Bouncing back: 1 in 2 stocks NPPA regulates prices INSIDE
Transcript of Bouncing back: 1 in 2 stocks NPPA regulates prices INSIDE
................BM-BMECMYK
SUNDAY • MARCH 21, 2021
MUMBAI
₹��10 • Pages 12
Volume 28 • Number 79
Regd. TN/ARD/14/09-11, RNI No. 55320/94BENGALURU CHENNAI COIMBATORE HUBBALLI HYDERABAD KOCHI KOLKATA MADURAI MALAPPURAM MANGALURU MUMBAI NOIDA THIRUVANANTHAPURAM TIRUCHIRAPALLI TIRUPATI VIJAYAWADA VISAKHAPATNAM
INSIDE
BIG STORY P2
Novelty notesEquity mutual fund launches have been
dime a dozen as markets continue to
rise. We tell you if their promises are in
tune with historical performance
TAKING STOCK P5
Skip itKnow why the open offer to
buy 17 per cent of the fl��oating
shares of Vedanta at ₹��235 per
share is not attractive enough
SAFE INVESTING P9
Easy pickingsTarget maturity debt funds can be a
safe bet but investors must be
prepared to hold them until maturity
KEERTHI SANAGASETTI..........................................
BL Research Bureau
The fi��rst anniversary of the market carnage is round the cornerand the benchmark index Sensex paints a pretty picture, having surged 92 per cent from itslow on March 23, 2020. The participation in the market rally hasbeen wide, with 95 per cent (1,937stocks) of the 2,039 activelytraded stocks on the BSE in thegreen and 52 per cent at leastdoubling prices. The total market capitalisation of the activelytraded scrips has surged by₹��100.2lakh crore in this period.
However, about one in everyfour stocks that moved up sincelast March now trades at a pricebelow that level it was in, whenthe Sensex touched its prepandemic high of 41952 points onJanuary 14, 2020. And, 5 per centof the actively traded stocks arestill at levels below the March2020 lows.
The sprintersPrices of the top performers —Tanla Platforms, DigiSpiec Technologies and Intellect Designs —since March 2020 lows skyrocketed more than tenfold. Otherssuch as Adani Enterprises saw asevenfold increase.
Among the gainers in the bullrun of the last year, 307 stocksrose over 100 per cent since theirJanuary 14, 2020 levels. The topfi��ve performers since January 14,2020 are Tanla Solutions (1,187per cent), Alok Industries (607per cent), Adani Green (500 per
cent), CG Power and IndustrialSolutions (471 per cent), andDixon Technologies (415 percent).
In contrast, the benchmark index Sensex itself inched up just18.8 per cent since its last high onJanuary 14, 2020, while thebroader market index, BSE 500,posted a gain of 22.6 per cent inthe same period.
IT & Healthcare leadWith defensive segments doingwell in the initial leg of the pandemic, IT and Healthcare sectoral indices saw handsomegains of 132 per cent and 87 percent, respectively, from the
March 2020 lows. BSE IT Indexrallied the most since January 14,2020, up 61 per cent. Even amongthe 307 stocks that rallied morethan 100 per cent from theirJanuary 2020 levels, 29 companies were from the IT sector. Popular names include Ramco Systems, Persistent Systems, L&TInfotech and Mindtree. IT majors, Infosys, HCL Technologiesand Wipro, too surged above 60per cent from January 14, 2020.
The next obvious grosser wasthe healthcare sector — BSEHealthcare Index is up 50 percent since January 14, 2020, withLaurus Labs and Aarati Drugsrising more than fourfold since
midJanuary last year.Chemicals (including agro
chemicals) sector too postedhealthy returns — 37 companiessuch as Deepak Nitrate, TataChemicals, Linde India, NavinFluorine International, AlkylAmines and BASF India, morethan doubled in value.
However, the BSE PSU and Oiland Gas indices have been slowmarchers among the sectoralindices.
While the BSE PSU Index is stilldown 1.6 per cent from its January 14, 2020 levels, BSE Oil andgas and BSE Bankex inched up3.4 and 5.3 per cent since January14, 2020. With looming uncertainty over likely slippages andnear halt in credit growth, leading private banks such as AxisBank and IndusInd Bank tradelower than their prepandemiclevels.
The auto sector too is yet to seecomplete recovery. While market leader Maruti Suzuki recovered from its March 2020lows of ₹��4, 213 apiece, the stock isyet to breach its midJanuary2020 levels. Other auto ancillarycompanies such as Gabriel India,Minda Corporation and Exide Industries still trade below theirprices as on January 14, 2020.
With valuations of manystocks, especially in the defensive segments expanding, (BSEHealthcare and IT indices tradesat 35 and 29 times PE, respectively) undervalued PSUs andother cyclicals (BSE PSU trade at aPE of 13 times) aretaking the leadnow.
Bouncing back: 1 in 2 stocksdouble from March 2020 lowsBut one in four still trade below the pre-pandemic market high in Jan 2020
OUR BUREAU..........................................
New Delhi, March 20
National Pharmaceutical Pricing Authority (NPPA) hasfi��xed the price of 81 medicines,including off��patent antidiabetic drugs, helping to pass onthe the benefi��ts of patent expiry to patients.
NPPA has fi��xed the retailprice of ‘insulin human injection, 200IU/ml’ and ‘70% isophane insulin human suspension + 30% insulin humaninjection 200IU/ml’ producedby Wockhardt Ltd at ₹��106.65per ml each (excluding GST)and Prasugrel Hydrochloride10 mg + Aspirin 75 mg capsuleby Torrent Pharmaceuticals Ltd at ₹��20.16per capsule (excluding GST) with eff��ectfrom March 17, an offi��cial statement said onSaturday.
These decisionswere taken at the 84th meeting of the authority, which washeld on March 10, an offi��cialstatement said on Saturday.
Prices effective April 1The decision was taken because the fi��veyear price exemption given to these medicines on account ofindigenous R&D got over recently. Both the medicines arenow being sold at an MRP of₹��132.50 per ml and ₹��27.26 percapsule, respectively. With thisregulation, the medicines willbe available at fair prices to thepublic at large, the statementsaid. In addition, NPPA fi��xedthe ceiling prices of two sched
uled formulations — antiinfective Povidone Iodine 7.5%Scrub and LevoThyroxine 37.5mg tablet used for treatingthyroidrelated diseases. Therevised prices will be eff��ectivefrom April 2021.
The pharma pricing authority also fi��xed the retail prices of76 new drugs to be launchedby existing manufacturers, including off��patent antidiabetic drugs, allowing due benefi��t of patent expiry to thepatients.
The meeting also decided toretain the revised ceiling priceof Heparin injection up toSeptember this year. Last year,the NPPA had hiked the price
of the essentialblood thinner on account of rising rawmaterial costs fromChina. The ceilingprice was fi��xed tillMarch 31 this year.
Besides, thepharma price regulator hasfi��xed the prices of as many as41 formulations, includingthose used for treating allergies, depression, diabetes,heart attacks, hypertensionand infections.
The list includes Macleod’sTelmisartan and Hydrochlorothiazidel combination,Telmisartan and Amlodipinecombination, and Metforminand Gliclazide combination,besides Mylan’s Cefi��xime andOfl��oxacin combination,Cipla’s Azelnidipine andTelmisartan combination andAristo’s Atorvastatin plus Clopidogrel plus Aspirin combodrug.
NPPA regulates pricesof insulin, 81 drugsMedicines to be available at fair prices
PARVATHA VARDHINI C..........................................
BL Research Bureau
Investors who wish totake exposure to equitymutual funds but haveonly a moderate risk appetite, can consider Kotak Flexi Cap Fund. Thefund provides stabilityfrom its substantiallargecap exposurewhile at thesame time,strives toboost returnsthrough asprinkling ofmid and smallcaps.
Formerly KotakStandard Multicap, thefund chose to become afl��exicap scheme following SEBI’s mandate formulticap funds to investat least 25 per cent oftheir assets each in
large, mid and smallcap stocks. The fund usually takes only about 2025 per cent exposure tomid and smallcapstocks put together, andhence, it moved into thefl��exicap category to retain its originalcharacteristic.
Investors can consider the scheme
for their coreportfolio, taking into account thefund’s long
term track record of steady
performance andability to contain
losses in market downturns. The fund hasequalled or bettered thecategory average and thebenchmark over longerterms of three, fi��ve and10 years.
Kotak Flexicap Fund
TR VIVEK ..........................................
Chennai, March 20
The electoral battle for TamilNadu is being fought morefi��ercely on smartphonescreens than in streetcorners. Fears of a secondwave of Covid19, changingdemographics and a morethan 50 per cent smartphone penetration in theState have forced the rulingAll India Anna Dravida Munnetra Kazhagam (AIADMK)and the opposition DravidaMunnetra Kazhagam (DMK)to invest more than ₹��100crore and an army of thousands of paid and volunteerwarriors on digital campaigns alone ahead of theApril 6, 2021 election. The digital campaigns are slicklymade (hardly a surprise,given both parties have access to talent from Kollywood), deployed and targeted with sophisticationand as spicy as the best Chettinad fare.
Two-pronged narrativeThe AIADMK’s campaign hastwo key themes. One, totrumpet the achievementsof the Edappadi Palaniswamy with a sunny seriesof videos called vetrinadaipodum Tamizhagam reminiscent of the NDA government’s ‘India Shining’ campaign in 2004. Two, toconstantly remind people ofthe “dark days” of the DMK’srule and the party’s “excesses”, when both in andout of power. “Nearly 89 lakh
voters enrolled after 2010.They may not have an instant recollection of howbad the DMK’s rule was. Weneed to constantly remindthe young voters,” says KSwaminathan, the head ofAIADMK’s IT wing.
A new series of videosthemed ‘Thillu mullu company’ or fraudulent company (a direct reference tothe acronym DMK), shows agroup of DMK men instarched white vesthi andshirt, asking people to votefor their party, only to beshooed away becauseeverything works swimmingly well under the AIADMK government. Swaminathan says, AIADMK’sonelakh strong IT wing, notcounting thousands of freelancers it employs to createvideos and memes that areedgier, runs nearly 75,000WhatsApp groups orroughly one for everypolling booth that allowsthe party to deliver contentwith precision. For instance,several teams of the IT wingare at the ready every timeDMK chief MK Stalin speaks.
“He is a gift that keeps giving. We make quick comedyvideos and memes of all thegaff��es. It is great material forus to reinforce the messagethat Stalin is the TamilNadu’s Pappu,” adds Swaminathan.
The tag-team“Total nonsense. No party inTN can match us when itcomes to digital,” countersPTR Palanivel Thiagarajan, aformer investment bankerwho is now the DMK’s ITwing chief, sitting MLA andcandidate from MaduraiCentral. According toThiagarajan, he has built adigital team of 28,000 workers and mapped them out,starting with the top to thebooth level with the rigour,training and structure thatwould do a corporate houseproud. Thiagarajan makesthe startling claim that totrain many of those 28,000onthejob in digital campaign management, theparty fi��elded “independent”candidates in all the 39 LokSabha seats during the 2019elections, whose campaigns
were run by DMK’s digitalteam. Besides the inhousearmy, DMK has the servicesof IPAC, Prashant Kishore’spolitical consultancy fi��rm.IPAC’s election war room onthe 11th fl��oor of a swankybuilding a few hundredmetres from DMK’s HQ,houses nearly 400 employees aged mostly between 25and 35. Nearly 40 of them arevideo editors who churn outhundreds of videos everyday that burnish Stalin’s image or rebut and punchholes in AIADMK’s claims.
With a fee reportedlyaround ₹��350 crore for thewhole campaign starting in2019, IPAC certainly seems tohave lent a great deal of glossto DMK’s campaign, be it creating some razzledazzlearound the big rallies, StalinAni (Team Stalin), a dedicated app to showcase theleader or a clutch of websitessuch as WeRejectADMK, OndrinavomVaa, the help andoutreach portal for those affected by Covid19 lockdown,a membership drive calledEllorum Nammudan run onDMK’s offi��cial website, orsimply shooting down campaigns the AIADMK or BJP tryto trend on social media.“IPAC and the party’s own ITteam have a symbiotic relationship. In the next coupleof days we will be launchinga new campaign that’s nothing like anyone in India hasseen,” adds Thiagarajan. Getready for a spicier, and noholds barred Dravidianpolitical battle on digital.
Dravidian parties amp up digital warPlayers change tack with high smartphone usage, Covid
Edappadi K Palaniswamy,
Tamil Nadu CM and
Joint coordinator, AIADMK MK Stalin, President, DMK
OUR BUREAU..........................................
Chennai, March 20
Former SEBI Chairman GV Ramakrishna, who also held someof the most highprofi��le jobs inthe Indian government over anillustrious career spanning fi��vedecades, passed away in Chennai on Saturday. He was 91.
Born in 1930, Ramakrishnastarted his career as a biochemist with the Rockefeller Foundation in the Bowring Hospital inhis hometown Bengaluru.Later, he opted for the civil services and joined the IAS in 1952.He served the Andhra Pradeshgovernment for nearly 13 yearsbefore he became the Chief Secretary of Andhra Pradesh in1983.
A distinguished bureaucrat,Ramakrishna retired from thecivil services in 1988. Interestingly, some of the most important positions came to him afterthat. In 1990, Ramakrishna wasappointed as the second chairman of the Securities and Exchange Board of India (SEBI) ata time when the stock marketswere run by a cabal of powerfulbrokers.
Banning badlaA wellknown crusader of protecting small investors’ interests, Ramakrishna took stepsto reform the stock exchangesand put in place a system for investors’ protection. Among allother initiatives, he will be remembered for banning theBadla system of trading.
The infamous Harshad Mehta scam which shook both thesecurities market and the fi��nancial system also unfolded whenRamakrishna was at the helm
of the SEBI. Ramakrishna latermoved to the Planning Commission and served as its member during 199495. In 1996, GVRwas appointed as the fi��rst chairman of Disinvestment Commission (DC) which was set upby the Finance Ministry basedon the recommendations ofthe Rangarajan committee. Asthe fi��rst chairman, he stronglyrecommended strategic outright sale of PSUs.
“In the passing away of GV Ramakrishna, we have lost todaythe star architect of India's fi��nancial markets reforms. Hesteered the markets along theright lines and imposed on themarket participants the muchneeded discipline,” former RBIGovernor C Rangarajan toldBusinessLine.
Ramakrishna also held several coveted positions. He wasthe minister of economic affairs at the Embassy in Washington in 1972 and was later India’s Ambassador to theEuropean Economic Community in 198990. In 2005, theGovernment honoured Ramakrishna with the PadmaBhushan Award under the ‘civilservices’ category.
GV Ramakrishna (19302021)
Former SEBI ChairmanGV Ramakrishna no more
OUR BUREAU..........................................
New Delhi, March 20
Health Minister Harsh Vardhan’sstatement in Lok Sabha that eachand every person in the countryneed not be vaccinated wasbased on the premise that only a‘critical mass’ needs to be vaccinated, a top health ministry offi��cial said on Saturday.
“It (the statement) relates tothe theory of ‘critical mass’ in apopulation that needs to be vaccinated to break the ‘chain oftransmission’ of thevirus,” Health Secretary Rajesh Bhushantold BusinessLine.
Replying to aquestion from NCPMP Supriya Sule,Vardhan said on Friday that it is not scientifi��cally necessary to administer vaccine to eachand every person in thecountry, indicating that the vaccination drive may not cover theentire population.
Thekkekkara Jacob John, arenowned clinical virologist andepidemiologist, did not agreewith the Minister’s view and saidthere should be a clearcutstrategy.
“Immunisation is for a purpose. There is a need to defi��ne thepurpose. There could be three different purposes. First is forhealthcare objective, that is toprevent deaths and serious illness. The second is for publichealth purpose to reduce theburden of infection in the community. The third is to vaccinechildren and the working population so that schools and factories can be reopened,” John said.
“If you want to reduce the
transmission — of course, thatdoesn’t seem to be part of thegoal — they have to defi��ne the keypeople who need to be vaccinated. It cannot be one man’s decision, but a collective one takenby a group of experts,” Johnadded.
K Srinath Reddy, PresidentPublic Health Foundation of India, however, said, “The main objective of immunisation with thecurrently available vaccines is toprovide protection against mod
erate or severe illness due to infection. As of now, the im
pact on reduction intransmission hasnot been estimatedthrough evidence.In future, mucosal
vaccines may prevent infections too.
Till they are available,our eff��orts are focussedon preventing essentialworkers from getting
disabled from illness and protecting vulnerable persons whoare aged or have preexistinghealth conditions. Other adultsbecome eligible later.”
Covid surge continuesAs many as eight States are seeingasurge in daily Covid19 cases andsix among them have accountedfor 84 per cent of the 40,953 freshcases reported on Friday. With25,681 new cases, Maharashtraalone accounted for nearly 64 percent of the cases reported on Friday. The active cases tally hasgone beyond 2.88 lakh, according to Health Ministry data released on Saturday.
The number of vaccinationscarried out crossed 4.37 crore,with around 16.12lakh doses administered till 7 pm on Saturday.
‘Only a critical mass needs to bevaccinated to break virus spread’
Health Minister
Harsh Vardhan
KUMAR SHANKAR ROY..........................................
BL Research Bureau
Anything that’s new alwayscatches our eye. This bias fornovelty is one reason whymutual fund companies
fi��nd New Fund Off��ers (NFOs) an easyroute to gain assets.
With NFOs, it is easy to plug the fl��avour of the season, be it US investing,smartbeta investing, small/midcapplays, ESG/responsible investing,quant strategies or just sector bets tocash in on a recent upmove.
A snazzy presentation, colourfulbrochure/product notes and an armypromoting the NFO on social mediaadd to the appeal.
Between 2017 and 2020, coincidingwith the ongoing bull run, equityNFOs collected between ₹��27,000 croreand ₹��33,000 crore annually from investors. That’s about ₹��1.23lakh croreacross openended equity NFOs, including exchangetraded funds (ETFs)such as Bharat 22 and CPSE, and fundof funds (FoFs). In the fi��rst two monthsof 2021 about ₹��4,500 crore has been inthrough half a dozen new schemes.
When markets go up 5060 percent,like they have over the past year, thoseinvestors suff��ering from FOMO (fear ofmissing out) feel a new fund off��er is aticket to board a fl��ight they hadmissed. For others, an NFO off��ers freshhope when 80 per cent of existingequity MFs have found it tough to beattheir respective benchmark indices inthe oneyear timeframe.
Given that they’re so popular, weanalysed the NFO trends and performances of the past fi��ve years (fromMarch 2016 to March 12, 2021) topresent some fi��ndings:
1NFOs are timed to bull markets
A basic principle of equity investing is:higher your entry price and entry valuation, the lower your future returns.This makes bull markets a poor time toinvest lumpsums in mutual funds,and bear markets the best time to do it.
But AMCs like to bunch up theirNFOs in bull markets because suchtimes are more friendly for moppingup large assets.
In a bull market, investment storiessell easily. The Sensex has neverclocked an annual drop since 2015.
Such has been the pace of rise thatmarkets have doubled in fi��ve years.This has accelerated the NFO frenzy.
This year has seen at least one newequity NFO each week. In 2020, 48 newequity funds were launched in 52weeks despite the Covid19 pandemic.The year 2019, too, had seen a similarnumber of funds launched.
The high number of NFOs coming atyou in the last 45 years is merely history repeating itself and is unlikely toend well. Between 2003 and 2007,when stock markets went up sixfold,new fund launches garnered over₹��97,000 crore, including from numerous closeended products.
During phases of exuberance andeuphoria, it is important for you as aninvestor not to commit mistakes.
Don’t put money in equity NFOs be
cause their NAV is ₹��10. A low NAV of ₹��10 does not mean that a new fund isundervalued compared with otherequity mutual fund schemes.
Hypothetically, if an NFO at ₹��10maintains the same portfolio as that ofan existing equity scheme with an NAVof ₹��150, the future returns would bethe same for both the schemes irrespective of the NAV.
You just get more units when youbuy a fund with ₹��10 NAV.
Seasoned funds that have withstoodpast bear markets may be safer to ownin euphoric phases like the present,going by the performance track record of NFOs in the past fi��ve years. Thistakes us to the second fi��nding.
2The wait for Mr Alpha continues
One of the major reasons one investsin actively managed equity funds is alpha generation. So, how do new fundsactually fare on alpha generation?
To fi��nd out, we analysed the activelymanaged equity funds (with at least aoneyear track record) launched overthe last fi��ve years.
We found that the share of newfunds launched in the past fi��ve yearsunderperforming their respectivebenchmark in the last one year is ashigh as 79 percent. For instance, manynewly launched smallcap funds generated a oneyear return of 5678 percent, but came short of matching the80 per cent gain notched up by thebenchmark Nifty Smallcap 250 TRI.
This means the sharp rise in markets was too fast for the actively managed new funds. But this trend maynot be limited just to new funds. Whenmarkets do a swift turnaround, as theyhave since April 2020, even seasonedfunds cannot be right on the money, interms of adjusting their portfolios tobe in sync with the reversal.
Even stretching the performance toa three year period suggests that NFOsunderperform. More than 70 per cent
of actively managed NFOs with a threeyear history have underperformedtheir benchmarks. Considering thatthe market has not seen a particularlyprolonged bearish period in the pastthree years, if a fund fi��nds it tough tooutperform its benchmark, suchproducts may not fare better whenmarkets enter a twoway street.
Moreover, benchmark return dataavailable for 63 equity NFOs launchedin the past fi��ve years show that nearlyhalf of them have failed to beat theirrespective benchmarks since inception. So, investing in new funds is farfrom a sureshot recipe for alpha generation if you are thinking of investingin a new fund because existing onesare lagging in alpha.
3Betting on flavour of theseason not a good idea
Every market phase has its own favourites. Money keeps going out of theleastpreferred pockets and into thenewfound darlings. Of late, mostNFOs hitting the market are not of thediversifi��ed variety but thematic fundsplaying on various new ideas.
The major reason behind manythematic/sectoral fund launches nowis the 2017 transformative exercise bythe SEBI to recategorise and rationalise mutual funds. Only one scheme percategory has been permitted, exceptfor index funds/ETFs, FoFs and sectoral/thematic funds. This window hasgiven AMCs a greater preference forthematic launches.
Now, going by history, thematic andsector fund launches are seldom madewhen a sector is downandout andtruly off��ers bargain buys. Insteadthey’re rolled out when a sector ortheme is highly fancied.
For instance, US marketbased fundsare being launched now, when themarkets there are as heated up as theIndian markets. Between 2004 and2008, infrastructure was a much fancied theme — about 17 infrastructurefunds were launched by Indian AMCs.Half of such funds have, since inception, generated 28 per cent.
About onethird (eight) of the 22newfangled thematic/sectoral fundslaunched in the past fi��ve years havestruggled to beat the Nifty 50 since inception. This means that money was
better invested in a Nifty 50 indexfund.
Of course, some could argue thattwothirds of the thematic/sectoralfunds beat Nifty. One should note thatfi��ve of the 14 such funds belong to thehealthcare and pharma sector, a spacethat has seen massive stock price appreciation against the backdrop ofCovid19. These funds happened to bein the right place at the right time.
As promising and attractive as athematic NFO may seem, it is important for investors to see whether theirportfolio really needs that new fund.Thematic/sectoral funds should form1015 per cent of your portfolio, if yougo for it. The core of a fund portfolioshould comprise plainvanilla largecap, index or multicap funds.
4Passive funds in vogue
While most active fund NFOs aredriven by assetgathering objectives,one category in the NFO market thatmay add value to investors is the passive space where Indian AMCs are justexpanding their menu.
SEBI’s onefundpercategory ruleleaves the entire room open for passives. Fund houses are attempting tocater to the demand for index andETFs. Over the past year, more thanthreefourths of actively managedequity funds have lagged their benchmarks, while 63 per cent of funds haveunderperformed their respectivebenchmark indices in the threeyearperiod. Belowpar performance of actively managed funds has meant thatpassives are in vogue globally as well.
In August 2019, assets of US indicesbased equity MFs and ETFs toppedthose in active stock funds for the fi��rsttime.
In 2021, the fi��lings for proposedequity funds is split down the middlefor active and passive products. Passive equity NFOs have a high share (75per cent) among overall equity fundlaunches this calendar year. This picture was completely diff��erent 10 yearsago. In 2011, it was actively managedfunds that accounted for over a 70 percent share in NFO launches.
With equity indices proving hard tobeat for actively managed schemes,some exposure to passively managedequity funds is perhaps necessary.
When you select an index fund orETF, choosing options with the lowestimpact costs (for ETFs), the lowesttracking error, the highest tradingvolumes (for ETFs), and in sync withyour overall strategic asset allocationis ideal. But many new ETFs and indexfunds will not make the cut, going bythis checklist.
That said, passive funds based onthe Nifty 100, midcap indices, orsmartbeta indices such as the NiftyLow Volatility or the Nifty EqualWeight may be better than diversifi��edindex funds that track indices with250 or 500 constituents.
NFOs
PROMISE VS
PERFORMANCE
New Fund Off��ers arethe talk of the market.As these new schemesplug the fl��avour of theseason, we analysetheir trends andperformances
ISTO
CK
.CO
M/Z
_WEI
NFO RAGE
In just the fi��rst twomonths of 2021,about ₹��4,500 crorehas been collectedthrough half a dozennew schemes
................BM-BMECMYK
BIG STORY2MUMBAI
BusinessLineSUNDAY • MARCH 21 • 2021 BLPORTFOLIO
v This is with reference to thearticle titled ‘Is tax harvesting thatgood an idea?’ published onMarch 14. The story is really good.If investors can benefi��t from taxharvesting without facing anyhitches, it will help them save₹��10,000 in taxes.
—KS Raghavendra
v This is with reference to thearticle titled ‘Fiem Industries:Easier ride ahead’ published onMarch 14. Nice analysis.
––Vijay
v This is with reference to theStatistalk titled ‘The rise of SPACs’published on March 17. Let’s hopethey only allow accreditedinvestors, or have a minimuminvestment/net worth amount forSPACs, if they come to India.
––Mrin Agarwal
v In BusinessLine Portfolio StarTrack MF Ratings, currently onlythe growth option schemes arelisted. For those who haveinvested in the dividend option,we are not able to track current
NAV or one, two and threeyearreturns. Is it possible to add dividendoption to the ratings?
––Vijaykumar Shingade
v I am a regular reader ofBusinessLine Portfolio. Kindly try toincorporate the 10year trailingreturns in Star Track MF Ratings,which will give a better picture for alongterm investor in mutual funds. Itake this opportunity to thank theentire team of BusinessLine forcontinuous good reports.
––Balamurali PK
BusinessLine ResearchBureau says (for the abovetwo comments): Thank youfor your feedback. We will striveto incorporate your suggestions.
v I have been a regular readerof Business Line Portfolio/Investment World since itslaunch. I like the ‘Taking Stock’page. If possible, kindlypublish the IPOrecommendations for theforthcoming week on Sundays.
––Tarakaram Bussetti
BLRB says: Thank you foryour patronage. We will striveto cover IPOs, as much aspossible, in the Sunday editionitself. We are sure you willappreciate that unlike manyother publications, we do adeep-dive analysis of IPOstocks. Sometimes, we may notbe able publish the analysis onSundays when the IPOs areannounced at short notice, aswe require a reasonableamount of time to do researchand write a recommendation.
spectrum of topics in thefi��eld of investing. Appreciateall of this. Many thanks!
––Varun Bang
v As a fi��nance faculty, Ialways get excited to carryBusinessLine to my class. Wedo a lot of analysis on varioustopics highlighted in BL. Mystudents also are very mucheager to read BL Portfolio onSundays. Thank you so muchfor publishing BusinessLine.
––Prof Dibyendu Sundar Ray
Under such circumstances,we carryit on weekdays.
v BusinessLine is certainlydiff��erent from the rest. It’scontrarian and independentwriting is the key diff��erentiatingfactor. It doesn’t look to politicise orever put things in a diplomatic way.I always look forward to readingBusinessLine.
The Portfolio edition is especiallyreally insightful and thoughtprovoking. The content is unique,independently written and covers a
READERS’ FEEDBACK
Readers can share their views and suggestions in the comments section on our website (thehindubusinessline.com/portfolio/), mail them to [email protected], or tweet at us @BlPortfolio
WISE WORDS
If you’re saving for the long run, it’s actually a good thing
when the market is down because the more shares youhave, the more youcan potentially makewhen markets rise.And over time —decades, not months— the markets risemore than they fall
SUZE ORMAN,Renowned American
financial advisorScan & Share
ADITYA KONDAWAR
..........................................
With IPO subscriptions going throughthe roof and the pricing in IPOs expensive in many cases, investors havean option to participate early by investing in companies through the preIPO market or the unlisted market.This market, in which HNIs and evenretail investors have started investing,helps invest in companies that are unlisted and are expected to go for anIPO in the mid to long term.
According to Unlisted Zone(amongst top 10 unlisted sharebrokers), their gross transaction valuein the unlisted market has gone upfrom ₹��2.1 crore in 201819 to ₹��19.1 crorein 201920. In FY21 (so far), it has beenmore than ₹��40 crore. Also, the number of transactions earlier were 510per day compared to 20 per day now.
How it worksA typical deal in the unlisted marketstarts with a buyer (with a demat account) getting connected to an unlisted shares dealer. The price andbrokerage is agreed upon. The buyersends money to the seller after whichthe share transfer is done along with atransaction proof exchange. By T+0evening or T+1 morning, the transaction is completed with unlisted sharesrefl��ecting as ISIN numbers in the demat account of the buyer.
There are no set rules on what is theminimum and maximum investmentlimit under the preIPO investing. Itusually depends on the broker you are
interacting with. Earlier, the minimum size for preIPO deals used to bea few lakh of rupees. But with the ecosystem gaining more depth, i.e., morebrokers, more buyers, more ESOPsellers, more research and startup investing gaining traction, one can starttransacting with as little as ₹��25,000.
The benefi��t of a preIPO deal is thatyou buy the companies at an earlierstage and at a cheaper valuation, ifavailable, compared to buying as anormal investor at the IPO. If you canidentify opportunities before the market at large does, it can translate tomuch greater gain when the companygoes for an IPO and lists its shares.
Beware the risksPreIPO investing certainly does lookinteresting but before pushing the
pedal on this instrument, understandthat it involves high risk.
First, the preIPO market is illiquid.You may not be able to sell your shareswhen you want as there may not beany buyer in the market. The liquidityis low because it is a niche segmentthat trades over the counter and notthrough an exchange.
Second, the risk of IPO timeline. TheIPO of the unlisted company you invested in can get delayed due to market conditions. Also, it is better tocheck if the management hasprovided any guidance on their IPOplans.
Next is the valuation at which theunlisted shares are being bought. Unless, a comprehensive valuation checkwith listed peers is done, you may endup buying at high valuations.
Further, there is the risk of beingcharged higher transaction costs bythe broker you are dealing with. Investors should note that they can paymaximum 12 per cent premium onthe cost price asbrokerage. So, checkprices with a few other dealers andcompare before you enter atransaction.
Note that preIPO investing comeswith a one year lockin once the company’s shares get listed. So, one maymiss the listing gains if the companymakes a successful debut on the markets.
Also, if the fundamentals of thecompany changes and that warrantsselling the stock, you may not be ableto do so until one year.
Finally, one has to be cautious offrauds. Last year, a Bangalorebasedprominent wealth managementfi��rm’s founder was arrested for a preIPO investing fraud. They took themoney for the shares but never delivered the shares. Always deal with atrusted broker with a good track record.
Note that since there is no ombudsman or appointed entity for redressal,the only legal option left is to fi��le a police complaint against the individualor directors of the company.
Taking into consideration all of theabove, it becomes apparent that onlyinvestors with mid to high risk appetite should take a look at thisinstrument.
The writer is COO at JST Investments
Pros and cons of pre-IPO investingYou can buy companies atan earlier stage and at acheaper valuation, but beaware of the risks involved
ISTO
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HNI MONEY
LOCK AND LOADPre-IPO investingcomes with a one-year lock-inonce the company’sshares get listed
AARATI KRISHNAN..........................................
As the stock market soars, it’s not justthe IPO market that is buzzing with alineup of new issuers, the market fornew fund off��ers (or NFOs) is hyper too.When an AMC makes a slick pitch for anew fund, it’s hard not to give in. Butthen, if an AMC has just discovered agreat new moneymaking opportunity in international investing,
ESG or housing stocks, there’s noreason why it cannot put it to work inthe dozens of schemes its alreadymanages. As an investor, you, shouldbe extremely selective while buyinginto NFOs because AMCs have manybusiness reasons for rolling out NFOs,that they’re not be telling you about.
Higher feeAMCs make their revenues and profi��tsfrom expenses that they charge totheir schemes as a percentage of assets under management (AUM). NFOsallow AMCs to take home a larger feefor every Rupee of money managedthan older and larger schemes. This isone big reason why AMCs like NFOs.
SEBI’s slabbased limits on TER ensure that the fee that an AMC chargesyou declines sharply as a schemegrows. Before 2019, mutual fundswere subject to just four slabs on TERs.Equity schemes could charge 2.5 percent of assets for assets upto Rs 100crore, 2.25 per cent for the next ₹��300crore, 2 per cent for the next ₹��300crore and 1.75 per cent for all assetsover and above that. Debt schemeswere required to charge 0.25 per centless in each slab.
From April 2019, SEBI decided to realign the slabs and lower them. Itcapped TER for equity schemes at 2.25per cent on the fi��rst ₹��500 crore of assets, 2 per cent on assets between₹��500 and ₹��750 crore, 1.75 per cent onassets beyond that up to ₹��2000 crore,1.5 per cent from ₹��5000 crore to₹��10,000 crore, with further cuts beyond this. This change has had the effect of reducing the fees that leadingAMCs take home every year from theirbigger and older schemes. To illustrate, a ₹��5,000 crore equity fundearned roughly ₹��90.5 crore in annualfees in the old structure but only ₹��86.1crore in the new one.
More important, the slab structurealso makes attracting money into newschemes a much more lucrative proposition for the AMC than getting itinto older funds.
Fresh infl��ows of ₹��500 crore into anexisting ₹��5,000 crore equity fundnow fetch an AMC just ₹��7.5 crore infees, while an NFO mopping up ₹��500crore earns it a cool ₹��11.25 crore. Ahigher fee pads the wallets of fundmanagers and helps the AMC payhigher commissions to its distributors to drum up support for a NFO.
Size fatigueFund houses won’t readily admit it,but too much popularity can prove adeadweight on scheme returns.
Smallcap equity funds when theyamass assets beyond ₹��5000 crore, forinstance, can struggle to build newpositions or exit old ones without impact costs. When a market correctionpops up, they can struggle to fi��ndenough market liquidity to absorbtheir sales. While size problems areacute for smallcap funds, otherequity categories face it too. A multicap fund that overshoots ₹��15,000crore in assets, for instance, can havetrouble retaining its ‘multicap’ character as smallcap bets can get morediffi��cult to make.
