October 5, 2017 Issu (19.5x26cm,4Colour,CMYK) Oct 2017.pdfTata Equity P/E Fund(G) HDFC Mid-Cap Opportunities Fund(G) ... Geojit Investment Services Limited 34/659- P, Civil Line Road,

October 5, 2017 Issu (19.5x26cm,4Colour,CMYK)

| EXECUTIVE EDITOR’S NOTE |

October 5, 2017 I Geojit Insights I 3

It does matter whether it’s

‘Black or White’

Michael Jackson’s famous song ‘Black or White’ tells us:

“But if you are thinking about my baby

It don’t matter if you are black or white”

Well, it doesn’t matter whether people are black or white. People are precious; the colour of the skin doesn’t matter. But when it comes to the colour of money, this famous Michael Jackson thought doesn’t apply. In India, going forward, the colour of money will matter hugely. Black money will find it extremely diffi-cult to hide. This has huge implications for investors.

The Indian economy is currently going through some major resets. GST, Real Estate Regulation Act, Insol-vency and Bankruptcy code, Benami Property Acquisi-tion Prevention Act, Aadhar-linked Direct Benefit Transfer and the crack down on black money are poli-cies and programs that can cleanse the system sub-stantially. The courage of conviction of the government and the power of data analytics can facilitate this cleansing. These reforms have the potential to trans-form the economy in the medium to long-term. The financial culture and tax compliance standards of Indi-ans will not change overnight; but will certainly improve significantly, going forward. Investment of black money in real estate and gold would decline progressively paving the way for increasing investment in transpar-ent financial securities like stocks, debt instruments and mutual funds. This will turn out to be a long-term structural trend, which is likely to get entrenched. The black economy will shrink substantially and the white transparent transactions will expand in a big way.

Some fundamental economic undercurrents are at play accelerating this process. One is the synchronized global economic recovery coupled with the absence of any major trouble spots in the global economy. With the exception of an unpredictable North Korea, there are no major trouble spots, which can unleash nega-tive global economic consequences. This means, gold is unlikely to emerge as a major ‘safe haven buy’ in the short to medium-term. Barring unforeseen events, gold

is unlikely to witness a bull run in the short to medium term. Even though the cultural preference of Indians for the yellow metal will continue, gold is unlikely to be an attractive asset class for investment for the medium term.

The second factor is the steady decline in inflation and the consequent down trending of interest rates. Bank FDs are likely to remain unattractive for long. This will further facilitate flows into the capital markets. Thirdly, RERA and the imminent reforms in land transactions, which would make Aadhar compulsory for land regis-trations, will render investment of unaccounted money in real estate almost impossible. Appreciation in real estate prices, going forward, will be low and commen-surate with normal demand. Artificial demand generat-ed by black money and speculation will disappear.

Direct tax rates in India are fair and reasonable. Tax breaks on investment in stocks and mutual funds are big advantages. As the present trend of increasing financial literacy gathers momentum, more money will flow into the capital market. Clean money flowing into the market augurs well for investors and the economy at large.

This issue of Geojit Insights carries interesting articles on the market and the economy. Apart from the cover story on the major trends in the mutual fund industry and other articles from in-house experts, this issue carries articles from stalwarts of the markets – Nilesh Shah, MD of Kotak AMC and Chirag Setalvad, Senior Fund Manager of HDFC AMC, plus the ‘Smart Talk’ with Taher Badshah, CIO of Invesco Asset Manage-ment.

Enjoy the feast!

Dr.V . K. Vijayakumar


C ontents

12. Market Outlook Chirag Setalvad, Senior Fund Manager HDFC Mutual Fund

20. Smart Talk Taher Badshah, CIO (Equities) Invesco Asset Management (India) 26. Exclusive: Economy and the markets under the lens Nilesh Shah, MD Kotak Mahindra Asset Management

TECH TALK

42. Selfie Classic

30. Equity Fund Recommendations

32. Debt Fund Recommendations

34. Funds in the limelight

38. SIP Focus

40. Model Portfolio

INVESTOR GYAN

GUEST COLUMN

06. Economy: leading indicators signal mild growth

recovery - Dr. V. K. Vijayakumar

08. Corporate profitability to resume soon... this could

be the edge to go higher - Vinod Nair

14. Know your options - Anand James

16. Trends in mutual fund industry: long-term

investors benefit - Sriram BKR

22. Indian consumption story intact…but valuation is

high - Anil R

28. Stock Recommendations

Triveni Turbine Ltd.

PI Industries

AARTI Industries Ltd.

RBL Bank Ltd

44. Fund Focus: October, 2017

Aditya Birla SL Top 100 Fund(G)

ICICI Pru Focused Bluechip Equity Fund(G)

IDFC Focused Equity Fund-Reg(G)

Tata Equity P/E Fund(G)

HDFC Mid-Cap Opportunities Fund(G)

OUR VIEWS

16.

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.: 01 | Issue: 09 | October 05, 2017

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– 682 035 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 subsidiary of Geojit Financial Services Ltd., (formerly known as Geojit BNP Paribas Financial Services Ltd.) Total Number of Pages: 52 pages (including cover) RNI NO: KERENG/2017/72534 Geojit Team: Writers: Dr. V. K. Vijayakumar, Executive Editor Vinod Nair, Head Research Anand James, Chief Market Strategist Sriram BKR, Head Product-Distribution Fundamental Research: Antu Eapen Thomas, Thomas V Abraham, Anil R, Vincent K A Investment Advisory: Jeevan Kumar K C, Vijayasri Kaimal, Vijayananda Prabhu, Ranjith V M Copy Desk: Elizabeth V, Sankar Ramachandran, Jyothi Radhakrishnan Art: Ashik Basheer, Sajan Jose, Anoop Mathew Registered Office: 34/659 - P, Civil Line Road, Padivattom, Kochi - 682024, Kerala, India.

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Will GST sound the death knell for the informal economy? What will be its effects on the economy?

The informal economy will be severely impacted by GST; but it will not die. The informal economy in manufacturing will be severely impacted since the tax arbitrage on which they thrived will largely disappear. They will have to invoice all transactions, failing which they will not get input tax credit. Some players will move up the chain and become formal players. Those who can’t survive without tax arbitrage will die. Informal players with turnover of up to 20 lakhs a year are exempt from GST and therefore these small players will continue in trade. Also, we should not underestimate the power of economic agents to circumvent the law through ingenious means. Some players will operate beyond the confines of law and survive.

Mayank Jain, Bengaluru

Is it wise to continue to invest in FMCG even in a slowing economy?

FMCG in a developing economy like India is a growth industry. It is both a defensive and growth sector. The performance of the large firms in the indus-try has been impressive over the years. Their brands provide the moat for these firms. Therefore, they are ideal investment bets. This is the reason why their valuations are always rich. Regarding "investing in FMCG in a slowing economy”, it is important to note that slowdown is temporary. The market is huge and the growth potential is enormous.

Vishakha, Nasik

I went through Insights and must say it is a very useful document for an investor, you have painstakingly compiled data for the investor, greatly sim-plifying investment decision making.

Cdr. Ranjive Nair (Retd), Email

Having read your Insights. Such a nice magazine. Worth reading it. All the best for the entire team members of Insights.

Soby Joseph, Email

Stock markets discount the future. If the earnings being discounted by the market fail to materialize, there can be sell-offs leading to sharp market corrections. Sometimes, the market gets it wrong. There is a major concern in the market presently: Is the market over optimistic about growth and earnings recovery?

September 5, 2017 I Geojit Insights I 6

ECONOMY: LEADING INDICATORS SIGNAL MILD GROWTH RECOVERY

THE SLUMP IN GROWTHThe first quarter FY 2018 GDP growth rate which came in at 5.7% was a shocker. It was expected that there would be a minor recovery in the growth rate after the demonetiza-tion-induced slump of the last quarter of FY 2017. The dip in manufacturing growth to a mere 1.2% brought the growth rate crashing down. Going by the present trends, the actual growth rate for FY 2018 would fall far short of the RBI’s projection of 7.3% and is likely to be somewhere near the lower band of Chief Economic Advisor’s growth projection of 6.75% to 7.5%. In the short-term, achieving the fiscal deficit target of 3.2% of GDP would be challenging. Job genera-tion, tax revenue buoyancy and public expenditure programs depend on revival of growth. So the relevant questions are: Why is growth slowing down? When will growth revive?

THE BOOM YEARSLet us look at the issue from a longer time horizon. During 2003-11, India’s GDP grew by a record 8.4%. The Great Recession of 2008 didn’t impact India much. The Indian economy staged a ‘V’ shaped recovery after the minor dip in 2008-09. It is important to note that the benign global economic environment of 2003-07 facilitated fast growth in all Emerging Markets. The record global growth of 4.5% during this period was a rising tide lifting all boats. Sustained export growth of above 20% annually aided India’s high GDP growth rate during those boom times.

THE DOWNTURNThe Great Recession of 2008, the European debt crisis of 2010 and 2011, the ‘Taper Tantrums’ of 2013, the commodi-ty crash of 2014 and Brexit impacted the global economy severely and pulled down the growth of Emerging Markets too. International trade slumped impacting exports. India too was impacted. India’s growth rate for the 7-year period 2011-17 is only 6.65%. Is this sub 7 % growth rate a new normal for India?

The sharp revival of growth in India during 2009-11 was aided by unprecedented fiscal and monetary stimulus. The savage cut in interest rate by the RBI and the massive fiscal stimulus including farm loan write-offs, which aided the ‘V’ shaped recovery, led to high level of inflation, which threat-ened to get entrenched. This forced the RBI to tighten the monetary policy; and the government was forced to cut down on public expenditure to achieve fiscal consolidation.

Monetary tightening and fiscal consolidation impacted growth. The economy started slowing down and deficiency of demand constrained private capex. With capacity utiliza-tion in manufacturing at around 70%, private investment dried up. The second half of FY 2017 was impacted by demonetization.

The slump in the first quarter 2017-18 growth was mainly caused by the dip in manufacturing growth to 1.2%. This was largely due to the destocking impact triggered by GST. Destocking by traders led to poor orders for manufacturers, which, in turn, impacted manufacturing. This can be expect-ed to reverse in the second quarter. An unknown factor is the impact of demonetization and GST on the unorganized sector. If the impact turns out to be worse than expected, growth recovery will take more time.

DISCONNECT WITH GLOBAL GROWTHThe present downturn in the Indian economy has come at a time when global growth is recovering. If global growth continues to improve and the domestic growth continues to falter, that would be a serious concern. Normally, improving global growth provides the tailwind for higher domestic growth through recovery in exports. Present indications are that the growth slump is a temporary blip caused by the impact of demonetization and GST related disruptions. Perhaps, this tepid growth may linger for one more quarter after which recovery will be sharp. Already, there are signals indicating recovery.

LEADING INDICATORS SIGNALING RECOVERYSome leading indicators suggest that growth is recovering. For instance, automobile sale, which is regarded as a significant leading indicator, is picking up strongly. Automo-bile sale in August is an all-time high. Passenger vehicles, commercial vehicles and two wheelers have posted impressive double-digit growth. Another major positive indicator is the turn around in exports, which have recov-ered to 10.29% in August from 3.94% in July. If this trend in auto sales and exports sustains in the coming months, that would augur well for recovery in GDP growth in the second half of FY 2018. Hopefully, GST related disruptions too would be behind us soon. Of late, capacity utilization in manufacturing has improved from 71% to 74%, which is a positive signal. It appears that even though the target of 7.3% growth for FY 2018 would be missed, economic recovery is on the cards. Earnings recovery might begin with Q3 or Q4 of FY 2018 with a sharp recovery in FY 2019.

Dr. V . K. Vijayakumar

In August we had a mild consolidation wherein main indexes like Nifty50 corrected by 5%, Nifty-Midcap by 8.5% and Nifty-Smallcap by 12%. Some important factors that led to this correction were: increased geo-political tension (Korean Peninsula and India-China stand-off in Doklam), a dismal start to FY18 corporate results led by much below financial numbers for the first quarter than anticipated and crack-down by SEBI on shell companies.


CORPORATE PROFITABILITY TO RESUME SOON... THIS COULD BE THE EDGE TO GO HIGHER

Vinod Nair

TODAY'S HICCUP COULD BE A THRESH-OLD TO GO BEYOND 10,000...Nifty was finding it difficult to conclusively cross beyond the 10,000 level, but surely it will attempt it again. Throughout the year global market has been doing well and India has been outperforming strongly due to the hope that economic growth will expand led by transform-ative economic policies.The recent underperformance in the last one to two months had put the investors into a quest to know whether this weakness is likely to contin-ue in the future also. Since India was helped a lot by the strong global trend, we should first understand the recent global wave. Global market was recently impacted by increased tensions between US and N-Korea, and Hurricane Harvey in the US. But we believe that none of these factors can impact the global market in the long-term. There are some ongoing issues, which can impact the outlook of the global market like BREXIT, FED rate hike and lack of reforms from Trump. Having said that, there are no signs till date that might ignite any of these issues higher and impact the liquidity of the global market. The latest speeches by FOMC chair assure that the mone-tary policy of FED is unlikely to be changed very soon and impact the low cost money market of the world. Hence unless a change happens to any of the three issues, global trends will remain intact on the long-term, provided any distortion in the short-term is due to premi-um valuation (US is trading at high valuations) and adverse reduction in FED banking assets.

DOMESTIC INFLATION IS COMING BACK GIVING HOPE FOR A PICKUP IN GROWTH...Post this consolidation, Nifty has crossed the magic number of 10,000 again but as it nears the all time high, volatility emerges. Investors were a bit cautious ahead the announcement of Q1 GDP numbers, which came much below expectation at 5.7%.Despite the weak number compared to 7.9% on a YoY basis, the market edged towards the positive side due to good monthly data like auto-sales and manufacturing on a MoM basis. Calmness in the India-China border issue also helped the market. Importantly, good tax collection under GST and the government being ahead of the target regarding the number of tax payers and the amount of tax collect-ed, provided hope that economic growth will uptick from hereon post the hiccup from Demon, GST and slow-down in export growth. Investors are expecting a reaction from the government to uplift the growth and focus on the long-term benefit of GST than transitory setbacks.

The recent economic data like CPI, WPI and IIP were also encouraging, in a sense like a revival in the earnings growth in future.

From a decade low of 1.46%, CPI has inched higher to 2.36% in July and 3.36% in August. Industrial activity also increased to 1.2% in July from -0.2% in June. On a very positive note, WPI increased from 0.90% in June to 1.88% in July and 3.24% in August. A moderately high WPI is lucrative for corporates to grow their businesses and profitability. It is anticipated that WPI will go beyond 3.2% - 3.7% over the next 1 to 2 quarters, whereas RBI is targeting CPI at 4.0% by the end of March 2018.

