MUMBAI
SUNDAY ­ APRIL 23, 2023
ULIPs struggle to match benchmarks
POOR SHOW. Many large­cap, mid­cap and multi­cap funds trail benchmark returns in 3­, 5­ and 10­year periods
Kumar Shankar Roy
bl. research bureau
A substantial chunk of equity
unit­linked insurance plans
(ULIPs) belonging to large­
cap, mid­cap and multi­cap
categories have failed to
match benchmark returns in
3­, 5­ and 10­year investment
horizons.
This highlights the ongo­
ing challenge faced by invest­
ment managers, including
those in the mutual fund
space, and adds to the ongo­
ing actively managed versus
passively managed debate
that is raging in the invest­
ment world.
The analysis was done by
comparing ULIP funds’ per­
formance from Morningstar
and total return index return
data as on April 18. The study
covers 118 ULIP funds (50
each in large­cap and multi­
cap and 18 from mid­cap)
across 20 life insurance com­
panies including ICICI Pru,
HDFC Standard, Bajaj Alli­
anz and Tata AIA.
ULIP products typically
combine market­linked in­
vestments with a dash of in­
ICICI Bank posts highest­ever
quarterly PAT of ₹9,122 crore
Anshika Kayastha
Mumbai
ICICI Bank posted a 30 per
cent YoY increase in its net
profit for Q4 FY23 to ₹9,122
crore, its highest­ever
quarterly profit. For FY23,
the profit after tax was 37
per cent higher at ₹31,896
crore.
Total advances increased
19 per cent YoY to ₹10.2­
lakh crore, led by 21 per
cent growth in domestic
loans.
Net interest income
(NII) increased 40 per cent
to ₹17,667 crore in Q4. Net
interest margin (NIM) for
the quarter was 4.90 per
cent compared with 4 per
cent a year ago and 4.65 per
cent a quarter ago.
In the post earnings call,
Executive Director Sandeep
Batra said that in Q4, yield
on advances rose to 9.75 per
Reality bites for opponents of farm reforms
Some farmers in Punjab seek direct buyers for their produce such as chilli
Subramani Ra Mancombu
Chennai
On November 19, political
activist Ramandeep Singh
Mann tweeted that farmers in
Ambala City in Punjab celeb­
rated the day as “Fateh Divas”
as Prime Minister Narendra
Modi withdrew the farm re­
form laws the same day in
2021.
Mann was one of those
who strongly opposed farm
reforms, especially the provi­
sions allowing the sale of agri­
cultural produce outside the
Agriculture Produce Market­
ing Committee (APMC)
yards and entering into con­
tract farming.
But, a week ago, Mann was
again on the micro­blogging
site seeking direct buyers out­
side APMC yards’ purview for
red and green chilli from
Ferozepur farmers in Punjab.
Mann shares the plight of
CM
YK
ULIP fund category vs. benchmark
Large-cap ULIPs
Nifty 100 TRI
Multi-cap ULIPs
Nifty 500 Multicap 50:25:25 TRI
Mid-cap ULIPs
Nifty Midcap 150 TRI
Data source: Morningstar India website, index returns (TRI) As on April 18, 2023
Benchmarks proving difficult to beat
Category
3-yr
Large-cap ULIPs
Multi-cap ULIPs
Mid-cap ULIPs
Data source: Morningstar India website, index returns (TRI) As on April 18, 2023
Benchmarks used: Nifty 100 TRI, Nifty Midcap 150 TRI, and Nifty 500 Multicap 50:25:25 TRI
surance, and are marketed as
suitable for long­term in­
vestments – courtesy a five­
year lock­in.
cent from 9.13 per cent in
Q3, and cost of deposits in­
creased to 3.98 per cent
from 3.65 per cent. For
FY23, yield on advances was
8.94 per cent and cost of de­
posits was 3.66 per cent.
Given that the loan book
reprices faster than the de­
posit portfolio, NIMs for
the bank are likely near the
peak and will have a down­
ward bias through FY24, he
said, adding that nearly 50
per cent of the bank’s loan
CHANGING TIMES. A
screenshot of the tweet
from political activist
Ramandeep Singh Mann
many farmers in Punjab who
are unable to sell their chillies
and capsicum at a remunerat­
ive price.
Reports from growing
areas said some farmers
dumped the capsicum they
grew on the roads as they got a
meagre ₹1 per kg. “We are
3-yr
Returns CAGR (%)
5-yr 10-yr
24.73 11.18
24.1 11.17
23.78 9.6
30.05 10.75
29.08 9.44
34.35 12.19
% of funds underperforming
5-yr 10-yr
38 49
94 71
89 82
Actively managed invest­
ment portfolios cost more
than simply copying a pass­
ively managed basket of
book is linked to the repo
rate. Deposits were 11 per
cent higher YoY at ₹11.8­
lakh crore as of March 31.
Average CASA ratio for the
quarter was 44 per cent.
ICICI Bank made contin­
gency provisions of ₹1,600
crore in Q4, taking total
provisions for the quarter to
₹1,619 crore, up 52 per cent
YoY.
BETTER NPA RATIO
Slippages for the quarter
were ₹14 crore, much lower
than ₹1,119 crore the previ­
ous quarter. Recoveries and
upgrades stood at ₹4,283
crore, and the bank wrote
off bad loans worth ₹1,158
crore.
Gross NPA ratio declined
to 2.8 per cent from 3.1 per
cent a quarter ago. The net
NPA ratio at 0.5 per cent
was also better than 0.6 per
cent a quarter ago and 0.8
per cent a year ago.
growing these produce only
now. Therefore, we are not
getting buyers. This is why we
demand minimum support
price (MSP) for all crops,”
said Gurvinder Singh Gill, a
leader of the Bharatiya Kisan
Union that was at the fore­
front of the protests.
Gill said had the Centre
fixed ₹15/kg MSP for cap­
sicum, sales below that price
would have been considered
illegal. He, however, refused
to comment on Mann’s
tweet.
“Farmers in Punjab and
Haryana made a big blunder
and are facing the con­
sequences,” said Anil Ghan­
wat, President, Shetkari
Sanghatana, an organisation
that takes up farmers’ cause
in Maharashtra.
HELPLESS INSIDE APMC
“Contract farming could
have helped these growers.
stocks, and hence are expec­
ted to outperform indices.
EXTENT OF
UNDER-PERFORMANCE
While in the three­year
period, 38 per cent of 50
large­cap ULIPs underper­
formed Nifty 100’s 24.1 per
cent CAGR return, the ex­
tent of underperformance
grew for such ULIPs in five­
year (49 per cent) when Nifty
100 clocked 11.2 per cent
12.72 CAGR and 10­year period
13.3 (77 per cent) when the
benchmark posted 13.3 per
13.27
cent CAGR.
15.5
15.76
Mid­cap ULIP funds have
been consistent in underper­
18.59 formance i.e., over 80 per
cent of studied 18 funds
failed to beat Nifty Midcap
150 across three­, five­ and
10­year periods. This is be­
cause barely 1­3 funds out of
mid­cap ULIP universe were
77
able to match the index’s 34.3
58
per cent, 12.2 per cent and
87 18.6 per cent CAGR gains in
the respective time horizons.
If large­cap ULIPs under­
performance deteriorated as
the time horizon increased,
the opposite was true for the
50 multi­cap ULIP funds
Yes Bank Q4 PAT down
45% as provisions weigh
Anshika Kayastha
Mumbai
Yes Bank’s profit after tax for
Q4 has fallen 45 per cent YoY
to ₹202 crore, owing to accel­
erated provisions made by the
bank during the quarter. Se­
quentially, the net profit is
three­fold higher. The net
profit for FY23 was ₹717 crore
— also lower by 33 per cent on
year.
Provisions for the quarter
were ₹618 crore ( ₹271 crore),
and for FY23 were 50 per cent
higher at ₹2,220 crore.
“The higher provisioning is
mainly on our loans and secur­
ity receipts (SRs),” MD and
CEO Prashant Kumar said in
the post earnings call.
He added that the lender
will also not need to make any
additional provisions for the
ongoing legal dispute over
writing down of the bank’s
AT1 bonds in March 2020. Yes
Bank’s net advances grew 12
Inside APMC yards, people
are helpless,” said Sunil Singh
Chauhan, General Manager
of a private food company in
Amritsar. “Traders dictate
terms in APMC yards. We
can’t do anything,” said Gill.
“Punjab and Haryana
farmers are victims of their
own act,” said a Delhi­based
trade analyst. “Farmers got
provoked by some of the op­
position parties despite
knowing that MSP cannot be
justified under World Trade
Organisation norms,” he
said.
Gill said shortage of cold
storage, too, affected farmers.
Ghanwat said farm reforms
would have brought in all
these infrastructure, besides
processing firms that could
have put the vegetables
dumped on road to better use.
With inputs from
KS Badri Narayanan in Chennai
Money Talk
How fund manager
Devina Mehra of
First Global learnt
her craft
YOUR MONEY P3
studied. In this bucket, un­
derperformance was highest
(94 per cent) in the three­
year period as the offerings
found it tough to beat Nifty
500 Multicap 50:25:25 in­
dex’s 30 per cent CAGR re­
turns. In five­year period, a
lower share i.e., 71 per cent of
multi­cap ULIPs failed to
match the benchmark, and in
the 10­year horizon, just 58
per cent underperformed.
TAKE NOTE
A head­to­head comparison
of equity ULIP funds with
equity mutual funds of the
same categories may not be
apple­to­apple.
One, MF regulator SEBI
has put out strict definitions
of categories which make
them more true­to­label
with less leeway.
Two, fees and charges in
case of ULIP funds mean that
investor return could be
lower than fund return. This
does not happen in mutual
funds as costs borne by in­
vestors are put in total ex­
pense ratio (TER) and the
daily NAV of a mutual fund is
disclosed after deducting the
expenses.
per cent YoY and 5 per cent
QoQ to ₹2­lakh crore.
He pegged loan growth for
FY24 at 15­20 per cent, within
which the retail book is seen
growing over 30 per cent and
large corporate book at
around 5 per cent after de­
growing 26 per cent in FY23.
SLIPPAGES FALL
Slippages for the quarter fell
to ₹ 1,196 crore, lower than
₹1,610 crore in Q3.
FY23 slippages, too,
trended lower to ₹4,775 crore
from ₹5,795 crore. Recoveries
and upgrades for the quarter
were ₹1,733 crore. Kumar said
he expects slippages to trend
lower even as recoveries are
seen sustaining at around
₹5,000 crore in FY24 and
credit costs staying low.
Gross NPA ratio of the bank
was at 2.2 per cent , slightly
worse than 2 per cent last
quarter but significantly bet­
ter than 13.9 per cent a year
ago.
Sundar Pichai’s pay
soars to $226 m on
huge stock award
Bloomberg
The pay package awarded to Al­
phabet Inc Chief Executive Of­
ficer Sundar Pichai soared to
$226 million in 2022, boosted by
a triennial stock grant, making
him one of the world’s highest­
paid corporate leaders.
