August 2021 March

ISSUE 2021
6
Table of Contents

Contents Pg. No.

Global Economy 1

Indian Economy 6

Debt Outlook 14

Equity Outlook 19

Gold Outlook 29

MF Category-wise average return 32

CY return as per Asset class 33

CAGR return & Correlation as per Asset class 34

Why Invest with Baroda Radiance 37

About us 42
Executive Summary
“The biggest investing errors come not from factors that are informational or analytical, but
from those that are psychological.” – Howard Marks
India’s economic outlook seems to be improving with rising
vaccinations, falling Covid-19 cases and improvement in
corporate earnings. Vaccination is gaining pace with daily
doses at 5mn. Incremental Covid-19 cases are falling and
states are easing restrictions. Overall, the unlocking of
states is beginning to reflect in improved pace of economic
activity.

Around INR 49,000 Cr. has been raised in IPO’s so far in

2021 with more to come. The current period is witnessing
listing of Unicorn tech companies such as Zomato, which
completed its issue successfully. Other tech companies like Paytm are in the pipeline. Life Insurance
Corporation of India (LIC) is also expected to list later this year and it could turn out to be a record
year for Initial Public Offerings market.

Major countries across the globe saw a decline in bond yields in July. The US 10-year yield fell from
1.47% to 1.23%, cooling down further from the large up-move seen in the first quarter. The Fed’s
status quo on rates and its decision to continue with its monthly asset purchases of $120 bn also
aided the decline in yields. On the domestic front, RBI maintained a status quo on rates & decided to
continue with accommodative policy to revive and sustain growth on a durable basis, whilst also
ensuring inflation remains within the target. However, RBI has revised its CPI projection upward to
5.7% in FY22 from 5.1% earlier. Even in Q1FY23, headline CPI is estimated to be above MPC’s 4%
target at 5.1%.

On the global front, benchmark indices in Hong Kong and Shanghai were down as Chinese tech and
education stocks plunged due to regulatory pressure. US markets rose ~2% as as companies reported
strong Q2 earnings and data showing a pickup in US economic growth reinforced confidence in
recovery. Indian Equity Markets remained muted for the month of July before touching record high
levels in August with Nifty gaining just ~0.3% in July. Small & Mid-caps continued their bout of
outperformance with Nifty small-cap gaining ~8.1% followed by Mid-cap which gained by ~3.1%.
Valuations have now become a bit stretched for Mid & Small-caps.

Q1 result season has started, with most of the IT companies reporting results in-line with
expectations. Strong set of numbers were seen in sectors such as Retail broking, Speciality chemicals
& Cement. Consumer discretionary sector saw muted performance sequentially. Good Q1 numbers
will be crucial for valuations to sustain at this level. Buying on dips continues to be a preferred
strategy.
Happy Investing!

Virendra Somwanshi
Head – Wealth Management Service
Global Economy

1
GDP growth below estimates in US & China

US GDP grew by 6.5% in Q2, below market estimates of 8.4%

40% 33.8%
30%

20%

10% 4.5% 6.3% 6.5%

2.4% 3.2% 2.8% 1.9%
0%

-10% -5.1%

-20%

-30%
-31.2%
-40%
2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2
Source: Bloomberg

China Q2 GDP growth slows to 7.9%, falling short of market estimates

20% 18.3%

15%

10% 7.9%
6.3% 6.0% 5.9% 5.8% 6.5%
4.9%
5% 3.2%

0%

-5%

-6.8%
-10%
2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2
Source: Bloomberg

2
Global Manufacturing Slows

Global manufacturing & services PMI both seen easing in Jul’21

Source: BOB Economics research

US Manufacturing cooling, PMI down 1.1 percentage points

66 64.7
64

62 60.8 61.2
60.5 60.7 60.6
60 59.3 59.5
58.7
58 57.5

56 55.4

54

52

50
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Source: Bloomberg

3
Global Consumption moderates

Retail sales moderate

Source: BOB Economic Research. Note: Retail sales for US till May’21.

Consumer confidence falls in US & Eurozone

Source: BOB Economic Research. Note: Consumer confidence for eurozone is % diffusion index. Data for China is for Jun’21

4
 Currency

INR depreciated by ~0.1% in Jul’21

Source: BOB Economic Research. Data as of 30th Jul’21

EM currencies also depreciated

Source: BOB Economic Research. Data as of 30th Jul’21

5
Indian Economy

6
 GDP Projections by IMF

India likely to be the fastest growing major economy in the world (YoY, %)

` 2021 2022

Earlier Now Earlier Now

India 12.5 9.5 6.9 8.5

US 6.4 7.0 3.5 4.9

China 8.4 8.1 5.6 5.7

Germany 3.6 3.6 3.4 4.1

France 5.8 5.8 4.2 4.2

Italy 4.2 4.9 3.6 4.2

Spain 6.4 6.2 4.7 5.8

Japan 3.3 2.8 2.5 3

United Kingdom 5.3 7 5.1 4.8

Canada 5 6.3 4.7 4.5

Russia 3.8 4.4 3.8 3.1

Brazil 3.7 5.3 2.6 1.9

World 6 6 4.4 4.9

EU 4.4 4.6 3.8 4.3

Source: IMF. For India, 2021 & 2022 stands for FY22 & FY23, respectively

7
Economy recovering post 2nd Wave

Toll Collection growth eases in Jul’21

40% 35.5%
30%
21.6% 21.8%
20%
11.8% 13.7% 11.2% 10.8%
5.7% 7.8% 6.5%
10%
2.1%
0%
-10%
-20% -15.0%
-30%
-29.1%
-40%

Source: BOB Economics research

Railway Passenger Traffic picked up as sales re-opened

Source: BOB Economics research

8
Economic activity normalizing

Electricity demand improves (YoY)

45% 39.7%
40%
35%
30%
25%
20%
12.2% 13.8%
15% 11.6%
10% 5.3% 4.4% 7.0% 7.7% 5.8%
2.5% 3.4%
5%
0%
-5%
-3.1% -4.2%
-10%