When a value or contra fund growstoo big, it may fi��nd it tough to deployits entire corpus in sound but cheaplyvalued stocks.
Large schemes therefore end upmaking compromises like havingmore index names or holding morecash, which dilutes returns. AMCs tryto manage the size problem by regulating fl��ows or completely gatingthem for limited periods. But beyonda point, the opportunity loss in termsof AUM and fees begins to hurt.
NFOs are a neat way to get aroundthis. When a popular scheme becomestoo big to outperform, AMCs subtly divert their loyal investors (and distributors) to a new scheme that can startout afresh and make more nimblemarket moves owing to its size.
NFOs with broad themes like economic revival, value or even ESG are often attempts by an AMC to make upfor the fl��agging track record of a fl��agship scheme, with a new kid on theblock.
Survival tacticThe Indian mutual fund industry operates on the principle of survival ofthe fi��ttest. With open end funds dominating, investors have been promptto pull out money from laggardschemes that chronically lag peers orbenchmarks to invest in better performers. This has led to situationwhere a few AMCs that manage outperforming schemes garner the lion’sshare of new infl��ows. With AMCs thatmanage middling funds or poor performers getting hardly any infl��ows,they’ve taken the NFO route. Rolling
out an NFO that off��ers visions of greatreturns in future is after all mucheasier than repairing the batteredtrack record of a bunch of olderschemes.
Category curbsIf you’ve been wondering why thereare hardly any plainvanilla fundlaunches nowadays, with most NFOsplaying esoteric themes this is thanksto SEBI’s new rules on fund categorization.
In early 2018, SEBI decided that Indian AMCs were off��ering just toomany openended funds to investors,confusing them. It therefore broughtin new rulers that allowed AMCs to offer just 36 specifi��c categories of openended schemes. It also decreed thatevery AMC could run only one schemein each of these 36 categories. Whilethis has forced AMCs to consolidate,merge and streamline their 800 oddopenend schemes to fi��t into the newslots, it also deprived them of the opportunity to expand their AUMs further.
Given that the category curbs don’tallow AMCs to off��er more than onemulticap, largecap, large and midcap, midcap and smallcap equityfund to launch any more diversifi��edequity schemes, they’re been going allout to unearth new thematic ideasthat can sidestep these curbs (thematic is the only category where an AMCmay have multiple schemes).
Why fund houses launch NFOsHere is a low-down on the commercial reasons companies have for rolling out new funds
ISTO
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PB
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REAL RETURNS
Launch padB New fund offers allow
AMCs to take home alarger fee
.................................................................................................................
B NFOs do not sufferfrom size fatigue
.................................................................................................................
B Fund houses can getinflows in newschemes easily
.................................................................................................................
IPO portal by FYERSFYERS has launched its IPO
portal which
will allows its
customers to
now apply for all
the upcoming
IPOs directly
through this platform. The new
feature allows customers to
apply for Initial Public Offers
(IPOs) & FPOs in companies that
are listed on NSE & BSE using
their UPI id. Customers with UPI
id can place a bid, enter the lot
size and submit the applications
on the portal. Also, clients can
apply for any IPO through FYERS
whereas, in Netbanking ASBA,
clients have to apply through
Self certified Syndicate Banks
(SCSBs) only.
................BM-BMECMYK
MUMBAI
BusinessLine 3SUNDAY • MARCH 21 • 2021 YOUR MONEY
I am planning to buy a resale property using theproceeds from sale of my shares held in ICICI direct.What will be my tax liability, considering the fact theshares held in the account are one year old to seven-year old? Also, advise me on the precautions neededwhile buying a resale house.
NILESH
Assuming that the shares held in ICICI direct arelisted on Indian stock exchanges and are held for aperiod of more than 12 months, the gain/loss arising onsale of these shares shall be treated as longterm capitalgain /longterm capital loss (LTCG/LTCL). As per Section112A of the Act, LTCG in excess of ₹��1,00,000 earned fromsale of listed equity shares on which securitiestransaction tax has been paid shall be subject to incometax at the rate of 10 per cent (excluding surcharge andeducation cess).
Where the shares are purchased before January 31,2018, the cost of acquisition shall be the higher of thefollowing:
· actual cost of acquisition; or
· lower of (i) fair market value (FMV) of such share onJanuary 31, 2018 (highest quoted price) or (ii) full valueof consideration as a result of transfer.
You can explore deduction under Section 54F of theAct in case the net sale consideration arising from thesale of shares is invested in purchase of a residentialhouse property within one year before the transfer dateor within two years after the transfer date subject tospecifi��ed conditions.
In regards to the purchase of immovable property, asper Section 194IA of the Act, you will be required todeduct taxes at source (TDS) at the time of makingpayment of the sale consideration to the seller @ 1 percent (assuming seller is a resident of India), where thesale consideration of the said property is equal to orexceeds ₹��50 lakh. In such case, you will also be requiredto fi��le a TDS return in Form 26QB and issue a Form 16Bto the seller of the property.
A senior citizen engaged in businessis expected to makepayment of advance tax based on his earnings. I wouldlike to know the following: (i) if a senior citizen makesinvestment on equity, does he need to pay advance taxbased on the quarterly earnings? (ii) if a senior citizendoes trading on equity (buying and selling shares) willthe same (payment of advance tax) be applicable?Please clarify while keeping in mind long- and short-term gains.
RM RAMANATHAN
As per Section 208 of the Income Tax Act, 1961 advancetax is applicable if the tax liability (net of taxesdeducted or collected at source) on taxable income is₹��10,000 or more. As per Section 207 of the Act, liabilityto pay advance tax doesn’t apply to a resident seniorcitizen (who is aged 60 years or more), not having theincome from business or profession.
Scenario I
The senior citizen doesn’t have income frombusiness/profession:
Earnings on investment in equity could be in theform of dividend & capital gains (long term or shortterm, depending upon the period of holding) which arechargeable to tax under the head ‘Income from othersources & Income from Capital gains, respectively.
In view of the provision discussed above, payment ofadvance tax provision doesn’t apply in this scenario.
Scenario II
Senior citizen derives income from business/profession (trading of shares):
Since the senior citizen is trading in equity (whichmay include shares held as stockin trade, intradaytransactions etc.), it would tantamount to carrying on abusiness.
Accordingly, the advance tax provision of section 208shall apply and he is required to pay advance tax if thenet tax liability exceeds ₹��10,000 in a FY.
TAXQUERY
SUDHAKAR SETHURAMAN
The writer is Partner, Deloitte India.
Send your queries to [email protected]
Bank of Baroda cuts ratesBank of Baroda has announced
reduction in Baroda Repo Linked
Lending Rate
(BRLLR) from 6.85
per cent earlier to
6.75 per cent
with effect from
March 15, 2021.
All retail loans are linked to BRLLR
(External benchmark- Repo
linked rate) and so customers
availing home loan, mortgage
loan, car loan, education loan,
personal loan and all other retail
loan products can avail of this
benefit. With this revision, home
loan rates start at 6.75 per cent
and car loan rates start at 7 per
cent, mortgage loan rates start at
7.95 per cent and education loan
rates start at 6.75 per cent.
‘UPI Help’ from NPCINational Payments Corporation
of India (NPCI)
has gone live
with ‘UPI-Help’
on BHIM UPI.
UPI-Help will
enable BHIM UPI
users to use their app for
checking the status for pending
transactions, raising complaints
for transactions that have not
been processed or money not
credited to the beneficiary or
for merchant transactions.
UPI-Help can also resolve
complaints online for person-
to-person (P2P) transactions. In
case of pending transactions, it
shall proactively attempt to
auto update the final status of
transactions on the app.
ALERTS
Scan & Share
EARN BIG in Stock Market Intraday/Option/ Positional Trades seminarwith free service. W.App 8754494914
MY WIFE name & date of birthchange Army document, is name −A.THAHIRA & DT OF BIRTH−17/07/1972. NEW NAME− S. THAHIRA BEGAM,& DATE OF BIRTH− 17/03/1973 ischange.
BUSINESS OFFER
SHARES / INVESTMENTS
PERSONAL
CHANGE OF NAME
PARVATHA VARDHINI C..........................................
BL Research Bureau
The stability of largecaps with asprinkling of mid and smallcaps toboost returns is the golden mean forinvestors who prefer equity funds butonly have a moderate risk appetite.Kotak Flexi Cap fi��ts the bill here.
Formerly Kotak Standard Multicap,the fund chose to become a fl��exicapscheme following SEBI’s mandate formulticap funds to invest at least 25per cent of their assets each in large,mid and smallcap stocks.
The fund usually takes only about2025 per cent exposure to mid andsmallcap stocks put together, andhence, it moved into the fl��exicap category to retain its original characteristic.
Investors can consider the schemefor their core portfolio, taking into account the fund’s longterm track record of steady performance and ability to contain losses in marketdownturns.
StrategyA combination of high largecap exposure and defensive asset allocationmakes Kotal Flexi Cap a suitable betfor conservative investors.
The fund has always had some ex
posure to cash and debt. The proportion goes up to 12 per cent of the portfolio in volatile/bearish marketconditions. This, along with its largecap leaning, helped the scheme contain downside well in choppy marketssuch as those in 2015 and 2016.
However, this defensive attributemeans the fund will not be an outperformer in bull markets. For example,in bull markets such as the one in2017, it held its guard, never fully investing in equities. The scheme returned about 33 per cent that year vsthe benchmark Nifty 200 TRI’s 35 percent.
During the market fall last year, thefund’s equity holdings was only ataround 90 per cent, and remained sountil June. Having partly missed theinitial leg of the rally since the March2020 market low, the scheme has underperformed the benchmark in thelast one year.
However, the fund has equalled orbettered the category average and thebenchmark over longer terms ofthree, fi��ve and 10 years.
PortfolioThe scheme usually holds a portfolioof 5060 stocks. It takes 510 per centexposure to its top fi��ve stocks. The topstocks currently are ICICI Bank, Reli
ance Industries and HDFC Bank. Beyond this, the holdings are welldiversifi��ed. The fund holds 73 per cent inlargecaps and 25 per cent in mid andsmallcaps as of Februaryend.
Though the scheme’s mandate allows it to bet on select sectors, its sector preferences are fairly wellspread.
Banking has been the top preference for many years. With the slowdown induced by the pandemic, thefund steadily brought down allocations to banking to a bottom of about18 per cent in September 2020. It hassince then moved the allocation up to25 per cent now, with stakes hiked inbetterplaced banks such as ICICIBank, SBI and AU Small Finance Bank.
To tackle market volatility, consumer nondurable holdings weredoubled to 10 per cent by July 2020,from January 2020 levels. Consideringthe high valuations of Hindustan Unilever, Britannia and Godrej Consumer,Kotak Flexi Cap has partially bookedprofi��ts in these stocks.
Software holdings have also increased in the past year, consideringthat the sector is among the lessaffected by the Covid disruption. Thefund, though, booked partial profi��tsin TCS and Infosys lately.
Bharti Airtel and Coromandel International are recent additions.
A steady, old-fashioned betLong-term track record of steady performance & ability to contain losses in market downturns
Fundas
B Large-cap bias.................................................................................................................
B Takes cash/debt calls.................................................................................................................
B Churns sectors well .................................................................................................................
KOTAK FLEXI CAP FUND
MAULIK MADHU..........................................
BL Research Bureau
Investors with a lower risk appetite andwanting to take a small exposure toequity can invest in conservative hybrid funds. Going by SEBI’s categorisation norms, conservative hybrid fundsmust invest 7590 per cent of their assets in debt instruments and the remaining 1025 per cent in equity.
This, however, does not lead to fundsin the category being truly conservative. Conservatism is also a function ofthe credit quality of the debt portion,especially since debt (including cash)must form at least threefourths of ascheme’s portfolio.
While a high percentage of lowcreditquality papers may drive returns, it may make the scheme unsuitable for a conservative investor.
BNP Paribas Conservative HybridFund can be a good choice here.
About the fundThe scheme was launched in September 2004 and has been among the topperformers in the category. Going bylast fi��ve years’ data, the scheme has typically held 5570 per cent of its corpusin debt, 1027 per cent in cash, andaround 20 per cent in equity.
As of Februaryend 2021, the fund
held 64 per cent of its assets in AAA andequivalentrated and sovereign debtpapers. Such papers have accountedfor 40 per cent (and over) of thescheme’s net assets since May 2019. Thefund has also had virtually no exposureto papers rated below AA over the pastseveral years. ICICI Prudential RegularSavings Fund, the top performer in thecategory based on returns, has hadhigher exposure (919 per cent, last twoyears) to below AA rated papers.
In equity, BNP Paribas ConservativeHybrid has always had a largecap focuswith a welldiversifi��ed spread acrosssectors. As of Februaryend 2021, of the23 per cent exposure to equity, 18 percent was held in large cap stocks.
Banking and fi��nance, and softwarewere the key sectors.
Good performance Compared with the oneyear and threeyear average rolling return of 8.7 percent and 8.4 per cent, respectively, ofthe category, BNP Paribas ConservativeHybrid has generated 9.6 per cent and9.4 per cent (all CAGR), respectively,over the past sevenyear period.
The scheme has also provided gooddownside protection during this time.
Compared with many peers, BNPParibas Conservative Hybrid has hadno instances of negative oneyear re
turn over this period. Also, only 2 percent of the time has the threeyear return (CAGR) been below 6 per cent.
Actively managing its duration inline with the changing interestratecycle and macroeconomic view havehelped the scheme fare well. From 8.4years in 2016, the average maturity ofthe scheme went down to 1.7 years in2018, and then to 2.6 years in 2020. As ofFebruary 2021, the average maturitywas at 4.38 years.
In November 2016, the average maturity was at a high of 9.98 years. Thiscame at a time followed by two 25basispoint rate cuts between October 2016and August 2017. Then, between Apriland September 2019, the average maturity was upped from 2.15 to 4.25 years.While the rate cuts had begun in February 2019 itself, they continued untilMay 2020.
Today, given the uncertainty over future interest rate action by the ReserveBank of India, the scheme’s debt portfolio is heavily titled (40 per cent) towards GSecs, the most liquid segmentof the debt market.
Another 1012 per cent is held as cash.This, according to the fund manager,will give it ample fl��exibility to modifyits portfolio as also leave scope for tactical duration calls as the interestratescenario changes.
Good pick for conservative investorsNot all schemes in the category are truly conservative
Fundas
B Good credit quality.................................................................................................................
B Actively managesduration
.................................................................................................................
B Large-cap bias.................................................................................................................
BNP PARIBAS CONSERVATIVE HYBRID FUND
................BMBMECMYK
MUMBAI
BusinessLine4 SUNDAY • MARCH 21 • 2021FUND INSIGHT
ETF Movers
Top ETFs (Exchange Traded Funds) traded on NSE based on weekly change in price
NAV(₹��)
Price(₹��)
Weekly Change in Price
(%)
Volumetraded in the
last week (in ‘000s)
ETF
as on Mar 19
Tata Nifty 151 181 3 8
Indiabulls Nifty 50 152 155 2 2
ABSL Nifty Next 50 345 368 1 1
Nippon India Hang Seng BeES 348 350 1 6
UTI S&P BSE Sensex Next 50 40 40 1 22
LIC MF GSec Long Term 22 22 1 37
Nippon India Long Term Gilt 22 22 0 191
Gold ETFs
Quantum Gold Fund 1942 1949 2 15
IDBI Gold 4143 4192 2 1
Kotak Gold 391 394 2 601
Source: Bloomberg
I am 42 years old. My home loan EMI is ₹��19,170. I payapproximately ₹��5,000 per month as premium for my LICpolicy. My salary at present is ₹��60,000 per month. Whatare the better plans to invest in to build a good pensionamount?
TAPAS SPARE
Presently, your home loan EMI constitutes about 30 percent of your monthly salary, which is a reasonable EMIoutgo to have. Beyond this, you need to set aside sums forregular monthly household expenses and savings/insurance. While you have mentioned that you have aninsurance premium payment of ₹��5,000 every month, it isnot clear what other savings you have. If you don’t havean emergency corpus equal to six months’ expenses, youneed to build that as well. Considering that we havelimited information on your existing savings, about howmuch you can save every month, as well as the retirementcorpus or pension amount you are looking for, we aregiving a general guidance.
One, if you have signed up for a traditional insuranceplan (moneyback or an endowment policy, for example),you can take a term insurance instead, as it will bringdown your premium outgo and, at the same time,provide you with life cover. The sums you save by having alower premium outgo can be redirected to other savingsinstruments such as mutual funds or the NationalPension System (NPS) for your retirement goal.
Assuming you will retire at 60, you have another 18years to build yourretirement corpus.
You can choose tosave for thisthrough acombination ofsystematicinvestment plans(SIPs) in indexfunds, large andmidcap funds,fl��exicap funds andaggressive hybridfunds which investat least 65 per centin equities. We aresuggesting equityfunds assuming youhave an appetite forrisk, and also taking
into consideration that you are starting your retirementsavings late, and as equity can provide a kicker to returns.
You still have more than 15 years to reach your goal.Hence, equity investment is still not a bad idea. Thistimeframe is good enough for markets to go throughups and downs and deliver. A return expectation of about10 per cent (CAGR) over your time period of investment isreasonable. You can also exit the funds one or two yearsprior to your retirement and invest in safer fi��xed depositsto preserve your gains.
Once you retire, you can use a combination ofimmediate annuity plans from insurers, systematicwithdrawal plans (SWPs) in mutual funds, post offi��ceMonthly Income Scheme or Senior Citizen SavingsScheme, and PM Vaya Vandhana Yojana for generatingregular payouts (pension) to meet your expenses postretirement. You need to choose from among theseoptions based on their riskreturn tradeoff��.
Apart from saving through mutual funds, you can alsoconsider NPS investments. Here, you can choose to investin a combination of government securities, corporatebonds and equity as per your risk appetite, through an‘active choice’ or ‘auto choice’ option.
When you turn 60, at least 40 per cent of the NPScorpus needs to be utilised for the purchase of an annuityproduct, and the balance is paid as lumpsum. Themandatory requirement to purchase annuity willprovide for monthly pension after retirement. You caninvest the remaining 60 per cent in any instrument ofyour choice to supplement the annuity income.
FUNDQUERY
PARVATHA VARDHINI CBL Research Bureau
Send your queries to [email protected]
Best NPS Plans
Top pension funds in each category based on 5year CAGR
NAV (₹��)as on
Mar 18
Returns (% CAGR)Name of the fund
1year 3year 5year
Assets(₹�� Cr)
TIER 1: EQUITY PLANS
HDFC Pension Fund 29 69 13 15 6,672
Kotak Pension Fund 35 70 11 14 582
UTI Retirement Solutions 37 72 11 14 832
TIER I: GOVERNMENT BOND PLANS
LIC Pension Fund 22 6 12 11 1,357
HDFC Pension Fund 21 7 11 10 4,853
SBI Pension Fund 30 7 11 10 5,761
TIER I: CORPORATE DEBT PLANS
HDFC Pension Fund 21 12 10 10 3,029
ICICI Prudential Pension Fund 32 13 10 9 1,513
SBI Pension Fund 32 12 10 9 2,982
TIER I: ALTERNATIVE INVESTMENTS (based on 3-year CAGR)
SBI Pension Fund 15 15 10 16
LIC Pension Fund 14 10 8 4
HDFC Pension Fund 14 11 8 33
Source: Value Research; Returns as on Mar 18, 2021, assets as on Feb 28, 2021.
Scan & Share
SATYA SONTANAM..........................................
BL Research Bureau
If you are investing in mutual funds,remember that assessing the performance of funds in terms of returnsalone is not enough to make yourchoice. You also need to understandthe risks involved with suchinvestments.
You can ascertain the risk of mutualfunds, to an extent, by assessing someof the statistical ratios such as standard deviation (SD), beta, Sharpe andSortino ratios, and drawdown. Most ofthese ratios can be found in themonthly fund factsheets.
If you would like to compare theseratios of a fund with that of peers, youcan refer to the websites of Value Research and Morningstar.
Risk-measuring toolsStandard deviation is one of the commonly used tools to measure the dispersion of a fund’s returns in relationto its mean return. Higher the standard deviation, higher the risk of volatility in returns, and viceversa.
Take the case of JM Large Cap Fund,which is not a frontrunner in thelargecap fund category in terms of returns. But the scheme records one ofthe lowest SDs of about three, compared with an average SD of almost sixfor the category, over a threeyearperiod, as per ACE MF. This means JMLarge Cap’s returns in the past threeyears have been less volatile thanmost other funds’ in the category.
Generally, equity funds have higherSD than debt funds since the volatility
in the equity market is higher than inthe debt market. The SD range mayalso diff��er from one fund category toanother depending on the inherentrisk nature of the category. For example, liquid funds, which generallyinvest in instruments having a shortterm tenure and have lower volatilityor risk, exhibit lower SD amongst allcategories of debt funds.
Further, one can look at anotherstatistical ratio — beta, which helps assess the risk a particular fund takescompared with its benchmark index.
A beta greater than one means thefund is more volatile than the benchmark index.
For example, if a fund portfolio’sbeta is 1.1, it is theoretically 10 per centmore volatile than the market.
If the beta is less than one, thismeans the fund is less volatile thanthe index. For instance, SBI Small CapFund has a beta of 0.84 times against
its benchmark index — S&P BSE 250Small Cap TRI — for the past threeyearperiod. A beta lower than one is considered a positive as the fund’s volatility is lower than its benchmarkindex’s.
The above two ratios help conservative investors mitigate volatilityrisks by choosing funds with less SDand beta.
Risk-adjusted returnsIf your risk appetite is high and youare not be perturbed by the temporary volatility in funds for longterm returns, you can use some more statistical ratios to identify suitable funds.
Two ratios that can come in handyare Sharpe and Sortino, which measure the ‘riskadjusted returns’ in mutual funds.
Sharpe ratio measures the extra return a fund has generated over theriskfree rate, per unit of risk (SD).
Therefore, higher the Sharpe ratio,higher the ability of the fund managerto generate higher returns for risktaken.
Sortino ratio, which is a variation ofSharpe ratio, considers only downsidedeviation risk (downward SD) sincethe upward deviation is not a risk. Thisis considered a more precise measureof riskadjusted return.
The Sharpe and Sortino ratios of almost all segregated (side pocket)schemes calculated for the last threeyear period has been negative. Thisimplies that while investing, they tookrisk which was not commensuratewith the returns.
These ratios, when used along withothers, can also help conservative investors pick funds that generatehigher returns with lower risk.
Drawdown riskEven if you are a highrisk investor,you need to check how a mutual fundhas contained the losses in case of amarket crash. This can be assessed bydrawdown risk, which measures ascheme’s percentage decline betweenthe peak and the subsequent troughduring a specifi��c period.
Simply put, this tells you how well afund protected the capital duringworstcase scenarios. For instance, themaximum drawdown for ParagParikh Flexi Cap from February 1,2020, to March 31, 2020, was 23.13 percent vs 27.25 per cent for the category,as per Morningstar. This implies thatthe fund was better than peers in containing the losses during the marketcrash in March 2020.
Measuring the risk of a mutual fundAssessing the performance in terms of returns alone is not enough to choose a scheme
BACK TO BASICS
THE FORMULA
Conservativeinvestors can
generate higherreturns with lower
risk by selectingfunds with a lower
SD and a lower beta,but with a higher
Sharpe ratio
ISTO
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M/M
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................BM-BMECMYK
MUMBAI
BusinessLine 5SUNDAY • MARCH 21 • 2021 TAKING STOCK
SATYA SONTANAM..........................................
BL Research Bureau
In an attempt to increase stake in Vedanta, the parent company Vedanta Resource, has come up with an open offer to buy 17 per cent of the fl��oatingshares at ₹��235 per share, which isabout 6 per cent higher than the current market price of ₹��222. The off��eropens on March 23 and closes on April7. The current open off��er has been revised from the previous ₹��160 pershare for 37.17 crore shares (10 percent) announced in January 2021.
This follows a failed delisting attempt in October 2020, for which thecompany proposed to acquire all fullypaidup equity shares of the companythat are held by public shareholders.The indicative off��er price then was₹��87.5 per share.
Though the current off��er pricelooks like a better deal compared tothe earlier off��ers, it doesn’t appear attractive enough given the upturn inthe commodities cycle and the earnings visibility of the group.
Also, at the off��er price of ₹��235 pershare, Vedanta trades at 8.43 times itstrailing 12month (TTM) earnings.Note that the TTM earnings considered here are before consideringthe exceptional items – mainly impairment of oil & gas assets in Q4 2020.The valuation at the off��er price isslightly below its historical threeyearaverage of around 9.5 times tillDecember 31, 2019 (after which pandemic hit Indian stock markets).
Having said that, high debt levels of
the parent, Vedanta Resources, and itsdependence on Vedanta to repay itsobligations is considered a key overhang for the stock. Also, the stock canbe volatile given nature of commodities business. Thus, investors withhighrisk appetite can continue holding the share.
Commodity cycleThe performance of Vedanta is highlydependent on the prospects of basemetals and the oil and gas sectors. Inthe nine months period endedDecember 2020, the company derivedrevenue from zinc (almost 30 percent), oil and gas (8 per ent), aluminium (34 per cent), copper (12 percent) and others.
The base metal prices have been onan upswing, touching multiyearhighs on the back of strengtheningChinese economy, cheap liquidity andbuoyant sentiment across aboutvaccines.
In the last one year, the LME pricesof aluminium, zinc and copper wentup by 38 per cent ($2,188 per tonnenow), 51 per cent ($2,787 per tonne)and 92 per cent ($9,036 per tonne), respectively. Crude oil prices also aregradually moving up from the start ofNovember and are now at the preCovid levels aided by voluntary production cuts by OPEC plus.
Going ahead , with accommodativefi��scal policies and improvement ineconomic activity (especially China),anchored by the vaccination driveacross the globe, the prospects forboth base metals and oil and gas sec
tors looks attractive globally. With thegovernment’s push to AtmanirbharBharat and the infrastructure activities in the domestic economy, the demand for base metals is expected to begood, at least in the near future.
Improving operating performanceIn the ninemonth period endedDecember 2020, the company’s consolidated revenues were down by 8per cent (yoy), largely due to the impact of Covid19 in the fi��rst fewmonths of the fi��scal.
However, the operating profi��t during the same period went up by 34 percent (yoy) on the back of fall in inputcost during the period and gradual increase in realisations in the thirdquarter of the fi��scal.
The EBITDA (earnings before interest, taxes, depreciation and amortisation) from Zinc India (HindustanZinc), stood at ₹��7,774 crore (+14 percent yoy) during the 9MFY21, withmargin close to 40 per cent. This wasbetter with the cost of production(CoP) falling from $1,065 per tonnelast year to $958 per tonne.
The aluminium business has seen a
signifi��cant turnaround in the currentfi��scal on the back of lower cost of prodiuction and improved productionmix. The EBITDA from the segmentduring the said period was at ₹��5,033crore as against ₹��861 crore reported inthe last year.
The CoP of aluminium recorded inthe third quarter at $1,315 per tonne,down 26 per cent (yoy) , and the lowest in the last fi��ve years.
However, the oil & gas business gotimpacted due to the fall in crude oilprices. For the ninemonth period inthe fi��scal FY21, the EBITDA stood at ₹��2,137 crore as against ₹�� 6,402 crore ayear ago.
The net debt to EBITDA has alsogone up to 1.5 times from 1.2 in theSeptember 2020 quarter and one timea year ago. This was owing to the largecash outfl��ow during the third quarter,towards dividend and intercompanyloan to promoter entity. Though themanagement assures there wouldn’tbe any increase in the intercorporateloans to the parent, any increase further (if any) will exert pressure on Vedanta that may have an impact on thecapex.
Give it a missOff��er price doesn’t appear attractive enough,given the upturn in the commodity cycle
Why you can skip it
B Earnings visibility.................................................................................................................
B Good prospects for base metals, oil and gas
.................................................................................................................
B Green shoots in the economy
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OPEN OFFER AT ₹��235 Vedanta (₹��222.10)
HARI VISWANATH..........................................
BL Research Bureau
Investors can book partial profi��t in the stock of Trivago(TRVG ADR). We recommended ‘Accumulate on dips’ at$2.35 on the stock in editiondated January 10. The stockhad initially dipped 1015 percent and subsequently rose130 per cent. Investors whobought at 10 per cent dipwould have got 130 per centreturns by now. Hence, it isprudent to book profi��t now.
Our recommendation wasbased on three main factors one, it will be a reopeningplay; two, regulators in the US and Europe focusing ondominance and possible “unfair trade practices” by bigtech, which would be positive for smaller tech fi��rms suchas TRVG; three, net cash at around 30 per cent of marketcap and company being free cash fl��ow positive havemade it a value buy.While the fi��rst two points remain inplay, the third factor is less the case now. With net cashnow at 14 per cent of market cap after over 100 per centupmove, downside support and value buy thesis arediminished. Hence, investors can book profi��ts partially.
REALITY CHECKTrivago NV ADR: $4.86 (Book profit)
BusinessLine’s editorial policy prohibits analysts fromhaving positions in the stocks they recommend
— Editor
Here’s a challenge. Using the five clues below, identify thecompany that is being being talked about here
Send your answers by Wednesday 6 p.m. to [email protected],with your full name, postal address and phone number.
A lucky winner in each week will get a book sponsored by UNIFI Capital as areward.
Last week’s winner:Sunil Furtado
Last week’s answer:
GE Shipping
WHO AM I?Are you an avid investor? How welldo you know corporate India?
1 The year 2021 marks the silver jubilee of my listing post₹��27crore IPO in 1996. Since then, I haven’t raised any capital.
....................................................................................................................................
2 In fact, I have done 7 buybacks. The number of shares I havebought back is almost the same as my entire initial and
the only public dilution.....................................................................................................................................
3 I have a strong 10year shareholder return track record with5 times return. Last 3 years haven’t been great in spite of 3
buybacks at a signifi��cant premium. ....................................................................................................................................
4 I was incorporated in 1940s. I won’t be surprised if mycurrent shareholders don’t recognise ‘fairness’ in my name.
....................................................................................................................................
5 One of my board members, post his IIT/IIM academics, didhis Doctorate on religiousness in consumer behaviour. Based
on the thesis, he authored a bestseller book with interestinginsights into Indian consumerism.....................................................................................................................................
Scan & Share
HARI VISWANATH..........................................
BL Research Bureau
In November last year during Wipro’sfi��rst analyst call in fi��ve years, ChairmanRishad Premji confi��dently made a statement that one will see a ‘bolder Wipro’that would not be afraid to upset theapple cart. The company has indicated itmeans business with its recent acquisition of UKbased IT consulting companyCapco (announced March 4) for $1.5 billion. The value of this one acquisitionmatches the cumulative value of all acquisitions by Wipro in the last four years.This is also a bold acquisition by standards of the Indian IT industry where theTier 1 companies have always been conservative when taking the inorganicroute. Capco deal represents the secondbiggest acquisition by a tier 1 Indian ITservices company and nearly 3 timesmore than the next biggest deal foraround $500 million done by TCS (CMCmerger in which TCS already held a signifi��cant stake prior to merger) in 2014.
Changing tracks This in many ways is a continuation ofseries of steps taken by the company tochange tracks after being a laggardamong Tier 1 Indian IT fi��rms inthe last decade. The companyshowed a clear intent in changing tracks when it announced appointment ofCapgemini veteran andformer COO, ThierryDelaporte, as its new CEO. Thiswas the fi��rst time a foreigner was heading a majorIndian IT services company.
The deal UKbased Capco is a globalmanagement and technology consultancy, providingdigital, consulting and technology services to fi��nancialinstitutions, primarily inNorth America and Europe.Capco had CY20 revenues ofabout $720 million. This represents nearly 9 per cent of Wipro’s estimated FY21 revenue (Bloomberg consensus). The deal was done at valuation of2 times EV/sales (Capco CY20 revenue)and the multiple is within the range ofconsulting M&A deals done by Tier 1 ITservices fi��rms in the past.
This acquisition provides Wipro an op
portunity to become a stronger player inthe BFSI segment which remains themost important/largest vertical for Indian IT services companies (31 per cent ofrevenue for Wipro in Q3FY21). Capcoprovides Wipro access to its strong clientele and opportunity to provide Capco offerings, integrated with current Wiprorange of services to their combinedclientele. There is now a better chance towin larger deals from new and existingclients while competing with peers.
The deal, however, does come withintegration challenges stemming
from cultural diff��erences, aligning organisational structures,retaining talent etc. The deal isEPS dilutive and will requiresuccessful integration and
driving of synergies over thenext couple of years to make it a
success. The background andexperience of ThierryDelaporte who played a keyrole in the successful integration of two culturally diff��erent companies – Capgeminiand iGATE (Capgemini acquired iGATE in 2015) couldturn out to very benefi��cial.
Financials and valuation Wipro reported strong earnings in Q3FY21, with EPS of₹��4.31 that was 16 per cent
above consensus and revenue of ₹��15,470crore that was 1 per cent above. A key metric – IT services operating margins at 21.7per cent in Q3 was at a 22 quarter high .These results followed consistent improvement in margins in recent quarters. Investors have refl��ected optimismwith company’s performance and intent/
action shown towards transforming thecompany – the stock is up 160 per centfrom Covid lows of last year and uparound 70 per cent from precovid levels.
It now trades at 1 year forward PE ofaround 20 times (Bloomberg consensus).Industry leader TCS trades at around 29times, Infosys at 26 times and HCL Technologies at 18 times. While Wipro is trading cheaper than Infosys/TCS, this is refl��ective of it being a laggard over the lastdecade and the expectations that itsgrowth rate is expected to be lower vsTier 1 peers over the next 2 years; FY2123revenue CAGR expected at 7 per cent before considering impact of its Capco acquisition (Infy FY2123 revenue CAGR expected at 11 per cent, 10 per cent for TCS).
Broadly, its current valuations do refl��ect turnaround potential and currentaggressive measures bearing fruit – itscurrent 1 year forward PE of around 20times is well above its 10year median PEof around 14.5 times. Hence, further appreciation might require more evidenceof turnaround. On the other hand, its netcash at around 17 per cent of market capand strong cash generation (operatingcash fl��ows/net profi��t well above 100 percent in the last 10 out of 14 quarters)provide cushion on the downside from alongterm investing perspective.
Given these factors, longterm investors can hold the stock and keep tracking how its turn around initiatives areprogressing. A lot can happen from thebeta version stage to the release stage/general availability. Good entry pointinto the stock given riskreward would beat around 15 per cent below current levelswhen its net cash would represent about20 per cent of market cap and valuationwould be at forward PE of 17.