The stock award portion of
his pay amounted to $218 mil­
lion, according to a filing from
the Google parent company Fri­
day. He received a total of $6.3
million in compensation in
2021, when he didn’t receive the
grant, and his salary has re­
mained steady at $2 million the
past three years.
A broader tech slowdown also
has taken a toll on the company,
with its shares sliding 39 per
cent in 2022. Still, they’ve moun­
ted a comeback in 2023, rising 19
per cent. Pichai’s stock award
comes on a three­year schedule,
and he received a similarly sized
package in 2019. That year, the
executive was awarded $281
million.
RIL scraps plan
to merge new
energy arm
with itself
Our Bureau
Mumbai
Reliance Industries Ltd
(RIL) has decided to with­
draw the scheme to merge
subsidiary Reliance New En­
ergy Ltd (RNEL) with itself
as it feels that the new, re­
newable energy business
should be undertaken by the
subsidiary and not by the
company.
The company said that the
decision was taken based on
a review of the new energy,
renewable energy business
and investment structure. It
was “decided that the new
energy/renewable energy
business should be under­
taken through RNEL and the
scheme be withdrawn,” it
said in an exchange filing.
In May last year, the com­
pany said that RNEL would
be amalgamated as the re­
newable energy initiatives
would be undertaken by RIL
directly.
In the annual report for
FY22, Mukesh Ambani said
the new energy business had
the potential to overtake
other businesses of the
group in the next 5­7 years.
UP, UP AND AWAY
BLUE SKY OPPORTUNITY. ISRO’s Polar Satellite Launch Vehicle successfully placed two
Singapore satellites into the intended orbit on Saturday at the Satish Dhawan Space Centre,
which is located about 135 km from Chennai. The satellites are part of the order secured by
NewSpace India Ltd, the commercial arm of ISRO PTI
At ₹84,000 crore, net SIP inflows
account for 54% of gross inflows
Suresh P. Iyengar
Mumbai
Notwithstanding the volatile
equity markets, the net flows
into the mutual fund industry
through Systematic Invest­
ment Plans increased 77 per
cent in the year ended March
to ₹84,224 crore against
₹47,619 crore logged in the
previous financial year.
In fact, the net inflows ac­
counted for 54 per cent of
highest ever gross SIP inflow
of ₹1.56­lakh crore logged in
FY23, according to data from
the Association of Mutual
Funds in India.
Interestingly, the net to
gross ratio of SIPs has
strengthened from 38 per
cent in FY22 to 54 per cent in
FY23.
This reflects the fact that
the industry has not only suc­
ceeded in adding new SIP ac­
counts but also managed to
retain some of the ongoing
₹12 • Pages 12 • Volume 30 • Number 112
Regd. TN/ARD/14/09­11, RNI No. 55320/94
.............................................................................................................
Bengaluru ­ Chennai ­ Coimbatore ­ Hubballi ­ Hyderabad
Kochi ­ Kolkata ­ Madurai ­ Malappuram ­ Mangaluru
Mumbai ­ Noida ­ Thiruvananthapuram ­ Tiruchirapalli
Tirupati ­ Vijayawada ­ Visakhapatnam
IPO Watch
Here is our take
on Mankind
Pharma’s
initial public offer
TAKING STOCK P5
INVESTMENT.
FOCUS
ICICI Pru Corp Bond: Invest
Aarati Krishnan
As interest rates in India
have moved up, yields on
highly rated corporate
bonds have shot up more
than government bonds.
This is a good opportun­
ity for investors with a 3­5
year horizon to buy cor­ Corporate bond
porate bond funds. ICICI yields have risen
Pru Corporate Bond Fund
is a good choice. more steeply than
The fund scores highly government bond
on portfolio quality. The yields in response
latest portfolio (March 31,
2023) featured an over 26 to the increase in
per cent exposure to gov­
ernment bonds, with an­
interest rates
other 65 per cent in AAA
rated corporate bonds.
Despite this, portfolio NAV. The fund carries a
yield­to­maturity (YTM) portfolio maturity of 4.16
at 7.98 per cent was among years and a regular plan ex­
the best in category. The pense ratio of 0.53 per cent
fund has tactically used and direct plan of 0.32 per
Government of India cent, which are competit­
Floating Rate Bonds ive.
(FRBs) to earn higher The recently changed
coupons of 7.8­8.5 per cent taxation of debt funds is a
as market interest rates minus. But investors who
have risen. seek anytime liquidity with
Should there be a fur­ diversification can still opt
ther rate rise, the floaters for open­end debt funds
will cushion the fall in over FDs.
on B30 cities have built a ro­
bust business model and are
not solely reliant on incent­
ives, said Fisdom, a leading
wealth­tech platform.
The total number of SIP
accounts opened last fiscal
has increased 20 per cent to
6.36 crore against 5.28 crore
recorded in the previous fin­
ancial year.
SIPs despite providing the AUM RISES
option of a pause. The SIP asset under manage­
NS Venkatesh, CEO, ment of MF industry had
AMFI, said the industry risen 19 per cent to ₹6.83­
provided the option of pause lakh crore (₹5.76­lakh crore)
during the Covid pandemic despite the unprecedented
for investors who were ban on new fund offer in the
between jobs. If the pause on first quarter of last fiscal.
SIP continues for three Gopal Kavalireddi, Head of
months, the SIP is treated as Research, FYERS, said there
discontinued. was a strong inflow of ₹1.46­
While the withdrawal of lakh crore into equity funds
B30 (beyond top 30) incent­ and ₹1.57­lakh crore into in­
ives may seem like a setback dex funds and ETFs in FY23.
for distributors, it is not ex­ But this was partially negated
pected to have a significant by outflows of ₹1.84­lakh
impact on overall SIP contri­ crore from debt mutual
butions. Distributors focused funds.
. . . . . . . . BM­BME
 MUMBAI

2 businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023

WISE WORDS. MARKET ACTION.

If you don’t study any
companies, you have the same
success buying stocks as you do
in a poker game if you bet
without looking at your cards.
PETER LYNCH
Value investing legend

IT sector

Wait for the

happy hours
CRACKING THE CODE. Although the valuation
froth appears to have been squeezed out, some
uncertainties and disruptions call for patience

GETTY IMAGES/ISTOCKPHOTO
Hari Viswanath Summary of bl.portfolio recommendations (reco)
bl. research bureau Company Reco Date of Reco Current Returns (%)
Reco price (~) price (~) Stock Nifty50
TCS 24-Jan-21 3303 3161 -4 23
‘Those who cannot Wipro 23-May-21 513 368 -28 16
remember the past are Infosys 6-Jun-21 1386 1227 -11 13
condemned to repeat it.’ Happiest Minds 18-Jul-21 1494 797 -47 11
Mindtree# 12-Sep-21 3765 NA -19 2

T
his quote, attributed Coforge Book Profits 26-Sep-21 5649 3827 -32 -1
to novelist and philo­
Persistent Systems 21-Nov-21 4129 4298 4 -1
sopher George
Santayana, is ringing L&T Infotech@ 9-Jan-22 7205 4170 -42 -1
sound and strong today in the IT Tata Elxsi 6-Feb-22 7425 6291 -15 2
sector, post the shocker of a res­ KPIT Technologies 4-Dec-22 719 848 18 -5
ult from Infosys. As the pan­ Sonata Software 19-Mar-22 798 825 3 4
demic­induced need for digitisa­ HCL Technologies* Hold 6-Jun-21 937 1048 12 13
tion, combined with cent since then. Quite a carnage IT stocks, which were very well Oracle Fin Serv.* Accumulate 21-Aug-21 4439 3309 -25 7
unprecedented fiscal and mon­ it has been, with stocks like discovered by markets. Just be­ Tech Mahindra* 25-Apr-21 968 998 3 22
etary stimulus, resulted in a sig­ Wipro and a few other mid­cap fore the pandemic hit, on a trail­ Buy
Zensar 28-Aug-22 233 269 16 2
nificant but temporary bump­ stocks down by 50 per cent or ing PE basis, the Nifty IT index
up in technology spending, the more. You will have to travel was trading at around a 5 per *Since original recommendations mentioned above, follow up recommendations were given over the last two
years recommending a buy on Oracle Financial Services, and accumulate on dips on HCLTech and Tech Mahindra
so called ‘digital transformation’ back to 2007­09 to witness this cent premium to its 5 and 10­ @ Now LTIMindtree #Merged with L&T Infotech.

wave erased memories of the
past.
Stock valuations across the
board zoomed way past histor­
ical range and the fact that the
Indian IT sector was a mature
industry with at best long­term
growth prospects of high single­
digit to low double­digit growth
was forgotten. Analysts, market
commentators, investors and
fund managers and even a few
managements fell prey, again.
Overly optimistic sell side
earnings growth estimate and
price targets, investors pouring
in money at any price and man­
agements fixing share buyback
price at irrational levels are
some examples and serve as a
stark reminder of the past cycles
forgotten.
However, at bl.portfolio, we
had started flashing the red sig­
nal on the IT stocks by June 2021
by when we had recommended
investors to book profits in the
top 3 IT stocks then — TCS, In­
fosys and Wipro — and followed
up with recommendations to
book profits in most of the mid­
cap IT stocks, which were trad­
ing at their most expensive valu­
ations post the dotcom mania.
The rationale for caution was
simple. While the fundamentals
of the sector were strong, with
many Indian IT services players
being the best­in­class compan­
ies, valuations across the board
(barring a few) had way out­
paced fundamentals.
In the investing world, that is
akin to binging on the next few
days’ lunch today, which means
you will have to end up rationing
or may be even going without
food over the subsequent days.
That call played out, with in­
vestors in the sector being
starved of returns since the
Nifty IT index peaked in January
2022 at 39,370. It is down 32 per
Investor playbook
level of carnage in the Indian IT
sector.
Exactly a year back, we had
given our IT sector outlook in
our Big Story titled, ‘Is the party
over for IT stocks’ in bl.portfo­
lio edition dated April 24, 2022,
wherein we had outlined reas­
ons why it was time for bullish
investors to sober up. With
stocks indeed sobering up, let us
now assess where things stand a
year on and what’s in store.
VALUATIONS BETTER NOW
In the two­year period from
February 2020 (pre­Covid
highs) to March 2022, the Nifty
IT index was up by 120 per cent.
Guess what the increase in rev­
enue and earnings of the index
in the same time period were? A
more sober 15 and 27 per cent
respectively!
What exactly justifies paying
120 per cent more for a product
whose productivity increased by
27 per cent? Probably the nice
stories of how digital transform­
ation will ensure high growth
rate for longer, and the facts that
inflation is transitory and in­
terest rates will remain low for
longer if not forever.