India CPI, WPI and IIP (% YoY)

Source: Bloomberg, Geojit Research

-1%

0%

1%

2%

3%

4%

5%

6%

Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17

IIP WPI in tion

India - Net foreign In�ow (Equity + Debt + FDI) , INR/ US dollar

Source: Bloomberg, Geojit Research *as on 18th September 2017

68.5

64.1*

0.013

0.0135

0.014

0.0145

0.015

0.0155

0.016

0.0165

0.017

0.0175

(10,000)

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

Net Foreign in�ow (Equity+ Debt + FDI) Rs cr. INR/ US dollar


MARKET OUTLOOK

Chirag Setalvad Senior Fund Manager, HDFC Mutual Fund

As an investment team, our broad focus is on stock specific portfolio creation with an emphasis on quality and understandability and an effort to restrict large losses. At the same time, we are extremely mindful of valuation in order to deliver capital appreciation on a consistent basis.In equities, we strongly believe that patience gets rewarded over a period of time. Especially, at a time when valuation are not very attractive, one has to have a longer time horizon. Secondly, trying to time the market amid volatility would be a futile exercise. Systematic Investment Plans are a great way of participating in the market as they help tide over short term volatility inherent in the equity markets.

To summarize, equity market have lagged nominal GDP growth for several years now. Markets are trading at FY20E PE of ~16.1x and FY20E PE of ~14.2x, which are reasonable, especially given the low interest rates. Earnings outlook is improving with improvement in operating margins, lower inter-est rates, peaking NPA’s and higher metal prices. Any volatility in the short term driven by bunching of new issuances in September / October or by international events should be used to their advan-tage by long term investors. In our opinion there-fore, there is merit in increasing allocation to equities (for those with a medium to long term view) and to stay invested.

Post the recent rally, market valuations have become more demanding, particularly of mid caps. However, large cap valuations remain in line with long term averages. Even for mid caps, while challenging valuations may impact near term returns, the excess valuation is not so much as to materially compromise long term return expecta-tions. The market valuation, if seen, on a market cap to GDP basis, is still attractive as the market cap has lagged the rise in the country’s GDP over a period of time. The liquidity flows into the equity market, primarily from the domestic mutual funds have been strong. On the economic fundamentals, the overall economy expected to grow at around 7 – 8% in real terms with inflation of 4 – 6%, the nominal GDP could grow at 11 – 12% over the next few years. Most other important macro indicators including inflation, fiscal deficit, current account deficit, FDI, etc. are showing an encouraging trend.

The momentum of reforms by the government is also expected to revive growth from a medium to long term perspective. The impact of GST on economic growth is expected to be positive. Reve-nue growth over the long term for corporates should reflect nominal GDP growth. At the same time margins are today at cyclical lows and as capacity utilization improves there should be an upswing in profitability levels. In addition, with interest rates falling there will be some benefit to interest costs as well. Thus, earnings should do reasonably well over the medium term and this should get captured in equity market returns.

As in the past, we continue to emphasize that profits drive stock prices in the long run and it is on this front that there has been a marked change in fortunes across sectors. In the earlier cycle, sectors including pharma and FMCG were the leaders of earnings growth which also reflected in their stock prices. In the current cycle, the earnings growth is expected to be driven by metal, corporate banks and capital goods primarily and we have started witnessing telling signs of the same.

Although it’s easy to forget some-times, a share is not a lottery ticket. It’s part ownership of a business. – Peter Lynch

The charm of options has long attracted traders. Talking about using IV, or gamma, makes one stand apart during peer discussions. While the perception of complexity and risk keeps common investors at bay, those very traits attract a section of traders, who are confident that they can reap the benefits of faster moves and lower prices of options when compared to their equity or index counterparts. Plus, the boost to the ego by way of being able to strategize for all types of market uncertainties. Let us look at the common approaches that investors take while trading in options.


KNOW YOUR OPTIONS

Anand James

In short, when you invest in options, you can end up with a can of worms or a bag of jewels, depending on what you do or not do, and when you do. Options are still in the traders’ domain and where FIIs are very active, but it is still alien to normal equity investors. Rightfully so. But to the end that option’s expiry is linked to the corresponding equity’s price, there is a whole lot of signals that options give for a stock investor. But that is a topic for another issue.

Note:Event = Results / Govt.-RBI-Company announcements, Stockprice breakouts etc.eg: 1. RBI raises interest rates; banks/infra stocks fall.eg: 2. TCS announces good quarterly results; TCS stock gains; IT cos gains.eg: 3. Nifty breaks above key resistances; Most stocks gain in broad market rally.

Option Strategy = A combination of options, carefully chosen.eg 1: Buy equal lots of NIFTY 10100CE @ 60 and 10100PE @ 53eg 2: Sell 1 lot of RIL 830CE @ 19 and Buy 2 lots of RIL 860CE @ 5.6

Naked options = Buying or selling only one type of Optioneg 1: Buy 10 lot HDFCBANK 1860CE @ 6.7eg 2: Sell 3 lot HDFCBANK 1840PE @ 16

What traders usually do with options Potential Gains Hidden risks

Trade naked positions intraday. High profit potential than combination of options. Investment not locked up.

Higher loss potential. Intraday volatility in options may affect proper entry/exit.

Hold naked positions overnight. Potential for surprise gains.Potential for huge loss. Some options may lose value drastically which could remain worthless till expiry.

Exit before expiry. Free up investment. Ability to reduce losses, or book profits if trend reverses.

Expected profit at expiry would be foregone. Some strategies turn into profit as expiry approaches.

Several strategies at the same time. Better positioned if market trend uncertain.Higher investment, higher chance of value erosion if market remain less volatile. Difficulty in profitable exit due to lack of clarity.

Buy low premium options. Initial investment low. Potential for gainseven when stock is rangebound.

OTM strikes may lose liquidity when trendreverses.

Enter and exit as per pre defined option strategy

Initial investment low. Risk & Reward more or less limited to those known at the time of entry

Investment locked up, usually until expiry.Higher STT for ATM options if allowed to expire.

Adding or removing positions after entry.

Possibility of maximising profits/reducing losses if done correctly.

Investment/Margin requirement rises. Potential for much bigger losses than that estimated at strategy's entry.

Take positions on the same day of event.

Better clarity on several factors influencing the event.

Higher premium. Higher risk of losing option value after the event.

Take positions on the day before event.

Investment locked up for lesser number of days.

High premium. Even if event is as expected, strategy may show losses immediately as high priced premium may see decline in value.

Take positions many days before event. Lower premium - Lower investment. Higher uncertainty regarding outcome of event.

Investment locked up for longer period.

Take positions after event. More clarity on what to expect.Volatile. Even if event is as expected, strategy may show losses immediately as high priced premium may see decline in value.

A mega trend in India’s savings - investment scenario is the financialisation of savings and increasing preference for equity as an asset class for investment. Savings are moving away from real estate, gold and bank deposits and moving towards financial securities like equity, debt, mutual funds etc. Mutual funds are becoming increasingly popular among investors. This financialisation of savings and increasing preference for equity as an asset class for investment appears to be a long-term structural trend. This article examines the major trends in the mutual fund industry and its implications for investors.


TRENDS IN MUTUAL FUND INDUSTRY: LONG-TERM INVESTORS BENEFIT

Sriram B K R

INVESTOR-WISE ASSET MIXRetail investors’ AUM remains focused mainly in equities with 81 % invested in equity schemes. HNIs have 49 % of their investments in equities. Corporates and banks held 84 % and 92 % of their assets, respectively, in non-equity schemes (Liquid, Debt, Gilt), as they park funds mainly for meeting their short to medium term liquidity needs.

INVESTOR-WISE AUM SHAREAccording to the latest data by AMFI, 47% of the total MF AUM is with corporates, followed by 27.63% with HNIs, 22.74% with retail investors, 2.06% with banks and 0.62% with FIIs. Retail investors account for 94.54 % of the total folios and HNIs account for 4.82%. According to AMFI, HNIs are those investing more than Rs.5 Lakhs.

EQUITY AUM TRENDSEquity AUM has been steadily growing since March-2014, coinciding with the 2014 general elections leading to the formation of the new government. Since March 2014, total equity AUM has grown by a whopping 251%. Since June 2015, it has grown 82%. Retail inves-tors’ AUM has seen a growth of 155% since March-2014, which is less than the overall growth. Interestingly HNIs equity AUM has witnessed a stunning growth of 440 % since March-2014. See the following graphs.

EQUITY AUM – INVESTOR-WISE SHARE & HOLDING PERIOD TRENDAs on June 2017, equity AUM was around Rs.7.49 lakh crores. Of this, retail investors held 46.50 %, followed by HNIs with 34% share. Corporates had a share of 18.6%. What is more noticeable is that out of the total equity AUM, 36.58% or Rs.2,73,917 crores are aged more than 2 years, that is, these assets are held for more than 2 years. Of this Equity AUM held for more than 2 years, 64% is held by retail investors and 26% by HNIs.It is a well known fact that equity has the potential to deliver superior returns compared to other asset classes over a longer period of time. Indian mutual fund returns reinforce this truth.

The total MF AUM in India, managed by 39 AMCs + 3 Infra debt AMCs stood at Rs.18.96 lakh crores as of 30 June 2017. Of which, the asset mix goes with 61% (Rs.11,47,464 crs) in non-equity schemes and 39% (Rs.7,48,827 crs) in equity oriented schemes.


EQUITY AUM:ANALYSIS OF HOLDING PERIODRetail Investors: If we analyze the equity AUM based on holding period, as of June 2017, out of retail investor’s equity AUM (Rs.3,48,216 crs), 31.75% is less than 12 months old (highest since 2009), and 50.6% are more than 2 years old. The share of AUM held for more than 2 years has been gradually coming down since Dec-2014 and it is at lowest point since 2009, according to AMFI data.

HNI Investors: Out of HNI’s equity AUM (Rs.2,54,158 crs), 52.61% is less than 12 months old (very new AUM) and 28.5% of AUM is held for more than 2 years as of June 2017. This has improved though, after hitting a low of 22% in Sep-2015.

On the other hand, out of FII’s equity AUM, 70% are more than 2 years old.Drop in the share of >24 months AUM could possibly happen because of 2 major reasons.One, this may be due to the relative increase in new AUM (<12 Months) from new investors and fresh invest-ment by existing investors. This is a healthy trend. In the recent past, the industry has witnessed steady monthly

net Inflows, and better growth in folios and AUM. At the same time, redemptions had a steep rise as of Jun-2017.

Secondly, the new AUM (<12 months) is going up because the existing investors redeem their investments in short-term and might be reinvesting again, either fully or partially, along with new investors. This would still increase the inflow and short-term AUM. If the reduction of long term AUM’s share is due to short-term churn by the existing investors, then it is a cause of worry, since such investors will stand to lose the benefits of long-term returns. It will also significantly increase the ‘timing risk’ for investors in the markets. Here, the AUM appears new, but it is a recycled investment and they hardly gain in the long-term.

high also tempts investors to book profits. Those who

hold their long-term goals and vision tight and remain

invested for long, reap substantial gains.

Investors often try to time the markets, especially when

it is at a high, by redeeming and waiting for a re-entry

opportunity on market correction. It is well known that

‘timing the market’ is almost an impossible task. Instead

it is ‘the time in the market’ that works better in the long

run. Investors should understand this fundamental

principle of investment in equity. As India grows from a

$ 2.2 trillion economy presently to an estimated $ 10

trillion economy by 2030, phenomenal wealth will be

created through the capital market. If investors are to

benefit from this enormous potential wealth creation,

they should spend a lot of ‘time in the market.’ In other

words, be a disciplined,systematic long-term investor.

Data Source: AMFI. Internal research compilation.

It must be pointed here that at times, long-term AUM would carry a higher component of market gains as compared to a new AUM. Between June 2015 and June 2017, Equity+Balanced category retail investor’s folio rose 34% whereas AUM went up 67%. Retail investor total equity AUM rose 70% whereas AUMs held for more than 24 months rose only 49%.

If we extrapolate the rate at which equity AUM holding period is dropping, say for 5 or 10 years, then the actual number of long-term investors would come down still further. On one side, there is a good growth in Inflows and addition of folios. But on the other side, investments are churned in the short-term, which is an unhealthy trend.

Going by the data available, as of Jun 2017, we have around 128 open-ended equity-oriented schemes that has an age of 10+ years and has an AUM in excess of Rs.500 Crs. The average CAGR delivered by these schemes was around 12.13%. It is possible for an investor to enjoy these attractive long-term returns, only if they had stayed invested for long, unperturbed by market volatility. There are many equity diversified funds that have delivered CAGR of more than 15 % over 20 years. When we consider the fact that dividends from equity and balanced funds and long-term capital gains are tax free, these are excellent returns.

Since 2014, with some intermittent volatility influenced

by various factors– domestic and global – broad indices

have been recording new highs (as of July-2017). While

investors were overall happy with this rise, every new

On one side, there

is a good growth in Inflows and addition of folios. But on the other

side, investments are churned in the short-term, which

is an unhealthy trend.


1) Nifty 50 is trading at a P/E multiple of more than 25 and this is the highest for the last one year. P/E multiple of above 22 is considered to be extremely over-bought. What will be your stock picking strategy in the current scenario?PE multiples have to be seen in the context of the poten-tial growth likely out of the market or out of a particular company and its sustainability over the foreseeable future. Judging a stock only on the basis of the current absolute PE multiple may lead one to wrong investment conclusions. So, while the market looks optically expen-sive at a PE of ~26x trailing earnings, one needs to bear in mind that we are currently at a trough of the earnings cycle of the economy, and growth can potentially accel-erate over the next 2-3 years based on the improving macro environment

I2) In the Invesco India Growth Fund, the expo-sure towards defensive sectors is currently at an all-time low of the past 5 years, while the expo-sure to cyclical sectors is at an all-time high. Why this movement from defensive sectors to cyclical sectors while the market is overheated?n our view, Invesco India Growth fund is well balanced between cyclical and non-cyclical sectors. It is an all-weather diversified fund with a growth-oriented mandate. As per our internal classification, this fund typically has about 75% exposure to growth-oriented stocks and 25% in value stocks, thereby ensuring reasonable risk-adjusted performance over the medium to long term.

Taher Badshah is CIO (Equities) at Invesco Asset Management (India). He has had a long career in the Industry that includes leading positions in top financial companies. In this interview he talks about his take on market valuations and his investment approach especially with regard to Invesco India Growth Fund.

SMART TALK

towithstand the impact of the adverse credit cost cyclewill likely be investible options at any future date.

8) Most of the fund managers have their invest-ment universe confined to around 250-300 promi-nent stocks. An uninterrupted cash flow into these stocks through MF and the direct route has pumped up the valuations. Whereas there are hundreds of well managed companies available for investment outside this universe. What is the most practical solution for this issue?We do not see this as a problem, looking for opportuni-ties beyond the Top 300 companies, provided they satisfy our investment criteria and are in line with the investment mandate. Moreover, India has a considera-ble number of large businesses which are lined up for listing in the secondary market in the coming years that will likely widen the investment universe.

