ET Wealth 21 Nov 2022

THE ECONOMIC TIMES STOCKS AND
THEORY OF
SURVIVAL OF
THE FITTEST
P11
www.etwealth.co | Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune | November 21-27, 2022 | 24 pages | `8
MOST
WANTED
STOCKS
2022 ET Wealth examines the shopping
baskets of mutual funds to determine
which were the six stocks that were
most in demand this year. P2
cover story
02 The Economic Times Wealth November 21-27, 2022
MOST
WANTED
STOCKS
2022
ET Wealth examines the shopping baskets of mutual
funds to determine which were the six stocks that
were most in demand this year.
GETTYIMAGES
By Sanket Dhanorkar Stocks that equity fund managers are betting on
A
mid unprecedented inflation
and sharp interest rate hikes by
MF HOLDING (AS % OF SHARE CAPITAL) NUMBER OF SHARES
central banks worldwide, the COMPANY
INCREASE IN MF
BOUGHT BY FUNDS IN
domestic market has exhibited HOLDING (%)
PAST ONE YEAR
relative calm. While fears of SEP 2021 SEP 2022
an imminent recession have made global
markets anxious, the mood has been more
buoyant locally. But even though the stock
KAJARIA CERAMICS 11.55 19.46 7.91 1.26 crore
market has held its nerves, investors have
been kept guessing about the true nature ICICI LOMBARD GENERAL INSURANCE 8.49 13.73 5.24 2.57 crore
of its resilience. Several businesses have
thrived in this environment, displaying CUMMINS INDIA 16.25 20.49 4.24 1.17 crore
pricing power amid sharp rise in prices of
key inputs. Others have found it tough to
navigate around supply chain disruptions,
LAURUS LABS 2.08 5.5 3.42 1.84 crore
margin pressures and competitive inten-
sity. Amid the duality of corporate for- JB CHEMICALS & PHARMA 12.8 15.4 2.6 20.2 lakh
tunes, fund managers have been minutely
combing through the numbers. They have KEC INTERNATIONAL 21.41 22.92 1.51 38.78 lakh
gradually increased their holdings in busi-
nesses that are showing superior execution Refer to the methodogy for the rationale for inclusion of above stocks. Compiled by
and scaling up to reach their true potential. Increase in holding between 30 Sept 2021 and 30 Sept 2022; Stocks sorted on basis of % rise in MF holding ETIG Database
cover story
The Economic Times Wealth November 21-27, 2022 03
We identified stocks from the BSE 500 index whose share in

mutual fund holdings has consistently risen over the past four
quarters. Of the 495 companies for which shareholding data was
available, 76 stocks passed this primary filter.
How the To ascertain that stocks qualifying for this study enjoyed a broad-based
interest from mutual funds, we picked only those stocks in which mutual
fund holding was at least 5% of the company’s total share capital, and
most that were held by at least 20 equity schemes as of September 2022.
wanted For the latter, we considered only diversified equity schemes

and excluded all sector, thematic and hybrid schemes. This
stocks left us with 35 stocks.
were These were further screened for a healthy return profile—

boasting average return on equity (RoE) of more than 15% over
identified the past three years. The list was now down to 17 stocks.
We further weeded out stocks trading at exorbitant valuations

and with higher proportion of sell recommendations. This led to
final list of six most sought after stocks among mutual funds.
In this ninth edition of Most Wanted This left us with 35 stocks that were
Stocks, we have again zeroed in on a further screened for a healthy return
basket of scrips that have consistently profile—boasting average return on
found preference among fund manag- equity (RoE) of more than 15% over the
ers. These six stocks have seen a grad- past three years. We further shortlisted
ual rise in mutual fund holding since these 17 names to weed out stocks that
September 2021. are trading at exorbitant valuations and
To identify mutual funds’ most have higher proportion of sell recom-
favoured stocks, we applied several mendations by analysts. This led us to
quantitative filters. Initially, we iden- a final list of the six most sought-after
tified stocks from the BSE 500 index stocks among mutual funds.
whose share in mutual fund holdings Even though these stocks are find-
has consistently risen over the past ing prominent space in fund portfolios,
four quarters. Of the 495 companies for investors would do well to exercise cau-
which shareholding data was available, tion while picking any of these. Given
76 stocks passed this primary filter. the current market scenario, it would
To ascertain that stocks qualifying be advisable to take a staggered, buy-
for this study enjoyed a broad-based on-dips approach in these names. It is
interest from mutual funds, we applied pertinent to point out that fund manag-
further ownership filters. We picked ers have been adding these names over
only those stocks in which mutual fund time, staggering their entry, starting
holding was at least 5% of the company’s at much lower valuations. It is always
total share capital, and that were held advisable to do your own due diligence
by at least 20 equity schemes as of and not blindly try to mimic moves of
September 2022. professional asset managers.
cover story
“We believe Top 5 funds holding Kajaria Ceramics

KAJARIA CERAMICS
the company SCHEME
HOLDING (AS AMOUNT
Ongoing expansion projects to is poised to % OF CORPUS) INVESTED (` CR)
drive earnings in future bounce back HSBC Mid Cap 2.5 27
with improved Kotak Emerging Equity 2.34 527
T
iles, bathware and sani- 8.4MSM to 11.4MSM per annum.
taryware maker Kajaria Kajaria continues to add to its margins as gas Invesco Ind Smallcap 2.26 32
Ceramics is considered a robust dealer network. Increased prices soften in PGIM Ind Midcap Opportunities 2.23 162
solid play in the building mate- dividend payout of around 45%
rials space, which is poised to from 20-25% earlier will improve near term” Edelweiss Mid Cap 2.14 51
IDBI CAPITAL
benefit from continued traction return ratios going forward.
in the real estate market. It is the Only diversified funds in which value of holding is more than `10 crore considered.
largest manufacturer of ceramic/ Sector and thematic funds not included.
DIV YIELD 3 YEAR AVG
vitrified tiles in India. Its brand CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
leadership reflects in superior
1,032 16,432 43.24 7.74 1.07 17.28
realisations and margins. The Kajaria Ceramics and BSE 500
company faced a double whammy 120
of higher gas prices and slightly Analyst recommendations
subdued demand in the last quar-
ter. But softening gas prices and
usage of alternative fuels at its
Buy | 24 Hold | 0 Sell | 5
plants are expected to improve BSE 500
100
margins in the second half of the
MF holding as % of 100.72
fiscal. Demand is also expected
to pick up during the festive sea- total share capital
Schemes holding
the stock 48
19.46% Kajaria
son. Ongoing expansion projects 18.56% Ceramics
could drive earnings in the fu- 16.58% 88.52
ture. Kajaria plans to add 6 lakh 13.78% 80
pieces per annum capacity to the 11.55%
faucet plant in Rajasthan. It also
Market
announced expansion of bigger value of MF
size glazed vitrified tiles capacity holding
by 3MSM (million square meter) `2,192 cr `2,828 cr `2,687 cr `2,799 cr `3,721 cr 60
per annum at the Sikanderabad Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
plant, taking total capacity from Data as on 11 Nov Share price and index values normalised to a base of 100.
“Its premium Top 5 funds holding ICICI Lombard

ICICI LOMBARD
market share, profit SCHEME
HOLDING (AS AMOUNT
Investments in retail health focus and leading % OF CORPUS) INVESTED (` CR)
distribution likely to pay off ROE profile make Quant Large Cap 5.15 13
it a compelling Motilal Oswal Focused 4.47 81
I
ts demonstrated strength with 70-75% of investment in-
in underwriting, healthy come as accrual and balance in investment for Samco Flexi Cap 3.96 27
solvency and improving loss capital gains. Higher interest long-term financial SBI Focused Equity 3.33 945
ratios make ICICI Lombard a
compelling bet in the non-life
rate favours this mix as going
forward, carrying yield should services portfolios” UTI Focused Equity 3.09 87
SHAREKHAN
insurance space. In its flagship increase as capital gains reduce.
motor segment, competitive pric- Only diversified funds in which value of holding is more than `10 crore considered.
ing environment in the motor OD Sector and thematic funds not included. .
(own damage) space is a concern. CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
The loss ratio is higher than the
1,132 55,615 35.43 6.11 0.79 19.26
motor TP (third party) segment ICICI Lombard and BSE 500
due to pricing pressure. However, 120
the management is confident on Analyst recommendations
growth outlook and expects mo-
tor OD pricing to improve. Health
portfolio remains the growth
driver and past investments in BSE 500
100
retail health distribution are
likely to accrue. The company is
confident on capitalising on the total share capital
Schemes holding
the stock 54
agency force of Bharti AXA—a re- 13.48% 13.73%
cent acquisition—to scale up the 11.33% 11.47%
80
retail health business. However, ICICI
8.49%
management expects expense Lombard
ratio to be high, as investments to 73.56
Market
build network remains high. The value of MF
company is focusing on expand- holding
ing distribution network in Tier-3 `6,607 cr `7,788 cr `7,478 cr `7,428 cr `7,759 cr 60
and Tier-4 cities. Its investment Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
book has seen improved returns, Data as on 11 Nov Share price and index values normalised to a base of 100.
cover story
“Well placed to benefit Top 5 funds holding Cummins India

CUMMINS INDIA
from healthy demand, SCHEME
HOLDING (AS AMOUNT
Adopting emission norms will reviving margins, % OF CORPUS) INVESTED (` CR)
boost export business continued momentum Edelweiss Mid Cap 4.24 102
in exports market, SBI LT Equity 3.59 416
C
ummins is seeing strong de- expand. The company’s focus on
mand in both domestic and automation to increase efficiency implementation of Kotak Emerging Equity 3.56 802
export markets. Demand will start reflecting in higher CPCB-IV and new PGIM Ind Midcap Opportunity 3.48 252
is especially strong in the power- margins. Sharp uptick in its
gen segment where end markets stock price leaves little room for product launches ” Tata Midcap Growth 3.46 61
PR ABHUDAS LILLADHER
like pharma, biotech, realty, earnings disappointment.
manufacturing and data centres Only diversified funds in which value of holding is more than `10 crore considered.
are driving growth. This momen- Sector and thematic funds not included.
tum is expected to sustain on the CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
back of industrial capex revival.
1,347 37,349 40.11 7.26 1.37 15.63
Growth across the global market Cummins India and BSE 500
is strong but Europe is showing 160
signs of a slowdown. The manage- Analyst recommendations
ment expects exports to see fur-
Cummins
ther boost post implementation of
CPCB IV+ norms as the products
Buy | 19 Hold | 5 Sell | 5 140 India
145.65
will adhere to global emission
standards. Global supply chain
MF holding as % of
disruptions continue to persist
for certain critical components. total share capital
Schemes holding
the stock 61 120
Factories are currently running

19.02% 20.49%
19% 100 BSE 500
at 70-80% utilisation owing to 16.25% 16.99%
supply chain issues. This, cou- 100.72
pled with a lag in pass through of
price hikes, led to softer margins. 80
Market
But with the recent correction in value of MF
commodity prices and ability of holding
the company to take price hikes `4,469 cr `4,439 cr `5,919 cr `5,386 cr `6,789 cr 60
even in a highly competitive sce- Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
nario, analysts expect margins to Data as on 11 Nov Share price and index values normalised to a base of 100.
“We continue to Top 5 funds holding Laurus Labs

LAURUS LABS
remain positive SCHEME
HOLDING (AS AMOUNT
Big launches in Europe will lead and retain our Buy % OF CORPUS) INVESTED (` CR)
to recovery from next quarter rating on the stock HSBC Mid Cap Dir 2.73 30
amid incremental PGIM Ind Midcap Opportunities 2.48 180
L
aurus Labs operates in the lower competition, from 2024-25.
segment of generic APIs This gives greater revenue vis- contribution from Sundaram Midcap 1.85 138
(active pharmaceutical ibility. Subdued performance led custom synthesis with Union Midcap 1.78 10
ingredients) and formulations,
custom synthesis and biotech-
to a correction in the stock price.
This provides an opportunity for visible order book ” Mirae Asset Midcap 1.72 149
ICICI DIRECT
nology. Strong performance the long term.
in custom synthesis and API Only diversified funds in which value of holding is more than `10 crore considered.
businesses helped it post strong Sector and thematic funds not included.
revenue growth of 31% in June- CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
September, compared to a year
455 24,457 28.17 7.30 0.44 29.46
ago. However, the company Laurus Labs and BSE 500
missed estimates owing to a 140
significant dent in formulations Analyst recommendations
business due to poor anti-ret-
rovirals offtake. This dragged
down margins. A product mix in
120
favour of high-margin synthesis
business masked the impact of
MF holding as % of
negative operating leverage from
a sharp drop in formulations rev- total share capital
Schemes holding
the stock 29 100
BSE 500
100.72
enue. The management expects 5.5%
a recovery from next quarter 4.77%
Laurus
on the back of two big launches 3.51% Labs
in Europe. It expects capacity 2.62%
80 92.66
utilisation to reach 75% for the 2.08%
Market
formulation facility by January- value of MF
March 2022-23. It is expected to holding
file ANDAs (abbreviated new `688 cr `759 cr `1,113 cr `1,190 cr `1,514 cr 60
drug application) for complex Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
generics products, which have Data as on 11 Nov Share price and index values normalised to a base of 100.
cover story
“We remain positive Top 5 funds holding JB Chem & Pharma

JB CHEMICALS & PHARMA
on the management’s SCHEME
HOLDING (AS AMOUNT
Expanding footprint and cost strategy towards % OF CORPUS) INVESTED (` CR)
optimisation moves will help improving Samco Flexi Cap 4.8 33
productivity in India HSBC Small Cap Equity 3.94 12
C
hronic therapy focused JB low margin Azmarda drug. It is
Chemicals & Pharma has expected to continue generating business, portfolio Edelweiss Small Cap 3.4 47
delivered steady growth strong operating and free cash- expansion and cost Franklin Ind Smaller Companies 3.14 229
amid a tepid environment. Its flow, further raising return ra-
domestic business has seen tios. Sharp run-up in stock price optimisation” Motilal Oswal Large and Midcap 3 41
ICICI DIRECT
strong market-beating revenue warrants a cautious stance.
growth partly aided by uptick Only diversified funds in which value of holding is more than `10 crore considered.
in legacy brands—Rantac, Sector and thematic funds not included. .
Metrogyl, Nicardia and Cilacar. CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
Demand acceleration in recently
1,988 15,380 41.40 7.21 0.83 21.00
acquired brands also contrib- JB Chem & Pharma and BSE 500
uted immensely to this growth. 140
The company aims to expand its Analyst recommendations
footprint in the paediatric seg-
ment through the acquisition of
four brands from Dr. Reddy’s. Its
120 JB Chem &
contract manufacturing (CMO) Pharma
business reported highest-ever 119.42
MF holding as % of
quarterly run-rate in the July-
September period owing to total share capital
Schemes holding
the stock 43 100
seasonal effect. Going forward, 15.12% 15.4% BSE 500
13.75% 14.27%
the CMO business should benefit 12.8% 100.72
from operating leverage as it
continues to invest in expanding 80
its portfolio. Various cost optimi-
Market
sation initiatives and improving value of MF
MR (medical representatives) holding
productivity may aid EBITDA `1,845 cr `1,888 cr `1,737 cr `1,832 cr `2,283 cr 60
margin expansion offsetting Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
rising operational costs and Data as on 11 Nov Share price and index values normalised to a base of 100.
“With exposure Top 5 funds holding KEC International

