SUNDAY • MAY 2, 2021

CHENNAI
₹10 • Pages 12
Volume 28 • Number 121

BENGALURU CHENNAI COIMBATORE HUBBALLI HYDERABAD KOCHI KOLKATA MADURAI MALAPPURAM MANGALURU MUMBAI NOIDA THIRUVANANTHAPURAM TIRUCHIRAPALLI TIRUPATI VIJAYAWADA VISAKHAPATNAM Regd. TN/ARD/14/2012-2014, RNI No. 55320/94

April GST mop­up hits Symbolic start to Vax 3.0, BIG STORY P2
INSIDE

record ₹1.41­lakh crore with States low on shots Money mission

Here are 4 funds you can count on
to tide over the volatility in markets

Economic activity, anti­evasion measures keep revenues Alarmingly poor coverage in UP, Bihar and Bengal
YOUR MONEY P3
above ₹1­lakh cr for 7th month in a row OUR BUREAU
.......................................... Walk the talk
New Delhi, May 1 Decoding SEBI's new ‘skin in the
OUR BUREAU
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using information from game’ rules for mutual funds
New Delhi, May 1 multiple sources including Phase­3 of India’s vaccination
GST, income­tax and Cus­ drive started on May 1 with a ma­
With economic activity sus­ toms IT systems, and effect­ jority of States complaining of
taining, Goods & Services ive tax administration have non­availability and restricting TAKING STOCK P5
Tax (GST) collections hit a also contributed to the their coverage either to the 45+
record ₹1.41­lakh crore in steady increase in tax rev­ group or staggering it for the Attractive offer
A Covid­19 vaccination centre in a Hyderabad district hospital Why you should consider investing
April. This is the seventh enues. new age group of 18­45 in remains shuttered on Saturday with no supplies NAGARA GOPAL in the PowerGrid InvIT IPO
successive month of collec­ Quarterly return and phases.
tions exceeding ₹1­lakh monthly payment scheme The biggest concern re­ vaccines. According to the State crore are to be used in vaccinat­
crore. Measures to curb eva­ have been implemented mained the laggard and the Health Minister, Mangal Pandey, ing one crore people at State
sion and ensure compli­ successfully, bringing relief most populous States such as the 18+ vaccination drive will government hospitals, while
ance, too, helped. to the small taxpayers as Uttar Pradesh and Bihar, which start when the vaccines are sup­ the rest will be given to private
“In line with the trend of they now file only one re­ are right at the bottom with just plied. “Bihar will get around 16 hospitals for vaccinating at least Embassy REIT - Buy
recovery in the GST reven­ turn every three months. 4.46 and 4.81 per cent, respect­ lakh vaccine doses in May — 11.89 50 lakh individuals. BAVADHARINI KS
..........................................
ues over past six months, transactions done in “Providing IT support to ively, of their population lakh doses of Covishield and In Punjab, Chhattisgarh and BL Research Bureau
the revenues for April 2021 March, when most compan­ taxpayers in the form of inoculated. 4.14 lakh doses of Covaxin,” he Rajasthan and Jharkhand, the
are 14 per cent higher than ies close their books for the pre­filled GSTR 2A and 3B re­ In UP, where the number of said. State governments maintained The stock of Embassy REIT
in March. During the year and, hence, raise in­ turns and ramped up sys­ daily deaths is the highest at 332, that the vaccine manufacturers had corrected about 11 per
month, the revenues from voices. That could be a reas­ tem capacity have also after Maharashtra and Delhi, Insufficient stocks have not given any assurance on cent between January and
domestic transactions (in­ ons for the spurt in GST col­ eased the return filing pro­ the vaccination coverage for the Like UP, Gujarat also rolled out the supply. However, while Pun­ now, considering the uncer­
cluding import of services) lections in April. cess,” the statement said. 18­45 age group has been restric­ Phase­3 in ten highly­infected jab and Jharkhand, put Phase­3 tainties around the office
are 21 per cent higher than “The real challenge lies During the month, the ted to just 85 centres in seven districts. While young people on hold, Chhattisgarh and Ra­ market, with the second
the last month,” a Finance ahead as most parts of the government has settled badly­affected districts. The turned out in large numbers to jasthan went ahead with vaccin­ wave of Covid­19 raging position (0.35 times debt to
ministry statement said. country are again in a lock­ ₹29,185 crore to CGST and State has 2,500 vaccination get vaccinated, vaccine stocks ating the new category. across the country. However, equity ratio) are positives.
down and most industries ₹22,756 crore to SGST from centres altogether. were reportedly insufficient. In Chhattisgarh, the daily despite the headwinds, At ₹311, the REIT is trad­
Experts remain cautious are temporarily shut,” he IGST as regular settlement. Gujarat had reportedly re­ death rate of 269, is alarming for the REIT had an occu­ ing at 20 per cent
However, experts say the ra­ said. The total revenue of the Laggards ceived 3 lakh vaccine doses on a relatively less populated State. pancy level of 89 discount to its
ging Covid­19 second wave Centre and the States after According to Additional Chief Friday night for vaccinating the Talking to BusinessLine, Chhat­ per cent and NAV of ₹387 as
can change things. MS ‘Businesses resilient’ regular and ad hoc settle­ Secretary­Information, UP, 18­44 age­group. tisgarh Health Minister TS Singh achieved rental on March 31,
Mani, Senior Director, De­ But the Finance Ministry ments in April is ₹57,022 Navneet Sahgal, the new 18­45 In Maharashtra, too, availabil­ Deo said the State has kept its fo­ collection of 99 2021. Investors
loitte India, said that the was more optimistic and crore for CGST and ₹58,377 category will be vaccinated ity of the vaccine was an issue. cus on vaccination which at per cent in the with a long­
all­time high collections said that despite the coun­ crore for the SGST. along with the 45+ group after Immediate past president of In­ 16.55 per cent is higher than the recent March term perspect­
which relates to supplies try­wide Covid second registration. Chief Minister Yogi dian Medical Association national average of 9.24 per quarter. In the past ive and high risk
made in March could now wave, businesses have once Adityanath rolled out the third Avinash Bhondwe told Busi- cent. year, too, Embassy appetite can con­
give way to muted collec­ again shown remarkable phase which, the State had clari­ nessLine that vaccine availabil­ not only maintained occu­ sider Embassy REIT. It dis­
tions in the coming resilience by not only com­ fied a day in advance, would in­ ity was a challenge for the 18­44 Down South pancy over 90 per cent but tributed ₹21.48 per unit in
months due to the lower plying with the returns fil­ clude the new category of 18­45 age group . In places such as Tamil Nadu started Phase­3 us­ also achieved strong rental FY21, and the yield (pre­tax)
economic activity in April. ing requirements but also age group in the seven badly af­ Pune, many people could not ing 3 lakh doses of Covishield. collections. works out to around about
Rajat Bose, Partner, paying their GST dues on fected districts alone. get even themselves registered The drive was symbolic in A large client base, prop­ 6.9 per cent, almost the
Shardul Amarchand time. In Bihar, which added over on the Co­Win app. Karnataka, with its 6,000 erties in prime locations same as in FY20 (7 per cent).
+ Mangaldas & Co, explained Further, it said that closer 15,850 cases in the last 24 hours, Ditto with West Bengal, which centres needing to procure and a strong balance­sheet The minimum trading lot is
that the April numbers rep­ monitoring against fake the Phase­3 roll­out was merely has sought three croredoses around 3 lakh doses over and with a comfortable net debt 200 units.
resent the tax collected on billing, deep data analytics symbolic. The State is short of from the Centre. Of these, two above the Central allocation.

SPUTNIK HAS LANDED Phase­3: India

administers Reflecting the wide spread of Covid, insurers
13.42 lakh
vaccine doses
report a surge in claims from rural regions, too
OUR BUREAU
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G NAGA SRIDHAR
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see how the claims scenario ance, in general, and Covid­
New Delhi, May 1 Hyderabad, May 1 will be during this fiscal,” cover, in particular, has been
Datta said. going up again. “The second
On a day India commenced its Health insurers are reporting “We have paid Covid­19 wave of Covid is spreading at
phase­3 Covid­19 vaccination a flood of Covid­related claims to 14,500 customers. a faster rate, which has led to
drive, which opened up vac­ claims from across the coun­ In 2020, it was around a significant increase in the
cination further to people try, including rural regions, 10,000 in eight months, demand for health insurance
between 18 and 44 years of reflecting the spread of the whereas in 2021, we have wit­ policies,” said the top execut­
age, the country managed to pandemic. nessed 4,500 claims in just ive of a private health
inoculate only around 13.43 three months,” said insurer.
lakh people. Rapid rise ance, ICICI Lombard GIC, told Bhabatosh Mishra, Director According to Datta, many
According to data available Till last month, Covid claims BusinessLine. Underwriting, Products and of those who had taken
on CoWIN dashborad at 9 pm had been mainly from urban Health insurers have been Claims, Max Bupa. Covid­specific standard cover
on Saturday, the total number areas of Delhi, Maharashtra, seeing a jump in the cashless The average claim size is at under ‘Corona Kavach’ have
of vaccinations carried out Uttar Pradhesh, Chhattis­ treatment claims relating to about ₹1.4 lakh but there are been renewing it, even as
during the day was 13,42,535. garh, and Bihar as also some Covid­19 cases, Datta said. instances of claims going as fresh demand from new cus­
Many States had already ex­ from Tamil Nadu and The government and the In­ high as ₹30 lakh depending tomers is emerging. The In­
pressed their inability to be­ Karnataka. surance Regulatory and De­ on the insurance policy. The surance Regulatory and De­
gin from May 1 due to the lack “However, we now see a velopment Authority of India industry estimates the total velopment Authority of India
An airport worker sprays disinfectants on the first consignment of 1.5 lakh doses of Russian of availability of vaccines surge in claims from rural recently told all hospitals not Covid­19 claims payout from recently extended the dead­
Sputnik V vaccines that landed in Hyderabad on Saturday. The consignment will be released in from vaccine manufacturers. areas, too, in line with the to deny cashless treatment the start of the pandemic at line for sale/renewal of stand­
the next few days, said Dr Reddy’s Lab, which has signed up with Russian Direct Investment In addition, the govern­ rapid surge of the Covid­19 for those eligible under their ₹15,000 crore. ard Covid­specific policies by
Fund to market the vaccine. Another 3 lakh doses of India’s third vaccine are expected soon ment also increased its alloca­ pandemic across regions,” insurance plan. “Going by six more months in view of
(PHOTO BY ARRANGEMENT WITH GMR)
tion of Remdesivir injection Sanjay Datta, Chief­Under­ the current trend of rising Demand for cover up the resurgence of the
to States. writing, Claims and Reinsur­ cases, we need to wait and The demand for health insur­ pandemic.

Covid curbs ‘brake’ auto sales in April... ...Tractors, too, hit a rough patch
G BALACHANDAR
..........................................
imal impact from local restric­
Second wave halts the recovery in the sector Chennai, May 1 tions this time, footfalls have
come down at dealerships.
The second wave of Covid­19 Industry analysts peg the re­
OUR BUREAU
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tor India said its wholesales tinuing in the month of May,” and the resultant restrictions tail tractor sales for April at
New Delhi, May 1 had dipped 7 per cent to Rajesh Goel, Senior Vice­Pres­ have applied brakes on tractor about 37,000 units and sug­
49,002 units in April (52,600 ident and Director, Marketing sales that had been rising over gest a decline of more than 40
Barring Mahindra & Mahindra units). & Sales, Honda Cars India, said. the past 10­11 months, bucking per cent compared to March.
and Honda Cars India, most Tata Motors’ April sales M&M also reported a jump the automotive market trends. tractor sales at 26,130 units in “While the exact reason is
passenger vehicle manufac­ slowed 15 per cent at 25,095 in April, selling 9.5 per cent Tractor sales started to move April compared to 29,817 units yet to be known, increased
turers, including Maruti Su­ units (29,654 units). Toyota more at 18,285 units compared northwards from May 2020 in March. This was the second spread of virus in rural areas
zuki, Hyundai Motor, and Tata Kirloskar Motor reported a 36 to 16,700 in March. after the partial lifting of the lowest monthly tractor would be one of the issues cur­
Motors, reported a decline in per cent sales drop to 9,622 lockdown. The numbers con­ volume for M&M in eight tailing demand to an extent,”
their factorygate sales num­ units (15,001 units). Two-wheelers & CVs tinued to grow in the sub­ months. said Rohan Kanwar Gupta, As­
bers (dispatches to dealers) in New­comers Kia India and In the two­wheeler segment, sequent months as the rural “There is a slowdown in sistant Vice­President & Sector
April on a sequential basis MG Motor India, which report only Hero MotoCorp and economy remained robust; tractor production with dis­ Head, Corporate Ratings, ICRA.
(versus March) because of re­ only retail sales numbers, also Royal Enfield shared the num­ the other automotive seg­ ruptions in the supply chain
strictions and local lockdowns recorded a decline of 16 per bers on Saturday. While the ments took more time to re­ due to rising Covid infections Silver lining
in most States. The second cent and 53 per cent, respect­ market leader reported a de­ bound. and localised lockdowns However, industry represent­
wave of Covid infections has ively. While Kia sold 16,111 units cline of 37 per cent in its across States. With supplies atives and analysts project a
put the brakes on the auto sec­ (19,100 units), MG Motor man­ wholesale to 3,42,614 units All segments hit impacted to some degree, we bright growth outlook in the
tor’s recovery. aged 2,565 units (5,528 units). (against 5,44,340 units in But the second wave has hit all are working closely with our medium­term considering the
Year­on­year numbers are Bucking the trend, the ‘City’­ March), the ‘Bullet’ maker said segments. While tractor man­ suppliers to ensure produc­ expected record rabi harvest,
not comparable as thre was no maker Honda Cars India re­ it recorded a dip of 19 per cent ufacturers faced production tion continuity,” Hemant sustained crop prices, and the
sales in April 2020 due to the ported a growth of 28 per cent to 48,789 units in April against constraints, footfalls at dealer­ Sikka – President, Farm Equip­ forecast of another good mon­
lockdown across the country. month­on­month to 9,072 60,173 units in March. ships dropped as cases surged ment Sector, M&M Ltd, told soon all of which are seen driv­
Passenger vehicles market units compared with 7,103 In the commercial vehicles in small towns and rural areas. BusinessLine. ing demand.
leader Maruti Suzuki reported units in March. segment, most companies in­ As a result, sales took a beating Escorts also reported a signi­ After a record food output of
sales declining 7 per cent to “Many parts of the country cluding Ashok Leyland, Volvo in April. ficant decline in tractor sales 303 million tonnes in FY21, the
1,35,879 units in April com­ have been on safety related Eicher and Tata Motors, repor­ Market leader Mahindra & in April at 6,386 units against Centre has set out a higher
pared with 1,46,203 units in lockdowns in the last couple ted negative sales with a rising Mahindra (M&M) reported a 12 11,730 units in March. Though grain production target of 307
March. Similarly, Hyundai Mo­ of weeks and we see this con­ double­digit percentage. per cent drop in its domestic Escorts’ supply chain had min­ million tonnes for FY22.

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 2 BLPORTFOLIO
CHENNAI
BusinessLine
SUNDAY • MAY 2 • 2021
EQUITY UTI Dividend Yield
A cushion for iffy markets
PARVATHA VARDHINI C Over the past year, the category av­
..........................................
BL Research Bureau erage performance of dividend
yield funds – at 58.7 per cent – is
L arge­cap funds are the tradi­
tional refuge for investors who
have the appetite for pure
equity funds, but are looking for a
cushion in volatile market conditions.
higher than the 53 per cent
clocked by large­cap funds.
UTI Dividend Yield is a
good choice here. Being a
thematic fund, investors
With strong balance sheets and better can consider lump sum
earnings visibility in uncertain times, investments in one or
large­cap stocks are known to contain two tranches.
losses well in case markets take a turn
for the worse. However, dividend yield Strategy and
funds is also a category where in­ performance
vestors can turn to in iffy markets for While the scheme
downside protection. predominantly in­
Favourable market conditions since vests in dividend­
2020 for dividend yield strategy – the yielding equities, it
sharp market fall initially and the also picks its stocks
steep rise, the plunge in interest rates based on other para­
on debt products as well the heated meters such as free
up valuations of many stocks, making cash flow generation,
one hunt for value picks ­ have management quality
brought the spotlight on dividend and earnings
yield funds. prospects.
This helps the fund
eventually benefit from
capital appreciation as
well..
The fund leans towards
large­cap stocks, with 72 per
cent of its portfolio in large­caps
now. It invests 95­99 per cent in
equities across market cycles.
Benchmarked to the Nifty Dividend
Opportunities 50 Index, it has clocked
returns by up to three percentage
points higher than the benchmark
over one­, three­ and five­year periods.
While dividend
yield funds tend to
do well in volatile Fundas
or bear markets, Large-cap tilt
B
.............................................................................
they may under­ Defensive
B vidends, the fund has reduced its ex­
perform in secular sector choices
bull runs. This is .............................................................................
true for the UTI Suits lower
B
risk appetite
fund as well, hav­ .............................................................................
ing outperformed
the broader S&P
BSE 500 in 2011 and 2016, for instance,
while falling short in the bull market
of 2009 and 2017.
Portfolio
UTI Dividend Yield invests predomin­
antly in sectors such as information
technology, consumer non­durables
(both defensive sectors) and certain
DEBT Aditya Birla Sun Life Corporate Bond Fund
+
An option away from equities
MAULIK MADHU offer of Covid­related help from many
..........................................
BL Research Bureau countries buoyed the market.
Those who don’t want equity expos­
I f the fast and furious rally in the
equity market post March 2020
lows took investors by surprise,
the resurgence in Covid cases and the
lockdowns that dampened the mar­
ure given the volatility, can invest in
debt MFs. Though, past adverse credit
events have shown that these are not
risk­free. With the RBI having to bal­
ance the challenges of high inflation
ket sentiment the past month were no and fragile economic growth, the fu­
less unexpected. Most recently, expect­ ture rate trajectory is not clear. The
ations of good quarterly earnings and Centre’s large borrowing programme
is yet another challenge.
In such times, corporate bond
funds can be a safe bet for moderate
risk investors with a three­
year investment horizon.
Such funds must invest at Fundas
least 80 per cent of their as­ 94 per cent
sets in the highest­rated portfolio in highest
corporate bonds (typically quality papers
AA+ and above). To minim­ Average maturity
ise interest rate risk, in­ of 2.87 years
vestors can pick a fund
with a relatively lower aver­ Good downside
age maturity. protection
Downside protection
Corporate bond funds have offered an
average one­year and three­year
rolling return (compounded annual­
ised return) of 8.2 per cent and 7.8 per
cent, respectively, over the last five­
year period. Investors can consider
the Aditya Birla Sun (ABSL) Corporate
Bond Fund, among the leading per­
formers here. It has generated an aver­
age one­year return of 8.8 per cent and
three­year return of 8.3 per cent.
Returns are likely to be relatively
lower compared to the past, given the
low coupons on bonds currently.
However, this will be so across debt
funds categories, particularly for
those with a longer duration.
What works for ABSL Corporate
Bond Fund is its downside protection.
READERS’ FEEDBACK
v This is with reference to the it’, published on April 25, 2021.
Big Story titled, ‘Four stocks to Agree that HDFC Bank has a
ride out the market volatility’, comparatively better (loan)
published on April 25, 2021. I book, but can't see anything
will keep these stocks in mind. positive in the current
Invested in Marico. situation for the bank, except
––Akilesh Awasthy the resumption of the credit
card business.
v This is with reference to the –– Prem Devara (@premprasad)
podcast on gold hallmarking, BL Research Bureau says:
published on April 25, 2021. In our opinion, the bank’s steady
Thanks for the simple loan growth with stable asset
description of mandatory quality is a positive.. For other
hallmarking . Excellent work banks that are going aggressive
done by Akhil & Bavadharini. on growth now, aberrations in
––Vijay (@vakatne) asset quality need to be watched
out. They have already
v This is with reference to the compromised on yields to show
article titled ‘Keep banking on loan growth now.
Readers can share their views and suggestions in the comments section on our website (thehindubusinessline.com/portfolio/), mail them to blportfolio@thehindu.co.in, or tweet at us @BlPortfolio
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This PDF was
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Up to the mark
Over the last five­year period, the
scheme generated one­year rolling re­
turn (CAGR) of under 5 per cent less
than 6 per cent of the time, lower than
that for several peers. On a three­year
rolling return basis, the scheme gen­
erated at least 8 per cent (CAGR) 60
per cent of the time.
Good credit quality
As of March­end, it held over 94 per
cent of its portfolio in AAA­rated and
sovereign debt papers. Since July 2018,
it has almost always held 80 per cent
plus in such debt papers.
The scheme’s average
maturity was 2.87 years as
of March­end. In the past
B
too, this has ranged
broadly between 1.8 to 3.2
........................................................................................................
years. Typically, 75­80 per
B
cent of the portfolio is
invested in one­to­
........................................................................................................
three­year corporate
B
bonds. Active dura­
........................................................................................................
tion calls are taken in
the residual 20­25 per
cent portfolio. Scan & Share
As g­sec or government bond
yields moved up sharply between July
2017 and September 2018, the average
maturity of the scheme went down horizon of at least five years. Aggress­
from 2.8 to 1.7 years. Later, when yields
fell sharply between February and July
2019, the scheme’s average maturity
increased from 1.4 to 2.5 years.
Suitability
Those in the higher tax brackets can
invest a portion of your surplus here.
Debt funds attract long­term capital
gains tax of 20 per cent, with indexa­
tion benefit, on sale of units held for each calendar year in the jam­packed
more than 36 months. This is attract­
ive compared to FDs, the interest on
which is taxed at your slab rate.
v This is with reference to the
online article titled ‘ICICI Bank
stock rallies over 5 per cent
intra­day on good Q4FY21
numbers’ published on on
April 26, 2021.
The million­dollar question
is when more prudent lenders
such as HDFC Bank and Kotak
Mahindra are cautious on retail
lending, why is ICICI Bank is
aggressively growing its retail
book at 20 per cent, which is
prone to Covid­19 second wave
shocks? Could this fuel the next
wave of NPAs?
BLRB says: While retail book
BIG STORY
HYBRID ICICI Prudential Balanced Advantage
Armour against wild swings
exposure and when to exit the
equity market is easier said than
done. To tide over this, the
fund uses a Price/Book Value
(P/BV) model (from March
2010) that allows 'buying
low and selling high'
while keeping human
emotions aside.
The stock selection
is a blend of large­
and mid­cap stocks,
with net equity
level in the 30­80
per cent range
based on the P/BV
model. Derivative
exposure is done
for hedging/port­
folio rebalancing.
In March 2021­end,
the fund had a net
equity exposure of
38 per cent, com­
pared to 74 per cent a
year ago.
Over the long­term,
the fund's strategy has
led to it losing less, which
means winning more.The
With markets continuing to see-saw, fund has a 10­year CAGR of
12.23 per cent versus 11.25 per
here are four MFs you can count on, cent of Nifty 50 TRI.
Besides, the fund boasts of a better
to tide over the volatility .CO
M /RB
FR
IED show than like­sized category peers in
key risk metrics. The three­year
K
PSUs, IST
OC monthly standard deviation of ICICI In March 2020 when the index fell
all of Prudential Balanced Advantage (4.1) is 23 per cent, in October 2008 when the
which have close to category average and lower index tanked nearly 24 per cent, or
stocks with a consist­ than peers such as HDFC January 2011 when it de­
ent dividend yield record. KUMAR SHANKAR ROY Balanced Advantage (6.1) as clined 11 per cent, the
Fundas
..........................................
With many banks facing pressures BL Research Bureau per ACE MF. The fund’s fund contained losses
from bad loans and inability to pay di­ downside capture ratio at Equity exposure B
well.
I
f you are wary of taking the pure 54.2 is lower than category based on In flat markets too, the
posure to the segment since equity fund route amid the cur­ average of 57. This promises valuations fund has performed.
.....................................................................................................
mid­2017.About five years ago, bank rent bout of market volatility but a relatively smoother in­ Derivatives for B
When the index hovered
holdings stood at 20 per cent of the would like some equity exposure, you vesting experience. Besides, around 30,000 levels
hedging/portfolio
portfolio, as against 3 per cent now. can invest in a hybrid product that the fund has maintained an rebalancing between January 29, 2015
Consistent dividend payers such as takes a dynamic asset allocation ap­ effective equity investment and April 7, 2017, the fund
.....................................................................................................
Infosys, Hindustan Unilever, ITC and proach. The 14­year old ICICI Pruden­ level above 65 per cent with Contains losses B
gained 8.75 per cent
TCS are among the top holdings for tial Balanced Advantage is an ideal the judicious use of derivat­ better CAGR.
.....................................................................................................
the scheme. The fund also holds PSUs candidate because of its track record ives, ensuring tax treat­ Between September 21,
with good dividend yields, such as of riding out market volatility by ment for the fund is akin to 2010 to January 30, 2013
Coal India, GAIL, Mahanagar Gas, maintaining equity allocation levels equity funds. when the benchmark Sensex was near
NTPC, NALCO, as well as in State­ based on valuations. 20,000 levels, the fund gave 10 per
owned refineries. Thus, investors can expect the fund Performance cent CAGR.
While it holds 5­9 per cent in its top to have a soft­landing even if the mar­ The fund has outperformed Sensex in Even in years when the markets
five stocks, the fund has a diversified kets plummet. the 15 worst months for the market have risen, the fund has not failed to
portfolio of 40­50 stocks. When to enter, when to add or cut since the fund's inception. capture some upside.
HYBRID Mirae Asset Hybrid Equity
Aggression as best defence
YOGANAND D
..........................................
and five­year periods by delivering 11.8
BL Research Bureau per cent and 13.8 per cent returns, re­
spectively, against the category aver­
ith the markets turning
volatile since January this
year, investors may have
been lured to move in and out of
equity. However, such an impulsive
W
age returns of 9 per cent and 11.7 per
cent. Over a one­year period, it has
clocked a good return of 41 per cent
but slightly below the category aver­
age return of 44.2 per cent.
approach hurts returns in the long­ In terms of risk metrics , the fund
run. A better way would be to invest in does a reasonably good job. Its three­
aggressive hybrid equity funds. These year monthly standard deviation at
maintain a lion’s share exposure (65­ 4.8 is lower than category average of
80 per cent) to equities and thereby 4.95 and that of many like­sized peers.
capture any upside, while the free­ Mirae Asset Hybrid Equity also gener­
dom to have 20­35 per ates more return for every
cent in debt & money unit of risk undertaken
market instruments Fundas (sharpe ratio of 0.15) vis­à­
brings much­needed sta­ Static asset vis category average (0.13) B
bility to the portfolio. allocation with and many peers.
A worthy candidate in regular rebalancing The fund's equity alloca­
............................................................................................................
this category is the nearly Consistent, tion generally ranges B
six­year old Mirae As­ category-beating between 69­75 per cent. The
set Hybrid Equity
returns over long- investments in equities are
Fund, a top quartile predominantly in large­
term
performer that is not caps, with orientation ............................................................................................................
only less volatile but High-quality debt mainly towards growth
B
............................................................................................................
also generates more businesses with a focus on
return for every unit capital efficiency and qual­
of risk undertaken, vis­à­vis ity management. With regards to
peers. The fund is ideal for investors portfolio construction, the fund
with moderate risk appetite and time maintains a large diversified portfolio
(over 50 stocks), which can handle
ive hybrid funds adapt static rebalan­ mistakes and deliver decent gains.
cing process to keep their asset alloca­ Its debt strategy should be seen in
tions within the prescribed limits. two parts. The core is managed on a re­
Rebalancing leads to better returns latively static basis and is typically in­ banks and the fund has gradually
with lower volatility. vested in government securities (9 per upped its allocation to the sector over
cent at present) and corporate bonds the past six months and now holds 21
Performance and strategy (3.3 per cent). per cent.
Since launch in July 2015, Mirae Asset The second part of debt allocation is Next is software with 9.9 per cent .
Hybrid Equity has regularly managed more tactical, for which it adopts a On the other hand, it has cut exposure
to figure amongst top ten performers more active strategy with appropriate to petroleum products to 6.6 per cent
changes in duration, in line with the and finance to 3.7 per cent.
aggressive equity hybrid category. outlook on interest rates. It holds 56 stocks and top 5 stock
The fund has also outperformed its In terms of the equity sectoral ex­ holding is about 25 per cent of the
aggressive hybrid category over three­ posure, the top preferred sector is allocation.
RE-TWEETS
does bring in granularity in t “Credit is like oxygen. When but they are not useful, in my t Axis Bank just posted its results,
portfolio, the possibility of bulky either is abundant, its presence goes opinion, because their Other than "Other Income", its all down,
slippages cannot entirely be unnoticed. When either is missing, parameters do not capture the the question is ­ why are brokers, AMCs
ruled out. that’s all that is noticed.” That complexity of what drives and other service providers for who this
Besides with falling yields, famous Buffett quote. As of now, markets." Bill Miller "other income" is main business, not
NPA accretions, if any, can be oxygen crisis is deadlier than credit ––@invest_mutual improving their margins as much as
more detrimental to earnings, crisis. Axis' other income?
going ahead. ––@Sanjay__Bakshi ––@SanaSecurities
t While it (SEBI‘s recent circular
v I am a regular reader of BL on remuneration of AMC
for the past 20 years. It will be t The most important investing employees) is an excellent move, I t Maruti results reflect strong
useful if you add a case study of lesson is that volatility doesn't agree with @avasthiniranjan that pressure on margins even after 2 price
financial planning regularly, prevent great long­term returns. skin in the game doesn't hikes. Input prices have gone up too
instead of doing it ––@themotleyfool guarantee performance, but much too fast. Impact will be seen across
intermittently. better governance. Btw most the Consumer Durable companies
––Sivaram Prasad Dogiparthi Franklin schemes had tons of Operating leverage i.e. increase in sales
––Neerav Chudgar BLRB says: Thank you for t "The models that show the money invested by their own could have helped margins but that also
(@NeeravChudgar) your suggestion. We will strive to market is overvalued are not wrong employees forget key employees. unlikely near term
carry it regularly. with respect to their parameters, ––@TheMFGuy1 ––@sandipsabharwal
. .... . . . . .CH-CHE
 CHENNAI
BusinessLine
SUNDAY • MAY 2 • 2021
DUE DILIGENCE
Decoding MF skin in the game rules
AARATI KRISHNAN
..........................................
Should one take financial advice seri­
ously if the advisor won’t face any con­
sequences from his wrong calls?
Would fishermen catch turtles in­
stead of fish if they also had to eat
them? Nassim Nicholas Taleb raised
these questions in 2018 book, Skin in
the Game: Hidden Asymmetries in
Life. He argued that for success in any
profession, the seller needs to share in
the risks of the buyer. SEBI has taken
Taleb’s ideas to heart. To ensure that
top officials of mutual funds don’t
take out­sized risks and unleash losses
on investors, it has now directed that
top employees of mutual funds need
to eat their own cooking.
New rules
· Key employees of asset management
companies should be paid a min­
imum 20 per cent of their annual CTC
(cost to company) after provident
fund contributions and taxes, in mu­
tual fund units in schemes in which
they have a role. ‘Key employee’ here
means not just the fund managers but
also the mutual fund CEO, CIO, COO
and many others. .
· If an employee has a role in mul­
tiple schemes, he or she should be
paid units in proportion to their as­
sets.
· If an employee or fund manager is
involved with only one scheme, 50 per
cent of his payout will be through
units in that scheme and 50 per cent
in others that he chooses, of similar or
higher risk profile.
· These units will be locked in for 3
years.
· This won’t apply to employees
handling ETFs, index funds, overnight
funds and close end schemes.
· The compensation paid to each key
employee in units should be disclosed
on the mutual fund’s website.
These new rules are unlikely to
transform a mediocre fund manager
FINANCIAL PLANNING
Affording early retirement
+ When it comes to retirement readiness, it is always better to exceed the planned corpus
SRIDEVI GANESH
..........................................
Raghavan, aged 49, and Saraswathi,
aged 42, wanted to draft their retire­
ment readiness plan. Raghavan, after
a busy corporate life, felt it was time to
quit and spend time with family. His
daughter Anu (18) had just joined col­
lege and son Venkat (16) was in ninth
standard.
The accompanying table (Assets)
shows his net worth.
His investment assets are ₹5.53
crore. Also, he holds 75 sovereigns of
physical gold. Raghavan has been a
balanced risk taker over the years. He
understands the volatility of equity in­
vestments and stayed put over the
years to generate reasonable returns
from his investment portfolio. He has
now exited all his direct equity invest­
ments and stuck to mutual funds over
the years. He has a sound investment
portfolio built over the years, with reg­
ular investing.
Family history suggested that the
life expectancy number for him and
his wife would be 100 years. His family
has maintained a modest lifestyle
Axis MF’s new debt ETF
Axis Mutual Fund
has launched a
new fund offer –
Axis AAA Bond Plus
SDL Exchange
Traded Fund (ETF)
2026 Maturity. It is a target maturity
ETF. The proposed portfolio is
specifically designed to terminate at a
pre-defined date. The fund will invest
in a portfolio of high-quality debt
instruments. The benchmark index
has a maturity date of April 30, 2026.
The composition of the benchmark is
an equal allocation towards AAA
securities and State Development
Loans (SDLs), offering investors with a
high credit quality and diversified
portfolio. The NFO period closes on
May 7, 2021.
CMoriginally uploaded to The Hindu Newspaper - ePaper (https://t.me/hindu_epaper). Subscribe now to get this edition before anyone else!! Backup channel: @news_backup
This PDF was
X
YK
Though bold in intent, the latest
norms can’t transform a mediocre
fund manager into a great one
into a great selector of stocks or
bonds, or transform him into a better
navigator of market ups and downs.
Therefore, factors such as the ability to
beat benchmarks, track record across
market cycles and downside contain­
ment matter far more than skin in the
game (SITG) while choosing a fund.
To ensure that a fund manager’s in­
terests are truly aligned with yours, he
has to have a significant portion of his
portfolio invested in the scheme he
manages.
SEBI’s new SITG rules do not guaran­
tee this. For a fund manager who has
been in the profession for several
years, 20 per cent of a single year’s net
income will work out to a small com­
ponent of his or her net worth.
. If they have no investments in a
with monthly expense of ₹45,000 per
month excluding children’s educa­
tion expenses.
Goals
Firstly, he needs to maintain one­year
expenses as emergency fund in fixed
deposits.
Secondly, Anu needs ₹6 lakh to­
wards her college education for the
next two years, which is to be main­
tained as fixed deposits/liquid funds.
Also, Anu’s PG needs funding.
Anu’s marriage expenses are estim­
ated to be ₹35 lakh. Anu’s gold gift
needs will be met from Raghvan’s cur­
rent holding of physical gold.
Similar planning for Venkat is also
required.
The family needs ₹2.7 crore to man­
age expenses of ₹50,000 per month
for a period of 58 years, till Saraswathi
attains 100 years of age.Expected re­
turn assumed to be at 8 per cent CAGR.
We suggested they add ₹5,000 per
month towards any medical need as
additional retirement fund. This may
be needed to support any prescription
costs, medical helper costs over the
years.
It was also suggested that Raghavan
keep some corpus towards his prop­
erty maintenance. His independent
house may need reconstruction/
renovation as the years pass by.
All his goals are seen in the accom­
panying table.
Final thoughts
Raghavan is very well positioned to
opt for immediate retirement with his
modest lifestyle. With the current al­
location of 49:51 in equity:debt, he can
fund most of his goals without any
compromise.
We arrived at a total cost of all his
goals to be Rs 6.52 crore. His financial
Video KYC on SBI YONO app
State Bank of India
(SBI) has launched a
Video KYC based
account opening
feature on its mobile
banking app – YONO.
This functionality will help customers
open an account with SBI without
having to visit a bank branch. To avail
this new facility, all that a person needs
to do is download the YONO app, click
on ‘New to SBI’, and select ‘Insta Plus
Savings Account’. They will have to enter
their Aadhaar details in the app. Once
the Aadhaar authentication is complete,
they will have to input personal details
and schedule a video call to complete
the KYC process. On successful
completion of Video KYC, the account
will be automatically opened.
YOUR MONEY
ISTOCK.COM/ALASHI
particular scheme to start with, the in­
cremental investment from this rule
is unlikely to be large enough to con­
stitute significant SITG. Therefore, pay
attention to the value of investments.
Is it voluntary?
In signalling preferences, voluntary
actions by MF insiders count more
than actions that are forced by regula­
tions. Even before SEBI’s new rules
kicked in, some AMCs had voluntary
opted for SITG. Parag Parikh AMC has
its promoters as well as key employees
holding a ₹220 crore across its three
schemes. Motilal Oswal AMC’s pro­
moters are among the largest in­
vestors in its equity schemes while
fund managers at HDFC Mutual Fund
and DSP Mutual Fund feature very sig­
assets are worth Rs 5.53 crore. With
long­term equity exposure to goals
such as retirement health fund, post
retirement vacation fund and prop­
erty maintenance fund, this corpus is
sufficient for him to retire
immediately.
Mathematically, for a financial plan­
ner, saying ‘yes’ to retirement­ready
status to a client is easier.
But there are other behavioural as­
pects to a peaceful and comfortable
retirement. Having worked for more
than 25 years with dedication, he was
prudent and disciplined while saving
for retirement. But he never really
bothered to spend time with family or
enjoy vacations which have become
more important for him now.
This is likely to increase spending in
the initial years of his retired life. So, it
ALERTS
HDFC Sec’ charting tool
HDFC Securities has
introduced a tool to
analyse charts and take
decisions based on the
patterns of various
stock movements. This
tool can be personalised based on
customer requirement.
With better dimensional / visual layout
and driving trading actions on the go, this
feature eliminates the problems of
watching charts on smaller mobile
screens.
The platform has the capability to
handle 50,000 data points in real time to
provide accurate information about
stocks. Customers will also be able to
trade directly through the charts. The
charting platform has 100+ popular
pre-built indicators .
3
TAX
QUERY
SANJIV CHAUDHARY
nificant holdings by their directors
and fund managers in some of their My friend is having an HUF account. Till 2016 he had
equity schemes. ICICI Prudential AMC business income in HUF. He has two sons and a spouse.
has for a while now, been paying bo­ Both sons are not interested in continuing the business,
nuses of its senior employees in the hence he wants to close his HUF account with the bank
form of fund units.
When using SITG as an indication of
as well as the income tax department. Request your
advice on how to close HUF account with the income tax
where to park your money, therefore, department.
run a check on the total quantum of MAKING IT PRAVIN SHAH
employee investments in a scheme be­ ‘MUTUAL’
fore this SEBI rule came into effect. In signalling Hindu Undivided Family (‘HUF’) is dissolved only on
Given that SEBI has allowed fund man­ preferences, the partition of property between the members. It is
agers to allocate 50 per cent of their voluntary actions by important to note that as per the provisions of section
payout to funds other than their own, MF insiders count 171(9) of the Income­tax Act, 1961 (‘the Act’), partial
look out for fund managers investing more than actions partition of HUF is not recognised. Under the provisions
in schemes that they don’t manage, as that are forced by of Act, partition means ‘full partition’.
this is a strong indicator of schemes regulations For the purpose of dissolution of the HUF, your friend
that they think highly of. will need to draw up a deed of full partition and get the
As SITG is not compulsory in index same registered. Once the partition of HUF is complete,
funds, ETFs and close end funds, these it will cease to
contributions are likely to be wholly exist.
voluntary.Watch out for trends that Till the date of
show insiders selling their SITG posi­ such dissolution,
tions (which they can do after 3 years). the HUF shall be
assessed in its
Don’t mirror allocations capacity as a HUF
Don’t try to copy the asset allocation and the return of
patterns of MF insiders based on SITG income for such
information. Most mutual fund period should be
honchos are quite well­paid and may filed by your
have a far higher risk appetite than friend. Also, your
yours. Therefore, SITG bets on risky friend may make
categories such as small­cap thematic an application for
or credit risk should not be a reason surrender of PAN
for you to go whole hog on such of HUF with the
schemes. jurisdictional assessing officer by submitting a request
Two, by requiring non fund man­ in this regard after the partition of the HUF and related
agers to spread out their SITG invest­ compliances (like filing of return) are complete.
ments across schemes in proportion
to their assets, SEBI’s rules automatic­ In one of answers to a query earlier, you had stated that
ally ensure large SITG investments for in view of the amendment to Sec. 55 of the Income tax
big schemes. Act, where the property is purchased before April 1,
If an AMC’s largest scheme is their li­ 2001, the fair market valuation as per the valuation by a
quid fund or their arbitrage fund, this registered valuer as at April 1, 2001 would be considered
doesn’t mean you should fancy it too. the cost of acquisition, which has been capped from
How much of your own portfolio April 1, 2021 at the stamp duty value, wherever available.
should be allocated between equity A search on the site of the Inspector General of Valuation
and debt and risky and safe scheme of Registration, Tamil Nadu reveals that fair valuation as
categories, should to be a function of revised from 9.6.2017 is available only from April 1, 2002.
your personal risk appetite and finan­ The site states that the information provided online is
cial goals, and not anyone else’s. Scan & Share updated and no physical visit is required for services
provided online. Do we then assume that since the
stamp duty value is not available as on April 1, 2021, the
fair market valuation by the valuer could be considered
as the cost of acquisition for property sale in Chennai?
MURLI KRISHNAMURTHY
As per the provisions of section 55(2)(b)(i) of the
Income­tax Act, 1961 (‘the Act’), in case of a property
purchased before April 1, 2001, the cost of acquisition
shall be considered as any of the following at the option
of the assessee:
– the fair market value (‘FMV’) of the property as on
April 1, 2001; or
– the actual cost of acquisition of the property.
As per amendment made vide Finance Act, 2020, in
case of a capital asset being land or building or both, the
FMV of such asset (as on April 1, 2001) for the purpose of
section 55, shall not exceed the stamp duty value (‘SDV’),
wherever available, as on April 1, 2001.
In the instant case, I understand that SDV as on April 1,
2001 is not available for the subject property. In such
scenario, you may consider FMV as on April 1, 2001 as the
cost of acquisition of the property for the purpose of
TRICKY CHOICE section 55 of the Act.
Gauging retirement
readiness is not The writer is a practising chartered accountant
merely a decision Send your queries to taxtalk@thehindu.co.in
driven by maths
since there are
many behavioural Interest rates on home loans (%)
aspects to it as well Loan amount
Institution Under ₹30 to Over
₹30 lakh 75 lakh ₹75 lakh
HOUSING FINANCE COMPANIES (Floating rates)
Tata Capital ≥6.9 ≥6.9 ≥6.9
PNB Housing 7.35- 9.35 7.35- 9.55 7.70- 9.55
Central Bank Housing 9.95-11.15 9.95-11.15 9.95-11.15
was advised to look out for regular HDFC 6.95-7.65 6.95-7.90 7.20-8.0
earning opportunity. Indiabulls Housing Fin ≥8.65 ≥8.65 ≥8.65
This is basically to protect oneself Aditya Birla Housing Fin 9-12.5 9-12.5 9-12.5
against unexpected change in finan­ Bajaj Finserv ≥6.95 ≥6.95 ≥6.95
cial assumptions such as interest rate, GIC Housing Finance ≥7.45 ≥7.45 ≥7.45
inflation and other surprises such as
Reliance Home Finance 9.75-13 9.75-13 9.75-13
health needs and lifestyle expenses.
Sundaram Home Finance ≥7.85 ≥7.85 ≥7.85
When it comes to retirement readi­
ness, it is always better to exceed the LIC Housing Finance 6.9-7.60 6.9-7.80 6.9-7.90
planned corpus by substituting with HOUSING FINANCE COMPANIES (Fixed rates)
regular income or allocating addi­ HDFC 7.40-8.10 7.40-8.25 7.60-8.35
tional corpus called ‘retirement fall LIC Housing Finance 10.05 10.05-10.15 10.15
back fund’.
Note: Rates that vary with tenures within the specified loan amounts are indicated as a
Hence it was advised that Raghvan range. Fixed interest rates may be subject to a revision after a specified tenure. Rates may
take logically sound decisions on also apply only for a definite period and change to floating thereafter. Data taken from
respective bank’s website as on April 30, 2021. Contributed by BankBazaar.com, an online
spending in the first five years post re­ marketplace for comparing loans and insurance products.
tirement.
The writer, Co-founder of Chamomile
Investment Consultants in Chennai, is an
investment advisor registered with SEBI
AI-Advisor from Fintoo
Fintoo, a wealth and
tax advisory platform,
has launched its “AI-
Advisor” where a user
can create his/her
financial plan without
any human intervention.
The idea behind the new "AI-Advisor" is
to assist users to create their financial plan
without any human intervention while
providing complete data security and
privacy. Hence, no one except the user
would see, analyse or make the right
decisions. This platform is unique and is
an in-depth planning tool where users can
input data such as cash inflow & outflow,
risk appetite, goals and tax-related details.
“AI-Advisor” tool is currently available
only on the web. Users can expect it to be
available on mobile platforms by June 30.
. ..... . .... .CH-CHE
 CHENNAI