Source: BOB Economic Research

E-way bills generation normalizing

Source: BOB Economic Research, FADA

9
Manufacturing PMI recovers

Manufacturing PMI recovers to a 3-month high

70 58.9
56.8 56.3 56.4 57.7 57.5 55.4 55.5 55.3
60 52.0 50.8
46.0 48.1
50
40
30
20
10
0
Jul-20 Aug-20Sep-20 Oct-20 Nov- Dec-20 Jan-21 Feb-21 Mar- Apr-21 May- Jun-21 Jul-21
20 21 21
Source: Bloomberg

Services PMI in contraction territory for the 3rd consecutive month

60 54.1 53.7 52.3 52.8 55.3 54.6 54.0
49.8
50 46.4 45.4
41.8 41.2
40 34.2
30
20
10
0
Jul-20 Aug-20Sep-20 Oct-20 Nov- Dec-20 Jan-21 Feb-21 Mar- Apr-21 May- Jun-21 Jul-21
20 21 21
Source: BOB Economic Research

GST collections recovers, back above 1 Lakh crore (In Rs Cr)

1,50,000 1,16,393 90%
70%
1,00,000 25.4% 50%
10.4%10.1% 14.1%
50,000 -3.8% -1.1% -0.2% 9.7% 4.1% -5.6% 9.5% -9.6%
30%
10%
-27.4% -10%
0 -30%

GST MoM %

Source: Bloomberg

10
2nd wave of Covid declining

Statewise cases dropping; Kerala remains an outlier

Source: BOB Economics research

Google Mobility Index inching upwards

Source: BOB Economics research

11
Macro-Economic Dashboard

Mar- May-
Jan-21 Feb-21 Apr-21 Jun-21 Jul-21
21 21 Owing to base effect and
gradual easing of
Banking restrictions in the country,
Currency in circulation (% YoY) 21.4 20.8 17.2 15.2 13.5 12.3 11.1 credit growth increased
marginally. Overall non-food
Bank Non-food credit growth
5.9 6.6 5.5 6.0 5.1 5.9 6.5 credit growth continues to
(%YoY)
be driven by retail, and
Personal Credit (%YoY) 9.1 9.6 10.2 12.6 12.4 11.9 agriculture and allied
-1.3 -0.2 0.4 0.4 0.8 -0.3 activities segment.
Credit to industry(%YoY) Contraction in the industry
Credit to sevices (%YoY) 8.4 9.3 1.4 1.2 1.9 2.9 segment and slower growth
in services segment
Deposit Growth (%YoY) 11.1 12.2 11.4 10.3 9.9 9.9 (excluding MSME segment)
72.3 72.2 72.5 71.5 70.4 70.9 70.1 continue to restrict overall
Credit to deposit ratio %
credit growth.
10 year G-sec yields (%) 5.9 6.2 6.2 6.0 6.0 6.1 6.2

In absolute terms, the bank

Weighted average lending rate of 9.3 9.3 9.2 9.2 9.2 9.1
deposits have increased by
banks (%)
around Rs. 15 lakh crore
Weighated average deposit rate over the previous year. The
5.5 5.4 5.4 5.3 5.2 5.2
of banks (%) liquidity surplus in the
banking system can be
Median MCLR (%) 7.3 7.3 7.3 7.3 7.3 7.2 7.2 primarily attributed to
Commercial Paper issuance deposit growth consistently
-2.7 -2.3 5.8 -10.2 -8.7 -3.9
(%YoY) outpacing credit growth. A
large part of this higher
Industry deposit flow is being parked
Cement Production (%YoY) 5.8 -5.5 32.5 582.7 8.3 4.3 with the RBI under the
reverse-repo window. Weak
Steel Production (%YoY) 6.2 -1.8 22.9 472.7 55.3 25.0 credit demand is keeping
-0.9 -3.4 24.1 134.6 29.3 the credit to deposit ratio at
IIP (%YoY)
70% mark.
Mining (%YoY) -2.5 -4.4 5.9 36.3 23.3

Manufacturing (%YoY) -1.3 -3.7 28.3 197.9 34.5

PMI services continued to
Electricity (%YoY) 5.5 0.1 22.5 38.5 7.5 show contraction. Consumer
-9.0 -3.8 48.3 1042.9 85.3 services was the worst
Capital Goods Production (%YoY) affected segment while
transport and storage
Consumer durable Production -0.2 6.6 55.0 1880.0 98.2 continued to register
(%YoY)
growth. Firms reported
higher input costs in fuel,
Consumer non-durable -5.4 -4.5 31.2 94.9 0.8
medical equipment & raw
Production (%YoY)
materials. Output prices
PMI Manufacturing Index 57.7 57.5 55.4 55.5 50.8 48.1 55.3 rose at the fastest pace in 5
52.8 55.3 54.6 54.0 46.4 41.2 45.4 months as firms noted
PMI Services Index partial pass-through of high
PMI Composite Index 55.8 57.3 56.0 55.4 48.1 43.1 49.2 input costs. Manufacturing
Source: BNP Paribas AMC
PMI rose to its highest in 3
months

12
Macro-Economic Dashboard

Mar- May-
Jan-21 Feb-21 Apr-21 Jun-21 Jul-21
21 21

Consumer

Rural Wage (%YoY) 6.0 5.8 7.0

Urban Unemployment % 8.1 7.0 7.2 9.8 14.7 10.1 8.3

Rural Unemployment % 5.8 6.9 6.2 7.1 10.6 8.8 6.3

55236
0.4 6.3 74.5 40.0 14.7
40.0
Motorvehicle sales (%YoY)