KEC INTERNATIONAL
to legacy projects SCHEME
HOLDING (AS AMOUNT
Healthy order book and strong reduced, margins % OF CORPUS) INVESTED (` CR)
execution its strengths are likely to improve IDFC Sterling Value 2.11 108
as KEC commences IDFC Tax Advantage 2.04 81
K
EC continues to show legacy projects and commenced
strong execution and execution of projects which were execution of projects L&T Ind Value 2.01 161
improved visibility of secured based on current com- booked on current Canara Robeco Small Cap 1.58 64
tendering across segments.
Tender under evaluation and in
modity prices and logistics costs.
This is likely to improve margins commodity prices” HDFC Small Cap 1.56 220
NIRMAL BANG
the pipeline stand at a hefty `1.1 from October-December quarter.
lakh crore. It has raised its 2022- Only diversified funds in which value of holding is more than `10 crore considered.
23 revenue growth guidance to Sector and thematic funds not included.
20% (vs 15% earlier) on the back CMP (`) MCAP (`CR) PE PBV
(%) ROE (%)
of record orderbook plus L1 and
410 10,541 36.12 2.91 0.98 16.56
a strong tender pipeline. In the KEC International and BSE 500
railway business, KEC expanded 120
its presence into new emerging Analyst recommendations
areas of train collision avoidance
system. In the civil business, it
is executing eight water projects
worth `2,500 crore. It has a third BSE 500
100
order for a data centre. In the
cables business, KEC has com-
mercialized three of five prod- total share capital
Schemes holding
the stock 22
ucts. The management expects to 21.41% 22.19% 22.22% 22.3% 22.92% KEC Intl
commission a large EPC order in 88.67
80
Brazil by November-December
2022. Margins have been slightly
impacted by elevated commodity
Market
prices and logistics costs apart value of MF
from subsidiary SAE Brazil’s per- holding
formance. But the management `2,438 cr `2,733 cr `2,166 cr `2,239 cr `2,651 cr 60
highlighted that the company has Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 15 Nov 2021 11 Nov 2022
significantly reduced exposure to Data as on 11 Nov Share price and index values normalised to a base of 100.
cover story
How past portfolios T

wo or three bets in a few portfolios have the 2019 portfolio, where all bets have delivered
accounted for bulk of total returns. This is healthy returns. This allowed the portfolio to
evident in the 2014 and 2015 sets of stocks. deliver a whopping 25.7% annualised return,
performed
In the 2014 portfolio, Vinati Organics and Atul leaving indices and funds trailing. 2016, 2018 and
fetched annualised returns of 34% and 26.6% 2020 portfolios fetched healthy returns but are
respectively, including dividends. Outsized re- either lagging indices or funds or both owing to
turns in these positions nullified the sharp ero- price erosion in one or two bets. Performance of
sion in two other stocks to help the portfolio beat the 2017 basket was notably poor, with two sour
Our previous years’ portfolios of stocks favoured indices and diversified funds. Similarly, for the NBFC bets and a pharma pick dragging the port-
2015 basket, Bajaj FInserv (35%) and Coromandel folio down. Last year’s portfolio is currently in
by fund managers have generally shown positive International (27%) fired the portfolio to an im- the red, lagging indices and funds, amid a weak
outcomes, barring a few exceptions. pressive outperformance over indices and funds.
The most notable performance comes from
and range-bound market. This basket may con-
tinue to underperform in the near term.
2014 Comfortably beats indices and

funds despite two bad apples 2015 Vastly outperforms on
back of two trailblazers
STOCK PRICE (`) VALUE OF STOCK PRICE (`) VALUE OF
TOTAL TOTAL
STOCK `10,000 STOCK `10,000
CAGR (%) CAGR (%)
27 OCT 14 26 OCT 21 INVESTED 2 NOV 15 15 NOV 22 INVESTED
Vinati Organics 206 2,106 34.0 1,01,078 Bajaj Finserv 198 1,709 35.9 85,425
Atul 1,287 8,294 26.6 66,352
Coromandel International 194 921 27.1 47,874
Finolex Industries 64 150 13.6 23,196
Finolex Cables 246 527 12.7 21,086
Shriram Transport Fin 900 1,253 5.4 13,780
Axis Bank 478 859 9.0 16,314
Exide Industries 165 182 2.6 10,911
Apollo Tyres 190 298 7.9 15,480
Birlasoft 157 283 8.8 18,080
Redington India 62 159 17.3 25,823
Gateway Distriparks 256 72 -14.5 2,818
Yes Bank 149 17 -25.2 1,108
McLeod Russel 255 28 -23.5 1,110
Portfolio return (invested `79,820 ) 15.4 2,37,325

Portfolio return (invested `68,500) 18.8 2,13,111
BSE500 TRI 11,460 30,979 13.1 2,15,776 BSE500 TRI 12,109 30,979 14.3 1,75,247
SENSEX TRI 36,549 93,154 12.3 2,03,441 SENSEX TRI 36,815 93,154 14.1 1,73,326
Average diversified equity fund 13.3 2,17,534 Average diversified equity fund 13.4 1,65,736
2016 Lags behind indices but ahead of

equity mutual funds 2017 Two sour NBFC bets drag down
the entire portfolio
TOTAL TOTAL
STOCK `10,000 STOCK `10,000
CAGR (%) CAGR (%)
7 NOV 16 15 NOV 22 INVESTED 30 OCT 17 15 NOV 22 INVESTED
Voltas 385 819 14.2 21,285 City Union Bank 135 190 7.9 14,254
PI Industries 909 3,428 25.0 37,706 Petronet LNG 262 214 0.2 9,956
Finolex Industries 92 150 10.9 16,462 Power Grid Corp 163 216 11.2 13,392
Exide Industries 203 182 -0.6 8,911 Tata Chemicals 322 1,057 29.9 32,773
Schaeffler India 883 2,903 22.3 29,033 Aurobindo Pharma 768 492 -7.8 6,399
CARE 1,472 531 -13.1 3,716 Repco Home Finance 612 249 -15.7 3,984
Cholamandalam Finance 234 722 21.0 32,468 Dewan Housing Finance* 648 NA NA -
Portfolio return (invested `69,697) 14.5 1,49,580 Portfolio return (invested `69,718) 4.7 78,390
BSE500 TRI 13,356 30,979 15.0 1,61,662 BSE500 TRI 16,884 30,979 12.8 1,27,917
Average diversified equity fund 13.6 150,422 Average diversified equity fund 11.7 1,21,582
All returns excluding for 2021 list are annualised | Total CAGR includes dividends. Value of `10,000 invested and final portfolio value excludes dividends | Sum invested in each stock not exactly equal to `10,000 as number of shares
bought rounded off as per purchase price. Total invested amount considers sum invested in each stock. | *Dewan Housing Finance is temporarily suspended. Samvardhan Motherson International is renamed company (erstwhile Mother-
son Sumi) after demerger. ^ includes share price of Motherson Sumi Wiring | Data as on 15 Nov
cover story
2018 Two weak picks pull down

overall performance 2019 All-round display results
in outsized return
TOTAL CAGR TOTAL CAGR
STOCK `10,000 STOCK `10,000
(%) (%)
INVESTED INVESTED
30 OCT 18 15 NOV 22 4 NOV 19 15 NOV 22
Bharat Electronics 30 107 40.4 35,969 Cummins India 547 1,373 38.0 24,710
The Ramco Cement 603 665 2.9 10,636 TVS Motor Company 455 1,103 34.7 24,270
Supreme Industries 992 2,415 26.1 24,154 L&T 1,452 1,997 12.7 13,976
Gujarat State Coromandel

175 253 10.5 14,395 464 921 27.7 19,334
Petronet International
Coromandel
412 921 24.0 22,096 KNR Constructions 131 239 22.1 18,145
International
Samvardhan
162 132 -8.0 8,202 ITC 260 345 13.8 13,120
Motherson Intl ^
Sterlite Technologies 370 169 -16.8 4,560 Sundram Fasteners 466 926 26.4 19,446
Portfolio return (invested `69,433) 15.6 1,20,012 Portfolio return (invested `69,386) 25.7 1,33,000
BSE500 TRI 16,099 30,979 17.6 1,33,610 BSE500 TRI 18,458 30,979 18.6 1,16,451
Average diversified equity fund 17.3 1,32,430 Average diversified equity fund 19.7 1,19,738
2020 Portfolio delivers healthy return

but lags indices and funds 2021 Multiple sour bets amid weak
markets hurt portfolio
TOTAL CAGR TOTAL CAGR
STOCK `10,000 STOCK `10,000
(%) (%)
INVESTED INVESTED
3 NOV 20 15 NOV 22 1 NOV 21 15 NOV 22
Can Fin Homes 469 536 7.3 11,255 Polycab India 2,332 2,625 12.70 10,500
PI Industries 2,185 3,428 25.0 13,711 Orient Electric 357 265 -24.50 7,416
Endurance SBI Cards &

1,064 1,491 18.6 13,415 1,068 811 -23.10 7,299
Technologies Payment Services
Supreme Industries 1,425 2,415 31.4 16,907 Radico Khaitan 1,092 978 -9.70 8,805
ICICI Lombard Gen

1,240 1,120 -4.0 8,962 HCL Technologies 1,189 1,104 -3.00 8,831
Insurance
Gujarat Gas 287 513 33.7 17,969 TCI Express 1,878 1,888 0.90 9,440
Infosys 1,148 1,594 20.1 14,346 Gujarat Gas 640 513 -18.70 8,214
Portfolio return (invested `68,437) 19.5 96,566 Portfolio return (invested `67,907) -9.60 60,505
BSE500 TRI 18,633 30,979 28.4 1,13,785 BSE500 TRI 29,775 30,979 4.04 70,652
SENSEX TRI 59,463 93,154 24.7 1,07,212 SENSEX TRI 89,720 93,154 3.83 70,506
Average diversified equity fund 29.4 1,15,587 Average diversified equity fund 1.64 69,021
guest column
Avoid the zero sum

game when investing
Before dabbling in F&O, remember that every time someone makes a
profit, it has to be someone else’s loss, says Dhirendra Kumar.
W
here does that come from
when an equity trader sells
DHIRENDR A KUMAR
CEO, VALUE RESE ARCH a stock at a profit and makes
money? The obvious answer
money is that it comes from whoever

bought the stock. That’s correct, but does
mysteries that mean the person who bought the stock

has lost money? Not, at least not unless the
buyer has had to sell at a loss. If the price of
the stock rises, no one has made a loss. And
given that over a period, the markets in
general march upwards, equity investors
make money on the aggregate. Everyone who
The lakhs of crores invests in stocks understands all this unam-
of derivative trading biguously.
activity—well above When someone makes money in futures or
90% on Indian options, then what happens? Where does that
money come from? What about derivatives?
exchanges—produces
Strangely, the answer to this question is less
no wealth at all in the widely known and even less widely under-
aggregate, which is stood, perhaps much less widely.
a sobering thought. Some time back, I was chatting with a
If anyone is getting young man who is part of the recent flood of
richer, it’s only new investors that has hit the equity mar-
because someone else kets. In case you aren’t aware of this phenom-
enon, the combination of work-from-home,
is getting poorer.
app-based trading and the lockdown brought
GETTYIMAGES
In India, the theory of what

makes F&O useful is just
that, theory. A small set of
became somewhat fearful about all the ‘ef- and not get lured by this activity that
investors use derivatives to fendo’ he was doing. Of course, he believes superficially resembles investing but is
hedge and limit risk. that he is brilliant, and so is his broker. Still,
the knowledge that no money is made in the
actually something very different.
in a flood of new investors since mid-2020. A aggregate in this activity, that a loss balanc-
certain number got bamboozled by crypto, es all profits, changes one’s mental attitude Please send your feedback to
etwealth@timesgroup.com
lost their shirts, and then went back to the towards the activity.
office, but many have stuck to equity. I asked In fact, all the lakhs of crores of derivative
him the above questions, and despite having trading activity—well above 90 % on Indian
been talked into F&O trading, he had no idea exchanges—produces no wealth at all in the
and, indeed, had never thought about it. aggregate, which is a sobering thought. If
In fact, unlike many investors, he had anyone is getting richer, it’s only because
made an actual effort to educate himself someone else is getting poorer. Of course,
about derivatives and had done so through a the brokers and the exchanges are making
variety of materials that brokers had given money from this activity. In India, the the-
him and also googled and found on all kinds ory of what makes F&O useful is just that,
of websites. As a result, he gave me the whole theory. A vanishingly small set of investors
spiel about the advantages of derivatives, use derivatives to hedge and limit risk.
how they enable traders to trade safely, how When I was a business student, I was told
they promote liquidity, how they encourage that the purpose of the stock markets was to
discovery price, etc. etc. In short, the entire marshall the investors’ resources into busi-
party line. However, in all this R&D and all nesses so that economic growth is facilitated
this propaganda, no one revealed that every and all investors can share their fruits. The
time someone makes a profit, it has to be F&O casino is very far from that vision now.
someone else’s loss. Unlike buying actual Of course, this is not going to change.
equity, where the economy’s open-ended When I look at ‘innovations’ like cryptocur-
growth is backing it all, F&O is a zero-sum rencies and NFTs, then F&O seems quite
game. benign by comparison. In this column, I’m
What I found most interesting is that once talking to my investor readers and asking
I had explained this to my young friend, he them to stick to investing—real investing—
stocks
Brace for increased volatility

in oil and gas stocks
Global headwinds and uneven price dynamics to impact near-term performance of companies.
tion amid higher product prices. The
benchmark refining margins have mod-
erated with Singapore complex GRM
falling to $7.1/barrel in the second quar-
ter compared to $20/barrel in the first
quarter. The Singapore GRM has further
declined to $4.6/barrel in the first week of
November, according to a Jefferies report.
Among the OMCs, Indian Oil is more
balanced and diversified with marketing
to refining ratio of 1.2 times compared to
2.4 times for HP. A JP Morgan report re-
mains cautious on OMCs and prefers only
Indian Oil in this space. It says the com-
pany’s steady investment in downstream
offers an attractive volume and value addi-
tion growth pipeline over coming years.
Kunal Bhakta, Co-Founder, First Water
Capital Fund, says investors in the sector
should remain invested for some more
time, as there is a possibility of compensa-
tion from the government for fuel under-
GETTYIMAGES
recoveries. Moderation in crude prices
will help reduce marketing losses in the
second half. Brent crude price is down to
$93/barrel from its August peak of $134.
12-month Current 1-year target Upside Future of gas utilities

