.45 18.04

Franklin Prima Plus Fund Flexi Cap 15% 6.58 24.2 10.26 29.59 18.83

Tata Equity Pe Fund Flexi Cap 20% 17.81 39.99 20.46 35.86 19.16

Reliance Equity Opportunites Fund Flexi Cap 20%

9.64 24.64 1.69 26.61 17.74

HDFC Midcap Opportunities Fund Mid Cap 10% 16.89 37.61 18.61 41.82 23.98


Reliance RSF Balanced Fund Balanced 10% 7.18 21.65 11.38 25.67 16.90



Conservative Equity Portfolio Returns % as on 29.08.2016


Birla Sunlife Top 100 Fund Large Cap 10% 8.96 26.62 11.55 26.02 17.87

ICICI Pru Focused Bluchp Fund Large Cap 10% 8.8 27.25 10.79 22.25 16.19

Franklin Prima Plus Fund Flexi Cap 15% 6.58 24.2 10.26 29.59 18.83

Reliance Equity Opportunites Fund Flexi Cap 15%

9.64 24.64 1.69 26.61 17.74


Reliance RSF Balanced Fund Balanced 20% 7.18 21.65 11.38 25.67 16.90

SBI Magnum Balanced Fund Balanced 20% 6.74 18 9.78 24.99 18.26




Debt Fund Recommended List: September, 2016

Recommended: Fund recommended for investment based on quantitative 'NAV' analysis and qualitative evalua-tion of the fund. Under Review : Fund is under review. We have reservations as to the future of this fund and think that any new subscriptions should be directed towards another fund in the offering until such time as our view is cleared on this fund. Hold : Fund continues to be under review. Current units could be held till any further intimation is released as to exit or buy more units of the scheme . Exit(Sell): Fund has underperformed consistently compared to the indices and/ or the peer group on risk adjusted returns parameters. Hence suggest an exit and investment in another fund.

Sl.No Scheme Name Category Status

1 Birla SL Cash Plus Liquid Fund Recommended

2 Invesco Liquid fund Liquid Fund Under View

3 L&T Liquid Fund Liquid Fund Recommended

4 Reliance Liquid-Treasury Plan Liquid Fund Recommended

5 Tata Liquid Fund - Plan A(G) Liquid Fund Recommended

6 DHFL Pramerica Low Duration Fund Ultra Short Term Fund Recommended

7 Franklin India Low Duration Fund Ultra Short Term Fund Recommended

8 UTI Treasury Advantage Fund Ultra Short Term Fund Recommended

9 SBI Savings Fund-Reg Ultra Short Term Fund Recommended

10 Birla SL Treasury Optimizer Plan Short Term Fund Recommended

11 L&T ST Income Fund-Reg Short Term Fund Recommended

12 Reliance STF Short Term Fund Recommended

13 ICICI Pru Regular Savings Short Term Fund Recommended

14 HDFC Income Fund Income Fund Recommended

15 ICICI Prudential Income Fund Income Fund Recommended

16 Kotak Income Opportunities Income Fund Recommended

17 DSP BR Income Opportunities Income Fund Recommended

18 ICICI Pru. Dynamic Bond Fund Dynamic Bond Fund Recommended

19 Axis Dynamic Bond Fund Dynamic Bond Fund Recommended

20 BNP Paribas Flexi Debt Dynamic Bond Fund Recommended

21 Birla Sunlife Dynamic Bond fund Dynamic Bond Fund Recommended

22 IDFC Dynamic Bond Fund Dynamic Bond Fund Under View

23 Sundaram MIP -Aggressive Plan Monthly Income Plan Recommended

24 SBI Magnum MIP Monthly Income Plan Recommended

25 Reliance MIP Monthly Income Plan Recommended

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Multi cap funds =(Diversification)

Mutual funds are a boon to an investor who do not understand the

market or have the time to follow the prices and want to diversify

the risk among multiple stocks. A vast majority of funds have

helped its investors by beating their respective benchmark returns

and hence investors rejoice over not spending time on stock se-

lection and frequent buy/sell transactions. Above all, risk reduction

is a key determinant in deciding to invest in a mutual fund.

Most of the MF schemes invest in more than 20-25 stocks. The

schemes are categorised as Large cap, Mid cap, Small cap, Multi

and Flexi cap, Theme funds, Sector funds etc., based on the size

of companies invested and objective of the scheme. If one were to

plot a graph comparing risk and return, Large cap funds bear the

least risk and risk increases through the categories till Sector funds which are the riskiest. Multi

cap and Flexi cap funds are the most diversified and bear average risk among the equity ori-

ented funds.

Mutual funds itself feature diversification. By choosing stocks from across market

caps and sectors, multi cap and flexi cap funds yield a diversification multiplier effect. They

feature diversification within diversification. These funds do not carry stock selection restriction

as in specific category funds where they cannot pick stocks outside the allocated basket (A top

100 fund ideally cannot pick the 101th stock into its portfolio). So the whole spectrum of listed

stocks are open before a multi cap fund manager to choose from, which in turn minimizes the

risk. Hence for a new investor, it is always recommended to start with multi cap funds. And for

any layman investor for that matter, it is advisable to invest at least 60% of their equity oriented

investments in multi cap funds.

As we have dynamic bond funds measuring the expertise and ability of a fund manag-

er in the debt category, multi cap fund managers confront the most challenging task of outper-

forming the market beta returns by building the right allocation mix across market caps. The

following table depicts an interesting statistic of SIP returns of a few Multi cap and Large cap

funds over the past 10 years. The top positions are held by prominent multi cap schemes of

the market.

Vijayananda Prabhu, Investment Analyst

2

SIP Return %

SL No Scheme Name Category 3 year 5 year 10 year

1 ICICI Pru Value Discovery Fund(G) Multi cap 21.88 24.98 21.15

2 Kotak Select Focus Fund(G) Multi cap 21.22 22.03 18.15

3 Tata Equity P/E Fund(G) Multi cap 24.85 23.47 17.22

4 ICICI Pru Focused BlueChip Eq Fund(G) Large Cap 14.78 16.74 16.54

5 Franklin India Prima Plus Fund(G) Multi cap 20.05 21.08 16.44

6 DSPBR Focus 25 Fund-Reg(G) Large Cap 18.99 18.61 15.89

7 Birla SL Advantage Fund(G) Multi cap 25.11 24.60 15.68

8 Birla SL Frontline Equity Fund(G) Large Cap 17.44 19.27 15.68

9 Franklin India Flexi Cap Fund(G) Multi cap 17.75 19.91 15.61

10 UTI Equity Fund(G) Large Cap 16.46 18.05 15.36


Mutual Fund Performance of Schemes

Equity :Large Cap Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

SBI Bluechip Fund - Growth 14-Feb-06 5000 31.73 13.63 28.83 19.75

DSP BlackRock Focus 25 Fund - Growth 10-Jun-10 1000 19.15 10.97 27.79 14.45

Reliance Top 200 Fund - Growth 08-Aug-07 5000 25.23 6.44 26.59 17.26

Birla Sun Life Top 100 Fund - Growth 24-Oct-05 1000 47.03 11.55 26.02 17.87

Birla Sun Life Frontline Equity Fund - Reg - Growth 30-Aug-02 1000 179.93 13.15 25.45 18.04

Invesco India Growth Fund - Growth 09-Aug-07 5000 24.91 8.68 24.95 16.22

UTI Equity Fund - Growth 20-Apr-92 5000 110.25 8.99 24.78 16.92

SBI Magnum Equity Fund - Growth 01-Jan-91 5000 82.78 13.01 24.07 15.76

Kotak 50 - Reg - Growth 04-Feb-03 5000 185.16 8.99 23.85 14.61

HDFC Top 200 - Growth 11-Sep-96 5000 361.82 10.38 23.79 14.15

BNP Paribas Equity Fund - Growth 23-Sep-04 5000 70.70 6.39 23.11 17.05

Reliance Focused Large Cap Fund - Growth 28-Mar-06 5000 24.71 3.63 22.85 15.75

Franklin India Bluechip - Growth 01-Dec-93 5000 385.58 10.51 22.56 14.41

DHFL Pramerica Large Cap Fund Fund - Growth 21-Jan-03 5000 134.04 7.96 22.46 14.64