Passenger Vehicles (%YoY) 11.1 17.9 115.2 162.5 119.3

Commercial Vehicles (%YoY) -10.7 7.8 543.5 -9.3 86.4

Two wheeler (%YoY) 6.6 10.2 72.7 26.1 4.0

Tractor Sales 46.7 31.1 172.4 436.2 -8.0 18.9

Petrol Consumption (%YoY) 6.3 -3.0 27.1 145.1 12.5 5.6

Air Traffic (%YoY) -39.3 -36.5 1.1 - 659.7 57.3

Freight YoY trade growth appears

distorted owing to the low
Major Port Traffic (%YoY) 4.0 1.9 16.4 29.5 33.0 19.5 base. However, July exports
8.7 5.5 26.6 70.7 39.1 20.5 18.4 have hit all-time highs with
Rail freight traffic (%YoY) the Indian government
E-way bills generated (%YoY) 10.5 11.6 75.2 582.5 56.8 25.9 32.7 setting a target of USD
400bn. Exports growth over
Foreign Trade July’19 is being led primarily
by few sectors like pharma,
Export Growth (%YoY) 6.2 0.7 58.2 195.7 69.4 48.3 47.9
chemicals and engineering
2.0 7.0 52.9 167.1 73.6 98.3 59.4 goods as a function of the
Import Growth (%YoY)
global commodity cycle.
Non-oil, Non-gold import (%YoY) 7.5 15.6 46.3 129.7 52.5 94.1 41.0

Capital goods imports (% YoY) -7.4 -5.3 55.0 112.7 34.1 76.9

Fiscal

Central Government Expenditure 49.5 52.9 212.6 -26.2 22.7 13.0

(% YoY)

Indirect Tax (% YoY) 34.8 35.9 65.8 416.5 110.3 20.7

Inflation

CPI (% YoY) 4.1 5.0 5.5 4.3 6.3 6.3

Core CPI (% YoY) 5.7 5.9 6.0 5.4 6.4 6.2

WPI (% YoY) 2.0 4.2 7.4 10.5 12.9 12.1

Source: BNP Paribas AMC

13
Debt Outlook

14
Forex reserves & Bond yields

India now holds 4th largest forex reserve stock in the world (Billion $)

Forex Reserves (recent) Forex Reserves (Dec’19) Forex Reserves (Dec’15)

China 3,349 China 3,223 China 3,406
Japan 1,376 Japan 1,324 Japan 1,233
Switzerland 1,075 Switzerland 856 Saudi Arabia 616
India 610 Russia 554 Switzerland 603
Russia 591 Saudi Arabia 500 Taiwan 426
Taiwan 541 Taiwan 478 Russia 368
Hong Kong 491 India 460 South Korea 368
South Korea 452 Hong Kong 441 Hong Kong 359
Saudi Arabia 441 South Korea 409 Brazil 356
Singapore 398 Brazil 357 India 352
Source: CEIC, MOFSL

In Jul’21, India’s 10Y yield has risen by 15 bps

Australia -35 21
Singapore -27 46
US -25 31
Germany -25 11
China -29 -23
Portugal -22 14
Hong Kong -21 35
UK -15 37
Japan -4 0
India 15 34

-40 -30 -20 -10 0 10 20 30 40 50 60

CYTD Change (bps) MoM Change (bps)

Source: BOB Economic Research. For India 5.85 GS2030 Yield is taken

15
Yield Curve & Inflation

1, 3 & 5 Year G-Sec yield Movement (%)

6 5.744
5.5 5.047 4.988
5
4.373
4.5 4.097
4 3.641
3.5
3

Mar 24, 2021

May 11, 2021

May 21, 2021
Aug 10, 2020
Aug 19, 2020
Aug 28, 2020

Oct 19, 2020

Apr 07, 2021

Apr 20, 2021
Apr 30, 2021

Aug 02, 2021

Aug 11, 2021
Sep 08, 2020
Sep 17, 2020
Sep 28, 2020

Dec 01, 2020

Dec 10, 2020
Dec 21, 2020
Dec 31, 2020
Jan 11, 2021
Jan 20, 2021
Feb 01, 2021
Feb 10, 2021
Feb 22, 2021
Mar 03, 2021
Mar 15, 2021
Jul 30, 2020
Jul 01, 2020
Jul 10, 2020
Jul 21, 2020

Oct 08, 2020

Oct 28, 2020

Jul 01, 2021

Jul 12, 2021
Jul 22, 2021
Nov 09, 2020
Nov 19, 2020

Jun 02, 2021

Jun 11, 2021
Jun 22, 2021
1 Year 3 Year 5 year

Source: BOB Economic Research

Yield Curve Graph

8.0% 7.1%
7.0% 6.4% 6.2%
5.7%
6.0%
6.4%
5.0% 5.9% 5.8%
3.5%
4.0% 5.0%
3.0%
2.0% 3.3%
1.0%
0.0%
6m 5Y 8Y 10Y 40Y

Jul-21 Jul-20

Source: BOB Economic Research

India CPI & WPI Inflation

14 12.49 12.07
12 10.49 11.16
10
7.27 7.61 6.93 7.39
8 6.73 6.69 6.3 6.26
5.03 5.52 5.59
6 4.59 4.06 4.17 4.29
4 2.03
1.32 1.31 1.55 1.22
2 0.41
0
-2 -0.25
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

CPI (%) WPI (%)

Source: BOB Economics Research

16
Debt & Hybrid MF Flows

Debt & Hybrid MF Flows (In Rs Cr.)

1,50,000
91,392
1,00,000 73,694

50,000 19,481
12,361
3,566
-
(7,301)
(50,000)

(1,00,000)
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

Debt Flows Hybrid Flows

Source: AMFI

Debt - Category-wise Net Inflow/Outflow – July 2021 (In Rs Cr)

35,000 31,740
30,000
25,000
20,000
15,000
8,161 7,423 6,656
10,000
5,000 792 302
-
(5,000) (1,114) (1,427) (3,068)
Liquid Fund Low Floater Fund Ultra Short Medium Credit Risk Banking and Short Corporate
Duration Duration Duration Fund PSU Fund Duration Bond Fund
Fund Fund Fund Fund

Source: AMFI

Hybrid - Category-wise Net Inflow/Outflow – July 2021 (In Rs Cr)

16,000 14,924
14,000
12,000
10,000
8,000
6,000
4,000 2,454
2,000 741 726 645
-
(2,000) (9)
Arbitrage Fund Dynamic Asset Aggressive Hybrid Conservative Equity Savings Fund Multi Asset
Allocation Fund Hybrid Fund Allocation Fund