As these tales got debunked
one by one, so did the irrational
exuberance on stocks in the sec­
tor. In the short run, stories can
rule stock prices, but in the long
run, it is always the numbers
that matter. This is the way
things have played out in the IT
sector from the time of the Y2K/
dotcom boom till now, and the
longer the stories took time to
get debunked in the markets, the
more painful the correction was.
One logical justification for
the share prices being de­
coupled from earnings growth
could be if shares were underval­
ued earlier. However, this does
not apply to much of IT sector/
year average of around 19 times,
implying that it was definitely
not undervalued. In the absence
of any significant acceleration in
long­term earnings growth po­
tential (which was absent),
there was not much of a case for
the stock prices to significantly
outperform earnings growth in
2020­2022.
Analysis also shows that the
trailing 5­year earnings CAGR
(since 2017) of the Nifty IT in­
dex and the top 4 IT services
companies has ranged 7­12 per
cent. There is no significant
evidence of sustainable acceler­
ation in earnings growth rate to
warrant higher valuation versus
historical range.
Now, after the correction, are
numbers and stock prices in
sync? While not entirely, it is
more reasonable with the index
up by 60 per cent from February
2020 to now, while earnings are
up by 36 per cent in the same
period. The takeaway here is
that, much of the froth has been
squeezed out.
Under normal situations, it
might be ok to start buying into
IT stocks gradually. However, it
is not clear how the global eco­
nomy is going to be over the next
few years, which makes the de­
cision to invest dicier.
GLOBAL OUTLOOK
Until before the collapse of the
Silicon Valley Bank in March, the
range of economic predictions
on the US economy was as wide
as it could ever be. Expectations
of economists and market parti­
cipants ranged from hard land­
ing to soft landing to no landing.
While the first possibility was
what the bears were expecting,
the other possibilities were
more supportive of the bulls’
outlook. However, post the
banking crisis, the outlook for
the economy has got more
gloomy, tilting it more in favour
of bears.
The US Fed’s full year eco­
nomic projections indicate the
possibility of a recession in 2022.
Further, the recently released
World Economic Outlook by the
IMF forecasts global growth to
fall to 2.8 per cent in 2023, from
3.4 per cent in 2022.
But the more important thing
to note are these – one, the fore­
cast for advanced economies is
more dire, with growth expec­
ted to more than halve, from 2.7
per cent in 2022 to 1.3 per cent in
2023, with possibility of it slip­
ping below 1 per cent if financial
stress intensifies. Two, the IMF
now expects global growth to
settle at 3 per cent five years out,
which is the lowest medium­
term forecast in decades.
IT sector fortunes are directly
linked to global economic pro­
spects, especially the advanced
economies. The US accounts for
50­60 per cent of revenues for
the top 4 Indian IT services play­
ers and Europe accounts for 25­
30 per cent of revenues. The
global slowdown is already get­
ting reflected in the outlook of
companies, with Infosys now
forecasting bruising decline in
growth rates with constant cur­
rency (CC) revenue growth for
FY24 expected at 4­7 per cent
versus a stellar 15.4 per cent in
FY23. HCLTech has guided for
FY 24 CC growth of 6­8 per cent
versus 13.7 per cent in FY23.
TCS does not give guidance but
was very cautious in its
commentary.
Further, commentary from
companies clearly indicates
slowdown beyond the major
BFSI vertical, implying a more
broad­based slowdown taking
hold.
IT spending will be strong
when companies in advanced
economies are benefitting from
strong GDP growth, but when
their revenue and margins get
key factor driving that rebound.
Both Central Banks and govern­
ments having been jarred by in­
flation, will be very cautious in
stimulating the economy this
time around.
The tsunami of job cuts by
tech companies like Amazon,
Microsoft and Accenture, in­
cluding in their cloud/digital
businesses, does not lend op­
timism on a quick rebound.
OTHER MOVING PARTS
Besides broader macro uncer­
tainties, there are a few other
moving parts for companies in
the sector to contend with. For
one, what is going to be the im­
pact of the new wave of disrupt­
ive artificial intelligence storm­
ing the technology space?
Generative AI, as this space is
called, has garnered a lot of at­
tention since the release of
ChatGPT.
It has showcased immense
potential for automation and
displacing human tasks not just
in non­tech jobs, but even in
tech­related tasks like software
coding. Thus, it requires monit­
oring on how this impacts the IT
service companies.
That said, every time disrupt­
ive changes have played out, In­ READERS’ FEEDBACK.
dian IT has adapted well. For ex­
ample, when the Cloud/SaaS Commodity Call
wave was accelerating in the
middle of last decade, there was I closely follow your Commodity Call published on weekdays
2­3 year adjustment period as v and the calls on copper have not worked out in recent times.
the legacy business of IT com­ Kindly explain why it has gone wrong.
panies shrank and it took a while
for them to make their digital Dipak Lakhani
business the main driver. bl.portfolio says : Thank you for the feedback. We regret the calls
During this period IT stocks not working out recently. Copper has been a bit volatile in the past
gave flattish to negative returns. three months. So, the revisions in the stop­loss that we are making
Will there be similar disruption after initiating the positions have not worked as expected. This is
this time? Investors need to because of the lack of trend. We are already working to avoid such
factor this. The winners and situations. If you’ve noticed, we’re now targeting smaller profits
losers may be different from the with a tighter stop­loss. This has to be maintained until the
previous phase of disruption. commodity starts trending.
Another thing to consider is,
what will be the impact of a
stable rupee versus the USD
during a recession? During pre­
vious recessions, there was a sig­

That there will be a significant slowdown in IT sector due
to global headwinds was foreseeable at the start of the
year. Yet the Nifty IT index rallied by 10 per cent from
start of the year till mid­February, only to crash again!
Thus, the endgames are usually tricky and can be quite
volatile.
Fundamental investors must always be cautious to
guard against market narratives and stick to a pure
valuation­based approach. As discussed, the
uncertainties are numerous now. The greater the
uncertainty, the greater you must bargain for better
value before buying stocks. One must treat the
pandemic­induced excess growth in IT sector as an
CM
YK
aberration (for now). The valuations during this phase
hit, at some level their tech
spending will face the axe, too.
were an even greater aberration. Consensus forecasts
The recent correction in the sector may be viewed as (Bloomberg) are for profits of
the beginning of the end of the bear market for IT stocks S&P 500 companies to decline
and value might emerge sometime during the course of by 7 per cent in 2023, but this can
the year. intensify if a recession plays out.
In this context, stock valuations preferably at a Every time a recession/slow­
discount or at least in line with the average valuation of down has taken hold, the stocks
pre­Covid years might be a good starting point to too have had deep corrections.
consider investing in the stocks. While this is not a holy The one difference in 2020,
grail approach and can vary from stock to stock and as though, was the quick rebound.
new information flows, for now it is a good benchmark That may not be forthcoming
for assessing the stocks. this time as the level of stimulus
pumped into the economy was a
nificant depreciation in rupee vs
the USD that acted as cushion podcast
for the financials of IT compan­ Parvatha Vardhini and Hari Viswanath
ies. With India being viewed
discuss the fundamentals of the IT
now as shining light in a weak
sector and the path ahead. https://tinyurl.com/
global economy, the rupee may itsector2023
fare better. Also available on Spotify, Apple Podcasts and Google Podcasts
Thus, although as discussed
under ‘Valuation’ the froth ap­
pears to have been squeezed out,
the many uncertainties and dis­
ruptions discussed above con­
tinue to call for patience when it
comes to investing in the IT sec­
tor now.
... . . . . . . BM­BME

MUMBAI
businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023
Kumar Shankar Roy
bl. research bureau
One of the credible names in the
world of investing and research
— Devina Mehra, Founder,
Chairperson and Managing Dir­
ector of First Global group — has
called out major market turning
points time and again, and was an
early investor in HDFC Bank,
Amazon, and Apple. Here are ed­
ited excerpts of her interaction
with bl.portfolio.
First brush with investment
growing up...
I had no real brush with invest­
ments while growing up. Luc­
know wasn’t a business­oriented
city: it was mostly educational in­
stitutions, research institutes,
and the government. My parents
were both in academics... who
had no interest whatsoever in
money or investments. I did not
even know what a share was till I
came to IIM Ahmedabad!
When did you fall in love
with the stock market?
When I came to IIM, I had no
prior knowledge of anything that
was taught there and I enjoyed
my two years there precisely be­
cause there was so much new
stuff to learn. But there was no
falling in love with the stock mar­
ket at that stage and, in any
event, no professional equity re­
search existed at the time. The
campus career choice was more
by the process of elimination,
whereby I applied only to con­
sultancies and banks and I got
what was then the number one
job, in Citibank.
Your first financial
investment?
Things you
need to know
about PPF
SAVE SMART. The Public Provident Fund
scheme has many positives going for it
Parv Shah
bl. research bureau
Be it a salaried or a self­employed
person, the Public Provident
Fund (PPF) has been the default
option for the middle­class when
it comes to creating a long­term
corpus. The PPF scheme is con­
sidered attractive on account of
sovereign guarantee and tax be­
nefits during investment, in­
terest accrual and withdrawal
stages. Here, we look at the work­
ings and operations of PPF.
CONTRIBUTIONS, INTEREST
An Indian resident can open one
PPF account, either through post
office or authorised banks, with a
minimum initial deposit of ₹500.
In this account, a minimum of
₹500 and a maximum ₹1.5 lakh
should be deposited each year.
The investment tenure is 15
years, starting from the end of
the year in which you first made a
deposit. For e.g., if you start mak­
ing investments from April 3,
2023 (FY2023­24), the account
will mature on April 1, 2039.
One can open a PPF account in
the name of a minor (child).
However, annual combined con­
tribution will be capped at ₹1.5
lakh only. When the minor turns
18, the parent should apply re­
garding the change of status. Fur­
ther operations should be
handled by the account holder
herself/himself following sub­
mission of revised application
along with her/his signature and
the documents required to be at­
tested with the application form.
CM
YK
‘Not bull or
bear, I want
to be a hare’
MONEY TALK. How veteran fund manager
Devina Mehra of First Global learnt her craft
and stayed in the race
steps to this, including going in­
PROFILE depth into company financials
and thinking deeply about the es­
Devina has an MBA from
timate of every parameter.
the storied IIM,
Plus, my philosophy was to not
Ahmedabad, where she even take so­called financial fun­
was a gold medalist. She damentals for granted. For in­
has a graduate degree in stance, I have been challenging
Mathematics, Statistics the Efficient Market Theory
and English from Lucknow since the ’90s because it was at
University, where she won variance with my observations in
eight gold medals. the markets. I came up with new
financial ratios to better capture
what was happening.
The very first investment proved The next big evolution was to
to be very lucky, which was Cit­ put a lot of these learnings into
ibank’s unlisted backend pro­ an artificial intelligence and ma­
cessing house where, since regu­ chine learning system that could
lations did not permit a 100 per analyse everything across the
cent subsidiary, they allowed em­ whole universe on a standardised
ployees to buy shares. This later basis, without bias or noise. As a
listed as Citicorp Securities India philosophy, I do not want to be a
and my ₹25,000 investment be­ bull or a bear, I want to be a hare,
came over a crore — an unima­ which is the First Global mascot.
ginable amount at the time. This A hare is smart, it is quick, but it
also became seed capital towards can also change direction fast.
the founding of First Global. Plus it has 360­degree vision,
which is something all of us want.
