SUNDAY • OCTOBER 31, 2021

MUMBAI
₹10 • Pages  12
Volume  28 • Number  301

BENGALURU CHENNAI COIMBATORE HUBBALLI HYDERABAD KOCHI KOLKATA MADURAI MALAPPURAM MANGALURU MUMBAI NOIDA THIRUVANANTHAPURAM TIRUCHIRAPALLI TIRUPATI VIJAYAWADA VISAKHAPATNAM Regd. TN/ARD/14/09-11, RNI No. 55320/94

80% chance stock market  Gold regains glitter

this Diwali, finally BIG STORY P2
INSIDE

will beat pre­Muhurat blues
Shubh Labh
Planning to buy gold this Dhanteras?
SURESH P IYENGAR ₹45,640  in  the  same  period Here are options you can go for in
..........................................
Mumbai, October 30  last year.  the comfort of your home
However,  in  line  with  the
After  struggling  for  the  last global  trend  and  rising  de­
History shows a switch in sentiment in the month after special trading three  years,  jewellers  are  fi­ mand,  prices  have  started YOUR MONEY P3
nally laughing all the way to firming to touch ₹47,975 per Rollercoaster ride
KUMAR SHANKAR ROY the bank as the demand this 10  gm  on  Friday  against Here are the crucial lessons the
..........................................
BL Research Bureau festival  is  set  to  hit  a  new ₹46,435 on October 1.  recent episode involving IRCTC
high  with  some  of  the  jew­ Navneet  Damani,  VP­Com­ and the Railways Ministry offer
Mount  60K  has  proved  to  be ellery  manufacturers  refus­ modities  Research,  Motilal
quite slippery so far. The Sen­ ing to accept new orders.  Oswal  Financial  Services,
sex in the past 10 trading days Buyers, on the other hand, said  with  the  inflation  over­ TAKING STOCK P 4 & 5
has slipped over 2,400 points are now ready to splurge on hang  and  possibility  of  in­
after  closing  at  an  all­time their favourite jewellery this terest  rate  hike,  gold  prices IPO rush
The IPOs of Nykaa, Policybazaar, 
high  of  61,765.59  earlier.  The Dhanteras in  view  of  stable are  expected  to  surge  to­
Fino Payments Bank and SJS
bellwether  index  has  erased gold  prices  and  bullish  eco­ wards  ₹52,000­53,000  over
Enteprises are here. Read our verdict 
all  the  gains  that  it  managed nomic sentiments.  the next 12 months. 
to  garner  in  the  month  pre­ Moreover,  the  pick­up  in Somasundaram  PR,  Re­
ceding  the  Muhurat  trading vaccination  pace  and  a  sub­ gional  CEO  (India),  World
scheduled  on  November  4. stantial  drop  in  fresh  Covid Gold Council, said the senti­
Bears  seem  to  have  tasted cases have led to ment at the re­
Technical Call : Sell Phillips Carbon
blood, sending bulls shivering relaxation  of cent  buyer­
back to their barns. But things pandemic proto­ seller meet GURUMURTHY K
..........................................
can change soon. cols.  has  been  so BL Research Bureau
Muhurat trading, a cultural To  meet  the buoyant that a
and religious activity retained rising  demand, few  of  them The  bias  is  turning  bearish
over the years by the broking the  industry  has even  refused on the charts of Phillips Car­
community, is held during the imported  740 to accept fresh bon  Black.  The  stock  has
evening  hour  on  Diwali  after tonnes of gold in orders as their been  falling  consecutively
performing  Lakshmi  Puja.  If month ahead of the Muhurat, come  at  a  sharp  pace  in  the dian markets didn’t change in the  last  nine manufactur­ over the last four weeks. It is
history is any indication, there the sentiment weakens in the last  few  days.  For  instance,  of pre­Muhurat vs post­Muhurat, months of this year.  ing capacity was completely down  17  per  cent  over  this
is  an  80  per  cent  chance  In­ month  after  the  special  trad­ the last 10 sessions, the Sensex bulls will also hope a mean re­ Ramesh  Kalyanaraman, booked.  period. 
dian  markets  will  soon  beat ing session. This has happened has  bled  red  on  seven  days. version happens this year and Executive  Director,  Kalyan Even as the equity market This fall has broken the will confirm the double­
the pre­Muhurat blues. Call it in 1996, 1997, 2009, 2010, 2011 Premium  valuations  com­ sentiments swing. Jewellers  said  for  the  first touched  a  new  high,  con­ uptrend  that  has top  pattern.  Such  a
Muhurat magic, if you will. and 2013. pared  to  long­term  averages, time  since  March  last  year, sumers are wary of valuation been in place since break  will  pave
A 25­year analysis of market The  recent  correction  in investor  fatigue  and  the  ab­ Muhurat day trends all  the  showrooms  will  be and looking at gold as an al­ late  March  last way  for  a  fresh
performance  in  the  month equity  markets  has  put  bulls sence  of  any  meaningful  cor­ Coming  to  specifically  the fully operational this festival ternative option, he said.  year.  The  stock fall  initially  to
ahead  and  post  the  Muhurat in a corner, after a rip­roaring rection  in  the  last  10­12 Muhurat  session  per se,  the season  and  are  already  see­ Aditya  Pethe,  Director, has  also  made  a ₹192  –  the  38.2
trading session shows a switch rally. Weak global cues, mixed months  are  reasons  being Sensex has mostly given posit­ ing  higher  footfalls  and  rev­ WHP  Jewellers,  said  the  de­ decisive  break per cent Fibon­
in sentiment. corporate  earnings  and  con­ highlighted  to  book  profits. ive returns on that day. In the enue.  mand  had  picked  up  since and  close  below acci  retrace­
tinuous  selling  by  FIIs  have However,  on  the  other  hand, 25  years  analysed,  markets The  quarter  ending Navaratri, but  slowed  down the  21­week  mov­ ment  level  and
Up after a fall fanned investor cautiousness. the economy picking up pace, have risen in 20 years, that is, December is one of the most during  pitru paksha ing  average  which  is eventually to ₹166 –
Importantly,  if  the  Sensex Half  a  dozen  IPOs  coming Covid  coming  under  control, 80  per  cent  of  the  times.  The important  periods  for  the (September  20­October  6) currently  at  ₹242.  In  addi­ the 50 per cent Fibonacci
loses  lustre  in  the  month nearly  at  the  same  time  has with  massive  vaccination best  one­day  gains  on jewellery  industry  with  the only to rebound since then. tion to this, there is a double­ retracement support. 
ahead of Muhurat, it gains 80 meant  that  investors  may drive,  and  Indian  equities  of­ Muhurat  were  seen  in  2008 wedding  season  closely  fol­ Ishu Datwani, Director, An­ top  reversal  pattern  visible Investors  can  sell  50  per
per cent of the time in the sub­ have also booked profits to in­ fering  among  the  best  earn­ (up 5.9 per cent), 2005 (1.6 per lowing the festival season.  mol Jewellers, said given the on the chart. All these could cent of their holdings at cur­
sequent  one  month.  This  has vest in the primary markets. ings  growth  prospects  glob­ cent), 2002 (1.25 per cent), 2001 current  trend,  the  industry keep  the  stock  under  pres­ rent  levels.  The  balance  50
happened in 1998, 1999, 2000, From  a  one­month  per­ ally,  strengthen  the  case  for (1.17 per cent) and 1999 (1.13 per Stable prices expects  sales  to  increase  15­ sure.  per cent can either be sold on
2002,  2005,  2008,  2012  and spective, the Sensex may look bulls. cent).  In  five years  i.e.  1997, Gold prices have fallen 7 per 20  per  cent  this  festival  sea­ A break below the imme­ break below ₹217 or at ₹235 if
2014 (see table). On the other like it is down only about 100 Moreover,  given  that  from 2007, 2012, 2016 and 2017, the cent as of September­end to son compared to the last two diate  support  level  of  ₹217 a corrective bounce is seen.
hand, if the trend is strong one points,  but  declines  have 2015  to  2020  the  trend  in  In­ Muhurat magic didn’t work. ₹42,635  per  10  gm  against years.

SEBI warns Vedanta of ₹1,407­crore PM Modi calls on

Pope ahead of
Private insurers give thumbs up to PB Fintech
KR SRIVATS marketplace  Policybazaar said  capital  market  experts.

related­party transactions sans nod
..........................................
and credit comparison portal Eleven  insurance  companies
G20 meet New Delhi, October 30
Paisabazaar. made  a  demand  of  $40  mil­
OUR BUREAU
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Private  life  insurers  made  a This  reflects  the  optimism lion in the anchor round that
OUR BUREAU
..........................................
sions  of  SEBI  regulations.  Any New Delhi, October 30 beeline  to  participate  in  the that private life insurers have took place on Friday, sources
Mumbai, October 30  such  aberration  in  future anchor  investor  segment  of in the future prospects of the close  to  the  development
would  be  viewed  seriously Prime  Minister  Narendra the  IPO  of  PB  Fintech,  which online  marketplace  model said. 
The  Securities  and  Exchange sand appropriate action would Modi met Pope Francis in the operates  online  insurance that PB Fintech had adopted, Read more p12
Board of India (SEBI) has issued be initiated,” said the regulator Vatican on Saturday and dis­
a warning  to  billionaire  Anil in the letter.  cussed issues such as the ef­
Agarwal­led Vedanta for execut­ SEBI  directed  Vedanta  to fects of the on­going Covid­19
ing  related­party  transaction place its letter before the com­ pandemic on people and the
worth  ₹1,407  crore  without pany’s Board and disseminate challenges posed by climate
prior  approval  of  the  audit However,  the  market  regu­ the  same  to  stock  exchanges. change, according to an offi­
committee.  lator underscored that Regula­ Vedanta, in a filing to stock ex­ cial release.
The company’s independent tion 23(2) of SEBI (LODR) Regu­ changes,  said  that  the  firm’s Modi, who is in Rome to at­
auditor and secretarial auditor lations,  2015,  states  that  all Board at its meeting held on Oc­ tend the G20 Summit on Oc­
had  flagged  the  related­party related­party transactions shall tober 29 took note of SEBI’s let­ tober  30­31,  also  met  his
transaction  issue  in  the  com­ require  prior  approval  of  the ter. The Board has advised the counterparts  from  Italy,
pany’s annual report for FY21. audit committee. company to ensure adherence France and the EU and talked
to all applicable provisions. about  post­pandemic  eco­
No prior approval ‘Ensure compliance’ nomic  recovery,  mutual  re­
Referring to the opinion in re­ With regard to secretarial aud­ cognition of vaccine certific­
spect  of  the  company  execut­ itor’s observation on the delay ations,  promotion  of  green
ing  related­party  transactions in disclosure of outcome of the energy initiatives and co­op­
worth  ₹1,407  crore  without board meeting dated October eration  to  boost  trade  and
prior  approval  of  the  audit 3, 2020, the company submit­ investments.
committee,  SEBI,  in  a  letter ted  that  the  delay  was  due  to The  leaders  from  G20  na­
dated  October  28,  noted  that unforeseen circumstances and tions  met  on  Saturday  in
the  company  has  submitted that it will ensure that the same Rome for the first in­person
that  the  said  transaction  was is  not  repeated,  according  to summit since the pandemic,
ratified later (after 47 days). The SEBI’s letter. “The aforesaid non­ to  discuss  the  global  eco­
company  further  submitted compliances  are  viewed  seri­ nomy and global health, cli­
that  the  said  transaction  was ously.  You  are  hereby  warned mate  change,  and  sustain­
done at arm’s length and in or­ and advised to ensure compli­ able development.
dinary course of business.  ance with all applicable provi­ Details p12

Shah Rukh Khan is back with a bang endorsing brands

With his son out on bail, there is a heightened frenzy of ads featuring King Khan
MEENAKSHI VERMA have  tactically  increased cially  after  the  Bombay tion  company  The  Bottom
AMBWANI media  time  in  existing High  Court  granted  bail  to Line,  said  that  companies
..........................................

New Delhi, October 30 campaigns  featuring  SRK his  son  and  the  army  of which may have had to cut
or  launched  campaigns fans  thronged  ‘Mannat’, down  on  the  exposure  of
Any publicity is good publi­ during this period. bursting crackers. their  campaigns  featuring
city  —  that  adage  seems  to A senior industry execut­ Lloyd  Mathias,  business him, could now look at tac­
hold  true  for  Bollywood ive  pointed  out,  “Since  this strategist  and  angel  in­ tically  increasing  the  fre­
King Shah Rukh Khan, who issue  is  topical  and  getting vestor,  said  any  contro­ quency  of  these
is  suddenly  highly  visible a lot  of  eyeballs,  some  of versy or issue of this nature campaigns.
in  a  surfeit  of  ad  cam­ the  brands  seem  to  have puts  the  spotlight  on  the Added  N  Chandramouli,
paigns.  The  carpet  cover­ upped  the  frequency  of star  and,  in  this  scenario, CEO,  TRA  Research,  “Shah
age  of  his  son  Aryan  Khan their  campaigns  especially handling  the  crisis  with  a Rukh Khan has been stand­
getting  bail  on  an  alleged on news channels.” tinue  with  their  icon,  fear­ dignified  silence  has ing  as  a  pillar  behind  his
drug  charge  has  unexpec­ ing  a  negative  rub­off.  For bolstered  the  appeal  of son  with  a  lot  of  restraint,
tedly  translated  into  what Sympathy wave instance,  in  this  period, Shah  Rukh  Khan  to  a  cer­ calm,  maturity  and  poise
seems  to  be  a  significant Experts say after the negat­ Byju’s  had,  for  about  four tain extent. during  this  crisis.  It  has
rise  in  the  volume  of  ad­ ive press and trolling on so­ days, paused the ads featur­ It  is  also  a  moment  of gained  him  a  lot  of  sym­
vertising  featuring  the  Bol­ cial  media,  there  has  also ing SRK.  quiet  relief  for  the  brands pathy from consumers and
lywood superstar. been  a  wave  of  sympathy that  spent  some  days  of the  brands  that  he  en­
SRK  has  been  visible for  SRK  as  the  beleaguered Trend reversal anxiety  over  the  events  un­ dorses  will  see  a  positive
lately  in  ads  for  brands father of a troubled son. However,  the  trend  re­ folding  around  their rub­off.  His  demeanour  in
such  as  Byju’s,  Vimal  Pan In  the  initial  days  after versed slowly with SRK get­ ambassador. the  current  crisis  has  in
Masala,  Mondelez  and  LG Aryan Khan’s arrest, brands ting  a  lot  of  sympathetic Vigyan  Verma,  Founder, fact  made  the  superstar
Electronics.  Some  of  them seemed  reluctant  to  con­ commentary,  and  espe­ brand and consulting solu­ more relatable.”

CM . .... . . ... .BM-BME

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2 BLPORTFOLIO
MUMBAI
BusinessLine
SUNDAY • OCTOBER 31 • 2021
Sovereign Gold Bonds
What is it?
Sovereign Gold Bond (SGB) is
a government security issued
by  the  Reserve  Bank  of  India
(RBI) on behalf of the Govern­
ment of India. The bond is de­
nominated in grams of gold.
The RBI has been issuing these
bonds  under  various  series
every  fiscal  since  November
2015.  The  eighth,  ninth  and
tenth series of the SGB for this
fiscal  will  be  open  for  sub­
scription  from  November  29
to December 3, January 10 to
January 14 and February 28 to
March 4, respectively.
An  interest  rate  of  2.5  per
cent per annum on the initial
subscription  value  is  paid
semi­annually.
Where to buy?
These  bonds  can  be  bought
directly  by  filling  up  the  re­
quisite form available on the
RBI’s website. Alternatively, in­
vestors can apply for the bond
through Scheduled Commer­
cial Banks, designated Post Of­
fices, Stock Holding Corpora­
tion  of  India  Ltd  (SHCIL),
Clearing Corporation of India
Limited  and  the  stock  ex­
changes  (National  Stock  Ex­
change and Bombay Stock Ex­
change)  either  directly  or
through  their  agents.  All  the
older series of these bonds are
available  for  purchase  in  the
secondary  market  on  the
stock  exchanges  for  those
who want to buy them at any
time outside the subscription
period of the primary issue. A
list  of  SGBs  available  in  the
secondary  market  can  be
found  at  https://www.nsein­
dia.com/  market­data/sover­
eign­ gold­bond
Pre-requisites
Permanent  Account  Number
(PAN)  is  a  mandatory  detail
that  will  have  to  be  given  at
the  time  of  applying  for  the
SGB. In case you want to hold
the bond in demat form, then
you will have to furnish
your  Depository  Parti­
cipant ID and the Cli­
ent ID in the applica­
tion form.
Investment size
The  minimum  pur­
chase value is one gram
of  gold.  Payments  can
be  done  by  cheque,  De­
mand  Draft  (DD)  or  through
electronic  transfer.  Cash  pay­
ments  are  also  accepted  but
for a value up to ₹20,000 only.
An  individual  is  allowed  to
buy  up  to  a  maximum  of  4
kilogram  of  gold  in  a  fiscal
year.  This  will  include  the
bonds purchased at the initial
issuance and those bought in
the secondary market. The is­
sue price is fixed by taking the
simple  average  of  gold  price
(closing  for  the  purity  grade
999) of the last three working
days prior to the subscription
period as published by the In­
dian Bullion and Jewellers As­
sociation (IBJA).
Costs involved
Since SGBs are kind of a deriv­
Readers can share their views and suggestions in the comments section on our website (thehindubusinessline.com/portfolio/), mail them to blportfolio@thehindu.co.in, or tweet to us @BlPortfolio
CM
YK
ative  instrument  of
gold  held  in
either  paper  or
demat  form,
costs  like  making
charge, storage, GST and
other expenses that an indi­
vidual will incur on other av­
enues like buying physical, di­
gital  gold,  etc,  are  not
applicable here.
Exit options
The tenure of the SGB is eight
years with a lock­in period of
five  years.  After  five  years
there is an option of exit/pre­
redeem the bond in the fifth,
sixth  and  seventh  year.  The
RBI  opens  a  special  window
for  pre­redemption.  Like  the
issue  price,  the  redemption
price is fixed as the average IB­
JA’s  gold  closing  price  of  the
last three working days prior
to the redemption date.
However, if you want to exit
before five years or anytime in
between  the  total  tenor  of
eight years, it can be done in
the  secondary  market  in  the
stock exchanges at the prices
available at that time.
Taxation
The  interest  payment  re­
ceived is completely taxed as
per the individual’s tax slab.
If you redeem the bond at
the end of eight years, the cap­
ital gains, if any, are not taxed.
But if you exit the bond on the
secondary  market  in
between,  then  Short­Term
Capital  Gains  (STCG)  and
Long­Term  Capital  Gains
(LTCG) tax will be applicable.
If  you  exit  within  three
years,  STCG  is  applicable.
Here, the gains will be added
to your income and taxed as
per  the  applicable  tax  slab.
Beyond three years, LTCG tax
of 20 per cent will be levied on
the gains. However, the index­
ation  benefit  is  applicable  in
this case.
Advantages
One, your return is not only
the  price  appreciation,  if
any,  but  also  your  in­
terest  income.
Secondly,  if  you  sub­
scribe for the primary
bond  issue  entirely
through  the  online
mode, you will get a discount
of ₹50 per gram on the issu­
ance price.
Risks
As the bonds enjoy sovereign
guarantee, there is no risk of
default  in  case  of  SGBs.
Secondly,  since  this  is  in  the
paper or demat form there is
no  risk  of  impurity  as  in  the
case  of  physical  gold.  How­
ever, there are two risks. One,
the risk of gold price depreci­
ating over the time frame for
any  issuance.  Two is  the  li­
quidity  risk  associated  with
buying and selling SGBs in the
secondary  market.  If  you  are
opting for this route, it is best
to go for bonds with consist­
ently  good  trading  volumes
and that too in small quantit­
ies of up to, say, 10 units.
BIG STORY
STRIKE
GOLD THIS
DIWALI
Gurumurthy K explores the options available
P
lanning to buy gold this Dhanteras? Purchasing jewellery, coins and
bars is passé. It not only involves additional outgo like making
charges and wastage but also locker charges for safekeeping. Purity
may not always be a given and the risk of theft remains. Break free from
these hassles this year! There are several options to take exposure to gold
electronically. Besides, investments in gold are an inflation
hedge and it will be prudent to allocate about 10 per cent of
your investment portfolio to the yellow metal alongside asset
classes such as debt and equity. Here’s all you need to know
about Gold Exchange Traded Funds (ETFs), Gold Mutual
Funds, Sovereign Gold Bonds (SGBs) and Digital Gold.
Gold Exchange Traded Funds
What is it?
Gold Exchange Traded Fund
(ETF) is an open­ended mu­
tual  fund  whose  underly­
ing asset is gold.
Where to buy?
The  ETFs  are  listed  and
traded on BSE/NSE.
Pre-requisites
A demat account is mandat­
ory.  So,  you  will  have  to
comply  with  Know  Your
Customer  (KYC)  require­
ments  like  producing
photo,  address  proof,
Aadhaar,  PAN  and  bank  ac­
count  details  to  open  a  de­
mat account.
Investment size
The  minimum  investment
size is one unit as traded on
the  exchange.  There  is  no
maximum limit. 
Costs involved
Since  this  instrument  is
traded  on  the  stock  ex­
change,  costs  like  broker­
age,  exchange  charges  and
taxes  are  applicable.  Addi­
tionally, the expense ratio is
in­built  in  the  price.  How­
ever,  Securities  Transaction
Tax (STT) is not applicable.
Scan & Share
Exit options
One  can  sell  on  the  ex­
changes and settle in cash.
Taxation
On  redemptions,  STCG
(holding  period  less  than
three  years,  taxed  at  slab
rate) and LTCG ( more than
three years, 20 per cent tax
with  indexation)  are
applicable.
Advantages
Gold  ETFs  are  safe  and
transparent  instruments.
For every unit you buy, the
mutual fund house buys
physical gold. All gold is
stored  with  an  inde­
pendent  vaulting
agency  where  records
are  maintained.  SEBI­re­
gistered  custodians  over­
see  the  holding  of  equival­
ent physical gold and there
are  audit  requirements  for
fund  houses  too.  Besides,
MFs issuing gold ETFs must
make  periodic  disclosures
on fund holdings to SEBI.  gold ETF return vs domestic
Risk
Liquidity is a risk . There are
about thirteen Gold ETFs lis­
ted on the NSE and about el­
even on BSE. But not all are
actively  traded.  So,  in­
vestors should be careful in
selecting  one  with  relat­
ively  higher  liquidity  so
that exit becomes easy.  lets,  banks,  etc.,  who  have
Amongst  gold  ETFs,  in­
vestments  can  be  con­
sidered in Nippon India ETF
Gold BeES (NSE: GOLDBEES)
and  HDFC  Gold  ETF  (NSE:
HDFCMFGETF)  on  account
of  lower  impact  costs,
cheaper  expense  ratio,
higher  trading  volumes,
and  better­than­average
tracking  difference.  For  in­
stance, Nippon India ETF
Gold BeES has the low­
est  impact  cost  of
0.03%  and  its  2­year
average  daily  traded
quantity (43.56 lakh)
is  by  far  highest  in
category.  Similarly,
HDFC  Gold  ETF,  with  a
cheaper  expense  ratio  of
0.57% against category aver­
age  (0.60%),  has  outper­
formed  category  in  terms
of  tracking  difference  (ie.
gold  price)  over  5­  and  10­
year periods by 5­15 bps.
Keep  in  mind  that  there
is a risk of capital loss as the
gold  price  can  move  in
either direction.
Digital Gold
What is it?
Digital  Gold
is  the  new­
est  form  of
investing  in  the
yellow  metal.
MMTC­PAMP,
SafeGold and  Aug­
mont  Gold  are  the
three players that offer
this product as of now,
directly  or  through
partners. Here, you hold
gold in a digital form in
an  account.  Against  your
units,  equivalent  amount  of
physical gold is bought and
stored in vaults.
Risks
The risk here is that the di­
gital gold is an unregulated
avenue  unlike  SGBs,  which
are under RBI, and gold ETFs/
mutual  funds  which  are  un­
der SEBI.
SEBI has also been lately ad­
vising  stock  brokers  and  in­
vestment  advisors  to  refrain
from  providing  platform  for
buying/selling/dealing  in
digital gold.  then  the  making
Following  SEBI’s
guidelines,  NSE  had
earlier  instructed  all
members,  including
stockbrokers  and
wealth  managers,  to
stop  sale  of  digital  gold
from September 10.  of selling.
However, the three players
have designated trustees and
regular audits are to be con­
ducted  on  the  physical  gold
stored in their vaults.  is  five  years  and  with
If the convenience of trans­
acting  gold  through  digital
platform  attracts  you,  you
need  to  tread  carefully.  Here
are some of the features you
need to know.
Where to buy?
You can buy digital gold dir­
ectly from one of these three
players  through  their  web­
site.  Secondly,  it  can  also  be
bought  through  digital  wal­
partnered with them. Google
Pay,  Amazon,  Flipkart  and
CoinBazaar are  some  of  the
partnered  platforms. The
partner list for all the three is
available  on  their  respective
websites.
Pre-requisites
Name,  mobile  number  and
address  proof  are  the  basic
requirements.  (more  than  three  years,  20
Some  players  make  the
Aadhaar and PAN mandatory
Gold Funds
What is it?
Gold  funds  are  a  category  of
mutual funds that mainly in­
vest in Gold ETFs; hence, basic­
ally, Fund­of­Funds.
Where to buy?
An  investor  can  choose  the
direct  route  and  buy  gold
funds  from  the  fund  house.
This  method  has  no  addi­
tional  charges.  Alternatively,
one  can  buy  the  fund  from
mutual fund distributors. But
this  route  will  incur  the  dis­
tributor’s  commission  as  an
additional  charge,  which  is
built into the expense ratio.
Pre-requisites
General Know Your Cus­
tomer (KYC) process in­
volving the submission
of address and identity
proof, PAN and Aadhaar
along with the bank account
details have to be furnished at
the time of first investment.
If you are already investing
in  any  mutual  fund,  then
fresh  KYC  process  is  not
needed.  The  details  will  be
fetched from the Central KYC
database.
Investment size
While SIPs can be started for as
low as ₹100, investors need to
put in anywhere between
₹100  and  ₹5,000  for
lump sum investments
across fund houses.
for you to buy digital gold.
Investment size
The  major  attraction  in  case
of digital gold is that one can
buy gold ranging from as low
as  ₹1.  Again,  this  varies
between platforms used. For
instance, SafeGold has a min­
imum  investment  limit  of
₹10.
Costs involved
Goods and Services Tax (GST)
of 3 per cent will be levied on
the  value  of  purchase.  Costs
such  as  customs  duty  and
other taxes applicable are in­
built  within  the  prices.  Pay­
ment  gateway  charges  are
also  applicable  (2.9  per  cent
in  case  of  MMTC­PAMP).  For
the first five years there is no
storage  cost.  Beyond  five
years, SafeGold levies 0.24 per
cent  and  MMTC­PAMP
charges  0.4  per  cent  as  stor­
age cost.
At  the  time  of  exiting,  if
you  opt  for  redemption  in
the  form  of  physical  gold,
charge,  delivery
charges,  etc.,  will  be
levied.  Also,  there  is  a
wide  spread  between
the buy and sell prices,
which  will  also  be  a
cost  factor  at  the  time
Exit options
The  maturity  period  for  di­
gital gold in case of Augmont
SafeGold  it  is  ten  years.
MMTC­PAMP does not have a
cap  on  holding  its  digital
gold.  Several  options  are
available for exiting. One, you
can  get  physical  gold  de­
livered in the form of coins or
bars either in part or in total.
Second, you can convert it to
jewellery  from  partner  jew­
ellery  stores.  For  instance,
Tanishq  has  tied  up  with
SafeGold. In this case, making
charges  and  other  charges
levied at the time of purchas­
ing jewels will be applicable.
The third option is to sell the
gold on the platform and re­
deem in the form of cash.
Taxation
In  case  you  redeem  in  the
form  of  cash,  STCG  (holding
period  less  than  three  years,
taxed  at  slab  rate)  and  LTCG
per cent tax with indexation)
are applicable.
Costs involved
It being a Fund­of­Fund, a two­
layer  expense  ratio  is  in­
curred.  Exit  loads  are  applic­
able if you sell the fund within
one year.
Exit options
The fund units can be sold at
the respective fund house dir­
ectly and cash will be credited
to your bank account.
Taxation
Tax  treatment  is  similar  to
Gold ETFs.
Advantages
A major  advantage of
gold funds is that Sys­
tematic  Investment
Plan  (SIP)  option  is
available  and  a  de­
mat  account  is  not
necessary.  This  aids
in disciplined investing. There
are also no liquidity risks like
in  gold  ETFs.  Among  the  sev­
eral gold funds available, ICICI
Prudential  Regular  Gold  Sav­
ings Fund and SBI Gold Fund
are options to consider. Both
schemes have competitive ex­
pense  ratios  (about  0.50%)
and  their  tracking  difference
is  better  than  category
average.
Risk
There is a risk of capital loss as
the  fund  prices  are  linked  to
gold price movement.
.. ... . . . . .BM-BME
MUMBAI
BusinessLine
SUNDAY • OCTOBER 31 • 2021
REAL RETURNS
Key lessons from IRCTC saga
The recent episode shows why even seasoned investors are very choosy about fancied PSU stocks
AARATI KRISHNAN
..........................................
Stocks  of  Public  Sector  Undertakings
(PSUs) in India are generally held to be
boring  bets  for  investors,  given  that
they  operate  in  old  economy  busi­
nesses, rarely go in for exciting corpor­
ate moves such as new business forays,
buyouts  or  mergers,  and  faithfully
maintain  a  high  dividend  yield  by
coughing  up  payouts  at  their  pro­
moter’s behest.
But  Indian  Railway  Catering  and
Tourism  Corporation  (IRCTC),  the
monopoly ticketing arm of Indian Rail­
ways,  has  behaved  in  a  very  non­PSU
like fashion right from its IPO in Octo­
ber  2019.  With  the  offer  made  at  a
throwaway  price  of  ₹320,  the  share
more than doubled on listing and was
up fourfold within fifteen months, scal­
ing ₹1400 by January 2021.
A dizzying rise….
It had good reason to do so. Though two
waves  of  Covid  had  battered  IRCTC’s
revenues and profits in FY21 to a third of
FY20  levels,  IRCTC  continued  to  seed
new  revenue  streams  during  the
pandemic.
It  flagged  off  hotel,  bus  and  airline
ticketing  services,  launched  domestic
and  international  tour  packages,  deb­
uted  its  own  payment  gateway  and
scaled up its insurance and co­branded
credit card business, while bidding for
private train routes put on block by the
Railways. It also took the first steps to­
wards  monetising  its  mammoth  6
crore  user  base  with  cross­selling  and
advertising.
This helped the investor community
forget its pathological aversion to PSUs,
to imagine a rosy future for IRCTC. The
stock’s PE scaled three digits as analysts
modelled a fivefold bounce in its earn­
ings by FY23. This was based on the Rail­
ways getting back to business­as­usual
(which would restore IRCTC’s internet
ticketing,  catering  and  bottled  water
revenues) and adding to its bottomline
from its nascent new businesses. Talk of
new ticketing opportunities from AC 3
coaches and the pricing power enjoyed
by IRCTC on convenience fees added to
its bull case, helping the stock’s pricey
PE  of  150­200  times  in  mid­2021,  scale
dizzying  heights  of  over  320  times  by
October 2021, prompting entertaining
Twitter  face­offs  between  IRCTC  fans
and haters.  owns  67  per  cent)  to  gain  ₹150­300
ALERTS
e-ATMs for MF
ICICIdirect, an online platform
for investments, protection
and loan products, has
launched e­ATM for mutual
funds. 
With this, customers will get
instant payout on their MF
redemption orders, compared
to 2­4 working days in the
normal cycle.  international exposure. The
With e­ATM for MFs, ICICIdirect
customers would get 50­70
per cent of their MF
redemption value within 30
minutes, and balance amount
as per the payout cycle of the
fund, which can be 2­4
working days.
Maximum redemption is
capped at ₹10 lakh per
customer right now. If client
redeems amount after 7:30
pm s/he will get the
redemption at 10 am the next
working day.  GENERAL
e­ATM for MFs can be availed
by resident individuals
holding their equity, debt, and
CM
YK
And a sharp setback
But  if  private  promoters  in  this  situ­
ation  would  have  done  everything  to
keep the rosy narrative going, PSUs’ pro­
moter ­ the Indian government ­ works
in  mysterious  ways.  A  stock  exchange
intimation by IRCTC post­market hours
on October 28 blandly intimating that
the Ministry of Railways had ‘decided’
to ‘share’ 50 per cent of IRCTC’s conveni­
ence fees from November, dealt a nasty
surprise to its fans.
Though  internet  ticketing  brought
in just 27 per cent of its revenues in FY20
and sharing it would deprive it of just
₹150­300  crore  a  year  in  convenience
fees  (depending  on  one’s  forecast  for
FY23/24),  ticketing  is  IRCTC’s  key  mar­
gin­generator  accounting  for  over
three­fourths of its earnings. A lot of the
bullish narrative around an expanding
profit  pool  for  the  company  was  also
built around its ticketing business.
The  filing  therefore  prompted  sell­
side analysts to burn the midnight oil
to revise their excel models. Overnight
IRCTC  found  its  FY23/24  earnings  pro­
jections lowered by 25­30 per cent, with
a sharp PE de­rating predicted.
Stock price action on Friday did not
disappoint the bears, with the stock los­
ing 25 per cent shortly after opening to
a post­split price of ₹639, erasing nearly
₹20,000  crore  in  market  cap.  Even  as
this  prompted  some  teeth­gnashing
about the Government’s folly in giving
up ₹13,000 crore of market wealth (it
liquid schemes in demat
units. It is also available for
domestic schemes with
facility comes at a nominal
cost.
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YOUR MONEY
crore  in  revenue,  pre­noon  parleys
between the company and the Railway
Board seemed to yield results. By 11 am,
business  channels  were  beaming
‘breaking  news’  on  the  Railway  Min­
istry changing its mind, with the Secret­
ary of DIPAM (earlier the disinvestment
ministry) confirming that the Railways
Ministry  has  rethought  its  decision.
This  caused  the  stock  to  forge  an
equally steep climb.
Lessons
The IRCTC saga reiterates some age­old
learnings about PSU stocks that makes
seasoned  investors  very  choosy  about
them.
One, the left hand of the government
may not know what the right hand is
doing. Even if the Centre is a majority
stake­holder  in  a  listed  PSU,  the  Min­
istry  controlling  it  may  make  share­
holder­unfriendly moves that prioritise
its own interests over that of the share­
holders.  all the information, without acting im­
Two,  Government  monopolies,  un­
like  private  monopolies,  often  do  not
have pricing power. They operate at the
mercy  of  their  respective  ministries,
which  may  prioritise  social  good  or
political popularity over shoring up the
profits of the PSU. The losing battle that
activist UK fund The Children’s Invest­
ment  Fund  fought  with  Coal  India,
about  government  interference  in  its
pricing decisions and NMDC’s inability
to fully cash in on global iron ore rallies,
are evidence of this. IRCTC’s own con­
3
TAX
QUERY
SUDHAKAR SETHURAMAN
I took a single premium insurance policy, paying a
venience fees and the Railways’ share in premium of one lakh rupees on April 4, 2012. The policy,
it have been altered quite often in the which matures next year in April 2022, gives an insurance
past.  Pre­listing,  the  Ministry  of  Rail­ coverage (sum assured) of ₹109,450. Due to medical
ways used to share IRCTC’s convenience exigencies, I intend to surrender this policy prematurely,
fees 50:50. Just before its IPO, the Centre and I will get an amount of around ₹235,000. Am I
took  a  decision  to  ‘waive’  IRCTC’s  fee required to pay tax on the excess amount of ₹135,000?
completely,  decimating  a  key  revenue RISK & REWARD The rule regarding insurance coverage being at least 10
and  profit  source.  The  fee  was  later Taking right times the premium paid, came into vogue only in
partly  restored  post  listing.  Even  last decisions through September 2012, and hence in my view, is not applicable
year, the Railways’ changing policies on periods of pain is an to this policy. What's your view on this? The insurance
catering  contracts  have  raised  doubts essential part of company is likely to deduct 5 per cent as TDS. Will the
on the sustainability of IRCTC’s catering multi-bagger situation regarding tax, change if I allow the policy to run
profits.  The  latest  fee­sharing  saga journeys, which is its course till next year?
should therefore prompt IRCTC fans to why equity returns A.R. RAMANARAYANAN
keep the promoter risk in mind, while are not easily made Maturity proceeds arising from insurance policies that are
modelling earnings and according eye­ issued on or after April 1, 2012 are exempt from taxation
watering valuations to the stock. provided premium paid does not exceed 10 per cent of the
Three, despite the Centre’s keenness sum assured. In your case considering the fact that
to  divest,  Ministries  in  it  often  prove premium paid is more than 10 per cent of the sum
clueless about the concept of corporate assured, the maturity amount received shall be taxable in
governance that requires giving minor­ your hands. The insurance company would deduct 5 per
ity shareholders a fair deal post­listing. cent taxes on the net proceeds i.e. on ₹135,000 as per
Ministry bosses often continue to look section 194DA of the Act. Even if you allow the policy to
upon listed PSUs as their fiefdom. The run till next year, the maturity proceeds would be taxable
IRCTC  saga  has  at  least  shown  that in your hands as the same do not satisfy the conditions
DIPAM, under this government, is not laid out under section 10(10D) of the Act as clarified above.
asleep at the wheel and can act swiftly Scan & Share
to reverse market­alienating decisions
The writer is Partner, Deloitte India
of babudom. 
Send your queries to taxtalk@thehindu.co.in
All this apart, the IRCTC roller­coaster
also  underlines  the  importance  of  in­
vestors in good companies, not giving
in  to  hair­trigger  reactions,  when  re­
sponding  to  market  events.  Investors
who sold their IRCTC shares in panic at
lows would be ruing their decision to
jump off a still­racing train.
That the stock showed a build­up in
buying  volumes  ahead  of  the  official
announcement  to  withdraw  the  shar­
ing  arrangement,  also  shows  that  the
market (or insiders in it) often know far
more about a company’s actions than
you would imagine. If you find a stock
behaving in a fashion that you think to
be  completely  irrational  after  a  news
event, take time to digest it and gather
pulsively. Budget for the possibility that
the market may be right and you may
be wrong.
The  IRCTC  saga  also  demonstrates
the brutality and quickness with which
the market can punish a highly fancied
(and expensively priced) ‘quality’ stock,
when  there’s  an  alteration  to  the  bull
case  it  has  imagined.  Taking  the  right
decisions (to hold, sell or buy) through
such periods of pain is an essential part
of a multi­bagger journey, which is why
equity returns are never easily made.
.. ... .. .... .BM-BME
 MUMBAI