Showing Company
forward PBV price (`) price (`) potential (%) Buy Hold Sell International spot LNG price as measured
using Japan Korea Marker has declined
by OMCs GAIL India 0.83 90 110 22.4 26 4 3 over 61% from its August peak of $69.9/
mmbtu. Despite the crash, future gas price
likely to BPCL 1.09 309 372 20.5 25 7 5 estimates remain skewed to the upside. A
report by the International Energy Agency
remain Hindustan Petroleum 0.74 210 248 18.1 22 7 7 expects a significant 30 bcm (billion cubic
meters) shortage for European gas sup-
muted
Petronet LNG 2.78 214 251 17.2 24 7 6
plies in 2023 winter season. This will be
fuelled by a reduction in Russian gas sup-
Indian Oil Corporation 0.68 70 79 14.2 23 6 6
ply, resurgence of Chinese demand and
Price as on 15 November. BSE Sensex 12M forward PBV: 3.18, BSE Oil & Gas Index 12M forward PBV: 0.95. Source: Bloomberg. limited additions to global LNG exports.
Supply side constraints will remain
by Sameer Bhardwaj Petronet LNG reported 46% and 10% y-o-y and gas utility companies face near-term
T
decline in net profit growth. Reliance Ind What lies ahead? headwinds due to the supply crisis, says
he oil & gas sector dragged reported a 0.2% y-o-y decline in net profit Performance of OMCs is expected to Bikram Gupta, Founder, MarginValue.
down the performance of India growth.Combined net loss of the three remain muted due to heavy marketing Companies will face demand constraints
Inc in the second quarter of OMCs in the second quarter was `2,748.6 segment losses and likely risk to refining as sourcing spot LNG will be tough.
2022-23. According to data com- crore compared to a combined net profit margins. OMCs suffered losses in the mar- Though GAIL reported weak numbers
piled from Bloomberg, 95 stocks of `11,124.3 crore in the September 2021 keting segment in the first half due to loss in the second quarter and the non-avail-
of the BSE100 index reported an 11.7% y-o-y quarter. on sale of transportation fuels as prices ability of gas from Gazprom remains a
decline in aggregate net profits. Excluding Despite the recent government subsidy have not been revised since April 2022. concern, its long-term fundamentals are
oil & gas, the universe reported 3.2% y-o-y of `22,000 crore to OMCs to cover LPG A Jefferies report estimates that OMCs intact. An ICICI Securities report believes
net profit growth. under-recoveries, sector prospects are not are currently losing `12/litre on the sale the company will benefit from resilient de-
Concerns about a global recession, mod- bright. It saw downgrades in target prices of diesel and expects marketing losses to mand, growing pipeline connectivity and
eration in refining margins, rising gas and full-year earnings estimates. Analysts continue as it is unlikely retail fuel prices additional delta from petrochemicals.
prices, weak petrochem margins, falling compiled by Bloomberg have reduced the will rise before an election year. There are Petronet LNG could face challenges
rupee and geopolitical issues dented the one-year target prices of all three OMCs multiple state elections scheduled in 2023 due to prospects of increased domestic
performance of the sector. Barring Adani between 6-12% in the past 3 months. GAIL and national elections in 2024. gas output and a jump in spot LNG prices.
Total Gas, all nine companies of the BSE and Petronet LNG saw a decline in target Avishek Datta, Research Analyst, An ICICI Securities report sees limited
Oil and Gas Index underperformed the prices by 1.6% and 5% respectively during Prabhudas Lilladher, believes if diesel triggers over the medium term, stagnant
Sensex in the past year with eight out of 10 the same time period. marketing losses continue, prospects of capital utilisation and higher competition
companies delivering negative returns. Also, the 2022-23 earnings estimates of the OMCs are unlikely to change in the from new terminals as headwinds.
All three oil marketing companies— the three OMCs were downgraded by 19- second half as the government will not in-
Indian Oil, Hindustan Petroleum and 46% in the past 3 months whereas the earn- crease retail prices of petro products.
BPCL—reported losses in the second ings estimates of GAIL and Petronet LNG The refining segment is also under Please send your feedback to
quarter, whereas gas utilities GAIL and were downgraded by 2.1% and 9.5% . pressure due to risk of demand destruc-
guest column
Charles Darwin and the Sensex

How the cold logic of the theory of survival of the fittest works in the corporate realm too.
and generic pharmaceutical managed to ferent industries. Many of these factors
by Harshad Patwardhan gain entry into Sensex. For instance, by are often beyond the control of individual
W
2006, there were as many as four IT com- companies and industry bodies.
hat is common between panies (Infosys, TCS, Wipro and Satyam A company that may appear invinci-
Ballarpur Industries, Computers) in the Sensex from zero a ble today could fade away (in a relative
Bombay Dyeing, decade ago. Also, by 2006, there were sense) unless it adapts and reinvents con-
Hindustan Motors, three generic pharma companies (Cipla, tinuously. Every company goes through
Mukand Iron and Premier Dr. Reddy’s and Ranbaxy) in the Sensex. cycles, and it requires exceptional
Auto? These stocks were proud members of In 1996, there was none. strength, resilience and adaptability in
the first batch of Sensex of 1986. But after 36 In addition, following their new list- the business and management to stand
years, only seven (less than 25%) from the ings, many leading state owned compa- the test of time.
original list have survived in the index. nies (NTPC, Power Grid and Coal India) While index investing is passive, the
The metamorphosis of the Sensex (or in large sectors also broke into Sensex index itself is anything but passive. It is
any stock index for that matter) over the over the years due to their sheer size. designed to follow the same ruthless logic
years is a fascinating tale as also a re- of evolution that Darwin decoded way
minder of how Charles Darwin’s ‘Survival What it means for investors back in the nineteenth century.
of the Fittest’ theory also works in the The odds of sustaining relative domi-
corporate arena. With the passage of nance over long periods in the corporate
time, we find a significant churn in the jungle are rather small. It is important
top echelon of the bluest of the bluechip to recognize that several factors such as
corporates signifying shifts in relative technology, changes in government poli- THE AUTHOR IS CHIEF
INVESTMENT OFFICER
salience. cies and socio-economic changes influ-
(CIO) AT GIRIK CAPITAL
GETTYIMAGES ence and shape relative prospects of dif-
Disruptive impact of 1990s
The earlier glacial pace of change in the
corporate world was disrupted and ac-
celerated by the momentous political and
The changing face of the Sensex
economic events (both in India and abroad) 1986 (JAN) 1996 (MARCH) 2006 (MARCH) 2016 (MARCH) 2022 (MARCH)
of the late eighties and early nineties. As
ACC ACC ACC Adani Ports Asian Paints
a result, while there was no change in the
Sensex constituents between 1986 and 1996, Ballarpur Industries Aditya Birla Nuvo Ambuja Cements Asian Paints Axis Bank
there were as many as 20 changes between Bharat Forge Ballarpur Industries Bajaj Auto Axis Bank Bajaj Finserv
1996 and 2006.
Bombay Dyeing Bharat Forge BHEL Bajaj Auto Bajaj Finance
Companies that exited the Sensex didn’t
exactly become extinct the way dinosaurs Ceat Bombay Dyeing Bharti Airtel Bharti Airtel Bharti Airtel
did when an asteroid was supposed to have Century Textiles Ceat Cipla BHEL Dr Reddys Labs
hit the earth. A few of the companies waned
gradually with the relative decline of their Grasim Century Textiles Dr Reddy's Labs Cipla HCL Techno
industries such as textiles and paper. A few Great Eastern Shipping Cummins India Grasim Industries Coal India HDFC
others faded away as they failed to adapt GSK Futura Polyesters HDFC Bank Dr Reddy's Labs HDFC Bank
to changing circumstances and lost out to
the new entrants in sectors such as automo- Guj. State Fertilizers Glaxosmithkline Hero Motocorp Gail Hindustan Unilever
biles, metals and pharmaceuticals. Hindustan Aluminium Grasim Industries Hindalco Industries HDFC ICICI Bank
Adapt to survive & prosper Hindustan Lever Great Eastern Shipping Hindustan Unilever HDFC Bank Indusind Bnk
Of the seven survivors from the original Hindustan Motors Gujarat State Fertilizers & Chem HDFC Hero Motocorp Infosys
batch of 1986, only five companies were Indian Hotels Hindalco Industries ICICI Bank Hindustan Unilever ITC
continuously present (based on decadal
Indian Organics Hindustan Motors Infosys ICICI Bank Kotak Bank
data points) in the Sensex. These were,
Hindustan Unilever, ITC, Larsen & Indian Rayon Hindustan Unilever ITC Infosys L&T
Toubro, Reliance and Tata Steel. The other ITC Indian Hotels Co Larsen & Toubro ITC Mahindra & Mahindra
two—Mahindra & Mahindra and Nestle
India— exited and re-entered. Kirloskar Cummins ITC Maruti Suzuki India Larsen & Toubro Maruti Suzuki
The companies that survived and in fact Larsen & Toubro Larsen & Toubro NTPC Lupin Nestle India
prospered managed to adapt to changing Mahindra & Mahindra Mahindra & Mahindra ONGC Mahindra & Mahindra NTPC
circumstances. They reinvented them-
selves to continue their dominance of large Mukand Iron Mukand Ranbaxy Laboratories Maruti Suzuki India Power Grid
growing industries. A few of these stuck Nestle Nestle India Reliance Industries NTPC Reliance Industries
to their core markets, adding new product
Peico Electronics Philips Electronics India Reliance Infrastructure ONGC State Bank Of India
lines (organic plus through acquisitions)
to consolidate their clout. A few others Premier Auto Premier Satyam Computer Reliance Industries Sun Pharma.
chose diversification (both related and Reliance Industries Reliance Industries State Bank Of India State Bank Of India Tata Steel
unrelated) to establish influence in newer
Siemens Siemens TCS Sun Pharma. TCS
sectors while continuing to hold leadership
position in older businesses. Tata Motors Tata Motors Tata Motors Tata Motors Tech Mahindra
Tata Power Tata Power Tata Power Tata Steel Titan
The new entrants
Tata Steel Tata Steel Tata Steel TCS Ultratech Cement
Over the years, new leading companies
from sectors such as IT services, telecom, Voltas Voltas Wipro Wipro Wipro
new age private sector banks, automobiles SOURCE: SEBI, BSE, MOSL, BUSINESS INSIDER.
financial planning
Factors to PAPER WORK

consider while :: Derisking your
credit card
applying for an
We often hear of different ways
that credit card frauds are com-
mitted. There are some precau-
tions that one can take to mini-
education loan
mise the risk of a fraud. Some of
them are mentioned below.
Offering a collateral or a Set limits on the card

One can set differ-
guarantee can help reduce ent thresholds on
different types of
cost of the loan. credit card spends.
Separate limits can be set for ATM
use, merchant outlet swipes, online
transactions and contactless usage.
You can also completely stop a
particular facility and restart when
needed, such as international trans-
actions can be activated only when
travelling abroad. Limits can be
reviewed and changed periodically.
Different cards
for autopay and
spending
If someone has more than one
GETTY IMAGES
credit card, they can designate one
of the cards only for carrying out
automatic payments, such as phone
bills, monthly subscriptions, EMIs,
etc. This card may not be used for
E
any other expenses, protecting it
Amey has just been accepted education loans are being en- a high loan to meet all his expenses. By
from retail card readers, restaurant
couraged by the government, borrowing a lower amount, Amey will be
at an Ivy League college servers or petrol pump readers. The
so banks are willing to offer reducing the burden on himself when he other card can be used for daily use
for an undergraduate pro- loans up to a certain limit with- begins to earn and repay the loan. wherein limits are set.
gramme in engineering. He out asking for collaterals or guarantees. Education loans are due for repayment
However, the rate of interest on the loan only on completion of studies, and usu-
is keen to fund his overseas
will depend on the amount being bor- ally a further moratorium of about six Password and security
education and not burden his rowed, and collaterals and guarantees months is available. Many students mis- measures
parents. He does not want his can bring the cost down further. Amey takenly believe that an education loan
Password and
can ask his parents to guarantee the loan, default goes undetected. However, credit
parents to jeopardise their PINs for a card
or offer a collateral, which will not be bureaus track the repayment history. should not be disclosed and should
own retirement by taking touched as long as Amey is prompt in his Amey should be prompt in his payments be changed frequently. Cards
money out of their corpus for repayments. to keep a clean credit record that will help should not be used when one is us-
The education loan may cover tuition him access bank loans for future needs.
his studies. What are the fac- ing a public wifi or be given to oth-
as well as living expenses. If Amey is able Amey can also prepay or renegotiate the ers to use. It is a good housekeeping
tors that Amey needs to keep to find part-time employment while stud- terms of his repayment after he gets a job, measure to destroy documents that
in mind before opting for an ying abroad, he may be able to partially depending on his income and repaying mention credit card information.
fund his education without resorting to capability at that time.
education loan?
Content on this page is courtesy Centre for Investment Education and Learning (CIEL). :: Points to note
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
z It is a good habit to check the
credit card statement each
smart things to know Motor floater policy

month as well as SMS alerts to
1
keep track of transactions hap-
pening on the card.
2 4
z If a card is lost or misplaced, the
The vehicle having owner should immediately block
the highest insured the card using ATM or Internet
declared value will banking. In case of a fraudulent
3 5
A motor floater be considered the transaction, inform the bank
policy is a single One can insure primary vehicle, and The motor float- The premium and the police immediately.
motor insur- up to five this amount will be er insurance plan for one motor z It is a good practice to keep a
ance plan which vehicles. There the sum insured of provides own floater policy record of where the credit card
covers multiple is flexibility to the motor floater damage cover, is typically number has been stored.
vehicles regis- add and delete policy. The other third party cover lower than
tered under a vehicles as per vehicles will be and the no-claim multiple mo-
single owner. requirement. secondary vehicles. benefit. tor policies.
financial planning
Support farming without failing