What made you give up your
cushy job at Citi and set up a How did you spot Amazon
brokerage house? and HDFC Bank, wehre you
There were two triggers for me to were an early investor?
leave. The first was that the Bom­ For Amazon, we were the only
bay Stock Exchange decided to firm with a ‘buy’, and that too a
give 71 new professional mem­ strong ‘buy’ at a price of $15 in
berships at a lower price and I ap­ 2001. My call was based on the
plied. Then, in the 1993 Budget, fact that the last quarter of 2000
Dr Manmohan Singh opened the was the first time Amazon had
market to foreign institutional made substantial positive cash
investors and I thought this flows and yet that was the time
would be a trigger for the market the rest of Wall Street was saying
to professionalise, and hence I that the company would go bank­
resigned. rupt, which made no sense to us
or anyone else who would’ve
Investing approach? thought about the numbers.
The key to understanding In the case of HDFC Bank, I
everything is to look at the data would say it was fundament­
and to go in­depth into als++. Obviously there was the
everything. Don’t take anything scenario of taking away some
for granted: that has been my market share from dominant
philosophy. There are many public sector banks with a strong
If you are relocating to an­
other city for employment or for HANDY FEATURES
any other reason, you have the
£ Up to ₹1.5 lakh can be
option to switch your PPF ac­
deposited per year
count from one bank to another,
or within same banks you can £ Sovereign guarantee,
switch to different branch. In 15­year investment
such a case, you need to submit a tenure
transfer application form and £ Tax benefit during
PPF passbook at the existing investment, interest
bank branch while a fresh KYC
accrual and withdrawal
process shall be done in another
bank/branch. If you know the
PPF a/c number, you can con­ amount can be the maximum of
tinue to make deposits online ₹25,000 (25 per cent of balance at
without visiting the branch. the end of FY2023­24). Here, the
loan shall be obtained at the in­
, PREMATURE CLOSURE terest rate of 1 per cent more
Generally, you can withdraw than prevailing interest earned
money from the PPF account on PPF (7.1 per cent + 1 per cent =
only after 15 years. However, if 8.1 per cent currently). The re­
you feel the requirement of payment of loan should be done
money due to any emergency or within 36 months, failing which
any other reason before the com­ there is extra 5 per cent penalty.
pletion of 15 years, you have Post this period, you won’t be
three options in place – loan eligible for availing loans. How­
against PPF account, partial ever, from the start of seventh
withdrawal and premature ac­ year from your account opening
count closing. For all the three i.e. from April 1, 2029 (as ex­
options, there are different sets ample), you are allowed to with­
of conditions to be followed. draw partially. Withdrawal limit
Say, by the end of FY2023­24, shall be the 50 per cent of the bal­
your account has a balance of ₹1 ance at the end of preceding FY
lakh. Considering the option of or at the end of fourth preceding
borrowing, you are eligible to FY whichever is lower. For e.g., if
avail loan during the starting of you want to withdraw in Novem­
third FY to end of sixth FY from ber 2030, you can withdraw up to
your account opening FY i.e., 50 per cent of balance as on
starting from April 1, 2025, till March 31, 2030, or that of March
March 31, 2029. The borrowed 31, 2027, whichever is lower.
amount can’t be more than 25 Also, you can close the account
per cent of the account balance at prior to the maturity period with
the ending of the preceding subject to certain conditions.
second year from the borrowing You can close the account only
date. For instance, if you wish to after completion of five years
borrow in August 2025, the loan from the end of the FY you star­
Your Money . bl . 3
TAX QUERY
ALERTS.
MMTC­PAMP Akshaya
Tritiya special offerings
SUDHAKAR SETHURAMAN
I have submitted Form 15H to a company for the final
dividend of the financial year 2021­22 , on July 2,
Precious metals delivery
refiner MMTC­PAMP has
unveiled its latest offering of
2022, which has validity up to March 2023. When the Akshaya Tritiya gold and silver
company declared interim dividend for the bars. The
financial year 2022­23, they deducted TDS from my company
dividend income, saying the submitted Form H had has released
no validity. Do I need to submit Form 15H each and ‘Goddess
every time dividend is declared? Lakshmi gold
C.P.Murugesan bar’
weighing
Form 15H is required to be submitted by 10g, and the
individuals who are of the age of 60 years or more ‘Goddess
claiming incomes without deduction of tax at Lakshmi &
source. Further, this has to be done for every Lord Balaji
payment. If there are multiple dividend payments silver bar’ weighing 50g. The
during a financial year and if your total income is less purest 24K 999.9 Goddess
brand like HDFC. I’m a wary in­ than the threshold for tax trigger, you would be Lakshmi gold bar features an
vestor in banks as you never required to furnish Form 15H for each payment. It is intricate image of the Goddess
know where negative surprises important to note that subsequent Form 15H would perched on a Lotus flower. The
are hiding in a bank. In this par­ need to include the details of Form 15H furnished 10g silver bar features both the
ticular case, because so many in previously for the same financial year. Goddess and her consort, Lord
the bank’s management were ex­ Balaji, and has traditional
colleagues, I could take a bet that I have a few queries with respect to taxation of symbols like kireetam, shankh,
the risks would be managed Joint Development Agreements (JDA). chakra, and mala.
properly. 1. I own a residential flat. If I enter into a JDA for
that property, it will be treated as transfer and
In recent times, where did taxable as capital gains in the year of Completion
you spot bubbles and why certificate (CC). Considering that I am not selling Cholamandalam's NCD
were they bubbles? the old or new property and the gain (if any) is fund­raising plan
Crypto was an obvious recent unrealised, how can I meet the tax liability
one — not that I knew exactly without any cash flow? 2. Is any payment received Cholamandalam Investment
when the fall would come, but from the builder in lieu of rent also taxable only and Finance Company Limited
even for an asset class with a very in the year of issue of CC? 3. Are any exemptions (CIFCL) plans to raise up to
limited history it was clear... available under 54 or 54EC? ₹1,000 crore via its maiden
there had been several 70­85 per Vaidyanathan A P public issue of secured, rated,
cent losses or drawdowns in the listed redeemable
past. Even at the time that all As per Section 45(5A) of the Income Tax Act, 1961, in non­convertible debentures
these Nasdaq ETFs and funds case of joint development agreements, capital gains (NCDs). The NCDs, which carry
were being launched in the In­ arise in the year in which certificate of completion is a face value of ₹1,000 each, are
dian market in 2021, I was on obtained. Further, in the case of joint development being offered with tenor
every TV channel saying that this agreement, capital gains arise when the property is options of 22 months, 37
is clear recency bias: that just be­ sold. In respect of payment in lieu of rent, one has to months and 60 months with
cause the Nasdaq has done well look into the terms of joint development agreement annual and cumulative
for three years you’re extrapolat­ to determine nature of the payment and depending on payments options across six
ing that it would always do well, the same, its taxability needs to be determined. There series. The minimum
forgetting its history. are conflicting judgements on whether this payment application size is ₹10,000 (i.e.,
could be treated as income or not. 10 NCDs). Effective yield for
Any wrong calls? Since your property is a residential flat, you would the NCD holders in all
A wrong call that stands out is be eligible for exemption under Section 54 and 54EC categories of investors ranges
thinking that IT services were if the other conditions are satisfied. Section 54: from 8.25 per cent to 8.40 per
hugely overpriced in the ’90s be­ · Long­term asset residential house property is cent per annum, according to
cause the PEs (price to earnings) sold – we assume that your residential flat has been the NBFC’s statement. The
went very high — but then the owned by you for more than 3 years prior to the date base issue size is ₹500 crore
prices kept going higher as the of sale with an option to retain any
companies did deliver on the · Sale proceeds need to be invested in another oversubscription up to ₹500
growth promise. It was also an house property crore.The NCD issue opens on
early lesson not to short stocks! · Time limit: within 1 year before date of sale or 2 April 25 and closes on May 9,
years from the date of sale or completed construction with an option of early closure.
How does your personal within 3 years from the date of sale.
asset allocation look? Conditions for Section 54EC:
Currently, it will roughly be: In­ · Long­term asset (land/building/both) is sold –
dian equities 20 per cent, global we assume that your residential flat has been owned Karnataka Bank launches
equities 60­65 per cent and fixed by you for more than 3 years prior to the date of sale home loan campaign
income 15­20 per cent. I do not · Specified bonds to be purchased within 6
invest in illiquid securities and months from date of sale. Karnataka Bank has launched a
own only one residence, which I · Maximum limit of ₹50 lakh special home loan campaign
am not including above. · Investment or capital gains, whichever is lower, —‘KBL Centenary Mahotsav’ —
is exempt from tax from April 17 to July 17. A
· If the bonds are redeemed within 5 years from statement said customers can
the date of investment, exemption provided would be avail home loan with discount
revoked and the amount is taxable as long term in upfront fee, attractive rate of
capital gains in the year in which the bonds were interest starting from 8.75 per
redeemed.
The writer is Partner, Deloitte India
Send your queries to taxtalk@thehindu.co.in
cent, and nil processing
charges for home loan under
the ‘KBL Centenary Mahotsav’
campaign. Karnataka Bank has
developed digital loan products
for home loans allowing
Interest rates on home loans (%) customers to enjoy seamless
digital processing and
Loan amount immediate in­principle
Institution
BANKS (Floating rates)
Axis Bank
Under
~30 lakh
8.75­9.15
~30 to
75 lakh
8.75­9.15
Over
~75 lakh
8.75­9.15
approvals at their convenience
and comfort. The digital
products are designed to
ensure customer delight and
satisfaction, it said.