Source: BOB Economics Research

17
Debt Outlook

❖ Major countries across the globe saw a decline in bond yields in July, as concerns over the
Covid-19 Delta variant and signs of global growth moderating caused investors to shift toward
safer investments. The US 10-year yield fell from 1.47% to 1.23%, cooling down further from
the large up-move seen in the first quarter. The Federal Reserve’s status quo on the monetary
policy and its decision to continue with its monthly asset purchases of $120 bn also aided the
decline in yields

❖ MPC maintained a status quo on rates by a 5:1 vote and decided to continue with
accommodative policy as long as necessary to revive and sustain growth on a durable basis,
while ensuring inflation remains within the target going forward

❖ While growth forecast for FY22 is unchanged at 9.5%, there is significant inter quarter variation
with Q1 growth revised up to 21.4% (18.5% earlier). Forecast for other quarters has been cut.
Commentary is far more positive this time with growth expected to revive led by rural
demand, improving vaccinations, exports, government spending, in particular capex, and
private investments. Notably, growth in Q1FY23 is estimated at 17.2%.

❖ RBI has revised its CPI projection upward to 5.7% in FY22 from 5.1% earlier. The trajectory for
Q2FY22 has been revised upward by 50bps (5.9% from 5.4%). For Q3, by 60bps (5.3% from
4.7%) and for Q4 by 50bps (5.8% from 5.3%). Even in Q1FY23, headline CPI is estimated to be
above MPC’s 4% target at 5.1%. While inflation continues to be supply-led in the form of
higher commodity prices and oil prices and the resultant pass-through, inflation in certain food
components such as edible oils and pulses have been persistent.

❖ RBI had re-introduced variable rate reverse repo auctions (VRRR) in Jan’21. The absorption
amount under VRRR has now been increased to Rs 4tn from Rs 2tn. This is on the back of
reverse repo absorption increasing to Rs 8.5tn in Aug’21. At the long end, RBI will continue to
provide liquidity through operation twist and GSAPs.

❖ Having a core portfolio allocation to funds with high quality papers and lower duration may
provide comfort. A tactical allocation may be given to select credit risk funds, depending on
the risk profile and tenure of investment, which may help increase overall yield of the overall
portfolio

18
Equity Outlook

19
 Global Indices Performance

Major Indices end lower in July’21

3.0% 2%
2.0% 1%
1.0% 0%
0.0%
-1.0% 0%
-2.0% -1%
-3.0%
-4.0% -3% -3%
-5.0% -4%
-6.0% -5% -5%
-7.0%
-8.0% -7%
US Indonesia India UK Russia Taiwan Korea Brazil Japan China MSCI EM

Source: MOFSL

India (Nifty) v/s other markets

CY21 YTD
P/E (x) P/B (x) ROE (%)
change (%)

Index M-cap Local In

Country CY20/FY21 CY21/FY22 CY20/FY21 CY21/FY22 CY20/FY21 CY21/FY22
value (USD t) currency USD

India 15,763 3.1 13 11 29 21.7 3.5 3.2 12.1 14.5

US 4,395 50.7 17 17 35.8 22.2 4.9 4.4 10.8 24.1

Japan 27,284 6.7 -1 -7 31.1 17.9 2 1.8 7.1 9.7

Indonesia 6,070 0.5 2 -1 -22.1 17.1 2.1 1.9 -9.5 13

Taiwan 17,247 2.1 17 18 22.8 14.3 2.4 2.4 10.8 18.5

MSCI EM 1,278 22.8 -1 -1 21.8 13.7 1.9 1.9 9.2 13.1

UK 7,032 3.7 9 11 101.1 12.9 1.9 1.8 3 9.4

China 3,397 11.6 -2 -1 17.4 12.4 1.6 1.4 9.3 10.5

Korea 3,202 2.2 11 5 28 11.4 1.2 1.2 4.7 9.8

Brazil 1,21,801 1 2 3 30.3 8.7 2.3 1.7 8.4 21

Russia 5,760 0.8 7 9 21.6 6.2 1 0.9 5 16

Source: MOFSL, Bloomberg

20
 Retail Participation remains high

FY22 predicted to be record year for fund raising

1,80,000 83 81 90
1,63,700
1,60,000 80
69
1,40,000 70
57
1,20,000 53 60
98,984
1,00,000 44 42 42 50
39 39
36 74,707
80,000 40
60,000 46,182 30
34,313 34,32236,615 36,40537,677
40,000 29,716 20
23,982
20,000 15,234 10
0 0
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Issue Size (Rs Cr) No. of Issues

Source: ASK investment managers. Data includes IPO’s, FPO’s, Offer for sale.

Total number of Demat accounts opened – in million (NSDL & CDSL)

16
14.2
14

12

10

6 4.8
4.1 4
4
2.5
2
2 1.5
0.8
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Source: ASK investment managers, NSDL, CDSL

21
Sectoral Returns

Market cap-wise returns – July 2021 Market cap-wise returns – 1 Year

NIFTY SMLCAP 100 8.1% NIFTY SMLCAP 100 110.0%

NIFTY MIDCAP 100 3.1% NIFTY MIDCAP 100 79.8%

Nifty 50 0.3% Nifty 50 42.3%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0% 20% 40% 60% 80% 100% 120%

Source: NSE Source: NSE

Sectoral Returns – July 2021

20.0%
15.9%
15.0%
10.6%
10.0%
4.5%
5.0% 2.1%
0.8%
0.0%
-0.1% -0.5%
-5.0%
-4.5% -5.2%
-10.0%
Nifty Realty Nifty Metal Nifty IT Nifty Infra Nifty Pharma Nifty FMCG Nifty Bank Nifty Energy Nifty Auto

Source: NSE, BOBCAPS Research

Sector returns – 1 Year

180.0% 168.7%
160.0%
140.0%
120.0%
98.3%
100.0%
80.0% 68.7%
59.8%
60.0% 40.6% 38.0%
40.0% 29.4% 23.7%
16.8%
20.0%
0.0%
Nifty Metal Nifty Realty Nifty IT Nifty Bank Nifty Infra Nifty Auto Nifty Pharma Nifty Energy Nifty FMCG

Source: NSE, BOBCAPS Research

22
Equity Flows

FII and DII Activity in Equity Cash Market (In Rs Cr.)