Inability to gauge the many pitfalls add to the woes of scores of urban farmers, says Uma Shashikant.
laden chemical farming and be unwilling to
make changes. Keeping to yourself may not
always work in your favour. Don’t under-
estimate the people and community skills
needed for your foray.
Fourth, rural living will bring challenges
you may not be fully prepared for. You will
be surrounded by wildlife you have never
encountered before. From the myriad bugs
and beetles, to snakes, monkeys, wild boars
and elephants you will deal with life even
while you protect your territory and food
that you grow, but they actively seek. Not
to mention the magical food chain at play
where prey and predators co-exist. Giving
up the dependable urban amenities of road,
power, WiFi, and such might not be easy
either. Some friends complained about hav-
ing to cook each meal everyday and plan
grocery shopping meticulously from the dis-
tant stores. Small inconveniences add up.
Fifth, speed of implementation of your
plans might not be to your taste. It takes
time to get things done. Labour may not be
cheap and reliable, even if available. There
GETTY IMAGES
may be no skilled resources at hand to fix a
broken motor, machine or tool. While you
may dream of rolling your sleeves up to
S
work in your farm, the reality of slogging in
ome of my friends have invested in a First, there is no magic formula for making the sun and rain and acquiring a myriad list
farm. Not the fancy bungalow on the money out of agricultural ventures. Anyone of skills may not always be exhilarating.
city’s outskirts primarily used for who has grown food will know that it is the mid- That was too much of pessimism one
throwing ostentatious parties. That dlemen who make the money. Marketing agri- might sigh. It is only a partial list! But there
indulgence is still for the super rich. cultural produce remains a challenge. Even if is hope. Spend some time supporting other
This is the expression of the desire to become the objective is to get a basketful of organically rural initiatives before taking the plunge.
farmers. To live a simple life, grow organic pro- grown vegetables for a few households, that also Many farms invite urban volunteers to live
duce and practice sustainable living. In some takes a lot of learning and investing. and work for some time with them. These
cases, the desire is to bring change and to live a Growing food is a science and art of keen ob- experiences are valuable to get first hand
life of higher purpose. servation and intuitive understanding of cause knowledge of what it takes, preferably for
UMA SHASHIK ANT The results have been mixed. I have been and effect. This needs to reside above core fun- the whole family. Don’t depend merely on
IS CHAIRPER SON,
following many of these initiatives for a while damental knowledge. None of this is acquired stories alone, including the ones in this col-
CENTRE FOR INVES TMENT
EDUC ATION AND LE ARNING now. The motivations have been different and overnight. Give yourself at least five years to umn. Begin small by living in an eco village
the experiences have changed and moulded figure it out somewhat. Many give up failing to of like minded people practising sustainable
many of them. Someone like Malvikaa Solanki grow, or failing to sell what they grew. organic living. That might prepare you to
stands on the top for being an abiding inspira- Second, dependence on the elements is a make the choice of scale for your desire.
tion for the work she does. A single woman who given. One may invest in solar power; and dig Many who like to venture into farming
staked all that she had to go to a remote village, borewells and engineer drip irrigation. But have ended up completely outsourcing the
and set up a model regenerative farm called how the land will behave will depend on how work to locals. A fresh breed of contract
There is no magic Swayyam. She now spearheads the 1,000-tree much sun and shade it gets; how the water table farmers has been growing from this de-
formula for making project to bring sustained income and liveli- flows below; how the wind blows; how the soil is mand from urban investors. There are also
money out of hood to her village. She continues to struggle and how much moisture it retains; how much it mixed income models that combine home-
agricultural ventures. to get her work and message to the urban folk rains and when; and how the climate is across stay, holidays, restaurants, and speciality
Anyone who has grown whose support will take her initiative to frui- seasons. These factors will override all else getaways and destinations for events with
food will know that tion. Malvikaa has the power of knowledge you do; they will also determine what you can the farming venture. These ideas are entre-
it is the middlemen and vision. She also has the dedication to work or cannot grow. Invest time, expertise and re- preneurships with the need for solid busi-
who make the money. alongside the people in the village she has cho- sources in design. The lack of this knowledge is ness models apart from merely investing
Marketing agricultural sen to live in. one of the primary reasons for urbanites’ foray money in a large tract of land.
At the other end of the spectrum are inves- into farming to fail. There truly is a lot of work to be done to
produce remains a
tors whom we shall not name, who have put up Third, remember that you are an outsider in support farming. If you have the money but
challenge.
their farms for sale after trying to get it going that ecosystem. The locals may not take very are somewhat discouraged by the challeng-
for some years. Not for want of trying or the lack kindly to the sudden appearance of an electric es, consider donating. A thousand sensible
of resources. But merely the burden of dealing fence and a flurry of construction and activity initiatives for changing many lives in rural
with so many things they seem so unprepared in their neighbourhood. You may have to make India are starved of funds. You don’t always
for. In the middle are the rare successful ur- the effort to connect; bridges are not built over- have to make it your own; supporting some-
banites who have made the purposeful change night. Invaluable knowledge of the elements one else also works!
to rural life, living in their homes and small discussed in the previous point is usually avail-
scale homesteads. We will focus on the lessons able with locals. They need to trust you and see
from those that gave up and their struggles this you as one among them to share it. They may Please send your feedback to
week. also practice intensive fertilizer and pesticide
travel
State Secrets: Chhattisgarh

If, instead of foreign holidays, you prefer to travel within India, here’s a new series to help you plan the best
vacation in 28 states and 8 Union Territories. We shall highlight the tourist attractions, culinary choices,
modes of travel, and costs involved. In the fifth part of the series, Riju Mehta takes you to Chhattisgarh.
CAPITAL
RAIPUR WHERE TO STAY…
BEST TIME TO VISIT You will find plenty of stay options in all
OCTOBER TO the main cities mentioned in the itinerary.
FEBRUARY You can pick from 3-4 star hotels, resorts,
camps and homestays.
COST: `36,000 for 8 nights

(`3,000-6,000 per night)
WHAT TO EAT…
Since the state is known as the ‘rice bowl
of India’, its cuisine has several dishes
prepared from rice batter and dough,
while others use gram flour, lentils and
vegetables. Some popular dishes include
Idhar (steamed dish made with urad daal
and colocasia leaves), faraa (desi mo-
mos), bafauri (steamed pakora), muthia
(rice batter dumplings), aamat (mixed
vegetables using bamboo shoots), chila
(rice-urad flatbread), chousela (rice flour
puri), bhajia (vegetable pakora), while
desserts include khurma (vermicelli des-
sert), papchi (fried wheat flour dough)
and tilgur (sesame-jaggery ladoo).
COST: `500-1,000 per person, per day

Supposedly named after 36 (chhattis) forts
(garh) that have never been identified or
HOW TO The fastest way to reach the state capital, Raipur, is by air, which
located, this central Indian state is ideal for

REACH FROM takes only about 1.5 hours, and costs upwards of `4,000 per
WHAT TO DO…
person. The cheaper route is by train and it will take more than
nature lovers. Though landlocked, it has five DELHI… 20 hours. The 2A class will cost `2,000-3,000, but the price of
river basins and catchment areas, with the You can alter your program to include the
sleeper class starts at around `600.
largest river being the Mahanadi, and others options not included in your itinerary.
including Narmada, Ganga, Godavari and Cost by air Cost by train: Upwards of
WATERFALLS
Brahmini. It not only has one of the densest
forest covers in the country, but also plenty
`4,592 (Delhi-Raipur, `2,100 (Class 2A) (Delhi- z Chitrakote falls, Jagdalpur, Bastar
1 hour 40 minutes) Raipur, 20-28 hours) z Tirthagarh falls, Jagdalpur, Bastar
of waterfalls, wildlife and caves. Add to this
ancient temples and rich tribal culture, and it *One way, per person. Flight cost on Skyscanner on 16 Nov. Train cost on Ixigo. z Charre Marre falls, Kanker
makes for a perfect tourist destination. z Amritdhara falls, Koriya
z Chhuri falls, Jashpur
SUGGESTED ITINERARY z Ghatarani falls, Raipur

DAY 1-3: Raipur- Vihar Mahasamunda. ple at Talagaon.
Depending on your interests and time available, Mahasamunda CAVES
you can spread your visit over 10 days or shorten Besides steel plants and DAY 4-5: Bilaspur DAY 6-8: Bastar- z Kailash & Kotumsar caves, Bastar
it to a week. You can focus on the natural hotspots
mills, the city also has Arrive in Bilaspur about Dantewada z Sita Bengra & Jogimara caves, Surguja
like waterfalls, caves and hill stations or take in
temples and historical monuments. temples and lakes that 150 km away, via Mungeli, It will take about 8 hours z Singhanpur caves, Raigarh
you can visit on the first where you can visit the to reach Bastar. Visit z Aranya cave, Raigarh
day. In the next two days, Shivghat, Kharaghat the Bastar Palace and
CHHATTISGARH visit the Barnawapara and Achanakmar Tiger Dalpat Sagar lake. Among TEMPLES
Wildlife Sanctuary, and Reserve. In Bilaspur, visit popular waterfalls are the z Maa Bamleshwari temple,
Start take a day trip to Sirpur the Madku islands, which Chitrakote, Tirthagarh, Rajnandagaon
DAY 4-5 village in Mahasamunda, are divided into two by Mendri Gumar waterfalls. z Danteshwari temple, Dantewada
about an hour away. The the Shivnath river, and Other must-visit attrac- z Bhoramdeo temple, Kabirdham
Sirpur group of monu- has ancient temples and tions are the Kailash and
z Baleshwar Mahadev temple group,
RAIPUR ments include Hindu, archaeological sites. Also Kotumsar caves. Also Surang tila, Lakshman temple, Sirpur,
DAY 1-3
Buddhist and Jain temples Visit Ratanpur, about 20 visit the Danteshwari Mahasamunda.
and sites from 5-12th cen- km away, for Mahamaya temple. Finally, find time
tury AD. Visit Lakshman temple and ruins of the to visit the famed Kanger WILDLIFE SANCTUARIES & PARKS
temple, Baleshwar Ratanpur Fort; Malhar Valley National Park, and z Guru Ghasidas National Park, Koriya
Mahadev temple groups, town, once an important Indravati Tiger Reserve. z Kanger Valley National Park, Bastar
DAY 6-8
Suran tila temple group, centre of the Kalachuri z Achanakmar Tiger Reserve, Bilaspur
Buddha Vihar, Ananda dynasty; Kutaghat dam; Day 9: Back to Raipur &
z Indravati Tiger Reserve, Dantewada
Prabhu Vihar and Swastik and Devrani-Jethani tem- Delhi
z Barnawapara Sanctuary, Mahasamunda.
SMART STATS
The Economic Times Wealth
November 21-27, 2022
In This Section
MUTUAL FUNDS - P16
LOANS AND DEPOSITS - P18
ET WEALTH TOP 50 STOCKS

ALTERNATIVE INVESTMENTS- P19
Every week we put about 3,000 stocks through four key filters and rate them on a mix of factors. The end result
of this is the listing of the top 50 stocks based on the composite rating to help ease your fortune hunt.
RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

Current Previous Stock Net Div Downside Bear No. of Consensus
Rank Rank Price Revenue Profit PE PB Yield PEG Risk Beta Analysts Rating
1 Fast growing stocks