Bank of Baroda 9.15­10.60 9.15­10.60 9.15­10.60
Bank of India 8.65­10.75 8.65­10.75 8.65­10.75
GETTY IMAGES
Bank of Maharashtra 8.40­10.45 8.40­10.95 8.40­10.95
CRED launches P2P UPI
Canara Bank 8.85­11.25 8.85­11.25 8.85­11.25 payments on its app
Central Bank 8.60­9.35 8.60­9.35 8.60­9.35
DBS Bank <=10.20 <=10.20 <=10.20
ted investing (from March
31,2029 in our case). However, it Federal Bank 10.15­10.20 10.15­10.25 10.20­10.30
can be done only in case of events ICICI Bank 9­9.80 9­9.95 9­10.05
such as death of account holder, Indian Bank 8.45­9.4 8.45­9.4 8.45­9.4
treatment of life­threatening dis­
ease of her family members and Indian Overseas Bank 9.55 >=8.85 >=8.85
higher education. For premature IDBI Bank 8.75­12.25 8.75­12.25 8.75­12.25
closure, a penalty of 1 per cent J&K Bank 9.45­9.55 9.45­9.55 9.45­9.85
shall be charged. Fintech firm CRED has
Karnataka Bank 9.26­10.43 9.26­10.43 9.26­10.53
launched peer­to­peer UPI
WHAT AFTER MATURITY Karur Vysya Bank 9.23­12.13 9.23­12.13 9.23­12.13
payments on its app, allowing
After the mandated 15 years, Kotak Mahindra Bank 8.85­9.40 8.85­9.40 8.85­9.40 members to transact with
when your PPF account reaches Punjab National Bank 8.65­9.45 8.60­9.45 8.60­9.35 CRED members or
maturity, one has three options. non­members by searching
Punjab & Sind Bank 8.85­9.95 8.85­9.95 8.85­9.95
One, you can close the account their contact list and adding
and withdraw entire proceeds, RBL Bank 9.15­11.55 9.10­11.55 9.10­11.30 phone numbers, or UPI ids. The
post maturity. For this, you need State Bank of India 8.70 ­ 9.75 8.70 ­ 9.75 8.70 ­ 9.65 service will be limited to CRED
to submit an account closure South Indian Bank 9.85­12.60 9.85­12.60 9.85­12.60 members. To become a CRED
form. Two, if you don’t have an member, one needs to have
immediate requirement for the Tamilnad Mercantile Bank 9.10­9.60 9.10­9.60 9.10­9.60
750 or above credit score.
proceeds, you can extend PPF ac­ UCO Bank 8.85­10.40 8.85­10.40 8.85­10.40 With the launch of P2P UPI
count without any fresh depos­ Union Bank of India 9.0­10.50 9.0­10.70 9.0­10.70 payments, CRED members will
its. Doing this, you can continue have multiple payment options
earning interest on the balance. BANKS (Fixed rates)
including offline payments (UPI
Three, you can also extend Axis Bank 14 14 14
P2P, Scan & Pay, Tap to Pay),
your PPF account with fresh de­ IDBI bank 9.85­10.10 9.85­10.10 9.85­10.10 online merchant payments and
posits wherein you can continue Union Bank of India 11.4 11.4­12.4 12.4­12.65 bill payments. Other key
making investments for one or features include payment
more block of five years by filling HOUSING FINANCE COMPANIES (Floating rates)
reminders for recurring
Form­4. The account holder Tata Capital >=8.75 >=8.75 >=8.75 transactions and option to
should inform the post office/ Piramal Cap & Housing Fin >=11 >=11 >=11 create custom VPAs.
bank about the extension of PPF PNB Housing 8.75­ 11.15 8.75­ 11.35 8.75­ 11.35
account with fresh deposits be­
fore the expiry of one year from Central Bank Housing 9.95­11.15 9.95­11.15 9.95­11.15
the maturity. Else, any deposit HDFC 8.50­9.60 8.50­9.60 8.50­9.60
made in such account shall be Indiabulls Housing Fin >=9.30 >=9.30 >=9.30
treated as irregular and refunded
Aditya Birla Housing Fin 8.80­14.75 8.80­14.75 8.80­14.75
by the accounts office immedi­
ately without any interest. Here Bajaj Finserv 8.70­14.00 8.70­14.00 8.70­14.00
BUSINESS OFFER
too, one can make withdrawals GIC Housing Finance >=8.45 >=8.45 >=8.45
but to the tune of maximum 60 SHARES / INVESTMENTS
Reliance Home Finance 9.75%­13% 9.75%­11% 9.75%­11%
per cent of the balance at the JOIN US, Learn and Earn in Online
Sundaram Home Finance* >=10 >=10 >=10 Shares Trading Business with Good
commencement of the block Profit Contact: 7904551696
period. The withdrawal can be *Data as on respective banks’ website on Apr 21, 2023; For each year range, the maximum
made either in single or in yearly offered interest rate is considered; interest rate is for a normal fixed deposit amount below ₹1
crore. Compiled by BankBazaar.com *Annual percentage rate
instalments.
. . . . . . . . BM­BME
4 . bl . Fund
A high-yield
high quality
combo
FUND CALL. Three features make ICICI
Pru Corporate Bond Fund a good choice
relative to peers in this category
Aarati Krishnan
Interest rates in India have
likely hit a peak in this cycle.
This makes it a good time for
investors to lock into the at­
tractive yields available in the
bond markets today for the
medium to long term. If you
have a three­ to five­year hori­
zon, ICICI Pru Corporate
Bond Fund, an open­end debt
fund, is a good option to con­
sider. This fund offers the un­
usual combination of high
portfolio yield with low credit
risk.
WHY CORPORATE BONDS
As interest rates in India have
moved up, yields on corporate
bonds have moved up more
sharply than those on govern­
ment bonds. Between April
2022 and April 2023, while the
yield on the five­year govern­
ment security (g­sec) moved
up from 6.4 per cent to 7.1 per
cent, that on AAA­rated cor­
porate bonds shot up from 6.5
per cent to about 7.7 per cent.
This has resulted in the
spreads (extra yield) that high­
quality corporate bonds offer
over g­secs widening. AAA
bonds have seen their spreads
Making rates work How have ESG mutual
in your favour funds performed so far?
NFO TRACKER. Baroda BNP Paribas Floater
Fund will use interest rate swaps to hedge
Venkatasubramanian K
bl. research bureau
Baroda BNP Paribas has rolled
out its floater fund NFO, which
will remain open till April 24.
SEBI has mandated 65 per cent
of this type of funds portfolio in­
vested in floating rate instru­
ments. SEBI allows these funds to
convert fixed rate coupons to
floating rate by using instru­
ments such as interest rate
swaps. Disclosures on such swaps
aren’t made explicitly in fund
factsheets. But all the bond hold­
ings are fully disclosed, along
with their credit ratings.
As floater bonds can be issued
across maturities, the duration
risk can be managed quite well.
Barring sharp spurts in rates,
when they could suffer mark­to­
market losses, they tend to be
hedged well and suffer lower
price erosion than fixed rate
bonds. Most of the floating rate
funds invest a portion of their
portfolio in government floating
rate bonds (FRBs).
The government’s FRBs have a
reset every six months. In
September 2022, the coupon on
GOI FRB 2033 was increased 189
basis points to 7.42 per cent from
5.53 per cent in March 2022. This
has been increased further by 109
basis points in March 2023 to 8.51
per cent.
Usually, the coupons are de­
cided based on the average of the
yields in the previous three auc­
tions of the six­month treasury
bill (T­Bill) and a fixed spread is
added to the figure.
Similarly, the GOI FRB 2028
has seen coupons increased 295
points from April 2022 to levels to
7.88 per cent now.
As of March 31, the GOI FRB
2028, GOI FRB 2033 and GOI
FRB 2034 traded at yield to ma­
turity of 8.18 per cent to 8.5 per
cent, much higher than fixed
coupon bonds.
FUND STRATEGY
The BNP Paribas Floater Fund
will invest in a combination of
bonds. It will invest in floating
rate bonds of several issuers, en­
suring that coupons are increased
when the rates rise. It will also in­
vest in fixed rate bonds so as to
manage portfolio duration and li­
CM
YK
Insight
expand from 10­20 basis points
to 50­60 basis points. The extra
return on highly rated bonds
present an opportunity for in­
vestors to improve portfolio
returns without taking on
credit risks. Corporate bond
funds, which invest only in
AAA and AA plus bonds thus
make for a good investment.
WHY THIS FUND
Three features of ICICI Pru
Corporate Bond Fund make it
a good choice relative to peers
in this category.
High portfolio quality: A
high portfolio yield for a debt
fund usually goes hand­in­
hand with exposure to risky
bonds. But ICICI Pru Corpor­
ate Bond Fund combines high
yields with low credit risk.
There have been times in the
last couple of years when gov­
ernment bonds have offered a
better risk­reward equation
than corporate bonds. This
fund has used this trend to its
advantage. The latest portfolio
in end­March 2023, featured a
20.5 per cent allocation to long
term g­secs and 5.8 per cent to
short­term g­secs, with the res­
ult that over a fourth of the
portfolio is parked in risk­free
g­secs. Another 65 per cent was
GETTY IMAGES/ISTOCKPHOTO
quidity – thereby making sure of
risk reduction when the rates fall.
Additionally, the fund will use
interest rate swaps to convert
fixed interest rate bonds to float­
ers as a tactical call as well as to
hedge the portfolio against any
interest rate scenario.
But, how have the floater funds
done? There are 13 floating rate
funds, with only five having a
track record of more than five
years. Four of the five floating
rate funds – ICICI Pru, HDFC,
ABSL and Nippon India – have,
on an average, delivered 7.8­8.2
per cent returns on a rolling
three­year basis from April 2013
to April 2023.
Floater funds have average ma­
turity profile ranging from one
year to eight years. Most are in the
three­four year range.
Apart from investing in sover­
eign FRBs as mentioned earlier,
these funds deploy sums in cor­
porate floating bonds as well.
Privately placed bonds, non­
convertible debentures, addi­
tional tier 1 or tier 2 bonds, com­
mercial papers, perpetual bonds
and certificates of deposits are
common instruments that these
funds invest in.
Most of the portfolio, usually
more than 90 per cent, is made up
of bonds with the highest AAA
rating. For shorter term papers,
exposure is to instruments with
the highest A+ ratings.
SHOULD YOU INVEST?
Even though there the number of
floater funds with long track re­
cords is small, the existing top
three­four schemes have done
well over the past decade. Even in
adverse market conditions, the
drawdowns have been low (1­2
per cent). The category must find
a small place in debt portfolio. Go
for top established schemes in
the category and wait for Baroda
BNP Paribas Floater to develop a
track record before taking
exposure.
MUMBAI
businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023
FUND QUERY
PARVATHA VARDHINI C, bl.research bureau
I have been investing in mutual funds since 2018
with my limited knowledge. I want to know what
schemes suit me. My goal is to create ₹2 crore in
13­14 years. I am a very aggressive investor.
Kindly suggest some good funds.
Pranjit Prasad Sahoo
We are assuming you want to reach your ₹2­crore goal
13­14 years from now. Since you have started
investing in 2018, that makes the total time available
to reach your goal roughly 18­19 years. You have also
mentioned that you are a very aggressive investor and
so we peg your return expectations (CAGR) during
GETTY IMAGES/ISTOCKPHOTO
this period at 15 per cent. Under these assumptions,
your monthly SIP requirement falls between ₹15,600
and ₹18,300. If you bring down the return expectation
to 12 per cent, the SIP requirement moves up to
₹23,00026,400. Similarly, if your investments since
2018 are not significant and the total timeline is only
13­14 years from today, your SIP requirement for the
goal will change accordingly. You can use online SIP
ate Bond Fund had an average
calculators to work out these permutations and
WHY INVEST portfolio maturity of 4.16
combinations. If you are unable to save as per the SIP
years, as of March 2023, com­
£ Combines high yields requirements suggested above, you can always step
pared to less than three years
with low credit risk up your SIPs in future, as your income increases.
for the category. The fund’s
Tactical use of Govt. of
Step­up SIP calculators are also available online.