4 FUND INSIGHT BusinessLine

SUNDAY • MAY 2 • 2021

NFO Axis Healthcare ETF

GLOBAL VIEW

Junk bond buyers tiptoe Go slow, given pharma valuations

through a minefield Investing in a thematic fund suits only those with a high risk appetite
Being rewarded for investing in MAULIK MADHU
..........................................
value chain in this space can work in
BL Research Bureau favour of Indian pharma companies.
riskier companies isn’t happening
Axis Mutual Fund has launched its Unattractive valuations
MARCUS ASHWORTH Healthcare ETF (exchange traded However, many healthcare stocks
..........................................
fund), a passively managed fund that have run up sharply over the last one
It’s tricky being a high­yield debt investor when there’s will closely replicate the Nifty Health­ year or so. The Nifty Healthcare index
nothing to buy with a high yield. The consequences of care Total Return Index (TRI). The NFO is trading at a price­to­earnings mul­
getting such meagre returns on junk bonds is that the opened on April 30 and will close on tiple of 37.9 times. In the absence of
margin for error for discerning investment managers May 10, 2021. valuation data for the index prior to
is vanishingly thin. You’re meant to be rewarded for The Axis Healthcare ETF will provide November 2020, a historical compar­
Fundas investors exposure to the Indian ison cannot be made. However, one
investing in riskier companies, but this isn’t
happening right now. B
Promising sector healthcare sector including pharma can look at the valuations for the S&P
Fortunately, central bank largess means corporate outlook companies, hospitals and diagnostic BSE Healthcare Index, another free­
.................................................................................................................

defaults haven’t increased during the pandemic, are service providers. float market cap weighted index
B
Index valuation
even forecast to fall. But bond buyers are recovering The Nifty Healthcare TRI that the though with a far larger number of
above historical

ISTOCK.COM/FLOORTJE
less of their investment from companies that have ETF will track comprises the twenty constituents, to get a broad sense on
average
collapsed and need to place their bets with more care. ................................................................................................................. largest healthcare­related companies sector valuation. Today, the index is
B
Timing entry and exit based on free float market capitalisa­ trading at a P/E (Price to Earnings) ra­
Risk of overly relaxed approach matters tion, listed on the NSE. tio of 37.6 times, above its five­year av­
.................................................................................................................

It’s that time in the markets cycle when the bluechip The top index holdings are Sun
governments and corporates have drunk their fill in Pharmaceutical Industries, Dr.
the debt capital markets. Despite a record April for US Reddy’s Laboratories, Divi’s Laborator­
junk bond sales and a corresponding jump in euro ies, Cipla and Apollo Hospitals.
sub­investment grade issuance there’s still a paucity of While the outlook for the health­
supply for yield­starved investors. care sector looks promising, expens­
That can lead to an overly relaxed approach on ive valuations for many stocks call for
credit risk, so the companies that do blow up will leave some investor caution.
investors with deeper wounds. Deutsche Bank analysts Today, investors may be better off in­
point out that recoveries from senior unsecured bonds vesting in select healthcare stocks
in 2020 were 34 per cent compared to the five­year that still offer a good return potential
average of 40 per cent. Loan recoveries fell to 52 per rather than investing in a wider bas­
cent compared with a longer­term average of 57 per ket of market cap weighted stocks
cent. That’s to be expected after a sharp recession and from the sector.
This is especially so for a sector as
Scan & Share heterogenous as healthcare.
Also, note that investing in a theme­
focussed fund is ideally suited only for
those with a high­risk appetite.
Positive sector outlook
Healthcare stocks came under the
spotlight after the outbreak of the
Covid­19 pandemic last year. The Nifty
Healthcare TRI has doubled since the
March 23, 2021 market low. This has
been thanks to a positive earnings
outlook for the sector backed by sev­
eral growth factors.
Increased government spending on
healthcare amid low penetration of
healthcare services in the country, and
the rising incidence of lifestyle dis­
eases are a few long­term growth
drivers.
Greater focus on health and hy­
giene products and burgeoning de­
mand for vaccines, Covid treatment
drugs and testing services post­Covid
are some recent growth drivers.
Greater opportunities in the com­
petitive US generics market as more
drugs go off patent, and as Indian
pharma companies climb up the
erage P/E multiple of 33.3 times.
Invest with caution
Those interested in a passive exposure
to the Indian healthcare sector could
invest a small sum in the Axis Health­
care ETF. The minimum investment in
the NFO is ₹5,000 and in multiples of
₹1 thereafter. Depending on their risk
appetite, investors can limit their ex­
posure to thematic funds (including
healthcare­focussed) to ideally not
more than 5­10 per cent of their equity
allocation. Additionally, when it
comes to investing in thematic funds,
timing your entry and exit matters.

BACK TO BASICS

Investing in arbitrage funds

recovery rates could improve but it’s something to The category enjoys beneficial tax treatment as it is considered as equity funds for taxation
watch.
Investment­grade spreads are rising steadily as SATYA SONTANAM opportunities — based on which arbit­
..........................................
there’s insufficient reward to entice investors. The BL Research Bureau rage funds earn returns. In bullish
temptation is greater to reach below the BBB rating markets, investors who are long on fu­
threshold into junk. But this narrowing of the Arbitrage funds and liquid funds are tures make money more often than
difference between yields on investment­grade debt both short­term investment options. not and, hence, are ready to pay a
and junk bonds doesn’t bode well. It’s a sign that With lower returns from liquid funds higher premium.
leverage in the system is rising. of late, arbitrage funds are coming Secondly, returns of an arbitrage
Some of this is due to money being parked into the spotlight. fund depend on the interest rates in
temporarily in high­yield debt by private equity funds, While recent net inflows into liquid the economy.
which have overflowing war chests. . That might funds have been volatile, it has been As the cost of carrying comes down,
change if the recovery is sustained and a merger and positive for arbitrage funds in the the futures trade at lower premiums,
acquisition boom takes hold. Having had super­low TIME IT RIGHT three consecutive months until bringing down the arbitrage spreads,
+ March 2021. This could be due to the (and vice­versa) at the same time on pose, are considered as equity funds says Shanbhag, Head, Investment
interest rates for more than a decade, the corporate Bull market may be
world has become transfixed by the cost of financing a good time to look better performance of the latter in the the same asset. since they are required to hold at least Products, Motilal Oswal Private
and not on the opportunities and risks in the real for arbitrage recent past. In the last one­, three­, Liquid funds invest in short­term 65 per cent in equities (including de­ Wealth Management. Thus, as the in­
economy. High­yield spreads see only nirvana — opportunities five­, six­ and ten­month period, arbit­ debt and money market instruments rivatives). The redemptions from terest rates fall, returns from arbit­
endless quantitative easing has numbed any sense of rage funds delivered higher returns such as treasury bills, government se­ these funds are taxed at 15 per cent for rage funds decline.
risk. (on annualised basis) over liquid curities, repos, certificates of deposit, short­term capital gains tax for Further, one should note
Only a major macro event will snap us out of this funds by 10­185 basis points. or commercial paper. gains up to one year and 10 that the returns could
complacency. A sustained inflation spike leading to a Here, we look at some of the differ­ These low­risk liquid schemes are per cent for a longer be inversely related
big jump in government bond yields and a correction ences between arbitrage funds and li­ typical avenues where investors park holding period for to the industry size
lower in equities would change the mood. We saw a quid funds, suitability, and the factors emergency or idle cash gains above ₹1 lakh. as more money
glimmer of this when five­year US.Treasury yields one should consider before investing However, in the last one year, the The units of li­ chasing the
doubled in February. The Fed’s determination to stick in arbitrage funds. performance of liquid funds has been quid funds re­ same arbitrage
with stimulus when the economy is growing fast risks on par with or slightly lower than the deemed before 36 opportunities
making the fallout much more painful. The worst Aribtrage vs liquid funds saving deposits interest rates. Com­ months from the leads to lower
consequences would be for high­yield debt. After all, in Arbitrage funds seek to generate re­ pared to 6.4 per cent (2018) and 6.9 per date of allotment returns. As the
2020 we saw average junk bond yields blow out to turns from the mispricing opportun­ cent (2019) return clocked by liquid attract short­term asset size grows,
double figures. The risk­to­reward ratio seems to have ities that arise in equities between the funds, the category returns in 2020 capital gains tax and the arbitrage ex­
shifted too far the other way now. BLOOMBERG cash and futures market. For example, and 2021 (year­to­date) have dimmed the returns are taxed posure in the mar­
profits arise by buying a stock at a to 4.04 per cent and 3.2 per cent at the income tax slab ket increases and re­
cheaper price in cash market and respectively. rates. And long­term cap­ duces premiums,
selling the same at a higher price in Arbitrage funds, during the last one ital gains tax at the rate of 20 which would impact re­
the futures market. Though investing year, delivered about 3 per cent per an­ per cent with indexation benefits. turns of arbitrage funds.
in the equity market, the directional num while beating the liquid fund re­ Also, as these funds can invest up to
risk (risk of rise or fall in market) is turns in the period lower than one Points to note 35 per cent of their corpus in debt seg­
minimum since these funds take both year (see table). For arbitrage funds, bull market may ment, one needs to check the risk quo­
long (buy) and short (sell) positions Arbitrage funds, for taxation pur­ be a good time to look for arbitrage tient of the debt instruments.

DIY INVESTING

ETF via apps: What you need to know

For investors keen on Exchange Traded Funds, not all apps are helpful
KEERTHI SANAGASETTI
..........................................
with discount brokers such as Groww.
BL Research Bureau Besides, you will also have no branch
support while opening an account with
In our DIY columns, we have been cover­ Groww or Paytm Money. Zerodha too
ing quite a few MF aggregator apps that has only 22 branches in the country,
can come in handy while making direct compared to more than 150 branches of
MF investments. ICICI Securities and over 2,200
However, for investors keen on Ex­ branches (including sub­broker) of
change Traded Funds (ETFs), not all Motilal Oswal.
Best NPS Plans fintech apps are helpful. This is because In the wake of the recent incidents re­
Top pension funds in each category based on 5-year CAGR
CAUTION ETFs can only be bought or sold lating to misuse of customer demat bal­
If an investment app through a demat­cum­trading account ances in Karvy Stock Broking and Anu­
GETTY IMAGES/ISTOCKPHOTO

NAV (₹) Returns (% CAGR) prompts you to open held with a broker. grah Stock and Broking, investors need
Assets
Name of the fund as on
Apr 29 1­year 3-year 5-year
(₹ Cr) a demat account, Investors relying on aggregator apps to be wary of frivolous opening of de­
think twice to assess such as CAMS cannot invest in ETFs in­ mat accounts. If you already have a de­
TIER 1: EQUITY PLANS if you are better off cluding gold ETFs. mat account with a traditional broker,
HDFC Pension Fund 29 56 12 15 7,066 using your existing While these apps allow aggregation their online platforms might come in
demat accounts of your investments made in your exist­ handy for making your ETF invest­
UTI Retirement Solutions 38 56 10 14 872
ing demat accounts — through consol­ ments. Besides, you can always consol­
Kotak Pension Fund 35 55 11 14 607 idated account statement (CAS) — one idate and view your portfolio (invest­
TIER I: GOVERNMENT BOND PLANS cannot transact in stocks or ETFs in The ease of using a single app for all Zerodha are all discount brokers and ments across asset classes) on most of
these apps. your investments can prompt you to charge a flat fee of ₹20 (maximum) per the fintech aggregator apps, by simply
LIC Pension Fund 23 7 12 11 1,453 However, certain fintech apps such as open a demat account with the broker­ order. Unlike most other discount uploading your CAS.
HDFC Pension Fund 21 7 12 10 5,276 Fundsindia, Groww and Paytm Money ages the investment app has tie­ups brokers, Zerodha charges a fee for ac­
are also SEBI­registered brokers, hence with. count opening — ₹200 and an annual Alternative to Gold ETFs
SBI Pension Fund 31 7 11 10 6,150
investors can use these apps to invest in maintenance fee of ₹300. For investors looking to invest only in
TIER I: CORPORATE DEBT PLANS ETFs. Another demat account? The time taken to open a demat ac­ gold ETFs, you can instead invest in FoFs
HDFC Pension Fund 22 12 11 10 3,271 A few other apps, such as Kuvera, of­ If an investment app prompts you to count using these apps is minimal, ( fund of funds), which don’t require a
fer an investment platform for some of open a demat account, think twice to as­ which might attract you towards open­ demat account. These are essentially
ICICI Prudential Pension Fund 33 12 10 9 1,613
their ETF investors. This is possible sess if you are better off using your ex­ ing one right away. For instance, Groww funds that in turn invest in gold ETFs
SBI Pension Fund 33 12 11 9 3,157 through their partnerships with other isting demat accounts. That apart, do takes about 24 hours to open a demat These FoFs invest in the Gold ETFs of
TIER I: ALTERNATIVE INVESTMENTS (based on 3-year CAGR) brokerages. For instance, Kuvera has double­check the brokerage tie­ups of account after all necessary documents their respective fund houses. One can
tied up with Zerodha, Aliceblue and the platform. You can only transact in have been submitted (online). perform the usual checks of expense ra­
SBI Pension Fund 15 16 11 -- 18 Trustline. Only investors who already the demat accounts offered by a SEBI­re­ But discount brokerages have their tios and tracking errors while narrow­
HDFC Pension Fund 14 14 9 -- 36 have demat accounts with these broker­ gistered broker. own limitations. For instance, those of ing down on the investment choice in a
ages can trade through the app — which Also, be mindful of the various you who are used to a ‘call and trade’ Gold MF. Liquidity, might not be of con­
LIC Pension Fund 14 12 9 -- 4
have to be again approved in the charges and fees levied by the broker­ service offered by your traditional cern in the case of Gold FoFs too, unlike
Source: Value Research; Returns as on Apr 29 and assets as on Mar 31, 2021. broker’s platform. age tie­up. Paytm Money, Groww and broker might not be able to do the same in the case of ETFs.

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BusinessLine
SUNDAY • MAY 2 • 2021 TAKING STOCK 5
REAL ESTATE Embassy REIT ₹ 312.68 BusinessLine’s editorial policy prohibits analysts from
having positions in the stocks they recommend

Standing tall
— Editor

In a year impacted by lockdowns, the company

maintained occupancy over 90 per cent
BAVADHARINI KS Thus, considering its resilience, Em­
..........................................
BL Research Bureau bassy REIT could be a good alternative
investment avenue for long term in­

The second Covid­19 wave is likely to
impact the slow recovery of many sec­
tors in the country, including real es­
tate. Though the commercial seg­
ment, particularly office space had
shown resilience in terms of occu­
pancy during the difficult period in
the past year, the ongoing local lock­
downs could impact the leasing activ­
ities in the short­term. However, office
players with properties in the prime
localities might be able to withstand
the challenges better. Embassy REIT is
ISTOCK.COM/CHUNYIP WONG
vestors with an appetite for risk. It can
be bought in mutiples of 200 units in
stock exchanges. The REIT has distrib­
uted ₹21.48 per unit in FY21 and the
yield (pre­tax) works out to around
about 6.9 per cent, almost same as last
year (7 per cent).
While the stock had recovered from isting tenants or lease it to new ten­ completed by the end of FY22 which
its low in April last year, it has since ants. For instance, of the 2.2 million sq would thereby boost the revenue for Why
corrected with the spike in Covid ft of lease expiry in FY21, the REIT was the REIT. Some portion of the on­go­
cases. Between January 2021 and now, able to back fill 0.7 million sq ft in ing projects is already pre­leased to
B
Strong rental
the stock fell about 11 per cent. At the Q3FY21 and 0.9 million sq ft in Q4FY21. the REIT’s occupiers such as JP Mor­ collections and
current market price of ₹311, the REIT Further, of the 1.9 million sq ft of up­ gan. The REIT also has proposed devel­ balance sheet
.................................................................................................................

one of the many office players well is trading at a 20 per cent discount to coming lease expiries (in FY22), 0.5 opment area of 4.4 million sq ft which B
Trading at a 20 per
placed to face the short­term its NAV of ₹387 as on March 31, 2021. million sq ft are likely renewals. In the could aid in its growth prospects. In cent discount to
headwinds. March quarter, the REIT achieved 13 addition to locational advantages, the March-2021 NAV
In the past year when the country Stable leasing activities per cent escalations. lower rentals help the REIT to retain/ .................................................................................................................

was in complete lockdown for a short Embassy REIT is one of the largest of­ draw new clients. Its average rent B
Lower rentals help
period and then in partial lockdown fice players in the industry with 12 Revenue to grow works out to ₹71 per sq ft per month retain/draw new
for some months, Embassy not only commercial properties spread over With Embassy REIT’s property in (across its office properties) while the clients
.................................................................................................................

maintained occupancy over 90 per
cent but also achieved strong rental
collections. In its recent March
quarter FY21, the REIT had an occu­
pancy level of 89 per cent and
achieved rental collection of 99 per
cent. This is despite many states such
as Karnataka implementing local con­
trol measures. A large client base,
properties in prime locations and a
strong balance sheet with a comfort­
able net debt position (0.35 times net
debt to equity ratio) are some of the
key factors that contributed to the RE­
IT’s performance.
32.3 million sq ft.
The REIT had been able to maintain
steady rental collections of over 97­98
per cent in FY20 and 99 per cent in
FY21. This is thanks to the long­term
lease contracts that offer income sta­
bility and minimal chances of default.
The average lease tenure is five to nine
years or more, with three to five years
of initial commitment period. The
new lease agreements signed in the
March quarter have average lease ten­
ure of nine years .
The REIT is also able to quickly re­
new contracts nearing expiry with ex­
prime locations, it was able to attract
large companies across industries.
This has helped the REIT maintain
consistent occupancy levels of 90 per
cent even during the lockdown im­
pacted FY20. The REIT had not offered
any rent waivers during FY21 though
rebates were offered to food & bever­
ages and ancillary retail tenants
which accounted for only 0.6 per cent
of its revenue.
It has about 5.7 million sq ft under
construction (14 per cent of its portfo­
lio) of which about about 47 per cent
(2.7 million sq ft) is expected to be
average market rent is ₹81 per sq ft per
month, giving headroom for increase
in future rental income.
Financials
Embassy’s overall revenue for the
quarter ended March 2021 increased
36 per cent y­o­y to ₹738 crore. The net
distributable cash­flow (NDCF), based
on which payouts are fixed for unit
holders, was flattish at ₹532 crore. For
FY21, the revenue registered 10 per
cent growth to ₹2,360 crore while
NDCF was marginally down 3 per cent
to ₹1,836 crore. Scan & Share

Q4 EARNINGS REVIEW Private Banks

Sailing well through troubled waters year resulting in a drop in yields in

HDFC Bank remains FY20 (interest reversals).

well-entrenched in Quality and valuation

numero uno spot
KEERTHI SANAGASETTI
..........................................
BL Research Bureau
+ Post the lifting of the ban on NPA re­
cognition by the Supreme Court, all
eyes were on the March quarter num­
bers of banks. The bad loans were ex­
pected either to surge significantly or
be camouflaged by a spike in restruc­
tured loans. But the three top­tier
private banks that reported their
March quarter results exhibited no
such deterioration in asset quality.
HDFC Bank, ICICI Bank and Axis Bank
have beat the industry in terms of the
growth in their overall loans. Here, we
discuss their March quarter perform­
ance and assess how these banks
fared.
Loan growth
While overall bank credit grew by 5.6
per cent only in FY21, HDFCB, and ICICI
demonstrated double digit growth.
Axis reported a growth of 12 per cent
yoy too including its TLTRO invest­
ments. TLTRO (targeted long­term
repo operation) is a liquidity window
offered by RBI that mandated invest­
ments in NCDs and commercial pa­
pers of corporates in certain specific
sectors. But for these investments, the
loan portfolio of the bank was up 9 per
cent y­o­y in FY21 to ₹6,23,720 crore.
While HDFCB resorted to corporate
loans (up 21.7 per cent y­o­y), others
banked heavily on their retail portfo­
lios. Much of the credit growth for
ICICI and Axis came from retail loans,
up 19.9 and 10 per cent (y­o­y), respect­
ively. Retail loans hold a lion’s share in
the domestic loan portfolios of both
ICICI and Axis—70 and 54 per cent, re­
spectively, while for HDFCB retail book
constitutes 47 per cent of their book.
At this point in time, while retail
credit offers granularity and better
hold on yields, any systemic shock in
the asset quality front, owing to the
ongoing pandemic, may affect the
earnings from the portfolio going
ahead. The risk mostly lies in the unse­
cured portion of the retail credit, that
is personal loans and credit cards.
Such loans constitute 16 per cent of
HDFCB’s loan book, and 9 per cent of
ICICI and Axis’s portfolio.
Deposits
Among the three, Axis also demon­
strated the lowest growth in the over­
all deposits — up 10 per cent y­o­y
while ICICI and HDFCB reported a 21
per cent and 16.3 per cent rise in their
deposits (y­o­y). Besides, much of the
growth for the private players came
from CASA (current account/savings
account). HDFCB, ICICI and Axis saw a
27 per cent, 24.1 per cent and 17 per
cent growth in their CASA deposits , re­
spectively. This helped them cushion
the impact of falling yields (interest
rates). While lower interest rates in
the economy bolsters credit growth,
banks also witness margin pressure.
Margins
Having said that, the three private
banks discussed here contained the
impact of falling yields well in FY21.
While HDFCB saw a 10 basis points
(bps) drop in its net interest margins
(NIMs) — owing to increasing compet­
ition in the corporate loan segment —
ICICI’s NIMs only dropped by 4 bps y­
o­y to 3.69 per cent. Axis emerged an
outlier here, with its NIMs expanding
by 10 bps y­o­y to 3.53 per cent. How­
ever, this increase is largely owing to
an unfavorable base ­­ NPAs spiked last
All three banks also contained their
slippages in the March quarter. They
had well estimated proforma NPA
numbers and created sufficient provi­
sions at the onset of the pandemic.
While the GNPA ratio of ICICI and Axis
continues to remain at the higher
end, they have been improving over
the last couple of quarters. From the
proforma GNPA numbers in Decem­
ber 2020 quarter, the GNPAs for ICICI
and Axis are down by 46 and 85 bps, re­
spectively, in March 2021 quarter.
GNPAs of the banks are now at 4.96
and 3.7 per cent, respectively, some of
which are legacy issues in the corpor­
ate book. That apart, the provision
coverage ratio is at 77.7 per cent (ex­
cluding covid provisions) and 120 per
cent, respectively.
Owing to improving metrics on as­
set quality and aggressive growth
numbers, investors seem to have
stocked up on ICICI Bank, post results
— now trading at a price to book of
2.78 times —23 per cent higher than its
three­year average ratio. Axis now
trades at 2.13 times –– almost in line
with its three­year average. With best
in class metrics, HDFCB continues to
be our preferred pick within the three.
Besides, owing to near­stable metrics
it continues to trade at premium valu­
ations (over peers) of 3.87 times FY21
book value. Investors can accumulate
the stock of HDFCB in further dips.
ICICI Bank could see a re­rating in
earnings, if legacy issues in corporate
book continue to fade in coming quar­
ters. It can be the next preferred pick
(Accumulate) in the space.
In a nutshell
B
Axis Bank shows
lowest growth in
overall deposits
WHO AM I?
.................................................................................................................
Are you an avid investor? How well
B
ICICI Bank could see a do you know corporate India?
re-rating in its
earnings Here’s a challenge. Using the five clues below, identify the
.................................................................................................................
company that is being talked about here
B
HDFC Bank is
cautiously growing
its corporate loans
.................................................................................................................
1 Very few companies in India would have had as many
managements control changes since my listing, about 40
years ago . I’ve been around in the very same business for more
than a century.
....................................................................................................................................
2 The main character in the famous movie ‘Barbarians at the
Gate’ used to be my controlling shareholder, but lost
control later.
....................................................................................................................................
3 Now, I am the leader of my industry, not just in India but in
several countries I operate.
....................................................................................................................................
4 I’ve had 30 per cent annum growth in my earnings over the
last 10 years and equally impressive shareholder returns.
....................................................................................................................................
5 Though my ownership battles are over, I’ve been fighting
with my arch-rival and it is worse than the ‘Cola Wars’ . My
consistent earnings growth and expanding market opportunities
have attracted a few other behemoths of other businesses to
enter my trade.
....................................................................................................................................
Send your answers by Wednesday 6 p.m. to who-am-i@thehindu.co.in,
with your full name, postal address and phone number.
A lucky winner in each week will get a book sponsored by UNIFI Capital as a
reward.
Last week’s winner:
Raghavendra KS
Last week’s answer:
MRF Ltd

IPO PowerGrid InvIT

Powered by stable financials and sound business model

Second publicly listed InvIT in the power
transmission sector after India Grid Trust
MAULIK MADHU
..........................................
BL Research Bureau
POWERGRID Infrastructure Invest­
ment Trust, set up in September
2020 by Power Grid Corporation of
India (PowerGrid), has come out
with an IPO to raise up to ₹7,735
crore.
The offer closes on May 3, 2021. It
comprises a fresh issue of up to
₹4,993 crore and an offer for sale
by PowerGrid of up to ₹2,742 crore.
With the offer constituting around
85 per cent of the post issue equity
capital, the market cap of the InvIT
comes to around ₹9,100 crore.
The price band has been set at
₹99­100 per unit The proceeds
from the fresh issue will be used
largely for repayment or pre­pay­
ment of the debt of the InvIT’s
power transmission project SPVs.
Investors with a moderate risk
appetite can consider subscribing
to the IPO, given the attractive pre­
tax distribution yield of 11.4­12.6
per cent, and the relatively stable
and predictable business model
with revenue and cash flow visibil­
ity. The transfer of only operational
projects to the InvIT is also a risk
mitigating factor.
While the yield is attractive in
the current low interest regime, in­
vestors need to note
that unitholders also
stand to benefit (or
lose) from capital gain
(or capital loss) from
changes in value of
units listed in the ex­
changes like for
stocks.
About the InvIT
Sponsored by the
state­owned Power­
Grid, the Power Grid
InvIT has been set up
to own, construct, op­
erate and maintain
power transmission assets in In­
dia. PowerGrid owns and operates
over 85 per cent of the country’s
inter­regional power transmission
infrastructure. The Government of
India holds 51.34 per cent stake in
vIT) only after two years of com­
mercial operation of that project.
the company.
The InvIT proposes to acquire
Currently, PowerGrid has no
plans to transfer its regulated re­
five operational projects spread turn projects to the InvIT.
across five States comprising a net­
work of 3,699 circuit kms of power Risk mitigators
transmission lines and substa­ PowerGrid’s TBCB projects gener­
tions with 6,630 MVA of transform­ ate revenue by way of power trans­
ation capacity from PowerGrid, the mission charges fixed under long­
sponsor of the InvIT. These five as­ term agreements for 35 years. Also,
sets have a gross enter­ the projects receive these charges
prise value of ₹10,384 provided the transmission infra­
crore. structure is available for transmit­
These projects were ting electricity 98 per cent of the
awarded to PowerGrid time on average. This is irrespect­
under the tariff­based ive of the actual quantum of
competitive bidding power transmitted. This provides
(TBCB) mechanism. To long­term revenue visibility for the
start with, PowerGrid projects. The five transmission as­
will transfer 74 per sets to be transferred initially to
cent of its equity stake the POWERGRID InvIT have consist­
in each of these pro­ ently met this criterion.
jects to the InvIT. The As these are inter­State power
key consideration for transmission projects, they oper­
projects to be trans­ ate under the point of connection
ferred (even in future) (PoC) mechanism. Under this
is the expiry of the mechanism, transmission charges
equity­lock in period. A project de­ received from different customers
veloper (PowerGrid in this case) are aggregated at the pan­India
can transfer 74 per cent of its stake level into a pool and then dis­
to another entity (such as the In­ bursed to the transmission service
providers. This helps diversify the
risk associated with exposure to
any specific customer. The opera­
tional revenue (power transmis­
sion income) from the five projects
multiplied 3.8 times to ₹1,324 crore
between FY18 and FY20. For the
nine­month period ended Decem­
ber 2020, these projects generated
revenue of ₹992 crore.
Also, while power transmission
assets are exposed to the risk of
delayed payments from the finan­
cially weak state power distribu­
tion utilities (discoms), there are
checks to minimise this risk. One
such measure is that late pay­
ments attract a surcharge of 1.50
per cent a month on the unpaid There is also a healthy pipeline SEBI regulations, an InvIT must dis­
amount. of projects that PowerGrid can po­ tribute at least 90 per cent of the
tentially transfer to the InvIt in fu­ net distributable cashflows to uni­
Other positives ture. Today, the company has tholders once every six months.
PowerGrid will transfer to the In­ ₹5,000 crore worth of operational Depending on the actual payout
vIT only those transmission pro­ and ₹12,000 crore worth of under­ ranging from 90 to 100 per cent of
jects that have been in commercial construction TBCB power trans­ this amount, the pre­tax annual
operation for at least two years, a mission projects. yield could be roughly 11.4 to 12.6
risk mitigator for investors.Unlike per cent.
many other infrastructure assets, Investor returns At the current market price of
once a power transmission project According to PowerGrid, the aver­ ₹126, the India Grid Trust, another
becomes operational, it has low age annual net distributable cash power transmission focused InvIT,
operation and maintenance costs flow is expected to be ₹1,150 crore offers a pre­tax yield of 9.84 per
thereafter. over the next three years. As per cent.