4 TAKING STOCK BusinessLine

SUNDAY • OCTOBER 31 • 2021

IPO PB Fintech
RESULTS CORNER
Infrastructure, IT drive L&T Q2
performance
Layered growth, at a premium
MAULIK MADHU
Macro tailwinds and other bright spots appear priced in
..........................................
BL Research Bureau SAI PRABHAKAR YADAVALLI
..........................................
ber,  2021.  The  company  can  address
BL Research Bureau complex  products  like  endowment
Backed by strong progress in project execution, Larsen & policies  and  also  tap  SME  and  group
Toubro (L&T) reported consolidated revenue of ₹34,773 PB  Fintech’s  digital  market  places  — insurance markets with a field force of
crore for the September 2021 quarter, a 12 per cent increase Policybazaar.com  for  insurance  and physical personnel. The company also
from year ago. This, along with improved operating Paisabazaar.com  for  consumer  lend­ hopes to add LIC to its list of partners
leverage and reduced finance costs, aided the company’s ing — are firmly placed at the intersec­ which can be complementary to mar­
profitability, helping it deliver results largely in line with tion of financial solutions and digital kets across Tier­II cities’ . 
market expectations.  adoption.  The  leading  presence  can It is on the lookout for geographical
L&T grew its operating profit 25 per cent (y­o­y) to ensure a high growth for a sustained and  vertical  expansion  as  well.  PB
₹3,266 crore in the latest September quarter. While the period.  But  despite  high  growth  pro­ Fintech  has  started  operations  in
reported net profit declined 67 per cent (y­o­y) to ₹1,819 spects,  the  IPO  price  commands  a Dubai  and  plans  to  scale  up  in  the
crore in the latest quarter, net profit from continuing premium  valuation  of  46  times  FY21 broader  Gulf  region.  PB  Fintech  ac­
operations rose 56 per cent to ₹1,722 crore.  sales, casting a long shadow on return quired  a  controlling  stake  in  Visit
Continuing operations exclude L&T’s electrical and potential.  The  issue,  aims  to  raise Health  —  a  company  offering  health­
automation business which was sold to Schneider Electric ₹5,700  crore,  consisting  of  a  fresh  is­ tech  platform  to  corporates  through
in August 2020.  sue of ₹3,750 crore and the rest an of­ its  subsidiary  Docprime  which  offers
fer for sale. health ‘lockers’. The company intends
Strong infrastructure to acquire companies which are com­
Infrastructure, which includes construction of buildings The business plementary  to  its  health/insurance/
and factories, transportation projects, and heavy civil Revenue for the company is driven by lending platforms and has earmarked
infrastructure, is L&T’s largest business segment. It commission and fees, from insurance ₹600 crore from the fresh issuance for
accounted for 40 per cent of the company’s September (68  per  cent  of  FY21  revenues),  and such acquisitions/investments. Brand
2021 quarter revenue. Net revenue from the segment rose lending  (21  per  cent).  PB  Fintech’s  in­ building, offline channel and interna­
7.4 per cent (y­o­y) to ₹13,923 crore and the EBITDA jumped surance  business  generates  commis­ tional  presence  have  been  allocated
almost 40 per cent (y­o­y) to ₹1,152 crore in the September sions  on  sales  (43  per  cent)  and  out­ ₹1,500 crore and ₹375 crore each from
2021 quarter. This is reflected in the improved EBITDA sourcing  services  (49  per  cent) fresh issuance.
margins too, provided to insurers and rewards. On
which rose from a base of total premium, the commis­ structure  for  payments  can  sustain  a health  insurance  through  Policy­ Financials and valuation
6.4 per cent a year sion  rate  and  even  the  outsourcing faster  learning  curve  in  India.  Con­ bazaar in 2014 for the first time have Revenues  in  FY21  were  impacted  by
ago to 8.3 per cent charges are 5 to 6 per cent each, while sumer lending on the other hand has made  purchases  worth  5.9  times  the the  pandemic  on  account  of  lower
in the recent rewards  is  another  1  per  cent,  across an established market with comparat­ 2014 premium till 2021. Similarly, the travel  insurance  and  consumer  lend­
quarter. Improved FY19­21.  Paisabazaar  similarly  gener­ ively  higher  digital  adoption  (digital multiplier is 3.4 times for motor insur­ ing with disbursal declining by 55 per
recovery of ates  commission  revenues  from  loan consumer  lending  accounted  for  22 ance.  In  Paisabazaar,  the  company cent. Revenues grew by 12 per cent in
overhead costs disbursals  and  other  services  in  the per cent in FY21 in India). Even with in­ uses convenient access to credit scores FY21 compared to 62 per cent in FY20,
thanks to full range of 3­6 per cent. tensely  competitive  digital  market­ to build a large pool of consumers and and  has  recovered  to  36  per  cent  in
resumption of The  familiar  story  of  under­penet­ place  for  lending,  Paisabazaar  has develop  valuable  consumer  insights Q1FY22. Assuming a growth of 40 per
construction rated  markets  meeting  digital  high­ 53.7%  market  share,  based  on  digital which can be accessed by its 56 lend­ cent CAGR for next four years in total
activity and better way  leading  to  high  growth  can  play disbursals in FY21. ing partners. Of the total premium of premium (18 per cent industry growth
job mix (larger out  with  PB  Fintech  as  well,  which ₹4,701  crore  generated  by  Policy­ with  digital  participation  improving
proportion of already has 65 per cent share in digital Inherent momentum bazaar  in  FY21,  ₹1,958  crore  (42  per to 2 per cent form 1 per cent) and an in­
higher­margin projects) helped.  insurance.  The  insurance  industry  is As of September 30, 2021, Policybazaar cent) is from renewal premium com­ dustry  level  growth  of  10  per  cent  in
The current infrastructure­related order book of ₹2.4 expected to grow at 18 per cent CAGR has  on  offer  over  390  insurance pared to 26 per cent renewal premium lending  portfolio,  PB  Fintech  can  re­
lakh crore translates into a book­to­bill ratio of almost 4 till FY30 as per Frost & Sullivan, as the products from 48 insurance partners in FY19. Similarly, of the total disbursal port revenues of ₹2,350 crore in FY25
times (based on FY21 revenue) and provides ample demographic  prioritises  insurance which  represents  85  per  cent  of  li­ of  ₹2,916  crore  from  paisabazaar,  67 from  the  current  ₹957  crore.  This
revenue visibility. for security (and not for investment). censed  insurers  in  India.  The  insur­ per  cent  was  to  existing  users  which would imply a Price to sales ratio of 19
The Covid pandemic laid bare the cov­ ance  portal  has  51  million  registered improved from 42 per cent in FY19. times  compared  to  IPO  value  of  46
High-growth IT and Tech services erage  gap  at  83  per  cent  (gap  to  ad­ users with  20  million  policies  sold times even at FY25 revenue level.
The company’s second largest revenue contributor, the equate insurance cover for an earning since  inception.  The  availability  of Growing scope While  revenue  growth  is  one  half,
highly profitable IT and Tech services segment, member)  and  health  insurance  gap most  insurers  at  one  place  attracts PB Fintech, which was acting as a web establishing  a  path  to  profitability  is
maintained its EBITDA margins at 23.3 per cent, the same (63  per  cent  of  healthcare  met  from consumers  and  the  consumer  beha­ aggregator  earlier,  received  its  insur­ also  critical.  Even  with  high  market
as last year. The segment comprises L&T Infotech, L&T out­of­pocket). In such a high­growth viour  insights  generated  across  con­ ance broker license in June 2021 which share,  renewal  business  andhigher
Technology Services, and Mindtree. It continued to reap industry,  digital  distribution  as  a sumer profiles is a valuable insight to should enable the company to widen automated  policy  purchases,  em­
the benefit of a surge in demand for technology­related channel  improving  its  market  share insurers,  generating  valuable  net­ its scope of contracts with its partners ployee  and  advertising  expenses  still
offerings in the post­Covid period. A more favourable from current 1 per cent would imply a work effect. Although this may not be which is under renegotiation . The li­ account for 58/38 per cent of revenues
onsite/offshore job mix, that is, higher offshoring than super  normal  growth  .  China  and  US exclusive  to  PB  Fintech,  being  the cence  incrementally  allows  for  ad­ in FY21 (compared to 75/64 per cent in
before, helped on the cost front. Revenue and EBITDA from digital  penetration  stands  at  5.5  per largest may sustain the cycle.  dressing group policies and providing FY19). The company metric, Contribu­
this segment grew approximately 28 per cent (y­o­y) to cent  and  13.3  per  cent  respectively  in Complementary to digital network in­person  assistance  The  company tion Margin which considers costs dir­
₹7,876 crore and ₹1,832 crore, respectively in the latest 2020.  can be the stickiness of insurance buy­ plans  to  develop  a  network  of  POSP ectly  related  to  sales  improved  to  40
quarter.  Government  of  India  initiatives  in ing. Policies need to be renewed peri­ (point of sale) across 200 locations in per  cent  in  FY21  while  the  Adjusted
At the group level, L&T had an aggregate orderbook of promoting  financial  inclusion  with odically  and  according  to  the  com­ India, in the next three fiscals and has EBITDA  margin  improved  to  ­6.9  per
₹3.3 lakh crore as of September 2021, which is 11 per cent Scan & Share banking  penetration  and  open  infra­ pany,  consumers  who  purchased set up 21 physical outlets as of Septem­ cent in FY21 from ­58 per cent in FY19. 
higher than that a year ago. This translates into a healthy
book­to­bill ratio of 2.4 times based on the FY21 revenue.
While tendering activity was up 19 per cent in the
September 2021 quarter, project awarding remained slack IPO Fino Payments Bank
(down 22 per cent). A recovery in the latter should further

Banking on the unbanked

bolster L&T’s robust order book. At the macro level, the
government’s heightened focus on infrastructure
development along with the ongoing economic recovery
will serve as tailwinds.
The L&T stock is down just a tad since the results
announcement on October 27. We had recommended a Technology-driven business model and reach in underserved segments are growth catalysts
buy on the stock in August 2021
(https://tinyurl.com/d37f6j8h). The stock is up 8 per cent KEERTHI SANAGASETTI
..........................................
since then. At ₹1,767, the stock is trading at a one­year BL Research Bureau
forward P/E multiple of 19.7 times, above its 3­year average
P/E of 16.3 times (based on Bloomberg consensus The IPO of Fino Payments Bank (Fino),
estimates). Given the business positives and worth ₹1,200 crore, comprises a fresh
macroeconomic tailwinds, existing investors can issue of ₹300 crore and the rest an offer
continue holding the stock.  for  sale.  Post  issue,  the  holding  com­
pany (Fino Paytech) retains 75 per cent
stake.  Principal  shareholders  of  the
holding  company  include  marquee
names  such  as  ICICI  Bank,  Interna­
tional Finance Corporation, and Bharat
Petroleum Corporation.
Despite  the  regulatory  curbs  on
lending activities for payments banks,
and  heavy  reliance  on  transaction­
based  fees  and  commissions  for  rev­
enue,  Fino’s  unique  business  model
has helped drive profitability for it, as
against  several  other  payment  banks
that have either exited the business or
are on the brink of extinction.  and depositing cash via micro­ATM or
With an asset­light and partnership­
based approach to scalability, the com­
pany  has  finally  seen  operating  lever­
WHO AM I? age kick in, starting FY21. That said, in­
vestors also need to take note that the
Are you an avid investor? How well company  has  a  limited  history  of
do you know corporate India? profits.  ents who manage significant volumes
However, its reach in unbanked seg­
Here’s a challenge. Using the five clues below, identify the ments of the country, and the current
company that is being talked about here under­penetration  leave large  head
room  for  growth.  Besides,  its  techno­
1 Through meticulous acquisitions and organic growth in
several countries, I have now become one of the top 5
globally.
logy­driven  business  model,  about  15
years of experience into the payments
............................................................................................................................ technology­related  businesses  (opera­
tions as payments bank from 2017 on­
2 I have the privilege of being one of the first few
billion-dollar exits by a private equity investor in India.
............................................................................................................................
wards only), and elimination of credit
risks  (even  while  cross­selling  loans)
network (spread across 90 per cent of
the  districts  across  the  country),  the
company  caters  to  the  banking  re­
quirements  of  those  in  unbanked
areas.  The  products  and  services
offered include Current Accounts and
Savings  Accounts  (CASA),  debit  cards,
domestic  remittances,  withdrawing
Aadhaar  Enabled  Payment  System
(AePS).  ated in tier­2 and tier­3 towns.
The  company  also  offers  Cash  Man­
agement Services (cash collection and
payment  services,  like  collections  of
loan EMIs, to help digitise cash for cli­
of  cash)  for  97  clients  that  include
NBFCs and other companies.
Given  the  regulatory  mandate  to
limit  end  of  day  balances  in
customer accounts of pay­
ment banks to ₹2 lakh,
Fino  also  provides
sweep  in  facilities
(through Suryoday
Small  Finance
derives  revenue  in  the  form  of  fees
(one­time  subscription  charges  or
transaction­based or annual fees) and
commissions  (ranging  from  0.26  to  1
per  cent  per  transaction),  which  are
shared  with  the  merchants  and  API
partners  (who  aid  in  merchant  on­
boarding). As of June 30, 2021, the com­
pany  has  on­boarded  7,24,671  mer­
chants  (own  and  API),  which  are  loc­
The  company’s  business  model
stands  out  among  other  payments
banks  in  their  merchant  on­boarding
process.  Instead  of  merely  providing
them with a payment processing infra­
structure,  Fino  converts  merchants
into local banking partners who, while
enabling trustworthy banking services
to its customers, earn a share
in the transaction fees and
commissions. 
Besides,  with  the
merchants  bearing
the  cost  of  acquisi­
tions (including the
tances (expected to launch in FY23). 
Risks
By virtue of being a payments bank, the
regulatory  requirements  are  more
stringent than for SCBs — limit on end
of  day  balances  in  customer  deposits
and ceiling on transaction fees (for in­
stance,  the  per  transaction  fee  of  0.5
per  cent  on  micro­ATMs  is  capped  at
₹15),  could  limit  revenue  scalability
despite  rise  in  per  transaction  value.
Besides, an SLR requirement of 75 per
cent of demand deposits compared to
18.5 per cent in the case of SCB also re­
stricts growth in investment income.
That  apart,  in  the  past,  the  RBI
mulled  over  transitioning  to  a  zero
merchant  discount  rate  (MDR)  scen­
ario, which was, however, shelved as it
could impact financial inclusion plans
in the country. While far­fetched, a zero
MDR regime could be a long tail risk for
Fino, given its likely impact on the rev­
enues for payment banks. Another po­
tential risk is the threat of losing busi­
ness/revenue  to  costless  transaction
platforms such as the UPI. However, the
growing cash in circulation in the eco­
nomy is a succour. This is because Fino
enables  digitisation  of  physical  cash
for the unbanked customers as against
UPI’s dependency on banked currency. 
Thus, while broadly the risk­reward
is favourable now, long­term investors
need to keep a watch on the regulatory
and competitive dynamics.
Financials and outlook

3 Though I have delivered substantial return over the years

to shareholders, the first few years post-listing as well as
the 10-year period between 2008 and 2018 were tough with
are other key positives.
At the price band of ₹560­577 apiece,
Bank). 
Besides, the com­
cost  of  micro­ATM
and  AePS  devices),
Fino’s top­line grew at a compounded
annual  growth  rate  (CAGR)  of  46  per
the  company  is  valued  at  6.2  to  6.4 pany  has  17,430  act­ Fino’s  customer  on­ cent to ₹791 crore over FY19­21. Much of
no returns. Still, my shareholders constantly raised equity times  its  FY21  revenue,  which  seems ive  business  corres­ boarding  becomes the fillip came from the pandemic­in­
from existing shareholders to strengthen the balance sheet
reasonable given its growth prospects pondents  across  the inexpensive,  and  its duced  push  for  digital  transactions  —
in my capital-intensive business to invest for the future.
............................................................................................................................ and  operating  leverage.  While  Fino’s country  that  provide business model remains remittances  formed  32  per  cent  of
business touch points, deposits mobil­ banking products and ser­ asset  light.  Scalability  of FY21’s revenue, followed by 22 per cent
4 Few years back when a powerful business behemoth
entered my trade, a majority of my customers and
shareholders almost wrote me off. But I have risen back like
ised, are much lower compared to the
top three payments banks — PayTM Pay­
vices  (such  as  EMI  collections
and  payment  services)  on  behalf  of
revenue for the company is de­
pendent  on  merchant  on­boarding
from micro­ATMs and 11 per cent from
AePS  transactions.  In  FY21,  the  com­
a phoenix. ments  Bank,  India  Posts  Payments other banks (such as Union Bank of In­ (and  training)  and  technological pany’s merchant tie­ups also soared to
............................................................................................................................ Bank  and  Airtel  Payments  Bank  —  its dia, ICICI Bank and Canara Bank), at loc­ scalability.  6.4 lakh from 2.8 lakh in FY20 and 1.0
5 In a country obsessed with cricket, I have identified
myself with Formula 1 as well as football.
............................................................................................................................
transaction volumes and value fare bet­
ter  than  the  rest  (barring  PayTM  Pay­
ations  other  than  traditional  bank
branches.  The  company  also  has  54
Currently,  the  company’s  merchant
network  is  skewed  towards  northern
lakh in FY19. 
In  FY21,  being  the  only  profitable
ments).  Given  these  factors,  investors branches  and  130  customer  touch (52  per  cent  of  its  total  network)  and year, the company posted an EBITDA of
Send your answers by Wednesday 6 p.m. to who-am-i@thehindu.co.in,
with your full name, postal address and phone number. with an appetite for risk can subscribe points in its service ecosystem.  western (28 per cent) regions.  ₹79.2 crore (10 per cent of revenue) and
to the issue for the long term.  Compared to traditional banks, pay­ The company plans to scale up pres­ profit  after  tax  (PAT)  of  ₹20.5  crore  (3
A lucky winner in each week will get a book sponsored by UNIFI Capital as a
reward. ment banks cannot offer loans directly. ence in southern (12 per cent) and east­ per cent of revenue).
Business and opportunities However,  Fino’s  merchants  also  cross­ ern markets (9 per cent) as well, going In the recent June quarter, the com­
Last week’s winner: The  company  is  essentially  a  fintech sell  other  financial  products  such  as ahead.  Besides  to  expand  its  revenue pany’s  revenue  grew  by  36.3  per  cent
Balaji Balasubramanian player that offers a diverse range of fin­ third party gold loans, insurance, and streams,  it  plans  to  launch  other (year  on  year)  to  ₹206.2  crore  and  it
Last week’s answer: ancial products and services focussing bill payments. product offerings such as referrals for posted a PAT of ₹3.1 crore, compared to
BHEL on  payments  and  predominantly  di­ For all of the above products and ser­ merchantand  consumer  loans  (com­ ₹1.9 crore in the corresponding quarter
gital. Through its pan­India merchant vices  (including  CASA  opening),  Fino menced from FY22) and foreign remit­ last year. 

CM .. . . . . ... .BM-BME
YK
 MUMBAI

4 TAKING STOCK BusinessLine

SUNDAY • OCTOBER 31 • 2021

IPO PB Fintech
RESULTS CORNER
Infrastructure, IT drive L&T Q2
performance
Layered growth, at a premium
MAULIK MADHU
Macro tailwinds and other bright spots appear priced in
..........................................
BL Research Bureau SAI PRABHAKAR YADAVALLI
..........................................
ber,  2021.  The  company  can  address
BL Research Bureau complex  products  like  endowment
Backed by strong progress in project execution, Larsen & policies  and  also  tap  SME  and  group
Toubro (L&T) reported consolidated revenue of ₹34,773 PB  Fintech’s  digital  market  places  — insurance markets with a field force of
crore for the September 2021 quarter, a 12 per cent increase Policybazaar.com  for  insurance  and physical personnel. The company also
from year ago. This, along with improved operating Paisabazaar.com  for  consumer  lend­ hopes to add LIC to its list of partners
leverage and reduced finance costs, aided the company’s ing — are firmly placed at the intersec­ which can be complementary to mar­
profitability, helping it deliver results largely in line with tion of financial solutions and digital kets across Tier­II cities’ . 
market expectations.  adoption.  The  leading  presence  can It is on the lookout for geographical
L&T grew its operating profit 25 per cent (y­o­y) to ensure a high growth for a sustained and  vertical  expansion  as  well.  PB
₹3,266 crore in the latest September quarter. While the period.  But  despite  high  growth  pro­ Fintech  has  started  operations  in
reported net profit declined 67 per cent (y­o­y) to ₹1,819 spects,  the  IPO  price  commands  a Dubai  and  plans  to  scale  up  in  the
crore in the latest quarter, net profit from continuing premium  valuation  of  46  times  FY21 broader  Gulf  region.  PB  Fintech  ac­
operations rose 56 per cent to ₹1,722 crore.  sales, casting a long shadow on return quired  a  controlling  stake  in  Visit
Continuing operations exclude L&T’s electrical and potential.  The  issue,  aims  to  raise Health  —  a  company  offering  health­
automation business which was sold to Schneider Electric ₹5,700  crore,  consisting  of  a  fresh  is­ tech  platform  to  corporates  through
in August 2020.  sue of ₹3,750 crore and the rest an of­ its  subsidiary  Docprime  which  offers
fer for sale. health ‘lockers’. The company intends
Strong infrastructure to acquire companies which are com­
Infrastructure, which includes construction of buildings The business plementary  to  its  health/insurance/
and factories, transportation projects, and heavy civil Revenue for the company is driven by lending platforms and has earmarked
infrastructure, is L&T’s largest business segment. It commission and fees, from insurance ₹600 crore from the fresh issuance for
accounted for 40 per cent of the company’s September (68  per  cent  of  FY21  revenues),  and such acquisitions/investments. Brand
2021 quarter revenue. Net revenue from the segment rose lending  (21  per  cent).  PB  Fintech’s  in­ building, offline channel and interna­
7.4 per cent (y­o­y) to ₹13,923 crore and the EBITDA jumped surance  business  generates  commis­ tional  presence  have  been  allocated
almost 40 per cent (y­o­y) to ₹1,152 crore in the September sions  on  sales  (43  per  cent)  and  out­ ₹1,500 crore and ₹375 crore each from
2021 quarter. This is reflected in the improved EBITDA sourcing  services  (49  per  cent) fresh issuance.
margins too, provided to insurers and rewards. On
which rose from a base of total premium, the commis­ structure  for  payments  can  sustain  a health  insurance  through  Policy­ Financials and valuation
6.4 per cent a year sion  rate  and  even  the  outsourcing faster  learning  curve  in  India.  Con­ bazaar in 2014 for the first time have Revenues  in  FY21  were  impacted  by
ago to 8.3 per cent charges are 5 to 6 per cent each, while sumer lending on the other hand has made  purchases  worth  5.9  times  the the  pandemic  on  account  of  lower
in the recent rewards  is  another  1  per  cent,  across an established market with comparat­ 2014 premium till 2021. Similarly, the travel  insurance  and  consumer  lend­
quarter. Improved FY19­21.  Paisabazaar  similarly  gener­ ively  higher  digital  adoption  (digital multiplier is 3.4 times for motor insur­ ing with disbursal declining by 55 per
recovery of ates  commission  revenues  from  loan consumer  lending  accounted  for  22 ance.  In  Paisabazaar,  the  company cent. Revenues grew by 12 per cent in
overhead costs disbursals  and  other  services  in  the per cent in FY21 in India). Even with in­ uses convenient access to credit scores FY21 compared to 62 per cent in FY20,
thanks to full range of 3­6 per cent. tensely  competitive  digital  market­ to build a large pool of consumers and and  has  recovered  to  36  per  cent  in
resumption of The  familiar  story  of  under­penet­ place  for  lending,  Paisabazaar  has develop  valuable  consumer  insights Q1FY22. Assuming a growth of 40 per
construction rated  markets  meeting  digital  high­ 53.7%  market  share,  based  on  digital which can be accessed by its 56 lend­ cent CAGR for next four years in total
activity and better way  leading  to  high  growth  can  play disbursals in FY21. ing partners. Of the total premium of premium (18 per cent industry growth
job mix (larger out  with  PB  Fintech  as  well,  which ₹4,701  crore  generated  by  Policy­ with  digital  participation  improving
proportion of already has 65 per cent share in digital Inherent momentum bazaar  in  FY21,  ₹1,958  crore  (42  per to 2 per cent form 1 per cent) and an in­
higher­margin projects) helped.  insurance.  The  insurance  industry  is As of September 30, 2021, Policybazaar cent) is from renewal premium com­ dustry  level  growth  of  10  per  cent  in
The current infrastructure­related order book of ₹2.4 expected to grow at 18 per cent CAGR has  on  offer  over  390  insurance pared to 26 per cent renewal premium lending  portfolio,  PB  Fintech  can  re­
lakh crore translates into a book­to­bill ratio of almost 4 till FY30 as per Frost & Sullivan, as the products from 48 insurance partners in FY19. Similarly, of the total disbursal port revenues of ₹2,350 crore in FY25
times (based on FY21 revenue) and provides ample demographic  prioritises  insurance which  represents  85  per  cent  of  li­ of  ₹2,916  crore  from  paisabazaar,  67 from  the  current  ₹957  crore.  This
revenue visibility. for security (and not for investment). censed  insurers  in  India.  The  insur­ per  cent  was  to  existing  users  which would imply a Price to sales ratio of 19
The Covid pandemic laid bare the cov­ ance  portal  has  51  million  registered improved from 42 per cent in FY19. times  compared  to  IPO  value  of  46
High-growth IT and Tech services erage  gap  at  83  per  cent  (gap  to  ad­ users with  20  million  policies  sold times even at FY25 revenue level.
The company’s second largest revenue contributor, the equate insurance cover for an earning since  inception.  The  availability  of Growing scope While  revenue  growth  is  one  half,
highly profitable IT and Tech services segment, member)  and  health  insurance  gap most  insurers  at  one  place  attracts PB Fintech, which was acting as a web establishing  a  path  to  profitability  is
maintained its EBITDA margins at 23.3 per cent, the same (63  per  cent  of  healthcare  met  from consumers  and  the  consumer  beha­ aggregator  earlier,  received  its  insur­ also  critical.  Even  with  high  market
as last year. The segment comprises L&T Infotech, L&T out­of­pocket). In such a high­growth viour  insights  generated  across  con­ ance broker license in June 2021 which share,  renewal  business  andhigher
Technology Services, and Mindtree. It continued to reap industry,  digital  distribution  as  a sumer profiles is a valuable insight to should enable the company to widen automated  policy  purchases,  em­
the benefit of a surge in demand for technology­related channel  improving  its  market  share insurers,  generating  valuable  net­ its scope of contracts with its partners ployee  and  advertising  expenses  still
offerings in the post­Covid period. A more favourable from current 1 per cent would imply a work effect. Although this may not be which is under renegotiation . The li­ account for 58/38 per cent of revenues
onsite/offshore job mix, that is, higher offshoring than super  normal  growth  .  China  and  US exclusive  to  PB  Fintech,  being  the cence  incrementally  allows  for  ad­ in FY21 (compared to 75/64 per cent in
before, helped on the cost front. Revenue and EBITDA from digital  penetration  stands  at  5.5  per largest may sustain the cycle.  dressing group policies and providing FY19). The company metric, Contribu­
this segment grew approximately 28 per cent (y­o­y) to cent  and  13.3  per  cent  respectively  in Complementary to digital network in­person  assistance  The  company tion Margin which considers costs dir­
₹7,876 crore and ₹1,832 crore, respectively in the latest 2020.  can be the stickiness of insurance buy­ plans  to  develop  a  network  of  POSP ectly  related  to  sales  improved  to  40
quarter.  Government  of  India  initiatives  in ing. Policies need to be renewed peri­ (point of sale) across 200 locations in per  cent  in  FY21  while  the  Adjusted
At the group level, L&T had an aggregate orderbook of promoting  financial  inclusion  with odically  and  according  to  the  com­ India, in the next three fiscals and has EBITDA  margin  improved  to  ­6.9  per
₹3.3 lakh crore as of September 2021, which is 11 per cent Scan & Share banking  penetration  and  open  infra­ pany,  consumers  who  purchased set up 21 physical outlets as of Septem­ cent in FY21 from ­58 per cent in FY19. 
higher than that a year ago. This translates into a healthy
book­to­bill ratio of 2.4 times based on the FY21 revenue.
While tendering activity was up 19 per cent in the
September 2021 quarter, project awarding remained slack IPO Fino Payments Bank
(down 22 per cent). A recovery in the latter should further