£ portfolio is more diversified
Since we are not sure about how much you would be
India floating rate bonds than its peers, with over 90 se­
investing each month, we are suggesting the ratio of
£ More diversified curities. The large asset size
allocation to various funds based on your risk
portfolio base than helps reduce concentration
appetite. We are suggesting only pure equity funds
peers’ risk, both on investors and
given that you are an aggressive investor and have a
holdings.
time horizon of over 10 years.
MINUSES
While the fund’s 25 per cent
ket interest rates. GOI floating exposure to floating rate bonds
rate bonds maturing in 2028, has been a plus at a time of
2033 and 2034 made up almost rising rates, they could weigh
a fourth of the fund’s portfolio on returns, should short­term
parked in AAA­rated corporate in March. These bonds have interest rates begin to decline.
bonds, with holdings such as their coupon rates pegged to In such an event, however, the
NABARD, SIDBI, Reliance In­ the yield of 182­day treasury fund may exit or reduce
dustries, LIC Housing and bills. In recent times, the signi­ weights in floaters to switch to
HDFC carrying the highest ficant run­up in t­bill yields has fixed rate bonds. The fund’s ex­
weights. The fund did not own seen the coupon on these GOI pense ratio for the regular plan
any bond rated below AAA. bonds rise to very attractive at 0.53 per cent is at the lower
Despite this ultra­conservative levels of 7.8­8.5 per cent. end of the category, while dir­
stance on credit risk, the fund’s Should a further rise in rates ect plan expenses are on par
portfolio yield­to­maturity lead to a fall in corporate bond with peers at 0.32 per cent.
(YTM) at 7.98 per cent was prices, these floaters could The recently changed taxa­
among the best in its category. cushion the fall in the fund’s tion of debt funds, which make
Tactical use of floaters: NAV. even long­term returns for in­
The high portfolio YTM has Portfolio maturity: When vestors taxable at their slab
come partly from the fund’s market yields are high, it rate, makes this fund less com­
tactical use of Government of makes sense to extend the dur­ petitive with high­quality FDs.
India Floating Rate bonds, ation of one’s debt invest­ But investors who seek any­
which have seen a sharp uptick ments lock into higher returns time liquidity with diversifica­
in yields with the rise in mar­ for longer. ICICI Pru Corpor­ tion can still opt for this fund.
That said, investing till the month before you want
to pull out the funds to meet your goal is not a good
idea as no one can predict the market direction
accurately. Hence, you will be more comfortable if
your timeline or target amount is not too strict, and
you have some leeway.
Send your queries to mf@thehindu.co.in
ETF movers
Top ETFs (Exchange Traded Funds) traded on NSE based on
weekly change in price
Kumar Shankar Roy
bl. research bureau NAV (₹) Price (₹)
Weekly Volume traded
FUND TRACKER. change
in price
in the last
week
Advocates of environment, so­ as on Apr 21 (%) (in '000s)
cial, and governance (ESG) in­
Top holdings of ESG
ETF
vesting have long focussed on mutual funds don’t differ Kotak Nifty PSU Bank ETF 385 386 2.3 644
how companies make money,
rather than how much money much from diversified Nippon ETF Nifty PSU Bank 43 43 2.1 23,464
they make. This trend picked up
pace when the bulls were ruling
fund universe Bharat 22 ETF 61 61 1.1 1,594
Nippon ETF Nifty 50 Value 20 102 105 1.0 54
the markets, and as a result,
Motilal Oswal Midcap 100 ETF 33 33 0.9 281
eight out of 10 existing ESG
funds were launched between Motilal Oswal Nasdaq 100 ETF 104 104 0.9 1,887
2020 and 2021, with promises of ICICI Pru Nifty Midcap ETF 119 120 0.8 98
portfolios guided by ESG factors
GOLD ETFs
and financial considerations.
As investments in ESG stocks ICICI Pru Gold ETF 53 53 ­0.8 1,792
from ESG Indian funds touch SBI ETF Gold 53 53 ­0.9 1,174
nearly ₹10,000 crore, we take a HDFC Gold ETF 53 53 ­1.0 804
look at what stocks, sectors
found place in ESG fund portfo­
GETTY IMAGES
Source: Bloomberg. Returns as on April 21, 2023
lios and the returns clocked.
NICHE CATEGORY
ESG investing is a niche seg­ Top PMS schemes
ment and not all houses have Based on 5­year returns
launched this, as companies are cent and IT sector about 7 per Returns (% CAGR)
expected to meet various norms ACTIVE STYLE cent allocation. AMC Strategy
AUM
(in ~ cr)
related to ESG aspects. 1­year 3­year 5­year
Out of the 10 ESG fund
Initially, it was challenging to TRACKING RETURNS
offerings that are in LARGE CAP
implement such frameworks in The individual one­year fund re­
India due to non­availability of existence, a majority of turns (up to April 20, 2023) Ambit Inv.
data related to performance of the funds are range from ­6 per cent to +4 per Advisors
Coffee Can 985 LARGE CAP ­3.2 15.7
companies on ESG parameters. actively­managed cent, bringing the category aver­ ICICI Pru Largecap 86 LARGE CAP 2.1 32.4
Today, the ESG data of top portfolios age to a forgettable ­0.98 per Aditya Birla Top 200 Core
100 companies are available, cent amid falling markets (­3 per 48 LARGE CAP 0.9 26.2
Sun Life PMS Equity Portfolio
and this universe is now being cent for BSE 100). The paltry
Absolute
slowly extended to top 500 com­ of thematic funds and so a min­ one­year returns place the ESG Nippon India
Freedom
NA LARGE CAP ­2.0 24.8
panies. imum of 80 per cent of total as­ thematic category among the
Out of the 10 ESG fund offer­ sets are invested in securities fourth worst out of the 20 broad MULTI CAP
ings that are in existence, a ma­ following the ESG theme. Some buckets tracked by the industry. Valuequest Inv.
Platinum 342 MULTI CAP ­4.7 44.8
jority of the funds are actively­ funds select stocks if they have Three funds have clocked Advisors
managed portfolios. ESG orientation “in the opinion three­year individual returns Globe Capital
Arbitrage 175 MULTI CAP 6.5 45.9
SBI Magnum Equity ESG of the fund manager”. between +17 per cent and + 25 Market
Fund is the biggest fund (with Two, if your expectations are per cent (CAGR), compared Sameeksha
Equity Fund 604 MULTI CAP 4.5 38.6
over 40 per cent of category centred around differentiated with BSE 100’s 25.5 per cent re­ Capital
AUM), followed by Axis ESG ESG fund portfolios vis­a­vis turn in the same period. The Globe Capital
Value 269 MULTI CAP 7.2 25.3
Equity Fund, ICICI Prudential equity funds in the industry, you Nifty 100 ESG index has clocked Market
ESG Fund and Kotak ESG Op­ should lower your expectations. 23.4 per cent in the same period. Avestha Growth 458 MULTI CAP 19.2 37.2
portunities Fund. As majority of In terms of invested value, the The three­year period has been
IIFL Multicap NA MULTI CAP ­1.3 26.9
ESG funds are only 2­3 years top­10 holdings across ESG good for markets, with top
old, the track record is limited. funds are Infosys, ICICI Bank, equity categories clocking over MID-CAP
TCS, HDFC, HDFC Bank, Axis 30 per cent CAGR returns. This Unifi Capital Blended ­ Rangoli NA MID CAP ­0.6 46.5
PORTFOLIO SCAN Bank, SBI, L&T, Ultratech and is why even in three­year cat­ Unifi Capital Apj 20 NA MID CAP 4.0 52.8
A close look at the latest portfo­ Kotak Mahindra Bank, per egory return parameter ESG
lios of ESG funds throws up in­ ACEMF database. This is funds figure near the bottom of Unifi Capital Insider Shadow NA MID CAP ­10.4 42.1
teresting insights. broadly the same with the the pack. The lone ESG fund Master
Vallum India
One, there are broadly 214 se­ top­10 holdings of overall equity with five­ and 10­year history Portfolio NA MID CAP 1.1 48.1
Discovery
Services
curities in ESG fund portfolios, fund industry, with only the failed to beat its benchmark.
including 36 international weights being different. In case One may argue that investors SMALL CAP
stocks such as Microsoft, Lu­ of the overall equity fund invest­ need to give more time for ESG Minerva India
Right Horizons NA SMALL CAP 3.1 55.1
lulemon Athletica, Alphabet, ment universe, RIL, Bharti Air­ funds to deliver returns as the Under­Served
Workday and Texas Instru­ tel and ITC figure in top­10. segment is still in a nascent Ambit Inv.
ments. In fact, some ESG funds Three, BFSI and IT stocks are stage. Others may assert that Emerging Giants 269 SMALL CAP 6.9 37.6
Advisors
are allowed to park up to 30 per major attractions for the ESG sustainable investing is not Long Horizon
cent of their funds in global funds. This trend is not much about returns, but more about Equirus Wealth 576 SMALL CAP ­14.4 43.0
Fund
stocks. different from the overall equity the satisfaction of backing good Unifi Capital Green Fund NA SMALL CAP 4.6 53.3
As per regulations, ESG fund industry, where banks and businesses for the society and
schemes fall under the category finance account for over 30 per the larger world. *Source: PMS Bazaar. Returns as on March 31, 2023
. . . . . . . . BM­BME

MUMBAI
businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023
Sai Prabhakar Yadavalli
bl. research bureau
Mankind Pharma, a pharma/con­
sumer healthcare (HC) player
ranked fourth by sales in IPM (In­
dian Pharmaceutical Market), is
IPO­bound (April 25­27). The of­
fer is entirely an OFS of ₹4,326
crore, which is 10 per cent of the
market capitalisation. It is priced
at ₹1,026 ­ ₹1,080 per share or 32.5
times annualised 9MFY22 earn­
ings. Considering the growth po­
tential of pharma and FMCG, the
branded portfolio geared entirely
to India and also adjusting valu­
ation for acquisition impact, the
IPO seems fairly priced for long­
term growth. We recommend
long­term investors subscribe to
the IPO.
Mankind’s pharma portfolio
(85­90 per cent of CY22 revenues)
is across 10+ therapies and each
segment a top­10 presence in re­
spective therapies. Consumer HC
portfolio (10­15 per cent), has six
brand families with leading mar­
ket shares as well. The company is
India­focussed (97 per cent of
sales) and has a strong marketing
approach. From an acute­led port­
folio, Mankind has driven its
chronic portfolio to 34 per cent in
CY22 and is still short of 37 per
cent recorded by IPM and is striv­
ing to drive Chronic growth.