9) Is the market now waiting for a reason to shed the excess valuation? Or will the earning poten-tial of the companies and lower inflation figures further push things forward?Markets will largely be guided by the outcome of earnings growth over the next few years. If the economic conditions presently surrounding us turns materially adverse due to any reason, then the markets will likely see a correction in valuations from current levels. On the other hand, should the economy take the desired course of an improving earnings cycle after the very tepid earnings growth of the past 3-4 years, then current valuations will likely sustain or strengthen and provide investors upside at least equal to the earnings growth of the market in the next couple of years.

10) Considering current inflation numbers and floods in North India do you expect further cuts in rates? Also do you foresee rates tightening from here due to another rate hike by U.S?In my opinion, interest rates appear to have bottomed for now as inflation will likely rise, albeit modestly from current levels of around 2.5%. However, I do not expect our interest rate cycle in the near future to be significant-ly guided by the outlook on global interest rates consid-ering our priority of kick-starting growth in the economy as soon as possible.

3) You have considerably decreased your expo-sure in IT and Pharma sectors during the last few months. Kindly share your long-term outlook on Pharma as per the current valuation on the sector. Is the IT story fundamentally strong or is it just play on valuations? Our sector allocation across funds is primarily guided by the mandate of the fund. For eg, while we have reduced our exposure in pharma and IT in funds that are growth oriented, we currently have a modest overweight in the IT sector in our value-focused Contra Fund since we see valuations in the IT sector to be attractive. Our view on Pharma is still neutral to cautious given the headwindsin the sector, challenges around growth and the fact that the sector’s valuations are yet only in line with the market and not cheap despite the recent sharp correc-tion across most of the stocks in the sector.

4) Recently, in Invesco India Growth Fund you have increased the exposure to NBFCs. What is your view on the sector?With regards to NBFCs, our preference is for companies that have a scalable business model, strong liability franchise and have leadership characteristics in their key business segments. We prefer NBFCs that have undergone reasonable stress-testing especially during the recent twin shocks of demonetization and GST.

5) Which sector /theme do you think is the most interesting at this point of time and why?We think current macro-factors would be favorable for sectors such as consumer discretionary, financials, oil and gas and select industrials.

6) Do you believe that current government policies would help reclaim the GDP growth rate of 8+? We agree that the current macro-mix of controlled inflation, reasonable interest rates, stable political climate and favorable commodity prices along with the current momentum on economic reforms along with the tailwind of a global recovery will help the economy to reclaim the 8% growth rate over the next 3-4 quarters. 7) In your portfolio, the allocation to public sector banks looks very low. What is your view on public sector banks?We believe private sector banks still have a long way to go in terms of market share in the banking sector and those gains will largely come at the cost of the public sector. Only those public sector banks which have a decent core operating profitability and have been able

Indian consumption story is now well articulated and has handsomely rewarded the investors. During the last five years the domestic consumer durables sector has performed well supported by rising urban population, higher per capita income, expanding consumer base, increasing affordability due to easy finance as well as last mile electrifi-cation.


INDIAN CONSUMPTION STORY INTACT…BUT VALUATION IS HIGH

Anil R

RICH VALUATION During FY12-17, the valuations have expanded from sub 20x P/E to historical peak multiples of 30x to 40x. In recent times, influences of certain factors like demoneti-sation, sharp rebound in commodity prices and higher GST rates, the valuations have peaked in absolute as well as in relative terms to benchmarks, given the recent sub-par financial performance.

FORCES OF DISRUPTIONS…CONCERNS APLENTY IN THE NEAR TERMThe factors that impacted consumer durables industry were demonetisation, sharp rebound in commodity prices and higher GST rates. When the industry was slowly recovering from demonetisation disruption, it was hit by a double whammy of sharp increase in commodity prices and higher GST rates.

Raw materials which forms 60-70% of operating cost is a major factor that determines the gross margin which is

Consumer durables (Whirlpool, Voltas, Symphony) - 1 Year FWD P/E

Source: Company data, Bloomberg, Geojit Research

35.0x

45.0x

30.1x

5

15

25

35

45

55

65

Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16 Apr-17

Whirpool Voltas Symphony

We classify the sector into two: consumer durables and light electrical. During FY12-FY17 for consumer durables companies under our coverage (Voltas, Whirlpool and Symphony), the revenue grew by 10% CAGR, while EBIDTA and PAT grew by 16% and 24% CAGR. In the case of light electrical players like Havells, V-Guard and Finolex cables, revenue grew by 11% CAGR while EBITDA and PAT grew by 15% and 19% CAGR during the same period. The earnings growth has been largely driven by margin expansion led by benign input costs and better product mix.

Light Electrical valuations- (V-Guard, Havells & Finolex cables) 1 Year FWD P/E


43.0x

42.3 x

21.7x

3.0

8.0

13.0

18.0

23.0

28.0

33.0

38.0

43.0

48.0

Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17

V-Guard Havells Finolex Cables

showing signs of reversal in the last three quarters from a benign environment during the past two to three years. Commodity prices including aluminum, steel and plastic prices have witnessed a strong uptick, while copper, a key raw material, witnessed a sharper jump of 46% in the last one year.


Consumer durables have been tagged as luxurious commodities under the new GST ambit and most of the goods have been put under the higher tax slab of 28%. Consumer durables including water heaters, fans, air conditioners, refrigerators and washing machines, which were taxed at 18%-24%, have shifted to 28% bracket. Cables and wires, which were taxed at 18%, have been fixed at 28%. Considering the higher tax incidence, manufacturers are required to take price hikes. Further, given the presence of a large unorganized sector and higher competition, price hikes have been delayed, impacting the near-term margins of these companies. Intense competition is another major headwind that will restrict margin expansion as volume push will require higher brand and distribution investments. Adding to the margin woes would be the long-term appreciation of INR, which is expected to further increase import cost of raw materials and components, as majority of these companies follow an asset light business model.

ALL IS NOT DOOM AND GLOOM AS PERCEIVED…Demand for consumer durables in India has been growing on the back of rising income; this trend is set to continue even as other factors like rising rural income, increasing urbanisation, a growing middle-class and changing lifestyles aid demand growth in the sector. Indian urban population is projected to increase from 31% in 2011 to 41% of the total population by 2030. In recent times, urban consumers have started to perceive consumer durables as lifestyle products and are open to paying increased prices for branded products. Further, India’s rural market, accounting for approximately 67% of India’s households, offer significant opportunities for the consumer durables industry. Around 50% of the rural population owns television, 8% own refrigerators and around 1% own washing machines. Consumer durable industry in India has relatively low penetration level

Weekly copper prices (in $)


3000

4000

5000

6000

7000

8000

9000

Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17

Copper prices

Consumer durables market size to expand (Figures in $bn)


3.5 3.8 4.2 4.7 5.26.3

7.3 7.3 7.4

9.7

12.5

20.6

2

4

6

8

10

12

14

16

18

20

22

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY14 FY15 FY16 FY20E

13% CAGR growth

when compared with the global average, which provides significant opportunities. Significant increase in discre-tionary income and easy financing schemes are expect-ed to shorten product replacement cycles. Governments’ big push to ‘Housing For All’ is expected to accelerate demand for cables and wires, switch gears, pumps and consumer durables/other home appliances.

LONG TERM GROWTH STORY INTACT…BUT PEAK VALUATION IS A CONCERNThough demonetisation and GST have impacted the near term earnings trajectory of these companies, we believe that the GST will bring more companies under organized sector and this will reduce unfair competition which will further accelerate market share of existing players. Benefits of input tax credits and efficiencies in the supply chain will offset some of the current nega-tives.

Further, we acknowledge that competition is intensifying across mass, premium and luxury products including the number of competitors across product categories. Given

the current scenario, in order to stay relevant in this market and to maintain share, some of the large players are stepping–up their investments in brand recall, distribution footprint and innovation. Currently, Indian consumer durable industry is going through a consolida-tion phase wherein, the leading players are building market shares either by adding new products, entering into new markets or through acquisitions. For example, Havells’ acquisition of Lloyd and Voltas’ expansion into a complete consumer durables company through a 50:50 joint venture with Arcelik.

Having said that, given the current headwinds including higher GST rates, higher commodity prices and rising competition, we believe that the near term margins have peaked. Consequently, current premium valuation are less likely to sustain in the near term and investors are less likely to have superior returns in the medium term. However, any meaningful consolidation in the sector should be utilized as an opportunity to increase exposure in this ever growing sector and companies, to better the risk-reward return.

Company M.Cap (in crs)

EPS(last 5yr

CAGR)

ROE(last 5 year)

Sales CAGR

FY17-19E

EPS CAGR FY17-19E

P/E 3yr Avg

1yr Fwd P/E

Current Rating

Symphony Ltd 9,770 25.5% 43.0% 20.2% 22.2% 43.1 43.5 Buy

Voltas Ltd 18,149 25.7% 17.0% 13.3% 14.6% 24.4 29.4 Hold

Whirlpool of India Ltd 16,721 19.6% 23.0% 15.8% 22.2% 33.0 35.0 Hold

Havells India Ltd 31,883 14.3% 30.0% 23.8% 20.6% 32.7 42.8 Hold

V-Guard Industries Ltd 8,595 25.0% 25.0% 12.9% 23.3% 29.7 43.1 Hold

Finolex cables Ltd 8,389 19.0% 19.0% 11.7% 14.7% 18.3 22.0 Hold


The automotive industry in India is one of the largest in the world with an annual production of 23.96 million vehicles in FY (�scal year) 2015–16, following a growth of 2.57 per cent over the last year. The automobile industry accounts for 7.1 per cent of the country's gross domestic product (GDP


Indian equities pendulum in Aug month swung on the bear side of the sentiment. Nifty declined by around 1.58% m-o-m

while Sensex was down by 2.41%. However the longer term market uptrend remains intact. Presently the market

remains liquidity driven. For now the hope of a bounce-back in corporate earning is trumping the logic of growth

slowdown.

GDP slowdown of 5.7% for Q1-FY18 was a bit disappointing. Cumulative effect of demonetisation and GST rollout may

be the key reasons for this moderation. But we are perhaps not adequately pinpointing the role of high interest rate in

this deceleration. At 6%, the RBI repo rate may look at a historical low. But with a CPI inflation at 2.36% the realinterest

rate levels are way high. Perhaps at highest level in decades.

ECONOMY AND THE MARKETSUNDER THE LENS

There were multiple forewarnings indicating slowdown

post demonetisation and GST rollout. In this backdrop,

the central banker’s inflation centricity is understanda-

ble from long term point of view but it will have an

impact on growth in the short term.

It is vital for growth that real interest rates remains in

equilibrium. Occupationally, a large population of India

is employed in agriculture, or are either self-employed,

or are business people. That is: they are the produc-

ers. The salaried class, both in organised and

unorganised sector is dependent on

the wealth generation of

these producers.he high real

interest rate is a disincentive

for this producers’class. At

that the savers too are

preferring to invest rather

than consume given the high

real rates. The high real

interest rate has also led to the

overvaluation in Rupee and has

impacted our overseas trade.

Growth must be seen as a mission

of national importance for India for

the next 10-12 years to uplift large

population below poverty to higher

level. The changing techno-

logical landscape if not

embraced fully will

have serious social,

economic and

security costs for

India. Already China has a big head-start in Quantum

Computing, Artificial Intelligence and Robotics. India

requires a mission mode collaboration between

Industry,

Government and Academia so that we don’t miss the

train. ‘Data’ is already a strategic resource. We must

aggressively conserve it, preserve it and create a

sophisticated hardware, software and ‘legalware’

base for it.Coming back to our more immediate

concern, the corporate earnings season for the last

quarter remained bland. As per a broker’s report,

the aggregate sales only grew by 9.8% yoy.

While the PAT declined by 9.3%. The Nifty

EPS growth forecasts have been cut and the

EPS growth is now seen at around 14% for

FY18E. Having said that, we continue to

believe that India is structurally on a firm

footing. Most of the growth factors are in

place. Only the final piece which is the uptick

in private investment expenditure - needs to

take off.

For the markets, the short term volatility due

to geo-political issues remains a

possibility. Investors can utilise

goal oriented asset alloca-

tion strategies to

participate in the

market while also

mitigate risk. SIP

remains the

preferred tool for

long term partici-

pation in equities

market.

Nilesh Shah, Managing Director - Kotak Mahindra Asset Management Company.


|STOCK RECOMMENDATIONS|

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW and is one of the largest manufac-turers of small team turbine - globally. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient end-to-end solutions. The larger end of the range - 30 MW to 100 MW, is addressed through GE Triveni Ltd. (GETL). Triveni Turbines manufactures steam turbines at its world-class manufacturing facilities in Bengaluru, India and assists its customers with their aftermarket require-ment through its six global servicing offices. Despite a slowdown in domestic market due to delayed indus-trial capex cycle, TTL has managed to keep their market share of 60% for turbine up to 30MW. Strong presence in sugar and process co-generation segments helped to counter the domes-tic headwinds. The domestic market size of turbine industry up to 30MW declined from a peak of ~1,425MW in FY11 to ~560MW in FY16. The declining trend in industrial size put pressure on order inflows. However, in FY17 domestic turbine market has shown a growth of 7% to 599MW and thereby the order inflow has registered a healthy growth of 29% YoY to Rs411cr and constituting 59% in total order book as compared to 48% in FY16. This results in a pickup in the domestic market demand and we are expecting the same to continue for the year ahead. This will bode well for execution in FY18 and FY19. During FY12 to FY17 TTLs export market showed a decent performance with an order inflow of 20% CAGR whereas do-mestic order inflow witnessed de-growth of -1%. Currently TTL is exporting to over 70 countries and the export mix in consoli-dated sales has changed from 14% in FY12 to 52% in FY17. We expect gaining strength in the global platform will help tap new opportunities going forward. In 2010, TTL had entered into a joint venture (JV) with GE (General Electric) with generating capacity of 30 to 100MW. This has made the canvas broad and provided TTL with an edge to enter the global market. With the JV the order pipeline both in domestic as well as international has become strong. GETL recorded an order inflow of 39% CAGR over FY14-FY17 to Rs166cr with an outstanding order book of Rs208cr. Man-agement guided that after dispatching the large size 60MW turbines to Argentina they have received an order for 83MW turbine from Bangladesh and also have two to three enquiries which is expected to materialise in H1FY18. Rising export market penetration, scale up of JV GETL and healthy order enquiry pipeline provides better outlook. Further, leadership in domestic market, strong return ratios (ROE-35% FY17) with debt free status and better EBITDA margin of 22% in FY17 attracts premium valuation. We expect order inflow to grow at a CAGR of 22% over FY17-19E and stimulate revenue with a CAGR of 9%. We initiate coverage on TTL with Accu-mulate rating and our target price of Rs148 is based on a PE of 30x FY19E EPS.