ICICI Pru. Focused Bluechip Equity Fund-Ret-Growth 23-May-08 5000 31.66 10.79 22.25 16.19

Equity -Flexi Cap Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

L&T India Value Fund - Reg - Growth 08-Jan-10 5000 27.81 12.61 36.94 23.50

Tata Equity P/E Fund - Reg - Growth 29-Jun-04 5000 101.88 20.46 35.86 19.16

ICICI Prudential Value Discovery Fund - Growth 16-Aug-04 1000 123.61 8.96 35.79 23.39

Birla Sun Life Advantage Fund - Growth 24-Feb-95 1000 343.46 16.65 34.93 19.69

Franklin India High Growth Companies Fund - Growth 26-Jul-07 5000 31.62 9.05 34.74 23.12

Birla Sun Life Equity Fund - Growth 27-Aug-98 1000 562.28 17.54 33.41 20.04

SBI Magnum Multi Cap Fund - Growth 29-Sep-05 1000 37.39 16.52 32.13 19.94

SBI Magnum Multiplier Fund - Growth 28-Feb-93 5000 172.73 11.98 30.71 18.79

Franklin India Opportunities Fund - Growth 21-Feb-00 5000 61.13 9.98 30.03 16.74

Kotak Select Focus Fund - Reg - Growth 11-Sep-09 5000 26.00 13.62 29.73 19.72

Reliance RSF - Equity - Growth 08-Jun-05 500 57.55 7.83 29.63 16.66

Reliance Growth - Growth 08-Oct-95 5000 878.24 9.15 29.62 17.20

Franklin India Prima Plus - Growth 29-Sep-94 5000 484.10 10.26 29.59 18.83

ICICI Pru. Exports and Other Services Fund - Growth 30-Nov-05 5000 48.35 0.85 29.55 25.78

HSBC India Opportunities Fund - Growth 24-Feb-04 10000 70.94 13.54 29.11 17.04

Franklin India Flexi Cap Fund - Growth 02-Mar-05 5000 66.36 7.76 28.97 18.02

ICICI Prudential Multicap Fund - Growth 01-Oct-94 5000 230.87 14.21 28.71 18.64

Reliance Vision - Growth 08-Oct-95 5000 453.80 5.63 28.44 13.70

HDFC Capital Builder Fund - Growth 01-Feb-94 5000 220.03 11.86 28.31 17.00

DSP BlackRock Opportunities Fund - Reg - Growth 16-May-00 1000 171.60 16.37 28.18 17.19

DSP BlackRock Equity Fund - Reg - Growth 07-Jun-07 1000 30.14 11.63 27.29 14.72

HDFC Equity Fund - Growth 01-Jan-95 5000 489.91 8.63 26.71 14.81

Reliance Equity Opportunities Fund - Growth 28-Mar-05 5000 74.91 1.69 26.61 17.74

Kotak Opportunities Fund - Reg - Growth 09-Sep-04 5000 91.33 11.21 26.43 17.38

Templeton India Growth Fund - Growth 10-Sep-96 5000 205.32 10.16 25.88 14.94

Tata Equity Opportunities Fund - Reg - Growth 25-Feb-93 5000 163.83 10.50 25.66 17.59

BNP Paribas Dividend Yield Fund - Growth 15-Sep-05 5000 37.57 8.62 25.55 16.57

HDFC Premier Multi - Cap Fund - Growth 06-Apr-05 5000 44.01 4.50 25.52 10.61

L&T India Special Situations Fund - Reg - Growth 22-May-06 5000 36.91 4.62 25.28 17.38


Mutual Fund Performance of Schemes Contd...

Equity Mid & Small Cap Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

DSP BlackRock Micro Cap Fund - Reg - Growth 14-Jun-07 5000 50.52 23.40 55.30 28.53

Reliance Small Cap Fund - Growth 16-Sep-10 5000 28.77 16.66 49.31 26.63

HSBC Midcap Equity Fund - Growth 19-May-05 10000 43.79 12.56 46.87 21.19

Franklin India Smaller Companies Fund - Growth 13-Jan-06 5000 46.81 22.29 46.75 29.25

Sundaram SMILE Fund - Reg - Growth 15-Feb-05 5000 77.06 12.60 46.35 22.61

Kotak Emerging Equity Scheme - Reg - Growth 30-Mar-07 5000 30.91 18.62 46.07 24.36

UTI Mid Cap Fund - Growth 07-Apr-04 5000 89.89 10.93 44.91 24.89

SBI Magnum Midcap Fund - Growth 29-Mar-05 5000 69.05 16.98 44.84 26.34

Birla Sun Life Pure Value Fund - Growth 27-Mar-08 5000 46.00 20.51 43.87 24.03

DSP BlackRock Small and Midcap Fund - Reg - Growth 14-Nov-06 1000 43.35 18.25 42.42 21.19

Sundaram Select Midcap - Reg - Growth 30-Jul-02 5000 403.01 17.11 42.36 22.72

HDFC Mid-Cap Opportunities Fund - Growth 25-Jun-07 5000 44.68 18.61 41.82 23.98

Kotak Midcap Fund - Reg - Growth 24-Feb-05 5000 61.66 17.39 41.36 21.36

ICICI Prudential MidCap Fund - Growth 28-Oct-04 5000 75.30 6.22 41.17 21.22

L&T Midcap Fund - Reg - Growth 09-Aug-04 5000 99.97 13.03 40.72 22.92

Franklin India Prima Fund - Growth 01-Dec-93 5000 783.33 19.35 40.59 25.47

Reliance Mid & Small Cap Fund - Growth 26-Dec-06 5000 37.84 15.94 39.80 21.94

Birla Sun Life Mid Cap Fund - Plan A - Growth 03-Oct-02 1000 249.29 14.88 39.49 20.21

Tata Mid Cap Growth Fund - Reg - Growth 01-Jul-94 5000 108.90 6.10 39.02 21.79

Invesco India Mid N Small Cap Fund - Growth 17-Mar-08 5000 38.59 10.07 37.35 22.06

Equity Tax Planning Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

Reliance Tax Saver (ELSS) Fund - Growth 21-Sep-05 500 49.38 12.05 36.54 21.02

Axis Long Term Equity Fund - Growth 29-Dec-09 500 32.84 6.38 33.46 22.33

Birla Sun Life Tax Relief 96 - Growth 06-Mar-08 500 23.60 10.74 30.92 19.12

DSP BlackRock Tax Saver Fund - Growth 18-Jan-07 500 37.26 16.70 30.55 20.09

Invesco India Tax Plan - Growth 29-Dec-06 500 38.59 10.32 30.38 18.10

Birla Sun Life Tax Plan - Growth 03-Oct-06 500 29.69 10.11 29.85 18.55

Tata India Tax Savings Fund - Reg - Dividend 31-Mar-96 500 68.49 15.28 29.19 18.57

Franklin India Taxshield - Growth 10-Apr-99 500 462.41 9.86 29.09 18.64

L&T Taxsaver Fund - Reg - Growth 18-Nov-05 500 29.55 15.88 29.02 16.43

ICICI Pru. Long Term Equity Fund (Tax Saving) - Reg -

Growth 19-Aug-99 500 297.97 11.89 28.07 18.78

Kotak Taxsaver - Reg - Growth 23-Nov-05 500 33.55 9.27 28.06 15.67

HSBC Tax Saver Equity Fund - Growth 05-Jan-07 500 29.09 8.70 27.74 17.71

Equity Index Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

HDFC Index Fund - Sensex Plus Plan 17-Jul-02 5000 372.30 7.59 18.15 12.54

HDFC Index Fund - Nifty Plan 17-Jul-02 5000 76.56 8.31 17.61 12.35

ICICI Prudential Nifty Index Fund - Reg - Growth 26-Feb-02 5000 82.64 8.00 17.55 12.31

UTI Nifty Fund - Growth 14-Feb-00 5000 54.80 8.64 17.49 12.29

Birla Sun Life Index Fund - Growth 18-Sep-02 5000 84.69 7.90 16.84 11.71

Franklin India Index Fund - NSE Nifty Plan - Growth 26-Mar-04 5000 68.36 7.84 16.80 11.94