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6 DO THE DERIVATIVES BusinessLine

SUNDAY • MAY 2 • 2021

Change in Open Interest (OI) BULLION CUES

FII Retail
Scrip

Future Index Long

Future Index Short
As on
Apr 30

64958
40692
Weekly
Change %

-14
-4
As on
Apr 30

117887
103790
Weekly
Change %

-21
-12
Gold staring at short-term barrier
Net Futures 24266 -27 14097 -55
AKHIL NALLAMUTHU ₹46,000 are at ₹45,000 and ₹44,100;
..........................................
BL Research Bureau resistances above ₹48,500 are at
Index Call options Long 220960 -9 751800 3 ₹50,000 and ₹51,600.
Index Call options Short 143517 7 753186 -8 Lower prices seemed to have coaxed
bullion consumers back into the MCX­Silver (₹68,366)
Net Call options 77443 -28 -1386 -98
stores in the first quarter of 2021. The The silver futures (July expiry) had a
Index Put options Long 273039 -14 643429 -25 latest demand­supply statistics re­ muted opening and was trading in a
leased by World Gold Council (WGC) tight range in the first two sessions of
Index Put options Short 147212 -23 800512 -18
show that jewellery demand was 52 the week. However, the price declined
Net Put Options 125827 0 -157083 30 FED UP? per cent higher at 477.4 tonnes com­ in the subsequent days thereby end­
A significant reduction in net futures long and net call long options by the FIIs can be seen, which Since US Federal pared to the same quarter in 2020. ing the week with a loss of 2.1 per cent.

ISTOCK.COM/PETERSCHREIBER.MEDI
indicates a bearish inclination by them.
Reserve is in no hurry However, there was a sequential de­ But like gold futures, the silver futures
to cut back on bond- cline, as the demand in Q4 2020 was too remain above a key support i.e.
Stocks that witnessed major change in OI buying or raise rates, 511 tonnes. ₹67,000, and as long as the contract
dollar weakness Jewellery demand has minimized stays above this level, the decline can­
Company Price (₹)
Weekly
Price OI (in lakhs)
Weekly
Change %
could persist, putting the effect of outflows from exchange Rising open interest along with a dip in not be counted as a trend reversal.
Change % pressure on rupee- traded funds (ETFs) to the extent of 178 But the contract is exhibiting some
RISE (as on Apr 30) denominated bullion tonnes in Q1 2021. ETFs had seen an in­ prices could be a bearish signal signs of weakness. The daily RSI has
flow of 299 tonnes in the correspond­ now dropped to neutral region from
TVSMOTOR 630.9 18.4 90.4 48 ing quarter last year. Demand in the bullish territory and the MACD on the
AUBANK 1004.3 -6.6 44.9 47.5 form of bars and coins stood at 339.5 ₹68,366 (per kg) but in dollar terms as though the price has not. Similarly, daily chart suggests that the uptrend
tonnes, up 89 per cent as against 250.5 it closed flat at $25.92 (per troy ounce). the moving average convergence di­ is losing momentum. The average dir­
SUNTV 543.4 19.4 238.1 36.9 tonnes in Q1 2020. Overall, quarterly Considering that the US Federal Re­ vergence (MACD) indicator on the ectional index (ADX) shows that the
HDFCLIFE 665.1 -3.1 203.9 33.2 demand dropped by 23 per cent to serve is in no hurry to cut back on daily chart, though remains in the bears are gaining ground against the
MPHASIS 1764.8 4 6.7 26.4
815.7 tonnes compared to about 1,060 bond­buying or raise rates, weakness bullish zone, is turning its trajectory bulls and if the support at ₹67,000 is
tonnes in the first quarter of 2020. in the dollar could persist and this downwards. These are signs that taken out, the downward movement
FALL (as on Apr 30) Notably though, after witnessing a de­ means the bullion could underper­ traders should not ignore. As another may accelerate. A drop in open in­
cline for six consecutive quarters, form for rupee investors. indication for caution, the open in­ terests can be seen which means the
PVR 1136.4 -0.8 24.2 -59.3
total demand in Q1 2021 stayed at al­ terest for active gold futures contracts sell trend is not substantially strong.
ACC 1882.8 3.9 30.5 -58.9 most the same level of the previous MCX­Gold (₹46,737) has gone up, though slightly, to 13,826 That is, the total open interest of the
MINDTREE 2106 4.3 17.4 -57.9 quarter. Facing a resistance band at ₹48,300 contracts from 13,766 contracts a week active contracts of silver reduced to
Despite positive signals on demand, and ₹48,500, the domestic gold fu­ before. Open interest rising up with 9,073 from 10,496 a week before.
BATAINDIA 1369.6 5.1 18.4 -57.2 the impending effect of the pandemic tures (June expiry) declined over the declining prices is a bearish signal. Hence, one need not turn bearish
COFORGE 2869.1 0.6 4.5 -56.1 weighed heavily and both gold and sil­ last few trading sessions. Importantly, Despite the above factors, one until the support at ₹67,000 is
ver saw price declines last week. The the price is now below the support of should wait until the support at breached. For the contract to re­estab­
rupee strengthened 1.3 per cent ₹47,000. While this is not an alarming ₹46,000 (where the 50­day moving av­ lish its bullish trend it should decis­
Stocks in F&O ban (as on Apr 30) against the dollar last week, therefore, development, one should shy away erage coincides) is breached to call it a ively breach the prior high of ₹71,500.
SUN TV the bullion price decline in terms of from going long unless there are solid bearish trend. Hence, traders can stay So, traders can remain on the sidelines
domestic currency was higher. Gold signals of the bulls regaining traction. on the fence until a clear trend until either of these levels are
futures dropped 1.7 per cent and The shakiness shown by price ac­ emerges. While a break below breached. New trades can be initiated
closed at ₹46,737 (per 10 grams) on Fri­ tion is also mirrored by other tech­ ₹46,000 can turn the trend in favour depending on which level is broken
Change in OI and market positioning day whereas it closed flat in dollar nical indicators. The daily relative of the bears, if the contract regains first. Supports below ₹67,000 are at
Expiry Price (₹) OI term as it closed at $1,769 (per troy strength index (RSI) which has been traction and moves past ₹48,500 it ₹65,000 and ₹63,450 whereas resist­
Symbol Date Indication ounce). Similarly, silver futures de­ rising since the beginning of April, could set the foundation for a me­ ance levels above ₹71,500 are at
(2021) (Weekly Change %) Scan & Share clined 2.1 per cent ending the week at has now formed a lower low even dium­term uptrend. Supports below ₹72,800 and ₹75,000.
COMMODITIES (as on Apr 30)
ALUMINIUM May 31 193.7 (0.6) 1809 (-1) Long unwinding
COPPER May 31 754.1 (1.9) 3582 (-4) Long unwinding
CPO May 31 1155.7 (0.4) 5171 (-9) Long unwinding
F&O STRATEGY

Go long on Maruti Suzuki futures

CRUDEOIL May 19 4723 (1.5) 5110 (9) Long build-up
GOLD Jun 4 46737 (-1.7) 10418 (-5) Short covering
GOLDGUINEA May 31 37544 (-1.5) 6923 (17) Short build-up
GOLDM Jun 4 46745 (-1.7) 16870 (84) Short build-up
KS BADRI NARAYANAN as against the spot price of ₹6,455.65, and simultaneously selling the 6,500­
GOLDPETAL May 31 4652 (-1.6) 73032 (9) Short build-up ..........................................
a premium of ₹30. The counter too call, which closed with premium of
LEAD May 31 172.75 (1.5) 875 (101) Long build-up The stock of Maruti Suzuki is ruling at witnessed a steady accumulation of ₹272.30 and ₹222.65 respectively. As
MENTHAOIL May 31 967 (0.5) 20 (100) Long build-up
a crucial level. The stock finds an im­ open positions in the last few days. the market lot is 100 shares per con­
mediate support at ₹6,311 and the cru­ Option trading indicates a range of tract, this strategy will cost traders
NATURALGAS May 25 218 (3.2) 18862 (23) Long build-up cial one at ₹6,247. A close below the ₹6,000­7,000 for Maruti Suzuki. ₹4,965 which will be the maximum
+ NICKEL May 31 1316.9 (6.2) 1763 (85) Long build-up latter will change the medium term Strategy: Traders with high­risk ap­ loss. This will happen if the stock ends
SILVER Jul 5 68366 (-2.1) 8428 (277) Short build-up
outlook to negative for Maruti Suzuki, petite can consider going long on at or below ₹6,400. A profit of ₹5,035
which can drive it down to ₹5,888. The Maruti futures with a stop loss at is also possible if Maruti closes at or
SILVERM Jun 30 68447 (-2) 9788 (52) Short build-up stock finds immediate resistance at ₹6,311. As this involves high margin above ₹6,500. We advise traders to
SILVERMIC Jun 30 68452 (-2) 38775 (53) Short build-up ₹6,510 and only a close above ₹6,840 commitments and can quickly cause hold the option strategy till expiry.
ZINC May 31 232.45 (1.1) 2268 (20) Long build-up
will reconfirm the long­term bullish heavy damage financially, this Stop loss can be shifted to ₹6,410 if the Follow-up: We had advised a long
trend. In that case, Maruti can reach strategy is for traders who can under­ stock opens on positive note and futures call on SBI Life Insurance;
CURRENCIES (as on Apr 30) ₹7,740. We expect the stock to be more stand risks. So, traders should closely gradually trails the price movement. profit target of ₹942 was hit. We had
volatile. monitor the position continuously. Alternatively, conservative traders also advised a calendar spread on SBI
USDINR May 27 74.35 (-1.3) 2752885 (55) Short build-up
F&O pointers: Maruti Suzuki May While the initial target is ₹6,510, high­ could also consider a bull­call spread Life. Traders can continue to hold May
EURINR May 27 89.9 (-1) 126751 (75) Short build-up futures on Friday closed at ₹6,486.90 risk traders can even aim for ₹6,565. on Maruti Suzuki by buying 6,400­call month 950­call.
GBPINR May 27 103.48 (-1.1) 162607 (37) Short build-up
JPYINR May 27 68.38 (-2) 15970 (62) Short build-up

SHORT TAKE
MASTERING
DERIVATIVES Peak margin
Turning call spread to ratio spread for trades
AKHIL NALLAMUTHU
..........................................
BL Research Bureau
Helps reduce losses, if not generate profits, on your initial position
To trade in cash market or derivat­
ives market, one should have a min­
VENKATESH BANGARUSWAMY imum amount of money to initiate
..........................................
trades, and this is called margin.
Last week, we discussed how to re­ Peak margin is the highest margin
duce losses on a long call by con­ that a market participant should
verting the position to a bull call maintain on a day. The types of mar­
spread. But what if your initial posi­ gin in cash and derivatives segment
tion is a bull call spread? This week, include VaR (value at risk) margin,
we look at how converting a call ELM (extreme loss margin), SPAN
spread to a ratio spread or to a lower (standard portfolio analysis of risk)
strike call spread can help you re­ margin and exposure margin. There
Choose wisely duce losses, if not generate profits, are other margins such as ad­hoc
on your initial position. margin and MTM (mark­to­market)
ISTOCK.COM/SESAME

B
Convert to a ratio
spread margin. To initiate trade in a futures
................................................................................................................. Conversion ratio spread contract, the minimum amount of
B
Convert to a lower Suppose you expect an underlying margin required is SPAN plus expos­
strike spread to find resistance at 14760. You set ure margin. For instance, you buy
.................................................................................................................

B
Close the initial call up a bull call spread by going long one lot Nifty 50 futures contract, the
spread position and on a 14700 call and shorting the margin requirement would be ap­
take losses 14800 call on the same underlying tracts of a higher strike call. In this The conversion to a ratio spread sig­ proximately ₹1.6 lakh (SPAN margin
.................................................................................................................
for the same maturity. With the un­ case, however, you are long one con­ nificantly reduces the break­even of ₹1.38 lakh and exposure margin
derlying currently trading at 14653, tract of the 14600 call, short one and improves your chance of mak­ of ₹22,000). In earlier mechanism,
the spread can be set up for a net contract of the 14700 call and one ing profits. brokers could allow intra­day trades
debit of 51 points (166 less 115). contract of 14800 call, which is by collecting
Now, suppose the underlying de­ short call from the initial call Optional reading less margin say,
clines to 14580 two days after your spread. If you are uncomfortable keeping a ₹1 lakh by offer­
set up the spread, which is sched­ The ratio spread exposes you to naked short position on the upper ing you addi­
uled to expire on May 6. Then, the risk if the underlying moves past strike call, you can convert your ini­ tional intra­day
14700 call could decline to 133 and 14800 because you have a naked tial 14700/14800 call spread to a leverage.
the 14800 call to 97. So, your spread short position on the 14800 call. 14600/14700 spread. But you have to However, un­
would lose 15 points (51 less 36). Any loss on the 14700 call can be off­ buy the 14800 call at 97 points to der the new
How can you recover this loss? As set from gains on the 14600 call. So, close your short position. So, your margin verification mechanism,
with the conversion spread that we the conversion from call spread to a break­even now will be 14660, clearing corporations would be
discussed last week, the following ratio spread will be profitable only which is the lower strike less con­ sending four snapshots of margin
strategy is based on the premise if you expect the underlying stay be­ version credit plus initial net debit status a day that shows how much
that you expect the underlying to low 14800. plus the cost of buying the upper margin should the brokers have col­
bounce back from the current level. The maximum profit on the ratio strike call. So, converting to a lower lected upfront. If there is any short­
Suppose you believe the underly­ spread will be difference between strike spread will be optimal only if fall, brokers will be penalised. Be­
ing will move from 14580 to 14640. the first two strikes (14600 and the you expect the underlying to move cause of this, the brokers will
Here is how you can set up a conver­ 14700) less the conversion credit past 14660. Otherwise, the ratio call naturally refrain from offering ex­
sion strategy: First, buy 14600 call. plus the initial net debit. So, the spread will be better. cess intra­day leverage henceforth.
Note that this strike is the immedi­ maximum profit will be 137 points The above discussion shows that Now coming back to your positions,
ate in­the­money strike. Next, sell (100 less 88 plus 51) and occurs if the you have three alternatives to the different snapshots from the
two contracts of the 14700 call. The underlying trades between 14700 choose from: Convert to a ratio clearing corporation to the broker
conversion can be set up for a net and 14800 at option expiry. The spread or convert to a lower strike could potentially indicate that the
credit of 88 points (266 less 178). break­even for this spread is lower spread or close the initial call highest margin requirement from
You have converted your 14700/ strike (14600) less conversion credit spread position and take losses. you is ₹1.6 lakh for that day. So, the
14800 call spread into a ratio (88 points) plus net debit (51 peak margin obligation for you in
spread. Typical ratio spread will be points), which is 14563. In contrast, The author offers training this example would be ₹1.6 lakh.
of 1:2 ratio­ long one contract of the break­even for the initial call programmes for individuals to
lower strike call and short two con­ spread was 14751 (14000 plus 51). manage their personal investments Send your queries to
derivatives@thehindu.co.in

CMoriginally uploaded to The Hindu Newspaper - ePaper (https://t.me/hindu_epaper). Subscribe now to get this edition before anyone else!! Backup channel: @news_backup
This PDF was . . .. .. . .. .CH-CHE
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BusinessLine
SUNDAY • MAY 2 • 2021 CHART-GAZING 7
INDEX OUTLOOK
TECH
Market has room to rally YOGANAND D
QUERY
BL Research Bureau

Positive earnings announcement by bluechip stocks can add momentum in the coming week I bought Bajaj Electricals at ₹1,064. Should I hold or book
YOGANAND D the vital base level of 12,750. Only a 47,700 and 50,000 for a while. But a profit?
..........................................
BL Research Bureau strong fall below this base level is re­ slump below 47,700 will bring back SANKARI MURUGAN
quired to undermine the uptrend and selling pressure and pull the index
The domestic equity bellwether in­ pull the index down to the next sup­ down to 47,000 initially and then to Bajaj Electricals (₹1,151): The stock of Bajaj Electricals is
dices, the Sensex and Nifty 50, began ports at 12,400, 12,260 and 12,000 over 46,000 in the short to medium term. in an uptrend across all time frames — long, medium and
the past week on a strong footing and the medium term. The intermediate­term uptrend that short term. In early January this year, the stock had
trended upwards until they met with As long as the index trades above began from the September 2020 low of emphatically breached a key resistance at around ₹630 and
crucial resistances and gave away 14,000­mark, the medium term 36,495 will remain intact as long as the continued to trend. Thereafter, a significant resistance at
some of the initial gains on Friday. Pos­ uptrend that has been in place since index trades above the base support ₹800 was decisively broken in early February accompanied
itive earnings announcement by some the December 2020 low of 13,131 levels level of 45,000. Next supports are at Nifty 50 by extraordinary volume. After a minor correction in late
of the bluechip stocks can add mo­ will remain intact. A decisive break­ 44,520 and 44,000. Investors with a B
Vital hurdle at 15,000 February and March, the stock took support at ₹900 and
mentum in the coming week. Auto through of the current resistance at long­term horizon can stay invested limited the upmove continues to trend upwards in April. It trades well above the
.................................................................................................................
sales data of April, rupee movement 15,000 is required to underpin the with a stop­loss at 40,000. 21­ and 50­day moving averages.
B
Key support at 14,500 Both the daily and the weekly relative strength indices
and surging Covid cases are other bullish momentum and take the index .................................................................................................................

events that need attention. On the
global front, key data from the US on
April month jobs report and inflation
numbers will be in focus.
Nifty 50 (14,631.1)
Last week, the Nifty 50 started on a pos­
itive note and continued to trend up­
wards until it encountered resistance
at the 15,000­mark on Thursday after
recording an intraweek high at 15,044.
Thereafter the index gave away some
of the initial gains on Friday by declin­
ing 1.7 per cent. Overall, the index had
advanced 289 points or 2 per cent in
the past week amid volatility.
The week ahead: After indecisive­
ness, the Nifty 50 began to trend up­
wards in the past week and tested res­
istance at 15,000. This level will
continue to act as a vital barrier in the
near term. An immediate resistance is
placed at 14,870. A strong break above
15,000 is needed to alter the down­
trend that has been in place from the
February high of 15,431. An emphatic
break­out of 15,000 will reinforce the
bullish momentum and take the index
northwards to 15,200 and 15,400 levels
over the short term.
The daily price rate of change indic­
ator has entered the positive terrain,
indicating emerging buying interest.
The relative strength index on the
GLOBAL 360
higher to 15,200 initially. A further
rally above this hurdle can take it
higher to 15,500 and then to 15,600 in
the medium term. Next supports be­
low 14,000 are placed in the 13,500­
13,600 band and 13,000.
Sensex (48,782.3)
In the midst of volatility the Sensex
had advanced 903 points or 1.89 per
cent in the previous week. It tests res­
istance at 50,000, the psychological
daily chart features in the neutral re­ level to note. An emphatic break­
gion and the weekly RSI is on the brink through of this hurdle can strengthen
of entering the bullish zone from the the medium term uptrend that has
neutral region. been in place from December 2020
On the downside, if the recent fall and take the index higher to 51,000
extends, the index can take support at over the short term. Such a rally will
around 14,500 and rebound higher. In also alter the downtrend that begun
that case, the Nifty 50 can be range­ from the February high of 52,516 and
bound between 14,500 and 15,000 for pave the way for an up­move to test
a while before moving in a clear direc­ subsequent resistances at 51,400 and
tion. Key supports below 14,500 are at 52,000. We re­affirm that a crucial
14,250 and 14,000 levels. A conclusive break­out of 52,000 is needed to
break­out of 14,000 will reinforce the strengthen the uptrend and take it
downtrend and pull the index lower to higher to 53,000 and then to 54,000
the subsequent key support that is in over the medium term.
the range of 13,500­13,600. Supports On the other hand, the index is likely
then are at 13,330 and 13,000 levels. to tests a key base at around 48,400. A
Medium­term outlook: Both the fall below this base can lead to test the
intermediate and medium­term next vital support in the band between
trends are up for the index. The inter­ 47,700 and 48,000. An upward re­
mediate­term uptrend will remain in­ versal from this band can keep the in­
tact as long as the index trades above dex in a sideways range between
Nifty Bank (32,781.8)
The Nifty Bank index advanced 1,059
points or 3.3 per cent in the past week.
Immediate support is at around
32,500 where the 21­day moving aver­
age is paused and next base is at
32,000, which are likely to cushion the
fall. On the upside, the index needs to
move beyond the immediate resist­
ance at 33,500 to strengthen the up­
move and take it higher to 34,000
levels. Traders with a short­term view
can go long above 33,500 levels with a
fixed stop­loss.
A decisive break­out of 34,000 is re­
quired to change the short­term
downtrend in place since the February
high of 37,708.7. In that case, the index
can trend upwards to 34,800­35,000.
Thereafter the resistances are at
36,000; 36,500 and 37,000. We restate
that the intermediate­term uptrend
that has been in place from the
September 2020 low of 20,400 will
continue to remain in place as long as
the index trades above 29,000. Sub­
sequent supports are placed at 28,500
and 28,000.
Conversely if the index tumbles be­
low the immediate support level of
32,000, it will bring back selling in­
terest and drag the index lower to
31,000 and then to 30,000. Next sup­
ports are at 29,000 and 28,000 levels.
B
Key resistance at are displaying negative divergence, implying that a short to
14,870 medium­term reversal is
.................................................................................................................
on the cards. Moreover,
the key resistance at
₹1,200 is now limiting
the upside. Therefore, at
this juncture, you can
consider booking partial
profit and re­enter at
lower support levels. A
strong break above
₹1,200 is needed to
strengthen the uptrend and take the stock northwards to
₹1,300 and then to ₹1,400 over the medium term.
A fall below the immediate supports at ₹1,100 and ₹1,060
can drag the stock down to the next support level of ₹1000
and then to ₹900. An empathic downward breakthrough
of ₹900 will mar the short­term and medium­term
uptrend and pull the stock lower to ₹800 and then to ₹700.
Investors with a long­term perspective can stay invested
with a stop­loss at ₹680 levels.
I have stocks of SAIL with an average of ₹80. What is the
outlook on it?
PANKAJ GOEL
Steel Authority of India (₹119.4): The stock of Steel
Authority of India (SAIL) has gained 6.3 per cent with above­
average volume on Friday, reinforcing the bullish
momentum. Further, the stock has skyrocketed 28 per cent
accompanied by extraordinary volume in the past week,
and emphatically broke out of a significant long­term
resistance at ₹100. Both medium and the short­term trend
Scan & Share are up for the stock. It trades well above the 21­ and 50­day
moving averages. The daily as well as the weekly relative
strength indices are featuring in the bullish zone backing
the uptrend. There has been an increase in weekly volume
over the past four weeks.
As long as the stock trades above ₹100, the short­term

Dollar recovers sharply, Euro tumbles
Further strength in the greenback is possible this week
+
GURUMURTHY K
..........................................
The Dollar Index continued to trade
weak almost all through last week. The
index fell to a low of 90.42 but made a
sharp recovery in the US session on Fri­
day. Euro rose above 1.21 after the US
Federal Reserve meeting on Wednes­
day. However, it failed to sustain
higher and tumbled below 1.21 on Fri­
day to close on a weak note at 1.2021.
The US Federal Reserve meeting last
week became largely a non­event as
the central bank made no change in its
stance.
Fed on hold
As expected, the US Federal Reserve last
week left the market with no surprise.
The Fed kept the interest rates and its
stimulus programme unchanged. The
US Federal Fund rate is currently at 0­
0.25 per cent. The central bank also re­
iterated to support the economy with
the stimulus as long as needed. Cur­
rently the Fed’s stimulus asset pur­
chase is of the quantum of $120 billion
per month. The outcome of the Fed
meeting had no impact on equities.
However, the US dollar weakened as
the Euro surged above 1.21 after the Fed
policy meeting.
The US Dollar Index (91.30) re­
mained weak almost although the
week. However, the index recovered
sharply on Friday from the low of
90.42 to close decisively above 91.
Short­covering and the strong per­
sonal income data release on Friday
triggered this sharp reversal in the in­
dex. As expected, the Dollar Index is
managing to hold above 90. As long as
the index now sustains above 91, a fur­
ther rise to 92 or even to 93 can be seen
in the coming weeks. Overall, our view
of seeing a broad range of 90­94 re­
mains intact. From a long­term per­
spective, the dollar index can break
this range on the downside and fall to
88­87 eventually.
The Institute of Supply Manage­
ment’s (ISM) Purchasing Managers’ In­
dex (PMI) on Monday and the US non­
farm payroll and unemployment
numbers on Friday are the two major
data releases to watch this week from
the US.
US Treasury yields bounced last
week after having fallen for three con­
secutive weeks. The US 10­year Treasury
yield fell to 1.56 per cent earlier last
week and has risen back sharply from
there to close the week at 1.63 per cent.
The 10­year yield is managing to hold
above the crucial support level of 1.50
per cent. As long as the yield remains
above 1.5 per cent, the chances are high
for it to move up again towards 1.8 per
cent in the coming weeks. It will also
keep the overall uptrend intact. The 10­
year yield will have to fall below 1.5 per
cent to indicate a trend reversal.
The rise above 1.21 in Euro (1.2021)
after the US Fed meeting last week was
short­lived. The currency made a high
of 1.2150 and fell back sharply below
1.21 in the final trading session of the
week. The resistance at 1.2150 men­
tioned last week has held very well and
1.20 will be an important level to watch
this week. A break below it can drag
the Euro lower to 1.19 and even 1.18
again in the coming weeks. Key resist­
ance now will be in the 1.2075­1.21
region.
Dow struggles
The Dow Jones Industrial Average
(33,874.85) has been stuck at around
34,000 over the last couple of weeks.
The immediate outlook is mixed. The
index is struggling to get a strong fol­
low­through rise above 34,000 to
move up to 35,000. The level of 33,500
is an important support. A break be­
low it and a subsequent fall below
33,000 will negate the chances of see­
ing 35,000 on the upside. Such a fall
will turn the outlook bearish to see a
test of 32,000­31,000 on the downside.
Rupee strengthens
The Indian Rupee (74.0650) broke the
74.75­75.35 range on the upside and
surged to a high of 73.94 last week. Im­
mediate resistance is in the 73.95­73.90
region which can hold for some time.
As long as the rupee remains below
73.90, a corrective fall to 74.30 and
even 74.45­74.50 cannot be ruled out
this week. Thereafter the rupee can re­
verse higher again and break above
73.90 to test 73.75 on the upside.
The writer is a Chief Research Analyst at
Kshitij Consultancy Services
uptrend will remain in place. Medium­term trend will stay
positive as the stock trades above ₹80. You can stay invested
and accumulate the stock on dips with a stop­loss at ₹97. A
conclusive break above the immediate hurdle at ₹120 will
underpin the uptrend and take the stock northwards to
₹130 and then to ₹150 levels. Next key barrier is at ₹160.
Supports below ₹80 are placed at ₹70 and ₹60.
Send your queries to techtrail@thehindu.co.in
RUPEE
OUTLOOK
BANDU’S
Immediate
resistance for the
BLOCKBUSTERS
Indian rupee is in the On April 1, four years back, piqued by the incessant jokes in
73.95­73.90 region, the village at his expense, Bandu Barve decided he’d had
which can hold for enough. It was time for him to turn ‘smart’. His dead granny's
some time voice rang in his ears — “Read the papers, Bandya, they tell
you all.” So, off went Bandu to the stash of newspapers on his
father’s desk. As luck would have it, the first paper Bandu got
his hands on was The Hindu BusinessLine. The stock recos, in
particular, had him in thrall. Soon Bandu metamorphosed into
an ace investor and trader.
BANDU’s PICKS
■ Coforge
These days, Bandu ■ Gujarat Pipavav Port
picks five stocks each Timken India
■
Sunday, which he believes
will be blockbusters
■ La Opala RG
over the next week
■ Indo Count Industries
Here's your chance to match step with Bandu.
Guess the stock that will give the best return by next Friday (BSE
prices). By Wednesday noon, mail us your pick and its expected price
rise to bandublockbuster@gmail.com with your name, mobile number
and address. One lucky winner will get a prize of ₹2,000.
Last week’s prize winner Closing price (April 30): ₹920.4
Baldev Singh Pardesi
Closing price (April 23): ₹881.5
Last week’s winning stock
Grindwell Norton Return: 4.41 per cent

MOVERS & SHAKERS AKHIL NALLAMUTHU, BL Research Bureau

Grasim Industries (₹1,401.7) Divi’s Laboratories (₹4,062.3) Tata Steel (₹1,034) HCL Technologies (₹899) Colgate Palmolive (₹1,481.9)
Bulls take charge Hits new all-time high In a strong uptrend Slips below a support Goes below long-term average

The stock of Grasim Industries witnessed its
biggest price correction of the past year. That
is, after hitting a fresh life­time high of
₹1,472.7 in early April, the stock depreciated
and fell to ₹1,262. Therefore, it lost nearly 15
per cent in a three­week period. However, the
scrip reversed the trend and posted gains in
all five sessions of last week, indicating a
strong momentum. The price is now back
above both 21­ and 50­day moving averages
and the price action on the daily chart hints
at further appreciation in price. Moreover,
indicators like the relative strength index and
the average directional index are showing
that the bulls are gaining considerable
traction. Hence, one can buy the stock with a
stop­loss at ₹1,340 and look for a potential
target of ₹1,500, which will be a fresh high.
The stock of Divi’s Laboratories, which made
substantial gains in 2020, hit some rough
patches as the year turned. The scrip turned
more volatile and there were several price
swings in both the direction, with no clear
trend. The stock was largely consolidating
between ₹3,340 and ₹3,900. However, after
touching the 200­day moving average at
around ₹3,180 in mid­March, it started to
move up steadily and consequently broke
out of ₹3,900 and even crossed the ₹4,000­
mark and marked a fresh all­time high of
₹4,135 last week. The breakout volume looks
good and the indicators, like the moving
average convergence divergence and relative
strength index, look bullish. So, traders can
buy the stock with a stop­loss at ₹3,900. The
stock can to appreciate to ₹4,300.
The stock of Tata Steel established an uptrend
in June last year. But it was in October when the
stock’s rally became strong, and the price
started to accelerate upwards. The stock
doubled in three months when it reached ₹730
in early January. But then, it faced a minor
correction post which it entered a
consolidation phase wherein the stock was
oscillating between ₹670 and ₹750. Towards
the end of March, the scrip broke out of ₹750
and began its next leg of rally. The bull trend
looks strong and, notably, the stock rallied past
the psychological level of ₹1,000. The stock will
most likely extend the upward movement in
the forthcoming sessions and so traders can
consider buying. But rather than buying at
current level, go long if stock retests ₹1,000
with a stop­loss at ₹960; target can be ₹1,100.
The stock that began its upward journey in
April 2020 overcame several hurdles and in
January 2021, registered a new all­time high of
₹1,067. Following this, the stock price dropped
and after moving in a sideways trend in the
subsequent months, it gained again in April
and moved above ₹1,050. But the scrip faced
selling pressure and started to move
southwards. Thus, the price band between
₹1,050 and ₹1,070 was acting as a considerable The stock of Colgate Palmolive, which has
resistance for the stock. The decline continued been appreciating since April 2020, started
and last week the stock closed near the support to lose steam by mid­December.
of ₹900. Nevertheless, the momentum and the Subsequently, it started to take a horizontal
volume build­up are in favour of downtrend path i.e., it was largely fluctuating between
and so the price is likely to fall further. So, ₹1,520 and ₹1,650. But the latest downswing
traders can consider going short in the stock in price that began a month ago dragged the
with a stop­loss at ₹940. The potential target stock below the support at ₹1,520 last week.
can be at ₹820. Moreover, the price also slipped below the
200­day moving average, potentially turning
the outlook negative. Substantiating this, the
relative strength index and the moving
average convergence divergence indicator
on the daily chart entered their respective
bearish zone and the average directional
index shows that bears are stronger than
bulls currently. So, traders can shortwith
stop­loss at ₹1,520 for a target of ₹1,410.