LIC Housing Finance 1 1 376.20 27.00 83.00 8.83 0.85 2.23 0.15 1.64 1.57 34 4.00
UPL 2 2 771.45 22.00 47.00 16.28 2.39 1.30 0.30 1.44 1.05 30 4.77
Coal India 3 3 232.40 28.00 37.00 8.25 3.32 19.16 0.21 1.53 0.74 26 4.08 Top 5 stocks with the highest
revenue growth (%) over the
Embassy Office Parks 4 -- 334.86 19.00 55.00 39.97 1.26 6.33 0.71 0.87 0.14 16 4.88
previous year
Larsen & Toubro 5 4 2,029.55 26.00 46.00 33.06 3.48 1.10 0.71 1.14 1.00 40 4.72
Biocon 49
Prestige Estates Projec 6 5 472.00 25.00 52.00 16.41 2.08 0.32 0.25 1.61 1.20 20 4.80
Apollo Tyres 7 6 276.70 23.00 81.00 27.75 1.51 1.17 0.33 1.68 1.66 32 3.97 Indraprastha 48
Gas
Dr Reddy's Laboratories 8 8 4,421.30 16.00 67.00 31.40 3.87 0.67 0.47 1.07 0.63 42 4.43
SBI Cards & 44
Somany Ceramics 9 7 535.55 29.00 50.00 25.74 3.14 0.56 0.52 1.58 1.11 18 4.72 Payment
Cyient 43
M&M Financial 10 13 203.95 17.00 69.00 22.19 1.50 1.73 0.32 1.86 1.87 32 3.59
L&T Finance Holdings 11 14 80.95 18.00 147.00 23.10 1.00 0.60 0.15 1.80 1.75 12 4.50 Eris Lifesciences 42
Grasim Industries 12 10 1,710.65 28.00 49.00 15.78 1.48 0.58 0.32 1.40 1.28 10 4.60
CESC 13 12 73.65 16.00 18.00 7.22 0.94 6.03 0.39 1.20 0.59 17 4.76
2 Least expensive stocks
VRL Logistics 14 19 522.10 32.00 57.00 28.80 7.07 1.50 0.51 2.03 1.31 12 4.75
Top 5 stocks with the lowest
Cyient 15 11 824.55 43.00 20.00 17.27 2.89 2.97 0.95 1.18 0.52 20 4.45 price-earnings ratio
Adani Ports & SEZ 16 9 890.85 40.00 57.00 39.96 4.96 0.56 0.67 1.58 1.43 24 4.67 Oil India 3.90
Biocon 17 -- 285.85 49.00 107.00 55.01 3.55 0.18 0.53 1.47 0.83 21 4.14
Oil & Natural 3.97
Torrent Pharmaceuticals 18 20 1,628.00 23.00 100.00 70.28 9.18 1.48 0.64 1.36 0.61 33 4.03 Gas Corp
Oil & Natural Gas Corp 19 15 143.20 25.00 7.00 3.97 0.70 7.35 0.57 1.76 0.18 27 4.04 CESC 7.22
NTPC 20 16 168.30 21.00 11.00 9.80 1.21 4.12 0.79 1.18 0.84 26 4.81 Manappuram 7.38
Finance
Manappuram Finance 21 24 116.20 22.00 27.00 7.38 1.17 2.58 0.33 1.72 1.62 17 4.65
Coal India 8.25
ICICI Lombard Gen. Ins. 22 17 1,127.25 29.00 55.00 43.64 6.09 0.84 0.75 1.21 0.86 28 4.39
EPL 23 18 160.00 18.00 39.00 23.53 2.77 2.68 0.64 1.43 0.95 13 4.69
City Union Bank 24 21 187.60 22.00 42.00 18.21 2.10 0.53 0.46 1.38 1.28 27 4.37 3 Best PEGs
Top 5 stocks with the least
Balrampur Chini Mills 25 22 347.00 22.00 39.00 15.59 2.58 0.71 0.37 2.07 1.04 11 4.64
price earnings to growth ratio
Tata Power Co 26 23 221.40 25.00 67.00 32.22 3.17 0.78 0.19 1.74 1.64 24 3.00 LIC Housing Tata Power Co
Coromandel Internationa 27 33 916.70 31.00 25.00 17.59 4.23 1.30 0.70 1.37 0.90 12 4.50 Finance
Blue Star 28 34 1,135.25 36.00 94.00 64.19 10.60 0.86 0.73 1.39 0.72 23 4.09
0 0.15 0.15 0.19 0.21
Bharti Airtel 29 29 846.15 17.00 125.00 71.47 6.45 0.36 0.65 1.11 0.64 34 4.53
Mphasis 30 37 1,972.55 28.00 31.00 25.92 5.36 2.26 0.86 1.65 1.30 35 4.06
Greenpanel Industries 31 41 354.40 28.00 39.00 18.55 4.39 0.42 0.48 1.79 0.88 10 4.80 Britannia L&T Finance Coal India
Inds Holdings
Glenmark Pharma 32 25 429.30 9.00 52.00 12.89 1.34 0.58 0.24 1.43 1.16 20 3.80
Britannia Inds 33 44 4,125.20 22.00 31.00 65.16 38.84 1.37 0.00 1.04 0.62 42 4.02
4 Income generators
Sundaram Finance 34 42 2,229.25 31.00 54.00 20.96 2.82 0.89 1.02 1.21 0.51 12 3.83
Top 5 stocks with the highest
SBI Cards & Payment 35 30 797.35 44.00 72.00 46.79 9.77 0.31 0.66 1.45 1.22 26 4.39 dividend yield (%)
Reliance Industries 36 36 2,599.05 26.00 32.00 28.34 2.26 0.31 0.89 1.27 1.01 36 4.31
Coal India 19.16
Oil India 37 31 202.40 22.00 9.00 3.90 0.72 6.96 0.65 2.21 0.19 19 4.11 Oil & Natural
7.35
ITC 38 38 343.70 20.00 24.00 27.87 6.80 3.34 1.13 1.01 0.70 36 4.61 Gas Corp
Oil India 6.96
Endurance Technologies 39 32 1,492.00 31.00 53.00 45.75 5.38 0.43 0.87 1.40 0.71 23 4.35 Embassy Office
6.33
Container Corp Of India 40 27 751.75 28.00 49.00 43.42 4.26 0.92 0.91 1.45 1.14 32 3.94 Parks
CESC 6.03
Cipla India 41 43 1,119.50 16.00 43.00 36.02 4.35 0.45 0.83 1.01 0.10 42 4.26
Jyothy Labs 42 49 190.05 20.00 60.00 43.56 4.89 1.29 0.73 1.15 0.85 16 4.13
5 Least risky
IRB Infrastructure 43 39 249.40 22.00 105.00 28.69 1.20 0.50 0.69 1.91 1.14 11 4.27 Top 5 stocks with the lowest
Indraprastha Gas 44 50 412.05 48.00 18.00 19.27 3.82 1.30 1.68 1.55 1.34 35 4.43 downside risk
BHEL 45 35 70.35 38.00 74.00 55.16 0.93 0.57 0.73 1.87 1.50 21 1.81 Britannia Inds
ITC
Bharat Electronics 46 45 110.60 28.00 31.00 33.55 6.55 1.39 1.09 1.42 1.15 30 4.57
Dhanuka Agritech 47 46 707.80 23.00 20.00 15.82 3.44 0.82 0.98 1.15 0.27 13 4.69
0.87 1.01 1.01 1.04 1.07
Rallis India 48 48 227.00 25.00 34.00 26.87 2.60 1.32 0.81 1.33 0.85 19 3.21
Greenply Industries 49 40 158.30 37.00 28.00 20.63 3.63 0.32 0.75 1.66 1.39 12 4.83
Embassy Cipla India Dr Reddy's
Eris Lifesciences 50 -- 685.00 42.00 16.00 22.97 4.89 1.07 1.44 1.14 0.50 11 5.00 Office Parks Laboratories
SEE DOWNSIDE RISK AND BEAR BETA COLUMNS
*REVENUE AND NET PROFIT GROWTH IS BASED ON CONSENSUS ANALYSTS' EXPECTATIONS. NR: NOT IN THE RANKING. DATA AS ON 17 NOVEMBER 2022. SOURCE: BLOOMBERG IN THE ADJACENT TABLE.
smart stats
ETW FUNDS 100

BEST FUNDS TO BUILD YOUR PORTFOLIO
LAGGARDS & LEADERS
Taking a long-term view of fund returns, here is a list of 10
funds in each category—five leaders (worth investing) and
five laggards (that may be a drag on your portfolio).
LAGGARDS LEADERS
ET Wealth collaborates with Value Research to identify the top-performing Equity: Large-cap 5-year returns
funds across categories. Equity funds and equity-oriented hybrid funds are 7.22 14.61
ranked on 3-year returns while debt-oriented hybrid and income funds are JM Focused Fund LIC MF S&P BSE Sensex ETF - Sensex
ranked on 1-year returns. 7.72 14.59

IDBI Nifty Junior Index Fund SBI S&P BSE Sensex ETF
7.93 14.59
RETURNS (%) ICICI Prudential Nifty Next 50 HDFC S&P BSE Sensex ETF
Value Research Net Assets Expense
Fund Rating (` Cr) 3-Month 6-Month 1-Year 3-Year 5-Year Ratio (%) 8.56 14.57
Taurus Largecap Equity ICICI Prudential S&P BSE Sensex ETF
EQUITY: LARGE CAP
8.82 14.57
Quant Focused Fund
ICICI Prudential Bluechip Fund

160.42
34,823.28
4.37
3.85
16.87
16.94
6.03
4.00
21.27
17.31
13.50
12.23
2.62
1.68
21.27% SBI Nifty Next 50 ETF Nippon India ETF S&P BSE Sensex
Canara Robeco Bluechip Equity Fund 8,547.68 2.55 15.23 -1.11 16.79 14.16 1.86 THE 3-YEAR
RETURN OF
UTI Mastershare Fund 10,877.78 2.12 14.23 -2.89 16.62 12.18 1.71
IDFC Nifty 50 Index Fund 535.62 3.34 17.06 3.41 16.56 13.48 0.60
QUANT
FOCUSED Equity: Flexi-cap 5-year returns
UTI Nifty 50 Index Fund 8,940.96 3.42 17.12 3.32 16.55 13.52 0.30 FUND IS
HDFC Index Fund Nifty 50 Plan 7,238.27 3.39 17.02 3.18 16.30 13.32 0.40 THE HIGHEST 6.23 18.85
ICICI Prudential S&P BSE Sensex Index Fund 674.27 3.72 17.90 3.66 16.28 14.03 0.29
IN ITS
CATEGORY. Motilal Oswal Flexi Cap Quant Flexi Cap Fund
Kotak Bluechip Fund 5,255.83 1.47 15.35 -1.11 16.13 12.23 1.93
6.46 16.83
HDFC Index Fund - S&P BSE Sensex Plan 4,100.05 3.71 17.85 3.64 16.00 14.07 0.40
Taurus Flexi Cap Fund Parag Parikh Flexi Cap Fund
Nippon India Index Fund - S&P BSE Sensex Plan 351.56 3.57 17.62 3.37 15.96 13.76 1.00
Tata S&P BSE Sensex Index Fund 169.14 3.63 17.61 3.45 15.36 13.66 0.58 6.79 16.08
Mirae Asset Large Cap Fund 34,406.75 2.62 15.16 -0.13 15.29 11.89 1.58 Nippon India Retirement IIFL Focused Equity Fund
Baroda BNP Paribas Large Cap Fund 1,397.72 2.93 16.26 1.38 15.17 12.27 2.14 7.04 14.46
Mahindra Manulife Large Cap Pragati Yojana 212.05 2.44 13.64 -0.71 14.57 — 2.67
IDFC Focused Equity PGIM India Flexi Cap Fund
Axis Bluechip Fund 36,871.42 0.38 12.85 -7.27 12.29 12.91 1.63
7.10 14.26
EQUITY: LARGE & MIDCAP LIC MF Flexi Cap Fund UTI Flexi Cap Fund
Quant Large and Mid Cap Fund 366.02 5.00 16.95 7.74 24.24 14.08 2.31 24.24%
SBI Large & Midcap Fund 8,594.34 4.75 18.22 5.72 21.03 13.59 1.91
THE 3-YEAR
Canara Robeco Emerging Equities Fund
Mirae Asset Emerging Bluechip Fund

15,580.76
23,690.65
0.77
-0.21
14.63
12.05
-2.27
-3.91
20.23
20.10
12.58
14.43
1.82
1.72
RETURN
OF QUANT
Equity: Mid-cap 3-year returns
LARGE AND 16.02
Edelweiss Large & Mid Cap Fund 1,635.82 1.74 17.19 0.62 19.01 13.29 2.20
MID CAP IS 35.49
Kotak Equity Opportunities Fund 11,370.29 2.78 16.10 4.79 18.68 12.70 1.78 DSP Midcap Fund PGIM India Midcap Opportunities
THE HIGH-
Axis Growth Opportunities Fund 8,459.58 -5.22 9.34 -9.68 18.67 — 1.90 EST IN ITS
CATEGORY.
16.67 33.91
EQUITY: FLEXI CAP L&T Midcap Fund Quant Mid Cap Fund
PGIM India Flexi Cap Fund 5,290.58 1.02 11.94 -7.53 23.41 14.46 1.94
17.24 27.90
Parag Parikh Flexi Cap Fund 27,712.07 0.07 9.70 -5.70 22.97 16.83 1.66
Franklin India Prima Fund SBI Magnum Midcap Fund
HDFC Retirement Savings Fund Equity Plan 2,524.07 3.25 15.75 4.21 22.43 13.40 2.27
IIFL Focused Equity Fund 3,407.95 4.87 19.16 -1.25 20.50 16.08 1.93 18.58 25.86
ICICI Prudential Retirement Fund 199.97 1.55 12.07 0.91 19.46 — 2.56 Sundaram Mid Cap Fund Edelweiss Mid Cap Fund
Union Flexi Cap Fund 1,360.62 2.35 14.97 -2.49 18.89 13.51 2.28 18.58 25.43
Sundaram Focused Fund 786.78 3.64 16.71 -1.67 18.78 13.29 2.45
IDBI Midcap Fund Mirae Asset Midcap Fund
UTI Flexi Cap Fund 26,133.40 -0.57 11.97 -12.94 17.89 14.26 1.58
Canara Robeco Flexi Cap Fund 8,677.14 1.46 14.33 -2.83 17.82 13.87 1.83
SBI Focused Equity Fund 28,407.10 0.71 10.33 -9.88 15.80 13.12 1.71
EQUITY: MID CAP

Equity: Small-cap 3-year returns
PGIM India Midcap Opportunities Fund 7,257.41 -0.47 15.05 -1.68 35.49 17.75 1.93
35.49% 20.22 50.51
Quant Mid Cap Fund 964.28 5.59 16.02 10.48 33.91 19.73 2.68
THE Aditya Birla Sun Life Quant Small Cap Fund
Edelweiss Mid Cap Fund 2,396.60 1.47 17.14 0.97 25.86 13.98 2.07 3-YEAR
Kotak Emerging Equity Fund 22,540.00 0.60 14.98 2.91 24.80 14.23 1.70 RETURN OF
23.53 37.79
PGIM INDIA HSBC Small Cap Equity Bank of India Small Cap Fund
Nippon India Growth Fund 13,510.02 1.20 15.21 0.47 24.77 13.83 1.76
MIDCAP
Axis Midcap Fund 19,708.09 -1.74 12.49 -6.90 19.69 15.80 1.76 OPP IS
24.67 37.57
THE HIGH- Franklin India Smaller Canara Robeco Small Cap Fund
EQUITY: SMALL CAP
EST IN ITS 24.99 34.18
Bank of India Small Cap Fund 395.05 2.98 16.42 0.30 37.79 — 2.66 CATEGORY.
Canara Robeco Small Cap Fund 4,063.25 0.57 11.80 5.59 37.57 — 2.06 Motilal Oswal Nifty Smallcap Nippon India Small Cap Fund
Nippon India Small Cap Fund 22,844.44 5.83 19.17 7.67 34.18 16.75 1.68 26.59 32.62
Edelweiss Small Cap Fund 1,382.10 2.02 16.40 2.64 32.62 — 2.14 Invesco India Smallcap Edelweiss Small Cap Fund
Kotak Small Cap Fund 8,614.01 -0.18 9.57 -4.75 31.79 16.26 1.89
SBI Small Cap Fund 14,869.40 4.25 17.62 6.89 28.98 15.81 1.74
Axis Small Cap Fund 10,992.39 2.49 13.84 2.93 26.59 18.4 1.91 Hybrid: Aggressive 5-year returns
EQUITY: VALUE ORIENTED
SBI Contra Fund 6,694.22 5.55 18.75 10.70 30.69 14.35 1.84 30.69% 5.61 19.46
ICICI Prudential Value Discovery Fund 26,749.96 5.17 15.13 10.45 25.22 14.43 1.74 Nippon India Equity Hybrid Quant Absolute Fund
THE 3-YEAR
UTI Value Opportunities Fund 7,062.92 3.04 16.77 1.31 18.98 12.97 1.83 RETURN OF 6.49 13.83
Invesco India Contra Fund 9,668.67 2.62 17.07 0.95 18.76 12.77 1.80 SBI CONTRA IDBI Hybrid Equity Fund ICICI Prudential Equity & Debt Fund
Kotak India EQ Contra Fund 1,420.89 3.74 16.86 3.38 17.52 13.54 2.18 FUND IS
THE HIGH- 6.75 12.22
EQUITY: ELSS EST IN ITS LIC MF Children's Gift Fund Baroda BNP Paribas Aggressive Hybrid
Quant Tax Plan 2,126.60 7.15 20.95 10.14 37.32 22.42 2.62 CATEGORY.
6.93 11.96
IDFC Tax Advantage (ELSS) Fund 3,986.13 2.89 14.68 2.31 23.73 13.01 1.94
IDFC Asset Allocation Fund Canara Robeco Equity Hybrid Fund
Bank of India Tax Advantage Fund 676.48 3.64 16.96 -2.37 23.13 14.01 2.49
Canara Robeco Equity Tax Saver Fund 4,407.33 1.43 16.60 -1.43 20.78 15.98 2.00 7.07 11.95
Union Long Term Equity Fund 575.88 2.41 16.79 0.34 19.82 13.55 2.51 LIC MF Equity Hybrid Fund Kotak Equity Hybrid Fund
Mirae Asset Tax Saver Fund 13,546.14 1.30 12.72 -2.01 19.35 14.44 1.72
ANNUALISED RETURNS IN % AS ON 16 NOV 2022.
smart stats
ETW FUNDS 100 Value Research