PI Industries (PI) manufactures plant protection and speciality plant nutrient products and solutions under its agri-inputs busi-ness. The company is also one of India’s leading custom syn-thesis (CSM) companies engaged in providing contract re-search and contract manufacturing services to global innova-tors. Has a broad-based product portfolio spread across herbi-cides, insecticides, fungicides and specialty chemicals. PI Industries has a unique business model with its CSM seg-ment (which contributes 60% of its revenues) focusing on re-search and commercialization of patented molecules through tie-ups with global innovators. This differentiates the company from its peers. Further its strong R&D capability and non-competing IP-based business model has helped the company in fostering long term relationship with global innovators making it a preferred partner for global innovators. Resultantly, this has also led the company to introduce innovative agrochemicals (which contribute 40% of the revenues) in the domestic market, which is largely based on in-licensing of molecules. Under in-licensing, the company acquires newly launched or patented molecules from global innovators and markets the formulated products in India. It enjoys exclusive marketing rights for these molecules and distributes it under its own brand in India. Some of the key brands include Nominee Gold, Osheen, Biovita, etc. The management has planned Rs. 200 cr for capex in FY18 to expand capacity at Jambusar where the current capacity utiliza-tion is at ~70%. During FY17, PI has launched 4 new mole-cules. PI intends to launch two to three new high potential mole-cules every year to further strengthen its product portfolio and help in gaining market share. PI revenue witnessed a robust sales growth of 21% CAGR over FY12-17 largely led by growth in volumes (amid consistent new product launches). EBITDA margin has increased from 16.3% in FY12 to 24.3% in FY17 given the company’s strong product portfolio and superior pricing power. Supported by robust EBITDA margins PAT grew by 45% CAGR over FY12-17. Go-ing ahead we expect revenue to grow at 12% CAGR over FY17-19E on the back of its expanding product portfolio. PI’s growing ties with global innovators will not only enable the company to further boost its product portfolio but will also lead to robust order book accretion. Further improving product mix (in favour of the relatively high margin CSM business) coupled with the benefit of operating leverage due to scale up will support its margin profile. Additionally, continuous focus on introducing niche molecules will further aid in sustaining margins going ahead. We expect the EBITDA margin to hover around 23.5% primarily driven by better product mix. Currently, PI Industries is trading at a P/E multiple of 23x & 20x for FY18E and FY19E earnings respectively. We value PI at 24x on FY19E, which is at premium to last 5yr Avg. 1year fwd. P/E, owing to several factors viz. (a) continued traction in com-mercialisation of niche molecules (b) robust order book position, (c) focus on in-licensed products and (d) healthy balance sheet with strong operating cash flow, debt free status and superior return ratios with average ROE/ROCE levels of 29%/33% over FY12-17. We have BUY rating with a target price of Rs857.

Rating: ACCUMULATE

Rating: BUY

Analyst: Antu Eapen Thomas Geojit Financial Services Ltd., INH200000345

General Disclosures and Disclaimers: Triveni Turbine Ltd http://bit.ly/2fxgjTG PI Industries http://bit.ly/2xba2H4

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


|STOCK RECOMMENDATIONS|

AARTI Industries Ltd (ARTO) is a global leader in Benzene based products, with diversified end-users and customer profile. Its major business segment includes Specialty chemicals, Phar-ma and Home & personal care chemicals. Currently it is diversi-fying into Toluene and Ethylene based products, with firm off-take commitments from global chemical majors. It has a pro-cess-driven manufacturing capacity, which provides flexibility in manufacturing products as per the market dynamics. Hence, ARTO is strategic supplier for various domestic and global MNCs. Historically, global chemical companies sourced their raw-material requirements largely from China due to lower cost and favorable currency. Currently, global chemical giants are de-risking their raw-material sourcing destination from China, due to higher regulatory restriction and to diversify country risk and at present they are increasingly looking at India due to higher environmental compliance requirements in China. The de-risking of sourcing by these MNCs had led to improvement in outlook of Indian specialty chemicals and pharma intermedi-ates. Higher regulatory restriction in China led to increased cost for setting up of ETP (Effluent treatment plant) thus losing out on the low cost advantage to Indian chemical industry, were tighter compliance norms were already followed and were also benefited from a favourable currency. ARTO’s forte in niche capabilities (complete integration into Benzene and expansion in Toluene derivatives) with focus on high margin products and export concentration will aid its future growth. Also Pharma segment has reached a threshold level and will start contrib-uting towards its future earnings growth. ARTO’s operational performance is exceptional, with revenue growth of 13% CAGR, EBITDA and PAT growth of 20% and 29% CAGR over FY12-FY17. Better product mix and cost rationalisation has improved EBITDA margins to 20% from 15% during FY12-FY17. Q1FY18 Revenue grew by 8% YoY, led by higher contribution from Speciality chemical business which grew by 6% YoY, home and personal care business 41% YoY and Pharma 4% YoY. Volume growth in Speciality chemical was subdued at 3% YoY. The volume growth was impacted due to periodical full scale shutdown in acid production facility during the quarter. Revenue from Pharma business was moderate due to delay in launch of products from customer end. Gross margins improved by 60bps YoY to 44.2% due to better product mix. While EBITDA margins declined by 360bps YoY to 17.5% due one-off expenses which include Rs8-10cr of cost incurred for acid plant shutdown and lower volume growth which impacted the EBITDA. PAT declined by 24% YoY. ARTO has entered into a multi-year contract with a global agriculture company to supply high value agro-chemical intermediary for use in herbicides of an agro grade value of approximately Rs4,000cr over a 10-year period. Going forward, we believe that with strong off-take Phar-ma segment and stable growth from Speciality chemicals seg-ments, we factor revenue to grow 15% and earning to grow at 22% CAGR over FY17- FY19E. At CMP, ARTO is trading at 20x and 15x FY18E and FY19E EPS of Rs43 and Rs57 respectively. Given healthy earnings outlook we value ARTO at 17x (16x earlier) on FY19E, with a target price of Rs970 and maintain Accumulate rating.

RBL Bank Ltd, was incorporated as a small regional bank in Maharashtra with two branches in 1943. The bank has success-fully transformed itself from a traditional bank to a new age bank over the last six years. The bank has focused on building a comprehensive product suite, improving risk management, upgrading technology by implementing a new-age core banking system platform and expanding its distribution network to 239 branches and 375 ATMs. It provides a wide range of custom-ized banking products and services to large corporations, SMEs, agricultural customers, retail customers and low income customers. The transformational journey of RBL Bank started in 2010 by repositioning itself from being a traditional bank to a new age bank competing with other private sector banks. The Bank has adopted both organic as well as inorganic strategy to sustain strong growth momentum over the last six years. Organically, the bank has been focusing on selective segments. RBL Bank adopted a differentiated approach of building a diversified loan book using a unique positioning strategy. The business seg-ments were reorganised into two verticals viz. wholesale and retail. The wholesale business segment consists of Corporate and Institutional Banking and Commercial Banking whereas the retail business segment includes Branch and Business Bank-ing, Agribusiness Banking, Development Banking, Financial Inclusion and Treasury and Financial Markets Operations. To push its retail business, it acquired the credit card and mort-gage business of The Royal Bank of Scotland (RBS) and has been expanding the same along with other new retail products.

RBL Bank has been among the fastest growing private sector banks in the past six years. Advances and deposits grew at 58% CAGR and 60% CAGR respectively over FY11-FY17, while earnings have grown at a scorching 82% CAGR. RBL’s market share has increased to 0.3% from as low as 0.1% in FY12. RBL Bank continued to maintain high growth momentum without compromising on its asset quality through an efficient risk management system in place. Gross NPA remains at a comfortable 1.5% as of Q1FY18. Going forward, we expect the overall asset quality to remain broadly stable given the strong risk management practices and an improving macro environ-ment. RBL Bank will retain the tag of “one of the fastest growing banks” over FY17-19E given its strong footprint across all the business segments. The bank has invested significantly in tech-nology, network, human capital and risk management over the past six years. Hence, we believe the bank has a promising future and is well positioned to tap the strong growth opportuni-ties available in the banking space. We expect the bank to continue to increase its market share with a robust CAGR of 36% in advances over FY17-19E. We factor earnings to grow at 44% CAGR over FY17-19E coupled with improving return ratios (RoE of 16.6% and RoA of 1.2% by FY19E). Higher earnings growth, steady asset quality, improv-ing business mix and above industry average loan growth will help the bank to sustain premium valuations over new genera-tion private sector banks. We currently have an Accumulate rating with a TP of Rs591 (P/ABV of 3.5x for FY19E).

General Disclosures and Disclaimers: AARTI Industries Ltd http://bit.ly/2fhnwKt RBL Bank Ltd http://bit.ly/2yaspsD

Analyst: Kaushal Patel Dion Global Solutions Ltd., INH100002771

Analyst: Anil R Geojit Financial Services Ltd., INH200000345

Rating: ACCUMULATE

Rating: ACCUMULATE

October 5, 2017 I Geojit InsightsI 30

|MUTUAL FUNDS | EQUITY FUND RECOMMENDATIONS: OCTOBER 2017

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 11.09.2017

Flexi Cap / Multi cap Funds

The fund manager has the freedom to invest across market caps that increases investment opportunity. The

volatility risk is higher than large cap funds due to presence of mid caps in the portfolio. Suited for long term investments in equity without the hassle of constant portfolio restructuring.

Scheme Name CAGR %

1 Year 3 Years 5 Years

Invesco India Growth Fund (G) 20.05 14.50 19.76

SBI BlueChip Fund-Reg (G) 13.81 14.14 20.02

Aditya Birla SL Frontline Equity Fund (G) 14.95 13.04 19.74

ICICI Pru Focused Bluechip Equity Fund (G) 16.34 11.73 17.91

Reliance Top 200 Fund (G) 16.49 12.04 18.49

BNP Paribas Equity Fund (G) 14.46 11.34 18.53

Franklin India Bluechip Fund (G) 10.92 10.95 15.43

Kotak 50(G) 12.54 11.80 16.39

DSPBR Focus 25 Fund-Reg (G) 12.29 13.45 18.63

UTI Equity Fund (G) 9.99 9.77 17.03

Scheme Name CAGR %


Kotak Select Focus Fund (G) 20.19 17.20 22.56

Aditya Birla SL Equity Fund (G) 20.89 17.34 23.90

Tata Equity P/E Fund (G) 30.14 18.83 24.13

DSPBR Opportunities Fund-Reg (G) 18.96 16.65 21.84

L&T India Spl. Situations Fund-Reg (G) 24.69 14.20 19.84

Franklin India Flexi Cap Fund (G) 11.32 11.55 19.40

ICICI Pru Value Discovery Fund (G) 7.11 10.38 21.74

Tata Equity Opportunities Fund (G) 12.14 12.63 17.98


|MUTUAL FUNDS | 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.

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 September 2017. (For ISIN refer Funds in Limelight)

Scheme Name CAGR %


Franklin India Smaller Cos Fund (G) 18.73 19.39 31.25

L&T Midcap Fund-Reg (G) 34.37 23.45 29.08

Kotak Emerging Equity Scheme (G) 19.52 20.70 26.65

Canara Rob Emerg Equities Fund-Reg (G) 27.39 21.71 30.15

HDFC Mid-Cap Opportunities Fund (G) 17.41 18.31 26.23

SBI Magnum MidCap Fund-Reg (G) 9.99 17.33 27.98

Scheme Name CAGR %


Aditya Birla SL Tax Relief '96(G) 19.03 17.05 22.49

Axis LT Equity Fund (G) 17.22 14.33 24.03

ICICI Pru LT Equity Fund (Tax Saving) (G) 6.60 8.76 18.39

Scheme Name CAGR %


HDFC Balanced Fund (G) 16.30 15.39 28.43

L&T India Prudence Fund-Reg (G) 17.64 17.21 29.37

ICICI Pru Balanced Fund (G) 14.53 14.75 28.27

SBI Magnum Balanced Fund-Reg (G) 12.06 13.63 27.05


|MUTUAL FUNDS |

DEBT FUND RECOMMENDATIONS – OCTOBER 2017

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.

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 CAGR % Absolute Return

1 Month 3 Months 1 Year

L&T Liquid Fund (G) 0.54 1.65 6.78

Tata Liquid Fund-Reg (G) 0.54 1.64 6.71

Reliance Liquid-Treasury Plan (G) 0.53 1.64 6.77

Aditya Birla SL Cash Plus (G) 0.53 1.63 6.74

Scheme Name Absolute Return CAGR %

1 Month 3 Months 1 Year

DHFL Pramerica Low Duration Fund(G) 0.56 1.82 7.86

UTI Treasury Advantage-Reg(G) 0.49 1.63 7.30

SBI Savings Fund-Reg(G) 0.46 1.69 7.04

Scheme Name CAGR % Absolute Return

3 Months 6 Months 1 Year

L&T ST Income Fund-Reg(G) 2.17 4.71 9.51

ICICI Pru Regular Savings(G) 1.94 4.51 8.45

Aditya Birla SL Treasury Optimizer Plan(G) 1.82 5.10 7.97

Reliance STF(G) 1.79 4.35 7.63


|MUTUAL FUNDS | 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 PLANS 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 September 2017. (For ISIN refer Funds in Limelight)


6 months 1Year 3 Years

DSPBR Income Opportunities Fund-Reg(G) 4.48 8.24 9.82

Kotak Income Opportunities Fund(G) 4.24 8.12 9.47

ICICI Pru Income(G) 6.79 9.36 11.23

HDFC Income Fund(G) 5.11 5.46 9.97


6 months 1Year 3 Years ICICI Pru Dynamic Bond Fund(G) 6.18 8.72 12.10

BNP Paribas Flexi Debt Fund(G) 5.21 8.30 11.51

Aditya Birla SL Dynamic Bond Fund-Reg(G) 6.34 6.19 11.98

Axis Dynamic Bond Fund(G) 5.02 8.07 11.30

IDFC Dynamic Bond Fund-Reg(G) 4.89 9.65 12.04


6 months 1Year 3 Years

Aditya Birla SL MIP II-Wealth 25(G) 10.20 14.11 14.24

Reliance MIP(G) 7.85 10.29 10.59

Sundaram MIP-Aggr Plan(G) 6.73 9.79 11.24

SBI Magnum MIP(G) 6.40 9.99 11.73


FUNDS IN THE LIMELIGHT Data as on 11.09.2017 The schemes are listed in the below table according to the position they hold in the quartile ranking for the month of September 2017

CAGR % Equity Large Cap ISIN Code Scheme Name Inception Date Minimum

Amount NAV 1 Year 3 Years 5 Years

INF205K01247 Invesco India Growth Fund(G) 09.08.2007 5000 30.68 20.05 14.50 19.76