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 CHENNAI

8 TAKE 500 BusinessLine

SUNDAY • MAY 2 • 2021

Valuation Radar: The Good, The Bad, The Ugly

The Indian benchmark indices, Sensex Capital Consumer
and Nifty 50 ended on a positive note, Nifty 50 Sensex Auto Bankex Goods Durables FMCG Healthcare IT Metal Oil & Gas Power PSU Realty Teck
both up 2 per cent each. All most all
P/E 32.2 32.1 191.5 24.0 106.3 89.9 37.2 39.1 28.0 37.5 15.9 18.8 12.3 -585.0 104.7
the sectoral indices closed in the green
led by BSE Metal index which rallied P/BV 4.2 3.3 3.4 2.4 3.5 9.8 7.0 5.1 6.7 1.9 1.3 1.8 1.0 2.4 6.7
the most, gaining 10.3 per cent. Among Dividend Yield 1.0 0.8 1.0 0.1 0.9 0.4 1.6 0.5 1.6 1.9 2.9 2.5 2.8 0.3 1.5
other gainers, BSE PSU, BSE Bankex and
Weekly Return (%) 2.0 G 1.9 G 0.3 G 3.6 G 1.5 G 3.0 G -0.1 H 0.9 G 0.2 G 10.3 G 3.3 G 1.4 G 4.4 G 2.9 G 0.2 G
BSE Oil & Gas were up 4.4, 3.6 and 3.3
per cent, respectively. BSE FMCG de­ Monthly Return (%) -0.4 H -1.5 H -2.6 H -0.6 H -4.0 H -1.5 H -2.8 H 10.3 G -0.9 H 24.2 G 1.2 G 0.2 G 0.4 G -7.6 H -1.0 H
clined marginally, down 0.1 per cent. Annual Return (%) 48.4 G 44.7 G 62.3 G 50.9 G 66.2 G 57.5 G 16.1 G 53.5 G 84.8 G 164.2 G 24.3 G 66.5 G 40.7 G 70.2 G 65.0 G
The sector indices are disseminated by S&P BSE

Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.Low Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.Low
Qty Qty TTM TTM Rtn Qty Qty TTM TTM Rtn

3M India 25586.7 134.9 189.6 16.2 202012 -0.5 -17.4 -19.8 -52.8 -3.2 26.4 0.0 30975.0 16770.0
Takeaways from Take 500 Mindtree 2105.6 67.4 31.2 8.0 202103 2.9 53.9 2.6 76.0 4.3 24.6 0.0 2275.1 811.1
MMTC [1] 40.9 -2.3 8.1 202012 38.8 -380.1 -16.7 -2518.5 4.6 -2.3 2.2 52.6 13.2
A ........................................................................................................................................................................................................................
Wondering how to choose stocks for bers for one­off and exceptional items. MOIL 165.1 4.4 37.7 1.5 202012 4.5 -7.4 -20.4 -72.2 9.1 11.6 0.0 177.8 119.0
Aarti Drugs 709.8 30.2 23.5 7.5 202012 12.0 124.0 15.8 156.1 -0.7 20.7 0.8 1025.0 173.4 Motherson Sumi [1] 214.7 1.8 122.6 6.2 202012 14.1 195.9 -13.4 -60.4 0.5 10.9 1.1 238.2 72.4
Aarti Industries [5] 1602.9 28.6 56.1 8.7 202012 9.5 18.2 0.6 -9.6 9.5 14.8 0.8 1643.9 851.0 your portfolio from the dozens which Sales (TTM) and Profit (TTM) make Motil.Oswal.Fin. [1] 638.5 89.8 7.1 2.1 202103 85.7 76.3 45.1 617.8 8.0 9.8 1.6 742.5 465.2
AAVAS Financiers 2272.6 36.8 61.8 7.4 202103 23.5 46.4 22.3 16.0 0.1 10.2 2.3 2672.1 936.1 are listed? Or how to keep track of the the same comparisons for the trailing Mphasis 1764.8 67.0 26.3 5.7 202012 8.7 10.9 12.0 14.2 3.9 24.5 0.1 1836.0 693.6
ACC 1882.3 81.0 23.2 2.8 202103 6.1 105.9 -11.1 10.4 3.8 15.7 0.0 2022.8 1108.0
Adani Enterp. [1] 1158.5 7.3 158.0 7.6 202012 6.1 -17.2 -8.7 -41.5 0.0 8.3 0.8 1251.7 127.4
ones you own? twelve months. MRF 80721.5 3829.0 21.1 2.7 202012 13.9 115.7 -9.9 56.5 3.2 12.2 0.2 98575.9 55360.4
Multi Comm. Exc. 1477.2 49.5 29.9 5.8 202012 7.2 29.2 11.0 8.8 1.2 15.4 0.0 1875.0 1025.0
Adani Green 1019.0 1.6 636.5 175.9 202012 44.1 -12.0 9.0 684.7 -3.2 0.0 6.1 1341.6 199.8 Well, the listings on this page help you Wkly Rtn (Weekly Return) gives the Muthoot Finance 1159.8 90.1 12.9 3.2 202012 15.9 17.8 21.0 26.8 -3.3 16.0 3.3 1405.0 746.1
Adani Ports [2] 729.9 19.8 36.9 5.4 202012 12.3 15.5 -1.4 -16.1 0.6 10.9 1.1 885.0 256.1 sift through the leading companies on change in the price of a stock in the last
Adani Power 94.8 -0.1 3.2 202012 4.9 -141.1 -3.7 -110.5 7.9 0.0 7.2 109.0 29.1
their fundamentals and keep an eagle one week.
N ........................................................................................................................................................................................................................

Adani Total Gas [1] 1150.2 4.1 282.4 77.0 202012 1.4 26.3 -16.2 14.2 -0.4 34.6 0.3 1248.0 96.8 Narayana Hrudaya 406.0 -3.0 8.2 202012 -4.4 30.1 -21.0 -143.0 1.9 11.3 0.8 524.1 248.8
Adani Transmissi 1049.9 9.8 106.9 13.8 202012 -6.5 94.1 -3.6 36.0 -1.4 10.5 2.7 1147.0 167.2 eye on their financial performance. ROCE (Return on Capital Employed) Natco Pharma [2] 896.7 26.4 33.9 4.0 202012 -26.3 -40.0 13.6 -1.1 2.1 14.5 0.1 995.1 556.5
Aditya Bir. Fas. 175.4 -8.0 6.1 202012 -19.6 57.8 -40.7 -466.7 1.1 0.0 2.8 223.6 95.7 Here’s a short guide to interpreting the tells you what returns a business is gen­ Natl. Aluminium [5] 64.7 2.5 25.6 1.2 202012 13.9 607.1 -13.2 43.5 14.0 2.1 0.0 66.6 26.8
Aditya Birla Cap 114.6 3.7 30.7 2.1 202012 16.2 15.3 11.0 -13.0 -1.3 8.7 5.1 139.6 41.3 Nava Bharat Vent [2] 78.4 28.9 2.7 0.3 202012 29.5 149.1 -1.4 45.9 8.6 13.6 0.9 81.2 33.6
Advanced Enzyme [2] 399.9 13.1 30.6 5.0 202012 23.0 28.2 7.8 12.1 3.7 22.9 0.1 422.2 135.3 numbers: erating on the capital it uses. Navin Fluo.Intl. [2] 3424.5 92.0 37.2 11.1 202012 18.7 29.7 7.9 166.2 8.0 20.3 0.0 3565.7 1390.0
Aegis Logistics [1] 304.1 5.5 55.6 6.1 202012 -28.7 42.6 -47.7 51.0 4.5 12.3 0.2 340.0 158.5 CMP (Current Market Price) is the clos­ DER (Debt Equity Ratio), which divides Navneet Educat. [2] 74.8 1.7 43.8 1.8 202012 -37.4 -580.3 -44.4 -79.9 -0.3 25.6 0.4 95.1 65.5
Affle India 5517.7 36.0 153.4 51.9 202012 59.3 43.1 44.9 41.8 2.7 41.1 0.3 6287.0 1255.0
ing price of a stock on BSE on its last a company’s total loans by shareholder NBCC [1] 40.6 1.2 33.0 4.9 202012 8.4 88.6 -21.8 62.6 2.1 16.9 0.0 54.0 16.8
AIA Engineering [2] 1863.4 60.8 30.6 4.4 202012 2.4 0.1 -4.3 -5.1 -0.8 19.5 0.0 2224.4 1491.0 NCC [2] 74.5 4.0 18.7 0.9 202012 -6.8 -31.0 -27.7 -51.4 0.1 12.6 0.5 100.0 20.8
Ajanta Pharma [2] 1841.7 75.6 24.4 5.5 202103 11.0 21.6 11.7 39.0 3.1 27.2 0.0 1932.5 1330.0 traded day, usually Friday. funds, indicates how indebted a com­ NESCO [2] 497.5 26.3 18.9 2.4 202012 -28.3 -29.2 -18.1 -20.1 2.2 21.9 0.0 639.0 381.1
Akzo Nobel 2245.0 42.5 52.8 8.4 202012 6.5 17.4 -20.3 -22.9 0.9 25.6 0.0 2510.0 1760.0 EPS (Earnings per Share) is the net pany is. Netwrk.18 Media [5] 39.6 0.3 128.3 7.5 202103 -3.4 -6.5 -12.2 117.1 -2.2 7.8 4.8 50.1 21.0
Alembic Pharma [2] 985.5 59.0 16.7 4.2 202012 8.7 24.9 23.0 54.2 -1.3 22.8 0.5 1150.0 729.2
Alkem Lab [2] 2757.3 128.3 21.5 4.7 202012 6.2 18.1 7.2 38.7 -0.7 18.1 0.2 3150.0 2223.6
profit that the company has earned in ROCE and DER give you the latest avail­ New India Assura [5] 146.0 9.3 15.8 1.0 202012 8.8 7.7 10.2 44.2 -1.8 1.5 0.0 197.0 99.6
NHPC Ltd 24.3 3.1 7.8 0.7 202012 9.3 70.4 2.1 -4.6 -0.6 7.8 0.7 26.7 19.4
Alkyl Amines [5] 8471.1 93.1 90.9 32.2 202003 -1.1 160.1 17.3 118.3 34.6 43.5 0.3 8637.5 1650.0 the latest financial period, on each out­ able year­end numbers for the Nilkamal Ltd 1916.8 71.5 26.8 2.8 202012 7.4 79.6 -12.9 -24.0 1.2 17.9 0.1 2071.6 969.5
Allcargo Logist. [2] 125.1 6.2 20.1 1.4 202012 53.0 -69.1 25.2 -37.4 2.2 9.7 0.5 155.2 65.0 standing share. Here, we capture each company. Nippon Life Ind. 341.4 11.0 30.9 6.8 202103 10.0 4383.1 -11.7 63.8 4.9 21.9 0.0 374.5 220.4
Alok Industries [1] 19.3 -6.1 -0.5 202103 97.9 -42.4 16.1 -310.3 -13.5 -2.0 0.0 61.4 6.6 NLC India 47.7 7.7 6.2 0.5 202012 -19.2 -64.3 3.7 -25.1 1.2 8.7 1.9 59.8 40.2
Amara Raja Batt. [1] 810.7 34.8 23.3 3.5 202012 12.2 18.0 -2.9 -7.4 1.2 23.1 0.0 1025.0 527.1
company’s total EPS for the last avail­ Yearly High and Low tell you the
NMDC [1] 155.7 12.9 12.1 1.6 202012 44.9 54.7 -3.7 -19.7 12.3 21.8 0.0 158.7 69.9
Amber Enterp. 3102.6 20.5 151.5 7.0 202012 -3.0 19.3 -28.5 -57.3 -3.8 16.4 0.3 3667.5 1011.1 able trailing 12 months. range that the company’s stock has NOCIL 184.4 4.4 42.0 2.5 202012 41.3 6.3 -6.8 -49.7 6.4 12.9 0.0 199.4 79.4
Ambuja Cements [2] 309.0 14.5 21.2 2.7 202103 23.4 70.9 -2.0 34.1 4.7 17.2 0.0 329.9 161.6 PE (Price Earnings Ratio) is the single spanned in the last one year. NTPC 102.6 13.0 7.9 0.8 202012 4.0 15.4 8.5 -17.0 0.0 9.5 1.6 114.8 78.1
APL Apollo Tubes [2] 1301.7 23.8 54.6 11.4 202012 22.5 77.8 -1.6 22.6 2.3 19.4 0.7 1446.4 231.1
Apollo Hospitals [5] 3199.0 2.3 1397.2 10.7 202012 -5.2 41.6 -1.9 -89.6 -0.1 11.9 1.1 3334.0 1253.3 most important number to gauge if a Face value other than ₹10 per share is O ........................................................................................................................................................................................................................

Apollo Tyres [1] 216.8 11.1 19.6 1.2 202012 14.2 157.6 -6.8 24.8 7.5 4.9 0.6 261.2 81.6 stock is expensive or cheap enough to mentioned in brackets next to the com­ O N G C [5] 108.6 8.6 12.7 0.7 202012 -8.4 -46.9 -19.0 -52.6 6.1 9.7 0.6 122.3 64.2
Ashok Leyland [1] 112.7 -1.6 4.5 202012 15.2 43.4 -38.3 -144.5 1.3 8.5 2.5 138.9 42.1 buy. It divides the company’s current pany name. As far as possible, consolid­ Oberoi Realty 547.5 19.3 28.3 2.3 202012 57.1 93.4 -14.5 18.4 4.8 10.5 0.2 635.1 290.1
Ashoka Buildcon [5] 82.6 9.6 8.6 5.1 202012 2.0 172.9 -4.8 1571.8 -1.7 14.0 17.6 118.7 48.7 Oil India 122.1 29.5 4.1 0.5 202012 -27.7 46.8 -31.5 276.0 5.3 9.4 0.5 139.0 76.3
Asian Paints [1] 2540.1 28.7 88.6 22.1 202012 25.2 62.0 -4.2 1.3 0.9 33.4 0.1 2871.4 1482.9 market price by its EPS. ated numbers (latest available) have Omaxe 68.3 -19.7 0.8 202012 -38.6 -1343.6 -38.5 -845.1 0.1 4.3 1.0 222.2 56.0
Aster DM Health. 143.3 3.5 41.0 2.2 202012 -2.7 -41.0 -0.6 -53.1 -3.3 11.2 1.3 179.9 83.1 PB (Price to Book value) measures a been used for a holistic picture of the Oracle Fin.Serv. [5] 3483.5 182.5 19.1 5.1 202012 6.7 -5.9 4.7 3.4 6.7 38.4 0.0 3742.4 2208.8
Astral [1] 1581.9 14.0 113.1 19.8 202012 35.1 82.2 -1.7 8.5 -6.4 21.3 0.2 1987.5 576.0
Atul 8087.9 221.6 36.5 6.3 202103 15.6 23.9 -8.8 -1.6 3.4 28.0 0.0 8601.0 4183.5
company’s stock price relative to its company’s finances. Orient Refrac. [1] 316.0 6.1 51.8 8.9 202012 19.4 23.4 -9.0 -21.5 1.3 29.4 0.0 325.0 129.5

Aurobindo Pharm [1] 980.7 56.7 17.3 3.1 202012 9.5 24.9 12.6 26.7 -1.3 18.5 0.4 1023.1 605.1 book value or net worth. PB is the appro­ Given that the top 500 listed companies P ........................................................................................................................................................................................................................

Avanti Feeds [1] 487.2 27.7 17.6 4.1 202012 -0.8 56.7 2.5 15.2 -5.1 36.8 0.0 587.4 370.0 priate value measure for banks and as­ are usually the most liquid and well­ P I Industries [1] 2506.5 44.1 56.8 7.6 202012 36.7 61.4 27.7 41.9 -0.6 22.5 0.1 2668.9 1428.0
Avenue Super. 2858.6 14.8 193.5 16.4 202012 10.8 16.4 -2.9 -21.7 5.4 20.5 0.1 3328.0 1900.0 Persistent Sys 2038.6 59.0 34.6 5.6 202103 20.2 64.4 17.4 32.4 8.7 19.0 0.0 2184.6 460.0
Axis Bank [2] 714.5 23.5 30.4 2.1 202103 -4.0 133.0 1.5 288.3 6.5 0.0 0.0 800.0 333.1
set­heavy companies. run, we’ve restricted the list to the S&P Petronet LNG 239.9 17.8 13.5 3.1 202012 -17.8 29.9 -23.4 -6.2 2.0 25.5 0.2 280.0 207.4
Sales (Qty) and Profit (Qty) capture BSE 500 index constituents. Phillips Carbon [2] 207.6 18.2 11.4 1.9 202103 23.8 75.5 -18.0 9.5 3.2 16.5 0.4 219.7 68.4
B ........................................................................................................................................................................................................................
the growth in a company’s net sales and Note: Very large percentage changes in Phoenix Mills [2] 719.0 2.0 365.7 2.6 202012 -34.0 -28.8 -52.0 -92.8 5.7 10.2 1.2 889.0 466.3
B H E L [2] 48.3 -9.2 0.6 202012 -23.0 -233.7 -45.2 -527.1 6.5 0.0 0.1 56.5 20.9 Pidilite Inds. [1] 1818.9 19.7 92.1 19.1 202012 19.3 29.3 -10.7 -17.9 2.0 32.7 0.1 1928.0 1307.1
BPCL 422.1 26.7 15.8 2.3 202012 -11.9 2.7 -23.2 -25.9 -0.2 8.1 1.5 482.4 291.8 net profits for the latest reporting sales and profit are reflective of a change Piramal Enterp. [2] 1679.9 6.9 242.4 1.2 202012 -3.1 5.4 -2.9 -92.8 2.0 9.3 1.7 2008.2 839.1
Bajaj Auto 3831.3 167.8 22.8 4.1 202103 27.3 14.6 -6.8 -6.8 4.4 29.5 0.0 4361.2 2363.3 quarter, over the previous year, in per­ from near-zero or negative value. PNB Housing 372.6 55.3 6.7 0.7 202103 -5.9 -47.5 -10.4 43.9 4.0 8.6 9.0 475.0 165.3
Bajaj Consumer [1] 280.7 15.1 18.6 5.5 202103 42.4 134.8 9.6 20.8 -2.7 39.3 0.0 323.5 129.0
Bajaj Electrical [2] 1148.4 9.5 121.5 9.2 202012 16.6 900.7 -15.0 552.1 0.9 6.8 1.1 1224.5 332.1
centage terms. We’ve adjusted the num­ Source: Capitaline database PNC Infratech [2] 234.6 17.0 13.8 2.2 202012 13.8 163.3 -4.6 -30.5 -0.4 16.7 1.4 291.0 101.0
Poly Medicure [5] 994.6 12.5 79.7 10.6 202012 12.8 41.1 8.2 26.3 -2.8 24.4 0.5 1083.9 207.2
Bajaj Finance [2] 5453.8 73.2 74.5 8.9 202103 -5.7 42.0 1.1 -16.0 16.9 12.0 4.5 5921.8 1783.1 Polycab India 1467.7 54.0 27.2 5.2 202012 11.6 20.0 -12.5 17.4 -1.1 29.3 0.1 1571.6 624.1
Bajaj Finserv [5] 11039.5 280.9 39.3 5.2 202103 15.7 403.6 11.4 32.7 11.3 12.7 4.1 11299.7 3985.6 Power Fin.Corpn. 108.4 35.2 3.1 0.5 202012 16.7 11.4 15.8 -1.6 1.5 8.9 11.8 140.5 74.2
Bajaj Holdings 3421.0 327.9 10.4 1.0 202103 -16.3 162.6 1.5 22.0 0.1 12.2 0.0 3784.8 1850.1 Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.Low
Power Grid Corpn 220.0 24.0 9.2 1.7 202012 8.3 26.0 5.8 16.0 4.2 11.3 2.4 239.0 153.3
Balkrishna Inds [2] 1768.9 54.9 32.2 6.3 202012 30.6 45.3 12.7 20.6 4.3 16.7 0.2 1885.0 869.0 Qty Qty TTM TTM Rtn
Prestige Estates 271.7 3.4 80.5 2.0 202012 -31.1 -63.7 -14.1 -73.1 -1.5 13.0 1.9 323.0 133.9
Balmer Lawrie 128.0 4.9 26.4 1.5 202012 3.6 -55.0 -17.3 -50.4 6.7 11.2 0.1 171.0 91.8 Prism Johnson 129.8 -1.1 6.5 202012 3.7 1738.3 -16.6 -168.1 3.6 8.8 2.0 142.0 29.4
Balrampur Chini [1] 278.4 23.1 12.0 2.4 202012 -10.3 -62.9 27.8 -14.2 4.4 16.2 0.7 285.6 82.9 PTC India 81.2 14.4 5.6 0.6 202012 -2.4 120.6 3.0 11.1 -1.4 10.6 3.0 91.8 32.9
Bank of Baroda [2] 66.8 5.3 12.6 0.4 202012 -5.4 -1.9 3.2 880.0 6.0 0.0 0.0 99.8 36.1 Gujarat Alkalies 412.0 19.4 21.2 0.6 202012 -0.8 -44.2 -18.6 -70.9 0.5 10.6 0.1 469.2 304.4
Punjab Natl.Bank [2] 34.9 1.0 35.1 0.4 202012 48.9 94.1 43.1 131.0 2.5 0.0 0.0 46.4 26.3
Bank of India 66.4 -4.9 0.5 202012 -5.5 341.7 -2.0 -308.7 1.8 0.0 0.0 101.5 31.0 Gujarat Fluoroch [1] 800.4 -27.6 2.3 202012 11.0 -1284.2 -9.0 -139.5 11.4 8.8 0.4 841.5 280.0
PVR 1137.9 -87.7 3.2 202012 -95.0 -235.1 -79.4 -459.7 -0.7 12.0 0.9 1592.0 706.1
Bank of Maha 24.1 0.9 27.7 1.4 202103 10.4 214.2 3.2 43.3 5.0 0.0 0.0 27.7 8.3 Gujarat Gas [2] 531.1 17.1 31.1 9.7 202012 12.9 98.8 -4.7 10.5 -2.6 28.3 0.8 580.0 225.0
Bata India [5] 1367.3 -6.0 10.3 202012 -25.9 -74.8 -44.2 -120.3 4.9 24.7 0.3 1705.0 1215.0
H ........................................................................................................................................................................................................................
Q ........................................................................................................................................................................................................................

BEML Ltd 1166.4 23.0 50.7 2.3 202012 5.1 552.6 -14.4 129.4 3.4 1.8 0.2 1544.3 534.0 Quess Corp 626.7 4.9 128.1 3.9 202012 -4.8 -41.5 5.2 -72.6 10.9 11.2 0.5 807.0 165.4
Berger Paints [1] 703.6 6.3 111.1 23.8 202012 24.9 50.7 -5.2 -7.5 -0.8 27.8 0.3 824.8 431.6 H D F C [2] 2420.2 97.0 24.9 3.0 202012 35.0 35.0 5.3 -19.7 -3.1 11.1 3.4 2895.4 1486.5
Bharat Electron [1] 131.8 7.3 18.1 3.2 202012 4.0 24.9 19.8 29.0 3.8 22.7 0.0 155.0 57.8 HPCL 234.6 58.9 4.0 1.0 202012 -3.0 131.1 -17.1 42.8 0.4 5.2 1.2 259.2 163.3 R ........................................................................................................................................................................................................................

Bharat Forge [2] 610.9 -2.2 5.4 202012 -5.9 26.8 -33.3 -113.7 4.9 6.5 0.8 676.1 263.2 HUDCO 41.7 7.5 5.6 0.7 202012 2.9 90.2 3.4 -0.7 0.0 9.7 5.2 55.0 20.7 RCF 73.5 7.8 9.5 1.2 202012 -8.0 25.9 -8.2 335.6 3.1 7.1 1.3 100.2 36.3
Bharti Airtel [5] 537.3 -11.6 4.8 202012 24.2 335.0 18.4 -277.1 3.0 5.2 1.8 623.0 394.1 Hathway Cable [2] 23.5 1.5 16.1 1.0 202103 -3.7 58.0 -3.7 155.4 8.3 4.7 0.5 57.5 17.4 Radico Khaitan [2] 567.5 18.1 31.3 4.6 202012 5.6 27.1 -1.8 -2.8 9.9 16.7 0.3 628.3 280.1
Biocon [5] 379.7 6.1 62.4 6.0 202103 18.1 96.9 12.2 4.4 -4.5 12.2 0.4 487.7 320.9 Havells India [1] 990.9 14.7 67.6 13.2 202012 39.7 74.5 -6.4 21.4 -1.5 20.8 0.0 1237.8 447.2 Rail Vikas 27.2 4.1 6.6 1.0 202012 0.9 171.6 2.3 24.7 2.5 11.5 0.8 35.6 16.2
Birla Corpn. 917.2 74.7 12.3 1.7 202012 3.6 82.1 -10.6 31.2 1.3 12.3 1.1 1014.2 372.5 HCL Technologies [2] 899.5 41.1 21.9 4.1 202103 5.7 -65.3 6.7 0.8 -5.9 26.6 0.1 1073.6 470.5 Rain Industries [2] 179.2 19.6 9.2 1.1 202103 3.8 93.6 -12.3 53.3 3.1 8.9 1.6 191.0 61.4
Birlasoft Ltd [2] 245.6 10.5 23.4 3.4 202012 5.7 32.6 12.2 40.1 -3.7 17.9 0.1 284.0 62.6 HDFC Bank [1] 1412.2 57.7 24.5 3.7 202103 2.6 15.8 5.2 16.8 -0.1 0.0 0.0 1650.0 826.0 Rajesh Exports [1] 522.9 27.9 18.7 1.4 202012 12.3 -28.1 32.2 -31.1 3.4 11.0 0.4 654.7 440.8
Bliss GVS Pharma [1] 101.5 7.4 13.8 1.4 202012 11.0 7.6 -30.6 -28.8 0.0 16.7 0.2 224.0 86.0 HDFC Life Insur. 665.2 6.7 98.8 15.6 202103 22.8 2.4 18.3 4.9 -3.2 1.1 0.0 746.0 464.4 Rallis India [1] 280.8 11.4 24.6 3.4 202103 36.1 -35.6 7.9 22.5 1.9 17.0 0.1 340.0 195.1
Blue Dart Expres 5240.7 0.169083.9 30.5 202012 20.9 223.2 -5.7 -99.7 1.1 9.6 1.0 5848.0 1860.0 HEG 2302.3 -98.1 2.5 202012 -18.8 -165.0 -59.9 -140.9 13.5 -0.2 0.2 2564.0 659.2
Ratnamani Metals [2] 1933.1 50.1 38.6 5.0 202012 -41.7 -40.5 -15.8 -22.9 0.3 24.0 0.1 2141.0 790.1
Blue Star [2] 847.3 4.3 195.3 10.5 202012 -9.1 78.6 -30.1 -80.9 1.4 18.4 0.5 1025.0 451.6 Heritage Foods [5] 366.9 -18.2 3.1 202012 -10.0 80.0 -7.5 -219.9 9.8 -11.9 0.5 391.0 225.0
Raymond 321.3 -68.8 1.1 202012 -34.1 -88.9 -52.1 -237.7 0.9 8.5 1.3 409.0 212.5
Bombay Burmah [2] 1158.4 57.9 20.0 1.5 202012 5.8 -65.1 10.0 -63.3 0.8 31.5 0.3 1566.8 800.0 Hero Motocorp [2] 2820.4 132.2 21.3 3.8 202012 38.9 13.0 -7.4 -21.4 -1.6 27.0 0.0 3628.6 1935.0
RBL Bank 185.7 9.5 19.5 0.9 202012 -7.3 120.9 6.0 -7.3 4.2 0.0 0.0 274.0 105.6
Bombay Dyeing [2] 66.2 -25.5 -8.1 202103 59.4 -443.3 -37.0 -260.6 0.5 36.2 8.0 89.8 44.3 HFCL [1] 27.8 1.3 21.9 2.1 202012 49.7 79.7 -15.9 -42.6 0.9 21.1 0.4 34.8 8.7
REC Ltd 128.3 34.3 3.7 0.6 202012 17.8 35.4 17.8 17.8 1.5 8.7 7.6 156.9 83.7
Himadri Special [1] 44.7 2.3 19.6 1.1 202012 8.6 3.5 -27.0 -54.4 0.4 11.4 0.3 64.0 37.6
+ Bosch
Brigade Enterpr.
13517.2
250.7
196.6 68.8
-2.1
4.5
2.3
202012
202012
19.4
16.7
-22.1
-69.3
-15.5
-34.9
-53.2
-123.1
-0.1
6.4
17.8
8.0
0.0 16900.0
1.9 300.0
9021.6
90.7 Hind. Unilever [1] 2353.9 34.8 67.7 11.6 202103 34.8 39.5 18.1 18.5 2.0 89.0 0.0 2504.3 1902.3
Redington India [2] 178.4 14.9 12.0 1.6 202012 14.9 23.5 5.3 2.3 4.1 15.7 0.5 201.2 70.6
Reliance Industr 1994.5 69.2 28.8 2.1 202103 9.6 33.3 -21.8 3.2 4.7 9.8 0.8 2368.8 1393.7
Britannia Inds. [1] 3448.8 77.4 44.6 23.4 202103 8.2 -2.8 12.6 31.9 -5.5 36.8 0.2 4015.0 2869.2 Hind.Aeronautics 956.3 85.3 11.2 2.3 202012 21.8 87.9 4.3 1.7 0.0 15.9 0.4 1423.6 490.0
Responsive Ind [1] 161.5 2.7 58.8 4.5 202012 63.5 827.2 26.2 293.5 1.5 4.5 0.2 205.0 67.9
Hindalco Inds. [1] 364.3 11.2 32.6 1.4 202012 19.7 88.0 -1.4 -43.7 4.2 7.9 1.0 377.4 108.5
C ........................................................................................................................................................................................................................ Hindustan Copper [5] 154.9 -3.8 10.0 202012 477.1 13.2 23.8 -2424.2 12.0 -17.6 1.0 165.1 23.5
Rites 238.8 18.0 13.2 2.1 202012 -27.5 -30.2 -32.1 -30.3 -0.2 31.6 0.0 292.9 220.4

CPCL 110.6 17.3 6.4 1.0 202103 1.8 -85.1 -39.7 112.5 7.7 0.0 2.4 132.6 47.7
I ..........................................................................................................................................................................................................................
S .........................................................................................................................................................................................................................