80,000.00
60,000.00
40,000.00
18,394
20,000.00
0.00
-20,000.00
-40,000.00 -23,193
-60,000.00
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

FII DII

Source: Bloomberg

Equity MF see record surge in inflows in July (In Rs Cr.)

25,000 22,584
20,000
15,000
9,115 10,083
10,000 5,988
3,437
5,000
-
(5,000) (734)
(2,480) (2,725)
(4,000) (4,534)
(10,000)
(10,147) (9,253)
(15,000) (12,917)
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

Source: AMFI

SIP Flows (In Rs Cr.)

12,000 22.0% 25%

15.3% 9,609 20%

10,000 9,182 8,819 9,156
8,418 8,596
7,831 7,792 7,788 7,800 8,023 15%
8,000 7,302 7,528
4.9% 10%
2.6% 3.8%
6,000 -0.1% 0.2% 5%
-1.1% -0.5%
-4.7% 0%
4,000 -6.4% -6.2% -6.4%
-5%
2,000
-10%
0 -15%
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

Source: AMFI

23
 Earnings Snapshot

Q4 saw a strong PAT growth on a very low FY21 witnessed 29% PAT growth on a FY20
base base
120% 35%
99% 29%
30%
100%
82% 25%
80% 20% 17% 16%
62%
15%
60%
10%
40% 5%
18% 0%
20%
-5%
0% -4%
-10%
Sales ex Fin EBITDA Ex PAT Ex Fin PAT Sales ex Fin EBITDA Ex PAT Ex Fin PAT
Fin Fin

Source: IDFC, Blomberg. Data is for absolute PAT for BSE 200 index Source: IDFC, Blomberg. Data is for absolute PAT for BSE 200 index

BSE 200 quarterly absolute PAT (Rs Bn)

2500 2145
1928
2000
1624
1500 1324 1257 1261 1318
1175 1135 1249
1011 1070 1133 1079
1000 808 777

500

Source: IDFC AMC, Bloomberg

FY 21 Earnings: Broad-based reduction in debt

60 50 51 51 51
49
50 40 40
38 37 38
40 35
32 32
28 29
26
30 23 23
18
20
10
BSE200, ex. Financials, Number of companies with Net Debt/EBITDA>3
0

Source: IDFC AMC, Bloomberg

24
Valuations

India’s share in world market-cap above its historical average

Source: MOFSL

Nifty P/E – 1 Year Forward Nifty P/B – 1 Year - Forward

Source: Kotak AMC, MOFSL

Nifty 50 & Nifty Midcap 100 P/E – 1 Year

Forward Midcaps trade at a 3% premium to large-caps

Source: MOFSL

25
Sector-wise valuations

Two-third of sectors are trading at a premium to their averages

P/E (x) P/B (x)

10 year Premium/ 10 Year Premium/

Sector Current Current
average Discount average Discount

Auto 22.5 21.4 5.3% 3.2 3.0 5.1%

Banks-Private 19.7 19.9 -0.7% 2.8 2.4 13.6%

Banks-PSU 9.5 20.7 -54.1% 1.1 1.0 15.1%

NBFC 25.4 19.7 28.9% 3.2 2.6 20.4%

Capital Goods 28.6 27.6 3.9% 3.0 2.7 12.1%

Cons. Durable 51.1 31.3 63.0% 9.2 5.6 64.1%

Cement 24.5 22.8 7.3% 3.5 2.6 32.8%

Consumer 44.9 36.9 21.7% 10.5 9.9 6.0%

Consumer excl. ITC 59.5 43.9 35.5% 13.7 12.3 11.3%

Healthcare 26.0 24.0 8.3% 4.0 3.9 3.8%

Infrastructure 17.1 10.5 62.9% 1.3 1.3 0.4%

Media 17.8 24.5 -27.3% 2.4 4.7 -49.4%

Metals 6.9 11.2 -38.3% 1.6 1.1 46.8%

Oil & Gas 14.3 11.8 21.3% 1.5 1.4 5.2%

Oil & Gas excl. Reliance 8.0 10.0 -19.5% 1.1 1.4 -19.8%

Retail 118.4 74.0 60.1% 15.6 8.0 93.8%

Technology 26.5 17.4 52.4% 8.1 4.6 75.1%

Telecom Loss - - 33.2 4.7 613.9%

Utilities 8.7 11.9 -26.7% 1.4 1.8 -25.2%

Source: MOFSL

26
 Nifty Sector-wise return

Source: BNP Paribas mutual fund, Axis Capital, Capitaline, Bloomberg

27
Equity Outlook

❖ US equities ended July higher as companies reported strong Q2 earnings and data showing a
pickup in US economic growth reinforced confidence in recovery. The Chinese government
intensified its focus on regulation, particularly in the tech and private education sectors, which
created uncertainty & panic among market participants which resulted in a sell-off. Adding to
these concerns was the rise in cases of the Delta variant of Covid-19 globally

❖ Indian Equity Markets remained muted for the month of July before touching record high levels in
August with nifty gaining just ~0.3% in July. Small-caps & Mid-caps continued their bout of
outperformance with Nifty small-cap gaining ~8.1% followed by Mid-cap which gained by ~3.1%

❖ Cyclical sectors were back in focus with sectors like Realty & Metal being the top gainers. Nifty
Realty gained ~15.9% followed by Nifty metal which gained by ~10.6%. IT continued its upwards
momentum gaining ~4.5% in July

❖ The Goods and Services Tax (GST) collection in July rebounded to over the 1 lakh crore mark to Rs
1,16,393. GST collections have increased 33% on a YoY basis & 25.4% on a MoM basis, indicating
a pickup in economic activity after a series of localised lockdowns in May during the second wave
of the Covid-19 pandemic

❖ FII’s remained net sellers for the 4th consecutive month, selling Rs ~23,193 Cr. worth of shares.
DII remained net buyers for 5th consecutive month, purchasing Rs ~18,393 Cr worth of shares