Tata Index Fund - Nifty Plan - Reg 25-Feb-03 5000 51.33 7.74 16.51 11.83

LIC MF Index Fund - Nifty - Growth 06-Dec-02 5000 47.78 7.20 16.47 11.73

SBI Nifty Index Fund - Growth 17-Jan-02 5000 73.05 7.90 16.43 11.67

HDFC Index Fund - Sensex Plan 17-Jul-02 5000 242.16 7.03 15.96 12.10

Tata Index Fund - Sensex Plan - Reg 25-Feb-03 5000 67.90 6.19 14.80 11.15

LIC MF Index Fund - Sensex - Growth 06-Dec-02 5000 52.19 5.10 14.42 11.11



Infrastructure Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

Franklin Build India Fund - Growth 04-Sep-09 5000 32.21 12.97 40.60 25.13

L&T Infrastructure Fund - Reg - Growth 27-Sep-07 5000 12.13 13.08 35.70 15.18

Kotak Infrastructure & Economic Reform Fund - Reg

- Growth 25-Feb-08 5000 17.24 13.20 35.46 13.98

HDFC Infrastructure Fund - Growth 08-Jan-08 5000 16.14 3.56 33.37 10.22

Canara Robeco Infrastructure Fund - Growth 02-Dec-05 5000 40.43 10.31 33.00 14.00

Birla Sun Life Infrastructure Fund - Plan A - Growth 17-Mar-06 1000 27.74 8.86 32.45 14.15

Sundaram Infrastructure Advantage Fund - Reg -

Growth 29-Sep-05 5000 26.71 6.53 31.03 6.78

DSP BlackRock India Tiger Fund - Reg - Growth 11-Jun-04 1000 74.76 8.88 30.92 13.68

Tata Infrastructure Fund - Reg - Growth 31-Dec-04 5000 47.22 11.63 30.29 11.03

Balanced Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Year

Return %

Last 3 Year

Return %

Last 5 Year

HDFC Balanced Fund - Growth 11-Sep-00 5000 120.42 11.88 28.14 17.10

HDFC Prudence Fund - Growth 01-Feb-94 5000 410.12 10.90 27.01 15.11

Tata Balanced Fund - Reg - Growth 08-Oct-95 5000 183.82 8.72 26.63 18.37

Franklin India Balanced Fund - Growth 10-Dec-99 5000 100.32 10.97 25.83 16.71

Reliance RSF - Balanced - Growth 08-Jun-05 1000 44.01 11.38 25.67 16.90

ICICI Prudential Balanced - Growth 03-Nov-99 500 103.87 14.44 25.65 18.01

Birla Sun Life Balanced 95 - Growth 10-Feb-95 1000 634.64 14.74 25.64 16.57

L&T India Prudence Fund - Reg - Growth 07-Feb-11 5000 21.26 8.93 25.63 17.87

DSP BlackRock Balanced Fund - Growth 27-May-99 1000 122.86 12.92 25.39 14.49

SBI Magnum Balanced Fund - Growth 09-Oct-95 5000 103.95 9.78 24.99 18.26

Canara Robeco Balance - Growth 01-Feb-93 5000 122.89 10.77 24.09 15.65

ICICI Prudential Balanced Advantage Fund - Reg -

Growth 30-Dec-06 5000 28.49 10.11 20.54 15.85

Arbitrage Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 3 months

Return %

Last 6months

Return %

Last 1 year

IDFC Arbitrage Plus Fund - Reg - Growth 09-Jun-08 5000 17.66 8.97 8.27 6.67

HDFC Arbitrage Fund - WP - Growth 23-Oct-07 5000 19.02 7.09 7.02 6.50

ICICI Prudential Equity - Arbitrage Fund - Reg -

Growth 30-Dec-06 5000 20.99 7.30 7.14 6.45

Kotak Equity Arbitrage Fund - Reg - Growth 29-Sep-05 5000 22.62 7.07 6.96 6.41

Invesco India Arbitrage Fund - Growth 30-Apr-07 5000 19.46 6.92 6.85 6.27

DHFL Pramerica Arbitrage Fund - Reg - Growth 27-Aug-14 5000 11.53 6.71 6.85 6.24

UTI Spread Fund - Growth 22-Jun-06 5000 21.37 7.01 6.85 6.24

Reliance Arbitrage Advantage Fund - Growth 14-Oct-10 5000 16.19 6.96 6.86 6.20

IDFC Arbitrage Fund - Reg - Growth 21-Dec-06 5000 20.03 6.83 6.76 6.18

Birla Sun Life Enhanced Arbitrage Fund - Growth 24-Jul-09 1000 16.31 6.98 7.08 6.17

L&T Arbitrage Opportunities Fund - Reg - Growth 30-Jun-14 5000 11.65 6.85 6.63 6.16

SBI Arbitrage Opportunities Fund - Growth 03-Nov-06 5000 20.71 6.66 6.68 5.92



MIPs Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return % Last

1 Year

Return %

Last 3 Year

Return % Last

5 Year

Birla Sun Life MIP II - Wealth 25 - Reg - Growth 22-May-04 1000 33.94 14.50 18.71 13.40

HDFC MIP - LTP - Growth 26-Dec-03 5000 39.11 11.51 16.26 11.10

ICICI Prudential MIP 25 - Growth 30-Mar-04 5000 34.41 11.25 15.90 12.02

UTI - MIS - Advantage Fund - Growth 16-Dec-03 1000 34.67 10.47 15.36 11.24

Kotak Monthly Income Plan - Reg - Growth 02-Dec-03 5000 26.61 12.86 15.12 11.13

Franklin India MIP - Growth 28-Sep-00 10000 48.79 10.74 14.87 11.55

Reliance MIP - Growth 29-Dec-03 5000 36.86 8.99 14.50 11.09

SBI Magnum MIP - Growth 09-Apr-01 5000 34.45 12.24 13.89 11.11

HSBC MIP - Savings Plan - Growth 24-Feb-04 5000 31.98 8.86 13.68 10.83

Birla Sun Life Monthly Income - Reg - Growth 14-Jul-99 1000 60.09 10.90 13.58 9.99

Birla Sun Life MIP II - Savings 5 - Reg - Growth 01-May-04 1000 30.30 11.95 13.49 10.84

HDFC Multiple Yield Fund - Plan 2005 - Growth 17-Aug-05 5000 27.54 9.78 13.45 10.23

ICICI Prudential MIP - Cumulative 10-Nov-00 5000 42.63 8.71 13.45 10.36

SBI Magnum MIP - Floater - Growth 21-Dec-05 5000 23.09 10.56 13.40 11.21

IDFC Monthly Income Plan - Reg - Growth 25-Feb-10 5000 18.40 9.31 13.19 11.14

Income Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return % Last

1 Year

Return %

Last 3 Year

Return % Last

5 Year

Sundaram Flexible Fund - Flexible Income - Reg -

Growth 30-Dec-04 5000 22.14 10.72 12.41 8.30

ICICI Prudential Income Opportunities Fund - Growth 18-Aug-08 5000 22.06 10.42 11.96 9.72

ICICI Prudential Income Fund -Growth 09-Jul-98 5000 49.83 12.33 11.90 9.28

HDFC Income Fund - Growth 11-Sep-00 5000 36.50 12.92 11.83 9.32

Axis Income Fund - Growth 30-Mar-12 5000 14.98 10.31 11.42 --

Kotak Bond Scheme - Plan A - Reg - Growth 25-Nov-99 5000 45.17 11.99 11.07 9.68

Franklin India Dynamic Accrual Fund - Growth 05-Mar-97 5000 53.59 9.67 11.05 9.14