INF200K01180 SBI BlueChip Fund-Reg(G) 20.01.2006 5000 37.08 13.81 14.14 20.02

INF205K01213 Invesco India Dynamic Equity Fund(G) 04.10.2007 5000 28.41 19.81 12.68 17.93

INF209K01BR9 Aditya Birla SL Frontline Equity Fund(G) 30.08.2002 1000 213.49 14.95 13.04 19.74

INF209K01462 Aditya Birla SL Top 100 Fund(G) 24.10.2005 1000 56.63 16.85 12.93 19.87

INF846K01CH7 Axis Focused 25 Fund(G) 29.06.2012 5000 25.04 24.06 16.65 19.15 INF109K01BL4 ICICI Pru Focused Bluechip Equity Fund(G) 23.05.2008 5000 38.19 16.34 11.73 17.91 INF090I01296 Templeton India Growth Fund(G) 05.09.2003 5000 259.29 21.58 13.99 18.77

INF174K01245 Kotak Classic Equity Scheme(G) 27.07.2005 5000 46.35 19.64 12.02 17.35

INF846K01164 Axis Equity Fund(G) 05.01.2010 5000 24.39 16.38 10.42 17.55

INF194K01466 IDFC Focused Equity Fund-Reg(G) 16.03.2006 5000 37.85 31.84 13.08 15.72

INF204K01562 Reliance Top 200 Fund(G) 08.08.2007 5000 30.41 16.49 12.04 18.49

INF205K01304 Invesco India Business Leaders Fund(G) 21.08.2009 5000 25.96 11.45 11.78 16.74

INF251K01894 BNP Paribas Equity Fund(G) 23.09.2004 5000 83.02 14.46 11.34 18.53 INF663L01GW4 DHFL Pramerica Large Cap Fund(G) 30.01.2003 5000 156.24 12.57 10.78 16.68 INF789F01869 UTI Top 100 Fund(G) 20.05.2009 5000 61.01 14.71 11.13 16.08

INF247L01155 MOSt Focused 25 Fund-Reg(G) 13.05.2013 5000 21.23 20.85 15.51 0.00

INF109K01431 ICICI Pru Top 100 Fund(G) 09.07.1998 5000 308.23 14.03 10.03 17.21

INF090I01171 Franklin India Bluechip Fund(G) 01.12.1993 5000 438.73 10.92 10.95 15.43

INF174K01153 Kotak 50(G) 05.02.2003 5000 215.15 12.54 11.80 16.39

INF740K01532 DSPBR Focus 25 Fund-Reg(G) 10.06.2010 1000 22.37 12.29 13.45 18.63

INF789F01513 UTI Equity Fund(G) 01.08.2005 5000 123.95 9.99 9.77 17.03

Equity Flexi Cap CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF174K01336 Kotak Select Focus Fund(G) 11.09.2009 5000 32.36 20.19 17.20 22.56

INF209K01AJ8 Aditya Birla SL Equity Fund(G) 27.08.1998 1000 702.13 20.89 17.34 23.90

INF277K01451 Tata Equity P/E Fund(G) 29.06.2004 5000 134.97 30.14 18.83 24.13

INF174K01187 Kotak Opportunities Fund(G) 09.09.2004 5000 113.79 19.84 16.20 20.42

INF251K01951 BNP Paribas Dividend Yield Fund(G) 15.09.2005 5000 47.32 22.83 15.14 20.69 INF200K01222 SBI Magnum Multicap Fund-Reg(G) 16.09.2005 1000 45.65 19.63 17.49 21.94 INF677K01023 L&T India Value Fund-Reg(G) 08.01.2010 5000 36.23 26.72 20.32 27.31 INF209K01165 Aditya Birla SL Advantage Fund(G) 24.02.1995 1000 437.08 22.42 20.30 25.37 INF090I01239 Franklin India Prima Plus Fund(G) 29.09.1994 5000 559.43 12.56 13.94 20.16

INF740K01094 DSPBR Opportunities Fund-Reg(G) 16.05.2000 1000 212.70 18.96 16.65 21.84

INF677K01098 L&T India Spl. Situations Fund-Reg(G) 22.05.2006 5000 47.31 24.69 14.20 19.84

INF205K01189 Invesco India Contra Fund(G) 11.04.2007 5000 41.78 18.78 15.03 22.38

INF247L01478 MOSt Focused Multicap 35 Fund-Reg(G) 28.04.2014 5000 26.56 31.43 26.29 0.00

INF090I01981 Franklin India High Growth Cos Fund(G) 26.07.2007 5000 36.75 12.84 13.63 24.02

INF179K01426 HDFC Capital Builder Fund(G) 01.02.1994 5000 268.36 18.60 13.32 20.04

INF194K01524 IDFC Classic Equity Fund-Reg(G) 09.08.2005 5000 43.61 20.10 14.74 17.08 INF109K01761 ICICI Pru Dynamic Plan(G) 31.10.2002 5000 241.28 15.19 10.19 17.50 INF090I01205 Franklin India Flexi Cap Fund(G) 02.03.2005 5000 75.96 11.32 11.55 19.40 INF204K01323 Reliance Growth Fund(G) 08.10.1995 5000 1,088.98 19.99 15.17 20.17 INF109K01613 ICICI Pru Multicap Fund(G) 01.10.1994 5000 259.49 9.36 12.22 19.16

INF200K01305 SBI Magnum Multiplier Fund-Reg(G) 28.02.1993 5000 202.24 13.01 14.01 20.55

INF090I01841 Franklin India Opportunities Fund(G) 21.02.2000 5000 70.37 12.09 12.45 18.99

INF109K01AF8 ICICI Pru Value Discovery Fund(G) 16.08.2004 1000 136.94 7.11 10.38 21.74

INF277K01428 Tata Equity Opportunities Fund(G) 25.02.1993 5000 189.48 12.14 12.63 17.98


Equity- Mid Caps CAGR %


INF917K01254 L&T Midcap Fund-Reg(G) 09.08.2004 5000 137.58 34.37 23.45 29.08

INF174K01DS9 Kotak Emerging Equity Scheme(G) 30.03.2007 5000 37.67 19.52 20.70 26.65

INF760K01167 Canara Rob Emerg Equities Fund-Reg(G) 11.03.2005 5000 89.66 27.39 21.71 30.15

INF179K01CR2 HDFC Mid-Cap Opportunities Fund(G) 25.06.2007 5000 53.79 17.41 18.31 26.23

INF209K01LF3 Aditya Birla SL Pure Value Fund(G) 27-Mar-08 1000 59.99 28.49 20.02 30.45

INF209K01363 Aditya Birla SL Midcap Fund(G) 03.10.2002 1000 311.29 21.39 19.70 24.33

INF251K01AW3 BNP Paribas Mid Cap Fund(G) 2-May-06 5000 34.24 20.30 17.95 26.37

INF200K01560 SBI Magnum MidCap Fund-Reg(G) 29.03.2005 5000 77.54 9.99 17.33 27.98

INF903J01173 Sundaram Select Midcap(G) 19.07.2002 5000 493.24 19.67 19.60 26.20

INF194K01342 IDFC Sterling Equity Fund-Reg(G) 07.03.2008 5000 53.67 35.90 18.24 22.15

INF277K01626 Tata Mid Cap Growth Fund(G) 01.07.1994 5000 136.84 23.09 17.14 25.17

INF205K01BC9 Invesco India Mid Cap Fund(G) 19.04.2007 5000 45.22 18.42 15.13 24.85

Equity- Mid & Small Caps CAGR %


INF200K01T28 SBI Small & Midcap Fund-Reg(G) * 09.09.2009 5000 48.27 32.39 26.00 33.32

INF090I01569 Franklin India Smaller Cos Fund(G) 13.01.2006 5000 56.76 18.73 19.39 31.25

INF209K01EN2 Aditya Birla SL Small & Midcap Fund(G) 31.05.2007 1000 38.72 24.73 22.66 26.94

INF090I01809 Franklin India Prima Fund(G) 01.12.1993 5000 924.56 16.38 18.27 27.11

INF204K01HY3 Reliance Small Cap Fund(G) 16.09.2010 5000 39.61 32.81 21.19 32.14

INF740K01797 DSPBR Micro-Cap Fund-Reg(G) * 14.06.2007 1000 60.23 18.04 23.08 30.55 * Subscription Stopped

ELSS CAGR %


INF209K01108 Aditya Birla SL Tax Relief '96(G) 10.03.2008 500 28.75 19.03 17.05 22.49

INF209K01348 Aditya Birla SL Tax Plan(G) 03.10.2006 500 36.02 18.61 16.32 21.71

INF846K01131 Axis LT Equity Fund(G) 29.12.2009 500 39.48 17.22 14.33 24.03

INF677K01064 L&T Tax Advt Fund-Reg(G) 27.02.2006 500 53.15 24.31 15.75 19.67

INF277K01I60 Tata India Tax Savings Fund-Reg(DP) 31.03.1996 500 74.94 22.19 18.11 21.68

INF194K01292 IDFC Tax Advt(ELSS) Fund-Reg(G) 26.12.2008 500 53.99 26.18 16.34 22.24

INF740K01185 DSPBR Tax Saver Fund-Reg(G) 18.01.2007 500 45.63 17.84 15.82 22.37

INF205K01270 Invesco India Tax Plan(G) 29.Dec.06 500 45.47 14.91 13.63 20.73

INF179K01996 HDFC Long Term Adv Fund(G) 02.01.2001 500 320.93 18.36 10.95 19.10

INF090I01775 Franklin India Taxshield(G) 10.04.1999 500 530.65 11.46 13.22 19.56

INF336L01BA4 HSBC Tax Saver Equity Fund(G) 05.01.2007 500 36.70 21.53 13.05 20.16 INF174K01369 Kotak Tax Saver Scheme(G) 23.Nov.05 500 40.98 17.45 15.56 18.07 INF109K01464 ICICI Pru LT Equity Fund (Tax Saving)(G) 19.08.1999 500 327.09 6.60 8.76 18.39

Balanced Funds CAGR %


INF179K01392 HDFC Balanced Fund(G) 11.09.2000 5000 143.27 16.30 15.39 28.43

INF677K01791 L&T India Prudence Fund-Reg(G) 07.02.2011 5000 25.56 17.64 17.21 29.37

INF109K01480 ICICI Pru Balanced Fund(G) 03.11.1999 5000 121.38 14.53 14.75 28.27

INF209K01BT5 Aditya Birla SL Balanced '95 Fund(G) 10.02.1995 1000 744.58 15.15 16.70 27.32

INF200K01107 SBI Magnum Balanced Fund-Reg(G) 06.01.1996 1000 118.58 12.06 13.63 27.05

INF204K01FW1 Reliance Reg Savings Fund-Balanced Option(G) 10.06.2005 500 53.56 18.77 15.54 26.05

INF084M01AB8 Aditya Birla SL Balanced Advantage Fund(G) 25.04.2000 1000 50.37 13.88 13.67 20.04

INF090I01817 Franklin India Balanced Fund(G) 10.12.1999 5000 111.87 8.99 14.33 24.43

INF109K01BH2 ICICI Pru Balanced Advantage Fund(G) 30.12.2006 5000 32.16 10.61 11.85 21.40


Data as on 18.09.2017

MIP Absolute Return % CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 6 Month 1 Year 3 Year

INF209K01751 Aditya Birla SL MIP II-Wealth 25(G) 22.05.2004 1,000 39.06 10.20 14.11 14.24 INF109K01902 ICICI Pru MIP 25(G) 30.03.2004 5,000 38.97 8.24 12.36 11.94 INF204K01FD1 Reliance MIP(G) 12.01.2004 5,000 41.07 7.85 10.29 10.59 INF846K01693 Axis Income Saver Fund(G) 16.07.2010 5,000 18.22 7.17 8.46 8.27 INF740K01441 DSPBR MIP Fund-Reg(G) 11.06.2004 1,000 35.97 6.77 9.54 9.98 INF903J01HB0 Sundaram MIP-Aggr Plan(G) 08.03.2010 5,000 18.74 6.73 9.79 11.24 INF174K01393 Kotak MIP(G) 02.12.2003 5,000 29.51 6.65 9.53 10.86 INF179K01AF1 HDFC MIP-STP(G) 26.12.2003 5,000 30.02 6.69 10.41 8.41 INF251K01845 BNP Paribas MIP Fund-Reg(G) 23.09.2004 1,000 26.64 6.86 8.62 9.30 INF179K01AE4 HDFC MIP-LTP(G) 26.12.2003 5,000 43.58 6.81 10.57 10.38 INF760K01282 Canara Rob MIP-Reg(G) 31.03.1996 5,000 52.97 6.26 8.85 8.30 INF789F01AA8 UTI MIS(G) 11.10.2002 1,000 34.96 6.55 9.29 9.50 INF336L01099 HSBC Monthly Income Plan(G) 24.02.2004 10,000 35.17 5.92 8.81 9.08 INF200K01859 SBI Magnum MIP(G) 23.03.2001 5,000 38.21 6.40 9.99 11.73

Income Funds Absolute Return % CAGR %


INF090I01445 Franklin India Income Opportunities Fund(G) 11.12.2009 5,000 19.94 5.11 10.11 9.63

INF846K01BP2 Axis Regular Savings Fund(G) 28.03.2012 5,000 16.46 5.36 9.07 10.43 INF090I01DG6 Franklin India IBA-A(G) 23.06.1997 10,000 59.37 4.87 9.53 9.56 INF789F01QZ1 UTI Income Opp Fund(G) 19.11.2012 5,000 15.40 4.22 8.58 9.52 INF200K01719 SBI Regular Savings Fund(G) 05.11.2003 5,000 29.52 5.39 10.99 10.44 INF251K01EP9 BNP Paribas Corp Bond Fund(G) 08.11.2008 5,000 18.45 4.56 8.49 9.31 INF917K01130 L&T Income Opportunities Fund(G) 08.10.2009 10,000 19.36 4.44 8.77 9.75 INF903J01EU7 Sundaram Income Plus(G) 30.07.2002 5,000 24.57 3.72 6.93 8.53

INF204K01FQ3 Reliance Reg Savings Fund-Debt Option(G) 10.06.2005 500 23.51 4.26 8.42 9.34

INF740K01599 DSPBR Income Opportunities Fund-Reg(G) 13.05.2003 1,000 27.91 4.48 8.24 9.82

INF740K01557 DSPBR Bond Fund-Reg(G) 29.04.1997 1,000 53.80 5.10 7.60 9.88 INF767K01535 LIC MF Income Plus(G) 30.05.2007 5,000 21.17 3.46 7.04 7.13 INF200K01594 SBI Magnum Income(G) 25.11.1998 5,000 41.97 5.68 9.96 10.47 INF174K01DY7 Kotak Income Opportunities Fund(G) 11.05.2010 5,000 18.57 4.24 8.12 9.47