Banking on the unbanked

bolster L&T’s robust order book. At the macro level, the
government’s heightened focus on infrastructure
development along with the ongoing economic recovery
will serve as tailwinds.
The L&T stock is down just a tad since the results
announcement on October 27. We had recommended a Technology-driven business model and reach in underserved segments are growth catalysts
buy on the stock in August 2021
(https://tinyurl.com/d37f6j8h). The stock is up 8 per cent KEERTHI SANAGASETTI
..........................................
since then. At ₹1,767, the stock is trading at a one­year BL Research Bureau
forward P/E multiple of 19.7 times, above its 3­year average
P/E of 16.3 times (based on Bloomberg consensus The IPO of Fino Payments Bank (Fino),
estimates). Given the business positives and worth ₹1,200 crore, comprises a fresh
macroeconomic tailwinds, existing investors can issue of ₹300 crore and the rest an offer
continue holding the stock.  for  sale.  Post  issue,  the  holding  com­
pany (Fino Paytech) retains 75 per cent
stake.  Principal  shareholders  of  the
holding  company  include  marquee
names  such  as  ICICI  Bank,  Interna­
tional Finance Corporation, and Bharat
Petroleum Corporation.
Despite  the  regulatory  curbs  on
lending activities for payments banks,
and  heavy  reliance  on  transaction­
based  fees  and  commissions  for  rev­
enue,  Fino’s  unique  business  model
has helped drive profitability for it, as
against  several  other  payment  banks
that have either exited the business or
are on the brink of extinction.  and depositing cash via micro­ATM or
With an asset­light and partnership­
based approach to scalability, the com­
pany  has  finally  seen  operating  lever­
WHO AM I? age kick in, starting FY21. That said, in­
vestors also need to take note that the
Are you an avid investor? How well company  has  a  limited  history  of
do you know corporate India? profits.  ents who manage significant volumes
However, its reach in unbanked seg­
Here’s a challenge. Using the five clues below, identify the ments of the country, and the current
company that is being talked about here under­penetration  leave large  head
room  for  growth.  Besides,  its  techno­
1 Through meticulous acquisitions and organic growth in
several countries, I have now become one of the top 5
globally.
logy­driven  business  model,  about  15
years of experience into the payments
............................................................................................................................ technology­related  businesses  (opera­
tions as payments bank from 2017 on­
2 I have the privilege of being one of the first few
billion-dollar exits by a private equity investor in India.
............................................................................................................................
wards only), and elimination of credit
risks  (even  while  cross­selling  loans)
network (spread across 90 per cent of
the  districts  across  the  country),  the
company  caters  to  the  banking  re­
quirements  of  those  in  unbanked
areas.  The  products  and  services
offered include Current Accounts and
Savings  Accounts  (CASA),  debit  cards,
domestic  remittances,  withdrawing
Aadhaar  Enabled  Payment  System
(AePS).  ated in tier­2 and tier­3 towns.
The  company  also  offers  Cash  Man­
agement Services (cash collection and
payment  services,  like  collections  of
loan EMIs, to help digitise cash for cli­
of  cash)  for  97  clients  that  include
NBFCs and other companies.
Given  the  regulatory  mandate  to
limit  end  of  day  balances  in
customer accounts of pay­
ment banks to ₹2 lakh,
Fino  also  provides
sweep  in  facilities
(through Suryoday
Small  Finance
derives  revenue  in  the  form  of  fees
(one­time  subscription  charges  or
transaction­based or annual fees) and
commissions  (ranging  from  0.26  to  1
per  cent  per  transaction),  which  are
shared  with  the  merchants  and  API
partners  (who  aid  in  merchant  on­
boarding). As of June 30, 2021, the com­
pany  has  on­boarded  7,24,671  mer­
chants  (own  and  API),  which  are  loc­
The  company’s  business  model
stands  out  among  other  payments
banks  in  their  merchant  on­boarding
process.  Instead  of  merely  providing
them with a payment processing infra­
structure,  Fino  converts  merchants
into local banking partners who, while
enabling trustworthy banking services
to its customers, earn a share
in the transaction fees and
commissions. 
Besides,  with  the
merchants  bearing
the  cost  of  acquisi­
tions (including the
tances (expected to launch in FY23). 
Risks
By virtue of being a payments bank, the
regulatory  requirements  are  more
stringent than for SCBs — limit on end
of  day  balances  in  customer  deposits
and ceiling on transaction fees (for in­
stance,  the  per  transaction  fee  of  0.5
per  cent  on  micro­ATMs  is  capped  at
₹15),  could  limit  revenue  scalability
despite  rise  in  per  transaction  value.
Besides, an SLR requirement of 75 per
cent of demand deposits compared to
18.5 per cent in the case of SCB also re­
stricts growth in investment income.
That  apart,  in  the  past,  the  RBI
mulled  over  transitioning  to  a  zero
merchant  discount  rate  (MDR)  scen­
ario, which was, however, shelved as it
could impact financial inclusion plans
in the country. While far­fetched, a zero
MDR regime could be a long tail risk for
Fino, given its likely impact on the rev­
enues for payment banks. Another po­
tential risk is the threat of losing busi­
ness/revenue  to  costless  transaction
platforms such as the UPI. However, the
growing cash in circulation in the eco­
nomy is a succour. This is because Fino
enables  digitisation  of  physical  cash
for the unbanked customers as against
UPI’s dependency on banked currency. 
Thus, while broadly the risk­reward
is favourable now, long­term investors
need to keep a watch on the regulatory
and competitive dynamics.
Financials and outlook

3 Though I have delivered substantial return over the years

to shareholders, the first few years post-listing as well as
the 10-year period between 2008 and 2018 were tough with
are other key positives.
At the price band of ₹560­577 apiece,
Bank). 
Besides, the com­
cost  of  micro­ATM
and  AePS  devices),
Fino’s top­line grew at a compounded
annual  growth  rate  (CAGR)  of  46  per
the  company  is  valued  at  6.2  to  6.4 pany  has  17,430  act­ Fino’s  customer  on­ cent to ₹791 crore over FY19­21. Much of
no returns. Still, my shareholders constantly raised equity times  its  FY21  revenue,  which  seems ive  business  corres­ boarding  becomes the fillip came from the pandemic­in­
from existing shareholders to strengthen the balance sheet
reasonable given its growth prospects pondents  across  the inexpensive,  and  its duced  push  for  digital  transactions  —
in my capital-intensive business to invest for the future.
............................................................................................................................ and  operating  leverage.  While  Fino’s country  that  provide business model remains remittances  formed  32  per  cent  of
business touch points, deposits mobil­ banking products and ser­ asset  light.  Scalability  of FY21’s revenue, followed by 22 per cent
4 Few years back when a powerful business behemoth
entered my trade, a majority of my customers and
shareholders almost wrote me off. But I have risen back like
ised, are much lower compared to the
top three payments banks — PayTM Pay­
vices  (such  as  EMI  collections
and  payment  services)  on  behalf  of
revenue for the company is de­
pendent  on  merchant  on­boarding
from micro­ATMs and 11 per cent from
AePS  transactions.  In  FY21,  the  com­
a phoenix. ments  Bank,  India  Posts  Payments other banks (such as Union Bank of In­ (and  training)  and  technological pany’s merchant tie­ups also soared to
............................................................................................................................ Bank  and  Airtel  Payments  Bank  —  its dia, ICICI Bank and Canara Bank), at loc­ scalability.  6.4 lakh from 2.8 lakh in FY20 and 1.0
5 In a country obsessed with cricket, I have identified
myself with Formula 1 as well as football.
............................................................................................................................
transaction volumes and value fare bet­
ter  than  the  rest  (barring  PayTM  Pay­
ations  other  than  traditional  bank
branches.  The  company  also  has  54
Currently,  the  company’s  merchant
network  is  skewed  towards  northern
lakh in FY19. 
In  FY21,  being  the  only  profitable
ments).  Given  these  factors,  investors branches  and  130  customer  touch (52  per  cent  of  its  total  network)  and year, the company posted an EBITDA of
Send your answers by Wednesday 6 p.m. to who-am-i@thehindu.co.in,
with your full name, postal address and phone number. with an appetite for risk can subscribe points in its service ecosystem.  western (28 per cent) regions.  ₹79.2 crore (10 per cent of revenue) and
to the issue for the long term.  Compared to traditional banks, pay­ The company plans to scale up pres­ profit  after  tax  (PAT)  of  ₹20.5  crore  (3
A lucky winner in each week will get a book sponsored by UNIFI Capital as a
reward. ment banks cannot offer loans directly. ence in southern (12 per cent) and east­ per cent of revenue).
Business and opportunities However,  Fino’s  merchants  also  cross­ ern markets (9 per cent) as well, going In the recent June quarter, the com­
Last week’s winner: The  company  is  essentially  a  fintech sell  other  financial  products  such  as ahead.  Besides  to  expand  its  revenue pany’s  revenue  grew  by  36.3  per  cent
Balaji Balasubramanian player that offers a diverse range of fin­ third party gold loans, insurance, and streams,  it  plans  to  launch  other (year  on  year)  to  ₹206.2  crore  and  it
Last week’s answer: ancial products and services focussing bill payments. product offerings such as referrals for posted a PAT of ₹3.1 crore, compared to
BHEL on  payments  and  predominantly  di­ For all of the above products and ser­ merchantand  consumer  loans  (com­ ₹1.9 crore in the corresponding quarter
gital. Through its pan­India merchant vices  (including  CASA  opening),  Fino menced from FY22) and foreign remit­ last year. 

CM .. . . . . ... .BM-BME
YK
 MUMBAI

6 DO THE DERIVATIVES SUNDAY • OCTOBER 31 • 2021

BusinessLine

Change in Open Interest (OI) BULLION CUES

Corrective dip on the cards

FII Retail
Scrip As on Weekly As on Weekly
Oct 29 Change % Oct 29 Change %

Future Index Long 88598 -10 172915 -3

Future Index Short 70686 16 137721 -12
Net Futures 17912 -53 35194 62
But such a move is unlikely to be a bearish trend reversal as long-term outlook is still bullish
Index Call options Long 334534 -19 2087884 11 AKHIL NALLAMUTHU rent levels can be spotted at ₹47,000
..........................................
Index Call options Short 304704 -9 1929994 6 BL Research Bureau and ₹46,000.
Net Call options 29830 -61 157890 133
The  World  Gold  Council  (WGC)  re­ MCX­Silver (₹64,534)
Index Put options Long 429264 -23 1155126 -16 leased  its  latest  gold  statistics  last Silver, which has been outperforming
week and the data shows that demand gold  since  the  beginning  of  the
Index Put options Short 215105 -28 1490652 -14
for  the  yellow  metal  in  third  quarter month, declined and registered a loss
Net Put Options 214159 -17 -335526 -6 of 2021 was down by 7 per cent (y­o­y) of  1.7  per  cent  whereas  gold  saw  a
FIIs have significantly reduced net long positions in futures and call options, indicating a bearish to about 831 tonnes. The drop is seen minor drop in price last week. Even as
inclination. SMART TRADE after increasing in the past two quar­ the  December  futures  opened  on
Hold long positions ters.  The  decline  in  demand  was Monday on the front foot, the contract
Stocks that witnessed major change in OI in gold futures for primarily  driven  by  the  ETFs  (Ex­ quickly made a U­turn and was sliding
now, while others change Traded Funds) which saw net through the week.

GETTY IMAGES/ISTOCKPHOTO
Weekly 
Company Price (₹) Price OI (in lakhs)
Weekly 
can enter when price outflows of 27 tonnes compared to an However, the fall is most likely to be
Change % inflow  of  274  tonnes  in  the  same a corrective decline and not a bearish
Change % softens to ₹47,000
quarter of the previous year. Jewellery trend  reversal.  Supporting  this,  the
RISE (as on Oct 29)
demand  was  33  per  cent  higher  at contract has a confluence of supports
IRCTC 845.70 -8.5 379.4 373.3 nearly  443  tonnes  and  demand  from from  the  current  level  of  ₹64,534.
AXISBANK 742.00 -9.1 1015.9 53.5 technology were up by 9 per cent. Net There  is  a  support  at  ₹64,300  below
buying by central banks stood at 69.3 which lies the 21­day moving average
PNB 42.10 -4.2 5755.8 20.4 tonnes  compared  to  net  selling  of ounce.  Similarly,  on  the  Multi  Com­ divergence (MACD) on the daily chart at ₹63,280 and subsequently, there is a
IPCALAB 2,142.40 -6.0 14.7 11.7 nearly 11 tonnes. modity Exchange (MCX), gold futures since  they  remain  in  their  respective support  at  ₹62,500.  So,  this  means,
BANDHANBNK 291.45 -9.8 455.8 9.5
The data suggests that lower prices was down by 0.3 per cent for the week, positive  territory.  The  price  is  above the chances are high for the contract
of gold taken with economic recovery, closing at ₹47,635 (per 10 grams) and both  21­  and  50­day  moving  averages to  resume  the  uptrend  within  the
FALL (as on Oct 29) propped up jewellery demand, while silver corrected by 1.7 per cent to end (DMAs)  and  so  long  as  the  price  is price  band  of  ₹62,500  and  ₹64,300.
investors were discouraged by returns the week at ₹64,534 (per 1 Kg). above the ₹47,000 support, the near­ Until  the  price  stays  above  these
NTPC 132.65 -8.5 781.9 -68.0
to  offload  ETFs.  Year­to­date  demand term  bull  trend  will  not  come  under levels,  the  trend  will  continue  to  be
M&M 884.25 -0.4 110.8 -63.1 too  saw  a  dip  to  2,663  tonnes  as MCX­Gold (₹47,635) threat. However, given the prevailing bullish. The RSI and the MACD on the
LTTS 4,725.00 3.2 7.3 -61.7 against  2,939  tonnes  during  the  cor­ The  uptrend  in  gold  futures  (Decem­ conditions,  a  price  correction  to daily  chart  continue  to  stay  in  the
responding period last year. ber  series)  seems  to  be  facing  a  chal­ ₹47,000 cannot be ruled out. bullish region.
ONGC 149.05 -5.1 836.9 -56.7 There has been a recovery in prices lenge as it has failed to crack the resist­ Traders who already hold long posi­ Considering  the  above  factors,  one
LTI 6,682.30 2.1 7.1 -55.5 since October which can attract ETF in­ ance of ₹48,000 last week. Although it tions can continue to hold and others can  go  long  at  ₹63,280  and  accumu­
vestments. Hopefully economic recov­ rallied  past  this  level  early  on  and can  wait  for  now  and  go  long  when late when price moderates to ₹62,500
ery can keep the consumer sentiment made a high of ₹48,299, the contract price  softens  to  ₹47,000.  In  both and  keep  preliminary  stop­loss  at
Stocks in F&O ban (as on Oct 29) on  jewellery  positive.  Nevertheless, was  not  able  to  hold  above  the  level cases,  the  initial  stop­loss  can  be ₹61,000.  The  likelihood  of  the  silver
PNB the  price  of  gold  stayed  largely  flat and  fell  back  below  ₹48,000  in  the placed  at  ₹46,500.  A  recovery  from futures slipping below ₹62,500 is less
and silver price saw a marginal correc­ very  next  session.  It  can  be  assumed ₹47,000  can  quickly  lift  the  contract and  if  it  comes  back  to  the  upward
tion over the past week as the overall that  the  short­term  uptrend  remains to ₹48,000. If the contract breaks out path,  the  first  resistance  it  may  face
commodity  market  came  under valid but there can be a minor correc­ of  this  level  and  reach  ₹49,000,  con­ can be at ₹66,700. A breakout of this
Change in OI and market positioning pressure. tion  before  the  contract  decisively sider  booking  half  the  profits  and level  can  push  up  the  price  to
Expiry  Price (₹) OI In  the  international  spot  market, breaches ₹48,000. shift the stop­loss to ₹48,000. The re­ ₹70,000.  So,  half  of  longs  can  be  li­
Symbol Date Indication gold lost about 0.5 per cent and ended The bullish inclination is corrobor­ maining positions can be liquidated if quidated at ₹66,700 revising the stop­
(2021) (Weekly Change %)
the week at $1,782.8 whereas silver lost ated  by  relative  strength  index  (RSI) the contract touches ₹50,000. loss upwards to ₹65,000. Exit the rest
COMMODITIES (as on Oct 29) Scan & Share 1.9  per  cent  and  closed  at  $23.85  per and the moving average convergence The nearest supports from the cur­ of the longs at ₹70,000.
ALUMINIUM 30-Nov 221.3 (-5.2) 2571 (57) Short build-up
COPPER 30-Nov 745.1 (-2.6) 4740 (32) Short build-up
CPO 30-Nov 1128.1 (1.1) 4706 (-12) Long unwinding F&O STRATEGY AU Small Finance Bank
CRUDEOIL 18-Nov 6264 (-0.3) 5518 (-25) Short covering
GOLD
GOLDGUINEA
GOLDM
3-Dec
30-Nov
3-Dec
47635 (-0.3)
38362 (-0.1)
47652 (-0.4)
9340 (-17) Short covering
5124 (21) Neutral
16153 (89) Short build-up
Bull-call spread may pay well
GOLDPETAL 30-Nov 4756 (-0.2) 58405 (13) Neutral KS BADRI NARAYANAN hand, the immediate support duced in F&O only in March. fails  to  move  above  ₹1,240.
..........................................
LEAD 30-Nov 186.7 (-0.3) 894 (6) Short build-up is  at  ₹1,133  and  the  sub­ Strategy: Traders  could However, a profit of ₹20,100 is
MENTHAOIL 30-Nov 946.6 (0.7) 1045 (37) Long build-up
While  the  medium­term sequent one at ₹1,080. A close consider a bull­call spread on possible  if  the  stock  moves
outlook remains negative for below  the  latter  level,  will AU  Small  Finance  Bank.  This above  ₹1,300.  A  close  above
NATURALGAS 24-Nov 409 (0.3) 4311 (13) Long build-up AU  Small  Finance  Bank trigger a fresh downslide that can be constructed by selling ₹1,259.80  will  make  the  posi­
NICKEL 30-Nov 1520.5 (-0.6) 1479 (10) Short build-up (₹1,209.85),  the  immediate can  take  AU  Small  Finance ₹1300­strike  call  and  simul­ tion break­even. Hold the pos­
SILVER 3-Dec 64534 (-1.7) 10049 (7) Short build-up
outlook for the stock appears Bank towards ₹973. taneously  buying  the  ₹1240­ ition  till  expiry  or  at  profit
positive.  AU  Small  Finance F&O pointers: AU  Small strike  call.  These  options whichever occurs first.
SILVERM 30-Nov 64707 (-1.6) 22589 (6) Short build-up Bank finds an immediate res­ Finance  Bank  November  fu­ closed  with  a  premium  of Follow-up: Hold HAL posi­
SILVERMIC 30-Nov 64725 (-1.6) 76412 (19) Short build-up istance  at  ₹1,271  and  ₹1,351.  A tures,  which  saw  a  steady  ac­ ₹34.60  and  ₹54.40 tion and can be reviewed next
ZINC 30-Nov 287.05 (1) 1250 (52) Long build-up
close above ₹1,351 will change cumulation of open positions range  for  quite  some  time. respectively. week.
the medium­term outlook to in the last few weeks, shed 3.5 Option trading indicates that As  the  market  lot  is  500
CURRENCIES (as on Oct 29) positive. If the stock manages lakh  shares  in  open  position the  stock  could  move  in  a shares,  this  will  cost  traders Note: The recommendations are
to break the latter level, it has on  Friday  along  with  fall  in range of ₹1,200­1,300. Volume ₹9,900,  which  will  be  the based on technical analysis and
USDINR 26-Nov 75.13 (0) 2329033 (87) Neutral
the  potential  to  breach share  price.  The  counter  has is  lower  in  AU  Small  Finance maximum loss one can suffer. F&O positions. There is a risk of
EURINR 26-Nov 87.56 (0.1) 80182 (71) Neutral ₹1,500­mark.  On  the  other been moving the ₹1,150­1,300 Bank as the counter was intro­ That will happen if the stock loss in trading.
GBPINR 26-Nov 103.54 (0) 196975 (61) Neutral
JPYINR 26-Nov 66.07 (0) 47191 (62) Neutral

SHORT TAKE
MASTERING
DERIVATIVES Reading
option chain
Covered call for profit-taking
It involves shorting a higher strike call against your underlying
VENKATESH BANGARUSWAMY 1,375  shares  or  multiples  thereof. be  worth  26  points.  Your  profit
..........................................
The  strategy  works  better  if  you would then be 134.65 points. This is
Last  week,  we  compared  replace­ have enough shares such that short­ because a loss of 9.35 points on your AKHIL NALLAMUTHU
ment  strategy  with  protective  put ing  one  contract  of  a  call  option short call reduces the profit on your ..........................................
BL Research Bureau
strategy as way to take profits on an helps you lock in profits on 50 per underlying.
underlying position. This week, we cent of your underlying position. In Alternatively,  you  can  carry  your Option chain, sometimes referred to
discuss how you can use a covered the  case  of  ICICI  Bank,  that  would short call position till expiry even if as option matrix, is the listing of all
call strategy to take profits on your mean  having  2,750  shares  of  the the  stock  moves  above  the  strike. available option contracts of a secur­
Time it underlying position. stock. Your  margin  requirement  will  in­ ity. It shows all possible strike prices
You  must  short  the  near­month crease when the OTM call becomes (both call and put options) and the in­
B
To take profits on the
Shorting calls option because the intent is to have ITM,  but  your  short  position  is formation  of  all  available  options
underlying, short a
A covered  call  involves  shorting  a the  stock  called  away  sooner  than “covered”  by  the  long  stock.  Also, such as last traded price, best bid and
call option closer to
higher  strike  call  against  your  un­ later to lock in the profits. It would you  can  lock  in  to  160.65­point ask  price  of  an  option  at  that  time,
price target
................................................................................................................. derlying position. The objective is to be  optimal  to  short  the  call  when profit.  But  your  position  will  not number  of  outstanding  open  in­
B
Strategy will work short a strike that is likely to expire the contract has at least two weeks gain  further  if  the  stock  moves terest,  change  in  option  interest  on
only if you have the out­of­the­money (OTM). Therefore, to expiry; that would help you cap­ above 900, as the gain in the stock that day etc. Thus, traders, who partic­
stock in multiples of a covered  call  typically  involves ture  sizeable  time  value  on  the will  be  offset  by  the  increase  in  in­ ularly participate in derivatives mar­
permitted lot size shorting  a  call  option  that  is  one option. trinsic value of the short option.
................................................................................................................. ket can find option chain very useful.
B
Best to short the call strike above the resistance level for Suppose you short the November While this may not give an outright
when the contract the underlying. 900  call  on  ICICI  Bank  at  16.65 Optional reading buy or sell signal, it indicates key price
has at least two But  our  objective  here  is  to  take points. If the stock closes above 900 You  can  consider  shorting  the points which can act as supports and
weeks to expiry profits  on  the  underlying.  There­ at contract expiry, you must deliver middle­month contract. You will re­ resistances for that security.
.................................................................................................................
fore, you should short a call option 1,375  shares  at  900  per  share.  Your ceive  a  higher  premium,  but  you For instance, the Nifty 50 has been
that  is  closer  to  your  price  target. total  profit  will  be  2.2  lakh  (160.65 must wait longer for taking profits. falling over the past couple of weeks
The objective is to let the option ex­ points  times  1,375),  assuming  you If you hold the stock in multiples of and on Friday it closed at about 17,671.
pire in­the­money (ITM) so that you bought  ICICI  Bank  shares  at  756. the permitted lot size, you can con­ The  average  weekly  movement  of
deliver  the  stock  against  the  short Note that the call premium adds to sider  shorting  one  contract  of  two Nifty,  as  indicted  by  average  true
call position. This strategy will work your profit. different strikes based on your price range  (ATR)  indicator,  is  470  points.
only  if  you  have  the  stock  in  mul­ What happens if you close the po­ targets  for  the  stock,  say,  900  and So, if the downtrend continues, the in­
tiples  of  the  permitted  lot  size  for sition  before  expiry?  Suppose  15 930 on ICICI Bank. dex is less likely to fall below 17,200.
the options. days  before  expiry  of  the  contract, What if the stock declines from its Looking  at  the  option  chain  of
For instance, if you want to short ICICI Bank moves closer to 900. You current level? You can close the pos­ November  monthly  expiry,  within
calls on ICICI Bank to take profits on can close your short call position by ition by selling your shares and buy­ 17,200,  the  17,500­strike  put  option
the  stock,  then  you  should  have buying the option. The option could ing the call. Or you can keep the pos­ has  the  maximum  OIs  (38,304  con­
ition open till expiry.  tracts) and so, this level is likely to act
If you do the latter, the losses (or as  a  support.  Here  put  sellers  have
loss of profit) on your stock will be sold 17,500­strike puts more because
cushioned  by  the  call  premium,  as they expect the index not to fall below
the short option will expire OTM.  this level. Similarly, we can get an idea
Finally,  what  if  the  stock  moves of  the  potential  resistance  levels  by
up but does not reach your price tar­ looking  at  call  options  and  their  re­
get at expiry?  spective OIs.
The call will expire OTM, and the However,  note  that  option  sellers
premium received for shorting the may not always be correct and the dy­
option will add to your profit if you namics with respect to OIs can change
sell the underlying. every day and so, it should be tracked
regularly to know the ever­changing
The author offers training expectations of market participants.
programmes for individuals to
manage their personal investments Send your queries to
derivatives@thehindu.co.in

CM . . .. .. . .. .BM-BME
YK
MUMBAI

BusinessLine
SUNDAY • OCTOBER 31 • 2021 CHART-GAZING 7
INDEX OUTLOOK
MOVERS &
Sensex, Nifty 50 ‘crack’ ahead of Diwali
AKHIL NALLAMUTHU
SHAKERS BL Research Bureau

ABB India (₹2,119.9)
Registers new lifetime high
Early signs have emerged for a potential steeper correction The stock of ABB India,
GURUMURTHY K sold  $1.497  billion  in  the  equity  seg­ watch to see if the index can bounce marked a fresh lifetime
..........................................
BL Research Bureau ment  last  week.  This  is  the  highest back strongly from there. high of ₹2,153.75 last week.
weekly outflow since May last year. If The price action hints at
The Indian benchmark indices began the  FPIs  continue  to  sell  further,  Sen­ Nifty Bank (39,115.6) further rally. From the
the week on a positive note by recover­ sex and Nifty are likely to fall further. The Nifty Bank index began the week current level, the scrip has
ing some of the loss made in the week on a positive note. It broke above the the potential to test₹2,300
earlier.  But  lack  of  strong  follow­ Nifty 50 (17,671.65) key  resistance  level  of  40,800  and in the near term. Yet, there
through  buying  halted  the  bounce­ The support at 17,960 mentioned last surged to a high of 41,828 on Monday. is a chance for a minor
back  and  triggered  a  sharp  fall  to­ week  held  initially.  Nifty  50  saw  a After  remaining  stable  above  40,800 correction. Traders can go long at current level and
wards the end of the week. Both Sen­ bounce  from  17,970  early  on.  But  the for the next couple of days, the index What to watch accumulate on dips at ₹1,930. Place initial stop­loss at
sex and Nifty fell below their key sup­ index failed to sustain higher and fell lost  steam  and  tumbled  to  close  the B
Support at 17,500 on ₹1,880 and shift it to ₹2,120 if the stock goes above
port  levels  of  60,500  and  17,940 sharply towards the end of the week, week down by 3 per cent. The long pos­ Nifty ₹2,200. Exit the longs at ₹2,300. If the stock rallies above
respectively  and  have  closed  on  a breaking below the 17,960­17,940 sup­ itions  recommended  last  week  have .................................................................................................................
₹2,200 without seeing a corrective dip to ₹1,930, stop­loss
weak note. Sensex was down 2.49 per port zone. It tumbled to a low of 17,613 got stopped.  B
FPI flows can be maintained at ₹2,120 for the target of ₹2,300.
.................................................................................................................

cent and Nifty was down 2.45 per cent before closing the week down by 2.45 Immediate  resistance  for  the  week

US Federal Reserve
Deepak Nitrite (₹2,230.3)
B

for the week. per cent at 17,671.65. is at 39,375 and then a cluster of resist­

meeting
Among the sectoral indices, the BSE The week ahead: Immediate sup­ ances  are  in  the  40,000­40,200  re­ ................................................................................................................. Weak short-term outlook
Power  index  fell  the  most  by  4  per port is at 17,500. This is likely to hold gion. A strong rise past 40,200 is now
cent.  It  was  followed  by  the  BSE on  its  first  test  and  a  bounce­back needed to bring back the bullishness. Last week, the stock of
Bankex  and  BSE  Oil  and  Gas  indices. move to 18,000 or 18,200 is possible in Support  is  at  38,400.  It  being  a  trun­ Deepak Nitrite breached
Both were down over 3 per cent each. the  near  term.  The  index  is  likely  to cated  week,  the  chances  are  high  for the support at ₹2,350,
The coming week is truncated, with trade  in  the  17,500­18,200  range  this the  index  to  hold  above  38,400  and turning the near­term
just  three  trading  days.  Indian  mar­ week. The broader bias is going to re­ consolidate  in  the  range  of  38,400­ outlook negative.
kets are closed on Thursday and Friday main  weak.  As  such,  a  break  above 40,200. However, as long as the index Substantiating the same,
for  Diwali.  So,  the  Indian  markets 18,200  looks  less  likely  and  the Sensex (59,306.93) stays below 40,200, the bias is bearish. the stock slipped below a
would have the impact of the US Fed­ chances are high for the Nifty to break Sensex  attempted  a  bounce­back  to­ As such, the chances are high for it to rising trend and both the
eral Reserve’s meeting out­ 17,500 and fall further possibly wards 62,000 as expected. But lack of break 38,400 eventually. Such a break 21­ and 50­day moving
come  due  on  Wednes­ in  the  upcoming  weeks strong  follow­through  buying can drag it to 37,890 initially and then averages. So, one can short the stock at current level and
day  night  in  the after Diwali. dragged  the  index  from  the  high  of to 37,270 eventually. short again if it rallies to ₹2,350. Keep stop­loss at ₹2,450.
next week only. Medium­term 61,577 to close the week below the psy­ Traders  can  wait  for  rallies  and  go The stock is likely to fall to ₹1,970, which can be the
Although  a outlook: Early chological level of 60,000. Sensex has short at 39,350 and accumulate shorts target. The decline can take a pause at ₹2,000 levels. If the
slight  recov­ signs  have declined 2.49 per cent last week. at  40,000.  Stop­loss  can  be  placed  at stock depreciates below ₹2,060 without re­testing the
ery  and  a emerged  on The week ahead: Immediate sup­ 40,400. Book partial profits at 38,450 price level of ₹2,350, stop­loss can be at ₹2,200.
consolida­ the  charts  for port is at 59,000. If the index manages for  30  per  cent  of  the  holdings  and
tion is pos­ a steeper  cor­ to bounce from there, a corrective rise trail  stop­loss  down  to  39,150  for  the Alkem Laboratories (₹3,610.6)
sible  in rection to  60,500­61,000  is  possible.  For  this rest  of  the  positions.  Move  the  stop­ Invalidates a support band
this  trun­ within  the week, 59,000­61,000 can be the range loss further down to 38,600 as soon as
cated medium­ of  trade.  However,  on  the  charts,  the the market moves down to 38,100. Exit The stock of Alkem
week,  the term uptrend. chances  are  less  to  see  a  strong  rise the rest of the positions at 37,950. Laboratories has been on a
broader pic­ The  expected past 61,000. So, the probability is high decline since past one
ture  has break  below for the Sensex to break 59,000 eventu­ Global cues month and it invalidated
turned  weak 17,500  men­ ally in the coming weeks. The  Dow  Jones  Industrial  Average the support band of ₹3,710
and the chances tioned  above  can Medium­term outlook: A steeper (35,819.56) fell sharply on Wednesday and ₹3,750 last week. Thus,
are  high  for  a  fur­ trigger  a  steeper  fall correction  within  the  medium­term but  then  managed  to  recover  all  the the short­term trend has
ther  fall  in  the  weeks to 17,350 and 17,000 — an uptrend  will  come  into  play  on  a losses  thereafter.  The  index  bounced turned bearish and in the
after  Diwali,  if  not important  medium­term break below 59,000. The next targets back  from  the  low  of  35,490  to  close forthcoming sessions, the
immediately. support.  Nifty  has  to  hold  above will  be  58,000  and  57,000.  As  men­ the week marginally higher by 0.4 per stock is likely to extend the decline to ₹3,300.
17,000  to  keep  the  uptrend  intact.  A tioned  last  week,  the  medium­term cent at 35,819.56. Crucial resistance for Nevertheless, there can be a pause at ₹3,470. Hence,
Foreign outflows break  below  17,000  will  indicate  a uptrend will come under threat only the  index  is  at  36,000­36,200,  which traders can initiate fresh short at current level and at
A strong  sell­off  from  Foreign  Portfo­ trend  reversal  and  drag  it  to  16,700 on a break below 57,000. Such a break will have to be broken in order to see a ₹3,710. Initial stop­loss can be at ₹3,810. If the price falls to
lio Investors (FPIs) weighed on the in­ and  then  even  to  16,300­16,000.  The will  indicate  a  reversal  and  drag  the fresh  rally.  Inability  to  break  36,200 ₹3,470, book 50 per cent profit and shift stop­loss to
dices. Data from the National Securit­ price action at 17,000 will need a close Sensex to 56,000­55,000. As such, the can drag the Dow to 34,000 again and ₹3,600 for the rest. Wait for the target price of ₹3,300,
ies Depository Limited show that FPIs watch. price action at 57,000 will need a close keep it in the range of 34,000­36,200. Scan & Share where one can liquidate the remaining shorts.