Cadila Health. [1] 571.2 19.4 29.4 5.0 202012 6.2 39.2 6.4 53.1 0.0 11.7 0.8 605.0 318.1 SAIL 119.5 8.9 13.4 1.2 202012 19.9 327.1 -3.1 6149.2 28.4 7.9 1.2 121.3 26.6
Canara Bank 138.9 -9.2 0.4 202012 39.7 88.5 31.1 -306.9 6.4 0.0 0.0 174.4 75.8 IDFC 53.0 -3.9 1.0 202012 -11.7 -159.9 -7.1 41.6 15.2 0.0 0.0 59.0 13.4
SCI 104.6 15.5 6.8 0.6 202012 -30.9 -55.4 0.3 152.1 2.7 5.3 0.7 134.6 39.2
Caplin Point Lab [2] 494.0 29.7 16.6 3.5 202012 20.2 10.1 19.5 4.1 -2.7 33.0 0.0 686.0 307.0 IOCL 90.9 17.1 5.3 0.8 202012 -17.7 62.4 -26.4 25.1 3.2 4.9 1.1 105.0 71.2
S H Kelkar & Co. 138.2 7.6 18.1 2.2 202012 30.5 40.5 7.7 37.0 7.1 9.6 0.4 145.6 47.6
Capri Global [2] 449.5 10.5 42.6 4.8 202012 4.3 -0.9 4.4 5.5 13.9 11.9 1.9 454.9 122.4 ITDC 329.4 -4.3 9.8 202012 -57.9 -204.0 -44.6 -345.3 2.8 8.2 0.0 460.0 142.0
Sequent Scien. [2] 291.4 4.1 70.6 9.7 202012 13.2 83.3 13.3 46.1 9.6 10.5 0.5 312.0 73.6
Carborundum Uni. [1] 546.7 15.5 35.2 4.9 202103 28.0 9.3 1.4 8.2 13.8 18.9 0.0 571.5 203.0 ICICI Bank [2] 600.4 26.6 22.6 2.7 202103 2.6 290.5 5.1 92.2 5.3 0.0 0.0 679.3 285.7
Sheela Foam [5] 2036.9 45.2 45.1 9.8 202012 25.5 54.4 0.1 10.5 -1.5 25.1 0.2 2344.0 1225.0
CARE Ratings 499.5 26.7 18.7 2.6 202012 -0.9 6.9 -12.1 -24.0 6.8 19.0 0.0 588.0 296.1 ICICI Pru Life 522.1 6.7 78.4 8.3 202103 13.4 -65.0 6.4 -10.4 1.9 0.6 0.0 548.0 336.8
Shilpa Medicare [1] 427.1 15.8 27.1 2.4 202012 -19.3 -86.1 2.9 -11.9 -2.4 12.0 0.2 692.5 317.1
CCL Products [2] 267.7 13.2 20.3 3.5 202012 -2.1 0.2 3.1 10.0 0.2 18.3 0.5 293.8 174.2 ICICI Securities [5] 454.0 33.1 13.7 8.0 202103 53.9 111.4 51.6 97.0 1.2 38.5 0.9 568.8 343.1
Shoppers Stop [5] 200.2 -33.0 12.8 202012 -29.7 -485.7 -49.5 -4229.3 4.6 0.0 2.4 269.6 124.3
CEAT 1386.8 93.4 14.9 1.8 202012 26.1 164.7 -1.0 35.8 -3.6 9.8 0.6 1763.2 713.0 IDBI Bank 35.3 1.0 36.2 1.3 202012 -7.6 -93.1 -4.6 105.9 4.1 0.0 0.0 55.8 19.2
Shree Cement 27907.1 560.8 49.8 7.2 202012 12.6 103.7 -2.0 51.0 -0.7 14.0 0.3 32050.0 18025.8
Central Bank 16.4 -2.1 0.5 202012 -4.1 1.0 2.8 39.9 1.6 0.0 0.0 26.4 10.0 IDFC First Bank 54.7 0.7 80.2 1.6 202012 -2.9 -91.6 0.7 113.5 7.0 0.0 0.0 69.3 18.5
Shri.City Union. 1409.6 161.1 8.7 1.2 202103 3.2 99.0 -1.5 4.0 0.3 11.8 3.5 1640.0 617.0
Century Plyboard [1] 349.1 6.4 54.7 7.0 202012 9.1 163.5 -19.5 -15.6 6.6 14.9 0.4 362.0 100.2 IFB Industries 983.7 8.9 110.8 6.3 202012 32.2 391.8 -10.8 -30.2 -1.9 2.8 0.3 1458.1 333.0
Shriram Trans. 1342.7 98.7 13.6 1.9 202103 7.8 237.3 5.2 -0.5 -2.7 10.8 5.4 1534.9 516.6
Century Textiles 481.1 5.4 89.4 1.6 202012 -11.3 -10.5 -26.1 -85.1 4.4 6.6 0.4 549.3 254.2 IFCI 10.9 -8.1 0.4 202012 -5.6 -321.5 15.9 -738.8 0.0 0.0 2.7 16.0 3.8
Siemens [2] 1881.8 22.5 83.8 7.1 202012 16.1 11.2 -20.4 -29.5 4.5 18.6 0.0 2055.1 990.3
Cera Sanitary. [5] 3856.7 70.9 54.4 6.3 202012 -2.9 5.5 -19.3 -18.7 -1.8 16.7 0.1 4168.4 2100.0 IIFL Finance [2] 267.0 15.1 17.7 2.0 202012 30.5 47.1 13.2 -14.7 8.9 10.0 5.9 346.6 58.2
SIS [5] 361.5 38.1 9.5 2.9 202103 10.7 7373.6 7.6 151.0 0.5 13.8 0.8 478.0 313.7
CESC 608.0 100.4 6.1 0.8 202012 8.3 21.3 -4.7 4.5 1.9 11.3 1.6 730.0 534.0 IIFL Wealth Mgt [2] 1129.3 29.9 37.8 3.5 202012 11.9 30.1 8.1 -8.6 3.4 7.6 2.5 1357.7 810.0
SJVN 25.2 4.2 6.0 0.8 202012 1.1 78.3 -12.8 -4.2 -1.2 15.8 0.2 28.7 19.1
Chalet Hotels 142.5 -3.3 2.0 202012 -69.4 -188.1 -58.6 -187.3 -1.1 7.6 1.1 215.3 99.0 Indbull.RealEst. [2] 77.3 0.1 815.4 1.0 202103 529.2 -3.6 -53.5 130.7 -2.7 7.9 1.2 125.5 38.6
Sobha 486.0 10.0 48.5 1.9 202012 -22.5 -70.5 -41.8 -72.4 -4.3 21.4 1.2 548.0 172.4
Chambal Fert. 217.9 31.2 7.0 2.1 202012 1.1 -1.9 1.6 1.6 2.9 14.3 2.5 267.0 125.0 India Cements 163.2 5.2 31.6 0.9 202012 -4.8 672.5 -24.9 85.2 -1.8 4.2 0.6 197.0 97.0
Solar Industries [2] 1225.2 26.0 47.1 7.8 202012 14.7 25.9 -3.8 -19.7 -2.4 19.8 0.5 1420.0 853.3
Chola Financial [1] 567.4 41.6 13.6 2.1 202012 7.4 4.5 7.1 11.4 0.2 11.2 12.4 618.3 222.0 Indiabulls Hous. [2] 181.0 23.0 7.9 0.5 202012 -25.4 -40.3 -30.0 -65.4 2.2 10.2 5.8 263.6 112.9
Solara Active 1523.3 50.8 30.0 3.7 202012 24.2 59.1 4.2 48.3 0.6 11.1 0.6 1625.0 439.0
Cholaman.Inv.&Fn [2] 572.4 16.1 35.6 5.2 202012 10.1 5.3 9.7 0.7 2.9 10.3 7.3 600.9 120.2 Indiamart Inter. 7931.2 92.1 86.1 15.0 202103 5.6 25.7 4.8 89.8 -3.9 26.3 0.2 9952.0 2036.4
Sonata Software [1] 569.2 21.2 26.9 7.4 202012 12.9 -29.1 11.8 -20.4 -0.8 46.7 0.1 632.8 184.9
Cipla [2] 911.3 27.7 32.8 4.3 202012 21.7 113.1 12.2 34.2 -2.6 12.2 0.2 966.0 565.9 Indian Bank 110.0 10.2 10.7 0.4 202012 83.4 83.8 71.0 23.1 2.4 0.0 0.0 156.9 43.3
Spandana Sphoort 598.3 27.8 21.5 1.4 202012 -3.5 -122.9 13.6 -47.7 14.6 18.3 1.3 830.0 404.3
Coal India 133.2 20.7 6.4 2.2 202012 0.7 -21.4 -7.4 -29.6 5.5 25.5 0.2 163.0 109.5 Indian Energy Ex [1] 370.3 6.3 58.3 23.4 202012 42.8 39.5 20.2 13.2 3.5 57.9 0.0 392.5 140.0
SpiceJet 62.9 -26.4 -1.7 202012 -53.8 -185.6 -49.3 -3221.1 3.4 0.0 0.0 108.0 38.6
Cochin Shipyard 365.3 38.8 9.4 1.3 202012 -16.4 31.8 -24.7 -13.7 4.4 23.5 0.0 426.0 218.7 Indian Hotels Co [1] 111.5 -7.5 3.6 202103 -42.1 -303.4 -64.7 -375.0 6.9 7.6 0.8 139.0 62.1
SRF 6431.8 169.3 38.0 6.1 202012 17.8 -5.3 5.4 -2.1 4.3 14.3 0.9 6588.9 3310.0
Coforge 2868.7 75.6 38.0 8.0 202012 10.9 -1.1 11.5 5.0 0.7 25.2 0.0 3222.0 1151.0 Indoco Remedies [2] 328.4 8.0 41.2 4.2 202012 17.7 178.7 11.8 142.7 -0.2 5.6 0.4 348.1 190.0
St Bk of India [1] 353.5 22.8 15.5 1.3 202012 -1.3 -4.2 2.3 67.0 5.1 0.0 0.0 426.5 149.6
Container Corpn. [5] 588.0 12.9 45.7 3.5 202012 14.4 29.5 -11.0 -37.2 7.0 13.3 0.0 643.9 329.8 Indostar Capital 303.3 -25.7 1.0 202012 -12.4 9962.5 -16.6 -286.4 -2.6 3.3 2.8 412.0 238.1
Star Cement [1] 102.9 4.6 22.5 2.2 202012 -6.1 -100.7 -8.9 -34.7 5.9 16.9 0.0 111.9 66.8
Coromandel Inter [1] 741.2 45.3 16.4 4.2 202103 -0.5 -33.5 8.2 24.8 0.8 25.4 0.6 880.0 531.0 Indraprastha Gas [2] 509.5 15.5 32.8 6.4 202012 -13.1 28.4 -23.7 -8.3 -0.1 31.9 0.0 594.9 364.3
Indus Towers 252.6 14.0 18.0 4.3 202103 285.9 110.0 106.9 14.6 0.3 24.4 0.2 282.0 156.6 Sterling & Wils. [1] 301.2 12.1 24.9 4.6 202012 21.9 -56.4 -1.1 -59.1 -7.9 22.9 1.8 343.5 106.5
CreditAcc. Gram. 594.5 6.6 90.0 2.5 202012 19.2 -171.6 41.9 -73.0 1.7 10.7 2.8 839.0 359.1
IndusInd Bank 935.0 37.9 24.7 1.8 202103 0.4 193.8 0.8 -34.3 10.0 0.0 0.0 1119.2 330.0 Sterlite Tech. [2] 230.2 6.9 33.1 4.6 202103 27.1 54.9 -6.4 -41.3 -0.9 18.0 1.3 248.8 86.8
CRISIL [1] 1856.8 48.1 38.6 10.3 202103 15.8 -5.2 17.5 -1.5 -1.6 34.8 0.0 2125.0 1355.0
Info Edg.(India) 4920.8 1.4 3640.0 14.2 202012 -17.1 -108.3 -10.6 110.2 0.9 -12.6 0.0 5876.1 2270.0 Strides Pharma 865.1 16.1 53.7 2.9 202012 13.6 -39.5 10.1 -24.8 -5.5 4.9 1.1 1000.0 378.0
Crompton Gr. Con [2] 384.9 7.5 51.4 14.3 202012 25.8 -6.1 -8.4 -12.2 8.5 35.1 0.4 455.6 196.4
Infosys [5] 1353.9 45.4 29.8 8.2 202103 13.1 17.5 10.7 16.6 1.5 37.1 0.1 1480.0 647.0 Sudarshan Chem. [2] 659.1 16.6 39.7 7.0 202012 20.5 31.3 3.0 -12.4 20.5 19.0 0.7 729.0 354.1
Cummins India [2] 837.6 23.1 36.3 5.2 202012 -1.7 13.2 -24.0 -9.2 -1.6 17.0 0.1 933.5 312.9
Inox Leisure 271.6 -29.6 4.8 202103 -75.7 -209.1 -94.4 -2323.9 0.4 14.9 1.9 358.6 158.2 Sumitomo Chemi. 299.1 6.3 47.4 10.4 202012 7.2 3201.8 6.5 74.1 1.2 25.6 0.0 338.4 219.3
Cyient [5] 736.1 33.1 22.3 2.7 202103 1.8 128.1 -6.7 6.2 7.2 15.8 0.2 774.0 184.2
Interglobe Aviat 1643.9 -143.7 34.3 202012 -50.6 -225.0 -52.7 -548.5 6.6 4.0 2.0 1822.0 850.3 Sun Pharma.Inds. [1] 654.7 23.9 27.4 3.5 202012 9.2 102.8 4.8 43.3 2.7 9.9 0.2 666.5 434.3
D ........................................................................................................................................................................................................................ Ipca Labs. [2] 2106.7 83.9 25.1 6.1 202012 16.2 34.3 20.8 72.0 0.3 19.5 0.1 2455.6 1467.0 Sun TV Network [5] 543.9 32.6 16.7 3.4 202012 17.3 15.9 -14.9 -10.4 19.5 32.3 0.0 570.7 355.3
D B Corp 81.5 5.9 13.8 0.9 202012 -17.4 21.3 -33.9 -66.1 6.5 18.6 0.1 107.0 59.0 IRB Infra.Devl. 104.5 3.9 26.9 0.6 202012 -11.2 -56.5 -26.9 -82.4 0.2 8.3 2.0 138.8 57.3 Sundram Fasten. [1] 697.8 13.0 53.7 7.1 202012 34.9 36.9 -19.9 -28.7 2.2 15.5 0.5 839.0 278.0
Dabur India [1] 538.5 9.1 59.3 13.4 202012 16.0 18.8 1.4 -2.7 -3.8 26.2 0.1 581.0 421.5 Ircon Intl. [2] 89.7 7.1 12.5 1.0 202012 11.7 -28.3 -9.8 -28.4 2.0 9.0 0.7 108.4 72.8 Sunteck Realty [1] 267.0 3.0 88.7 1.4 202012 3.3 -32.9 -35.4 -72.0 -4.1 5.0 0.3 394.0 145.0
Dalmia BharatLtd [2] 1507.3 65.8 22.9 2.2 202103 32.1 2311.5 8.8 449.6 5.7 4.4 0.6 1690.6 475.0 ITC [1] 202.7 10.8 18.8 4.2 202012 1.5 -13.5 -6.4 -12.1 -1.3 32.1 0.0 239.2 157.1 Suprajit Engg. [1] 259.3 6.8 38.1 4.1 202012 23.0 65.5 -5.5 -33.3 3.4 15.2 0.5 310.0 107.1
DCM Shriram [2] 703.0 41.2 17.1 2.6 202012 -1.7 35.3 3.3 -21.6 7.1 17.8 0.5 759.3 229.1 ITI 108.0 -1.6 -798.3 202012 -40.0 -118.9 -14.5 -183.9 1.4 5.2 0.0 151.6 78.8 Supreme Inds. [2] 2050.9 50.8 40.4 10.5 202012 34.3 153.1 1.6 38.4 3.0 26.2 0.1 2130.6 875.0
Deepak Fertiliz. 260.2 30.1 8.6 1.1 202012 29.3 191.7 17.9 346.0 10.3 5.4 1.4 276.4 92.2 Suven Pharma [1] 540.2 13.9 38.9 13.6 202012 53.8 96.2 3.9 11.3 -0.6 49.8 0.2 565.0 139.4
Deepak Nitrite [2] 1865.5 48.2 38.7 13.8 202012 10.3 38.2 -5.5 24.1 14.6 37.1 0.9 1899.3 458.0 J .......................................................................................................................................................................................................................... Suzlon Energy [2] 4.8 -1.7 -1.4 202012 43.4 -116.0 -24.1 28.0 6.2 0.0 0.0 8.7 2.3
Delta Corp [1] 150.2 -0.5 2.1 202103 16.8 89.3 -45.8 -107.7 -3.4 13.3 0.0 202.0 65.4 J & K Bank [1] 23.8 -3.2 0.3 202012 0.4 37.2 -0.5 63.7 5.3 0.0 0.0 33.0 11.6 Swan Energy [1] 132.4 -0.6 3.6 202012 2.5 -67.1 -4.2 62.0 -2.5 2.0 1.2 158.3 97.5
Dhanuka Agritech [2] 766.4 43.1 17.8 4.3 202012 8.9 44.7 23.4 55.6 -0.2 25.7 0.0 935.0 417.0 J B Chem & Pharm [2] 1395.1 52.4 26.6 6.6 202012 27.9 132.5 11.9 50.8 6.8 23.5 0.0 1409.3 539.6 Symphony [2] 1177.0 16.1 73.2 10.9 202103 36.1 45.0 -18.4 -39.1 -1.2 28.3 0.3 1529.7 763.3
Dilip Buildcon 546.2 17.1 32.0 2.1 202012 7.1 87.5 2.0 -10.5 -8.8 13.3 2.8 719.0 232.7 J K Cements 2806.5 85.1 33.0 6.6 202012 24.5 74.8 4.7 36.3 0.1 15.6 1.1 3146.0 1041.6 Syngene Intl. 552.6 9.4 58.8 7.8 202103 8.4 9.3 8.6 4.8 -7.9 15.1 0.4 644.7 305.6
Jagran Prakashan [2] 54.2 2.4 22.8 0.8 202012 -27.2 7.3 -40.8 -79.9 -6.2 12.7 0.2 67.7 29.6
Dish TV India [1]
Dishman Carboge [2]
9.3
157.5
3.8 2.4
2.7 59.0
0.4
0.4
202012 -6.0
202012 -10.8
40.5
-148.9
-17.6
-9.6
4629.2
-77.3
-1.7
7.3
0.0
4.0
0.5
0.2
16.3
216.7
4.2
63.5 Jai Corp [1] 86.0 4.6 18.9 1.2 202012 -13.3 7826.4 -20.4 79.7 5.1 3.1 0.1 109.0 62.6
T .........................................................................................................................................................................................................................

Jamna Auto Inds. [1] 68.3 0.9 74.6 5.3 202012 50.2 198.5 -42.0 -48.0 3.5 14.5 0.2 76.5 22.7 T.V. Today Netw. [5] 284.9 20.6 13.8 1.9 202012 0.5 46.0 -5.9 -9.2 1.3 24.3 0.0 305.0 166.8
Divi's Lab. [2] 4063.2 70.5 57.7 13.0 202012 21.9 31.1 24.6 46.1 7.5 25.3 0.0 4133.5 2094.6
Jindal Saw [2] 85.5 5.8 14.7 0.4 202012 -4.1 -34.6 -19.6 -74.7 17.8 9.6 0.9 87.6 45.5 Tanla Platforms [1] 883.6 14.8 59.5 17.2 202012 21.3 13652.9 27.4 279.8 -2.0 0.0 0.1 1030.0 61.8
Dixon Technolog. [2] 4205.9 24.4 172.1 41.3 202012 119.6 134.2 18.0 30.8 8.1 27.9 0.3 4588.0 830.2
Jindal Stain. [2] 89.2 1.4 62.4 1.6 202012 8.5 359.6 -15.2 -49.6 14.5 10.5 1.3 96.0 26.3 Tata Chemicals 793.0 20.8 38.1 1.5 202012 -0.7 10.0 -5.7 -42.3 9.2 7.0 0.5 834.0 272.4
DLF [2] 247.7 -11.2 1.8 202012 15.0 66.2 -21.7 -358.0 2.3 3.6 0.4 332.6 125.1
Jindal Stain. Hi [2] 163.3 18.4 8.9 1.6 202012 26.7 251.7 -13.3 21.6 10.4 18.8 1.1 170.7 36.8 Tata Coffee [1] 130.8 7.3 18.0 1.8 202103 14.4 328.6 14.7 72.0 4.8 10.6 1.0 139.7 69.4
Dr Lal Pathlabs 2932.4 28.9 101.5 21.1 202012 38.0 74.7 9.2 0.1 1.6 31.4 0.0 3399.0 1500.0
Dr Reddy's Labs [5] 5164.3 130.8 39.5 5.2 202012 12.5 -94.8 9.6 27.9 1.9 11.0 0.2 5514.7 3613.5 Jindal Steel [1] 441.5 37.9 11.6 1.7 202012 39.6 1030.7 1.7 542.6 1.1 5.6 1.2 459.4 83.4 Tata Comm 1100.1 45.8 24.0 271.5 202103 -7.4 114634.6 0.2 576.4 -3.5 0.0 0.0 1365.0 368.5
JK Lakshmi Cem. [5] 402.8 29.9 13.5 2.6 202012 16.9 126.1 -1.5 66.4 2.4 14.7 1.3 466.9 183.0 Tata Consumer [1] 671.8 10.1 66.5 4.4 202012 23.1 31.3 21.8 63.1 1.1 9.4 0.1 698.1 325.9
E ......................................................................................................................................................................................................................... JK Paper 140.3 11.6 12.1 1.0 202012 -9.2 -50.0 -17.3 -60.2 6.7 20.8 0.7 167.4 85.5 Tata Inv.Corpn. 1026.6 30.4 33.7 0.4 202103 44.4 -92.6 6.9 70.1 2.6 1.3 0.0 1179.9 655.4
eClerx Services 1244.8 68.6 18.2 3.3 202012 5.0 1.7 -0.6 12.4 4.2 20.4 0.1 1270.0 380.1 JK Tyre & Indust [2] 121.6 5.5 21.9 1.3 202012 25.9 1748.7 -17.3 -42.1 9.5 7.5 2.5 146.8 45.3 Tata Motors [2] 294.0 -38.6 1.8 202012 5.4 85.9 -21.7 -2891.9 0.0 -0.3 1.9 357.0 76.8
Edelweiss.Fin. [1] 58.4 -27.9 0.9 202012 -17.5 -517.2 -22.3 -703.4 -5.6 0.0 6.0 91.7 34.6 JM Financial [1] 80.5 5.7 14.1 1.2 202012 -1.2 14.7 -4.6 0.2 0.5 13.6 2.4 101.6 55.5 Tata Power Co. [1] 98.9 2.8 35.4 1.5 202012 7.5 55.5 -2.6 2.6 3.3 6.9 2.6 115.0 27.0
Eicher Motors [1] 2421.1 41.2 58.8 6.4 202012 19.5 6.8 -15.2 -45.6 4.4 24.3 0.0 3035.5 1285.2 JSW Energy 109.6 4.9 22.6 1.4 202012 -17.4 -62.9 -15.0 -14.6 7.0 9.8 0.9 111.5 36.4 Tata Steel 1034.0 18.3 56.4 1.9 202012 11.6 236.7 -9.2 -56.8 11.8 5.2 1.5 1052.5 262.6
EID Parry [1] 346.0 38.2 9.1 1.5 202012 15.2 9.7 14.5 43.5 4.6 20.9 1.4 371.3 138.4 JSW Steel [1] 717.6 11.7 61.5 4.6 202012 23.4 1170.6 -8.8 -47.0 13.0 8.6 1.5 740.0 159.3 TCS [1] 3038.4 90.0 33.7 13.1 202103 9.4 14.9 4.6 3.0 -2.3 47.1 0.1 3358.8 1851.0
EIH [2] 86.8 -4.6 1.9 202012 -64.8 -158.6 -59.1 -315.6 1.0 6.0 0.2 112.5 53.7 JTEKT India [1] 82.8 -0.2 3.6 202012 18.8 208.2 -24.2 -107.9 3.1 7.2 0.2 104.7 42.0 Team Lease Serv. 3292.0 18.6 176.9 9.2 202012 -5.6 -10.2 -3.2 -54.9 6.6 13.7 0.1 3884.1 1428.0
Emami [1] 492.5 8.9 55.6 12.3 202012 14.9 42.1 -2.9 16.4 -2.5 18.2 0.1 546.9 169.0 Jubilant Food. 2891.1 12.7 227.8 34.0 202012 -0.2 21.9 -18.2 -49.7 1.6 28.0 0.7 3215.0 1486.8 Tech Mahindra [5] 961.8 45.7 21.0 3.7 202103 2.5 34.5 2.7 9.8 1.2 19.8 0.1 1081.4 490.1
Endurance Tech. 1298.2 31.8 40.8 5.7 202012 24.4 60.3 -16.8 -26.3 1.7 21.2 0.3 1540.0 602.0 Just Dial 877.6 41.5 21.2 4.7 202012 -28.0 -19.5 -22.7 -0.8 1.8 21.3 0.0 1063.0 326.5 The Ramco Cemen [1] 984.2 30.1 32.7 4.3 202012 4.1 118.5 -8.9 13.5 2.6 12.1 0.5 1120.0 502.9
Engineers India [5] 72.9 6.1 11.9 1.7 202012 -6.0 -21.2 -3.8 -12.6 2.7 28.7 0.0 93.6 59.6 Jyothy Labs [1] 146.2 5.4 27.0 4.0 202012 13.3 18.8 -1.5 -6.9 -2.3 13.1 0.2 166.0 100.1 Thermax [2] 1479.5 14.4 102.8 5.8 202012 0.0 22.1 -30.0 -43.1 6.4 11.6 0.1 1520.8 695.0
EPL Ltd [2] 223.3 7.7 29.0 4.4 202012 7.9 18.0 7.3 10.5 1.1 15.3 0.4 318.8 160.5 Thyrocare Tech. 1024.9 13.9 73.8 12.9 202012 30.7 17.8 2.7 -30.9 0.8 33.8 0.0 1212.0 485.3
Equitas Holdings 81.1 11.8 6.9 1.0 202012 53.6 200.8 32.9 73.3 5.3 8.4 5.9 101.9 40.4 K ........................................................................................................................................................................................................................
Time Technoplast [1] 75.5 4.0 19.1 1.0 202012 -9.6 -20.7 -20.7 -56.2 -1.8 13.3 0.5 82.5 27.8
ERIS Lifescience [1] 600.3 25.3 23.8 5.8 202012 16.5 42.0 13.4 16.5 -1.1 24.8 0.1 644.0 400.0 K E C Intl. [2] 401.9 21.4 18.7 3.4 202012 7.0 0.1 2.4 -3.5 -1.4 24.8 0.8 486.5 180.3 Titan Company [1] 1492.0 11.0 136.1 17.7 202103 59.2 62.9 -3.3 -35.1 2.1 23.9 0.5 1621.0 809.9
Escorts 1118.7 54.4 20.6 3.4 202012 23.8 85.1 1.6 56.6 -1.7 20.6 0.1 1468.4 667.5 K P R Mill Ltd [5] 1378.3 74.9 18.4 4.0 202103 29.9 130.1 6.9 36.8 13.2 19.6 0.5 1423.4 395.1 Torrent Pharma. [5] 2509.7 73.4 34.2 7.7 202012 2.5 18.3 2.5 45.6 -0.9 14.8 1.2 3040.0 2232.0
Exide Inds. [1] 177.9 9.5 18.7 2.1 202103 31.3 29.5 5.7 2.4 3.9 5.4 0.0 220.6 142.4 Kajaria Ceramics [1] 915.7 14.5 63.2 8.2 202012 13.1 93.3 -16.5 -15.4 4.6 18.5 0.1 1020.0 295.4 Torrent Power 396.4 32.2 12.3 2.0 202012 -4.1 -23.6 -11.1 4.9 0.6 12.3 1.0 434.9 291.5
Kalpataru Power [2] 370.9 24.8 15.0 1.6 202012 10.7 17.4 -2.2 -28.0 2.5 14.9 0.9 406.8 180.0 Trent [1] 777.2 -4.1 13.1 202103 7.4 128.0 -25.6 -218.2 0.8 11.5 0.2 945.0 401.8
F .........................................................................................................................................................................................................................
Kansai Nerolac [1] 556.4 8.8 63.4 7.9 202012 19.7 74.2 -13.4 -12.6 1.0 18.3 0.0 679.6 333.0 Trident [1] 13.8 0.5 26.1 2.2 202012 20.4 203.3 -18.8 -31.3 2.3 10.2 0.7 17.0 4.5
FDC [1] 304.6 18.4 16.6 3.0 202012 5.9 1.5 5.6 41.1 -0.6 21.5 0.0 378.0 230.0 Kaveri Seed Co. [2] 604.1 55.6 10.9 2.9 202012 -4.5 10.4 12.2 39.5 4.1 23.1 0.0 682.0 356.3 Triveni Turbine [1] 100.0 3.3 30.6 5.5 202012 -14.5 1.7 -25.0 -22.5 -1.6 32.9 0.0 118.0 56.0
Federal Bank [2] 80.2 7.4 10.9 1.0 202012 5.6 -7.4 9.0 -12.1 11.3 0.0 0.0 92.4 36.9 KEI Industries [2] 519.8 27.4 19.0 2.9 202012 -12.3 9.9 -14.2 -2.9 1.3 27.8 0.4 563.5 249.0 TTK Prestige 7409.2 119.7 61.9 7.6 202012 23.6 37.2 -6.1 -25.3 -3.5 18.3 0.1 8055.3 4600.0
Fine Organic [5] 2861.5 40.1 71.4 13.1 202012 12.5 -19.9 -1.6 -21.8 12.5 32.7 0.2 3258.3 1826.0 KNR Construct. [2] 200.1 11.2 17.9 3.2 202012 21.7 74.5 6.3 5.3 2.5 18.9 0.6 242.1 90.2 Tube Investments [1] 1237.9 12.0 103.3 11.3 202012 57.8 43.8 -12.8 -23.4 10.3 20.6 0.3 1320.0 307.0
Finolex Cables [2] 361.8 23.4 15.4 1.8 202012 18.2 43.1 -18.1 -20.5 1.0 17.8 0.0 426.5 192.3 Kotak Mah. Bank [5] 1748.6 54.0 32.4 4.4 202012 -0.6 43.1 1.5 44.9 0.8 0.0 0.0 2049.0 1110.0 TV18 Broadcast [2] 34.0 2.7 12.8 1.4 202103 -5.4 112.1 -13.1 78.5 -0.4 11.9 0.5 41.7 18.0
Finolex Inds. [2] 151.3 8.0 18.9 4.0 202012 52.5 163.3 -6.4 35.5 4.4 16.9 0.1 154.8 71.0 KPIT Technologi. 197.2 5.0 39.4 4.5 202103 -2.9 22.2 -5.6 -8.3 0.5 16.8 0.2 209.0 39.0 TVS Motor Co. [1] 631.0 12.6 49.9 7.8 202103 49.4 240.3 3.0 -6.8 18.3 12.5 3.2 661.1 294.7
Firstsour.Solu. 112.7 5.8 19.3 2.7 202012 29.3 35.2 17.8 17.4 2.1 13.1 0.3 125.5 28.8 KRBL [1] 184.9 24.2 7.6 1.3 202012 -15.7 -8.6 -11.9 4.3 3.2 20.9 0.3 339.6 173.5 TVS Srichakra 1795.2 82.6 21.7 1.8 202012 12.4 185.1 -22.0 -16.6 5.0 10.4 0.5 2272.9 980.1
Force Motors 1114.9 -44.7 0.8 202012 -43.5 -164.8 -41.9 -161.2 4.6 4.8 0.2 1559.5 790.0 KSB 889.3 36.4 24.4 3.5 202103 48.5 302.8 5.6 46.2 3.5 16.6 0.1 953.4 425.5
Fortis Health. 210.6 -2.6 2.5 202012 0.7 -60.8 -17.3 -211.1 1.4 4.1 0.3 227.2 113.2 U
L
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Future Consumer [6] 7.0 -1.9 1.2 202012 -80.6 -1358.0 -57.7 -1076.2 1.0 0.0 0.7 19.6 5.9 .........................................................................................................................................................................................................................
Uflex 405.7 94.0 4.3 0.6 202012 18.2 89.1 5.6 100.0 10.5 9.5 0.6 448.0 165.5
Future Retail [2] 51.2 -47.6 0.9 202012 -71.0 -612.7 -58.8 -473.8 4.5 9.9 1.7 168.0 40.6 L & T Infotech [1] 3889.9 104.0 37.4 10.8 202012 12.2 37.5 17.0 23.5 -0.4 36.2 0.0 4499.9 1477.0 Ujjivan Fin.Ser. 202.8 -16.8 0.8 202012 3.4 -667.8 18.7 -178.3 5.2 9.6 5.7 310.9 144.7
L&T Fin.Holdings 87.1 4.0 21.6 1.2 202103 1.8 -30.9 -3.4 -41.4 -3.3 9.6 6.6 113.4 47.3
G ........................................................................................................................................................................................................................
L&T Technology [2] 2730.4 64.1 42.6 9.3 202012 -1.6 -8.8 -1.1 -16.4 3.4 38.9 0.0 3062.5 1066.5
UltraTech Cem.
Union Bank (I)
6271.6 251.1 25.0
34.3 2.2 15.8
4.4
0.4
202012
202012
17.4
77.8
122.6
29.8
-6.5
72.7
98.2
137.2
3.5
4.7
11.7
0.0
0.7 7050.0 3235.0
0.0 45.3 22.6
G M D C [2] 58.8 5.8 10.1 0.4 202012 -3.1 -109.8 -27.7 -35.0 9.1 5.5 0.0 67.5 34.4 Lak. Mach. Works 6235.2 26.9 231.7 4.0 202012 49.4 715.4 -19.2 -52.4 3.2 2.3 0.0 7850.0 2360.2 United Breweries [1] 1212.9 4.3 284.4 9.0 202103 8.4 231.0 -34.8 -73.6 6.4 16.7 0.1 1328.5 860.1
GNFC 361.9 40.3 9.0 1.0 202012 18.0 113.8 -9.8 72.5 17.2 6.4 0.1 373.4 124.3 Larsen & Toubro [2] 1340.2 101.7 13.2 2.6 202012 -1.8 4.9 -8.6 46.3 1.3 12.5 2.0 1593.0 791.6 UPL [2] 608.2 34.6 17.6 2.9 202012 2.6 -4.3 11.8 74.1 3.9 10.5 1.7 673.9 336.6
G S F C [2] 94.5 9.1 10.4 0.5 202012 18.7 72.8 -2.1 148.5 0.6 2.8 0.2 107.2 39.2 Laurus Labs [2] 453.1 18.3 24.7 9.4 202103 68.3 169.3 70.0 285.3 -2.3 13.6 0.6 482.7 84.4
GAIL (India) 137.3 18.9 7.3 1.2 202012 -12.4 -7.0 -19.1 34.8 6.0 18.9 0.1 158.0 80.5 Lemon Tree Hotel 35.4 -1.6 3.8 202012 -65.7 -356.1 -48.3 -413.8 10.5 0.0 1.9 49.5 13.8 V ........................................................................................................................................................................................................................

Galaxy Surfact. 2916.8 80.7 36.1 8.7 202012 7.8 77.6 1.4 27.4 11.4 23.5 0.4 2975.4 1201.0 LIC Housing Fin. [2] 405.8 54.7 7.4 1.0 202012 -1.9 19.8 1.9 3.1 3.7 9.1 10.5 487.5 219.4 V I P Inds. [2] 344.6 -6.0 9.3 202012 -46.0 -120.5 -62.7 -153.9 4.2 28.1 0.3 422.0 203.0
Garware Tech. 2623.2 67.3 39.0 6.9 202012 18.1 49.1 -3.9 -0.4 3.0 23.2 0.2 2789.0 1236.0 Linde India 1832.4 17.6 104.2 7.0 202012 15.2 120.3 -16.5 27.2 -1.9 10.0 0.4 2078.6 485.7 Vaibhav Global 4170.9 78.4 53.2 16.1 202012 28.7 40.8 21.7 39.6 5.3 30.4 0.1 4850.0 931.1
Gateway Distr. 203.9 7.6 27.0 1.7 202103 17.1 314.9 -8.7 -1.9 19.3 8.6 0.7 213.9 71.0 Lupin [2] 1069.8 23.8 44.9 3.8 202012 5.4 -66.6 -1.3 390.5 -0.9 8.7 0.6 1121.9 808.5 Vakrangee [1] 50.9 0.7 76.5 2.1 202012 -62.7 -14.8 -27.5 57.2 -3.7 3.5 0.0 69.9 24.0
GE Power 259.6 13.4 19.4 1.9 202012 42.8 2.6 52.8 143.4 1.7 19.8 0.1 549.3 177.4 Lux Industries [2] 1903.0 66.5 28.6 8.4 202012 28.9 59.2 0.6 28.2 2.5 28.3 0.4 2006.4 840.0 Vardhman Textile 1177.6 54.2 21.7 1.1 202012 -4.1 -14.4 -16.1 -48.9 4.5 8.8 0.4 1333.2 611.1
GE Shipping Co 314.9 44.0 7.2 0.6 202012 -30.1 -38.0 -1.3 64.2 6.8 4.2 0.8 340.0 189.2 Varroc Engineer [1] 370.3 -33.8 1.7 202012 24.6 -207.8 -9.6 -294.0 -0.7 2.7 1.1 500.0 127.2
General Insuranc [5] 204.6 11.2 18.2 1.2 202012 14.9 -10.1 -4.7 424.8 1.1 -2.2 0.0 243.7 116.0 M .......................................................................................................................................................................................................................
Varun Beverages 951.3 8.3 114.3 7.8 202012 9.1 -133.3 -9.5 -48.8 8.0 10.4 1.0 1095.9 571.6
GHCL 236.0 34.3 6.9 0.9 202103 10.2 31.0 -12.5 -19.2 2.4 18.5 0.6 258.0 95.2 M & M [5] 752.9 0.6 1182.8 2.3 202012 11.3 291.4 -19.9 -96.2 -3.3 7.5 1.9 952.2 336.2 Vedanta [1] 257.4 25.3 10.2 1.7 202012 6.5 47.9 -9.9 8.8 12.9 0.0 1.1 266.3 77.0
Glaxosmi. Pharma 1453.7 29.8 48.7 18.6 202012 10.1 1129.6 -1.2 20.7 0.2 28.4 0.0 1805.0 1258.0 M & M Fin. Serv. [2] 162.3 4.7 34.7 1.3 202103 -3.2 -7.9 1.4 -46.3 -9.3 9.5 5.4 224.2 76.5 V-Guard Industri [1] 223.5 3.8 58.2 9.1 202012 32.1 77.7 -11.1 -23.5 -0.4 25.6 0.0 262.0 159.6
Glenmark Pharma [1] 576.7 32.1 18.0 2.5 202012 4.6 25.5 4.7 26.2 3.1 13.7 0.8 589.0 322.9 MRPL 43.2 -15.5 1.2 202012 -44.0 -241.7 -38.0 -144.4 15.4 -16.2 2.0 46.0 25.0 Vodafone Idea 8.4 -8.3 -0.9 202012 -1.7 -207.3 -1.9 47.7 -1.4 0.0 3.7 13.8 3.9
GMM Pfaudler [2] 4153.2 55.3 75.1 15.9 202012 29.4 10.0 12.7 11.0 0.8 28.4 0.1 6913.9 3301.0 Mah. Seamless [5] 289.5 17.9 16.2 0.6 202012 -1.3 -19.2 -27.5 -69.4 7.8 10.6 0.4 350.0 187.0 Voltas [1] 957.1 13.5 70.8 7.2 202012 32.5 47.2 -9.1 -15.6 1.9 16.8 0.1 1131.2 428.0
GMR Infra. [1] 22.9 -4.7 -822.0 202012 -31.7 -394.0 -26.0 -137.1 -0.2 0.0 0.0 30.0 16.3 Mahindra CIE 171.2 1.4 120.7 1.3 202103 31.7 -83.9 -11.1 -78.9 9.3 3.6 0.3 234.5 81.0
Godfrey Phillips [2] 862.2 61.5 14.0 1.9 202012 -7.7 7.7 -17.0 -18.9 -0.4 19.5 0.1 1090.0 831.9 Mahindra Holiday 211.3 -12.5 -3.9 202012 -16.8 -96.6 -21.3 -312.9 4.2 3.1 0.0 248.9 122.0 W ......................................................................................................................................................................................................................

Godrej Agrovet 498.8 17.6 28.3 5.0 202012 -14.4 19.4 -6.5 25.7 -0.4 16.9 0.3 568.7 349.2 Mahindra Life. 506.1 -26.1 1.6 202012 -17.3 -718.2 -71.5 -317.1 4.7 -2.6 0.1 577.3 171.2 Welspun Corp [5] 142.9 20.6 6.9 1.1 202012 -53.9 -11.0 -27.2 54.5 3.3 27.7 0.4 164.5 55.0
Godrej Consumer [1] 693.8 15.8 43.8 8.2 202012 9.8 10.8 2.4 -26.8 -0.7 17.5 0.5 808.0 484.1 Mahindra Logis. 535.8 4.5 119.8 6.8 202103 20.0 50.7 -6.0 -41.8 2.8 15.6 0.1 614.0 240.6 Welspun India [1] 79.5 4.9 16.1 2.4 202012 29.2 325.8 2.1 -7.6 1.3 13.3 1.2 87.9 23.5
Godrej Industrie [1] 510.8 11.3 45.1 2.8 202012 -12.6 16.6 -11.4 -49.4 -0.3 12.8 1.4 555.9 234.0 Manappuram Fin. [2] 149.3 19.5 7.7 2.0 202012 14.5 17.5 23.6 19.8 1.9 16.1 3.7 187.3 111.4 Westlife Develop [2] 437.3 -6.8 14.1 202012 -24.8 -128.1 -37.8 -653.9 5.9 7.0 1.0 535.0 271.3
Godrej Propert. [5] 1367.8 3.7 368.1 4.5 202012 -55.5 -69.2 -35.9 -68.2 4.3 8.1 1.0 1573.5 575.1 Marico [1] 411.7 9.0 45.8 16.4 202103 34.5 15.8 10.0 11.4 0.0 40.6 0.1 439.0 277.5 Whirlpool India 2220.6 24.8 89.7 10.6 202012 17.5 -6.7 -8.7 -37.6 4.4 26.7 0.0 2777.0 1805.8
Granules India [1] 333.5 19.1 17.4 4.3 202012 20.0 74.1 16.3 44.7 1.2 18.1 0.6 438.0 154.0 Maruti Suzuki [5] 6459.8 145.3 44.4 4.0 202103 33.6 -6.1 -7.2 -22.6 -3.2 8.3 0.0 8400.0 4639.8 Wipro [2] 492.4 19.7 25.0 4.9 202103 3.4 27.8 1.5 11.0 3.5 19.3 0.2 512.0 178.2
Graphite India [2] 731.4 -5.3 3.2 202012 -22.4 -93.5 -52.3 -115.8 12.2 0.7 0.1 749.5 161.7 MAS FINANC SER 800.0 26.3 30.4 4.0 202012 -17.9 -25.8 -4.5 -16.6 -1.6 15.3 2.6 1107.7 532.3 Wockhardt [5] 515.3 -45.2 1.7 202012 2.1 58.3 -8.5 -279.3 2.3 0.5 1.2 569.8 211.0
Grasim Inds [2] 1404.1 69.4 20.2 1.5 202012 12.7 101.3 -8.9 5.2 9.9 8.2 1.5 1472.4 469.3 Max Financial [2] 895.5 9.5 94.5 4.7 202012 67.5 67.1 22.0 4.8 3.6 21.0 0.0 978.0 407.5
Greaves Cotton [2] 145.7 -0.3 4.5 202012 -4.9 -49.4 -33.9 -104.4 14.5 18.8 0.0 158.0 66.0 Meghmani Organ. [1] 141.1 9.3 15.2 2.7 202012 25.9 36.0 0.1 -11.5 14.6 21.4 0.7 148.3 44.0 Z .........................................................................................................................................................................................................................