INF109K01365 ICICI Pru Income(G) 09.07.1998 5,000 54.85 6.79 9.36 11.23

INF179K01962 HDFC Income Fund(G) 11.09.2000 5,000 38.72 5.11 5.46 9.97

Income-Dynamic Absolute Return % CAGR %


INF090I01BP1 Franklin India Dynamic Accrual Fund(G) 05.03.1997 10,000 59.38 5.10 10.16 12.05

INF174K01FA2 Kotak Flexi Debt Fund-Reg(G) 28.05.2008 5,000 21.93 5.37 8.71 11.00

INF109K01CB3 ICICI Pru Dynamic Bond Fund(G) 12.06.2009 5,000 19.67 6.18 8.72 12.10 INF789F01JQ5 UTI Dynamic Bond Fund-Reg(G) 23.06.2010 10,000 19.96 5.37 10.80 12.21 INF251K01DW7 BNP Paribas Flexi Debt Fund(G) 23.09.2004 5,000 29.63 5.21 8.30 11.51 INF663L01484 DHFL Pramerica Dynamic Bond Fund(G) 12.01.2012 5,000 1,643.94 6.50 11.00 12.57

INF205K01RM4 Invesco India Active Income Fund(G) 02.08.2007 5,000 1,991.83 5.50 7.28 10.10

INF209K01793 Aditya Birla SL Dynamic Bond Fund-Reg(G) 27.09.2004 1,000 30.38 6.34 6.19 11.98

INF200K01958 SBI Dynamic Bond(G) 13.01.2004 5,000 21.45 5.25 10.02 12.24 INF204K01FI0 Reliance Dynamic Bond(G) 15.11.2004 5,000 23.32 5.74 7.80 11.60

INF846K01917 Axis Dynamic Bond Fund(G) 27.04.2011 5,000 17.53 5.02 8.07 11.30

INF194K01QG4 IDFC Dynamic Bond Fund-Reg(G) 01.12.2008 5,000 20.83 4.89 9.65 12.04


Short Term funds Absolute Return % CAGR%

ISIN Code Scheme Name Inception Date Minimum Amount NAV 3 Months 6 Months 1 Year

INF090I01304 Franklin India ST Income Plan(G) 31.01.2002 5,000 3,548.43 2.50 5.31 10.24 INF677K01452 L&T ST Income Fund-Reg(G) 04.12.2010 10,000 18.13 2.17 4.71 9.51 INF109K01GU4 ICICI Pru Regular Savings(G) 03.12.2010 10,000 18.06 1.94 4.51 8.45 INF223J01DT4 DHFL Pramerica Short Maturity Fund(G) 27.01.2003 5,000 31.02 1.93 4.74 8.70 INF209K01MC8 Aditya Birla SL Savings-Ret(G) 27.11.2001 1,000 319.93 1.94 4.21 7.98 INF209K01785 Aditya Birla SL Short Term Fund(G) 03.03.1997 1,000 64.73 1.92 4.62 8.28 INF109K01TP7 ICICI Pru Regular Income Fund(G) 03.05.2011 5,000 16.98 1.93 4.04 8.19 INF179K01AY2 HDFC Regular Savings Fund(G) 28.02.2002 5,000 33.60 1.81 4.12 8.35 INF179K01CU6 HDFC Short Term Opportunities Fund(G) 25.06.2010 5,000 18.64 1.90 4.04 7.86 INF209K01942 Aditya Birla SL ST Opportunities Fund(G) 09.05.2003 1,000 28.25 1.97 4.89 7.61 INF740K01656 DSPBR Short Term Fund-Reg(G) 09.09.2002 1,000 28.93 2.02 4.55 7.50 INF209K01LV0 Aditya Birla SL Treasury Optimizer Plan(G) 05.05.2008 1,000 216.80 1.82 5.10 7.97 INF109K01654 ICICI Pru Short Term Plan(G) 25.10.2001 5,000 35.45 1.73 4.88 8.53 INF194K01NO5 IDFC Money Mgr-IP-Reg(G) 09.08.2004 5,000 26.42 1.99 3.87 7.76 INF846K01644 Axis Short Term Fund(G) 22.01.2010 5,000 18.41 1.78 4.11 7.84

INF789F01QA4 UTI ST Income Fund-Inst(G) 18.09.2007 10,000 20.65 1.65 4.19 8.26

INF204K01FL4 Reliance STF(G) 18.12.2002 5,000 31.97 1.79 4.35 7.63

Ultra Short Term Funds Absolute Return % CAGR%

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Month 3 Months 1 Year

INF090I01BU1 Franklin India Low Duration Fund(G) 26.07.2010 10,000 19.25 0.56 2.21 9.43

INF090I01CN4 Franklin India Ultra Short Bond Fund-Super Inst(G) 18.12.2007 10,000 23.16 0.63 2.15 9.03

INF090I01CA1 Franklin India Savings Plus Fund(G) 11.02.2002 10,000 30.74 0.57 1.89 7.64 INF204K01EF9 Reliance Medium Term(G) 14.09.2000 1,000 35.32 0.53 1.89 7.67 INF663L01HV4 DHFL Pramerica Low Duration Fund(G) 22.06.2007 5,000 22.96 0.56 1.82 7.86 INF194K01FU8 IDFC Ultra Short Term Fund-Reg(G) 17.01.2006 5,000 23.83 0.52 1.82 7.73 INF251K01DL0 BNP Paribas Money Plus Fund-Reg(G) 21.10.2005 10,000 24.69 0.56 1.83 7.33 INF677K01AE7 L&T Banking and PSU Debt Fund-Reg(G) 20.09.2007 10,000 15.00 0.38 1.99 7.84 INF109K01CE7 ICICI Pru Ultra Short Term Plan-Ret(G) 12.06.2009 5,000 18.84 0.40 1.82 8.01 INF760K01795 Canara Rob Savings Plus Fund-Reg(G) 04.03.2005 5,000 26.36 0.51 1.79 7.48 INF277K01998 Tata Corp Bond Fund-Reg(G) 13.07.2007 5,000 2,214.89 0.52 1.82 7.18 INF740K018P2 DSPBR Ultra Short Term Fund-Reg(G) 10.03.2015 1,000 12.21 0.51 1.79 7.34 INF109K01AX1 ICICI Pru Savings Fund(G) 17.11.2005 5,000 252.79 0.44 1.77 7.90 INF174K01FD6 Kotak Treasury Advantage Fund(G) 13.08.2004 5,000 26.91 0.52 1.75 7.28 INF917K01AS7 L&T Ultra Short Term Fund(G) 10.04.2003 10,000 27.43 0.49 1.79 7.34 INF179K01442 HDFC Cash Mgmt-TA Plan(G) 18.11.1999 5,000 35.51 0.44 1.71 7.42

INF789F01331 UTI Treasury Advantage-Reg(G) 12.07.1999 1,00,000 4,235.12 0.49 1.63 7.30 INF200K01636 SBI Savings Fund-Reg(G) 14.07.2004 500 26.15 0.46 1.69 7.04

Liquid Funds Absolute Return %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 month 3 month 1 Year

INF917K01JH1 L&T Liquid Fund(G) 03.10.2006 10,000 2,293.24 0.54 1.65 6.78 INF846K01412 Axis Liquid Fund(G) 09.10.2009 500 1,853.40 0.54 1.64 6.80 INF336L01BN7 HSBC Cash Fund(G) 01.06.2004 10,000 1,666.70 0.54 1.64 6.74 INF277K01LQ7 Tata Liquid Fund-Reg(G) 22.05.2003 5,000 3,081.41 0.54 1.64 6.71 INF200K01LJ4 SBI Magnum InstaCash Fund(G) 19.05.1999 5,000 3,695.39 0.53 1.63 6.74 INF204K01UN9 Reliance Liquid-Treasury Plan(G) 09.12.2003 100 4,075.35 0.53 1.64 6.77 INF109K01TX1 ICICI Pru Money Market Fund(G) 08.03.2006 500 231.23 0.53 1.63 6.75 INF767K01IS9 LIC MF Liquid(G) 13.03.2002 5,000 3,027.83 0.53 1.63 6.71 INF740K01FK9 DSPBR Liquidity Fund-Reg(G) 22.11.2005 1,000 2,388.30 0.53 1.62 6.69 INF209K01RU9 Aditya Birla SL Cash Plus(G) 30.03.2004 1,000 268.51 0.53 1.63 6.74 INF109K01VQ1 ICICI Pru Liquid Plan(G) 17.11.2005 500 247.47 0.53 1.62 6.74

INF200K01MA1 SBI Premier Liquid Fund(G) 11.03.2007 50,000 2,622.37 0.53 1.61 6.64

INF194K01VX9 IDFC Cash Fund-Reg(G) 02.04.2004 5,000 2,030.72 0.53 1.62 6.68

INF204K01VA4 Reliance Liquidity(G) 15.06.2005 5,000 2,516.04 0.53 1.61 6.70

INF251K01NF1 BNP Paribas Overnight Fund-Reg(G) 02.09.2004 1,00,000 2,429.22 0.53 1.59 6.65


SIP Focus Data as on 19.09.2017

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

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

Scheme Name Present value(Rs) Return % Present

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

Large Cap Funds Templeton India Growth Fund(G) 242167 20.67 498579 20.67 1372604 15.88

Invesco India Growth Fund(G) 233208 17.93 485967 19.60 1370274 15.85

SBI BlueChip Fund-Reg(G) 227041 16.00 482906 19.34 1391919 16.14

Aditya Birla SL Top 100 Fund(G) 229686 16.83 480340 19.12 1409236 16.37

Reliance Top 200 Fund(G) 227639 16.19 478515 18.96 1351339 15.59

Aditya Birla SL Frontline Equity Fund(G) 229052 16.63 475141 18.67 1413898 16.43

DSPBR Focus 25 Fund-Reg(G) 225027 15.36 473317 18.51 - -

ICICI Pru Focused Bluechip Equity Fund(G) 228159 16.35 463168 17.61 - -

BNP Paribas Equity Fund(G) 219824 13.70 457850 17.13 1292610 14.76

ICICI Pru Top 100 Fund(G) 226243 15.75 456111 16.98 1299101 14.85

Kotak 50(G) 219557 13.61 446535 16.10 1195603 13.29

UTI Equity Fund(G) 216647 12.67 445430 16.00 1324579 15.21

Franklin India Bluechip Fund(G) 218632 13.31 438637 15.37 1237163 13.93

Flexicap Funds L&T India Value Fund-Reg(G) 250264 23.09 590895 27.82 - -

Tata Equity P/E Fund(G) 260934 26.20 583614 27.29 1702422 19.89

Aditya Birla SL Advantage Fund(G) 253534 24.05 569599 26.26 1579427 18.50

Aditya Birla SL Equity Fund(G) 246708 22.03 543052 24.25 1535214 17.97

Invesco India Contra Fund(G) 237576 19.27 529280 23.17 1571187 18.40

SBI Magnum Multicap Fund-Reg(G) 239244 19.78 525624 22.88 1420741 16.52

Kotak Select Focus Fund(G) 240261 20.09 524142 22.76 - -

DSPBR Opportunities Fund-Reg(G) 243872 21.18 518586 22.31 1473983 17.21

Franklin India High Growth Cos Fund(G) 222903 14.69 513657 21.91 1624249 19.02

Kotak Opportunities Fund(G) 238427 19.53 505178 21.22 1411925 16.41

HDFC Capital Builder Fund(G) 234061 18.19 497240 20.56 1486869 17.37

L&T India Spl. Situations Fund-Reg(G) 235191 18.54 494224 20.30 1479756 17.28

SBI Magnum Multiplier Fund-Reg(G) 227684 16.20 493230 20.22 1424320 16.57

ICICI Pru Value Discovery Fund(G) 213420 11.61 490474 19.99 1751145 20.42

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.


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

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

Scheme Name Present value(Rs) Return % Present

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

Flexicap

Franklin India Prima Plus Fund(G) 223232 14.79 483370 19.38 1445788 16.85

ICICI Pru Multicap Fund(G) 222590 14.59 472728 18.46 1347150 15.53

IDFC Classic Equity Fund-Reg(G) 238106 19.43 469837 18.20 1202292 13.40

Tata Equity Opportunities Fund(G) 222716 14.63 467824 18.02 1317398 15.11

Franklin India Flexi Cap Fund(G) 217886 13.07 467786 18.02 1383709 16.03

ICICI Pru Dynamic Plan(G) 225419 15.49 458386 17.18 1350809 15.58

Mid & Small cap Funds

Reliance Small Cap Fund(G) 263530 26.94 691914 34.59 - -

Canara Rob Emerg Equities Fund-Reg(G) 257419 25.18 652457 32.05 2279360 25.31

L&T Midcap Fund-Reg(G) 267229 27.99 650233 31.90 2028655 23.15

Franklin India Smaller Cos Fund(G) 247800 22.36 623529 30.11 2177180 24.46

Kotak Emerging Equity Scheme(G) 246245 21.89 597225 28.27 1778294 20.70

Sundaram Select Midcap(G) 249676 22.91 596010 28.18 1941641 22.34

HDFC Mid-Cap Opportunities Fund(G) 245234 21.59 580162 27.04 2048175 23.33

Franklin India Prima Fund(G) 239039 19.72 566434 26.02 1892026 21.86

SBI Magnum MidCap Fund-Reg(G) 229042 16.63 560524 25.58 1778169 20.70

Equity Linked Saving Schemes (ELSS)

Aditya Birla SL Tax Relief '96(G) 236406 18.91 522187 22.60 - -

DSPBR Tax Saver Fund-Reg(G) 241324 20.41 521661 22.56 1546293 18.10

Axis LT Equity Fund(G) 229027 16.62 521019 22.51 - -

Invesco India Tax Plan(G) 227159 16.04 493299 20.23 1517386 17.75

Franklin India Taxshield(G) 220952 14.06 477006 18.83 1458113 17.01

ICICI Pru LT Equity Fund (Tax Saving)(G) 212842 11.42 453448 16.73 1411310 16.40

Balanced Funds

HDFC Balanced Fund(G) 227075 16.01 483016 19.35 1514440 17.71

L&T India Prudence Fund-Reg(G) 227506 16.15 482778 19.33 - -

Aditya Birla SL Balanced '95 Fund(G) 227761 16.23 475456 18.69 1400908 16.26

ICICI Pru Balanced Fund(G) 226380 15.79 472676 18.45 1416039 16.46

SBI Magnum Balanced Fund-Reg(G) 218604 13.30 458077 17.15 1300332 14.87

Franklin India Balanced Fund(G) 215689 12.36 450434 16.46 1264050 14.34

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 adjusted returns compared to fixed return in-vestments. 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.

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● Streaming News: Brings the latest news being discussed on Social Media, and different news channels. It is a great place to see what’s live in the trading scene. ● Corporate announcements: To track corporate and regulatory announce-ments.