Fund Rating
Net Assets
(` Cr) 3-Month 6-Month
RETURNS (%)
1-Year 3-Year 5-Year
Expense
Ratio 1 Top 5 SIPs
Top 5 equity schemes based
PGIM India ELSS Tax Saver Fund 437.12 3.29 14.42 3.46 19.3 12.54 2.52
Kotak Tax Saver 3,062.89 3.84 16.81 3.01 18.75 13.01 1.97 on 10-year SIP returns
DSP Tax Saver Fund 10,427.58 2.71 14.64 0.77 18.45 12.85 1.75
JM Tax Gain Fund 72.02 2.47 15.18 -3.76 16.95 12.55 2.42 Quant Tax Plan
24.14
HYBRID: EQUITY SAVINGS
Mirae Asset Equity Savings Fund 587.83 1.52 7.71 2.51 11.42 — 1.41 Nippon India Small Cap Fund
Kotak Equity Savings Fund 2,025.66 2.36 6.21 4.89 9.41 8.29 2.10 23.87
Edelweiss Equity Savings Fund 277.41 1.41 5.98 1.86 9.30 8.09 2.06
SBI Small Cap Fund
HYBRID: AGGRESSIVE (EQUITY-ORIENTED) 23.83
Quant Absolute Fund 761.95 6.60 18.34 12.07 30.10 19.46 2.31 30.10% Quant Flexi Cap Fund
Bank of India Mid & Small Cap Equity & Debt Fund 385.52 2.46 9.64 -3.62 24.25 10.90 2.59 THE 3-YEAR
RETURN 21.83
ICICI Prudential Equity & Debt Fund 21,109.35 4.52 12.92 9.07 21.32 13.83 1.76
HDFC Children's Gift Fund 5,967.62 3.46 14.73 3.97 17.14 11.74 1.99
OF QUANT Mirae Asset Emerging Bluechip Fund
ABSOLUTE
Kotak Equity Hybrid Fund 3,067.33 2.20 11.95 2.97 17.13 11.95 2.00 FUND IS THE 20.39
HDFC Retirement Savings Fund 903.64 2.74 13.51 0.98 15.67 10.97 2.45 HIGHEST IN ITS
Canara Robeco Equity Hybrid Fund 8,475.73 1.85 12.38 0.53 15.00 11.96 1.83 CATEGORY. SIP: SYSTEMATIC % ANNUALISED RETURNS
INVESTMENT PLAN AS ON 16 NOV 2022
Baroda BNP Paribas Aggressive Hybrid Fund 800.29 2.19 12.68 1.37 14.08 12.22 2.26
Mirae Asset Hybrid Equity Fund 7,150.59 1.79 11.96 -0.04 13.93 11.05 1.78
2 Top 5 MIPs
SBI Equity Hybrid Fund 56,730.36 1.66 9.43 1.26 13.41 10.92 1.52
HYBRID: CONSERVATIVE (DEBT-ORIENTED)

ICICI Prudential Regular Savings Fund 3,302.84 2.11 6.04 4.60 8.88 8.25 1.74 Top 5 MIP schemes based on
SBI Conservative Hybrid Fund 6,807.38 2.06 6.29 3.36 10.55 7.85 1.11 3-year SWP returns
Kotak Debt Hybrid Fund 1,600.76 2.45 7.11 2.94 10.70 8.46 1.81
SBI Magnum Children's Benefit Fund 89.06 1.77 4.16 2.31 10.81 7.95 1.21 Bank of India Conservative Hybrid Fund
Canara Robeco Conservative Hybrid Fund 1,142.92 1.63 6.18 2.18 9.00 8.08 1.80 13.79
DEBT: MEDIUM- TO LONG-TERM SBI Magnum Children's Benefit Fund
ICICI Prudential Bond Fund
SBI Magnum Income Fund

2,416.28
1,528.23
1.81
1.76
3.98
3.54
2.60
2.52
5.82
6.51
6.40
6.72
1.18
1.46
2.60% 11.79
THE 1-YEAR Kotak Debt Hybrid Fund
Aditya Birla Sun Life Income Fund 1,538.42 1.26 3.17 2.06 6.18 6.47 0.89
RETURN OF
ICICI PRU 11.21
DEBT: MEDIUM-TERM
BOND IS SBI Conservative Hybrid Fund
ICICI Prudential Medium Term Bond Fund 6,288.24 1.47 3.67 3.73 6.89 6.71 1.41 THE HIGH-
Axis Strategic Bond Fund 1,569.51 1.36 3.19 3.63 6.58 6.56 1.09 EST IN ITS 11.19
SBI Magnum Medium Duration Fund 8,968.63 1.54 3.30 3.00 6.63 7.18 1.22 CATEGORY.
HDFC Hybrid Debt Fund
HDFC Medium Term Debt Fund 3,665.64 1.25 3.11 2.59 6.02 6.37 1.31
10.25
DEBT: SHORT-TERM
ICICI Prudential Short Term Fund 14,605.84 1.94 3.71 4.21 6.40 6.79 1.12 3.91% SWP: SYSTEMATIC
WITHDRAWAL PLAN
% ANNUALISED RETURNS
AS ON 16 NOV 2022
Aditya Birla Sun Life Short Term Fund 5,856.98 1.36 3.04 3.83 6.14 6.68 1.10 THE 1-YEAR
Axis Short Term Fund 7,544.44 1.24 2.75 3.35 5.73 6.54 0.97 RETURN OF
ICICI PRU
Mid & Small Cap: Exposure
3
HDFC Short Term Debt Fund 12,505.32 1.29 2.81 3.10 6.08 6.87 0.75
SHORT TERM
IDBI Short Term Bond Fund 31.82 1.26 2.76 2.68 8.26 6.11 0.75
FUND IS
DEBT: DYNAMIC BOND
THE HIGH- of Flexi Cap funds
EST IN ITS
ICICI Prudential All Seasons Bond Fund 5,937.75 2.10 4.32 3.95 7.10 7.25 1.38 CATEGORY.
51.52
Quantum Dynamic Bond Fund 84.05 2.11 3.71 3.95 5.95 6.28 0.73 45.03 44.87 42.66
IIFL Dynamic Bond Fund 507.03 0.84 2.72 3.15 5.69 5.95 0.52 41.37
Kotak Dynamic Bond Fund 2,015.19 1.36 3.10 1.95 5.78 6.96 1.30
HDFC Dynamic Debt Fund 505.18 1.48 2.52 1.14 6.05 4.83 1.75
DEBT: CORPORATE BOND

ICICI Prudential Corporate Bond Fund 14,985.07 1.99 3.43 3.96 6.34 6.94 0.58
Expense as on 31 Oct 2022
Nippon India Corporate Bond Fund 1,527.24 1.46 3.19 3.94 6.21 6.52 0.61
Returns as on 16 Nov 2022
Aditya Birla Sun Life Corporate Bond Fund 12,603.37 1.49 3.20 3.67 6.58 7.17 0.46 Taurus HDFC Re- LIC MF Nippon Nippon
Assets as on 31 Oct 2022
Flexi tirement Flexi India India
Kotak Corporate Bond Fund 8,613.69 1.41 2.88 3.28 5.64 6.76 0.66 Rating as on 31 Oct 2022 Cap Savings Cap Focused Flexi Cap
All equity funds ranked on 3-year returns. Debt funds ranked on 1-year returns. Fund Fund Fund Equity Fund
Did not find your fund here? % OF ASSETS AS ON 31 OCTOBER 2022
Log on to www.wealth.economictimes.com for an exhaustive list.
Debt: Medium duration

Methodology
The Top 100 includes only those funds that have a 5- or
EQUITIES (figures over the past one year)
Large-cap: Mostly invested in large-cap companies.
4 funds lowest expense ratio
4-star rating from Value Research. The rating is determined
by subtracting a fund’s risk score from its return score. Multi-cap: Mostly invested in large- and mid-cap
companies.
FUND 1.09
1.22
The result is assigned stars according to the following
distribution: Mid-cap: Mostly invested in mid-cap companies. RAISER 0.90
0.97
Small-cap: Mostly invested in small-cap companies. 0.74

Top 10%
19
Next 22.5% Tax planning: Offer tax rebate under Section 80C.
(Not covered
Middle 35% in ETW Funds International: More than 65% of assets invested abroad.
Next 22.5% 100 listing) Income: Average maturity varies according to objective.
Bottom 10% Gilt: Medium- and long-term; invest in gilt securities. was the number of stocks
Fixed-income funds less than 18 months old and equity funds Equity-oriented: Average equity exposure more held by Samco Flexi Cap Fund DSP Union Baroda Axis SBI
less than three years old have been excluded. This ensures than 60%. Bond Medium BNP Strategic Magnum
that all the funds have existed long enough to be tracked for in October 2022, the lowest Fund Duration Paribas Bond Medium
Debt-oriented aggressive: Average equity exposure
consistency of performance. Given the focus on long-term between 25-60%. among all equity funds with an Fund Medium Fund Duration
investing, liquid funds, short-term funds and FMPs are not AUM of more than `500 crore. Duration Fund
part of the list. For the same reason, we have considered only Debt-oriented conservative: Average equity exposure
the growth option of funds that reinvest returns instead of less than 25%. The average number of stocks % AS ON 31 OCTOBER 2022
offering dividends that increase the NAV of funds. Arbitrage: Seek arbitrage opportunities between equity across 127 such funds was 59.
% EXPENSE RATIO IS CHARGED ANNUALLY.
Despite these rigorous filters, the list includes 2/3 funds of and derivatives.
METHODOLOGY OF TOP 100 FUNDS ON
each category to maximise choice from the best funds. Asset allocation: Invest fully in equity or debt as per WWW.WEALTH.ECONOMICTIMES.COM
The fund categories are: market conditions.
loans and deposits
LOANS & DEPOSITS

ET WEALTH collaborates with ETIG to provide a comprehensive ready reckoner of loans and fixed-income
instruments. Don’t miss the information on investments for senior citizens and a simplified EMI calculator.
Top five bank FDs

TENURE: 1 YEAR
Interest rate (%) What `10,000
HOME LOAN RATES
compounded qtrly will grow to
With effect from October 2019, all banks have made the transition to
Bandhan Bank 7.00 10,719
external benchmarks for pricing new home loans. Most banks have
DCB Bank 6.75 10,692
Karur Vysya Bank 6.50 10,666
picked the RBI repo rate as the external benchmark.
RBL Bank
Yes Bank
6.50
6.50
10,666
10,666
REPO RATE: 5.90%
FOR SALARIED FOR SELF-EMPLOYED (%)
TENURE: 2 YEARS BANK
RLLR (%) FROM (%) TO (%) FROM (%) TO (%) WEF
DCB Bank 7.50 11,602
Karur Vysya Bank 9.00 8.05 10.25 8.05 10.25 1 Oct 2022
HDFC Bank 8.10 8.10 8.90 8.20 9.05 Not Given
City Union Bank 7.00 11,489
Karnataka Bank 7.95 8.24 9.59 8.24 9.59 1 Oct 2022
Indusind Bank 7.00 11,489
AU Small Finance Bank 6.95 11,478 Union Bank of India 8.70 8.25 10.10 8.25 10.10 11 Oct 2022
Bank of Maharashtra 8.70 8.30 9.70 8.55 10.20 30 Sept 2022
TENURE: 3 YEARS
AU Small Finance Bank 7.50 12,497 Bandhan Bank NA 8.30 13.65 8.30 13.65 Not Given
DCB Bank 7.50 12,497 Bank of India 8.75 8.30 14.25 8.30 14.25 1 Oct 2022
Bandhan Bank 7.00 12,314 Punjab & Sind Bank 7.94 8.35 9.35 8.35 9.35 1 Oct 2022
City Union Bank 7.00 12,314 UCO Bank 8.80 8.40 8.60 8.40 8.60 1 Oct 2022
Karur Vysya Bank 7.00 12,314 Indian Bank 8.40 8.40 8.90 8.40 8.90 3 Oct 2022
TENURE: 5 YEARS Bank of Baroda 8.45 8.45 9.80 8.45 9.80 1 Oct 2022
DCB Bank 7.25 14,323 Kotak Mahindra Bank 8.49 8.49 9.00 8.55 9.10 Not Given
AU Small Finance Bank 6.95 14,113
J & K Bank 8.50 8.50 8.90 8.00 12.00 11 Oct 2022
SBI Term Loan 8.15 8.55 9.55 8.75 9.75 1 Oct 2022
Yes Bank 6.75 13,975 Canara Bank 8.80 8.55 10.75 8.60 10.80 7 Oct 2022
Axis Bank 8.10 8.60 8.95 8.70 9.05 1 Oct 2022
Dhanlaxmi Bank 8.15 8.60 9.25 91.00 9.75 12 Oct 2022
Top five senior citizen bank FDs ICICI Bank 8.60 8.60 9.45 8.70 9.60 Not Given
Interest rate (%) What `10,000
TENURE: 1 YEAR compounded qtrly will grow to Punjab National Bank 8.40 8.85 9.60 8.75 9.70 1 Oct 2022
Bandhan Bank 7.50 10,771 Indian Overseas Bank 8.75 8.85 11.50 8.85 11.50 10 Oct 2022
DCB Bank 7.25 10,745 SBI Max Gain 8.15 8.95 9.95 9.05 10.05 1 Oct 2022
Axis Bank 7.00 10,719
South Indian Bank 9.25 9.25 11.50 9.60 12.00 1 Oct 2022
RBL Bank 7.00 10,719
TENURE: 2 YEARS
DCB Bank 8.25 11,774
Your EMI for a loan of `1 lakh
Indusind Bank 7.75 11,659 TENURE 5 YEARS 10 YEARS 15 YEARS 20 YEARS 25 YEARS
@ 7% 1,980 1,161 899 775 707
Axis Bank 7.25 11,545 @ 8% 2,028 1,213 956 836 772
TENURE: 3 YEARS
DCB Bank 8.25 12,776
@ 9% 2,076 1,267 1,014 900 839
@ 10% 2,125 1,322 1,075 965 909
FIGURES ARE IN `. USE THIS CALCULATOR TO CHECK YOUR LOAN AFFORDABILITY.
FOR EXAMPLE, A `5 LAKH LOAN AT 12% FOR 10 YEARS WILL TRANSLATE INTO AN EMI OF `1,435 X 5 = `7,175
Karur Vysya Bank 7.40 12,460
TENURE: 5 YEARS
Post office deposits Interest (%)
Minimum
investment (`)
Maximum
investment (`)
Features
Tax
benefits
DCB Bank 7.75 14,678
Indusind Bank 7.50 14,499 Sukanya Samriddhi Yojana 7.60 250 1.5 lakh p.a. One account per girl child 80C
Axis Bank 7.25 14,323 Senior Citizens' Savings Scheme 7.60 1,000 15 lakh 5-year tenure, minimum age 60 yrs 80C
Public Provident Fund 7.10 500 1.5 lakh p.a. 15-year tenure, tax-free returns 80C
Kisan Vikas Patra 7.00 1,000 No limit Can be encashed after 2.5 years Nil
Top five tax-saving bank FDs 5-year NSC VIII Issue 6.80 1,000 No limit No TDS 80C
Interest What `10,000
TENURE: 5 YEARS AND ABOVE rate (%) will grow to
Time deposit 5.50-6.70 1,000 No limit Available in 1, 2, 3, 5 year tenures 80C#
DCB Bank 7.25 14,323
City Union Bank 7.00 14,148 Single 4.5 lakh 5-year tenure, monthly returns Nil
Post Office Monthly Income
AU Small Finance Bank 6.95 14,113 6.70 1,000
Scheme
Joint 9 lakh 5-year tenure, monthly returns Nil
Yes Bank 6.75 13,975 Recurring deposits 5.80 100 No limit 5-year tenure Nil
Savings account 4.00 500 No limit `10,000 interest tax-free Nil