Birla Sun Life Income Plus - Reg - Growth 21-Oct-95 5000 71.02 11.80 10.78 9.27

UTI Bond Fund - Growth 04-May-98 1000 46.96 10.25 10.74 9.62

Reliance Income Fund - G P - Growth 01-Jan-98 5000 51.34 11.61 10.71 9.06

Franklin India IBA - Growth 23-Jun-97 10000 53.88 7.82 10.62 9.91

Tata Income Fund - Reg - Growth 28-Apr-97 5000 48.32 9.83 10.50 9.42

Tata Income Plus Fund - Reg - Growth 11-Nov-02 5000 24.45 9.39 10.26 9.01

DSP BlackRock Bond Fund - Growth 29-Apr-97 1000 49.72 10.55 10.24 8.77

LIC MF Bond Fund - Growth 09-May-99 5000 42.89 9.09 10.09 8.22

Gilt Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return % Last

1 Year

Return %

Last 3 year

Return % Last

5 year

ICICI Prudential Gilt Fund - Investment - PF - Reg -

Growth 19-Nov-03 5000 31.70 14.07 13.68 10.04

Birla Sun Life GPPFP - Reg - Growth 12-Oct-99 1000 44.15 14.70 13.39 11.31

HDFC Gilt Fund - L T P - Growth 25-Jul-01 5000 32.92 14.56 13.33 10.23

SBI Magnum Gilt LTP - Growth 30-Dec-00 5000 34.50 11.85 13.18 11.29

Franklin India GSF - LTP - Growth 07-Dec-01 10000 37.73 13.69 13.07 9.46

Franklin India GSF - Composite Plan - Growth 21-Jun-99 10000 53.71 13.34 12.98 9.30

Reliance G Sec Fund - Growth 22-Aug-08 5000 20.71 13.34 12.93 10.63

ICICI Prudential Long Term Gilt Fund - Growth 19-Aug-99 5000 54.65 14.42 12.80 9.88

BNP Paribas G Sec Fund - Growth 02-May-13 5000 13.81 12.83 12.21 --

Tata Gilt Securities Fund - Reg - Growth 06-Sep-99 5000 46.17 10.75 11.93 9.92

Kotak Gilt - Investment Regular Plan - Growth 29-Dec-98 5000 54.58 13.17 11.91 10.27

Birla Sun Life G Sec Fund - LT - Reg - Growth 28-Oct-99 1000 47.30 12.46 11.83 10.13

UTI Gilt Advantage Fund - L T P - Growth 21-Jan-02 5000 34.08 10.80 11.79 10.13

IDFC G-Sec Fund - PF Plan - Reg - Growth 29-Mar-04 5000 27.27 11.62 11.67 11.19

DHFL Pramerica Gilt Fund - Growth 27-Oct-08 5000 17.40 11.27 11.59 9.02



Short Term Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 3 Month

Return %

Last 6 month

Return %

Last 1 year

Kotak Flexi Debt Scheme - Plan A - Reg - Growth 27-May-08 5000 20.05 18.58 16.49 12.21

ICICI Prudential Banking & PSU Debt Fund - Reg -

Growth 01-Jan-10 5000 17.84 14.90 15.58 11.18

DHFL Pramerica Medium Term Income Fund - Reg -

Growth 06-Mar-14 5000 13.24 16.03 16.00 10.94

Birla Sun Life Short Term Opportunities Fund - Reg -

Growth 24-Apr-03 1000 26.10 14.53 14.13 10.54

ICICI Prudential Blended - Plan B - Option I - Growth 31-May-05 5000 23.59 13.08 13.87 10.37

ICICI Prudential STP - Growth 25-Oct-01 5000 32.49 13.25 13.48 10.11

HDFC HIF - S T P - Growth 06-Feb-02 5000 31.17 14.64 13.90 10.05

L&T Short Term Income Fund - Reg - Growth 04-Dec-10 10000 16.47 11.34 10.99 9.72

Reliance Short Term Fund - Growth 18-Dec-02 5000 29.55 12.00 11.71 9.45

UTI Short Term Income Fund - IP - Growth 18-Sep-07 5000 18.97 12.22 11.15 9.45

DHFL Pramerica Short Maturity Fund - Growth 21-Jan-03 5000 28.39 11.70 11.47 9.38

ICICI Prudential Corporate Bond Fund - Growth 15-Sep-04 5000 24.17 13.07 12.87 9.34

SBI Short Term Debt Fund - Growth 27-Jul-07 5000 18.05 11.02 11.18 9.23

Kotak Bond Short Term Plan - Reg - Growth 02-May-02 5000 29.46 12.10 11.68 9.19

DHFL Pramerica Banking and PSU Debt Fund -

Growth 08-Mar-13 5000 13.59 11.13 11.60 9.17

Ultra Short Term Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return %

Last 1 Month

Return %

Last 3 month

Return %

Last 6 month

L&T Banking and PSU Debt Fund - Reg - Growth 12-Sep-12 5000 13.83 12.68 12.85 10.77

Kotak Banking and PSU Debt Fund - Reg - Growth 29-Dec-98 5000 35.16 9.81 11.89 10.90

Franklin India Low Duration Fund - Growth 26-Jul-10 10000 17.49 9.90 10.64 11.05

Birla Sun Life Floating Rate Fund - LTP - Reg -

Growth 24-Mar-09 5000 190.02 10.09 10.62 11.09

Reliance Medium Term Fund - Growth 14-Sep-00 5000 32.65 8.92 10.19 10.32

Birla Sun Life Savings Fund - Reg - Growth 15-Apr-03 5000 304.79 8.64 9.85 10.44

HDFC F R I F - STF - WP - Growth 23-Oct-07 5000 27.04 8.06 9.70 9.83

Franklin India Ultra Short Bond Fund - Super IP -

Growth 18-Dec-07 10000 21.13 9.06 9.68 10.08

ICICI Prudential Flexible Income Plan - Reg - Growth 27-Sep-02 10000 297.10 8.41 9.63 9.95

ICICI Prudential Savings Fund - Growth 18-Nov-05 5000 233.18 8.77 9.59 9.98

HDFC Cash Mgmt Fund - Treasury Advantage - Ret

- Growth 18-Nov-99 5000 32.91 8.30 9.47 9.51

IDFC Ultra Short Term Fund - Reg - Growth 17-Jan-06 5000 22.02 8.13 9.39 9.89

Liquid Funds Data as on 29.08.2016

Scheme Inception

Date

Min

Amount

NAV

29.08.2016

Return % Last

1 week

Return %

Last 2 week

Return % Last

1 month

Invesco India Credit Opportunities Fund - Growth 28-Aug-09 5000 1785.76 6.83 6.89 7.05

DHFL Pramerica Insta Cash Plus Fund - Growth 04-Sep-07 5000 202.67 6.93 6.95 7.02

Kotak Floater - ST - Reg - Growth 14-Jul-03 5000 2561.39 7.02 6.95 7.02

Tata Money Market Fund - Reg - Growth 01-Sep-04 5000 2456.03 6.97 6.98 7.01

ICICI Prudential Money Market Fund - Reg - Growth 08-Mar-06 5000 215.80 6.97 6.96 7.00

Birla Sun Life Cash Plus - Reg - Growth 29-Mar-04 1000 250.63 7.05 6.96 6.99

Franklin India TMA - Super IP - Growth 04-Sep-05 10000000 2333.61 7.01 6.94 6.99

HSBC Cash Fund - Growth 01-Jun-04 5000 1555.60 6.89 6.90 6.99

ICICI Prudential Liquid - Reg - Growth 18-Nov-05 5000 230.98 6.93 6.95 6.99

Invesco India Liquid Fund - Growth 17-Nov-06 5000 2147.02 6.94 6.95 6.99

UTI Money Market - IP - Growth 10-Jul-09 5000 1747.47 6.91 6.90 6.99

UTI-Liquid Cash Plan - IP - Growth 10-Dec-03 10000 2555.09 7.01 6.97 6.99

BNP Paribas Overnight Fund - Growth 02-Sep-04 5000 2395.66 6.96 6.92 6.98

Reliance Liquid Fund - TP - Growth 09-Dec-03 100 3802.73 6.89 6.91 6.98

DSP BlackRock Liquidity Fund - IP - Growth 23-Nov-05 1000 2230.18 6.93 6.93 6.97


Olympic lessons for the Stock Investor

# Olympic Lesson 1: Interpretation may be wrong, but

RESEARCH is still usable.

'The Olympics and Economics' report by Goldman Sachs says “A country is more likely to produce world class athletes in a world-class environment”. Based on this they predicted eight medals, including one gold medal, for India. So, while they may have got their prediction wrong, its basis still looks credible. In fact the top-pers in the all-time Olympic game medal table are the US, Russia, Great Britain, Germany, China etc. which are all economic power-houses.