Union Bank of India (₹46.15)
Bulls might regain traction

TECH QUERY Following the breakout of

the hurdle at ₹42 last

Outlook on Bharti Airtel, ICICI Bank

week, the near­term
outlook of the stock of
Union Bank of India has
turned positive. Although
price dropped last week,
GURUMURTHY K ₹670 is a strong support. You buy  50  per  cent  of  the  inten­ share  price  of  ICICI  Bank  has the likelihood of a gain
..........................................
BL Research Bureau can hold on to this stock with ded quantity at current level. risen  sharply  in  the  last  two from here is high. In the
a stop­loss at ₹655.  Accumulate  more,  say,  an­ weeks.  The  stock  made  a  re­ coming weeks, the stock is likely to gain towards ₹52 and
I had bought Bharti Airtel for A break  above  ₹715  and  a other 20 per cent at ₹645 and cord  high  of  ₹860  last  week then possibly to ₹58, which can be a strong resistance.
swing at ₹708. Please share subsequent rise past ₹750 can the  balance  30  per  cent  at and has come off from there. Hence, traders can buy the stock at ₹46 and then
the short­term outlook. take  the  stock  up  to  ₹860­ ₹610. Keep a stop­loss at ₹510 The trend is up.  accumulate if price drops to ₹42. Place stop­loss at ₹40.
ANISH GIRI ₹870  in  the  next  couple  of and hold it for long term. Immediate  support  is  at Since there can be slowdown at ₹52, book 50 per cent
Bharti  Airtel  (₹686): The months. But in case the stock ₹778 and slightly deeper sup­ profit at this level. For the remaining longs, revise the
stock has been stuck in a nar­ comes under pressure on the I have 100 shares of ICICI port  is  in  the  ₹730­₹720  re­ stop­loss upwards to ₹45 and wait for the target of ₹58.
row  range  of  ₹670­₹715  over back  of  the  sell­off  in  the Bank bought at ₹712 and 850 gion. In case the stock breaks
the  last  four  weeks.  Interest­ broader  markets,  then  a shares of HDFC Life Insurance below  ₹778,  accumulate at United Spirits (₹947.3)
ingly,  it  is  holding  on  to  this break below ₹670 can drag it dium  to  long­term  perspect­ shares at an average price of ₹735. The stock will come un­ sideways  consolidation Sees fresh breakout
range amid the strong sell­off to  ₹640.  A  further  break  be­ ive, such a fall can be a good ₹685. Should I add more?  der pressure for a strong sell­ between ₹650 and ₹775; ₹650
in the broader markets in the low ₹640 can see ₹600­₹590 buying opportunity. Investors PURUSHOTTAM PANDIT off  only  if  it  breaks  below and ₹635 are crucial supports. The stock of United Spirits
past week. This indicates that on the downside. From a me­ willing to enter this stock can ICICI  Bank  (₹802.3):  The ₹730. In that case a steeper fall The  stock  has  to  stay  above regained strength on the
to ₹650­₹640 is possible. But these supports to rise to ₹800 back of the support at ₹810
now  such  a  sharp  fall  looks in . A strong break below ₹635 and appreciated last week.
less  probable. Since  your  in­ will turn the outlook bearish, Consequently, it made a
vestment time frame is three making  the  stock  vulnerable higher high and it is now
years,if the fall to ₹650­₹640 to  a  fresh  fall  to  ₹610  and  to in a position to extend the
happens,  buy  more  at  ₹660. ₹560  eventually.  Hold  the rally in the coming
Immediate  resistance  is  at stock for now. But exit with a sessions. Nevertheless,
₹950­₹980.  Above  that  no loss at ₹625 if it breaks below there is a possibility for the scrip to retest ₹900 before
specific  resistance  could  be ₹635 and reinvest that money moving towards the psychological level of ₹1,000 — the
spotted  as  the  prices  are  in in ICICI Bank on dips as men­ target price for the longs. So, traders can initiate longs at
uncharted territory. tioned above. ₹940 levels and accumulate when the stock softens to
HDFC  Life  Insurance ₹900. Place initial stop­loss at ₹875. But when the stock
Company  (₹680.4):  The Send your queries to crosses over ₹950, start trailing with a dynamic stop­loss
stock has been in a prolonged techtrail@thehindu.co.in with a span of the daily average true range (ATR).

CM .. . . .. . . . BM-BME
YK
 MUMBAI

6 DO THE DERIVATIVES SUNDAY • OCTOBER 31 • 2021

BusinessLine

Change in Open Interest (OI) BULLION CUES

Corrective dip on the cards

FII Retail
Scrip As on Weekly As on Weekly
Oct 29 Change % Oct 29 Change %

Future Index Long 88598 -10 172915 -3

Future Index Short 70686 16 137721 -12
Net Futures 17912 -53 35194 62
But such a move is unlikely to be a bearish trend reversal as long-term outlook is still bullish
Index Call options Long 334534 -19 2087884 11 AKHIL NALLAMUTHU rent levels can be spotted at ₹47,000
..........................................
Index Call options Short 304704 -9 1929994 6 BL Research Bureau and ₹46,000.
Net Call options 29830 -61 157890 133
The  World  Gold  Council  (WGC)  re­ MCX­Silver (₹64,534)
Index Put options Long 429264 -23 1155126 -16 leased  its  latest  gold  statistics  last Silver, which has been outperforming
week and the data shows that demand gold  since  the  beginning  of  the
Index Put options Short 215105 -28 1490652 -14
for  the  yellow  metal  in  third  quarter month, declined and registered a loss
Net Put Options 214159 -17 -335526 -6 of 2021 was down by 7 per cent (y­o­y) of  1.7  per  cent  whereas  gold  saw  a
FIIs have significantly reduced net long positions in futures and call options, indicating a bearish to about 831 tonnes. The drop is seen minor drop in price last week. Even as
inclination. SMART TRADE after increasing in the past two quar­ the  December  futures  opened  on
Hold long positions ters.  The  decline  in  demand  was Monday on the front foot, the contract
Stocks that witnessed major change in OI in gold futures for primarily  driven  by  the  ETFs  (Ex­ quickly made a U­turn and was sliding
now, while others change Traded Funds) which saw net through the week.

GETTY IMAGES/ISTOCKPHOTO
Weekly 
Company Price (₹) Price OI (in lakhs)
Weekly 
can enter when price outflows of 27 tonnes compared to an However, the fall is most likely to be
Change % inflow  of  274  tonnes  in  the  same a corrective decline and not a bearish
Change % softens to ₹47,000
quarter of the previous year. Jewellery trend  reversal.  Supporting  this,  the
RISE (as on Oct 29)
demand  was  33  per  cent  higher  at contract has a confluence of supports
IRCTC 845.70 -8.5 379.4 373.3 nearly  443  tonnes  and  demand  from from  the  current  level  of  ₹64,534.
AXISBANK 742.00 -9.1 1015.9 53.5 technology were up by 9 per cent. Net There  is  a  support  at  ₹64,300  below
buying by central banks stood at 69.3 which lies the 21­day moving average
PNB 42.10 -4.2 5755.8 20.4 tonnes  compared  to  net  selling  of ounce.  Similarly,  on  the  Multi  Com­ divergence (MACD) on the daily chart at ₹63,280 and subsequently, there is a
IPCALAB 2,142.40 -6.0 14.7 11.7 nearly 11 tonnes. modity Exchange (MCX), gold futures since  they  remain  in  their  respective support  at  ₹62,500.  So,  this  means,
BANDHANBNK 291.45 -9.8 455.8 9.5
The data suggests that lower prices was down by 0.3 per cent for the week, positive  territory.  The  price  is  above the chances are high for the contract
of gold taken with economic recovery, closing at ₹47,635 (per 10 grams) and both  21­  and  50­day  moving  averages to  resume  the  uptrend  within  the
FALL (as on Oct 29) propped up jewellery demand, while silver corrected by 1.7 per cent to end (DMAs)  and  so  long  as  the  price  is price  band  of  ₹62,500  and  ₹64,300.
investors were discouraged by returns the week at ₹64,534 (per 1 Kg). above the ₹47,000 support, the near­ Until  the  price  stays  above  these
NTPC 132.65 -8.5 781.9 -68.0
to  offload  ETFs.  Year­to­date  demand term  bull  trend  will  not  come  under levels,  the  trend  will  continue  to  be
M&M 884.25 -0.4 110.8 -63.1 too  saw  a  dip  to  2,663  tonnes  as MCX­Gold (₹47,635) threat. However, given the prevailing bullish. The RSI and the MACD on the
LTTS 4,725.00 3.2 7.3 -61.7 against  2,939  tonnes  during  the  cor­ The  uptrend  in  gold  futures  (Decem­ conditions,  a  price  correction  to daily  chart  continue  to  stay  in  the
responding period last year. ber  series)  seems  to  be  facing  a  chal­ ₹47,000 cannot be ruled out. bullish region.
ONGC 149.05 -5.1 836.9 -56.7 There has been a recovery in prices lenge as it has failed to crack the resist­ Traders who already hold long posi­ Considering  the  above  factors,  one
LTI 6,682.30 2.1 7.1 -55.5 since October which can attract ETF in­ ance of ₹48,000 last week. Although it tions can continue to hold and others can  go  long  at  ₹63,280  and  accumu­
vestments. Hopefully economic recov­ rallied  past  this  level  early  on  and can  wait  for  now  and  go  long  when late when price moderates to ₹62,500
ery can keep the consumer sentiment made a high of ₹48,299, the contract price  softens  to  ₹47,000.  In  both and  keep  preliminary  stop­loss  at
Stocks in F&O ban (as on Oct 29) on  jewellery  positive.  Nevertheless, was  not  able  to  hold  above  the  level cases,  the  initial  stop­loss  can  be ₹61,000.  The  likelihood  of  the  silver
PNB the  price  of  gold  stayed  largely  flat and  fell  back  below  ₹48,000  in  the placed  at  ₹46,500.  A  recovery  from futures slipping below ₹62,500 is less
and silver price saw a marginal correc­ very  next  session.  It  can  be  assumed ₹47,000  can  quickly  lift  the  contract and  if  it  comes  back  to  the  upward
tion over the past week as the overall that  the  short­term  uptrend  remains to ₹48,000. If the contract breaks out path,  the  first  resistance  it  may  face
commodity  market  came  under valid but there can be a minor correc­ of  this  level  and  reach  ₹49,000,  con­ can be at ₹66,700. A breakout of this
Change in OI and market positioning pressure. tion  before  the  contract  decisively sider  booking  half  the  profits  and level  can  push  up  the  price  to
Expiry  Price (₹) OI In  the  international  spot  market, breaches ₹48,000. shift the stop­loss to ₹48,000. The re­ ₹70,000.  So,  half  of  longs  can  be  li­
Symbol Date Indication gold lost about 0.5 per cent and ended The bullish inclination is corrobor­ maining positions can be liquidated if quidated at ₹66,700 revising the stop­
(2021) (Weekly Change %)
the week at $1,782.8 whereas silver lost ated  by  relative  strength  index  (RSI) the contract touches ₹50,000. loss upwards to ₹65,000. Exit the rest
COMMODITIES (as on Oct 29) Scan & Share 1.9  per  cent  and  closed  at  $23.85  per and the moving average convergence The nearest supports from the cur­ of the longs at ₹70,000.
ALUMINIUM 30-Nov 221.3 (-5.2) 2571 (57) Short build-up
COPPER 30-Nov 745.1 (-2.6) 4740 (32) Short build-up
CPO 30-Nov 1128.1 (1.1) 4706 (-12) Long unwinding F&O STRATEGY AU Small Finance Bank
CRUDEOIL 18-Nov 6264 (-0.3) 5518 (-25) Short covering
GOLD
GOLDGUINEA
GOLDM
3-Dec
30-Nov
3-Dec
47635 (-0.3)
38362 (-0.1)
47652 (-0.4)
9340 (-17) Short covering
5124 (21) Neutral
16153 (89) Short build-up
Bull-call spread may pay well
GOLDPETAL 30-Nov 4756 (-0.2) 58405 (13) Neutral KS BADRI NARAYANAN hand, the immediate support duced in F&O only in March. fails  to  move  above  ₹1,240.
..........................................
LEAD 30-Nov 186.7 (-0.3) 894 (6) Short build-up is  at  ₹1,133  and  the  sub­ Strategy: Traders  could However, a profit of ₹20,100 is
MENTHAOIL 30-Nov 946.6 (0.7) 1045 (37) Long build-up
While  the  medium­term sequent one at ₹1,080. A close consider a bull­call spread on possible  if  the  stock  moves
outlook remains negative for below  the  latter  level,  will AU  Small  Finance  Bank.  This above  ₹1,300.  A  close  above
NATURALGAS 24-Nov 409 (0.3) 4311 (13) Long build-up AU  Small  Finance  Bank trigger a fresh downslide that can be constructed by selling ₹1,259.80  will  make  the  posi­
NICKEL 30-Nov 1520.5 (-0.6) 1479 (10) Short build-up (₹1,209.85),  the  immediate can  take  AU  Small  Finance ₹1300­strike  call  and  simul­ tion break­even. Hold the pos­
SILVER 3-Dec 64534 (-1.7) 10049 (7) Short build-up
outlook for the stock appears Bank towards ₹973. taneously  buying  the  ₹1240­ ition  till  expiry  or  at  profit
positive.  AU  Small  Finance F&O pointers: AU  Small strike  call.  These  options whichever occurs first.
SILVERM 30-Nov 64707 (-1.6) 22589 (6) Short build-up Bank finds an immediate res­ Finance  Bank  November  fu­ closed  with  a  premium  of Follow-up: Hold HAL posi­
SILVERMIC 30-Nov 64725 (-1.6) 76412 (19) Short build-up istance  at  ₹1,271  and  ₹1,351.  A tures,  which  saw  a  steady  ac­ ₹34.60  and  ₹54.40 tion and can be reviewed next
ZINC 30-Nov 287.05 (1) 1250 (52) Long build-up
close above ₹1,351 will change cumulation of open positions range  for  quite  some  time. respectively. week.
the medium­term outlook to in the last few weeks, shed 3.5 Option trading indicates that As  the  market  lot  is  500
CURRENCIES (as on Oct 29) positive. If the stock manages lakh  shares  in  open  position the  stock  could  move  in  a shares,  this  will  cost  traders Note: The recommendations are
to break the latter level, it has on  Friday  along  with  fall  in range of ₹1,200­1,300. Volume ₹9,900,  which  will  be  the based on technical analysis and
USDINR 26-Nov 75.13 (0) 2329033 (87) Neutral
the  potential  to  breach share  price.  The  counter  has is  lower  in  AU  Small  Finance maximum loss one can suffer. F&O positions. There is a risk of
EURINR 26-Nov 87.56 (0.1) 80182 (71) Neutral ₹1,500­mark.  On  the  other been moving the ₹1,150­1,300 Bank as the counter was intro­ That will happen if the stock loss in trading.
GBPINR 26-Nov 103.54 (0) 196975 (61) Neutral
JPYINR 26-Nov 66.07 (0) 47191 (62) Neutral

SHORT TAKE
MASTERING
DERIVATIVES Reading
option chain
Covered call for profit-taking
It involves shorting a higher strike call against your underlying
VENKATESH BANGARUSWAMY 1,375  shares  or  multiples  thereof. be  worth  26  points.  Your  profit
..........................................
The  strategy  works  better  if  you would then be 134.65 points. This is
Last  week,  we  compared  replace­ have enough shares such that short­ because a loss of 9.35 points on your AKHIL NALLAMUTHU
ment  strategy  with  protective  put ing  one  contract  of  a  call  option short call reduces the profit on your ..........................................
BL Research Bureau
strategy as way to take profits on an helps you lock in profits on 50 per underlying.
underlying position. This week, we cent of your underlying position. In Alternatively,  you  can  carry  your Option chain, sometimes referred to
discuss how you can use a covered the  case  of  ICICI  Bank,  that  would short call position till expiry even if as option matrix, is the listing of all
call strategy to take profits on your mean  having  2,750  shares  of  the the  stock  moves  above  the  strike. available option contracts of a secur­
Time it underlying position. stock. Your  margin  requirement  will  in­ ity. It shows all possible strike prices
You  must  short  the  near­month crease when the OTM call becomes (both call and put options) and the in­
B
To take profits on the
Shorting calls option because the intent is to have ITM,  but  your  short  position  is formation  of  all  available  options
underlying, short a
A covered  call  involves  shorting  a the  stock  called  away  sooner  than “covered”  by  the  long  stock.  Also, such as last traded price, best bid and
call option closer to
higher  strike  call  against  your  un­ later to lock in the profits. It would you  can  lock  in  to  160.65­point ask  price  of  an  option  at  that  time,
price target
................................................................................................................. derlying position. The objective is to be  optimal  to  short  the  call  when profit.  But  your  position  will  not number  of  outstanding  open  in­
B
Strategy will work short a strike that is likely to expire the contract has at least two weeks gain  further  if  the  stock  moves terest,  change  in  option  interest  on
only if you have the out­of­the­money (OTM). Therefore, to expiry; that would help you cap­ above 900, as the gain in the stock that day etc. Thus, traders, who partic­
stock in multiples of a covered  call  typically  involves ture  sizeable  time  value  on  the will  be  offset  by  the  increase  in  in­ ularly participate in derivatives mar­
permitted lot size shorting  a  call  option  that  is  one option. trinsic value of the short option.
................................................................................................................. ket can find option chain very useful.
B
Best to short the call strike above the resistance level for Suppose you short the November While this may not give an outright
when the contract the underlying. 900  call  on  ICICI  Bank  at  16.65 Optional reading buy or sell signal, it indicates key price
has at least two But  our  objective  here  is  to  take points. If the stock closes above 900 You  can  consider  shorting  the points which can act as supports and
weeks to expiry profits  on  the  underlying.  There­ at contract expiry, you must deliver middle­month contract. You will re­ resistances for that security.
.................................................................................................................
fore, you should short a call option 1,375  shares  at  900  per  share.  Your ceive  a  higher  premium,  but  you For instance, the Nifty 50 has been
that  is  closer  to  your  price  target. total  profit  will  be  2.2  lakh  (160.65 must wait longer for taking profits. falling over the past couple of weeks
The objective is to let the option ex­ points  times  1,375),  assuming  you If you hold the stock in multiples of and on Friday it closed at about 17,671.
pire in­the­money (ITM) so that you bought  ICICI  Bank  shares  at  756. the permitted lot size, you can con­ The  average  weekly  movement  of
deliver  the  stock  against  the  short Note that the call premium adds to sider  shorting  one  contract  of  two Nifty,  as  indicted  by  average  true
call position. This strategy will work your profit. different strikes based on your price range  (ATR)  indicator,  is  470  points.
only  if  you  have  the  stock  in  mul­ What happens if you close the po­ targets  for  the  stock,  say,  900  and So, if the downtrend continues, the in­
tiples  of  the  permitted  lot  size  for sition  before  expiry?  Suppose  15 930 on ICICI Bank. dex is less likely to fall below 17,200.
the options. days  before  expiry  of  the  contract, What if the stock declines from its Looking  at  the  option  chain  of
For instance, if you want to short ICICI Bank moves closer to 900. You current level? You can close the pos­ November  monthly  expiry,  within
calls on ICICI Bank to take profits on can close your short call position by ition by selling your shares and buy­ 17,200,  the  17,500­strike  put  option
the  stock,  then  you  should  have buying the option. The option could ing the call. Or you can keep the pos­ has  the  maximum  OIs  (38,304  con­
ition open till expiry.  tracts) and so, this level is likely to act
If you do the latter, the losses (or as  a  support.  Here  put  sellers  have
loss of profit) on your stock will be sold 17,500­strike puts more because
cushioned  by  the  call  premium,  as they expect the index not to fall below
the short option will expire OTM.  this level. Similarly, we can get an idea
Finally,  what  if  the  stock  moves of  the  potential  resistance  levels  by
up but does not reach your price tar­ looking  at  call  options  and  their  re­
get at expiry?  spective OIs.
The call will expire OTM, and the However,  note  that  option  sellers
premium received for shorting the may not always be correct and the dy­
option will add to your profit if you namics with respect to OIs can change
sell the underlying. every day and so, it should be tracked
regularly to know the ever­changing
The author offers training expectations of market participants.
programmes for individuals to
manage their personal investments Send your queries to
derivatives@thehindu.co.in

CM . . .. .. . .. .BM-BME
YK
MUMBAI

BusinessLine
SUNDAY • OCTOBER 31 • 2021 YOUR MONEY 9
BORROW SMART Buy Now Pay Later Bank FD interest rates (%)

Small-ticket festive shopping route

Bank <1 1 to 2 2 to 3 3 to 5 w.e.f
year years years years
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
ADHIL SHETTY or  annual  fees,  though  many  cards Bank of India 4.35 5.05 5.05 5.05 Aug 01
..........................................

Festive  shopping  often  means  festive

BNPL is a good option for those waive these off for preferred custom­
ers or customers who achieve spend­
Canara Bank
Central Bank of India
4.4
4.25
5.1
5
5.25
5
5.35
5
Aug 09
Oct 10
borrowing.  When  borrowing,  you
should know your options so that you
eyeing no-cost loans, but always ing milestones. 
However,  card  debt  is  not  cheap,
Indian Bank 4.4 5.1 5.25 5.25 Oct 05
Indian Overseas Bank 4.9 5.2 5.2 5.2 Nov 09
minimise  costs  of  borrowing  and stick to your budget with  annualised  interest  rates  some­
Punjab National Bank 4.4 5 5.1 5.25 Aug 01
maximise  benefits.  Credit  cards  and times exceeding 40 per cent. Late pay­ DATE
personal loans (PLs) have been around ment penalties will be additional. PLs Punjab & Sind Bank 4.5 5.05 5.3 5.3 Sep 16
WITH DEBT
for  a  while  now.  There’s  now  a  relat­ typically  have  processing  fee,  which State Bank of India 4.4 5.1 5.3 5.4 Jan 08
Borrow only what
ively new option – Buy Now Pay Later can  sometimes  be  waived  off  or  dis­ UCO Bank 4.7 5 5 5 Dec 16
you need, always
loans.  These  are  becoming  popular counted.  Interest  rates  start  from Union Bank 4.4 5.1 5.3 5.4 Sep 01
among  young,  new­to­credit  con­ around  7.50  per  cent,  which  make repay dues in full
INDIAN: PRIVATE SECTOR BANKS
sumers  as  well  as  experienced  con­ them  cheaper  than  credit  cards  for
Axis Bank 4.4 5.4 5.4 5.75 Sep 23
sumers  who  need  some  help  man­ large borrowings.
aging  their  payments  after Bandhan Bank 4.5 5.5 5.5 5.25 Jun 07
Covid­related  financial  stress.  Let’s Tenure Catholic Syrian 4.25 5 5.25 5.5 Jun 01
take a deeper look at this option and BNPLs  are  excellent  for  no­charge, City Union Bank 4.75 5.25 5 5 Aug 01
how  it  compares  as  a  financing  tool small­ticket  transactions  for  the  very DCB Bank 5.45 5.95 5.95 5.95 Aug 17
for festive shopping. short term. The typical BNPL needs to Dhanlaxmi Bank 4.25 5.15 5.3 5.4 Aug 01
be  paid  back  between  15  days  to  90
Federal Bank 4.4 5.35 5.35 5.6 Jul 17
What it is days,  though  larger  BNPL  loans  may
As the name suggests, a BNPL loan can go up to even one year. A credit card is HDFC Bank 4.4 4.9 5.15 5.3 May 21
be used to pay for your shopping. The suited  for  bigger  purchases  though ICICI Bank 4.4 5 5.15 5.35 Oct 21
dues  can  be  repaid  in  a  few  days be  availed  almost  instantly.  So  can cases.  Therefore,  they  are  good  for the  high  rate  of  interest  means  you IDBI Bank 4.3 5.15 5.4 5.4 Aug 16
without  any  charges.  BNPLs  can  be credit  cards.  But  the  similarities small­ticket  purchases  ranging  from should ideally pay your card dues off IDFC First Bank 4.5 4.75 5 5.25 Sep 15
availed from fintech companies, lend­ between the three end here.  grocery, food deliveries, and cab rides in the short run – ideally no more than IndusInd Bank 5.5 6 6 6 Jul 23
ing  start­ups,  and  some  banks.  Think Credit  cards  can  be  used  offline  or to  small  electronics.  Some  BNPL  pro­ a few months. But if you need to bor­ J & K Bank 4.5 5.1 5.2 5.3 Oct 11
of a BNPL like a tab you have with your online, and even as cash, domestically viders  will  enhance  your  spending row big and need a much longer ten­
Karnataka Bank 5.1 5.2 5.5 5.5 Jun 01
grocer  who  allows  you  to  make  pur­ or internationally. PLs are credited to limit  basis  your  credit  behaviour. ure  to  pay  off  the  dues,  you  should
chases  on  credit  which  you  must your  bank  account  to  be  used  in  any Timely repayments help. On the other take  a  PL  which  can  have  a  tenure Kotak Bank 4.5 5.15 5.3 5.3 Oct 27
settle at the month­end in one shot for manner  you  like,  even  as  cash  with­ hand, credit cards have spending lim­ between one and five years.  Karur Vysya Bank 4.25 5.25 5.25 5.75 Oct 08
which  you  may  even  get  a  little  dis­ drawals. Therefore, these two options its as high as your income and credit BNPLs, like credit cards, provide re­ RBL Bank 5.25 6 6.3 6.3 Sep 01
count.  BNPL  features  vary  from  one have universality. So far, you can use a profile  allow  it  to  be.  PLs  normally volving  credit.  You  can  spend  from South Indian Bank 4.5 5.2 5.5 5.65 Oct 08
lender to another, but they all broadly BNPL  only  with  merchants  that  the start from around ₹50,000 and go up your limit, replenish it by repayment, Tamilnad Mercantile Bank 5.25 5.6 5.5 5.25 Aug 09
provide  the  same  convenience:  of financier has partnered with domest­ to ₹40 lakh in a few cases. BNPLs are and use it over and over. PLs are fixed
TNSC Bank 5.75 6 5.85 6 Dec 09
shopping now and paying after a few ically.  For  example,  you  may  use  a an  excellent  initiation  to  loans  for credit  lines.  Despite  the  differences,
Yes Bank 5.25 6 6.25 6.5 Aug 05
days.  BNPL  as  a  payment  option  on  a  food new­to­credit  consumers.  But  those all three options are easily available to
BNPLs  are  small  loans  –  in  many delivery app. BNPLs also don’t permit eligible  for  credit  cards  may  go eligible  consumers.  Where  credit  is SMALL FINANCE BANKS
cases, as small as ₹2000 to ₹5000. You cash withdrawals. That said, loan pro­ straight  to  them  instead.  BNPLs  are easily accessible, care should be exer­ AU Small Finance Bank 4.85 5.85 6 5.75 Oct 14
can  sign  up  for  them  with  your  pre­ viders  and  merchants  are  partnering suited to small shopping. cised with repayment. Late or missed Equitas Small Finance Bank 4.85 5.85 6 5.75 Oct 01
ferred BNPL provider, an e­commerce rapidly  to  make  BNPLs  more  widely This is one area where BNPLs appear payments will wreck your credit score Fincare Small Finance Bank 5 6 6.5 6.75 Oct 25
platform,  or  a  bank.  In  many  cases, usable. But for more seasoned borrow­ most attractive. They have near negli­ in all three options. Therefore, borrow
Jana Small Finance Bank 5.5 6.5 6.5 6.75 May 07
credit scores are not a barrier to BNPL ers,  credit  cards  may  satisfy  a  wider gible  sign­up  charges,  no  processing only what you need, always repay your
Suryoday Small Finance Bank 5.75 6.5 7 6.75 Sep 09
access. Once availed, you can use your range of financing needs.  fees, or even annual renewal charges. dues in full, and for best results with
BNPL  balance  with  a  partner  mer­ In most cases, dues attract no interest your festive shopping, always stick to Ujjivan Small Finance Bank 4.75 6 6.5 6.25 Aug 16
chant. Both BNPLs and PLs are easy to Quantum, borrowing costs though interest will typically apply on a budget. Data as on respective banks’ website on Oct 29, 2021; For each year range, the maximum
offered interest rate is considered; interest rate is for a normal fixed deposit amount below
get.  You  could  apply  online  and  get BNPLs  start  from  a  few  thousand  ru­ EMI plans. Late payments attract pen­ ₹1 crore. Compiled by BankBazaar.com
one  quickly.  Pre­approved  offers  can pees  and  go  up  to  ₹1  lakh  in  a  few alties.  Credit  cards  may  have  joining The writer is CEO, BankBazaar.com Scan & Share

SIMPLY PUT

No-cost EMI
Sounds good but isn’t a free lunch
KEERTHI SANAGASETTI
..........................................
BL Research Bureau

A coffee time chat between two colleagues leads to an
interesting explainer on an emerging loan product.
Vina: Hi Tina, did you check out the ongoing festive
sales online? I have shortlisted a few items to buy.
Tina: No big ticket purchases this year, Vina. Spent a
lot last month. It’s time I tighten my purse strings.
Vina: Why don’t you try the no­cost EMI options
offered by many sellers, including e­comm websites?
Tina: No, Vina. No­cost EMI is a misnomer.
Vina: Why do you say that? The EMI instalments
include no interest or any other additional charges.
Plus, you get to defer the payment on your purchases
by 3 to 12 months. What more could you ask for?
Tina: That’s not entirely true. Many banks, NBFCs
(Bajaj FinServ) and other financial institutions (such as
ZestMoney) with whom e­commerce websites have
lending tie­ups, charge a processing fee on such
no­cost EMI options. Starting from ₹99, the processing
fee can go up to 1 per cent of the order value. Besides, a
few also levy additional charges on
pre­closure of loans, which may
apply even if you return the
product or cancel purchase.
And like any other loan, the
instalments in no­cost EMIs also
include an interest component,
which however is offered as an
upfront discount, hence the term
‘no­cost’. This interest ranges from 12 to 15
per cent per annum.
Vina: Yeah, isn’t that good saving on the interest
front? Imagine how many people could benefit.
Tina: There is another catch here. The no­cost EMIs
are only available for existing customers (debit or
credit card holders) of the bank with whom the
e­commerce site has partnered. These customers must
have an existing pre­approved credit or overdraft limit
with the bank. Moreover, this option is available only
on purchases over a certain limit, ₹5,000 in most
cases. Besides, part payment is also not an option. You
need to either make full payment or avail a no­cost EMI
option in full. But the advantage is that one can avail
the loan online and almost instantly, without visiting
the branch and submitting numerous documents.
Vina: Oh, these are part of pre­approved loans?
Clearly those who have already exhausted such limits
with their bankers, or have low or no credit score
cannot avail no­cost EMI options.
Tina: Right. However, there are new fintech players
such as ZestMoney, that provide such no­cost EMI
options online to even those with no cards, credit
score or such pre­approved limits. One has to just
register their Aadhaar­linked mobile number on the
platform and complete basic KYC for onboarding. Post
this, the website approves a certain credit limit based
on your transaction history and the customer can avail
the no­ cost EMI option on its partnered websites.
These come with varying terms and conditions. 
Vina: But then again, I need to verify if such players
have partnered with the store where I want to make a
purchase, or if the product of my choice is entitled for
such an option from the fintech players.
Tina: Right! Net­net while no­cost EMIs do sound
exciting, remember that there is no free lunch, ever.

