MUMBAI

SUNDAY ­ SEPTEMBER 24, 2023

₹12 • Pages 12 • Volume 1 • Number 6
RNI No. Applied

.............................................................................................................
Bengaluru ­ Chennai ­ Coimbatore ­ Hubballi ­ Hyderabad
Kochi ­ Kolkata ­ Madurai ­ Malappuram ­ Mangaluru
Mumbai ­ Noida ­ Thiruvananthapuram ­ Tiruchirapalli
Tirupati ­ Vijayawada ­ Visakhapatnam

Diligence Due. IPO Watch.

PSU stocks have Should you buy into
been the flavour of offer of JSW Infra,
the season, but it’s Vaibhav Jewellers?
time to exit 4 of them Our take
BIG STORY P2 TAKING STOCK P5

Week of cheer for Indian bond investors Tata Projects to build

TALE OF CONTRASTS. But global counterparts grapple with volatility, losses, and uncertainty. What lies ahead?
Hari Viswanath
bl. research bureau
The week gone by was eventful
for India’s bond market as the
much­awaited inclusion in JP
Morgan’s Emerging Market In­
dex finally happened. Investors
in India’s government bonds
cheered, but not the investors
in developed markets bonds.
The week gone by saw a lot of
tumult in bond markets in the
US, France, Italy, Germany and
Japan as a hawkish US Fed ad­
ded fuel to fire resulting in bond
yields spiking by about 5 per
cent in these countries.
SHARP CONTRAST
Also, the yields of the US 10­
year bond spiked to levels last
seen in September 2007, and
that of German instruments
were at June 2011 levels. For a
country like Germany, with
negative interest rates (that is,
investors paying the German
government to invest in its
bonds) even as recently as
December 2021, this reflects a
stark contrast especially at a
time when its economy is tech­
nically in a recession.
Thus, as India’s bond in­
vestors and government celeb­
rate the benefits of long­term
fiscal and monetary consolida­
tion (including being measured
in Covid­19 stimulus), global
The changing
fortunes since
Covid
India versus Developed
markets: 10-year
government bond yields
Source: Bloomberg
bond investors are grappling
with enormous losses and gov­
ernments with unprecedented
interest burden. Take this for
example: As yields have spiked,
bond investors who bought US
30­year bonds in 2020 amidst
flight to safety will have to exit
at a 50 per cent loss to principal
if they encashtoday.
WHY BOTHER?
The spike in global bond yields
comes with risks of igniting un­
known factors. For example,
when Silicon Valley Bank col­
lapsed due to losses in its gov­
ernment bond investments in
March, the US 10­year yields
were at 3.75 per cent. It is now
USA
4.8
GERMANY
3.6
2.4
1.2
0.0
Mar 31, Sept 22, Mar 31, Sept 22,
2020 2023 2020 2023
FRANCE
3.5
ITALY
2.5
1.5
0.5
Mar 31, Sept 22,
-0.5
Mar 31, Sept 22,
2020 2023 2020 2023
at 4.43 per cent after cooling off ther reduction in the gap
from as high as 4.50. As yields between 10­year bond yields in
keep spiking, losses for bond in­ India and the US implies that
vestors are mounting and in­ global investors are betting on a
vestors must be vigilant about very strong rupee as otherwise
the possibility of more SVB like the incentive to invest may
events and their impacts. In lower, given the narrowing
fact, many bond investors glob­ yield difference.
ally are split into two camps — The gap can shrink due to
those who believe the current various factors including US
yields are the new normal and yields rising further or Indian
the world will have to adjust to a yields dipping driven by flows
higher cost of capital; while the due to inclusion in the bond in­
other camp believes that with dex. A stronger rupee is good
such volatility and spikes some­ for our country in many ways as
thing will break in global credit it can reduce our import bill. At
markets. Either way, it would be the same time, for exporters,
prudent to start recognising this may mean that other effi­
the range of outcomes. More ciencies will have to offset lack
importantly for India, any fur­ of currency depreciation that
Micron’s semicon plant at
Sanand; phase 1 by end 2024
3
UK
(in per cent)
4.8
Our Bureau
2 3.6 Mumbai
1 2.4
Tata Projects has bagged
0 1.2 the contract to build Mi­
cron Technology’s ad­
-1 0.0 vanced semiconductor as­
Mar 31, Sept 22,
sembly and test plant at
2020 2023
Sanand, Gujarat.
4.8
INDIA
8.2
Located in the Gujarat
3.6
6 7.4 Industrial Development
Corporation area of Chaar­
2.4 6.6 odi, Sanand, the project
spans over 93 acres. The
1.2 5.8
construction of Phase 1
will include a 5,00,000 sq ft
0.0
Mar 31, Sept 22,
5.0
cleanroom space, sched­
2020 2023 uled to be operational by
late 2024.
benefits them. It is worth recol­ Of the $2.75­billion, Mi­
lecting that in 2007 when In­ cron will invest $825 mil­
dia’s stock markets boomed, IT lion (around ₹6,760 crore)
stocks sulked as appreciating and the balance will come
rupee dented their profitability. from the government in
Further, the global economy two tranches.
might also face an additional The project encom­
challenge. passes the design and con­
As developed countries struction of a first­of­its­
grapple with higher fiscal defi­ kind DRAM and NAND as­
cits and unproductive interest sembly and test facility in
payments, they will be con­ India. DRAM is the
strained in their ability to de­ memory used to store
liver another stimulus, if an­ codes for algorithms, pro­
other crisis happens. cesses, while NAND is the
Thus, the changes and arrival memory to store data for
of a new normal will require re­ pictures, music, etc.
calibration of many past as­ The Sanand factory will
sumptions. For clues on the dir­ be designed to LEED Gold
ection, look to the bond yields. Standards of the Green
INVESTMENT.
FOCUS
HDFC Large &
Midcap Fund :
Buy
Kumar Shankar Roy
bl. research bureau
With indices at record highs,
it may not seem an ideal
entry point, refraining from
File photo of Vinayak Pai,
MD & CEO, Tata Projects equities altogether is an un­
wise investment strategy. In
this backdrop, HDFC Large
Building Council and will
and Midcap Fund (4 stars) is
also integrate advanced
water­saving technologies ideal for long­term SIP in­
enabling a Zero Liquid Dis­ vestors as the scheme blends
charge system. the stability of large­caps
Vinayak Pai, MD & CEO, with the growth potential of
Tata Projects, said, “This mid­caps.
collaboration exemplifies It ensures a minimum 35
the unwavering commit­ per cent exposure to both
ment of Tata Projects to large­cap and mid­cap stocks
advancing technology, pro­ within the upper echelon of
moting sustainable devel­ the top 250 companies. The
opment, and contributing fund has consistently se­
considerably to ‘Make in cured a place among the top
India’ initiative.” performers in its category in
Micron’s Senior Vice­ 2021, 2022, and year­to­date
President of Global As­ in 2023. Along the way, the
sembly and Test Opera­ fund has consistently out­
tions Gursharan Singh paced its peers and the
said: “Micron selected Tata benchmark index.
Projects to construct our Despite its assertive in­
new facility because of vestment style, the fund
their strong track record of maintains a delicate balance
delivering high­quality between diversification and
projects on schedule, on concentration. Also, it offers
budget, and with the a competitive expense ratio
highest safety and ethical compared to its category
standards.” peers.

CM
YK . . . . . . . . BM­BME

2 businessline.portfolio
IRFC: Disbursement in slow lane
Sai Prabhakar Yadavalli
bl. research bureau
I ndian Railway Finance Corporation or IRFC is a
mini­ratna PSU that functions as the primary fund­
raising arm of Indian Railways (IR). The company
raises funds from markets (bonds and borrowings) and
finances Indian Railways projects (leases or project
costs) on a cost of funds plus margin basis (35 bps cur­
rently) — the counterparty being the Central govern­
ment through IR.
IRFC has a low­risk business model with zero NPAs.
We recommended earlier that investors subscribe to the
IPO (https://tinyurl.com/Buy­IRFC) and the stock has
nearly tripled from IPO. We now recommend investors
book profits as the stock price gains may be ignoring
risks prevalent at the current levels — namely, NIM
tightening, lower AUM growth visibility, diversification
from IR implying risk factor going up and, finally, valu­
ation expansion.
Credit off­take or disbursement at IRFC is slowing
down visibly. The AUM of ₹4.66 lakh crore as of June ‘23
is plateauing, with only 8 per cent growth in FY23 as
against 30 per cent CAGR during FY18­22.
Disbursement has slowed from a peak of ₹1 lakh crore
in FY21 to ₹32,337 crore in FY23. As budgetary provi­
sion for IR increased at 20 per cent CAGR over the last
three years to ₹2.4 lakh crore in FY24, the commercial
borrowing has reduced — leading to lower disburse­
ments from IRFC to IR.
IRFC now is looking to diversify from funding IR
alone. Haryana Orbital Rail Corridor project and fund­
ing of NTPC rolling stock in FY23­24 are small steps
taken to build a framework for lending outside of the
standardised lending contract used for IR so far. Though
modest, the trajectory implies a shift in risk from the
zero NPA assumptions currently. Underwriting ability
for State and then private projects, counterparty risks
and interest rate risk (though spread so far has been
maintained at 35 bps)are the other factors that come up
in this shift.
RVNL: May run out of steam
Vishal Balabhadruni
bl. research bureau
S tocks of companies in the infrastructure space have
been seeing a lot of traction, thanks to thegovern­
ment’s focus on infra building.
With budgetary allocation for Railways in FY24 shoot­
ing up 49 per cent year­on­year to ₹2.41 lakh crore, Rail
Vikas Nigam Ltd (RVNL), focussed on end­to­end devel­
opment of railway infrastructure, has surged 158 per
cent since our ‘accumulate’ recommendation in end­
February 2023.
The trailing twelve­month PE of the company is
around 24 times now, and is higher than its historical av­
erage (5­year) of around 8 times. The stock is also ex­
pensive compared to peer Ircon International, another
Railway PSU, which is trading at a trailing twelve­month
PE of 17.15 times.
While there are positives for the stock, the current
valuation seems to factor them for now. We had earlier
recommended partial profit booking at ₹130 levels in
May 2023 at a trailing PE of 18.8 times. With stock price
moving up further, and valuations too expanding, in­
vestors can now exit the stock entirely.
RVNL is involved in laying new lines, gauge conver­
sion, doubling, electrification of railway lines and build­
ing workshops. It has commissioned more than 15,000
route kilometres of railway infrastructure till date. The
company also takes up metro projects and has received
orders from Chennai metro and Indore metro.
As on June 30, 2023, RVNL had an order book of
₹65,000 crore of which ₹35,000 crore worth orders were
awarded on nomination basis and orders worth ₹30,000
crore achieved through bidding process. Some of the key
projects it bagged in recent times are composite con­
tract package from Haryana Rail Infrastructure Devel­
CM
YK
MUMBAI
SUNDAY ­ SEPTEMBER 24 ­ 2023
WISE WORDS. MARKET ACTION.
While good fortune will
always play some part in
managing common stock
portfolios, luck tends to
even out.
PHILIP A FISHER
4
Author
PSU
stocks
to exit
DILIGENCE DUE. PSU stocks have been the flavour of
the season with the BSE PSU index being one of the best
performers in the last one year. While there are many
reasons to be optimistic on the sector, there are also
pockets where the run­up in shares may have gone too far
GETTY IMAGES/ISTOCKPHOTO
ITDC: Less room for comfort
Kumar Shankar Roy
bl. research bureau
H elped by the positive sentiment around G20
events tourism and sharp jump in FY23 earn­
ings, shares of small­cap PSU firm India Tourism
Development Corporation (ITDC) have galloped 26 per
cent in the last six months and thus have outperformed
many top listed hospitality companies. Despite its small
size and historically thin profit record, the stock market
appears to be ascribing premium valuation to ITDC
based on its good show in FY23 and expectations of such
a trend sustaining, going ahead.
Consequently, ITDC, which derives almost all of its
profits from the hotels division, now trades at 37 times
IRFC also gained from EV/EBITDA and nearly 9 times price to book (based on
WHY rising interest rate cycle. 12­month trailing consolidated earnings). This valu­ hasn’t added any major capa­
With an outlook of stable ation appears rich when compared to hospitality sector WHY city (properties in various
£ Slowing
and then declining interest leader Indian Hotels, which trades at 34 times EV/ stages of disinvestment) to
disbursement £ Premium
rates, the profits might de­ EBITDA and 7.4 times price/book or second largest ride the ongoing hotel up­
£ Diversification risk valuation
cline even as profitability player EIH Ltd (26 times EV/EBITDA and 4.2 times price cycle. There is also a proposal
from State/private may not decline (35 bps to book). Hence, investors who are sitting on decent £ Concentration to monetise Hotel Ashok.
projects spread maintained). gains may consider booking profit. We mention the reas­ risk Three, ITDC has high de­
£ High valuation This will impact the re­ ons behind our argument in detail below. £ Extremely low pendence on PSU and Gov­
compared to turns outlook. One, be it revenue growth or margins, ITDC does not free­float ernment business. Private­
peers The spread itself has outshine IHCL or EIH. Its hotels division grew opera­ sector discretionary spending
come off from 50 bps in tional revenue by an impressive 58 per cent in FY23, but and international traveller oc­
FY17 to 35 bps currently. that pales in comparison to IHCL (85 per cent) or EIH cupancy traction is low. While
Any further decline will im­ (101 per cent) sales growth. ITDC’s 13 per cent net ITDC enjoys government patronage, it may not be
pact profit, and profitability as well. profit margin is also at lower end of 15­19 per cent range enough for sustained growth. PSUs in general suffer
IRFC shares gained from three factors at play in mar­ for major hotel stocks. In Q1 of FY24 too, ITDC has not from lack of efficiency and productivity compared to
kets currently: credit growth story underlying financing shown any major outperformance. One­off events such private­sector peers. Also, the government’s dividend­
institutions, infra push in IR and revival in PSU stocks. as the G20 and World Cup can only do so much. taking approach limits the financial muscle of PSU com­
IRFC stock now trades at 2.2 times FY23 book value. Two, while ITDC is a debt­free company, its business panies in capital­intensive sectors. In FY23, ITDC de­
This is at a premium to FY21 valuation at 0.83 times and suffers from high concentration risk. Seventy per cent of clared ₹18.9 crore as dividend (30 per cent of profit).
compared to other financing PSUs, Power Finance at 0.9 topline comes from hotels and of this pie, nearly 2/3rd Four, the free­float of ITDC is extremely low at about
times book and REC at 1.13 times trailing book value. comes from a single property: its flagship 550­room 5 per cent, given very high promoter holding (IHCL also
Considering expected NIM contraction, large budgets to Hotel Ashok. Together with the 255­room Hotel Samrat, holds nearly 8 per cent stake). A very low free float can
Railways (reducing borrowing requirements) and diver­ these 2 hotels (in New Delhi) account for 80+ per cent offer control benefits for company insiders but results in
sification risks to State/private projects, investors revenue/90+ per cent of PBT from the hotels division. illiquidity, limited investor interest, and potential valu­
should book profits at the current elevated valuations. Ageing properties and manpower are weaknesses. ITDC ation challenges.
Mazagon Dock: Winds of uncertainty
Parv Shah
bl. research bureau
S ince our ‘buy’ recommendation at ₹728 in bl.portfo­
lio edition dated February 12 this year, the Mazagon
Dock stock has tripled to levels of ₹2,217. The stock
is currently priced at a trailing P/E of around 40 times, up
from its historical average of about 22.46 times since its
IPO in 2020. The market appears to have shown extreme
optimism towards the stock, considering strong order
opment Corporation Ltd inflows, indigenisation theme and growing share of de­
WHY worth ₹1,088 crore, NHAI fence capex. However, the risks relating to ordering and
£ Stock above contract worth ₹ 808 crore for execution uncertainty may not have been priced in.
historical rehabilitation and upgrading While order pipeline relating to certain submarines ap­
valuation of Chandikhole and Paradip pears strong, there isuncertainty in the timeline of the
section from 4­lane to 8­lane, ordering process. Also, the revenue growth which the
£ Expensive than
power infrastructure contract company has been enjoying since last three years might
peers
from Madhya Pradesh Poorv not sustain, going by Bloomberg consensus. Investors
£ Stagnant Kshetra Vidyut Vitaran Co can take some profits off the table. awarded and takes 6­8 years to
margins Ltd, worth ₹149 crore, and a ₹ Conferred with Miniratna status, the company is into WHY build a warship, implying un­
322­crore project from Mad­ construction and repair of warships and submarines for £ High valuation certian execution timeline.
hya Gujarat Vij Company Ltd. Ministry of Defence for use by Indian Navy, and other £ Lower visibility
The company guides for
In April 2023, RVNL was granted Navratna status, vessels for commercial clients. It mainly operates in two on some orders
revenue growth of 10­12 per
which also seems to have aided the rally in the stock. business divisions ­ the shipbuilding unit which includes cent in FY24. As per
Navratna status gives central public sector enterprises building and repair of naval ships and Submarine and £ Expected Bloomberg consensus estim­
enhanced financial autonomy. Navratna companies can Heavy Engineering unit includes building, repair and re­ slowdown in ates, it can achieve revenue
invest up to ₹1,000 crore without seeking approval from fits of diesel electric submarines. revenue growth and PAT growth at a CAGR of
the government. The company has an order book of around ₹39,117 around 12.5 per cent and 13
Revenue in June 2023 quarter was ₹5,571.57 crore, crore as on June 30, 2023, translating into an order book per cent for next two years.
which is 20 per cent higher YoY. EBITDA grew 24 per to revenue of around 5 times. . However, order visibility Low to mid­teen growth prospects, execution risks and
cent in Q1 FY24 to ₹349.1 crore and the net profit for the in the near­term is impacted by uncertainty over order of valuation expansion imply less margin of safety for in­
same period was ₹342 crore, which is 15.2 per cent six submarines of P75I class and three P75 submarines. vestors. Further, around 70 per cent of earnings is attrib­
higher YoY. EBITDA margin in June 2023 was 6.3 per Management expects the current order book to exhaust uted to interest income. Hence, adjusting cash from
cent against 6 per cent for the same quarter last year. The by FY27 with peak revenue recognition in FY25. Rev­ market cap and adjusting interest income from PAT, one
net profit margin of the company was 6.2 per cent in Q1 enue visibility here is not linear as shipbuilding projects would arrive at an adjusted P/E of a higher 58 times at­
FY24 against 6.4 per cent in Q1 FY23. have minimum 2­year gestation period after the order is tributable to its core earnings.
... . . . . . . BM­BME

MUMBAI
businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023
Games
online
sellers play
REAL RETURNS.Here are the little baits
laid out for you and how to skirt them
Aarati Krishnan
Are you a shopaholic? Do you
splurge online on things you don’t
even need? Then you should be­
ware of the tricks that sellers of
products and services use, to
tempt you to buy unnecessary
stuff or overpaying for it.
Recently, the Ministry of Con­
sumer Affairs put out draft
guidelines to discourage doubtful
selling practices (which it calls
dark patterns) used by some e­
commerce platforms to trick buy­
ers into doing what they don’t
want to do. Many of these prac­
tices are used not just by e­com­
merce sites, but by other sellers
too. Read to know about some of
these traps, and how you can skirt
them.
PSYCHOLOGICAL BAITS
It is human tendency to want
something more if it’s in short
supply. Luxury goods sellers lever­
age this trait, when they launch
limited editions of handbags or
watches that have rich folks
scrambling for them.
But your neighbourhood re­
tailer or shopping site may use this
trick too. Ever bought things on­
line at midnight because of a
count­down timer telling you that
asale will run out in a few minutes?
Clicked on a shirt of a certain size
and colour because there were
only ‘two items left in stock’?
Spent an unnecessary ₹5,000 on
shoes because of a gift coupon set
to expire soon? These lures are
meant to create a sense of false ur­
‘Research stocks as deeply as you
can and trade as little as you can’
MONEY TALK. Saurabh Mukherjea of Marcellus shares his investment journey and key lessons
Kumar Shankar Roy
bl. research bureau
A leading equity strategist, respec­
ted by market participants for his
maverick approach and sharp
views, Saurabh Mukherjea, has
grown from strength to strength.
In this interview with bl.portfolio,
the founder and chief investment
officer of Marcellus Investment
Managers, shares his philosophies,
approach and experience.
Your earliest investing
influences?
The first influence was my first em­
ployer when I graduated from uni­
versity, Sir John Kay. He encour­
aged me to think for myself rather
than being swayed by whatever the
latest fad or fashion of the day is.
The second influence was reading
Roger Lowenstein’s excellent bio­
graphy of Warren Buffett, titled
‘Buffett: The Making of an Amer­
ican Capitalist”. That book allowed
me to see that microeconomics
and investing are allied subjects;
for the first time I started under­
standing how I could put my train­
ing in Economics to practical use.
What drew you to
economics, and why didn’t
you pursue a Ph.D or
post­doc?
I started studying Economics in
school in 1991 when the Indian
economy liberalised in the wake of
a Balance of Payments crisis.
Around that time my parents mi­
grated to the UK. I was immedi­
ately struck by the contrast
between the two countries. In spe­
cific, people in India worked much
harder than people in the UK but
earned much less than people in
the UK. I wanted to understand
why that was.
That question took me to the
LSE. Whilst at LSE, a professor
pointed me towards Sir John Kay’s
firm, London Economics. Working
in that firm and reading Sir John’s
books taught me how companies
and financial markets functioned.
When I was 24, a colleague of mine
told me to read Buffett’s biography
(the one I have referred to earlier).
Reading that convinced me that I
CM
YK
gency to impel a purchase. To
avoid being manipulated, remind
yourself that there will always be
future opportunities to buy what
you want.
Other platforms are good at
emotional manipulation. Con­
firm­shaming is a practice where a
platform tries to guilt­trip or
shame you into clicking yes when
you want to say no. Sites soliciting
donations are experts at playing
on your heart­strings, when they
bombard you with graphic videos
of terminally ill children. Ticket­
booking sites try to shame you by
making you click on ‘I will remain
unsecured’ when you refuse to buy
insurance. Reminding yourself
that these emotionally triggering
messages are designed by an over­
smart business can help you ig­
nore them.
BLOATING YOUR BILL
Do you have the habit of shopping
online and checking out in a tear­
ing hurry? Then you could be a
prime target for basket sneaking
and drip pricing.
In basket sneaking, the plat­
form or seller slyly slips in an addi­
tional purchase into your cart at
the time of checkout, without your
noticing it. It could be something
as simple as the seller adding 3
bottles of wellness supplements
instead of one, citing a minimum
order quantity. Or adding a
monthly subscription for the item
for all times to come, without your
noticing it. Many ticketing sites
slip travel insurance into your bas­
ket at checkout, as a default op­
tion. Keep a close tab on what
could put my knowledge of eco­
nomics to work in the stock mar­
ket. In contrast, doing a Ph.D
would have meant veering away
from the practical world (where I
could apply economics) and in­
stead go deeper into theoretical
thinking. I could not build up the
appetite for that after having stud­
ied at the LSE for 4 years.
Your initial experience with
stock investing?
Before I began working as an equity
analyst in the stock market in Lon­
don, I passed my CFA exams.
Studying for those exams made me
realise that you needed to research
stocks in­depth if you were going to
make money from investing on an
ongoing basis. So, before I made
my first stock­specific investment,
I invested in a tracker fund that
tracked the British stock market.
That investment doubled on me
over the next four years.
In terms of investing
mindset, how would you
describe yourself on the
following parameters?
Risk tolerance: High. Marcellus
manages concentrated portfolios
that go through deep drawdowns.
Emotions: Resilient. My col­
leagues and I have worked together
for nearly 20 years and been
through many ups and downs
together.
Long­term vs. short­term fo­
cus: Very long term. We aim to
compound our clients’ monies and
Your Money . bl . 3
TAX QUERY. WHO AM I?.
SANJIV CHAUDHARY
Are you an avid
investor? How well
do you know
I recently received new shares after the demerger
of NIIT. Similarly, I got Jio Financial shares after
the demerger from Reliance Industries. Both
these shares were bought 10 years back.
corporate India?
Here’s a challenge. Using the
five clues below, identify the
company that is being talked
Companies have given only acquisition ratios for
calculating costs. How do I claim grandfathering about here
with January 31, 2018 prices in demerger cases?
KV Rao 1 I just completed 30
years of being listed
In case of demerger, section 47(vid) of the on stock exchanges. I
GETTY IMAGES/ISTOCKPHOTO
Income­tax Act, 1961 (“the Act”) provides that any delivered more than
transfer or issue of shares made in consideration of 40 per cent CAGR
returns to my
demerger of the undertaking is not considered as
transfer and hence such an event does not attract shareholders last
capital gains tax. Explanation 1 to section 2(42A) decade.
states that in case shares in an Indian company
become the property of the assessee pursuant to 2 I took 40 years since
inception to cross
on the site. One coupon site ad­ demerger, the holding period for such share shall ₹500 crore in PAT and
TAKE GUARD vertises ‘90 per cent off deals’ on include the period of holding in shares held in the still remain a small­cap
Google but once you click it, you demerged company by the assessee. stock.
£ Keep close tabs on what
find offers for much lower dis­ With regard to the cost of such shares for tax
you’re buying
£ Cancel purchase if extra
counts of 40­50 per cent.
Bait and switch operations can
purpose, section 49(2C) of the Act states that the cost
of acquisition of the shares in the resulting company
3 Though I have been
doing less than ₹2,000
costs are added also take the form of a seller telling shall be the amount which bears to the cost of crore worth of
£ Products with only you that the stock has run out on acquisition of shares held by the assessee in the exports, I have gained
five­star reviews a redflag the advertised product after ad­ demerged company the same proportion as the net presence in more than
vertising it, or imposing additional book value of the 30 countries, including
conditions, such as a minimum bill assets transferred advanced economies.
you’re buying, and uncheck all the value, to let you avail of the offer. in a demerger
extra boxes during checkout. Bait and switch advertising is il­ bears to the net 4 While I am the largest
player in India in my
In drip pricing, the site or seller legal in most countries and is worth of the
showcases a bargain price for a sought to be prohibited in India demerged business segment, all
product or service when you’re too. company my manufacturing
browsing. But new charges are ad­ immediately facilities are in one
ded at the time of checkout, to sub­ FAKE REVIEWS before such State.
stantially increase your final price. One of the most powerful demerger.
Some low­cost airlines sell you a weapons online shoppers have in The acquisition 5 My founder, now in
his late sixties, is a
ticket at rock­bottom fares, but their armoury, is the ability to ratios shared by first­generation
charge you extra for everything — warn other buyers off a defective the respective entrepreneur and
from choosing a seat to check­in or poor­quality product/service companies are became a billionaire
baggage. A food or grocery deliv­ through their reviews and ratings. based on the only a couple of years
ery platform may add on restaur­ But sellers have found a way to ma­ above mechanism prescribed under section 49(2C) of back.
ant/packing charges or bad nipulate these reviews too. the Act. You would need to divide the cost incurred to
weather charges that didn’t figure Some sellers on the large sites acquire the shares in demerged company basis the
Send your answers by Wednesday 6
on the menu when you chose your offer cashbacks or free gifts to buy­ said acquisition ratio shared.
p.m. to
food. Be prepared to cancel your ers willing to post fake five­star re­ The shares in the demerged company, in your case, who­am­i@thehindu.co.in, with
purchase at the time of checkout if views on their mediocre products. are listed shares covered under section 112A, thus on your full name, postal address and
the price is too high. Others hire agencies to drum up transfer you shall be eligible for the benefit of phone number. A lucky winner in each
fake reviews and likes. These agen­ grandfathering clause under the said section. For the week will get a book sponsored by
BAIT AND SWITCH cies contact random folks over so­ purpose of grandfathering clause, the fair market UNIFI Capital as a reward.
Ever clicked on a link advertising a cial media or Whatsapp, offering value (FMV) as on 31.01.2018 is considered. Contributed by
“Buy one get three free offer” only them a part­time ‘job’ that con­ However, in the case of above scrips, since the
to find hardly any items available sists of posting fake likes and re­ quoted price as on 31.01.2018 is not available as the
with this deal? Most folks would views for products or services they said companies were not in independent existence on
then get tempted to browse some have never used. Read the bad re­ the said date, we shall rely on the mechanism Last week's stock:
more and buy some items at full views first. Be sceptical of prescribed under the explanation to Section UTI AMC
price. This is a classic bait and products or services that have only 55(ac)(ii) for the purpose of calculation of the FMV as Last week's winner:
switch operation, where a plat­ five­star reviews accompanied by on 31.01.2018. Harpreet B
form or seller advertises a too­ glowing tributes. Even the best The above provision of section 55(2)(ac)
good­to­be­true deal to hook cus­ products or services are bound to prescribes that in case of a share in a company that is
tomers, but then switches the have some customers who are dis­ not listed on a recognised stock exchange as on the ALERTS.
product when they actually land satisfied after the purchase. 31st day of January, 2018 but listed on such exchange Fixed deposit marketplace
on the date of transfer; the FMV of the same shall be for retail investors
as under:
Cost of acquisition calculated as per section 49(2C)
of the Act * (multiplied by) CII for FY 2017­18 /
(divided by) CII as on 01.04.2001 Or CII for the first
year in which the asset was held, whichever is later.
The FMV as on 31.01.2018 can be calculated basis
the above formula.
The author is a practising chartered accountant
Send your queries to taxtalk@thehindu.co.in
Fixed return investment
platform Stable Money said it
has launched the country’s first
fixed deposit (FD) marketplace
turn to India and then build a suc­
cessful investing firm, not in Mum­ Interest rates on home loans (%) for retail investors. The
platform offers FDs, comparing
bai, but in the booming city of Loan amount interest rates from over 200
Pune. Terry Smith at FundSmith Institution banks and NBFCs, and enables
Under ~30 to Over
and the folks at Lindsell Train for ~30 lakh 75 lakh ~75 lakh customers to manage and
running highly concentrated port­ track their FDs on the platform.
folios over several decades. It takes BANKS (Floating rates)
We pay minimal a lot of courage and character to do Axis Bank 9.0­9.4% 9.0­9.4% 9.0­9.4%
attention to high what they do. Bank of Baroda 8.40­10.60 8.40­10.60 8.40­10.60 NSE caution on fraudulent
frequency macro trading practices
Bank of India 8.50­10.75 8.50­10.75 8.50­10.75
data like GDP Your investment strategy?
Buy clean, well­managed compan­ Bank of Maharashtra 8.50­10.90 8.50­10.90 8.50­10.90
growth, interest NSE has cautioned investors
ies that have built dominant fran­ Canara Bank 8.70­11.25 8.70­11.25 8.60­11.15
rates and inflation. chises. When their share prices
against dealing with a person
Central Bank 8.35­9.50 8.35­9.50 8.35­9.50 named “Ankit Kumar”
SAURABH MUKHERJEA crack, double or treble down on the
DBS Bank <=10.20 <=10.20 <=10.20 associated with entity named
Founder & CIO, Marcellus position. Don’t sell unless the man­
“Live Forex” operating through
Investment Managers agement does something corrupt Federal Bank >=8.80 >=8.80 >=8.80
mobile number “8018388453”
or stupid. Never sell because of HDFC Bank 8.50­9.40 8.50­9.40 8.50­9.40 and website “www.liveforex.uk”
valuation.
ICICI Bank 9­9.80 9­9.95 9­10.05 who is providing assured
Indian Bank 8.45­9.40 8.45­9.40 8.45­9.40 /guaranteed returns on
Favourite forever stock?
PROFILE investment in forex market.
As I have explained in my book ‘The Indian Overseas Bank >=8.85 >=8.85 >=8.85
Also, a person named “B K
Saurabh was educated at Unusual Billionaires’, Asian Paints IDBI Bank 8.55­12.25 8.55­12.25 8.55­12.25 Gupta” associated with entity
the London School of is Indian capitalism at its best. It’s a
J&K Bank 8.75­9.85 8.75­9.85 8.75­9.85 named “Vayda Karobaar
Economics where he tech company with ferocious com­
Karnataka Bank 8.75­10.43 8.75­10.43 8.75­10.43
Investment” operating through
earned a BSc in petitive advantages (around tech)
mobile number “8209699429”
Economics (with First masquerading as a paints Karur Vysya Bank 9.23­10.73 9.23­10.73 9.23­10.73 and website
Class Honours) and an company. Kotak Mahindra Bank 8.75­9.60 8.75­9.60 8.75­9.60 “www.vaydakarobaar.com” is
MSc in Economics (with Punjab National Bank 8.55­10.10 8.50­10.10 8.50­10.0 providing assured returns on
distinction in Macro &
Most significant hits and
investment. Any such scheme/
misses from past decade? Punjab & Sind Bank 8.50­10.0 8.50­10.0 8.50­10.0
Microeconomics) product with indicative
We identified GMM Pfaudler as a State Bank of India 8.40 ­ 9.75 8.40 ­ 9.75 8.40 ­ 9.65 /assured/guaranteed returns in
multi­bagger nearly five years ago
South Indian Bank 9.57­10.67 9.57­10.77 9.57­11.42 the stock market is prohibited
our own monies over horizons of when it was a fraction of its current
Tamilnad Mercantile Bank 9.45­9.95 9.45­9.95 9.45­9.95 by law.
three years or more. size and when it was still an Indian
Information processing: Fo­ subsidiary of a German company UCO Bank 8.45­10.30 8.45­10.30 8.45­10.30
cus on the signal and cut out the (GMM). We understood the com­ Union Bank of India 8.4­10.80 8.4­10.80 8.4­10.80
noise. We pay minimal attention to pany’s proprietary technology and
high frequency macro data like its sticky relationships with BANKS (Fixed rates)
GDP growth, interest rates and pharma companies meant that the Axis Bank 14 14 14 BUSINESS OFFER
inflation. firm had formidable moats which IDBI bank 9.85­10.10 9.85­10.10 9.85­10.10
Patience and discipline: Re­ would allow it to compound profits BUSINESS FOR SALE
Union Bank of India 11.4 11.4­12.4 12.4­12.65
search stocks as deeply as you can at a rapid rate. RUNNING CBSE K−12 School Sale
HOUSING FINANCE COMPANIES (Floating rates) Kanchipuram High Rd kanchisale@
and trade as little as you can. We In terms of failures, although we gmail.com
typically hold stocks for 8 years. In understood that as Relaxo scaled Tata Capital >=8.70 >=8.70 >=8.70
a given year and in a given portfo­ its business rapidly through the Piramal Cap & Housing Fin >=11 >=11 >=11
SHARES / INVESTMENTS
lio, we buy/sell only 1 or 2 stocks Covid years, the firm was outgrow­ LEARN & Earn Income From Home in
PNB Housing 8.50­ 11.25 8.50­ 11.45 8.50­ 11.45 Online Share Trading. Ct:
Learning and adaptability: ing the promoter family’s manage­ 7904551696
Try to be a learning machine. Aim ment bandwidth, we did not do Central Bank Housing 9.95­11.15 9.95­11.15 9.95­11.15
to read one book per week. Seek anything useful with this point of Indiabulls Housing Fin >=9.30 >=9.30 >=9.30 FINANCE
out other wise people and spend view. Specifically, we did not try to Aditya Birla Housing Fin 8.80­14.75 8.80­14.75 8.80­14.75
time with them in deep, focused persuade the promoters to profes­
Bajaj Finserv 8.45­15.00 8.45­15.00 8.45­15.00
discussions. Cut out social media sionalise the management of this
completely from your life. rapidly growing company. That GIC Housing Finance >=8.80 >=8.80 >=8.80
lack of initiative on our part cost us Reliance Home Finance >=9.75 >=9.75 >=9.75
Who do you admire in the as Relaxo made some missteps in Sundaram Home Finance* >=10 >=10 >=10
world of investments? the summer of 2022.
Pulak Prasad for being a great in­ Disclaimer: Through Marcellus’ HOUSING FINANCE COMPANIES (Fixed rates)
vestor and for writing an outstand­ PMS portfolios, Saurabh is invested HDFC NA NA NA
ing book, ‘What I learned about in­ in all the stocks mentioned in this in­
*Data as on respective banks’ website on Sep 22, 2023; For each year range, the maximum
vesting from Darwin’. Samit terview and so are his parents and offered interest rate is considered; interest rate is for a normal fixed deposit amount below ₹1
Vartak for having the courage to re­ Marcellus’ clients crore. Compiled by BankBazaar.com *Annual percentage rate;
. . . . . . . . BM­BME
4 . bl . Fund
Power of a pair
FUND CALL. HDFC Large and Midcap blends stable large­cap
investments with growth­focussed mid­caps, offering a promising
recipe for potential return for those with minimum 5­year horizon
Kumar Shankar Roy
bl. research bureau
In the current Indian stock mar­
ket landscape, the Sensex has
surged by 13 per cent in the past
year, and is near record highs.
Rather than attempting to time
the market, prudent long­term
investors are better served by
gradually bolstering their equity
holdings via goal aligned­SIPs,
blending stable large­cap invest­
ments with growth­focused
mid­caps. Enter HDFC Large
and Midcap Fund, a four­star of­
fering in our proprietary bl.port­
folio Star Track Ratings. Having
orchestrated a notable turn­
around in the past three years, it
shines as a performer with
above­average return potential.
STRATEGY
HDFC Large and Midcap’s port­
folio is a play on controlled ex­
posure (minimum 35 per cent
individual exposure to large­
and mid­cap stocks) to top 250
companies. The fund is dynamic
in terms of taking valuation calls
and adjusts the portfolio ac­
cordingly. The scheme is bench­
mark­aware and does not take
any major sectoral calls. The un­
derlying motive is to capture op­
portunities across value and
turnaround companies. There is
a mix of both bottom­up and
top­down strategy for theme
Money managers Old need not be gold
unplug ESG funds
GLOBAL VIEW. More US sustainable funds
closed in 2023 than prior three years combined
Bloomberg
BlackRock Inc. and other money
managers spent years rolling
out sustainable funds, seeking
to capitalise on surging interest
in ESG investing. Now they’re
abandoning an increasing num­
ber of those products in the US
amid political backlash and in­
vestor scrutiny.
On September 15, BlackRock
told regulators it intends to
close a pair of sustainable emer­
ging­market bond funds with
total assets of about $55 million.
While the US had 656 sustain­
able funds as of June 30, accord­
ing to Morningstar data, the
number of liquidations is in­
creasing from prior years. More
US sustainable funds have
closed in 2023 than the prior
three years combined, the data
show. Investors pulled more
money from the funds in the
first half of the year than they
put into them.
“We have definitely seen de­
mand drop off in 2022 and
2023,” Alyssa Stankiewicz, asso­
ciate director for sustainability
research at
Some sustainable funds fared
poorly last year because they
were weighted toward growth
strategies that underperformed
in 2022, while others struggled
to gather assets, she said. Money
managers are now “cleaning up
the shelves” by closing products
that didn’t attract interest and
launching new and more spe­
cific or different strategies re­
lated to sustainable investing,
she added.
Money poured into sustain­
able­investing products in 2020
and 2021, when fund managers
debuted more ESG funds or ad­
ded “ESG” or “sustainable” to
the names of existing funds.
Enthusiasm for the funds
waned last year after a stock and
bond rout and a surge in oil and
energy prices dampened ESG
funds’ performance. Mean­
CM
YK
Insight
and stock selection.
Before SEBI came up with
regulations on categorisation
and rationalisation of mutual
fund schemes, HDFC Large and
Midcap Fund was known as
HDFC Large Cap Fund
(launched in 1994). Like many
peers, this fund used to be large­
cap focussed, with over 80 per
cent allocation in 2017. From
May 2018 onwards, it started
lapping up mid­caps in line with
its new mandate. The fund’s
name changed from HDFC
Growth Opportunities to HDFC
Large and Midcap in June 2021.
In terms of net assets, the
fund holds 47.8 per cent in large­
caps, 38.3 per cent in mid­caps,
and 10.8 per cent in small­caps.
In contrast to some funds, over
the last one year the fund has be­
nefitted from hiking allocation
to small­caps, maintaining ex­
posure to mid­caps while trim­
ming exposure to large­caps.
PERFORMANCE
Despite a major portfolio re­
shuffle in line with new mandate
from 2018, HDFC Large and
Midcap Fund managed to out­
perform most peers and ended
that year as the fourth best in
the newly­formed category. But
as markets marked an upswing
in 2019, its performance lagged.
In 2020, it saw a similar per­
formance. Gopal Agrawal was
roped in that year (July 2020) to
GETTY IMAGES/ISTOCKPHOTO
while, regulators began taking a
closer look at fund labels, pub­
lishing rules on Wednesday to
guard against misleading or ex­
aggerated ESG claims.
BlackRock Chief Executive
Officer Larry Fink, who stopped
using the term ESG earlier this
year, discussed investments tied
to the transition to a lower­car­
bon economy.
DIFFERENT OBJECTIVES
The firm is closing two actively­
managed mutual funds that seek
to outperform emerging­market
bond indexes while screening
out issuers that have more than
5 per cent of revenue from
thermal coal mining and oil
sands extraction, among other
restrictions.
The funds, launched in 2008
and 2017, “tilt” to green bonds
and those from issuers with cer­
tain ESG grades.
BlackRock launched two
broad ESG ETFs this year with a
total of about $9 million of as­
sets, an environmental solu­
tions ETF with about $3.7 mil­
lion and a sustainable global
equity mutual fund with about
$10 million, according to data
compiled by Bloomberg.
The firm also launched a US
“climate conscious” ETF, held
almost entirely by Finnish pen­
sion insurance company Ilmar­
inen. The pension shifted its as­
sets from a broader BlackRock
ESG fund to the more climate­
specific one in June.
MUMBAI
businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023
ALERTS.
Smart ODR facility
Mutual fund houses have started informing investors
about Online Dispute Redressal (ODR) mechanism. This is
available to investors for escalation of grievances in
certain scenarios through the
Online Dispute Resolution
Portal (Smart ODR). Note
that when an investor is
dissatisfied with the
resolution on SCORES, she/he
can file the dispute on SMART
ODR and the dispute will be
redressed within 90 days.
Smart ODR tracks the case as
it progresses through the
dispute resolution cycle. Smart ODR is a platform built by
NSE, BSE, MSE, CSDL, NSDL, MCX & NCDEX. The platform
seeks to make it easier to resolve disputes related to the
securities market using ODR institutions.
GETTY IMAGES/ISTOCKPHOTO
Micro­cap fund document filed
Bandhan Mutual Fund has launched papers for a micro­cap
fund with regulator SEBI. Recently, there has been a lot of
interest in small­cap and micro­cap stocks. As per the filing,
Bandhan Microcap Fund will
primarily invest in Indian equity
and equity­related securities of
as also benchmark Nifty Large micro­cap companies using a
Midcap 250 Total Return Index. bottom­up approach to
Alpha (over benchmark) is 150­ identify micro­caps that are
500 basis points in these peri­ well­managed with adequate
ods. This is an acknowledgment growth potential and trading at
of the competitive results a reasonable valuation. The
achieved by fund . While deliver­ scheme would invest up to 20
ing above category­average res­ per cent of assets in companies
ults, the manager appears to other than micro­caps. Just a few months ago, Motilal Oswal
have been prudent as displayed AMC had launched Motilal Oswal Nifty Microcap 250 Index
by the HDFC Large and Mid­ Fund, thereby giving investors a micro­cap play via the
cap’s top quartile ranking in low­cost index fund route.
risk­adjusted returns front
(Sharpe Ratio: 1.5).
As a choice for SIPs, HDFC
Large and Midcap Fund has de­
WHY BUY livered robust returns in the last ETF movers
one­, three­ and five­year . Top ETFs (Exchange Traded Funds) traded on NSE based on
£ Performance turnaround
weekly change in price
£ Higher returns than PORTFOLIO
category, benchmark The fund invests in a diversified Weekly Volume traded
NAV (₹) Price (₹)
change in the last
£ Blend of growth and portfolio of large and mid­sized ents. in price week
value companies with better growth With a portfolio valuation of as on Sep 22 (%) (in '000s)
potential. There is a strong em­ 34.7 times price to earnings and ETF
phasis on risk management to 5.4 times price to book (accord­
Nippon ETF Nifty PSU Bank 125 124 5 26601
mitigate the inherently greater ing to ACE MF data), HDFC
steady the ship, and ever since, volatility of a portfolio domin­ Large and Midcap appears tilted Kotak Nifty PSU Bank ETF 324 250 5 8435
HDFC Large and Midcap Fund ated by mid­caps (67) and small­ towards value vis­a­vis the cat­ CPSE ETF 460 38 4 1
has scripted a turnaround. On caps (42). Consequently, the egory average of 41 times P/E Nippon ETF Nifty 8­13 23 42 4 10
the back of improved perform­ fund has over 150 stocks versus and 6.7 times P/B.
ance, the fund was back in the its category­average of 66. This Although the fund exhibits a Bharat Bond ETF ­ April 2025 25 96 3 103
top­4 category club in both 2021 is also evident in the higher slightly more aggressive invest­ Kotak Nifty 50 Value 20 ETF 231 356 2 487
and 2022. Year to date (YTD) in number of sectors (43) versus ment style, as indicated by its Nippon ETF Liquid Bees 126 428 2 15
2023, it’s the best performer. 28 for the large­ and mid­cap higher exposure to small­caps,
Consequently, the fund is in the fund category. its execution has been decent in GOLD ETFs
top quartile for three years in a The fund’s top sectoral bets recent times. The fund demon­ Axis Gold ETF 4460 4460 2 0
row (2021, 2022 and 2023 YTD). are financial services, capital strates a fair degree of risk man­ ICICI Pru Gold ETF 23 356 2 0
On a point­to­point return goods (underweight vs. cat­ agement by maintaining lower SBI ETF Gold 25 320 2 863
basis, the fund has outdone its egory), information technology concentrations in its top five
category returns across one­, (overweight), healthcare, and and 10 stocks compared with Source: Bloomberg. Returns as on September 22, 2023
three­ and five­year periods and automobile and auto compon­ the average for its category.
Best NPS plans
Top pension funds in each category based on 5-year CAGR
NAV
(₹) Returns (% CAGR) Assets
Name of the fund
as on (₹ cr)
Sept 22 1­year 3­year 5­year
RETURN TRACKER. Many funds in earlier era didn’t have rigid mandates TIER I: EQUITY PLANS
Kotak Pension Fund 50 15 23 14 1,399
Venkatasubramanian K HDFC Pension Fund 40 14 22 13 25,354
bl. research bureau ICICI Pru Pension Fund 54 15 24 13 8,046
Old is gold, they say. In the case of
TIER I: GOVERNMENT BOND PLANS
LIC Pension Fund 26 8 5 10 4,305
equity mutual funds, the earliest
ones to be launched have been a HDFC Pension Fund 24 8 5 9 18,383
mixed bag, going by the returns Kotak Pension Fund 32 8 5 9 1,046
they have delivered from the time TIER I: CORPORATE DEBT PLANS
they were rolled out 30­37 years
HDFC Pension Fund 25 8 6 9 10,944
ago. Optically, many of these
funds have delivered excellent re­ LIC Pension Fund 24 7 6 9 2,344
turns if you stayed put. These re­ SBI Pension Fund 37 7 6 9 6,959
turns are also not reasons enough TIER I: ALTERNATIVE INVESTMENTS
for taking investing calls in these
funds afresh. More so, as they SBI Pension Fund 17 0 6 9 60
were grouped into specific cat­ HDFC Pension Fund 17 3 8 9 178
egories with defined mandates LIC Pension Fund 16 5 7 8 14
compared to with more liberal
definitions that prevailed before *Source: NPS Trust. Returns as on September 22, 2023
2018. Here is a low­down.
WHAT VINTAGE FUNDS DID Top PMS schemes
Many of the funds in the earlier Based on 5-year returns
era did not have rigid mandates.
Returns (% CAGR)
So, even a fund calling itself large­ AUM
AMC Strategy
cap or blue­chip would also house (in ~ cr)
1­year 3­year 5­year
mid­cap stocks. There was no
mandate on allocation across same house, SBI Magnum Multi­ dia Prima, a mid­cap scheme, LARGE CAP
small­, mid­ and large­cap stocks plier has become SBI Large & have given 19.1 per cent each an­ Renaissance Opportunities NA 17.7 28.2 14.2
to be followed. Except, specific Midcap, which has delivered well nually since their launch. But in
theme funds, most others took a over past several years. Two tax­ the last 5­10 years, these funds ICICI Pru Largecap 92 18.2 24.9 13.5
broad­based approach. Of saving funds – from Canara have fallen behind in terms of Aditya Birla Top 200 Core
56 11.9 21.7 12.8
course, a blue­chip or large­cap Robeco and SBI – have been their performance and are among Sun Life Equity
fund still had a portfolio domin­ around for more than 30 years the lower quartiles compared Nippon India
Absolute
NA 15.3 21.3 12.6
ated by such stocks, but the with the same mandate and have with peers. ABSL MNC’s return Freedom
kicker still came from going delivered solid returns. Their since launch is an impressive 17.3 MULTI CAP
down the market­cap curve. The performance in recent years has per cent. However, it has slipped Sameeksha
flagship fund of most fund been consistent. considerably in the last five­ Equity Fund 901 39.2 34.8 27.7
Capital
houses a few decades ago was just seven years.
Green Portfolio Special 240 16.6 34.4 25.3
called equity fund. It was mostly PERFORMANCE TRENDS
large­cap dominated, though the Then, there are funds that repres­ INVESTORS, TAKE NOTE Globe Capital Value 414 34.9 26.2 25.0
flavour was multi­cap overall. ent a study in contrast. Some While it makes for good reading Bonanza Edge NA 44.6 49.5 24.9
That changed in 2017­18, after have low returns since inception, to see how much an investor Valuequest Inv.
SEBI created defined mandates but picked up pace over the past could have earned had she stuck Platinum 565 26.5 42.1 23.5
Advisors
for equity, debt, hybrid and com­ decade or at least five­seven around over all these years, it is Globe Capital Arbitrage 219 21.1 31.5 21.6
modity funds. years. And there are those whose more of a hindsight bias. No one
The earliest fund to be rolled returns look great from their would have known three decades MID-CAP
out was UTI Mastershare, nearly launch time, but have slipped ago that a fund would deliver well Unifi Capital APJ 20 NA 31.2 33.5 24.4
37 years ago. It was a large­cap over the past 5­10 years. or be a laggard. Even if a fund un­ Right Horizons Super Value NA 28.8 43.2 22.6
dominated fund then and contin­ Tata Large & Midcap (Tata derperformed for five­seven
Nafa Asset Emerging
ues to be so. It has delivered a ro­ Contra earlier, which merged years, it could still look optically Managers Bluchip
NA 27.7 40.2 20.7
bust 17.2 per cent returns over with Tata Equity Opportunities) robust on the returns front over a
Centrum Multibagger NA 15.5 30.0 19.9
these many years, which is credit­ has given about 13 per cent annu­ 25­30 year window, a period
able. But in the last 5­10 years, the ally over the past 30­plus years. barely a handful of investors stick SMALL CAP
fund’s performance isn’t spectac­ HDFC Large & Midcap (HDFC around for. Besides these are Equirus Wealth Long Horizon 888 31.0 34.5 25.3
ular. Growth Opportunities earlier) point­to­point returns and thus Rising Star
SBI Magnum Equity, a diversi­ has delivered just 12.6 per cent have their own disadvantages Valentis Advisors NA 40.1 49.8 21.6
Opportunity
fied fund morphed into SBI Mag­ returns since February 1994. But while making a fund­buying de­
Centrum Micro NA 30.4 38.3 20.2
num Equity ESG, a thematic both these funds have done well cision. A fund, no matter how
scheme, though only recently. in recent years and are now reas­ long in existence, must be exited Ambit Inv. Emerging
400 22.1 27.4 20.0
Advisors Giants
This is a case of a wider mandate onably good funds in the cat­ (or SIPs discontinued) if it un­
narrowing down to a theme. An­ egory. Franklin India Bluechip, a derperforms its benchmark and *Source: PMS Bazaar. Returns as on August 31, 2023
other multi­cap fund from the large­cap fund, and Franklin In­ peers over, say, two­three years.
. . . . . . . . BM­BME
 Taking Stock . bl . 5
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