❖ According to FADA, passenger four-wheeler sales grew by ~62.9% in July YoY. Though the two-
wheeler segment registered ~27.56% sales growth last month as compared to the same period
last year, the rate of recovery remains sluggish. This is due to low demand in rural markets
because of a high number of COVID-19 cases

❖ Mid & small-caps that were trading at a discount to large-caps are now trading at a slight
premium over large-caps

❖ Equity Markets continues to touch record highs amidst reducing Covid-19 cases, unlocking of
regional lockdowns & good start of FY22 Q1 earnings. Any dips in the market can be utilised for
making stronger portfolios

28
Gold Outlook

29
Gold Outlook

Gold Spot Price YTD chart ( Rs/10 gm)

60000

55000

50000

45000 ₹46,047

40000

35000

30000
01-Jun-20

01-Jun-21
01-Apr-20

01-Jul-20
01-Aug-20

01-Dec-20

01-Apr-21

01-Jul-21
01-Aug-21
01-Oct-20
01-Sep-20

01-Feb-21
01-Jan-20
01-Feb-20
01-Mar-20

01-Nov-20

01-Jan-21

01-Mar-21

01-May-21
01-May-20

Source: MCX. Data as of 13th August 2021

Gold has been on a rise for the last few years and the rally saw an exuberance last year owing to
the pandemic, which forced central banks and governments to undertake unprecedented monetary
and fiscal measures to support their economies. Gold surged to a record high level of near ~₹56000
in August 2020 post which it cooled off as the panic related to Covid-19 calmed down. With
vaccination progressing smoothly across globe, it may dampen gold’s safe-haven appeal and
investors may rather choose to invest in riskier assets like equities and economically sensitive
commodities. As the 2nd wave of Covid-19 hit India, gold started showing some upward
momentum, however, it cooled off as the number of cases started declining. Gold may not repeat
the 2020 performance unless and until the virus situation takes a turn for worse as new mutated
variants are discovered.

30
Annexures

31
MF Category-wise average return

Return (%)

Group/Investment 1 Month 6 Month 1 Year 3 Year 5 Year 10 Year

EQUITY

Large-Cap 1.8 18.1 44.3 11.9 12.3 12.5

Large & Mid-Cap 3.8 27.1 59.3 14.5 14.4 14.7

Mid-Cap 5.1 33.9 74.3 17.3 15.6 17.0

Small-Cap 7.4 48.1 104.9 19.9 17.5 18.4

Flexi Cap 3.1 22.9 51.9 13.7 13.7 13.4

Multi-Cap 4.8 32.2 65.4 16.7 15.3 15.2

Focused Fund 2.8 21.9 49.6 12.9 13.7 13.5

Value 3.5 26.4 60.7 11.6 12.6 14.4

ELSS (Tax Savings) 3.0 23.3 53.7 13.3 13.7 14.2

ESG 2.9 21.0 47.4 13.6 12.7 13.2

HYBRID

Multi Asset Allocation 2.4 16.7 33.6 12.7 10.3 10.5

Dynamic Asset Allocation 1.5 9.9 22.6 9.2 9.3 11.3

Aggressive Allocation 2.4 18.9 41.8 12.1 12.0 12.4

Conservative Allocation 1.1 5.8 13.7 7.4 7.1 8.6

Equity Savings 1.0 8.6 19.8 7.7 7.6 8.0

Arbitrage Fund 0.3 2.1 3.6 4.7 5.2 6.7

DEBT

Credit Risk 1.0 3.6 7.9 3.8 4.9 7.8

Banking & PSU 0.6 2.0 4.3 8.4 7.6 7.8

Corporate Bond 0.1 1.4 5.4 8.2 7.7 8.2

Medium Duration 1.6 3.0 6.3 5.5 5.9 7.8

Short Duration 0.6 2.0 4.4 6.4 6.4 7.7

Low Duration 0.4 2.0 4.2 5.6 6.1 7.6

Ultra Short Duration 0.4 1.9 3.7 5.8 6.2 7.6

Liquid 0.3 1.6 3.2 5.1 5.8 7.3

Data as on 30th July 2021. Source: Morningstar

32
CY Return as per asset class

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Equity - Equity- Equity- Equity- Equity- Equity- Equity- Equity-
Debt Debt Gold Gold
US Ind Ind Ind Ind Ind Ind Ind
37.3% 63.8% 9.0% 8.5% 24.1% 71.9% 10.7% 36.3% 39.8% 54.8% 26.1% 75.8%
Equity - Equity -
Debt Cash Cash Debt Cash Gold Gold Gold Debt Gold
US US
10.5% 22.5% 5.6% 6.4% 12.7% 20.2% 4.0% 13.6% 20.3% 16.0% 9.1% 24.2%
Equity - Equity - Equity - Equity -
Gold Debt Gold Gold Cash Gold Cash Cash
US US US US
8.1% 9.0% 1.3% 5.9% 6.4% 13.5% 3.8% 6.8% 11.7% 7.5% 8.4% 17.7%
Equity - Equity - Equity- Equity -
Cash Cash Debt Gold Debt Cash Debt Cash
US US Ind US
6.5% 5.7% -3.7% -10.1% 2.7% 8.1% 0.5% 4.8% 6.0% 6.9% -23.8% 4.9%
Equity- Equity- Equity- Equity - Equity - Equity-
Gold Cash Debt Cash Debt Debt
Ind Ind Ind US US Ind
-16.5% 2.4% -20.6% -17.9% -23.8% 4.6% -0.3% 4.6% 4.0% -7.8% -51.8% 3.5%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Equity- Equity - Equity- Equity- Equity - Equity -
Gold Gold Debt Debt Gold Gold
Ind US Ind Ind US US
23.2% 31.7% 27.7% 45.6% 31.4% 8.6% 12.9% 28.6% 7.9% 31.9% 28.0% 19.0%
Equity- Equity - Equity - Equity - Equity - Equity - Equity-
Cash Debt Cash Cash Gold
Ind US US US US US Ind
17.9% 18.7% 17.5% 9.0% 14.3% 8.2% 12.5% 12.3% 7.6% 23.8% 18.3% 12.7%
Equity - Equity- Equity - Equity - Equity- Equity-
Cash Gold Gold Cash Debt Cash
US Ind US US Ind Ind
8.4% 8.2% 12.3% 6.8% 13.6% 4.2% 11.3% 6.7% 5.9% 12.0% 14.9% 2.1%
Equity- Equity-
Cash Debt Debt Debt Cash Cash Gold Debt Debt Debt
Ind Ind
5.1% 6.9% 9.4% 3.8% 9.2% -4.1% 7.5% 5.1% 3.2% 10.7% 12.3% 1.2%
Equity- Equity- Equity -
Debt Cash Gold Gold Gold Debt Cash Cash Gold
Ind Ind US
5.0% -27.2% 8.5% -4.5% -7.9% -6.6% 3.8% 4.7% 2.4% 6.9% 4.6% -3.5%

Source: MOFSL. AceMF; Bloomberg.