CM . .... .. . .. .BM­BME
YK
 MUMBAI

10 STAR TRACK MF RATINGS BusinessLine

SUNDAY • OCTOBER 31 • 2021

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

- IDBI Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.8 215 2.6 37.8 63.0 20.2 - ★★★ Aditya Birla SL Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 49.3 570 2.6 47.9 89.1 19.8 11.4
- Mahindra Manulife Mid Cap Unnati Yojana (G) . . . . . . . . .. . . . . . . . . . 17.5 822 2.5 49.6 76.8 26.2 - ★★★ Canara Robeco Infrastructure (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 73.7 165 2.6 52.1 82.3 22.6 12.2
- Mirae Asset Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.8 6485 1.8 48.8 78.8 - -
★★★ IDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.3 650 2.5 64.4 100.5 21.2 13.7
- Taurus Discovery (Midcap) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 74.9 77 2.6 36.9 57.9 23.0 16.2
★★★ SBI Infrastructure Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.7 730 2.6 45.6 70.1 24.1 13.5

Trailing Returns (%)
Latest Latest Expense
BL Rating Scheme Name NAV Corpus Ratio YTD 1 Year 3 Year 5 Year
(₹) (₹ Cr) (%) Absolute CAGR CAGR CAGR
EQUITY - LARGE CAP FUNDS
★★★★★ AXIS Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 47.2 33154 1.7 23.0 46.7 23.6 18.3
★★★★★ Mirae Asset Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 79.8 30456 1.6 29.3 51.4 20.4 16.3
★★★★★ SBI BlueChip Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.9 31817 1.7 28.0 56.7 21.0 13.8
★★★★ BNP Paribas Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 142.5 1237 2.3 25.3 47.4 22.3 15.0
★★★★ Canara Robeco Bluechip Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.2 4702 1.9 26.4 49.4 24.2 17.2
★★★★ ICICI Pru Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 66.0 30724 1.7 30.6 57.1 19.4 15.3
★★★★ Nippon India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.5 11332 1.8 34.9 66.5 17.1 14.4
★★★ Aditya Birla SL Frontline Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 346.0 22551 1.8 30.1 56.6 19.3 13.6
★★★ Edelweiss Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.1 296 2.5 24.8 47.3 20.1 15.1
★★★ Franklin India Bluechip Fund - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 724.3 6772 1.9 35.4 64.7 19.7 13.3
★★★ IDBI India Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 40.0 547 2.6 33.1 56.2 23.6 14.0
★★★ Invesco India Largecap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 45.6 408 2.5 33.6 54.0 21.4 15.0
★★★ Kotak Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 381.0 3346 2.0 29.6 52.5 22.8 15.3
★★★ L&T India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.4 740 2.5 26.5 49.1 19.7 13.5
★★★ PGIM India Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 248.6 361 2.5 22.7 44.3 18.1 13.1
★★★ Tata Large Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 337.2 1080 2.4 34.8 59.8 20.2 13.8
EQUITY - SMALL CAP FUNDS ★★★ Sundaram Infrastructure Advantage Fund (G) . . . . . . . . . .. . . . . . . . . . 51.4 630 2.5 48.1 79.9 22.2 13.3
★★★ Tata Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 89.6 749 2.5 47.6 84.8 22.6 13.4
★★★★★ Nippon India Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 80.7 17282 1.8 61.1 95.0 28.4 20.2
★★★★★ SBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 103.0 10191 1.8 44.2 76.1 29.2 21.2 ★★ ICICI Pru Infrastructure Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 81.0 1680 2.3 55.6 100.1 21.0 13.9
★★★★ DSP Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 106.0 8306 1.8 49.2 74.2 27.5 14.3 ★★ Nippon India Power & Infra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 155.8 1658 2.3 48.5 80.4 19.9 14.1
★★★★ Kotak Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 161.6 5969 2.0 64.9 100.0 35.3 20.0
★★ UTI-Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.9 1522 2.3 41.1 72.5 19.6 11.0
★★★ Aditya Birla SL Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.1 3005 2.1 50.2 80.3 19.9 11.3
★ HDFC Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.4 609 2.6 43.5 90.9 11.1 3.7
★★★ AXIS Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.6 7303 2.0 49.1 74.4 32.7 20.5
★★★ Franklin India Smaller Companies Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 89.5 7291 1.9 51.3 87.5 21.7 13.0 ★ HSBC Infrastructure Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 25.0 112 2.6 52.1 89.4 16.2 6.1
★★★ HDFC Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 73.2 13411 1.8 58.2 93.4 21.2 18.4 - BOI AXA Manufacturing & Infrastr Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 27.9 62 2.7 44.7 70.3 25.6 16.5
★★★ Sundaram Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 146.7 1556 2.2 54.0 86.5 25.4 12.0
- LIC MF Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.9 79 2.6 44.3 70.0 20.3 12.8
★★ HSBC Small Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 87.4 337 2.5 55.8 84.8 23.7 13.3
- Quant Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.9 85 2.3 73.2 108.8 36.7 22.1
★★ L&T Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.0 7594 1.9 63.3 95.9 21.8 17.6
★ Union Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.9 564 2.6 53.0 76.3 28.6 15.9 - Taurus Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.1 5 2.5 37.4 60.4 18.0 14.2
- BOI AXA Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 25.2 193 2.7 58.0 85.3 - -
- Canara Robeco Small Cap Fund - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 22.1 1622 2.2 63.5 93.2 - - EQUITY - THEMATIC - MNC FUNDS
- Edelweiss Small Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.5 1055 2.2 57.6 87.6 - -
- ICICI Pru Smallcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.7 3187 2.0 59.7 95.5 31.9 17.4 - Aditya Birla SL MNC Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 965.5 4112 2.0 10.1 26.2 12.4 9.6
- IDBI Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.6 130 2.5 54.0 85.3 22.9 - - SBI Magnum Global Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 283.2 5353 2.0 33.2 51.8 21.8 13.9
- IDFC Emerging Businesses Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.5 1422 2.3 50.6 80.7 - -
- UTI-MNC Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 277.2 2635 2.3 24.3 39.8 15.0 11.9
- Invesco India Smallcap Fund - Regular (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.1 1205 2.2 57.0 91.7 - -
- Principal Small Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.3 473 2.5 63.9 96.4 - -
EQUITY - SECTOR - BANKING FUNDS
- Tata Small Cap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.2 1637 2.2 63.3 92.6 - -
★★★★★ ICICI Pru Banking & Financial Services (G). . . . . . . . . . . . . . . . .. . . . . . . . . . 88.1 5101 2.0 33.9 70.6 17.1 13.5
EQUITY - FOCUSED FUNDS
★★★★ Invesco India Financial Services Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 81.1 382 2.6 24.5 52.6 19.0 15.4
★★★★★ Franklin India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 66.5 7836 1.9 42.2 77.8 23.2 15.4
★★★ Aditya Birla SL Banking&Financial Services (G) . . . . . . .. . . . . . . . . . 40.2 2183 2.2 26.2 68.4 17.8 12.6
★★★★★ SBI Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 246.6 20372 1.8 40.3 66.9 26.1 18.3
★★★★ AXIS Focused 25 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 47.3 20334 1.6 27.2 54.7 23.8 18.5 ★★★ Nippon India Banking&Financial Services (G) . . . . . . . . . . .. . . . . . . . 368.9 3144 2.1 40.7 79.3 15.3 12.7
★★★★ Nippon India Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.3 5818 2.0 41.6 76.5 23.3 14.3 ★★ Sundaram Fin Serv Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 62.3 444 2.6 25.2 60.6 21.0 14.0
★★★ Aditya Birla SL Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 93.4 5358 2.0 28.1 53.0 19.9 14.2 ★ UTI-Banking and Financial Services Fund (G) . . . . . . . . . . . .. . . . . . . . 122.6 750 2.7 25.6 63.9 13.1 9.5
★★★ DSP Focus Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.4 2169 2.1 22.2 44.1 19.0 11.8
- Baroda Banking&Fin Serv Fund - Plan A (G) . . . . . . . . . . . . . . .. . . . . . . . . . 30.9 54 2.7 19.6 52.0 16.6 11.7
★★★ Motilal Oswal Focused 25 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 33.9 1832 2.2 19.3 40.1 21.2 13.9
★★★ Principal Focused Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 110.9 669 2.5 34.4 62.4 24.4 16.5 - IDBI Banking & Financial Services Fund - Reg (G) . . . .. . . . . . . . . . 14.1 98 2.6 22.2 53.8 14.6 -

★★★ UTI-Mastershare (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 198.7 9536 2.1 30.0 55.5 21.8 15.6 ★★ ICICI Pru Focused Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.1 2256 2.2 38.4 65.7 19.8 14.7 - LIC MF Banking & Fina Serv Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.5 62 2.8 20.6 51.6 15.7 6.9
★★ HDFC Top 100 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 696.9 21520 1.8 31.6 61.2 16.2 13.3 ★★ Sundaram Select Focus - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 274.0 1408 2.2 26.8 49.4 19.9 16.2 - SBI Banking & Financial Services Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.2 2948 2.0 24.1 55.7 21.0 16.6
★★ HSBC Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 322.3 781 2.4 23.2 46.7 19.9 14.2 ★ HDFC Focused 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 114.7 838 2.5 41.9 73.8 17.0 11.6
- Tata Banking & Financial Services Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 27.0 821 2.5 22.1 50.8 20.4 15.3
★★ LIC MF Large Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.8 646 2.7 25.6 50.7 21.4 14.0 ★ IDFC Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 54.6 1436 2.2 23.7 37.4 16.5 14.2
★★ Navi Large Cap Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.8 106 2.6 28.3 52.1 19.3 13.3 - BNP Paribas Focused 25 Equity Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.8 215 2.5 24.5 47.2 20.0 - - Taurus Banking & Financial Services Fund (G) . . . . . . . . . .. . . . . . . . . . 36.6 9 2.4 22.2 55.5 18.8 15.3
★ DSP Top 100 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 295.7 2951 2.0 21.6 42.8 17.4 10.9 - IDBI Focused 30 Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.6 146 2.5 29.0 53.2 19.2 -
★ IDFC Large Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.7 938 2.4 27.2 46.0 20.0 14.8 - IIFL Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 30.4 2366 2.0 35.1 61.5 30.9 18.7 EQUITY - SECTOR - IT FUNDS
★ Indiabulls Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.7 106 2.4 21.6 43.4 16.4 12.1 - JM Core 11 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.1 45 2.4 21.0 48.2 16.1 11.5
- Baroda Large Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.3 50 2.8 26.1 50.8 20.0 12.5 - Kotak Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.6 2192 2.1 35.5 56.8 - - - Aditya Birla SL Digital India Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 133.6 2536 2.2 53.5 77.6 39.4 31.4
- JM Large Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 99.4 51 2.4 23.4 39.2 16.1 12.2 - L&T Focused Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.1 1023 2.3 23.3 38.0 - - - Franklin India Technology Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 347.8 718 2.5 33.6 54.8 32.8 25.7
- Taurus Largecap Equity Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 103.7 34 2.6 21.7 40.4 15.1 9.8 - Mirae Asset Focused Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.0 7682 1.7 39.7 63.4 - -
- ICICI Pru Technology Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 157.2 6319 2.1 59.0 89.2 40.9 32.8
- Union Largecap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 213 2.6 30.9 55.6 21.0 - - Quant Focused Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.9 45 2.6 33.5 60.4 20.9 14.8
- SBI Technology Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 151.2 1701 2.3 53.2 77.9 36.5 27.8

EQUITY - LARGE & MID CAP FUNDS EQUITY - VALUE FUNDS - Tata Digital India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.0 3469 2.0 58.3 85.2 39.0 32.2

★★★★★ Canara Robeco Emerging Equities (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 163.8 11461 1.8 35.9 61.1 25.0 17.7 ★★★★★ ICICI Pru Value Discovery Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 244.8 22746 1.7 40.2 66.1 20.3 14.2
EQUITY - SECTOR - PHARMA FUNDS
★★★★★ Mirae Asset Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 98.6 21263 1.7 39.7 65.4 27.8 20.3 ★★★★★ L&T India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.4 7903 1.9 40.9 65.3 20.8 14.3
★★★★ Aditya Birla SL Equity Advantage Fund (G). . . . . . . . . . . . . . . . .. . . . . . . . 687.6 6082 2.0 37.3 64.6 23.3 14.1 ★★★★ IDFC Sterling Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 86.0 4114 2.0 56.8 89.4 21.7 16.2
- Aditya Birla SL Pharma & Healthcare Fund (G) . . . . . . . . .. . . . . . . . . . 18.9 615 2.6 15.3 29.6 - -
★★★★ DSP Equity Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 363.8 7002 1.9 35.9 62.4 22.9 15.3 ★★★★ Tata Equity P/E Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 200.7 5101 2.0 29.3 47.7 17.7 13.5
★★★★ Principal Emerging Bluechip Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 182.5 3123 2.0 38.2 65.3 23.8 16.9 ★★★ Aditya Birla SL Pure Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 73.8 4387 2.1 37.8 66.0 13.7 8.9 - DSP Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.5 1490 2.1 16.9 29.0 - -

★★★★ SBI Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 363.4 5145 2.0 37.5 65.8 22.2 15.4 ★★★ HDFC Capital Builder Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 439.1 5334 1.9 35.9 60.8 17.9 13.9 - ICICI Pru P.H.D Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 20.3 3074 2.1 14.7 29.7 26.0 -
★★★ Edelweiss Large & Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.6 1021 2.2 36.1 60.0 23.2 16.5 ★★★ JM Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 52.0 160 2.5 36.7 65.9 22.3 15.1 - Mirae Asset Healthcare Fund - Regular (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 22.7 1885 2.0 19.5 33.3 29.5 -
★★★ Franklin India Equity Advantage Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . 126.0 2871 2.1 40.9 73.3 20.0 13.4 ★★★ Nippon India Value Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 123.7 4327 2.0 41.4 70.8 23.2 16.2
- Nippon India Pharma Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 299.1 5474 1.9 18.2 35.4 24.9 15.1
★★★ Invesco India Growth Opportunities Fund (G) . . . . . . . . . . .. . . . . . . . . . 53.1 4226 1.9 29.0 50.3 20.0 16.1 ★★ Templeton India Value Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 404.6 608 2.5 49.6 86.2 21.1 12.9
★★★ Kotak Equity Opportunities (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 194.8 8020 1.9 30.8 52.3 23.1 15.4 ★★ UTI-Value Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 101.1 6623 2.1 31.7 57.9 22.1 15.0 - SBI Healthcare Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 221.9 2001 2.1 12.8 27.3 22.4 9.2
★★★ L&T Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.3 1479 2.2 24.5 43.1 16.6 12.3 ★ Quantum Long Term Equity Value Fund (G) . . . . . . . . . . . . . . .. . . . . . . . . . 77.4 921 1.8 28.8 53.0 14.5 - - Tata India Pharma & Healthcare Fund (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 590 2.6 13.1 27.5 24.8 12.5
★★★ Sundaram Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.3 1820 2.2 39.7 63.7 21.6 16.5 - Indiabulls Value Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.4 13 2.3 28.5 52.6 14.4 8.5 - UTI-Healthcare Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 163.0 880 2.4 14.6 28.0 24.2 11.5
★★★ Tata Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . 327.2 2690 2.1 29.1 51.9 22.0 14.3
★★ ICICI Pru Large & Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 539.4 3825 2.0 45.2 76.8 21.1 14.9 EQUITY - TAX SAVING (ELSS) FUNDS HYBRID - AGGRESSIVE HYBRID FUNDS
★★ IDFC Core Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 70.0 2499 2.1 35.5 58.2 18.8 14.0
★★★★★ AXIS Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 75.3 34371 1.5 26.9 55.1 24.1 17.4
★★ Nippon India Vision Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 830.0 3325 2.1 34.8 62.2 19.3 12.4
★★★★★ DSP Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 82.1 9756 1.8 38.2 65.9 25.2 16.2 ★★★★★ ICICI Pru Equity & Debt Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 217.6 18653 1.8 42.7 73.3 20.4 15.3
★★ UTI-Core Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 100.5 1196 2.6 44.5 74.0 20.2 13.8
★★★★★ Quant Tax Plan-(G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 214.4 433 2.6 55.3 85.0 35.6 23.0 ★★★★★ SBI Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 203.9 47470 1.6 24.0 43.8 19.0 13.5
★ BOI AXA Large & Mid Cap Equity Fund (G). . . . . . . . . . . . . . . . . .. . . . . . . . . . 56.2 211 2.7 34.1 57.5 22.0 13.5
★★★★ BOI AXA Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 100.6 517 2.5 38.1 61.9 30.3 19.4 ★★★★ Canara Robeco Equity Hybrid Fund (G). . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 246.5 7009 1.9 22.6 38.5 19.9 14.1
★ HDFC Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 189.3 3262 2.3 46.3 77.8 22.2 15.5
★★★★ Canara Robeco Equity Tax Saver Fund (G) . . . . . . . . . . . . . . . . .. . . . . . . . 117.3 2772 2.1 34.8 58.6 26.8 18.9
- AXIS Growth Opportunities Fund - Regular (G) . . . . . . . . .. . . . . . . . . . 21.0 4680 1.9 42.0 68.1 27.9 - ★★★★ DSP Equity & Bond Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 238.7 7563 1.8 24.5 43.6 21.1 13.2
★★★★ IDFC Tax Advantage (ELSS) Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 97.1 3439 1.9 48.7 79.9 23.6 17.9
- LIC MF Large & Mid Cap Fund - Regular (G) . . . . . . . . . . . . . . .. . . . . . . . . . 24.3 1503 2.4 31.7 54.1 21.6 15.5
★★★★ Invesco India Tax Plan (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 84.4 1890 2.0 32.2 56.7 22.3 16.5 ★★★ Aditya Birla SL Equity Hybrid '95 Fund (G) . . . . . . . . . . . . . . . . . .. . . . . 1083.6 8357 1.9 26.2 46.6 15.6 10.8
- Navi Large & Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.5 137 2.6 43.2 65.1 22.0 14.5
★★★★ Kotak Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 70.9 2296 2.0 31.8 53.7 22.5 15.1 ★★★ Franklin India Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 178.2 1470 2.3 25.9 46.2 17.3 11.9
- Quant Large and Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 64.3 27 2.3 32.7 64.5 22.9 14.8
★★★ Aditya Birla SL Tax Relief '96 (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.3 14855 1.8 14.0 33.7 14.0 11.5 ★★★ HDFC Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 79.7 18909 1.8 27.2 48.9 17.7 13.0
★★★ BNP Paribas Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 61.3 551 2.4 26.5 46.3 22.3 14.2
EQUITY - FLEXI CAP FUNDS ★★★ L&T Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 37.3 5460 1.9 21.1 36.2 15.0 11.2
★★★ Franklin India Taxshield - (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 876.7 5021 1.9 38.5 69.2 19.2 13.3
★★★★★ Parag Parikh Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.3 16076 1.8 42.2 63.0 30.1 21.8 ★★★ HSBC Tax Saver Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 57.2 202 2.5 32.6 58.1 20.0 13.4 ★★★ Principal Hybrid Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 113.1 1115 2.2 26.4 45.6 15.8 13.8
★★★★★ SBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.0 15291 1.8 32.6 60.2 21.7 14.9 ★★★ ICICI Pru Long Term Equity Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 604.5 10029 2.0 35.6 65.2 20.8 14.4 ★★★ Tata Hybrid Equity Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 305.6 3451 2.0 25.7 44.2 16.4 10.3
★★★★ Aditya Birla SL Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1171.4 16080 1.8 32.3 59.1 21.1 14.5 ★★★ L&T Tax Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 78.9 3599 2.0 25.7 46.2 15.2 12.6 ★★★ UTI-Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 252.2 4247 2.0 32.4 53.6 16.4 11.8
★★★★ DSP Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.8 7094 2.0 33.5 60.5 26.3 16.7 ★★★ LIC MF Tax Plan - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 101.1 411 2.6 27.1 50.0 18.8 14.1
★★ Nippon India Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.9 3643 2.0 27.9 48.9 9.0 7.8
★★★★ Kotak Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 53.3 38609 1.6 27.5 49.3 19.7 14.7 ★★★ Principal Tax Savings Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 331.5 602 2.5 34.2 61.0 19.8 15.0
★★★★ UTI-Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 265.9 23599 1.9 32.9 62.7 28.0 19.3 ★★★ UTI-Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 147.0 3041 2.3 32.7 61.4 23.0 15.7 ★★ Sundaram Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 135.2 1957 2.2 27.1 44.6 18.1 13.2
★★★ Canara Robeco Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 229.1 6064 1.9 32.5 54.4 24.7 18.1 ★★ Edelweiss Long Term Equity Fund (TS) (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 71.0 198 2.4 29.4 52.7 19.5 12.8 ★ Baroda Hybrid Equity Fund-Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 84.3 414 2.6 29.5 49.9 17.9 11.9
★★★ Franklin India Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 976.7 10214 1.9 42.6 73.3 21.9 14.7 ★★ IDBI Equity Advantage Fund - Regular (G) . . . . . . . . . . . . . . . . . .. . . . . . . . . . 38.9 544 2.4 27.2 49.8 16.2 11.8 ★ LIC MF Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 139.1 488 2.6 15.2 31.2 15.1 9.5
★★★ HDFC Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 996.3 26773 1.7 39.2 74.8 18.5 14.3 ★★ Nippon India Tax Saver (ELSS) Fund - (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.8 12467 1.8 40.5 69.8 14.8 8.8
- AXIS Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 15.9 1868 2.3 22.8 41.1 19.6 -
★★★ HSBC Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 131.9 403 2.5 30.2 53.7 19.0 12.5 ★★ SBI Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 226.0 10862 1.8 32.9 58.4 20.4 13.3
★★★ IDFC Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 137.1 5944 1.9 29.7 52.7 17.5 11.5 ★★ Sundaram Diversified Equity (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 147.9 2237 2.1 31.2 56.7 17.5 11.5 - BNP Paribas Substantial Equity Hybrid Fund (G) . . . . . .. . . . . . . . . . 18.6 715 2.4 25.0 42.9 21.1 -
★★★ JM Flexicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 51.7 189 2.5 32.8 64.6 22.6 15.7 ★ HDFC Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 739.0 9361 1.9 34.9 60.7 15.2 11.6 - BOI AXA Mid & Small Cap Equity & Debt Fund (G) . . .. . . . . . . . . . 22.7 349 2.7 43.8 64.5 23.6 16.1
★★ IDBI Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.9 379 2.5 35.4 58.9 21.2 14.0 ★ Union Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 42.3 436 2.5 35.7 60.7 24.6 15.2
- Edelweiss Aggressive Hybrid Fund - Plan A (G). . . . . . . . .. . . . . . . . . . 37.7 101 2.3 24.1 44.2 17.3 12.3
★★ L&T Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 121.5 2998 2.1 28.4 47.8 16.9 12.5 - Baroda ELSS '96 - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 73.1 218 2.6 38.4 64.2 22.1 12.9
- IDBI Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.2 209 2.6 21.5 35.8 14.6 10.1
★★ Motilal Oswal Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 35.0 11986 1.8 17.0 35.6 15.2 11.0 - Indiabulls Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.6 52 2.3 22.2 43.0 16.0 -
★★ Union Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 34.2 768 2.5 36.8 61.1 24.7 15.8 - JM Tax Gain Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 29.2 65 2.4 33.9 62.2 25.4 17.5 - IDFC Hybrid Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.2 587 2.5 29.5 47.2 17.2 -
★ LIC MF Flexi Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 67.4 428 2.7 20.2 40.9 17.3 10.8 - Mahindra Manulife ELSS Kar Bachat Yojana(G). . . . . . . .. . . . . . . . . . 18.9 420 2.5 39.7 66.8 21.2 13.5 - Invesco India Equity & Bond Fund - Regular (G) . . . . . . . .. . . . . . . . . . 14.6 402 2.5 20.0 33.7 15.0 -
★ Taurus Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 150.3 271 2.6 25.5 44.8 13.7 9.3 - Mirae Asset Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.4 9832 1.7 36.0 61.0 25.8 20.3
- JM Equity Hybrid Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.6 10 2.5 27.0 49.1 16.0 12.1
- AXIS Flexi Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 19.5 9970 1.9 28.4 54.0 24.7 - - Motilal Oswal Long Term Equity Fund (G). . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.1 2376 2.0 32.6 60.7 20.6 14.9
- Edelweiss Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.0 875 2.3 33.8 57.9 20.6 16.1 - Kotak Equity Hybrid Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.6 2071 2.2 28.3 47.0 21.6 13.3
- Navi Long Term Advantage Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.0 69 2.3 29.7 50.4 17.3 12.3
- Navi Flexi Cap Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.3 214 2.3 33.2 57.6 20.5 - - Parag Parikh Tax Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.4 313 2.5 32.6 50.2 - - - LIC MF ULIS - Regular (IDCW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 27.1 420 2.4 25.3 44.8 16.6 12.6
- PGIM India Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.6 2416 2.3 40.6 69.1 30.6 19.3 - PGIM India Long Term Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 351 2.5 33.9 62.4 21.4 15.2 - Mirae Asset Hybrid - Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.2 6109 1.8 24.5 42.3 18.5 14.4
- Shriram Flexi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.9 67 2.6 22.7 42.6 14.9 - - Quantum Tax Saving Fund - Regular (G). . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 76.7 102 1.8 28.5 52.3 14.5 -
- Navi Equity Hybrid Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 14.4 111 2.3 21.8 36.8 14.7 -
- Tata Flexi Cap Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.2 2159 2.1 26.1 44.7 18.6 - - Tata India Tax Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 28.3 2953 2.0 31.2 55.5 21.3 15.0
- PGIM India Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 98.6 162 2.4 24.0 41.0 15.9 10.5
- Taurus Tax Shield (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 113.9 86 2.5 23.3 40.8 16.6 14.0
EQUITY - MULTI CAP FUNDS - Quant Absolute Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 267.9 96 2.5 41.1 64.2 29.2 18.8
EQUITY - CONTRA FUNDS - Shriram Hybrid Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 23.1 65 2.4 16.3 32.2 14.0 10.4
- Baroda Multi Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 174.3 1156 2.5 45.1 75.2 25.8 15.5
- BNP Paribas Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.8 598 2.4 40.1 65.0 22.7 15.1 - Invesco India Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 77.8 8411 1.7 30.9 56.1 21.4 17.2
- ICICI Pru Multicap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 452.3 6462 1.9 38.4 68.4 18.7 13.7
HYBRID - EQUITY SAVINGS FUNDS
- Kotak India EQ Contra Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 84.0 1169 2.3 32.5 56.7 21.4 17.1
- Invesco India Multicap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 80.8 1668 2.4 40.1 68.2 22.6 14.9 - SBI Contra Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 197.3 2974 2.1 45.7 84.7 24.9 15.1
- Mahindra Manulife Multi Cap Badhat Yojana (G) . . . . .. . . . . . . . . . 20.9 783 2.6 52.4 79.6 29.1 - - Aditya Birla SL Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.6 538 2.5 13.0 23.2 11.7 8.2
- Nippon India Multi Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 144.9 11079 1.9 48.1 81.2 18.6 14.0 EQUITY - DIVIDEND YIELD FUNDS - AXIS Equity Saver Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.0 981 2.2 13.3 23.6 12.5 9.8
- Principal Multi Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 234.7 851 2.4 41.8 67.5 21.0 16.0 - DSP Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.1 389 2.4 13.5 20.8 10.5 7.6
- Quant Active Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 405.6 1189 2.1 52.0 80.7 33.9 23.3 ★★★★★ Principal Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 85.2 238 2.6 30.9 52.9 19.9 16.1
★★★★ Templeton India Equity Income Fund (G) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 80.0 1196 2.3 40.3 68.5 24.2 15.6 - Edelweiss Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.3 295 2.0 11.8 19.0 11.5 9.7
- Quantum Equity Fund Of Funds - Regular (G) . . . . . . . . . . . .. . . . . . . . . . 54.5 79 0.8 30.6 53.3 19.3 -
- Sundaram Equity Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.7 829 2.4 37.9 61.9 - - ★★★ UTI-Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 107.3 3226 2.1 37.4 61.5 20.6 15.7 - HDFC Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 48.1 2469 2.2 17.6 30.1 11.3 9.5
★★ Aditya Birla SL Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 252.7 866 2.4 33.3 57.2 18.6 10.9 - ICICI Pru Equity Savings Fund - Reg (G) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 16.8 3986 1.0 8.9 16.6 8.7 7.6
EQUITY - MID CAP FUNDS ★ ICICI Pru Dividend Yield Equity Fund (G) . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.4 499 2.8 45.2 79.8 18.2 13.5
- IDBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 21.0 13 2.3 10.6 20.4 10.4 6.6
- IDBI Dividend Yield Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.1 101 2.5 27.3 47.5 - -
★★★★★ Edelweiss Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.5 1707 2.1 48.2 77.8 27.1 17.8 - IDFC Equity Savings Fund - Regular (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.6 62 2.3 9.0 14.9 8.8 6.6
★★★★★ Kotak Emerging Equity Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 71.1 16318 1.8 44.2 71.0 27.6 16.9 EQUITY - THEMATIC - CONSUMPTION FUNDS - Kotak Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 18.3 1575 2.2 11.1 18.0 10.8 9.3
★★★★ AXIS Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 69.9 15395 1.9 39.6 63.9 28.3 20.7
- L&T Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 22.8 73 1.6 15.3 25.4 10.6 8.0
★★★★ Invesco India Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 87.8 1995 2.1 40.5 65.6 24.8 17.4 ★★★★★ Aditya Birla SL India GenNext Fund (G) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 139.0 2489 2.2 32.5 59.2 23.6 16.5
★★★★ L&T Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 208.7 7082 1.9 31.9 52.3 18.6 14.2 ★★★★ Canara Robeco Consumer Trends Fund (G) . . . . . . . . . . . . . . . .. . . . . . . . . . 67.1 726 2.5 31.0 54.2 25.4 17.8 - Mahindra Manulife Equity Savings DSY (G) . . . . . . . . . . . . . . .. . . . . . . . . . 15.8 301 2.5 17.7 29.6 14.8 -
★★★★ UTI-Mid Cap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 186.7 6652 2.1 40.3 69.2 25.7 14.8 ★★★ Mirae Asset Great Consumer Fund (G). . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 55.1 1552 2.1 33.2 53.8 20.9 17.4 - Nippon India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 12.4 251 2.5 12.6 21.3 0.6 2.5
★★★ BNP Paribas Mid Cap Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 58.9 1078 2.2 45.3 72.5 26.6 15.4 ★★★ Sundaram Rural and Consumption Fund (G) . . . . . . . . . . . . . .. . . . . . . . . . 58.9 1301 2.2 22.6 45.2 16.4 10.7
- PGIM India Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.6 62 1.2 12.1 19.6 9.6 7.8
★★★ DSP Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 92.7 14161 1.7 30.8 50.5 23.9 15.0 ★★ ICICI Pru FMCG Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 324.5 850 2.7 19.6 39.4 13.4 13.0
- Principal Equity Savings Fund (G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 50.2 101 2.4 18.4 28.5 13.1 9.9
★★★ Franklin India Prima Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1544.7 8157 1.9 36.6 63.7 21.4 13.9 ★ UTI-India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 39.4 348 2.8 25.6 48.3 18.3 13.2
★★★ HDFC Mid-Cap Opportunities Fund (G) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 91.4 31752 1.7 40.1 68.4 22.0 14.6 - Nippon India Consumption Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 114.3 175 2.6 34.1 63.0 25.2 13.1 - SBI Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.2 1816 1.2 12.4 23.0 12.3 8.7
★★★ ICICI Pru MidCap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 162.6 3136 2.1 44.2 74.5 22.5 15.1 - SBI Consumption Opportunities Fund (G) . . . . . . . . . . . . . . . . . . .. . . . . . . . 174.6 809 2.5 31.7 67.5 17.6 15.4 - Tata Equity Saving Fund - (App) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 41.2 112 2.4 11.0 18.4 10.4 7.2
★★★ SBI Magnum Midcap Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 135.6 6252 1.9 46.4 80.3 27.4 13.4 - Tata India Consumer Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 26.4 1352 2.2 25.9 46.4 16.9 18.1
- Union Equity Savings Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 13.3 176 2.0 8.9 16.0 9.9 -
★★★ Tata Mid Cap Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 244.1 1428 2.3 39.1 64.5 26.9 16.5
★★ Aditya Birla SL Midcap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 467.9 3337 2.1 47.5 76.5 20.4 12.3 EQUITY - THEMATIC - INFRASTRUCTURE FUNDS Source : NAV India;NAV for the growth option as on 29-10-2021.
★★ Nippon India Growth Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2059.8 11839 1.9 47.6 77.3 27.2 17.3
★★★★★ Franklin Build India Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 65.1 1123 2.3 47.7 88.7 21.2 14.3
★★ Sundaram Mid Cap Fund - (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 706.9 7007 1.9 36.8 63.4 18.2 10.5
★★★★★ Invesco India Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 31.1 288 2.5 53.1 85.0 26.5 17.8
★ Motilal Oswal Midcap 30 Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 43.2 2367 2.1 47.5 72.6 23.9 12.6
★★★★ DSP India T.I.G.E.R. Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 142.5 1255 2.3 50.6 86.7 21.5 12.9
★ PGIM India Midcap Opportunities Fund (G). . . . . . . . . . . . . . . .. . . . . . . . . . 43.0 3060 2.2 58.5 91.2 36.6 20.2
★★★★ Kotak Infrastructure & Economic Reform-SP (G) . . . . .. . . . . . . . . . 32.5 454 2.5 58.0 87.4 22.7 12.9
- Baroda Mid-Cap Fund - Plan A (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 17.3 76 2.8 49.7 77.3 27.8 16.4
★★★★ L&T Infrastructure Fund (G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 24.0 1327 2.2 54.6 87.1 16.6 13.7