Port/terminal-wise revenue (in %)

FY22
Jaigarh Port Dharamtar Port
New Mangalore Container Terminal
Paradip Iron Ore Terminal
Ennore Coal Terminal Ennore Bulk terminal
Snapshot of financials
Particulars
Revenue (₹ crore)
REALITY CHECK.
50
45
40
35
Glenmark Pharma: What next?
30 Sai Prabhakar Yadavalli
25 bl. research bureau
20
15 Glenmark Pharma announced on Thursday that it was
10 selling 75 per cent of its stake in Glenmark Lifesciences (GLS
5 –API manufacturing) to Nirma Ltd for ₹615 a share and
0 would realise ₹5,651 crore from the transaction. The sale
FY23 Q1FY24 consideration implies a trailing PE of 16 times, which is in
South West port line with API peer Granules, but lower than the stock price of
New Mangalore Coal Terminal
₹646 on Thursday. The parent company will be left with 7.8
Paradip Coal Exports Terminal
per cent of GLS and Nirma will have to undertake an open
offer to the remaining shareholders.
While the company indicated only a 7­8 per cent stake sale
in GLS, even as late as in the Q1FY24 earnings discussion, in
the ‘sell’ call in the August 19, 2023 edition of bl.portfolio, we
FY22 FY23 Q1FY24 noted that the large stake in GLS is a counter to debt
2,378.7 3,372.9 918.2 concerns, as it could be monetised. Its parenthad a gross/ net

Smooth sailing
EBITDA (₹ crore) 1,215.1 1,798.3 491.5 debt of ₹4,400/3,000 crore at the end of Q1 and will become
net cashfrom the proceeds as it intends to clear ‘a
EBITDA margin (%) 51.1 53.3 53.5
significant’ portion of debt. This removes the primary
Net profit (₹ crore) 330.4 749.5 322.2 overhang on the stock and eases the pressure to monetise
Net profit margin (%) 13.9 22.2 35.1 assets from Ichnos Lifesciences – its R&D subsidiary.

IPO WATCH. JSW Infrastructure’s issue looks promising, given
company’s robust financials and growth prospects
Vishal Balabhadruni
bl. research bureau
The IPO of JSW Infrastructure
Ltd opens on September 25,
2023, and closes on September
27, 2023. The ₹2,800­crore issue
is an entirely fresh issue and will
be used for following purposes:
₹1,200 crore for capex, ₹880
crore for debt repayment and
balance for general corporate
purposes.
The company is a major player
among the port­related infra­
structure developers, it is also
the second largest commercial
port operator in India in terms of
cargo handling capacity in fiscal
2023.
At the upper end of the price
band of ₹113­119, the market
capitalisation of the company
will be around ₹24,990 crore.
The enterprise value (EV) post
issue will be ₹27,475 crore; the
trailing EV/EBITDA will come to
15.12 times. The trailing PE
(post issue) is 28.6 times. The
company’s listed peer Adani
ports is currently trading at a
trailing EV/EBITDA of 17.48 time
and trailing PE of 33.65 times.
The valuation of the company
seems reasonable, given the ro­
bust financials, growth prospects
and macro­economic tailwinds.
Therefore, investors may sub­
scribe to the issue.
BUSINESS PROSPECTS
JSW Infrastructure is the second
largest commercial port oper­
ator in India in terms of cargo
handling capacity in fiscal 2023
and handled 92.83 million
tonnes of cargo in this period.
The capacity of the JSW Infra
port in India is 158.4 million
tonnes per annum as on June 30,
2023, and the capacity utilisation
in June 2023 quarter was 63 per
cent.
JSW Infrastructure develops
and operates ports and port ter­
minals pursuant to Port Conces­
sions. The ports and port termin­
als of the company typically have
long concession periods ranging
between 30 and 50 years. As of
June 30, 2023, the capacity
weighted average balance con­
cession period of the operational
ports and terminals is approxim­
ately 25 years. The installed
cargo handling capacity of the
company in India grew at a
CAGR of 15.27 per cent from
119.23 MTPA as of March 31,
2021, to 158.43 MTPA as of
March 31, 2023.
JSW Infrastructure started as
the cargo handling/supply chain
arm of JSW group and, of late,
has started to serve non­JSW cli­
ents also. The share of third­
party customers volume has in­
creased to 37 per cent in June
2023 quarter from 24.81 per cent
in FY21. Within the group com­
panies JSW steel business in
June 2023 quarter was 40 per
cent of the total revenue and the
whole JSW group business ac­
counted for 52.5 per cent of total
revenue in this period.
The company provides mari­
time­related services, including,
cargo handling, storage solu­
tions, logistics services and other
value­added services to its cus­
tomers, and is evolving into an
end­to­end logistics solutions
provider.
It has a diversified presence
across India with non­major
ports (controlled by State gov­
ernments) located in Maha­
rashtra and port terminals loc­
ated at major ports (controlled
by Central government) across
the industrial regions of Goa and
Karnataka on the west coast, and
Odisha and Tamil Nadu on the
east coast.
The company has seven assets
in major ports and two greenfield
ports; in the major ports it has to
follow the port’s tariff guidelines
whereas in the greenfield ports
developed by it, it can negotiate
arbitrary price according to the
services it offers. JSW group is
the anchor customer of the com­
pany which accounted for 63 per
cent of business in June 2023 and
remaining from non­JSW
customers.
The company intends to in­
crease capacity at the Jaigarh
Port by developing a terminal
with a proposed capacity of up to
2 MTPA for handling LPG, pro­
pane, butane, and similar
products. The proximity of the
LPG terminal to the industrial
hinterlands and bottling plants
of LPG, propane and butane in
Maharashtra is expected to
provide opportunity in this seg­
ment with repeat customer or­
ders. The company also intends
to develop a non­major port at
Jatadhar (Odisha) with a capa­
DEAL MILDLY EPS DILUTIVE
city of up to 52 MTPA to cater to GLS reported revenues of ₹2,161 crore in FY23, which is 17
JSW Steel’s upcoming steel facil­ per cent of Glenmark’s consolidated revenues, but the API
ity in Odisha. unit accounts for 28 per cent of the consolidated EBITDA.
JSW Infrastructure is also ex­ This is on account of 30 per cent margins for GLS, compared
panding into synergistic busi­ to Glenmark’s 15­19 per cent margins in the last three years.
nesses such as development of The sale may be marginally EPS dilutive to Glenmark
container terminals, liquid stor­ Pharma. An EBITDA of Rs 475 crore (FY24 estimates) may
age terminals, container freight no longer be available, but it is offset by savings on
stations (“CFS”), multi­modal annualised Q1FY24 interest costs of ₹450 crore. However,
logistics parks (“MMLP”) and the higher margins of GLS impliesmargin dilution for
inland container depots (“ICD”) consolidated entity. The improved pricing scenario in the
to provide end­to­end logistics US and lower R&D outlay could help cushion the dilution.
solutions to its customers. In The 7.8 per cent holding can add to other income. Overall,
2019 the company was awarded Glenmark Pharma can expect 2­5 per cent EPS dilution in
the concession to develop and FY24.
operate New Mangalore con­
tainer terminal from New Man­ OTHER OVERHANGS REMAIN
galore Port Trust which com­ Glenmark Pharma has rallied 88 per cent YTD as Ryaltris
menced operations in April 2022. sales has gained traction in the US/EU and other markets.
Besides, US portfolio led by derma had tailwinds from
FINANCIALS improved pricing. Additionally, expectations of debt
JSW Infrastructure Ltd clocked a clearance has added to the rally. The expectation was built on
revenue CAGR of 41.77 per cent internal accruals, monetising of Ichnos’sassets, and GLS
(FY21­23) whereas EBITDA stake sale. EU and RoW markets (24 per cent of FY23 sales)
grew at a CAGR of 42.06 per cent also delivered strong growth, supporting revival
in the same period. The revenue expectations .
in June 2023 quarter grew 6.63 Post debt clearance, Glenmark will still have to resolve
per cent YoY to ₹918.23 crore Ichnos. The carved­out subsidiary houses high cost R&D
and the EBITDA grew 16 per cent assets, which have been cash­intensive, without a clear
YoY in June 2023 quarter to ₹491 return profile. It will still have to pursue asset monetisation
crore. EBITDA marginin June through partnerships. The company had R&D expenses 13
2023 quarter was 53.52 per cent per cent of its salesin FY18­20 (largely to Ichnos’ assets),
which is 134 basis points lower before reining it down to 10 per cent in FY23, and guiding it
YoY. The net profit marginin to 7­8 per cent going ahead. Monetisation is key to control
Q1FY24 was 35.09 per cent this cost. India and the US markets need higher investment
which is 12.72 percentage points on sales force and a sharpened portfolio approach to match
higher YoY. The net debtas on peer growth. But it needs plant clearance from the US FDA
June 30,2023 was ₹2,485.2 crore to realise its portfolio, which includes a few asset launches
and will further reduce by ₹880 starting from FY25 in respiratory, and may not match the
crore post issue. The net debt to launch momentum of its peers. We reiterate our sell call on
equity of the company as on June the stock, unless the company announces a renewed
30, 2023, was 0.6 times. strategy post transaction.

Decent gains on the table Wait for sparkle to grow

L&T BUYBACK. Investors can tender their shares in view of the premium valuation IPO WATCH. Manoj Vaibhav Gems ‘N’ Jewellers’ valuation is attractive but there are risks

Parv Shah Akhil Nallamuthu

bl. research bureau bl. research bureau

The buyback of India’s largest EPC
company Larsen and Toubro (L&T)
opened on September 18. The record
date for the buyback was September 12
i.e. investors who had the shares in
their demat account by end of Septem­
ber 12 are eligible to participate. Eli­
gible shareholders can tender their
shares for buyback at a price of ₹3,200
per share. The last date for tendering
shares is September 25, 2023. The buy­
back price is at a premium of around
10.5 per cent to the closing price on
September 20. The final returns to
shareholders will depend on the por­
tion of shares bought back from the
shares they tender. The company has
notified allotting ₹10,000 crore to buy­
back or up to 3.125 crore shares, which
is 2.2 per cent of the outstanding
shares.
BUYBACK CONSIDERATIONS
Of up to 3.125 crore shares to be bought
back, 15 per cent shall be reserved for
small shareholders i.e. the total value of
holdings is less than ₹2 lakh as on re­
cord date, as per SEBI guidelines. Based
on this, small shareholders held 1.97
crore shares as on the record date,
while 15 per cent of the buyback au­
thorisation reserved for them repres­
ents 0.46 crore shares. Thus, although
the company is buying back only 2.2 per
cent of outstanding shares, 23.6 per
cent (0.46/1.97) of outstanding shares
tendered by small shareholders will be
bought back. This is assuming all small
shareholders tender their shares. How­
ever, on a practical basis, it is unlikely
that all shareholders will tender all
their shares. Hence, we need to make
assumptions regarding the acceptance
ratio, and, thereby calculate the returns
based on the acceptance ratio (portion
of shares accepted out of shares
tendered). If 30/50/70 per cent shares
are tendered, the acceptance ratio
comes to 79/47/34 per cent respectively,
resulting in gains of 8.5/5.1/3.6 per cent
(premium on shares accepted/total
value of holdings) respectively, consid­
ering the buyback premium of around
10.5 per cent.
The L&T stock trades at a one­year
forward P/E of around 28 times i.e.
about 40 per cent premium to its five­
year historical average P/E of around 20
CM
YK
times. Thus, while growth prospects re­
main good, the premium valuation
likely implies the shares are not under­
valued. Hence, considering this and the
fact that investors can pocket decent
gains, investors can tender their shares.
BUSINESS PROSPECTS
Amid an infrastructure push from the
government, L&T has been a major be­
neficiary of the rise in capex and the
stock has given returns of around 52
per cent over the last one year.
The company is present in infra­
structure (47 per cent of revenue), en­
ergy projects (13 per cent), IT (22 per
cent), financial services (7 per cent),
majorly, and other segments such as hi­
tech manufacturing and developmental
projects. Its core infrastructure pro­
jects division comprises EPC projects
relating to buildings and factories,
transport infrastructure, heavy civil in­
frastructure, power transmission and
distribution, water treatment and min­
erals and metals.
The company has seen an order in­
flow of around ₹2 lakh crore during
FY23, translating into growth of
around 19 per cent y­o­y. While rev­
enue increased by around 17 per cent
on account of strong execution, the
EBITDA margin dipped from around
11.6 per cent to 11.3 per cent on a Y­o­Y
basis on account of cost pressures faced
in EPC projects. Core EPC margins
during the year remained at around 8.6
per cent i.e. lesser than the guided mar­
gins of around 9.4 per cent on account
of cost pressures in legacy projects. Ac­
cording to the management, margins
may start picking up by H2FY24, as by
the time, the legacy projects may get
executed, and it has guided for around
9­9.1 per cent core EPC margins for
FY24. For FY24, the management has
given guidance of order inflow growth
of 10­12 per cent and revenue growth of
12­15 per cent. At the current stock
price, these trends are well reflected.
Manoj Vaibhav Gems ‘N’ Jewellers, oper­
ating primarily as Vaibhav Jewellers, is
raising ₹270.2 crore, consisting of ₹210
crore in fresh issue and ₹60.2 crore in Of­
fer for Sale (OFS) by the promoter. Post
the issue, the promoter’s stake will stand
at 74.3 per cent. The company intends to
deploy the funds raised predominantly
for expanding into eight new locations, all
in Andhra/Telangana.
At the price band of ₹204 to ₹215, the
company is valued at a price­to­earnings
(PE) ratio of 14.7 times its FY23 earnings.
Although the valuation appears cheap,
the company’s presence, predominantly
in Andhra alone poses geographic risk.
Also, the considerable dependence on
one store for a major chunk of revenue is
another concern. Besides, the margins,
which have seen an increase in the last
two years, need to be monitored for
sustainability.
So, we suggest a wait and watch ap­
proach for Manoj Vaibhav Gems ‘N’ Jew­
ellers IPO.
FOCUS ON AP & TELANGANA
Manoj Vaibhav Gems ‘N’ Jewellers
primarily operates as a hyperlocal jew­
eller, with 13 outlets — 11 in Andhra Pra­
desh and 2 in Telangana. Of these, three­
fourths are situated in Tier 2 and 3 cities,
aligning with the fact that 58 per cent of
India’s total jewellery demand comes
from rural areas. Notably, the company
boasts an average store size of 7,400 sq. ft,
one of the largest among its competitors.
For comparison, GRT Jewellers leads
with 8,500 sq. ft., while stores of Titan
Company measure 4,200 sq. ft.
The company derives nearly 90 per
cent of its total revenue from gold jew­
ellery sales, with diamond and silver seg­
ments contributing 4 per cent each.
Manoj Vaibhav Gems ‘N’ Jewellers fo­
cuses on unique jewellery designs and
employs a Go To Market (GTM) strategy
to adapt to changing consumer prefer­
ences effectively. Through GTM model,
the company strives to build long­lasting
relationship with customers to ensure re­
peat business. This model, according to
the company, also involves studying var­
ied characteristics of the market they op­
erate in and then reach out to the right
customer base.
In FY23, the jewellery markets of
Andhra Pradesh and Telangana reached
$3.3 billion and $2.8 billion, respectively.
The combined market size of $6.1 billion
in FY23 is projected to grow to $10.2 bil­
lion by FY27. The company currently
holds approximately 4 per cent of this
total market and 10 per cent of the organ­
ised segment.
Apart from the growth potential in
these two States, other factors contribut­
ing to increased sales include demo­
graphics, India’s cultural affinity for gold,
and gold’s unique status as both a con­
sumer product and an investment
vehicle. Furthermore, regulatory devel­
opments such as Hallmark Unique Iden­
tification (HUID) and the implementa­
tion of GST have favoured organised
players, with their market share expected
to rise from 37 per cent in FY23 to 42 per
cent in FY27 in India.
FINANCIALS
In FY23, the company recorded revenues
of ₹2,027 crore, representing a nearly 19
per cent compounded annual growth rate
(CAGR) from FY21 to FY23. Margins
have also improved, with the EBITDA
margin growing from 4.9 per cent in FY21
to 7.1 per cent in FY23. In the first quarter
of FY24, the company achieved a margin
of 7.3 per cent.
It reported a profit after tax of ₹71.6
crore in FY23, translating to an 86 per
cent CAGR over the last three fiscal years.
The net profit margin increased from 1.5
per cent in FY21 to 3.5 per cent in FY23. It
further expanded to 3.8 per cent in
Q1FY24. Return on Equity and Return on
Capital Employed stood at a healthy 23.2
per cent and 17.7 per cent, respectively.
However, the inventory turnover ratio re­
mains relatively low at 1.9, compared to
competitors.
RISKS
A significant risk factor for Manoj
Vaibhav Gems ‘N’ Jewellers is that 62 per
cent of its revenue comes from its flag­
ship store, V Square, in Visakhapatnam.
Additionally, the heavy reliance on gold
jewellery, which contributes around 90
per cent of revenue, exposes the company
to concentration risk.
The jewellery industry is extremely
competitive with thin profit margins, and
price fluctuations, particularly in gold
prices, can impact profitability signific­
antly. Moreover, the business requires
substantial working capital due to the
high­value nature of gold as its raw
material.
Presently, 11 out of the company’s 13
stores are located in Andhra Pradesh, par­
ticularly in the northern part of the State.
Given its small size and concentration
in Andhra Pradesh, geographic risk is a
significant concern, along with other in­
dustry­related risks.
Hence, from a long­term investment
perspective, we recommend adopting a
cautious “wait and watch” approach des­
pite relatively cheaper valuation being
asked in the IPO. It is crucial to closely
monitor the company’s expansion efforts
and revenue growth. If Manoj Vaibhav
Gems ‘N’ Jewellers can efficiently ex­
pand, a reassessment in the future may be
warranted.
... . . . . . . BM­BME
6 . bl . Do
Bears knocking on the door
F&O TRACKER. Nifty and Bank Nifty futures set to extend the downswing this week
Akhil Nallamuthu
bl. research bureau
Nifty 50 (19,674) and Bank Nifty
(44,678) witnessed a sharp fall
over the past week and lost 2.6
per cent and 3.5 per cent, respect­
ively. Both indices posted loss in
all sessions last week and this in­
dicates strong bearish
momentum.
The futures and options
(F&O) data, which was sending
out bullish signals until the end
of the previous week, has now
started to give bearish cues. Be­
low is an analysis of derivatives
data of both indices.
NIFTY 50
The September Nifty futures lost
2.7 per cent last week as it ended
at 19,708 on Friday. As the price
slumped, the cumulative Open
Interest (OI) of Nifty futures on
NSE declined – it tumbled to
118.6 lakh contracts on Septem­
ber 22 compared with 125.9 lakh
contracts on September 15. A
simultaneous drop in price and
OI implies long unwinding.
With respect to options, the
September expiry options chain
gives us a Put Call Ratio (PCR) of
0.8. Therefore, a greater number
of call options were sold (writ­
ten) versus put options. Usually,
participants write call options if
they hold bearish outlook.
The options data and the price
action of Nifty futures suggest
that there is a strong barrier at
19,800. On the other hand, the
nearest notable support is at
Converting long call to bear call spread
MASTERING DERIVATIVES. It is meaningful only if you expect the underlying to remain weak
Venkatesh Bangaruswamy
Setting up an option position is
one thing. Trying to salvage un­
realised losses on the position is
quite another. Previously, in this
column, we discussed some re­
pair strategies such as converting
a long call into a bull call spread
when the underlying declines
after you set up the long call posi­
tion. But such a conversion
strategy is meaningful only if you
expect the underlying to move up
after the initial decline. What if
you expect the underlying to re­
main weak? This week, we dis­
cuss when it is optimal to convert
a long call into a bear call spread.
BULL TO BEAR
Suppose you buy the next week
20200 call on the Nifty Index for
105 points when the index is at
20133. What if the index declines
to 20100 two days later? Further,
what if you now believe that the
underlying is likely to remain
weak? A simple approach is to
close your long call for a loss. If
the implied volatility remains the
same, the call could be worth 76
Tread cautiously
BULLION CUES. Gold and silver might consolidate
Akhil Nallamuthu
bl. research bureau
Gold remained flat last week,
whereas silver prices rallied. In
terms of dollar, the former ended
with a marginal gain of 0.1 per
cent at $1,925 per ounce, whereas
the latter appreciated 2.3 per
cent to end the week at $23.5 an
ounce.
Similar trend was seen in the
domestic market. On the MCX,
gold futures was down 0.1 per
cent, as it ended the week
at ₹58,946 (per 10 gram); silver
futures gained 1.6 per cent to
close at ₹73,337 (per kg).
MCX­GOLD (₹58,946)
The price action since July shows
that gold futures (October ex­
piry) has been forming lower
highs and higher lows leading to
the formation of a triangle pat­
tern. Hence, the next leg of trend
depends on the direction in
which the contract moves out of
this pattern.
If it breaks out on the upside, it
will open the door for a rally to
₹60,350. But if gold futures slip
below the rising trendline, we
might see a decline to ₹57,500.
Trade strategy: Since there is
no clarity on trend, we recom­
mend staying out of the market.
Traders can initiate positions
along the direction of the break of
CM
YK
The Derivatives
DERIVATIVE MARKET
£ Nifty futures experience
long unwinding
Short build-up seen in
£
Bank Nifty futures
£ Options chain shows
bearish inclination
19,400. The broad indication is
bearish for Nifty futures and we
are likely to see it extend the
downtrend this week.
Hence, traders can consider
bearish options strategies like
bear call/put spread. Traders who
can commit more margins can
consider going short on Nifty
futures.
GETTY IMAGES/ISTOCKPHOTO
points. But what if you want to
salvage the unrealised loss? You
could hold the long 20200 call
and short a lower strike call. You
could choose either the 20050
call or the 20100 call. Note that
your choice of call will determine
your maximum gains and the po­
sitional risk.
the triangle pattern.
MCX­SILVER (₹73,337)
Silver December futures, after
marking a low of ₹70,062 on
September 14, saw a rebound in
price. The contract extended the
upside last week, giving some
hope for the bulls.
But note that the silver futures
is now held within a broad range
of ₹70,000 and ₹76,600. Within
this range, the contract is now
trading at ₹73,337. It has a resist­
ance at ₹74,000.
So, for the rally to continue,
the hurdle at ₹74,000 should be
breached. In such a case, it can
move back up to ₹76,600. On the
other hand, if the contract drops,
it can find support at ₹71,050 and
₹70,000.
Trade strategy: Risk­reward
is not favourable for longs even
though there is a chance for a
rally. Hence, refrain from trading.
MUMBAI
businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023
F&O Strategy
Change in open interest (OI)
Scrip As on
Sep 22
Fill
Weekly
change
%
As on
Sep 22
Retail
Weekly
change
%
SBI: Bull call
spread
Future Index Long 97366 ­25 206114 18 KS Badri Narayanan
Future Index Short 85274 26 179633 ­15
The stock of State Bank of In­
Net Futures 12092 ­81 26481 ­ dia (SBI) (₹598.15) rules at
Index Call options Long 1081328 2 5635568 27 crucial level. One more con­
Index Call options Short 978713 33 5367737 16 clusive close above ₹592 will
confirm a bullish outlook for
Net Call options 102615 ­68 267831 ­
SBI. A close above ₹612 will
Index Put options Long 1241680 17 3583907 ­28 trigger a fresh rally on the
Index Put options Short 864539 17 4163049 ­21 stock and that could take it
Net Put Options 377141 18 ­579142 149
to new highs.
The stock finds an imme­
FIIs have significantly decreased net long on index futures and call options. Also, their net long diate support at ₹574 and the
on put options have gone up. Hence, FIIs are tilting towards bearish outlook. major one at ₹557. We expect
the stock to sustain the cur­
rent bullish momentum.
Stocks that witnessed major change in OI F&O pointers: SBI wit­
nessed a healthy rollover of
Weekly
OI
Weekly 24 per cent to next month’s
Company Price (~) price OI
(in lakh) series. SBI September fu­
GETTY IMAGES
change % change %
tures at ₹597.90 and October
RISE (as on Sep 22) futures at ₹601.90 against
HDFCBANK 1,529.65 ­7.9 2522.3 46.9 the spot close of ₹598.15 sig­
BERGEPAINT 669.30 ­7.0 204.2 35.7 nals rollover of longs.
JKCEMENT 3,155.90 ­3.7 14.5 31.0
BANK NIFTY option chain of Bank Nifty,
The September expiry Bank Nifty 45,000 is a stiff resistance. Until GLENMARK 802.80 ­6.3 226.1 30.9
futures depreciated 3.5 per cent this level holds, the bears will POLYCAB 5,130.00 ­0.7 51.3 24.5
last week to wrap up at 44,678 on have an upper hand over the FALL (as on Sep 22)
Friday. Along with a drop in price, bulls. On the other hand, the im­
BALRAMCHIN 414.30 ­6.2 178.1 ­23.4
the cumulative OI of Bank Nifty mediate support for Bank Nifty
futures on NSE shot up, unlike in futures can be spotted at 44,000. CHAMBLFERT 279.50 ­2.5 254.6 ­21.2
Nifty futures. The OI increased The options data, too, show that BRITANNIA 4,564.65 0.7 41.1 ­21.0
to 25.3 lakh contracts on Septem­ this is a potential support. BHEL 124.40 ­2.5 1949.0 ­16.7
ber 22 as against 20.5 lakh con­ Taking the above factors into
tracts on September 15. So, there account, we can conclude that PIDILITIND 2,517.70 1.5 41.4 ­14.9 Strategy: Traders can
was a considerable short the probability of Bank Nifty fu­ consider a bull­call calendar
build­up. tures falling further is high. So, spread strategy on SBI. This
The PCR of September series participants can execute bearish can be initiated by selling
options stood at 0.7, denoting options strategies like bear call/ Stocks in F&O ban (for trade on Sep 25) 600­call of current month
selling of more call options when put spread. One can also consider HINDCOPPER DELTACORP CANBK and simultaneously buying
compared with put options. shorting Bank Nifty futures. GRANULES MANAPPURAM IBULHSGFIN
the same strike of October
Hence, the futures and options Note that the monthly con­ expiry. These options closed
both give a bearish inclination for tracts expire on September 28 with a premium of ₹4.60
Bank Nifty and its futures and so, the volatility might go up and ₹17 respectively.
contracts. this week calling for extra cau­ Change in OI and market positioning That means this will cost
As per the September expiry tion by traders. traders ₹12.40/lot or ₹18,600
Expiry Price (~) OI
(market lot of 1,500 shares),
Symbol date Indication which would be the max­
(2023) (Weekly change %)
imum loss. Profit potentials
COMMODITIES (as on Sep 22)
ALUMINIUM
COPPER
31­Oct
31­Oct
205.8 (1.3)
718.3 (­2.5)
3649 (145)
6640 (203)
Long build­up
Short build­up
are high if the stock stays at
current level till the expiry of
September contracts and
rises sharply thereafter.
CRUDEOIL 19­Oct 7473 (0) 6829 (61) Neutral We advise traders to hold
GOLD 05­Oct 58946 (­0.1) 6612 (­32) Neutral the trade for at least two
GOLDGUINEA 31­Oct 48025 (0) 1473 (36) Neutral weeks. Initial stop­loss can
you believe that the initial bullish be placed at ₹5 (combined
GOLDM 03­Nov 59215 (­0.2) 5143 (37) Short build­up
position).
TAKE NOTE view has now changed to a bear­
ish outlook. Otherwise, the posi­ GOLDPETAL 31­Oct 5887 (­0.4) 40174 (133) Short build­up Follow-up: Stop­loss
Converting a long call to would have triggered on
tion can suffer greater loss com­ LEAD 31­Oct 188.05 (­1) 418 (173) Short build­up
a bear call spread is not Asian Paints.
pared with the initial loss on the MENTHAOIL 31­Oct 953.6 (­1) 1160 (112) Short build­up
necessarily optimal, long call. Note that your choice
unless you believe that of a short lower strike call is a NATURALGAS 26­Oct 239.4 (­2.4) 18356 (301) Short build­up Note: The recommendations are based
the initial bullish view function of how bearish your out­ NICKEL 31­Oct 1648.3 (­4.5) ­ ­ on technical analysis and F&O
has now changed to a look is on the underlying. Sup­ positions. There is a risk of loss in
SILVER 05­Dec 73337 (1.6) 15177 (­8) Short covering
bearish outlook pose you expect the Nifty Index trading
SILVERM 30­Nov 73346 (1.6) 31060 (­14) Short covering
to find support at 20000, then
you must short a strike just above SILVERMIC 30­Nov 73357 (1.5) 120630 (­7) Short covering
If you were to short the 20100 the support level — the 20050 ZINC 31­Oct 226.4 (0.4) 3895 (182) Long build­up Short Take
call, you could receive 122 call. CURRENCIES (as on Sep 22)
points. Combining this with the
long 20200 call, your spread has a OPTIONAL READING
USDINR 27­Oct 83.08 (­0.3) 1959982 (136) Short build­up Know about
net credit of 17 points. This is the
position’s maximum gains. The
A bear call spread (short lower
strike, long higher strike) is the
EURINR
GBPINR
27­Oct
27­Oct
88.54 (­0.4)
101.86 (­1.5)
81955 (58)
81955 (74)
Short build­up
Short build­up
your STT
position’s risk is difference mirror position to a bull call JPYINR 27­Oct 56.43 (­0.7) 40863 (110) Short build­up
between the strikes less the net spread. The position is bearish, bl. research bureau
credit, which is 83 points. What if has limited gains and larger
you short the 20050 call instead? losses. Therefore, you must have The Securities Transaction
You could receive 150 points a strong conviction before con­ Tax or STT is levied on every
premium for a net credit of 45 verting a long call into a bear call purchase and sale of securit­
points on the bear call spread spread. The objective is to short a ies listed on the stock ex­
(20200/20050). But now the pos­ strike that has a high likelihood change. Securities include
ition’s risk increases to 115 of expiring worthless. That equity, derivatives, unit of
points, as the difference between means the underlying should be equity­oriented mutual
the strikes is wider. below the short strike at expiry. fund.
As can be gathered from the When it comes to equity,
above discussion, converting a The author offers training programmes for the calculation of STT is
long call to a bear call spread is individuals to manage their personal straightforward. Say, you
not necessarily optimal, unless investments bought 100 shares of X Ltd at
₹50 and you sold it at ₹70.
Then STT, for intraday trade,
will be charged at 0.025 per
Trend remains positive cent on the sell side. So, it
will be levied on 100 shares
at ₹70 per share which is
around ₹1.75. For equity de­
CRUDE CHECK. Wait for breakout before buying livery, it is 0.1 per cent on buy
and sell orders.
Akhil Nallamuthu
bl. research bureau
Crude oil ended last week on a
flat note. The Brent crude fu­
tures on the Intercontinental
Exchange (ICE) closed at $93.4
per barrel on Friday versus pre­ On the other hand, in the
ceding week’s close of $93.9 a case of futures contract, STT
barrel, whereas the MCX crude for sale of futures in securit­
oil futures (October contract) ies is 0.01 per cent on sell or­
ended the week flat at ₹7,473 ders payable by the seller.
per barrel. And each futures trade is val­
The demand concerns and technically, to confirm the next ued at the actual traded
the fear of short supply seem to leg of trend, the contract price. This means if you buy,
have balanced out each other should breach either of these say, 3 lots of futures (100
over the last week and thus, levels. shares) of X Ltd at ₹1,000
there was no definite trend in If crude oil futures break out and sell at ₹1,500, then your
price. of ₹7,600, it can embark on a STT will work out to be ₹45
In the US, there was a drop in journey northward that can (1,500*3*100*0.01 per cent).
inventory. According to the En­ take the price to ₹8,000 or even When it comes to options,
ergy Information Administra­ to ₹8,300. On the other hand, if the STT is 0.05 per cent
tion (EIA) data, the crude oil the support at ₹7,375 is when sale of an option in se­
stockpiles in the US dropped by breached, the price can decline curities, payable by the
2.1 million barrels versus the to ₹7,240 – a support. A breach seller. Here the tax is calcu­
expected drop of 1.3 million for of this level can drag the con­ lated on the option
the week ended September 15. tract lower to ₹7,000. premium. For instance, if
However, this failed to lift the Since the overall trend is you buy 5 lots of options con­
prices as demand concerns bullish and there are no clear tracts (100 shares each) at
overweighed. signs of bears gaining traction, ₹100 and sell it at ₹110, then
Nevertheless, the chart re­ the probability of the contract your STT will work out to
mains bullish and there are no breaking out of ₹7,600 is high. ₹27.5 (110*500*0.05 per
signs of a bearish reversal yet. Trade strategy: Buy crude cent).
Below is an analysis. oil futures if it breaks out of In case of sale of an option,
₹7,600; initial stop­loss can be where option is exercised,
MCX­CRUDE OIL (₹7,473) at ₹7,300. When the contract the STT is 0.125 per cent
The October futures of crude touches ₹8,000, tighten the payable by the purchaser.
oil now seems to be stuck in the stop­loss to ₹7,850. Book Here the STT is calculated
range of ₹7,375 and ₹7,600. So, profits at ₹8,200. on the intrinsic value.
. . . . . . . . BM­BME
 Chart-Gazing . bl . 7
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