Grindwell Norton [5] 920.4 18.1 50.9 8.6 202012 11.6 42.5 -7.4 9.0 4.4 21.2 0.0 980.0 451.1 Metropolis Healt [2] 2393.7 27.8 86.0 20.0 202012 23.3 39.2 7.3 -5.8 0.2 39.5 0.1 2605.0 1150.0 Zee Entertainment [1] 185.6 -0.9 1.9 202012 33.2 14.4 -5.9 -105.1 -1.3 13.4 0.0 261.0 134.8
Guj Pipavav Port 92.1 4.4 21.1 2.0 202012 0.9 -56.2 -6.8 -35.1 -2.4 16.8 0.0 117.8 53.0 Minda Corp [2] 101.2 1.4 72.4 2.3 202012 36.1 19.0 -14.1 -76.4 4.8 11.0 0.6 110.5 53.8 Zensar Tech. [2] 265.3 11.5 23.1 2.6 202103 -13.9 27.7 -9.6 -1.8 -1.1 17.1 0.2 347.0 77.5
Guj.St.Petronet 269.9 27.9 9.7 2.8 202012 8.4 47.8 -4.1 0.9 7.7 33.4 1.0 311.4 177.5 Minda Industries [2] 525.1 3.0 176.7 7.1 202012 35.8 124.2 -10.5 -64.1 -2.0 10.9 0.7 612.4 237.5 Zydus Wellness 2098.6 29.8 70.4 3.0 202012 14.7 305.4 3.2 2.2 -1.8 6.0 0.5 2324.9 1185.0

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BusinessLine
SUNDAY • MAY 2 • 2021 SAFE INVESTING 9
HNI MONEY ALERTS

More is merrier in MLDs Covid claims to get quicker

To help policyholders with quick claim settlement,
particularly for cashless claims, the insurance regulator,
The ultra rich now have a wider basket of market­linked debentures to choose from IRDAI, has issued directives to insurers.
Accordingly,insurers are asked to communicate decision
JOYDEEP SEN horizon required for listed bonds. on authorisation for cashless treatment for COVID-19
..........................................
Usually the tenure ranges from 15 claims within a period of 60 minutes from the time of
In bonds, the returns are known up­ months to a tad over three years. receipt of authorisation
front. At the other extreme are equity These are an HNI product and are not request (along with all
investments, where returns are uncer­ meant for retail investors. While there other necessary
tain. Market­linked debentures is no legally defined minimum ticket requirements) from the
(MLDs) combine the two. MLDs are size (like ₹50 lakh in PMS), wealth hospital.
bonds/debentures where the coupon management outfits would like to sell Additionally, the insurers
or interest payout is not defined as in in ticket sizes of, say, ₹1 crore. But, the Elite clientele are advised to process
the usual bonds. The ‘payout’, which is ticket size may vary. It depends on the such requests promptly
your return from the instrument, is face value also. If the face value is ₹10 B
MLDs are largely so that both
made contingent upon the move­ lakh, it goes in multiples of 10 lakh. meant for HNIs authorisation for cashless treatment and discharge of the
.................................................................................................................

ment in another market, referred to as The risk factors in MLDs are two­ They are yet not patient can be hastened to the maximum extent possible.

GETTY IMAGES/ISTOCKPHOTO
B

the underlying. The underlying can be fold: (a) default risk, which can be available in retail In April last year, taking into account of the increasing
an index or a stock or any other asset gauged from the credit rating and (b) lot sizes Covid infections, the regulator had issued an order
such as the Nifty, Sensex, any basket of liquidity, there is no liquidity in the .................................................................................................................
wherein a fixed turnaround time (TAT) of two hours for
stocks, government security or gold, secondary market. Hence, if you need B
Issuances take place granting both cashless pre-authorization and for final
to name a few. The advantage is, you to redeem prior to maturity, there through private discharge of the insured patient was specified.
get the benefit of investing in another may not be a buyer. Nowadays, there placements
.................................................................................................................

market by simply buying a debenture. are many issuers hitting the market.
They provide principal protection linkage with an underlying, the condi­ up by X per cent, the investor would The presence of a PSU issuer rated AAA
(PP) i.e. irrespective of the movement tionality is kept in such a manner that get 75 per cent of the upside. in this space, such as the Rural Electri­
in the underlying market, you will get the probability of getting the indic­ fication Corporation, implies that the
principal back on maturity. So, your ated return (XIRR) is near­certain. In Tax efficiency concept of MLDs has the implicit sup­
downside in a PP structure is capped real market­oriented structures, the MLDs are tax­efficient. There is no port of the Government.
because worst possible return is zero. pay­off is contingent upon the move­ coupon payment, as they are by defini­ Some of the new private sector is­
The upside depends on the movement ment of the underlying. tion dependent on the underlying suers hitting this segment are Shri­
in the underlying and MLD terms. More than 80 per cent of the issu­ market movement. Principal protec­ ram Transport Finance, Muthoot Fin­
ances in the market are fixed income­ ted structures are listed on exchanges corp, Shriram City Union, Hinduja
Two options oriented. As an illustration, a fixed in­ and hence over a holding period of Leyland Finance, Manappuram Fin­
A point to be noted is that under cer­ come­oriented MLD can have a condi­ more than 1 year, become eligible for ance and M&M Financial Services. This
tain structures of the product, the tion that if the Nifty as the underlying long term capital gains taxation (10 product is largely meant for HNIs and
linkage with the underlying market is does not fall 75 per cent from the ini­ per cent plus surcharge and cess. is yet to be made available in retail lot
real. In certain other products, the tial level or the price of 10­year govern­ Compared to regular bonds, there is sizes. The issuances take place
conditionality of linkage with the un­ ment bond does not fall by 75 per cent, significant tax efficiency. Bond through private placements (as
derlying market is designed with a then the investor will get the indic­ coupons and the usual zero­coupon against public issues). Investors can
low probability, so that you have a ated return. This condition being bonds are taxed at the marginal slab avail of this product from wealth man­
high degree of certainty on returns. highly unlikely, the investor can visu­ rate i.e. 30 per cent plus surcharge and agers and a few select bond houses.
The latter are referred to as fixed­in­ alise the return. In a real market­ori­ cess. The tenure of MLDs has to be a
come­oriented structures and are ented structure, the terms would state minimum of one year from a tax­effi­ The author is a corporate trainer and Scan & Share
more popular. Here, while there is a something like this — if the Nifty goes ciency perspective, which is the LTCG author

SIMPLY PUT PRODUCT REVIEW Max Life Smart Secure Plus

Real returns A ‘premium’ choice

Can be negative if inflation is high Max Life’s new cover offers multiple frills — at a cost
SATYA SONTANAM
..........................................
subtract the rate of inflation
BL Research Bureau from the return on your in­ BAVADHARINI KS
..........................................
vestment. In the above ex­ BL Research Bureau
A phone call between two ample, the real return on
friends leads to a talk about your investment would be ­2 Max Life Insurance recently
inflation­adjusted returns. per cent. That is, 4 per cent re­ launched Smart Secure Plus
Akhila: What are you up turn minus the inflation rate Plan, a non­linked, non­parti­
to, Karthik? of 6 per cent. cipating, term life policy. The
Karthik: I was planning to Karthik: That’s pretty new plan, in addition to
+ buy a television set for simple. providing a risk cover, comes
₹50,000. But I later changed Akhila: The above for­ with multiple frills and
my mind to save and invest mula gives an approximate riders. Should you go for it? the insurer will waive the last
that amount to buy a better rate of real return. To be pre­ two policy year premiums.
version next year. cise, you can use the formula Basics It is available only on the
Akhila: I hope inflation ­­ ((1+return)/(1+inflation The policy offers different payment of additional
doesn’t eat into your returns. rate)) – 1. premium payment term op­ premium. Two premium
Karthik: What do you Karthik: Are there any tions — 5, 10, 12, 15 years, and breaks can be availed ­ the
mean? savings instruments in the one where you can pay first break is available only
Akhila: A few economists market that offer returns premium till 60 years. Apart after the completion of 10
expect inflation to rise going linked to inflation? from this, regular pay option policy years and the second NEW FEATURES
ahead. If that happens, your Akhila: There used to be (where you can pay premium can be exercised after a min­ While Smart Secure
inflation­adjusted returns inflation­indexed bonds but till the end of the policy imum gap of 10 years from Plus is similar to
can be low or even negative. they are no longer available. term) and single premium the first premium break. other term plans in
Karthik: Can you Karthik: Equities payment option, too, are terms of coverage
explain that? would give higher re­ available. Under the special exit value Our take
Bank FD interest rates (%)
and riders, it has two
Akhila: If you turns, right? Smart Secure Plus allows feature, a policyholder may When it comes to life insur­ new features — <1 1 to 2 2 to 3 3 to 5
Bank w.e.f
year years years years
invest that Akhila: Equity the nominee to select from choose to exit the policy and ance, it is best to go for a basic special exit value
₹50,000 at four is said to deliver in­ three pay­out options — lump receive the premiums paid. term plan. You can consider option and premium FOREIGN BANKS
per cent p.a. in a flation­beating re­ sum payment or monthly That is, you can receive the adding accidental death be­ break option Citi Bank 2.75 3 3.5 3.5 Apr 30
fixed­income in­ turns in the long­ pay­out or part lump sum entire premium paid for the nefit and critical illness DBS Bank 3.5 4.5 5.5 5.5 Feb 20
strument, your in­ run. But remember, and part monthly pay­out. base policy if you are 65 years riders to your base plan. Deutsche Bank 3.85 4.25 4.5 6.25 Mar 18
vestment will be for the sake of earning In addition to the death be­ or you have reached the 25th The premium break option HSBC 3.1 3.75 4 4 Nov 26
worth ₹52,000 by year­ higher inflation­adjusted nefit, the policy provides cov­ year (applicable for policy may not be useful for many as
Scotiabank 1.95 2 2.15 2.3 Mar 13
end. Say, the average infla­ returns, you should not go erage against diagnosis of term from 40 years to 44 the income of an individual is
tion over the next one year is for investments that do not terminal illness, post which years) or the 30th policy year likely to increase as he/she Standard Chartered 4.6 5.4 5.4 5.35 Apr 29
six per cent and the price of fit your risk appetite. the policy terminates. (applicable for policy terms ages. Further, if there is any INDIAN: PUBLIC SECTOR BANKS
the TV set which you decided Karthik: What are the al­ The policy offers two SA op­ greater than 44 years), financial strain, he/she might Bank of Maharashtra 4.25 4.9 4.9 4.9 Jan 08
not to buy, becomes ₹53,000. ternatives in the fixed in­ tions. These are level SA, whichever is earlier. as well go the special exit op­ Bank of Baroda 4.4 5 5.1 5.25 Nov 16
Let alone buying a better ver­ come space? where the life cover remains Though special exit value is tion instead of selecting Bank of India 4.75 5.3 5.3 5.3 Oct 01
sion, your investment Akhila: You can consider constant and increasing SA, offered in­built in the policy premium break (for extra
Canara Bank 4.45 5.4 5.5 5.5 Feb 08
amount won’t be sufficient floating­rate instruments, where the cover increases 5 (without payment of addi­ cost). While it is advisable to
to buy even the current coupon rates on which are per cent every policy year, tional premium), it is not stay covered for maximum Central Bank of India 4.25 4.9 5.1 5.1 Jan 08
model. linked to interest rate move­ subject to a maximum of 200 available if the policyholder number of years, the policy’s IDBI Bank 4.3 5 5.1 5.25 Apr 16
Karthik: Ouch! ments in the economy, which per cent of the base SA. has opted for return of special exit options come in Indian Bank 4.4 5.1 5.25 5.25 Feb 05
Akhila: Inflation­adjusted are a play of inflation as well. premium rider. It is also not handy, particularly if you are Indian Overseas Bank 4.9 5.2 5.2 5.2 Nov 09
returns, also called real re­ Karthik: I remember What’s new available if the policy term is in need of money. . Punjab National Bank 4.5 5.2 5.2 5.3 Jan 01
turns takes into account the reading the Simply Put While Smart Secure Plus Plan less than 40 years. To sum up, you could go for Punjab & Sind Bank 4.55 5.25 5.25 5.25 Nov 28
inflation rate while calculat­ column in BL Portfolio a few is, by and large, similar to The second feature is this policy for its pure vanilla
State Bank of India 4.4 5.1 5.3 5.4 Jan 08
ing the return on an weeks back that talked about other term plans with respect premium break, where you cover and special exit option.
investment. floating rate instruments to coverage and riders, it has can take a break from But there’s a wider basket of UCO Bank 4.7 5 5 5 Dec 16
Karthik: How do I calcu­ such as Floating Rate Savings two new features — special premium payment and still policies to choose from (on­ Union Bank 4.5 5.3 5.5 5.55 Dec 15
late real returns? Bonds 2020, the PPF and the exit value option and stay covered. If the premium line), which may also be INDIAN: PRIVATE SECTOR BANKS
Akhila: You can simply Sukanya Samriddhi Yojana. premium break option. break option is not exercised, cheaper. Axis Bank 5.15 5.4 5.4 5.75 Mar 18
Bandhan Bank 5.25 5.75 5.75 5.5 NA
Catholic Syrian 4.25 5 5.25 5.5 Feb 01

Insurance premium tracker City Union Bank 5 5.75 5.75 5.5 Dec 16
DCB Bank 5.95 6.7 6.75 6.75 Feb 05
For a 30­year­old male/female, non smoker, living in a metro city, Sum assured ₹1 crore with coverage up to 70 yrs
Dhanlaxmi Bank 4.5 5.3 5.4 5.5 Sep 01
Max Max Annual Premium Claim Federal Bank 4.4 5.5 5.35 5.5 Feb 18
Plan name coverage policy (inclusive of GST) Settlement
Insurance company HDFC Bank 4.4 4.9 5.15 5.3 Nov 13
up to term Male Female Ratio (%)
ICICI Bank 4.4 5 5.15 5.35 Oct 21
Aditya Birla Capital DigiShield Plan 85 55 12744 10738 97.5 IDFC First Bank 5.25 6 5.75 5.75 Sep 15
Aegon Life iTerm Insurance 100 82 9114 8933 98.0 IndusInd Bank 6 6.5 6.5 6.5 Apr 26

Bajaj Allianz Smart Protect Goal 99 81 10911 9328 98.0 J & K Bank 4.5 5.1 5.2 5.3 Oct 11
Karnataka Bank 5.2 5.3 5.55 5.55 Nov 30
Bharti AXA Premier Protect Plan 75 57 11092 9794 97.3
Kotak Bank 4.4 5 5.1 5.3 Apr 26
Canara HSBC OBC Life iSelect+ Term Plan 99 81 12552 10771 98.1 Karur Vysya Bank 5 5.5 5.65 6 Jan 11
HDFC Life Click2Protect Plus 85 67 13352 12016 99.1 RBL Bank 5.5 6.25 6.4 6.6 Apr 12
ICICI Prudential iProtect Smart 99 81 15628 13786 97.8 South Indian Bank 4.75 5.4 5.5 5.65 Feb 24
Tamilnad Mercantile Bank 5.25 5.75 5.65 5.5 Sep 01
India First Life e­Term Plan 80 40 10148 8614 96.7
TNSC Bank 5.75 6 5.85 6 Dec 09
Kotak Life Insurance Kotak e­Term Plan 75 57 11918 10266 96.3 Yes Bank 5.75 6.5 6.75 6.75 Feb 08
Max Life Smart Secure Plus 85 67 12238 10221 99.2 SMALL FINANCE BANKS
PNB Met Life Mera Term Plan Plus 99 81 12272 10384 97.2 AU Small Finance Bank 5.25 6.35 6.5 6.25 Apr 01
Equitas Small Finance Bank 5.4 6.4 6.8 6.4 Jan 25
SBI Life eShield 80 62 15070 12898 94.5
Fincare Small Finance Bank 5 6.2 6.5 6.75 Apr 26
TATA AIA Life* Maha Raksha Supreme 100 82 12980 11328 99.1
Jana Small Finance Bank 6 7 7 7.25 Apr 11
Exide Smart Term Plan 75 30 17178 14904 98.1 Suryoday Small Finance Bank 6.25 6.75 7 7.25 Feb 15
Edelweiss Tokio Zindgi+ 80 62 11223 9078 97.8 Ujjivan Small Finance Bank 5.2 6.5 6.75 6.75 Mar 05
Data as on respective banks’ website on Apr 30, 2021; For each year range, the maximum
Claim settlement ratio as per data provided by insurer Source: www.policybazaar.com offered interest rate is considered; interest rate is for a normal fixed deposit amount below
*TATA MRS whole life is available only on limited pay option ₹1 crore. Compiled by BankBazaar.com

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10 STAR TRACK MF RATINGS BusinessLine

SUNDAY • MAY 2 • 2021

Latest Latest Expense Trailing Returns (%) Latest Latest Expense Trailing Returns (%)
BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year
(₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR (₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR

★★★ Tata Mid Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 198.3 1129 2.3 13.0 61.7 11.7 15.3
EQUITY - THEMATIC - CONSUMPTION FUNDS
★★ ICICI Pru MidCap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 128.3 2338 2.4 13.8 77.1 7.2 13.9
★★ Nippon India Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1577.2 9031 1.8 13.0 69.3 10.7 15.9 ★★★★★ Aditya Birla SL India GenNext Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.4 1937 2.0 5.2 44.6 10.9 15.5
★★ Sundaram Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 573.8 6152 1.9 11.1 59.0 2.4 10.9 ★★★★ Canara Robeco Consumer Trends Fund (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 55.1 553 2.5 7.7 47.4 13.5 17.7
★ Aditya Birla SL Midcap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 356.0 2697 2.0 12.2 65.7 3.2 10.7 ★★★ ICICI Pru FMCG Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 271.7 606 2.8 0.1 23.4 5.5 11.5
★ PGIM India Midcap Opportunities Fund (G). . . . . . . . . . . . . . . .. . . . . . . . . . 32.7 1108 2.4 20.4 95.9 16.3 17.5 ★★★ Mirae Asset Great Consumer Fund (G). . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.6 1174 2.2 7.8 45.8 9.7 16.4
- Baroda Mid-Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.0 55 2.6 12.4 66.1 7.6 14.2 ★★★ SBI Consumption Opportunities Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . 140.6 671 2.4 6.0 52.7 4.3 13.5
- IDBI Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.3 188 2.6 10.6 63.6 5.2 - ★★ Sundaram Rural and Consumption Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 48.5 1336 2.3 0.9 36.8 3.2 11.9
- Mahindra Manulife Mid Cap Unnati Yojana (G) . . . . . . . . .. . . . . . . . . . 13.9 631 2.2 18.5 62.1 11.0 - ★ UTI-India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.3 293 2.9 -0.1 32.1 5.2 10.8

- Mirae Asset Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.6 4224 1.9 18.5 79.8 - - - Nippon India Consumption Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 89.2 126 2.6 4.6 50.7 10.3 10.9
- Tata India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.5 1188 2.3 2.5 37.4 5.1 17.1
- Motilal Oswal Midcap 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.5 1896 2.1 11.0 57.8 7.3 10.6
- Taurus Discovery (Midcap) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.3 66 2.6 14.0 56.8 9.6 16.6
EQUITY - THEMATIC - INFRASTRUCTURE FUNDS
EQUITY - SMALL CAP FUNDS ★★★★★ Franklin Build India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 49.6 954 2.4 12.6 61.1 7.5 11.7
★★★★★ L&T Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.0 1230 2.3 16.0 56.3 0.0 11.9
★★★★★ SBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.4 7570 1.8 15.4 81.1 11.5 20.1
Latest Latest Expense Trailing Returns (%) ★★★★ Canara Robeco Infrastructure (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.7 128 2.6 16.9 54.2 4.7 9.9
★★★★ DSP Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.4 6455 2.0 15.9 87.6 7.1 14.0
BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year ★★★★ Kotak Infrastructure & Economic Reform-SP (G) . . . . .. . . . . . . . . . 24.5 341 2.5 19.4 61.8 3.4 10.0
(₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR ★★★★ Nippon India Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.1 12474 1.8 24.1 98.9 9.8 19.5
★★★ Aditya Birla SL Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.2 474 2.9 17.5 70.1 2.4 10.3
★★★ AXIS Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.9 4485 2.1 16.7 70.5 17.0 18.2
★★★ DSP India T.I.G.E.R. Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.8 981 2.4 17.1 62.6 4.2 11.7
★★★ Franklin India Smaller Companies Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 68.5 6300 2.0 15.8 83.7 3.3 11.2
EQUITY - LARGE CAP FUNDS ★★★ ICICI Pru Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.5 1374 2.3 18.1 67.1 4.8 10.7
★★★ Kotak Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 123.0 3423 2.2 25.5 109.2 14.1 18.1 ★★★ IDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.4 586 2.5 24.4 75.0 -0.2 11.8
★★★★★ AXIS Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.7 24598 1.8 0.9 37.4 13.7 15.5 ★★★ Sundaram Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 112.4 1248 2.3 18.0 90.2 1.8 10.9 ★★★ SBI Infrastructure Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.4 566 2.7 14.0 52.3 5.7 11.2
★★★★★ Mirae Asset Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.2 23762 1.6 5.6 47.1 11.2 15.4 ★★ Aditya Birla SL Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.9 2550 2.3 19.6 93.7 1.1 11.8 ★★★ Tata Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 70.6 601 2.6 16.3 63.1 6.3 11.4
★★★★★ SBI BlueChip Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.2 26838 1.8 5.8 50.8 9.1 12.4 ★★ HDFC Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.9 10050 2.1 18.8 90.3 4.6 16.2 ★★ Nippon India Power & Infra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 120.2 1353 2.2 14.5 63.3 1.0 11.4
★★★★ Aditya Birla SL Frontline Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 280.3 19499 1.7 5.4 48.9 8.3 12.0 ★ HSBC Small Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.7 325 2.8 17.1 90.7 1.0 11.4 ★★ UTI-Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.3 1367 2.4 16.3 54.5 4.6 11.0
★★★★ BNP Paribas Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 117.9 1027 2.3 3.7 39.4 11.4 12.3 - BOI AXA Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.6 119 0.7 23.2 95.2 - - ★ HDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.8 537 2.6 10.7 53.0 -7.3 2.0
★★★★ Canara Robeco Bluechip Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.1 2156 2.0 4.9 44.5 14.7 15.9 - Canara Robeco Small Cap Fund - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 16.3 856 2.5 20.8 94.8 - - ★ Sundaram Infrastructure Advantage Fund (G) . . . . . . . . . .. . . . . . . . . . 39.9 551 2.7 15.0 64.5 3.1 11.0
★★★★ ICICI Pru Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.8 26468 1.8 6.5 48.4 9.8 13.6 - Edelweiss Small Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.0 749 2.4 20.7 88.0 - - - BOI AXA Manufacturing & Infrastr Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 22.6 46 1.0 17.3 65.8 5.1 14.6
★★★ Edelweiss Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.8 232 2.5 3.8 45.3 10.0 13.4 - ICICI Pru Smallcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.1 2065 2.4 16.7 93.7 8.4 13.9 - HSBC Infrastructure Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.8 98 2.7 20.2 75.7 -7.8 4.5
★★★ HDFC Top 100 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 570.9 18660 1.8 7.8 46.1 8.2 12.4 - IDBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 113 2.5 21.0 81.0 5.5 - - Invesco India Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 110 2.5 13.9 48.5 8.0 13.2
★★★ IDBI India Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.8 427 2.6 5.8 44.4 9.9 11.4 - IDFC Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.9 951 2.4 13.6 81.6 - - - LIC MF Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 62 2.6 12.2 49.1 4.7 9.7
★★★ Invesco India Largecap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.7 291 2.6 4.7 39.7 8.6 12.0 - Invesco India Smallcap Fund - Regular (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.6 882 2.3 16.1 70.3 - - - Quant Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.8 10 2.5 29.0 127.1 16.2 18.4

★★★ JM Large Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.7 61 2.4 2.7 29.8 8.8 9.9 - Taurus Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.0 4 2.5 18.9 56.2 7.0 14.9
- L&T Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.2 5774 2.0 22.1 91.2 3.9 17.2
★★★ Kotak Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 312.4 2357 2.3 6.3 50.5 11.5 13.1 - Principal Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 324 2.5 19.5 91.9 - -
★★★ L&T India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.2 626 2.5 4.6 42.6 8.8 11.9
EQUITY - THEMATIC - MNC FUNDS
- Tata Small Cap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.8 1004 2.4 22.0 86.8 - -
★★★ Nippon India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.3 10069 1.8 7.7 47.9 7.1 12.6 - Union Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.4 425 2.6 22.7 86.1 10.0 14.0 - Aditya Birla SL MNC Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 900.5 4093 1.8 2.7 29.1 5.2 9.6
★★★ PGIM India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 213.6 309 2.5 5.4 45.3 9.4 11.9 - SBI Magnum Global Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 233.6 4493 2.1 9.9 39.9 9.4 12.2
★★★ UTI-Mastershare (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 161.3 7739 1.9 5.5 48.4 10.8 13.2 EQUITY - FOCUSED FUNDS - UTI-MNC Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 229.1 2345 2.2 2.8 27.5 4.3 9.5
★★ Franklin India Bluechip Fund - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 599.8 5927 1.9 12.2 56.5 9.5 11.3
★★★★★ Franklin India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.7 7799 1.9 12.6 58.9 11.3 13.2
★★ HSBC Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 267.2 701 2.6 2.2 43.0 9.0 13.3 EQUITY - SECTOR - BANKING FUNDS
★★★★★ SBI Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 191.4 14253 1.9 8.9 46.5 11.3 15.0
★★ LIC MF Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.8 502 2.7 1.6 38.5 9.9 11.8
★★★★ AXIS Focused 25 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.1 15007 1.7 2.3 46.5 11.3 17.1 ★★★★★ ICICI Pru Banking & Financial Services (G). . . . . . . . . . . . . . . . .. . . . . . . . . . 71.5 3865 2.1 8.6 55.6 5.9 15.4
★★ Tata Large Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 274.8 892 2.4 9.9 49.6 9.2 11.7
★★★★ Nippon India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.8 4877 1.9 15.3 68.4 10.0 14.9 ★★★★ Invesco India Financial Services Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 66.9 293 2.5 2.6 43.1 8.1 15.3
★ DSP Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 253.1 2640 2.1 4.1 42.7 7.5 10.9
★★★ Aditya Birla SL Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.8 4610 1.8 3.9 45.3 9.5 12.6 ★★★ Aditya Birla SL Banking&Financial Services (G) . . . . . . .. . . . . . . . . . 33.2 1896 2.4 4.4 60.1 5.2 14.2
★ IDFC Large Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.2 708 2.4 3.3 42.6 9.3 12.6
★★★ ICICI Pru Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.6 1217 2.2 9.4 52.5 10.6 12.6 ★★★ Sundaram Fin Serv Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.3 328 2.7 5.2 50.0 10.2 14.7
★ Indiabulls Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.8 113 2.4 1.4 36.6 6.1 11.3
★★★ Motilal Oswal Focused 25 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.4 1618 2.1 3.2 38.7 10.4 14.0 ★★ Nippon India Banking Fund - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 290.6 2659 2.1 10.8 60.6 2.6 12.0
- Baroda Large Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.5 41 2.6 4.6 43.2 10.0 12.5
★ UTI-Banking and Financial Services Fund (G) . . . . . . . . . . . .. . . . . . . . 102.8 677 2.6 5.3 53.3 1.7 10.6
- Navi Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.7 95 2.6 5.9 46.1 8.1 11.7 ★★★ Principal Focused Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 90.9 526 2.5 10.1 48.7 13.7 15.5
- Baroda Banking&Fin Serv Fund - Plan A (G) . . . . . . . . . . . . . . .. . . . . . . . . . 26.5 54 2.7 2.8 43.9 7.8 12.7
- Taurus Largecap Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 87.9 29 2.6 3.0 38.2 6.1 9.0 ★★ DSP Focus Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.5 1997 2.2 4.7 46.2 8.8 11.6
- IDBI Banking & Financial Services Fund - Reg (G) . . . .. . . . . . . . . . 12.0 102 2.5 4.0 45.4 - -
- Union Largecap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.6 185 2.6 3.9 43.6 7.9 - ★★ Sundaram Select Focus - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 226.2 1218 2.3 4.7 39.4 10.1 13.8
- LIC MF Banking & Fina Serv Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.3 58 2.8 2.1 40.1 3.5 8.2
★ HDFC Focused 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 88.5 650 2.7 9.5 46.8 3.1 9.2
- SBI Banking & Financial Services Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.2 2371 2.3 5.2 50.8 11.9 18.2
EQUITY - LARGE & MID CAP FUNDS ★ IDFC Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.3 1413 2.2 2.7 41.3 3.9 12.7
- Tata Banking & Financial Services Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 23.0 660 2.6 3.8 42.2 8.8 16.9
- BNP Paribas Focused 25 Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.2 183 2.4 2.9 38.5 7.1 -
★★★★★ Canara Robeco Emerging Equities (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 130.2 8179 1.8 8.1 54.5 10.3 17.2 - Taurus Banking & Financial Services Fund (G) . . . . . . . . . .. . . . . . . . . . 30.7 9 2.4 2.4 45.0 9.8 14.6
- IDBI Focused 30 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 136 2.5 2.1 41.5 6.7 -
★★★★★ Mirae Asset Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 79.6 16190 1.7 12.8 63.2 16.2 20.8
- IIFL Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.0 1623 2.2 6.4 54.6 16.9 18.1 EQUITY - SECTOR - IT FUNDS
★★★★ Aditya Birla SL Equity Advantage Fund (G). . . . . . . . . . . . . . . . .. . . . . . . . 552.8 5004 2.2 10.4 62.0 8.7 13.6
- JM Core 11 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 9.9 48 2.5 -0.3 35.3 4.3 12.9
★★★★ DSP Equity Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 300.1 5747 1.9 12.1 56.1 10.3 15.2 - Aditya Birla SL Digital India Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 98.5 1148 2.5 13.2 98.8 24.8 22.1
- Kotak Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.3 1865 2.2 8.7 47.2 - -
★★★★ Kotak Equity Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 164.4 5518 2.0 10.4 52.9 12.2 15.6 - Franklin India Technology Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 283.8 529 2.5 9.0 83.9 23.7 19.8
- L&T Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.0 858 2.4 7.5 40.8 - -
★★★★ Principal Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 145.8 2519 2.0 10.5 57.8 9.2 16.7 - ICICI Pru Technology Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.0 1818 2.1 11.3 114.3 26.1 21.4
- Mirae Asset Focused Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.6 5472 1.9 9.1 62.5 - -
★★★ Edelweiss Large & Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.7 697 2.4 10.5 52.9 10.3 14.3 - SBI Technology Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.0 595 2.5 11.5 75.1 22.3 18.9
+ - Quant Focused Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.9 12 2.5 18.5 70.5 12.2 14.7
★★★ Franklin India Equity Advantage Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 99.4 2459 2.4 11.2 66.2 7.0 10.2 - Tata Digital India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.3 1161 2.4 12.5 95.1 22.9 20.6
★★★ Invesco India Growth Opportunities Fund (G) . . . . . . . . . . .. . . . . . . . . . 43.5 3651 1.9 5.7 43.4 8.5 14.3
EQUITY - VALUE FUNDS
★★★ L&T Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.1 1279 2.3 4.3 42.0 3.8 11.6 EQUITY - SECTOR - PHARMA FUNDS
★★★ SBI Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 290.7 3629 2.1 10.1 55.8 9.9 13.7 ★★★★★ ICICI Pru Value Discovery Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 197.3 17799 1.8 13.0 60.9 10.6 11.9
- Aditya Birla SL Pharma & Healthcare Fund (G) . . . . . . . . .. . . . . . . . . . 17.5 455 2.7 6.4 42.4 - -
★★★ Sundaram Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.3 1480 2.3 9.3 51.2 8.4 14.7 ★★★★★ L&T India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.1 6741 1.9 11.3 60.1 6.3 13.7
- DSP Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.5 1110 2.3 6.6 62.0 - -
★★★ Tata Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 275.0 2153 2.2 8.5 49.5 11.1 13.4 ★★★★ Aditya Birla SL Pure Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.6 4049 1.9 15.0 67.7 -1.4 9.6
- ICICI Pru P.H.D Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.8 2214 2.1 6.3 56.0 - -
★★ ICICI Pru Large & Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 413.4 3726 2.3 11.3 56.0 8.4 12.5 ★★★★ Tata Equity P/E Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 163.8 4550 2.0 5.5 44.3 4.4 14.1
- Mirae Asset Healthcare Fund - Regular (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 20.5 1269 2.2 7.8 53.2 - -
★★ IDFC Core Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.3 2229 2.1 10.8 58.9 7.3 13.6 ★★★ HDFC Capital Builder Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 347.4 4445 2.1 7.5 54.4 5.0 11.9
- Nippon India Pharma Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 276.5 4261 1.9 9.3 53.9 24.3 15.6
★★ Nippon India Vision Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 669.1 2830 2.1 8.7 56.9 6.4 9.9 ★★★ IDFC Sterling Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.5 3208 2.0 23.1 95.9 5.1 14.9 - SBI Healthcare Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 213.1 1564 2.1 8.3 52.8 19.7 9.2
★★ UTI-Core Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 80.2 930 2.7 15.3 64.6 6.9 11.4 ★★★ JM Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.7 137 2.5 9.7 56.1 8.6 15.3 - Tata India Pharma & Healthcare Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.0 435 2.6 5.8 47.7 21.4 11.0
★ BOI AXA Large & Mid Cap Equity Fund (G). . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.9 181 1.3 7.2 45.9 4.8 11.3 ★★★ Nippon India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 97.1 3517 2.1 11.1 62.1 8.7 14.3 - UTI-Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 152.0 618 2.3 6.9 52.1 20.5 11.5
★ HDFC Growth Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 147.5 2014 2.5 14.0 59.8 10.5 12.2 ★★ Templeton India Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 313.0 507 2.5 15.8 70.5 4.7 11.8
- AXIS Growth Opportunities Fund - Regular (G) . . . . . . . . .. . . . . . . . . . 16.6 2664 2.1 11.9 56.1 - - ★★ UTI-Value Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.9 5515 2.2 8.0 55.0 11.0 13.3 HYBRID - AGGRESSIVE HYBRID FUNDS
- LIC MF Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 19.5 1028 2.5 5.9 47.5 8.1 15.3 ★ Quantum Long Term Equity Value Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 66.1 852 1.8 10.0 56.5 7.4 -
- Navi Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.5 112 2.6 13.8 55.7 8.5 13.4 ★★★★★ Canara Robeco Equity Hybrid Fund (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 211.2 4849 2.1 5.0 35.1 12.0 13.8
- Indiabulls Value Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.3 14 2.3 5.2 44.5 1.3 8.0
- Quant Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.9 13 2.5 11.3 53.2 12.4 15.2 ★★★★★ SBI Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 174.0 37727 1.6 5.9 36.1 10.8 12.6
★★★★ HDFC Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.6 17309 1.8 7.8 43.8 8.8 12.3
EQUITY - TAX SAVING (ELSS) FUNDS
EQUITY - FLEXI CAP FUNDS ★★★★ ICICI Pru Equity & Debt Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 172.8 16395 1.8 13.3 47.1 10.5 13.5
★★★★★ AXIS Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.3 27870 1.9 3.2 43.5 12.0 15.5 ★★★★ L&T Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.5 5386 1.9 5.5 37.7 6.6 10.9
★★★★★ Kotak Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.9 34744 1.6 7.5 47.7 10.5 14.8 ★★★ Aditya Birla SL Equity Hybrid '95 Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . 920.4 7595 2.2 7.2 44.5 6.4 10.2
★★★★★ DSP Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 66.5 8056 1.8 12.0 57.5 12.1 15.7
★★★★★ Parag Parikh Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.9 8182 1.6 13.0 66.6 19.3 18.7 ★★★ DSP Equity & Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 203.8 6396 1.9 6.4 39.9 11.1 13.3
★★★★★ Invesco India Tax Plan (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 68.1 1512 2.4 6.7 47.7 10.5 14.6
★★★★ Aditya Birla SL Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 959.7 13026 1.7 8.4 55.1 9.3 14.8 ★★★ Franklin India Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 153.1 1361 2.2 8.1 44.0 9.7 10.7
★★★★ Aditya Birla SL Tax Relief '96 (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.9 13647 2.0 2.1 34.9 5.3 12.0
★★★★ SBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.1 11829 1.9 8.7 50.9 9.3 13.7 ★★★ Principal Hybrid Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 94.7 1059 2.2 5.8 39.5 6.8 13.5
★★★★ Canara Robeco Equity Tax Saver Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 94.7 1961 2.3 8.8 54.9 15.7 16.6
★★★★ UTI-Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 211.7 16717 2.0 5.9 62.1 14.9 16.5 ★★★ Tata Hybrid Equity Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 256.9 3298 2.0 5.7 37.1 6.9 9.1
★★★★ IDFC Tax Advantage (ELSS) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.5 2988 2.0 18.6 77.4 8.8 15.8
★★★ Canara Robeco Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 184.3 3716 2.0 6.6 46.1 13.4 16.1 ★★★ UTI-Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 209.0 3808 2.1 9.7 46.7 6.7 10.7
★★★★ Principal Tax Savings Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 262.9 503 2.5 6.4 51.7 5.8 14.2
★★★ DSP Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.3 4983 2.0 9.0 52.5 12.6 16.2 ★★ Baroda Hybrid Equity Fund-Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.0 403 2.5 5.9 42.2 6.2 10.2
★★★★ Tata India Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.0 2637 2.0 7.0 47.1 8.6 13.8
★★★ Franklin India Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 763.1 9459 1.9 11.4 61.8 8.8 11.5 ★★ Nippon India Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.1 4025 2.0 10.6 46.8 1.0 7.2
★★★ BNP Paribas Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.8 495 2.4 4.9 42.4 10.2 11.8
★★★ HSBC Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 106.6 362 2.6 5.2 49.5 5.7 11.2 ★★ Sundaram Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 112.3 1667 2.3 5.6 33.7 9.2 12.5
★★★ BOI AXA Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 81.9 417 1.3 12.3 60.8 11.7 18.0
★★★ IDFC Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 111.8 5289 2.0 5.7 41.6 5.2 9.6 ★ LIC MF Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 120.6 435 2.6 -0.1 25.3 7.4 8.9
★★★ Franklin India Taxshield - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 699.8 4375 2.1 10.6 58.7 7.7 10.6
★★★ JM Flexicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.8 164 2.4 7.4 46.2 11.0 15.7 ★ LIC MF ULIS - Regular (IDCW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.6 347 2.4 4.7 37.3 7.5 10.3
★★★ HSBC Tax Saver Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.3 169 2.8 5.0 46.7 5.6 11.9
★★ HDFC Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 796.4 23128 1.7 11.2 53.2 8.5 13.2 - AXIS Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 1589 2.1 1.3 34.3 - -
★★★ ICICI Pru Long Term Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 480.3 8310 1.8 7.8 52.6 9.8 12.7
★★ L&T Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 101.2 2611 2.1 7.0 46.9 5.9 11.6 - BNP Paribas Substantial Equity Hybrid Fund (G) . . . . . .. . . . . . . . . . 16.1 537 2.4 7.6 34.8 13.2 -
★★★ IDBI Equity Advantage Fund - Regular (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.6 506 2.5 3.5 33.8 3.9 10.0 - BOI AXA Mid & Small Cap Equity & Debt Fund (G) . . .. . . . . . . . . . 18.0 303 1.5 14.5 59.6 7.0 -
★★ Union Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.0 482 2.6 7.7 51.6 12.1 13.5
★★★ Kotak Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 59.4 1837 2.3 10.4 52.7 12.5 15.1 - Edelweiss Aggressive Hybrid Fund - Plan A (G). . . . . . . . .. . . . . . . . . . 32.2 39 2.3 5.9 37.3 9.6 10.9
★ LIC MF Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.3 359 2.7 0.4 30.7 7.2 9.0
★★★ L&T Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.4 3407 2.0 7.3 49.9 5.3 12.9 - IDBI Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.8 201 2.5 3.3 30.9 3.8 -
★ Taurus Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 126.5 235 2.7 5.7 40.3 3.1 8.6
★★★ SBI Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 182.8 9258 1.9 7.6 52.3 8.3 11.2 - IDFC Hybrid Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.4 504 2.5 8.0 44.0 7.1 -
- AXIS Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.5 7626 1.8 2.0 38.3 13.1 -
★★★ UTI-Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 118.1 1800 2.4 6.6 53.5 10.2 13.4 - Invesco India Equity & Bond Fund - Regular (G) . . . . . . . .. . . . . . . . . . 12.6 356 2.5 4.0 31.1 - -
- Edelweiss Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.7 679 2.4 8.4 50.2 8.2 14.6
★★ Edelweiss Long Term Equity Fund (TS) (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 58.6 165 2.4 6.7 46.4 6.9 11.2 - JM Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 59.2 7 2.5 8.0 65.6 9.7 10.2
- IDBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.1 315 2.5 5.3 45.4 6.8 10.7
★★ LIC MF Tax Plan - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 81.9 335 2.6 3.0 42.6 6.7 12.4 - Kotak Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.1 1380 2.2 10.4 51.6 11.4 12.9
- Motilal Oswal Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.9 11873 1.8 3.2 41.0 3.9 12.3
★★ Nippon India Tax Saver (ELSS) Fund - (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.7 11219 2.0 13.3 53.8 0.9 7.5 - Mirae Asset Hybrid - Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.9 4829 1.9 5.9 37.5 11.4 13.6
- Navi Flexi Cap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.2 187 2.6 8.1 47.3 - -
★★ Sundaram Diversified Equity (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 120.7 2304 2.1 7.1 51.1 4.1 10.9 - Navi Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.3 117 2.3 4.2 30.7 7.1 -
- PGIM India Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.2 774 2.5 12.1 73.4 15.9 17.3
★★ Union Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.2 335 2.5 6.6 50.8 11.0 12.0 - PGIM India Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 85.3 101 2.4 7.3 40.8 8.0 9.4
- Shriram Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 63 2.6 1.6 35.5 - -
★ Baroda ELSS '96 - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.2 187 2.6 8.4 54.3 6.0 10.9 - Quant Absolute Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 222.4 21 2.5 17.1 84.4 19.3 16.4
- Tata Flexi Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.4 1829 2.2 4.2 38.8 - -
★ HDFC Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 583.9 7920 1.8 6.6 43.5 4.0 10.1 - Shriram Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.3 58 2.4 2.0 30.8 7.4 9.9