CM . .... . . . ...BM-BME
YK
 MUMBAI

8 TAKE 500 SUNDAY • OCTOBER 31 • 2021

BusinessLine

Valuation Radar: The Good, The Bad, The Ugly

The Indian benchmark indices, Sensex Capital Consumer
and  Nifty  50  fell  by  2.5  and  2.4  per Nifty 50 Sensex Auto Bankex Goods Durables FMCG Healthcare IT Metal Oil & Gas Power PSU Realty Teck
cent,  respectively  last  week.  All  sec­
P/E 25.7 29.6 55.2 25.6 46.5 75.2 39.8 35.5 32.1 8.0 9.7 19.7 9.3 74.8 49.9
toral  indices  too  ended  the  week  in
the  red.  BSE  Power  and  Bankex  were P/BV 4.4 3.7 3.9 2.8 4.2 11.9 7.4 4.9 8.5 2.0 1.6 2.5 1.2 3.6 8.6
the  worst  performers,  last  week  – Dividend Yield 1.1 1.0 1.0 0.3 0.8 0.3 2.1 0.6 1.5 2.8 3.7 2.1 3.6 0.2 1.4
down 4.1 and 3.2 per cent, respectively.
Weekly Return (%) -2.4 H -2.5 H -0.9 H -3.2 H -0.6 H -0.6 H -2.1 H -0.2 H -2.9 H -1.6 H -3.1 H -4.1 H -3.0 H -2.3 H -2.8 H
This was followed by Oil & Gas and PSU
indices  that  declined  by  3.1  per  cent Monthly Return (%) -0.4 H -0.6 H 5.2 G 2.9 G 2.1 G 5.8 G -6.5 H -2.9 H -3.1 H 0.7 G 0.0 H 8.6 G 4.4 G -0.2 H -3.0 H
and 3 per cent, respectively. Annual Return (%) 51.4 G 49.2 G 43.0 G 61.5 G 88.7 G 79.6 G 27.2 G 30.0 G 59.0 G 147.6 G 51.8 G 94.9 G 91.5 G 125.7 G 54.4 G
The sector indices are disseminated by S&P BSE

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

Takeaways from Take 500

3M India 25348.5 208.6 121.5 15.0 202106 114.9 -29.2 18.8 24.0 -3.1 11.7 0.0 30975.0 18000.0 Motil.Oswal.Fin. [1] 915.8 104.7 8.7 2.6 202109 63.8 81.0 54.5 244.1 0.4 21.2 1.4 1188.0 547.4
Mphasis 3235.3 70.7 45.8 10.0 202109 17.8 14.1 13.0 8.4 -0.6 22.8 0.1 3659.8 1280.3
A ........................................................................................................................................................................................................................
Wondering  how  to  choose  stocks  for bers for one­off and exceptional items. MRF 77353.9 3369.8 23.0 2.5 202106 70.0 1130.2 25.7 22.9 -4.1 13.0 0.2 98575.9 62294.4
A B B [2] 2109.7 15.8 133.9 12.0 202109 10.2 48.5 7.9 72.6 10.4 7.1 0.0 2152.5 869.0 Multi Comm. Exc. 1703.3 35.8 47.5 6.5 202109 -30.5 -44.2 -7.6 -22.6 -5.3 11.6 0.0 2134.9 1434.8
Aarti Drugs 585.6 22.8 25.7 5.8 202109 0.3 -43.4 7.1 -13.5 -4.0 33.4 0.5 841.4 573.0 your  portfolio  from  the  dozens  which Sales (TTM) and Profit (TTM) make Muthoot Finance 1468.1 97.9 15.0 3.8 202106 13.5 14.6 16.3 14.4 -6.2 15.6 3.3 1638.5 1090.3
Aarti Industries [5] 964.3 16.7 57.6 7.4 202106 40.5 101.4 19.6 26.5 -4.5 12.3 0.8 1168.4 487.5 are listed? Or how to keep track of the the  same  comparisons  for  the  trailing N
AAVAS Financiers 2804.0 41.0 68.3 8.6 202109 20.1 39.2 22.3 32.9 2.7 10.0 2.6 3068.3 1388.8 ........................................................................................................................................................................................................................

ABB Power Produc [2] 2208.8 29.6 74.6 9.5 202109 -10.0 -61.2 5.3 501.2 -9.5 19.4 0.2 2798.2 905.6 ones you own?  twelve months. Narayana Hrudaya 520.9 8.9 58.6 9.5 202106 118.5 -36.4 11.1 900.6 2.4 1.4 0.8 566.0 301.0
Abbott India 20018.6 332.3 60.2 16.4 202106 14.4 8.5 7.3 7.6 -1.2 34.1 0.1 23902.3 13970.1 Well, the listings on this page help you Wkly Rtn (Weekly Return) gives  the Natco Pharma [2] 826.6 21.6 38.3 3.7 202106 -27.2 -38.9 -4.4 -10.7 -1.5 13.7 0.1 1189.0 771.0
ACC 2333.5 103.6 22.5 3.2 202109 45.0 66.2 13.1 66.4 5.4 15.7 0.0 2506.4 1490.0 Natl. Aluminium [5] 97.0 8.9 10.9 1.7 202106 79.2 1982.0 29.4 2861.3 -6.1 11.7 0.0 124.8 29.7
Adani Enterp. [1] 1423.5 10.9 130.7 8.4 202109 44.8 -41.4 31.4 36.2 -7.7 8.2 0.8 1718.5 303.2 sift through the leading companies on change in the price of a stock in the last Navin Fluo.Intl. [2] 3335.9 49.0 68.1 9.6 202109 6.3 -6.8 22.4 -45.1 -0.4 23.0 0.0 4212.5 2054.1
Adani Green 1146.4 2.1 539.3 208.2 202106 34.0 108.5 26.2 39.3 -4.6 9.9 8.6 1394.0 701.0 Navneet Educat. [2] 105.3 1.5 72.1 2.6 202109 41.2 -52.9 -4.8 -41.7 -0.1 5.3 0.2 121.6 72.3
Adani Ports [2] 693.2 26.6 26.0 4.6 202109 21.7 -7.6 34.8 41.9 -9.0 13.6 1.2 901.0 341.3
their  fundamentals  and  keep  an  eagle one week. NBCC [1] 44.7 1.4 31.9 4.9 202106 103.8 503.7 9.2 613.9 -4.4 15.3 0.0 59.8 22.4
Adani Power 100.4 -0.6 2.9 202109 -33.1 -110.3 -2.6 51.5 -14.3 9.7 5.4 167.1 34.8 eye  on  their  financial  performance. ROCE (Return  on  Capital  Employed) NCC [2] 71.3 5.1 14.0 0.8 202106 59.1 218.6 11.0 3.1 -7.4 11.5 0.4 100.0 33.0
Adani Total Gas [1] 1414.2 5.4 262.0 70.5 202109 55.1 11.6 41.9 42.2 -0.5 30.7 0.3 1680.0 191.0 NESCO [2] 608.2 23.2 26.2 2.8 202106 4.8 -17.5 -30.4 -33.9 -2.2 14.3 0.0 697.0 463.5
Adani Transmissi 1786.9 12.2 146.5 32.3 202109 15.0 31.8 0.2 51.0 -0.6 10.4 2.9 1990.0 280.2
Here’s a short guide to interpreting the tells you what returns a business is gen­ Nestle India 19002.0 232.5 81.7 81.9 202109 9.6 5.2 10.3 8.2 0.0 56.9 0.1 20600.0 15900.0
Aditya Bir. Fas. 263.0 -6.5 8.9 202106 151.4 -185.1 -18.6 -3.2 4.0 0.0 2.4 276.0 144.1 numbers: erating on the capital it uses. Netwrk.18 Media [5] 77.2 1.5 53.0 13.5 202109 30.8 312.0 13.2 241.2 -0.4 9.9 5.3 90.0 32.1
Aditya Birla Cap 96.8 5.1 19.0 1.7 202106 6.6 52.2 13.9 44.1 -3.9 8.1 4.1 139.6 63.5 New India Assura [5] 152.7 8.6 17.7 1.3 202106 12.4 -69.1 11.8 -4.0 -4.1 7.5 0.0 197.0 99.6
Advanced Enzyme [2] 376.3 13.4 28.0 4.3 202106 24.0 11.1 19.0 15.3 0.9 22.8 0.0 503.0 281.6 CMP (Current Market Price) is the clos­ DER (Debt Equity Ratio), which divides NHPC Ltd 30.8 3.4 9.1 0.9 202106 -13.0 -0.9 -8.8 18.2 -4.8 8.4 0.7 37.0 19.8
Aegis Logistics [1] 212.4 8.5 25.0 3.5 202109 -2.3 65.7 -17.6 74.2 1.0 14.3 0.2 394.4 200.9 ing  price  of  a  stock  on  BSE  on  its  last a company’s total loans by shareholder Nilkamal Ltd 2370.5 96.2 24.6 3.1 202106 95.9 -94.2 18.3 74.9 -5.8 13.1 0.1 3174.0 1242.6
Affle India [2] 1049.7 11.4 92.1 14.6 202106 69.8 90.4 66.1 113.6 -4.4 33.9 0.3 1259.3 501.2 Nippon Life Ind. 417.5 12.5 33.5 7.8 202109 26.8 47.1 12.3 70.2 -7.0 31.0 0.0 476.5 267.5
AIA Engineering [2] 1933.5 62.1 31.1 4.3 202106 30.1 15.5 9.2 1.2 -0.2 17.8 0.0 2224.4 1621.5 traded day, usually Friday. funds,  indicates  how  indebted  a  com­ NLC India 63.6 9.3 6.8 0.6 202106 12.5 -11.5 -6.9 -16.3 0.0 7.1 2.0 80.0 46.3
Ajanta Pharma [2] 2125.8 81.5 26.1 6.1 202109 23.6 15.1 15.5 26.7 -1.3 31.6 0.0 2420.0 1487.0 EPS (Earnings  per  Share)  is  the  net pany is. NMDC [1] 143.1 30.5 4.7 1.4 202106 236.1 500.0 92.3 202.2 0.4 28.8 0.0 213.2 79.2
Akzo Nobel 2102.2 66.7 31.5 7.4 202106 142.3 274.7 26.7 85.6 -2.7 20.3 0.1 2510.0 1904.0 NOCIL 267.0 7.4 35.9 3.5 202106 223.4 296.7 60.8 12.9 -2.1 8.6 0.0 321.0 117.7
Alembic Pharma [2] 777.4 53.0 14.7 3.0 202106 -1.1 -45.4 7.6 2.6 1.3 25.4 0.3 1150.0 720.8 profit  that  the  company  has  earned  in ROCE and DER give you the latest avail­ NTPC 132.7 15.8 8.4 1.0 202109 16.9 -9.3 8.3 26.0 -8.4 7.9 1.7 152.1 83.3
Alkem Lab [2] 3608.5 136.4 26.5 5.9 202106 37.1 10.9 13.2 19.6 -3.7 21.7 0.3 4067.7 2544.3 the latest financial period, on each out­ able  year­end  numbers  for  the
Alkyl Amines [2] 3605.4 37.2 96.8 34.3 202003 -1.1 160.1 17.3 118.3 -3.3 43.5 0.3 4740.0 1138.5 O ........................................................................................................................................................................................................................

Allcargo Logist. [2] 268.9 6.3 42.6 2.9 202106 66.0 97.0 56.0 -17.5 -1.3 9.7 0.8 318.0 116.5 standing  share.  Here,  we  capture  each company. O N G C [5] 149.0 17.0 8.8 0.9 202106 73.0 5064.5 7.5 62.6 -5.1 9.2 0.6 172.8 64.2
Alok Industries [1] 22.0 -0.1 -0.6 202109 134.2 -146.4 108.7 98.2 -4.8 0.0 0.0 32.3 18.3 company’s  total  EPS  for  the  last  avail­ Yearly High and Low tell  you  the Oberoi Realty 905.6 25.3 35.8 3.5 202109 138.6 93.5 68.5 63.0 -1.1 9.3 0.2 1007.0 424.0
Amara Raja Batt. [1] 681.4 41.5 16.4 2.8 202106 63.8 98.6 27.7 21.6 -2.5 21.2 0.0 1025.0 665.0 Oil India 225.2 37.7 6.0 1.0 202106 47.9 201.0 42.3 11.6 7.5 13.5 0.7 267.7 83.1
Amber Enterp. 3304.3 34.6 95.6 6.9 202106 172.9 -44.6 16.5 55.9 -2.6 9.0 0.3 3788.4 2081.0 able trailing 12 months. range  that  the  company’s  stock  has Oracle Fin.Serv. [5] 4425.2 216.0 20.5 6.2 202109 7.0 14.2 3.4 16.5 -2.8 35.3 0.0 5144.6 2933.1
Ambuja Cements [2] 404.7 16.9 24.0 3.3 202109 7.7 7.1 19.0 50.7 7.6 17.2 0.0 443.0 225.9 Orient Cement [1] 162.6 14.6 11.1 2.3 202109 28.4 63.4 30.1 203.7 6.3 18.8 0.8 173.4 60.8
APL Apollo Tubes [2] 800.6 21.2 37.7 10.1 202109 39.8 42.5 47.7 120.8 -2.0 26.7 0.4 1049.9 299.3
PE (Price  Earnings  Ratio)  is  the  single spanned in the last one year. Orient Electric [1] 346.0 7.3 47.6 15.7 202109 37.0 7.2 45.8 157.5 6.7 33.8 0.3 368.0 190.0
Apollo Hospitals [5] 4260.9 39.2 108.8 13.3 202106 73.2 17.0 12.0 1209.0 5.7 6.5 0.8 5183.3 1987.3 most  important  number  to  gauge  if  a Face value other than ₹10 per share is
Apollo Tyres [1] 212.8 16.4 13.0 1.2 202109 18.2 -43.2 30.4 142.5 -3.8 8.5 0.6 261.2 137.7
stock  is  expensive  or  cheap  enough  to mentioned in brackets next to the com­
P ........................................................................................................................................................................................................................

Ashok Leyland [1] 142.4 -0.3 5.3 202106 171.5 -166.9 31.1 67.3 2.4 5.5 3.0 149.8 76.3 P & G Health Ltd 5424.6 106.5 50.9 12.8 202106 41.9 -30.6 13.2 4.4 -0.1 27.6 0.0 7500.0 5000.0
Ashoka Buildcon [5] 104.7 13.7 7.6 4.7 202106 68.5 187.1 18.2 144.9 -7.1 13.4 12.5 125.0 59.9 buy.  It  divides  the  company’s  current pany name. As far as possible, consolid­ P & G Hygiene 14181.7 200.8 70.6 64.5 202106 24.0 -29.2 19.1 50.5 -2.1 86.3 0.0 15147.0 9990.1
Asian Paints [1] 3100.1 33.9 91.4 23.8 202109 32.6 -28.2 42.5 43.1 3.9 34.4 0.1 3504.1 2072.0 P I Industries [1] 3003.3 51.4 58.4 8.5 202106 12.6 28.7 28.3 55.8 -0.9 21.7 0.1 3533.3 1982.5
Aster DM Health. 187.2 5.5 34.0 3.1 202106 34.7 -46.4 9.6 31.7 -3.2 8.8 1.6 237.3 132.0 market price by its EPS. ated  numbers  (latest  available)  have Page Industries 37649.0 350.6 107.4 47.4 202106 76.1 -72.3 27.3 102.6 -0.5 47.8 0.2 40228.8 19455.0
Astral [1] 2186.3 22.8 95.8 23.2 202106 73.3 271.4 46.2 107.7 -0.4 29.7 0.1 2431.9 815.3 PB (Price  to  Book  value)  measures  a been  used  for  a  holistic  picture  of  the Persistent Sys 3933.7 74.8 52.6 9.7 202109 34.1 58.6 24.0 57.2 1.8 22.8 0.0 4390.0 1075.0
Astrazeneca Phar [2] 3007.9 34.0 88.6 16.5 202106 -9.4 -45.0 -3.1 22.5 -1.0 29.9 0.0 4900.0 2975.0 Petronet LNG 229.8 20.7 11.1 2.9 202106 76.1 34.1 -6.3 15.3 0.0 26.8 0.3 275.3 211.5
Atul 9130.3 228.5 39.9 6.4 202109 24.7 -15.9 19.9 12.3 -5.4 24.4 0.0 10975.4 5868.0 company’s  stock  price  relative  to  its company’s finances.  Pfizer 5046.2 125.3 40.3 9.7 202106 45.5 60.6 16.5 10.0 -2.1 22.7 0.0 6164.8 4200.0
AU Small Finance 1209.9 36.0 33.6 6.1 202109 15.9 -13.5 13.2 35.3 -0.4 0.0 0.0 1389.0 723.0 book value or net worth. PB is the appro­ Given that the top 500 listed companies Phillips Carbon [2] 219.9 25.4 8.7 1.6 202109 60.8 110.5 48.8 135.9 -6.6 16.8 0.3 278.7 136.9
Aurobindo Pharm [1] 690.2 55.8 12.4 1.8 202106 -2.5 -1.7 5.2 9.4 -0.7 18.3 0.3 1063.8 660.1 Phoenix Mills [2] 962.7 4.0 240.7 3.4 202106 51.6 -161.8 -21.8 -56.1 5.2 4.1 1.0 1031.1 548.5
Avanti Feeds [1] 556.0 24.4 22.8 4.3 202106 47.5 -27.0 14.5 -7.2 -0.3 28.6 0.0 675.0 411.9 priate value measure for banks and as­ are  usually  the  most  liquid  and  well­ Pidilite Inds. [1] 2313.7 26.1 88.6 21.0 202106 120.6 721.8 35.7 49.2 -0.2 28.9 0.1 2531.9 1470.1
Avenue Super. 4632.1 21.2 218.4 23.6 202109 46.8 110.4 25.5 53.7 2.4 12.7 0.0 5899.9 2083.0 set­heavy companies. run, we’ve restricted the list to the S&P Piramal Enterp. [2] 2604.8 56.2 46.3 1.8 202106 -1.0 11.0 -0.3 1801.6 0.6 10.4 1.3 3013.0 1198.9
Axis Bank [2] 742.1 32.6 22.7 2.1 202109 2.9 84.4 -1.3 181.8 -9.2 0.0 0.0 866.6 481.8 PNB Housing 482.6 54.3 8.9 0.9 202106 -9.5 -5.4 -8.6 48.0 -8.3 8.8 7.5 924.0 315.9
Sales (Qty) and Profit (Qty) capture BSE 500 index constituents. PNC Infratech [2] 323.3 20.4 15.9 2.7 202106 33.8 28.4 19.1 12.9 -5.6 14.7 1.4 395.6 147.0
B ........................................................................................................................................................................................................................
the growth in a company’s net sales and Note: Very large percentage changes in Poly Medicure [5] 922.6 15.3 60.3 9.2 202106 24.4 40.7 19.0 42.8 0.2 21.7 0.3 1163.0 449.2
B H E L [2] 68.3 -6.5 0.9 202106 43.6 -150.1 -4.8 -5.2 -1.4 0.0 0.2 79.5 27.0 Polycab India 2262.1 54.6 41.4 6.9 202109 48.0 -10.3 40.4 7.2 0.0 24.4 0.1 2647.4 837.0
BPCL 417.8 56.3 7.4 1.7 202109 54.7 28.1 25.4 112.5 -6.6 17.6 1.3 503.0 338.4 net  profits  for  the  latest  reporting sales and profit are reflective of a change Power Fin.Corpn. 133.1 47.5 2.8 0.6 202106 12.0 29.7 14.4 64.6 -2.6 9.5 11.4 153.8 84.4
Bajaj Auto 3710.2 209.6 17.7 4.0 202109 19.1 36.3 36.2 42.2 -4.0 25.3 0.0 4361.2 2823.4 Power Grid Corpn 185.1 19.5 9.5 1.9 202106 8.0 30.4 6.3 20.1 -4.8 10.9 2.2 209.8 122.3
Bajaj Consumer [1] 231.8 14.8 15.7 4.5 202106 10.6 -9.8 17.8 19.5 -1.4 37.9 0.0 323.5 176.3
quarter,  over  the  previous  year,  in  per­ from near-zero or negative value. Prestige Estates 426.2 9.1 46.7 2.6 202106 11.2 3481.3 -5.8 26.4 -2.8 10.5 1.1 507.4 240.3
Bajaj Electrical [2] 1107.0 16.3 68.0 8.1 202106 39.9 -151.5 12.7 382.3 -4.7 12.5 0.6 1588.6 474.0 centage terms. We’ve adjusted the num­ Source: Capitaline database Prism Johnson 119.2 5.1 23.2 4.6 202109 11.1 -11.9 19.3 363.5 -1.6 9.6 1.9 149.4 70.8
Bajaj Finance [2] 7402.4 82.4 89.8 11.5 202109 16.1 53.5 1.0 10.8 -4.0 9.4 3.8 8020.2 3255.0 PTC India 126.1 16.5 7.7 0.8 202106 6.3 32.4 6.2 31.5 -2.8 10.2 2.7 144.5 44.7
Bajaj Finserv [5] 17830.9 265.4 67.2 7.5 202109 18.0 13.8 10.2 19.9 -4.5 11.9 3.8 19320.0 5514.9 Punjab Natl.Bank [2] 42.1 3.4 12.5 0.5 202109 -14.2 91.7 9.9 4162.8 -4.2 0.0 0.0 47.6 26.3
Bajaj Holdings 4834.5 360.2 13.4 1.3 202109 26.7 29.7 8.4 40.9 2.1 11.6 0.0 5121.4 2219.0 PVR 1678.0 -116.8 7.0 202109 197.5 -183.2 -74.8 -58.8 3.1 0.0 3.0 1797.6 961.0
Balaji Amines [2] 3460.6 101.7 34.0 10.7 202109 86.2 74.3 79.9 147.9 -2.5 34.9 0.3 5220.0 792.2 Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.Low
Balkrishna Inds [2] 2459.9 71.2 34.5 7.9 202106 91.3 151.3 45.9 50.5 -1.1 24.0 0.2 2724.4 1307.1 Qty Qty TTM TTM Rtn Q ........................................................................................................................................................................................................................

Balmer Lawrie 126.0 9.4 13.4 1.4 202106 75.6 827.8 26.0 28.6 -3.7 7.8 0.1 171.0 98.9 Quess Corp 868.6 4.4 195.6 5.5 202106 24.0 172.3 3.7 -46.7 -2.6 7.0 0.5 990.0 371.0
Balrampur Chini [1]
Bandhan Bank
326.6
291.5
20.5 16.0
-11.8
2.5
2.6
202106 -20.3
202109 -0.5
-44.7
-427.0
-13.4
9.5
-24.5
-169.9
5.7
-9.9
16.6
0.0
0.5 398.3
0.0 430.3
148.0
259.4 H ........................................................................................................................................................................................................................
R ........................................................................................................................................................................................................................

Bank of Baroda [2] 97.5 6.6 14.8 0.6 202106 -7.7 74.8 -7.3 683.5 3.1 0.0 0.0 103.7 41.1 H D F C [2] 2843.8 111.5 25.5 3.3 202106 3.5 39.5 29.2 -8.1 -2.0 9.2 3.1 2947.4 1907.7 RCF 76.6 8.5 9.0 1.3 202106 47.5 503.0 1.6 65.8 -4.6 9.8 1.1 100.2 42.1
Bank of India 60.0 4.8 12.5 0.5 202106 -8.9 -13.1 -6.0 183.6 -1.5 0.0 0.0 101.5 38.2 HPCL 310.6 73.4 4.2 1.2 202106 92.3 -11.0 13.7 107.6 -5.2 19.3 1.3 339.7 170.3 Radico Khaitan [2] 1118.6 21.9 51.0 8.3 202106 47.3 35.7 18.0 24.9 -0.4 18.6 0.2 1215.0 418.1
Bank of Maha 20.8 1.2 17.2 1.2 202109 11.8 93.6 7.2 88.0 -4.2 0.0 0.0 32.0 10.9 HUDCO 42.9 8.9 4.8 0.7 202106 0.9 98.9 -3.3 12.9 -2.3 9.5 4.8 58.3 30.1 Rail Vikas 35.3 4.9 7.3 1.3 202106 32.9 64.7 12.1 42.3 -18.0 11.5 0.8 44.8 18.1
BASF India 3224.1 106.3 30.3 7.8 202106 68.8 532.7 38.2 6609.2 -3.5 22.2 0.4 3927.0 1319.4 Happiest Minds [2] 1271.9 11.1 114.9 31.9 202109 44.7 30.4 28.6 36.3 -4.4 31.4 0.4 1580.8 285.6 Rain Industries [2] 227.7 25.8 8.8 1.3 202106 54.3 786.5 7.0 162.7 -1.0 8.9 1.6 272.9 99.5
Bata India [5] 1980.0 -4.2 14.5 202106 97.7 -168.9 -20.3 -142.9 -2.2 -0.3 0.6 2212.6 1265.0 Hathway Cable [2] 21.9 1.2 18.1 1.0 202109 3.9 -52.1 0.7 -8.8 -8.6 4.2 0.3 36.6 20.5 Rajesh Exports [1] 637.8 32.9 19.4 1.7 202106 10.5 83.0 30.9 -8.0 0.3 11.0 0.4 669.8 440.8
Bayer Crop Sci. 4990.8 109.1 45.7 8.8 202106 15.3 0.4 14.5 -27.5 -0.8 30.1 0.0 6127.5 4928.3 Havells India [1] 1263.2 19.0 66.4 14.3 202109 31.7 -7.3 46.6 55.1 -2.0 29.4 0.1 1503.7 712.0 Rallis India [1] 265.5 9.6 27.6 3.1 202109 0.4 -30.9 10.7 -7.0 -3.7 19.3 0.1 362.0 232.4
BEML Ltd 1604.8 26.1 61.5 3.0 202106 15.5 -170.2 27.6 289.7 2.1 3.1 0.2 1694.0 602.0 Hawkins Cookers 6309.4 172.7 36.5 18.8 202106 50.2 165.6 29.5 39.9 -0.6 55.8 0.2 6590.0 4950.2 Ratnamani Metals [2] 2150.4 62.4 34.5 4.9 202109 23.4 26.1 -6.5 6.1 -2.5 18.5 0.1 2300.0 1167.0
Berger Paints [1] 741.1 8.7 85.2 21.3 202106 93.2 811.7 37.7 70.2 0.5 27.1 0.2 872.0 588.7 HCL Technologies [2] 1144.4 42.5 26.9 5.1 202109 11.1 3.7 8.9 -5.4 -4.2 25.0 0.1 1377.0 800.6 Raymond 458.1 3.0 155.0 1.5 202109 130.1 -56.0 24.6 106.9 1.7 -3.7 1.1 486.3 268.1
Bharat Dynamics 404.7 17.2 23.6 2.8 202106 1126.1 -126.8 -25.2 -19.5 -6.0 10.1 0.0 455.0 285.0 HDFC AMC [5] 2647.5 64.5 41.0 11.8 202109 18.9 1.9 8.9 10.7 -4.8 39.9 0.0 3363.0 2225.9 RBL Bank 180.6 -3.8 0.9 202109 -6.8 -93.6 -8.6 -147.1 -10.2 0.0 0.0 274.0 155.7
Bharat Electron [1] 206.9 9.4 22.0 4.4 202109 14.8 56.5 12.0 33.3 2.7 24.5 0.0 221.5 86.4 HDFC Bank [1] 1582.4 61.8 25.6 3.9 202109 5.6 18.1 2.5 15.7 -5.9 0.0 0.0 1724.3 1176.6 REC Ltd 148.6 47.1 3.2 0.7 202109 14.1 22.5 15.8 50.3 -1.6 9.3 7.8 168.7 98.1
Bharat Forge [2] 767.8 9.9 77.3 6.6 202106 82.6 57.0 5.9 395.0 -2.6 3.1 0.9 846.6 445.1 HDFC Life Insur. 680.4 5.6 122.0 15.5 202109 104.3 -15.8 47.8 -15.9 -1.5 0.9 0.0 775.7 560.0 Redington India [2] 143.9 11.6 12.4 2.3 202106 25.8 166.6 18.3 82.4 0.5 20.7 0.4 179.0 58.3
Bharti Airtel [5] 686.3 1.7 395.6 5.1 202106 12.2 -96.7 16.5 205.0 -1.2 0.0 2.3 738.8 419.7 HEG 2057.9 6.4 323.8 2.3 202106 77.3 296.2 -8.2 115.2 0.9 -1.9 0.1 2626.2 659.2 Relaxo Footwear [1] 1329.6 12.0 110.7 21.0 202106 36.7 27.8 17.3 48.6 -2.1 26.2 0.1 1404.4 649.1
Biocon [5] 350.8 5.7 61.2 5.3 202109 5.2 13.8 8.1 6.8 8.3 8.7 0.5 487.7 314.9 Heidelberg Cem. 239.5 14.6 16.4 3.8 202109 11.0 -4.6 16.1 37.0 -0.8 24.2 0.3 284.6 181.0 Reliance Industr 2537.6 81.5 31.2 2.2 202109 50.7 43.0 17.5 31.4 -3.4 7.8 0.5 2750.0 1830.0
Birla Corpn. 1521.8 98.0 15.5 2.5 202106 43.1 115.2 16.9 75.4 9.9 11.6 1.0 1600.0 624.7 Hero Motocorp [2] 2659.8 155.9 17.1 3.5 202106 85.3 333.0 39.3 25.0 -3.1 24.9 0.0 3628.6 2636.0 Responsive Ind [1] 115.7 2.6 44.2 3.2 202109 52.8 -62.9 51.4 183.1 -4.1 6.1 0.2 205.0 112.0
Birlasoft Ltd [2] 406.6 14.8 27.4 4.8 202109 18.0 49.3 6.5 54.3 -1.7 20.8 0.1 457.9 173.3 HFCL [1] 71.4 2.6 27.3 4.4 202109 6.4 53.8 52.8 166.6 -0.6 19.3 0.5 95.7 16.2 RHI Magnesita [1] 344.7 9.8 35.3 6.9 202106 85.4 184.3 52.2 64.5 -1.6 23.3 0.1 410.0 180.0
Bliss GVS Pharma [1] 110.4 7.4 14.9 1.4 202106 29.8 49.8 1.4 -9.5 3.9 12.2 0.2 224.0 91.5 Himadri Special [1] 52.7 1.8 29.6 1.2 202106 109.3 15.5 27.4 -37.5 -5.1 4.1 0.4 62.4 37.6 Rites 282.7 18.4 15.4 2.8 202106 5.7 14.7 -17.3 -24.0 -8.8 21.4 0.0 318.0 232.4
Blue Dart Expres 6634.8 137.4 48.3 26.6 202109 29.7 71.0 39.4 632.3 6.0 14.4 1.0 6750.0 3150.0 Hind. Unilever [1] 2394.0 36.0 66.5 11.7 202109 11.4 7.3 19.2 16.1 -2.5 34.3 0.0 2859.1 2043.8 Rossari Biotech [2] 1413.7 16.2 87.2 11.0 202106 111.1 58.3 42.8 34.0 -1.5 28.7 0.1 1620.6 755.0
Blue Star [2] 959.9 15.4 62.2 10.4 202109 37.4 104.7 23.7 480.3 6.8 12.5 0.6 1025.0 613.8 Hind.Aeronautics 1307.3 98.2 13.3 2.8 202106 -7.0 31.0 13.8 33.7 -1.5 16.7 0.2 1568.5 660.0 Route Mobile 1878.5 25.8 72.8 15.0 202109 24.7 28.3 31.3 42.5 -5.4 33.0 0.1 2388.1 772.9
Bombay Burmah [2] 1081.4 37.5 28.8 1.4 202106 -0.3 -54.6 6.0 -61.2 -2.3 29.6 0.4 1424.4 1077.0 Hindalco Inds. [1] 459.9 29.5 15.6 1.6 202106 63.6 379.6 30.5 178.1 -2.3 7.1 1.1 551.7 165.3
Bosch 16940.5 446.3 38.0 5.1 202106 146.4 243.7 38.3 163.3 0.0 13.3 0.0 18557.5 11322.0 Hindustan Copper [5]
Hindustan Zinc [2]
127.0
311.5
1.3 97.3
20.8 15.0
7.7
3.6
202106 -38.0
202109 7.7
53.7
4.0
69.2
35.9
122.5
40.1
-2.1
-3.4
6.2
26.5
1.3 196.9
0.1 407.9
32.3
200.4
S .........................................................................................................................................................................................................................