Indices poised above crucial supports TECH QUERY

MA has given strong support from GURUMURTHY K, bl.research bureau

Gurumurthy K
bl. research bureau
It was a sea of red across the global
equity markets last week. The In­
dian benchmark indices, the Sen­
sex and Nifty 50 tumbled over 2.5
per cent each, thereby snapping
the strong three­week rally. The
Nifty Bank index fell much more
about 3.5 per cent last week. The
US Federal Reserve indicating
that their interest rates would
continue to remain higher for a
long time caused jitters in the
risky assets such as the equities.
While the sentiment is slightly
nervous in the markets, key sup­
ports are coming up for the bench­
mark indices near current levels.
It is important to see if the Nifty
and Sensex are managing to hold
above these supports are not.
That would set the tone for the
equities, going forward. As such,
the price action this week will
need a very close watch.
mid­August to early­September
this year. So, the chances are high
for this support to limit the down­ I have shares of ITC bought at ₹410. Can I
side this week. A bounce from accumulate at this juncture? What is the
around 44,450 can take the Nifty outlook?
Bank index up to 46,000­46,200 S Gopalakrishnan, Cuddalore
again. That will bring back the
earlier bullishness into the market ITC (₹443.20): On the charts, the picture is not
again. looking rosy for ITC. The fall, from the high
But if the index declines below around ₹500 made in July, has happened from a
44,450, it can come under more very long­term trendline resistance. This gives a
selling pressure. In that case, the signal that a top is in
Nifty Bank index can fall to 43,750 place already. So, the
and even 43,300 in the short term. chances are very less for
Medium­term view: Strong the stock of ITC to see
support is around 43,000. As long a strong rise from here.
as the Nifty Bank index remains The stock is facing
above 43,000, there is no change in strong resistance around
the bullish view of seeing 48,650­ ₹460 now. The daily
48,700 on the upside. chart is looking weak.
The outlook will turn bearish ITC can fall to ₹410­400
only if the index declines below in the short term. A
43,000. In that case, a fall to 42,000 break below ₹400 can drag the stock further down
to ₹380­370. In case ITC manages to sustain above
INDEX OUTLOOK. The price action and lower levels can be seen.
₹400 and bounces back, it can rise to ₹470 and
this week is important as that could set DOW JONES (33,963.84) ₹500 again. However, a rise past ₹500 might not be
Contrary to our expectation, the very easy now and it will need some strong trigger.
the trend for the Sensex and Nifty for Dow Jones Industrial average fell So a sideways movement between ₹400 and ₹500

FPI ACTION
The foreign portfolio investors
(FPIs) continued to sell the In­
dian equities for the third consec­
utive week. The equity segment
saw an outflow of $648 million last
week. For September, the net out­
flow stands at $1.22 billion. After
pouring money into the Indian
equities for six consecutive
months, the FPIs might turn net
sellers for the month of Septem­
ber. This could be negative for the
Sensex and Nifty.
NIFTY 50 (19,674.25)
Nifty failed to get a strong follow­
through rise above 20,200 last
week. The index tumbled below
the psychological 20,000­mark
and made a low of 19,657.50. It has
closed the week at 19,674.25,
down 2.57 per cent for week.
Short­term view: Immediate
outlook could be little mixed as
important supports are coming
up. The region between 19,600
and 19,500 is a very good support
which can be tested this week. But
if the Nifty manages to sustain and
bounce back from this support
zone, it can ease the downside
pressure. In that case, a rise to
19,800 can happen first. A further
break above 19,800 will open the
doors to revisit 20,000 and 20,200
levels in the short term.
On the other hand, a break be­
low 19,500 can intensify the
selling pressure. Such a break can
drag the Nifty down to 19,200­
19,100. As such the price action
around 19,600­19,500 will need a
close watch this week.
MOVERS & SHAKERS
the next few weeks
Medium­term view: For now,
the 20,300­20,400 resistance is
holding well. This could keep the
Nifty in a broad range of 19,000­
20,400. As mentioned above, a
break below 19,500 will trigger a
fall towards 19,000.
However, from a big picture
perspective, 19,100­19,000 is a
very strong support zone. We ex­
pect the Nifty to sustain above
19,000, going forward. That will
keep the broader uptrend intact
for the Nifty to break 20,400 even­
tually and rise to 21,500, going
forward.
Only a decisive fall below
19,000 will turn the outlook bear­
ish. A strong negative trigger
could be needed for that break be­
AKHIL NALLAMUTHU, bl. research bureau
low 19,000 to happen.
SENSEX (66,009.15)
Sensex failed to break above
68,000 and fell below the support
at 67,200. That had dragged it to­
wards 66,000 as was mentioned
last week. Sensex made a low of
65,952.83 before closing at
66,009.15, down 2.7 per cent for
the week.
Short­term view: Immediate
support is at 65,800. Whether the
Sensex sustains above it or not
will decide the short­term out­
look. A bounce from this support
can take the Sensex up to 67,300
first and then to 68,000 again.
On the other hand, a break be­
low 65,800 will see the current fall
Dollar, Treasury yield
GETTY IMAGES
SUPPORTS TO
WATCH
£ 19,500 on the Nifty
£ 65,800 on the Sensex
£ 44,450 on the Nifty Bank
extending up to 65,200 this week.
Medium­term view: Though
there is room to fall in the short
term, the big picture remains
bullish. Strong support is around
64,500. Sensex has to fall below
this support to turn bearish. Only
in that case, a fall to 62,000 and
lower will come into the picture.
For now, 64,500­68,000 looks
to be the broad trading range. As
long as the Sensex remains above
64,500, the medium­term outlook
will remain positive. As such, we
can expect the Sensex to breach
68,000 eventually and rise to
70,000 and even higher.
NIFTY BANK (44,612.05)
Nifty Bank failed to sustain above
46,000, contrary to our expecta­
tion and fell sharply last week. The
index has given back almost all the
gains made in the previous two
weeks. This could delay the rise to
48,000 that we had mentioned last
week. The index has closed at
44,612.05, down 3.5 per cent.
Short­term view: An immedi­
ate support is at 44,450 – the 21­
Week Moving Average (MA). This
can be the best­case scenario for ITC, going
breaking below the support at
forward. So, we suggest you exit ITC and book
34,200. Although the index rose
immediately after the Fed meet­ profits at the current level. Because there is a
ing outcome, it could not sustain. danger of getting stuck inside a range. You can
The index fell sharply during the reinvest the sale proceeds in some other good
press conference and sustained stock that has potential to rise from here.
for the rest of the week. The Dow
made a low of 33,947.34 on Friday I hold shares of Easy Trip Planners
(EaseMyTrip). What is the outlook for this
before closing at 33,963.84, down
1.89 per cent for the week. stock? If I want to accumulate, where should
I buy again?
OUTLOOK Mangesh Sri
The short­term outlook is weak.
The index can fall more. Key sup­ EaseMyTrip (₹42.76): Since the stock has got
ports to watch are at 33,700, listed in 2021 only, we have limited price data to
33,500 and 33,300. We can expect do a detailed technical analysis. As seen from the
the Dow Jones to bounce back chart, EaseMyTrip share price is in a strong
again from either of these three downtrend. Although
supports. Such a bounce can take the stock has been
it back up 34,600­34,800, going oscillating around ₹40
forward. over the last few weeks,
As long as the Dow Jones stays there is no clear sign of
above 33,300, the bigger picture a bottom. Strong
will continue to remain bullish resistance is in the
and the rise to 36,000 will remain ₹47­48 region. A
alive. Only a strong break of decisive break above ₹48
33,300 and a subsequent fall be­ is needed to turn the
low 33,000 will turn the broader outlook bullish. Only in
outlook bearish. In that case, the that case, EaseMyTrip share price can rise to
Dow Jones can fall to 32,500 and ₹57­60. For the break and rise above ₹48 to
lower. But for now, we see less happen, the stock will have to sustain above ₹40.
possibility for this fall to happen. Even then, the rise may not happen quickly and
will take some time. Support is around ₹39. A
break below it can drag the stock down to ₹34­33.
You have not mentioned your buy price. However,
since the picture is not looking very strong, we
suggest you exit the stock.
I have shares of Shoppers Stop. My average
purchase price is ₹775. Please advise what
should I do now.
Iqbal Ahmed Khan
Shoppers Stop (₹689.40): The stock has been
under pressure since mid­August this year.
However, there is a crucial trendline support for
Shoppers Stop at ₹665 and a moving average
support is at ₹625. If
the stock breaks below
₹665 now, it can fall to
₹625. A further break
below ₹625, if seen, will

SBI Cards and Payment Services (₹798.2)

Set to decline further
near key hurdles indicate a trend reversal
and will be bearish. In
that case, Shoppers Stop
share price can tumble
The stock of SBI Cards and Payment towards ₹500 and even
Gurumurthy K lower going forward.
Services has been on a decline since bl. research bureau
mid­June after it faced a strong barrier at But looking at the price action on the chart, a
₹930. While it has been forming lower break below ₹665­625 looks less likely. The
lows and lower highs since then, the stock The US dollar began the reduced pace of fall over the last few weeks
made a fresh four­month low of ₹795.4 week on a sluggish note. But indicate that the stock can reverse higher from
last week. The price action shows that the the outcome of the US Fed­ around ₹665 itself. Such a reversal can take
bears are in the driving seat and are likely eral Reserve meeting on Shoppers Stop share price up to ₹850­900 again.
to pull the stock price further down. Wednesday gave the neces­ Accumulate on dips at ₹670. Keep a stop­loss at
Although ₹765 is a minor support, given sary trigger for the green­ ₹590. Move the stop­loss up to ₹735 as soon as the
back to bounce back strongly. stock moves up to ₹780. Move the stop­loss
GETTY IMAGES/ISTOCKPHOTO

the current momentum, the price could fall to ₹715. So, traders can
go short on SBI Cards at the current level of ₹798 and add shorts if The dollar index reversed
the price rises to ₹830. Place stop­loss at ₹860 initially. Revise the sharply higher from the low
stop­loss downward to ₹790 when the stock touches ₹765. Exit the of 104.66 and closed the
short positions at ₹715. week at 105.58. The US
Treasury yields surging after
the Fed meeting aided the
Tech Mahindra (₹1,305) dollar index to rise sharply.
Uptrend steady FED ACTION
Tech Mahindra’s share price has been
The US Federal Reserve left
the interest rates unchanged
appreciating gradually since May when it at 5.25­5.5 per cent. The fore­
found support at ₹925. In July, it broke
cast for one more rate hike
out of a resistance at ₹1,130, it continued for the rest of the year was
to advance and rallied past another hurdle
also kept unchanged. How­
at ₹1,250 two weeks ago. Thus, the bulls, ever, the projections of the
although slow, are gaining ground and are median fund rates for 2024
likely to push the stock price further up. and 2025 were revised
There is a potential for the stock to hit higher. In the last forecast,
₹1,450 in the short term. But there could the Fed had projected to me­
be a correction to ₹1,250 before the stock cracks ₹1,400­mark. dian fund rate to be at 4.6 and
Considering the above, traders can buy Tech Mahindra shares now 3.4 in 2024 and 2025 respect­
at ₹1,305 and accumulate if the price softens to ₹1,255. Keep initial
ively. The recent forecast
stop­loss at ₹1,225. When the stock surpasses ₹1,400, trail the shows that the median rates
stop­loss to ₹1,365. Book profits at ₹1,450. would be at 5.1 per cent and
3.9 per cent respectively for
the next two years. That is, if
Zydus Lifesciences (₹595.6)
CURRENCY OUTLOOK. Limited upside in
the Treasury yields and a possible correction
can keep the greenback subdued
RUPEE WATCH
Rupee has to sustain
above 83.10 and then
break 82.80 in order
to move up towards
82.50
Treasury yield it is at 4.55 per
cent.
The US 10Yr tested 4.5 per
cent and has come down
from there. The level of 4.55
per cent is a strong trendline
resistance. So, the chances
are looking high for the cur­
rent rise in the yield to halt
for now. As such, the 10Yr
yield can see a pull back to­
further up to ₹810 when the price touches ₹850.
Exit the shares at ₹880.
Send your queries to techtrail@thehindu.co.in
now and bounce to 1.0750­
1.0800 this week.
Euro will come under BANDU’S BLOCKBUSTERS.
more pressure if it breaks be­
low 1.0580. In that case, 1.04
On April 1, four years back, piqued by the incessant jokes in the
can be seen on the downside. village at his expense, Bandu Barve decided he’d had enough. It was
time for him to turn ‘smart’. His dead granny’s voice rang in his ears
RANGE HOLDS — “Read the papers, Bandya, they tell you all.” So, off went Bandu to
The Indian rupee (USDINR: the stash of newspapers on his father’s desk. As luck would have it,
82.94) has recovered sharply the first paper Bandu got his hands on was The Hindu businessline.
after making a low of 83.27 The stock recos, in particular, had him in thrall. Soon Bandu
early last week. It touched a metamorphosed into an ace investor and trader.
high of 82.83 before closing
the week at 82.93. Although
the volatility was slightly These days, Bandu picks five Last week’s prize
stocks each Sunday, which he winner
high last week, the move­ Manish Kalia
ment happened well within believes will be blockbusters
the expected range of 82.80­ over the next week Last week’s winning
83.25. So, the range is still
intact. 1 Cental Bank of stock
Bajaj Auto
India
B ANDU’S PICKS

5.6 per cent (the median
Short­term correction possible fund rate for 2023) is the
peak, then 2024 will see only
Zydus Lifesciences’ share price tumbled 50 basis points (bps) rate cut,
nearly 8 per cent last week. It marked a down from 100­bps cut pro­
nine­week low of ₹594.3 on Friday before jected earlier. This means
closing the session at ₹595.6. Although that the Fed could hold the
the overall trend remains bullish, the
price action over the past few weeks
rates at the current high
levels for more time than ex­
wards 4.3 per cent initially The news on India’s inclu­
and then to 4.2­4.15 per cent sion in the JPMorgan Emer­ Closing price
eventually. ging Markets Bond Index 2 Gujarat Ambuja
(Sept 15)
That, in turn, can keep the gave a positive push for the Exports ₹5,132.10
dollar index below 106 and rupee to move above 83. But
take it down to 105 and it will have to be seen how far 3 Thermax Closing price
104.50 in the near term. can this news stay in place (Sept 22)
SUPPORT AHEAD
and aid to rupee to move fur­
ther higher.
4 JSW Energy ₹5,000.05

suggest a potential corrective decline to pected earlier. The price action towards the Immediate support is at Return:
₹560 in the near term. Nevertheless, the end of last week shows that 83.00­83.10. The rupee has to 5 Bharti Airtel
­2.57 per cent
stock could retrace to the CRUCIAL RESISTANCE the euro (EURUSD: 1.0653) sustain above 83.10 to keep
support­turned­resistance level of ₹615 Both the dollar index has been getting support the chances alive of breaking
before falling further. Hence, participants can go short on the stock (105.58) and the US 10Yr around 1.0615. Below that, above 82.80 and move up to Here's your chance to match step with Bandu.
of Zydus Lifesciences at the current level of around ₹595; add more Treasury (4.43 per cent) are 1.0580 is also an important 82.50. Else, it can continue to Guess the stock that will give the best return by next Friday (BSE
shorts if the price inches up to ₹615. Stop­loss can be placed at poised near their key resist­ support for the currency. oscillate inside the 83.80­ prices). By Wednesday noon, mail us your pick and its expected price
₹630 initially and move it down to ₹595 when the price falls to ance. Dollar index has resist­ This keeps the door open for 83.25 range. It is a wait­and­ rise to bandublockbuster@gmail.com with your name, mobile
₹575. Liquidate the shorts at ₹560. ance at 106 and for the 10Yr the euro to get a breather watch situation now. number and address. One lucky winner will get a prize of ₹2,000.

CM
YK ... . . . . . . BM­BME
8 . bl . Take 500
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

Valuation Radar: The Good, The Bad, The Ugly

Capital Consumer
The Benchmark indices, Sensex and Nifty 50 Sensex Auto Bankex Goods Durables FMCG Healthcare IT Metal Oil & Gas Power PSU Realty Teck
Nifty 50 declined 2.7 and 2.6 per
cent respectively last week. Most of P/E 22.2 24.2 25.7 15.7 43.1 72.9 40.6 38.6 28.2 16.3 8.4 20.0 8.9 90.8 33.3
the sectoral indices ended in red. P/BV 4.4 3.6 4.7 2.4 6.1 10.4 8.9 4.5 7.5 1.8 1.4 2.8 1.5 3.6 7.7
BSE Realty declined the most by 4.3
per cent followed by BSE Metal 3.3 Dividend Yield 1.4 1.2 1.1 0.9 0.7 0.4 1.6 0.6 1.9 5.2 2.7 2.0 3.1 0.4 1.7
per cent and BSE Bankex 3.2 per Weekly Return (%) ­2.6 왔 ­2.7 왔 ­1.0 왔 ­3.2 왔 ­0.7 왔 ­0.7 왔 ­0.7 왔 ­3.2 왔 ­1.4 왔 ­3.3 왔 ­1.3 왔 0.1 왖 0.6 왖 ­4.3 왔 ­1.5 왔
cent. BSE PSU, BSE Power gained Monthly Return (%) 1.2 왖 0.9 왖 4.5 왖 0.5 왖 4.5 왖 4.2 왖 ­0.3 왔 ­1.2 왔 5.6 왖 5.2 왖 1.0 왖 5.8 왖 7.4 왖 4.1 왖 6.0 왖
0.6 and 0.1 per cent.
Annual Return (%) 11.6 왖 11.7 왖 20.5 왖 8.1 왖 44.4 왖 6.3 왖 13.3 왖 20.5 왖 20.7 왖 19.9 왖 ­1.9 왔 ­10.3 왔 34.9 왖 25.3 왖 16.7 왖
The sector indices are disseminated by S&P BSE.

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

360 ONE [1] 528.6 19.1 27.6 6.1 202306 18.6 17.4 6.3 11.0 0.5 13.4 2.0 570.3 395.6
Takeaways from Take 500 MRF 108626.2 2909.8 37.3 3.1 202306 13.1 376.3 14.0 96.7 ­0.5 7.8 0.2112671.278000.0
3M India 31285.8 440.3 71.1 21.0 202306 11.2 53.3 15.0 52.1 3.0 30.7 0.0 33329.3 21380.7 Multi Comm. Exc. 1784.1 24.9 71.5 6.2 202306 34.0 ­52.6 41.9 ­21.4 0.2 9.3 0.0 1876.1 1156.1

A ......................................................................................................................................................................................................
Wondering how to choose stocks for your Sales (TTM) and Profit (TTM) make Muthoot Finance 1268.1 95.0 13.3 2.3 202306 24.5 24.8 4.7 ­1.1 ­4.4 12.1 2.7 1380.0 911.4

A B B [2] 4186.1 47.9 87.3 16.5 202306 22.3 101.1 20.1 76.4 ­4.4 22.9 0.0 4675.9 2640.5 portfolio from the dozens which are listed? the same comparisons for the trailing N .....................................................................................................................................................................................................

Aarti Drugs 552.2 19.4 28.5 4.3 202306 6.3 37.5 8.9 ­6.1 ­5.5 15.3 0.5 645.0 310.8 Narayana Hrudaya 1061.6 33.3 31.9 10.2 202306 19.4 66.4 22.0 80.6 ­4.4 29.3 0.4 1134.8 683.1
Aarti Industries [5] 499.3 13.2 37.7 3.7 202306 ­12.2 ­48.5 ­4.1 ­60.2 ­2.6 10.1 0.6 772.3 445.0 Or how to keep track of the ones you own? twelve months. Natco Pharma [2] 849.5 44.7 19.0 3.2 202306 28.9 31.2 22.5 96.2 ­4.0 17.7 0.1 928.5 502.0
AAVAS Financiers
Abbott India
1649.3 56.9 29.0
22561.8 486.6 46.4
4.0
15.0
202306
202306
32.3
13.4
23.3
41.1
24.4
10.4
16.9
27.9
­1.6
­3.2
9.5 3.0 2261.0 1335.0
39.9 0.0 24725.017501.0
Well, the listings on this page help you sift Wkly Rtn (Weekly Return) gives the Natl. Aluminium [5]
Navin Fluo.Intl. [2]
93.6 6.6
4469.5 73.1
14.2
61.2
1.3
10.1
202306
202306
­16.3
23.6
­40.2
­17.4
­12.1
42.4
­61.7
28.6
­3.8
­1.6
13.7
20.7
0.0 106.3 67.0
0.2 4922.0 3766.5
ACC 1978.2 45.3 43.7 2.6 202306 16.4 105.0 10.4 ­39.1 ­2.4 7.9 0.0 2674.5 1593.5 through the leading companies on their change in the price of a stock in the last NBCC [1] 58.3 2.2 27.1 5.4 202306 7.1 ­9.3 9.8 18.6 ­3.4 23.8 0.0 63.7 29.9
Adani Energy Sol 840.0 11.2 75.2 8.0 202306 20.2 ­5.9 22.9 30.4 ­0.8 10.2 3.0 4043.2 630.0 NCC [2] 150.3 10.6 14.2 1.5 202306 31.9 33.9 34.0 67.3 3.4 19.7 0.2 177.0 66.2
Adani Enterp. [1] 2465.0 25.5 96.7 8.8 202306 ­37.7 43.6 24.5 198.2 ­2.9 9.1 1.7 4189.6 1017.1 fundamentals and keep an eagle eye on one week. NESCO [2] 685.5 44.4 15.4 2.5 202306 32.5 41.7 57.4 56.1 ­4.6 19.0 0.0 746.3 505.3
Adani Green 1017.4 7.7 131.5 27.4 202306 35.5 65.8 43.3 146.5 1.1 7.6 10.8 2405.4 439.4 their financial performance. Here’s a short ROCE (Return on Capital Employed) Nestle India 22543.0 282.6 79.8 76.1 202306 15.0 36.9 17.2 19.6 ­0.3 59.5 0.1 23390.017888.0
Adani Ports [2] 826.6 34.3 24.1 3.9 202306 23.5 82.6 28.2 43.5 ­2.2 9.4 1.2 953.2 395.0 Netwrk.18 Media [5] 68.1 ­1.1 10.5 202306 141.7 ­1266.6 35.2 ­161.5 3.0 0.0 5.8 78.4 48.4
Adani Power 383.1 38.1 10.0 10.9 202306 ­19.8 83.3 3.4 56.2 1.0 13.8 1.9 410.0 132.6 guide to interpreting the numbers: tells you what returns a business is gener­ New India Assura [5] 138.8 7.1 19.5 0.8 202306 10.3 94.4 5.7 410.0 ­3.0 3.7 0.0 150.6 81.6
Adani Total Gas [1]
Adani Wilmar [1]
636.7
343.1
5.1 125.4
2.4 144.0
23.8
5.5
202306
202306
1.3
­12.2
8.6
­140.8
22.5
­2.1
10.5
­62.3
0.0
­2.6
20.7 0.5 3998.4 620.2
14.2 0.3 841.9 327.0
CMP (Current Market Price) is the ating on the capital it uses. NHPC Ltd
Nippon Life Ind.
52.1 3.9
331.1 13.5
13.5
24.5
1.4
5.9
202306
202306
­1.0
12.0
­0.2
106.6
12.3
5.1
6.4
24.9
­4.9
­0.7
8.1
26.6
0.8 56.8 34.1
0.0 344.8 197.1
Aditya AMC [5] 417.4 23.5 17.7 4.8 202306 2.2 79.5 ­4.7 9.3 0.5 33.1 0.0 487.8 307.9 closing price of a stock on BSE on its last DER (Debt Equity Ratio), which divides NLC India 130.0 9.0 14.4 1.2 202306 ­14.1 ­28.0 22.3 ­3.1 ­1.4 12.4 1.5 147.4 65.1
Aditya Bir. Fas. 214.8 ­2.9 6.8 202306 11.2 ­245.1 24.9 ­181.8 ­4.7 0.0 1.7 359.4 184.4 NMDC [1] 143.1 16.9 8.5 1.9 202306 13.2 14.3 ­24.5 ­35.6 ­4.4 28.5 0.1 154.2 85.1
Aditya Birla Cap 175.1 9.4 18.6 2.1 202306 26.0 51.1 22.6 33.6 ­5.3 11.6 4.0 199.4 106.8 traded day, usually Friday. a company’s total loans by shareholder NOCIL 235.2 7.0 33.5 2.5 202306 ­22.1 ­48.4 ­13.3 ­40.1 ­4.1 13.4 0.0 271.9 199.1
Aegis Logistics [1]
Aether Industri.
331.6 13.5 24.5
978.2 10.4 94.0
3.3
9.8
202306
202306
­6.0
0.7
12.0
­2.6
37.2
8.7
20.6
20.9
0.5
­0.3
17.1 0.5 410.2 254.3
18.5 0.2 1210.8 811.1
EPS (Earnings per Share) is the net funds, indicates how indebted a company NTPC 238.0 18.4 12.9 1.6 202306 ­0.2 23.8 20.7 3.8 0.7 9.7 1.5 245.9 155.1
Nuvoco Vistas 367.4 11.6 31.6 1.5 202306 5.8 ­29.4 9.9 771.8 0.6 1.9 0.6 428.0 303.0
Affle India [2] 1081.4 19.2 56.2 9.8 202306 17.0 21.4 16.9 10.1 ­2.5 18.9 0.1 1305.6 875.3 profit that the company has earned in the is.
AIA Engineering [2] 3492.8 120.6 29.0 5.8 202306 14.6 43.0 29.7 72.2 ­5.3 25.3 0.1 3824.8 2385.0
latest financial period, on each outstand­ ROCE and DER give you the latest avail­ O .....................................................................................................................................................................................................