‘Bolder Wipro’ is in beta versionStock may off��er value at 15% below current levels
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WhyB Current valuations
refl��ect turnaroundpotential
.....................................................................................................................
B Need to see ifaggressive measuresbear fruit or not
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B Successful integrationof Capco will be a key factor
.....................................................................................................................
INFOTECH Wipro (₹��410.90)
YOGANAND D..........................................
BL Research Bureau
Investors with a mediumterm perspective can buy the stock of CamlinFine Sciences (₹��140.4), a smallcap speciality chemicals stock. Since recording a 52week low at ₹��33 in March2020, the stock has been in an intermediateterm uptrend, forminghigher peaks and higher troughs. Me
dium and shortterm trend are up forthe stock. A signifi��cant support at₹��100 had cushioned it in late Januarythis year. Subsequently, the stock continued to trend upwards, resumingthe intermediateterm uptrend. Inlate February, it surpassed the 21 and50day moving averages and extendedthe rally, backed with good volume.However, the stock had met with a keyresistance at ₹��160 in early March and
was on a minor correction that lastedslightly over a week.
Last week, the stock took mediumterm support in the band between₹��128 and ₹��132 and bounced. On Friday,the stock gained 5 per cent with goodvolume, forming a bullish engulfi��ngcandlestick pattern on the daily chart,indicating bullish reversal and end ofcorrective decline. The daily relativestrength index is likely to reenter the
bullish zone from the neutral regionand the weekly RSI likely to continueto feature in the bullish zone.
Overall, the short to mediumtermoutlook is bullish for the stock of Camlin Fine Sciences. It has potential totrend upwards and reach the price targets of ₹��155 and ₹��161 with a minorpause at ₹��155 over the medium term.Traders can buy the stock with a stoploss at ₹��130.
Outlook is bullish nowCHART FOCUS Camlin Fine Sciences (₹��140.4) Buy
................BM-BMECMYK
MUMBAI
BusinessLine6 SUNDAY • MARCH 21 • 2021DO THE DERIVATIVES
AKHIL NALLAMUTHU..........................................
BL Research Bureau
The US Federal Reserve (Fed), on theexpected lines, maintained status quowith respect to the federal funds rateat zero to quarter per cent last week. Infact, the dot plot showed that the rateis likely to stay at current levelsthrough 2023 and as per the FederalOpen Market Committee (FOMC)statement, the bond buying programme will be continued at the current pace until the committee deemsit necessary to change tack.
This disappointed the dollar bulls,and the initial reaction was a decline,though the greenback made a recovery in subsequent sessions. The dollarindex ended the week higher at 91.92as against previous week’s 91.68. Butmarkets refused to be convinced byFed actions and bond yields continued to rise. The 10year treasury yieldhit a 14month high of 1.754 per centon Thursday before closing the weekat 1.73 per cent; in the previous week itended at 1.625 per cent.
Consequent to this, bullion whichsaw a temporary rise in price gave thisaway quickly and posted a marginalloss for the week.
In dollar terms, gold closed theweek at $1,744.7 per ounce versus preceding week’s close of $1,726.4 and silver ended at $26.24 per ounce compared to $25.91 – its previous week’sclose. In rupee terms, gold futures(April expiry) on the Multi Commodity Exchange (MCX) closed at ₹��45,021(per 10 grams) against the previousweek’s close of ₹��44,750 whereas silverfutures (May expiry) ended at ₹��67,527(per Kg) compared to the preceding
week’s close of ₹��66,844. There is an upward revision in the latest economicprojections for 2021 compared to thatin December. While US GDP growth isrevised up to 6.5 per cent from 4.2 percent, the core infl��ation is expected tobe at 2.2 per cent compared to the previous forecast of 1.8 per cent.
This can induce some optimism going ahead because of which the yieldscan continue to rise, suppressing thebullion prices more.
MCXGold (₹��45,021)Apart from a temporary increase involatility on Thursday following theannouncements from the Fed, theApril futures contract of gold on theMCX was sluggish all through theweek. The contract remained belowthe resistance at ₹��45,000 therebylingering below the potential trenddefi��ning level of ₹��46,500. The 21day
moving average (DMA) lies at ₹��45,300and thus, the price band of ₹��45,000and ₹��45,300 will be a considerablehurdle for the bulls to crack.
The technical indicators on thedaily chart are giving mixed signals.The relative strength index (RSI) is fl��atwhereas the moving average convergence divergence (MACD) is showingsome sort of optimism as the slope isturning positive. The average directional index (ADX), which was bearishfollowing the decline over the pastcouple of months, now hints at thebears losing momentum; but onother hand, it shows that the bullshave not really gained traction, essentially indicating that there is no underlying momentum either way.
Along with the above signs, considering that the contract is tradingwithin the important levels of₹��44,000 and ₹��45,000, it is better to
stay away from taking fresh positions.The direction of the break of this priceband can provide us with clues aboutthe shortterm trend. Resistance levelsabove ₹��45,000 are at ₹��46,500 and₹��47,000 whereas supports below₹��44,000 are placed at ₹��43,000 and₹��42,300. Traders and investors looking to make longterm entries canwait for now. A possible rally above₹��46,500 can establish an uptrend.
MCXSilver (₹��67,527)Analogous to gold futures, silver futures (May expiry) were also trading ina narrow range over the past week.However, the performance of silversince the beginning of the currentyear has been better than gold. Whilesilver futures has lost 2.2 per cent yeartodate, gold futures has depreciatedby 10.3 per cent. Moreover, unlikegold, the futures contract of silvercontinues to trade above the base of₹��65,000 and the key 200DMA support, which now lies at ₹��66,110. Thismeans that the silver has good chanceto outperform gold, at least in thenearterm. But indicators like the RSIand the MACD are fl��at and there are nosigns of silver establishing a trend yet.
The contract should breach either₹��65,000 or ₹��68,700 to confi��rm thenext leg of trend and until then onecan stay on the sidelines. While thebreakout of ₹��68,700 can lift the contract to ₹��72,000, a breach of the support at ₹��65,000 can result in bearsdragging it to the nearest support at₹��63,000. Longterm investments andtrades can wait until silver shows clearsigns of bullishness. Perhaps a moveabove the psychological level of₹��70,000 can turn the tide in its favour.
Shooting yields queer bullion’s pitchThe 10-year US Treasury yield marked a 14-month high of 1.754% on Thursday
ISTO
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SITJ
BULLION CUES
PATIENTPURSUE
Those looking tomake longterm
entries in gold canwait for bullish
indications, possiblyafter a breakout
of ₹��46,500
BAVADHARINI KS..........................................
BL Research Bureau
The strike price of an option contract (call/put) in relation to themarket price of the underlyingstock is termed as moneyness. Thismoneyness in a contract can eitherbe inthemoney (ITM), outofmoney (OTM) or atthemoney(ATM). A call option (where thebuyer hopes for increase in price) issaid to be in the money if the current price of the underlying stock ishigher than the strike price. For instance, when a trader buys a ₹��100strike call option and the marketprice of underlying is ₹��120, then,thecontract is considered to be in themoney. On the other hand, a call option contract issaid to be OTM ifthe strike price isabove the marketprice. On expiry,value of an OTMoption willbcome zero andyou as a traderend up losing themoney (premium) paid. Now, let’sconsider the case of put option. It isconsidered to be inthemoney if themarket price is lower than strikeprice of the option. A trader takesposition in put option when he/shehopes that the price of the underlying will fall. So if the price of the underlying is ₹��10 and the strike price isat ₹��15 then the put option is inthemoney. It is outofmoney whenmarket price of the underlying is atsay, ₹��20. But the trader can profi��tably excercise the option on expiryonly if the intrinsic value of the contract (market price minus strikeprice) is higher than the optionpremium paid. An option contractis considered to be ATM when themarket price and strike price aresame or when strike price is close tomarket price of the underlying.
Send your queries to
Moneynessof options
SHORT TAKE
Change in Open Interest (OI)
FII Retail
Scrip As on Mar 19
Weekly Change %
As on Mar 19
Weekly Change %
Future Index Long 79209 6 192430 -4
Future Index Short 45492 -14 171145 -1
Net Futures 33717 53 21285 -23
Index Call options Long 227126 -10 792197 -24
Index Call options Short 159829 -18 822740 -17
Net Call options 67297 17 -30543 -152
Index Put options Long 358253 1 791634 7
Index Put options Short 187643 1 926949 -1
Net Put Options 170610 0 -135315 -32
Increase in net futures long and net long in call options by the FIIs can be observed; net position input options remained unchanged. This indicates FIIs are bullish.
Stocks that witnessed major change in OI
Company Price (₹��)Weekly
PriceChange %
OI (in lakhs)Weekly
Change %
RISE (as on Mar 19)
MPHASIS 1,666.3 3.0 5.5 58.9
COFORGE 2,966.8 9.0 9.5 44.5
LALPATHLAB 2,517.3 7.6 3.0 41.9
RAMCOCEM 952.7 -5.3 21.9 31.7
ICICIPRULI 430.1 -6.9 170.7 31.6
FALL (as on Mar 19)
NAM-INDIA 326.8 -5.7 29.9 -28.8
TVSMOTOR 584.1 0.0 56.6 -23.7
HINDUNILVR 2,312.1 4.9 106.6 -22.1
ITC 223.0 8.7 2519.5 -21.9
SBILIFE 906.7 -0.8 132.8 -20.9
Stocks in F&O ban (as on Mar 19)
IDEA SAIL
Change in OI and market positioning
Expiry Date
(2021)
Price (₹��) OISymbol
(Weekly Change %)Indication
COMMODITIES (as on Mar 19)
ALUMINIUM Mar 31 177.6 (4) 1259 (20) Long build-up
COPPER Mar 31 675.2 (-0.6) 2310 (-24) Short covering
CPO Mar 31 1118.7 (-0.8) 3625 (-29) Short covering
CRUDEOIL Apr 19 4459 (-7.4) 2829 (345) Short build-up
GOLD Apr 5 45021 (0.6) 8165 (-20) Long unwinding
GOLDGUINEA Mar 31 36156 (0.4) 6340 (-24) Long unwinding
GOLDM May 5 45215 (0.6) 8488 (24) Long build-up
GOLDPETAL Mar 31 4489 (0.4) 51201 (-22) Long unwinding
LEAD Mar 31 162.8 (1.6) 440 (-29) Long unwinding
MENTHAOIL Mar 31 951.6 (-0.7) 43 (-4) Short covering
NATURALGAS Mar 26 183.8 (-3.5) 8038 (-13) Short covering
NICKEL Mar 31 1168.6 (1.1) 1750 (-17) Long unwinding
SILVER May 5 67527 (1) 11410 (-5) Long unwinding
SILVERM Apr 30 67603 (1) 16445 (8) Long build-up
SILVERMIC Apr 30 67604 (1) 42870 (-7) Long unwinding
ZINC Mar 31 219.5 (2) 1627 (-10) Long unwinding
CURRENCIES (as on Mar 19)
USDINR Apr 28 72.99 (-0.41) 1140139 (17) Short build-up
EURINR Apr 28 86.99 (-0.54) 69326 (28) Short build-up
GBPINR Apr 28 101.57 (-0.42) 97525 (14) Short build-up
JPYINR Apr 28 67.11 (-0.24) 11590 (19) Short build-up
VENKATESH BANGARUSWAMY..........................................
This week, we discuss Strangle, avolatility strategy that can be set upto trade events whose outcomes areuncertain. The position can also becreated to capture expected breakout and breakdown in an underlying following a price congestion.
Lower outlayA strangle can be set up by goinglong on an out of the money (OTM)call and an OTM put on the same underlying for the same maturity. Theoutlay for setting up this strategy issignifi��cantly lower than that of astraddle, which is set up with atthemoney options. The fl��ip side is thatthe position will be profi��table onlyif there is substantial movement inthe underlying.
Suppose the underlying currently trades at 14910 and you decide to buy the 15000 call and the14800 put on the underlying. Thestrikes should preferably be theones immediate to the ATM (at themoney) option. We chose the nextstrike because the 14950 call andthe 14850 put are not actively tradedon the Nifty index. The cost to set upthis trade is 326 points. This meansthat the underlying has to moveabove 15326 or decline below 14474for the position to be profi��table atoption expiry.
Given that OTM options consistonly of time value, the position suffers from high time decay. Thismeans that a strangle will lose signifi��cant value with each passing day.So, either the call or the put has togain substantially through intrinsicvalue to recover losses from time decay and then generate gains on theposition.
You can apply the following rulesto set up a strangle: One, buy shortdated options. This is because the
position’s profi��t will be generatedthrough intrinsic value of the option. So, the OTM option will become deep ITM (in the money) following the sharp movement in theunderlying.
But deep inthemoney optionsare not actively traded; you mayhave to exercise the option andshortdated options come in handybecause you can capture the intrinsic value before the underlyingdramatically reverses direction following a favourable movement.
Two, identify assets with pricecongestion. These are good candidates for possible volatility explosion(increase in volatility). One way tocreate such a list is to run fi��lters forstocks trading with narrowBollinger Bands. You can also set upfi��lters for eventbased trades. Third,determine the upside and thedownside price targets for the stockand for index futures if you want totrade index options (as spot index isnot a tradable asset).
Finally, compare the expectedmovement in the underlying withthe cost of setting up the strangle.In the above case, you had to pay 326points to set up the strangle.
If your price target is more than326 points above or below the current price of the underlying, the
strangle is meaningful to set up.Otherwise, it is not.
Option readingMany individuals believe that if youbuy a call and a put, you are sure togenerate profi��ts because the underlying has to either climb up or decline. That is not true. The underlying can move sideways. And if evenif the underlying moves up ordown, the breakout or breakdownshould happen sooner than later. Ifnot, straddle and strangle will suffer losses. Note that you can bebiased to the upside or to the downside. In an eventbased trade, youmay believe that a positive outcomeis more likely than a negative outcome. In such cases, you can buytwo ATM calls and one ATM put.Such a position is called strap. If youhave a negative bias, then you canset up a strip buy two ATM puts andone ATM call. The outlay is veryhigh, and both the strap and thestrip suff��er from high time decay.You can also ratio a strangle buymore calls than puts or the otherway depending on your marginaldirectional bias.
The writer offers training programmes
for individuals to manage
their personal investments
Strangle for breakouts, breakdownsStrategy outlay is significantly lower than that of a straddle
MASTERINGDERIVATIVES
STRANGLEHOLD
The position will beprofi��table only if
there is substantialmovement in
the underlying
KS BADRI NARAYANAN..........................................
Shares of Sun TV Network at ₹��478.4 areruling at a critical level. The stockfi��nds crucial support at ₹��438 and amajor resistance at ₹��529. However, thestock fi��nds an immediate support at₹��458 and a resistance at ₹��499.
A close below the major support candrag Sun TV towards ₹��370 and changethe longterm outlook for the stocknegative. Similarly, a close above ₹��529will change the medium term outlookpositive and can lift the stock towards₹��572 or even to ₹��605. However, we ex
pect the stock to move in a narrowrange with an upward bias.
F&O Pointers: Sun TV futures witnessed a strong rollover of open interest to next series, especially onMarch 19 on the back of strong rally.The rollover of open positions stood at
45 per cent, which is quite high compared with threemonth average. BothMarch and April futures maintain apremium with respect to spot close,signalling long rollovers. Optionchain in April contracts is not activewhile trading in March series indicates that Sun TV can move in a ₹��450550 range.
Strategy: Traders may consider abullcall spread strategy on Sun TV.This can be constructed by buying₹��480March call and selling the ₹��500strike call. These options closed with apremium of ₹��8.20 and ₹��3.70 respect
ively. This means initially traders needto fork out ₹��4.5/contract or ₹��6,750(market lot: 1,500 shares), which willbe the maximum loss one can suff��er inthis strategy. For that to happen, SunTV has to close at or below ₹��480.
On the other hand, a profi��t of₹��23,250 is possible, if Sun TV sharesrises sharply in this series itself andcloses above ₹��500. We advise tradersto hold the position till expiry.
Follow-up: We advised traders tosell ₹��165call option of Coal India. Theoption has lost premium as expected.We advise traders to book profi��ts.
Consider a bull-call spread on Sun TVRollover of open interest to April signals positive bias in the stock
F&O STRATEGY
Scan & Share
GURUMURTHY K..........................................
The much awaited US Federal Reservemeeting last week turned out largelyto be a nonevent. Barring the revisions made in its economic projections, the Fed largely kept its stanceunchanged on its monetary policyfront. Currencies remained broadlystable in a narrow sideways range lastweek. However, there was some volatility in the equity segment.
Global equities saw some rise afterthe Fed meeting, but they seem to lackmomentum, and did not see a strongfollowthrough rise.
The Fed’s decision not to extend therelaxation on capital requirementstriggered a sharp fall in the US equitieson Friday. This might spill over to theAsian equities when they open onMonday.
Fed meeting outcomeThe US Federal Reserve last week leftthe rates and the stimulus quantumunchanged at 00.25 per cent and $120billion per month, respectively. However, the American central bank revised its economic forecasts higher.
The Fed projects the US to grow at6.5 per cent and the Personal Consumption Expenditures (PCE) infl��ation to rise to 2.4 per cent in 2021. InDecember, the Fed had forecast the USto grow at a rate of 4.2 per cent and thePCE infl��ation to be at 1.8 per cent.
The interest rates are also projectedto remain at current levels through2023. The unchanged policy failed to
provide any reversal on the US bondyields. They continued to surge.
Surge continuesThe US 10Year Treasury yield (1.73 percent) sustained well above the cruciallevel of 1.6 per cent and extended itsrally. The key level to watch this weekwill be 1.8 per cent.
A strong break above it will see theyields surging to 2 per cent or even to2.2 per cent from here.
However, from a longterm perspective, 2.2 per cent can be a cap onthe upside and the yields can reverselower from there. On the other hand, ifthe 10year yield fails to break above 1.8per cent, a pullback to 1.6 per cent ispossible. The US PCE infl��ation numbers out this Friday will be importantto watch as it could infl��uence themove in yields thereafter.
Dow could reverseThe Dow Jones Industrial Average(32,627.97) came off�� from the high of33,227.78 last week. The Fed decidednot to extend the capital requirementrelaxations announced as part ofCovid relief measures. In April lastyear, the Fed had excluded the USTreasuries and deposits with US federal banks for the purpose of meetingthe capital requirements.
The Fed has now announced that itis not going to extend this relaxationbeyond March 31, 2021. This triggered aselloff�� in US equities on Friday. This,coupled with the failure to sustain thebreak above 33,000 earlier last week,
can keep the Dow under pressure. Abreak below 32,500 this week can dragit to 32,00031,500. Broadly, the indexhas to decisively breach 33,100 to become more bullish and rise further.
Dollar, euro consolidateThe US Dollar Index (91.74) remainedstable last week. A few attempts madeto break above 92 failed. The immediate outlook is mixed. There are equalchances of seeing either a rise to 92.5093.00 or a fall to 9190.50 from currentlevels. However, from a longterm perspective, 93 is a strong resistance thatcan cap the upside. As long as the index remains below 93, the downtrendthat has been in place since March lastyear will remain intact.
The euro (1.1904) remained below1.20 all through last week, but wasstable. The broader view remains negative. As long as the pair trades below1.20, the outlook is bearish to see a fall
to 1.18 and even 1.17 in the comingweeks. But thereafter, the euro can seea fresh rally from a mediumterm perspective. The euro has to decisively risepast 1.21 from here in order to avoid thefall to 1.17.
Rupee stabilisesThe rupee (72.5125) strengthenedsharply on Monday, breaking abovethe resistance at 72.60, and made ahigh of 72.3850. But thereafter, it remained stable and rangeboundbetween 72.3850 and 72.65 for the restof the week. The rupee can remainstuck inside the 72.40/3572.60/65range for some more time. A breakouton either side of this range will thendetermine whether the currency willstrengthen further towards 72.2072.10or weaken to 72.8073.00.
The writer is a Chief Research Analyst
at Kshitij Consultancy Services
Will the dollar slide further?There are equal chances of seeing either a rise to 92.50-93.00 or a fall to 91-90.50
REU
TER
S
GLOBAL 360
COVID RELIEFIn April last year, theFed had excluded the US Treasuries and deposits with US federal banks forthe purpose ofmeeting the capitalrequirements
................BMBMECMYK
MUMBAI
BusinessLine 7SUNDAY • MARCH 21 • 2021 CHART-GAZING
YOGANAND D..........................................
BL Research Bureau
Both the Sensex and the Nifty 50 witnessed selling interest in the initialpart of last week before staging aminor recovery on Friday.
The rise in US Treasury yields couldkeep pressure on the global equitymarkets, but a pause or slide in yieldscan bring back cheer in equity investors.
Thereafter, the ensuing week couldremain volatile. Hence, traders shouldtread with caution in the coming derivatives expiry week.
Nifty 50 (14,744)In the past week, the Nifty 50 moveddownwards, breaching a support at14,750. But the subsequent support ataround 14,500 cushionedthe index on Friday, andit gained 1.28 percent, trimming theweekly loss to 1.9per cent. Thebounce from akey supportlevel of 14,500on Friday resulted in the formation of a piercingline candlestickpattern on the dailychart, which is a shortterm bullish reversal candlestick pattern.
The week ahead: Since early February this year, the Nifty 50 has beenin a sideways consolidation phase in awide band between 14,500 and 15,320.
Within this range, the index faces akey resistance ahead at 15,000, whichis also a psychological level. A strongrally above this hurdle can take the in
dex higher to 15,200 and then to theupper boundary of the sidewaysrange in the ensuing weeks.
Inability to move beyond 15,000 or15,200 can keep the index featuring inthe sideways range for a while. Aplunge below the lower boundary at14,500 can bring back selling interestand drag the index lower to 14,280 andthen to 14,000 over the short term.
A further decline below the crucialbase level of 14,000 can strengthenthe bearish momentum and pull theindex down to the next key support inthe 13,50013,600 band.
Mediumterm outlook: The intermediate and mediumterm trendscontinue to be up for the index. Sincethe September 2020 low of 10,790, ithas been on a mediumterm uptrend.
A fall below the key mediumtermbase level of 14,500 can pull the
index down to 14,000. A further decline below 14,000 can pull
the index lower to13,600 and then to13,330 levels overthe short term.
We reiterate thatas long as the index
trades above the vital base level of
12,750, the mediumterm uptrend will re
main intact. A decisiveplunge below this base will
weaken the uptrend and pull the index down to the subsequent supportlevels of 12,400, 12,260 and 12,000 overthe medium term. The resistancesabove 15,300 are at 15,500 and 15,600.
Sensex (49,858.24)The Sensex gained 1.3 per cent on Friday, reducing the weekly loss to 1.8 per
cent. The bounceback on Friday wasfrom a key base level of 49,000, andthe index has formed a piercing linecandlestick pattern, indicating that ashortterm trend reversal is on thecards. This means the ongoing correction could have come to a temporaryhalt.
That said, the index needs to surpass the key resistances ahead at50,000 and 51,000 to mitigate the ongoing correction which is in the formof a sideways movement.
A strong rally above 51,000 can pavethe way for an upmove to 51,400 andthen to 52,000. A conclusive breakthrough of 52,000 can take the indexnorthwards to 53,000 and then to54,000 over the medium term.
On the downside, the key support at49,000 can provide base in the nearterm. But a decisive fall below this
base can drag the Sensex down to48,600 initially and then to 48,000.
We restate that an emphatic fall below 48,000 will mar the shorttermuptrend that began from the base of46,000 in January this year, and pullthe index lower to the subsequentsupport level of 47,000 and 46,000over the short term.
The uptrend that started from theSeptember 2020 low of 36,495 will remain intact as long as the index tradesabove the mediumterm support levelof 45,000.
The supports thereafter are placedat 44,520 and 44,000. Investors with alongterm perspective can stay invested with a stoploss at 40,000.
Nifty Bank (34,161.6)The Nifty Bank tumbled 3.76 per centlast week on the back of selling interest. The index now tests a supportat 34,000.
An upwardreversal from this baseand a rally above the immediate resistance at 35,000 are needed to mitigatethe corrective downmove and take theindex northwards to 36,000 and thento 36,500 in the short term.
That said, if the index declines below 34,000, it will reinforce the ongoing downmove and drag it lower to33,500 and then to 33,000 levels.
A decisive slump below 33,000 willbring back selling pressure and pullthe index down to 32,000 over theshort term.
Traders should tread with cautionin the coming week as well.
The mediumterm uptrend that hasbeen in place from the September2020 low of 20,400 will stay intact aslong as the index trades above 29,000levels. The supports below 29,000 areat 28,500 and 28,000.
Key supports could cushion indices Sensex, Nifty 50 recover due to vital supports, but face hindrances ahead
Nifty 50B Range-bound
movement cancontinue
.................................................................................................................
B Key resistance at 15,000
.................................................................................................................
B Key support at 14,500
.................................................................................................................
INDEX OUTLOOK
What are the prospects of investing in the stocks of SBICards and Payment Services, and Orchid Pharma in theshort as well as the long term?
BISWAJIT DAS
SBI Cards and Payment Services (₹��992): The stockof SBI Cards and Payment Services was listed in midMarch 2020 and witnessed a shortterm decline until itfound support at ₹��495 in last May.
Since recording a 52week low at ₹��495 in late May 2020,the stock has been on an intermediateterm uptrend,forming higher peaks and higher troughs.
The mediumterm trend is also up. However, the stockhas been experiencing selling interest as it encounteredresistance in the band between ₹��1,100 and ₹��1,150.
The weekly relative strength index (RSI) is displayingnegative divergence, indicating potential shorttermtrendreversal in the coming weeks. Last week, the stockdeclined 4 per cent with low volume.
It now trades testing a key base level of ₹��1,000. Thestock has marginallyclosed below the50day movingaverage, which ispoised at ₹��1,015levels. The daily RSIfeatures in theneutral region witha downward bias,and the weekly RSI islikely to enter theneutral region from the bullish zone.
An emphatic fall below the current support level of₹��1,000 can pull the stock down to ₹��950.
The shortterm uptrend will be under threat if thestock slumps below ₹��950, and it can decline to ₹��900 or₹��850 levels. The stock has a signifi��cant mediumtermsupport at ₹��800 that could provide base, and upwardreversal is possible from the ₹��800850 zone.
On the other hand, a bounceback from the currentsupport level of ₹��1,000 can keep the stock movingsideways in the range between ₹��1,000 and ₹��1,100 forsome time.
A decisive break above ₹��1,100 can take the stocknorthwards to ₹��1,200 and then to ₹��1,300 over themedium term. Investors with a longterm view can stayinvested with a stoploss at ₹��750 levels.
Orchid Pharma(₹��1,752): The stock ofOrchid Pharma ismoving higher fromone circuit toanother on theupside, which showshuge buying interest.
The volume is lowand the stock isilliquid — that won’tprovide opportunityto buy or sell it. Therefore, investors should desistinvesting in these kinds of stocks.
TECHQUERY
YOGANAND DBL Research Bureau
Send your queries to [email protected]
JSW Steel (₹��440.5)Hits a lifetime high
Despite the broader market facingdownward pressure over the past week, thestock of JSW steel stood strong against thebear strike and managed to close the weekwith a gain of 5.2 per cent. In fact, the scripmade a fresh lifetime high of ₹��446.3 onFriday. Prior to this, the stock wasconsolidating in a price range of ₹��395425 forabout fi��ve weeks. The price action — a rallyfollowed by a consolidation and then abreakout — indicates that the bull run maycontinue. Moreover, the price has beenforming higher highs and higher lows sinceApril last year, and has been consistentlybouncing off�� the 50day moving average.Hence, the stock might gain further and so,traders can buy with a stoploss at ₹��425 for atarget of ₹��465.
ITC (₹��223)Bulls gain traction
The stock of ITC has been having a volatileperiod since the beginning of 2021. It hasbeen witnessing good amount of priceswings even though it was largely heldwithin the range of ₹��200220. While it ralliedpast ₹��220 in early February and marked ahigh of ₹��238.5, it quickly gave up the gainsand got back into the price range. For almosta month until now, the stock had beenhovering between ₹��200 and ₹��210. But lastweek, it rallied on the back of signifi��cantbuying volume and closed above theresistance of ₹��220. The volume profi��le lookssteady, and so, the stock will most likelyextend the gain from the current level. So,traders can buy the stock with a stoploss at₹��212 and look for a target of ₹��238.
Hindustan Unilever (₹��2,312)Likely to extend the rally
Hindustan Unilever was one among the fewstocks that performed well last week even asthe broad market faced a selloff��. While it wastracing a sideways trend for most part of theweek, it rallied sharply on Friday with strongvolume. As the stock rallied, it moved pastboth the 21 and 50day moving averages andended the week above the resistance of₹��2,300, potentially turning the neartermoutlook — which had been uncertain untillast week — positive. The scrip indeed hasbeen inching upwards since the beginningof the month and the breakout has addedfuel to the uptrend. The breakout volumeseems solid, and the stock is likely to postmore gains in the upcoming sessions. So, onecan go long with a stoploss at ₹��2,240 for atarget of ₹��2,420.
ICICI Bank (₹��586.6)Breaches a key support
The stock of ICICI Bank, which has beenrising since October last year from about₹��335, doubled and topped out at ₹��679.4 inmidFebruary. Since then, it has been in acorrection. But the scrip found support at₹��600, on the back of which bulls tried to putout a fi��ght against the sellers. While it hadbeen able to hold on for a couple of weekssince early March, last week, the support wasinvalidated as the stock declined andwrapped up the session at ₹��586.6. Over thecourse of the decline, the stock slippedbelow both the 21 and 50day movingaverages, and has been forming lower highsand lower lows over the past month.Considering these factors, one can short thestock with a stoploss at ₹��612. The price islikely to drop to ₹��540.
DLF (₹��287.4)Exhibits bearish divergence
The stock of DLF established an uptrend inNovember last year, and the rally was stable upuntil midJanuary. During this period, the stockprice doubled as it ran up from about ₹��150 to₹��300. Subsequently, it appreciated and markeda fresh 52week high of ₹��332.7 in early March.However, the stock was more volatile duringthe rally, and even though the stock formednew highs, the indicators were not supportive.In fact, the relative strength index and themoving average convergence divergence onthe daily chart are now showing negativedivergence, an indication of bearish trendreversal. Besides, the stock depreciated belowthe 50day moving average last week andbreached the support of ₹��293, adding to thebearishness. Hence, traders can sell the stockwith a stoploss at ₹��300; target can be ₹��268.
MOVERS & SHAKERS AKHIL NALLAMUTHU BL Research Bureau
On April 1, four years back, piqued by the incessant jokes inthe village at his expense, Bandu Barve decided he’d hadenough. It was time for him to turn ‘smart’. His dead granny’svoice rang in his ears — “Read the papers, Bandya, they tellyou all.” So, off went Bandu to the stash of newspapers on hisfather’s desk. As luck would have it, the fi��rst paper Bandu gothis hands on was The Hindu BusinessLine. The stock recos, inparticular, had him in thrall. Soon Bandu metamorphosed intoan ace investor and trader.
These days, Bandupicks fi��ve stocks each
Sunday, which he believes will be blockbusters over the next week
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 pricerise to [email protected] with your name, mobile number
and address. One lucky winner will get a prize of ₹��2,000.
Last week’s prize winner
Sagi Syam Sundar
Last week’s winning stock
Orient Refractories
Closing price (Mar 12): ₹��227.10
Closing price (Mar 19): ₹��233.05
Return: 2.62%
BANDU’S BLOCKBUSTERS
BANDU’s PICKS
■ InterGlobe Aviation■ TV Today Network■ eClerx Services■ Balkrishna Industries■ Rain Industries
Scan & Share
................BM-BMECMYK
MUMBAI
BusinessLine8 SUNDAY • MARCH 21 • 2021TAKE 500
Wondering how to choose stocks foryour portfolio from the dozens whichare listed? Or how to keep track of theones you own? Well, the listings on this page help yousift through the leading companies ontheir fundamentals and keep an eagleeye on their fi��nancial performance.Here’s a short guide to interpreting thenumbers:CMP (Current Market Price) is the closing price of a stock on BSE on its lasttraded day, usually Friday.EPS (Earnings per Share) is the netprofi��t that the company has earned inthe latest fi��nancial period, on each outstanding share. Here, we capture eachcompany’s total EPS for the last available trailing 12 months.PE (Price Earnings Ratio) is the singlemost important number to gauge if astock is expensive or cheap enough tobuy. It divides the company’s currentmarket price by its EPS.PB (Price to Book value) measures acompany’s stock price relative to itsbook value or net worth. PB is the appropriate value measure for banks and assetheavy companies.Sales (Qty) and Profit (Qty) capturethe growth in a company’s net sales andnet profi��ts for the latest reportingquarter, over the previous year, in percentage terms. We’ve adjusted the num
bers for oneoff�� and exceptional items.Sales (TTM) and Profit (TTM) makethe same comparisons for the trailingtwelve months.Wkly Rtn (Weekly Return) gives thechange in the price of a stock in the lastone week.ROCE (Return on Capital Employed)tells you what returns a business is generating on the capital it uses.DER (Debt Equity Ratio), which dividesa company’s total loans by shareholderfunds, indicates how indebted a company is.ROCE and DER give you the latest available yearend numbers for thecompany.Yearly High and Low tell you therange that the company’s stock hasspanned in the last one year.Face value other than ₹��10 per share ismentioned in brackets next to the company name. As far as possible, consolidated numbers (latest available) havebeen used for a holistic picture of thecompany’s fi��nances. Given that the top 500 listed companiesare usually the most liquid and wellrun, we’ve restricted the list to the S&PBSE 500 index constituents.Note: Very large percentage changes insales and profit are reflective of a changefrom near-zero or negative value. Source: Capitaline database
Takeaways from Take 500
Valuation Radar: The Good, The Bad, The Ugly
Capital ConsumerNifty 50 Sensex Auto Bankex Goods Durables FMCG Healthcare IT Metal Oil & Gas Power PSU Realty Teck
P/E 40.2 34.7 200.6 28.1 111.1 89.6 37.3 35.3 28.7 29.3 16.2 19.1 12.6 -243.2 124.2
P/BV 4.2 3.4 3.6 2.5 3.6 9.8 7.0 4.0 7.0 1.5 1.4 1.8 1.1 2.5 7.0
Dividend Yield 1.1 0.7 1.0 0.0 0.9 0.4 1.5 0.6 1.3 2.4 2.9 2.5 2.8 0.3 1.2
Weekly Return (%) -1.9 H -1.8 H -1.9 H -3.8 H -5.2 H -2.6 H 2.8 G -3.5 H -1.1 H 0.1 G -4.1 H 0.6 G -3.3 H -5.9 H -1.1 H
Monthly Return (%) -3.1 H -3.6 H -7.1 H -7.7 H -5.0 H 0.9 G 1.9 G -5.9 H 2.6 G 7.5 G 1.8 G 6.7 G 0.3 G -7.2 H 0.7 G
Annual Return (%) 74.1 G 72.7 G 84.7 G 63.5 G 72.5 G 57.6 G 39.0 G 77.0 G 124.8 G 126.9 G 55.5 G 87.6 G 51.3 G 74.0 G 101.9 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.LowQty Qty TTM TTM Rtn
Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.LowQty Qty TTM TTM Rtn
Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.LowQty Qty TTM TTM Rtn
The Indian benchmark indices, Sensexand Nifty 50, were down 1.8 and 1.9 percent, respectively last week with benchmark US 10year yield inching up. Almostall the indices were down except BSEPower and BSE Metal which registeredmarginal gains, up 0.6 and 0.1 per cent,respectively. Among the losers, BSE Realtyand BSE Capital Goods losing the most,down 5.9 and 5.2 per cent each followedby BSE Oil & Gas declined 4.1 per cent.