EQUITY - MULTI CAP FUNDS ★ Quantum Tax Saving Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.8 89 1.8 10.2 56.0 7.5 -
HYBRID - EQUITY SAVINGS FUNDS
- Indiabulls Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.3 54 2.3 1.6 36.2 3.8 -
- Baroda Multi Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 132.9 972 2.5 10.7 55.7 9.2 12.7 - JM Tax Gain Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 53 2.4 6.0 57.8 11.3 16.2 - Aditya Birla SL Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.2 484 2.8 3.8 23.9 6.9 8.9
- BNP Paribas Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.0 520 2.4 9.9 46.3 8.2 12.4 - Mahindra Manulife ELSS Kar Bachat Yojana(G). . . . . . . .. . . . . . . . . . 15.0 347 2.5 10.6 51.3 7.9 - - AXIS Equity Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.2 725 2.4 1.3 20.5 7.7 8.8
- ICICI Pru Multicap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 359.1 5890 2.0 9.9 52.6 8.8 12.4 - Mirae Asset Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 25.6 6934 2.0 10.6 61.8 15.3 20.6 - DSP Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.8 366 2.4 4.8 24.3 6.1 7.8
- Invesco India Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.2 1171 2.3 9.6 52.1 7.0 13.0
- Motilal Oswal Long Term Equity Fund (G). . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.1 2048 2.0 8.1 48.0 6.2 14.9 - Edelweiss Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.8 111 1.6 2.6 16.3 8.2 9.0
- Mahindra Manulife Multi Cap Badhat Yojana (G) . . . . .. . . . . . . . . . 15.9 451 2.4 15.6 57.9 13.1 - - HDFC Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.9 2332 2.3 4.9 23.6 7.0 9.8
- Navi Long Term Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 62 2.3 5.6 44.7 6.7 11.1
- Nippon India Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 112.6 9043 1.9 15.1 58.1 6.0 10.8 - ICICI Pru Equity Savings Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.0 1072 1.5 3.9 19.0 7.3 8.6
- Parag Parikh Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 179 2.1 7.3 60.5 - -
- Principal Multi Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 180.4 714 2.5 9.0 51.7 6.2 14.4 - IDBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.4 11 2.3 2.3 18.6 6.2 5.9
- PGIM India Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.9 353 2.5 9.5 55.0 9.6 13.8
- Quant Active Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 327.1 260 2.5 22.6 103.0 21.5 20.6 - IDFC Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 54 2.3 2.2 16.6 6.2 6.1
- Quant Tax Plan-(G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 171.0 106 2.5 23.8 112.8 22.7 22.2
- Quantum Equity Fund Of Funds - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 44.6 62 0.8 6.8 47.1 8.1 - - Kotak Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.8 1391 2.2 1.8 17.1 7.5 8.7
- Taurus Tax Shield (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 96.4 75 2.5 4.4 40.7 6.8 13.6
- Sundaram Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.3 667 2.6 9.9 52.9 - - - L&T Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.7 67 1.6 4.4 28.6 5.7 7.3
EQUITY - CONTRA FUNDS - Mahindra Manulife Equity Savings DSY (G) . . . . . . . . . . . . . . .. . . . . . . . . . 13.9 225 2.5 3.6 27.4 7.9 -
EQUITY - MID CAP FUNDS - Nippon India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.4 303 2.7 3.3 17.4 -3.5 2.2
- Invesco India Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.1 6477 1.9 6.2 50.5 9.3 15.7 - PGIM India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.5 39 2.4 3.4 17.6 6.5 7.2
★★★★★ AXIS Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.1 10432 1.9 10.2 52.7 15.5 18.0
- Kotak India EQ Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.2 943 2.4 9.1 54.5 11.1 15.7 - Principal Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.0 64 2.4 3.8 24.7 8.0 8.6
★★★★★ Edelweiss Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.7 1215 2.2 16.4 71.9 8.9 16.4
- SBI Contra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 154.5 1856 2.2 14.1 81.0 9.1 12.8 - SBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.9 1365 1.7 3.6 25.3 7.8 8.5
★★★★ Invesco India Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 68.9 1389 2.3 10.4 56.3 11.4 15.7
- Tata Equity Saving Fund - (App) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.1 99 2.3 2.5 18.1 6.7 7.1
★★★★ Kotak Emerging Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.9 10938 1.9 17.5 73.6 11.7 17.0
EQUITY - DIVIDEND YIELD FUNDS - Union Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 169 2.0 1.4 17.0 - -
★★★★ UTI-Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 147.4 5190 2.2 10.7 71.5 8.0 13.4
★★★ BNP Paribas Mid Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 47.4 860 2.3 17.1 67.3 11.1 14.0 - Aditya Birla SL Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 203.5 716 2.3 7.4 49.4 5.0 9.5 Source : NAV India;NAV for the growth option as on 30-04-2021.
★★★ DSP Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.3 10916 1.9 9.0 52.9 9.8 16.4 - ICICI Pru Dividend Yield Equity Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.0 228 2.9 10.0 60.7 3.4 11.3
★★★ Franklin India Prima Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1254.0 7308 1.9 10.9 61.5 7.8 13.2 - IDBI Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.1 89 2.7 5.1 45.6 - -
★★★ HDFC Mid-Cap Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.0 26471 1.7 15.0 70.8 7.6 15.0 - Principal Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 71.6 199 2.6 10.0 49.1 10.0 16.5
★★★ L&T Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 176.8 6428 1.9 11.7 58.5 5.9 15.8 - Templeton India Equity Income Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.0 1000 2.6 14.1 73.8 10.1 14.9
★★★ SBI Magnum Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 109.7 4887 2.1 18.4 83.9 9.6 12.4 - UTI-Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 85.0 2618 2.2 8.8 49.5 9.6 13.2

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SUNDAY • MAY 2 • 2021 STAR TRACK MF RATINGS 11
Latest Latest Expense Trailing Returns (%) Latest Latest Expense Trailing Returns (%) Latest Latest Expense Trailing Returns (%)
BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year
(₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR (₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR (₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR

★★★★ AXIS Banking & PSU Debt Fund (G).................................................................2071.5 16769 0.6 1.0 8.0 8.8 8.2
DEBT - ULTRA SHORT DURATION FUNDS DEBT - DYNAMIC BOND FUNDS
★★★★ DSP Banking & Psu Debt Fund (G)............................................................................. 18.9 3561 0.6 0.7 8.0 8.9 8.1
★★★★★ Aditya Birla SL Savings Fund - Regular (G) ............................................ 424.5 18118 0.5 1.3 6.5 7.4 7.5 ★★★★★ ICICI Pru All Seasons Bond Fund - Regular (G).................................... 28.2 5596 1.5 1.3 9.3 9.3 9.2 ★★★ Edelweiss Banking & Psu Debt Fund (G)......................................................... 19.2 465 0.6 0.5 9.0 10.2 8.6
★★★★★ BOI AXA Ultra Short Duration Fund (G) ....................................................2528.8 294 0.3 1.0 4.2 6.2 7.0 ★★★★★ Kotak Dynamic Bond Fund - Regular (G) ........................................................ 29.2 2274 1.3 -0.2 8.5 9.5 8.9 ★★★ Franklin India Banking & PSU Debt Fund (G) .......................................... 17.6 957 0.5 1.1 7.0 9.1 8.2
★★★★ Invesco India Ultra Short Term Fund (G) ...............................................2136.4 749 0.9 1.0 4.2 6.3 6.8 ★★★★ AXIS Dynamic Bond Fund (G) ............................................................................................ 23.2 1925 0.7 0.5 8.7 9.7 8.5 ★★★ HDFC Banking and PSU Debt Fund (G) .............................................................. 18.0 9891 0.9 0.6 9.3 8.7 8.2
★★★★ Kotak Savings Fund (G)................................................................................................................ 33.8 12199 0.8 1.1 4.9 6.6 6.8 ★★★★ IDFC Dynamic Bond Fund - Regular (G) ........................................................... 27.2 3308 1.6 -0.8 5.9 9.9 8.6 ★★★ ICICI Pru Banking & PSU Debt Fund - Regular (G) ......................... 25.2 14361 0.8 0.9 8.5 8.2 8.0
★★★ Canara Robeco Ultra Short Term Fund (G).........................................3053.8 627 1.0 0.9 3.7 5.4 5.7 ★★★★ SBI Dynamic Bond Fund (G) ................................................................................................. 27.8 3182 1.6 0.0 5.2 9.3 8.7 ★★★ IDFC Banking & PSU Debt Fund (G)......................................................................... 19.4 18073 0.6 1.0 8.7 9.6 8.2
★★★ DSP Ultra Short Fund (G)...................................................................................................2713.4 3746 1.0 1.0 3.8 5.3 5.8 ★★★ BNP Paribas Flexi Debt Fund (G).................................................................................. 36.1 116 1.8 -0.5 3.9 7.0 7.0 ★★★ PGIM India Banking&PSU Debt Fund (G) ...................................................... 19.2 98 0.8 0.9 8.1 8.6 7.8
★★★ PGIM India Ultra Short Term Fund (G)............................................................... 27.1 457 0.8 1.1 4.6 8.6 8.1 ★★★ Canara Robeco Dynamic Bond Fund (G) ......................................................... 23.9 114 1.8 -0.5 4.5 7.4 7.2 ★★ L&T Banking and PSU Debt Fund (G) .................................................................... 19.5 4814 0.6 0.7 8.3 8.4 8.0
★★★ SBI Magnum Ultra Short Duration Fund - (G).................................4692.2 11914 0.5 1.1 4.9 6.8 6.9 ★★★ DSP Strategic Bond Fund - Reg (G)..................................................................2625.5 816 1.0 -0.4 5.4 9.5 7.9 ★ Invesco India Banking & PSU Debt Fund (G)....................................1813.9 199 0.7 0.4 8.0 8.1 7.4
★★ IDBI Ultra Short Term Fund (G) ..............................................................................2172.3 335 0.6 1.1 5.1 5.9 6.2 ★★★ IIFL Dynamic Bond Fund (G) ................................................................................................ 17.0 731 0.9 1.2 7.5 7.0 6.8 ★ UTI-Banking & PSU Debt Fund (G) ............................................................................ 16.2 268 0.3 0.7 6.7 4.5 5.9
★★ UTI-Ultra Short Term Fund (G) ................................................................................3268.5 2279 1.0 1.1 4.7 4.8 5.8 ★★★ Nippon India Dynamic Bond Fund (G) ................................................................. 29.1 3036 0.7 -0.1 5.6 8.1 7.4 - Aditya Birla SL Banking & PSU Debt Fund - (G) .............................. 285.4 14229 0.7 0.7 8.7 8.9 8.4
★ Nippon India USD Fund (G) ............................................................................................3057.9 862 1.0 1.5 5.4 4.1 4.9 ★★★ PGIM India Dynamic Bond Fund (G) ...............................................................2095.1 108 1.7 0.3 5.6 8.6 8.2 - LIC MF Banking & PSU Debt Fund (G) ................................................................. 27.6 2226 0.8 0.6 6.6 8.1 7.5
★ Principal Ultra Short Term Fund (G) ..............................................................2182.3 128 1.1 0.9 3.4 3.5 4.8 ★★ HDFC Dynamic Debt Fund (G) ........................................................................................... 68.1 426 1.8 -0.2 7.3 5.4 5.7 - SBI Banking and PSU Fund (G) ................................................................................2468.7 14574 0.8 0.3 7.8 8.5 7.9
- AXIS Ultra Short Term Fund - Regular (G) ................................................... 11.7 5947 1.2 1.1 4.7 - - ★★ Tata Dynamic Bond Fund - Regular (G) ............................................................ 32.4 227 0.7 1.0 6.9 7.2 6.9 - Sundaram Banking & PSU Debt Fund - Retail (G) ........................... 30.7 935 0.3 1.0 6.4 7.9 7.0
- Baroda Ultra Short Duration Fund - Regular (G) .......................1200.1 116 0.4 1.2 4.4 - - ★★ Union Dynamic Bond Fund (G) ......................................................................................... 18.9 142 1.5 -0.4 5.7 8.3 6.8
- Franklin India USB - Super Ins(G) (Wound up) .................................... 30.1 3757 0.1 2.9 9.2 7.5 8.0 ★ Aditya Birla SL Dynamic Bond Fund - Reg (G) ....................................... 34.7 1609 1.4 1.5 11.0 5.4 5.4 DEBT - GILT FUNDS
- HDFC Ultra Short Term Fund (G) ................................................................................. 11.9 18609 0.6 1.2 5.6 - - ★ UTI-Dynamic Bond Fund (G) ................................................................................................ 21.1 221 1.6 0.0 5.4 1.9 4.5
- Baroda Dynamic Bond Fund - Plan A (G) ........................................................ 18.4 21 1.5 -0.4 5.9 4.1 5.4 ★★★★★ Nippon India GSF - (G).................................................................................................................... 30.3 1923 1.6 -0.5 4.8 10.2 9.3
- ICICI Pru Ultra Short Term Fund (G)...................................................................... 21.7 9375 1.0 1.4 6.3 7.1 7.5
- Edelweiss Money Market Fund - Regular (G) ......................................... 22.8 284 1.0 1.0 3.5 8.6 7.1 ★★★★★ SBI Magnum Gilt Fund - (G) .................................................................................................. 50.7 4187 1.0 0.4 6.2 10.2 9.3
- IDFC Ultra Short Term Fund - Reg (G) ................................................................. 12.0 5632 0.4 1.1 4.5 - -
- Franklin India Dynamic Accrual Fund (G)(Wound ★★★★ IDFC G Sec Fund - Invst Plan - Regular (G) ................................................. 27.8 1615 1.2 -0.7 6.3 11.2 9.5
- Indiabulls Ultra Short Term Fund (G) ...........................................................1951.9 18 0.7 - - - -
up) ..................................................................................................................................................................................... 71.9 1434 0.1 5.6 10.7 5.5 6.9 ★★★★ UTI-Gilt Fund (G)...................................................................................................................................... 49.4 818 0.9 0.1 4.4 9.1 9.1
- L&T Ultra Short Term - Regular (G)......................................................................... 33.0 3118 0.4 1.1 4.5 6.4 6.8
- HSBC Flexi Debt Fund - Reg (G) ..................................................................................... 27.2 62 1.7 -0.5 4.9 7.7 6.5 ★★★ Aditya Birla SL Govt Securities Fund (G) ....................................................... 63.7 651 0.9 -0.1 5.5 10.2 9.1
- Motilal Oswal Ultra Short Term Fund (G) ..................................................... 13.6 82 1.0 0.7 3.0 0.2 2.4
- IDBI Dynamic Bond Fund (G) .............................................................................................. 17.3 18 1.2 0.8 8.7 7.0 5.7 ★★★ Canara Robeco Gilt Fund (G) .............................................................................................. 60.2 102 1.3 -0.3 4.8 8.3 8.1
- Navi Ultra Short Term Fund - Regular (G) ............................................2198.0 25 1.6 0.6 2.8 5.1 5.7
- JM Dynamic Debt Fund (G)..................................................................................................... 32.6 68 1.0 0.5 6.7 6.5 7.0 ★★★ DSP G-Sec Fund (G) ............................................................................................................................ 74.0 467 1.1 0.1 6.4 10.8 9.1
- Tata Ultra Short Term Fund - Regular (G) .................................................... 11.3 507 1.0 1.0 4.1 - -
- L&T Flexi Bond Fund (G) ............................................................................................................. 23.4 66 1.6 -1.0 5.1 8.1 7.7 ★★★ ICICI Pru Gilt Fund (G).................................................................................................................... 78.1 4102 1.2 0.3 6.6 9.7 9.0
- Mirae Asset Dynamic Bond Fund - Regular (G) ................................... 13.3 148 1.4 0.5 3.9 8.7 - ★★★ Kotak Gilt - Invest Plan (G) ..................................................................................................... 76.1 886 1.5 -0.7 5.3 9.7 8.2
DEBT - LOW DURATION FUNDS
- Quantum Dynamic Bond Fund - Regular (G) ............................................ 16.4 77 0.7 0.8 5.1 8.6 - ★★★ PGIM India Gilt Fund (G) ............................................................................................................ 24.0 125 1.5 0.4 5.1 8.5 7.7
★★★★★ ICICI Pru Savings Fund - Regular (G)................................................................ 417.8 26558 0.6 0.8 7.7 7.7 7.7 ★★ HDFC Gilt Fund (G) ............................................................................................................................... 43.7 2121 0.9 -0.6 5.0 8.0 7.3
★★★★★ Kotak Low Duration Fund - Regular (G) ...................................................2640.1 12453 1.1 1.0 7.5 7.4 7.6 DEBT - CORPORATE BOND FUNDS ★★ L&T Gilt Fund (G) ..................................................................................................................................... 53.8 264 1.7 -1.2 5.1 8.1 7.3
★★★★ AXIS Treasury Advantage Fund (G) ................................................................2411.5 8237 0.6 1.2 6.6 7.5 7.3 ★ Franklin India G-Sec Fund (G) ........................................................................................... 47.5 221 1.0 -0.2 2.9 7.7 6.2
★★★★ IDFC Low Duration Fund (G) ................................................................................................ 30.4 7811 0.5 1.2 5.9 7.2 7.3 ★★★★★ Aditya Birla SL Corporate Bond Fund (G) ..................................................... 86.6 23707 0.4 1.1 9.5 9.3 8.6 ★ Tata Gilt Securities Fund - Regular (G).............................................................. 61.7 298 1.7 -1.2 3.1 8.3 7.1
★★★★ SBI Magnum Low Duration Fund (G).............................................................2760.0 11235 1.0 1.0 5.5 7.0 7.1 - AXIS Gilt Fund (G) .................................................................................................................................. 19.9 157 1.0 0.2 6.0 10.4 8.2
★★★ Aditya Birla SL Low Duration Fund (G) .......................................................... 518.2 17263 1.1 1.1 6.9 7.4 7.2 - Baroda Gilt Fund - Plan A (G) .............................................................................................. 33.3 28 1.8 -0.7 4.6 8.2 7.0
★★★ Canara Robeco Savings Fund (G) ............................................................................... 33.2 1567 0.6 1.0 5.3 6.8 6.9 - Edelweiss Govt Securities Fund (G)........................................................................ 19.3 89 1.3 1.3 9.1 10.3 8.9
★★★ DSP Low Duration Fund (G) .................................................................................................. 15.6 4147 0.6 1.2 5.9 7.3 7.2 - IDBI Gilt Fund (G) .................................................................................................................................... 17.2 17 1.2 0.4 3.7 7.6 5.9
★★★ L&T Low Duration Fund (G) ................................................................................................... 22.3 1032 1.0 1.2 8.8 6.0 7.0 - Invesco India Gilt Fund (G) .............................................................................................2248.5 29 1.3 -0.8 3.1 8.1 7.4
★★★ Mirae Asset Savings Fund-Reg Savings Plan (G) .....................1789.9 1058 0.9 1.0 6.0 6.0 6.1 - LIC MF G-Sec Fund - (G) .............................................................................................................. 48.3 48 1.5 0.2 5.4 9.8 8.1
★★★ Tata Treasury Advantage Fund (G) .................................................................3089.1 1983 0.5 1.2 6.5 5.3 6.1
★★ JM Low Duration Fund (G) ....................................................................................................... 29.3 128 0.4 0.9 25.9 5.7 6.3 HYBRID - CONSERVATIVE HYBRID FUNDS
★★ LIC MF Savings Fund (G) ............................................................................................................ 31.5 1023 0.8 1.6 7.0 5.7 6.3
★★★★★ Aditya Birla SL Regular Savings Fund (G) .................................................... 46.4 1200 2.3 4.9 27.7 6.3 8.6
★★ Sundaram Low Duration Fund - Regular (G) ............................................ 26.1 388 1.0 1.0 5.2 3.1 4.6
★★★★★ ICICI Pru Regular Savings Fund (G) ........................................................................ 51.4 3171 1.7 2.0 16.3 8.8 10.0
★ Principal Low Duration Fund (G) ..........................................................................2742.1 74 0.6 1.2 10.4 -0.4 2.7
- Baroda Treasury Advantage - Reg (G) .......................................................1521.7 34 0.9 1.9 27.8 -8.5 -2.4 ★★★★ HDFC Hybrid Debt Fund (G).................................................................................................. 54.3 2430 1.9 3.7 20.6 7.9 8.5

- BNP Paribas Low Duration Fund - Regular (G) ..................................... 31.8 297 1.0 1.4 6.6 7.5 7.3 ★★★★ Kotak Debt Hybrid Fund (G) ................................................................................................. 39.0 478 2.3 3.2 20.8 9.6 9.5

- Franklin India LDF (Growth Plan) (Wound up) ..................................... 23.5 855 0.1 3.9 14.3 5.5 6.8 ★★★ BNP Paribas Conservative Hybrid Fund (G) ............................................. 33.0 318 2.1 1.2 12.0 7.0 7.5

- HDFC Low Duration Fund (G) ............................................................................................. 45.2 23303 1.0 1.0 7.6 7.3 7.2 ★★★ Canara Robeco Conservative Hybrid Fund (G).................................... 70.5 492 1.9 2.7 17.1 10.1 9.0

- HSBC Low Duration Fund - Reg (G).......................................................................... 23.3 115 1.0 1.0 2.7 1.8 3.6 ★★★ IDFC Regular Savings Fund (G)....................................................................................... 24.7 178 2.2 0.6 11.6 6.6 7.4

- Invesco India Treasury Advantage Fund-Reg(G).....................2721.6 4008 0.7 1.0 5.7 6.8 6.7 ★★★ SBI Debt Hybrid Fund - (G) ..................................................................................................... 48.4 1299 1.2 3.2 21.9 8.1 8.4

- Mahindra Manulife Low Duration Fund - Reg (G)....................1300.4 495 1.2 1.0 5.4 6.6 - ★★★ UTI-Regular Savings Fund (G) .......................................................................................... 46.5 1631 1.8 1.5 20.7 5.4 7.3
- Nippon India Low Duration Fund - Retail (G) ...................................2804.5 8048 1.0 1.4 7.0 6.6 6.7 ★★ AXIS Regular Saver Fund (G).............................................................................................. 22.5 228 2.3 1.8 17.1 6.5 7.1
- PGIM India Low Duration Fund (G)........................................................................... 23.4 49 1.2 1.2 2.7 -0.5 2.6 ★★ Franklin India Debt Hybrid Fund - (G).................................................................. 64.7 187 2.3 2.8 15.2 7.0 7.2
- UTI-Treasury Advantage Fund (G) ..................................................................2,656.4 4055 0.5 1.1 5.8 2.5 4.3 ★ DSP Regular Savings Fund (G) ......................................................................................... 41.6 186 2.2 2.8 16.7 4.5 6.7
★ Nippon India Hybrid Bond Fund (G) ........................................................................ 41.2 778 1.9 2.9 12.1 0.3 3.4