Ajanta Pharma [2] 1706.7 48.5 35.2 6.5 202306 7.4 19.2 7.6 ­12.9 ­0.3 22.2 0.0 1903.9 1115.2 O N G C [5] 185.2 34.8 5.3 0.8 202306 ­10.4 15.3 9.8 ­17.9 ­0.8 13.3 0.5 191.6 121.5
Akzo Nobel 2522.4 80.8 31.2 8.7 202306 6.6 42.9 11.7 27.1 ­2.9 32.3 0.1 2950.0 2030.0 ing share. Here, we capture each com­ able year­end numbers for the company. Oberoi Realty 1119.1 50.1 22.3 3.3 202306 ­0.3 ­20.2 26.1 33.1 ­4.6 16.0 0.3 1206.0 790.1
Alembic Pharma [2] 751.5 26.9 28.0 3.4 202306 17.7 83.1 12.1 81.1 ­4.0 7.2 0.2 825.0 463.3 Oil India 277.7 67.8 4.1 0.8 202306 ­41.9 ­49.0 ­5.8 ­0.2 ­2.3 26.1 0.5 297.0 168.3
Alkem Lab [2] 3544.8 98.4 36.0 4.7 202306 15.2 124.6 14.4 ­10.3 ­3.6 12.5 0.2 4271.0 2835.1 pany’s total EPS for the last available trail­ Yearly High and Low tell you the range One 97 [1] 850.6 ­23.5 4.2 202306 39.4 ­155.4 50.1 44.0 ­3.7 0.0 0.0 939.0 439.6
Alkyl Amines [2]
Alok Industries [1]
2386.4 38.5 62.1
18.7 ­1.9
10.4
­0.5
202306
202306
­13.4
­28.5
­39.2
­259.7
­0.3
­20.5
­13.9
­282.1
­0.8
­1.8
27.3 0.1 3061.0 2119.1
0.0 0.0 22.3 10.1
ing 12 months. that the company’s stock has spanned in Oracle Fin.Serv. [5] 4195.9 209.8 20.0 4.9 202306 4.3 1.9 10.2 ­2.2 ­2.3 33.1 0.0 4529.0 2883.8
Orient Electric [1] 219.7 3.6 61.2 8.0 202306 13.5 3.9 ­1.3 ­45.5 ­1.6 18.3 0.2 290.6 212.3
Amara Raja Batt. [1] 635.4 46.1 13.8 2.1 202306 6.7 45.5 12.0 51.4 ­2.1 18.5 0.0 708.5 479.2 PE (Price Earnings Ratio) is the single the last one year.
Amber Enterp. 2966.3 47.7 62.2 5.2 202306 ­6.8 8.5 27.8 15.8 ­0.4 10.5 0.7 3150.0 1762.3
most important number to gauge if a stock Face value other than ₹10 per share is P .....................................................................................................................................................................................................
Ambuja Cements [2] 420.4 11.7 35.9 3.1 202306 10.3 37.4 9.1 ­9.2 ­5.5 10.7 0.0 598.2 315.3 P & G Health Ltd 4861.0 138.2 35.2 10.8 202306 1.8 ­27.6 10.3 19.2 ­1.4 35.9 0.0 5496.5 3883.0
Angel One 1841.7 110.8 16.6 7.1 202306 18.4 21.6 24.6 35.6 ­2.7 44.3 0.6 1936.9 1000.0 is expensive or cheap enough to buy. It di­ mentioned in brackets next to the com­ P & G Hygiene 17698.5 208.9 84.7 60.7 202306 12.3 255.4 3.0 17.8 1.4 98.5 0.0 17800.013101.1
Anupam Rasayan 879.1 16.7 52.6 4.0 202306 12.4 ­2.7 38.9 12.5 ­6.6 12.9 0.4 1249.8 570.0 P I Industries [1] 3414.7 89.0 38.4 7.2 202306 23.8 45.9 21.4 46.9 ­6.0 21.6 0.0 4010.0 2870.0
Apar Inds. 5273.3 186.2 28.3 9.0 202306 21.3 61.2 41.2 124.9 1.3 50.8 0.2 5740.0 1200.0 vides the company’s current market price pany name. As far as possible, consolid­ Page Industries 39404.7 468.5 84.1 32.1 202306 ­7.5 ­23.5 ­0.8 ­28.7 ­3.0 53.6 0.2 54262.334968.6
APL Apollo Tubes [2] 1579.1 25.8 61.3 14.6 202306 32.0 60.5 23.8 28.2 ­2.5 26.0 0.3 1806.2 990.0
Apollo Hospitals [5] 4986.9 46.5 107.3 11.6 202306 16.4 ­47.5 17.3 ­24.3 ­2.1 14.2 0.7 5362.0 4078.4
by its EPS. ated numbers (latest available) have been Patanjali Foods [2] 1289.4 20.2 63.7 4.7 202306 7.7 ­63.6 22.7 ­16.1 ­1.1 13.2 0.3 1495.0 851.7
PB Fintech. [2] 750.1 ­6.5 6.2 202306 31.8 ­105.6 60.6 68.2 ­2.8 0.0 0.0 816.0 356.2
Apollo Tyres [1] 371.8 20.5 18.1 1.8 202306 5.1 112.9 11.5 84.5 ­1.2 9.8 0.6 441.0 262.3 PB (Price to Book value) measures a used for a holistic picture of the company’s PCBL Ltd [1] 162.8 11.3 14.5 2.2 202306 ­4.4 ­13.5 17.7 ­5.2 ­2.8 17.5 0.3 179.7 108.1
Aptus Value Hou. [2] 277.0 10.6 26.2 4.1 202306 27.2 19.7 32.8 26.7 ­0.6 14.6 1.0 342.0 234.1 Persistent Sys 5849.5 125.6 46.6 11.3 202306 23.6 8.1 38.3 27.9 ­1.9 28.2 0.2 6035.0 3091.7
Archean Chemical [2] 586.4 32.0 18.4 5.0 202306 ­14.3 11.3 4.1 54.2 ­4.9 42.7 0.6 731.8 440.1 company’s stock price relative to its book finances. Petronet LNG 240.2 22.8 10.5 2.4 202306 ­18.3 13.0 17.3 ­2.1 ­0.4 25.3 0.2 254.3 195.8
Asahi India Glas [1]
Ashok Leyland [1]
618.4 14.9 41.5
178.8 5.9 30.3
7.3
6.1
202306
202306
17.1
14.4
­2.9
5256.5
19.6
40.1
­13.1
2694.3
2.9
­2.4
20.4 0.7 656.0 419.8
12.0 3.5 191.5 133.1
value or net worth. PB is the appropriate Given that the top 500 listed companies Pfizer 3858.1 121.6 31.7 5.5 202306 ­10.4 ­34.4 ­3.7 0.2 ­1.1 25.9 0.0 4662.4 3407.0
Phoenix Mills [2] 1832.7 45.6 40.2 3.9 202306 41.1 29.1 54.7 82.0 ­0.8 11.9 0.6 1907.2 1186.5
Asian Paints [1] 3276.1 48.6 67.5 19.7 202306 6.7 49.9 9.1 30.1 2.5 34.5 0.1 3590.0 2686.2 value measure for banks and asset­heavy are usually the most liquid and well­run, Pidilite Inds. [1] 2517.4 27.3 92.2 17.8 202306 5.6 32.4 8.0 3.5 1.3 24.2 0.1 2843.0 2250.9
Aster DM Health. 330.4 7.2 45.7 4.1 202306 20.8 ­92.9 18.4 ­34.3 ­3.6 9.2 1.3 347.0 200.1
Astral [1] 1841.2 17.8 103.2 18.3 202306 5.8 38.3 6.6 ­3.5 ­4.4 25.5 0.0 2058.0 1297.9 companies. we’ve restricted the list to the S&P BSE 500 Piramal Enterp. [2]
Piramal Pharma
1044.9
98.1
80.1 13.0
­1.3
0.8
1.7
202306
202306
29.8
18.0
­24.5
­190.4
­14.1
9.2
­11.0
­160.1
­2.4
­3.5
2.2
1.9
1.6 1140.0 630.2
0.7 177.9 61.7
Astrazeneca Phar [2] 4587.6 65.9 69.6 19.5 202306 27.2 167.3 23.6 130.5 0.9 30.5 0.0 4613.0 2939.1 Sales (Qty) and Profit (Qty) capture index constituents. PNB Housing 687.8 44.6 15.4 1.3 202306 21.0 47.8 15.4 39.9 ­3.9 8.3 5.1 739.8 308.3
Atul 7060.3 153.5 46.0 4.5 202306 ­20.0 ­37.2 ­6.3 ­24.9 ­3.4 14.8 0.0 9414.9 6469.3 PNC Infratech [2] 370.3 23.3 15.9 2.2 202306 1.9 ­24.9 2.5 ­15.1 0.1 13.7 1.4 387.2 247.5
AU Small Finance 744.0 23.2 32.1 4.5 202306 35.1 44.4 38.4 29.5 1.5 0.0 0.0 795.0 548.2 the growth in a company’s net sales and Poly Medicure [5] 1383.1 22.4 61.7 10.7 202306 28.9 132.6 23.7 58.3 ­8.7 19.0 0.1 1574.0 820.9
Aurobindo Pharma [1] 866.1 34.4 25.1 1.9 202306 9.9 17.4 5.8 ­20.3 ­3.6 9.2 0.2 907.1 397.3
Avanti Feeds [1] 435.6 23.8 18.3 2.8 202306 ­1.0 51.7 ­2.4 37.8 ­4.4 21.4 0.0 504.9 321.2
net profits for the latest reporting quarter, Note: Very large percentage changes in Polycab India 5129.4 96.6 53.1 11.4 202306 42.1 81.7 16.6 47.3 ­0.7 28.1 0.0 5357.6 2458.4
Polyplex Corpn 1150.1 50.4 22.8 1.0 202306 ­23.2 ­101.7 ­0.5 ­75.5 ­1.7 17.4 0.3 2177.6 1101.0
Avenue Super. 3688.5 36.8 100.2 14.9 202306 18.2 2.5 24.7 17.4 ­2.8 20.1 0.0 4601.9 3292.7 over the previous year, in percentage sales and profit are reflective of a change Poonawalla Fin [2] 373.7 9.0 41.6 4.2 202306 69.9 89.3 32.5 78.4 ­4.2 8.6 1.6 451.8 243.8
Axis Bank [2] 1018.2 74.0 13.8 2.3 202306 36.7 39.1 31.7 41.2 ­0.8 0.0 0.0 1047.5 706.0
terms. We’ve adjusted the numbers for from near­zero or negative value. Power Fin.Corpn. 238.4 51.7 4.6 0.9 202306 12.9 33.9 5.2 22.2 6.6 9.4 9.1 251.1 80.7
Power Grid Corpn 199.1 16.4 12.2 2.2 202306 1.3 ­5.4 8.1 5.9 2.5 12.7 1.6 205.9 139.8
B .....................................................................................................................................................................................................
one­off and exceptional items. Source: Capitaline database Praj Industries [2] 568.7 14.0 40.6 9.7 202306 0.6 42.1 31.6 51.9 ­3.2 31.0 0.0 610.0 299.0
B H E L [2] 124.4 0.9 134.7 1.6 202306 8.3 ­282.9 2.9 ­54.4 ­2.5 2.4 0.2 149.0 54.8 Prestige Estates 597.8 22.9 26.1 2.4 202306 ­13.3 173.1 15.7 80.5 ­3.5 10.4 0.9 690.0 391.3
BPCL 352.0 93.8 3.8 1.4 202306 ­6.7 79.2 17.2 607.5 ­0.1 6.8 1.3 397.8 288.2 Prince Pipes 691.9 11.3 61.2 5.6 202306 ­8.4 22.4 ­9.2 ­49.5 ­3.8 12.3 0.1 759.5 513.1
Bajaj Auto 5000.1 231.2 21.6 4.8 202306 29.4 41.3 15.3 18.9 ­2.6 26.5 0.0 5272.2 3462.1 Prism Johnson 128.0 ­1.7 5.3 202306 6.9 89.9 10.3 ­209.8 ­3.9 0.5 1.3 144.5 98.1
Bajaj Finance [2] 7472.5 204.0 36.6 8.3 202306 36.6 32.4 31.7 43.2 ­0.3 11.8 3.9 7999.9 5487.3 Privi Speci. 1202.8 1.1 1048.7 5.7 202306 5.1 ­79.3 11.5 ­94.8 ­1.4 5.5 1.2 1539.7 870.6
Bajaj Finserv [1] 1542.3 44.2 34.9 5.3 202306 48.0 48.4 27.7 40.1 0.3 12.7 4.3 1813.5 1216.1 Pun. & Sind Bank 46.3 1.9 24.9 2.2 202306 28.6 ­25.4 18.1 17.9 3.7 0.0 0.0 53.6 14.7
Bajaj Holdings 7334.2 475.9 15.4 1.9 202306 13.9 46.0 12.6 24.7 3.7 11.5 0.0 7638.0 5557.1 Company CMP EPS PE PB Year End Sales Profit Sales Profit Wkly ROCE DER Yr.High Yr.Low
Qty Qty TTM TTM Rtn Punjab Natl.Bank [2] 77.5 4.0 19.4 0.9 202306 34.1 376.4 22.6 48.2 4.5 0.0 0.0 79.1 34.3
Balaji Amines [2] 2234.3 78.8 28.4 4.7 202306 ­30.8 ­57.1 ­15.4 ­36.3 1.1 39.0 0.1 3644.7 1872.9 PVR Inox 1720.0 ­47.5 2.3 202306 33.0 ­252.8 81.0 ­116.3 ­2.4 0.0 1.5 1925.0 1336.5
Balkrishna Inds [2] 2546.4 56.0 45.5 6.5 202306 ­17.6 8.1 2.1 ­23.3 0.3 14.4 0.4 2577.8 1801.0
Balrampur Chini [1]
Bandhan Bank
414.3
249.4
17.1 24.2
12.6 19.8
2.9
2.1
202306
202306
28.7
11.5
493.8
­18.7
4.0
12.8
­13.9
217.5
­6.2
0.0
10.4
0.0
0.6 449.6 306.8
0.0 289.4 182.2
Q .....................................................................................................................................................................................................

Bank of Baroda [2] 215.4 33.7 6.4 1.0 202306 39.7 129.0 35.6 102.3 2.2 0.0 0.0 219.6 124.0 H .....................................................................................................................................................................................................
Quess Corp 422.1 11.5 36.8 2.4 202306 15.6 ­28.5 21.1 ­33.9 ­6.6 9.1 0.4 659.5 337.5
Bank of India
Bank of Maha
109.2
46.9
11.6 9.4
4.5 10.4
0.8
2.0
202306
202306
43.8
38.5
137.5
95.1
34.4
28.8
38.9
118.0
3.1
3.9
0.0
0.0
0.0 114.0
0.0 51.5
45.9
17.0
HPCL
HUDCO
260.9
86.0
58.8
8.7
4.4
9.9
1.2
1.1
202306 ­2.1
202306 5.3
­20.9
8.2
11.8
3.3
355.4
0.7
3.3
17.7
­8.0
8.8
1.6 309.9 200.0
4.2 86.7 34.4
R .....................................................................................................................................................................................................

Happiest Minds [2] 911.7 15.6 58.5 16.5 202306 18.8 3.5 26.6 17.6 ­3.0 28.1 0.5 1043.1 763.5 RCF 126.3 11.6 10.9 1.6 202306 ­18.4 ­83.6 33.6 ­19.4 ­3.1 14.3 0.7 144.8 89.5
BASF India 2579.6 71.1 36.3 4.1 202306 ­13.2 ­42.7 ­6.0 ­47.4 ­4.5 20.6 0.1 3030.0 2195.0 Radico Khaitan [2] 1181.3 17.0 69.7 7.2 202306 25.9 10.1 10.0 ­14.3 ­3.0 11.4 0.2 1478.5 910.0
Bata India [5] 1634.6 24.2 67.7 14.6 202306 1.6 ­10.5 13.2 6.4 ­3.1 19.6 0.7 1930.0 1380.9 Hatsun Agro [1] 1178.6 8.7 135.3 18.2 202306 6.8 54.3 7.8 ­17.5 ­0.9 11.1 1.5 1232.0 786.0
Havells India [1] 1392.5 17.8 78.2 13.2 202306 13.9 18.1 12.4 ­7.3 ­2.7 21.9 0.1 1466.0 1092.0 Rail Vikas 166.9 7.0 23.7 4.8 202306 20.1 15.3 5.3 17.5 ­2.1 17.2 1.0 199.4 32.8
Bayer Crop Sci. 5382.1 157.5 34.2 8.9 202306 4.3 8.6 4.5 8.5 4.4 32.1 0.0 5449.0 3922.5 Rain Industries [2] 166.9 22.7 7.3 0.7 202306 ­16.5 ­75.2 17.2 ­29.6 ­4.5 16.3 1.3 190.9 142.3
Berger Paints [1] 667.8 8.2 81.1 17.3 202306 9.8 39.8 11.5 1.6 11.4 23.3 0.3 679.1 439.7 HCL Technologies [2] 1273.5 55.7 22.9 5.3 202306 12.1 7.6 17.1 11.2 ­2.4 27.6 0.1 1311.0 882.2
HDFC AMC [5] 2658.0 74.3 35.8 9.3 202306 10.2 52.0 4.2 16.5 ­2.4 32.3 0.0 2755.0 1595.3 Rainbow Child. 1048.2 21.0 49.8 10.0 202306 21.1 7.4 26.9 52.0 2.2 24.1 0.7 1184.9 603.0
Bharat Dynamics 1004.6 19.3 52.0 5.7 202306 ­56.9 4.9 ­36.6 ­39.4 ­5.6 9.3 0.0 1278.0 786.9 Rajesh Exports [1] 510.5 49.8 10.3 1.0 202306 73.1 13.8 55.5 46.7 ­3.3 8.8 0.1 1028.4 482.5
Bharat Electron [1] 136.1 4.3 31.5 7.2 202306 12.2 47.3 7.1 15.2 0.3 27.0 0.0 147.2 87.0 HDFC Bank [1] 1529.2 64.4 23.7 3.8 202306 37.3 29.1 31.0 22.9 ­8.0 0.0 0.0 1757.8 1365.1
HDFC Life Insur. 648.9 6.6 98.0 10.8 202306 16.6 15.3 19.2 0.3 0.6 0.6 0.1 690.9 458.0 Rallis India [1] 217.9 8.4 25.8 2.5 202203 7.7 ­304.5 7.2 ­25.9 ­8.8 13.0 0.1 270.5 186.5
Bharat Forge [2] 1090.3 13.0 83.6 7.6 202306 36.0 34.3 24.4 ­37.4 ­3.9 7.3 1.0 1148.0 677.9
HEG 1705.9 132.8 12.8 1.5 202306 ­7.0 ­12.5 ­3.7 ­3.9 ­2.3 14.6 0.2 1914.0 919.0 Ratnamani Metals [2] 2589.2 79.5 32.6 7.0 202306 20.3 54.2 30.2 55.3 ­3.2 27.1 0.1 2800.0 1830.1
Bharti Airtel [5] 911.2 20.2 45.2 6.5 202306 14.1 154.9 17.4 156.5 ­2.7 12.7 2.8 948.0 736.2
Heidelberg Cem. 177.4 4.4 40.2 2.8 202306 1.0 1.4 ­3.7 ­57.5 ­5.5 10.5 0.1 218.9 152.6 Raymond 1839.0 243.4 7.6 4.2 202306 2.5 1228.1 16.6 163.6 ­8.3 21.1 0.9 2240.0 984.0
Bikaji Foods [1] 482.3 6.2 78.3 12.6 202306 15.1 156.5 19.7 89.4 ­2.6 17.3 0.2 533.1 303.1
Hero Motocorp [2] 3021.8 152.3 19.8 3.6 202306 4.8 39.6 6.4 14.8 ­1.4 23.1 0.0 3242.9 2246.8 RBL Bank 233.1 17.1 13.6 1.0 202306 27.8 53.1 18.9 104.1 ­0.1 0.0 0.0 251.2 108.5
Biocon [5] 264.0 5.8 45.3 1.8 202306 60.0 ­29.8 45.5 ­12.2 ­4.7 5.7 0.9 299.0 191.6
HFCL [1] 72.3 2.2 32.5 3.0 202306 ­5.3 33.1 2.5 13.1 ­0.1 15.1 0.3 88.8 55.8 REC Ltd 270.8 44.4 6.1 1.2 202306 16.7 20.9 4.7 14.3 10.5 9.1 6.5 284.5 91.0
Birla Corpn. 1165.6 3.2 366.0 1.8 202306 9.3 ­16.2 12.3 ­93.0 ­4.2 3.8 0.9 1337.0 843.1
Hikal [2] 300.5 7.6 39.3 3.3 202306 4.0 ­21.9 9.6 ­6.9 ­1.5 8.2 0.7 428.0 260.7 Redington [2] 157.8 17.0 9.3 1.8 202306 26.1 ­21.2 26.9 ­2.5 0.0 25.4 0.3 202.2 135.0
Birlasoft Ltd [2] 487.7 12.7 38.5 5.5 202306 9.4 13.9 13.0 ­26.0 ­3.3 17.2 0.0 535.0 250.4
Hind. Unilever [1] 2482.3 44.1 56.3 11.6 202306 6.3 8.0 12.2 12.9 0.5 24.9 0.0 2768.5 2393.0 Relaxo Footwear [1] 913.9 6.9 132.2 12.3 202306 10.7 45.6 1.1 ­28.4 2.4 11.6 0.1 1084.2 748.5
Blue Dart Expres 6785.8 131.9 51.4 13.7 202306 ­4.3 ­48.4 5.8 ­36.8 ­2.9 26.9 1.1 9639.5 5633.0
Hind.Aeronautics 3870.4 180.1 21.5 5.5 202306 8.1 31.3 2.2 9.4 ­2.0 18.8 0.0 4180.0 2242.0 Reliance Industr 2354.1 95.6 24.6 2.2 202306 ­5.2 ­10.6 11.4 1.0 ­4.3 10.0 0.5 2632.0 1979.1
Blue Star [2] 896.3 15.0 59.9 13.0 202306 12.6 12.3 17.8 25.7 12.6 23.9 0.5 945.8 527.0
Hindalco Inds. [1] 478.6 37.6 12.7 1.1 202306 ­8.7 ­39.8 3.0 ­43.9 ­3.8 10.7 0.7 508.8 358.8 Restaurant Brand 123.6 ­4.5 7.4 202306 24.8 ­206.3 29.4 ­39.9 ­3.7 0.0 1.1 137.9 83.7
Bombay Burmah [2] 1201.5 ­90.8 2.1 202306 8.5 ­197.4 13.5 ­517.8 ­1.1 17.6 1.3 1375.7 780.7
Hindustan Copper [5] 153.5 3.0 52.0 7.1 202306 7.1 ­17.2 ­10.6 ­25.9 ­4.9 17.8 0.1 174.7 94.0 RHI Magnesita [1] 738.3 7.7 95.8 4.0 202306 54.1 ­43.2 40.6 ­47.9 ­4.4 10.9 0.4 893.2 571.2
Borosil Renew. [1] 414.1 2.4 173.2 5.9 202306 108.6 ­127.6 28.3 ­58.1 ­3.2 8.1 0.5 624.5 380.1
Hindustan Zinc [2] 313.7 22.2 14.1 10.3 202306 ­23.0 ­36.5 ­1.6 ­12.6 ­2.4 48.5 0.3 383.0 263.0 Rites 489.8 21.3 23.0 4.5 202306 ­10.0 ­21.5 ­11.8 ­11.9 ­5.9 28.3 0.0 583.5 286.6
Bosch 19136.4 508.8 37.6 5.1 202306 17.3 22.5 20.7 16.1 ­2.6 17.1 0.0 19980.015301.1
Hitachi Energy [2] 4198.2 22.4 187.4 14.6 202306 4.7 79.9 10.5 ­22.5 ­2.6 12.9 0.2 4800.0 2845.9 Rossari Biotech [2] 822.8 19.5 42.2 5.0 202306 ­5.5 1.9 ­3.2 5.9 ­0.7 17.5 0.1 974.9 536.1
Brigade Enterpr. 576.2 9.9 57.9 4.3 202306 ­27.5 ­53.1 ­9.2 21.9 ­6.8 8.2 1.6 649.9 431.0
HLE Glascoat [2] 579.3 9.3 62.0 12.6 202306 ­3.5 ­39.6 26.2 ­0.8 ­1.4 22.1 0.8 760.7 466.0 Route Mobile 1572.1 55.9 28.1 5.4 202306 32.7 33.2 61.8 73.5 ­1.2 20.0 0.0 1759.5 1131.0
Britannia Inds. [1] 4562.3 88.7 51.4 31.1 202306 8.6 35.6 14.4 45.1 0.7 48.2 0.9 5268.6 3690.9
Home First Finan [2] 833.8 27.9 29.9 4.1 202306 50.6 34.9 41.2 21.7 ­1.8 10.3 2.4 920.0 652.3
C ...................................................................................................................................................................................................... Honeywell Auto 40877.1 497.1 82.2 11.3 202306 18.6 1.4 17.8 25.7 2.2 19.4 0.0 44100.034383.0 S ......................................................................................................................................................................................................