ALL DATA SOURCED FROM ECONOMIC TIMES INTELLIGENCE GROUP
(ETIGDB@TIMESGROUP.COM) Data as on 17 November 2022 # Benefit available only for 5-year deposit
market watch
ALTERNATIVE INVESTMENT
RETURNS MONITOR
The scope and attractiveness of alternative investments is increasing. Here’s a weekly tracker of returns from such investments. But don’t
compare these with returns from traditional investments since the proportion and purpose of alternative investments is vastly different.
Gold (995) (`) Silver (`) Platinum ($/troy ounce) WTI Crude ($/barrel)
45,024 52,682 66,553 61,253 1,061.71 995.52 78.36 85.59
17 NOV 2021 17 NOV 2022 17 NOV 2021 17 NOV 2022 17 NOV 2021 17 NOV 2022 17 NOV 2021 16 NOV 2022
PRICE OF 10 GM GOLD PRICE OF 1 KG SILVER
CHANGE
X 1 WEEK 2.68% 1 WEEK 0.09% 1 WEEK -3.93% 1 WEEK -1.02%
X 1 YEAR 17.01% 1 YEAR -7.96% 1 YEAR -6.23% 1 YEAR 9.23%
PENNY STOCKS UPDATE

Penny stocks as a recommended non-traditional investment? Not exactly. ET WEALTH
neither has the expertise nor does it recommend investing in such stocks. But since the
relatively ‘low’ cost of investment attracts some investors to penny stocks, we provide
a weekly snapshot of this most volatile and uncertain type of stock investing.
Top price gainers Top volume gainers

MARKET 1-WEEK (%) 1-MTH (%) 1-MONTH AVG 1-MONTH AVG MKT CAP MARKET 1-WEEK (%) 1-MTH (%) 1-MTH AVG 1-MONTH AVG MKT CAP
STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR) STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR)
Ashnisha Industries 8.81 4.51 69.10 1.92 765.21 26.61 Reliance Naval & Eng. 2.72 1.49 -4.90 11.24 2,397.33 200.62
Gradiente Infotainment 7.79 -2.63 55.80 1.17 89.24 17.86 Greencrest Financial 2.67 9.43 42.02 28.58 2,013.65 97.59
Mercury Metals 6.09 -5.29 53.02 5.13 -41.13 101.64 Educomp Solutions 2.36 -5.60 -15.11 0.34 1,629.30 28.90
Regent Enterprises 3.79 -22.02 45.21 3.04 56.16 12.68 Spentex Industries 1.26 -11.27 -36.68 0.51 1,282.12 11.31
Premier Capital Services 6.66 1.68 43.53 0.31 199.60 24.71 Ashnisha Industries 8.81 4.51 69.10 1.92 765.21 26.61
Greencrest Financial Ser. 2.67 9.43 42.02 28.58 2,013.65 97.59 Tatia Global Venture 1.26 14.55 -9.35 8.37 719.31 19.10
DCM Financial Services 7.70 24.39 37.99 0.13 -62.17 17.04 SREI Infrastructure Fin. 2.88 -3.36 -24.21 2.22 460.71 144.89
Econo Trade (India) 9.92 14.42 29.67 0.11 -78.47 18.52 Ventura Textiles 5.87 -12.78 -22.76 0.01 398.46 11.42
Tuni Textile Mills 2.62 14.91 29.06 3.39 33.48 34.22 Sagar Productions 2.66 19.28 -6.67 0.64 342.40 10.67
Integra Essentia 7.62 14.24 27.85 2.36 33.58 348.31 Ind Swift 9.09 -7.15 -1.52 0.24 309.78 49.22
Top price losers Top volume losers

Excel Realty N Infra 0.33 -8.33 -42.11 94.61 116.31 46.56 Tilak Ventures 4.32 -2.04 0.70 2.50 -81.32 95.90
Prismx Global Ventures 3.13 -5.44 -30.29 21.23 11.82 125.11 Lesha Industries 6.76 -5.59 5.79 6.24 -76.31 74.36
Quadrant Televentures 1.49 -10.24 -25.87 11.44 -31.02 91.23 GG Engineering 1.75 0.57 -6.91 7.15 -71.79 66.62
SREI Infrastructure Fin. 2.88 -3.36 -24.21 2.22 460.71 144.89 Siti Networks 1.55 -3.73 -10.40 5.52 -71.16 135.18
7NR Retail 1.16 -12.78 -14.71 37.15 24.52 27.07 Pro Fin Capital Services 1.84 -5.15 -12.80 11.98 -69.35 39.01
Indian Infotech and Soft 2.37 -1.66 -13.50 27.24 35.87 238.33 Welcure Drugs & Phar. 7.62 -9.93 -6.27 2.15 -65.22 10.29
Radhe Developers 8.14 -4.35 -13.31 2.04 17.52 409.93 Jaiprakash Associates 9.18 -3.16 -12.07 21.87 -60.34 2,253.32
Pan India Corporation 2.60 -4.41 -13.04 1.42 37.68 55.71 Earum Pharmaceuticals 2.45 -5.77 -10.91 3.67 -57.52 15.12
Pro Fin Capital Services 1.84 -5.15 -12.80 11.98 -69.35 39.01 Gen Pharmasec 4.79 -3.43 -4.77 2.71 -56.12 103.90
Sawaca Business Mach. 1.19 -0.83 -12.50 5.13 -5.29 13.61 Srestha Finvest 1.30 0.78 4.84 1.69 -55.20 10.73
STOCKS HAVE BEEN SELECTED USING THE FOLLOWING FILTERS: PRICE LESS THAN `10, ONE-MONTH AVERAGE VOLUME GREATER THAN OR EQUAL TO 1 LAKH, AND MARKET
CAPITALISATION GREATER THAN OR EQUAL TO `10 CRORE. DATA AS ON 17 NOVEMBER 2022. SOURCE: ETIG DATABASE AND BLOOMBERG.
financial planning
WEALTH
WHINES
My wife doesn’t share
the financial burden...
Money &
Relationships
Find out how you can make your spouse become actively involved in household
finances and share some of the responsibilities, says Riju Mehta.
I
Joint effort
n many double income households,
it is common for women to stop
job again, to ignorance and financial il-
literacy. Each of these reasons will need to 4 If she is reluctant or not confident
working or take a sabbatical after be dealt with in a different manner. about handling money, you could take
childbirth. In other cases, they stop the initiative to plan joint activities, such
Financial literacy, upskilling
working after marriage either of
their own accord or are asked to do so. It is 2 If ignorance and lack of financial
as creating a budget together and plan-
ning joint financial goals. You could also
also common to find women disinterested knowledge are the stumbling blocks, start approach a financial planner for advice,
in financial matters due to ignorance, or by either explaining the money basics to which will help and encourage her to un-
even if they are interested, are not allowed her or introducing her to websites and apps derstand the process of financial planning
to take financial decisions regarding in- that can teach her about saving, investing, and execution. Gradually, she will gain the
vestments or household budgeting. There and use of financial instruments. If she is confidence to handle savings, investing and
is another category, where the woman is unable to get a job because of a long sabbat- planning on her own, and help reduce your
educated and capable, but unwilling to ical, suggest upskilling through relevant burden.
shoulder any responsibility. What is a hus- courses or diplomas and degrees.
Forced initiation
band supposed to do, especially if he starts
Getting employed 5
to feel weighed down by the financial bur-
den? Here are some tips to balance out the 3 If she is unable to find a job, even
If your wife is refusing to take up
work or handle household finances out of
responsibilities. after upskilling, she could either set up her sheer laziness, you may need to lay some
own start-up, begin with a part-time job, ground rules. Since marriage should be a
Understand the cause
1 The first step to resolving any issue
or search for work-from-home online jobs.
There are several such options, including
partnership with equal share of duties and
privileges, you will need to delineate the
is to understand the cause. Have a detailed content creation, virtual assistants, data responsibilities that are hers. If you are
conversation about why your wife is not entry jobs, among others, that can not only earning, she could take charge of budget-
ANIRBAN BORA
willing to take up a job or handle money. help get a foot into the job market but also ing, saving and spending. You could also
The reasons could range from simple iner- earn a fair amount of money. She can also explain why reaching children’s goals is a
tia about handling complicated financial start her own YouTube channel, or mon- shared responsibility, and she can either
matters and paperwork or taking up a etise her hobbies by tutoring. be in charge of funding the goal by getting
a job or managing the investments, which
will help reach the goals. If she has the
IF YOU HAVE A WEALTH WHINE, WRITE TO US... Disclaimer: The advice in this column is not from
a licensed healthcare professional and should qualification and experience to take up a
All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend not be construed as psychological counselling, job, but doesn’t do so, refuse to finance her
who wants you to invest in his new business venture? Should you take a loan from your married brother? therapy or medical advice. ET Wealth and the
Are you concerned about your wife’s impulse buying? If you have any such concerns that are hard to writer will not be responsible for the outcome of
personal, expensive lifestyle needs. If noth-
resolve, write in to us at etwealth@timesgroup.com with ‘Wealth Whines’ as the subject. the suggestions made in the column. ing works, seek marriage counselling.
READERS’ QUERIES
Q Can I stake a claim to my father’s property if he did not include me in his will?
We are assuming that your father was a Hindu and the property was self-acquired. If he wrote a will before passing away and did not mention you as a benefi-
ciary, you will not be able to stake a claim to the said property. However, being a class I legal heir, you can challenge the validity of the will on legal grounds if
— Sameeksha
you feel you were unjustly denied the right to the property through unfair means or the will itself was made fraudulently.
I am 73 years old and have avoid any future conflicts or disputes nance and final alimony. The former can It is easy to become laidback when one’s
Q three properties, all of which
are self-acquired, bought and
regarding the property, and to mini-
mise the chances of the will being con-
be demanded during the course of di-
vorce proceedings if the spouse does not
spouse is taking care of the finances.
While you may not be able to force her,
constructed with my own money. I tested or challenged in a court of law. have an income or is unable to provide you can try to find out why she is refusing
have a wife and two adult children, for oneself. The latter is the final amount to take interest. Perhaps she does not re-
who are married and well-settled. I do My wife and I are in the middle that is given on legal separation. So you alise it is difficult for you or is incapable
not want to leave all the properties to
my family. Can I do this by mentioning
Q of a divorce. While the pro-
ceedings are going on, she is
will be required to provide interim main-
tenance if your wife asks for it.
of investing or managing money. Have
an open discussion with her, explaining
it in my will? asking for maintenance as she is cur- your side of things and seeking her help
— S.S. Bal rently not employed and doesn’t have My wife was employed before in reducing your burden. Start by doing
If the properties are self-acquired and
you are the sole, legal owner, you can
any source of income. Do I legally have
any responsibility to provide her
Q we got married. Two years af-
ter our wedding, she quit her
small things jointly like creating a budg-
et. Also suggest she begin work by doing
will these to anyone you want, be it maintenance during this period? job and has refused to join work again. a part-time job, working from home or
family, friend or any other person or — P. Sharma She also does not take any interest in monetising her hobby, if any.
institution, by specifying them as ben- There are two types of financial aids that managing the household finances. The
eficiaries in your will. If, however, you a spouse with no or lesser income are pro- financial burden on me is too high. Disclaimer: The responses are based on limited
are leaving out your class I legal heirs, vided in case of legal separation, under How can I get her to either get em- facts provided by the queries. It is advisable to
consult a legal practitioner after presenting full
it will be better to mention the reason Sections 24 & 25 of the Hindu Marriage ployed or become financially active? facts and documents. Responses should not be con-
they have been excluded in order to Act 1955. These are the interim mainte- — C. Khosla sidered as legal advice in any manner whatsoever.
pick of the week
Delhivery: Decent growth prospects