3M India 27543.2 134.9 204.1 17.4 202012 -0.5 -17.4 -19.8 -52.8 1.1 26.4 0.0 28749.5 15685.6
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aarti Drugs 749.4 30.2 24.8 7.9 202012 12.0 124.0 15.8 156.1 8.9 20.7 0.8 1025.0 105.6
Aarti Industries [5] 1260.0 28.6 44.1 6.8 202012 9.5 18.2 0.6 -9.6 -1.9 14.8 0.8 1363.5 662.1
AAVAS Financiers 2266.4 33.3 68.1 8.0 202012 29.5 25.8 20.2 7.2 0.8 10.2 2.3 2424.2 845.8
ACC 1751.4 65.6 26.7 2.6 202009 0.1 20.3 -11.7 -33.0 -2.0 15.7 0.0 1893.8 895.5
Adani Enterp. [1] 889.4 7.3 121.3 5.8 202012 6.1 -17.2 -8.7 -41.5 -0.8 8.3 0.8 944.8 116.3
Adani Green 1191.5 1.6 744.3 205.7 202012 44.1 -12.0 9.0 684.7 2.7 0.0 6.1 1245.0 112.7
Adani Ports [2] 686.4 19.9 34.5 5.0 202012 12.3 15.5 -1.4 -16.1 -5.6 10.9 1.1 768.4 203.4
Adani Power 92.3 -0.1 3.1 202012 4.9 -141.1 -3.7 -110.5 22.2 0.0 7.2 93.1 24.3
Adani Total Gas [1] 737.3 4.1 181.0 49.3 202012 1.4 26.3 -16.2 14.2 -0.1 34.6 0.3 780.0 76.7
Adani Transmissi 767.6 9.8 78.2 10.1 202012 -6.5 94.1 -3.6 36.0 -0.8 10.5 2.7 854.7 147.5
Aditya Bir. Fas. 206.2 -8.0 7.2 202012 -19.6 57.8 -40.7 -466.7 -5.7 0.0 2.8 233.2 95.7
Aditya Birla Cap 121.0 3.7 32.4 2.2 202012 16.2 15.3 11.0 -13.0 -8.0 8.7 5.1 139.6 37.5
Advanced Enzyme [2] 355.4 13.1 27.2 4.4 202012 23.0 28.2 7.8 12.1 0.3 22.9 0.1 416.5 91.1
Aegis Logistics [1] 301.0 5.5 55.0 6.0 202012 -28.7 42.6 -47.7 51.0 -1.1 12.3 0.2 340.0 108.1
Affle India 5341.9 36.0 148.5 50.2 202012 59.3 43.1 44.9 41.8 -8.0 41.1 0.3 6287.0 909.0
AIA Engineering [2] 1865.6 60.8 30.7 4.5 202012 2.4 0.1 -4.3 -5.1 -3.3 19.5 0.0 2224.4 1111.0
Ajanta Pharma [2] 1815.5 72.3 25.1 5.4 202012 15.0 63.9 16.3 46.0 -0.9 27.2 0.0 1879.5 961.7
Akzo Nobel 2193.3 42.5 51.6 8.2 202012 6.5 17.4 -20.3 -22.9 -4.5 25.6 0.0 2510.0 1730.0
Alembic Pharma [2] 887.0 59.0 15.0 3.8 202012 8.7 24.9 23.0 54.2 -5.5 22.8 0.5 1150.0 436.1
Alkem Lab [2] 2627.1 128.3 20.5 4.5 202012 6.2 18.1 7.2 38.7 -5.2 18.1 0.2 3150.0 1950.0
Alkyl Amines [5] 5327.7 93.2 57.2 20.3 202003 -1.1 160.1 17.3 118.3 3.7 43.5 0.3 5603.2 1030.0
Allcargo Logist. [2] 130.7 6.2 21.0 1.4 202012 53.0 -69.1 25.2 -37.4 -1.7 9.7 0.5 155.2 51.5
Alok Industries [1] 19.9 -7.0 -0.6 202012 38.9 -118.1 -7.1 -127.4 -7.4 -2.0 0.0 61.4 3.7
Amara Raja Batt. [1] 870.1 34.8 25.0 3.8 202012 12.2 18.0 -2.9 -7.4 -2.5 23.1 0.0 1025.0 350.3
Amber Enterp. 3257.3 20.5 159.1 7.3 202012 -3.0 19.3 -28.5 -57.3 -4.7 16.4 0.3 3667.5 921.6
Ambuja Cements [2] 283.4 12.6 22.5 2.5 202012 4.6 45.9 -9.5 19.1 -2.1 17.2 0.0 298.3 136.7
APL Apollo Tubes [2] 1253.8 23.8 52.6 10.9 202012 22.5 77.8 -1.6 22.6 -0.4 19.4 0.7 1394.8 205.0
Apollo Hospitals [5] 2935.8 2.3 1282.3 9.8 202012 -5.2 41.6 -1.9 -89.6 -1.3 11.9 1.1 3283.9 1047.5
Apollo Tyres [1] 225.2 11.1 20.3 1.3 202012 14.2 157.6 -6.8 24.8 -5.9 4.9 0.6 261.2 73.6
Ashok Leyland [1] 116.3 -1.6 4.7 202012 15.2 43.4 -38.3 -144.5 -4.7 8.5 2.5 138.9 33.7
Ashoka Buildcon [5] 103.1 9.6 10.8 6.3 202012 2.0 172.9 -4.8 1571.8 -5.8 14.0 17.6 118.7 37.0
Asian Paints [1] 2410.4 28.7 84.1 21.0 202012 25.2 62.0 -4.2 1.3 0.4 33.4 0.1 2871.4 1431.9
Aster DM Health. 140.6 3.5 40.2 2.2 202012 -2.7 -41.0 -0.6 -53.1 -1.0 11.2 1.3 179.9 78.5
Astral Poly Tech [1] 1670.7 14.0 119.5 20.9 202012 35.1 82.2 -1.7 8.5 -10.6 21.3 0.2 1987.5 560.7
Atul 6713.2 210.2 31.9 5.6 202012 -8.5 11.6 -14.4 -2.3 -1.1 28.0 0.0 7021.3 3256.6
Aurobindo Pharm [1] 823.4 56.7 14.5 2.6 202012 9.5 24.9 12.6 26.7 -2.9 18.5 0.4 1023.1 281.2
Avanti Feeds [1] 450.7 27.7 16.3 3.8 202012 -0.8 56.7 2.5 15.2 -6.6 36.8 0.0 587.4 250.0
Avenue Super. 2962.0 14.8 200.5 17.0 202012 10.8 16.4 -2.9 -21.7 -5.5 20.5 0.1 3328.0 1735.7
Axis Bank [2] 726.3 9.8 74.4 2.2 202012 -1.3 -29.7 4.9 -37.5 -3.2 0.0 0.0 800.0 285.0
B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B H E L [2] 52.0 -9.2 0.7 202012 -23.0 -233.7 -45.2 -527.1 -2.7 0.0 0.1 56.5 19.2
B P C L 433.1 26.7 16.2 2.3 202012 -11.9 2.7 -23.2 -25.9 -5.3 8.1 1.5 482.4 252.0
Bajaj Auto 3646.4 161.0 22.6 4.5 202012 17.4 29.8 -14.8 -7.2 -2.7 29.5 0.0 4361.2 1793.1
Bajaj Consumer [1] 268.6 13.0 20.7 5.4 202012 18.1 17.6 -6.9 -13.4 -0.2 39.3 0.0 285.0 117.5
Bajaj Electrical [2] 922.6 9.5 97.6 7.4 202012 16.6 900.7 -15.0 552.1 -9.8 6.8 1.1 1123.7 260.0
Bajaj Finance [2] 5451.9 66.7 81.7 9.6 202012 -5.1 -29.0 10.8 -26.8 -1.8 12.0 4.5 5921.8 1783.1
Bajaj Finserv [5] 9442.8 231.6 40.8 4.5 202012 10.0 14.6 8.2 -8.2 -5.1 12.7 4.1 10586.4 3985.6
Bajaj Holdings 3407.4 275.2 12.4 1.2 202012 15.7 23.3 14.0 -10.5 -5.8 12.2 0.0 3784.8 1471.9
Balkrishna Inds [2] 1616.8 54.9 29.4 5.8 202012 30.6 45.3 12.7 20.6 -0.7 16.7 0.2 1885.0 677.6
Balmer Lawrie 135.4 4.9 27.9 1.6 202012 3.6 -55.0 -17.3 -50.4 -11.1 11.2 0.1 171.0 69.9
Balrampur Chini [1] 202.3 23.1 8.7 1.8 202012 -10.3 -62.9 27.8 -14.2 -8.1 16.2 0.7 226.8 68.8
Bank of Baroda [2] 73.8 5.3 13.9 0.5 202012 -5.4 -1.9 3.2 880.0 -4.7 0.0 0.0 99.8 36.1
Bank of India 66.8 -4.9 0.5 202012 -5.5 341.7 -2.0 -308.7 -12.1 0.0 0.0 101.5 30.5
Bank of Maha 19.0 0.7 27.3 1.2 202012 -0.3 18.1 1.0 8.6 -17.4 0.0 0.0 27.7 7.7
Bata India [5] 1489.4 -6.0 11.3 202012 -25.9 -74.8 -44.2 -120.3 -1.0 24.7 0.3 1705.0 1017.2
BEML Ltd 1343.1 23.0 58.4 2.7 202012 5.1 552.6 -14.4 129.4 -5.4 1.8 0.2 1544.3 369.6
Berger Paints [1] 723.5 6.3 114.3 24.5 202012 24.9 50.7 -5.2 -7.5 1.0 27.8 0.3 824.8 390.0
Bharat Electron [1] 128.0 7.3 17.5 3.1 202012 4.0 24.9 19.8 29.0 -8.6 22.7 0.0 155.0 56.1
Bharat Forge [2] 600.1 -2.2 5.3 202012 -5.9 26.8 -33.3 -113.7 -2.7 6.5 0.8 676.1 207.9
Bharti Airtel [5] 530.3 -11.7 4.9 202012 24.2 335.0 18.4 -277.1 1.2 5.2 1.8 623.0 381.1
Biocon [5] 395.9 5.1 77.8 6.7 202012 5.9 -16.9 8.3 -22.7 -1.1 12.2 0.4 487.7 235.8
Birla Corpn. 789.6 74.7 10.6 1.5 202012 3.6 82.1 -10.6 31.2 -8.7 12.3 1.1 930.0 372.5
Birlasoft Ltd [2] 245.4 10.5 23.4 3.4 202012 5.7 32.6 12.2 40.1 0.3 17.9 0.1 284.0 47.6
Bliss GVS Pharma [1] 104.2 7.4 14.2 1.4 202012 11.0 7.6 -30.6 -28.8 -36.0 16.7 0.2 224.0 82.5
Blue Dart Expres 5281.7 0.169623.7 30.8 202012 20.9 223.2 -5.7 -99.7 -4.9 9.6 1.0 5801.0 1860.0
Blue Star [2] 903.7 4.3 208.3 11.2 202012 -9.1 78.6 -30.1 -80.9 -4.4 18.4 0.5 973.2 425.0
Bombay Burmah [2] 1171.2 57.9 20.2 1.5 202012 5.8 -65.1 10.0 -63.3 -1.4 31.5 0.3 1566.8 538.0
Bombay Dyeing [2] 74.8 -15.1 9.8 202012 2.3 -150.8 -76.9 -121.3 -7.1 36.2 8.0 89.8 36.2
Bosch 14534.8 196.6 73.9 4.9 202012 19.4 -22.1 -15.5 -53.2 -2.4 17.8 0.0 16900.0 7874.0
Brigade Enterpr. 249.6 -2.1 2.3 202012 16.7 -69.3 -34.9 -123.1 -12.7 8.0 1.9 299.6 90.7
Britannia Inds. [1] 3466.2 77.8 44.5 31.2 202012 5.8 22.3 11.0 40.4 0.9 36.8 0.2 4015.0 2100.6
C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C P C L 105.3 -108.1 0.8 202012 -35.7 -4939.8 -42.2 -252.5 -5.8 0.0 2.4 132.6 47.7
Cadila Health. [1] 425.5 19.4 21.9 3.7 202012 6.2 39.2 6.4 53.1 -3.9 11.7 0.8 509.4 212.7
Canara Bank 151.4 -9.2 0.5 202012 39.7 88.5 31.1 -306.9 -3.6 0.0 0.0 174.4 73.9
Caplin Point Lab [2] 432.1 29.7 14.5 3.1 202012 20.2 10.1 19.5 4.1 -6.0 33.0 0.0 686.0 180.0
Capri Global [2] 355.0 10.5 33.7 3.8 202012 4.3 -0.9 4.4 5.5 2.9 11.9 1.9 399.0 115.0
Carborundum Uni. [1] 466.0 15.1 30.9 4.5 202012 13.2 39.5 -8.9 18.2 -7.1 18.9 0.0 571.5 175.0
CARE Ratings 447.5 26.7 16.7 2.3 202012 -0.9 6.9 -12.1 -24.0 -2.3 19.0 0.0 588.0 236.5
CCL Products [2] 243.4 13.2 18.5 3.2 202012 -2.1 0.2 3.1 10.0 -2.0 18.3 0.5 293.8 137.3
CEAT 1570.6 93.4 16.8 2.1 202012 26.1 164.7 -1.0 35.8 -2.5 9.8 0.6 1763.2 601.5
Central Bank 16.4 -2.1 0.5 202012 -4.1 1.0 2.8 39.9 -13.7 0.0 0.0 26.4 10.0
Century Plyboard [1] 295.8 6.4 46.3 5.9 202012 9.1 163.5 -19.5 -15.6 -6.8 14.9 0.4 340.0 95.0
Century Textiles 469.7 5.4 87.3 1.5 202012 -11.3 -10.5 -26.1 -85.1 -6.1 6.6 0.4 549.3 220.1
Cera Sanitary. [5] 3915.1 70.9 55.2 6.4 202012 -2.9 5.5 -19.3 -18.7 -2.9 16.7 0.1 4168.4 2000.8
CESC 609.3 100.4 6.1 0.8 202012 8.3 21.3 -4.7 4.5 -2.7 11.3 1.6 730.0 366.2
Chalet Hotels 158.3 -3.3 2.2 202012 -69.4 -188.1 -58.6 -187.3 -7.9 7.6 1.1 261.5 99.0
Chambal Fert. 216.6 31.2 6.9 2.1 202012 1.1 -1.9 1.6 1.6 -7.4 14.3 2.5 267.0 95.3
Chola Financial [1] 585.9 41.6 14.1 2.2 202012 7.4 4.5 7.1 11.4 -2.9 11.2 12.4 618.3 222.0
Cholaman.Inv.&Fn [2] 552.7 16.1 34.4 5.0 202012 10.1 5.3 9.7 0.7 3.9 10.3 7.3 558.9 117.4
Cipla [2] 760.5 27.7 27.4 3.6 202012 21.7 113.1 12.2 34.2 -5.7 12.2 0.2 878.6 356.8
Coal India 136.6 20.7 6.6 2.3 202012 0.7 -21.4 -7.4 -29.6 -9.3 25.5 0.2 163.0 109.5
Cochin Shipyard 362.0 38.8 9.3 1.3 202012 -16.4 31.8 -24.7 -13.7 -5.3 23.5 0.0 426.0 209.0
Coforge 2967.7 75.6 39.3 8.3 202012 10.9 -1.1 11.5 5.0 9.2 25.2 0.0 3032.0 739.1
Container Corpn. [5] 560.5 12.9 43.6 3.3 202012 14.4 29.5 -11.0 -37.2 -2.8 13.3 0.0 643.9 263.2
Coromandel Inter [1] 753.7 48.0 15.7 4.6 202012 7.8 26.2 10.2 49.2 -2.7 25.4 0.6 880.0 444.2
CreditAcc. Gram. 684.3 6.6 103.6 2.9 202012 19.2 -171.6 41.9 -73.0 -3.8 10.7 2.8 839.0 305.8
CRISIL [1] 1944.3 48.8 39.8 10.8 202012 28.6 15.4 14.4 3.1 1.8 41.7 0.0 2125.0 1083.5
Crompton Gr. Con [2] 397.6 7.5 53.1 14.7 202012 25.8 -6.1 -8.4 -12.2 -3.1 35.1 0.4 455.6 177.9
Cummins India [2] 896.2 23.1 38.9 5.6 202012 -1.7 13.2 -24.0 -9.2 1.3 17.0 0.1 922.2 281.6
Cyient [5] 659.7 27.8 23.7 2.7 202012 -5.6 -11.9 -8.9 -35.8 -2.9 15.8 0.2 708.0 184.2
D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D B Corp 93.7 5.9 15.8 1.0 202012 -17.4 21.3 -33.9 -66.1 -3.5 18.6 0.1 107.0 59.0
Dabur India [1] 524.6 9.1 57.8 13.0 202012 16.0 18.8 1.4 -2.7 0.3 26.2 0.1 552.4 385.1
Dalmia BharatLtd [2] 1572.7 33.7 46.7 2.6 202012 18.2 658.3 -3.1 47.9 6.7 4.4 0.6 1690.6 406.0
DCM Shriram [2] 523.7 41.2 12.7 1.9 202012 -1.7 35.3 3.3 -21.6 -2.9 17.8 0.5 577.7 175.8
Deepak Fertiliz. 235.5 30.1 7.8 1.0 202012 29.3 191.7 17.9 346.0 7.9 5.4 1.4 249.4 55.3
Deepak Nitrite [2] 1503.9 48.2 31.2 11.2 202012 10.3 38.2 -5.5 24.1 -4.4 37.1 0.9 1691.6 310.0
Delta Corp [1] 171.8 -1.5 2.5 202012 -41.1 -97.7 -51.2 -119.1 -8.7 13.3 0.0 202.0 54.0
Dhanuka Agritech [2] 704.8 43.1 16.3 4.0 202012 8.9 44.7 23.4 55.6 -2.2 25.7 0.0 935.0 261.0
Dilip Buildcon 601.1 18.2 33.0 2.5 202012 7.1 87.5 2.0 -10.5 -8.0 13.3 2.8 719.0 193.4
Dish TV India [1] 9.9 3.8 2.6 0.5 202012 -6.0 40.5 -17.6 4629.2 -11.2 0.0 0.5 16.3 3.9
Dishman Carboge [2] 114.2 2.7 42.7 0.3 202012 -10.8 -148.9 -9.6 -77.3 -10.5 4.0 0.2 216.7 46.5
Divi's Lab. [2] 3370.2 70.5 47.8 10.8 202012 21.9 31.1 24.6 46.1 -4.0 25.3 0.0 3913.0 1632.7
Dixon Technolog. [2] 4269.0 24.4 174.7 41.9 202012 119.6 134.2 18.0 30.8 3.3 27.9 0.3 4588.0 580.0
DLF [2] 287.4 -11.2 2.1 202012 15.0 66.2 -21.7 -358.0 -6.8 3.6 0.4 332.6 114.5
Dr Lal Pathlabs 2518.2 28.9 87.2 18.2 202012 38.0 74.7 9.2 0.1 7.6 31.4 0.0 2626.3 1181.8
Dr Reddy's Labs [5] 4274.6 130.8 32.7 4.3 202012 12.5 -94.8 9.6 27.9 -3.4 11.0 0.2 5514.7 2497.6
E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
eClerx Services 964.9 68.6 14.1 2.6 202012 5.0 1.7 -0.6 12.4 -0.6 20.4 0.1 1048.0 323.2
Edelweiss.Fin. [1] 84.2 -27.9 1.3 202012 -17.5 -517.2 -22.3 -703.4 1.4 0.0 6.0 91.7 29.9
Eicher Motors [1] 2663.3 41.2 64.7 7.1 202012 19.5 6.8 -15.2 -45.6 0.9 24.3 0.0 3035.5 1246.0
EID Parry [1] 338.9 38.2 8.9 1.5 202012 15.2 9.7 14.5 43.5 -4.5 20.9 1.4 371.3 100.0
EIH [2] 98.1 -4.6 2.1 202012 -64.8 -158.6 -59.1 -315.6 -7.8 6.0 0.2 114.9 53.7
Emami [1] 470.8 8.9 53.1 11.8 202012 14.9 42.1 -2.9 16.4 -3.4 18.2 0.1 519.7 140.9
Endurance Tech. 1417.7 31.8 44.5 6.2 202012 24.4 60.3 -16.8 -26.3 0.8 21.2 0.3 1540.0 562.0
Engineers India [5] 73.9 6.1 12.1 1.7 202012 -6.0 -21.2 -3.8 -12.6 -10.7 28.7 0.0 93.6 49.9
EPL Ltd [2] 210.5 7.7 27.3 4.1 202012 7.9 18.0 7.3 10.5 -7.5 15.3 0.4 318.8 130.1
Equitas Holdings 86.6 11.8 7.4 1.0 202012 53.6 200.8 32.9 73.3 -5.9 8.4 5.9 101.9 32.8
ERIS Lifescience [1] 579.2 25.3 22.9 5.6 202012 16.5 42.0 13.4 16.5 -0.8 24.8 0.1 644.0 341.1
Escorts 1342.0 54.4 24.7 4.1 202012 23.8 85.1 1.6 56.6 -2.7 20.6 0.1 1468.4 527.1
Exide Inds. [1] 187.2 8.7 21.6 2.3 202012 18.1 81.9 -6.8 -12.9 -7.1 5.4 0.0 220.6 121.9
F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FDC [1] 271.9 18.4 14.8 2.7 202012 5.9 1.5 5.6 41.1 -7.3 21.5 0.0 378.0 165.7
Federal Bank [2] 77.9 7.4 10.6 1.0 202012 5.6 -7.4 9.0 -12.1 -8.6 0.0 0.0 92.4 35.7
Fine Organic [5] 2230.6 40.1 55.7 10.2 202012 12.5 -19.9 -1.6 -21.8 -6.4 32.7 0.2 3258.3 1500.0
Finolex Cables [2] 370.4 23.4 15.8 1.8 202012 18.2 43.1 -18.1 -20.5 -8.0 17.8 0.0 426.5 165.0
Finolex Inds. 617.9 40.1 15.4 3.3 202012 52.5 163.3 -6.4 35.5 -2.9 16.9 0.1 695.5 283.0
Firstsour.Solu. 111.2 5.8 19.0 2.7 202012 29.3 35.2 17.8 17.4 7.2 13.1 0.3 123.0 20.7
Force Motors 1231.2 -44.7 0.9 202012 -43.5 -164.8 -41.9 -161.2 -5.0 4.8 0.2 1559.5 580.0
Fortis Health. 192.4 -2.6 2.2 202012 0.7 -60.8 -17.3 -211.1 6.8 4.1 0.3 206.1 113.2
Future Consumer [6] 6.4 -1.9 1.1 202012 -80.6 -1358.0 -57.7 -1076.2 -17.5 0.0 0.7 19.6 5.4
Future Retail [2] 55.9 -47.6 1.0 202012 -71.0 -612.7 -58.8 -473.8 -18.6 9.9 1.7 170.8 55.9
G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G M D C [2] 59.0 5.8 10.1 0.4 202012 -3.1 -109.8 -27.7 -35.0 -2.2 5.5 0.0 67.5 29.5
G N F C 305.2 40.3 7.6 0.9 202012 18.0 113.8 -9.8 72.5 -1.0 6.4 0.1 339.5 95.7
G S F C [2] 85.6 9.1 9.4 0.5 202012 18.7 72.8 -2.1 148.5 -10.7 2.8 0.2 107.2 29.9
GAIL (India) 138.3 18.6 7.4 1.2 202012 -12.4 -7.0 -19.1 34.8 -5.8 18.9 0.1 158.0 65.7
Galaxy Surfact. 2357.7 80.7 29.2 7.0 202012 7.8 77.6 1.4 27.4 -1.3 23.5 0.4 2458.1 975.0
Garware Tech. 2406.2 67.3 35.8 6.3 202012 18.1 49.1 -3.9 -0.4 -5.1 23.2 0.2 2789.0 872.5
Gateway Distr. 171.2 4.8 36.0 1.5 202012 5.0 239.7 1.4 -51.5 -7.6 8.6 0.7 189.0 71.0
GE Power 268.8 13.4 20.1 2.0 202012 42.8 2.6 52.8 143.4 -5.8 19.8 0.1 607.8 177.4
GE Shipping Co 301.3 44.0 6.8 0.6 202012 -30.1 -38.0 -1.3 64.2 -5.6 4.2 0.8 340.0 169.0
General Insuranc [5] 219.3 11.2 19.5 1.3 202012 14.9 -10.1 -4.7 424.8 5.6 -2.2 0.0 243.7 81.7
GHCL 230.9 31.6 7.3 1.0 202012 -3.0 13.3 -18.7 -31.6 -5.0 18.5 0.6 258.0 68.8
Glaxosmi. Pharma 1433.3 29.8 48.0 18.3 202012 10.1 1129.6 -1.2 20.7 -1.2 28.4 0.0 1805.0 1046.4
Glenmark Pharma [1] 458.7 32.1 14.3 2.0 202012 4.6 25.5 4.7 26.2 -4.2 13.7 0.8 572.7 168.0
GMM Pfaudler [2] 4202.1 55.3 76.0 16.1 202012 29.4 10.0 12.7 11.0 -2.6 28.4 0.1 6913.9 1826.0
GMR Infra. [1] 25.3 -4.7 -908.2 202012 -31.7 -394.0 -26.0 -137.1 -7.5 0.0 0.0 30.0 14.1
Godfrey Phillips [2] 888.4 61.5 14.4 2.0 202012 -7.7 7.7 -17.0 -18.9 -1.1 19.5 0.1 1156.0 732.4
Godrej Agrovet 491.3 17.6 27.9 4.9 202012 -14.4 19.4 -6.5 25.7 1.1 16.9 0.3 568.7 265.1
Godrej Consumer [1] 673.0 15.8 42.5 8.0 202012 9.8 10.8 2.4 -26.8 -1.9 17.5 0.5 808.0 425.1
Godrej Industrie [1] 517.3 11.3 45.7 2.9 202012 -12.6 16.6 -11.4 -49.4 6.1 12.8 1.4 524.2 234.0
Godrej Propert. [5] 1316.7 3.7 354.4 4.3 202012 -55.5 -69.2 -35.9 -68.2 -9.3 8.1 1.0 1573.5 506.0
Granules India [1] 313.0 19.1 16.4 4.1 202012 20.0 74.1 16.3 44.7 -9.5 18.1 0.6 438.0 114.5
Graphite India [2] 507.0 -5.3 2.2 202012 -22.4 -93.5 -52.3 -115.8 -2.4 0.7 0.1 537.0 103.0
Grasim Inds [2] 1412.2 69.4 20.4 1.5 202012 12.7 101.3 -8.9 5.2 2.5 8.2 1.5 1415.0 380.0
Greaves Cotton [2] 131.4 -0.3 4.1 202012 -4.9 -49.4 -33.9 -104.4 -8.7 18.8 0.0 158.0 66.0
Grindwell Norton [5] 854.7 18.1 47.3 8.0 202012 11.6 42.5 -7.4 9.0 -6.8 21.2 0.0 980.0 369.2
Guj Pipavav Port 97.0 4.4 22.3 2.1 202012 0.9 -56.2 -6.8 -35.1 -4.1 16.8 0.0 117.8 45.5
Guj.St.Petronet 259.0 27.9 9.3 2.7 202012 8.4 47.8 -4.1 0.9 -6.8 33.4 1.0 311.4 146.0
MMTC [1] 42.1 -2.0 8.4 202009 -0.1 -123.7 -30.2 -985.4 -4.3 -2.3 2.2 52.6 9.9
MOIL 146.7 4.4 33.5 1.3 202012 4.5 -7.4 -20.4 -72.2 -5.7 11.6 0.0 177.8 86.8
Motherson Sumi [1] 211.7 1.8 120.9 6.1 202012 14.1 195.9 -13.4 -60.4 -1.0 10.9 1.1 238.2 48.5
Motil.Oswal.Fin. [1] 673.1 42.0 16.0 2.8 202012 47.1 101.8 22.3 5.6 3.5 9.8 1.6 742.5 426.0
Mphasis 1667.7 67.0 24.9 5.4 202012 8.7 10.9 12.0 14.2 3.2 24.5 0.1 1786.5 612.1
MRF 84550.3 3829.0 22.1 2.9 202012 13.9 115.7 -9.9 56.5 -4.8 12.2 0.2 98575.9 50000.0
Multi Comm. Exc. 1602.4 49.5 32.4 6.3 202012 7.2 29.2 11.0 8.8 5.2 15.4 0.0 1875.0 805.1
Muthoot Finance 1231.5 90.1 13.7 3.4 202012 15.9 17.8 21.0 26.8 -3.6 16.0 3.3 1405.0 477.5
N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Narayana Hrudaya 384.9 -3.0 7.8 202012 -4.4 30.1 -21.0 -143.0 -10.2 11.3 0.8 524.1 210.0
Natco Pharma [2] 810.7 26.4 30.7 3.6 202012 -26.3 -40.0 13.6 -1.1 -1.9 14.5 0.1 995.1 450.0
Natl. Aluminium [5] 55.7 2.5 22.4 1.0 202012 13.9 607.1 -13.2 43.5 -4.9 2.1 0.0 64.0 24.5
Nava Bharat Vent [2] 70.0 24.4 2.9 0.3 202012 29.5 149.1 -1.4 45.9 0.1 13.6 0.9 76.3 32.4
Navin Fluo.Intl. [2] 2528.7 92.0 27.5 8.2 202012 18.7 29.7 7.9 166.2 -5.3 20.3 0.0 2930.5 980.0
Navneet Educat. [2] 84.5 1.7 49.5 2.1 202012 -37.4 -580.3 -44.4 -79.9 -3.4 25.6 0.4 95.1 45.1
NBCC [1] 45.2 1.2 36.7 5.4 202012 8.4 88.6 -21.8 62.6 -8.6 30.1 0.0 54.0 14.1
NCC [2] 84.2 4.0 21.1 1.0 202012 -6.8 -31.0 -27.7 -51.4 -3.4 12.6 0.5 100.0 15.9
NESCO [2] 548.3 26.3 20.8 2.7 202012 -28.3 -29.2 -18.1 -20.1 -4.8 21.9 0.0 639.0 381.1
Netwrk.18 Media [5] 42.8 -0.5 10.0 202012 -3.5 1080.7 -7.2 79.5 -1.7 7.8 4.8 50.1 14.9
New India Assura [5] 164.9 9.3 17.8 1.2 202012 8.8 7.7 10.2 44.2 0.3 1.5 0.0 197.0 75.0
NHPC Ltd 24.7 3.1 7.9 0.8 202012 9.3 70.4 2.1 -4.6 0.4 7.8 0.7 26.7 15.2
Nilkamal Ltd 1951.5 71.5 27.3 2.8 202012 7.4 79.6 -12.9 -24.0 4.7 17.9 0.1 1985.0 911.0
Nippon Life Ind. 326.0 8.4 38.8 7.1 202012 -11.4 41.9 -18.6 -8.1 -5.7 21.9 0.0 374.5 201.0
NLC India 51.1 7.7 6.6 0.5 202012 -19.2 -64.3 3.7 -25.1 -3.0 8.7 1.9 59.8 35.1
NMDC [1] 133.4 12.9 10.3 1.4 202012 44.9 54.7 -3.7 -19.7 -0.6 21.8 0.0 139.9 62.0
NOCIL 172.4 4.4 39.3 2.4 202012 41.3 6.3 -6.8 -49.7 -5.6 12.9 0.0 199.4 44.7
NTPC 108.5 13.0 8.4 0.9 202012 4.0 15.4 8.5 -17.0 -0.6 9.5 1.6 114.8 74.0
O. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
O N G C [5] 110.4 8.6 12.9 0.7 202012 -8.4 -46.9 -19.0 -52.6 -4.1 9.7 0.6 122.3 51.8
Oberoi Realty 589.0 19.3 30.4 2.4 202012 57.1 93.4 -14.5 18.4 5.5 10.5 0.2 635.1 290.1
Oil India 119.2 29.5 4.0 0.5 202012 -27.7 46.8 -31.5 276.0 -9.5 9.4 0.5 139.0 66.0
Omaxe 69.3 -19.7 0.8 202012 -38.6 -1343.6 -38.5 -845.1 -5.2 4.3 1.0 222.2 59.6
Oracle Fin.Serv. [5] 3207.4 182.5 17.6 4.7 202012 6.7 -5.9 4.7 3.4 0.5 38.4 0.0 3544.2 1532.5
Orient Refrac. [1] 233.1 6.1 38.2 6.6 202012 19.4 23.4 -9.0 -21.5 2.6 29.4 0.0 260.9 108.5
P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
P I Industries [1] 2286.8 44.1 51.8 6.9 202012 36.7 61.4 27.7 41.9 1.6 22.5 0.1 2544.0 973.7
Persistent Sys 1947.6 51.9 37.5 5.8 202012 16.5 37.5 15.3 16.4 9.3 19.0 0.0 1969.0 420.0
Petronet LNG 223.5 17.8 12.5 2.9 202012 -17.8 29.9 -23.4 -6.2 -7.7 25.5 0.2 280.0 170.8
Phillips Carbon [2] 188.7 15.0 12.6 1.8 202012 0.1 79.0 -28.0 -9.1 -9.8 16.5 0.4 217.7 54.2
Phoenix Mills [2] 745.6 2.0 379.2 2.7 202012 -34.0 -28.8 -52.0 -92.8 -6.9 10.2 1.2 889.0 466.3
Pidilite Inds. [1] 1752.2 19.7 88.8 18.4 202012 19.3 29.3 -10.7 -17.9 1.7 32.7 0.1 1849.9 1186.1
Piramal Enterp. [2] 1888.0 6.9 272.4 1.4 202012 -3.1 5.4 -2.9 -92.8 -1.0 9.3 1.7 2008.2 608.0
PNB Housing 393.0 33.3 11.8 0.8 202012 -9.1 -1.9 -11.1 -55.8 -6.8 8.6 9.0 475.0 146.0
PNC Infratech [2] 247.6 17.0 14.5 2.3 202012 13.8 163.3 -4.6 -30.5 -5.0 16.7 1.4 291.0 80.9
Poly Medicure [5] 813.7 12.5 65.2 8.7 202012 12.8 41.1 8.2 26.3 -2.3 24.4 0.5 913.0 200.3
Polycab India 1355.3 54.0 25.1 4.8 202012 11.6 20.0 -12.5 17.4 -0.1 29.3 0.1 1387.5 571.7
Power Fin.Corpn. 123.5 35.2 3.5 0.6 202012 16.7 11.4 15.8 -1.6 -10.4 8.9 11.8 140.5 74.2
Power Grid Corpn 230.4 24.0 9.6 1.8 202012 8.3 26.0 5.8 16.0 4.7 11.3 2.4 239.0 129.8
Prestige Estates 283.5 3.4 84.0 2.1 202012 -31.1 -63.7 -14.1 -73.1 -3.3 13.0 1.9 315.0 133.9
Prism Johnson 114.9 -1.1 5.8 202012 3.7 1738.3 -16.6 -168.1 0.7 8.8 2.0 123.3 25.8
PTC India 80.8 14.4 5.6 0.6 202012 -2.4 120.6 3.0 11.1 0.4 10.6 3.0 86.9 32.4
Punjab Natl.Bank [2] 38.5 1.0 38.7 0.5 202012 48.9 94.1 43.1 131.0 -6.2 0.0 0.0 46.4 26.3
PVR 1366.3 -87.7 3.8 202012 -95.0 -235.1 -79.4 -459.7 -3.7 12.0 0.9 1592.0 706.1
Q. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Quess Corp 715.9 4.9 146.4 4.5 202012 -4.8 -41.5 5.2 -72.6 0.3 11.2 0.5 807.0 165.4
R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
R C F 71.9 7.8 9.3 1.2 202012 -8.0 25.9 -8.2 335.6 -16.1 7.1 1.3 100.2 22.1
Radico Khaitan [2] 531.9 18.1 29.3 4.4 202012 5.6 27.1 -1.8 -2.8 -7.1 16.7 0.3 628.3 220.0