DEBT - MONEY MARKET FUNDS - Baroda Conservative HF-Plan A (G) ....................................................................... 29.0 34 2.1 -0.2 10.0 9.3 8.4
- BOI AXA Conservative Hybrid Fund (G) ........................................................... 21.5 59 1.4 1.1 13.8 0.4 4.4
★★★★★ Aditya Birla SL Money Manager Fund (G) ................................................ 286.0 14072 0.3 1.3 5.6 7.2 7.1 - HSBC Regular Savings Fund (G) ................................................................................... 43.0 81 2.6 0.6 13.8 7.1 7.4
★★★★★ Franklin India Savings Fund (G)..................................................................................... 39.1 1134 0.3 1.2 5.0 7.0 7.1 - Indiabulls Savings Income Fund (G)....................................................................... 15.3 12 2.0 2.0 11.3 6.1 8.4
★★★★ SBI Savings Fund (G) ........................................................................................................................ 32.7 24467 0.8 1.2 4.9 6.5 6.7 - L&T Conservative Hybrid Fund (G) .......................................................................... 40.5 37 2.2 1.7 12.3 7.0 7.4
★★★ HDFC Money Market Fund (G) .................................................................................4434.4 13462 0.4 1.3 5.5 7.0 6.9 - LIC MF Debt Hybrid Fund - (G) ......................................................................................... 63.3 80 2.3 0.2 9.7 6.9 7.0
★★★ ICICI Pru Money Market Fund - Regular (G) ........................................ 294.1 11529 0.3 1.3 5.4 6.9 6.9 - Navi Regular Savings Fund (G)........................................................................................ 21.1 32 2.3 1.1 10.0 5.2 6.0
★★★ Kotak Money Market Fund (G) ................................................................................3478.1 10221 0.3 1.2 4.7 6.7 6.8 - Sundaram Debt Oriented Hybrid Fund (G) ................................................. 21.2 33 2.2 2.1 12.8 3.4 6.0
★★★ Nippon India Money Market Fund (G).........................................................3206.5 8335 0.3 1.3 5.1 7.0 6.9
★★ IDFC Money Manager Fund - Regular (G) ..................................................... 32.0 3177 0.9 1.0 4.2 5.7 6.1 HYBRID - DYNAMIC ASSET ALLOCATION FUNDS
+
★★ L&T Money Market Fund (G)............................................................................................... 20.8 1107 0.7 0.9 4.1 6.5 7.1
★ Invesco India Money Market Fund - Regular (G)......................2188.3 1548 0.6 1.1 4.3 5.6 5.9 ★★★★ HDFC Corporate Bond Fund (G)..................................................................................... 25.1 29759 0.6 0.7 9.3 9.3 8.6 ★★★★★ L&T Balanced Advantage Fund (G) .......................................................................... 28.9 1582 2.1 1.2 18.4 7.3 8.4
★ Tata Money Market Fund - Regular (G) ....................................................3654.5 2777 0.4 1.4 5.6 4.4 5.4 ★★★★ Kotak Corporate Bond Fund-Regular (G) ..............................................2918.9 9029 0.7 0.8 8.1 8.4 8.2 ★★★★ Edelweiss Balanced Advantage Fund (G) ..................................................... 31.6 3315 1.9 4.6 31.3 11.3 11.6
- AXIS Money Market Fund - Regular (G)...................................................1108.0 3032 0.3 1.3 5.3 - - ★★★ ICICI Pru Corporate Bond Fund - Regular (G) ........................................ 22.8 19631 0.6 1.1 8.9 8.7 8.1 ★★★ ICICI Pru Balanced Advantage Fund (G)......................................................... 44.5 30281 1.7 4.6 32.8 9.6 11.2
- DSP Savings Fund (G) ..................................................................................................................... 41.4 2205 0.3 1.3 5.1 6.7 6.4 ★★★ Nippon India Corporate Bond Fund - (G) ........................................................ 45.7 2429 0.6 1.4 8.6 7.8 7.6 ★★★ Invesco India Dynamic Equity Fund (G) ........................................................... 33.8 647 2.4 4.0 23.8 5.0 10.0
- Sundaram Money Market Fund - Regular (G)........................................ 11.7 96 0.3 1.1 4.2 - - ★★★ Sundaram Corporate Bond Fund (G) .................................................................... 31.5 1032 0.5 1.0 8.7 9.3 8.3 ★★★ Principal Balanced Advantage Fund (G) ......................................................... 23.3 195 2.5 2.3 15.0 5.1 6.9
- UTI-Money Market Fund (G) .......................................................................................5601.5 8020 0.3 1.1 4.7 6.4 6.4 ★★ Canara Robeco Corporate Bond Fund (G) .................................................... 17.5 312 1.0 0.7 7.3 8.0 7.3 ★★ Aditya Birla SL Balanced Advantage Fund (G) ..................................... 66.3 3243 2.1 3.2 31.9 9.3 11.5
★★ IDFC Corporate Bond Fund - Regular (G) ...................................................... 15.2 23042 0.6 0.9 9.7 8.5 8.1 ★ UTI-Unit Linked Insurance Plan ...................................................................................... 29.4 4929 2.0 1.6 26.2 5.2 7.9
DEBT - SHORT DURATION FUNDS ★ L&T Triple Ace Bond Fund - (Growth) ................................................................. 57.2 7507 0.6 0.0 8.4 10.0 8.1 - AXIS Dynamic Equity Fund (G) ........................................................................................ 12.7 1337 2.2 1.4 17.9 6.0 -
- AXIS Corporate Debt Fund - Regular (G)........................................................ 13.3 3839 0.9 1.0 10.4 8.1 - - BOI AXA Equity Debt Rebalancer Fund (G)................................................. 15.6 71 1.4 2.2 11.9 1.4 4.4
★★★★★ HDFC Short Term Debt Fund (G) .................................................................................. 24.8 16918 0.8 0.9 9.5 8.8 8.2 - BNP Paribas Corporate Bond Fund - Regular (G) ............................ 25.1 24 1.0 0.3 8.1 5.0 6.1 - DSP Dynamic Asset Allocation Fund (G) ......................................................... 18.6 3205 2.0 2.1 20.4 9.0 9.2
★★★★★ ICICI Pru Short Term Fund (G)......................................................................................... 46.2 22234 1.2 1.0 9.2 8.6 8.1 - DSP Corporate Bond Fund - Regular (G)......................................................... 12.8 2241 0.5 1.1 8.0 - - - HDFC Balanced Advantage Fund (G) ................................................................ 234.4 39784 1.9 8.1 42.2 7.9 11.7
★★★★ Aditya Birla SL Short Term Fund (G) ..................................................................... 36.8 7047 0.8 0.9 11.2 8.6 8.0 - Edelweiss Corporate Bond Fund (G)...................................................................... 13.4 38 0.6 1.0 0.2 0.2 2.9 - IDFC Dynamic Equity Fund (G) ........................................................................................ 16.4 1757 2.0 3.2 24.0 7.9 9.1
★★★★ AXIS Short Term Fund (G) ....................................................................................................... 24.1 11663 1.0 0.9 8.3 8.5 7.9 - Franklin India Corporate Debt Fund - (G) ...................................................... 77.7 853 0.9 1.2 9.3 8.3 8.4 - Kotak Balanced Advantage Fund - Regular (G) .................................. 13.2 7670 2.0 3.3 29.2 - -
★★★★ Kotak Bond - Short Term Fund (G)............................................................................ 41.1 16848 1.2 0.5 7.7 8.3 7.7 - Invesco India Corporate Bond Fund (G) ..................................................2498.3 3026 0.6 0.9 8.7 8.7 7.6 - Motilal Oswal Dynamic Fund (G) ................................................................................. 14.4 1252 2.2 0.3 17.2 5.6 -
★★★★ SBI Short Term Debt Fund (G) .......................................................................................... 25.2 25118 0.8 0.3 7.0 8.0 7.6 - PGIM India Premier Bond Fund (G) ......................................................................... 34.0 67 0.5 1.2 8.9 7.7 7.0 - Nippon India Balanced Advantage Fund (G) ........................................ 109.2 3251 2.2 4.3 30.1 8.0 11.7
★★★ Baroda Short Term Bond Fund-A (G).................................................................... 23.0 360 1.0 1.2 7.3 7.5 7.8 - SBI Corporate Bond Fund - Regular (G) ........................................................... 12.2 30073 0.8 0.5 7.8 - - - SBI Dynamic Asset Allocation Fund (G) ........................................................... 15.2 632 2.2 1.3 24.0 5.3 8.1
★★★ DSP Short Term Fund (G) ......................................................................................................... 36.9 3554 0.9 0.6 7.3 7.9 7.3 - Union Corporate Bond Fund - Regular (G) ................................................... 12.1 378 0.9 0.5 8.6 - - - Tata Balanced Advantage Fund (G) ........................................................................ 13.1 2260 2.1 5.0 27.0 - -
★★★ IDFC Bond Fund - STP - Regular (G)........................................................................ 45.0 12976 0.8 0.9 7.9 8.4 7.7 - UTI-Corporate Bond Fund - Regular (G) .......................................................... 12.8 3371 0.6 0.7 9.1 - - - Union Balanced Advantage Fund (G).................................................................... 13.9 842 2.4 1.7 30.5 11.0 -
★★★ Invesco India Short Term Fund (G) ..................................................................2844.6 1121 1.3 0.6 7.4 7.8 7.3
★★★ L&T Short Term Bond Fund (G) ...................................................................................... 21.0 5484 0.8 0.6 6.9 8.2 7.6 DEBT - CREDIT RISK FUNDS SOLUTION ORIENTED - CHILDRENS FUNDS
★★★ Nippon India Short Term Fund - (G)........................................................................ 41.1 8157 1.1 1.3 8.4 8.1 7.6
★★ Principal Short Term Debt Fund (G) ....................................................................... 34.6 139 1.0 0.5 14.3 4.4 5.4 ★★★★★ HDFC Credit Risk Debt Fund (G) ................................................................................... 18.4 7331 1.7 2.1 12.8 8.6 8.2 - Aditya Birla SL Bal Bhavishya Yojna - Reg (G) ...................................... 12.5 407 2.7 1.8 32.8 - -
★★ Tata Short Term Bond Fund - (G) ................................................................................ 38.1 2673 1.2 0.4 7.6 5.8 6.1 ★★★★★ ICICI Pru Credit Risk Fund (G) .......................................................................................... 23.8 7210 1.6 1.7 10.0 8.6 8.3 - AXIS Children's Gift Fund - Lock in (G) .............................................................. 17.1 575 2.4 3.2 35.9 9.8 11.0
★ HSBC Short Duration Fund (G) ........................................................................................ 31.3 153 1.3 0.8 4.4 3.3 4.5 ★★★★ Kotak Credit Risk Fund (G) ..................................................................................................... 23.6 1784 1.7 1.8 10.3 7.3 7.5 - HDFC Children's Gift Fund-Invt Plan (G) .................................................... 156.2 4270 1.9 6.7 45.8 9.9 13.4
★ Sundaram Short Term Debt Fund (G) .................................................................. 32.5 265 1.0 0.9 7.6 3.1 4.5 ★★★★ SBI Credit Risk Fund (G) ............................................................................................................. 34.5 3506 1.5 1.3 10.1 7.4 7.5 - ICICI Pru Child Care Fund-Gift Plan .................................................................... 165.6 741 2.5 4.6 34.5 6.6 10.4
- BNP Paribas Short Term Fund - Regular (G) ............................................ 33.3 340 1.1 0.9 8.5 7.7 7.4 ★★★ Aditya Birla SL Credit Risk Fund (G) ...................................................................... 15.5 1537 1.9 2.6 12.9 6.2 7.1 - LIC MF Children's Gift Fund .................................................................................................. 20.8 13 2.5 -0.3 29.2 7.1 6.8
- BOI AXA Short Term Income (G) .................................................................................. 17.2 26 0.5 1.3 6.3 -3.2 0.9 ★★★ Baroda Credit Risk Fund-PlanA (G) ......................................................................... 15.6 180 1.8 6.7 12.2 5.1 6.6 - SBI Magnum Children Benefit Fund ........................................................................ 66.4 74 1.2 2.3 22.2 6.4 10.8
- Canara Robeco Short Duration Fund (G)........................................................ 20.4 1089 1.0 0.8 7.4 7.5 7.4 ★★★ DSP Credit Risk Fund (G) ........................................................................................................... 30.4 282 1.6 1.3 6.7 2.1 4.2 - Tata Young Citizens Fund (After 7 Years) .................................................... 34.0 229 2.6 7.8 51.2 8.1 10.3
★★★ L&T Credit Risk Fund - Regular (G) .......................................................................... 22.4 224 1.7 1.1 8.5 4.1 5.6 - UTI-CCF Investment Plan - (G) ........................................................................................ 49.3 452 2.8 6.5 52.9 8.9 13.9
- Franklin India STI (G) (Wound up) ....................................................................4065.6 4608 0.1 5.4 10.2 3.5 5.7
★★ Invesco India Credit Risk Fund (G) ...................................................................1452.3 130 1.5 0.7 7.0 2.0 4.4 - UTI-CCF Savings Plan - (Scholarship)................................................................. 26.9 3917 1.8 2.9 25.1 5.2 8.2
- IDBI Short Term Bond Fund (G)...................................................................................... 20.1 24 0.7 0.8 9.6 5.1 5.6
★★ Nippon India Credit Risk Fund (G) ............................................................................. 24.8 1035 1.7 2.5 9.2 0.9 3.6
- Indiabulls Short Term Fund (G) ..............................................................................1700.3 26 1.4 0.4 4.4 5.7 6.2
★ UTI-Credit Risk Fund (G) ............................................................................................................ 11.5 316 1.6 1.4 -2.8 -10.2 -3.4 SOLUTION ORIENTED - RETIREMENT FUNDS
- Mirae Asset Short Term Fund - Regular (G).............................................. 12.5 785 1.1 0.8 6.6 7.6 -
- AXIS Credit Risk Fund (G) ........................................................................................................ 16.4 623 1.7 2.3 9.7 6.4 6.7
- PGIM India Short Maturity Fund (G)...................................................................... 35.6 44 1.4 0.7 7.0 3.9 5.4
- BOI AXA Credit Risk Fund - Regular ............................................................................ 4.2 71 1.1 5.1 14.1 -32.1 -17.8 - Franklin India Pension Plan - (G).............................................................................. 150.4 447 2.3 3.3 17.9 7.6 8.1
- UTI-Short Term Income Fund (G) ............................................................................... 33.6 3382 1.0 0.7 8.0 3.4 4.8
- Franklin India Credit Risk Fund (G) (Wound up) ............................... 21.2 2537 0.1 6.4 17.0 5.5 6.8 - HDFC Retirement Savings Fund - Equity (G) ........................................... 22.9 1392 2.4 12.3 60.2 9.4 15.1
- IDBI Credit Risk Fund (G) .......................................................................................................... 13.2 38 1.4 1.0 12.0 -1.5 1.7 - HDFC Retirement Savings Fund-Hybrid Debt (G) ........................... 15.5 115 2.5 2.1 15.0 7.0 8.3
DEBT - MEDIUM DURATION FUNDS
- IDFC Credit Risk Fund - Reg (G) ..................................................................................... 13.1 818 1.7 0.9 8.3 7.1 - - HDFC Retirement Savings Fund-Hybrid Equity (G) ..................... 21.6 577 2.7 7.1 44.1 9.8 14.3
★★★★★ SBI Magnum Medium Duration Fund (G) ...................................................... 39.6 8745 1.2 0.6 9.9 9.5 9.4 - Mahindra Manulife Dynamic Bond Yojana-Reg (G) ..................... 11.7 139 2.0 0.8 5.0 - - - Nippon India Retirement Fund-IG (G).................................................................. 15.0 265 2.1 0.0 10.9 7.8 7.6
★★★★ AXIS Strategic Bond Fund (G)........................................................................................... 21.3 1350 1.1 1.5 9.8 8.0 8.2 - PGIM India Credit Risk Fund (G) ................................................................................... 14.8 46 1.8 3.4 8.7 2.6 4.6 - Nippon India Retirement Fund-WC (G) ............................................................. 14.4 1936 2.2 6.2 48.0 1.5 8.3
★★★★ HDFC Medium Term Debt Fund (G)......................................................................... 43.7 3061 1.3 1.1 10.0 8.2 7.9 - Sundaram Short Term Credit Risk Fund - (G) ........................................ 25.5 116 1.6 - - - - - Tata Retirement Savings Fund - Conservative (G)........................ 23.5 166 2.3 1.1 13.7 7.1 8.9
★★★ ICICI Pru Medium Term Bond Fund - Regular (G)........................... 34.3 6452 1.5 1.8 11.2 8.3 8.0 - Tata Retirement Savings Fund - Moderate (G) ................................... 37.5 1361 2.2 3.2 33.2 7.1 13.1
★★★ IDFC Bond Fund - MTP - Regular (G) ..................................................................... 36.9 4511 1.5 -0.1 6.6 8.3 7.6 DEBT - BANKING AND PSU FUNDS - Tata Retirement Savings Fund - Progressive (G) ............................ 37.0 995 2.3 3.8 37.6 7.2 14.7
★★★ Kotak Medium Term Fund (G) .......................................................................................... 17.5 1909 1.6 0.7 11.2 6.8 7.2 - UTI-Retirement Benefit Pension Plan .................................................................. 30.5 3234 1.8 5.7 27.5 5.0 8.2
★★★★★ Kotak Banking and PSU Debt Fund (G).............................................................. 50.6 9701 0.8 0.4 8.6 9.0 8.3
★★★ L&T Resurgent India Bond Fund (G) ....................................................................... 15.9 751 1.5 1.3 10.9 7.3 7.2
★★★★★ Nippon India Banking & PSU Debt Fund (G) ............................................. 16.2 6718 0.8 1.0 8.5 9.1 8.3
★★ Aditya Birla SL Medium Term Plan (G).............................................................. 24.3 1790 1.2 3.3 17.6 3.5 5.3 Source : NAV India;NAV for the growth option as on 30-04-2021.
★★ DSP Bond Fund - Regular (G).............................................................................................. 63.9 364 0.8 0.6 8.1 5.2 6.3
★ Nippon India Strategic Debt Fund (G) ................................................................. 10.8 264 2.0 1.0 3.6 -8.2 -2.1
- BNP Paribas Medium Term Fund (G).................................................................... 15.0 29 1.0 0.3 5.7 2.9 4.3
- Franklin India Income Oppt Fund G) (Wound up) ........................... 23.3 1697 0.1 6.4 11.8 4.2 6.1
- Indiabulls Income Fund (G) ................................................................................................... 17.0
- Sundaram Medium Term Bond Fund - (G) ................................................... 58.1
16 0.9
81 2.2 0.1
- -
6.3 6.1
-
6.5
-
MF ratings methodology
O
- Tata Medium Term Fund - Regular (G).............................................................. 28.4 70 1.4 1.0 9.3 2.0 3.9
ur rating is based on the funds’ historical schemes that have undergone a drastic change in
- UTI-Medium Term Fund (G) ................................................................................................. 14.1 71 1.6 0.3 2.9 3.4 5.2
performance measured both in terms of their portfolio and mandate. Given that comparing
return and risk. The returns and risk of the past performance of these schemes is not possible,
DEBT - MEDIUM TO LONG DURATION FUNDS schemes are measured using rolling returns and we have excluded them from the rating exercise.
★★★★★ SBI Magnum Income Fund - (G)..................................................................................... 55.2 1701 1.5 0.7 9.1 9.4 8.8 Sortino ratio respectively. The funds with highest scores are assigned five
★★★★ ICICI Pru Bond Fund - Regular (G) ............................................................................. 31.1 3363 1.2 0.4 8.8 9.0 8.1 Rolling returns help to identify schemes that have star rating while the funds with lowest scores are
★★★★ IDFC Bond Fund - Income Plan - Reg (G) ........................................................ 53.4 687 2.0 -0.9 5.3 9.2 8.1
delivered relatively consistent returns during assigned one star rating.
★★★ Aditya Birla SL Income Fund (G)................................................................................... 98.5 1244 1.0 0.4 9.1 9.5 8.0
various market cycles and over the long run. We have Note: In September 2020, SEBI revised the
★★★ Canara Robeco Income Fund (Growth) ............................................................ 45.5 146 1.9 0.2 6.7 8.4 7.7
considered one­year, three­year and five­year rolling investment mandate of multi­cap funds, requiring
returns for a total of 7­year NAV history for equity them to invest at least 25 per cent of their assets each
★★★ Kotak Bond Fund - Regular (G) ........................................................................................ 60.6 1662 1.9 -1.1 6.8 8.7 7.3
and hybrid funds. For debt­oriented funds, we have in large­, mid­ and small­cap stocks. The regulator
★★★ Nippon India Income Fund - (G) ..................................................................................... 71.0 306 1.7 -0.5 4.6 9.3 7.9
considered one­year, two­year and three­year rolling allowed time till January 31, 2021 for the funds to
★★ HDFC Income Fund (G).................................................................................................................. 46.8 684 2.1 -0.1 6.0 7.4 6.5
returns for a total of 5­year NAV history. comply with the new mandate. Funds that did not
★★ LIC MF Bond Fund - (G)................................................................................................................. 57.2 170 1.2 -0.1 4.9 7.9 7.0
Sortino ratio measures the performance of the per cent and 10 per cent weightage respectively. The wish to follow the new investment strategy
★ UTI-Bond Fund (G) ................................................................................................................................ 50.7 286 1.6 0.1 6.2 -0.6 2.7
schemes during downtrends, thus capturing the final score is used to rate funds within each category. converted into a flexi­cap fund, a new category
- HSBC Debt Fund (G)........................................................................................................................... 34.6 35 2.1 -1.0 4.4 8.1 6.5
downside risk. Mutual funds with corpus of less than ₹100 crore, introduced by the regulator in November 2020.
- JM Income Fund - (G) ....................................................................................................................... 50.0 17 1.4 -0.7 4.9 2.2 3.3 One­year trailing return is also considered to liquid funds, and arbitrage funds, are not considered Since the investment strategy of funds continuing
- Tata Income Fund - (Growth)............................................................................................. 65.2 57 2.0 -0.2 7.5 7.9 7.1 assess the fund’s recent performance. To arrive at the for rating. We have also not rated categories where as multi­cap funds now would be in line with the
final score, we have assigned a 60 per cent weightage the number of funds are less than 5. new mandate, comparing the current returns with
DEBT - LONG DURATION FUNDS for past performance based on rolling returns. Post the SEBI’s directive on categorization and the past may not present the right picture. Thus, we
Sortino ratio and one­year performance is given a 30 rationalisation of mutual fund schemes, there are 30 are excluding the rating of multi­cap funds.
- ICICI Pru Long Term Bond Fund - (G) ................................................................... 71.4 793 2.0 -0.9 4.8 9.7 8.7
- Nippon India Nivesh Lakshya Fund (G).............................................................. 13.9 1788 0.5 -0.8 6.5 - -

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12 NEWS BusinessLine
SUNDAY • MAY 2 • 2021

QUICKLY
Govt gives more time for tax Supply oxygen to Delhi or face
compliance as Covid rages on contempt case: HC to Centre
Order comes after 12 die due to oxygen shortage
I-T returns for AY21, to be filed on or before March 31, can be done by May 31 OUR BUREAU Delhi could be fulfilled, lest
..........................................
LPG prices remain New Delhi, May 1 it remains only a paper al­
unchanged OUR BUREAU
..........................................
under Section 148 of the Act, for demic and in view of several re­ location. The Centre shall
New Delhi, May 1
New Delhi, May 1 which the last date of filing of re­ quests from taxpayers, tax On a day that saw 12 pa­ ensure availability of cryo­
Oil marketing companies turn of income under the said no­ consultants and other stakehold­ tients, including a doctor, genic tankers as well for the
have kept the prices of LPG The Income­Tax Department on tice is April 1 or thereafter, can be ers for relaxation of compliance dying of shortage of oxygen said supply,” the bench
cylinders unchanged at the Saturday eased compliance by ex­ filed within the time allowed un­ dates from across the country, re­ at a city hospital, the Delhi said.
start of May. A 14.2­kg LPG tending certain timelines. The fil­ der that notice or by May 31, questing that various compliance High Court warned the The judges observed that
cylinder in Delhi will ing of belated returns under sub­ whichever is later. dates may be relaxed, the Govern­ Centre of initiating con­ the oxygen allocation of
continue to be priced at Section (4) and revised return un­ Appeal to Commissioner can ment has extended certain tempt proceedings against Delhi receives its allocated 490 tonnes has not been
₹809, which is 39 per cent der sub­Section (5) of Section 139 be filed within the time provided timelines,” a statement issued by its officers for failing to ful­ supply of 490 tonnes posit­ fulfilled for Delhi “even for
higher on a year­on­year of the Act for AY21, which were re­ or May 31, whichever is later. the Finance Ministry said. fil the 490 tonnes oxygen ively today by whatever a single day”.
basis. The price of LPG in quired to be filed on or before Earlier, the last date was April 1. Commenting on the latest requirement for the means. The Bench said that it will
India is generally reset on a March 31, canbe doneon or before Objections to Dispute Resolution Appeal to Commissioner can move, Shailesh Kumar, Partner, Capital. Given that Delhi is not an consider initiating con­
monthly basis. Last month, May 31. Panel (DRP) under Section 144C of be filed within the time Nangia & Co LLP said given the im­ industrial State and does tempt proceedings in case
the OMCs had reduced the Tax deducted under Section the Act, for which the last date of provided or May 31 pact of Covid, the Government Ensuring supplies not have availability of of non­compliance.
price of cylinders by ₹10. 194­IA, Section 194­IB and Section filing under that Section is April 1 has given relaxation to I­T for vari­ “Enough is enough,” said a cryogenic tankers of its This direction came fol­
OUR BUREAU 194M of the Act and filing of chal­ or thereafter, can be filed within which is due to be furnished on or ous compliances till May 31. division bench comprising own, which could be re­ lowing a statement made
lan­cum­statement for such tax the time provided under that Sec­ before April 30, can be furnished “However, if the Covidsituation justices Vipin Sanghi and quisitioned under the Dis­ by Batra Hospital that oxy­
Power consumption deducted, which was required to tion or by May 31, whichever is on or before May 31. does not improve in the next two Rekha Palli, adding, “much aster Management Act like gen supply was interrupted
grows 41% in April be paid and furnished by April 30, later. weeks, the Government may need water has gone above the other states have done, it for an hour and a half
New Delhi, May 1 respectively, can now be done on Statement in Form Number 61 Relief for taxpayers to extend these timelines further, head.” falls upon the Centres to ar­ which led to the loss of 12
Power consumption in the or before May 31. with particulars of declarations “In view of the adverse circum­ given the large number of famil­ “We direct the Centre to range the tankers as well, so lives, including that of a
country grew 41 per cent in I­T return, in response to notice received in Form Number 60, stances arising due to the pan­ ies hit by Covid presently,” he said. ensure that the NCT of that the allocation made to doctor of the hospital.
April to 119.27 billion units
(BU) compared to the same
month last year when it was
84.55 BU, showing a robust
recovery in industrial and
commercial demand,
Centre releases SDRF of Fauci tells India to
shutdown to WHO clears Moderna vaccine for emergency use
according to Power Ministry
data. During April, peak
over ₹8,800 cr in advance arrest Covid surge Paves the way for nations without regulatory infra to fast-track its approval
power demand met touched
the highest level of 182.55
States can use half the disaster AGENCE FRANCE-PRESSE OUR BUREAU days prior to withdrawal of the dia, and there is little clarity on its
relief fund amount in Covid fight
.......................................... ..........................................
GW, up 38 per cent over the New Delhi, May 1 Mumbai, May 1 first dose, meaning that ultra­ India plans.
same month in 2020. cold chain equipment may not WHO’s listing process assesses
OUR BUREAU
..........................................
A statement by Finance Min­ Top US pandemic advisor An­ American biotech company always be necessary to deploy the the quality, safety and efficacy of
New Delhi, May 1 istry mentioned that the thony Fauci on Saturday said Moderna’s mRNA Covid­19 vac­ vaccine. Covid­19 vaccines and is a pre­
Kia India launches amount has been released as a that India should go into cine has been added to the World This would be a significant fea­ requisite for the COVAX facility
refreshed Seltos, Sonet The Finance Ministry on Sat­ special dispensation, at the lockdown for several weeks Health Organisation’s basket of ture in different climatic regions vaccine supply.
Hyderabad, May 1 urday released over ₹8,800 Home Ministry’s recommend­ to arrest the current devast­ vaccines for emergency use. and in low and middle­income The vaccine has already been
crore State Disaster Response ation. This is the first instal­ ating surge in Covid cases.. The WHO said, Moderna’s vac­ countries that may not have the reviewed by WHO’s Strategic Ad­
Fund (SDRF). About ₹8,873.6 ment of the Central share of the “I think the most import­ cine (mRNA 1273) has been listed infrastructure to store and visory Group of Experts on Im­
crore has been released to the SDRF for 2021­22 to all the States. ant thing in the immediate for emergency use, making it the distribute. munization (SAGE), which makes
States. is to get oxygen, get sup­ fifth to receive such validation In the recent past, Moderna recommendations for vaccines’
Up to 50 per cent of the Deploying funds plies, get medication, get from the WHO. Moderna is the fifth to receive chief has indicated that their ca­ use in populations (recommen­
amount released, that is, The SDRF can be used by the PPE, those kinds of things,” Others that have made the cut such validation from the WHO pacities are occupied in servicing ded age groups, intervals
₹4,436.8 crore can be used by States for various measures re­ the Indian Express daily include Pfizer’s mRNA vaccine, existing contracts. Hence it re­ between shots, advice for specific
the States for Covid­19 contain­ lated to the containment of quoted Fauci as saying in an the AstraZeneca­Oxford Univer­ administer the mRNA vaccine. mains to be seen how the WHO groups such as pregnant and
Kia India has launched refreshed ment measures. Covid­19, including meeting interview. sity vaccine from two different But mRNA also comes with ad­ listing may facilitate a roll­out lactating women). And SAGE re­
editions of Seltos and the Sonet, Normally, the first instal­ the cost of oxygen generation “But also, one of the im­ suppliers, including Serum Insti­ ded logistics concerns, given the outside of the US and Europe. commended the vaccine for all
in India on Saturday with ment of the SDRF is released in and storage plants in hospitals, mediate things to do is to es­ tute of India, and the one­dose extreme temperatures required And whether it would involve a age groups 18 and above.
multiple new features. It has also June, as per the recommenda­ ventilators, air purifiers, sentially call a shutdown of Johnson and Johnson vaccine. to transport and distribute it. tech­transfer. The US Food and Drug Admin­
introduced Paddle Shifters in tions of the Finance strengthening ambulance ser­ the country,” he said. Moderna appears to have ad­ istration had issued an emer­
both the newly refreshed Seltos Commission. vices, Covid­19 hospitals, Covid “And if you shut down, Logistics concerns dressed this issue. The WHO note No presence in India gency use authorisation on the
and Sonet. The company has This timeit has been done Care Centres, consumables, you don’t have to shut down The WHO emergency listing explained, although the vaccine India has from Saturday opened Moderna vaccine in December
introduced the refreshed Seltos without waiting for the utilisa­ thermal scanners, personal for six months. You can shut paves the way for countries is provided as a frozen suspen­ up the pathway to bring foreign 2020 and a marketing authorisa­
and Sonet at a starting price of tion certificate of the amount protective equipment, testing down temporarily to put an without the regulatory infra­ sion at –25 oC to –15 oC in a mul­ vaccines into the country with tion valid throughout the EU was
₹9,95,000 (ex­showroom) and provided to the States in the laboratories, testing kits, con­ end to the cycle of transmis­ structure to expedite their own tidose vial, vials can be stored re­ fast­track approvals. Moderna granted by the European Medi­
₹6,79,000 (ex­showroom). previous financial year. tainment zone, etc. sion,” he added. approval process to import and frigerated at 2–8 °C for up to 30 has no presence or alliance in In­ cines Agency in January 2021.
+

Serum ‘mulling’ overseas More corporates pledge help SBI cuts rates on
home loans up to Reliance Retail’s Q4
production of Covishield to fight the raging pandemic ₹30 lakh to 6.7% net up 45% at ₹2,247 cr
OUR BUREAU
..........................................
Mumbai, May 1 OUR BUREAU

Faced with shortages and

RIL, Mahindra Logistics, Essar, Boeing extending aid ..........................................

Mumbai, May 1 OUR BUREAU

..........................................
unprecedented and challen­
Mumbai, May 1 ging operating environ­
high­pressure demands OUR BUREAU humi Dwarka district in Gu­ State Bank of India (SBI) has ment, arising from the pan­
from governments and cor­ Mumbai, May 1 jarat which is equipped with cut the minimum interest Amid the second Covid wave, demic situation that
porates, Serum Institute of Top Indian and global corpor­ oxygen support. rate for home loans up to ₹30 Mukesh Ambani­led Reliance emerged at the start of the
India chief Adar Poonawalla ates are extending emer­ lakh from 6.95 per cent to 6.70 Retail’s net profit for the year,” Dinesh Thapar, Group
has indicated he was look­ gency assistance such as $10-million package per cent. The new interest rate fourth quarter was up by 45 Chief Financial Officer at Re­
ing to start vaccine produc­ medical supplies, life­saving The Boeing Company today is effective from May 1, 2021. per cent at ₹2,247 crore. liance Retail said.
tion overseas to possibly equipment and hospital beds announced a $10­million The home loan rate cut The company’s revenues The apparel and footwear
service existing contract ob­ Serum Institute of India chief
to help fight the second pan­ emergency assistance pack­ comes exactly a month after rose to ₹46,099 crore in the business delivered a strong
ligations. Adar Poonawalla
demic wave. age for India to support the the bank hiked the minimum Q4 of FY21 from ₹38,242 in quarter of double­digit
An announcement on Reliance Industries Ltd is Mukesh Ambani’s Reliance country's response to the interest rate on home loans the same period last year. growth, led by higher conver­
this is expected shortly, he supplying oxygen free of cost Industries is supplying oxygen surge in cases. by 25 basis points (bps) from Despite the pandemic, the sions and bill values. Trends
told The Times in the UK, it was possibly to service ex­ to State governments to free of cost to States “Boeing is a global citizen, 6.70 per cent to 6.95 per cent. company opened 1,456 stores registered a 2x growth in rev­
where he is presently. In isting contracts to GAVI and bring relief to over 1 lakh pa­ and in India we are directing For home loans above ₹30 during the year. enues from smaller towns,
fact, Poonawalla further the UK. Serum was facing a tients on a daily basis. ‘Oxygen on Wheels’ our pandemic response to lakh and up to ₹75 lakh, the The revenue stood at which contributed to 55 per
stirred the pot, indicating legal notice from As­ Mukesh Ambani, Chair­ To overcome hurdles in trans­ the communities most im­ interest rate will start at 6.95 ₹157,629 crore for FY21, lower cent of revenues. AJIO, too,
that he had been at the re­ traZeneca on delayed sup­ man and Managing Director, portation, Mahindra Logist­ pacted by this recent surge of per cent. For big­ticket home by 3.3 per cent compared to sustained its strong mo­
ceiving end of threats. “The plies. Reliance Industries Limited, ics has started ‘Oxygen on cases,” said Dave Calhoun, loans above ₹75 lakh, the in­ the previous year. Its net mentum with 4x growth in
level of expectation and ag­ Serum had earlier indic­ said: “For me and for all of us Wheels’, a direct­to­con­ president and chief executive terest rate will be 7.05 per profit for the fiscal was ₹5,481 revenues and a marked im­
gression is really unpreced­ ated that it would focus its at Reliance, nothing is more sumer initiative that uses officer of The Boeing Com­ cent, India’s largest bank said crore which was marginally provement across customer
ented,” Poonawalla is efforts on India, where the important than saving every trucks in local shuttle routes pany. in a statement. higher by 0.6 per cent. How­ metrics and operating para­
quoted as saying. The surge of the second wave life as India battles against a to connect oxygen producers The Qualcomm Charitable SBI said women borrowers ever, its cash profit for the meters over last year.
Serum chief had only re­ was taking a huge toll on new wave of the COVID­19 with hospitals/homes, ini­ Foundation and Qualcomm will get a special concession year was ₹7,457 crore, lower However, the emergence
cently been given Y cat­ human life. Vaccine exports pandemic. There is an imme­ tially in Maharashtra, to be India Private Limited have of 5 basis points (bps). Fur­ by 3.1 per cent. of the Covid­19 wave in
egory security. had come in for much flak, diate need to maximise In­ extended to the rest of the pledged $4 million to be used ther, a 5 bps concession is be­ March has led to fresh curbs
While Serum Institute has as a shortage was reported dia’s production and trans­ country. for initiatives that will sup­ ing offered as a digital incent­ Resilient performance and resultant disruptions,
not given details on the in the country with scaling portation capacities for The Essar Group said it had port India’s medical fratern­ ive to customers applying for “Reliance Retail delivered a “adversely impacting foot­
overseas production plan, up of the vaccination medical grade oxygen.” set up an exclusive 100­bed ity in waging the battle,the home loans via YONO digital resilient performance falls, sentiment and opera­
industry­insiders indicated, programme. Covid care centre at Devb­ entities said in a statement. banking platform. against the backdrop of an tions.

Retailers seek clarity on ECLGS 3.0 Left to BJP: Help the We will be aggressive in loan growth,
Hotel Association urges govt to ease scheme conditions people or leave office recoveries: YES Bank CEO and MD
OUR BUREAU
..........................................
ECLGS 3.0. Kumar Rajagopalan, quires customisation for the sec­ Demands free vaccination programme OUR BUREAU
..........................................
increase the loan book and if
New Delhi, May 1 CEO, Retailers Association of In­ tor. The hospitality industry body Mumbai, May 1 you are a working­capital
dia, said the industry has sought has said the sector is highly cap­ OUR BUREAU government to launch a free lender, you can also manage
..........................................
The retail industry has sought clarity from the government on ital­intensive and has a high per­ New Delhi, May 1 universal vaccination pro­ One year after YES Bank and current account as per the
clarity from the Finance Ministry this issue. “RAI has urged the gov­ centage of fixed costs of opera­ gramme across the country. the private sector lender be­ new RBI regulation,” Kumar
on the Emergency Credit Line ernment to make funds available tions that have become General secretaries of the five “Spend the budgetary alloca­ lieves it’s now on a firmer foot­ said.
Guarantee Scheme (ECLGS) 3.0 for the sector under ECLGS. unsustainable owing to nil or Left parties said in a joint state­ tion of ₹35,000 crore; release ing and plans to focus on loan The bank also wants to par­
and has urged the government to Availability of additional fund­ negligible revenues. ment here on Saturday that the money collected in PM growth and recoveries. ticipate in infrastructure
extend benefits to the sector un­ ing facility to the eligible retail “The recovery of hotels will also the Narendra Modi Govern­ Cares Fund and stop construc­ “After one year, we have funding with another lender
der the scheme. business will go a long way in con­ be long drawn as borders will be ment will lose its moral right tion of the ₹ 20,000 crore been able to achieve some very and may look at funding ₹250
At the same time, the hospital­ tributing to retail revival, protect­ reopened with caution and trav­ to continue in power if it ig­ Central Vista, use this money good numbers. Deposits have Prashant Kumar crore to ₹300 crore for each
ity industry has urged the Centre ing jobs, and creating conducive eller confidence will return over nores public demand for help for procuring vaccines,” they been taken care of, capital has It expects to grow the loan such loan.
to allow even hotels with no bor­ environment for employment time. The ECLGS 3.0 scheme for during a pandemic. said, adding that compulsory been raised. Even the gross book by 15 per cent in 2021­22,
rowings too to seek benefits un­ generation,” he added. The gov­ hotels, therefore, needs to factor They said the country is in licensing must be invoked to non­performing assets have including 10 per cent growth
der the scheme and utilise the ernment recently extended the in these aspects unique to the in­ the grip of the worst humanit­ produce vaccines and life­sav­ started coming down and the in corporate and 20 per cent
credit line for any business pur­ ₹3­lakh crore emergency credit dustry,” HAI said in its submis­ arian health crisis since inde­ ing drugs by all competent bank has made decent recov­ in retail and MSME.
BusinessLine
Disclaimer: Readers are requested to verify
pose, including repayment of line guarantee scheme by an­ sion to the Ministry. pendence.” Immediate meas­ facilities. eries. Going forward, we will & make appropriate enquiries to satisfy
themselves about the veracity of an
loans and interest payment. other three months till June 30 Inclusion of State Financial ures to combat the pandemic, “Strictly control prices of es­ be aggressive in loan growth Comfortable on liquidity advertisement before responding to any
Retailers Association of India in and widened its scope to new sec­ Corporations, Asset Reconstruc­ protect people’s lives and live­ sential drugs and oxygen. and also in terms of recover­ “We have relationships with a published in this newspaper. THG
PUBLISHING PVT LTD., the Publisher &
its submission to Finance Min­ tors, including hospitality, travel tions Companies (ARCs) and Debt lihoods are needed to be un­ Clampdown on their hoard­ ies,” said Prashant Kumar, large number of corporates; Owner of this newspaper, does not vouch
for the authenticity of any advertisement
istry, said while the sector was and tourism. Funds, extension of moratorium, dertaken by the Centre on a ing and black marketing. Dir­ Managing Director and CEO of we are managing their cash or advertiser or for any of the advertiser’s
mentioned during the an­ capping of interest rate at 8 per war footing,” the leaders said. ect transfer of ₹7,500 to all Yes Bank. flows. We are comfortable on products and/or services. In no event can
the Owner, Publisher, Printer, Editor,
nouncement of ECLGS 2.0, there Waiting for recovery cent, increasing of the delin­ They demanded the Centre families in the non­income tax In an interaction with Busi- the liquidity front and we in­ Director/s, Employees of this newspaper/
to provide oxygen to all hospit­ paying bracket; free distribu­ nessLine after the bank’s Q4 tend to participate in their company be held responsible/liable in any
is no clarity on whether the sector The Hotel Association of India quency period are some of the manner whatsoever for any claims and/or
will be able to avail benefits in the (HAI), in its submission to the Fin­ suggested customisations by als and people needing it must tion of foodgrains to all results, Kumar outlined plans working­capital requirement. damages for advertisements in this
newspaper.
notification which announced ance Ministry, said ECLGS 3.0 re­ HAI. be ensured. They wanted the needy,” they demanded. for the bank’s lending growth. It would give us two benefits —

Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 on behalf of THG PUBLISHING PVT LTD., and Printed by D. Rajkumar at Plot B-6 & B-7, CMDA Industrial Complex, Maraimalai Nagar, Chengleput Taluk, Kancheepuram Dist., Pin: 603209. Group Editorial Officer: Krishna Prasad. Editor: Raghuvir Srinivasan (Editor responsible for selection of news under the PRB Act). ISSN 0971 - 7528

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