Data upto 30th July 2021. Returns are represented on CY basis. Equity-IND Nifty 50; Debt is represented by CRISIL Composite bond Index; Cash is
represented by CRISIL Liquid fund Index; Gold is represented by gold spot price in INR terms. Equity-US is represented by S&P 500 in INR terms

33
 CAGR return & Correlation as per asset class

RS 100 invested in 1990 would have become x times in July 2021

Period of Analysis is from 1990 to 30th July’21. Indices used: Equity is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards Debt is represented by SBI
1-yr FD rates from 1990 to 2002 and CRISIL Composite bond Index from 2002 onwards Liquid/Cash is represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL
Liquid fund Index from 2002onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date;
Equity US is represented by S&P 500 in INR terms Average: Source: MOPWM, AceMF, Bloomberg. Disclaimer :Past Performance is no guarantee of future Results.

Correlation among various Asset Classes

Equity -IND Equity - USA (INR) Gold (INR) Debt Cash

Equity -IND 1.00

Equity - USA (INR) 0.25 1.00

Gold (INR) -0.03 0.02 1.00

Debt 0.09 -0.06 -0.07 1.00

Cash -0.03 0.01 -0.05 0.31 1.00

Period of Analysis is from 1990 to 30th July’21. Indices used: Equity is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards Debt is represented by SBI
1-yr FD rates from 1990 to 2002 and CRISIL Composite bond Index from 2002 onwards Liquid/Cash is represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL
Liquid fund Index from 2002onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date;
Equity US is represented by S&P 500 in INR terms Average: Source: MOPWM, AceMF, Bloomberg. Disclaimer :Past Performance is no guarantee of future Results.

34
Periodic CAGR returns

1m 3m 6m 1Y 2Y 3Y 5Y 7Y 10Y

Nifty 50 0.3% 7.7% 15.6% 42.3% 19.0% 11.5% 12.8% 10.7% 11.1%

S&P 500 - INR 2.3% 5.5% 20.6% 33.5% 26.2% 19.2% 17.5% 15.8% 19.0%

Gold - INR 3.8% 1.5% -1.9% -10.0% 17.7% 17.6% 9.3% 8.1% 7.6%

Crisil Composite 0.3% 0.9% 1.3% 3.8% 7.9% 9.5% 8.0% 9.0% 8.7%

Crisil Liquid 0.3% 0.9% 1.8% 3.7% 4.6% 5.6% 6.1% 6.7% 7.4%

Data as on 30th July 2021. Data upto 1 Year is absolute and above 1 year is annualized.
Source: MOPWM, AceMF; Bloomberg, MOPWM Disclaimer :Past Performance is no guarantee of future Results
Debt - CRISIL Composite 2002-2012, Debt only Model portfolio 2013 onwards; Cash- HDFC
liquid (g)- REG 2002-2012; HEFC Liquid (G)- Direct 2013 onwards; Gold – MCX Gold sport Price; S&P 500 in INR terms
^Blended Index is a Equal weighted portfolio of Nifty 500 TRI, S&P 500 (INR), MCX Gold, Crisil Short term and Crisil Liquid incepted on 1st Oct’20

Jan 1990 to July 2021 CAGR Returns

Asset Class Equity-IND Equity-US Debt Cash Gold

CAGR from 1990 to 2021* 13.9% 13.4% 8.5% 7.1% 10.0%

Standard Deviation 27.8% 15.0% 2.6% 0.6% 15.0%

Maximum Drawdown -55.1% -45.9% -6.3% 0.0% -25.2%

Data as of 30th July 2021. CAGR is for period 1990 to 31st May 2021. Equity-IND is represented by Sensex from 1990 to 2002 and Niy 50 from 2002 onwards;Debt is
represented by SBI 1-yr FD rates from 1990 to 2002 and CRISIL Composite bond Index from 2002 onwards; Cash is represented by SBI 3-month FD rates from 1990 to 2002
and CRISIL Liquid fund Index from 2002 onwards; Gold is represented by gold spot price in INR terms. Equity-US is represented by S&P 500 in INR terms; Source: MOPWM,
AceMF, Bloomberg
Equal weighted portfolio (Excl US Equies) - 25% Nifty 50; 25% CRISIL Composite Bond Index; 25% CRISIL Liquid Index and 25% Gold (INR)
Equal weighted portfolio (Incl US Equies) - 20% Nifty 50; 20% S&P 500 (INR); 20% CRISIL Composite Bond Index; 20% CRISIL Liquid Index and 20% Gold (INR)

35
MF Taxation

Long/Short term definition as per type of fund

Type Short-term capital gains Long-term capital gains

Equity funds Shorter than 12 months 12 months and longer

Debt funds Shorter than 36 months 36 months and longer

Hybrid equity-oriented funds Shorter than 12 months 12 months and longer

Hybrid debt-oriented funds Shorter than 36 months 36 months and longer

Capital Gains Taxation

Type Short-term capital gains Long-term capital gains

Up to Rs 1 lakh a year is tax-exempt. Any gains above Rs 1 lakh are

Equity funds 15% + cess + surcharge
taxed at 10% + cess + surcharge

Taxed at the investor’s income

Debt funds 20% + cess + surcharge with indexation benefit
tax slab rate

Hybrid equity- Up to Rs 1 lakh a year is tax-exempt. Any gains above Rs 1 lakh are
15% + cess + surcharge
oriented funds taxed at 10% + cess + surcharge

Hybrid debt- Taxed at the investor’s income

20% + cess + surcharge with indexation benefit
oriented funds tax slab rate

How are Dividends from MF taxed ?