Rail Vikas 29.2 4.1 7.1 1.1 202012 0.9 171.6 2.3 24.7 -6.7 11.5 0.8 35.6 10.2
Rain Industries [2] 146.5 16.6 8.8 0.9 202012 -6.7 167.5 -15.3 42.6 -1.3 7.6 1.6 175.4 44.9
Rajesh Exports [1] 481.8 27.9 17.3 1.3 202012 12.3 -28.1 32.2 -31.1 -7.7 11.0 0.4 720.0 440.8
Rallis India [1] 254.4 10.5 24.3 3.2 202012 6.9 7.9 2.6 5.6 -4.3 17.0 0.1 340.0 127.1
Ratnamani Metals [2] 1879.3 50.1 37.5 4.8 202012 -41.7 -40.5 -15.8 -22.9 -4.9 24.0 0.1 2099.6 715.6
Raymond 338.9 -68.8 1.1 202012 -34.1 -88.9 -52.1 -237.7 -10.1 8.5 1.3 409.0 209.5
RBL Bank 228.5 9.5 24.0 1.1 202012 -7.3 120.9 6.0 -7.3 -6.0 0.0 0.0 274.0 101.6
REC Ltd 142.8 34.3 4.2 0.7 202012 17.8 35.4 17.8 17.8 -5.4 8.7 7.6 156.9 79.0
Redington India [2] 157.5 14.9 10.6 1.4 202012 14.9 23.5 5.3 2.3 -12.3 15.7 0.5 201.2 60.0
Reliance Industr 2081.9 64.3 32.4 2.2 202012 -23.1 12.2 -24.4 -6.3 -2.7 9.8 0.8 2368.8 867.4
Responsive Ind [1] 163.5 2.7 59.5 4.5 202012 63.5 827.2 26.2 293.5 -12.0 4.5 0.2 205.0 67.9
Rites 244.0 18.0 13.5 2.2 202012 -27.5 -30.2 -32.1 -30.3 -6.1 31.6 0.0 292.9 191.0
S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S A I L 73.4 8.9 8.2 0.8 202012 19.9 327.1 -3.1 6149.2 0.5 7.9 1.2 81.5 20.2
S C I 107.3 15.5 6.9 0.6 202012 -30.9 -55.4 0.3 152.1 -11.6 5.3 0.7 134.6 31.7
S H Kelkar & Co. 115.1 7.6 15.1 1.8 202012 30.5 40.5 7.7 37.0 -5.5 9.6 0.4 141.3 47.6
Sequent Scien. [2] 228.4 4.1 55.3 7.6 202012 13.2 83.3 13.3 46.1 -2.5 10.5 0.5 265.0 52.0
Sheela Foam [5] 1978.2 45.2 43.8 9.5 202012 25.5 54.4 0.1 10.5 -5.3 25.1 0.2 2344.0 1101.0
Shilpa Medicare [1] 330.7 15.8 21.0 1.9 202012 -19.3 -86.1 2.9 -11.9 -9.6 12.0 0.2 692.5 240.3
Shoppers Stop [5] 221.1 -33.0 14.1 202012 -29.7 -485.7 -49.5 -4229.3 -6.8 0.0 2.4 315.3 124.3
Shree Cement 26952.0 560.8 48.1 7.0 202012 12.6 103.7 -2.0 51.0 -2.8 14.0 0.3 29097.6 15500.0
Shri.City Union. 1417.3 138.9 10.2 1.2 202012 -0.4 -4.0 -1.7 -19.1 -6.7 11.8 3.5 1640.0 617.0
Shriram Trans. 1372.5 77.7 17.7 1.7 202012 5.2 -16.8 5.1 -35.2 3.4 10.8 5.4 1534.9 430.4
Siemens [2] 1845.6 22.5 82.2 6.9 202012 16.1 11.2 -20.4 -29.5 -3.9 18.6 0.0 2055.1 947.0
SIS [5] 405.4 17.5 23.2 3.8 202012 8.2 25.9 8.0 -14.2 -3.6 13.8 0.8 516.5 313.7
SJVN 26.0 4.2 6.2 0.8 202012 1.1 78.3 -12.8 -4.2 -1.1 15.8 0.2 28.7 17.2
Sobha 449.4 10.0 44.8 1.8 202012 -22.5 -70.5 -41.8 -72.4 0.2 21.4 1.2 495.3 117.9
Solar Industries [2] 1301.7 26.0 50.1 8.3 202012 14.7 25.9 -3.8 -19.7 -3.5 19.8 0.5 1420.0 772.1
Solara Active 1200.8 50.8 23.6 2.9 202012 24.2 59.1 4.2 48.3 -6.1 11.1 0.6 1625.0 366.8
Sonata Software [1] 467.2 21.2 22.1 6.1 202012 12.9 -29.1 11.8 -20.4 -7.2 46.7 0.1 539.0 148.1
Spandana Sphoort 593.7 27.8 21.3 1.4 202012 -3.5 -122.9 13.6 -47.7 -4.3 18.3 1.3 940.7 403.5
SpiceJet 71.8 -26.4 -1.9 202012 -53.8 -185.6 -49.3 -3221.1 -13.1 0.0 0.0 108.0 30.8
SRF 5320.5 169.3 31.4 5.1 202012 17.8 -5.3 5.4 -2.1 -5.0 14.3 0.9 6075.0 2492.2
St Bk of India [1] 371.1 22.8 16.3 1.3 202012 -1.3 -4.2 2.3 67.0 -2.6 0.0 0.0 426.5 149.6
Star Cement [1] 96.4 4.6 21.0 2.0 202012 -6.1 -100.7 -8.9 -34.7 -3.9 16.9 0.0 111.9 56.0
Sterling & Wils. [1] 262.9 12.1 21.8 4.0 202012 21.9 -56.4 -1.1 -59.1 3.7 22.9 1.8 297.0 69.8
Sterlite Tech. [2] 204.0 5.8 35.0 4.6 202012 9.3 -1.6 -22.0 -58.2 -7.5 18.0 1.3 225.8 61.2
Strides Pharma 768.2 16.1 47.7 2.6 202012 13.6 -39.5 10.1 -24.8 -8.3 4.9 1.1 1000.0 271.0
Sudarshan Chem. [2] 523.5 16.6 31.5 5.6 202012 20.5 31.3 3.0 -12.4 -4.5 19.0 0.7 599.5 286.3
Sumitomo Chemi. 280.4 6.3 44.4 9.8 202012 7.2 3201.8 6.5 74.1 -0.7 25.6 0.0 338.4 152.5
Sun Pharma.Inds. [1] 578.6 23.9 24.2 3.1 202012 9.2 102.8 4.8 43.3 -5.7 9.9 0.2 653.7 315.2
Sun TV Network [5] 478.6 32.6 14.7 3.0 202012 17.3 15.9 -14.9 -10.4 -1.6 32.3 0.0 570.7 259.8
Sundram Fasten. [1] 745.5 13.0 57.4 7.5 202012 34.9 36.9 -19.9 -28.7 0.0 15.5 0.5 824.4 249.0
Sunteck Realty [1] 322.2 3.0 107.1 1.7 202012 3.3 -32.9 -35.4 -72.0 -2.6 5.0 0.3 394.0 145.0
Suprajit Engg. [1] 286.2 6.8 42.0 4.5 202012 23.0 65.5 -5.5 -33.3 -1.7 15.2 0.5 310.0 100.0
Supreme Inds. [2] 2001.4 50.8 39.4 10.3 202012 34.3 153.1 1.6 38.4 -3.0 26.2 0.1 2130.6 791.2
Suven Pharma [1] 483.3 13.9 34.8 12.2 202012 53.8 96.2 3.9 11.3 1.9 49.8 0.2 525.3 87.1
Suzlon Energy [2] 5.4 -1.7 -1.4 202012 43.4 -116.0 -24.1 28.0 -3.1 0.0 0.0 8.7 1.7
Swan Energy [1] 137.7 -0.6 3.7 202012 2.5 -67.1 -4.2 62.0 -4.1 2.0 1.2 158.3 97.1
Symphony [2] 1252.3 13.3 93.9 13.2 202012 -25.5 -47.1 -25.6 -37.9 -6.8 28.3 0.3 1529.7 690.0
Syngene Intl. 507.9 9.1 55.7 8.3 202012 12.6 11.3 10.0 7.7 -7.6 15.1 0.4 644.7 201.7
T. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T.V. Today Netw. [5] 269.5 20.6 13.1 1.8 202012 0.5 46.0 -5.9 -9.2 -0.3 24.3 0.0 284.8 128.4
Tanla Platforms [1] 872.4 14.8 58.8 17.0 202012 21.3 13652.9 27.4 279.8 -11.6 0.0 0.1 1030.0 38.0
Tata Chemicals 751.9 20.8 36.1 1.5 202012 -0.7 10.0 -5.7 -42.3 -4.1 7.0 0.5 795.0 197.4
Tata Coffee [1] 117.5 5.4 21.7 1.7 202012 6.3 51.5 14.2 28.2 -10.8 10.6 1.0 138.7 47.1
Tata Comm 1175.5 35.3 33.3 -61.1 202012 -0.1 442.6 3.0 17896.5 -8.9 0.0 0.0 1365.0 205.7
Tata Consumer [1] 600.6 10.1 59.5 3.9 202012 23.1 31.3 21.8 63.1 -2.4 9.4 0.1 652.9 214.0
Tata Inv.Corpn. 1053.8 22.7 46.3 0.5 202012 9.8 73.7 -2.2 -4.7 -5.8 1.3 0.0 1179.9 592.2
Tata Motors [2] 309.0 -38.6 1.9 202012 5.4 85.9 -21.7 -2891.9 -2.7 -0.3 1.9 357.0 63.6
Tata Power Co. [1] 104.2 2.8 37.3 1.5 202012 7.5 55.5 -2.6 2.6 -8.0 6.9 2.6 115.0 27.0
Tata Steel 733.0 19.5 37.6 1.3 202012 11.6 236.7 -9.2 -56.8 1.8 5.2 1.5 782.0 250.9
TCS [1] 3063.3 86.8 35.3 12.0 202012 5.4 7.2 3.5 -1.0 0.2 47.2 0.0 3345.3 1504.4
Team Lease Serv. 3428.0 18.6 184.2 9.6 202012 -5.6 -10.2 -3.2 -54.9 -4.8 13.7 0.1 3840.0 1421.4
Tech Mahindra [5] 989.3 42.9 23.1 4.0 202012 -0.1 14.3 3.7 -4.8 -1.5 19.8 0.1 1081.4 470.3
The Ramco Cemen [1] 953.9 30.1 31.7 4.2 202012 4.1 118.5 -8.9 13.5 -5.1 12.1 0.5 1043.4 456.5
Thermax [2] 1355.0 14.4 94.1 5.3 202012 0.0 22.1 -30.0 -43.1 -2.8 11.6 0.1 1464.4 644.0
Thyrocare Tech. 850.3 13.9 61.2 10.7 202012 30.7 17.8 2.7 -30.9 -4.8 33.8 0.0 1212.0 410.0
Time Technoplast [1] 57.0 4.0 14.4 0.7 202012 -9.6 -20.7 -20.7 -56.2 0.8 13.3 0.5 64.5 22.8
Titan Company [1] 1467.7 8.5 172.5 20.5 202012 12.2 10.8 -17.2 -49.9 -1.0 23.9 0.5 1621.0 720.0
Torrent Pharma. [5] 2410.1 73.4 32.8 7.4 202012 2.5 18.3 2.5 45.6 -2.2 14.8 1.2 3040.0 1619.0
Torrent Power 425.7 32.2 13.2 2.1 202012 -4.1 -23.6 -11.1 4.9 3.3 12.3 1.0 434.9 239.7
Trent [1] 797.5 -4.5 13.5 202012 -13.6 37.3 -24.2 -252.8 -9.0 11.5 0.2 945.0 367.6
Trident [1] 14.5 0.5 27.5 2.3 202012 20.4 203.3 -18.8 -31.3 -5.3 10.2 0.7 17.0 3.1
Triveni Turbine [1] 103.1 3.3 31.6 5.7 202012 -14.5 1.7 -25.0 -22.5 1.6 32.9 0.0 118.0 45.9
TTK Prestige 7234.8 119.7 60.4 7.4 202012 23.6 37.2 -6.1 -25.3 -4.9 18.3 0.1 8055.3 3918.1
Tube Investments [1] 1143.6 12.0 95.4 10.4 202012 57.8 43.8 -12.8 -23.4 -4.6 20.6 0.3 1250.0 255.0
TV18 Broadcast [2] 31.3 2.1 14.6 1.4 202012 -4.5 75.2 -7.2 79.3 -11.1 11.9 0.5 41.7 11.9
TVS Motor Co. [1] 584.1 8.0 73.2 8.3 202012 27.9 38.9 -11.7 -45.1 -0.1 12.5 3.2 659.8 240.1
TVS Srichakra 1741.2 82.6 21.1 1.8 202012 12.4 185.1 -22.0 -16.6 -3.1 10.4 0.5 2272.9 760.0
U . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Uflex 390.7 94.0 4.2 0.6 202012 18.2 89.1 5.6 100.0 -6.2 9.5 0.6 448.0 120.0
Ujjivan Fin.Ser. 222.6 -16.8 0.9 202012 3.4 -667.8 18.7 -178.3 -6.4 9.6 5.7 310.9 124.6
UltraTech Cem. 6668.0 251.1 26.6 4.7 202012 17.4 122.6 -6.5 98.2 0.4 11.7 0.7 6945.7 2913.2
Union Bank (I) 35.3 2.2 16.2 0.4 202012 77.8 29.8 72.7 137.2 -6.4 0.0 0.0 45.3 22.6
United Breweries [1] 1218.8 0.6 1927.4 9.6 202012 -11.3 -19.5 -38.6 -96.3 0.6 16.7 0.1 1328.5 758.8
UPL [2] 625.7 34.6 18.1 3.0 202012 2.6 -4.3 11.8 74.1 0.8 10.5 1.7 639.3 240.3
V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
V I P Inds. [2] 376.8 -6.0 10.2 202012 -46.0 -120.5 -62.7 -153.9 -4.4 28.1 0.3 422.0 188.0
Vaibhav Global 3939.3 78.5 50.2 15.2 202012 28.7 40.8 21.7 39.6 -5.3 30.4 0.1 4850.0 490.0
Vakrangee [1] 51.4 0.7 77.2 2.1 202012 -62.7 -14.8 -27.5 57.2 -3.7 3.5 0.0 69.9 17.1
Vardhman Textile 1257.0 54.2 23.2 1.2 202012 -4.1 -14.4 -16.1 -48.9 3.9 8.8 0.4 1289.5 592.9
Varroc Engineer [1] 385.6 -38.3 2.0 202012 24.6 -207.8 -9.6 -294.0 -2.8 2.7 1.1 500.0 119.2
Varun Beverages 974.2 8.3 117.0 8.0 202012 9.1 -133.3 -9.5 -48.8 -0.2 10.4 1.0 1095.9 485.1
Vedanta [1] 222.2 25.3 8.8 1.5 202012 6.5 47.9 -9.9 8.8 0.4 0.0 1.1 230.8 60.3
V-Guard Industri [1] 229.2 3.8 59.6 9.3 202012 32.1 77.7 -11.1 -23.5 -0.3 25.6 0.0 255.0 149.0
Vodafone Idea 9.8 -8.3 -1.1 202012 -1.7 -207.3 -1.9 47.7 -4.7 0.0 3.7 13.8 2.9
Voltas [1] 980.3 13.5 72.5 7.4 202012 32.5 47.2 -9.1 -15.6 -6.9 16.8 0.1 1131.2 428.0
W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Welspun Corp [5] 134.9 20.6 6.5 1.0 202012 -53.9 -11.0 -27.2 54.5 2.0 27.7 0.4 145.5 55.0
Welspun India [1] 81.0 4.9 16.4 2.5 202012 29.2 325.8 2.1 -7.6 0.1 13.3 1.2 87.6 18.3
Westlife Develop [2] 467.7 -6.8 15.1 202012 -24.8 -128.1 -37.8 -653.9 -9.2 7.0 1.0 535.0 271.3
Whirlpool India 2317.6 24.8 93.6 11.1 202012 17.5 -6.7 -8.7 -37.6 -3.8 26.7 0.0 2777.0 1343.0
Wipro [2] 410.6 18.5 22.2 3.7 202012 1.3 20.9 1.8 2.7 -3.4 19.3 0.2 467.2 159.6
Wockhardt [5] 423.5 -45.2 1.4 202012 2.1 58.3 -8.5 -279.3 -12.9 0.5 1.2 569.8 147.2
Z. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zee Entertainment [1] 217.0 -0.9 2.2 202012 33.2 14.4 -5.9 -105.1 -0.8 13.4 0.0 261.0 114.0
Zensar Tech. [2] 293.7 10.6 27.7 3.1 202012 -8.4 170.0 -7.1 -13.4 3.4 17.1 0.2 347.0 63.7
Zydus Wellness 1848.2 29.8 62.0 2.7 202012 14.7 305.4 3.2 2.2 -2.1 6.0 0.5 2217.6 1070.0
Gujarat Alkalies 348.8 19.4 18.0 0.5 202012 -0.8 -44.2 -18.6 -70.9 0.6 10.6 0.1 392.0 165.0
Gujarat Fluoroch [1] 579.1 -27.6 1.7 202012 11.0 -1284.2 -9.0 -139.5 -5.8 8.8 0.4 650.0 219.0
Gujarat Gas [2] 520.8 17.1 30.4 9.5 202012 12.9 98.8 -4.7 10.5 0.7 28.3 0.8 568.0 191.0
H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H D F C [2] 2532.2 97.1 26.1 3.2 202012 35.0 35.0 5.3 -19.7 -1.4 11.1 3.4 2895.4 1473.1
H P C L 234.8 57.7 4.1 1.0 202012 -3.0 131.1 -17.1 42.8 -2.7 5.2 1.2 259.2 163.3
H U D C O 46.4 7.5 6.2 0.7 202012 2.9 90.2 3.4 -0.7 -6.4 9.7 5.2 55.0 18.1
Hathway Cable [2] 29.5 1.3 22.7 1.4 202012 -1.9 -7.0 1.4 -51.1 -7.2 4.7 0.5 57.5 10.7
Havells India [1] 1044.2 14.7 71.2 13.9 202012 39.7 74.5 -6.4 21.4 -5.4 20.8 0.0 1237.8 447.2
HCL Technologies [2] 960.8 48.7 19.7 4.6 202012 6.4 35.1 9.2 26.7 -2.0 26.6 0.1 1073.6 375.5
HDFC Bank [1] 1497.1 55.7 26.9 4.1 202012 2.1 14.5 7.9 16.8 -3.5 0.0 0.0 1650.0 738.9
HDFC Life Insur. 688.5 6.7 102.8 17.8 202012 20.8 4.9 11.7 0.2 -3.1 1.1 0.0 746.0 339.2
HEG 1587.1 -98.1 1.7 202012 -18.8 -165.0 -59.9 -140.9 -2.8 -0.2 0.2 1684.8 413.2
Heritage Foods [5] 309.6 -18.2 2.6 202012 -10.0 80.0 -7.5 -219.9 -8.8 -11.9 0.5 377.7 146.7
Hero Motocorp [2] 3119.4 132.2 23.6 4.2 202012 38.9 13.0 -7.4 -21.4 -6.9 27.0 0.0 3628.6 1475.0
HFCL [1] 26.3 1.3 20.7 1.9 202012 49.7 79.7 -15.9 -42.6 -7.1 21.1 0.4 34.8 8.2
Himadri Special [1] 42.6 2.3 18.7 1.0 202012 8.6 3.5 -27.0 -54.4 -6.7 11.4 0.3 64.0 27.3
Hind. Unilever [1] 2313.5 32.2 71.9 11.6 202012 20.0 16.2 7.4 8.7 4.9 89.0 0.0 2614.0 1756.0
Hind.Aeronautics 1031.7 85.3 12.1 2.5 202012 21.8 87.9 4.3 1.7 -2.7 15.9 0.4 1423.6 448.0
Hindalco Inds. [1] 335.2 11.2 30.0 1.3 202012 19.7 88.0 -1.4 -43.7 1.5 7.9 1.0 361.2 85.1
Hindustan Copper [5] 125.8 -4.0 11.6 202012 477.1 13.2 23.8 -2424.2 -5.8 -17.6 1.0 165.1 18.3
I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I D F C 50.5 -3.9 1.0 202012 -11.7 -159.9 -7.1 41.6 -8.0 0.0 0.0 59.0 13.4
I O C L 98.8 17.1 5.8 0.9 202012 -17.7 62.4 -26.4 25.1 -2.5 4.9 1.1 105.0 71.2
I T D C 373.3 -4.3 11.1 202012 -57.9 -204.0 -44.6 -345.3 -7.8 8.2 0.0 460.0 105.0
ICICI Bank [2] 586.5 21.3 27.5 2.7 202012 2.7 17.7 7.3 55.5 -4.3 0.0 0.0 679.3 269.0
ICICI Pru Life 430.1 7.5 57.6 7.0 202012 10.3 0.8 3.4 -6.7 -6.9 0.6 0.0 537.9 222.0
ICICI Securities [5] 409.7 27.7 14.8 9.0 202012 46.9 94.6 42.4 76.1 1.2 38.5 0.9 568.8 203.6
IDBI Bank 37.4 1.0 38.3 1.3 202012 -7.6 -93.1 -4.6 105.9 -11.1 0.0 0.0 55.8 17.5
IDFC First Bank 60.4 0.7 81.1 1.9 202012 -2.9 -91.6 0.7 113.5 -9.9 0.0 0.0 69.3 17.8
IFB Industries 1084.5 8.9 122.2 7.0 202012 32.2 391.8 -10.8 -30.2 -1.2 2.8 0.3 1458.1 232.1
IFCI 12.3 -8.7 0.5 202012 -5.6 -321.5 15.9 -738.8 -21.1 0.0 2.7 16.0 3.1
IIFL Finance [2] 302.5 15.1 20.0 2.3 202012 30.5 47.1 13.2 -14.7 -3.4 10.0 5.9 346.6 58.2
IIFL Wealth Mgt [2] 1172.9 29.9 39.2 3.6 202012 11.9 30.1 8.1 -8.6 -2.6 7.6 2.5 1346.4 710.0
Indbull.RealEst. [2] 92.8 -4.1 1.3 202012 -41.4 63.8 -81.8 -197.7 -10.9 7.9 1.2 125.5 36.9
India Cements 162.5 5.2 31.5 0.9 202012 -4.8 672.5 -24.9 85.2 -5.9 4.2 0.6 187.6 72.0
Indiabulls Hous. [2] 215.1 23.0 9.4 0.6 202012 -25.4 -40.3 -30.0 -65.4 -4.0 10.2 5.8 263.6 81.3
Indiamart Inter. 8117.2 88.4 91.8 16.5 202012 5.3 29.4 8.8 104.4 -4.3 26.3 0.2 9952.0 1641.2
Indian Bank 119.7 10.2 11.7 0.4 202012 83.4 83.8 71.0 23.1 -9.1 0.0 0.0 156.9 41.7
Indian Energy Ex [1] 371.7 6.3 58.5 23.4 202012 42.8 39.5 20.2 13.2 13.2 57.9 0.0 392.5 111.1
Indian Hotels Co [1] 114.1 -6.0 3.7 202012 -59.2 -184.8 -56.4 -291.9 -9.0 7.6 0.8 139.0 62.1
Indoco Remedies [2] 279.5 8.0 35.1 3.6 202012 17.7 178.7 11.8 142.7 -4.3 5.6 0.4 335.6 145.5
Indostar Capital 326.9 -25.7 1.0 202012 -12.4 9962.5 -16.6 -286.4 -3.5 3.3 2.8 412.0 230.0
Indraprastha Gas [2] 511.5 15.5 32.9 6.4 202012 -13.1 28.4 -23.7 -8.3 0.5 31.9 0.0 594.9 284.6
Indus Towers 262.5 11.4 23.1 4.9 202012 143.6 22.6 35.7 -5.9 3.9 24.4 0.2 282.0 121.3
IndusInd Bank 1011.8 30.0 33.7 2.0 202012 -0.6 -36.6 5.8 -48.5 -1.1 0.0 0.0 1119.2 235.6
Info Edg.(India) 4618.7 1.4 3416.5 13.3 202012 -17.1 -108.3 -10.6 110.2 -3.8 -12.6 0.0 5876.1 1580.0
Infosys [5] 1345.4 43.6 30.8 8.5 202012 12.3 16.6 9.4 13.8 -2.1 34.1 0.0 1406.3 511.1
Inox Leisure 321.5 -28.9 4.4 202012 -97.1 -392.8 -80.7 -319.2 0.0 14.9 1.9 358.6 158.2
Interglobe Aviat 1663.7 -143.7 34.7 202012 -50.6 -225.0 -52.7 -548.5 0.0 4.0 2.0 1822.0 765.1
Ipca Labs. [2] 1840.1 83.9 21.9 5.3 202012 16.2 34.3 20.8 72.0 -5.7 19.5 0.1 2455.6 1162.0
IRB Infra.Devl. 110.4 3.9 28.4 0.6 202012 -11.2 -56.5 -26.9 -82.4 -9.3 8.3 2.0 138.8 46.0
Ircon Intl. [2] 83.5 7.1 11.7 0.9 202012 11.7 -28.3 -9.8 -28.4 -4.2 9.0 0.7 108.4 58.2
ITC [1] 223.1 10.8 20.7 4.7 202012 1.5 -13.5 -6.4 -12.1 8.7 32.1 0.0 239.2 135.0
ITI 118.4 -1.6 -875.6 202012 -40.0 -118.9 -14.5 -183.9 -8.3 5.2 0.0 151.6 44.9
J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
J & K Bank [1] 26.7 -3.2 0.4 202012 0.4 37.2 -0.5 63.7 -8.7 0.0 0.0 33.0 11.1
J B Chem & Pharm [2] 1194.7 52.4 22.8 5.7 202012 27.9 132.5 11.9 50.8 -1.9 23.5 0.0 1263.0 434.9
J K Cements 2749.9 85.1 32.3 6.4 202012 24.5 74.8 4.7 36.3 -6.0 15.6 1.1 3025.0 800.0
Jagran Prakashan [2] 58.9 2.3 25.1 0.9 202012 -27.2 7.3 -40.8 -79.9 3.2 12.7 0.2 67.7 29.6
Jai Corp [1] 88.0 4.6 19.3 1.2 202012 -13.3 7826.4 -20.4 79.7 -10.4 3.1 0.1 109.0 42.7
Jamna Auto Inds. [1] 69.2 0.9 75.5 5.4 202012 50.2 198.5 -42.0 -48.0 -2.9 14.5 0.2 76.5 21.0
Jindal Saw [2] 75.2 5.8 12.9 0.4 202012 -4.1 -34.6 -19.6 -74.7 -7.4 9.6 0.9 87.6 40.0
Jindal Stain. [2] 65.7 1.4 46.0 1.2 202012 8.5 359.6 -15.2 -49.6 -8.7 10.5 1.3 96.0 22.3
Jindal Stain. Hi [2] 116.3 18.4 6.3 1.2 202012 26.7 251.7 -13.3 21.6 -5.3 18.8 1.1 164.8 30.4
Jindal Steel [1] 313.3 37.9 8.3 1.2 202012 39.6 1030.7 1.7 542.6 -1.2 5.6 1.2 354.7 62.1
JK Lakshmi Cem. [5] 411.0 29.9 13.8 2.7 202012 16.9 126.1 -1.5 66.4 -4.2 14.7 1.3 448.0 179.8
JK Paper 148.0 11.6 12.7 1.1 202012 -9.2 -50.0 -17.3 -60.2 -2.0 20.8 0.7 167.4 62.2
JK Tyre & Indust [2] 112.2 5.5 20.2 1.2 202012 25.9 1748.7 -17.3 -42.1 -8.7 7.5 2.5 146.8 31.5
JM Financial [1] 90.1 5.7 15.8 1.3 202012 -1.2 14.7 -4.6 0.2 -4.7 13.6 2.4 101.6 55.5
JSW Energy 84.7 4.9 17.5 1.1 202012 -17.4 -62.9 -15.0 -14.6 -0.9 9.8 0.9 92.5 34.8
JSW Steel [1] 440.7 11.7 37.8 2.8 202012 23.4 1170.6 -8.8 -47.0 5.1 8.6 1.5 446.2 132.5
JTEKT India [1] 87.6 -0.2 3.8 202012 18.8 208.2 -24.2 -107.9 -0.8 7.2 0.2 104.7 34.8
Jubilant Food. 2868.0 12.7 225.9 33.7 202012 -0.2 21.9 -18.2 -49.7 -3.5 28.0 0.7 3215.0 1141.8
Just Dial 906.1 41.5 21.8 4.8 202012 -28.0 -19.5 -22.7 -0.8 -6.1 21.3 0.0 1063.0 250.6
Jyothy Labs [1] 143.9 5.4 26.6 3.9 202012 13.3 18.8 -1.5 -6.9 -3.4 13.1 0.2 166.0 86.2
K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
K E C Intl. [2] 454.8 21.4 21.2 3.9 202012 7.0 0.1 2.4 -3.5 -1.3 24.8 0.8 486.5 154.5
K P R Mill Ltd [5] 1130.7 59.6 19.0 3.8 202012 20.5 65.5 -3.1 7.4 3.0 19.6 0.5 1151.0 316.9
Kajaria Ceramics [1] 933.9 14.5 64.4 8.4 202012 13.1 93.3 -16.5 -15.4 -6.6 18.5 0.1 1020.0 295.4
Kalpataru Power [2] 388.9 24.8 15.7 1.7 202012 10.7 17.4 -2.2 -28.0 -2.2 14.9 0.9 406.2 170.0
Kansai Nerolac [1] 531.4 8.8 60.6 7.6 202012 19.7 74.2 -13.4 -12.6 -7.4 18.3 0.0 679.6 296.3
Kaveri Seed Co. [2] 491.2 55.6 8.8 2.3 202012 -4.5 10.4 12.2 39.5 -4.3 23.1 0.0 682.0 274.2
KEI Industries [2] 511.6 27.4 18.7 2.8 202012 -12.3 9.9 -14.2 -2.9 3.5 27.8 0.4 557.3 208.4
KNR Construct. [2] 205.3 11.2 18.4 3.3 202012 21.7 74.5 6.3 5.3 -3.0 18.9 0.6 242.1 85.8
Kotak Mah. Bank [5] 1831.6 54.0 33.9 4.6 202012 -0.6 43.1 1.5 44.9 -5.4 0.0 0.0 2049.0 1000.4
KPIT Technologi. 157.4 4.7 33.5 3.9 202012 -6.0 -9.5 -2.4 -10.1 0.2 16.8 0.2 174.2 34.5
KRBL [1] 184.3 24.2 7.6 1.3 202012 -15.7 -8.6 -11.9 4.3 -4.1 20.9 0.3 339.6 91.3
KSB 814.0 26.9 30.2 3.2 202012 9.8 -1.8 -6.6 1.5 3.4 16.5 0.1 837.7 386.4
L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L & T Infotech [1] 4081.2 104.0 39.2 11.3 202012 12.2 37.5 17.0 23.5 1.7 36.2 0.0 4499.9 1207.6
L&T Fin.Holdings 101.6 4.5 22.5 1.4 202012 -3.5 -50.8 -3.4 -40.1 -3.6 9.6 6.6 113.4 42.8
L&T Technology [2] 2591.3 64.1 40.4 8.8 202012 -1.6 -8.8 -1.1 -16.4 -5.5 38.9 0.0 2858.4 995.0
Lak. Mach. Works 6928.5 26.9 257.4 4.5 202012 49.4 715.4 -19.2 -52.4 -5.1 2.3 0.0 7850.0 2001.0
Larsen & Toubro [2] 1411.3 101.8 13.9 2.7 202012 -1.8 4.9 -8.6 46.3 -6.8 12.5 2.0 1593.0 661.1
Laurus Labs [2] 360.6 14.9 24.3 8.8 202012 76.6 271.3 61.4 323.3 -0.7 13.6 0.6 385.8 61.9
Lemon Tree Hotel 36.1 -1.6 3.8 202012 -65.7 -356.1 -48.3 -413.8 -12.2 0.0 1.9 49.5 13.8
LIC Housing Fin. [2] 416.6 54.7 7.6 1.1 202012 -1.9 19.8 1.9 3.1 -3.1 9.1 10.5 487.5 186.0
Linde India 1718.5 17.6 97.7 6.6 202012 15.2 120.3 -16.5 27.2 -2.8 10.0 0.4 1933.2 378.0
Lupin [2] 1005.5 23.8 42.2 3.6 202012 5.4 -66.6 -1.3 390.5 -4.2 8.7 0.6 1121.9 505.0
Lux Industries [2] 1707.8 66.5 25.7 7.6 202012 28.9 59.2 0.6 28.2 -2.5 28.3 0.4 1899.2 812.8
M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
M & M [5] 850.1 0.6 1335.6 2.6 202012 11.3 291.4 -19.9 -96.2 -0.7 7.5 1.9 952.2 245.8
M & M Fin. Serv. [2] 215.3 4.8 44.7 1.7 202012 -2.9 -148.0 4.2 -61.0 3.1 9.5 5.4 224.2 76.5
M R P L 41.1 -15.5 1.2 202012 -44.0 -241.7 -38.0 -144.4 -1.9 -16.2 2.0 46.0 21.3
Mah. Seamless [5] 282.2 19.8 14.3 0.6 202009 -26.8 -54.8 -32.1 -69.0 -0.8 10.6 0.4 350.0 185.0
Mahindra CIE 162.2 2.8 57.8 1.3 202012 13.6 1299.4 -23.5 -69.2 -7.5 10.6 0.4 234.5 59.1
Mahindra Holiday 218.4 -12.5 -4.0 202012 -16.8 -96.6 -21.3 -312.9 -4.4 3.1 0.0 248.9 122.0
Mahindra Life. 524.6 -26.1 1.6 202012 -17.3 -718.2 -71.5 -317.1 -4.5 -2.6 0.1 568.5 171.2
Mahindra Logis. 519.2 3.8 137.1 7.0 202012 15.3 17.4 -15.6 -60.6 -8.2 15.6 0.1 614.0 199.0
Manappuram Fin. [2] 159.0 19.5 8.2 2.1 202012 14.5 17.5 23.6 19.8 -3.3 16.1 3.7 187.3 75.6
Marico [1] 395.0 8.7 45.2 13.9 202012 16.3 12.9 1.4 -8.9 0.3 40.6 0.1 439.0 233.8
Maruti Suzuki [5] 7112.0 148.0 48.0 4.4 202012 13.2 25.8 -19.2 -27.7 0.2 8.3 0.0 8400.0 4002.0
MAS FINANC SER 869.1 26.3 33.1 4.3 202012 -17.9 -25.8 -4.5 -16.6 -1.5 15.3 2.6 1107.7 448.1
Max Financial [2] 860.7 9.5 90.8 4.5 202012 67.5 67.1 22.0 4.8 -3.6 21.0 0.0 978.0 279.8
Meghmani Organ. [1] 110.0 9.3 11.8 2.1 202012 25.9 36.0 0.1 -11.5 5.8 21.4 0.7 128.2 31.8
Metropolis Healt [2] 1918.5 27.8 68.9 16.0 202012 23.3 39.2 7.3 -5.8 0.8 39.5 0.1 2321.0 993.2
Minda Corp [2] 94.2 1.4 67.4 2.2 202012 36.1 19.0 -14.1 -76.4 -6.2 11.0 0.6 110.5 52.6
Minda Industries [2] 571.1 3.0 192.2 7.7 202012 35.8 124.2 -10.5 -64.1 7.1 10.9 0.7 612.4 208.3
Mindtree 1988.5 60.7 32.8 8.3 202012 3.0 65.7 4.7 60.4 6.3 24.6 0.0 2038.0 692.0
................BMBMECMYK
MUMBAI
BusinessLine 9SUNDAY • MARCH 21 • 2021 SAFE INVESTING
MAULIK MADHU..........................................