Brigade Enterpr. 467.4 -0.2 3.9 202106 88.3 -141.1 0.1 -109.3 4.1 3.9 2.1 496.3 170.5 SAIL 115.0 32.2 3.6 1.1 202109 58.5 1398.8 54.3 613.0 -1.2 10.5 1.1 151.1 33.2
Britannia Inds. [1] 3670.0 70.9 51.8 24.9 202106 -1.0 -28.6 5.8 0.6 -0.4 44.9 0.5 4152.1 3317.9 Honeywell Auto 41975.8 512.9 81.8 14.4 202106 -7.2 -6.7 -5.7 -4.4 -2.3 25.1 0.0 49805.0 27854.0 SCI 128.0 11.1 11.5 0.7 202106 -10.1 -52.9 -22.8 -26.3 -2.8 6.1 0.5 145.5 49.8

C ........................................................................................................................................................................................................................
I ..........................................................................................................................................................................................................................
S H Kelkar & Co.
Sanofi India
158.7
8341.3
12.9
262.3
12.3 2.4
31.8 12.0
202109
202109
1.8
9.9
-42.0
22.1
34.9
-0.6
87.3
22.6
6.3
-0.3
16.1 0.5 189.8 82.9
28.9 0.0 9300.0 7427.8
Cadila Health. [1] 503.2 48.1 10.5 3.2 202109 2.4 437.4 5.5 167.9 0.2 13.4 0.5 673.7 405.0 IDFC 55.1 -4.5 1.1 202106 23.3 -1662.3 37.4 29.2 1.7 0.0 0.0 62.6 28.3 SBI Cards 1054.2 11.0 96.0 15.8 202109 6.7 67.3 1.9 -7.4 -6.6 10.0 3.1 1164.7 762.7
Cams Services 3013.0 46.8 64.4 29.2 202106 35.4 58.9 12.6 33.2 -2.0 35.3 0.0 4064.0 1260.0 IOB 21.2 0.7 31.7 2.1 202109 -2.5 154.1 -4.8 122.1 -2.1 0.0 0.0 29.0 9.1 SBI Life Insuran 1145.7 12.3 92.8 10.5 202109 14.0 -17.7 18.8 -23.3 -1.7 0.8 0.0 1273.4 755.6
Can Fin Homes [2] 626.6 35.1 17.9 3.0 202109 -11.0 -3.7 -9.8 11.4 -4.7 8.5 8.0 721.3 418.1 IOCL 128.1 27.1 4.7 1.1 202106 90.8 174.4 1.3 186.7 -2.1 14.6 1.2 139.0 76.2 Schaeffler India 7413.9 185.6 40.0 7.0 202109 32.7 50.5 50.7 148.0 -0.5 12.9 0.0 8377.2 3600.0
Canara Bank 214.5 24.8 8.7 0.7 202109 -3.4 181.8 12.3 340.7 8.0 0.0 0.0 218.6 84.4 I R C T C [2] 845.7 3.4 251.0 46.1 202106 85.3 235.3 -53.8 -35.2 -8.5 14.8 0.0 1278.6 258.2 Schneider Elect. [2] 104.7 1.0 109.5 -24.8 202106 38.5 -159.7 11.7 147.7 -4.9 0.0 3.0 147.0 68.5
Caplin Point Lab [2] 821.0 34.2 24.0 6.4 202106 25.1 29.9 23.2 17.9 -4.5 28.4 0.0 1034.0 402.0 ITDC 375.6 -3.1 11.2 202106 50.4 -119.3 -38.8 -1472.8 -5.2 8.2 0.0 463.9 217.0 Sequent Scien. [2] 191.4 3.4 56.3 6.5 202106 8.6 -94.5 15.6 13.6 3.0 14.7 0.4 336.4 135.5
Capri Global [2] 537.7 10.4 51.5 5.5 202106 13.4 15.8 5.0 12.3 5.6 10.7 2.0 578.7 235.0 ICICI Bank [2] 802.3 30.6 26.2 3.4 202109 5.6 24.8 2.9 52.6 5.7 0.0 0.0 859.7 388.1 Sheela Foam [5] 2468.9 53.0 46.6 10.2 202109 29.3 10.8 42.0 39.4 1.3 23.3 0.3 2624.0 1236.0
Carborundum Uni. [1] 839.5 18.6 45.2 7.5 202106 59.0 290.9 22.0 47.1 -0.7 19.2 0.0 957.0 239.2 ICICI Lombard 1480.7 26.5 55.9 8.2 202109 32.0 7.4 21.3 -6.5 -1.2 26.4 0.1 1674.0 1212.0 Shilpa Medicare [1] 583.5 3.9 151.4 3.2 202109 5.9 -68.4 -2.8 -82.1 1.6 7.6 0.4 671.0 317.1
Castrol India [5] 138.1 7.7 18.0 9.1 202109 21.5 -9.1 31.3 13.6 -1.3 55.7 0.0 154.9 107.9 ICICI Pru Life 618.1 4.4 141.6 10.2 202109 8.3 47.3 12.2 -41.4 -0.4 0.5 0.1 724.5 398.8 Shoppers Stop [5] 346.4 -14.4 274.8 202109 116.2 -103.7 7.1 53.9 8.0 0.0 23.4 369.0 160.8
CCL Products [2] 380.6 14.2 26.7 4.4 202109 4.5 4.0 9.5 8.2 3.8 16.5 0.5 495.0 225.0 ICICI Securities [5] 737.2 39.0 18.9 11.5 202109 25.8 26.3 39.1 64.6 -5.9 37.0 1.7 895.6 357.0 Shree Cement 28659.4 726.7 39.4 6.7 202109 2.8 6.8 19.9 54.0 3.2 18.1 0.2 32050.0 20410.3
CEAT 1248.0 88.8 14.0 1.5 202109 23.9 -76.7 37.9 23.7 -6.1 13.3 0.6 1763.2 1018.6 IDBI Bank 51.1 2.1 24.9 1.7 202109 -11.4 76.9 -3.5 143.5 -3.9 0.0 0.0 65.3 26.4
Shri.City Union. 2164.9 168.3 12.9 1.6 202109 13.6 10.0 6.1 19.6 -0.1 11.0 3.4 2600.0 766.1
Central Bank 21.9 -1.0 0.8 202109 -4.5 56.3 -8.8 33.5 -4.4 0.0 0.0 29.7 10.7 IDFC First Bank 49.6 -0.4 1.5 202106 3.5 -720.7 -1.5 88.8 -0.9 0.0 0.0 69.3 29.8
Shriram Trans. 1437.9 90.6 15.9 1.6 202109 8.1 12.4 8.3 15.1 -5.4 10.3 5.1 1587.9 669.9
Century Plyboard [1] 540.1 10.5 51.3 9.5 202106 125.4 178.8 23.1 136.0 0.0 19.2 0.2 576.1 170.5 IFB Industries 1253.6 16.5 75.8 7.3 202106 99.0 -191.7 38.6 334.3 -3.3 12.3 0.5 1458.1 681.8
Siemens [2] 2184.4 30.9 70.8 7.9 202106 147.2 7210.5 26.4 42.1 0.6 11.0 0.0 2405.0 1249.0
Century Textiles 781.5 8.1 97.0 2.4 202109 67.5 216.4 30.4 41.0 -7.8 0.7 0.4 1003.3 302.0 IFCI 12.2 -11.5 0.6 202106 -67.7 -332.3 -35.8 -350.9 -4.2 0.0 2.7 16.4 5.7
SIS [5] 466.2 36.0 12.9 3.8 202109 12.7 -36.5 10.3 121.3 -1.9 26.3 0.8 534.9 350.5
Cera Sanitary. [5] 5209.0 100.7 51.7 7.5 202109 24.4 74.8 26.8 44.4 -3.9 14.9 0.1 6430.5 2560.0 IIFL Finance [2] 324.0 28.3 11.4 2.1 202109 13.8 37.1 20.6 121.1 8.6 10.3 6.0 346.6 74.0
SJVN 28.3 4.8 6.0 0.9 202106 -1.7 -0.3 -6.7 18.2 -2.7 14.3 0.2 33.8 21.4
CESC [1] 87.2 10.5 8.3 1.2 202106 23.0 34.2 12.2 16.1 -6.2 10.9 1.5 102.5 55.3 IIFL Wealth Mgt [2] 1630.1 51.9 31.4 5.1 202109 25.4 63.5 10.6 90.8 3.5 9.3 2.3 1818.0 880.0
SKF India 3317.9 86.9 38.2 9.7 202109 37.4 80.9 43.2 124.6 4.8 22.3 0.0 3440.0 1463.2
Indbull.RealEst. [2] 151.8 4.1 37.2 2.0 202109 1633.6 -92.7 63.9 184.4 -6.8 3.4 0.6 186.0 46.4
Chalet Hotels 236.3 -5.3 3.5 202109 118.0 -129.2 -38.4 -3664.7 -0.6 -2.8 1.2 282.8 125.1 Sobha 768.7 7.0 109.6 3.0 202106 46.4 63.6 -22.4 -66.3 -1.3 12.2 1.3 900.0 272.8
India Cements 206.0 7.4 27.7 1.1 202106 36.9 121.1 7.6 1104.1 4.3 6.4 0.6 226.0 114.0
Chambal Fert. 369.5 34.0 10.9 2.9 202106 10.0 27.7 3.7 12.9 11.6 20.2 1.5 451.0 156.2 Solar Industries [2] 2489.3 37.6 66.2 14.3 202109 34.1 13.2 39.3 55.3 12.1 19.7 0.5 2826.3 977.5
Indiabulls Hous. [2] 217.0 26.2 8.3 0.6 202106 -9.4 3.2 -21.2 -27.6 -5.5 9.4 4.7 313.5 137.1
Chola Financial [1] 697.8 37.4 18.7 2.4 202106 11.1 -42.4 7.6 2.1 1.8 10.9 11.9 763.1 370.0 Solara Active 1247.4 63.9 19.5 2.8 202106 16.4 19.7 24.9 76.2 -6.7 14.7 0.5 1859.3 969.1
Indiamart Inter. 7148.1 100.1 71.4 12.6 202109 11.8 17.8 10.1 22.3 -10.0 27.8 0.1 9952.0 4546.7
Cholaman.Inv.&Fn [2] 616.0 19.4 31.7 5.3 202109 1.7 40.5 10.4 22.8 3.1 9.7 6.7 633.8 236.7 Sonata Software [1] 836.3 29.9 27.9 9.0 202109 19.8 59.4 19.9 28.6 4.7 37.3 0.1 1030.0 300.8
Indian Bank 171.8 37.3 4.6 0.5 202109 -5.8 145.9 22.1 409.1 -5.8 0.0 0.0 194.8 56.6
Cipla [2] 906.5 33.1 27.4 3.8 202109 10.3 6.9 16.4 45.2 1.2 17.4 0.1 1005.0 706.5 South Ind.Bank [1] 9.4 -1.2 0.4 202109 -13.3 -387.4 -11.7 -379.5 -2.4 0.0 0.0 14.0 6.1
Indian Energy Ex [1] 708.3 8.7 81.5 34.1 202109 55.6 75.3 42.0 49.8 -7.3 56.9 0.0 956.2 181.0
City Union Bank [1] 168.4 8.3 20.3 2.1 202106 -4.9 12.3 -2.5 37.6 -0.6 0.0 0.0 199.8 142.8 Spandana Sphoort 509.7 21.7 23.4 1.2 202106 33.2 -8.5 8.7 -55.8 -2.4 9.1 1.6 830.0 503.3
Indian Hotels Co [1] 196.6 -5.7 7.2 202109 183.8 -143.9 -20.7 -80.9 -4.1 0.0 1.3 237.5 92.0
Coal India 164.5 22.4 7.3 2.8 202106 37.0 52.4 7.0 -2.6 -7.0 17.2 0.2 203.9 110.5 SPARC [1] 262.1 -10.2 -48.2 202106 -88.1 -208.3 -63.5 -66.7 -8.1 0.0 0.0 311.9 141.0
Indoco Remedies [2] 465.9 12.6 37.1 5.6 202106 43.0 132.7 21.2 194.3 0.5 15.1 0.4 529.7 245.7
Cochin Shipyard 349.4 44.5 7.8 1.1 202106 -0.9 -34.0 -6.7 5.5 -1.9 19.6 0.0 433.8 318.0 SpiceJet 70.8 -19.3 -1.6 202106 121.3 -221.7 -41.7 35.5 -3.1 0.0 0.0 108.0 48.1
Indostar Capital 267.3 -24.0 0.9 202106 -20.6 -178.0 -18.7 8.1 -2.8 5.0 2.1 417.0 265.0
Coforge 4888.4 86.7 56.4 12.0 202109 36.0 21.5 24.8 14.4 -9.8 23.1 0.0 6029.4 2077.6 SRF 2117.6 50.1 42.3 8.3 202109 36.4 21.3 41.8 45.3 -4.6 17.9 0.6 2544.0 854.0
Indraprastha Gas [2] 473.3 20.2 23.4 5.2 202106 96.9 690.1 0.2 36.2 -0.8 24.1 0.0 604.0 392.5
Colgate-Palmoliv [1] 1542.5 39.2 39.4 25.1 202109 5.2 -1.8 10.9 21.7 -1.4 89.4 0.1 1823.0 1463.3 St Bk of India [1] 502.4 28.0 17.9 1.7 202106 -1.4 94.7 1.1 48.8 -0.1 0.0 0.0 526.7 186.0
Indus Towers 271.8 19.7 13.8 3.9 202109 289.3 112.7 258.8 84.3 -10.2 19.2 0.9 332.6 175.3
Container Corpn. [5] 654.7 12.2 53.7 3.7 202109 21.7 37.4 26.5 1.9 -3.8 7.4 0.0 754.1 364.7 Star Cement [1] 99.4 5.2 19.2 2.0 202106 75.1 57.0 15.8 -13.0 -1.2 12.8 0.0 120.0 81.3
IndusInd Bank 1140.1 50.6 22.5 2.0 202109 6.6 72.9 3.0 40.1 -4.7 0.0 0.0 1241.9 571.1
Coromandel Inter [1] 787.0 45.9 17.1 4.0 202109 33.3 -11.8 15.9 0.6 -4.6 31.7 0.3 956.0 700.4 Sterling & Wils. [1] 434.4 -23.6 10.5 202106 11.9 -563.6 -3.5 -235.8 7.2 -13.5 1.0 509.0 210.0
Infibeam Avenues [1] 45.3 0.6 73.4 2.1 202109 109.1 98.9 77.7 18.3 -0.1 3.0 0.0 58.5 36.8
CreditAcc. Gram. 628.5 6.5 96.7 2.7 202106 -0.5 -68.8 26.4 -67.3 -2.8 8.3 3.2 839.0 541.0 Sterlite Tech. [2] 274.0 10.6 25.8 5.2 202109 30.0 80.8 27.5 80.8 -8.9 12.1 1.4 318.0 140.5
Info Edg.(India) 6082.9 3.8 1605.0 14.4 202106 14.8 -65.1 -9.0 141.8 -3.4 3.7 0.0 7463.0 3405.0
CRISIL [1] 2803.4 52.8 53.1 14.2 202106 12.0 51.9 17.0 8.4 -0.5 34.8 0.0 3323.0 1742.4 Strides Pharma 534.7 5.5 97.3 1.7 202106 -12.0 -287.1 13.1 -71.9 -2.4 7.6 0.9 1000.0 517.5
Infosys [5] 1668.6 49.6 33.6 11.0 202109 20.5 11.9 16.0 16.9 -3.0 37.1 0.1 1848.3 1051.0
Crompton Gr. Con [2] 466.0 10.4 44.8 14.2 202109 14.2 12.1 31.6 36.3 -0.7 35.9 0.2 512.1 286.0 Sudarshan Chem. [2] 568.4 20.4 27.8 5.3 202109 16.5 -25.0 25.3 33.9 -6.2 16.7 0.8 792.0 431.1
Inox Leisure 419.2 -32.9 7.1 20210913077.8 -229.2 -80.2 -113.2 -0.2 0.0 4.5 438.0 241.9
CSB Bank 293.8 15.9 18.5 2.3 202109 5.5 72.1 18.0 203.0 -3.9 0.0 0.0 373.0 197.1 Sumitomo Chemi. 376.6 7.4 51.0 10.7 202109 0.9 -2.2 10.6 42.1 -3.3 31.9 0.0 459.9 265.1
Intellect Design [5] 655.9 23.4 28.0 5.6 202109 21.6 33.9 17.6 138.9 -2.2 21.4 0.2 892.0 229.0
Cummins India [2] 895.2 27.9 32.1 5.1 202109 47.0 27.6 34.1 26.5 1.1 17.1 0.1 1065.0 429.0 Sun Pharma.Inds. [1] 794.4 28.5 27.9 4.1 202106 29.2 11.8 12.1 57.9 -2.2 13.6 0.1 850.0 452.6
Interglobe Aviat 2173.2 -165.6 -18.8 202109 104.6 -220.2 -9.2 -44.5 7.6 0.0 8.8 2306.2 1260.0
Cyient [5] 1067.6 39.5 27.1 4.0 202109 10.8 44.6 3.2 36.4 -4.7 14.6 0.2 1292.0 391.1 Sun TV Network [5] 560.9 41.4 13.5 3.1 202106 33.9 41.9 12.0 30.1 2.1 30.5 0.0 586.4 381.3
IOL Chemicals 551.9 67.2 8.2 2.6 202106 12.7 -39.4 8.8 -2.3 -3.1 53.8 0.0 807.3 516.4
Sundram Fasten. [1] 832.9 24.1 34.6 7.5 202106 199.4 348.1 50.8 149.4 0.4 17.0 0.4 993.0 407.1
D ........................................................................................................................................................................................................................
Ipca Labs. [2]
IRB Infra.Devl.
2145.7 78.9 27.2
225.8 8.0 28.2
5.8
1.1
202106 2.0
202109 30.4
-31.3
115.2
6.8
14.1
8.4
24.0
-5.8
-23.0
30.4 0.1
5.8 2.1
2767.1
347.0
1786.1
97.8
Sunteck Realty [1] 460.5 3.7 123.7 2.4 202106 68.7 -1.6 36.6 14.8 -1.9 4.2 0.3 524.5 250.1
Dabur India [1] 586.3 10.1 57.9 13.5 202106 31.9 28.0 21.2 20.8 -0.8 27.0 0.1 658.8 483.0 Supreme Inds. [2] 2339.5 91.4 25.6 8.9 202109 40.3 30.7 37.6 154.6 -1.1 41.1 0.1 2689.0 1380.1
Ircon Intl. [2] 47.3 4.7 10.0 1.0 202106 116.4 158.2 22.8 18.8 -8.3 11.5 0.0 54.2 37.1
Dalmia BharatLtd [2] 2013.8 66.5 30.3 2.6 202109 11.4 -10.3 22.5 163.6 3.9 10.1 0.4 2547.2 805.0 ITC [1] 223.3 11.6 19.3 4.5 202109 13.1 10.3 15.0 3.3 -5.6 28.4 0.0 265.3 163.4 Suven Pharma [1] 511.1 14.8 34.6 11.0 202106 10.7 14.8 18.4 18.7 -2.6 40.5 0.2 589.8 292.0
DCB Bank 90.9 9.3 9.7 0.8 202106 -3.2 -57.5 -3.4 -13.7 -3.7 0.0 0.0 126.5 74.8 ITI 117.6 0.3 460.1 106.8 202106 39.0 -185.9 17.6 -77.3 -3.1 2.9 38.4 143.7 102.2 Suzlon Energy [2] 6.8 -0.5 -1.7 202106 121.4 -127.2 49.9 84.0 -4.0 2.2 0.0 9.5 2.9
DCM Shriram [2] 986.9 51.4 19.2 3.1 202109 4.6 33.2 5.1 39.0 5.7 15.6 0.4 1250.0 315.0 Swan Energy [1] 126.8 -2.4 3.5 202106 58.7 -1396.5 12.2 -557.1 -2.8 1.0 2.4 175.6 119.3
Deepak Fertiliz.
Deepak Nitrite [2]
403.0 33.8 11.9
2231.4 78.0 28.6
1.5
10.8
202106 37.6
202109 70.3
6.6
49.4
28.0
53.9
106.7
77.8
-1.5
-8.4
14.6
39.6
1.2
0.4
492.6
3020.0
136.4
703.3
J ..........................................................................................................................................................................................................................
Symphony [2]
Syngene Intl.
1035.7
540.8
17.9
10.0
58.0
53.9
9.5
7.2
202109
202109
15.2
17.4
39.3
8.9
13.7
18.4
6.6
13.7
-0.8
-6.7
15.5 0.3 1529.7 811.0
13.5 0.3 700.0 490.4
J & K Bank [1] 40.2 5.6 7.1 0.6 202106 -2.3 4856.2 -4.2 143.6 0.2 0.0 0.0 44.5 14.1
Delta Corp [1] 258.8 0.2 1450.7 3.6 202109 94.7 -153.4 2.1 -65.1 -3.7 0.3 0.0 305.6 107.1
Dhanuka Agritech [2] 730.6 44.5 16.4 4.3 202106 -2.7 -6.2 8.0 16.2 -5.7 36.1 0.0 1053.2 669.0
J B Chem & Pharm [2]
J K Cements
1676.7 57.9 29.0
3318.1 109.9 30.2
7.2
6.9
202106 16.0
202106 70.6
-0.5
267.2
14.9
37.0
32.9
100.3
-1.6
4.4
32.4
18.3
0.0
1.1
1984.8 892.6
3690.0 1774.3
T .........................................................................................................................................................................................................................

Dilip Buildcon 600.6 14.7 40.8 2.3 202106 16.1 -242.7 11.9 -1.3 -6.8 12.7 3.0 749.3 320.8 Jai Corp [1] 119.8 6.0 19.8 1.9 202106 91.2 217.6 13.2 304.6 -4.1 3.9 0.0 172.9 79.4 Tanla Platforms [1] 1218.0 32.1 37.9 15.9 202109 44.3 67.1 31.9 300.2 14.6 51.4 0.0 1335.0 273.0
Dish TV India [1] 17.3 -4.2 1.2 202106 -12.5 -33.8 -9.3 -299.9 -8.7 0.0 0.4 23.4 8.6 Jamna Auto Inds. [1] 97.3 2.6 36.9 6.7 202106 352.6 53.3 69.3 612.5 4.1 16.4 0.2 101.9 40.2 Tasty Bite Eat. 16517.2 175.8 94.0 20.5 202106 107.0 404.9 14.0 30.4 -2.4 17.7 0.7 21470.5 9974.5
Dishman Carboge [2] 204.7 -14.1 0.6 202109 4.4 72.0 3.2 -420.8 -4.7 0.0 0.3 259.5 102.6 Jindal Saw [2] 116.1 16.3 7.1 0.5 202109 25.2 53.6 26.3 139.9 2.3 7.9 0.8 147.7 58.4 Tata Chemicals 901.7 27.1 33.3 1.4 202109 15.8 226.0 12.9 34.0 -8.7 4.4 0.5 1158.0 303.2
Divi's Lab. [2] 5153.6 77.2 66.8 14.7 202106 13.3 13.2 20.8 28.4 1.4 32.0 0.0 5425.0 3040.0 Jindal Stain. [2] 191.8 23.2 8.3 2.4 202109 51.7 502.0 49.3 1995.6 14.2 15.4 1.2 207.7 53.6 Tata Coffee [1] 207.9 7.6 27.2 2.7 202109 0.9 56.3 2.6 57.5 -4.9 12.8 1.0 254.0 91.2
Dixon Technolog. [2] 4998.6 31.8 157.1 39.8 202109 71.1 19.6 123.7 73.1 -2.2 28.4 0.2 6240.0 1801.0 Jindal Stain. Hi [2] 338.6 61.7 5.5 2.1 202109 62.9 212.3 62.0 493.1 10.6 25.2 0.7 358.4 89.0 Tata Comm 1304.9 46.4 28.1 157.0 202109 -5.2 -2.2 -4.9 76.8 -6.0 12.0 0.0 1540.0 880.0
DLF [2] 398.6 6.7 59.9 2.8 202109 -8.0 33.7 13.1 155.9 -3.7 4.1 0.2 449.8 150.7 Jindal Steel [1] 418.9 59.6 7.0 1.3 202106 62.8 -77.1 42.6 1264.8 -1.4 15.5 1.0 501.6 184.5 Tata Consumer [1] 809.2 8.6 94.6 5.1 202109 9.1 2.1 16.9 -10.1 1.7 8.6 0.1 889.0 478.0
Dr Lal Pathlabs 3513.0 48.5 72.5 21.4 202109 15.4 11.4 49.8 101.7 3.7 33.1 0.0 4243.0 2095.5 JK Lakshmi Cem. [5] 614.6 43.5 14.1 3.5 202109 6.8 -5.8 22.5 77.7 5.1 18.1 1.0 815.3 275.2 Tata Elxsi 5871.0 73.7 79.6 28.3 202109 38.4 58.9 26.9 50.4 -2.7 39.2 0.1 6610.0 1452.1
Dr Reddy's Labs [5] 4670.1 117.9 39.6 4.2 202109 17.7 29.0 12.2 21.9 0.7 15.3 0.2 5613.7 4135.9 JK Paper 225.6 25.0 9.0 1.4 202109 47.9 241.2 21.9 61.4 0.0 10.3 0.9 284.8 86.3 Tata Inv.Corpn. 1509.7 37.5 40.3 0.5 202106 100.3 196.1 23.1 110.4 -4.2 1.5 0.0 1734.0 831.1
Tata Metaliks 957.2 94.8 10.1 2.1 202109 24.1 -33.4 37.6 55.5 -3.4 24.3 0.2 1374.0 507.0
E .........................................................................................................................................................................................................................
JK Tyre & Indust [2]
JM Financial [1]
143.5 20.2
87.9
7.1
7.7 11.4
1.3
1.1
202109 31.3
202109 19.4
-28.5
25.4
52.6
13.5
1095.8
41.1
-8.3
-2.2
12.0
11.9
2.0
1.9
171.6
117.6
65.5
74.4 Tata Motors [2] 483.8 12.2 39.7 2.9 202106 108.2 -152.7 22.6 128.5 -1.5 5.1 2.3 532.4 130.0
eClerx Services 2179.7 92.3 23.6 4.7 202106 44.5 76.4 20.8 45.8 6.3 24.7 0.1 2449.0 669.1 Johnson Con. Hit 2073.2 20.3 102.3 7.8 202109 28.1 -148.7 35.0 293.2 -2.3 5.5 0.2 2936.7 2033.8 Tata Power Co. [1] 214.3 5.0 43.1 3.2 202109 18.3 50.7 32.5 102.3 -3.6 6.7 2.4 269.7 51.7
Edelweiss.Fin. [1] 77.2 6.8 11.4 1.1 202109 -17.6 18.1 0.3 125.2 -0.8 10.2 5.1 100.8 50.0 JSW Energy 346.2 4.7 73.9 3.9 202109 7.7 -3.7 -6.6 -23.4 -9.1 8.8 0.7 408.7 58.1 Tata Steel 1316.7 181.2 7.3 2.2 202106 110.3 103.3 39.0 3115.3 1.6 11.4 1.4 1534.6 395.3
Eicher Motors [1] 2485.1 60.0 41.4 5.9 202106 140.1 329.7 30.2 24.1 -4.8 16.3 0.0 3035.5 2016.0 JSW Steel [1] 668.9 82.8 8.1 2.7 202109 71.0 350.1 66.4 5599.4 0.1 14.9 1.5 776.5 299.8 TCI Express [2] 1828.3 34.8 52.5 14.5 202109 28.4 44.9 28.5 94.3 14.2 34.2 0.0 1960.0 761.9
EID Parry [1] 456.2 35.0 13.0 1.8 202106 5.1 352.1 3.6 18.3 -2.9 25.8 0.7 503.8 268.6 JTEKT India [1] 98.6 2.0 50.1 4.0 202106 322.4 -102.9 31.9 483.0 -3.7 3.8 0.1 132.8 72.3 TCNS Clothing Co [2] 747.5 -7.7 7.5 202106 189.4 -179.5 -22.7 -1401.7 4.4 -4.0 0.5 820.4 353.7
EIH [2] 138.5 -5.3 2.8 202106 222.6 -175.9 -56.2 -12012.6 0.6 -11.4 0.2 150.7 72.5 Jubilant Food. 3690.8 32.2 114.7 28.5 202109 36.7 59.4 29.3 192.4 -0.3 16.1 1.3 4577.5 2099.6 TCS [1] 3398.8 98.9 34.4 13.1 202109 16.8 15.3 12.5 16.0 -2.9 47.1 0.1 3990.0 2600.0
Emami [1] 530.8 12.6 42.1 11.5 202109 7.4 56.5 21.6 68.6 -2.3 29.1 0.1 621.4 344.4 Just Dial 797.5 13.5 59.0 1.9 202109 -6.9 -30.5 -16.7 -58.0 -2.7 12.1 0.1 1138.0 550.0 Team Lease Serv. 4453.7 51.2 86.9 11.7 202106 21.1 43.5 0.7 549.4 -6.0 12.4 0.1 5544.1 2174.1
Endurance Tech. 1816.3 47.7 38.1 7.2 202106 180.8 373.3 36.1 79.0 3.5 16.3 0.2 1891.4 976.0 Jyothy Labs [1] 156.5 5.7 27.7 4.0 202106 21.4 -21.6 16.3 13.2 0.4 17.1 0.2 187.2 128.4 Tech Mahindra [5] 1478.8 52.4 28.2 5.7 202109 16.1 25.7 7.5 27.5 -2.6 20.6 0.1 1629.4 782.3
Engineers India [5] 72.4 3.2 23.0 2.3 202106 57.2 -94.4 15.1 -48.8 -2.6 24.4 0.0 93.6 63.8 The Ramco Cemen [1] 1066.1 47.0 22.7 3.9 202109 19.4 111.8 14.5 85.5 10.6 14.5 0.6 1131.0 752.2
EPL Ltd [2] 214.5 8.0 26.8 4.0 202106 7.8 2.8 9.6 4.0 -1.9 16.0 0.4 294.0 202.1 K ........................................................................................................................................................................................................................ Thermax [2] 1377.3 25.0 55.2 5.1 202106 58.3 177.7 3.5 121.3 1.7 9.9 0.1 1569.7 740.0
Equitas Holdings 129.8 12.7 10.2 1.4 202106 20.7 -77.6 29.6 135.3 0.7 9.5 6.6 144.9 40.4 K E C Intl. [2] 476.2 19.0 25.1 3.6 202109 10.1 -28.2 12.8 -11.5 -3.3 20.7 0.7 550.0 318.5 Thyrocare Tech. 1146.4 31.9 35.9 14.2 202106 192.6 24065.2 58.8 178.6 -0.2 36.7 0.0 1465.9 830.1
Equitas Sma. Fin 64.3 2.4 26.6 2.2 202109 5.8 -60.0 14.3 -7.1 -4.0 0.0 0.0 76.8 30.1 K P R Mill Ltd [1] 449.2 21.9 20.5 5.6 202109 27.4 115.2 33.8 116.2 6.3 25.5 0.3 503.6 130.0 Timken India 1801.0 26.2 68.8 10.1 202106 192.0 1700.6 28.3 -1.0 3.5 12.6 0.0 1916.0 1035.5
ERIS Lifescience [1] 817.3 28.2 29.0 6.4 202109 8.6 9.9 14.0 21.2 0.8 26.8 0.0 863.2 490.5 Kajaria Ceramics [1] 1219.2 25.5 47.9 9.6 202109 36.6 30.3 39.5 134.0 -0.6 21.6 0.1 1358.0 554.0 Titan Company [1] 2385.4 19.7 121.1 27.2 202109 75.5 265.1 49.9 148.2 -1.0 12.9 0.7 2678.1 1154.0
Esab India 2535.8 51.0 49.8 15.1 202109 33.3 33.7 25.0 29.2 6.5 26.8 0.0 2610.0 1300.0 Kalpataru Power [2] 420.0 36.7 11.4 1.7 202106 37.5 77.8 13.0 62.2 -1.8 14.7 0.9 496.0 228.0 Torrent Pharma. [5] 2860.3 74.9 38.2 7.8 202109 5.9 1.9 3.5 5.9 -3.6 17.0 1.0 3248.0 2311.3
Escorts 1570.3 67.0 23.4 4.0 202109 1.2 -23.7 32.3 50.1 7.1 27.8 0.0 1587.0 1100.1 Kansai Nerolac [1] 545.3 9.9 55.0 7.3 202109 17.1 -45.3 37.3 38.4 -1.1 17.8 0.0 679.6 493.6 Torrent Power 500.5 26.9 18.6 2.3 202109 16.6 82.9 4.8 -21.5 0.6 12.1 0.9 544.8 293.3
Exide Inds. [1] 173.0 9.3 18.5 2.0 202109 18.6 -23.6 25.8 26.3 -3.3 5.5 0.1 220.6 155.1 Karnataka Bank 68.1 12.8 5.3 0.3 202109 -3.1 5.1 -6.0 -14.6 -1.2 0.0 0.0 75.7 41.5 Trent [1] 1002.5 -2.3 15.4 202106 98.1 -164.6 -3.3 10.8 -4.5 0.0 0.1 1208.3 588.0
Trident [1] 38.0 1.3 29.7 5.4 202109 44.1 122.0 47.2 237.4 -6.4 9.5 0.6 43.4 7.1
F .........................................................................................................................................................................................................................
Kaveri Seed Co. [2]
KEI Industries [2]
521.1
914.1
37.5
36.0
13.9
25.4
2.4
4.3
202106 -12.5
202109 30.5
-31.0
35.0
-7.4
9.5
-32.6
34.3
-1.5
2.9
28.5
21.1
0.0
0.2
815.9 463.2
1053.0 322.0 Triveni Turbine [1] 192.5 3.4 56.0 7.6 202109 11.4 -12.3 5.0 5.6 7.6 22.7 0.0 196.8 67.8
FDC [1] 319.1 18.4 17.4 3.1 202106 45.2 6.7 12.5 12.5 -3.9 23.6 0.0 404.9 260.0 KNR Construct. [2] 279.8 14.2 19.7 4.0 202106 54.5 140.9 30.5 44.9 -4.4 21.7 0.5 343.6 120.1 TTK Prestige 10933.8 212.3 51.5 9.5 202109 34.9 57.7 38.2 105.5 15.4 21.6 0.1 11645.0 5561.3
Federal Bank [2] 97.4 8.5 11.5 1.1 202109 -1.5 54.0 0.4 18.3 -6.4 0.0 0.0 107.7 49.8 Kotak Mah. Bank [5] 2032.3 50.4 40.4 4.5 202109 -1.0 1.4 -3.0 0.7 -6.4 0.0 0.0 2252.5 1450.0 Tube Investments [1] 1392.7 29.3 47.6 9.6 202109 175.7 69.8 170.5 188.0 -1.6 14.5 0.6 1545.0 597.7
Fine Organic [5] 3287.2 41.6 79.0 13.8 202106 49.0 25.4 21.7 -18.1 0.0 21.4 0.2 3593.2 2130.0 KPIT Technologi. 308.9 6.5 47.3 7.0 202106 15.2 150.8 -1.5 26.8 -6.3 14.2 0.2 385.0 89.8 TV18 Broadcast [2] 41.6 3.6 11.5 1.6 202109 29.1 87.6 11.5 124.5 -2.9 14.5 0.3 52.5 26.1
Finolex Cables [2] 466.3 32.9 14.2 2.1 202106 79.1 95.3 25.3 48.8 2.1 19.6 0.0 557.1 268.2 KRBL [1] 282.9 24.4 11.6 1.8 202106 33.0 11.9 4.9 4.8 -1.3 19.9 0.1 337.5 173.5 TVS Motor Co. [1] 666.0 17.9 37.2 7.9 202109 23.4 34.2 45.7 184.1 7.4 10.9 3.3 681.2 407.3
Finolex Inds. [2] 220.3 13.3 16.5 4.4 202106 71.8 156.6 48.3 161.4 -1.6 34.6 0.1 268.0 100.4
Firstsour.Solu. 197.5 6.8 29.1 4.9 202106 40.3 51.7 31.9 40.4 -1.6 15.6 0.5 242.7 61.0
KSB 1325.0 41.9 31.6 5.0 202106 38.4 231.7 20.2 88.4 6.8 16.6 0.1 1375.0 425.5
U ........................................................................................................................................................................................................................