Stock predictions go wrong, rarely because the entire research process went wrong, but usually because of incorrect interpretation. It means, the insights from the research are still usable for further investment decisions.

#Olympic Lesson 2 : WINNING is important.

Dipa Karmakar captured the nation’s imagination for a variety of reasons. She chose to pursue gymnastics, a sport that was least explored in India, mastered Produnova, a vault of high risk and complexity, and finished fourth at the Olympics. She is our hero, and her journey was inspiring, and should make it to Bollywood someday. But, howsoever badly we would want to romanticise this, and without taking away anything from her achieve-ment, the fact remains that she still fell short of winning a medal.

During stock market investments too, there can be exhilarating moments at times …the joy of picking a multibagger, taking the risk, seeing the stock soar, averaging… et al. But for all such experiences, an investment is judged by the returns it gives. And for that, just like winning in a sport, one need to get several things right like, stock selection, allocating enough capital, waiting patiently, and entering and exiting at appropriate time.

# Olympic Lesson 3: COMPARISONS give perspective.

Surprised that India sent 118 athletes to Rio, its largest ever contingent to an Olympics? Well, Australia, which has a population of Mumbai, sent 422 and China, 416! Sad that India’s final tally of 2 medals fell awfully short of the expected 12? Australia was also sad that it finished only at the 10th place with eight gold as against expectation of winning 13 gold medals and finishing at the 7th place!! Do you think Leander Paes’ seventh Olympics appearance was a stretch? Then, what will you make of Oksana Chusovitina, a 41 year old Uzbek gymnast who has competed in every Olympics since 1992?

Similarly, stock selection techniques using parameters like PE, ROE, EBITA, debt, or re-sistance, support etc. will not be complete unless such parameters are compared with that of industry or peers.

#Olympic Lesson 4: If you can't predict, you should DIVERSIFY.

P.V. Sindhu, the silver medallist’s match was watched by a record 17 million TV viewers, Sakshi Malik won us a bronze, Dipa Karmakar’s fourth position inspired India to pursue a new sport, and Aditi Ashok left her mark in golf. And none of these were hot favourites at the start. Imagine the situation, if we had sent only the favourites?

In stock investments too, it is difficult to predict which stock is going to be a multi bagger, or which industry would get adversely affected. So, it is important to have stocks repre-senting different sectors in your portfolio.

Anand James, Chief Market Strategist


ANDHRA PRADESH Branches: Ananthapur: 08554-274507, 08, 09, 09393222966, Bhimavaram: 08816-221014,15, 09396221014, Chirala: 08594-233627, 628 , 629, 09391151071, Chittoor - Andhra Pra-desh:08572-233971, 72, 9396503632,Gajuwaka Main Road: 0891-2549347, 48, 49, 09393925961: Governorpet: 0866 - 2578084,86, 87, 09346841411, Guntur: 0863-2331063, 64, 65, 6533775, 76, 09346697094, Kadapa:08562-245773, 74, 75, 76, Kakinada: 0884 - 2344491, 92, 93, 9392333039, Kurnool: 085818-228831, 32,33, 08008993217, Nandyal: 08514-225987, 88, 89, 09346682244, Narasaraopet:08647-223134, 35, 36, 38, 9396272677, Nellore: 0861-2311697, 2311712, 735, 736, 9347112168, Ongole: 08592 222010, 11, 12, 09959022564, Rajahmundry: 0883-2448635, 36,37, 9396418771, Station Road – Kavali: 08626-244104, 5, 6, 7, 09393239991, Tenali: 08644 -220120, 450, 221860, 840, Tirupati: 0877 - 2220882, 84, 2220879, 8008238872, Vijayanagaram: 08922 - 220163,4, 5, 09346220829, Vijayawada: 0866-6647995, 98, 09346623964,Visakhapatnam: 0891 - 2717351, 52, 53, 09391288980.

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

BIHAR

Branches: Patna: 0612-2216842, 43, 44, 45, 7091099399 GOA Branches: Margao: 0832 2712696, 693, 2736576, 09326112251 GUJARAT

Branches: Ahmedabad – Motera: 079- 23298586, 87, 23294323, 09377642325, Ahmedabad-Shahibaug: 079- 22862522,23,22862535,09377625885, Ahmedabad –Ambavadi: 079-40024925, 40024926,26441410, 26441425,09327974007, Anand: 02692-246931,34,32,33, 09375769982, Bharuch: 02642-226998, 858, 807, Jamnagar: 0288-2553369 , 0288-2553370,028,

Junagadh: 2620386, 9974092324, Karelibaug– Vado-dara: 0265 -2780541, 2780542, 2780543, 9377579787, Navsari: 02637- 233472,233473, 233474,233475; 09375769980, Rajkot - Moti Tanki Chok: 0281-2464573, 2464574,2464575,

Surat - Empire State Bldg: 09327974008, 2343276, 3263392,Vadodara - R C Dutt: 0265-2324586, 2354326, 2354091, 2351795, 09376222590, Valsad :02632 - 245901,

245902, 245904, 09377501506

Business Associates: Keshav Baug: 09898088987; Mehsana: 02762-220314, 02762- 223594,

02762-220708,09824434378, 09925938517; Vadodara - Sarabhai Compound: 0265

2336720 /21 /23 /24

HARYANA

Branches: Faridabad: 0129-4142250, 0129-4142251, 0129-4142252,09312199172, Gurgaon: 011

-2566238, 4105747, 4257712, 2566240, 2566239, 9910025558 JAMMU & KASHMIR Branches: Jammu: 2474163, 2474164,9906069423

PAN - INDIA OFFICE NETWORK


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, 09341124272, Banashankari: 080-26690875, 26690401, 26691241, 9591996180, Bangalore: 080 40429999, 40984621, 40984070, 9341980773, Basavangudi: 080 - 26676121, 26676181, 26611243, 26676141, 09980114690, BC Road: 08255 230767, 230769, 9343350687, Belgaum: 09342209326, 2402128, 2402131, 2402156, 2422153, 2422154, Bellary: 08392 – 255393, 94, 95, 09342682887, Bhatkal: 08385 224062, 224063, 226482,226483, 09741329922, Bidar: 08482-222652, 53, 54, 07483185238, Bijapur: 08352-242714, 242715, 242716, 240407 ,240408,9343583006, Chickmagalur: 08262 234892, 93, 94, 233564, 230418, 09343574542, Chitradurga: 08194 223254, 74, 221270, 71, 09342311341, Davangare: 08192 253671, 08192253575, 08192 253576, 7338461961, Dharwad: 0836 2790031, 2790032, 2790033, Frazer Town: 080 25564350,080 25564351,080 25564352, 09341238420, Gadag: 09342808978, 274550, 274551, 274552, 252550, 250250, Gulbarga Town: 08472-272940, 08472-272941,9379844033, HAL Airport Road: 080 25231243, 25231286, 25231254, 09341051088, Hassan: 08172 233609, 610, 233652, 7760686146, HSR Layout: 080-25723451, 52, 53, 9341225709,Hubli: 0836 2353371, 72, 73, Indiranagar: 080 25252831, 32, 25252823, 25252841,09343706936, Jayanagar: 080-26530311,12, 13, 14, 15, 16, 17, 09343706746, Koramangala:080 - 25503462, 25500232, 25503273, 41303691, 9343706783, Majestic: 080 22340067, 68,09341114190, Malleswaram: 080 23360981, 23360982, 23360983, 23360984, 329666, 09343706756, Mangalore: 0824 2444531, 2426158, 2446024, 2441535, 2441542, MangaloreCity: 0824 2221434, 2221435, 2223881, 2223873, Mercara: 08272 221671 221672 220672 220441, 07022255332, Mysore –Saraswathipuram: 0821-2344816, 2344817, 2344818, 2344819, 09342183451, Mysore - V V Mohalla: 0821 2516519, 2415050, 2519309, 2517719,Raichur: 08532 226925, 226926, 226927, 09379059007, Rajaji Nagar: 080-23109739, 23109745, 09341805767, Rajara-jeshwari Nagar: 080 28606326, 28606327, 09108028854, Shimoga: 08182 271905, 08182 271901, 225597, 09343310824, Tumkur: 0816 – 2285651, 52, 53, 09379222011, Udupi Town: 0820 2527689, 2528689, 2529689, 09740189922, Whitefield: 08028456665, 08028455082, Mob :