All dividend received on or after 1 April 2020 is taxable in the hands of the investor by adding it to their taxable income
and taxed at their respective income tax slabs. The Finance Act, 2020 also imposes a TDS on dividend distribution by
mutual funds on or after 1 April 2020. The standard rate of TDS is 10% on dividend income paid in excess of Rs 5,000
from a mutual fund.

Securities Transaction Tax (STT)

Apart from the tax on dividends and capital gains, there is another tax called the Securities Transaction Tax (STT). An
STT of 0.001% is levied by the government (Ministry of Finance) when you decide to buy or sell mutual fund units of an
equity fund or a hybrid equity-oriented fund. There is no STT on the sale of debt fund units.

Disclaimer: Above details are generic in nature and for reference purposes only, Kindly contact your personal Tax advisor for taxation purposes.
Data Source: Clear Tax

36
Why Invest with Baroda Radiance ?

37
Why Invest with Baroda Radiance

CUTTING
DEDICATED EDGE CUSTOMISED
TEAM OF RESEARCH FINANCIAL
EXPERTS To help you make PLANNING
informed
Get the support Dedicated to
decisions with in-
you deserve meet your goals
depth
COMPOSITEunderstanding
WEALTH DIGITAL
MANAGEMEN CONVENIENCE
T SOLUTIONS Invest on the go
To address all with our digital
your financial platforms
requirements

Product suitability Matrix

Profiling:
Mapping Client’s Potential, Risk profile and Knowledge + Experience

Asset Allocation:
Recommending distribution in various asset classes

Recommendations:
Based on stringent filtration processes

Rebalancing
Based on Performance

Surveillance & Testing

As per best practices

38
Product Offerings

• Empanelled with top 20 AMCs, covering~95% of overall

Industry AUM.
Mutual Funds
• Baroda Select – our list of Top Mutual funds, shortlisted
based on in-depth research

• PMS offerings from experienced and lead product

Portfolio Management Services
(PMS) providers.

• Strategies across Market-cap

• Principal protected Structure Products comprising both

Equity & Debt offerings.
Market Linked Debentures
• PMS feeder availability to reduce the minimum
investment size.

• Partnered with renowned / experienced product

providers to cater to client’s investment needs.
Alternate Investment Funds (AIF)
• Category II & Category III AIFs with various investment
product options.

• Primary & Secondary Debt instruments

Other Products • Tax Free Bonds

• Gold, ETFs, etc.

39
 Baroda Select framework

Pedigree of AMC & Fund Philosophy & Style of

management Team Investment

Key Pillar's

Consistency of Risk-
Risk Management
adjusted performance

Baroda Select evaluation process

• Categorization as per SEBI

Initial • Out of ~42 categories, limited categories are
Screening selected as per in-house research

• Individual Schemes across

Qualitative & shortlisted categories are screened
Quantitative across Key Qualitative &
Analysis Quantitative Metrics

• Shortlisted
Baroda Select Schemes are
monitored on a
monthly basis to
check for any
deviations from
the strategy 40
Baroda Select framework

Parameters Definitions

• Pedigree of AMC
AMC & Fund
• Fund Manager assessment wears a mix of quantitative and qualitative
Manager Analysis
factors to develop holistic idea about approach

Performance • Rolling Return Analysis

Measure • Fund Performance reviewed across Business Cycles

• Returns Deviation are measured across Business Cycles

Volatility
• Using Up & Down Capture ratio to understand a funds ability to
Measure
participate in the up cycle and resist the down cycle

• Using Sortino Ratio to understand a firms ability to generate Risk

Risk-adjusted adjusted returns
Return Ratio • Risk Adjusted returns assessment helps understand funds ability to
minimize risk and maximize return

• Credit Quality is defined by paper quality breakdown , Issuer exposure

Credit Quality among other elements
• Testing is done across Business Cycles and stress events

• YTM can give fair judgement on the expected returns from a fund. YTM
can also be used to compare funds with different Avg. maturities for a
YTM, Mod. like to like comparison.
Duration • Modified duration is simply the price sensitivity of a bond to changes in
yields or interest rates. Mod. Duration for funds are evaluated as per
changing Interest rate cycle

• Diversification of a fund is evaluated to avoid highly concentrated/overly

Diversification
diversified portfolio

Asset Allocation • For Hybrid funds, in addition to the above factors, Asset Allocation
Strategy strategy is evaluated across Market Cycles

41
About us

42
 About Bank of Baroda

Founded in
1908

Employees in
80,000+
19 countries
Branches globally
~8,581

~131 Million Customers globally

❖ India’s leading and formidable Bank, which has been in existence for 100+ years
❖ With effective from 1st April 2019, Vijaya Bank and Dena Bank have amalgamated with Bank of
Baroda
❖ Offers comprehensive banking solutions across agriculture, corporates, government, individuals,
public authorities and SMEs
❖ BOB endeavors to identify and diversify target markets with a proactive focus on enhancing customer
franchise and align products offered to address market needs in order to add and retain more credit
valued customers
❖ Provides a strong foundation for growth by strengthening of recovery and collection mechanism,
enhancing credit quality and improving core profitability
❖ Recruits talent to further strengthen internal systems of training and skills development
❖ Retains the leadership position by strategic focus on people, processes, products and technology

43
Bank of Baroda – Key Strength

One of the most formidable and well

recognized brands in the Indian Banking
Industry

Subsidiaries and JVs cover entire Financial Spectrum –

Insurance, Asset Management, Capital Markets

Deep Financial Inclusion Coverage

Wide Customer base

Strong Domestic Presence

Well distributed branch network in rural, semi-urban and

urban coverage

Catering across the globe

Net lender in the market, maintaining adequate liquidity

in
all business cycle phases

Efficient Capital Adequacy Ratio

Superior Employee strength

Source: BOB Analyst

presentation.
44
Disclaimer
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45