GROWTH FROM BRANDS
The company has a wide stable of
branded products, developed
ground­up, of which 36/21 brands
have more than ₹50/100 crore
sales in CY22. In IPM, which itself
generates 10 per cent growth,
branded presence leads to growth
and the company has demon­
strated its ability by growing 1.3x
IPM in last two years. The con­
sumer healthcare seems a natural
extension backed by acute
pharma portfolio and readily
available distribution channels for
Mankind with six brands of which
four have more than ₹100 crore
sales in CY22. Pharma portfolio
and ground presence of Mankind
and its branding ability should al­
low for a ‘safe switch’ from pre­
scription to OTC periodically.
Chronic­heavy portfolio leads
to strong volume growth but is
also harder to build. This propor­
tion of sales has increased from 27
per cent of sales in FY18 to 34 per
cent in CY22. The company has
built therapy­centred sales divi­
sions for cardio/diabetes/respirat­
ory and neuro in the last four years
to drive this segment, against a
geographic­centred divisions in
acute. It has added 3,000 Medical
Stepping on the gas
Nalinakanthi V
bl. research bureau
Investors with a two­to­three­
year investment horizon can con­
sider accumulating the stock of
India’s largest oil and gas produ­
cer, ONGC, on dips. We believe
the new gas pricing guidelines an­
nounced by the Government to be
positive for the company. Besides,
the additional crude and gas out­
put from new fields, particularly
its new well at Krishna Godavari
basin, should help the company
sustain healthy growth over the
next two years. At the current
price, the stock trades 5.1 times its
trailing twelve­month earnings
and about 0.7 times its book value.
The stock, at the current price, of­
fers an impressive dividend yield
of 6.75 per cent.
We believe ONGC to be a good
medium­term investment oppor­
tunity for three reasons.
First, ONGC commands lead­
ership position in India’s oil and
gas exploration industry, account­
ing for 68 per cent of the produc­
tion — and for over two­thirds of
the country’s total gas produc­
tion. Similarly, on a stand­alone
basis, without including joint ven­
tures, it accounts for 66 per cent of
the country’s crude oil produced
as of April 2022­February 2023
production data released by PPAC
(Petroleum Planning and Analysis
Cell). ONGC’s production was at
16.88 million tonnes, as against
total production of 25.49 million
tonnes for the 11­month period
ended February 2023.
The company also has the
largest reserves of oil and gas in
the country. As of April 2023, it has
P2 reserves (proven and probable
reserves) of 1221.48 million met­
ric tonnes of oil and oil equivalent
gas. In FY22, the company pro­
duced a total of 55.72 million met­
ric tonnes. The current reserves
are over 22 times its FY22 produc­
tion. The company, through its
subsidiary ONGC Videsh, has 32
projects ongoing in 15 countries
and is looking to increase output
from overseas assets from 15 mil­
lion metric tonnes of oil equival­
ent to 40 mmtoe by 2040.
The new discovery of Vindhyan
basin in 2022 will drive the long­
CM
YK
A promising
prescription
IPO WATCH. Mankind Pharma’s initial
public offering seems fairly priced given
long­term growth prospects
Reasonably valued
FY22 (in %)
India sales
Mankind Pharma 98
Abbott India 98
Eris Lifesciences 100
Alkem Labs 71
Torrent Pharma 55
Sun Pharma 35
Operating metrics
26 26.8
FY20 FY21
Revenue (~ cr) EBITDA (~ cr)
*At the upper band of IPO Source: Bloomberg, Mankind RHP
Representatives (MR) in the total
strength of 11,690 MRs for
chronic, who will target specialist
practitioners in hospitals and
metros. The in­house products in
these areas will be supplemented
by inorganic extensions.
Acquisition of Panacea Biotec’s
portfolio is a part of chronic ex­
pansion. The portfolio with sales
of ₹270 crore per year was ac­
quired for ₹1,872 crore. The EV/
EBITDA metrics were favourable
as per the company even as 7
times price/sales was not. The ac­
OIL AND GAS. Why ONGC appears a good
medium­term investment opportunity
Subsidiaries dragging consolidated performance
ONGC
Standalone
9MFY23 9MFY22
Revenue 1,19,224
EBITDA 65,324
Margin (%) 55
term growth for ONGC.
Second, the new pricing
guideline for domestic gas is ex­
pected to benefit the company’s
natural gas business, by way of
steady revenue and profit growth,
over the medium term. Under the
new policy, the gas realisation per
mmbtu will be fixed at 10 per cent
of the previous month’s average
basket price of crude for India.
Old fields of ONGC, also called as
nominated fields, will have a floor
of USD 4 per mmbtu and a cap
price of $6.5 per mmbtu. This is
positive for ONGC given that in
the last 7 years, natural gas prices
have been in the range of USD 1.9
to about USD 3.7 per mmbtu with
an average of USD 2.8 per mmbtu.
Also, the company’s gas cost is
estimated to be under USD 2 per
mmbtu, and this should help con­
sistent revenue and profit growth
for the gas segment. Assuming
total production of 22 billion
standard cubic metre this year,
the incremental revenue and op­
erating profit accretion for every
USD 0.5 increase per mmbtu, due
9MFY23
annualised
EBITDA margin PE
22.3 32.5*
23.2 66.4
38.7 26.3
14.4 44.6
29.7 57.5
22.8 36.6
25.6
22.3
FY22 9MFY23
EBITDA margin (%)
quisition adds lucrative formula­
tions in India and presence at spe­
cialist doctors including
transplants, anti­diabetic, and
gastroenterology departments.
Unlike earlier periods, the com­
pany is open to in­licensing
brands which it believes can be
marketed better with its wide
sales force and this applies to Pan­
acea brands as well. Dr. Reddy’s
derma and inhaler bands, No­
vartis’ cardiac formulation and
Glenmark’s anti­diabetic brand
are some of the recent examples in
(in ~ cr)
Consolidated
9MFY23 9MFY22
75,848 5,20,762 3,75,843
43,551 59,941 60,171
57 12 16
to the new pricing guideline, will
be about ₹3,630 crore.
Third, the new discoveries such
as the KG­DWN­98/2 in the Bay of
Bengal and the Cluster­8 marginal
fields in the western offshore will
add to the company’s gas produc­
tion beginning FY23­24. ONGC is
expecting incremental gas pro­
duction of over 5 billion cubic
metre by 2026, from the FY22
production of 20.9 billion cubic
metre, which is an increase of
about 25 per cent, over the next
three years. Interestingly, it will
be able to get a 20 per cent
premium on the gas price from
this field, under the new pricing
guideline. ONGC is also imple­
menting the fourth phase of the
redevelopment of its 5­decade old
Mumbai High oil and gas fields,
which will further augment oil
and gas production. It has set
aside ₹31,000 crore, for shoring
up its energy exploration over the
next 2­3 years.
Besides this, the company is
also actively pursuing opportunit­
ies in the renewables space – it has
Taking Stock . bl . 5
businessline’s editorial policy prohibits analysts from
taking positions in the stocks they recommend — Editor
REALITY CHECK.
Can recent order wins
charge up Power Grid?
Parv Shah
bl. research bureau
From FY13 to FY18, the revenues of Power Grid
Corporation of India grew consistently at a CAGR of
about 17.8 per cent. The growth was fuelled by the
company’s capital expenditure to the tune of
GETTY IMAGES/ISTOCKPHOTO
₹20,000­25,000 crore per annum during the period.
In contrast, the growth in revenues moderated to a
CAGR of about 8 per cent between FY18 and FY22
due to a decline in its capex (current levels of ₹8,800
crore) — largely due to its pre­existing expansive
network, decreased orders and increased
competition.
period (acquired in March 2022) However, bids won by the company during FY23,
was lower on account of trans­ especially in Q4, have brought some optimism.
ition but the cost contribution
was recorded. The acquisition NEW PROJECTS
also added amortisation expenses During Q4 FY23, Power Grid won eight TBCB
and legal expenses which im­ (tariff­based competitive bidding) projects, leading to
pacted overall profitability. The a cumulative tally of 12 TBCB projects (out of 16
company should recover from projects in all) in FY23. In fact, this is the highest
these events as API prices have number of projects won by the company in recent
normalised with China opening times.
up and price increases start re­ In terms of value, while Power Grid has grabbed
flecting in sales. The turnaround nearly 70 per cent of the pie, private players such as
of Panacea portfolio and lever­ Adani Transmission, Megha Engineering and Sterlite
aging the sales force should be Power have a market share of about 17 per cent, 5 per
monitored as Mankind may have cent and 2 per cent, respectively, per JP Morgan
been untested on these aspects. report.
8000 The MR productivity of the With these successful bids, Power Grid’s
7000 chronic extensions inorganically. company (₹7­8 lakhs per month) investment approvals for FY23 surged to ₹10,392.93
6000 Mankind has been a strong also lags industry leaders like Tor­ crore, which is 2.2 times its revenues in FY22 and 2.66
5000 marketing­led company, but its rent Pharma or Sun Pharma (₹10­ times last five­years’ average revenue, respectively.
4000 R&D division has also made a 11 lakh) which can be ascribed in Majority of these projects are expected to be
3000 strong mark. A hormone product part to lower prices and acute­led commissioned by the end of FY24. However, the
– Dydraboon, launched in 2019 portfolio. The recent MR addi­ benefits of these
2000
1000 has reported sales of ₹200 crore in tions for chronic, built around orders can only be
0
CY22 and 22 per cent market Covid times, remain under­lever­ reaped from FY25, as
share owing to strong efficacy and aged impacting margins. With the management
low competition (only filer after chronic growing faster than over­ projects to spend
Abbott in India). The company is all company by products and trac­ over ₹12,500 crore
planning a facility at Udaipur to tion from specialists, the operat­ per year from the
extend manufacturing base of the ing performance should improve next financial year.
product. Formulations for NASH, and will be a key monitorable des­ It’s important to
anti­diabetes, biosimilars and in­ pite available levers. note that the
halers are in the works. Mankind IPO valuation at 32.5 ₹10,392.93­crore
times 9MFY23 earnings (annual­ investment for FY23
MARGINS AND VALUATIONS ised) is at the lower end of in­ is relatively less than
Mankind reported average dustry range of 26­66 times. The the peak
EBITDA margins of 26 per cent in earnings also include acquisition investments
FY20­22 which dropped to 22 per costs from Panacea and excluding reported in FY15 and
cent in 9MFY23. The gross mar­ these from earnings, the PE ratio FY17 at ₹28,400
gins contraction (270 bps YoY) can decrease by 15 per cent. High crore and ₹37,700 crore, respectively.
was on account of higher API exposure to India, a strong The capex guidance for both FY23 and FY24 has
prices which could not be offset by branded presence and scope for been about ₹8,800 crore (similar to FY22), which is
price increases due to higher improvement in profitability sup­ quite less than that of FY13­FY18 (₹20,000­₹25,000
channel inventory. The contribu­ port the subscribe crore per annum).
tion from Panacea sales during the recommendation. However, one cannot deny the fact that the current
transmission activity is better than it was in the past
five years.