SAIL 93.2 3.4 27.7 0.7 202306 1.4 ­73.6 ­2.0 ­85.2 ­3.2 5.3 0.4 103.6 73.3
C.E. Info System [2] 1686.4 21.3 79.1 16.8 202306 37.5 33.2 37.7 27.2 ­1.5 27.1 0.1 1794.0 983.5
Campus Activewe. [5] 293.7 3.8 76.4 16.2 202306 4.8 0.5 7.4 ­14.5 ­2.5 22.9 0.6 640.0 282.5 I ....................................................................................................................................................................................................... Samvardh. Mothe. [1] 96.2 2.2 43.2 2.9 202306 27.7 325.5 28.6 231.1 ­2.2 8.6 0.7 103.5 61.8
IDFC 125.8 4.5 28.1 1.7 202306 20.9 14.5 47.8 2.9 ­0.5 ­24.4 0.0 132.0 62.6 Sanofi India 7114.1 240.1 29.6 22.6 202306 1.0 2.1 ­1.5 5.3 ­0.9 40.3 0.0 7588.0 5240.0
Cams Services 2480.3 60.4 41.0 16.7 202306 10.4 17.8 5.4 2.9 ­4.5 44.3 0.1 2689.0 2002.1
IOB 43.8 1.2 37.4 3.7 202306 22.3 28.2 19.2 24.9 11.0 0.0 0.0 48.7 16.8 Sapphire Foods 1485.0 34.6 43.0 7.5 202306 19.8 ­34.8 20.8 98.5 0.9 8.1 0.8 1573.0 1102.1
Can Fin Homes [2] 761.7 48.2 15.8 2.8 202306 34.8 13.1 37.5 22.5 ­2.6 8.4 8.0 905.0 451.1
IOCL 92.3 17.4 5.3 0.9 202306 ­11.1 5067.5 17.2 31.0 0.3 8.0 1.0 101.4 65.2 SBI Cards 798.2 23.5 34.0 7.7 202306 26.2 ­5.4 26.8 14.8 ­4.9 13.1 3.1 950.2 690.9
Canara Bank 382.9 70.6 5.4 0.9 202306 37.3 71.5 28.7 59.9 4.9 0.0 0.0 385.9 207.5
I R C T C [2] 663.4 12.6 52.4 21.4 202306 17.5 10.1 48.3 22.0 ­4.6 56.7 0.0 775.0 557.2 SBI Life Insuran 1318.9 18.4 71.8 9.8 202306 18.7 45.0 12.3 19.0 ­3.9 0.7 0.0 1392.1 1039.3
Caplin Point Lab [2] 998.8 52.0 19.2 4.6 202306 14.1 21.7 15.2 25.7 ­4.4 26.6 0.0 1122.0 575.0
IRFC 75.1 4.8 15.8 2.1 202306 18.7 ­6.3 16.9 ­0.3 ­5.2 5.3 9.3 92.9 20.6 Schaeffler India [2] 3123.7 57.8 54.1 11.2 202306 4.6 10.6 11.8 15.3 ­5.9 29.3 0.0 3719.2 2554.8
Capri Global [2] 773.9 10.8 71.8 4.5 202306 80.6 38.0 62.6 8.3 0.3 9.0 2.3 874.0 565.9
ICICI Bank [2] 950.3 53.3 17.8 3.0 202306 41.8 44.0 33.4 34.5 ­4.2 0.0 0.0 1008.7 796.1 Sh.Renuka Sugar [1] 54.3 ­1.0 ­5.9 202306 16.9 ­222.0 23.8 ­1846.5 ­1.6 0.0 0.0 68.7 39.5
Carborundum Uni. [1] 1191.3 22.6 52.6 8.0 202306 5.5 43.7 25.6 28.5 ­0.3 20.7 0.1 1300.0 787.5
ICICI Lombard 1345.1 36.0 37.3 6.0 202306 12.1 11.8 14.2 24.2 ­2.5 20.9 0.0 1422.9 1049.1 Sheela Foam [5] 1106.3 21.5 51.4 6.7 202306 ­7.9 20.9 ­8.0 ­10.5 ­0.7 14.2 0.4 1554.0 905.5
Castrol India [5] 140.0 8.2 17.1 7.0 202306 7.4 9.2 6.1 ­0.1 ­3.6 60.4 0.0 162.7 107.7
ICICI Pru Life 577.6 6.0 96.3 7.9 202306 2.0 31.7 5.7 ­21.6 ­2.9 0.4 0.1 615.6 381.0 Shoppers Stop [5] 689.4 9.9 69.5 36.8 202306 4.8 ­36.5 24.7 86.6 ­2.5 13.2 15.9 889.8 574.9
CCL Products [2] 619.5 20.8 29.8 5.6 202306 28.6 15.1 34.7 29.8 ­8.1 15.7 0.6 750.0 471.0
ICICI Securities [5] 613.8 34.5 17.8 7.0 202306 17.7 ­1.0 2.1 ­17.1 ­3.9 18.1 3.3 651.8 417.0 Shree Cement 25933.8 433.3 59.8 5.0 202306 14.7 104.8 17.2 ­21.1 ­3.2 8.5 0.1 27100.020165.8
CEAT 2134.8 83.3 25.6 2.5 202306 4.1 1387.8 11.3 426.1 ­0.3 9.3 0.7 2640.0 1357.6
IDBI Bank 71.3 3.9 18.4 2.0 202306 48.0 59.9 26.5 54.1 2.5 0.0 0.0 74.8 36.6 Shriram Finance 1890.5 169.6 11.1 1.6 202306 16.2 26.2 45.5 63.1 ­1.7 12.1 4.0 1975.0 1147.1
Central Bank 50.9 2.2 23.2 1.7 202306 30.7 81.4 19.1 24.6 8.1 0.0 0.0 56.0 18.7
IDFC First Bank 93.5 4.1 23.0 2.4 202306 39.6 50.8 37.0 120.5 ­1.0 0.0 0.0 100.7 46.1 Shyam Metalics 434.9 26.7 16.3 1.6 202306 2.6 ­42.8 13.8 ­59.5 ­2.8 15.0 0.1 494.7 253.1
Century Plyboard [1] 638.6 17.0 37.5 7.4 202306 0.2 ­5.8 5.5 1.0 ­2.7 26.1 0.2 720.6 436.7
IFB Industries 916.2 3.1 298.9 5.6 202306 1.7 ­132.6 7.7 347.9 ­3.1 5.9 0.5 1166.0 698.0 Siemens [2] 3687.7 49.7 74.1 10.9 202306 14.4 50.6 17.5 48.1 ­3.3 14.8 0.0 4066.1 2670.4
Century Textiles 1086.0 16.0 67.9 3.1 202306 ­5.6 12.0 5.6 ­0.5 ­0.7 5.8 0.3 1140.0 588.8
IIFL Finance [2] 578.2 41.9 13.8 2.5 202306 19.4 29.0 18.8 27.5 ­1.0 11.7 4.9 648.0 340.9 SIS [5] 423.0 24.3 17.4 2.6 202306 11.1 8.6 12.4 1.5 ­2.5 10.2 0.7 482.6 318.0
Cera Sanitary. [5] 8611.7 176.8 48.7 9.6 202306 8.0 42.5 12.2 26.2 0.2 24.7 0.0 9782.3 4950.0
Indbull.RealEst. [2] 78.6 ­10.5 1.3 202306 29.3 ­201.3 ­41.4 ­195.0 0.7 0.0 0.2 94.1 45.9 SJVN 72.3 2.7 27.2 2.1 202306 ­32.8 ­55.4 ­5.4 ­16.9 ­4.2 8.7 0.8 83.7 29.9
CESC [1] 90.6 10.6 8.6 1.1 202306 5.1 21.3 7.6 2.2 0.6 9.9 1.4 94.4 62.3
India Cements 233.7 ­14.9 1.4 202306 ­5.1 ­209.3 3.8 ­500.5 ­5.7 ­3.6 0.6 282.6 167.1 SKF India 5116.2 111.2 46.0 10.8 202306 9.0 19.6 9.3 23.6 ­1.2 34.0 0.0 5528.9 3961.0
CG Power & Indu. [2] 440.4 5.4 81.2 37.6 202306 14.1 58.7 17.8 60.7 0.8 42.2 0.1 459.3 224.7
Indiabulls Hous. [2] 184.5 24.1 7.7 0.5 202306 ­8.4 3.3 ­2.6 ­3.8 ­3.8 9.8 3.3 207.8 91.8 Sobha 648.8 11.8 55.1 2.5 202306 60.8 164.8 36.6 ­21.9 ­3.6 8.3 0.9 719.6 412.4
Chalet Hotels 548.8 10.1 54.2 7.3 202306 22.8 202.7 71.1 52117.5 ­2.0 9.1 1.6 581.6 304.1
Indiamart Inter. 2989.4 52.5 56.9 8.9 202306 25.6 80.8 30.9 25.3 ­3.1 15.6 0.0 3293.5 2043.7 Solar Industries [2] 4615.3 86.7 53.2 16.0 202306 4.1 16.0 47.5 52.6 ­0.5 36.1 0.5 4999.0 3421.0
Chambal Fert. 279.3 24.8 11.3 1.6 202306 ­23.3 ­0.9 31.5 ­32.5 ­2.4 16.4 0.6 348.3 248.6
Indian Bank 420.8 49.1 8.6 1.2 202306 28.4 41.1 21.4 45.7 6.1 0.0 0.0 434.4 183.8 Sona BLW Precis. 580.2 7.5 77.9 14.8 202306 25.2 50.5 26.9 22.8 ­3.1 22.1 0.1 626.0 397.4
Chemplast Sanmar [5] 483.7 3.0 160.0 28.5 202306 ­29.4 ­162.2 ­28.6 ­93.4 ­2.7 32.6 4.7 542.9 342.0
Indian Energy Ex [1] 130.8 3.5 37.3 14.9 202306 5.8 9.7 ­7.3 0.5 ­2.7 52.3 0.0 163.8 116.1 Sonata Software [1] 1045.1 33.1 31.6 11.3 202306 13.3 11.5 26.8 16.8 ­3.7 33.5 0.3 1147.4 487.5
Chola Financial [1] 1191.8 74.3 16.0 2.9 202306 42.9 38.9 32.3 24.0 3.2 10.6 11.8 1282.8 512.7
Indian Hotels Co [1] 406.1 7.4 55.2 7.2 202306 15.8 25.9 51.1 401.0 ­2.5 13.6 0.5 436.3 280.2 SPARC [1] 225.3 ­7.3 14.3 202306 ­15.8 ­215.8 63.0 ­5.0 ­5.9 0.0 0.2 265.8 160.5
Cholaman.Inv.&Fn [2] 1188.7 34.2 34.8 6.8 202306 47.4 26.3 36.1 17.8 ­3.2 9.7 6.4 1239.8 658.0
Indigo Paints 1547.2 30.1 51.4 9.5 202306 23.7 57.2 15.7 55.2 0.8 21.4 0.0 1700.0 981.1 SRF 2264.2 64.6 35.1 6.5 202306 ­14.6 ­40.9 4.0 ­8.9 ­4.5 22.0 0.4 2643.3 2050.0
CIE Automotive 473.5 19.7 24.0 3.5 202306 4.7 15.7 14.9 24.3 ­6.8 14.0 0.2 578.1 252.4
Cipla [2] 1186.6 39.8 29.8 4.1 202306 17.9 45.1 9.1 27.8 ­4.0 17.8 0.0 1277.6 852.0 Indraprastha Gas [2] 454.9 24.0 18.9 4.0 202306 6.7 8.5 48.9 ­1.5 ­3.9 27.1 0.0 515.6 364.5 St Bk of India [1] 598.1 74.9 8.0 1.5 202306 32.1 153.1 26.1 64.0 ­0.1 0.0 0.0 629.7 499.4
City Union Bank [1] 129.8 12.7 10.2 1.3 202306 15.2 0.9 16.0 15.7 ­2.2 0.0 0.0 205.0 119.5 Indus Towers 183.5 11.8 15.5 2.3 202306 2.6 182.4 2.7 ­41.5 ­2.7 10.2 0.9 205.9 135.2 Star Cement [1] 153.2 6.8 22.7 2.6 202306 14.3 38.0 18.0 11.0 ­6.0 15.6 0.0 170.0 95.2
Clean Science [1] 1406.3 27.4 51.3 14.8 202306 ­19.6 ­6.3 15.2 23.0 ­3.1 44.5 0.0 1927.4 1227.5 IndusInd Bank 1452.8 102.2 14.2 2.1 202306 31.1 30.2 23.8 46.4 0.2 0.0 0.0 1475.5 990.3 Star Health Insu 588.9 11.9 49.4 6.3 202306 13.3 35.0 13.3 212.2 ­9.0 13.3 0.1 741.6 451.1
Coal India 283.4 44.3 6.4 3.1 202306 1.8 ­9.8 16.8 18.6 1.5 29.5 0.1 288.0 207.7 Infibeam Avenues [1] 17.2 0.5 32.5 1.5 202306 77.5 9.8 52.9 47.5 ­3.4 6.0 0.0 20.3 12.9 Sterling & Wils. [1] 358.5 ­48.0 ­30.2 202306 ­57.3 ­127.0 ­74.6 23.3 ­1.2 0.0 3.6 408.8 255.3
Cochin Shipyard 1001.9 24.3 41.3 3.0 202306 7.9 133.9 ­27.3 ­45.0 ­9.5 8.0 0.1 1258.0 401.4 Info Edg.(India) 4298.6 24.0 179.1 4.1 202306 14.4 ­11.4 34.3 ­89.2 ­4.2 2.9 0.0 4984.1 3310.0 Sterlite Tech. [2] 161.1 6.8 23.7 3.1 202306 2.4 155.6 20.4 984.0 ­2.5 11.0 1.8 193.0 142.0
Coforge 5287.9 121.5 43.5 10.5 202306 21.4 10.4 23.6 8.5 ­5.8 27.5 0.2 5760.0 3278.2 Infosys [5] 1496.0 59.5 25.2 9.6 202306 10.0 10.9 17.2 10.8 ­1.1 44.4 0.1 1672.5 1215.5 Sumitomo Chemi. 416.5 8.5 48.8 8.7 202306 ­26.5 ­55.3 ­0.5 ­6.6 ­2.3 29.9 0.0 540.7 382.5
Colgate­Palmoliv [1] 2001.5 41.4 48.3 31.7 202306 10.8 32.9 4.3 6.1 1.1 77.6 0.0 2061.6 1434.6 Ingersoll­Rand 2987.8 64.7 46.2 16.3 202306 11.5 67.3 19.5 76.1 ­0.1 43.3 0.0 3329.8 1790.0 Sun Pharma.Inds. [1] 1131.6 36.9 30.7 4.9 202306 10.7 10.9 12.7 15.3 ­1.6 16.8 0.1 1169.9 891.6
Container Corpn. [5] 735.0 18.4 39.9 4.0 202306 ­3.6 ­17.3 3.5 2.6 2.4 13.7 0.1 828.5 555.0 Intellect Design [5] 718.6 21.4 33.6 4.8 202306 18.1 35.9 15.8 ­15.2 0.1 18.9 0.0 746.9 388.0 Sun TV Network [5] 593.8 45.8 13.0 2.5 202306 10.7 19.9 ­2.1 1.9 ­0.4 26.0 0.0 628.2 394.0
Coromandel Inter [1] 1102.0 68.2 16.2 4.1 202306 ­0.6 ­1.0 39.7 18.8 ­3.1 38.2 0.1 1152.9 839.0 Interglobe Aviat 2359.8 99.8 23.6 ­14.6 202306 29.8 190.4 62.9 195.0 ­1.3 0.0 0.0 2746.0 1676.0 Sundram Fasten. [1] 1227.8 23.1 53.1 8.6 202306 0.0 ­6.2 8.9 2.8 ­0.8 19.5 0.3 1334.2 859.3
Craftsman Auto [5] 4768.3 126.0 37.8 7.3 202306 53.3 31.5 44.1 36.1 ­1.0 20.8 0.8 5045.0 2611.1 Ipca Labs. [1] 893.3 19.4 46.2 3.9 202306 0.1 13.8 6.8 ­31.8 ­4.0 11.6 0.2 954.9 670.0 Sunteck Realty [1] 432.0 ­2.1 2.3 202306 ­50.8 ­127.0 ­48.7 ­164.4 2.8 2.6 0.3 457.5 271.3
CreditAcc. Gram. 1295.1 65.8 19.7 4.0 202306 54.0 151.5 37.0 114.8 ­6.2 12.1 3.2 1502.3 834.1 IRB Infra.Devl. [1] 29.8 0.8 36.6 1.3 202306 ­15.1 ­63.2 0.1 ­24.8 ­3.7 6.4 1.3 35.0 19.8 Supreme Inds. [2] 4105.5 68.3 60.1 11.9 202306 7.4 0.8 8.4 ­14.3 ­0.5 26.7 0.0 4705.3 1905.8
CRISIL [1] 3853.3 82.4 46.8 14.6 202306 15.3 10.0 17.7 19.1 ­0.4 40.4 0.1 4070.2 2712.1 Ircon Intl. [2] 141.5 8.6 16.5 2.6 202306 35.7 29.6 34.5 24.7 ­3.1 13.0 0.3 174.6 38.6 Supreme Petroch. [2] 465.9 20.1 23.2 4.8 202306 ­17.7 ­63.4 ­8.2 ­46.4 ­4.8 39.3 0.0 503.5 336.5
Crompton Gr. Con [2] 295.9 7.3 40.7 6.7 202306 0.7 ­5.7 10.9 ­24.9 ­3.6 17.9 0.5 416.9 251.3 ITC [1] 443.2 15.9 27.8 8.0 202306 ­7.2 16.3 5.6 21.4 ­1.2 39.0 0.0 499.6 323.0 Suven Pharma [1] 529.8 16.7 31.8 7.8 202306 2.6 12.1 ­3.3 ­7.0 ­4.9 40.6 0.1 565.0 375.0
CSB Bank 329.5 32.6 10.1 1.9 202306 27.5 15.5 18.7 10.4 1.8 0.0 0.0 342.0 213.7 ITI 190.9 ­3.8 8.0 202306 ­5.6 ­203.1 ­22.9 ­436.2 ­2.9 0.0 0.7 213.3 86.5 Suzlon Energy [2] 25.1 0.2 130.0 10.9 202306 ­2.2 1079.9 ­12.5 253.3 3.0 4.7 0.0 27.0 6.6
Cummins India [2] 1725.0 49.9 34.6 8.3 202306 31.1 69.3 24.7 54.5 ­1.2 26.9 0.1 1981.2 1125.2 Swan Energy [1] 298.4 2.3 130.2 3.7 202306 208.9 176.9 182.6 166.0 3.0 0.0 2.6 379.0 193.0
Cyient [5] 1632.5 54.5 29.9 5.2 202306 34.9 51.6 36.5 15.4 ­4.6 17.6 0.3 1945.5 724.0 J ...................................................................................................................................................................................................... Symphony [2] 884.5 16.2 54.5 7.0 202306 ­8.2 ­11.7 2.0 ­20.6 ­2.1 14.7 0.3 1219.0 821.0
J B Chem & Pharm [1] 1377.8 28.9 47.7 8.6 202306 14.2 35.5 25.3 20.4 ­6.8 22.4 0.1 1524.6 908.5 Syngene Intl. 771.8 12.0 64.1 8.6 202306 25.4 26.4 26.5 15.9 ­7.5 13.6 0.3 860.2 535.5
D ..................................................................................................................................................................................................... J K Cements 3156.8 50.2 62.9 5.2 202306 21.6 ­23.7 19.4 ­41.1 ­3.7 9.7 1.0 3477.3 2425.6
T ......................................................................................................................................................................................................
Dabur India [1] 561.3 9.8 57.5 11.1 202306 10.9 5.4 6.7 ­4.1 ­0.7 23.3 0.1 610.4 504.0 Jamna Auto Inds. [1] 118.3 4.4 26.7 6.0 202306 5.0 21.8 19.4 11.2 ­3.0 26.5 0.2 127.0 94.2
Dalmia BharatLtd [2] 2247.4 58.1 38.7 2.7 202306 9.8 ­33.7 15.5 50.2 ­5.9 7.9 0.2 2420.0 1478.1 JBM Auto [2] 1435.7 10.9 131.8 16.5 202306 9.4 16.9 12.2 ­24.2 ­3.5 11.7 1.6 1606.2 361.7 T N Merc. Bank 538.1 66.7 8.1 1.2 202306 15.3 11.5 8.6 23.6 ­1.2 0.0 0.0 611.0 396.1
Data Pattern [2] 2072.3 24.2 85.6 9.9 202306 31.2 81.4 38.8 38.7 0.2 18.0 0.0 2484.0 995.1 Jindal Stain. [2] 456.9 26.3 17.4 3.2 202306 25.4 49.7 21.3 ­2.3 ­7.1 20.2 0.4 541.5 120.1 Tanla Platforms [1] 1031.2 35.9 28.7 9.1 202306 13.9 34.8 2.5 ­9.8 ­2.9 37.8 0.1 1317.7 506.1
DCM Shriram [2] 1048.7 45.8 22.9 2.6 202306 ­2.6 ­77.7 10.2 ­38.7 1.2 18.9 0.3 1121.7 730.1 Jindal Steel [1] 683.2 19.9 34.3 1.8 202306 ­3.5 44.6 ­2.4 ­68.1 ­4.1 14.2 0.4 722.2 386.2 Tata Chemicals 1036.3 88.9 11.7 1.3 202306 5.6 ­11.8 24.7 44.2 ­3.2 11.5 0.4 1214.7 877.9
Deepak Fertiliz. 624.1 70.2 8.9 1.6 202306 ­23.7 ­74.6 20.4 ­9.9 ­1.8 25.9 0.7 1061.7 512.8 Jindal Worldwide [1] 363.2 4.4 83.0 11.2 202306 ­35.8 ­67.2 ­31.1 ­33.6 ­5.3 15.7 1.2 477.0 247.0 Tata Coffee [1] 257.7 8.6 29.9 2.7 202306 5.8 3.7 15.9 ­4.5 ­0.4 11.5 0.7 268.8 199.2
Deepak Nitrite [2] 2127.4 56.3 37.8 7.1 202306 ­14.1 ­36.1 4.8 ­23.2 ­5.1 29.8 0.1 2373.0 1731.0 JK Lakshmi Cem. [5] 644.9 27.7 23.3 2.7 202306 4.6 ­29.4 13.6 ­29.5 ­1.3 13.6 0.7 897.0 528.0 Tata Comm 1876.5 55.0 34.1 35.2 202306 10.7 ­30.1 8.1 ­9.1 ­2.5 15.6 7.2 1956.9 1095.1
Delhivery [1] 430.6 ­9.5 3.4 202306 10.5 ­122.4 1.4 45.5 ­1.6 0.0 0.1 608.4 291.0 JK Paper 383.2 74.8 5.1 1.6 202306 10.8 17.8 39.1 80.8 ­3.2 28.1 0.8 452.5 306.6 Tata Consumer [1] 877.5 12.2 72.1 5.0 202306 12.5 17.4 11.4 6.8 0.2 9.7 0.1 899.0 685.0
Delta Corp [1] 175.3 10.2 17.2 2.1 202306 9.0 18.9 32.3 71.4 ­3.0 16.2 0.0 260.0 173.8 JM Financial [1] 85.4 6.2 13.8 1.0 202306 29.5 ­2.4 2.4 ­19.8 ­0.4 9.4 1.9 95.8 57.4 Tata Elxsi 7255.1 121.9 59.5 21.7 202306 17.1 2.2 23.9 22.3 0.3 46.6 0.1 9054.0 5708.1
Devyani Intl. [1] 209.0 2.1 101.0 26.0 202306 20.1 ­44.7 28.9 ­4.6 ­1.2 13.5 1.7 227.8 134.1 JSW Energy 421.9 7.3 57.5 3.7 202306 ­3.3 ­38.6 8.2 ­39.6 6.0 7.2 0.9 437.0 204.8 Tata Inv.Corpn. 2794.0 61.0 45.8 0.7 202306 48.8 63.2 11.3 23.3 13.2 1.4 0.0 2852.5 1735.0
Divi's Lab. [2] 3706.4 55.7 66.6 7.7 202306 ­21.2 ­49.3 ­21.2 ­52.4 ­2.8 19.3 0.0 3949.0 2730.0 JSW Steel [1] 774.3 20.8 37.2 2.9 202306 11.4 179.0 9.8 ­68.3 ­4.7 8.6 1.2 840.0 614.1 Tata Motors [2] 621.1 33.4 18.6 4.6 202306 42.5 ­37.5 32.8 185.0 ­2.1 5.3 3.1 665.3 375.5
Dixon Technolog. [2] 4808.6 46.8 102.8 22.3 202306 14.6 50.6 7.9 28.0 ­5.0 23.6 0.5 5225.0 2555.0 Jubilant Food. [2] 530.5 4.1 129.9 17.2 202306 6.3 ­74.4 10.1 ­42.1 ­0.5 16.0 1.2 652.2 412.2 Tata Power Co. [1] 257.1 10.4 24.6 2.9 202306 5.0 ­0.5 18.3 21.0 ­2.6 10.9 2.0 276.5 182.5
DLF [2] 515.9 8.5 61.0 3.4 202306 ­1.3 12.2 ­5.7 16.0 ­3.1 4.5 0.1 544.5 336.6 Jubilant Ingrev. [1] 470.7 17.9 26.2 2.8 202306 ­7.8 ­27.5 ­5.8 ­26.3 ­4.9 15.6 0.1 592.5 350.8 Tata Steel [1] 126.7 2.1 59.0 1.5 202306 ­6.5 ­91.9 ­5.9 ­93.3 ­4.1 12.1 0.7 134.9 95.0
Dr Lal Pathlabs 2335.2 31.6 73.9 11.7 202306 7.6 43.2 3.6 ­2.8 ­0.1 18.5 0.3 2752.2 1762.7 Jubilant Pharmo [1] 428.6 ­11.9 1.3 202306 8.7 ­86.4 7.8 ­163.1 ­1.1 3.1 0.6 484.6 268.8 Tata Tele. Mah. 99.6 ­5.9 ­0.8 202306 7.1 ­202.3 3.0 3.7 ­7.7 0.0 0.0 116.0 49.8
Dr Reddy's Labs [5] 5516.4 283.2 19.5 3.9 202306 29.2 18.2 20.1 57.9 ­5.3 26.0 0.1 5986.2 4088.7 Just Dial 708.9 34.7 20.5 1.6 202306 33.1 72.5 35.8 1033.1 ­1.2 ­0.5 0.0 878.6 535.8 TCI Express [2] 1465.3 36.7 40.0 9.4 202306 5.0 4.3 9.3 3.3 ­1.5 32.7 0.0 1987.9 1383.8
Jyothy Labs [1] 349.2 7.7 45.5 8.3 202306 15.1 98.7 13.6 66.2 ­2.3 18.6 0.1 390.0 174.6 TCS [1] 3602.7 119.5 30.1 14.6 202306 12.6 16.8 16.6 12.7 0.1 58.0 0.1 3633.1 2926.0
E ...................................................................................................................................................................................................... Team Lease Serv. 2510.1 66.2 37.9 5.3 202306 15.5 ­0.5 16.9 2.1 ­3.8 12.7 0.1 3253.5 2012.0
Easy Trip Plann. [1] 42.8 0.7 58.5 20.1 202306 41.6 ­21.5 66.4 2.8 7.1 50.9 0.2 73.5 37.1 K ..................................................................................................................................................................................................... Tech Mahindra [5] 1305.0 45.1 29.0 4.6 202306 3.5 ­38.8 14.0 ­17.8 0.5 20.2 0.1 1320.0 983.0
eClerx Services 1773.3 101.2 17.5 5.1 202306 10.8 7.2 18.4 16.6 ­4.1 36.0 0.1 1925.0 1254.2 K E C Intl. [2] 654.8 7.3 89.9 4.5 202306 27.9 36.5 25.4 ­44.7 ­0.7 11.8 0.9 739.0 405.2 Tejas Networks 826.3 ­3.1 4.7 202306 49.4 ­495.9 84.5 32.6 ­3.7 0.0 0.0 935.0 510.1
Eicher Motors [1] 3413.5 117.8 29.0 6.2 202306 17.6 50.4 28.3 57.1 ­0.4 26.5 0.0 3886.0 2836.0 K P R Mill Ltd [1] 727.0 23.1 31.4 6.7 202306 1.3 ­10.5 12.5 ­12.2 0.3 24.5 0.4 796.0 479.6 The Ramco Cement [1] 859.3 11.8 72.5 3.0 202306 26.3 ­31.7 32.3 ­65.8 ­3.9 6.5 0.6 953.0 634.7
EID Parry [1] 534.2 43.9 12.2 1.6 202306 ­1.7 ­55.4 33.5 ­24.1 ­5.0 39.9 0.3 673.3 433.3 Kajaria Ceramics [1] 1336.7 23.0 58.2 9.2 202306 5.6 16.5 6.9 ­14.2 ­0.4 19.8 0.1 1522.0 1006.4 Thermax [2] 2971.6 40.6 73.2 9.2 202306 16.8 56.2 24.3 47.0 8.3 14.5 0.2 3050.0 1830.4
EIH [2] 233.4 6.6 35.5 4.3 202306 26.3 90.3 65.1 880.9 ­1.5 15.8 0.1 274.7 150.5 Kalpataru Proj. [2] 624.4 26.5 23.6 2.2 202306 15.3 31.1 11.0 5.9 ­4.8 12.3 0.9 687.9 401.9 Timken India 3091.8 48.2 64.1 11.4 202306 2.6 ­23.6 16.0 ­6.6 ­2.4 27.0 0.0 3760.8 2626.1
Elgi Equipments [1] 510.0 12.1 42.2 11.7 202306 4.3 24.2 12.5 77.9 ­1.9 24.2 0.4 623.0 355.1 Kalyan Jewellers 215.6 4.8 45.2 6.1 202306 31.3 33.3 20.8 28.0 ­5.7 12.2 1.2 262.0 86.0 Titan Company [1] 3273.1 36.2 90.3 24.5 202306 20.9 ­4.1 19.2 8.2 0.7 24.8 0.8 3351.6 2268.9
Emami [1] 518.7 15.9 32.5 9.9 202306 6.8 86.5 4.7 ­16.2 ­5.3 27.9 0.1 582.0 341.0 Kansai Nerolac [1] 322.0 6.8 47.5 5.7 202306 5.1 47.4 9.0 36.5 ­1.2 14.3 0.0 354.0 247.5 Torrent Pharma. [5] 1851.2 37.5 49.4 10.1 202306 11.2 6.8 13.1 5.4 ­1.0 19.5 0.8 2100.0 1446.2
Endurance Tech. 1602.4 38.4 41.8 5.1 202306 15.9 47.4 14.7 13.6 ­1.2 13.7 0.1 1749.0 1171.6 KEI Industries [2] 2481.2 54.9 45.2 8.6 202306 13.9 17.0 13.6 19.9 ­6.6 25.7 0.1 2812.2 1350.9 Torrent Power 710.7 44.4 16.0 3.1 202306 12.6 3.0 50.0 11.6 ­1.8 17.7 0.9 745.0 430.9
Engineers India [5] 144.0 7.5 19.3 4.1 202306 0.4 114.4 11.8 108.5 ­5.9 23.7 0.0 167.3 62.4 KIOCL 335.7 ­1.8 10.2 202306 36.9 ­232.6 ­28.0 ­308.4 28.0 ­4.4 0.2 357.9 165.2 Trent [1] 2064.9 13.8 149.9 28.3 202306 45.8 32.9 56.1 31.1 ­0.4 11.4 1.9 2130.0 1155.1
EPL Ltd [2] 192.4 7.8 24.7 3.1 202306 9.4 59.0 8.9 29.9 ­3.1 12.1 0.4 236.0 147.1 KNR Construct. [2] 272.2 16.8 16.2 2.8 202306 0.1 53.0 7.5 35.6 ­1.4 22.8 0.4 287.0 202.9 Trident [1] 37.8 0.8 47.7 4.6 202306 ­11.1 ­29.4 ­14.9 ­48.0 ­3.1 11.9 0.4 43.8 25.1
Equitas Sma. Fin 85.0 6.0 14.2 1.8 202306 33.3 97.1 25.0 82.5 ­0.6 0.0 0.0 101.2 46.5 Kotak Mah. Bank [5] 1756.6 82.1 21.4 3.1 202306 40.4 50.6 31.5 25.2 ­3.3 0.0 0.0 2063.0 1644.2 Triveni Turbine [1] 411.8 6.8 60.9 17.2 202306 45.3 58.8 47.2 54.3 ­5.3 31.5 0.0 454.0 221.2
ERIS Lifescience [1] 810.9 28.1 28.8 5.0 202306 17.3 0.3 25.8 ­2.9 ­0.9 16.7 0.2 924.0 550.9 KPIT Technologi. 1074.1 15.7 68.2 17.8 202306 60.1 57.5 48.1 45.2 ­8.3 27.0 0.2 1219.5 600.1 TTK Prestige [1] 779.4 18.0 43.4 5.6 202306 ­6.6 ­9.9 ­7.3 ­24.0 ­1.0 18.2 0.1 1038.3 652.1
Esab India 4994.3 99.0 50.4 29.5 202306 22.5 65.5 19.7 70.2 ­2.8 69.8 0.0 5853.4 3118.4 KRBL [1] 402.8 31.1 13.0 2.0 202306 15.1 18.4 25.5 51.4 ­4.6 20.8 0.1 471.0 320.0 Tube Investments [1] 3200.6 42.6 75.0 15.7 202306 3.7 14.9 9.3 1.5 ­3.2 35.6 0.2 3737.2 2375.1
Escorts Kubota 3125.7 62.3 50.2 4.9 202306 15.9 106.1 15.0 17.5 ­0.9 10.6 0.0 3344.0 1810.0 Krishna Institu. 1975.1 42.0 47.1 9.5 202306 22.3 15.5 38.0 7.1 ­2.7 25.9 0.3 2225.3 1284.0 TV18 Broadcast [2] 45.7 0.8 60.6 1.7 202306 151.1 39.2 38.8 ­75.0 0.5 3.3 0.6 51.7 27.4
Eureka Forbes 507.5 3.2 158.1 2.4 202306 ­4.1 28.3 127.5 174.4 ­3.2 2.1 0.1 598.8 355.0 KSB 3079.4 57.1 54.0 9.0 202306 31.9 32.5 21.3 19.6 15.3 22.3 0.0 3220.0 1706.2 TVS Motor Co. [1] 1494.3 30.7 48.7 12.9 202306 23.8 41.9 25.0 35.5 ­0.5 13.6 3.9 1532.0 968.0
Exide Inds. [1] 256.3 9.9 25.9 2.0 202306 5.6 9.6 7.4 7.6 ­4.5 10.6 0.1 280.0 152.8
L ......................................................................................................................................................................................................
U .....................................................................................................................................................................................................

F ...................................................................................................................................................................................................... L&T Fin.Holdings 124.6 6.7 18.5 1.4 202306 7.9 138.5 9.7 73.7 ­3.3 7.6 4.1 140.2 72.0 UCO Bank 43.0 1.6 26.6 2.2 202306 35.6 91.4 24.6 104.9 6.5 0.0 0.0 48.5 11.5
FDC [1] 367.8 14.1 26.2 3.1 202306 8.4 55.3 15.9 23.2 ­1.8 13.0 0.0 428.0 245.0 L&T Technology [2] 4651.4 117.1 39.7 9.9 202306 14.7 13.0 23.5 21.7 ­1.5 33.4 0.1 4798.0 3218.0 Uflex 438.6 18.3 24.0 0.4 202306 ­19.4 ­121.4 ­3.8 ­89.3 ­1.2 10.3 0.7 778.6 325.2
Federal Bank [2] 146.0 14.5 10.1 1.4 202306 39.2 38.8 31.4 51.8 ­1.5 0.0 0.0 150.0 109.5 La Opala RG [2] 427.2 11.9 36.0 6.1 202306 5.0 43.0 22.5 26.9 0.7 22.3 0.0 479.7 326.1 UltraTech Cem. 8181.1 179.0 45.7 4.4 202306 17.0 6.6 17.7 ­26.9 ­6.3 12.8 0.2 8750.0 6005.0
Fine Organic [5] 4915.9 182.0 27.0 9.8 202306 ­26.8 ­37.6 24.5 45.5 ­1.4 65.3 0.0 7316.0 4030.7 Lak. Mach. Works 14872.3 379.3 39.2 6.8 202306 21.2 29.2 33.3 53.9 ­2.1 20.4 0.0 15501.0 9031.0 Union Bank (I) 101.8 13.8 7.4 0.9 202306 29.3 106.7 25.0 78.1 5.9 0.0 0.0 102.9 41.9
Finolex Cables [2] 1084.6 35.6 30.4 3.8 202306 18.6 34.1 13.7 ­13.7 ­2.7 15.6 0.0 1179.5 437.7 Larsen & Toubro [2] 2918.9 79.5 36.7 4.6 202306 33.6 46.5 19.8 22.5 0.3 12.6 1.4 3008.0 1798.0 United Breweries [1] 1563.1 11.8 132.8 10.4 202306 ­6.7 ­16.0 2.5 ­37.3 ­3.0 10.6 0.0 1805.0 1342.3
Finolex Inds. [2] 221.2 4.3 51.6 2.8 202306 ­0.9 16.2 ­10.0 ­62.7 ­2.1 6.4 0.1 259.9 131.0 Latent View [1] 417.3 7.7 54.5 7.1 202306 23.1 4.4 28.8 31.7 ­2.3 16.8 0.0 466.5 311.1 United Spirits [2] 1017.1 17.0 59.7 12.1 202306 10.3 65.1 4.3 6.9 ­3.0 17.4 0.1 1073.2 730.9
Firstsour.Solu. 161.9 7.9 20.5 3.4 202306 5.1 48.1 3.8 13.7 ­4.5 14.9 0.5 174.8 95.8 Laurus Labs [2] 386.7 10.5 36.9 5.2 202306 ­23.2 ­90.1 9.4 ­32.7 ­3.5 21.8 0.5 533.2 279.7 Uno Minda [2] 597.6 12.0 49.8 8.2 202306 21.0 24.5 27.1 43.5 ­4.2 18.7 0.3 660.3 433.0
Five­Star Bus.Fi [1] 697.2 22.2 31.4 4.7 202306 42.1 31.8 29.0 31.3 1.3 14.4 0.9 875.4 476.1 Laxmi Organic [2] 286.6 3.7 77.3 5.4 202306 ­3.0 ­40.5 ­10.7 ­57.4 ­2.8 11.5 0.2 366.1 220.7 UPL [2] 615.0 37.2 16.5 1.6 202306 ­17.2 ­95.6 6.5 ­31.6 ­3.1 15.2 0.9 807.0 577.0
Fortis Health. 331.3 6.9 48.2 3.5 202306 11.4 ­9.5 11.6 27.3 0.3 7.5 0.2 352.0 245.4 Lemon Tree Hotel 115.3 1.6 73.6 10.7 202306 15.7 69.4 64.0 471.1 ­5.2 11.5 2.6 126.7 70.3 UTI AMC 785.0 45.8 17.2 2.6 202306 59.6 156.2 16.9 23.4 0.0 15.9 0.0 907.0 609.5
FSN E­Commerce [1] 143.5 0.1 2273.8 29.7 202306 23.8 ­27.5 32.0 ­57.3 ­6.5 5.1 0.5 235.3 114.3 LIC Housing Fin. [2] 460.3 59.7 7.7 0.9 202306 27.6 42.4 18.5 7.3 0.5 7.6 9.0 471.0 315.5
Life Insurance 651.2 72.7 9.0 8.9 202306 ­0.1 1498.4 6.7 877.9 ­2.3 1.0 0.0 754.4 530.2 V ......................................................................................................................................................................................................

G ..................................................................................................................................................................................................... Linde India 5923.7 46.9 126.3 16.1 202306 22.6 ­41.9 20.3 4.8 0.2 16.3 0.0 6886.0 2932.9 V I P Inds. [2] 660.5 11.7 56.6 14.6 202306 7.7 ­34.5 27.1 34.5 ­4.4 27.4 0.5 764.4 548.9
GNFC 596.6 63.6 9.4 1.0 202306 ­38.7 ­84.6 ­7.7 ­51.6 ­8.5 20.4 0.0 735.3 484.5 Lloyds Metals [1] 536.1 23.5 22.8 15.7 202306 133.2 52.7 212.6 153.0 ­6.5 0.0 0.1 687.9 163.2 Vaibhav Global [2] 440.6 6.9 63.4 6.1 202306 4.8 51.3 0.8 ­29.3 ­0.4 11.1 0.2 469.0 268.6
G R Infraproject [5] 1235.2 140.6 8.8 1.9 202306 ­7.9 ­23.5 3.8 33.7 ­2.2 21.7 1.0 1381.6 930.0 LTIMindtree [1] 5425.8 150.5 36.0 8.8 202306 13.8 4.2 72.5 53.3 ­1.9 34.9 0.0 5590.0 4120.0 Vardhman Textile [2] 393.0 20.8 18.9 1.3 202306 ­17.6 ­58.5 ­8.2 ­61.4 ­0.4 11.6 0.2 417.6 270.0
G S F C [2] 167.7 25.9 6.5 0.6 202306 ­31.6 ­67.5 1.6 ­6.8 ­3.0 12.7 0.0 193.4 116.1 Lupin [2] 1097.1 21.3 51.4 4.0 202306 31.6 407.7 11.9 145.0 ­4.7 5.7 0.4 1174.3 628.1 Varroc Engineer [1] 482.3 6.1 78.5 7.6 202306 10.1 1063.7 11.9 236.7 7.0 0.0 1.2 515.0 239.8
GAIL (India) 121.7 6.3 19.3 1.2 202306 ­13.5 ­44.9 24.3 ­68.9 ­1.7 9.0 0.2 129.5 83.0 Varun Beverages [5] 918.1 14.5 63.5 18.4 202306 13.3 26.2 25.0 44.7 0.2 26.4 0.8 941.6 481.7
Galaxy Surfact. 2603.2 100.4 25.9 4.9 202306 ­18.7 ­25.1 5.2 24.3 ­1.7 23.4 0.2 3190.0 2217.5 M .................................................................................................................................................................................................... Vedant Fashions [1] 1341.7 17.3 77.5 23.3 202306 ­4.1 ­8.8 11.3 13.4 2.0 36.3 0.2 1501.0 1058.5
Garware Tech. 3186.8 91.8 34.7 6.4 202306 7.0 52.4 6.1 16.1 1.6 21.1 0.1 3664.0 2587.0 M & M [5] 1607.8 85.6 18.8 3.5 202306 17.6 61.0 27.0 33.6 0.4 13.7 1.6 1670.0 1124.0 Vedanta [1] 225.1 19.5 11.5 2.1 202306 ­12.8 ­72.9 ­0.6 ­62.5 ­4.8 19.9 1.2 340.8 222.7
GE Shipping Co 809.9 180.6 4.5 1.1 202306 ­6.0 14.5 36.6 159.4 ­3.3 21.3 0.5 864.2 478.7 M & M Fin. Serv. [2] 302.6 18.1 16.7 2.0 202306 23.5 49.9 14.7 ­23.9 0.5 8.8 4.1 346.4 176.3 V­Guard Industri [1] 302.2 4.6 65.5 8.2 202306 19.3 20.2 9.4 ­21.8 ­3.0 14.9 0.2 335.4 229.4
General Insuranc [5] 225.7 40.8 5.5 0.8 202306 ­19.0 34.0 ­13.4 72.2 ­4.2 7.1 0.0 239.7 116.1 MRPL 94.4 5.4 17.4 1.7 202306 ­34.4 ­62.6 7.7 ­84.0 0.4 19.7 2.2 99.4 49.2 Vinati Organics [1] 1844.9 42.8 43.1 8.6 202306 ­14.9 ­17.8 15.8 19.9 ­2.6 30.3 0.0 2193.5 1693.1
Gillette India 5991.6 109.2 54.9 19.8 202306 12.0 35.7 9.8 22.9 ­4.7 46.5 0.0 6419.2 4140.0 Macrotech Devel. 740.6 15.8 47.0 5.8 202306 ­39.6 ­34.1 ­18.4 15.8 ­6.8 8.8 0.9 819.9 355.5 V­Mart Retail 2065.1 ­25.4 4.8 202306 15.4 ­207.3 23.1 ­182.6 ­2.6 5.1 1.3 3162.0 1947.6
Gland Pharma [1] 1691.8 47.4 35.7 3.5 202306 41.1 ­15.3 ­3.1 ­28.4 ­0.3 14.0 0.0 2241.4 861.5 Mah. Scooters 7539.9 170.0 44.3 0.5 202306 ­27.4 ­66.4 10.1 36.9 0.4 0.9 0.0 7826.9 4051.1 Vodafone Idea 11.3 ­6.1 ­0.7 202306 1.9 ­207.4 6.5 ­5.7 ­3.6 0.0 0.0 12.4 5.7
Glaxosmi. Pharma 1557.1 36.1 43.1 15.2 202306 2.2 3.3 ­1.1 49.1 ­2.6 33.9 0.0 1623.0 1228.0 Mahanagar Gas 1020.2 98.5 10.4 2.4 202306 5.7 98.9 45.1 68.4 ­3.1 26.6 0.0 1144.8 772.0 Voltas [1] 865.3 10.0 86.8 5.3 202306 21.7 18.7 13.4 ­32.8 ­3.2 9.5 0.1 935.7 737.6
Glenmark Pharma [1] 802.3 31.7 25.3 2.4 202306 22.6 ­8.1 11.7 ­7.7 ­6.3 14.3 0.5 879.2 363.8 Mahindra Holiday 402.4 4.2 94.8 ­15.4 202306 1.6 ­99.4 12.4 ­27.9 ­3.1 4.5 0.0 423.4 237.8 VST Industries 3561.2 209.5 17.0 4.7 202306 10.9 ­3.9 10.0 ­4.0 0.4 37.3 0.0 3865.4 2912.6
Global Health [2] 693.6 13.8 50.4 7.7 202306 25.2 73.8 23.9 73.3 ­1.3 16.5 0.6 731.9 391.1 Mahindra Life. 555.7 ­0.7 4.8 202306 3.7 ­109.6 79.5 ­109.1 ­4.0 2.1 0.2 599.0 316.1
GMM Pfaudler [2] 1831.2 42.0 43.6 10.2 202306 23.4 23.4 22.8 48.6 ­0.6 18.9 1.2 2189.5 1350.0 Manappuram Fin. [2] 140.8 20.2 7.0 1.2 202306 34.9 75.8 20.1 45.6 ­0.7 11.8 3.0 156.6 90.5 W ....................................................................................................................................................................................................

GMR Airports Inf [1] 58.5 ­0.5 ­44.6 202306 40.2 ­129.9 47.5 ­46.8 ­3.4 0.0 0.0 66.8 34.1 Marico [1] 573.7 10.5 54.6 19.5 202306 ­3.2 15.1 1.4 9.4 ­1.1 42.1 0.2 591.7 463.0 Welspun Corp [5] 388.6 14.1 27.6 2.2 202306 207.9 3924.1 98.7 5.5 ­2.1 6.4 0.5 406.7 177.9
Godfrey Phillips [2] 2049.4 154.4 13.3 3.0 202306 26.2 78.8 30.6 71.5 ­0.9 21.4 0.1 2250.0 1101.0 Maruti Suzuki [5] 10536.5 321.1 32.8 5.2 202306 22.0 143.7 27.9 118.4 0.1 13.9 0.0 10624.8 8076.7 Welspun India [1] 120.9 3.4 35.9 3.0 202306 11.6 621.8 ­8.5 ­22.1 ­2.1 5.9 0.7 129.4 62.2
Godrej Agrovet 480.1 16.9 28.4 4.0 202306 0.0 27.3 6.2 ­16.7 ­2.6 10.6 0.7 532.6 391.2 MAS FINANC SER 880.3 39.2 22.4 3.2 202306 42.5 25.1 44.7 25.6 0.0 11.5 3.7 938.3 680.0 Westlife Food [2] 954.2 7.5 127.4 26.3 202306 14.2 22.3 27.3 111.3 ­3.0 14.7 2.2 1024.6 635.0
Godrej Consumer [1] 985.7 17.3 56.9 7.3 202306 10.5 7.7 9.0 2.9 ­1.6 16.4 0.1 1101.6 793.7 Mastek [5] 2435.5 88.4 27.5 4.4 202306 27.2 ­9.2 21.5 ­10.7 2.0 23.0 0.2 2535.1 1475.5 Whirlpool India 1663.8 16.6 100.4 6.0 202306 ­2.0 ­10.6 ­4.5 ­35.0 1.3 8.2 0.0 1709.1 1218.2
Godrej Industrie [1] 560.7 28.2 19.9 2.4 202306 12.0 ­12.7 12.8 22.3 ­2.6 9.7 2.3 600.0 395.2 Max Financial [2] 917.4 11.9 77.3 9.0 202306 180.2 55.6 30.9 42.0 ­2.0 10.4 0.1 967.9 599.3 Wipro [2] 418.7 21.2 19.7 3.0 202306 6.0 12.0 11.4 0.9 ­5.1 17.1 0.3 443.6 351.9
Godrej Propert. [5] 1538.7 23.4 65.7 4.6 202306 282.6 174.3 48.4 70.9 ­7.4 5.6 0.7 1768.8 1005.7 Max Healthcare 543.3 12.1 45.1 7.1 202306 20.4 38.9 19.5 83.5 ­5.3 13.9 0.1 630.0 388.1
Granules India [1] 336.7 17.6 19.1 3.0 202306 ­3.3 ­62.5 13.8 4.0 1.7 19.3 0.4 381.3 267.9 Mazagon Dock 2199.8 59.9 36.7 9.3 202306 ­2.6 39.8 15.1 64.7 ­3.0 28.5 0.0 2483.0 412.5 Y ......................................................................................................................................................................................................

Graphite India [2] 493.7 9.1 54.5 1.9 202306 ­13.7 ­225.0 ­5.9 ­53.3 ­2.6 7.2 0.1 548.2 251.8 Medplus Health [2] 782.7 4.2 185.5 6.3 202306 29.3 18.4 27.0 ­3.9 ­3.0 5.6 0.6 977.5 570.0 Yes Bank [2] 17.7 0.3 66.1 1.3 202306 25.5 10.4 22.3 ­34.6 ­3.3 0.0 0.0 24.8 14.4
Grasim Inds [2] 1911.3 99.1 19.3 1.6 202306 10.8 ­18.5 16.2 ­11.9 ­3.1 9.0 1.2 1988.8 1528.0 Metro Brands [5] 1091.2 12.9 84.8 19.2 202306 14.7 ­11.4 28.0 6.7 1.0 24.8 0.6 1127.9 737.0
Grindwell Norton [5] 2089.7 33.1 63.1 12.8 202306 4.8 4.9 16.3 13.2 1.1 28.3 0.0 2494.6 1717.5 Metropolis Healt [2] 1415.8 27.0 52.4 7.3 202306 ­1.0 ­13.8 ­3.0 ­19.9 ­4.0 17.2 0.3 1789.0 1176.1 Z ......................................................................................................................................................................................................