BL Research Bureau
To make investing in bondsand debentures easier, AxisSecurities launched a new online platform ‘YIELD’ earlythis month. Customers ofAxis Securities can use YIELDto buy and sell bonds in thesecondary market.
What it isYIELD enables customers ofAxis Securities to invest in arange of corporate bonds(rated A and above) tradingin the secondary market. Thebonds purchased on the platform can also be sold here.
Today, when you buy / sellbonds through your tradingaccount with a broker, thetransaction goes throughbased on the volumes available on the stock exchanges.Axis Securities has empanelled large wealth management fi��rms (that deal inbonds) on its platform. It isthe inventory of bonds available for sale with these fi��rmsthat is aggregated and displayed on the YIELD platform.
For each bond, YIELDshows you the face value, current price (‘minimum investment’), coupon rate, yield tomaturity (‘yield’), maturitydate, frequency of interestpayment, among other details. You can also seewhether the bond is taxfreeor taxable and perpetual ornot. The platform also showsyou the stream of cash fl��owsfrom a bond over its entiretenure. The periodic interestpayments each year and thefi��nal maturity amount to bereceived in the end, areshown diagrammatically foreach bond. YIELD also allows
you to compare diff��erentbonds with each other as alsowith fi��xed deposits from afew select banks includingSBI.
Suitability While YIELD off��ers the prospect of better liquidity (larger volumes) that HNI bondinvestors may require, it maynot off��er any signifi��cant advantage to small retail investors who can, therefore,continue to trade with theirexisting brokers. YIELD givesAxis Securities’ customers access to bonds available withlarge wealth managementfi��rms (which is besides whatis available on the exchanges)thereby providing themgreater liquidity.
The platform also off��ers theadvantage of onetime KYC(know your customer) to investors. According to VamsiKrishna, Head Products &Marketing, Axis Securities,once your KYC with Axis Securities is complete, all yourpurchases through YIELD aresimply conducted based onthat. You don’t require a separate KYC for bond transactions with every bond house.Existing customers of Axis Securities can use the platformat no additional cost. Notethat, though, as on date, youcan use YIELD to sell onlythose bonds that have beenbought on the platform.
Furthermore, today, withthe cheapest bond on theplatform priced at around ₹��2lakh and many others at ₹��10lakh, per bond, the platformis not suited to the needs ofsmall investors. Axis Securities plans to introduce bondsof smaller denominations infuture. Retail investors can invest in taxfree and taxablebonds of signifi��cantly smalldenominations via their trading accounts with otherbrokerages as also with AxisSecurities (outside of theYIELD platform).
E-platform to buy, sell bonds Axis Securities’ YIELD is good for large investors
PRODUCT REVIEW
COMPARE &CHOOSE
The platform allows
you to compare
different bonds
with each other
as also with fixed
deposits from
select banks
ISTO
CK
.CO
M/B
EE3
2
While YIELD offers theprospect of better
liquidity that HNI bondinvestors may require,
it may not offer anysignificant advantage
to small retailinvestors, who can,
therefore, continue totrade with theirexisting brokers
Insurance premium tracker
For a 30yearold male/female, non smoker, living in a metro city, Sum assured ₹��1 crore with coverage up to 70 yrs
Plan name Max
coverage up to
Max policyterm
Annual Premium(inclusive of GST)
Claim SettlementRatio (%)
Insurance companyMale Female
Aditya Birla Capital Life Shield Plan 85 55 12998 10980 97.5
Aegon Life iTerm Insurance Plan 100 82 9114 8933 98.0
Bajaj Allianz Smart Protect Goal 99 81 10911 9328 98.0
Bharti AXA Premier Protect Plan 75 57 11092 9794 97.3
Canara HSBC OBC Life iSelect+ Term Plan 99 81 12552 10771 98.1
HDFC Life Click2Protect Plus 85 67 13352 12016 99.1
ICICI Prudential iProtect Smart 99 81 15628 13786 97.8
India First Life eTerm Plan 80 40 8260 7080 96.7
Kotak Life Insurance Kotak eTerm Plan 75 57 11918 10266 96.3
Max Life Smart Term Plan Plus 85 50 12390 10384 99.2
PNB Met Life Mera Term Plan Plus 99 81 12272 10384 97.2
SBI Life eShield 80 62 15070 12898 94.5
TATA AIA Life* Maha Raksha Supreme 100 82 12980 11328 99.1
Exide Life Insurance Smart Term Plan 75 30 14568 12925 98.1
Claim settlement ratio as per data provided by insurer Source: www.policybazaar.com*TATA AIA Life MRS whole life is available only on limited pay option
Bank FD interest rates (%)
Bank<1
year1 to 2 years
2 to 3 years
3 to 5 years
w.e.f
FOREIGN BANKS
Citi Bank 2.75 3 3.5 3.5 Mar 19
DBS Bank 3.5 4.5 5.5 5.5 Feb 20
Deutsche Bank 3.85 4.25 4.5 6.25 Mar 18
HSBC 3.1 3.75 4 4 Nov 26
Scotiabank 1.95 2 2.15 2.3 Mar 13
Standard Chartered 4.6 5.4 5.4 5.35 Mar 11
INDIAN: PUBLIC SECTOR BANKS
Bank of Maharashtra 4.25 4.9 4.9 4.9 Jan 08
Bank of Baroda 4.4 5 5.1 5.25 Nov 16
Bank of India 4.75 5.3 5.3 5.3 Oct 01
Canara Bank 4.45 5.4 5.5 5.5 Feb 08
Central Bank of India 4.25 4.9 5.1 5.1 Jan 08
IDBI Bank 4.3 5.1 5.1 5.1 Mar 18
Indian Bank 4.4 5.1 5.25 5.25 Feb 05
Indian Overseas Bank 4.9 5.2 5.2 5.2 Nov 09
Punjab National Bank 4.5 5.2 5.2 5.3 Jan 01
Punjab & Sind Bank 4.55 5.25 5.25 5.25 Nov 28
State Bank of India 4.4 5.1 5.3 5.4 Jan 08
UCO Bank 4.7 5 5 5 Dec 16
Union Bank 4.5 5.3 5.5 5.55 Dec 15
INDIAN: PRIVATE SECTOR BANKS
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
City Union Bank 5 5.75 5.75 5.5 Dec 16
DCB Bank 5.95 6.7 6.75 6.75 Feb 05
Dhanlaxmi Bank 4.5 5.3 5.4 5.5 Sep 01
Federal Bank 4.4 5.5 5.35 5.5 Feb 18
HDFC Bank 4.4 4.9 5.15 5.3 Nov 13
ICICI Bank 4.4 5 5.15 5.35 Oct 21
IDFC First Bank 5.25 6 5.75 5.75 Sep 15
IndusInd Bank 5.75 6.5 6.5 6.5 Dec 30
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
Kotak Bank 4.4 5 5.1 5.3 Feb 25
Karur Vysya Bank 5 5.5 5.65 6 Jan 11
RBL Bank 5.75 6.5 6.6 6.6 Mar 01
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
TNSC Bank 5.75 6 5.85 6 Dec 09
Yes Bank 5.75 6.5 6.75 6.75 Feb 08
SMALL FINANCE BANKS
AU Small Finance Bank 5.25 6.35 6.5 6.25 Mar 01
Equitas Small Finance Bank 5.4 6.4 6.8 6.4 Jan 25
Fincare Small Finance Bank 5 6.3 6.5 6 Mar 01
Jana Small Finance Bank 6 7 7 7.25 Dec 22
Suryoday Small Finance Bank 6.25 6.75 7 7.25 Feb 15
Ujjivan Small Finance Bank 5.2 6.5 6.75 6.75 Mar 05
Data as on respective banks’ website on Oct 19, 2021; For each year range, the maximumoffered interest rate is considered; interest rate is for a normal fi��xed deposit amount below₹��1 crore. Compiled by BankBazaar.com
MAULIK MADHU..........................................
BL Research Bureau
The credit ratings downgrade of IL&FSin 2018 followed by that of a few others such as DHFL and Yes Bank in 2019,impacted the NAVs of debt funds andbrought home the point that thesefunds are not immune to credit risk.This year, impacted by a rise in bondyields, many longer duration debtfunds have been reporting negativereturns the last few months. In thepast too, there have been such instances, bringing to the fore the interest rate risk involved here.
In this backdrop, target maturityfunds whichoff��er certainty of return(to a large extent) and a fair degree ofsafety are an attractive option for investors seeking an alternative to fi��xedincome instruments such as bankfi��xed deposits. This is particularly sofor those in the higher tax brackets.Many asset management companiessuch as Nippon India MF, EdelweissMF and IDFC MF have launched openended target maturity debt fundsrecently.
The brass tacksTarget maturity funds have a defi��nedmaturity as indicated in the schemename and passively invest in bonds ofa similar maturity constituting thefund’s benchmark index. On maturityof the fund, investors are returnedtheir investment proceeds (initial investment plus return).
These funds buy bonds such as corporate bonds, GSecs (GOI bonds),SDLs (state government bonds) or a
combination of these, in line withtheir benchmark index. For instance,the newly launched IDFC Gilt 2028 Index Fund will invest in the constituents of the CRISIL Gilt 2028 Index.Other debt funds, on the other hand,may sell bonds before they mature.
From a credit quality perspective,target maturity funds investing in GSecs or SDLs, both of which enjoy sovereign (government) guarantee, carryno credit risk (risk of default) and aresafe. Also, while funds investing in corporate bonds issued by public sectorentities may rank a notch lower (AAAinstead of sovereign rating), the government backing enjoyed by these entities lends comfort.
Return visibilityThe biggest USP of target maturityfunds is that they provide a certain de
gree of return visibility for those whostay invested until maturity. While thefund NAV gets impacted by interestrate changes in the interim, in theform of marktomarket losses (orgains) on bonds in the portfolio, if youstay put until maturity, you will getthe return indicated at the time of investing in the scheme.
For example, the indicative return(yield to maturity minus the expenseratio) for the recently launched Nippon India ETF Nifty SDL – 2026 Maturity and the IDFC Gilt 2028 Index Fund(direct plan) is 6.156.25 per cent and6.24 per cent, respectively. The twofunds have a tenure of around fi��ve andseven years, respectively.
Today, you can get up to 5.5 per cent,and 6.7 per cent per annum, respectively, on fi��veyear public sector bankand Post Offi��ce (PO) fi��xed deposits.
Floating rate savings bonds from theCentral government with a sevenyearlockin off��er 7.15 per cent per annum(paid halfyearly) currently. Interestincome from these products is taxedat your income tax slab rate. Note that,the interest rate on PO deposits andthe GOI bonds is reviewed quarterlyand halfyearly, respectively. Capitalgains made on target maturity funds(debt funds) held for over three yearsare taxed at 20 per cent with indexation benefi��t, making these funds an attractive posttax option for those inthe higher tax brackets.
Unlike in fi��xed maturity plans, inopenended target maturity schemes,investors can enter as well as exit atany time. However, despite the infl��ows and outfl��ows to and from theseschemes, the possible impact on returns for those invested until maturity may be very small.
Stay putToday, with economic growth recovering, the risk of infl��ation rising, and thegradual unwinding of the liquiditymeasures, no further rate cuts are expected from the RBI. As a result, youmust be prepared for the possibility ofcapital loss (interest rate risk) as ratesmove up gradually, if you exit a targetmaturity fund prematurely. So, it’sbest to choose a fund where the maturity broadly matches your investment horizon to park a portion ofyour investment surplus. For those inthe lower tax brackets and not prepared to stay put long enough,shortertenure bank and PO fi��xed deposits may be a better alternative.
Safe bet: Target maturity funds
ISTO
CK
.CO
M/J
A_I
NTE
R
Know-how
B Target maturity funds
invest in G-Secs,
SDLs, PSU corporate
bonds.................................................................................................................
B They are an attractive
post-tax option
for high income
earners.................................................................................................................
B Choose a fund where
maturity broadly
matches your
investment horizon.................................................................................................................
SAVE SMART
Off��er a certain degree of return visibility to those who stay investeduntil maturity
BAVADHARINI KS ..........................................
BL Research Bureau
Two neighbours’ dailyroutine of watering plantsleads to an interestingconversation.Sindu: Hey, you missed
the event on plant protection. It was so informative.There are so many simplehacks to grow plants. Bindu: Oh! I so wanted to
come but my car broke downand my entire morning wentaway in getting someone tobring a mechanic.Sindu: What? You could
have asked your insurer forRSA? Or didn’t you optfor the rider?Bindu: I don’t
even know whatRSA is, to startwith. So, how do Isay whether I haveopted for suchrider?Sindu: RSA stands for
roadside assistance. It can beof great help, in the event of abreakdown of your car, like ithappened yesterday, or incase of an accident. All youneed to do is to call your insurer company and informthem about the problem andyour location. They either offer help over the phone orsend a representative (mechanic) to your locationBindu: What if the prob
lem isn’t resolved?Sindu: Then, your insurer/
mechanic will arrange forthe car to be towed away to anearby garage for repair.Also, as part of the RSA cover,some insurance companiesarrange for your accommodation till the issue with yourvehicle is resolved. Alternatively, you can avail of a taxiservice to offi��ce/house. This
facility is, however, providedto only one destination.Bindu: This is great news!
What are all the services thatRSA covers?Sindu: The list of services
varies across insurers. Butbroadly the RSA shouldprovide coverage for mechanical/electrical breakdown,towing the car, fuel delivery(you will have to bear the fuelcharges though), fl��at tyre,minor repair services, sparekeys for your car, accommodation, travel/taxi arrangement and cost of legal advisor. Bindu: Good. If I had
known about this, itcould have saved me
lot of trouble.Sindu: Hold
there. RSA ismostly off��ered as
an addon coverwith your motor in
surance. That means,you will have to pay addi
tional premium to avail thisrider. So unless you opted forthis cover specifi��cally, yourpolicy will not cover you.Bindu: Killjoy. Oh well, I
wouldn’t mind it, if it comesto my rescue during anemergency.Sindu: True. But think
through a few points carefully, before you buy therider. One, older your car, thehigher will be the chances ofmechanical problems. So,many insurers will not bewilling to off��er this cover forsuch cars. Two, if you useyour vehicle to travel longdistances frequently, it is advisable to opt for this cover.But some dealers off��er RSAfor new vehicles too. So, youcan go for RSA with an insurer after the expiry of dealers’ services contract.
...when your vehicle breaks down
Roadside assistance...SIMPLY PUT
Scan & Share
Tata AIA Life plan
Tata AIA Life Insurance has
launched Fortune Guarantee
Plus, a non-linked, non-
participating savings plan with
guaranteed long term income
along with protection cover. The
plan also offers health protection
in the event the policyholder is diagnosed with a critical
illness.
The plan offers two income options – Regular Income or
Regular Income with an inbuilt critical illness benefit. If the
insured is diagnosed with a critical illness during the
premium payment term, all future premiums stand waived,
and guaranteed income will commence. The policyholder
can choose the income frequency between monthly and
annual payout options.
The guaranteed income starts from the 6th Policy year for a
period ranging from 20 to 45 years. One can select premium
payment term between 5-12 years. Single premium option
offers the freedom to opt for joint life, which ensures that
policy continues even if one of the two passes away. Fortune
Guarantee Plus offers an inbuilt Return of Premium benefit
that allows the policyholder to get the total premiums paid
(excluding loading for modal premiums and discount) back
at the end of the income period.
Digitised pay-out services
Max Life Insurance launched
digitised payout services on its
website where customers will be
able to access services such as
changes in premium mode, loan
against policy, and partial
surrender, online through the
website.
Max Life has introduced service
experiences via digital interventions like Mili Chatbot, and
WhatsApp Servicing. Now, the financial payout services
feature on the Max Life website will make it convenient for
customers to submit their requests online.
Some of major services launched on the website in this
Financial Year include: Surrender of policy, Loan against
policy, Partial Surrender (but this service is only available on
Unit-Linked Insurance Plans policies), Surrender of Paid-Up
Additional Bonus (case value of bonus option) and Change
in premium mode.
ALERTS
................BM-BMECMYK
MUMBAI
BusinessLine10 SUNDAY • MARCH 21 • 2021STAR TRACK MF RATINGS
EQUITY - LARGE CAP FUNDS
★★★★★ AXIS Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.8 23496 1.8 1.1 54.2 16.8 16.7
★★★★★ Mirae Asset Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.5 23353 1.6 6.2 72.5 13.4 16.5
★★★★★ SBI BlueChip Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.8 26816 1.8 7.1 77.0 12.1 13.7
★★★★ Aditya Birla SL Frontline Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 281.3 19568 1.7 5.8 72.8 10.6 13.0
★★★★ BNP Paribas Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 118.3 1015 2.3 4.0 62.2 13.7 13.8
★★★★ Canara Robeco Bluechip Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.1 1819 2.2 4.9 69.1 17.1 16.9
★★★★ ICICI Pru Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.0 27033 1.7 7.0 75.0 12.0 14.9
★★★ Edelweiss Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.0 228 2.5 4.2 70.2 13.2 14.4
★★★ HDFC Top 100 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 582.2 19194 1.9 9.9 75.1 10.7 14.1
★★★ IDBI India Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.8 411 2.5 5.7 68.4 11.9 12.3
★★★ Invesco India Largecap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.4 291 2.4 3.9 63.9 10.4 12.6
★★★ JM Large Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 83.1 79 2.5 3.2 39.5 10.0 10.5
★★★ Kotak Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 313.7 2207 2.1 6.7 76.6 13.6 14.1
★★★ L&T India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.2 619 2.6 4.4 66.1 11.1 12.6
★★★ Nippon India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.7 10343 1.9 8.7 67.7 9.4 13.4
★★★ PGIM India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 211.8 311 2.5 4.5 70.2 11.3 12.3
★★★ UTI-Mastershare (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 160.5 7503 1.8 5.0 70.6 13.0 14.0
★★ Franklin India Bluechip Fund - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 597.8 6021 1.9 11.8 79.1 11.2 12.1
★★ HSBC Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 272.6 705 2.5 4.2 69.9 12.2 14.6
★★ LIC MF Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.8 481 2.7 1.6 53.3 12.3 12.8
★★ Tata Large Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 273.5 885 2.4 9.4 70.4 11.0 12.4
★ DSP Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 250.4 2595 2.1 3.0 63.6 9.3 12.0
★ IDFC Large Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.5 694 2.4 4.2 67.0 12.0 13.6
★ Indiabulls Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.9 114 2.4 1.8 57.0 8.9 12.7
- Baroda Large Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.7 41 2.6 5.4 65.7 12.8 13.8
- Essel Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.8 95 2.6 6.1 72.1 10.5 13.1
- Taurus Largecap Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 87.5 29 2.6 2.6 58.8 8.1 9.7
- Union Largecap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.7 189 2.6 5.1 72.6 10.7 -
EQUITY - LARGE & MID CAP FUNDS
★★★★★ Canara Robeco Emerging Equities (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 129.4 7906 1.9 7.4 75.2 13.1 18.7
★★★★★ Mirae Asset Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.0 15785 1.8 10.5 86.3 17.9 21.5
★★★★ Aditya Birla SL Equity Advantage Fund (G). . . . . . . . . . . . . . . . .. . . . . . . . 538.8 4986 1.9 7.6 76.5 10.3 14.6
★★★★ DSP Equity Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 290.5 5726 1.9 8.5 71.3 11.3 15.6
★★★★ Kotak Equity Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 160.6 5177 1.9 7.8 71.9 13.2 16.1
★★★★ Principal Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 142.8 2530 2.0 8.2 76.4 11.4 17.8
★★★ Edelweiss Large & Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.6 676 2.4 10.2 74.2 13.1 15.3
★★★ Franklin India Equity Advantage Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 98.8 2528 2.1 10.6 81.7 9.0 11.2
★★★ Invesco India Growth Opportunities Fund (G) . . . . . . . . . . .. . . . . . . . . . 43.5 3660 1.9 5.9 64.8 11.5 15.3
★★★ L&T Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.6 1257 2.3 1.7 60.7 5.4 11.9
★★★ SBI Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 285.4 3580 2.1 8.0 67.9 11.2 14.4
★★★ Sundaram Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.6 1479 2.3 10.2 64.6 11.4 15.4
★★★ Tata Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 278.3 2104 2.2 9.8 75.4 14.0 14.8
★★ ICICI Pru Large & Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 412.6 3646 2.1 11.1 75.8 10.1 13.3
★★ IDFC Core Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.3 2194 2.1 8.9 73.2 8.8 14.0
★★ Nippon India Vision Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 666.6 2844 2.1 8.2 73.7 7.6 10.9
★★ UTI-Core Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.9 953 2.4 13.3 84.6 8.5 12.0
★ BOI AXA Large & Mid Cap Equity Fund (G). . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.3 182 2.7 3.5 61.7 6.2 11.6
★ HDFC Growth Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 146.0 1956 2.5 12.9 86.7 11.1 12.8
- AXIS Growth Opportunities Fund - Regular (G) . . . . . . . . .. . . . . . . . . . 16.0 2481 2.2 8.4 73.1 - -
- Essel Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.0 109 2.6 11.2 68.0 10.1 14.4
- LIC MF Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 19.2 979 2.5 3.9 57.1 10.2 16.2
- Quant Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.4 11 2.5 6.0 83.9 11.7 15.7
EQUITY - FLEXI CAP FUNDS
★★★★★ Kotak Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.7 34515 1.6 7.0 70.0 12.3 15.6
★★★★★ Parag Parikh Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.3 7452 1.9 8.3 83.0 18.4 18.5
★★★★ Aditya Birla SL Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 928.5 12830 1.8 4.9 70.8 10.7 15.4
★★★★ SBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.7 11539 1.9 8.1 69.0 11.4 14.7
★★★★ UTI-Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 211.0 15746 1.8 5.5 81.5 18.7 17.4
★★★ Canara Robeco Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 182.6 3470 2.1 5.6 67.4 15.6 16.9
★★★ DSP Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.4 4873 1.9 7.1 66.8 14.3 16.9
★★★ Franklin India Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 769.9 9590 1.8 12.4 84.2 11.1 12.7
★★★ HSBC Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 106.8 368 2.5 5.5 73.3 8.1 12.6
★★★ IDFC Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 111.6 5201 2.0 5.6 56.9 7.6 10.8
★★★ JM Flexicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.3 162 2.5 8.8 61.3 13.3 17.1
★★ HDFC Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 808.5 23716 1.7 12.9 81.4 10.8 14.8
★★ L&T Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 99.5 2596 2.1 5.1 68.6 7.7 12.0
★★ Union Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.8 465 2.7 7.0 78.1 13.9 14.4
★ LIC MF Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.5 350 2.7 0.7 51.3 9.3 10.0
★ Taurus Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 125.2 235 2.7 4.6 59.8 4.5 9.2
- AXIS Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.6 7460 1.8 2.2 55.0 16.5 -
- Edelweiss Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.7 667 2.4 8.4 71.0 10.7 15.6
- Essel Flexi Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.9 185 2.6 5.7 64.1 - -
- IDBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.8 312 2.5 3.8 61.6 9.5 11.5
- Motilal Oswal Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.7 11816 1.7 5.9 63.3 7.4 14.3
- PGIM India Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.1 676 2.6 6.5 97.0 16.2 16.7
- Shriram Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.5 62 2.6 2.4 54.5 - -
- Tata Flexi Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.4 1799 2.2 4.3 61.2 - -
EQUITY - MULTI CAP FUNDS
- Baroda Multi Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 131.2 984 2.5 9.2 75.6 11.0 13.3
- BNP Paribas Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 60.2 526 2.5 8.3 65.8 9.8 13.4
- ICICI Pru Multicap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 359.7 6098 1.9 10.0 74.6 10.4 13.5
- Invesco India Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.8 1166 2.2 7.2 69.1 9.0 13.7
- Mahindra Manulife Multi Cap Badhat Yojana (G) . . . . .. . . . . . . . . . 15.4 432 2.6 11.9 78.5 13.9 -
- Nippon India Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 112.8 9166 1.9 15.3 70.0 8.0 11.8
- Principal Multi Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 179.4 715 2.5 8.4 71.5 8.7 15.5
- Quant Active Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 298.5 203 2.5 11.9 129.9 19.9 20.1
- Quantum Equity Fund Of Funds - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 44.4 61 0.7 6.2 66.1 9.9 -
- Sundaram Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.2 664 2.5 9.0 70.0 - -
EQUITY - MID CAP FUNDS
★★★★★ AXIS Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.2 9757 1.9 8.2 67.6 18.5 19.1
★★★★★ Edelweiss Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.0 1187 2.2 14.3 93.8 11.5 17.1
★★★★ Invesco India Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 68.8 1341 2.3 10.1 72.1 14.3 16.8
★★★★ Kotak Emerging Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.5 10431 1.8 14.5 82.5 13.4 18.2
★★★★ UTI-Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 144.1 5045 1.9 8.3 86.3 10.3 14.3
★★★ BNP Paribas Mid Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.0 853 2.4 13.4 79.1 12.0 15.0
★★★ DSP Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.3 10558 1.8 6.2 67.1 11.5 17.3
★★★ Franklin India Prima Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1237.3 7396 1.9 9.4 73.0 9.4 14.4
★★★ HDFC Mid-Cap Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 72.6 26306 1.8 11.2 79.6 9.5 15.6
★★★ L&T Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 170.7 6287 1.9 7.9 71.3 7.1 16.1
★★★ SBI Magnum Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 104.7 4774 2.1 13.0 90.3 9.9 13.2
★★★ Tata Mid Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 193.3 1090 2.4 10.1 76.1 13.0 16.1
★★ ICICI Pru MidCap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 126.6 2297 2.2 12.3 90.7 8.9 14.5
★★ Nippon India Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1558.0 8990 2.0 11.7 77.1 12.8 16.7
★★ Sundaram Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 573.0 6230 1.9 10.9 69.1 4.9 12.5
★ Aditya Birla SL Midcap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 348.0 2650 2.0 9.7 70.5 4.7 11.6
★ PGIM India Midcap Opportunities Fund (G). . . . . . . . . . . . . . . .. . . . . . . . . . 31.1 934 2.6 14.4 117.1 17.6 17.4
- Baroda Mid-Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.9 55 2.6 11.4 85.1 10.4 14.7
- IDBI Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.2 192 2.5 9.9 81.9 7.5 -
★★★ DSP India T.I.G.E.R. Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 108.2 977 2.4 14.3 73.4 4.9 11.9
★★★ ICICI Pru Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.0 1219 2.4 17.2 86.6 5.9 11.9
★★★ IDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.1 588 2.5 22.5 92.8 0.6 12.4
★★★ SBI Infrastructure Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.2 566 2.6 12.8 70.6 8.0 13.3
★★★ Tata Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 70.9 570 2.5 16.7 76.0 7.9 12.9
★★ Nippon India Power & Infra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 121.3 1362 2.3 15.6 82.8 2.8 12.8
★★ UTI-Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.2 1362 2.4 18.0 69.8 6.6 12.4
★ HDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.9 568 2.6 11.8 68.9 -5.5 3.5
★ Sundaram Infrastructure Advantage Fund (G) . . . . . . . . . .. . . . . . . . . . 39.1 544 2.6 12.6 77.0 4.3 11.9
- BOI AXA Manufacturing & Infrastr Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 21.8 42 2.5 13.3 81.8 5.7 15.2
- HSBC Infrastructure Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.0 96 2.6 21.5 98.2 -5.3 5.5
- Invesco India Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.7 100 2.7 12.0 66.5 9.1 13.4
- LIC MF Infrastructure Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 62 2.6 12.1 60.2 5.8 10.6
- Quant Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.5 7 2.5 17.1 138.4 15.0 16.8
- Taurus Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.4 4 2.5 13.5 68.8 7.6 15.2
EQUITY - THEMATIC - MNC FUNDS
- Aditya Birla SL MNC Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 903.3 4000 1.9 3.0 45.8 7.8 11.0
- SBI Magnum Global Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 225.3 4381 2.0 5.9 58.3 10.2 12.5
- UTI-MNC Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 228.2 2252 2.1 2.4 46.9 6.8 10.2
EQUITY - SECTOR - BANKING FUNDS
★★★★★ ICICI Pru Banking & Financial Services (G). . . . . . . . . . . . . . . . .. . . . . . . . . . 73.1 3592 2.1 11.0 65.6 9.0 17.8
★★★★ Invesco India Financial Services Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 68.5 299 2.6 5.1 59.8 11.0 17.5
★★★ Aditya Birla SL Banking&Financial Services (G) . . . . . . .. . . . . . . . . . 33.5 1955 2.1 5.3 69.6 9.1 16.5
★★★ Sundaram Fin Serv Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.7 328 2.6 8.1 66.9 13.1 17.3
★★ Nippon India Banking Fund - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 296.8 2821 2.2 13.2 63.5 5.8 14.1
★ UTI-Banking and Financial Services Fund (G) . . . . . . . . . . . .. . . . . . . . 105.2 696 2.5 7.7 66.5 4.9 13.1
- Baroda Banking&Fin Serv Fund - Plan A (G) . . . . . . . . . . . . . . .. . . . . . . . . . 27.9 57 2.7 8.3 59.7 12.0 15.8
- IDBI Banking & Financial Services Fund - Reg (G) . . . .. . . . . . . . . . 12.3 105 2.5 7.0 62.2 - -
- LIC MF Banking & Fina Serv Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.6 60 2.8 4.3 55.9 6.1 10.0
- SBI Banking & Financial Services Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.8 2371 2.2 8.1 66.9 16.4 20.9
- Tata Banking & Financial Services Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 23.6 668 2.6 6.3 61.1 13.9 19.2
- Taurus Banking & Financial Services Fund (G) . . . . . . . . . .. . . . . . . . . . 31.6 10 2.4 5.4 59.4 13.8 16.9
EQUITY - SECTOR - IT FUNDS
- Aditya Birla SL Digital India Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 96.2 1016 2.4 10.5 129.6 27.4 22.1
- Franklin India Technology Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 274.6 510 2.6 5.5 112.5 23.8 19.3
- ICICI Pru Technology Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 108.1 1580 2.4 9.3 157.3 29.0 21.4
- SBI Technology Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 106.2 522 2.5 7.7 104.3 24.2 18.2
- Tata Digital India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 25.7 996 2.4 9.7 127.9 28.2 20.2
EQUITY - SECTOR - PHARMA FUNDS
- Aditya Birla SL Pharma & Healthcare Fund (G) . . . . . . . . .. . . . . . . . . . 15.4 436 2.6 -6.2 62.8 - -
- DSP Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.6 1087 2.3 -3.8 83.7 - -
- ICICI Pru P.H.D Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.7 1994 2.4 -5.8 82.9 - -
- Mirae Asset Healthcare Fund - Regular (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 18.1 1211 2.2 -4.8 81.1 - -
- Nippon India Pharma Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 240.9 4159 2.0 -4.8 79.2 21.3 12.7
- SBI Healthcare Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 186.4 1535 2.3 -5.2 74.9 15.9 6.8
- Tata India Pharma & Healthcare Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.1 413 2.6 -6.9 67.3 19.0 8.2
- UTI-Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 133.9 600 2.5 -5.9 76.6 16.8 9.1
HYBRID - AGGRESSIVE HYBRID FUNDS
★★★★★ Canara Robeco Equity Hybrid Fund (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 210.2 4565 2.0 4.5 51.2 13.6 14.8
★★★★★ SBI Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 172.1 36765 1.7 4.7 46.1 12.3 13.1
★★★★ HDFC Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.4 17537 1.8 7.6 60.2 10.0 13.2
★★★★ ICICI Pru Equity & Debt Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 171.1 16947 1.8 12.2 63.7 11.1 14.1
★★★★ L&T Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.0 5469 1.9 3.8 53.4 7.9 11.1
★★★ Aditya Birla SL Equity Hybrid '95 Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . 909.1 7755 1.8 5.8 57.8 7.6 10.8
★★★ DSP Equity & Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 200.8 6325 1.9 4.8 51.0 12.3 14.1
★★★ Franklin India Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 152.5 1374 2.2 7.7 57.2 11.0 11.4
★★★ Principal Hybrid Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 94.0 1068 2.2 5.0 55.1 8.7 14.4
★★★ Tata Hybrid Equity Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 259.4 3329 2.0 6.7 54.3 9.0 10.1
★★★ UTI-Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 205.8 3849 2.0 8.0 62.6 7.6 11.3
★★ Baroda Hybrid Equity Fund-Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.3 410 2.5 6.4 58.2 8.4 11.5
★★ Nippon India Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.5 4187 2.0 9.5 59.8 2.0 7.9
★★ Sundaram Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 112.0 1656 2.2 5.4 48.4 11.0 13.2
★ LIC MF Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 121.0 425 2.6 0.3 39.7 8.8 10.0
★ LIC MF ULIS - Regular (D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.2 344 2.4 2.6 44.2 9.0 10.5
- AXIS Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 1593 2.2 1.2 47.9 - -
- BNP Paribas Substantial Equity Hybrid Fund (G) . . . . . .. . . . . . . . . . 15.8 523 2.4 5.9 49.9 14.1 -
- BOI AXA Mid & Small Cap Equity & Debt Fund (G) . . .. . . . . . . . . . 17.0 299 2.6 8.2 67.7 6.4 -
- Edelweiss Aggressive Hybrid Fund - Plan A (G). . . . . . . . .. . . . . . . . . . 32.0 33 2.4 5.1 52.3 11.2 11.4
- Essel Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.2 121 2.3 3.2 44.8 - -
- IDBI Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.7 204 2.5 2.1 44.3 5.6 -
- IDFC Hybrid Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.0 509 2.5 5.5 60.3 7.8 -
- Invesco India Equity & Bond Fund - Regular (G) . . . . . . . .. . . . . . . . . . 12.6 364 2.5 3.7 44.9 - -
- JM Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.3 7 2.5 6.4 78.3 10.0 10.2
- Kotak Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.5 1351 2.2 8.7 66.7 12.2 13.5
- Mirae Asset Hybrid - Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.8 4713 1.9 5.3 55.7 12.7 14.4
- PGIM India Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.7 103 2.4 4.0 54.8 8.1 9.4
- Quant Absolute Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 206.7 16 2.5 8.9 93.1 18.3 16.0
- Shriram Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.2 58 2.4 1.6 44.4 9.0 10.4
HYBRID - EQUITY SAVINGS FUNDS
- Aditya Birla SL Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.1 481 2.5 3.2 28.7 7.7 9.3
- AXIS Equity Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.2 711 2.4 1.5 28.8 9.3 9.3
- DSP Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.6 370 2.4 3.2 29.6 6.3 -
- Edelweiss Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.8 104 1.7 2.3 23.1 8.9 9.3
- HDFC Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.8 2391 2.1 4.8 32.1 7.5 10.5
- ICICI Pru Equity Savings Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.9 1087 1.5 3.1 25.7 7.5 9.0
- IDBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.5 11 2.1 2.6 27.8 7.3 6.2
- IDFC Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.0 53 2.3 2.0 27.0 6.3 6.1
- Kotak Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.8 1382 2.2 1.8 27.7 8.4 9.0
- L&T Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.5 70 1.6 3.5 32.4 6.1 7.5
- Mahindra Manulife Equity Savings DSY (G) . . . . . . . . . . . . . . .. . . . . . . . . . 13.9 216 2.5 3.4 39.5 8.6 -
- Nippon India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.4 313 2.6 3.9 26.5 -2.6 2.8
- PGIM India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.2 40 2.4 2.5 24.0 7.2 7.4
- Principal Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.8 64 2.4 3.4 32.8 8.6 8.9
- SBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.7 1343 1.7 2.9 35.4 8.3 8.9
- Tata Equity Saving Fund - (App) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.1 99 2.3 2.6 25.0 7.3 7.5
- Union Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 171 2.1 1.6 26.9 - -
Source : NAV India;NAV for the growth option as on 19-03-2021.