Force Motors 1410.9 -47.8 1.0 202106 247.0 -106.7 -0.7 -207.5 -3.8 -5.2 0.3 1706.3 980.0 L ......................................................................................................................................................................................................................... UCO Bank 14.4 0.4 40.8 0.9 202109 2.9 581.9 -2.2 147.4 -0.3 0.0 0.0 16.3 10.6
Fortis Health. 244.7 0.8 301.1 3.0 202106 132.7 -104.2 17.9 125.6 -4.5 0.0 0.2 304.0 123.3 L & T Infotech [1] 6679.4 120.5 55.4 15.0 202109 25.6 21.0 16.0 26.0 2.1 35.9 0.1 7155.0 2828.1 Uflex 564.7 126.1 4.5 0.7 202106 39.6 34.4 30.0 91.4 -0.8 15.2 0.8 658.5 305.0
Future Consumer [6] 7.0 -2.0 2.3 202106 -19.7 -146.1 -67.1 -117.8 -3.2 0.0 0.8 11.9 5.9 L&T Fin.Holdings 82.1 3.9 21.2 1.1 202109 -10.5 -15.5 -4.9 -32.2 -3.2 7.9 5.5 113.4 58.0 Ujjivan Fin.Ser. 181.6 -28.5 0.8 202106 -10.6 -227.1 -0.9 -231.1 15.3 4.3 5.8 310.9 126.1
Future Retail [2] 48.1 -69.6 2.4 202106 4.2 -304.1 -61.4 -431.5 -4.2 0.0 4.4 91.2 40.6 L&T Technology [2] 4721.8 78.4 60.2 13.1 202109 22.4 39.0 8.9 19.5 3.1 26.2 0.0 5469.2 1602.0 Ujjivan Small 22.2 -1.6 1.4 202106 -14.0 -527.2 -5.0 -190.2 1.6 0.0 0.0 44.5 17.8
La Opala RG [2] 292.0 5.5 52.7 4.9 202106 218.2 191.4 5.1 1.0 -3.4 10.5 0.0 327.1 200.3 UltraTech Cem. 7632.8 221.8 34.4 4.8 202109 15.7 -2.9 28.4 3.1 6.7 14.6 0.5 8070.6 4447.4
G ........................................................................................................................................................................................................................
Lak. Mach. Works 8755.1 107.9 81.1 5.2 202109 102.6 253.9 90.6 12367.0 2.4 4.8 0.0 9450.0 3968.4 Union Bank (I) 46.3 5.3 8.7 0.5 202106 -6.9 228.5 44.5 828.4 -5.7 0.0 0.0 51.7 23.5
G M D C [2] 73.5 9.1 8.0 0.5 202109 121.4 238.6 54.6 54.2 1.1 5.5 0.0 83.3 41.9 Larsen & Toubro [2] 1766.8 61.8 28.6 3.2 202109 12.0 -79.1 11.3 -38.7 -1.4 15.2 1.9 1884.9 920.5 United Breweries [1] 1658.0 12.7 131.0 11.9 202109 58.6 2072.4 25.5 791.2 1.7 5.0 0.1 1740.6 898.5
GNFC 461.3 69.5 6.6 1.1 202109 76.5 102.1 49.3 117.1 6.8 13.6 0.1 518.0 189.8 Laurus Labs [2] 515.7 18.9 27.3 9.2 202109 5.7 -16.7 40.8 69.5 -3.9 37.8 0.6 723.6 251.0 UPL [2] 740.8 42.4 17.5 2.7 202109 18.2 9.1 11.4 20.9 5.2 13.2 1.3 864.8 399.0
G S F C [2] 131.9 15.4 8.6 0.5 202109 19.9 33.9 11.5 194.6 4.0 6.0 0.1 150.8 62.8 Lemon Tree Hotel 54.5 -1.4 5.0 202109 103.6 -156.1 -34.8 -28.7 6.4 0.0 2.2 57.6 26.7 UTI AMC 1035.8 49.5 20.9 3.9 202109 37.8 67.6 47.7 125.4 -3.4 20.4 0.0 1216.6 483.0
GAIL (India) 149.0 21.1 7.0 1.1 202109 57.7 159.3 14.5 10.2 -0.9 12.3 0.1 171.4 82.0 LIC Housing Fin. [2] 406.7 27.8 14.6 1.0 202109 -5.2 -68.4 -2.3 -42.2 -0.4 8.1 10.3 542.4 281.0
Galaxy Surfact. 3151.0 91.0 34.6 8.6 202106 36.1 36.0 18.3 37.6 -4.2 25.1 0.3 3600.0 1605.0 Linde India 2306.3 27.6 83.6 7.6 202106 109.2 266.0 24.8 94.3 -4.6 10.0 0.0 2947.0 798.9 V ........................................................................................................................................................................................................................

Garden Reach Sh. 219.3 17.0 12.9 2.2 202106 176.6 17460.0 -2.9 33.0 -1.6 18.6 0.0 239.4 167.7 Lupin [2] 923.8 -14.5 3.5 202109 5.9 -1094.2 7.9 2.1 0.5 9.2 0.4 1267.5 856.0 V I P Inds. [2] 542.9 0.7 745.9 14.8 202109 221.4 -47.6 14.4 123.9 2.0 -10.6 0.6 592.5 269.4
Garware Tech. 3393.1 83.7 40.5 8.6 202106 59.5 80.7 28.9 34.3 -3.2 24.2 0.2 4033.4 1814.0 Lux Industries [2] 3558.4 93.9 37.9 10.6 202106 33.0 72.4 41.4 82.7 2.7 35.0 0.2 4500.0 1341.0 Vaibhav Global [2] 574.9 16.0 35.9 8.8 202109 6.0 -40.2 22.5 14.6 -17.5 35.8 0.1 1057.7 370.0
Gateway Distr. 278.0 13.5 20.5 2.3 202109 27.9 1271.6 19.4 372.6 6.1 8.6 0.6 325.2 87.0 Vakrangee [1] 36.8 0.8 44.5 1.4 202109 195.0 100.9 -1.3 19.4 -5.9 3.1 0.0 69.9 26.0
GE Power 289.9 0.0 2.0 202106 25.1 -738.1 40.9 -101.2 -5.6 15.9 0.3 398.8 177.4 M ....................................................................................................................................................................................................................... Vardhman Textile 1943.6 209.8 9.3 1.6 202109 46.8 699.6 36.6 255.1 8.1 7.9 0.4 2145.0 741.4
GE Shipping Co 320.8 17.7 18.1 0.6 202109 14.2 56.9 -19.9 -65.5 1.0 7.6 0.7 477.0 215.3 M & M [5] 883.8 24.4 36.2 2.6 202106 60.2 222.8 13.7 620.2 -0.2 7.9 2.0 971.0 587.3 Varroc Engineer [1] 294.1 -29.2 1.5 202106 130.8 -174.8 36.1 -13.3 -2.8 -4.9 1.3 500.0 260.2
General Insuranc [5] 133.5 8.3 16.2 0.7 202106 -18.6 -309.2 -9.1 265.5 -4.0 -2.2 0.0 243.7 116.0 M & M Fin. Serv. [2] 179.3 -4.0 1.5 202109 -3.5 208.7 -6.6 -138.6 -4.1 7.6 4.7 224.2 118.3 Varun Beverages 850.9 15.2 56.0 9.3 202109 33.0 56.9 32.8 227.8 2.4 10.4 1.0 954.4 430.1
GHCL 422.6 46.3 9.1 1.5 202109 21.8 30.2 22.1 54.3 -6.0 15.9 0.4 483.1 147.4 MRPL 49.1 -3.3 2.4 202109 115.2 -467.4 19.5 77.9 -2.4 -1.3 4.0 57.8 26.9 Vedanta [1] 303.7 51.7 5.9 1.8 202109 44.4 457.5 40.7 129.2 -6.3 17.9 1.0 385.8 91.3
Gillette India 5643.5 95.3 59.2 23.3 202106 24.2 -38.8 19.7 34.8 -0.8 35.4 0.0 6730.2 5011.0 Mah. Scooters 4418.9 125.4 35.2 0.2 202109 44.8 7004.7 20.1 27.1 -4.6 0.1 0.0 5023.4 2765.0 Venky's (India) 2723.2 195.8 13.9 3.5 202106 100.3 17.3 26.3 756.5 -4.2 31.5 0.3 3950.0 1435.5
Gland Pharma [1] 3693.5 68.0 54.3 9.2 202109 29.9 38.0 32.9 26.8 0.0 28.0 0.0 4350.0 1701.0 Mah. Seamless [5] 492.8 50.3 9.8 1.0 202106 50.4 399.8 5.5 44.2 -1.1 9.3 0.3 566.7 214.4 V-Guard Industri [1] 256.8 5.4 48.0 8.8 202109 45.6 15.7 43.5 75.9 3.2 25.1 0.0 285.0 164.0
Glaxosmi. Pharma 1503.1 30.4 49.4 17.0 202109 14.8 77.4 12.6 39.9 2.6 37.3 0.0 1766.0 1379.0 Mahanagar Gas 1004.1 84.9 11.8 2.8 202109 63.8 41.5 28.6 54.6 0.4 26.4 0.0 1284.5 808.0 Vinati Organics [1] 1915.6 27.0 70.8 12.8 202106 66.8 12.0 15.0 -14.1 -5.6 23.7 0.0 2180.4 1080.0
Glenmark Pharma [1] 504.1 35.9 14.1 2.0 202106 27.6 29.7 9.8 15.0 2.3 14.8 0.7 690.6 442.2 Mahindra CIE 266.4 11.2 23.8 2.0 202109 23.4 173.7 42.4 15672.5 -2.1 3.6 0.3 300.7 131.5 V-Mart Retail 4059.2 -0.6 9.7 202106 127.3 -185.3 -8.7 33.2 1.4 4.1 0.8 4620.0 1877.9
GMM Pfaudler [2] 4661.2 63.2 73.8 15.1 202109 247.5 28.8 195.9 17.4 -5.8 11.8 0.9 5435.0 3316.0 Mahindra Holiday 228.3 1.4 166.2 -7.5 202109 13.5 139.9 -5.5 116.9 -8.3 1.4 0.0 261.4 108.9 Vodafone Idea 9.6 -9.1 -0.7 202106 -14.2 -235.4 -8.8 46.1 -6.8 0.0 0.0 13.8 4.6
GMR Infra. [1] 40.6 -3.4 -14.3 202106 49.9 -138.1 -15.4 -0.6 1.9 0.0 0.0 46.1 22.5 Mahindra Life. 273.3 -3.0 2.6 202109 92.5 -51.1 45.8 62.2 -0.9 -3.5 0.1 299.3 80.1 Voltas [1] 1204.5 17.9 67.4 7.8 202109 5.1 32.2 25.1 45.4 2.3 14.7 0.1 1356.9 690.4
Godfrey Phillips [2] 1295.6 83.4 15.5 2.6 202106 49.9 103.9 9.6 35.0 1.0 15.3 0.2 1409.9 831.9 Mahindra Logis. 648.3 7.2 89.5 8.1 202109 22.4 -34.6 32.1 112.9 -5.9 7.3 0.4 819.2 333.3 VRL Logistics 374.3 11.5 32.5 5.5 202106 158.5 -109.6 16.0 203580.0 -0.1 9.4 0.7 428.7 149.0
Godrej Agrovet 591.9 17.2 34.3 5.5 202106 28.2 19.7 0.1 1.9 -4.3 17.8 0.4 746.8 469.7 Manappuram Fin. [2] 208.1 21.2 9.8 2.4 202106 3.4 18.6 8.4 11.9 4.2 15.3 3.6 218.0 139.0 VST Industries 3294.5 192.2 17.1 5.6 202109 -9.6 -9.8 -5.9 -6.2 -4.6 47.2 0.0 4048.3 3125.0
Godrej Consumer [1] 957.4 17.5 54.8 10.4 202106 23.9 7.8 17.1 16.8 -0.3 19.2 0.3 1138.5 644.0 Marico [1] 568.8 9.3 61.0 18.6 202109 21.6 6.8 25.5 10.1 1.1 42.9 0.1 606.0 350.1
Godrej Industrie [1] 580.3 12.0 48.3 2.6 202106 46.0 101.5 -1.7 -22.8 1.1 7.0 1.3 674.4 351.9 Maruti Suzuki [5] 7483.4 139.0 53.8 4.3 202109 9.1 -65.7 39.7 3.4 1.0 5.0 0.0 8400.0 6301.2 W ......................................................................................................................................................................................................................

Godrej Propert. [5] 2248.8 -5.5 7.5 202106 19.2 -11.7 -58.5 -194.9 -4.4 0.0 0.6 2598.0 902.0 MAS Financ Ser 755.1 27.1 27.9 3.3 202109 2.5 12.3 -10.5 -4.1 1.7 11.4 2.9 1107.7 716.0 WABCO India [5] 7445.8 81.0 91.9 7.0 202109 47.2 -8.1 66.9 107.8 -2.7 6.8 0.0 8183.2 4770.2
Granules India [1] 309.7 22.5 13.8 3.5 202106 15.5 7.9 22.4 62.5 -3.2 25.2 0.4 438.0 294.7 Max Financial [2] 973.3 9.1 106.4 10.1 202106 7.9 -83.8 60.0 30.4 -0.3 16.7 0.0 1147.9 570.4 Welspun Corp [5] 133.5 23.0 5.8 0.9 202109 15.6 -43.1 -35.8 6.6 -2.4 17.6 0.3 165.0 99.0
Graphite India [2] 536.5 10.0 53.5 2.3 202106 49.1 92.3 -14.9 177.5 -2.6 1.0 0.1 815.4 172.9 Max Healthcare 331.2 3.3 99.1 5.7 202106 290.3 82.3 208.9 1157.2 -0.3 0.0 0.2 472.6 102.5 Welspun India [1] 137.7 7.2 19.0 3.7 202109 26.0 10.8 39.3 103.9 -5.7 14.1 1.0 170.8 62.0
Grasim Inds [2] 1720.5 91.1 18.9 1.7 202106 52.7 348.7 20.0 69.9 0.4 8.4 1.3 1798.6 766.0 Mazagon Dock 257.3 31.4 8.2 1.5 202106 216.3 6.2 16.4 27.0 -6.1 16.8 0.0 295.6 165.1 Westlife Develop [2] 580.8 -3.1 20.4 202109 84.0 -113.6 23.4 45.1 3.2 0.0 1.8 683.6 360.0
Greaves Cotton [2] 133.6 -0.6 4.2 202109 13.4 -381.9 16.2 -190.9 0.8 3.3 0.0 184.3 66.0 Metropolis Healt [2] 2962.4 47.6 62.2 21.5 202106 128.3 2083.8 48.4 124.4 4.8 35.8 0.2 3241.0 1810.3 Whirlpool India 2214.7 28.5 77.7 9.8 202106 30.5 62.0 23.2 15.4 1.5 16.3 0.0 2777.0 1970.0
Grindwell Norton [5] 1620.7 24.8 65.3 13.2 202106 88.9 126.1 31.8 63.5 12.1 24.5 0.0 1648.0 521.0 Minda Corp [2] 156.1 4.0 39.1 3.3 202106 213.9 -79.9 51.3 137.2 20.0 7.4 0.5 157.5 64.9 Wipro [2] 646.5 22.1 29.2 5.7 202109 30.1 18.9 14.1 25.7 -5.2 21.4 0.2 739.8 331.2
Guj Pipavav Port 111.7 4.4 25.3 2.4 202106 0.4 -17.2 2.4 -31.6 -2.7 14.1 0.0 124.2 84.0 Minda Industries [2] 779.4 12.3 63.5 7.5 202106 242.5 -88.5 57.7 1824.8 2.2 11.3 0.6 833.6 315.0 Wockhardt [5] 426.4 -7.8 1.4 202106 43.7 -102.2 9.3 85.4 -4.7 13.0 1.0 804.5 284.5
Guj.St.Petronet 305.5 33.6 9.1 2.7 202106 127.5 130.5 25.4 17.1 -3.4 36.4 0.5 383.0 184.3 Mindtree 4499.4 84.1 53.5 15.9 202109 34.3 57.2 14.8 59.3 -0.7 35.4 0.2 4937.2 1283.0
Gujarat Alkalies 750.6 26.8 28.0 1.0 202106 52.6 98.4 9.4 -3.9 7.4 4.6 0.1 845.5 304.4 Mishra Dhatu Nig 183.9 9.9 18.5 3.2 202106 -0.5 1888.3 16.2 38.7 -4.2 12.8 0.2 221.8 172.9 Z .........................................................................................................................................................................................................................

Gujarat Fluoroch [1] 1819.2 -12.3 5.7 202106 63.2 120.1 23.9 -184.5 -1.0 11.2 0.5 2209.6 440.7 MMTC [1] 41.9 0.9 47.8 63.0 202103 131.0 4.3 14.1 151.8 -8.0 -2.3 2.2 64.0 15.8 Zee Entertainment [1] 301.0 11.0 27.4 2.9 202106 35.3 611.8 10.2 297.5 -2.4 13.9 0.0 362.9 166.8
Gujarat Gas [2] 622.3 21.3 29.2 8.4 202109 43.8 -47.6 46.9 49.5 1.3 33.2 0.4 786.7 289.6 MOIL 156.2 4.4 35.7 1.4 202012 4.5 -7.4 -20.4 -72.2 -3.1 11.6 0.0 208.0 119.0 Zensar Tech. [2] 461.9 17.3 26.7 4.2 202109 7.3 831.9 -5.3 127.0 -5.4 19.4 0.1 587.0 172.5
Gulf Oil Lubric. [2] 576.5 42.3 13.6 3.3 202106 73.1 76.8 26.6 24.7 0.1 25.4 0.4 846.2 548.4 Motherson Sumi [1] 223.5 6.9 32.3 5.6 202106 93.6 -64.2 23.0 7686.9 -2.8 7.8 1.1 273.0 103.9 Zydus Wellness 2057.7 50.5 40.7 2.8 202109 11.7 190.5 14.9 97.6 -3.8 6.4 0.3 2472.9 1701.6

CM . . . .. . .....BM-BME
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MUMBAI

BusinessLine
SUNDAY • OCTOBER 31 • 2021 YOUR MONEY 9
BORROW SMART Buy Now Pay Later Bank FD interest rates (%)

Small-ticket festive shopping route

Bank <1 1 to 2 2 to 3 3 to 5 w.e.f
year years years years
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
ADHIL SHETTY or  annual  fees,  though  many  cards Bank of India 4.35 5.05 5.05 5.05 Aug 01
..........................................

Festive  shopping  often  means  festive

BNPL is a good option for those waive these off for preferred custom­
ers or customers who achieve spend­
Canara Bank
Central Bank of India
4.4
4.25
5.1
5
5.25
5
5.35
5
Aug 09
Oct 10
borrowing.  When  borrowing,  you
should know your options so that you
eyeing no-cost loans, but always ing milestones. 
However,  card  debt  is  not  cheap,
Indian Bank 4.4 5.1 5.25 5.25 Oct 05
Indian Overseas Bank 4.9 5.2 5.2 5.2 Nov 09
minimise  costs  of  borrowing  and stick to your budget with  annualised  interest  rates  some­
Punjab National Bank 4.4 5 5.1 5.25 Aug 01
maximise  benefits.  Credit  cards  and times exceeding 40 per cent. Late pay­ DATE
personal loans (PLs) have been around ment penalties will be additional. PLs Punjab & Sind Bank 4.5 5.05 5.3 5.3 Sep 16
WITH DEBT
for  a  while  now.  There’s  now  a  relat­ typically  have  processing  fee,  which State Bank of India 4.4 5.1 5.3 5.4 Jan 08
Borrow only what
ively new option – Buy Now Pay Later can  sometimes  be  waived  off  or  dis­ UCO Bank 4.7 5 5 5 Dec 16
you need, always
loans.  These  are  becoming  popular counted.  Interest  rates  start  from Union Bank 4.4 5.1 5.3 5.4 Sep 01
among  young,  new­to­credit  con­ around  7.50  per  cent,  which  make repay dues in full
INDIAN: PRIVATE SECTOR BANKS
sumers  as  well  as  experienced  con­ them  cheaper  than  credit  cards  for
Axis Bank 4.4 5.4 5.4 5.75 Sep 23
sumers  who  need  some  help  man­ large borrowings.
aging  their  payments  after Bandhan Bank 4.5 5.5 5.5 5.25 Jun 07
Covid­related  financial  stress.  Let’s Tenure Catholic Syrian 4.25 5 5.25 5.5 Jun 01
take a deeper look at this option and BNPLs  are  excellent  for  no­charge, City Union Bank 4.75 5.25 5 5 Aug 01
how  it  compares  as  a  financing  tool small­ticket  transactions  for  the  very DCB Bank 5.45 5.95 5.95 5.95 Aug 17
for festive shopping. short term. The typical BNPL needs to Dhanlaxmi Bank 4.25 5.15 5.3 5.4 Aug 01
be  paid  back  between  15  days  to  90
Federal Bank 4.4 5.35 5.35 5.6 Jul 17
What it is days,  though  larger  BNPL  loans  may
As the name suggests, a BNPL loan can go up to even one year. A credit card is HDFC Bank 4.4 4.9 5.15 5.3 May 21
be used to pay for your shopping. The suited  for  bigger  purchases  though ICICI Bank 4.4 5 5.15 5.35 Oct 21
dues  can  be  repaid  in  a  few  days be  availed  almost  instantly.  So  can cases.  Therefore,  they  are  good  for the  high  rate  of  interest  means  you IDBI Bank 4.3 5.15 5.4 5.4 Aug 16
without  any  charges.  BNPLs  can  be credit  cards.  But  the  similarities small­ticket  purchases  ranging  from should ideally pay your card dues off IDFC First Bank 4.5 4.75 5 5.25 Sep 15
availed from fintech companies, lend­ between the three end here.  grocery, food deliveries, and cab rides in the short run – ideally no more than IndusInd Bank 5.5 6 6 6 Jul 23
ing  start­ups,  and  some  banks.  Think Credit  cards  can  be  used  offline  or to  small  electronics.  Some  BNPL  pro­ a few months. But if you need to bor­ J & K Bank 4.5 5.1 5.2 5.3 Oct 11
of a BNPL like a tab you have with your online, and even as cash, domestically viders  will  enhance  your  spending row big and need a much longer ten­
Karnataka Bank 5.1 5.2 5.5 5.5 Jun 01
grocer  who  allows  you  to  make  pur­ or internationally. PLs are credited to limit  basis  your  credit  behaviour. ure  to  pay  off  the  dues,  you  should
chases  on  credit  which  you  must your  bank  account  to  be  used  in  any Timely repayments help. On the other take  a  PL  which  can  have  a  tenure Kotak Bank 4.5 5.15 5.3 5.3 Oct 27
settle at the month­end in one shot for manner  you  like,  even  as  cash  with­ hand, credit cards have spending lim­ between one and five years.  Karur Vysya Bank 4.25 5.25 5.25 5.75 Oct 08
which  you  may  even  get  a  little  dis­ drawals. Therefore, these two options its as high as your income and credit BNPLs, like credit cards, provide re­ RBL Bank 5.25 6 6.3 6.3 Sep 01
count.  BNPL  features  vary  from  one have universality. So far, you can use a profile  allow  it  to  be.  PLs  normally volving  credit.  You  can  spend  from South Indian Bank 4.5 5.2 5.5 5.65 Oct 08
lender to another, but they all broadly BNPL  only  with  merchants  that  the start from around ₹50,000 and go up your limit, replenish it by repayment, Tamilnad Mercantile Bank 5.25 5.6 5.5 5.25 Aug 09
provide  the  same  convenience:  of financier has partnered with domest­ to ₹40 lakh in a few cases. BNPLs are and use it over and over. PLs are fixed
TNSC Bank 5.75 6 5.85 6 Dec 09
shopping now and paying after a few ically.  For  example,  you  may  use  a an  excellent  initiation  to  loans  for credit  lines.  Despite  the  differences,
Yes Bank 5.25 6 6.25 6.5 Aug 05
days.  BNPL  as  a  payment  option  on  a  food new­to­credit  consumers.  But  those all three options are easily available to
BNPLs  are  small  loans  –  in  many delivery app. BNPLs also don’t permit eligible  for  credit  cards  may  go eligible  consumers.  Where  credit  is SMALL FINANCE BANKS
cases, as small as ₹2000 to ₹5000. You cash withdrawals. That said, loan pro­ straight  to  them  instead.  BNPLs  are easily accessible, care should be exer­ AU Small Finance Bank 4.85 5.85 6 5.75 Oct 14
can  sign  up  for  them  with  your  pre­ viders  and  merchants  are  partnering suited to small shopping. cised with repayment. Late or missed Equitas Small Finance Bank 4.85 5.85 6 5.75 Oct 01
ferred BNPL provider, an e­commerce rapidly  to  make  BNPLs  more  widely This is one area where BNPLs appear payments will wreck your credit score Fincare Small Finance Bank 5 6 6.5 6.75 Oct 25
platform,  or  a  bank.  In  many  cases, usable. But for more seasoned borrow­ most attractive. They have near negli­ in all three options. Therefore, borrow
Jana Small Finance Bank 5.5 6.5 6.5 6.75 May 07
credit scores are not a barrier to BNPL ers,  credit  cards  may  satisfy  a  wider gible  sign­up  charges,  no  processing only what you need, always repay your
Suryoday Small Finance Bank 5.75 6.5 7 6.75 Sep 09
access. Once availed, you can use your range of financing needs.  fees, or even annual renewal charges. dues in full, and for best results with
BNPL  balance  with  a  partner  mer­ In most cases, dues attract no interest your festive shopping, always stick to Ujjivan Small Finance Bank 4.75 6 6.5 6.25 Aug 16
chant. Both BNPLs and PLs are easy to Quantum, borrowing costs though interest will typically apply on a budget. Data as on respective banks’ website on Oct 29, 2021; For each year range, the maximum
offered interest rate is considered; interest rate is for a normal fixed deposit amount below
get.  You  could  apply  online  and  get BNPLs  start  from  a  few  thousand  ru­ EMI plans. Late payments attract pen­ ₹1 crore. Compiled by BankBazaar.com
one  quickly.  Pre­approved  offers  can pees  and  go  up  to  ₹1  lakh  in  a  few alties.  Credit  cards  may  have  joining The writer is CEO, BankBazaar.com Scan & Share

SIMPLY PUT

No-cost EMI
Sounds good but isn’t a free lunch
KEERTHI SANAGASETTI
..........................................
BL Research Bureau

A coffee time chat between two colleagues leads to an
interesting explainer on an emerging loan product.
Vina: Hi Tina, did you check out the ongoing festive
sales online? I have shortlisted a few items to buy.
Tina: No big ticket purchases this year, Vina. Spent a
lot last month. It’s time I tighten my purse strings.
Vina: Why don’t you try the no­cost EMI options
offered by many sellers, including e­comm websites?
Tina: No, Vina. No­cost EMI is a misnomer.
Vina: Why do you say that? The EMI instalments
include no interest or any other additional charges.
Plus, you get to defer the payment on your purchases
by 3 to 12 months. What more could you ask for?
Tina: That’s not entirely true. Many banks, NBFCs
(Bajaj FinServ) and other financial institutions (such as
ZestMoney) with whom e­commerce websites have
lending tie­ups, charge a processing fee on such
no­cost EMI options. Starting from ₹99, the processing
fee can go up to 1 per cent of the order value. Besides, a
few also levy additional charges on
pre­closure of loans, which may
apply even if you return the
product or cancel purchase.
And like any other loan, the
instalments in no­cost EMIs also
include an interest component,
which however is offered as an
upfront discount, hence the term
‘no­cost’. This interest ranges from 12 to 15
per cent per annum.
Vina: Yeah, isn’t that good saving on the interest
front? Imagine how many people could benefit.
Tina: There is another catch here. The no­cost EMIs
are only available for existing customers (debit or
credit card holders) of the bank with whom the
e­commerce site has partnered. These customers must
have an existing pre­approved credit or overdraft limit
with the bank. Moreover, this option is available only
on purchases over a certain limit, ₹5,000 in most
cases. Besides, part payment is also not an option. You
need to either make full payment or avail a no­cost EMI
option in full. But the advantage is that one can avail
the loan online and almost instantly, without visiting
the branch and submitting numerous documents.
Vina: Oh, these are part of pre­approved loans?
Clearly those who have already exhausted such limits
with their bankers, or have low or no credit score
cannot avail no­cost EMI options.
Tina: Right. However, there are new fintech players
such as ZestMoney, that provide such no­cost EMI
options online to even those with no cards, credit
score or such pre­approved limits. One has to just
register their Aadhaar­linked mobile number on the
platform and complete basic KYC for onboarding. Post
this, the website approves a certain credit limit based
on your transaction history and the customer can avail
the no­ cost EMI option on its partnered websites.
These come with varying terms and conditions. 
Vina: But then again, I need to verify if such players
have partnered with the store where I want to make a
purchase, or if the product of my choice is entitled for
such an option from the fintech players.
Tina: Right! Net­net while no­cost EMIs do sound
exciting, remember that there is no free lunch, ever.

CM . .... .. . .. .BM­BME
YK