Guj Pipavav Port 126.3 7.1 17.8 2.6 202306 4.1 3.7 17.3 49.9 ­3.8 17.5 0.0 141.4 81.1 Minda Corp [2] 330.0 11.6 28.5 5.0 202306 6.4 ­13.9 27.3 32.0 ­3.9 16.2 0.4 355.5 187.0 Zee Entertainment [1] 265.3 2.2 122.6 2.4 202306 7.6 ­51.9 ­0.3 ­79.6 ­3.1 13.5 0.0 290.5 172.3
Guj. Ambuja Exp [1] 314.7 12.5 25.2 3.0 202306 ­8.6 ­38.1 ­2.4 ­39.9 8.0 17.8 0.1 326.6 224.2 Mishra Dhatu Nig 397.5 8.4 47.4 5.8 202306 66.4 5.3 10.7 ­10.5 ­5.4 10.7 0.3 448.0 172.8 Zensar Tech. [2] 516.6 18.1 28.6 3.9 202306 2.0 108.0 8.0 4.7 ­2.1 14.6 0.1 575.0 202.0
Guj.St.Petronet 287.4 26.6 10.8 1.7 202306 ­25.8 ­29.2 ­17.0 ­6.7 2.9 34.2 0.1 310.6 215.1 MMTC [1] 57.4 3.0 18.9 6.1 202306 ­85.8 ­119.7 ­73.4 415.4 ­6.8 0.0 0.0 70.3 26.4 ZF Commercial [5] 15486.2 187.2 82.7 12.2 202306 21.1 59.8 26.8 93.9 0.8 18.7 0.0 16731.0 8592.1
Gujarat Alkalies 698.0 22.0 31.7 0.8 202306 ­19.1 ­129.9 3.1 ­76.5 ­5.9 10.6 0.1 949.5 556.1 Motherson Wiring [1] 63.7 1.1 58.2 21.2 202306 11.5 ­2.2 17.5 ­0.7 ­3.0 42.7 0.3 71.2 45.2 Zomato Ltd [1] 99.9 ­0.9 4.4 202306 70.9 ­98.9 69.7 42.0 ­3.1 0.0 0.0 105.0 44.4
Gujarat Fluoroch [1] 2994.1 111.4 26.9 6.0 202306 ­9.3 ­34.3 27.1 30.2 ­4.1 29.4 0.3 4173.0 2534.1 Motil.Oswal.Fin. [1] 855.7 96.3 8.9 2.0 202306 100.4 1585.6 18.5 27.4 0.3 13.0 1.4 960.0 550.8 Zydus Lifesci. [1] 595.6 28.7 20.8 3.4 202306 28.8 107.1 21.2 39.7 ­7.8 16.3 0.2 668.5 350.3
Gujarat Gas [2] 439.7 19.8 22.2 4.3 202306 ­26.9 ­43.5 ­17.4 13.2 ­2.6 30.6 0.1 539.0 438.9 Mphasis 2484.6 86.5 28.7 5.9 202306 ­4.7 ­1.5 7.5 9.3 ­0.3 26.4 0.1 2551.0 1660.7 Zydus Wellness 1600.1 48.0 33.4 2.0 202306 0.9 ­10.9 7.4 ­4.0 ­0.5 5.8 0.1 1791.2 1363.9

CM
YK ... . . . . .. .BM­BME
 Safe Investing . bl . 9
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

Venkatasubramanian K
bl. research bureau
A secure Bank FD interest rates (%)
Bank <1 year
1 to 2 2 to 3 3 to 5
w.e.f
ALERTS.
Unsolicited insurance

way to save
years years years
Interest rates are expected to re­ calls, messages
main at present levels for the
FOREIGN BANKS
foreseeable future. Any cuts are
seen only in the middle of the
DBS Bank 4.75 7.25 7.5 6.5 Jul 10
next calendar year. At peak or
near­peak levels, it may be a Deutsche Bank 7 7.5 7.75 7.5 Aug 03
good idea to lock into quality
fixed­income instruments that HSBC 4.5 6.25 7.25 7 Sep 07
offer attractive coupons and Scotia Bank 3.7 3.9 4 4 Sep 01
yields. PRODUCT REVIEW.

GETTY IMAGES/ISTOCKPHOTO
Such being the case, fixed in­ Standard Chartered 6.5 7.5 7.5 7.1 Sep 22
come instruments, especially
Aditya Birla Finance NCD Regulator IRDAI has directed all
those that offer reasonable rates is a safe bet with INDIAN: PUBLIC SECTOR BANKS insurers and insurance
in the 3­5­year band, have be­ intermediaries to take action to
come more attractive. In this re­ attractive coupon Bank of Maharashtra 7 6.75 6 5.75 Apr 17 prevent sending of unsolicited
gard, Aditya Birla Finance is Bank of Baroda 5.75 7.25 7.05 6.5 May 12
commercial communication.
coming out with an offer of non­ Telecom watchdog TRAI has
convertible debentures (NCDs) Bank of India 5.5 7.25 6.75 6.5 Jul 28 issued directions with regard
for investors, across tenors. The AT A GLANCE Whatʼs on offer Canara Bank 6.5 7.25 6.85 6.8 Aug 12
to verification of headers and
offer opens on September 27. message templates by principal
£ Carries highest credit Interest payment mode Tenor Coupon Effective yield
Here’s more on the NCD offer (% per annum) (%) Central Bank of India 5.75 7.1 6.5 6.5 Aug 10 entities to prevent misuse by
rating
for you to take an informed in­ fraudsters who’ve gained
Offering NCDs for tenors Annual 3 years 8.00 7.99 Indian Bank 7.05 7.25 6.7 6.25 Mar 04
vestment call. £ access to such elements.
of 3, 5 and 10 years Cumulative 3 years NA 7.99 Additionally, to strengthen the
Indian Overseas Bank 5.35 7.25 6.8 6.5 Apr 10
HIGH RATINGS Annual 5 years 8.05 8.04 process so only genuine
£ Effective yields across all
Aditya Birla Finance is an NBFC the tenors in 7.99­8.09 Cumulative 5 years NA 8.04 Punjab National Bank 5.8 7.25 7 6.5 Jul 01 communication goes to
(non­banking finance company) per cent range Monthly 10 years 7.80 8.08 consumers, key directions are
Punjab & Sind Bank 6.5 7.4 6.5 6 Sep 01
that carries the highest credit Annual 10 years 8.10 8.09 to be implemented by senders
rating. It is rated AAA with stable State Bank of India 5.75 7.1 7 6.5 Feb 15 of commercial communication
outlook by both ICRA and India in coordination with their
Ratings. This rating indicates Thus, Aditya Birla Finance’s NCDs. The exposure should be FY22. It grew further to ₹85,891 UCO Bank 6 7.05 6.3 6.2 Jun 12 telemarketers/service
that there is the highest degree NCDs offer 16­37 basis points less than 5 per cent of the overall crore as of June 2023. Net in­ Union Bank 5.25 7 6.5 6.7 May 23
providers.
of safety in servicing principal higher yield over secondary mar­ debt portfolio. terest margin improved from
and interest payments, and very ket bonds with similar credit 6.24 per cent in FY22 to 6.84 per INDIAN: PRIVATE SECTOR BANKS
low credit risk. ratings. STEADY METRICS cent in FY23. This has moved up NRIs bank accounts via
The NBFC is offering NCDs Most investors can consider Aditya Birla Finance is a subsidi­ to 6.98 per cent, as of June 2023. Axis Bank 6 7.1 7.1 7.1 Sep 18 SBI YONO
for tenors of three, five and 10 the five­year tenor and annual ary of Aditya Birla Capital. It has Return on assets stood at 2.45
years. The three and five­year payout option as that option of­ the conglomerate’s backing. per cent in FY23, up from 2.3 per Bandhan Bank 4.5 7.85 7.25 7.25 Jul 05
State Bank of India has
tenors have annual and cumulat­ fers the best returns from the The company has been classi­ cent in FY22. This has further introduced a digital facility for
Catholic Syrian 4.25 7.35 5.75 5.75 Jun 22
ive interest payment options. choices available. Those willing fied as an upper­layer NBFC and, inched up to 2.54 per cent as of NRIs to open NRE and NRO
The 10­year NCD series has only to wait for long periods in lieu of among other RBI regulatory ob­ June 2023. Capital adequacy City Union Bank 6.5 7 6.5 6.25 Apr 05 accounts (both savings and
monthly and annual modes of in­ steady coupon payouts at 8.08 ligations, must fulfil the require­ stood at a healthy 16.38 per cent current accounts) through
terest payment. per cent yield that are much ment of listing by FY26. as of March 2023. DCB Bank 6.9 7.55 7.75 7.75 Sep 01
SBI’s YONO. This service is
For those taking the annual higher than 10­year g­sec yields Aditya Birla Finance provides Gross non­performing assets Dhanlaxmi Bank 6.75 7.25 6.5 6.6 Aug 01 designed for NTB or “new to
interest payment option, the 3, 6 (7.15 per cent) can consider the loans to the following segments: stood at 3.1 per cent as of March bank” customers, providing
and 10­year tenors offer coupons tenor as well. Of course, they personal & consumer (19 per 2023, compared to 3.6 per cent Federal Bank 6 7.3 7.05 6.6 Sep 21
them with ease and efficiency
of 8 per cent, 8.05 per cent and must have other fixed­income cent of total AUM), unsecured in March 2022. The net NPA fell in the account­opening
HDFC Bank 6 7.1 7.2 7.25 May 29
8.1 per cent. The effective yields instruments in their portfolio business (10 per cent), secured to 1.7 per cent as of March 2023 process. Customers can track
across all tenors (and interest for diversification and cash business (40 per cent), and cor­ from 2.2 per cent in March 2022. ICICI Bank 6 7.1 7.1 7 Feb 24 the status of their applications
payment modes) ranges from flows. porate/mid­market (31 per Gross NPA has come down fur­ in real­time. This facility
7.99 per cent to 8.09 per cent. Interest is added to your in­ cent). These figures are as of ther to 2.8 per cent as of June IDBI Bank 6.25 7.15 6.5 6.5 Sep 15
eliminates the need for an
Data from ICRA Analytics come and taxed at the applicable March 2023. The company 2023. IDFC First Bank 6.5 7.5 7.25 7 Jul 01 in­person visit to India.
compiled by Axis Bank indicates slab. Tax is also deducted at thrives in generating leads and The key performance metrics
that 3, 5 and 10­year corporate source on the interest payout. disbursing loans mostly via the thus appear reasonably healthy. IndusInd Bank 6.35 7.5 7.25 7.25 Aug 05
bonds that are rated AAA, trade The minimum investment digital modes. Aditya Birla Finance’s NCD
at yields of 7.67 per cent, 7.68 per amount is ₹10,000. The AUM of the company offer is open till October 12. But J & K Bank 6 7.1 7 6.5 Aug 11 Tie up to launch
cent and 7.93 per cent, respect­ Investors can consider park­ stood at ₹80,556 crore as of it would be better to invest early Karnataka Bank 5.25 7.3 6.5 6.5 Jul 20
Real Estate PMS
ively, in the secondary markets. ing reasonable amounts in these FY23, a 46 per cent increase over to get subscription.
Kotak Bank 7 7.25 7 6.5 Sep 13

Karur Vysya Bank 6.5 7.5 7 6.5 Sep 01

RBL Bank 6.05 7.8 7.5 7.1 Jun 01

South Indian Bank 6 7.2 7 6.5 Aug 23

Tamilnad Mercantile Bank 6 7 6.75 6.5 Aug 14

TNSC Bank * 6 7.5 6.6 6.5 Mar 01

Neo­realty investment
Yes Bank 6.35 7.75 7.25 7.25 Sep 04 platform WiseX, in
collaboration with Integrow
SMALL FINANCE BANKS Asset Management, has
launched India’s first sector
AU Small Finance Bank 6.75 7.75 8 7.75 Aug 16
specific Real Estate Portfolio
Equitas Small Finance Bank 6.25 8.5 8.25 7.5 Aug 21 Management Services (PMS).
The fund aims to enable
Fincare Small Finance Bank 6.5 8.11 8.51 8.25 Sep 21 investors in generating alpha
Jana Small Finance Bank 7.75 8.25 8.5 7.25 Aug 15
and risk adjusted returns by
investing in the real estate
Suryoday Small Fin Bank 6 8.5 8.6 8.25 Aug 07 sector in a focused multi­cap
portfolio, according to a press
Ujjivan Small Finance Bank 6.5 8.25 7.75 7.2 Jun 01
release. The investment
approach combines income
*Data as on respective banks’ website on 22 Sep 2023; For each year range, the maximum
offered interest rate is considered; interest rate is for a normal fixed deposit amount below ₹1 generation with the potential
crore. Compiled by BankBazaar.com *Rate as on 25 Aug 2023 for gains.

SIMPLYPUT.

Why Fed Dot Plot spooked global markets

Hari Viswanath
bl. research bureau
Two friends discussing
market trends of the week
got into an interesting
conversation.
Ram: In last Wednesday’s
policy meeting, the US Fed
did not raise interest rates,
signalling a pause. But still,
stock markets across the
world, including India, fell
and bond yields spiked! I
thought a pause in the
interest rate hike cycle was
actually positive for markets.
Not able to understand this
disconnect between Fed
decision and market reaction.
Veena: Ha! The devil was
in the details. Did you see the
Dot Plot?
Ram: No, what is it?
Veena: The Fed holds
eight scheduled Federal
Open Market Committee
(FOMC) policy meetings in a
year, and in four of these it
releases, along with its
summary of economic
projections, something called
a ‘Dot Plot.’ These are
released in March, June,
September and December
meets.
The Dot Plot is a graphical
representation of interest
rate expectations of the
voting and non­voting
FOMC members. Currently,
there are 19 FOMC members
and the Dot Plot indicates
each member’s expectation
of where they expect the
central bank interest rate to
be at the end of the current
year as well as by end of 2024,
25 and 26. Note that the Dot
Plot does not reveal the
CM
YK
names of the members.
For example, the latest Dot
Plot released on Wednesday
indicates that 12 FOMC
members expect the
benchmark Fed Funds rate to
be between 5.5 and 5.75 per
cent (around 5.6 per cent) by
end of 2023 (implying one
more hike this year), while 7
members expect it to be
between 5.25 and 5.5 per cent
(the current Fed Funds rate).
However, market
participants have no clue who
these 12 members are who
expect 25 bps hike by
2023­end. If the 12 include
most of the voting members
and also the Fed Chairman,
Jerome Powell, the
probability of rate hike is
much stronger.
Nevertheless, in the
absence of finer details like
this, investors take the cue
from the interest rate levels
where the dots are crowded
(implying more of consensus
or wisdom of the crowd
view).
Ram: Hmm,
interesting…but I still don’t
understand why markets
were spooked.
Veena: Well, while the Fed
paused on its hiking cycle, its
Dot Plot reflected
hawkishness. Its Dot Plot
now reveals that based on
median of the Dot Plot for
2024, the interest rates are
likely to be only 50 bps lower
than 5.6 per cent projected
median rate (consensus
view) for end 2023. Earlier in
June, the Dot Plot projection
showed that the interest
rates in 2024 would be 100
bps lower than end 2023
level. That was a little bit of a
shock for a market that has
been constantly betting on
interest rate cuts starting
early this year, only to get
pushed back each time.
So, the market reaction
could be a reflection of
market participants addicted
to investing in risk assets in
anticipation of lower interest
rates, finally coming to terms
with the probability that
interest rates may remain
higher for a prolonged period
of time or the ‘higher for
longer’ theme Jerome Powell
has been stressing on is for
real!
Do keep in mind that
markets don’t just focus on
the interest rate policy
decision, but also on
information provided by
Central Bankers, like the Dot
Plots. Some times, even a few
sentences uttered by a
Central Banker with
conviction can move markets
. For example, just 3 words
‘Whatever it takes’ from ECB
Chairman of 2012, Mario
Draghi, on ECB’s
commitment to preserve the
Euro, was strong enough to
boost market confidence that
the Euro Zone crisis could be
resolved at a time when many
believed the Euro would
break.
This time, post the release
of the Dot Plot, the press
conference by Powell did
nothing to assuage the
hawkishness implied by the
Dot Plot. Hence the negative
market reactions globally.
Ram: Do interest rates
follow the path as indicated
in Dot Plot?
Veena: Not at all. For
example, the Fed Dot Plot
released in September 2021
indicated the Fed Funds rate
could be at 0.3 per cent by
end of 2022 and 1 per cent by
end of 2023. The actual rate
at end of 2022 was 4.375 per
cent, and will likely be 5.62
per cent by end 2023.
Ram: Wow! Then how do
markets factor this
information?
Veena: Ha! Markets have
their own way of discounting
info. And maybe, based on
persistency in inflation,
energy prices moving up,
GDP growth remaining
better than expectations,
markets believe the Fed
forecast is highly probable
this time. But as John
Kenneth Galbraith said, ‘the
only purpose of economic
forecasting is to make
astrology look respectable’.
Let’s see whether Fed
members fare better than
astrologers this time.
. . . . . . . . BM­BME
10 . bl . Star Track MF Ratings
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino
NAV Corpus 5 Year 10 Year Ratio NAV Corpus 5 Year 10 Year Ratio
Regular Direct 1 Year 3 Year Regular Direct 1 Year 3 Year
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%) (₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)

★★★ Union Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.8 1072 2.2 1.1 19.4 34.3 21.1 ­ 0.36 ­ Baroda BNP Paribas Bank&Fin Serv . .. . . . . . . . 33.8 90 2.5 1.5 8.7 22.6 10.9 13.3 0.16
★★ DSP Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 143.2 12083 1.8 0.9 22.8 34.9 20.5 25.7 0.35 ­ Taurus Banking & Fin Serv . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.1 9 2.4 1.7 14.4 26.0 13.4 14.4 0.21
★★ Franklin Ind Smaller Companies . . . . . . . .. . . . . . 124.1 9595 1.8 0.8 30.4 38.3 18.1 22.7 0.30
EQUITY ­ SECTOR ­ IT FUNDS
★ Aditya Birla SL Small Cap . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.9 4510 1.9 0.8 22.9 30.8 12.7 19.1 0.21
★ Sundaram Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 189.0 2582 2.0 0.9 24.1 35.8 18.0 21.5 0.28
★★★★★ Aditya Birla SL Digital India . . . . . . . . . . . . . . . . . .. . . . . . 141.1 3904 1.9 0.8 27.5 26.0 21.2 19.8 0.41
­ ICICI Pru Smallcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 66.8 6989 1.8 0.7 22.2 38.1 22.5 18.2 0.38
★★★★ ICICI Pru Technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 155.3 11159 1.8 0.9 22.6 24.6 20.6 20.5 0.40
★★★ Tata Digital India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.9 7863 1.7 0.4 23.0 24.7 19.2 ­ 0.38
EQUITY ­ FOCUSED FUNDS ★★ SBI Technology Opport . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 97.1 3216 2.0 0.9 26.3 25.1 20.3 18.3 0.42
★ Franklin Ind Technology . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 365.7 946 2.2 1.0 34.3 19.1 17.5 16.2 0.37
★★★★★ 360 ONE Focused Equity. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.5 4438 1.9 0.9 18.5 25.3 19.1 ­ 0.33
★★★★★ ICICI Pru Focused Equity . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.1 4854 1.9 0.7 18.6 25.4 13.7 14.7 0.30 EQUITY ­ SECTOR ­ PHARMA FUNDS
★★★★ Quant Focused. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 64.6 367 2.4 0.8 9.4 25.7 15.0 19.1 0.28
­ Nippon Ind Pharma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 343.4 5545 1.9 1.0 24.6 14.9 16.2 16.9 0.44
★★★★ Sundaram Focused . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 124.6 909 2.3 1.3 13.1 23.8 15.0 15.5 0.28
­ SBI Healthcare Opport . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 173.8 2033 2.1 1.0 27.0 16.4 16.2 14.9 0.40
★★★ Aditya Birla SL Focused Equity . . . . . . . . . . . .. . . . . . 103.1 6151 1.9 0.9 12.6 21.1 12.4 14.8 0.23
­ Tata India Pharma & Healthcare . . . . . . . . .. . . . . . . . 19.8 659 2.4 0.9 21.0 13.5 15.7 ­ 0.43
★★★ Franklin Ind Focused Equity . . . . . . . . . . . . . . . . .. . . . . . . . 79.9 9359 1.8 0.8 14.3 31.3 15.7 18.7 0.28
­ UTI Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 139.9 776 2.4 1.4 22.8 12.4 14.5 13.0 0.36
★★★ HDFC Focused 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 154.0 6166 1.8 0.5 19.3 33.2 15.1 16.5 0.27
★★★ Nippon Ind Focused Equity . . . . . . . . . . . . . . . . . .. . . . . . . . 94.2 6977 1.9 1.2 14.8 29.2 15.7 20.5 0.26 HYBRID ­ AGGRESSIVE HYBRID FUNDS
★★★ SBI Focused Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 262.1 29474 1.6 0.7 10.9 22.8 14.4 18.0 0.26
bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino
NAV Corpus 5 Year 10 Year Ratio ★★ Axis Focused 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.2 14695 1.7 0.7 0.8 13.5 8.8 13.8 0.13 ★★★★★ ICICI Pru Equity & Debt . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 280.5 25275 1.7 1.1 20.2 30.6 16.5 17.4 0.37
Regular Direct 1 Year 3 Year
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%) ★★ Motilal Oswal Focused . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.3 1692 2.1 1.0 8.5 17.1 11.3 14.2 0.20 ★★★★★ Quant Absolute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 324.3 1335 2.1 0.8 3.7 27.6 19.9 19.0 0.44
★ Bandhan Focused Equity . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.1 1332 2.1 0.8 11.8 15.5 9.6 12.0 0.16 ★★★★ BOI AXA Mid & Small Cap Eq&Debt. . . . .. . . . . . . . 27.5 463 2.5 1.6 19.0 27.4 15.6 ­ 0.29
★ DSP Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.6 1976 2.1 1.1 12.3 18.8 11.8 14.6 0.19 ★★★★ Canara Robeco Equity Hybrid . . . . . . . . . . . . .. . . . . . 274.8 8987 1.8 0.6 10.6 17.0 12.9 14.9 0.30
­ JM Focused . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.7 52 2.5 1.6 22.4 25.0 11.8 15.8 0.18 ★★★★ Mirae Asset Hybrid Equity . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.0 7722 1.7 0.4 12.2 18.1 12.3 ­ 0.27
EQUITY FUNDS ★★★ DSP Equity & Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 265.5
★★★ Franklin Ind Equity Hybrid . . . . . . . . . . . . . . . . . . . .. . . . . . 205.3
8121
1480
1.8
2.1
0.8
0.8
14.0
14.4
18.6
20.8
13.1 15.0
12.0 14.1
0.26
0.25
EQUITY ­ VALUE FUNDS
★★★ HDFC Hybrid Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 95.0 20789 1.7 1.1 14.3 22.5 13.2 14.4 0.28
EQUITY ­ LARGE CAP FUNDS
★★★★★ Bandhan Sterling Value . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 111.2 6650 1.8 0.7 20.2 36.8 16.3 19.1 0.26 ★★★ Kotak Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46.6 4171 1.8 0.5 12.4 21.8 14.2 13.2 0.28
★★★★★ ICICI Pru Value Discovery . . . . . . . . . . . . . . . . . . . . . .. . . . . . 327.0 32754 1.6 1.1 24.9 30.8 16.6 19.9 0.35 ★★★ SBI Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 225.0 59810 1.5 0.8 8.7 17.6 12.0 14.7 0.26
★★★★★ Canara Robeco Bluechip Equity . . . . . . . . .. . . . . . . . 46.4 10090 1.7 0.5 11.7 19.7 14.4 14.5 0.28
★★★★ JM Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 69.6 223 2.5 1.8 34.5 33.1 17.7 19.1 0.30 ★★★ Sundaram Aggressive Hybrid . . . . . . . . . . . . . .. . . . . . 125.0 3524 1.9 0.7 8.9 18.5 10.3 14.2 0.22
★★★★★ ICICI Pru Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 79.0 40079 1.6 1.0 18.0 24.9 13.6 15.3 0.25
★★★★ Nippon Ind Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 151.2 5575 1.9 1.2 19.2 29.2 16.3 18.0 0.28 ★★★ UTI Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 301.0 4788 1.9 1.3 16.8 23.3 12.2 13.4 0.25
★★★★★ Nippon Ind Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.6 15855 1.7 0.9 20.9 30.0 14.3 17.0 0.25
★★★ HSBC Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 74.3 9237 1.8 0.8 25.9 29.3 15.6 20.3 0.27 ★★ HSBC Aggressive Hybrid . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.8 4914 1.9 0.8 13.1 16.6 9.9 13.9 0.19
★★★★ Axis Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46.5 32153 1.6 0.6 4.7 15.1 11.3 13.8 0.21
★★★ Tata Equity P/E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 247.3 5953 1.9 0.9 18.7 23.7 12.9 18.5 0.22 ★★ LIC MF Aggressive Hybrid . . . . . . . . . . . . . . . . . . . . . .. . . . . . 149.7 570 2.5 1.4 9.3 13.9 9.1 9.1 0.19
★★★★ Baroda BNP Paribas Large Cap . . . . . . . . . . .. . . . . . 161.4 1490 2.1 1.0 13.9 20.6 14.3 14.7 0.27
★★★ Templeton India Value . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 90.1 1267 2.2 0.7 20.7 36.1 15.4 16.6 0.26 ★★ Tata Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 349.5 3387 2.0 1.0 10.6 19.5 11.3 13.5 0.24
★★★★ Edelweiss Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.8 531 2.4 0.8 15.7 21.3 12.7 14.5 0.22
★★★ UTI Value Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 117.5 7540 1.8 1.1 13.9 24.0 14.1 13.9 0.25 ★ Aditya Birla SL Equity Hybrid '95 . . . . . . . .. . . 1171.4 7189 1.8 1.1 10.3 18.2 9.6 13.1 0.17
★★★★ Mirae Asset Large Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 87.8 35349 1.5 0.5 11.2 20.0 12.5 17.0 0.23
★★ HDFC Capital Builder Value . . . . . . . . . . . . . . . . . .. . . . . . 511.6 5684 1.9 1.0 15.8 24.9 11.6 16.1 0.20 ★ Nippon Ind Equity Hybrid . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 79.6 3026 2.0 1.3 16.3 22.8 7.6 12.8 0.11
★★★ Aditya Birla SL Frontline Equity . . . . . . . . . .. . . . . . 393.1 23427 1.7 1.0 13.6 22.9 12.5 14.6 0.22
★★ Quantum Long Term Equity Value . . . . .. . . . . . . . 93.2 907 2.0 1.1 17.1 24.0 11.3 14.1 0.21 ­ Bandhan Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.2 615 2.4 1.1 11.8 19.1 11.0 ­ 0.21
★★★ HDFC Top 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 865.4 25423 1.7 1.1 19.3 27.0 13.1 15.1 0.24
★ Aditya Birla SL Pure Value . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 93.2 4697 1.9 1.1 27.4 28.5 11.1 18.9 0.18 ­ Edelweiss Aggressive Hybrid . . . . . . . . . . . . . . .. . . . . . . . 46.5 823 2.2 0.6 16.7 22.3 13.3 14.0 0.28
★★★ Invesco India Largecap . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.7 797 2.2 0.8 12.7 20.1 12.4 14.0 0.22
­ Groww Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.6 10 2.3 1.1 14.6 21.4 9.6 ­ 0.16 ­ JM Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 86.6 55 2.4 1.3 23.4 24.5 13.5 13.4 0.31
★★★ Kotak Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.0 6370 1.8 0.6 12.7 21.3 13.1 14.5 0.23
­ PGIM India Hybrid Equity . . . . . . . . . . . . . . . . . . . . . .. . . . . . 101.6 225 2.3 0.7 11.0 14.6 8.8 10.5 0.16
★★★ SBI Blue Chip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.4 38881 1.6 0.9 14.1 23.5 13.5 15.8 0.24
­ Shriram Aggressive Hybrid . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.1 48 2.6 0.9 7.5 14.2 8.9 ­ 0.18
★★★ Tata Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 379.3 1593 2.2 1.2 13.6 23.1 12.7 13.1 0.22 EQUITY ­ TAX SAVING (ELSS) FUNDS
★★★ UTI Mastershare Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 214.7 11314 1.7 0.8 10.5 20.8 12.1 13.9 0.21 HYBRID ­ BALANCED ADVANTAGE FUNDS
★★ Bandhan Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.4 1149 2.1 1.0 11.0 18.2 11.5 12.1 0.21 ★★★★★ Bank of India Tax Advantage . . . . . . . . . . . . . . . .. . . . . . 118.8 843 2.3 1.2 16.9 25.9 18.2 17.6 0.31
★★ HSBC Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 359.9 1535 2.2 1.2 12.4 20.3 11.9 13.3 0.21 ★★★★★ Mirae Asset Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.9 17630 1.6 0.7 15.8 24.3 16.4 ­ 0.31 ★★★★★ Edelweiss Balanced Advantage . . . . . . . . . .. . . . . . . . 40.1 9395 1.7 0.5 10.3 15.1 11.6 11.7 0.35
★★ LIC MF Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.1 1320 2.2 1.2 6.8 17.9 11.3 12.5 0.20 ★★★★★ Quant Tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 274.2 4606 1.9 0.8 8.7 34.6 24.0 23.9 0.43 ★★★★ Aditya Birla SL Bal Advantage . . . . . . . . . . . . . .. . . . . . . . 83.0 6795 1.8 0.7 11.0 14.8 10.4 11.6 0.25
★★ PGIM India Large Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 271.8 489 2.4 0.9 12.4 17.9 10.9 12.9 0.19 ★★★★ Bandhan Tax Advantage (ELSS) . . . . . . . . . .. . . . . . 118.8 5073 1.8 0.6 18.7 31.0 16.2 18.5 0.28 ★★★★ ICICI Pru Balanced Advantage . . . . . . . . . . . . .. . . . . . . . 57.7 49102 1.5 0.9 11.1 15.4 11.2 12.6 0.26
★ DSP Top 100 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 335.5 2975 2.0 1.3 14.7 19.6 11.0 12.3 0.17 ★★★★ Canara Robeco Equity Tax Saver . . . . . . . .. . . . . . . . 40.4 5981 1.8 0.6 10.1 22.2 15.5 16.1 0.28 ★★★ Bandhan Balanced Advantage . . . . . . . . . . . .. . . . . . . . 19.6 2355 1.9 0.6 8.2 10.3 8.5 ­ 0.17
★ Franklin Ind Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 767.8 6769 1.8 0.8 11.6 22.9 10.7 12.7 0.18 ★★★★ DSP Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 96.3 11863 1.7 0.8 16.6 26.5 16.1 18.1 0.29 ★★★ DSP Dynamic Asset Allocation . . . . . . . . . . . .. . . . . . . . 21.8 3398 1.9 0.7 7.7 9.8 8.5 ­ 0.23
­ Groww Largecap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.2 95 2.3 1.0 9.7 17.9 9.5 11.7 0.16 ★★★★ Kotak Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 87.1 4089 1.8 0.6 15.7 25.3 15.8 17.5 0.28 ★★★ HSBC Balanced Advantage . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.6 1374 2.1 0.8 10.8 8.9 8.0 11.5 0.22
­ JM Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 116.1 47 2.5 1.7 16.2 18.8 12.1 12.8 0.36 ★★★★ Union Tax Saver (ELSS) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.0 696 2.4 1.5 14.1 24.6 15.4 14.1 0.29 ★★★ Invesco India Balanced Advantage . . . .. . . . . . . . 41.8 621 2.3 1.0 10.9 12.5 8.1 11.1 0.15
­ Taurus Largecap Equity . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 116.9 35 2.6 2.5 4.3 18.2 9.5 11.2 0.16 ★★★ Baroda BNP Paribas ELSS . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 66.2 724 2.3 1.1 13.6 18.5 13.2 14.7 0.25 ★★ Sundaram Balanced Advantage . . . . . . . . .. . . . . . . . 28.4 1533 2.1 0.6 7.3 9.8 6.8 9.7 0.20
★★★ Franklin Ind Taxshield . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1053.6 5247 1.8 0.8 18.8 28.8 13.5 16.1 0.23 ★★ UTI­Unit Linked Insurance . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.8 5294 1.6 0.9 6.1 10.8 6.5 9.0 0.12
★★★ HDFC Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 951.8 11286 1.8 1.2 19.9 28.1 13.0 15.5 0.23 ★ Bank of India Balanced Advantage . . . .. . . . . . . . 20.5 102 2.5 1.6 10.5 11.9 6.7 ­ 0.12
EQUITY ­ LARGE & MID CAP FUNDS
★★★ ICICI Pru Long Term Equity . . . . . . . . . . . . . . . . . . .. . . . . . 681.7 11228 1.7 1.1 13.9 24.5 12.8 16.1 0.23 ­ HDFC Balanced Advantage . . . . . . . . . . . . . . . . . . .. . . . . . 381.1 61599 1.5 0.8 22.3 29.7 15.3 16.1 0.31
★★★ Invesco India Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 90.2 2167 2.0 0.8 14.6 19.8 12.3 16.9 0.21 ­ Motilal Oswal Balance Advantage . . . . . .. . . . . . . . 18.6 735 2.4 1.2 18.7 11.9 9.2 ­ 0.22
★★★★★ Mirae Asset Emerging Bluechip . . . . . . . . . . .. . . . . . 112.4 28439 1.6 0.7 16.4 25.3 17.6 24.5 0.33
★★★ Motilal Oswal Long Term Equity . . . . . . . . .. . . . . . . . 32.5 2535 1.9 0.7 21.5 26.9 13.5 ­ 0.23 ­ Nippon Ind Balanced Advantage . . . . . . . .. . . . . . 138.6 6957 1.8 0.5 9.9 14.5 9.8 12.3 0.24
★★★★★ Quant Large & Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 83.3 1033 2.2 0.8 13.5 28.0 17.5 21.2 0.35
★★★★ HDFC Large and Mid Cap . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 242.7 11198 1.8 1.0 22.4 32.1 17.0 14.2 0.30 ★★★ PGIM India ELSS Tax Saver . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.3 560 2.3 0.9 13.6 25.4 14.3 ­ 0.27
HYBRID ­ EQUITY SAVINGS FUNDS
★★★★ Kotak Equity Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 244.1 15013 1.7 0.5 17.4 25.7 16.5 17.5 0.30 ★★★ SBI Long Term Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 292.3 15587 1.7 1.0 26.2 27.9 15.5 16.0 0.28

★★★★ SBI Large & Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 204.7 14682 1.7 0.9 15.0 28.9 16.3 18.2 0.29 ★★★ Sundaram Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 386.4 1084 2.3 1.8 12.7 25.1 13.1 17.0 0.24
★★★★★ Edelweiss Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.4 286 1.6 0.6 9.4 10.3 8.7 ­ 0.39
★★★★ Tata Large & Mid Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 407.8 5125 1.9 0.9 14.8 25.1 16.6 16.3 0.31 ★★★ Tata India Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.2 3556 1.9 0.8 14.0 23.5 13.8 16.5 0.24
★★★★★ Sundaram Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 57.1 588 2.3 0.6 10.4 14.4 10.1 9.0 0.38
★★★ Bandhan Core Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 87.9 2847 2.0 0.8 22.1 27.1 14.3 15.1 0.25 ★★★ UTI Long Term Equity (Tax Saving) . . . .. . . . . . 159.1 3141 1.9 0.9 9.6 22.3 13.2 14.2 0.23
★★★★ HDFC Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.6 2978 2.0 1.1 10.0 14.3 8.9 9.8 0.27
★★★ Canara Robeco Emerging Equities . . . .. . . . . . 181.3 17939 1.7 0.6 9.4 22.7 14.6 23.0 0.25 ★★ Axis Long Term Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.9 31411 1.6 0.8 5.3 16.4 10.5 16.9 0.17
★★★★ Kotak Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 21.2 2936 2.0 0.9 10.9 11.6 9.1 ­ 0.29
★★★ DSP Equity Opport. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 426.5 8869 1.8 0.8 17.5 25.2 14.8 17.0 0.27 ★★ Edelweiss Long Term Equity . . . . . . . . . . . . . . . .. . . . . . . . 80.9 256 2.3 0.7 12.5 21.6 12.4 14.0 0.22
★★★ Axis Equity Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.2 888 2.3 1.0 8.1 11.1 8.1 ­ 0.21
★★★ Edelweiss Large & Mid Cap . . . . . . . . . . . . . . . . . . .. . . . . . . . 61.6 2197 2.0 0.5 12.9 24.8 15.2 16.0 0.28 ★★ HSBC ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 91.6 3295 1.9 1.1 13.8 20.7 10.8 14.7 0.18
★★★ DSP Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.8 661 1.4 0.6 8.5 11.3 7.8 ­ 0.18
★★★ ICICI Pru Large & Mid Cap . . . . . . . . . . . . . . . . . . . . . .. . . . . . 680.3 9365 1.8 1.0 19.3 31.5 16.1 15.8 0.30 ★★ LIC MF ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 113.7 956 2.3 1.3 11.0 21.0 12.1 14.5 0.21
★★★ HSBC Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.0 156 1.5 0.6 11.0 13.4 8.5 8.9 0.23
★★★ Navi Large & Midcap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.4 270 2.3 0.4 13.6 24.8 14.5 ­ 0.25 ★★ Quantum Tax Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 92.8 137 2.0 0.9 17.1 24.0 11.3 14.1 0.21
★★★ ICICI Pru Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.4 6461 1.0 0.5 10.2 10.6 8.1 ­ 0.21
★★★ Sundaram Large and Mid Cap . . . . . . . . . . . . .. . . . . . . . 62.7 5477 1.8 0.7 11.3 23.6 13.5 17.2 0.22 ★ Aditya Birla SL ELSS Tax Relief '96 . . . . . .. . . . . . 170.9 14050 1.7 0.9 10.3 13.2 7.0 14.6 0.10
★★★ SBI Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.9 2758 1.2 0.7 12.4 13.6 9.7 ­ 0.25
★★★ UTI Core Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 122.7 1926 2.1 1.3 20.5 29.1 14.5 14.6 0.26 ★ Nippon Ind Tax Saver (ELSS) . . . . . . . . . . . . . . . .. . . . . . . . 92.7 12544 1.7 1.0 15.7 28.0 10.5 15.9 0.17
★★ PGIM India Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.0 100 1.3 0.5 6.8 9.7 7.0 8.4 0.17
★★ BOI Large & Mid Cap Equity . . . . . . . . . . . . . . . . . .. . . . . . . . 64.6 230 2.5 1.6 12.9 23.4 13.2 13.5 0.21 ­ HSBC Tax Saver Equity . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.8 197 2.5 1.3 12.8 22.8 12.2 15.1 0.21
★★ Tata Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.3 132 1.1 0.4 8.3 10.0 7.6 7.4 0.22
★★ Invesco India Growth Opport . . . . . . . . . . . . . .. . . . . . . . 60.4 4072 1.9 0.7 14.1 20.7 12.7 15.8 0.22 ­ JM Tax Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.1 90 2.4 1.4 18.8 26.7 16.2 17.9 0.28
★ Aditya Birla SL Equity Sav . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.8 482 1.1 0.6 8.7 10.4 7.5 ­ 0.16
★★ LIC MF Large & Midcap. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.0 2198 2.0 0.8 7.2 21.4 13.2 ­ 0.23 ­ Mahi Manu ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.2 656 2.3 0.7 16.6 26.3 14.0 ­ 0.26
★ Nippon Ind Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.8 236 1.7 0.8 10.6 11.2 1.7 ­ ­0.05
★★ Nippon Ind Vision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 988.2 3503 2.0 1.5 16.3 26.1 13.4 15.4 0.23 ­ Navi ELSS Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.4 61 2.3 0.4 14.8 19.8 11.2 ­ 0.19
­ Bandhan Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.1 84 1.4 0.4 7.4 8.6 6.8 6.6 0.16
★ Aditya Birla SL Equity Advantage . . . . . . .. . . . . . 115.3 5244 1.9 1.1 12.0 20.1 11.1 16.2 0.17 ­ Sundaram Diversified Equity . . . . . . . . . . . . . . .. . . . . . . . 14.0 1638 2.2 1.6 11.5 23.6 11.5 14.2 0.18
­ LIC MF Equity Sav . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.0 10 2.0 1.1 8.0 10.1 7.3 7.0 0.17
★ Franklin Ind Equity Advantage . . . . . . . . . . . .. . . . . . 137.8 2846 2.0 1.0 12.3 25.7 11.6 15.0 0.19 ­ Taurus Tax Shield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 138.2 65 2.5 1.8 20.2 20.8 11.9 14.7 0.21
­ Mahi Manu Eq Sav Dhan San Yojana . .. . . . . . . . 17.3 400 2.4 0.7 8.9 13.3 9.7 ­ 0.25