- Mahindra Manulife Mid Cap Unnati Yojana (G) . . . . . . . . .. . . . . . . . . . 13.2 613 2.5 12.8 72.0 11.9 -
- Mirae Asset Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.9 3979 2.0 13.7 91.5 - -
- Motilal Oswal Midcap 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.4 1902 2.1 10.5 62.0 9.9 11.7
- Taurus Discovery (Midcap) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 59.8 65 2.6 9.5 72.8 10.7 17.4
EQUITY - SMALL CAP FUNDS
★★★★★ SBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.2 7311 1.8 9.5 87.4 11.8 20.7
★★★★ DSP Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.2 6347 1.9 10.0 92.2 7.5 14.5
★★★★ Nippon India Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.3 11961 1.9 16.4 106.9 10.2 19.9
★★★ AXIS Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.9 4165 2.1 9.1 67.1 16.5 18.2
★★★ Franklin India Smaller Companies Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 66.4 6360 1.9 12.2 86.1 4.3 12.3
★★★ Kotak Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 117.5 3059 2.1 19.9 114.6 15.0 18.5
★★★ Sundaram Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 104.7 1230 2.3 10.0 90.6 1.8 11.2
★★ Aditya Birla SL Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.2 2542 1.9 15.0 95.7 1.8 12.5
★★ HDFC Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.0 10033 1.8 12.5 92.8 5.6 16.3
★ HSBC Small Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.4 330 2.5 13.1 96.9 2.9 12.3
- BOI AXA Small Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.1 111 2.7 13.6 103.1 - -
- Canara Robeco Small Cap Fund - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 15.3 785 2.5 13.2 99.2 - -
- Edelweiss Small Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.6 718 2.4 18.0 106.4 - -
- ICICI Pru Smallcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.3 1991 2.2 14.1 95.3 9.2 14.4
- IDBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.1 111 2.4 12.5 84.2 5.6 -
- IDFC Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.0 930 2.4 7.2 84.2 - -
- Invesco India Smallcap Fund - Regular (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.4 856 2.3 14.0 79.5 - -
- L&T Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.9 5700 2.0 13.7 91.2 3.3 16.9
- Principal Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.0 309 2.6 12.4 99.6 - -
- Tata Small Cap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 940 2.4 15.0 84.1 - -
- Union Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.9 426 2.7 14.7 94.0 9.5 13.9
EQUITY - FOCUSED FUNDS
★★★★★ Franklin India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.7 8029 1.9 12.6 79.0 11.7 14.5
★★★★★ SBI Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 186.3 13800 1.8 6.0 53.2 12.9 15.9
★★★★ AXIS Focused 25 Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.8 14699 1.7 1.6 60.2 15.2 18.2
★★★★ Nippon India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.4 4990 2.1 16.5 98.7 12.2 16.7
★★★ Aditya Birla SL Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.5 4606 1.9 3.5 66.6 11.3 13.5
★★★ ICICI Pru Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.6 1087 2.5 9.4 81.1 12.1 13.5
★★★ Motilal Oswal Focused 25 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.4 1586 2.1 3.5 66.2 13.5 15.6
★★★ Principal Focused Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 88.9 523 2.5 7.8 69.3 15.3 15.9
★★ DSP Focus Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.0 1989 2.1 3.1 63.3 10.2 12.8
★★ Sundaram Select Focus - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 227.7 1217 2.3 5.3 64.3 12.6 14.6
★ HDFC Focused 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 88.9 637 2.7 10.0 72.0 4.5 10.7
★ IDFC Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.2 1438 2.2 4.7 62.8 6.8 13.9
- BNP Paribas Focused 25 Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.2 182 2.4 2.6 59.3 8.8 -
- IDBI Focused 30 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 139 2.4 2.3 68.7 8.5 -
- IIFL Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.9 1544 2.1 6.1 73.9 20.2 19.1
- JM Core 11 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 10.0 48 2.5 0.0 44.9 6.3 14.4
- Kotak Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.5 1840 2.1 9.7 70.6 - -
- L&T Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.7 824 2.5 4.9 60.8 - -
- Mirae Asset Focused Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.7 5180 1.9 9.7 87.9 - -
- Quant Focused Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.6 11 2.5 12.6 99.1 12.5 15.2
EQUITY - VALUE FUNDS
★★★★★ ICICI Pru Value Discovery Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 192.8 17676 1.8 10.5 87.6 11.6 12.6
★★★★★ L&T India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.2 6707 1.9 9.0 80.5 7.7 14.2
★★★★ Aditya Birla SL Pure Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.8 4092 1.9 9.8 84.3 -1.2 9.8
★★★★ Tata Equity P/E Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 164.3 4553 2.0 5.9 71.0 7.2 15.6
★★★ HDFC Capital Builder Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 348.2 4460 2.1 7.7 83.2 6.9 13.1
★★★ IDFC Sterling Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.0 3169 2.0 16.7 98.7 5.7 15.1
★★★ JM Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.0 137 2.5 10.4 71.1 10.9 17.0
★★★ Nippon India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 96.6 3495 2.1 10.5 81.6 11.5 15.2
★★ Templeton India Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 319.7 519 2.5 18.2 100.9 7.7 12.9
★★ UTI-Value Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.7 5441 1.9 7.7 76.5 13.3 14.0
★ Quantum Long Term Equity Value Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 65.5 842 1.8 9.1 81.8 8.8 -
- Indiabulls Value Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.1 15 2.3 4.3 67.4 2.5 8.7
EQUITY - TAX SAVING (ELSS) FUNDS
★★★★★ AXIS Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.2 27216 1.6 3.0 61.3 15.5 16.4
★★★★★ DSP Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.6 7883 1.9 8.8 76.2 13.4 16.2
★★★★★ Invesco India Tax Plan (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.4 1461 2.1 5.5 69.6 12.9 15.4
★★★★ Aditya Birla SL Tax Relief '96 (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.1 13427 1.7 2.7 58.1 8.1 13.5
★★★★ Canara Robeco Equity Tax Saver Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 94.3 1725 2.3 8.4 80.0 18.4 17.7
★★★★ IDFC Tax Advantage (ELSS) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 74.6 2976 1.9 14.2 96.0 10.0 16.1
★★★★ Principal Tax Savings Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 262.2 508 2.5 6.1 75.5 8.6 15.3
★★★★ Tata India Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.2 2636 2.0 7.9 70.7 11.4 15.4
★★★ BNP Paribas Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.0 496 2.4 5.2 60.5 12.6 13.3
★★★ BOI AXA Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.2 399 2.6 7.3 75.5 12.7 17.9
★★★ Franklin India Taxshield - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 703.1 4407 1.9 11.1 77.8 10.1 11.7
★★★ HSBC Tax Saver Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.5 169 2.5 5.6 66.5 7.8 12.9
★★★ ICICI Pru Long Term Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 484.1 8251 2.1 8.6 78.1 12.1 13.9
★★★ IDBI Equity Advantage Fund - Regular (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.7 515 2.4 3.7 45.0 7.6 11.1
★★★ Kotak Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.2 1679 2.3 8.3 72.1 13.7 15.6
★★★ L&T Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 66.6 3416 2.0 6.0 70.5 7.0 13.7
★★★ SBI Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 180.9 9184 1.9 6.4 75.4 9.6 12.0
★★★ UTI-Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 118.0 1746 2.1 6.5 73.3 12.5 14.2
★★ Edelweiss Long Term Equity Fund (TS) (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 58.9 161 2.4 7.3 69.2 8.7 12.3
★★ LIC MF Tax Plan - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 81.2 330 2.6 2.1 51.4 9.4 13.3
★★ Nippon India Tax Saver (ELSS) Fund - (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.2 11222 1.9 12.4 69.9 2.0 8.6
★★ Sundaram Diversified Equity (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 120.5 2395 2.1 6.9 68.5 6.9 12.2
★★ Union Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.3 330 2.6 6.7 77.7 13.2 13.2
★ Baroda ELSS '96 - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.0 193 2.6 8.0 73.6 8.2 11.8
★ HDFC Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 583.5 8016 1.8 6.5 70.8 5.1 11.2
★ Quantum Tax Saving Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.1 86 1.8 9.1 81.1 8.9 -
- Essel Long Term Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 63 2.3 5.9 60.4 9.4 12.4
- Indiabulls Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.5 65 2.3 3.1 57.9 5.7 -
- JM Tax Gain Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.0 52 2.4 5.7 69.1 13.6 17.1
- Mahindra Manulife ELSS Kar Bachat Yojana(G). . . . . . . .. . . . . . . . . . 14.9 336 2.4 10.0 73.8 9.4 -
- Mirae Asset Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 25.3 6351 2.0 9.5 88.1 17.4 21.5
- Motilal Oswal Long Term Equity Fund (G). . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.9 2024 2.0 7.3 60.7 7.9 16.1
- Parag Parikh Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.8 134 2.4 6.6 74.5 - -
- PGIM India Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.5 354 2.5 7.0 79.5 11.2 14.0
- Quant Tax Plan-(G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 156.2 66 2.5 13.1 140.7 21.0 22.0
- Taurus Tax Shield (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 95.4 75 2.5 3.3 60.2 9.0 14.6
EQUITY - CONTRA FUNDS
- Invesco India Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.2 6431 1.8 6.3 76.1 12.3 16.9
- Kotak India EQ Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.7 934 2.4 9.9 79.9 14.3 16.7
- SBI Contra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 152.5 1824 2.4 12.6 105.5 10.7 13.4
EQUITY - DIVIDEND YIELD FUNDS
- Aditya Birla SL Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 194.9 714 2.4 2.8 67.5 4.7 9.6
- ICICI Pru Dividend Yield Equity Fund (G). . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.1 223 2.9 10.7 82.3 5.3 12.4
- IDBI Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.9 86 2.6 3.4 68.7 - -
- Principal Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.9 194 2.6 7.4 71.9 11.4 17.2
- Templeton India Equity Income Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.1 993 2.4 10.8 93.3 10.9 14.8
- UTI-Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 83.3 2564 2.1 6.7 74.4 10.7 13.7
EQUITY - THEMATIC - CONSUMPTION FUNDS
★★★★★ Aditya Birla SL India GenNext Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.0 1902 2.2 4.9 60.9 13.1 16.7
★★★★ Canara Robeco Consumer Trends Fund (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 55.5 549 2.6 8.5 72.6 16.5 19.3
★★★ ICICI Pru FMCG Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 277.3 566 2.6 2.2 43.6 9.2 12.7
★★★ Mirae Asset Great Consumer Fund (G). . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.1 1140 2.2 6.5 59.7 11.8 17.1
★★★ SBI Consumption Opportunities Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . 139.3 697 2.6 5.1 57.8 6.6 13.9
★★ Sundaram Rural and Consumption Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 49.2 1362 2.2 2.5 54.1 6.5 14.2
★ UTI-India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.7 292 2.6 1.1 47.2 8.5 11.7
- Nippon India Consumption Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 89.3 121 2.9 4.8 66.9 11.4 11.9
- Tata India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.4 1161 2.3 2.3 56.3 8.5 17.9
EQUITY - THEMATIC - INFRASTRUCTURE FUNDS
★★★★★ Franklin Build India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.2 987 2.4 13.8 80.7 8.2 13.5
★★★★★ L&T Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.7 1250 2.3 14.3 64.2 0.7 13.0
★★★★ Canara Robeco Infrastructure (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.6 126 2.6 16.8 72.1 5.8 10.9
★★★★ Kotak Infrastructure & Economic Reform-SP (G) . . . . .. . . . . . . . . . 24.7 328 2.6 20.3 76.8 5.4 11.4
★★★ Aditya Birla SL Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.2 489 2.5 17.5 89.6 3.8 11.4
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
................BM-BMECMYK
MUMBAI
BusinessLine 11SUNDAY • MARCH 21 • 2021 STAR TRACK MF RATINGS
DEBT - ULTRA SHORT DURATION FUNDS
★★★★★ Aditya Birla SL Savings Fund - Regular (G) . . . . . . . . . . . . . . . . .. . . . . . . . 421.6 17086 0.5 0.6 7.3 7.4 7.7
★★★★★ BOI AXA Ultra Short Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2517.1 372 0.6 0.6 5.0 6.3 7.2
★★★★ Invesco India Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . 2126.4 844 0.9 0.6 5.2 6.3 7.0
★★★★ Kotak Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.7 11991 0.8 0.6 5.9 6.7 7.0
★★★ Canara Robeco Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . .. . . . . 3041.9 553 1.0 0.5 4.3 5.5 5.8
★★★ DSP Ultra Short Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2701.4 3692 1.0 0.5 4.7 5.4 5.9
★★★ PGIM India Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.0 399 0.8 0.6 5.7 8.7 8.2
★★★ SBI Magnum Ultra Short Duration Fund - (G) . . . . . . . . . . . . .. . . . . 4668.9 10625 0.5 0.6 6.0 7.0 7.0
★★ IDBI Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2164.8 490 0.6 0.7 5.2 6.1 6.3
★★ UTI-Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3253.4 2402 1.0 0.6 5.5 4.9 6.0
★ Nippon India USD Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3035.9 733 1.1 0.8 5.4 4.1 5.0
★ Principal Ultra Short Term Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2173.3 204 1.1 0.5 3.8 3.6 4.9
- AXIS Ultra Short Term Fund - Regular (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.7 5903 1.2 0.6 5.4 - -
- Baroda Ultra Short Duration Fund - Regular (G). . . . . . . .. . . . . 1192.8 181 0.4 0.6 5.2 - -
- Essel Ultra Short Term Fund - Regular (G) . . . . . . . . . . . . . . . . . .. . . . . 2191.4 26 1.6 0.3 3.7 5.2 5.8
- Franklin India USB - Super Ins(G) (Wound up) . . . . . . . . . .. . . . . . . . . . 29.7 5188 0.2 1.5 8.9 7.3 7.9
- HDFC Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.8 18426 0.6 0.6 6.7 - -
- ICICI Pru Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.5 8853 1.0 0.8 6.7 7.2 7.6
- IDFC Ultra Short Term Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.9 4527 0.4 0.6 5.6 - -
- Indiabulls Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2019.5 18 0.7 0.7 4.8 6.3 6.9
- L&T Ultra Short Term - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.9 2230 0.4 0.6 5.7 6.5 6.9
- Motilal Oswal Ultra Short Term Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.5 74 1.0 0.5 3.7 0.3 2.6
- Tata Ultra Short Term Fund - Regular (G). . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.3 499 1.0 0.5 4.9 - -
DEBT - LOW DURATION FUNDS
★★★★★ ICICI Pru Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 415.0 28464 0.6 0.2 8.7 7.7 7.8
★★★★★ Kotak Low Duration Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2620.0 13761 1.2 0.2 7.8 7.4 7.6
★★★★ AXIS Treasury Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2394.3 9799 0.6 0.5 7.8 7.4 7.4
★★★★ IDFC Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.2 6363 0.5 0.5 7.1 7.1 7.4
★★★★ SBI Magnum Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2745.3 15135 1.0 0.4 6.9 7.1 7.2
★★★ Aditya Birla SL Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 514.1 17568 1.1 0.3 8.2 7.3 7.3
★★★ Canara Robeco Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.0 1611 0.6 0.4 6.8 6.8 7.1
★★★ DSP Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.5 3919 0.6 0.5 7.1 7.2 7.3
★★★ L&T Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.1 880 1.0 0.5 6.8 5.9 7.1
★★★ Mirae Asset Savings Fund-Reg Savings Plan (G) . . . . . .. . . . . 1778.4 1201 0.9 0.4 6.9 6.0 6.1
★★★ Tata Treasury Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3065.9 2304 0.5 0.4 7.6 5.3 6.2
★★ JM Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.1 125 0.7 0.4 26.9 5.7 6.4
★★ LIC MF Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.3 1090 0.8 1.0 8.0 5.7 6.4
★★ Sundaram Low Duration Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 25.9 450 1.0 0.5 6.1 3.1 4.7
★ Principal Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2725.0 103 0.6 0.5 4.8 -0.4 2.8
- Baroda Treasury Advantage - Reg (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1506.2 34 0.9 0.9 27.1 -8.6 -2.3
- BNP Paribas Low Duration Fund - Regular (G) . . . . . . . . . . .. . . . . . . . . . 31.5 372 1.0 0.5 8.1 7.4 7.4
- Franklin India LDF (G) (Wound up) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 980 0.4 1.9 14.1 5.1 6.7
- HDFC Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.9 25094 1.0 0.3 8.2 7.2 7.3
- HSBC Low Duration Fund - Reg (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.2 134 1.0 0.2 3.6 1.7 3.6
- Invesco India Treasury Advantage Fund-Reg(G) . . . . . .. . . . . 2702.8 2713 0.7 0.3 6.9 6.7 6.8
- Mahindra Manulife Low Duration Fund - Reg (G). . . . . .. . . . . 1292.5 612 1.2 0.4 6.3 6.6 -
- Nippon India Low Duration Fund - Retail (G) . . . . . . . . . . . . . .. . . . . 2781.0 9186 1.0 0.6 7.4 6.5 6.7
- PGIM India Low Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.3 51 1.2 0.6 2.6 -0.5 2.8
- UTI-Treasury Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 4688.2 3441 0.5 0.4 6.9 2.5 4.4
DEBT - MONEY MARKET FUNDS
★★★★★ Aditya Birla SL Money Manager Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . 284.4 11983 0.3 0.7 7.0 7.3 7.2
★★★★★ Franklin India Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.9 1152 0.3 0.7 6.2 7.0 7.2
★★★★ SBI Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.5 22442 0.8 0.7 5.8 6.5 6.8
★★★ HDFC Money Market Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 4409.0 10914 0.4 0.7 7.0 7.1 7.0
★★★ ICICI Pru Money Market Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . 292.5 13038 0.3 0.7 6.5 7.0 7.0
★★★ Kotak Money Market Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3460.5 9706 0.3 0.7 5.7 6.9 6.9
★★★ Nippon India Money Market Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3189.7 7751 0.3 0.8 6.0 7.1 7.0
★★ IDFC Money Manager Fund - Regular (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.8 3015 0.9 0.6 5.4 5.7 6.2
★★ L&T Money Market Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.8 738 0.7 0.5 5.5 6.6 7.3
★ Invesco India Money Market Fund - Regular (G) . . . . . . .. . . . . 2176.5 644 0.6 0.5 5.2 5.7 6.0
★ Tata Money Market Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3630.4 2402 0.4 0.7 6.7 4.5 5.5
- AXIS Money Market Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1102.2 2503 0.3 0.7 6.5 - -
- DSP Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.2 1819 0.5 0.6 6.5 6.6 6.5
- Sundaram Money Market Fund - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 11.7 103 0.3 0.7 5.1 - -
- UTI-Money Market Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 5574.8 7405 0.3 0.6 5.5 6.5 6.5
DEBT - SHORT DURATION FUNDS
★★★★★ HDFC Short Term Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.4 17398 0.7 -0.5 10.8 8.5 8.2
★★★★★ ICICI Pru Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.6 23715 1.2 -0.2 10.6 8.2 8.2
★★★★ Aditya Birla SL Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.4 7650 1.1 -0.4 12.1 8.2 8.1
★★★★ AXIS Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.8 13355 1.0 -0.3 10.3 8.2 7.9
★★★★ Kotak Bond - Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.6 18329 1.2 -0.8 9.2 7.9 7.7
★★★★ SBI Short Term Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.9 25390 0.8 -0.7 9.1 7.7 7.7
★★★ Baroda Short Term Bond Fund-A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.7 457 1.0 0.0 7.4 7.3 7.8
★★★ DSP Short Term Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.5 3572 1.0 -0.4 9.6 7.5 7.3
★★★ IDFC Bond Fund - STP - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.5 13582 0.8 -0.3 10.0 8.1 7.7
★★★ Invesco India Short Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2808.6 1292 1.3 -0.7 9.3 7.4 7.3
★★★ L&T Short Term Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.8 4753 0.8 -0.4 9.4 7.8 7.6
★★★ Nippon India Short Term Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.5 8565 1.2 -0.1 9.2 7.6 7.6
★★ Principal Short Term Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.2 152 1.0 -0.9 9.3 4.0 5.4
★★ Tata Short Term Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.7 3056 1.2 -0.6 9.7 5.5 6.1
★ HSBC Short Duration Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.9 165 1.3 -0.4 5.6 3.0 4.6
★ Sundaram Short Term Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.3 257 1.0 0.1 9.9 2.8 4.6
- BNP Paribas Short Term Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 32.9 442 1.1 -0.3 10.3 7.4 7.4
- BOI AXA Short Term Income (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 27 1.1 0.2 -3.4 -3.5 0.9
- Canara Robeco Short Duration Fund (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.2 1150 1.0 -0.1 9.2 7.3 7.5
- Franklin India STI (G) (Wound up) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3952.6 5194 0.8 2.5 6.0 2.6 5.5
- IDBI Short Term Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.8 26 0.8 -0.6 10.1 4.7 5.5
- Indiabulls Short Term Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1687.7 26 1.4 -0.4 5.4 5.7 6.3
- Mirae Asset Short Term Fund - Regular (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 12.3 841 1.2 -0.4 8.4 7.2 -
- PGIM India Short Maturity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.2 47 1.4 -0.4 9.0 3.6 5.4
- UTI-Short Term Income Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.3 3449 1.0 -0.4 9.8 3.1 4.9
DEBT - MEDIUM DURATION FUNDS
★★★★★ SBI Magnum Medium Duration Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.0 7996 1.3 -0.8 11.1 9.1 9.5
★★★★ AXIS Strategic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.0 1234 1.1 0.0 9.9 7.6 8.3
★★★★ HDFC Medium Term Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.1 2952 1.3 -0.3 9.5 7.7 7.9
★★★ ICICI Pru Medium Term Bond Fund - Regular (G) . . . . .. . . . . . . . . . 33.7 6387 1.5 0.2 10.6 7.9 8.0
★★★ IDFC Bond Fund - MTP - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 36.4 4099 1.5 -1.4 8.9 7.9 7.6
★★★ Kotak Medium Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.2 2188 1.8 -1.0 8.7 6.2 7.1
★★★ L&T Resurgent India Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.7 755 1.5 -0.1 10.1 6.7 7.3
★★ Aditya Birla SL Medium Term Plan (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.0 1823 1.3 2.0 11.3 3.2 5.3
★★ DSP Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.0 442 0.8 -0.9 9.3 4.8 6.3
★ Nippon India Strategic Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 10.6 271 2.0 -0.2 3.5 -8.6 -2.1
- BNP Paribas Medium Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.8 29 1.0 -1.1 6.8 2.3 4.3
- Franklin India Income Oppt G) (Wound up) . . . . . . . . . . . . . . . .. . . . . . . . . . 22.5 1756 0.7 2.7 3.6 3.1 5.7
- Indiabulls Income Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.9 16 0.9 0.5 8.0 8.8 7.7
- Sundaram Medium Term Bond Fund - (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.4 83 2.2 -1.1 8.0 5.7 6.6
- Tata Medium Term Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.0 69 1.4 -0.5 10.9 1.6 3.9
- UTI-Medium Term Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.0 80 1.6 -0.7 4.2 3.1 5.3
DEBT - MEDIUM TO LONG DURATION FUNDS
★★★★★ SBI Magnum Income Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.4 1767 1.5 -0.7 10.7 8.9 8.9
★★★★ ICICI Pru Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.6 3487 1.2 -1.4 10.9 8.3 8.1
★★★★ IDFC Bond Fund - Income Plan - Reg (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.5 686 2.0 -2.4 7.9 8.7 8.1
★★★ Aditya Birla SL Income Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 96.3 1652 1.0 -1.8 11.3 8.6 8.0
★★★ Canara Robeco Income Fund (Growth) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.0 153 1.9 -1.2 8.7 8.0 7.8
★★★ Kotak Bond Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 59.9 1329 1.9 -2.2 9.2 8.4 7.5
★★★ Nippon India Income Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.8 396 1.8 -2.2 6.9 8.9 8.0
★★ HDFC Income Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.2 685 2.2 -1.4 7.3 6.9 6.7
★★ LIC MF Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.5 173 1.2 -1.2 6.8 7.4 7.1
★ UTI-Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.2 290 1.6 -1.0 9.0 -0.7 2.8
★★★★ UTI-Gilt Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 48.8 721 0.9 -1.1 7.5 9.2 9.3
★★★ Aditya Birla SL Govt Securities Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.5 552 1.2 -2.0 8.2 9.4 9.3
★★★ Canara Robeco Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 59.7 108 1.3 -1.1 7.5 8.4 8.4
★★★ DSP G-Sec Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 72.9 501 1.1 -1.3 8.8 10.6 9.1
★★★ ICICI Pru Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.2 3235 1.2 -1.0 9.7 9.7 9.3
★★★ Kotak Gilt - Invest Plan (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.2 964 1.5 -2.0 8.9 9.5 8.5
★★★ PGIM India Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.7 137 1.5 -1.2 6.5 7.9 7.9
★★ HDFC Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.1 1852 0.9 -1.9 7.0 7.6 7.6
★★ L&T Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.2 267 1.7 -2.5 7.3 7.8 7.5
★ Franklin India G-Sec Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.7 232 1.0 -1.9 4.3 6.9 6.3
★ Tata Gilt Securities Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.0 285 1.7 -2.4 5.7 7.7 7.2
- AXIS Gilt Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.7 178 1.0 -0.9 10.2 10.0 8.4
- Baroda Gilt Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.8 28 1.8 -2.2 6.2 7.8 7.0
- Edelweiss Govt Securities Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.8 94 1.3 -1.2 10.2 9.6 8.8
- IDBI Gilt Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.9 26 1.3 -1.4 4.3 7.1 5.8
- Invesco India Gilt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2224.8 30 1.3 -1.8 5.5 8.0 7.5
- LIC MF G-Sec Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 47.8 68 1.5 -1.0 7.9 9.8 8.2
HYBRID - CONSERVATIVE HYBRID FUNDS
★★★★★ Aditya Birla SL Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.0 1195 2.0 4.0 27.3 6.7 9.3
★★★★★ ICICI Pru Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.0 3006 1.9 1.2 19.4 9.3 10.3
★★★★ HDFC Hybrid Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.7 2439 1.9 2.6 23.9 7.8 8.9
★★★★ Kotak Debt Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.4 403 2.3 1.6 26.1 9.3 9.8
★★★ BNP Paribas Conservative Hybrid Fund (G). . . . . . . . . . . . . . . .. . . . . . . . . . 32.9 318 2.1 0.8 16.2 7.3 8.0
★★★ Canara Robeco Conservative Hybrid Fund (G) . . . . . . . . . .. . . . . . . . . . 69.6 449 2.0 1.4 22.1 10.2 9.2
★★★ IDFC Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.6 178 2.2 0.4 17.7 6.9 7.7
★★★ SBI Debt Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 47.7 1074 1.2 1.7 24.8 8.1 8.6
★★★ UTI-Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 46.0 1614 1.8 0.5 26.0 5.9 7.6
★★ AXIS Regular Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.3 223 2.3 0.8 21.8 6.7 7.2
★★ Franklin India Debt Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.9 190 2.3 1.6 18.6 6.9 7.4
★ DSP Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.8 182 2.2 0.8 19.8 4.2 6.8
★ Nippon India Hybrid Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.7 835 1.9 1.6 13.7 0.1 3.6
- Baroda Conservative HF-Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.1 34 2.1 0.1 16.0 9.9 8.8
- BOI AXA Conservative Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.2 63 2.3 -0.2 17.0 0.3 4.5
- Essel Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.2 33 2.3 1.7 14.3 5.9 6.6
- HSBC Regular Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.6 83 2.3 -0.3 18.9 7.3 7.7
- Indiabulls Savings Income Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.4 14 2.0 2.8 15.7 6.2 8.9
- L&T Conservative Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.0 36 2.3 0.5 16.0 7.0 7.5
- LIC MF Debt Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 63.2 80 2.3 0.0 15.6 7.1 7.3
- Sundaram Debt Oriented Hybrid Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.0 34 2.2 1.3 18.5 3.6 6.2
HYBRID - DYNAMIC ASSET ALLOCATION FUNDS
★★★★★ L&T Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.7 1378 2.2 0.4 32.0 8.2 8.5
★★★★ Edelweiss Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.4 2940 2.0 3.8 42.4 12.9 11.8
★★★ ICICI Pru Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 44.3 29912 1.8 4.1 48.3 10.5 11.9
★★★ Invesco India Dynamic Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.1 664 2.4 1.8 36.1 6.1 10.5
★★★ Principal Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 177 2.6 1.5 22.5 5.7 7.2
★★ Aditya Birla SL Balanced Advantage Fund (G) . . . . . . . . . . .. . . . . . . . . . 65.4 2868 2.2 1.8 45.6 9.8 12.1
★ UTI-Unit Linked Insurance Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.2 4859 1.7 0.8 32.2 6.3 8.4
- AXIS Dynamic Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.7 1331 2.2 1.7 26.8 7.5 -
- BOI AXA Equity Debt Rebalancer Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.7 73 2.3 2.7 21.2 2.3 4.8
- DSP Dynamic Asset Allocation Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.5 2985 2.0 1.2 31.2 9.3 9.7
- HDFC Balanced Advantage Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 238.8 40968 1.6 10.1 64.2 9.8 13.2
- IDFC Dynamic Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.3 1622 2.1 2.3 40.0 9.2 9.2
- Kotak Balanced Advantage Fund - Regular (G) . . . . . . . . .. . . . . . . . . . 13.1 7001 1.9 2.8 45.6 - -
- Motilal Oswal Dynamic Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.6 1238 2.2 1.8 30.5 7.2 -
- Nippon India Balanced Advantage Fund (G) . . . . . . . . . . . . . . .. . . . . . . . 109.2 3081 2.3 4.2 37.6 10.0 12.6
- SBI Dynamic Asset Allocation Fund (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.4 624 2.0 2.8 35.4 6.7 8.7
- Tata Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 1967 2.1 4.7 41.6 - -
- Union Balanced Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.9 696 2.5 1.6 52.4 12.5 -
SOLUTION ORIENTED - CHILDRENS FUNDS
- Aditya Birla SL Bal Bhavishya Yojna - Reg (G). . . . . . . . . . . .. . . . . . . . . . 12.6 395 2.7 2.4 55.1 - -
- AXIS Children's Gift Fund - Lock in (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 564 2.4 2.7 49.0 11.5 11.5
- HDFC Children's Gift Fund-Invt Plan (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 154.3 4234 2.0 5.3 58.9 11.2 13.9
- ICICI Pru Child Care Fund-Gift Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 165.5 737 2.4 4.5 48.1 8.0 11.4
- LIC MF Children's Gift Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.9 13 2.5 0.3 50.3 8.5 7.9
- SBI Magnum Children Benefit Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.4 73 1.3 0.8 27.4 6.5 11.4
- Tata Young Citizens Fund (After 7 Years) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.6 224 2.6 6.7 74.5 9.1 10.5
- UTI-CCF Investment Plan - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 49.3 444 2.5 6.5 72.9 11.2 14.9
- UTI-CCF Savings Plan - (Scholarship). . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.6 3898 1.8 1.9 32.2 5.8 8.6
SOLUTION ORIENTED - RETIREMENT FUNDS
- Franklin India Pension Plan - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 148.5 451 2.3 2.0 22.8 7.8 8.4
- HDFC Retirement Savings Fund - Equity (G) . . . . . . . . . . . . . .. . . . . . . . . . 22.1 1382 2.4 8.6 74.8 10.2 15.6
- HDFC Retirement Savings Fund-Hybrid Debt (G) . . . . .. . . . . . . . . . 15.3 113 2.5 0.7 16.4 6.9 8.4
- HDFC Retirement Savings Fund-Hybrid Equity (G) . .. . . . . . . . . . 21.3 571 2.5 5.6 56.5 11.1 15.0
- Nippon India Retirement Fund-IG (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 270 2.1 -0.9 13.0 7.8 7.9
- Nippon India Retirement Fund-WC (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.5 1905 2.2 7.1 66.8 3.6 9.4
- Tata Retirement Savings Fund - Conservative (G) . . .. . . . . . . . . . 23.4 164 2.3 0.3 20.9 7.7 9.4
- Tata Retirement Savings Fund - Moderate (G) . . . . . . . . . .. . . . . . . . . . 37.2 1334 2.2 2.6 52.5 9.5 14.0
- Tata Retirement Savings Fund - Progressive (G) . . . . . .. . . . . . . . . . 36.8 977 2.3 3.2 60.5 10.2 15.9
- UTI-Retirement Benefit Pension Plan . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.9 3211 1.8 3.8 34.9 5.2 8.5
Source : NAV India;NAV for the growth option as on 19-03-2021.