Regulatory tailwinds, acquisition synergies and investments in technology to boost growth.
L Fundamentals
ogistics and supply chain company Delhivery re- tives like ONDC will further support the sector’s growth.
ported 23% y-o-y growth in total income in the second Second, the company is building new capabilities. The
acquisition of Spoton Logistics has unlocked synergies in CONSENSUS
quarter of 2022-23 while its net loss narrowed to `254 ACTUAL
ESTIMATE
crore compared to its earlier net loss of `635 crore. It its Partial Truckload (PTL) segment and strengthened B2B
2021 2022 2023 2024
has over 28,000 active customers with 18.5 million square feet and end-to-end supply chain capabilities. Delhivery also ac-
Revenue (` cr) 3,646.53 6,882.29 8,700.39 11,421.98
of logistics infrastructure. quired certain assets and facilities from FedEx, which will
facilitate cross-border needs of customers. It also plans to EBITDA(` cr) -122.93 -491.69 -227.33 456.44
However, the stock tanked significantly after the company
released a subdued second-quarter business update in which develop automation products in collaboration with Falcon Net Income (` cr) -415.74 -1,024.80 -866.51 -359.69
the management anticipated moder- Autotech in which it has acquired Basic EPS (`) -8.05 -15.96 -11.64 -4.79
ate growth in the shipment volumes. a 34.5% stake.
A recent Jefferies report believes
Analysts’ views Third, growth potential is vis- Valuations PBV PE
DIVIDEND
YIELD (%)
that the current price underesti- ible across all service segments. Delhivery 4.48 -64.18 0.00
mates B2B growth, cost rationalisa- 3 The Express Parcel vertical is
tion and low e-commerce penetra- Hold 7 thriving due to the growth of e- Container Corporation 4.26 40.10 1.20
Buy Blue Dart Express 19.48 35.93 0.84
tion. However, the impending open- commerce while the PTL segment
Allcargo Logistics 3.67 10.96 0.64
ing of investor lock-in at the end of is seeing traction due to improv-
2 Aegis Logistics 5.15 28.55 0.78
November 2022 is a near-term pain ing road infrastructure, rising
Sell
point. The report expects the compa-
ny will break even in 2024-25 or 2025-
turnaround time and consoli-
dated warehousing. The boost in Brokerage calls TARGET
RECO DATE RESEARCH HOUSE ADVICE PRICE (`)
26, helped by fixed cost leverage. the warehousing segment is led by
The majority of Bloomberg ana- growth in organised retail, manu- 17 Nov 2022 Kotak Securities Add 395
lysts are confident about the growth facturing and international trade. 15 Nov 2022 CLSA Buy 532
prospects of the company due to mul- Improvement in transportation infrastructire across
Fourth, Delhivery has made sig- 15 Nov 2022 Spark Capital Buy 525
tiple reasons. First, it will benefit India, growth of the domestic manufacturing sector, nificant investments in technol- 14 Nov 2022 Morgan Stanley Equalwt/In-Line 520
from the boom in the Indian logistics and rapid rise of the digital economy wil provide an ogy, infrastructure and data sci- 24 Oct 2022 Jefferies Buy 700
industry. The sector presents a large impetus to Delhivery’s growth. ences to meet changing consumer
opportunity, supported by economic
prospects, improvement in transportation infrastructure,
needs and diverse customer base.
Selection methodology: We pick the stock that has shown
Relative performance SENSEX
114.2
100 MARKET PRICE: `367.10
growth of the domestic manufacturing sector, the rapid rise the maximum increase in ‘consensus analyst rating’ during 86.7
of the digital economy, and traction in offline e-commerce. the past month. The consensus rating is arrived at by averag- 68.3
The Indian logistics sector is expected to grow at a CAGR ing all analyst recommendations after attributing weights to
of 9% by 2026 to $365 billion, according to the company’s red each of them (5 for strong buy, 4 for buy, 3 for hold, 2 for sell and
herring prospectus. The sector is also seeing regulatory tail- 1 for strong sell). An improvement in consensus analyst rating
winds with reforms like Make In India, Gati Shakti and PLI indicates that the analysts are getting bullish on the stock.
schemes. Also, the rapid adoption of digitisation through Only stocks with at least 10 analysts covering them are con-
GST, e-way bills, and E-invoicing is helping reduce overall sidered. You can see similar consensus analyst rating changes 24 MAY 2022 ET ECOMMERCE DELHIVERY 17 NOV 2022
inefficiency costs. Further, new axle load norms and initia- during the past week in ETW 50 table. —Sameer Bhardwaj Delhivery is compared with ET Commerce. Stock price and index values
normalised to a base of 100. Source: ETIG and Bloomberg.
WHAT EXPERTS ADVISE

BUY RESEARCH STOCK 1-YEAR TARGET POTENTIAL
*STOCK PRICES AS ON 17 NOVEMBER
STOCK ADVICE COMMENT

HOUSE PRICE* (`) PRICE (`) UPSIDE (%)
Maintain ‘Buy’ due to strong growth in CVs backed by replacement demand, company's ability to
Ashok Leyland AnandRathi Buy 148 185 25.0 raise prices, and likely improvement in margins and profitability due to falling raw material prices.
Strong outlook of AC and engineering segments, strong order inflows for the rest of 2022-23 from
Blue Star Jefferies Buy 1,222 1,520 24.4 railways and factories, focus on manufacturing through PLI scheme, and cost reduction initiatives.
Increasing penetration in EV and CNG segments, improving credit access via its finance arm,
Atul Auto Emkay Buy 262 320 22.1 strengthening presence in key export markets, debt reduction and better cash flow generation.
Maintain ‘Buy’ due to expectations of a recovery in rural demand, stabilisation in input prices, new
Bajaj Consumer Care Sharekhan Buy 152 185 21.7 product launches, distribution expansion, market share gains and reasonable valuations.
Growth opportunities in EV sector, focus on international opportunities, ramp up of Dahez/SEZ

Neogen Chemicals Edelweiss Buy 1,416 1,700 20.1 plants, increased share of advanced intermediates, and demand prospects in second half of 2022-23.
Maintain ‘Buy’ due to its strong positioning in domestic markets, focus on exports segment, geo-
J.B. Chemicals & Prabhudas
Buy 1,982 2,350 18.6 graphical expansion, new product launches, scaling up of contract manufacturing business, and
Pharmaceuticals Lilladher healthy free cash flow generation.
REDUCE RESEARCH STOCK 1-YEAR TARGET POTENTIAL

STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) DOWNSIDE (%)
Kotak Maintain sell due to weak second quarter performance, higher costs, expensive valuations and ris-
SAIL Sell 86 55 -36.0
Securities ing debt due to sharp increase in working capital and likely pick up in capex.
your feedback & more...
Readers’ response, online and in print, to ET Wealth stories has been enlightening.
We pick some that add information and perspective to our articles from previous issues.
Many thanks for publishing the cover overview on the topic, especially keeping
story, ‘Smart money moves for parents
of teenagers’. We all need to take care Financial education in mind the time frame for a particular
investment according to the financial
of our children’s financial education.
Teenagers are often attracted towards
new things or get rich quick schemes
for children goal that one wants to achieve. However,
during volatile times, it’s difficult to
estimate how much return one can
It amazes me how we want to prepare our
that may be risky—such as bitcoins and realistically expect from an investment,
children to face the world without teaching
penny stocks. Chances are they won’t even from those that are considered ‘safe’
them one of the most important aspects of
learn smart money-making moves (other than bonds and FDs). So, it would
it: how to handle money. We’re so focused on
from experienced advisers until they be helpful if you could do a follow-up
good education that can help them earn well
burn their fingers. This is why it is article on what one can do if they realise
that we forget to tell them how to sensibly use
the duty of parents to introduce their they wouldn’t be able to reach their goal
their income. Good financial habits should
children to the benefits and pitfalls of within the decided time horizon.
start early for children, in fact as soon as
investing. This should be done with the Pranjal M.
they undertsand that money can buy them
right guidance and not through force or
goods and services. The habit of saving and
coercion. We need to inculcate in them I am always impressed when I go through
lessons on opportunity cost can be taught
the mindset of Rahul Dravid and the your advice under ‘Portfolio Doctor’ as
even through pocket money. Hopefully, your
patience of M.S. Dhoni because they are most of the people asking advice seem to
cover story will help parents understand the
our future Warren Buffetts and Charlie be sensible investors. It is heartening to
importance of financial education.
Mungers. see how Indians have started relying more
Arun Kamath
Amitava Bhattacharya and more on mutual funds to achieve their
financial dreams while still keeping a good
Your cover story, ‘Smart money moves for amount of their savings in PPF and bank
parents of teenagers’, was an informative the current mindset of teenagers and to plan for their financial independence deposits. However, I would like to know
read. As a financial sales professional, how we can make them understand about themselves. how I can determine when to stop SIPs in a
I always tell people in my sales pitch financial choices. Nowadays, most children Mitesh Mehta particular fund as we are told that equities
that any investment which gives you understand the importance of money but and funds only give good returns in the
return is a good investment. The author do not know how to utilise it in a beneficial Your article on investment risk, ‘How to long run.
of the article has sensibly pointed out way. The article will help today’s generation identify risk in investments’, was a good Chayan Dev
REALTY
Budget apartments in Ahmedabad
Bopal is an emerging housing suburb with several low and mid-rise apartment complexes.
HOT SPOT
Supply by BHK
LOCALITY SNAPSHOT
BOPAL, AHMEDABAD 1 BHK 2%
Bopal is an emerging residential micro-market located towards the west of Ahmedabad. 2 BHK 26%
Well-connected with the rest of the city through S.G. Highway, S.P. Ring Road and Sindhubhavan Road.
3 BHK 60%
Hosts low to mid-rise apartments by developers such as Sun Builders, Goyal and Co, Zion and Kavisha.
Key employment centres: Parshwanath Business Park (4 km), Synergy Tower (5.5 km), Shapath 5 (6 km) 4 BHK 12%
Hospitals*: Shalby, Adwait | Schools*: DPS, Shanti Asiatic, New Tulip International | Retail*: SOBO Centre, Iscon Mall.
Consumer preference
PRICE RANGE: `2,500-6,000 sqft DISTANCES: SVPI Airport : 20 km Kalupur Railway Station : 15 km Sardar Patel Ring Road: 2 km by budget (`)
3%
6% 9% Below 25 lakh
2 BHK Top **Capital value 3 BHK rent 25-50 lakh
725 (sqft)
Localities (`/sqft) (`/month) 11% 28% 50-75 lakh
`33
lakh (avg)
Shilaj
75 lakh-1crore
Shela 2,500-3,500 15,000-22,500 43%
1-1.25 crore
Shapath Above 1.25 crore
ad
SP Ring Ro
3 BHK South Bopal 3,000-5,500 18,500-27,000

1,000 (sqft) Bopal Bopal
Ahmedabad Consumer preference
47
`48
NH-1
South Bopal
r Shilaj 3,500-6,000 20,000-30,000 by carpet area (sqft)
lakh (avg) ve
Ri
ati PB 9% 10%
rm Below 650
ba Shela Park Bopal 3,500-4,500 16,000-23,000 8%
Sa Synergy
650-950
4 BHK Tower
1,600 (sqft) 950-1,250
25% 48%
SP Ring Road 2,500-4,000 15,500-20,500
`90
1,250-1,600
Above 1,600
lakh (avg)
Note: Map not to scale *Within 5 km radius | **Capital Value on Carpet Area
Schools 15+ Hospitals 10+ Restaurants 15+ Banks 20+ Grocery Stores 20+ Petrol Pumps 10+ In dia’s No. 1 P ropert y Sit e
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are recommended to make appropriate enquiries and seek appropriate advice before making any specific or other decisions. RNI NO. DELENG/2011/37994. MADE IN NEW DELHI VOLUME 12 NO. 47
THE ECONOMIC TIMES
MOST WANTED
STOCKS 2022
P2
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ET Wealth 21 Nov 2022

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THE ECONOMIC TIMES STOCKS AND

By Sanket Dhanorkar Stocks that equity fund managers are betting on

We identified stocks from the BSE 500 index whose share in

wanted For the latter, we considered only diversified equity schemes

stocks left us with 35 stocks.

were These were further screened for a healthy return profile—

We further weeded out stocks trading at exorbitant valuations

“We believe Top 5 funds holding Kajaria Ceramics

Ongoing expansion projects to is poised to % OF CORPUS) INVESTED (` CR)

drive earnings in future bounce back HSBC Mid Cap 2.5 27

with improved Kotak Emerging Equity 2.34 527

“Its premium Top 5 funds holding ICICI Lombard

Investments in retail health focus and leading % OF CORPUS) INVESTED (` CR)

it a compelling Motilal Oswal Focused 4.47 81

“Well placed to benefit Top 5 funds holding Cummins India

Adopting emission norms will reviving margins, % OF CORPUS) INVESTED (` CR)

in exports market, SBI LT Equity 3.59 416

Factories are currently running

“We continue to Top 5 funds holding Laurus Labs

amid incremental PGIM Ind Midcap Opportunities 2.48 180

“We remain positive Top 5 funds holding JB Chem & Pharma

Expanding footprint and cost strategy towards % OF CORPUS) INVESTED (` CR)

optimisation moves will help improving Samco Flexi Cap 4.8 33

productivity in India HSBC Small Cap Equity 3.94 12

“With exposure Top 5 funds holding KEC International

as KEC commences IDFC Tax Advantage 2.04 81

How past portfolios T

2014 Comfortably beats indices and

Portfolio return (invested `79,820 ) 15.4 2,37,325

2016 Lags behind indices but ahead of

2018 Two weak picks pull down

Gujarat State Coromandel

2020 Portfolio delivers healthy return

Endurance SBI Cards &

ICICI Lombard Gen

Avoid the zero sum

money is that it comes from whoever

mysteries that mean the person who bought the stock

In India, the theory of what

Brace for increased volatility

12-month Current 1-year target Upside Future of gas utilities

Charles Darwin and the Sensex

Factors to PAPER WORK

Offering a collateral or a Set limits on the card

smart things to know Motor ﬂoater policy

Support farming without failing

State Secrets: Chhattisgarh

COST: `36,000 for 8 nights

COST: `500-1,000 per person, per day

located, this central Indian state is ideal for

SUGGESTED ITINERARY z Ghatarani falls, Raipur

ET WEALTH TOP 50 STOCKS

RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

1 Fast growing stocks

ETW FUNDS 100

ranked on 1-year returns. 7.72 14.59

EQUITY: MID CAP

ETW FUNDS 100 Value Research

HYBRID: CONSERVATIVE (DEBT-ORIENTED)

DEBT: CORPORATE BOND

Debt: Medium duration

Small-cap: Mostly invested in small-cap companies. 0.74

LOANS & DEPOSITS

Top five bank FDs