EQUITY ­ FLEXI CAP FUNDS

EQUITY ­ CONTRA FUNDS bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Tracking
NAV Corpus 5 Year 10 Year Error
Regular Direct 1 Year 3 Year
★★★★★ Parag Parikh Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 58.2 40760 1.5 0.7 20.3 24.3 18.6 19.1 0.39 (₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)
­ Invesco India Contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 91.6 11179 1.7 0.6 14.9 23.6 14.2 19.8 0.25
★★★★★ PGIM India Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.9 5881 1.8 0.4 8.9 22.4 16.6 ­ 0.30
­ Kotak India EQ Contra . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 102.2 1793 2.1 0.7 19.4 25.8 14.8 15.9 0.26
★★★★ Canara Robeco Flexi Cap . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 249.1 10133 1.7 0.5 10.5 20.5 14.5 15.0 0.27
★★★★ HDFC Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1334.8 38668 1.6 0.9 21.2 33.6 16.2 17.5 0.29
­ SBI Contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.1 14608 1.7 0.8 24.6 39.1 20.8 17.9 0.39
PASSIVE FUNDS
★★★★ JM Flexicap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 67.7 545 2.4 1.3 24.7 31.1 17.3 18.5 0.32
★★★★ Union Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.7 1609 2.1 0.9 14.6 23.6 15.1 13.7 0.28 EQUITY ­ DIVIDEND YIELD FUNDS
PASSIVE FUNDS ­ TRACKING NIFTY 50 INDEX
★★★ DSP Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.4 8976 1.8 0.8 16.5 23.8 15.0 16.7 0.25
★★★★★ Templeton India Equity Income. . . . . . . . . .. . . . . . . . 99.7 1566 2.2 1.1 19.3 30.3 16.6 16.1 0.32
★★★ Edelweiss Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.5 1295 2.1 0.5 13.1 23.6 13.3 ­ 0.24 ­ HDFC Indx Fund­NIFTY 50 . . . . . . . . . . . . . . . . . . . . .. . . . . . 183.9 9446 0.4 0.2 12.3 21.7 12.8 13.4 0.04
★★★★ ICICI Pru Dividend Yield Equity. . . . . . . . . . . .. . . . . . . . 35.1 2217 2.0 0.7 25.5 33.6 15.4 ­ 0.29
★★★ Franklin Ind Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1169.1 11749 1.8 0.8 18.5 29.6 14.7 16.9 0.26 ­ Nippon Ind ETF Nifty 50 BeES . . . . . . . . . . . . . .. . . . . . 217.0 14110 0.0 ­ 12.7 22.2 13.3 13.8 0.04
★★★ Sundaram Dividend Yield . . . . . . . . . . . . . . . . . . . . .. . . . . . 101.1 568 2.5 1.5 17.4 23.2 13.4 16.2 0.26
★★★ Kotak Flexicap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 61.6 40086 1.5 0.6 14.4 21.7 12.8 16.9 0.22 ­ SBI Nifty 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 205.1 158952 0.0 ­ 12.7 22.2 13.2 ­ 0.04
★★ UTI Dividend Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 123.2 3109 2.0 1.4 20.3 23.2 13.4 14.3 0.26
★★★ SBI Flexicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 85.7 17820 1.7 0.9 11.8 22.9 12.9 17.0 0.23 ­ UTI Nifty ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2111.5 42769 ­ ­ 12.7 22.2 13.2 ­ 0.04
★ Aditya Birla SL Dividend Yield . . . . . . . . . . . . . .. . . . . . 324.0 992 2.3 1.6 26.4 26.1 14.5 14.6 0.25
★★★ UTI Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 169.9 25612 1.6 0.9 5.3 19.0 12.8 15.1 0.21 ­ UTI Nifty 50 Indx Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 133.1 12092 0.3 0.2 12.4 21.9 13.0 13.5 0.04
★★ Aditya Birla SL Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . .. . . 1297.1 17296 1.7 0.9 15.1 22.6 12.8 17.4 0.22 EQUITY ­ THEMATIC ­ CONSUMPTION FUNDS
★★ Bandhan Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 154.0 6120 1.9 1.2 10.4 21.5 10.6 15.5 0.18 PASSIVE FUNDS ­ TRACKING BSE SENSEX INDEX
★★ HSBC Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 152.5 3534 2.0 1.2 17.8 23.0 12.1 15.5 0.19 ★★★★★ Canara Robeco Consumer Trends. . . . . .. . . . . . . . 80.1 1150 2.2 0.9 9.2 24.7 17.0 18.4 0.31
★★ LIC MF Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.1 866 2.4 1.6 14.4 19.1 11.0 11.3 0.21 ★★★★ Mirae Asset Great Consumer . . . . . . . . . . . . . . . .. . . . . . . . 69.6 2589 2.0 0.5 14.2 26.2 15.7 17.5 0.29 ­ HDFC Indx Fund ­ S&P BSE Sensex . . . . .. . . . . . 602.2 5298 0.4 0.2 12.6 21.4 13.1 13.4 0.04
★ Motilal Oswal Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.9 8440 1.8 0.9 11.1 16.2 8.7 ­ 0.14 ★★★★ SBI Consumption Opport. . . . . . . . . . . . . . . . . . . . . .. . . . . . 145.5 1575 2.2 1.1 15.4 33.3 15.6 15.8 0.28 ­ SBI S&P BSE Sensex ETF . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 712.7 96329 0.0 ­ 13.1 21.9 13.6 13.9 0.09
★ Taurus Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 175.3 278 2.6 2.6 11.3 20.3 9.4 11.7 0.15 ★★★ Aditya Birla SL India GenNext . . . . . . . . . . . . . .. . . . . . 162.5 4029 1.9 0.9 10.1 25.0 15.7 18.0 0.28 ­ UTI Sensex ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 708.3 31459 ­ ­ 13.1 21.9 13.6 ­ 0.04
­ Quant Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.2 1909 2.1 0.8 12.1 33.9 22.4 23.5 0.42 ★★★ ICICI Pru FMCG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 443.6 1444 2.2 1.4 16.2 24.6 13.1 14.1 0.28
PASSIVE FUNDS ­ TRACKING NIFTY NEXT 50 INDEX
★★ Tata India Consumer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.2 1625 2.1 0.8 11.8 22.8 12.4 ­ 0.22
EQUITY ­ MULTI CAP FUNDS ★★ UTI India Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.3 510 2.5 1.6 3.7 19.3 10.3 12.0 0.18 ­ ICICI Pru Nifty Next 50 Indx Fund . . . . . . . .. . . . . . . . 39.8 2948 0.7 0.3 2.0 19.5 9.4 14.6 0.03
★ Sundaram Consumption. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 73.3 1277 2.2 1.4 11.5 22.7 12.2 17.1 0.20 ­ Nippon Ind ETF Junior BeES . . . . . . . . . . . . . . . .. . . . . . 479.3 3200 0.2 ­ 2.6 20.3 10.3 15.4 0.03
­ Baroda BNP Paribas Multi Cap . . . . . . . . . . . .. . . . . . 197.8 1881 2.1 1.1 15.4 27.5 15.7 15.0 0.28 ­ Nippon Ind Consumption . . . . . . . . . . . . . . . . . . . . .. . . . . . 148.2 516 2.5 1.4 11.8 28.7 18.4 15.9 0.37 ­ UTI Nifty Next 50 Indx Fund . . . . . . . . . . . . . . . . . .. . . . . . . . 16.1 2455 0.8 0.3 1.9 19.6 9.6 ­ 0.03
­ ICICI Pru Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 556.2 8564 1.8 1.0 20.8 28.9 13.7 16.8 0.24
­ Invesco India Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 92.1 2695 2.0 0.7 15.5 25.3 13.8 19.1 0.23 EQUITY ­ THEMATIC ­ INFRASTRUCTURE FUNDS PASSIVE FUNDS ­ TRACKING BANKING INDEX
­ Nippon Ind Multi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 208.7 20192 1.7 1.0 25.2 38.2 17.7 18.0 0.29
★★★★★ ICICI Pru Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 124.2 2986 2.1 1.5 32.8 45.4 20.3 18.1 0.35 ­ ICICI Pru Nifty Private Bank ETF . . . . . . . . . .. . . . . . 230.0 2052 0.2 ­ 11.1 26.1 ­ ­ 0.05
­ Quant Active . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 504.9 5688 1.8 0.8 10.8 32.2 22.9 23.1 0.41
★★★★★ Quant Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.8 930 2.2 0.8 8.0 43.3 25.5 21.7 0.40 ­ Nippon Ind ETF Nifty Bank BeES. . . . . . . . .. . . . . . 454.9 5808 0.2 ­ 10.6 28.9 11.8 15.6 0.05
­ Sundaram Multi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 276.6 2099 2.1 0.9 12.8 27.1 14.2 17.6 0.25
★★★★ BOI AXA Manufacturing & Infra . . . . . . . . . . . .. . . . . . . . 37.8 128 2.5 1.3 25.0 32.4 18.2 18.0 0.33 ­ Nippon Ind ETF Nifty PSU Bank BeES. . . . . . . . 57.9 1418 0.5 ­ 64.3 59.2 13.0 8.6 0.07

EQUITY ­ MID CAP FUNDS ★★★★ Invesco India Infrastructure . . . . . . . . . . . . . . . . .. . . . . . . . 40.8 601 2.4 1.0 23.9 34.3 19.7 20.6 0.36
PASSIVE FUNDS ­ TRACKING MIDCAP INDEX
★★★★ Tata Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 126.6 1300 2.2 1.4 22.7 39.1 18.8 18.0 0.34
★★★★★ PGIM India Midcap Opport. . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.4 9393 1.7 0.4 5.4 30.5 21.0 ­ 0.37 ★★★ Aditya Birla SL Infrastructure . . . . . . . . . . . . . . .. . . . . . . . 67.9 747 2.5 1.6 32.5 38.4 16.5 17.7 0.27 ­ ICICI Pru Midcap Select ETF . . . . . . . . . . . . . . . . . .. . . . . . 120.7 33 0.2 ­ 11.2 24.8 12.3 ­ 0.67
★★★★★ Quant Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 162.3 2789 2.0 0.8 19.0 38.2 23.0 17.7 0.43 ★★★ Canara Robeco Infrastructure . . . . . . . . . . . . .. . . . . . 100.1 339 2.5 1.2 17.7 35.8 17.8 17.8 0.31 ­ Motilal Oswal Nifty Midcap 100 ETF . . .. . . . . . . . 42.7 370 0.2 ­ 26.3 34.9 17.6 19.2 0.05
★★★★ Axis Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 78.2 22665 1.6 0.5 11.7 23.7 16.9 20.9 0.33 ★★★ DSP India T.I.G.E.R. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 208.9 2471 2.1 1.2 30.7 41.5 19.3 18.8 0.33 ­ Nippon Ind ETF Nifty Midcap 150 . . . . . . .. . . . . . 153.2 995 0.2 ­ 24.6 34.1 ­ ­ 0.05
★★★★ Edelweiss Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 62.5 3666 1.9 0.5 15.6 31.4 18.5 22.5 0.32 ★★★ Franklin Build India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 90.6 1507 2.1 0.9 29.9 40.3 17.9 21.4 0.31
★★★★ Kotak Emerging Equity . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 90.5 33091 1.5 0.4 15.9 31.2 19.2 23.7 0.33 ★★★ Kotak Infra & Economic Reform . . . . . . . . . .. . . . . . . . 45.8 1097 2.2 0.8 23.7 39.0 18.9 20.0 0.32 PASSIVE FUNDS ­ TRACKING SMALLCAP INDEX
★★★★ Nippon Ind Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2746.0 18343 1.7 0.9 24.0 34.3 20.6 20.3 0.36 ★★★ LIC MF Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.6 116 2.5 1.5 22.7 34.4 17.4 14.9 0.30
­ ABSL Nifty Small 50 Indx . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.9 99 1.1 0.5 27.3 ­ ­ ­ 0.07
★★★ Baroda BNP Paribas Mid Cap . . . . . . . . . . . . . . .. . . . . . . . 71.5 1481 2.1 0.6 17.1 29.0 17.5 19.9 0.32 ★★★ SBI Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.6 1209 2.2 1.8 28.2 34.1 19.1 17.8 0.33
­ Nippon Ind Nif Small250 Indx . . . . . . . . . . . . . .. . . . . . . . 23.5 657 1.0 0.3 26.0 ­ ­ ­ 0.07
★★★ HDFC Mid­Cap Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 130.5 47236 1.5 0.9 29.0 34.9 18.9 22.7 0.33 ★★ Bandhan Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.3 768 2.4 1.2 28.0 40.4 15.7 16.0 0.25
★★★ Invesco India Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 106.8 3426 1.9 0.6 19.5 26.9 17.4 21.6 0.31 ★★ HSBC Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.0 1856 2.1 1.1 29.2 37.8 14.8 20.1 0.25 SMART BETA FUNDS
★★★ Motilal Oswal Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 62.3 5735 1.8 0.7 16.7 37.1 19.7 ­ 0.32 ★★ Sundaram Infra Advantage. . . . . . . . . . . . . . . . . . .. . . . . . . . 64.7 716 2.5 2.0 21.0 32.1 15.7 17.3 0.25
★★★ SBI Magnum Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 178.8 12555 1.8 0.9 16.2 35.1 19.7 22.1 0.34 ★ HDFC Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.4 856 2.4 1.7 35.7 42.5 13.7 14.8 0.22 ­ ICICI Pru Nifty 100 Low Vol 30 ETF . . . . . .. . . . . . 163.9 1907 0.4 ­ 16.7 20.0 12.9 ­ 0.03
★★★ Tata Mid Cap Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 307.2 2449 2.0 0.9 21.7 29.1 18.8 21.3 0.34 ★ UTI Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 52.0 1648 2.3 1.9 19.2 31.9 14.8 15.1 0.24 ­ ICICI Pru Alpha Low Vol 30 ETF . . . . . . . . . . . .. . . . . . 202.4 477 0.4 ­ 15.7 19.2 ­ ­ 0.03
★★★ UTI Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 106.9 8881 1.8 0.8 15.5 28.3 17.6 21.7 0.31 ­ Taurus Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.9 7 2.5 2.1 19.0 28.2 13.6 17.6 0.24 ­ Nippon Ind ETF Nifty 50 Value 20 . . . . . . . .. . . . . . 118.3 84 0.3 ­ 21.8 25.4 16.4 ­ 0.04
★★ DSP Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 104.6 15053 1.7 0.8 15.8 20.0 14.5 20.5 0.26 ­ SBI Nifty 200 Quality 30 ETF. . . . . . . . . . . . . . . . . .. . . . . . 175.2 54 0.5 ­ 15.2 19.1 ­ ­ 0.04
★★ Franklin Ind Prima . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1822.9 8745 1.8 0.8 17.0 26.7 14.4 19.4 0.25 EQUITY ­ THEMATIC ­ MNC FUNDS ­ UTI Nif200 Momentum 30 Indx Fund .. . . . . . . . 15.4 2419 0.9 0.5 14.4 ­ ­ ­ 0.03
★★ HSBC Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 251.5 7957 1.8 0.7 19.0 23.1 13.2 20.8 0.22
­ Aditya Birla SL MNC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1072.7 3462 2.0 1.3 10.3 12.1 7.3 15.4 0.11 PASSIVE FUNDS ­ GOLD ETF AND SILVER ETF
★★ ICICI Pru Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 192.0 4317 2.0 1.1 13.2 28.4 15.2 21.0 0.27
★ Aditya Birla SL Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 563.6 4336 1.9 1.1 17.7 29.2 14.1 18.8 0.24 ­ SBI Magnum Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 101.7 6272 1.9 1.2 14.3 22.3 14.8 18.0 0.31
­ UTI MNC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 160.8 2610 2.0 1.2 10.8 16.6 9.4 15.5 0.16 ­ HDFC Gold ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.7 3784 0.6 ­ 17.2 4.3 12.9 6.0 ­
★ Sundaram Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 909.8 8618 1.8 1.0 18.3 28.9 14.1 19.5 0.23
­ ICICI Pru Silver ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 74.6 798 0.4 ­ 26.8 ­ ­ ­ ­
­ LIC MF Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.0 206 2.5 1.6 14.2 24.3 12.6 ­ 0.20
­ Taurus Discovery (Midcap) . . . . . . . . . . . . . . . . . . .. . . . . . . . 96.7 100 2.6 2.2 27.0 27.3 16.8 20.8 0.31 EQUITY ­ SECTOR ­ BANKING FUNDS ­ Nippon Ind ETF Gold BeES . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.2 7936 0.8 ­ 17.0 4.1 12.8 5.9 ­
­ Nippon Ind Silver ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 72.1 871 0.5 ­ 26.5 ­ ­ ­ ­
★★★★★ Sundaram Fin Serv Opport . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.3 831 2.3 0.9 21.8 30.1 15.9 16.6 0.25 ­ SBI Gold ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.8 3150 0.6 ­ 17.0 4.3 13.0 6.0 ­
EQUITY ­ SMALL CAP FUNDS
★★★★ SBI Banking & Fin Serv . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.6 4204 1.9 0.8 9.3 23.8 12.3 ­ 0.19
★★★★ Tata Banking and Fin Serv . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.3 1652 2.1 0.5 19.7 26.1 14.4 ­ 0.23 Source : ACE MF. NAV for the growth option as on 22­09­2023. Returns for regular plans considered.
★★★★★ Nippon Ind Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 121.2 36540 1.6 0.7 30.7 43.1 23.5 29.6 0.39
★★★★★ Quant Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 180.5 8075 1.8 0.8 31.0 46.4 28.9 17.6 0.48 ★★★ ICICI Pru Banking & Fin Serv . . . . . . . . . . . . . . . . .. . . . . . 100.0 6740 1.9 1.0 13.7 27.3 11.7 17.8 0.18

★★★★ AXIS Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.0 15847 1.7 0.6 19.5 33.1 23.5 ­ 0.43 ★★★ Invesco India Fin Serv . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 91.4 547 2.4 1.1 13.8 24.2 12.4 16.4 0.20

★★★★ SBI Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 134.4 20912 1.8 0.7 16.4 32.6 20.4 26.7 0.38 ★★★ Nippon Ind Banking & Fin Serv . . . . . . . . . . . .. . . . . . 463.4 4487 2.0 1.2 17.9 34.5 12.4 17.1 0.19

★★★ HDFC Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 104.0 22560 1.7 0.8 34.0 40.8 19.0 21.0 0.32 ★★ Aditya Birla SL Bank & Fin Serv. . . . . . . . . . . .. . . . . . . . 47.4 2801 2.0 1.1 17.3 29.5 12.2 ­ 0.18

★★★ HSBC Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 61.3 11549 1.7 0.7 27.3 41.6 19.0 ­ 0.31 ★★ LIC MF Banking & Fin Serv . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.4 284 2.5 1.5 14.0 26.2 11.8 ­ 0.18

★★★ Kotak Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 197.1 12286 1.7 0.4 16.6 36.1 22.2 23.5 0.37 ★ UTI Banking and Fin Serv . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 53.7 912 2.3 1.2 11.6 26.8 8.8 13.4 0.13

CM
YK ... . . . . . . BM­BME
 Star Track MF Ratings . bl . 11
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) AA bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) AA bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) AA
NAV Corpus NAV Corpus 3 Year 5 Year & Below NAV Corpus 3 Year 5 Year & Below
Regular Direct 1 Month 3 Month 6 Month 1 Year & Below Regular Direct 1 Year 2 Year Regular Direct 1 Year 2 Year
(₹) (₹ Cr) Absolute Absolute Absolute CAGR (₹) (₹ Cr) CAGR CAGR CAGR CAGR (₹) (₹ Cr) CAGR CAGR CAGR CAGR

★★★ HSBC Medium Duration . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.7 689 1.1 0.4 7.2 4.3 5.5 6.4 13.15 DEBT ­ GILT FUND WITH 10 YEAR CONSTANT DURATION
★★ DSP Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.0 366 0.7 0.4 6.9 4.2 4.6 5.1 ­
CASH FUNDS ★★ Kotak Medium Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.5 1989 1.6 0.6 5.7 3.9 5.2 6.0 18.18 ­ Bandhan G­Secs ­ Constant Maturity. . . . . . . . 39.0 307 0.5 0.3 7.4 2.8 3.8 8.6 ­
★ Nippon Ind Strategic Debt . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.5 126 1.9 1.4 7.3 3.9 9.3 ­1.0 15.68 ­ DSP 10Y G­Sec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.8 52 0.5 0.3 7.8 2.7 3.0 7.1 ­
LIQUID FUNDS ­ Baroda BNP Paribas Med Duration . . . .. . . . . . . . 16.6 37 1.0 0.7 7.2 4.3 4.4 3.6 10.84 ­ ICICI Pru Constant Maturity Gilt . . . . . . . . . .. . . . . . . . 21.1 2237 0.4 0.2 7.8 3.3 4.3 8.7 ­
­ Franklin Ind Income Opport . . . . . . . . . . . . . . . . .. . . . . . . . 24.9 0 ­ ­ 15.6 4.5 4.8 6.1 ­ ­ SBI Magnum Constant Maturity . . . . . . . . . .. . . . . . . . 54.8 1515 0.6 0.3 7.5 3.5 4.1 7.9 ­
­ Aditya Birla SL Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 371.6 39348 0.3 0.2 6.7 6.7 7.0 6.9 0.30 ­ Sundaram Medium Term Bond . . . . . . . . . . .. . . . . . . . 61.7 45 2.2 1.3 5.4 2.2 2.7 4.6 ­
­ Axis Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2566.0 26912 0.2 0.2 6.8 6.7 7.0 6.9 ­ ­ UTI Medium Term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.1 44 1.6 1.0 6.6 4.6 5.3 4.4 27.05
­ HDFC Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4526.7 56547 0.3 0.2 6.7 6.6 6.9 6.8 0.30
DEBT ­ MEDIUM TO LONG DURATION FUNDS DEBT ­ GILT FUNDS
­ HSBC Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2299.4 18269 0.2 0.1 6.8 6.7 6.9 6.8 ­
­ ICICI Pru Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 341.5 42197 0.3 0.2 6.7 6.6 6.9 6.8 ­ ★★★★★ DSP G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 82.7 595 1.1 0.5 7.3 4.2 4.8 8.4 ­
★★★★★ SBI Magnum Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 61.7 1683 1.5 0.8 7.3 4.4 5.0 7.7 19.28
­ Kotak Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4664.4 31624 0.3 0.2 6.7 6.6 6.9 6.8 ­ ★★★★★ SBI Magnum Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 57.3 7196 0.9 0.5 7.8 5.0 5.3 8.4 ­
★★★★ Aditya Birla SL Income . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 109.7 1795 1.1 0.7 7.0 3.9 4.9 7.6 ­
­ Nippon Ind Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 5630.8 28533 0.3 0.2 6.7 6.7 6.9 6.8 ­ ★★★★ Axis Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 21.9 216 1.0 0.4 6.1 3.6 4.3 7.8 ­
★★★★ ICICI Pru Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.7 2898 1.1 0.6 7.5 4.4 4.8 7.4 ­
­ SBI Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3609.7 67084 0.3 0.2 6.7 6.6 6.9 6.8 ­ ★★★★ Edelweiss G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 21.3 137 1.2 0.5 6.2 3.4 5.0 8.1 ­
★★★ Bandhan Bond ­ Income . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 57.4 496 2.0 1.3 6.3 2.7 3.2 6.7 ­
­ Tata Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3633.0 29203 0.3 0.2 6.7 6.7 6.9 6.8 ­ ★★★★ ICICI Pru Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 89.2 4163 1.1 0.6 8.0 5.0 5.6 8.0 ­
★★★ Kotak Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 67.0 1771 1.8 0.6 6.6 3.4 4.3 7.0 ­
­ UTI Liquid Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3783.7 28679 0.3 0.2 6.8 6.7 7.0 6.8 ­ ★★★ Aditya Birla SL G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 70.6 1458 1.1 0.5 7.1 3.7 4.4 7.8 ­
★★★ LICMFMediutoLongDuration Bond . . . .. . . . . . . . 62.9 207 1.2 0.2 7.1 4.2 3.9 6.5 ­
★★★ Nippon Ind Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 78.5 287 1.4 0.6 7.4 4.0 4.1 7.3 ­ ★★★ Bandhan G­Secs ­ Investment . . . . . . . . . . . . .. . . . . . . . 30.4 1453 1.2 0.6 7.2 3.5 4.0 8.3 ­
★★ Canara Robeco Income . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.1 127 1.9 0.8 5.8 2.7 3.4 6.3 ­ ★★★ Kotak Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 84.6 2473 1.5 0.4 7.1 3.9 4.6 7.6 ­
OVERNIGHT FUNDS ★★ HDFC Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.5 622 2.0 0.8 6.0 2.7 3.4 5.7 ­ ★★★ Nippon Ind Gilt Securities . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.2 1402 1.4 0.6 6.7 3.5 3.8 7.6 ­
★ UTI Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 64.1 314 1.6 1.3 6.8 9.4 8.8 4.2 1.56 ★★★ PGIM India Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.3 131 1.5 0.4 6.2 3.4 3.9 6.7 ­
­ HDFC Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3404.1 9149 0.2 0.1 6.5 6.4 6.4 6.3 ­ ★★★ UTI Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.7 537 0.9 0.7 6.9 4.1 4.2 7.2 ­
­ HSBC Medium to Long Duration . . . . . . . . .. . . . . . . . 37.1 44 1.9 0.7 6.0 2.3 3.0 6.1 ­
­ SBI Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3719.8 18222 0.2 0.1 6.5 6.4 6.5 6.3 ­ ★★ Baroda BNP Paribas Gilt . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.7 863 0.5 0.1 7.8 3.6 4.0 6.8 ­
­ JM Medium to Long Duration. . . . . . . . . . . . . . .. . . . . . . . 54.0 23 1.0 0.5 6.6 2.8 3.0 2.5 ­
­ UTI Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3133.9 5546 0.1 0.1 6.6 6.5 6.5 6.4 ­ ★★ HDFC Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.0 2079 0.9 0.5 7.2 3.5 4.0 6.5 ­
DEBT ­ LONG DURATION FUNDS ★★ Tata Gilt Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 68.4 283 1.7 1.0 7.3 4.0 3.9 6.9 ­
★ Franklin Ind G­Secs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.7 129 1.1 0.6 5.6 3.2 3.4 6.4 ­
ARBITRAGE FUNDS ­ ICICI Pru Long Term Bond . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.1 663 1.3 0.8 6.6 2.9 3.2 7.2 ­ ★ HSBC Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 58.0 219 1.7 0.5 5.3 2.8 3.2 6.1 ­
­ Canara Robeco Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 66.0 94 1.3 0.5 6.9 3.7 3.8 6.6 ­
­ Aditya Birla SL Arbitrage . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.5 5406 1.0 0.3 7.2 7.3 7.4 6.9 ­ DEBT ­ DYNAMIC BOND FUNDS ­ Invesco India Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2442.8 23 1.3 0.5 6.3 3.3 3.3 6.2 ­
­ Bandhan Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.7 3931 1.1 0.4 7.2 7.2 7.5 7.0 ­ ­ LIC MF Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 52.4 45 1.5 1.7 6.0 3.4 3.7 7.1 ­
★★★★★ ICICI Pru All Seasons Bond . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.0 11160 1.3 0.6 7.4 5.3 5.8 7.8 19.38
­ Edelweiss Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.1 6675 1.1 0.4 7.6 7.4 7.5 7.0 ­
★★★★★ SBI Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.1 3016 1.4 0.6 7.6 4.9 4.8 7.6 ­
­ HDFC Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.0 6560 1.0 0.5 7.4 7.5 7.5 7.0 ­
★★★★ Axis Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.7 1828 0.7 0.3 6.9 3.8 4.6 7.6 ­
­ ICICI Pru Equity­Arbitrage . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.3 12496 1.0 0.4 8.0 7.6 7.6 7.0 ­ DEBT ­ FLOATER FUNDS
★★★★ DSP Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2924.2 697 1.1 0.5 8.0 4.2 4.5 7.6 ­
­ Invesco India Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.2 6983 1.1 0.4 7.5 7.4 7.7 7.3 0.10
★★★★ Kotak Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.4 2501 1.3 0.4 6.4 3.8 4.5 7.4 ­
­ Kotak Equity Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.0 25860 1.0 0.4 7.4 7.6 7.7 7.2 ­ ★★★★★ HDFC Floating Rate Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.5 18288 0.5 0.3 7.7 5.6 5.7 6.9 5.02
★★★ 360 ONE Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.3 769 0.5 0.3 6.5 4.7 5.7 6.5 ­
­ Nippon Ind Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.5 10408 1.1 0.3 7.3 7.3 7.4 6.8 ­ ★★★★ Nippon Ind Floating Rate . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.3 8161 0.6 0.3 7.3 4.9 5.3 7.2 ­
★★★ Bandhan Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.5 2297 1.6 0.8 6.8 3.1 3.6 7.3 ­
­ SBI Arbitrage Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.8 17701 1.0 0.4 7.5 7.3 7.9 7.4 ­ ★★★ ICICI Pru Floating Interest . . . . . . . . . . . . . . . . . . . . .. . . . . . 371.9 13742 1.3 0.6 7.8 5.3 5.7 6.8 3.96
★★★ HSBC Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.7 189 0.8 0.3 6.1 3.7 3.8 6.5 ­
­ UTI Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.9 3145 0.9 0.4 7.7 7.5 7.5 6.9 ­ ★★ Aditya Birla SL Floating Rate . . . . . . . . . . . . . . . .. . . . . . 304.0 13032 0.5 0.2 7.4 5.6 5.4 6.8 ­
★★★ Nippon Ind Dynamic Bond . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.3 4521 0.7 0.3 7.0 4.0 4.6 6.8 ­
★ Franklin Ind Floating Rate . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.5 323 0.9 0.2 7.6 5.2 4.9 5.7 3.14
★★★ PGIM India Dynamic Bond . . . . . . . . . . . . . . . . . . . .. . . 2288.3 126 1.6 0.4 5.6 3.4 3.8 6.6 ­
bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) AA
NAV Corpus
★★★ UTI Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.0 477 1.5 0.7 6.1 9.7 9.1 5.9 ­
Regular Direct 1 Year 2 Year 3 Year 5 Year & Below bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%) ★★ Canara Robeco Dynamic Bond . . . . . . . . . . .. . . . . . . . 26.0 118 1.8 0.6 6.3 3.5 3.4 5.8 ­ NAV Corpus
Regular Direct 1 Year 3 Year 5 Year 10 Year Ratio
★★ HDFC Dynamic Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 78.2 647 1.7 0.7 6.6 3.3 5.6 5.9 ­ (₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)