- HSBC Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.0 36 2.1 -2.6 6.0 7.5 6.5
- JM Income Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 49.4 17 1.4 -1.9 7.2 1.8 3.2
- Tata Income Fund - (Growth) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.1 56 2.0 -1.8 9.1 7.2 7.1
DEBT - LONG DURATION FUNDS
- ICICI Pru Long Term Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 70.0 810 2.0 -2.8 6.8 8.9 8.8
- Nippon India Nivesh Lakshya Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.6 1685 0.5 -2.6 6.3 - -
DEBT - DYNAMIC BOND FUNDS
★★★★★ ICICI Pru All Seasons Bond Fund - Regular (G) . . . . . . . . . .. . . . . . . . . . 27.8 5493 1.5 -0.1 10.5 9.0 9.4
★★★★★ Kotak Dynamic Bond Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.7 2681 1.2 -1.8 10.0 9.0 8.9
★★★★ AXIS Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.6 1479 0.7 -2.1 9.9 8.9 8.3
★★★★ IDFC Dynamic Bond Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.8 3114 1.6 -2.3 8.8 9.3 8.6
★★★★ SBI Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.5 3077 1.6 -0.9 8.4 9.2 8.9
★★★ BNP Paribas Flexi Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.7 116 1.8 -1.8 6.5 6.6 7.0
★★★ Canara Robeco Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.8 117 1.8 -0.9 7.8 7.5 7.5
★★★ DSP Strategic Bond Fund - Reg (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2580.0 1135 1.2 -2.1 8.1 8.8 7.9
★★★ IIFL Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.7 706 1.1 -0.6 6.7 6.4 6.6
★★★ Nippon India Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.4 2553 0.7 -2.3 8.0 7.5 7.4
★★★ PGIM India Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2066.4 111 1.7 -1.1 7.3 8.3 8.3
★★ HDFC Dynamic Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.6 430 1.8 -0.9 8.1 5.1 6.0
★★ Tata Dynamic Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.9 240 0.7 -0.4 8.2 6.7 6.9
★★ Union Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.6 131 1.5 -2.0 8.5 7.6 6.8
★ Aditya Birla SL Dynamic Bond Fund - Reg (G) . . . . . . . . . . . .. . . . . . . . . . 34.2 1607 1.4 0.0 10.3 4.9 5.5
★ UTI-Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.9 219 1.6 -0.8 8.8 1.9 4.7
- Baroda Dynamic Bond Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.2 21 1.5 -1.7 7.8 3.8 5.5
- Edelweiss Money Market Fund - Regular (G) . . . . . . . . . . . . .. . . . . . . . . . 22.7 251 1.0 0.5 4.8 8.5 7.3
- Franklin India Dynamic Accrual(G)(Wound up) . . . . . . . .. . . . . . . . . . 69.9 1573 0.9 2.6 6.8 4.6 6.7
- HSBC Flexi Debt Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.8 68 1.7 -1.9 6.1 7.2 6.5
- IDBI Dynamic Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 20 1.2 -0.3 9.3 6.8 5.7
- JM Dynamic Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 32.2 89 1.0 -0.7 8.2 6.3 6.9
- L&T Flexi Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 66 1.6 -2.2 7.8 7.8 7.9
- Mirae Asset Dynamic Bond Fund - Regular (G) . . . . . . . . . .. . . . . . . . . . 13.1 150 1.4 -0.6 6.4 8.4 -
- Quantum Dynamic Bond Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 16.2 77 0.7 -0.7 8.0 8.0 -
DEBT - CORPORATE BOND FUNDS
★★★★★ Aditya Birla SL Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 85.4 25324 0.5 -0.4 11.5 8.9 8.6
★★★★ HDFC Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.7 29251 0.6 -0.8 11.1 8.8 8.6
★★★★ Kotak Corporate Bond Fund-Regular (G). . . . . . . . . . . . . . . . . . . . .. . . . . 2880.6 8249 0.7 -0.5 9.2 8.2 8.1
★★★ ICICI Pru Corporate Bond Fund - Regular (G). . . . . . . . . . . . .. . . . . . . . . . 22.6 19676 0.6 0.0 10.5 8.4 8.2
★★★ Nippon India Corporate Bond Fund - (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.2 1947 0.7 0.1 9.1 7.5 7.6
★★★ Sundaram Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.1 1041 0.5 -0.3 11.3 8.7 8.4
★★ Canara Robeco Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.2 320 1.0 -0.6 8.8 7.5 7.4
★★ IDFC Corporate Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 22810 0.6 -0.6 12.3 8.1 8.1
★ L&T Triple Ace Bond Fund - (Growth) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.1 6151 0.6 -1.9 10.9 9.2 8.1
- AXIS Corporate Debt Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 4188 0.9 -0.2 12.1 7.9 -
- BNP Paribas Corporate Bond Fund - Regular (G) . . . . . .. . . . . . . . . . 24.9 24 1.0 -0.8 10.1 4.6 6.2
- DSP Corporate Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.7 2059 0.5 0.4 10.4 - -
- Edelweiss Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.3 30 0.6 0.7 2.4 0.1 3.1
- Franklin India Corporate Debt Fund - (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 76.7 859 0.9 -0.1 9.2 7.9 8.5
- Invesco India Corporate Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2466.4 2977 0.6 -0.4 10.5 8.1 7.7
- PGIM India Premier Bond Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.6 85 1.0 -0.2 10.0 7.2 6.9
- SBI Corporate Bond Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.0 26908 0.8 -0.8 10.3 - -
- Union Corporate Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.9 336 1.0 -1.1 10.6 - -
- UTI-Corporate Bond Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.6 3470 0.6 -0.5 10.5 - -
DEBT - CREDIT RISK FUNDS
★★★★★ HDFC Credit Risk Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.1 6996 1.6 0.6 11.3 8.1 8.2
★★★★★ ICICI Pru Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.5 7117 1.6 0.5 10.0 8.3 8.4
★★★★ Kotak Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.2 1830 1.8 0.2 8.2 6.8 7.4
★★★★ SBI Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.1 3589 1.6 0.1 9.5 7.0 7.5
★★★ Aditya Birla SL Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.3 1577 1.9 1.2 11.0 5.9 7.2
★★★ Baroda Credit Risk Fund-PlanA (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 195 1.8 1.6 7.4 3.6 5.9
★★★ DSP Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.2 291 1.6 0.8 4.9 2.0 4.4
★★★ L&T Credit Risk Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.2 232 1.6 0.1 4.6 3.9 5.7
★★ Invesco India Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1434.7 127 1.5 -0.6 7.4 1.7 4.5
★★ Nippon India Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.5 1132 1.6 1.3 9.5 0.6 3.6
★ UTI-Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 11.3 321 1.6 0.3 -2.5 -10.5 -3.3
- AXIS Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.2 592 1.7 1.0 9.0 6.1 6.8
- BOI AXA Credit Risk Fund - Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 4.0 70 1.5 1.0 -46.5 -32.9 -18.2
- Franklin India Credit Risk Fund (G) (Wound up) . . . . . . .. . . . . . . . . . 20.4 2775 0.6 2.6 12.1 4.4 6.4
- IDBI Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.1 38 1.4 0.6 11.8 -1.5 1.8
- IDFC Credit Risk Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.9 835 1.7 -0.4 7.3 6.6 -
- Mahindra Manulife Credit Risk Fund - Reg (G) . . . . . . . . . .. . . . . . . . . . 11.6 136 1.9 0.1 5.7 - -
- PGIM India Credit Risk Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.6 48 1.8 2.2 7.0 2.3 4.6
- Sundaram Short Term Credit Risk Fund - (G) . . . . . . . . . . . . .. . . . . . . . . . 26.4 116 1.6 - - - -
DEBT - BANKING AND PSU FUNDS
★★★★★ Kotak Banking and PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 49.9 10841 0.8 -1.0 9.7 8.5 8.3
★★★★★ Nippon India Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 16.0 7208 0.8 -0.5 11.1 8.6 8.3
★★★★ AXIS Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2050.4 16838 0.6 0.0 10.5 8.6 8.3
★★★★ DSP Banking & Psu Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.6 3615 0.6 -0.5 11.0 8.4 8.2
★★★ Edelweiss Banking & Psu Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.7 483 0.6 -1.8 10.9 9.4 8.4
★★★ Franklin India Banking & PSU Debt Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 17.4 992 0.5 -0.3 9.3 8.5 8.2
★★★ HDFC Banking and PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.7 10364 0.8 -0.6 10.6 8.3 8.2
★★★ ICICI Pru Banking & PSU Debt Fund - Regular (G) . . . .. . . . . . . . . . 24.9 15291 0.8 -0.2 9.8 7.8 8.2
★★★ IDFC Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.1 17584 0.6 -0.2 11.7 9.3 8.2
★★★ PGIM India Banking&PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.9 100 0.8 -0.5 9.8 8.2 7.8
★★ L&T Banking and PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.3 5122 0.6 -0.6 11.2 8.0 7.9
★ Invesco India Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . .. . . . . 1772.9 145 0.7 -1.9 9.6 7.6 7.1
★ UTI-Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.1 286 0.3 -0.2 9.2 4.3 6.0
- Aditya Birla SL Banking & PSU Debt Fund - (G) . . . . . . . . .. . . . . . . . 281.2 15584 0.7 -0.8 10.5 8.5 8.4
- LIC MF Banking & PSU Debt Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.3 2592 0.8 -0.3 8.9 8.0 7.6
- SBI Banking and PSU Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2437.0 15229 0.8 -1.0 9.9 8.3 7.9
- Sundaram Banking & PSU Debt Fund - Retail (G). . . . . .. . . . . . . . . . 30.5 980 0.3 0.5 8.4 7.7 7.1
DEBT - GILT FUNDS
★★★★★ Nippon India GSF - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.8 1581 1.6 -2.1 7.2 9.9 9.5
★★★★★ SBI Magnum Gilt Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.1 4113 1.0 -0.7 9.0 10.0 9.5
★★★★ IDFC G Sec Fund - Invst Plan - Regular (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.3 1659 1.2 -2.3 9.4 10.8 9.5
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
BL Rating Scheme Name
Trailing Returns (%)Latest
NAV(₹��)
Latest
Corpus (₹�� Cr)
Expense
Ratio(%)
YTDAbsolute
1 YearCAGR
3 YearCAGR
5 YearCAGR
Our rating is based on the funds’ historicalperformance measured both in terms ofreturn and risk. The returns and risk of the
schemes are measured using rolling returns andSortino ratio respectively.
Rolling returns help to identify schemes that havedelivered relatively consistent returns duringvarious market cycles and over the long run. We haveconsidered oneyear, threeyear and fi��veyear rollingreturns for a total of 7year NAV history for equityand hybrid funds. For debtoriented funds, we haveconsidered oneyear, twoyear and threeyear rollingreturns for a total of 5year NAV history.
Sortino ratio measures the performance of theschemes during downtrends, thus capturing thedownside risk.
Oneyear trailing return is also considered toassess the fund’s recent performance. To arrive at thefi��nal score, we have assigned a 60 per cent weightagefor past performance based on rolling returns.Sortino ratio and oneyear performance is given a 30per cent and 10 per cent weightage respectively. Thefi��nal score is used to rate funds within each category.
Mutual funds with corpus of less than ₹��100 crore,liquid funds, and arbitrage funds, are not consideredfor rating. We have also not rated categories wherethe number of funds are less than 5.
Post the SEBI’s directive on categorization andrationalisation of mutual fund schemes, there are 30schemes that have undergone a drastic change intheir portfolio and mandate. Given that comparingpast performance of these schemes is not possible,
we have excluded them from the rating exercise.The funds with highest scores are assigned fi��ve
star rating while the funds with lowest scores areassigned one star rating.
Note: In September 2020, SEBI revised theinvestment mandate of multicap funds, requiringthem to invest at least 25 per cent of their assets eachin large, mid and smallcap stocks. The regulatorallowed time till January 31, 2021 for the funds tocomply with the new mandate. Funds that did notwish to follow the new investment strategyconverted into a fl��exicap fund, a new categoryintroduced by the regulator in November 2020.
Since the investment strategy of funds continuingas multicap funds now would be in line with thenew mandate, comparing the current returns withthe past may not present the right picture. Thus, weare excluding the rating of multicap funds.
This change, along with correction of an error inour database with respect to the capturing of Sortinoratio for funds, has resulted in revision of ratings forabout 50 funds across equity and hybrid categories,which have been updated since March 7 edition.
MF ratings methodology
................BM-BMECMYK
MUMBAI
BusinessLine12 SUNDAY • MARCH 21 • 2021NEWS
OUR BUREAU..........................................
New Delhi, March 20
All eyes are now on the Ministryof Corporate Aff��airs (MCA) andRegistrar of Companies Mumbai to see how they handle theallegations of wrongdoingmade against Edelweiss AssetReconstruction Company(EARC), the country's largestARC, by one of its largeshareholders.
Concerns raised While Edelweiss Asset Reconstruction Company maintainedthat it has not received any offi��cial intimation of inspection being conducted by the MCA,sources said the Prime Minister’s Offi��ce (PMO) had forwarded the complaint letter written by Paras Kuhad, a formeradditional solicitor general ofIndia. Kuhad, who, as a sponsor,owns about 14 per cent in ARCalong with his family, in hiscomplaint to the RBI and PMO isunderstood to have alleged thatEdelweiss ARC has been put intocommercial disadvantage bythe controlling shareholderEdelweiss Group entering intopreferential transactions withCanadian pension fund Caissede depot et placement du Quebec (CDPQ), sources in the knowtold BusinessLine.
Not only that, the allegations
include Edelweiss ARC havingbeen compelled to purchase assets from the Edelweiss Groupat unjustifi��ably high valuations,putting down the interest ofthe ARC. Also, Kuhad is understood to have raised concernsover the terms of the CCPS(compulsory convertible preference shares) issued to CDPQin 2016.
Meanwhile, EARC, in a stockexchange fi��ling on Thursday,said, “EARC is in full compliance
with the applicable laws, andhas been conducting its business and operations in a fairand transparent manner. Wehave always acted responsiblyand discharged our fi��duciaryresponsibilities, and these allegations seem to be motivated.EARC is an RBIregulated entityand, hence, the activities carried out are under regulatorypurview. The equity investments made in EARC are specifi��cally approved by the RBI.
EARC’s dealings are completelyabove board and compliantwith applicable law.”
Structured NCDsAnother point of discontent isthe way CDPQ and EdelweissGroup had come together to invest in a fund which would thenpark monies in structuredNCDs issued by the EdelweissARC (not placed and approvedby the Board).
The main allegation is thatthese structured NCDs wereoff��ered only to CDPQ and Edelweiss Group and not to anybank or mutual fund. Also,whatever investments weremade by the Edelweiss ARCfrom such monies, the entire100 per cent of the profi��ts fromsuch investments would goonly to CDPQ and EdelweissGroup, it has been alleged. Inlieu of the subscription to structured NCDs (hybrid instruments), the entire security receipts and receivable fee werebeing assigned to the NCDholder.
Since 2008, when the Edelweiss ARC began commercialoperation, Kuhad and family isunderstood to have pumped ininvestments of about ₹��50 crore.The company’s cumulativeprofi��t ranged between ₹��1,300and ₹��1,400 crore in all theseyears of operations.
Edelweiss ARC: Focus turns to MCAIt remains to be seen if the Ministry will deep dive into sponsor’s charges
OUR BUREAU..........................................
New Delhi, March 20
Union Defence Minister RajnathSingh and his US counterpart,Secretary of Defence Llyod J Austin, on Saturday discussed a widerange of defence cooperationand expanding militarytomilitary engagement across servicesand information sharing inemerging sectors of defence andmutual logistics support.
Austin is on his fi��rst three nation offi��cial visit abroad and toIndia. “I spoke with SecretaryAustin immediately after he assumed charge. His visit to Indiadespite the Covid19 global pandemic shows the abiding commitment of the US to our bilateral relationship,” Singh said.
He added that both countriesare keen to work together to realise the full potential of the IndiaUS Comprehensive Global Strategic Partnership.
Joint excercises“We reviewed the wide gamut ofbilateral and multilateral exercises and agreed to pursue enhanced cooperation with the USIndoPacifi��c Command, CentralCommand and Africa Command. Acknowledging that wehave in place the foundationalagreements, LEMOA (LogisticsExchange Memorandum ofAgreement), COMCASA (Com
munications Compatibility andSecurity Agreement) and BECA(Basic Exchange and Cooperation Agreement), we discussedsteps to be taken to realise theirfull potential for mutual benefi��t,” he said. Singh also invitedthe US industry to take advantage of India’s liberalised foreigndirect investment (FDI) policiesin the defence sector. “We bothagreed that there are opportunities for collaboration in defenceindustry,” he added.
‘Important partner’Secretary Austin said India, inparticular, is an increasingly important partner amid today’srapidly shifting international dynamics.
“As the world faces a globalpandemic and growing challenges to an open and stable international system, the USIndiarelationship is a stronghold of afree and open IndoPacifi��c region. We discussed opportunit
ies to elevate the USIndia MajorDefence Partnership…a priorityof the BidenHarris Administration… through regional securitycooperation, militarytomilitary interactions, and defensetrade,” Austin said.
He added, “In addition, we arecontinuing to advance new areasof collaboration, including informationsharing, logistics cooperation, artifi��cial intelligenceand cooperation in new domains such as space and cyberspace. We also discussed engagement with likeminded partnersthrough multilateral groupingssuch as the Quad and Asean.”
Austin also met External Affairs Minister S Jaishankar wherethe issue of Afghanistan was addressed in some detail, a sourcetold BusinessLine. “Assessmentswere exchanged on the peaceprocess and the ground situation, as also the concerns and interests of regional powers andneighbours,” he said.
India a key ally in today’s rapidlychanging world: US Defence Secy
Defence Minister Rajnath Singh and US Secretary of Defence
Lloyd James Austin III during the joint statement press
conference at Vigyan Bhawan in New Delhi on Saturday PTI
Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 and Printed by N. Vaidyanathan at Dangat Media Pvt Ltd, No. 22, Dighe MIDC, Vishnu Nagar, TTC Industrial Area, Dighe, Navi Mumbai-400701 on behalf of THG PUBLISHING PVT LTD., Chennai-600002. Editor: Raghuvir Srinivasan (Editor responsible for selection of news under the PRB Act). ISSN 0971 - 7528
BusinessLineDisclaimer: Readers are requested to verify& make appropriate enquiries to satisfythemselves about the veracity of anadvertisement before responding to anypublished in this newspaper. THGPUBLISHING PVT LTD., the Publisher &Owner of this newspaper, does not vouchfor the authenticity of any advertisementor advertiser or for any of the advertiser’sproducts and/or services. In no event canthe Owner, Publisher, Printer, Editor,Director/s, Employees of this newspaper/company be held responsible/liable in anymanner whatsoever for any claims and/ordamages for advertisements in thisnewspaper.
FORUM GANDHI..........................................
Mumbai, March 20
The ongoing consultationson the need to tweak the existing FDI policy for ecommerce has divided the industry. While variousindustry bodies, which metthe offi��cials of the Department for Promotion of Industry and Internal Trade(DPIIT) on Friday, tried topresent a common ground,internal communicationsbetween the members ofthese industry associationsindicate various lobbygroups working at crosspurposes.
“There are a group ofcompanies that back theviews of foreign ecommercecompanies includingAmazon and Flipkart. Thisgroup wants a status quo inpolicy. Then there are otherswhich back local retail companies, including RelianceIndustries, and this groupwants to reign in the foreign players,” said an industry executive present atthe meeting.
The divide comes to thefore in a letter written by
Federation of Indian Chambers of Commerce & Industry (FICCI) chief UdayShankar to the Ministry ofCommerce and Industry,which is anchoring the debate on the proposedchange in law.
Two different viewsIn a letter addressed to
Guruprasad Mohapatra, Secretary, Department of Industrial Policy & Promotion inthe Ministry of Commerce &Industry, Shankar clarifi��edthat theFICCIspokesperson atthe meeting onFriday“inadvertentlymentioned” the two diff��erentviews that emerged at themeeting as “majority” and“minority”.
According to sources inthe know, during the meeting, a FICCI representativesaid, “All our members feel(except one) that the current conditions provided
under the FDI policy applicable to ecommerce entitieshaving FDI are comprehensive, clear and robust. Members also said that they areadequate for regulating theecommerce companies.”
Shankar, in his letter, said:“I would like to clarify thatthe views expressed todayare held by one group ofour ecommerce membersbut there are other viewsthat are equally widely heldand, as such, it is not possible for us to identify either
a “FICCIview” or “majority” view,”he clarifi��ed.
Shanker,then clarifi��edthe “offi��cialFICCI position” recommending
policy stability, transparency,and continuity in the ecommerce policy. A copy of theletter was reviewed by Busi-nessLine. “Needless to saythat any policy must bestrictly implemented in letter and spirit and the law ofthe land has to be strictlyabided by any company, be
it foreign or Indian, big orsmall,” he said.
The letter further addedthat “if the government orauthorities feel that anycompany irrespective of theownership is found violating the law, the governmentmay speak with them directly and take appropriateaction. FICCI supports eff��ective implementation of FDIpolicy.”
The Centre is scheduled tomeet ecommerce companies such as Amazon and Flipkart on March 25.
This comes even asAmazon and Walmartowned Flipkart are engagedin a battle with Reliance Industries for a larger share ofIndia’s retail market.Amazon is already fi��ghtingReliance’s acquisition of Future Retail in courts. “Thedebate on policy is anotherbattle front that has openedup again where the twosides have taken their positions. There is a lot of internal pressure within allmajor industry bodies toback claims made by bothsides,” said another industrysource.
Industry divided over proposal totweak FDI policy in e-commerce FICCI clarifi��es ‘offi��cial position’ recommending continuity in policy
NANDANA JAMES ..........................................
Mumbai, March 20
Tata Motors’ unexpected announcement on Friday thatMarc Llistosella will not be joining as the CEO of the company —contrary to the company’s previous announcement — couldpush back the company’s revival plans, especially in thecommercial vehicle segment.
Llistosella was earlier the MDand CEO of Daimler India Commercial Vehicles Pvt Ltd. He wasexpected to help the companyfocus on getting its commercialvehicle business back on thegrowth path. Tatas announcement to appoint Llistosella wasseen as a strategic move to putin place a revival strategy forTata Motors.
“I think this is a signifi��cantsetback as Tata Motors will nowhave to restart the search for anew CEO. Also, the fact that theymade the announcement onFebruary 12 and now, a monthlater, have announced that hewill not be joining could onlymean something has not quitegone per plan on the interim,”says Lloyd Mathias, BusinessStrategist and Investor.
Tata Motors did not say whyLlistosella would not join. WhenBusinessLine reached out to thecompany to understand if andhow the uncertainty due to thisdelay would impact the revivalplan for CVs, Tata Motors did not
have any further information toshare.
Lack of clarityBut sources close to the company indicated that the move toappoint Llistosella may havebeen a hurried one. “It could bepossible that Llisosella did notwant to relocate to India. Butthis is something one would expect Tata Motors to have discussed with him before agreeing to appoint him,” said asource.
The appointment of a newCEO for a mega business, the announcement and the subsequent withdrawal is verystrange, Mathias adds. “Also, itisn’t clear whether Llistosellawanted to be out or the company initiated it. The lack of clarity clearly implies there is something under the bonnet,” hesays.
Anuj Kapoor, Assistant Professor of Marketing at IIM
Ahmedabad, points out thatthis is not the fi��rst time Tata hashad a leadership vacuum. “Ithas managed without an MDfor several years at a stretch. Tatawill be able to get a leader withsimilar vision as Llistosella hopefully in a few months,” headds.
Analysts’ viewBut analysts reckon that thisdelay and the uncertainties surrounding it will not impact thecompany’s revival plan for CVsin the long terms. “As a large entity, Tata Motors has strong leadership in place for its variousbusiness verticals, so the CV revival plan should not be impacted. Also, the present CEOwill stay on for a while so I reallydon’t see much impact on thiscount,” says Mathias.
Tata Motors’ recent quarterwas excellent and this turnaround was made possible bycost cuts and improved vehicledemand, while Tata relied onthe luxury Jaguar Land Roverunit, Kapoor notes.
“The turnaround started in2017 when Tata Motors announced its plan to focus on theailing CV business. It is now trying to hive off�� the PV unit into aseparate entity with a strategiclongterm partner. For now, Idon't see any specifi��c damagehappening due to the delay inthe fi��nalisation of a new name,”Kapoor explains.
Tata Motors’ CV revival plans may hit a wall
Marc Llistosella
WITH LLISTOSELLA NOT JOINING AS CEO
OUR BUREAU..........................................
Bengaluru, March 20
Dattatreya Hosabale has become the new Sarkaryavah(General Secretary) of theRashtriya SwayamsewakSangh (RSS). He has replacedBhaiyyaji Joshi. 65year oldHosabale was elected at RSS’Akhil Bharatiya PrathinidhiSabha the highest decisionmaking body of RSS held inBengaluru onMarch 20. Hewas SahSarakaryavah(joint GeneralSecretary) ofRSS since2009. He willbeSarkaryavah of RSS for theterm of three years.
Born in a small villageHosabale of Soraba Taluk inShivamogga district ofKarnataka, he Joined RSS in1968 and then the student organization ABVP in 1972 andbecame a fulltime worker ofABVP in 1978.
He was the National Organising Secretary of ABVPfor 15 years with hisheadquarters being Mumbai. Later, he became SahBaudhik Pramukh (second incommand of the intellectualwing of RSS) in 2004.
Hosabale is newRSS GeneralSecretary
Dattatreya
Hosabale
ABHISHEK LAW..........................................
Kolkata, March 20
Prime Minister NarendraModi took on the TrinamoolCongress across a range oflocal issues as he promised action against the sand mafi��a operating in parts of West Bengal.
Sand mining isn’t illegal inthe State; but there are allegations of rampant corruptionin issue of permits and operations going on without requisite clearances.
Speaking at a rally in the industrial town of Kharagpur inPaschim Midnapore, Modicountered the Trinamool Congress on a variety of issues ranging from extortion to claimsof development.
Although sand mafi��a areknown to operate in the districts of Birbhum and Bardhamaan, Modi targeted alleged mafi��as of the Kangsabatiriver.
“We will take action againstthe sand mafi��a operating inBengal. The only industryfl��ourishing here are themafi��as and the Trinamool isbenefi��tting from it,” Modi said.
“Last night, for 5055minutes, WhatsApp, Facebookand Instagram were downthat left everyone worried andimpatient. Here in Bengal, development, belief, dreams
have been down for 5055years, and thus, I understandyour impatience to bring in achange,” he added.
Getting clearance from BhaipoThe PM also took a dig atMamata Banerjee’s nephew,Abhishek, and the political culture of taking commission forclearing projects. In India, asingle window clearancescheme aids businesses; but inBengal, the single windowclearance scheme is all about“getting clearances frombhaipo (the nephew)”, Modi alleged.
“In Bengal, the single window clearance scheme leads tobhaipo. You need to passthrough bhaipo’s window toget investment here,” he alleged.
Modi chose to respond tothe ‘outsider’ tag that is oftenlabelled on the BJP. He referredto the origins of the Jana Sanghin Bengal and how “BJP was aBengali party in the truesense”.
“Jana Sangh’s father was ason of Bengal. Therefore, ifthere is a Bengal party in thetrue sense, then it is the BJP.The BJP’s DNA has the ethics,thoughts, behaviour and values of Ashutosh Mukherjeeand Dr Shyama PrasadMukherjee,” he said.
At Kharagpur rally, Moditakes a dig at ‘Banerjees’
OUR BUREAU..........................................
Mumbai, March 20
It would be a mistake to downplay the damage that creepingimport substitution can do to India’s growth and jobs ambitions,cautioned Arvind Panagariya,former ViceChairman of NitiAayog.
Referring to the tariff�� increases that have been appliedselectively precisely where theyhave the greatest bite, he said:“The explicitly stated objectivebeing import substitution, tariff��s have been raised on preciselythose products in which substantial imports exist and domestic industry is failing tocompete.”
Panagariya emphasised thatwhen high protection applies toproducts accounting for a largeproportion of imports and lowprotection to products that thecountry hardly imports, the effect of a given average tariff�� ismore pernicious than when theopposite is the case.
Antidumping (AD) duties byIndia have complemented thesetariff�� increases, Panagariya, whois now Professor of Indian Political Economy, Columbia University, said at the ExportImportBank of India’s 36th Commencement Day Annual Lecture.
“India’s own successful industries such as information technology, pharmaceuticals andpetroleum refi��ning have succeeded on the back of globalmarkets,” he said.
Autarky-level protectionIn contrast, auto industry, whichhas had 70 years of autarkylevelprotection, is yet to acquire even1 per cent share in the worldautomobile market despite being fully open to foreign directinvestment (FDI).
Citing the example of Indiaembracing importsubstitutionindustrialisation in the electronics industry beginning in 2014,Panagariya said: “What has thispolicy achieved in the six yearssince then?
“Imports of electronic goodsshot up from $32.4 billion in201314 to $55.6 billion in 201819,while exports inched up from
$7.6 billion to $8.9 billion overthe same period.” Nearly all locallyowned fi��rms are small byglobal standards, with none thatis about to turn into a powerhouse of exports, he added.
“The reason for this lack of success is not diffi��cult to see: by itsvery nature, protection attractsfi��rms that principally want tomake quick profi��ts by selling theproduct in the protected domestic market,” Panagariya said.
“A critical lesson from ourown economic history has beenthat capital is a highly scarce resource in a developing country.
“...import substitution channels this resource into highcost,capitalintensive import competing sectors while deprivinglowcost labourintensive exportsectors of it,” explainedPanagariya.
The professor underscoredthat India needs to increase, notreduce, its engagement with theworld markets and underscoredthat there is no doubt that giventhe reforms already in place andthose proposed, India can counton growing at 8 per cent rate annually in the two post Covid19decades.
A more liberal trade regimecarries the promise of pushingthis growth rate into doubledigit range, he added.
Former NITI Aayog Vice-Chairman
Arvind Panagariya (file photo)
Arvind Panagariya wants India to have a more liberal trade regime
SURESH P IYENGAR..........................................
Mumbai, March 20
Sajjan Jindalled JSW Steel isexpected complete the project to double productioncapacity to 10 million tonneper annum (mtpa) by Mayand emerge as the largeststeel producer in the country. The company will remit₹��19,350 crore by March 25and add another three million tonne to its current capacity of 18 mtpa. The company has proposed mergerone mtpa of Monnet Ispatwith itself next fi��scal.
In 2018, JSW Steel joinedhands with Aion Investment to acquire thestressed Monnet Ispat andrenamed it to JSW Ispat Special Products. It hadplanned to merge the company after turning over theasset. JSW Ispat had recorded an EBITDA of ₹��152 croreand net profi��t of ₹��29 crorein December quarter.
In all, JSW Steel will addabout nine mtpa next fi��scalto top the table of large steelcompanies in India. As ofnow, JSW Steel is marginallybehind Tata Steel and SteelAuthority of India in the domestic market.
JSW Steel toemerge largestproducer bynext fiscal
COVID-19 VACCINES
PT JYOTHI DATTA..........................................
Mumbai, March 20
A timebound and transparentinvestigation of all deaths andserious adverse events that haveoccurred following vaccinationis required, say a group of publichealth professionals, in their letter to Union Health MinisterHarsh Vardhan.
“AEFIs (adverse events following immunisation) are to be investigated through welldefi��nedprocedures for vaccine pharmacovigilance and the reportsmade available in the public domain for trustbuilding andtransparency,” the letter, signedby 29odd public health representatives, said.
The development comes evenas multiple global health regulators investigate adverse eventsincluding reports of blood clotsbeing reported in their countries. This week saw the UK regulator and the European Medicines Agency investigate bloodclot reports in recipients of theAstraZenecaOxfordUniversityvaccine. Over the last three days,two regulators and the WorldHealth Organisation weighed inon the benefi��ts of the vaccine,but all of them fl��agged concernson the rare blood clots that
could be linked to the vaccineand needed to be investigatedfurther. In fact, of the 10pluscountries that suspended theuse of the AZ vaccine, Norway,Sweden and Denmark have notrevoked their suspension andare studying the details. A reportis expected next week. Finlandhas joined this list and suspended the AZ vaccine, followingblood clot reports.
India though has not seen asimilar public discussion on theissue nor have details on adverseevents been shared in public domain, point out the experts.
Details awaited from Govt“We are for vaccination and notantivaxxers. And we are concerned over the hesitancy thereis among people to take the vaccine,” said Amar Jesani, Editor Indian Journal of Medical Ethics(IJME), who signed the letter. Thegovernment needs to give details on the adverse events and
the response of the system incaring for these individuals whohave had reactions, howeverlimited the number may be, hesaid.
“We understand that at least65 deaths have occurred following vaccination since the campaign started on January 16.However, the National AEFI Committee’s investigation fi��ndingsof only two of these deaths havebeen made public. Till now, nocase of serious AEFI, includingdeath, has been attributed to thevaccine,” the letter said. This isthe group’s second letter on theissue in about three months.
Advocate Veena Johari, whoalso signed the letter, points outthat transparency on the detailsof the investigation into thedeaths and adverse events willhelp build trust among peopleabout the vaccines.
Investigate adverse events and makereports public, say health experts