9663125104, 9663125104

Business Associates: Ankola: 08388 – 232353, 232255, 232455, 231522, Banashankari BDA

Complex: 080 26715410, 26715460, 09379337789, 9972099978, BTM Layout – Bangalore:080

41506462, 63, 09845730404, Channarayapatna: 08176 - 252161, 09242461911,

09242624222, 09964428384, Gangavati: 08533 234406, 07, 09916136294, 09916134294, Gulbar-

ga: 9448477078, 08472 324613, Honavar: 08387 221804, 9342901959, 9972191924, Haveri -

Shivajinagar: 08375 233363,8861308596; Ilkal: 09901903375, 08351-271494, Jalahalli Cross:

080 41228351, 40903157, 40903149,09886718394, Jayanagar 9th Block: 080 41301711,

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, 298285, 09449801285, 09447395057 R T Nagar:

115, Sarjapur Road: 080-32416886, 28440711,

28440712, 9886483496, 9845294327 , Udupi: 0820 4295656, 4295894, 9845314134,

9916314944,Vidyaranyapura – Bangalore: 080 23646724, 41626004, 9448052835, Vijaya-

nagar: 080-65307761, 65307554, 23204282, 093410 66950, Yelahanka: 08041538197,

28561934,32928009, 08088038009.


KERALA Branches: Alapuzha: 0477 2252605, 2252607, 2264853,9995800090, Alwaye: 0484 2630568, 3200898, 2630796, 2621205, 2620445(Dir), 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 Changa-nacherry: 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, In-fopark – 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, Kolench-ery: 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, Mattancher-ry: 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, 04, 9995800074, Pala: 0482 - 2210471, 2211071, 2216245, 46, Palakkad: 0491- 2544576, 2544580, 2544571, 9995800054, Palakkad - Stadium Byepass Road: 0491-2533312, 2533313, 9995800070, Pala- rivattom: 0484 2334208, 2348111, 2533390, Pathanamthitta: 0468 2326243, 2326244, 2228486, 2270172, Payyan-nur : 04985 201901, 02, 03, 9995800147, Piravom: 0485 2243388, 2243988, 9995800041, Pon-nani: 0494-2664907, 2664919, 2666808, 9995800073, Sulthan Bathery: 04936 226175, 227411, 224151, 9995800119, Talasserry: 0490 2344511, 2344512, 2344513, 9995800094, Tech-no Park – Thiruvananthapuram: 9995800068, 0471 2527635, 636, Thamarasseri: 0495 2225425, 26, 27, 9995800117, Thiruvalla: 0469 2604455, 2634425, 3206887, 2607305, 2636051, Thiru-vananthapuram: 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, Vadakencher-ry: 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,

236050, 231611, 9746111187.

Business Associates: Adoor: 04734- 220940, 226307, 9447560081, 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- 2457545, 3295001, 9447971343, Cherpu: 0487 2343494, 9446542494, 9895245201, Cher-pulassery -Trichur: 0466 2284054, 2284550, 94473 80233, 9447939434, Cherthala: 0478-


2811877, 9447089891, Cherupuzha: 04985- 240145, 240132, 9495097923, Civil Station Calicut: 0495-2371116, 3253303, 9249122799, Elamakkara: 0484 - 4020969, 2340969, 9497668001, Ernakulam – Kadavanthara: 0484- 2324366, 9496305566, Ettumanur: 0481-2531924, 2531925, 9142051267, Haripad: 0479- 2410960, 2410961, 9645090257, Irinjalakuda – Chan-thakunnu: 0480- 2533390, 9744400661, Iritty: 0490 - 2494522, 2494523, 9447721122, 9447290050, Kakkanad: 0484- 2428353, 2428354, 9447125354, Kalamassery: 9995824886, 9744793339 , 9895013589, Kaloor – Katrikadavu: 0484 3200525, 9847325023, Kalpetta: 04936 204670, 205452, 205771, Kanhangad: 0467 2209322, 2209625, 2207878, 2207910, 9447086822, 9495986822, Kannur Town: 0497 2701570, 9400501571, 9446337789, 9656107789, 8891965789, Karukachal: 0481 2486529, 9447087229, 9446516529, Karunagappally: 047- 2622192, 2620139, Kattappana - Ozhukayil Complex:04868- 274977, Kizhakkambalam: 0484- 2684632, 2684628, 9446062562, Kodakara: 0480-2622502, 9072741633, 9995695469, Kodungallur: 0480- 2808298, 99, 9447259640, Konny: 0468- 2340701, 3290368, 2248883, 9447074708, Koonammavu: 0484 2512919,6512919, 9567652919, 9446135128, Koothattukulam: 0485- 2250461, 2881272, 9745050642, Kothamangalam: 0485- 2824023, 2828874, 2827401, 9447267063 Kottarakara: 0474- 2452166, 2450244, 9446556148, Kottayam - Star Junction: 0481- 2561926, Koyilandy: 0496 - 2620099, 8086161216, Ko-zhencherry: 0468- 2210083, 2210641, 8606012179, 9847314385, Kumbanad: 0469- 2663474, 9847365760, Kunnamkulam-Harvest: 04885- 210762, 210412, 210449, 655505, 655506, Ku-risumood:0481- 2728034, 2728033, 2728035, 09447087229, Manarcad – Kottayam: 0481- 2371267,9946832777, Manjapra: 0484 2692544, 9446128473, Mannarkkad: 04924-225556, 225656, 9745005638, 9745006238, Mavelikara: 0479-2340353, 3291522, 9447971343, Mukkam: 0495- 3159877, 2298467, 9846297894, Muvatupuzha: 0485-2833501, 2834026, 2832269, 9847221711, Nemmara: 04923 244220, 244340, 9496838029, 9847263902, North Irinjalakuda: 0480- 2825031, 90200 59370, 94462 32417 North Paravur: 0484- 3290887, 3260887, 4062023, 9349124767, Ottappalam: 0466 - 2247702, 2247703, 2249554, 2249664, Pala - Ambady Com-plex: 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, 9349835356, Ravipuram: 0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thalip-aramba: 0460- 2204632, 2208794, 2204357, 09249992448,Thaliparamba Bazar: 0460- 2204437, 9846994444, Thiruvankulam: 0484- 3000228, 9447164942, 9605109990, Thodupuzha: 0486- 2225263, 2229561, 2229562, 2227232,Thriprayar: 0487 2394545, 3242535, 9567699419, Thrissur – Kuriachira: 0487- 2252307, Thrissur - M.G.Road:

Thrissur - Pallikulam Road:0487- 2440457, 3254514, 9847946972, Thris-sur Ambaloor: 0480-2757226, 2757227, 32911,9387828851, Thrissur- East Fort: 0487- 2426507, 9446576505, Thrissur Harvest: 0487- 2330071,72, 2330496, 6555502, 504, 9249443022, Tirur: 0494- 2431943, 9995894699, 2420414, 2420124, Tripunithura: 0484- 2778828, 6519157, 9447083130, 9447708726, Trivandrum – Kumarapuram: 0471- 4064164, 8606168833, 8606005722, 8606005733, 8606005755, Trivandrum – Sasthamangalam: 0471- 3010405, 9946996002, Trivandrum, East Thampanoor: 0471- 4060329, 3021229, 7293786987, 9633200329, Vadanappilly: 0487- 2604321, 2601116, 2604737, 9495462737, Vaikom: 04829- 223674, 9447011244, Vatakara: 0496-2513241, 2523496, 09995177955, Vazhakkala: 0484- 2428599, 2428799, 9995808140, Vengara: 0494- 3215353, 9995894599, Wadakanchery: 04884-

232250, 329450, 236050, 954884232250 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: 09301403266, 0761-2481002, 2481003, Rewa: 07662- 254166, 254167, 254168, 09303439311, Sagar - Civil Lines: 9893101067, 0758 2227405, 2227406, 2227407, Ujjain: 0734 - 4071528,4061853, 4061674.