★★ Mirae Asset Dynamic Bond . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.3 201 1.1 0.2 6.1 2.9 3.2 6.6 ­
DEBT FUNDS ★ Aditya Birla SL Dynamic Bond . . . . . . . . . . . . .. . . . . . . . 40.0 1652 1.2 0.6 6.9 5.9 6.2 5.8 7.29
★ Baroda BNP Paribas Dynamic Bond . .. . . . . . . . 40.0 144 1.7 0.7 7.3 4.4 4.2 6.1 ­ OVERSEAS FUNDS
­ Franklin Ind Dynamic Accrual . . . . . . . . . . . . . .. . . . . . . . 94.8 0 0.0 0.0 31.8 20.0 11.7 10.0 ­
DEBT ­ ULTRA SHORT DURATION FUNDS
­ JM Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.1 43 1.0 0.6 6.2 4.4 4.4 5.4 ­
OVERSEAS FUNDS ­ GLOBAL
★★★★★ Aditya Birla SL Savings . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 480.3 14683 0.5 0.3 7.1 5.5 5.1 6.4 3.37 ­ Quantum Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.7 90 1.0 0.5 8.2 5.2 5.3 7.5 ­
★★★★★ ICICI Pru Ultra Short Term . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.4 13376 0.8 0.4 6.8 5.3 5.0 6.2 8.52 ­ Union Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.4 92 1.5 1.3 6.6 2.5 3.3 6.3 ­
­ Aditya Birla SL Global Eme Oppo. . . . . . . .. . . . . . . . 19.1 250 1.1 0.6 5.3 6.0 7.3 3.2 0.18
★★★★ Kotak Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.9 13487 0.8 0.4 6.7 5.2 4.6 5.7 0.74
­ Aditya Birla SL Interna Equity A. . . . . . . . . . .. . . . . . . . 29.6 206 2.5 1.7 10.2 6.5 5.8 6.8 0.13
★★★★ SBI Magnum Ultra Short Duration. . . . . .. . . 5264.7 13260 0.5 0.3 6.8 5.2 4.7 5.8 ­ DEBT ­ CORPORATE BOND FUNDS
­ ICICI Pru Global Stable Eq (FOF) . . . . . . . . .. . . . . . . . 23.0 118 1.5 1.1 18.0 13.2 7.6 8.7 0.17
★★★ BOI Ultra Short Duration . . . . . . . . . . . . . . . . . . . . . . .. . . 2818.5 141 1.2 0.9 6.3 4.9 4.4 5.4 ­
­ PGIM India Global Equity Opport . . . . . . .. . . . . . . . 30.6 1451 2.4 1.4 23.4 1.6 11.2 6.7 0.25
★★★ Invesco India Ultra Short Term . . . . . . . . . . . .. . . 2378.3 721 0.9 0.2 6.5 4.9 4.3 5.4 5.96 ★★★★★ Aditya Birla SL Corporate Bond. . . . . . . . . . .. . . . . . . . 97.9 17986 0.5 0.3 7.4 5.1 5.5 7.6 ­
­ Sundaram Global Brand . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.2 118 2.3 1.3 26.8 10.8 8.7 5.6 0.21
★★★ PGIM India Ultra Short Duration . . . . . . . . .. . . . . . . . 30.3 339 0.9 0.3 6.4 4.9 4.5 6.8 ­ ★★★★★ ICICI Pru Corporate Bond . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.0 23244 0.5 0.3 7.6 5.5 5.6 7.4 ­
★★★ UTI Ultra Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3750.1 2404 1.0 0.4 6.6 5.8 5.5 5.2 6.78 ★★★★ HDFC Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.3 26782 0.6 0.4 7.3 4.7 5.3 7.6 ­
★★ Canara Robeco Ultra Short Term . . . . . . . .. . . 3379.0 581 1.0 0.4 6.2 4.6 4.0 4.8 ­ ★★★★ Nippon Ind Corporate Bond . . . . . . . . . . . . . . . . .. . . . . . . . 51.9 2539 0.7 0.3 7.4 5.3 5.7 6.8 ­ OVERSEAS FUNDS ­ EMERGING MARKETS
★★ DSP Ultra Short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3014.0 2471 1.0 0.3 6.3 4.8 4.2 4.9 ­ ★★★ Bandhan Corporate Bond . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.8 14319 0.6 0.3 6.7 4.0 4.8 6.8 ­
★★ Nippon Ind Ultra Short Duration . . . . . . . .. . . 3562.2 5821 1.2 0.4 6.6 5.3 6.4 5.1 10.67 ★★★ Canara Robeco Corporate Bond . . . . . . . . .. . . . . . . . 19.2 176 1.0 0.4 6.1 3.9 4.2 6.4 ­ ­ Edelweiss EM Opport Eq Offshore . . . . . .. . . . . . . . 13.4 122 2.3 1.4 6.9 ­2.2 1.5 ­ 0.00
★ Motilal Oswal Ultra Short Term . . . . . . . . . . .. . . . . . . . 14.9 135 1.1 0.6 5.6 4.2 3.7 1.9 ­ ★★★ HSBC Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.6 6769 0.6 0.3 6.7 3.8 4.5 8.0 ­ ­ Edelweiss Gr China Eq Off­Shore . . . . . . . .. . . . . . . . 33.8 1537 2.4 1.4 0.8 ­7.5 4.5 7.0 0.10
★ Sundaram Ultra Short Duration . . . . . . . . . .. . . 2405.2 1517 1.4 0.2 5.9 4.4 3.9 4.0 ­ ★★★ Invesco India Corporate Bond . . . . . . . . . . . . .. . . 2763.5 2537 0.7 0.3 6.7 4.1 4.5 7.0 ­ ­ HSBC Global EM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.3 22 2.4 1.7 3.9 0.1 2.5 3.2 0.03
★★★ Kotak Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3274.6 10696 0.7 0.3 6.9 4.7 5.0 6.9 ­ ­ Kotak Global Emerging Market . . . . . . . . . . .. . . . . . . . 19.7 102 1.7 1.2 6.7 2.3 3.8 3.6 0.08
★★★ Sundaram Corporate Bond . . . . . . . . . . . . . . . . . .. . . . . . . . 35.0 880 0.5 0.3 6.1 4.3 4.7 7.5 ­ ­ Nippon Ind ETF Hang Seng BeES . . . . . . . .. . . . . . 264.6 218 0.9 ­ 5.1 ­3.1 ­3.6 2.5 ­0.14
DEBT ­ LOW DURATION FUNDS ★★ Axis Corporate Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.8 4936 0.9 0.3 6.7 4.7 5.0 6.6 ­
★★ Franklin Ind Corporate Debt. . . . . . . . . . . . . . . . .. . . . . . . . 86.2 811 0.7 0.2 6.5 4.3 4.9 6.8 2.12
★★★★★ HDFC Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.9 16496 1.0 0.5 7.0 5.1 5.1 6.3 7.72 ★ Baroda BNP Pari Corporate Bond . . . . . .. . . . . . . . 23.8 142 0.6 0.2 6.9 3.7 3.9 4.6 ­ OVERSEAS FUNDS ­ US FOCUSED
★★★★★ ICICI Pru Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 475.6 22000 0.5 0.4 7.6 5.5 5.5 6.8 1.48 ­ PGIM India Corporate Bond. . . . . . . . . . . . . . . . . .. . . . . . . . 37.8 47 1.0 0.3 6.2 4.2 4.8 6.4 ­
★★★★ Aditya Birla SL Low Duration. . . . . . . . . . . . . . . .. . . . . . 580.6 12574 1.2 0.4 6.6 5.0 4.8 6.2 5.20
­ DSP US Flexible Equity . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 44.7 788 2.4 1.5 17.6 14.5 10.7 12.3 0.25
★★★★ Axis Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . .. . . 2713.6 5109 0.6 0.3 6.9 5.2 5.0 6.4 3.03
­ Edelweiss US Value Eq Offshore. . . . . . . . . .. . . . . . . . 25.5 93 2.3 1.4 11.3 15.8 8.6 9.6 0.16
★★★★ Invesco India Treasury Advantage . . . . .. . . 3326.4 1299 0.7 0.3 6.7 4.9 4.6 6.2 2.70
DEBT ­ CREDIT RISK FUNDS ­ Franklin In Fdr ­ Franklin US Opp . . . . . . . .. . . . . . . . 49.6 3286 1.5 0.6 18.9 3.4 9.2 11.8 0.19
★★★★ Kotak Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2951.2 11125 1.2 0.4 6.7 4.8 4.7 6.2 5.22
­ ICICI Pru US Bluechip Equity . . . . . . . . . . . . . . . .. . . . . . . . 50.5 2828 2.0 1.1 26.7 14.8 12.8 12.8 0.30
★★★ Bandhan Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.0 5658 0.6 0.3 6.8 5.0 4.7 6.1 ­
­ Motilal Oswal Nasdaq 100 ETF . . . . . . . . . . . .. . . . . . 119.1 6496 0.6 ­ 31.0 14.7 17.4 19.5 0.38
★★★ Baroda BNP Paribas Low Duration . . . .. . . . . . . . 35.5 161 1.1 0.4 6.5 4.7 4.5 5.8 8.62 ★★★★★ HDFC Credit Risk Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 21.0 8443 1.6 1.0 6.6 4.9 6.6 7.6 46.91
★★★ Canara Robeco Savings . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.1 925 0.6 0.3 6.9 5.0 4.6 5.8 ­ ★★★★★ ICICI Pru Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.4 7598 1.6 0.9 7.0 5.7 6.5 7.6 47.14
★★★ DSP Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.5 3511 0.6 0.3 6.8 5.1 4.7 6.1 ­ ★★★★ Baroda BNP Paribas Credit Risk. . . . . . . . . .. . . . . . . . 19.3 164 1.6 0.8 7.1 9.5 10.7 7.0 50.96 bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino
NAV Corpus 5 Year 10 Year Ratio
★★★ JM Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.7 170 0.8 0.3 6.4 4.8 4.4 5.1 ­ Regular Direct 1 Year 3 Year
★★★★ SBI Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.7 2734 1.5 0.9 8.3 5.8 6.3 6.9 48.77 (₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)
★★★ Mahi Manu Low Duration . . . . . . . . . . . . . . . . . . . . . .. . . 1445.7 429 1.1 0.3 6.6 4.7 4.4 5.7 ­ ★★★ Aditya Birla SL Credit Risk . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.1 1008 1.6 0.7 7.1 6.7 7.4 6.5 52.97
★★★ Nippon Ind Low Duration . . . . . . . . . . . . . . . . . . . . . .. . . 3297.2 6944 0.9 0.4 6.6 5.0 5.0 6.0 3.31 ★★★ Axis Credit Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.6 524 1.6 0.8 6.9 5.1 5.9 6.1 50.63
★★★ SBI Magnum Low Duration . . . . . . . . . . . . . . . . . . .. . . 3080.1
★★ HSBC Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.9
9898
477
1.0
0.6
0.4
0.3
6.7
6.9
4.9
5.0
4.5
4.7
5.9
5.4
5.28
5.83
★★★ Bandhan Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.5 410 1.6 0.7 5.8 3.8 4.6 6.0 48.53 SOLUTION ORIENTED FUNDS
★★★ Bank of India Credit Risk . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 11.0 153 1.5 1.2 5.4 59.4 41.1 ­4.1 62.55
★★ LIC MF Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.0 1282 1.0 0.3 6.4 4.7 4.6 5.1 ­ ★★★ DSP Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.5 195 1.1 0.4 7.2 7.5 6.3 4.6 68.10
SOLUTION ORIENTED ­ CHILDREN'S FUNDS
★★ Mirae Asset Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1990.8 572 0.9 0.3 6.4 4.8 4.4 5.3 ­ ★★★ Kotak Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.7 1017 1.7 0.8 5.6 3.0 4.2 5.7 72.96
★★ UTI Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . . .. . . 3109.0 3407 0.4 0.4 7.0 6.6 6.7 4.7 2.20 ★★ HSBC Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.4 339 1.7 0.9 6.6 5.2 5.4 4.7 59.92
★ Sundaram Low Duration . . . . . . . . . . . . . . . . . . . . . . .. . . 3055.9 449 1.3 0.3 6.4 4.8 4.5 1.5 ­ ★★ Nippon Ind Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.2 1017 1.6 0.9 7.9 5.7 8.9 4.2 55.53 ­ Axis Children's Gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.8 751 2.3 1.0 4.9 14.6 10.3 ­ 0.20
★ Tata Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . .. . . 3459.9 2591 0.6 0.3 6.7 5.0 4.8 5.0 ­ ★ Invesco India Credit Risk . . . . . . . . . . . . . . . . . . . . . . .. . . 1639.9 136 1.5 0.3 9.8 5.4 4.9 3.7 53.34 ­ HDFC Children's Gift. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 228.9 7330 1.8 1.0 18.1 22.5 14.6 16.2 0.32
­ Franklin Ind Low Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.0 0 0.0 0.0 37.0 23.8 13.3 10.1 ­ ★ UTI Credit Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.0 414 1.6 0.9 6.9 8.5 10.7 ­1.4 58.11 ­ ICICI Pru Child Care (Gift Plan). . . . . . . . . . . . .. . . . . . 229.6 995 2.3 1.5 14.6 19.2 10.8 14.9 0.23
­ PGIM India Low Duration. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.0 104 1.2 0.4 6.2 4.7 4.4 1.3 4.85 ­ Franklin Ind Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.3 138 0.0 0.0 7.4 8.9 11.0 7.0 13.62 ­ LIC MF Children's Gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.6 14 2.5 1.9 11.7 15.5 9.9 9.6 0.19
­ SBI Mag Children's Benefit ­ Sav . . . . . . . . .. . . . . . . . 87.3 100 1.2 0.8 12.7 14.2 9.7 13.3 0.39
­ Tata Young Citizens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.7 298 2.6 2.2 16.1 23.7 14.1 12.6 0.25
DEBT ­ MONEY MARKET FUNDS DEBT ­ BANKING AND PSU FUNDS ­ UTI CCF­ Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.8 832 2.3 1.2 9.1 21.8 12.0 14.4 0.20
­ UTI CCF­ Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.4 4220 1.7 1.5 7.8 12.8 7.7 10.7 0.18
★★★★★ Aditya Birla SL Money Manager. . . . . . . . . . .. . . . . . 324.1 15661 0.3 0.2 7.3 5.6 5.1 6.2 ­
★★★★★ Bandhan Banking & PSU Debt . . . . . . . . . . . . .. . . . . . . . 21.6 14856 0.6 0.3 6.6 4.6 4.8 7.6 ­
★★★★★ HDFC Money Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 5012.4 18093 0.4 0.2 7.1 5.5 5.0 6.1 ­
★★★★★ Kotak Banking and PSU Debt . . . . . . . . . . . . . .. . . . . . . . 57.0 6195 0.8 0.4 6.9 4.7 5.1 7.4 2.26 SOLUTION ORIENTED ­ RETIREMENT FUNDS
★★★★ Nippon Ind Money Market. . . . . . . . . . . . . . . . . . . . .. . . 3635.1 11748 0.4 0.2 7.2 5.7 5.1 6.1 ­
★★★★ Aditya Birla SL Bank & PSU Debt . . . . . . . . .. . . . . . 319.9 8381 0.7 0.4 6.7 4.7 5.1 7.2 ­
★★★★ UTI Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2700.3 10839 0.3 0.2 7.3 5.7 5.1 6.1 ­
★★★★ Edelweiss Banking and PSU Debt . . . . . .. . . . . . . . 21.5 345 0.7 0.4 6.7 4.0 5.0 8.0 ­
★★★ DSP Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46.4 4982 0.5 0.3 7.0 5.0 4.6 5.7 ­
★★★★ Nippon Ind Banking & PSU Debt . . . . . . . . .. . . . . . . . 18.1 5381 0.7 0.4 6.8 4.4 4.9 7.3 ­ ­ Franklin Ind Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 178.1 467 2.3 1.5 9.8 10.4 7.9 10.1 0.23
★★★ Franklin Ind Money Market . . . . . . . . . . . . . . . . . . .. . . . . . . . 44.0 1373 0.3 0.1 7.1 5.3 4.8 6.0 ­
★★★ Axis Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . .. . . 2306.3 14541 0.6 0.3 6.5 4.6 4.7 7.2 ­ ­ HDFC Retirement Savings ­ Equity . . . . .. . . . . . . . 37.6 3656 1.9 0.7 22.8 31.2 18.0 ­ 0.35
★★★ ICICI Pru Money Market . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 332.4 15516 0.3 0.2 7.2 5.6 5.0 6.1 ­
★★★ DSP Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.9 2421 0.6 0.3 6.7 4.4 4.7 7.0 ­ ­ HDFC Retire Savings­Hybrid­Debt . . . . .. . . . . . . . 18.4 155 2.1 1.0 9.4 8.9 7.9 ­ 0.44
★★★ Kotak Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3935.8 17380 0.4 0.2 7.2 5.6 5.0 6.0 ­
★★★ Franklin Ind Banking & PSU Debt . . . . . . .. . . . . . . . 19.6 660 0.5 0.2 6.8 4.5 4.8 7.2 ­ ­ HDFC Retire Savings Hybrid Eq . . . . . . . . . . .. . . . . . . . 30.4 1139 2.2 1.0 18.4 21.7 13.8 ­ 0.31
★★★ SBI Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.6 22496 0.8 0.2 6.7 5.1 4.6 5.7 ­
★★★ HDFC Banking and PSU Debt . . . . . . . . . . . . . . .. . . . . . . . 20.1 6312 0.8 0.4 6.8 4.5 5.0 7.2 ­ ­ LIC MF Unit Linked Insurance. . . . . . . . . . . . . . .. . . . . . . . 29.8 457 2.5 1.7 8.0 18.5 10.8 10.9 0.20
★★ HSBC Money Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.2 1019 0.6 0.3 6.7 5.0 4.3 5.6 ­
★★★ ICICI Pru Banking & PSU Debt . . . . . . . . . . . . . .. . . . . . . . 28.6 8338 0.8 0.4 7.3 5.3 5.6 7.1 ­ ­ Nippon Ind Retire­Income Gene . . . . . . . . .. . . . . . . . 17.2 170 2.1 1.1 9.1 6.8 7.8 ­ 0.41
★★ Invesco India Money Market. . . . . . . . . . . . . . . . .. . . 2681.0 3048 0.6 0.2 6.9 4.9 4.5 5.5 ­
★★★ SBI Banking and PSU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2724.5 4565 0.8 0.3 6.6 4.0 4.4 6.6 2.19 ­ Nippon Ind Retire­Wealth Cre. . . . . . . . . . . . . .. . . . . . . . 21.2 2605 2.0 1.0 17.9 24.5 9.6 ­ 0.16
★ Bandhan Money Manager . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.6 3107 0.9 0.2 6.5 4.9 4.2 5.1 ­
★★ HSBC Banking and PSU Debt . . . . . . . . . . . . . . .. . . . . . . . 21.3 4556 0.6 0.2 6.5 3.3 4.0 6.3 ­ ­ Tata Retirement Savings Con. . . . . . . . . . . . . . .. . . . . . . . 26.9 164 2.2 1.0 7.4 7.1 7.3 8.9 0.26
★ Tata Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4136.2 14825 0.4 0.2 7.2 5.6 5.1 4.9 ­
★★ LIC MF Banking & PSU Debt . . . . . . . . . . . . . . . . . .. . . . . . . . 30.4 1118 0.8 0.3 6.4 4.2 4.2 6.4 ­ ­ Tata Retirement Savings Moderate . . .. . . . . . . . 48.9 1766 2.1 0.7 11.8 15.6 11.0 15.4 0.21
­ Edelweiss Money Market . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.2 344 1.0 0.3 6.1 4.4 4.0 6.9 ­
★★ Sundaram Banking & PSU Debt . . . . . . . . . .. . . . . . . . 37.5 462 0.4 0.2 6.7 4.3 4.1 6.4 ­ ­ Tata Retirement Savings Progre . . . . . . . . .. . . . . . . . 48.5 1521 2.1 0.6 11.9 16.6 11.6 15.5 0.19

★ Invesco India Banking & PSU Debt . . . . .. . . 1970.8 118 0.7 0.3 6.3 2.9 3.7 6.0 ­ ­ UTI­Retirement Benefit Pension . . . . . . . .. . . . . . . . 39.7 4004 1.7 1.0 12.2 15.1 8.8 10.2 0.25
DEBT ­ SHORT DURATION FUNDS ★ UTI Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.2 961 0.6 0.2 6.7 7.9 6.6 5.7 ­
­ PGIM India Banking & PSU Debt . . . . . . . . .. . . . . . . . 21.3 46 0.4 0.2 6.5 4.2 4.7 7.0 ­ Source : ACE MF. NAV for the growth option as on 22­09­2023. Returns for regular plans considered.
★★★★★ HDFC Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.8 12400 0.7 0.3 7.1 4.8 5.2 7.2 7.76
★★★★★ ICICI Pru Short Term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 52.4 16656 1.1 0.4 7.4 5.4 5.6 7.4 9.35
★★★★ Aditya Birla SL Short Term . . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.5 6033 1.1 0.4 6.7 5.0 5.3 7.2 6.58
★★★★ Axis Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.9 7449 1.0 0.4 6.6 4.6 4.8 6.9 0.86
★★★★ Nippon Ind Short Term. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.9
★★★ Bandhan Bond ­ Short Term. . . . . . . . . . . . . . . . .. . . . . . . . 49.7
★★★ Baroda BNP Paribas Short Duration .. . . . . . . . 25.6
6176
8785
229
1.0
0.8
1.1
0.4
0.3
0.4
6.7
6.8
6.9
4.4
4.2
4.4
5.1
4.4
4.6
6.8
6.7
6.2
0.47

8.66
­ Our Ratings Our rating is based on the historical
performance of funds (regular plans)
measured both in terms of return
The final score is used to rate funds
within each category, from 5­star to
1­star, with 5­star being the best
(passive) and exposure to ‘AA &
below’ rated instruments (debt, cash
categories) are also added. While the
★★★ DSP Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 40.8
★★★ HSBC Short Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.1
★★★ Kotak Bond Short Term . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.6 13241
3056
3394
0.9
0.8
1.2
0.3
0.3
0.4
6.6
6.3
6.6
4.2
3.9
4.1
4.4
4.2
4.5
6.4
6.4
6.7
­
­
­
Methodology (rolling return) and risk (sortino
ratio).
Rolling returns help identify
rating. Ratings for all funds now are
based on data as on July 1, 2023.
ratings will be revised only at fixed
intervals, returns data shown here are
updated weekly. For other metrics,
schemes that have delivered relatively ADDITIONS the latest available data is considered.
★★★ Mirae Asset Short Term . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.8 396 1.2 0.3 6.3 4.1 4.3 6.2 ­ consistent returns during various We have newly introduced Passive,
★★★ SBI Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.1 13340 0.8 0.3 6.9 4.5 4.6 6.6 3.18 market cycles and over the long run. Cash and Overseas categories. Under RATINGS EXCLUSIONS
★★ Canara Robeco Short Duration . . . . . . . . . . .. . . . . . . . 22.4 457 1.0 0.4 6.2 3.9 4.1 6.0 ­ We have considered one­, three­ and international funds, we have Funds with a corpus of less than ₹100
★★ Invesco India Short Term . . . . . . . . . . . . . . . . . . . . . .. . . 3109.5 347 1.2 0.4 6.0 3.6 4.0 6.2 ­ five­year rolling returns for a total of showcased select global funds under crore, those that have less than a
★★ Tata Short Term Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.1 2276 1.2 0.5 6.6 4.1 4.2 5.5 ­ seven­year NAV history for equity and three sub­groups — US­focused, seven­year or five­year NAV history,
★ Sundaram Short Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.7 199 0.9 0.3 6.8 4.6 4.7 4.5 ­ hybrid funds. For debt­oriented emerging markets and global. Under categories that have less than five
★ UTI Short Term Income . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.7 2399 1.0 0.3 6.7 5.9 6.5 5.1 6.21 funds, we have considered one­, two­ the passive category, we have funds, and schemes that have
­ Bank of India Short Term Income . . . . . . .. . . . . . . . 23.2 96 1.1 0.6 13.4 15.4 11.5 3.6 ­ and three­year rolling returns for a cherry­picked funds based on metrics undergone a drastic change in their
­ Franklin Ind Short Term Income . . . . . . . . .. . . 5149.4 13 0.0 0.0 9.4 12.2 12.7 6.5 0.00 total of five­year NAV history. Sortino such as relatively­low tracking error, mandate and portfolio (including
­ Groww Short Duration . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1832.5 32 1.2 0.4 5.2 3.0 3.4 4.4 ­ ratio measures the performance of higher trading volumes in ETFs (to multi­cap category) are not rated.
­ PGIM India Short Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.3 28 0.9 0.3 6.1 4.0 4.2 4.0 ­ the schemes during downtrends, thus ensure enough liquidity) and higher Retirement funds, children’s funds
capturing the downside risk. AUMs. and overseas funds are also not rated
One­year trailing return is also Expense ratio for both direct and as the investment styles of funds
DEBT ­ MEDIUM DURATION FUNDS considered to assess the fund’s recent regular plans are disclosed now. For within each of these categories are not
performance. equity, passive, overseas and homogeneous. Passive funds cannot
★★★★★ SBI Magnum Medium Duration . . . . . . . . . . .. . . . . . . . 44.6 7113 1.2 0.7 7.4 4.8 5.4 7.8 23.43
To arrive at the final score, we have solution­fund categories, 10­year be rated based on return metrics and
assigned a 60 per cent weightage for returns have been brought in to give hence excluded. Since liquid,
★★★★ Axis Strategic Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.2 1972 1.1 0.4 7.1 5.0 5.9 7.0 23.11
past performance based on rolling long­term investors, a perspective. overnight and arbitrage funds are
★★★★ ICICI Pru Medium Term Bond . . . . . . . . . . . . . . .. . . . . . . . 38.9 6517 1.4 0.7 7.0 5.0 6.0 7.3 36.82
returns. Sortino ratio and one­year Three new metrics for all funds — predominantly short­term parking
★★★ Aditya Birla SL Medium Term . . . . . . . . . . . . . . .. . . . . . . . 33.2 1895 1.6 0.9 7.3 15.1 12.9 8.3 23.09
performance is given a 30 per cent and sortino ratio (equity, solution, grounds for cash, we haven’t rated
★★★ Bandhan Bond ­ Medium Term . . . . . . . . . . .. . . . . . . . 40.0 1840 1.5 0.8 6.5 3.1 3.7 6.3 ­
10 per cent weightage respectively. overseas categories), tracking error these as well.
★★★ HDFC Medium Term Debt . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.1 4333 1.3 0.6 6.9 4.4 5.5 6.9 19.99

CM
YK ... .. . . . . .BM­BME
12 . bl . News
MUMBAI

businessline.portfolio
SUNDAY ­ SEPTEMBER 24 ­ 2023

Global framework, a la aviation rules, needed

to tackle cyber terror, money laundering: PM
CALL FOR COOPERATION. When threats are global, the approach to dealing them should also be global, Modi tells lawyers meet
KR Srivats
New Delhi
Bharat needs a strong, impartial, and
independent judicial system to
achieve its goal of becoming a de­
veloped country by 2047, Prime Min­
ister Narendra Modi said on Saturday.
Addressing the inaugural session
of International Lawyers’ Conference
in the Capital, Modi called for a global
legal framework to address cyber ter­
rorism, money laundering and the
misuse of artificial intelligence. He
drew a parallel with international co­
operation in air traffic control, and
called for similar global frameworks
in various domains. “When threats
are global, the approach to dealing
with them should also be global.
Whether it’s cyber terrorism, money
laundering, artificial intelligence, or
‘Imaginable goal’: Aim
any one government or administra­
tion. To address, the legal frameworks
of different countries need to come
together, “just as we collaborate for
air traffic control”.
ACHIEVEMENTS
“No one says, ‘Your laws are yours,
and my laws are mine, and I don’t
care’. In that case, no plane will land
anywhere. Everyone adheres to com­
mon rules and regulations, protocols.
In the same way, we need to establish
a global framework in various do­
mains,” he said. He suggested that the
MAKING A POINT. Chief Justice of India DY Chandrachud addresses the
International Lawyers’ Conference
‘International Lawyers’ Conference 2023’ in New Delhi on Saturday PTI
delve into this issue, and give a new
direction to the world. Modi, who
used ‘Bharat’ through his speech de­
its misuse, there are many issues
where cooperation requires a global
Chandrachud participated in the two­
day international conference, organ­
livered in Hindi, highlighted that the
international conference is taking
framework,” he said. ised by the Bar Council of India. place at a time when Bharat has wit­
Chief Justice of India D Y These issues are not a matter for nessed several historic decisions.
PADDING UP IN VARANASI
Modi highlighted that Bharat was
brimming with confidence from the
achievements such as becoming the
first country to reach near the South
Pole of the moon and is working dili­
gently towards its goal of becoming a
developed country by 2047.
In the past, legal drafting was
overly complex, which created barri­
ers for the common man. Modi com­
mended the Chief Justice for the initi­
ative to provide operative parts of
judgments in language that is under­
stood by the litigant. “The common
man should feel that the law is his
own. We are trying to find a solution
to that. The language in which laws
are written plays a huge role in access­ Tata Motors sets up its 3rd
ibility of justice,” he said. Modi noted
that International Lawyers’ Confer­
ence has become a symbol of Bharat’s
vehicle scrap plant, in Surat
sentiment of ‘Vasudhaiva Kutum­ said, “Sustainability is our
Our Bureau driving force and serves as our
bakam’ (the world is one family).
Mumbai compass, guiding our vision
and actions. With the launch
Tata Motors has launched its of the Re.Wi.Re. facility in
third vehicle scrapping uni­
t with a capacity to disas­
Surat, we will make great
strides on a transformative

for 8% growth till 2050, semble 15,000 end­of­life

vehicles. The facility in Surat,
developed and operated by
journey towards responsible
end­of­life vehicle scrapping. ”
The Surat facility has cell­

Summers tells India Tata Motors’ partner Shree

Ambica Auto, scraps end­of­
life passenger and commercial
and line­type dismantling
equipment for commercial
and passenger vehicles. It has
area India wants to find ways vehicles of all brands. dedicated stations for the safe
KR Srivats to excel in — may be a bit of Its other two facilities are in dismantling of various com­
New Delhi an accelerator to global Jaipur and Bhubaneswar. ponents, including tyres, bat­
growth in the years ahead”, PB Balaji, Group Chief Fin­ teries, fuel, oils, liquids and
India should aim for 8 per he added. ancial Officer, Tata Motors, gases.
cent annual GDP growth on a India’s gross domestic
sustained basis between now product (GDP) grew 7.2 per
and 2050, former US Treas­ cent in 2022­23 as against
ury Secretary Lawrence
Summers suggested on
growth level of 9.1 per cent.
For the current fiscal, the Re­ Canada row: No ‘side­effects’
Saturday. serve Bank of India has pro­
This growth aspiration can
be an “imaginable goal” for
jected a GDP growth of 6.5
per cent.
seen on India’s pharma exports
the country given its growth formulations.
potential, and such a target ‘HIGHER FOR LONGER’ G Naga Sridhar The pharma industry,
can bring transformative Asked to comment on the INDIA COLOURS. Prime Minister Narendra Modi being presented an Indian cricket team jersey by former cricketer Sachin Hyderabad however, appears to be a
changes to millions of people consequences of ‘higher for Tendulkar during the stone laying ceremony of the international cricket stadium in Varanasi on Saturday. Uttar Pradesh Chief little worried and is keenly
as India defines its greatness longer’ interest rate regime Minister Yogi Adityanath and BCCI President Roger Binny are also present. The Shiva inspired stadium will have trident­shaped The diplomatic stand­off watching the developments.
in this century, Summers across the world, Summers lights and ghat­steps like seats PTI between India and Canada “...We hope the diplomatic
said in his lecture here on noted that ‘higher for longer’ is unlikely to have any im­ rupture will not escalate to
‘The World is on Fire’. The is reflection of economic pact on the pharmaceutical economic aspects. The gov­
lecture was organised by the strength. “If interest rates exports, according to R ernment needs to be cau­
Confederation of Indian In­
dustry (CII) in partnership
with the Department of Eco­
are higher for longer, it will
be because the economy to
have stronger underlying
PhonePe opens no fee ‘Indus’ app store Uday Bhaskar, Director­
General, Pharmaceutical
Export Promotion Council.
tious in this regard,” said a
senior director of a Hydera­
bad­based pharma major
nomic Affairs (DEA) in the growth. Stronger underlying Jyoti Banthia support team based in India, the option “Going by the current which has considerable
Finance Ministry. growth in the US also has be­ Bengaluru to list apps in 12 Indian languages be­ state of affairs, I do not see presence in the Canadian
nefits in terms of pulling in sides English, and the ability to boost any adverse impact. Canada market.
MEASURES exports and supporting PhonePe is opening its mobile app brand awareness via videos. is the second biggest market The pharma industry has
Summers said this growth growth”, he said. store to developers. The soon­to­be­ “India is poised to have over 1 billion for India in North America managed to steer clear of
can come from a combina­ Summers said that protec­ launched app store Indus will offer loc­ smartphone users by 2026 offering us a after the US for pharma ex­ the impact of the Russia­
tion of steps — freeing mar­ tionism is a very real ground alised services for Indian users. massive opportunity to build a new­ ports and, therefore, is an Ukraine war but other ex­
ket forces; addressing infra­ for substantial concern. “The The company has invited Android age, localised Android app store. Des­ important geography for ternal shocks could be ‘dis­
structure needs particularly important thing to under­ app developers to register and upload pite being such a large consumer mar­ our pharma industry,’‘ he advantageous’, he added.
in energy; addressing the fed­ stand about resilience is that their apps on the platform. These apps ket, app developers have always been told businessline.
eral issues and reforms in key it comes much more from di­ will be listed on the soon­to­be­ forced to work with only one app store
States and supporting more versity than it comes from launched ‘Made­in­India’ app store, In­ — Google Playstore — for distributing GROWING EXPORTS
effective public sector. self­reliance”, he added. dus Appstore, offering a localised ex­ their apps. Indus Appstore hopes to At $506 million, India’s
Summers, however, made In his lecture, Summers perience in 12 languages for Indian provide app developers a credible al­ pharma exports to Canada
it clear that the 8 per cent a dwelt on the reforms needed audiences. tion channel to tap into the Indian An­ ternative... one that is more localised rose 21 per cent in FY23
year growth was not his fore­ in the functioning of the mul­ droid market. It will also assist them and offers better app discovery and over the previous financial
cast based on current policy, tilateral development banks PAYMENT GATEWAY with user acquisition through multi­ consumer engagement. We are excited year. In April­July of this
but felt that it was an “ima­ (MDBs) and underscored the The company has kept the app listings lingual app discovery. Further, for to open up the Indus Appstore De­ fiscal year, the exports
ginable goal” given India’s need for them to treble their free for the first year, post which a nom­ start­ups and new app launches, it will veloper Platform today, and invite all stood at $149 million, ac­
potential even in a more chal­ lending flows. inal annual fee will apply. “Indus have a dedicated platform ‘Launch Pad’ developers to list their app on the cording to Pharmexcil data.
lenging world economy. Summers is the co­con­ Appstore will not charge developers to provide them better visibility as well Made­in­India app store,” said Akash “Canada is a highly regu­
The economist noted that venor of the G20 Independ­ any platform fee or commission for in­ as search optimisation. Dongre, CPO & Co­Founder, Indus lated market and our pres­
India’s economic perform­ ent Expert Group on app payments. Developers will be free Appstore. ence there can give export­
ance also depends very im­ Strengthening MDBs. The to integrate any payment gateway of DEVELOPER TOOLS Last year, the company completed ers some
portantly on what happens in IEG has delivered volume 1 their choice inside their own apps,” It will also offer several developer tools the acquisition of mobile platform OS­ additional advantages,’‘
the global economy. “But of their report which was ac­ PhonePe said in a statement. and features to address the challenges Labs after reaching an amicable settle­ Bhaksar said. About 75 per­
there is a possibility that Ar­ knowledged by G20 Leaders Indus Appstore will provide de­ faced by Android developers, including ment with the company’s majority cent of India’s drug exports
tificial Intelligence (AI) — an in the New Delhi declaration. velopers with an alternative distribu­ a dedicated round­the­clock customer shareholder Affle Global Pte Ltd. to Canada are

Buying renewable power can be cheaper for MSME units in TN to down shutters on Monday
large buildings: IIT­M Research Park study even as CM announces sops for the industry
crore and get ₹3.94 crore of in no way address our issues, and we will
Ramesh M annual savings; the invest­ G Balachandar continue our protesttill our demands are
Chennai ment will be paid back in Chennai met,” said a member of The Tamil Nadu
five­and­half years after Industrial Electricity Consumers’
IIT Madras Research Park,
Today, I pay ₹12.30 which all the electricity is Micro, Small and Medium­scale Enter­ Federation.
which runs a 1.2 million sq a kWhr of free. prises (MSMEs) in Tamil Nadu plan to go “The CM’s statement today talks
ft building that provides electricity... But with The report, which gives ahead with their strike on Monday, even about the past as if it is the present, and
plug­and­play facilities for wind, solar and detailed calculations for as Chief Minister M K Stalin announced that all demands are met by reducing the
corporate R&D centres, storage, the cost of cost­benefit analysis, notes some measures in response to their cost. In no way have the demands been
reckons that it can save ₹4 that India has about 40,000 demands. addressed,” according to an MSME
crore a year just by buying my electricity works commercial complexes — MSME associations and units, under MSME associations have been Association.
wind and solar power and out to ₹9 office buildings, shopping the banner of the Tamil Nadu Industrial demanding cancellation of the “The announcement on allowing LT
storing it. malls, restaurants, etc — Electricity Consumers’ Federation, have multi­year tariff policy and suspension of units to modify their sanctioned load
ASHOK JHUNJHUNWALA plans to effect a yearly hike in the
The Research Park, ENTREPRENEUR
and the number will triple been demanding cancellation of the four times a year at no cost, has been is­
which also houses the IIT by 2030. “The per­unit tar­ multi­year tariff policy and suspension of industrial electricity tariff sued vide a Gazette Notification a few
Madras Incubation Cell iff for commercial custom­ plans to effect a yearly hike in the indus­ days back. It is nothing new. Also, on the
that has spawned over 300 ers is, on an average, 40 per trial electricity tariff. They have also rooftop solar announcement for a reduc­
start­ups, has come to this Green – Buildings for solar and 2 MW of wind on cent higher compared with urged the State government to revert year without any charges. The govern­ tion in connection charges, we need to
conclusion after a detailed Planet and Profit’, was open access from energy residential and industrial fixed charges to previous levels, and scrap ment will also extend a 15 per cent capital wait for details and the implementation
study. It is now implement­ launched on Friday at the companies in Tamil Nadu tariffs across the country,” the increase in peak hour charges for LT subsidy in connection with charges for process and impact,” said KE
ing the plan. ‘Climafix 2023’ summit, or­ — on a ‘group captive’ basis it says. (low tension) consumers. rooftop solar power generation. Raghunathan, National President, Asso­
“Today, I pay ₹12.30 a ganised at the research (which means the research Industrial customers, For micro and small industries of less ciation of Indian Entrepreneurs. The 12
kWhr of electricity,” says park by the renewable en­ park company will take at paying about ₹10 a kWhr, ALREADY PRESSURED than 12 kW load, the transfer of load cat­ kW load conversion can only benefit mi­
Ashok Jhunjhunwala, the ergy consultancy Energy least 26 per cent stake in will also save, Jhunjhun­ MSMEs said they were already reeling egory from IIIB to IIIA (1) will be con­ cro and cottage industries and not small­
septuagenarian professor­ Alternatives India (EAI). the energy company and wala noted, adding that under several challenges, such as poor ca­ sidered after obtaining the opinion of the scale enterprises. It won’t have much im­
cum­entrepreneur, who set The summit brought to­ purchase at least 51 per with scale, it is possible to pacity utilisation, a rise in raw material Tamil Nadu State Electricity Regulatory pact even if it changes. So, the CM’s an­
up the ₹400­crore IIT gether over 500 start­ups cent of the power gener­ bring down the average prices, and shortage of skilled workers. A Commission. nouncement doesn’t address what the
Madras Research Park on and some 200 investors. ated). cost of purchased and tariff hike every year can lead to closure of industry wanted,” he added.
11.5 acres on Chennai’s IT Battery storage as well as stored green energy to un­ MSMEs, they said. ISSUES NOT ADDRESSED
corridor. TO BUY SOLAR, WIND chilled water storage are to der ₹8 a kWhr. The associations also made represent­ Responding to the CM’s announcement, businessline.
“But with wind, solar and The building already has 1­ be brought into play. About This report happens to ations to the government to roll back the associations pointed out that the meas­ Disclaimer: Readers are requested to verify & make appropriate
enquiries to satisfy themselves about the veracity of an
storage, the cost of my MW of rooftop solar. Jhun­ 90 per cent of the build­ come at a time when the tariff hike and other tariff increases. On ures didn’t address the core issues high­ advertisement before responding to any published in this
electricity works out to jhunwala said that IIT ing’s electricity require­ MSME sector in Tamil Saturday, Chief Minister Stalin an­ lighted by the MSMEs, and they would go newspaper. THG PUBLISHING PVT LTD., the Publisher & Owner of
this newspaper, does not vouch for the authenticity of any
₹9,” Jhunjhunwala told Madras Research Park Ltd, ments will be met by green Nadu has announced a nounced three measures to reduce the ahead with their plan to observe a day’s advertisement or advertiser or for any of the advertiser’s products
and/or services. In no event can the Owner, Publisher, Printer,
businessline on Friday. a Section 8 (not­for­profit) energy. strike on Monday to burden for MSMEs. LT consumers will be strike in protest against the tariff hike on Editor, Director/s, Employees of this newspaper/company be held
IIT Madras Research company, has contracted to IIT Madras Research protest against the State allowed to modify their sanctioned load Monday. responsible/liable in any manner whatsoever for any claims and/or
damages for advertisements in this newspaper.
Park’s study, titled ‘Zero to buy electricity — 4 MW of Park will invest ₹21.53 utility’s tariff hike. based on seasonal demand four times a “The measures announced by the CM

Published by Nirmala Lakshman at Kasturi Buildings, Jamshedji Tata Road, Mumbai­400020 and Printed by N. Vaidyanathan at Dangat Media Pvt. Ltd., No.22, Dighe Midc, Vishnu Nagar, TTC Industrial Area, Dighe, Navi Mumbai­400701, Maharashtra on behalf of THG Publishing Pvt. Ltd. Editor: Raghuvir Srinivasan (Responsible for selection of news under PRB Act). ISSN 0971 ­ 7528

CM
YK . . . . . . . . BM­BME