● Feature rich F&O Analytics and Visualization Engine, incorporates Heat Maps, Futures and Option chains, Option Greeks charting and VWAP Screeners. ● Company dashboard covering real time spot & future price for Near, Next and Far months, Premium/Disc, Roll Over, Active Calls/Puts etc.. ● Charts covering default price and OI graph with 9 more series that can be added from basis , implied volatility, Put call ratio etc.. ● Futures & option quotes covering Futures Live quotes for all expiries and also with sector-wise filters ● Screeners :- Covering stock and futures

● Analysing quality, valuation and financial trend for each of the stocks ● This is a multiple algorithm driven platform which analyses more than 30 million data points on every listed stock and crystallizes our research into Dots of – Quality, Valuation and Financial Trend

● Real time MBP and one click order placement from prices of MBP ● Floating type Order and MBP window ● Cross MBP – A unique MBP showing market depth of NSE/BSE in a single screen

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TRADING PLATFORM SELFIE CLASSIC

Apart from the financials there are many external factors that effect a stock. This tool captures the news across the web from any source to keep you updated with new developments. The corporate announce-ments by the company made to the exchange display all price sensitive information that the company needs to disclose. ● Buy/Sell/Hold calls given by all market experts in the public space will appear here. Things you should know keeps you updated with any material information like key shareholding changes, Bulk/Block deals etc.

● Analysing quality, valuation and financial trend for each of the stocks ● This is a multiple algorithm driven platform which analyses more than 30 million data points on every listed stock and crystallizes our research into Dots of – Quality, Valuation and Financial Trend

Details like what contributed to the stock’s return, total returns including dividend, stock’s returns vs peers etc. Analyze stock’s risk by looking at key risk parameters like volatility and beta.

● Integrated security view with quotes, charts, news, recommendations, MBP, F&O Chains & Order window all at one place. ● Link to company info and news analytics ● Company snap shot: Includes a stock summary, stock price chart, news and announcements of the company, sharehold-ing pattern, key financials etc.. ● News Analytics: Provides daily news, live market analysis as well as trading strategy for customers.

● Advanced charting platform which enables a user to trade directly from charts ● Tick by Tick and Historical Charting ● Order window from charts ● Line studies ● Intraday charts available in 1 minute, 2 min….,30 min, 1 hr ● Historical charts available in daily, weekly, monthly, quarterly and yearly ● Advanced chart types like Heiken-Ashi, Kagi, Point & Figure, Renko & Line Break, 90 + Studies and about 60 indicators. ● Option to save and compare the charts.

Specially designed dashboard on Technical, Funda-mental & Mutual Fund research, with one touch order placement from research reports ● Technical, Fundamental and Mutual Fund research can be viewed as cards. ● Order placement and MBP from cards ● Display MF information ● Geojit Channel : You Tube channel integration

TRADING PLATFORM SELFIE CLASSIC


FUND FOCUS: October, 2017

Aditya Birla SL Top 100 Fund CATEGORY: Large Cap Inception Date 24.10.2005 AUM as on AUG.2017 ( in Cr) Rs.3,335.67

Benchmark NIFTY 50 Expense Ratio# 2.27

NAV as on 15.09.2017 Rs. 56.87 Risk Status Moderately High

Fund Manager Mr.Mahesh Patil :-Mr. Patil holds B.E (Electrical), MMS in Finance and Chartered Financial Accountant from ICFAI Hyderabad. He manages this fund since July 2010

Investment Dynamics The Aditya Birla SL top 100 fund holds 91.48% of its portfolio in equity and 8.51% in debt. Out of the equity portfolio the fund holds 86.43% in Large cap stocks,12.44 % in Mid-cap stocks and 1.13% in small cap stocks. As the name implies that the fund invests only in Top 100 companies by market capitalisa-tion, its fund manager does have the flexibility to invest in Mid-cap companies too. As per this fund mandate the fund can invest up to 35% in companies outside the top 100 criterion. Coming, to the performance of the fund, the fund has out-performed its benchmark in almost all the periods. The fund had generated an alpha of 6.70% over its bench mark on a 5 years’ term. Portfolio Moves

The fund holds a portfolio of 63 stocks with less portfolio movements. Last month, the fund added Coal India Ltd. to its portfolio while it increases its holdings in Mangalore Refinery & Petrochemicals Ltd.(952%),GAIL (India) Ltd.(34%),Indian Oil Corporation Ltd.(28%) are the major ones. The fund had also reduced its holdings in State Bank Of India (-28%),Power Grid Corporation Of India Ltd.(-7%),Max Financial Services Ltd.(-3%), and Grasim Industries Ltd.(-3%) in the last month.

Scheme Performance Period Returns Category SIP Returns

6 Months 12.21 12.97 23.48 1 Year 19.05 17.87 24.36 3 Year 13.67 11.93 16.83 5 Year 19.25 16.58 19.00 10 Year 12.24 10.57 15.67

Since Inception 15.73 13.62 15.16

Investment Strategy This top 100 fund follows a conservative investment style with less portfolio movement. An investor looking for a safer bet in a volatile market can look forward this fund for his investments. The fund plays safe in the equity exposure, choice of market-cap and sector prefer-ences, as the fund does not exceed its Mid-cap exposure to 10%-13% even in bull run. Banking, Finance and IT - Software being the top three sectors that the fund holds, the Bank - Private and Finance - Investment sector still shows a positive outlook in a medium as well as the long term perspective. The IT- Software sectors holds a neu-tral outlook in the short and medium term perspective.

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

Bank - Private 19.14 ICICI Bank Ltd 5.44

Finance - Investment 8.95 ITC Ltd. 5.19

IT - Software 7.19 HDFC Bank Ltd. 5.12

Metal - Non Ferrous 6.35 Infosys Ltd. 3.63

Refineries 5.57 Maruti Suzuki India Ltd. 2.70

Cigarettes/Tobacco 5.19 Vedanta Ltd. 2.65

Power Generation/Distribution 4.47 IndusInd Bank Ltd. 2.51

Pharmaceuticals & Drugs 4.34 Hindalco Industries Ltd. 2.45

Automobiles - Passenger Cars 4.30 Yes Bank Ltd. 2.24

Finance - NBFC 3.63 NTPC Ltd 2.11

Risk Reward Measures (%) One year data Category Range

Standard Deviation* 0.72 0.64 - 0.84

Sharpe 0.08 0.02 - 0.13

Information Ratio*** 0.08 -0. 06 - 0.16

* 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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ICICI Pru Focused Bluechip Equity Fund CATEGORY: Large Cap Inception Date 23.05.2008 AUM as on AUG.2017 ( in Cr) Rs. 14,336.63 Benchmark NIFTY 50 Expense Ratio# 2.09 NAV as on 15.09.2017 Rs. 38.38 Risk Status Moderately High

Fund Manager Mr.Sankaran Naren & Mr.Rajat Chandak :-Mr. Naren holds a B.Tech from IIT Chennai and MBA (Finance) from IIM Kolkata. He is a part of the fund management team since July 2017. Mr. Chandak holds a B.Com (H) and MBA. He manages this fund since July 2017.

Investment Dynamics The ICICI Pru Focused Blue-chip Equity Fund is a large cap fund which holds 96.88 % of its portfolio in equity and 3.63% in debt. Out of the equity portfolio, the fund holds 95.04 % in Large-cap companies and 4.96% in Mid-cap companies. This does not have exposure towards small cap companies. The fund scores a higher consistency level among the other fund in its category. The expense ratio of the fund is much lower than the category average which also helped the fund in its con-sistent performance. The fund has managed to out-perform its benchmark in almost all the periods. The fund was able to gen-erate an alpha of 3.61% in one year,4.13% in three years and 4.98% in five years over benchmark performance.

Portfolio Moves The fund holds a medium sized portfolio of 50 shares in its kitty. The portfolio movement in the fund is comparatively high on the last month. The fund had added Max Financial Ser-vices Ltd. into its portfolio last month, while it had increased its holdings in NTPC Ltd. (46%), HDFC Ltd.(30%), HCL(25%),TATA power(14%) and GAIL (India) Ltd.(6%). Last month the fund had exited form Bharat Petroleum Corporation Ltd. and Petronet LNG Ltd. in the equity holdings. There were small portfolio movements in the debt holdings of the fund last month.


6 Months 12.16 12.97 23.00 1 Year 18.48 17.88 24.27 3 Year 12.38 11.93 16.05 5 Year 17.38 16.58 17.41 10 Year - 10.57 -


Investment Strategy This true labelled Large-cap fund invests around 90% of its portfolio in Large cap stocks throughout its life span. This consistent performer adopts a conservative fund management approach in the portfolio build-ing. The fund managers apply a bench mark conscious approach and aligns the portfolio's sector weights to those of the benchmarks. The fund manager gives more importance on the quality of the socks while adding it to his portfolio. An investor with a moderate appetite and along term investment horizon can select this fund in to his portfolio. The fund has its top three sector exposure towards Bank - Private, IT - Software and Pharma. The Banking- Private holds a positive market outlook while the other two sectors hold a neutral outlook in short as well as the medium term.


Bank - Private 24.33 HDFC Bank Ltd. 7.33

IT - Software 7.24 ICICI Bank Ltd. 6.84

Pharmaceuticals & Drugs 6.38 ITC Ltd. 4.10

Power Generation/Distribution 6.21 Maruti Suzuki India Ltd. 4.06

Refineries 4.69 Bajaj Finserv Ltd. 3.84

Cigarettes/Tobacco 4.10 State Bank Of India 3.78

Automobiles - Passenger Cars 4.06 Axis Bank Ltd. 3.54

Finance - Investment 3.84 Motherson Sumi Systems Ltd. 3.25

Bank - Public 3.78 NTPC Ltd. 3.19

Auto Ancillary 3.25 HDFC Ltd. 3.15



Sharpe 0.08 0.02 - 0.13






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IDFC Focused Equity Fund CATEGORY: Large Cap Inception Date 16.03.2006 AUM as on AUG.2017 ( in Cr) Rs. 391.18 Benchmark NIFTY 50 Expense Ratio# 2.53 NAV as on 15.09.2017 Rs. 37.50 Risk Status Moderately High

Fund Manager Mr. Sumit Agrawal:-Mr.Agrawal holds a B.Com, ACS, CFA (USA) and PGDM (Finance). He manages this fund since October 2016.

Investment Dynamics This fund was early known as “IDFC Imperial Equity Fund” and got renamed as ‘IDFC Focused Equity fund’ on April 18 2017. The IDFC Focused Equity fund is a large cap fund which has invested its 95.57% of the portfolio in Equity, 3.07% in debt and 1.36% in cash. In its equity portfolio, the fund holds 58.84% in Large-cap stocks, 32.96% in Mid-cap stocks and 8.2% in Small-cap stocks. This fund was an average performer in its category in earlier stages, after Mr. Agarwal became the fund manager, the fund had moved to the top two quartiles. This can be visible from the past three year perfor-mance of the fund. The fund had out performed its benchmark on a high margin in the past three years and generated an alpha of 16.53% over its bench mark on one year and 5.05% in three years.

Portfolio Moves The fund comprises of a small portfolio of 28 Shares. In the last month the fund was on a purchase mode, the Fund Manager added Indian Oil Corporation Ltd., and MRF Ltd in to its portfolio. The fund have also increased its holding in certain stocks, the major ones being Skipper Ltd.(182%), Dollar Industries Ltd. (104%), The South Indian Bank Ltd.(100%),Petronet LNG Ltd.(98%) etc. The fund have also increased its position in 18 other stocks in its portfolio. Last month also shown the fund quitting from the following stocks like AU Small Finance Bank Ltd. and The Indian Hotels Company Ltd.


6 Months 26.80 12.97 40.39 1 Year 32.00 17.88 36.49 3 Year 13.22 11.93 18.76 5 Year 14.82 16.58 16.85 10 Year 10.59 10.57 12.53


Investment Strategy In the earlier stages of this fund, it was following a conservative strategy of fund management. Under the new fund management, the fund has moved to a growth oriented strategy with superior capital efficiencies among the category. The fund also extended its exposure to business which has a potential to turn around due to market changes. This can be visible on the funds exposure towards the Mid-cap stocks which is higher than the category average as well as the Benchmark it follows. Bank-Private, Finance-NBFC and Engineering- Industrial equipment are the top three sectors to which the fund is exposed. The Banking- Private, Finance- NBFC are having a positive market outlook.


Bank - Private 16.16 Kotak Mahindra Bank Ltd. 5.09

Finance - NBFC 10.22 Indian Oil Corporation Ltd. 4.93

Other 6.03 IndusInd Bank Ltd 4.40

Engineering - Industrial Equipment 5.87 Maruti Suzuki India Ltd. 4.33

Pharmaceuticals & Drugs 5.14 Astral Poly Technik Ltd. 4.11

Refineries 4.93 Kajaria Ceramics Ltd. 4.02

Automobiles - Passenger Cars 4.33 MRF Ltd. 4.00

Plastic Products 4.11 Titan Company Ltd. 3.85

Ceramics/Marble/Granite/Sanitary ware 4.02 RBL Bank Ltd. 3.81

Tyres & Allied 4.00 Petronet LNG Ltd. 3.72



Sharpe 0.13 0.02 - 0.13






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TATA Equity P/E Fund CATEGORY: Flexi Cap Inception Date 29.06.2004 AUM as on AUG.2017 ( in Cr) Rs. 1,628.55 Benchmark S&P BSE SENSEX Expense Ratio# 2.29 NAV as on 15.09.2017 Rs. 135.28 Risk Status Moderately High

Fund Manager Mr. Sonam Udasi:- Mr. Udasi holds a B.Com and also holds PGDM (Finance). He man-ages this fund since April 2016.

Investment Dynamics The TATA Equity P/E fund is a value hunting Multi-Cap fund which invests 96.28% of its portfolio in Equity and 3.72% in cash. Out of its equity holdings, the fund holds 60.53% of its portfolio in Large-cap stocks, 29.88% in Mid-cap stocks and 9.59% in Small-cap stocks. The fund has a mandate to invest at least 70% of its port-folio in stocks whose valuation is less than the benchmark. This help the fund to outperform its benchmark in almost all the peri-ods. This fund does not restrict itself to invest in large caps, while it looks for opportunity across the market cap range to build its portfolio. The fund was able to generate an alpha of 19.35% in one year and 12.45 % in three years over and above its bench mark return.

Portfolio Moves This fund holds a medium size portfolio of 54 shares. The fund has moved to a purchasing mode in the last month's market cor-rection. It has added Adani Ports and Special Economic Zone Ltd., Apollo Tyres Ltd., Nilkamal Ltd. and Tube Investments of India Ltd. The fund has also increased its holding in certain stocks the major ones were Ashok Leyland Ltd.(53%), Hero MotoCorp Ltd. (53%), GAIL (India) Ltd. (44%), Escorts Ltd.(37%), City Union Bank Ltd.(37%). The fund quit its position in Aurobindo Pharma Ltd., Indraprastha Gas Ltd., Infosys Ltd., Max India Ltd. and Mayur Uniquoters Ltd. during last month.