Business Associates: Khandwa: 0733 - 2223822, 2225822, 9685036222 MAHARASHTRA

Branches: Ahmednagar: 024- 2452360, 2452362, 2452363, 2452364, 7028919036, Andheri East: 022-30082222, 23, 24, 25, 26, 27, 28, 29, 09323104455, Andheri West: 022 26239300, 26200188, 26200154, 26239200, 09323814937, 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, Goregaon: 022 - 28425880, 28423455, 28428548, 9322880135, Jal- gaon: 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: 022 26193813, 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, 09320822655, Pune Camp: 020-26332985, 26332986, 26332987, 9325503023, 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, Ulhasna-gar: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, 09323108856, Thane West: 093239 59119, 25308077, 25308766, 25862810. NEW DELHI

Branches: Connaught Place: 011-43598491, 92, 93, 96, 97, 98, 47340415, Ja-nakpuri: 9958599262, 45508972, 45508973, Kondli: 011 22610450, 22610451,22610453, 22610452, 09310491138, 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, 09350344499. Business Associates: Lajpat Nagar: 011-46504139, 32682650, Old Delhi: 011-32466655,23827408, South Delhi: 42603017, 42603033. ORISSA

Branches: Berhampur: 0680 2221094, 2221093, 2221092, 09338437956, Bhubaneshwar – Janpath: 0674 2573351, 2380551, 2380940, 09337001821, Cuttack: 0671-2314500, 01, 02,09583625732, Rourkela: 0661 2500099, 2500089, 2500059, 9337243034, 9853398432, Sam-balpur: 0663 - 2541669, 2540189, 2541860, 2541830, 09337017219.

PUNJAB Branches: Amritsar: 0183-5002901, 02, 03, 04, 10, 9317550333, Bhatinda: 0164-2237147, 48, 50, 51, 5006486, 09357705566, Chandigarh: 0172-5046120, 21, 22, 23, 24, 25, 27, Jalandhar: 0181-


5030046, 5030043, 44, 09356555540, Ludhiana: 09317772226, 0161-5099223, 24, 26, 28, 33, 37, Patiala: 602, 603, 604, 605, 606. 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, 09351517114, Kota: 0744-2365400, 01, 02,0 7073695666, Sikar: 0157-2271234, 251065, 66, 9950330666, Udai-pur: 0294-2421485, 86, 87, 9928599282.

TAMIL NADU

Branches: Adayar: 044 24422890, 91, 93, 42054296, 07358771601, Anna -26193932 - 36, 9382140258, Anna Nagar – Madurai: 0452 - 2521036, 2521037, 2521038, 2521039, 09952423244, Ashok Nagar: 044 23701025, 23701068, 23701217, 7358771602,Avadi: 044-26375382, 26375391, 26375394, 29035441, 07358065761, Blue Star Anna Nagar: 04426161580, 79, 78, 77, 09381388980, Chengelpet: 044 27429894, 27429895, 27429896, 09381446444, Chennai - T Nagar: 044 24353930, 24353931, 24353933, 42033891, Chidam- baram: 04144-225158, 223060, 223071, 9366672555, Coimbatore: 0422 2222005, 2220718, 2222115, 4351295, 09360322027, Coonoor: 0423 2232572, 2221847, Deva-kottai: 09364270444, Dharmapuri- Coimbatore: 04342-267411, 267412, 267413, 9345297659, Din- digal: 0451 2434871, 2434971, 2434870, 2434972, 093602 25463, Egmore: 044 28194015, 16,17, 7358771603, Erode: 0424 2241144, 2241155, 2241119, 2264994, 2214470, 2214480, Erode Brough Road – Coimbatore: 0424 2226001, 02, 09345298225, George Town: 044 25354564, 25354565, 25354566, 25354567, 09840694951, Gobichettipalayam: 04285- 227242, 227243, 227245, 9363211161, Guindy: 044 22201655, 22201656, 22201657, 09381470005, Hni Chennai: 044-26404435, 36, 9382692004, Hosur: 04344-246828, 246829, 246830, 80, 81, 82, Kanchipuram: 044 27231315, 27231316, 27231317, 09363307787, Karur: 04324 - 260965, 260966, 260241, 260739, 324001, 9367138895, Karur 2: 04324 233993, 233994, 234993, 234999, Karur 3: 04324 231991, 231992, 231994, 09344001767, Krish-nagiri: 04343-237186, 237187, 237188, 09345040541, Kumbakonam: 0435 - 2400953, 2400954, 2403094, M C Road – Royapuram: 044-25955282, 91, 42872879, 08144062710, Ma-durai -K K Nagar: 0452 2584612 , 2584613, 09345213784, Marthandam: 04651-273775, 205281, 272733, 08754121214, Mayiladuthurai: 04364 222036, 86, 96, 227177, 9344022825, Metha Nagar - Nelson Manickam Road: 09360218188, Mettuppala-yam: 04254 225725, 225677, 225645, 225669, 09364638999, Mettur: 04298 242236, 8242238, 8242249, 09364363642, Mint Street – Sowcarpet: 044-25205333, 25205344, 25205358, 2520536, 09840013165Nagercoil: 04652 234425, 234426, 320922, 09360314712, Namakkal: 04286 274205, 274206, 274207, 09361829444, Neyveli: 04142-251060, 251061, 251062, 09344986500, Nungambakkam: 044 28211056, 58, 59, 9385344449, Perambur: 044 25518831, 25518832, 33, 09363134311, Pudukkottai: 04322-228920, 228922, 228927, 320300, 9345297774, R.A Puram-Chennai: 044 24362059, 069, 089, 09381101190, Ra- japalayam: 04563 223105, 6, 7, 09344045225, Ramanathapuram: 0422- 2310656, 2310671, 2317765, 9363262776, Ramnagar: 0422 2234319, 2234321, 2236576, 2236577, Salem: 0427 - 2336801, 2336802, 2336803, 2336804, 9362123621, Sivakasi: 227162, 227163, 9677670552, Srirengam-Trichy: 0431 2437006, 2437007, 2437008, 9364483000, T.Nagar (Internet Trading - It): 044 - 28344925 , 42170091, Thanjavur: 04362-274996, 274992, 274993, Theni: 04546 -250561, 250859, 250285, Thiruvallur: 09380001017, 27662577, 27662522, Tiruchengode: 04288-250057, 250067, 250072, 09791666130, Tirunel- veli: 0462 – 2503306, 07, 09367165858, Tiruvannamalai: 04175 251067, 251068, 04, 09345175688, Tnagar Usman Road: 044 24352070, 71, 72, 7358771606, Town Hall – Coim- batore: 0422 - 2301457, 2301458, 09363109486, Trichy: 0431-2767521, 2766621, 2766276, 3299014, 09345124915, Trichy 2: 0431- 2710627, 2710637, 2710647, 09360179991, Trichy 3 – Cantonment: 0431-2414115, 2414116, 09363284848, Vadapalani: 044 23652234, 23652235, 23652238, 7358771609, Velachery - South Chennai: 044 22440755, 22440756, 22440239, 22450236, 22440317, 9380540446, Vellore: 0416 2256133, 233, 433, 7358771608, Ve-pery: 044 - 26411430, 26411431, 26411432, Villupuram: 250027, 251262, 250037, Virudhunagar: 04562 -246611, 246612, 246613, 246614, 9345223737.


Business Associates: Adambakkam: 9500005802, 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, Madurai East: 0452 - 4379861, 8807216311, Mylapore: 044 42074441, 42088275, 42088274, 09940085959,Nandanam: 044 42640436, 8012760119, Nanganallur: 044 22249943, 22249944, 43588446, 9840366171, Parrys: 044 25250070, 25249924, 25242922, 09940673388, Pondi-chery: 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: 09391055688, 27132872, 27132873, 27132874, Ameerpet –Hyderabad: 040 23414686, 23414687, 23414689, 09959022567, Banjara Hills: 040 23391418, 23391419, 23391420, 23370117, Begum Bazar: 040 - 24650438, 24650439, 24650609, 09394596644, Dilsukh Nagar: 040 - 23447691, 23447692, 23447693, 09346623769, 23447692, 23447693, Habsiguda: 040 40165414, 40165415, 9392988880, 09985641159, Hitech City – Hyderabad: 040 - 23115026, 23114826, 23114821, Hyderabad - Himayat Na- gar: 091-040-23220316, 23220318, 09399999900, 23220329, 23220327, Karimnagar – Hyder- abad: 0878 - 2233073, 2233074, 2234073, 2234074, 9347902061, Khammam: 08742-222240, 222250, 222260, 09393223424, Kukatpally: 040-66665291, 92, 93, 09515107528, Mahbub Nagar: 08542 221256, 221257, 221363, 07673959992, Mehdipatanam: 09395121751, 23521740, 23521750, 23521751, Nizamabad: 9392517766, 08462 220009, 220016, 220030, P G Road Secunderabad: 040-27892465, 27892466, 27892467, 27892468, 9346581118, San- thosh Nagar: 040-24532981, 24532982, 24532973, 24532974, 09347616868, Warangal – Hyderabad:

0870 2447145, 2447146, 2447147, 09959022566. UTTAR PRADESH Branches: Agra: 0562 2525916, 2525875, 2525873, Allahabad: 0532-2260473, 2260474, 09956295252, Bareilly: 2510664, 2510876, 09956295253, Dehradun: 0135 2711859, 2711854, 2650816, 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 - 3930500, 3930501,3930502, 2332876, 09956295257, Lucknow: 0522-2629824, 2629826, 2629827, Lucknow Park Road: Ph: 0522-410370, 4072191, 4007123, 9519385522, Meerut: 0121-4032101, 4032102, 4032103, 9897514979, Moradabad: 5912410350, 5912410380, Noida: 91, 93, 4340744, 745, 09958698298, 9810068936, Vaisha- li: 0120-4162545, 4162546, 4162547, 4162548, 4162549, 9560377411, Varanasi: 0542 - 2222828, 2222829, 2222830, 09956342346. 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, 09339308800, Siliguri: 0353 2541789, 2789, 3789, 08585075633, Tegoria: 033-40647873, 40647874, 09831891765.


General Disclosures and Disclaimers CERTIFICATION: We, Antu Eapen Thomas and Anil R, authors of this Report, hereby

certify that all the views expressed in this research report reflect our personal views about any or all of the subject issuer or securities. This report has been prepared by the Research Team of Geojit BNP Paribas Financial Services Limited, hereinafter referred to as GBNPP.

COMPANY OVERVIEW: Geojit BNP Paribas Financial Services Limited (hereinafter

GBNPP), a publically listed company, is engaged in services of retail broking, depos-itory services, portfolio management and marketing investment products including mutual funds, insurance and properties. GBNPP is a SEBI registered Research Entity and as such prepares and shares research data and reports periodically with clients, investors, stake holders and general public in compliance with Securities and Ex-change Board of India Act, 1992, Securities And Exchange Board Of India (Research Analysts) Regulations, 2014 and/or any other applicable directives, instructions or guidelines issued by the Regulators from time to time.

DISTRIBUTION OF REPORTS: This document is not for public distribution and has

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GENERAL REPRESENTATION: The research reports do not constitute an offer or

solicitation for the purchase or sale of any financial instruments, inducements, promise, guarantee, warranty, or as an official confirmation of any transaction or contractual obligations of any kind. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment deci-

sion. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or com-plete and it should not be relied on as such. We have also reviewed the research report for any untrue statements of material facts or any false or misleading infor-mation. While we endeavor to update on a reasonable basis the information dis-cussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

RISK DISCLOSURE: GBNPP and/or its Affiliates and its officers, directors and employees

including the analyst/authors shall not be in any way be responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Investors may lose his/her entire investment under certain market conditions so before acting on any advice or recommendation in these material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This report does not take into account the specific investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this document. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved). The

FUNDAMENTAL DISCLAIMER

We have prepared this report based on information believed to be reliable. The recommen-dations herein are based on 12 month horizon, unless otherwise specified. The investment ratings are on absolute positive/negative return basis. It is possible that due to volatile price fluctuation in the near to medium term, there could be a temporary mismatch to rating. For reasons of valuations/return/lack of clarity/event we may revisit rating at appropriate time. The stocks always carry the risk of being upgraded to buy or downgraded to a hold, reduce or sell. The opinions expressed are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. This report is non-inclusive and does not consider all the information that the recipients may consider material to investments. This report is issued by GBNPP without any liability/undertaking/commitment on the part of itself or any of its entities. We may have issued or may issue on the companies covered herein, reports, recommendations or information which is contrary to those contained in this report. The projections and forecasts described in this report should be evaluated keeping in mind the fact that these are based on estimates and assumptions and will vary from actual results over a period of time. The actual performance of the companies represented in the report may vary from those projected. These are not scientifically proven to guarantee certain in-tended results and hence, are not published as a warranty and do not carry any evidentiary value whatsoever. These are not to be relied on in or as contractual, legal or tax advice. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.

JURISDICTION

The securities described herein may not be eligible for sale in all jurisdictions or to all catego-ries of investors. The countries in which the companies mentioned in this report are orga-nized may have restrictions on investments, voting rights or dealings in securities by nation-als of other countries. Distributing/taking/sending/dispatching/transmitting this document in certain foreign jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Failure to comply with this restriction may constitute a violation of any foreign jurisdiction laws. For-eign currencies denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. Investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume currency risk.

REGULATORY DISCLOSURES:

GBNPP’s Associates consists of privately held companies such as Geojit Technologies Pri-vate Limited (GTPL- Software Solutions provider), Geojit Credits Private Limited (GCPL- NBFC Services provider), Geojit Investment Services Limited (GISL- Corporate Agent for Insurance products), Geojit Financial Management Services Private Limited (GFMSL) and Geojit Financial Distribution Private Limited (GFDPL), (Distributors of Insurance and MF Units).In the context of the SEBI Regulations on Research Analysts (2014), GBNPP affirms that we are a SEBI registered Research Entity and in the course of our business as a stock market intermediary, we issue research reports /research analysis etc that are prepared by our Research Analysts. We also affirm and undertake that no disciplinary action has been taken against us or our Analysts in connection with our business activities. In compliance with the above mentioned SEBI Regulations, the following additional disclosures are also provided which may be considered by the reader before making an investment decision: 1. Disclosures regarding Ownership*: GBNPP confirms that: (i) It/its associates have no financial interest or any other material conflict in relation to the subject company (ies) covered herein. (ii) It/its associates have no actual beneficial ownership greater than 1% in relation to the subject company (ies) covered herein.

Further, the Analyst confirms that: (i) he, his associates and his relatives have no financial interest in the subject company (ies) covered herein, and they have no other material conflict in the subject company. (ii) he, his associates and his relatives have no actual/beneficial ownership greater than 1% in the subject company covered 2. Disclosures regarding Compensation: During the past 12 months, GBNPP or its Associates: (a) Have not received any compensation from the subject company; (b) Have not managed or co-managed public offering of securities for the subject company (c) Have not * received any com-pensation for investment banking or merchant banking or brokerage services from the subject company. (d) Have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company and is in receipt of compensation from the subject company.” (e) Have not received any compensation or other ben-efits from the subject company or third party in connection with the research report (f) The subject company is / was not a client during twelve months preceding the date of distribution of the re-search report. 3. Disclosure by GBNPP regarding the compensation paid to its Research Analyst: GBNPP here-by confirms that no part of the compensation paid to the persons employed by it as Research Analysts is based on any specific brokerage services or transactions pertaining to trading in secu-rities of companies contained in the Research Reports. 4. Disclosure regarding the Research Analyst’s connection with the subject company: It is af-firmed that we, Antu Eapen Thomas and Anil R Research Analysts of GBNPP have not served as an officer, director or employee of the subject company 5. Disclosure regarding Market Making activity: Neither GBNPP/its Analysts have engaged in market making activities for the subject company. Please ensure that you have read the “Risk Disclosure Documents for Capital Market and Deriva-tives Segments” as prescribed by the Securities and Exchange Board of India before investing.

Web link for General Disclosures and Disclaimers (For SBI and NTPC)

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