6 Months 18.30 14.41 34.55 1 Year 33.04 19.92 38.14

3 Year 19.98 13.27 25.63

5 Year 23.69 18.88 25.65

10 Year 15.39 11.68 19.10


Investment Strategy The fund follows valuation strategy while selecting the stocks to its portfolio. The fund manager search for growth potential stocks which are currently undervalued than the fund's benchmark. True to its name, the fund's latest portfolio PE stands at 20.36 times, at a discount to its benchmark PE of 24.15 times. This fund is suitable for an investor who does not want to take much risk in the market rally, but require a good return in long term. The fund has maximum exposure towards Banking -Private, Finance- Housing and Power Generation/Distribution sectors. The Banking -Private still holds a positive outlook with the sector reforms and NPA consolidation. The Finance-Housing holds a positive outlook with more Government’s initiative towards affordable housing. The Power Generation/Distribution has a positive out-look due to the increase in consumption and decrease in the production cost due to the transformation happening towards alternative energy.


Bank - Private 11.68 Yes Bank Ltd. 7.22

Finance - Housing 6.71 Power Grid Corporation Of India Ltd. 5.09

Power Generation/Distribution 6.61 Ashok Leyland Ltd. 4.12

Unspecified 5.65 GAIL (India) Ltd. 3.95

Industrial Gases & Fuels 5.47 Finolex Cables Ltd. 3.54

Automobile Two & Three Wheelers 4.92 Muthoot Finance Ltd. 3.53

Finance - NBFC 4.22 Grasim Industries Ltd. 3.20

Automobiles-Trucks/Lcv 4.12 Future Retail Ltd. 3.06

Retailing 4.10 HDFC Ltd. 3.03

Tyres & Allied 4.08 Tata Chemicals Ltd. 2.69



Sharpe 0.13 0.01 - 0.13






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HDFC Mid-Cap Opportunities Fund CATEGORY: Mid Cap Inception Date 25.06.2007 AUM as on AUG.2017 ( in Cr) Rs. 17,714.71 Benchmark Nifty Free Float Midcap 100 Expense Ratio# 2.23 NAV as on 15.09.2017 Rs. 54.67 Risk Status Moderately High

Fund Manager Mr.Chirag Setalvad:-Mr. Setalvad holds a B. Sc and MBA from University of North Caroli-na. He is managing this fund since May 2007

Investment Dynamics The HDFC Mid- Cap Opportunities fund is a consistent perform-ing Mid-cap fund which holds 94.67% of its portfolio in Equity and 5.33% in Debt. In equity portfolio, the fund holds 30.23% in Large-cap stocks,58.21% in mid cap stocks and 11.57% in small cap stocks. This pure Mid-cap fund has a proven track record of good returns in a long term perspective. The fund has beaten its benchmark as well as its category returns in almost all the periods with a high margin. The fund usually invests 93-97% in equity and the balance in cash and debt instruments. The fund was able to generate an alpha of 4.29% in three years and 8.89% in five years over and above its benchmark returns.

Portfolio Moves

This Mid-Cap fund holds a large portfolio of 77 shares. Even though the fund portfolio is big, the portfolio movements are comparatively less. Recently the fund had added Tube Invest-ments of India Ltd. in to its portfolio. The fund had also in-creased its holdings in Apollo Tyres Ltd.(80%), Jagran Prakash-an Ltd. (20%), Sundram Fasteners Ltd. (11%) and Aurobindo Pharma Ltd.(3%). Recently the fund reduced its holdings in Huhtamaki PPL Ltd.(-99%),GTPL Hathway Ltd.(-82%) and Havells India Ltd.(-12%)


6 Months 13.10 15.87 25.28 1 Year 21.07 22.29 29.52

3 Year 19.72 17.28 23.42

5 Year 26.37 25.31 26.55

10 Year 18.12 13.85 -


Investment Strategy This steady performing Mid-cap fund follows bottom-up strategy with empha-sis on quality of the stocks while selecting a stock to its portfolio. This fund has attracted huge inflow towards its assets under management in the last bull run, for the past three years due to the fund's consistent performance. This fund makes a suitable position in the portfolio of an aggressive investor as well as a moderately aggressive investor. The fund holds Bank - Private, Pharma and Bank - Public as the top three sector holdings. The Banking-Private still holds a positive outlook with the less NPA exposure and strong asset quality. The pharma sector holds a positive outlook in a medium as well as a long term perspective after the current regulation in the external market, but the short term outlook still holds a unfavourable outlook. The Banking -public shows a positive outlook as the market is waiting for the results of the merger of the major banks.


Bank - Private 10.59 TI Financial Holdings Ltd. 3.14

Pharmaceuticals & Drugs 6.57 Voltas Ltd. 3.02

Bank - Public 5.68 Aurobindo Pharma Ltd. 2.67

Finance - NBFC 5.38 Yes Bank Ltd. 2.53

Air Conditioners 4.84 IndusInd Bank Ltd. 2.44

Tyres & Allied 4.84 Sundram Fasteners Ltd. 2.39

Other 4.75 UPL Ltd. 2.28

IT - Software 4.46 Hexaware Technologies Ltd. 2.19

Printing And Publishing 4.28 Adani Ports and Special Economic Zone Ltd. 2.18

Trading 3.91 Balkrishna Industries Ltd. 2.14



Sharpe 0.08 0.04 - 0.14






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PAN - INDIA OFFICE NETWORK ANDHRA PRADESH: Branches: Ananthapur: 08554-274507, 08, 09, 09393222966, Bhimavaram: 08816-221014,15, 09396221014, Chirala: 08594-233627, 628 , 629, 09391151071, Chittoor - Andhra Pradesh: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, 09995800553, Anand: 02692-246931,34,32,33, 09375769982, Bharuch: 02642-226998, 858, 807, Jamnagar: 0288-2553369 , 0288-2553370,028, Junagadh: 2620386, 9974092324, 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: 09327974008, 0261-2479661, 2479662, 2479663, 2479664 ,Vadodara - R C Dutt: 0265-2324586, 2354326, 2354091, 2351795, 9099053872, Valsad :02632 - 245901, 245902, 245903, 09377501506. Business Associates: Keshav Baug: 09898088987; Mehsana: 02762-220314, 02762- 223594,09824434378, 09925938517; Vadodara - Sarabhai Com-pound: 0265 2336720 ,21 ,23 ,24. HARYANA: Branches: Faridabad: 0129-4142250, 0129-4142251, 0129-4142252,09312199172, 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, 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, Belagavi: 09342209326, 2402128, 2402131, 2402156, 2422153, 2422154, Bellary: 08392 – 255393, 94, 95, 09342682887, Bhatkal: 08385 224062, 224063, 226482,226483, 09741329922, Bidar: 08482-222652, 53, 54, 9995800543, 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, 2790033,9341240048, Frazer Town: 080 25564350,080 25564351,080 25564352, 09995800730, 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,, 9108025990,Hubli: 0836 2353371, 72, 73, Indiranagar: 080 25252831, 32, 25252823, 25252841,09343706936, Jayanagar: 080-26562600, 01, 02, 03, 04, 05, 06, 07, 08, 9343706746 Koramangala:080 - 25503462, 25500232, 25503273, 41303691, 7338191374, Majestic: 080 22340067, 68,09341114190, Malleswaram: 080 -23360980,81, 82, 84, 09343706756, Mangalore: 0824 2444531, 2426158, 2446024, 2441535, 2441542, MangaloreCity: 0824 2221434, 2221435, 2223881, 2223873, Mercara: 08272 221671 221672 220672 220441, 07022255332, Mysore –Saraswathipuram: 0821-2344816, 2344817, 2344818, 2344819, 09342183451, Mysore - V V Mohalla: 0821 2516519, 2415050, 2519309, 2517719,Raichur: 08532 226925, 226926, 226927, 09379059007, Rajaji Nagar: 080-23109739, 23109745, 09341805767, Rajarajeshwari Nagar: 080 28606326, 28606327, 09108028854, Shimoga: 08182 271905, 08182 271901, 225597, 09343310824, Tumkur: 0816 – 2285651, 52, 53, 09379222011, Udupi Town: 0820-2529689, 2528269, 2527689, 9740189922, Whitefield: 08028456665, 08028455082, Mob : 9663125104, 9663125104. Business Associates: Ankola: 08388 – 232353, 232255, 232455, 231522, Banashankari BDA Complex: 080 26715410, 26715460, 09379337789, 9972099978, BTM Layout – Bangalore:080 41506462, 63, 09845730404, Channarayapatna: 08176 - 252161, 09242461911, 09242624222, 8884870989, Gangavati: 08533 234406, 07, 09916136294, 09916134294, Gulbarga: 9448477078, 08472 324613, Honavar: 08387 221804, 221504, 8904973288, 9972191924, Haveri - Shivajinagar: 08375 233363,8861308596; Ilkal: 09901903375, 08351-271494, Jalahalli Cross: 080 41228351, 40903157, 40903149,09886718394,Jayanagar 9th Block: 080 41301711, 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, 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 Ambalapuzha: 0477 2970494, 9446611700 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, Kattap-pana: 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, Malap-puram: 0483-2735880, 2735881, 2, 9995800156, Mallappally: 0469-2681394, 98, 2681474, 09995800121, Manjeri: 0483-2769011, 2769022, 2769033, 9995806538, Mattancherry: 0484 - 2227337, 7388, 2224688, 4188, 2211391, 2225840, 9995800063, Moonupeedika: 0480-2836980, 2836990, 2836970, 9995800076, Muvattupuzha: 0485- 2835753, 2835795, 2835798, 2835925, 9995800136, Neyyattinkara: 0471- 2220844 ,2220944, 2221044, 9995800149, Nilambur: 04931 - 221171, 221864, 221885, 999580007 4 , 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, 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, Cherthala: 0478- 2811877, 9447089891, Cherupuzha: 04985- 240145, 240132, 9495097923, Civil Station Calicut: 0495-2371116, 3253303, 9249122799, Elamakkara: 0484 - 4020969, 2340969, 9497668001, Ernakulam – Kadavanthara: 0484- 2324366, 9496305566, Ettumanur: 0481-2531924, 2531925, 9142051267, Haripad: 0479- 2410960, 2410961, 9645090257, Irinjalakuda – Chanthakunnu: 0480-2833390, 9895880671, Iritty: 0490 - 2494522, 2494523, 9447721122, 9447290050, Kakkanad: 0484- 2428353, 2428354, 9447125354, Kalamassery: 9995824886, 9744793339 , 9895013589, Kaloor - Katrikadavu: 0484 3200525, 9847325023, Kalpetta: 04936 204670, 205452, 205771, Kanhangad: 0467 2209322, 2209625, 2207878, 2207910, 9447086822, 9495986822, Kannur Town: 0497 2701570, 9400501571, 9446337789, 9656107789, 8891965789, Karukachal: 0481 2486529, 9447087229, 9446516529, Karunagappally: 047- 2622192, 2620139, Kattappana - Ozhukayil Complex:04868- 274977,

, Kizhakkambalam: 0484- 2684632, 2684628, 9446062562, Kodakara: 0480-2622502, 9072741633, 9995695469, Kodungallur: 0480- 2808298, 99, 9447259640, Konny: 0468- 2340701, 3290368, 2248883, 9447074708, Koonammavu: 0484 2512919,6512919, 9567652919, 9446135128, Koothattukulam: 0485- 2250461, 2881272, 9745050642, Kothamangalam: 0485- 2824023, 2828874, 2827401, 9447267063, 9745768034, Kottarakara: 0474- 2452166, 2450244, 9446556148, Kottayam - Star Junction: 0481- 2561926, Koyilandy: 0496 - 2620099, 8086161216, Kozhencherry: 0468- 2210083, 2210641, 8606012179, 9847314385, Kumbanad: 0469- 2663474, 9847365760, Kunnamkulam-Harvest: 04885- 210762, 210412, 210449, Kurisumood:0481- 2728034, 2728033, 2728035, 09447087229, Manarcad – Kottayam: 0481- 2371267,9946832777, Manjapra: 0484 2692544, 9446128473, Mannarkkad: 04924-225556, 225656, 9745005638, 9745006238, Mavelikara: 0479-2340353, 2301343, 9447971343, Mukkam: 0495 - 2298467, 9846297894, Muvatupu-zha: 0485-2833501, 2834026, 2832269, 9847221711, Nemmara: 04923 244220, 244340, 9496838029, 9847263902, North Irinjalakuda: 0480- 2825031, 3259370, 94462 32417, North Paravur: 0484- 3290887, 3260887, 4062023, 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, 9349835356, Ravipuram: 0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thalipa-ramba: 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, 3242535, 9567699419, 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- 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. 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, 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, 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, 09350344499.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, 02,09583625732, 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, 09357705566, Chandigarh: 0172-5046120, 5046121, 5046122, 5046124, 5046127, 8968451220, Jalandhar: 0181-5030046, 5030043, 44, 09356555540, Ludhiana: 09317772226, 0161-5099223, 24, 26, 28, 33, 37, Patiala: 602, 603, 604, 605, 606, 9356662007. 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, Udaipur: 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, Devakottai: 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, 9364105761, Erode Brough Road – Coimbatore: 0424 2226001, 02, 09345298225, 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, 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, 233728, 233994, 233995, Karur 3: 04324 231991, 231992, 231994, 09344001767, Krishnagiri: 04343-237186, 237187, 237188, 09345040541, Kumbakonam: 0435 - 2400953, 2400954, 2403094, M C Road – Royapuram: 044-25955282, 91, 42872879, 08144062710, Madurai -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, Mettuppalayam: 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, Namak-kal: 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, Coimbatore - Ramnagar: 0422 2234319, 2234321, 2236576, 2236577, 9995800706 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, 09367705556 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 – Canton-ment: 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, Vepery: 044 - 26411430, 26411431, 26411432, Villupuram: 250027, 251262, 250037, Virudhunagar: 04562 -246611, 246612, 246613, 246614, 9345223737. 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, 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: 09391055688, 27132872, 27132873, 27132874, Ameerpet –Hyderabad: 040 23414686, 23414687, 23414689, 09959022567, Banjara Hills: 040 23391418, 23391419, 23391420, 23370117, Begum Bazar: 040-24740442,040-24740443,040-24650439, 9642023482, Dilsukh Nagar: 040 - 23447691, 23447692, 23447693, 23447694, 09346623769, 9985641159 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, 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, 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, 09339308800, Siliguri: 0353 2541789, 2789, 3789, 08585075633, Tegoria: 033-40647873, 40647874, 09831891765.

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October 5, 2017 Issu (19.5x26cm,4Colour,CMYK) Oct 2017.pdfTata Equity P/E Fund(G) HDFC Mid-Cap Opportunities Fund(G) ... Geojit Investment Services Limited 34/659- P, Civil Line Road,