CURRENT PROJECTS
As of December 2023, the company had projects
worth ₹47,600 crore, including TBCB projects of
about ₹13,000 crore and regulated return­based
projects of about ₹34,600 crore.
Segment-wise profitability Out of this, ₹22,000­crore worth Leh­Kaithal
(in ~ cr) project is expected to be executed in five years, while
Segment 9MFY23 9MFY22 the remaining projects are expected to be executed in
Revenue
three years. Further, the company is also expecting
incremental opportunities worth ₹2.4­lakh­crore on
E&P
account of new renewable­based generation
Offshore 79,100 48,908 capacities in the coming years.
Onshore 39,902 26,777 This strong project pipeline will result in better
Refining and earnings for the company. Power Grid’s transmission
marketing 4,47,481 3,26,794 capex is expected to remain muted over the near
Overseas 9,437 12,562 term, but it is likely to see some growth post FY25.
EBIT In bl.portfolio dated July 16, 2022, we
E&P recommended that investors accumulate the stock of
Offshore 39,912 24,189 Power Grid on account of reasonable valuation,
Onshore 9,879 3,080
strong dividend yield and assured earnings model.
Since then, the stock has gained about 10 per cent.
Refining and
marketing -13,021 7,213
Currently, it trades at a trailing P/E of around 10
times. As the previously mentioned factors are still in
ETTY IMAGES/ISTOCKPHOTO
Overseas 1,788 4,492
the company’s favour, we maintain the ‘Accumulate’
stance on the stock.
was impacted by the losses in the
Oil marketing and refining subsi­
diaries – Hindustan Petroleum
Corporation (HPCL) and Man­
galore Refinery and Petrochemic­
WHO AM I?.
als (MRPL) respectively, due to
ACCUMULATE which the company reported a 27 Are you an avid investor? How well do you
per decline in net profit. While the
ONGC standalone operating margin of know corporate India?
₹159.55
ONGC is 55 per cent for 9MFY23, Here’s a challenge. Using the five clues below, identify the
the consolidated profit margin company that is being talked about here
WHY was much lower at 12 per cent,
thanks to the refining and market­
£ Industry leader in oil &
ing business losses. 1 My 70­year­old promoter was planning retirement
in his 40s after initial success but now pursues
gas exploration
business more vigorously as CMD, even after
£ Beneficiary of new gas RISKS becoming a billionaire. He has won prestigious
pricing policy ONGC holds 54.9 per cent stake awards and recognition across the industry and
£ Good dividend yield in oil marketing major HPCL and society.
71.63 per cent stake in MRPL. HP­
CL’s performance has been a drag 2 My CEO famously said, when asked about his
expansion plans: “We will expand into cities where
on ONGC’s profitability particu­
signed an MoU with Greenko larly over the last nine months, as we can drive around than be driven around”.
ZeroC Pvt Ltd for setting up a 1 the company reported a net loss of
million tonne green ammonia ₹14,696 over the April­December 3 When CRISIL came out with specialised rating for
my industry, I was the only one to get the highest
plant. It envisages scaling up its 2022 period. Despite sky­rocket­
rating — a sign of my balance sheet strength and
non­renewable energy produc­ ing crude prices and record refin­
business credibility.
tion from the current 204 MW to ing margins, the losses on market­
10 GW by 2030. ing of petrol and diesel as the
Government chose to kept prices
4 In my fragmented industry notorious for regional
focus, and many examples of failures when
FINANCIALS unchanged, took a toll on HPCL’s players went national, I’ve been fortunate to be
The company’s strong balance performance. Now with the crude successful in several geographies.
sheet with a net debt to equity ra­ oil price in the USD 80 per barrel
tio of 0.42 times as of September levels, any further increase in oil 5 My profit last year almost equalled my sales 10
years back, reserves and assets have gone up 5
2022 lends more comfort and this prices and inability to pass it on to
has improved marginally from consumers, can continue to strain times. Still my shareholders have earned just
0.44 times in March 2022. Being a HPCL’s profitability. That said about 10 per cent per annum over this period.
consistent dividend payer, the easing of inflation over the next
Send your answers by Wednesday 6 p.m. to who­am­i@thehindu.co.in,
stock’s current dividend yield of few months and moderation in with your full name, postal address and phone number. A lucky winner in each
6.75 per cent is attractive given crude oil prices globally will be week will get a book sponsored by UNIFI Capital as a reward.
the volatility in the market. For positive for HPCL. The windfall
Contributed by Last week's stock:
the nine­month period ended the tax on crude, which is currently a Symphony
company grew revenue by 29 per negative, may be phased out Last week's winner:
cent to ₹520,762 crore. However, should the crude prices moderate Sayyed Kauser
the profitability of the company to USD 70 levels.
... . . . . . . BM­BME
6 . bl . Do
Horizontal movement
on the cards
Akhil Nallamuthu
bl. research bureau
Nifty 50 (17,624), by losing 1.1 per
cent last week, underperformed
Nifty Bank (42,118), which closed
flat. In Nifty, most of the decline
happened in the first half of the
week whereas it was moving in a
narrow range in the second half.
That said, the futures and op­
tions (F&O) data of both indices do
not indicate a clear bias leaving the
probability the same for moving in
either direction.
NIFTY 50
The April futures contract of Nifty
50 lost 1.3 per cent last week to end
at 17,648. However, the cumulative
Understanding call backspreads
MASTERING DERIVATIVES. Read on to know how a net credit position may impact the profitability
Venkatesh Bangaruswamy
A call backspread is set up to take
advantage of a bullish outlook on
an underlying. The position can be
net debit or net credit spread. This
week, we discuss how a net credit
position may impact the profitabil­
ity of a backspread.
THE TRADE­OFF
Acall backspread involves shorting
one lower strike call and buying
two higher strike calls (or in mul­
tiples thereof). Often, the position
is set up to be delta neutral. That is,
the deltas of the long calls must
equal the deltas of the short calls.
Practically, it is difficult to set up a
delta­neutral spread because of op­
tion strike schemes available on
the NSE.
To set up a backspread for a net
credit, the higher strike long call
must be far away from the lower
strike short call. For instance, you
can set up a call backspread with
17700/17900 next­week Nifty
calls.
With the Nifty Index currently
at 17681, this backspread can be set
up for a net credit of 41 points.
However, the position will not be
delta neutral, as the long deltas will
Prices to remain flat
BULLION CUES. Broader bullish bias stays true
Akhil Nallamuthu
bl. research bureau
Gold and silver posted a loss last
week. In terms of dollars, gold lost
1.1 per cent to close the week at
$1,982.9 per ounce, whereas sil­
ver was down 1.5 per cent to end
the week at $25.03 an ounce.
Similarly, gold futures on the
Multi Commodity Exchange
(MCX) depreciated 0.8 per cent
to wrap the week at ₹59,845 (per
10 gram). Silver futures on the
MCX was down 1.4 per cent to
end the week at ₹74,654 (per kg).
Nevertheless, from a broader
picture perspective, both pre­
cious metals seem to have entered
a consolidation phase.
MCX­GOLD (₹59,845)
The June gold futures is now trad­
ing in the narrow ₹59,700­60,700
range. But the short­term bullish
stance will change only if the price
falls below the support at ₹59,000.
In case the price slips below
₹59,000 we might see a swift fall
to ₹58,000. If the contract starts
moving up from here, there is po­
tential to touch ₹63,000.
Trade strategy: Since the sup­
port at ₹59,000 stays valid, retain
the longs taken at ₹60,511 two
weeks ago. Add more longs if the
price softens to ₹59,500. Place
CM
YK
The Derivatives
F&O TRACKER.
But Nifty 50 and
Nifty Bank do show
bearish inclination
Open Interest (OI) of Nifty futures
on the NSE was largely unchanged
on a weekly basis — it stood at
112.5 lakh contracts on April 21
compared with 113 lakh contracts
on April 13. So, it was a weak de­
cline andcan stop anytime.
However, the options data gives
the index a bearish bias. The option
chain of nearest weekly expiry
shows that the Put Call Ratio
(PCR) stands at 0.82 – meaning
more call options were sold as
against put options. This indicates
a limited upside. Notably, the
17700­strike call, whose outstand­
ing OI is over 3 lakh contracts, can
act as a stiff resistance. On the
other hand, put options with strike
prices between 17,300 and 17,600
have considerable outstanding OI.
be less than the short delta.
It is optimal to set up a net credit
backspread when you expect the
underlying to move past the higher
strike. The maximum profit will be
the difference between the under­
lying’s spot price and the higher
strike plus the net credit minus the
difference between the strikes.
The backspread will gain (net
credit) even if the underlying
trades below the lower strike and
all the options expire worthless.
There are two factors to con­
sider in relation to net credit backs­
pread. One, if the underlying
trades above 17900, the 17700 call
will have low liquidity as it would
GETTY IMAGES/ISTOCKPHOTO
stop­loss at ₹58,800. When the
contract touches ₹62,000, tighten
the stop­loss to ₹60,500. Book
profits at ₹62,800.
MCX­SILVER (₹74,654)
Silver futures dropped for the
first time in the last six weeks as
the May contract lost 1.4 per cent.
However, it remains above the
support band of ₹71,500­72,000
and so, the uptrend stays valid.
If the contract resumes the
rally from here, it might appreci­
ate to ₹78,000. There is also a pos­
sibility of it gaining to ₹80,000. On
the other hand, if the corrective
decline extends, it might touch
₹71,500. But note that a break be­
low ₹71,500 can turn the near­
term outlook bearish. Support be­
low ₹71,500 is at ₹68,500.
Trade strategy: As the risk­re­
ward ratio is unfavourable for
both long and short positions,
traders can stay away from trad­
ing silver futures.
MUMBAI
businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023
F & O QUERY
F&O Strategy
Buy Ashok
Leyland put
AKHIL NALLAMUTHU, bl. research bureau
I bought May Nifty 19000 CE for ₹19. Shall I hold
this till expiry? Also, suggest a short­term options
strategy for Bank Nifty.
KS Badri Narayanan
The stock of Ashok Leyland
Manoj P S (₹136.25) finds a major sup­
port at ₹134.5. A close below
Nifty 50 (17,624): The index, which began rallying this level will change the short­
towards the end of March on the back of the support term outlook negative. Sub­
at 17,000, hit a hurdle at 17,850 last week. It fell off sequent supports are at ₹122
that level and it closed and ₹104. A close below the
at 17,624 last Friday. latter will change even the
There are chances for mid­term outlook to negative.
the index to stay On the other hand, it finds
sideways in the next resistance at ₹146. A close
one or two weeks, above ₹160 can trigger a fresh
post which there rally. We expect Ashok Ley­
might be a recovery. land to witness a negative bias
We might see the in the short term.
index moving above
18,000 and touch
18,125. But whether the index will rally to 19,000
GETTY IMAGES/ISTOCKPHOTO
within May expiry is still a doubt. It might take longer
than that.
Considering the above factors, we advise you to
exit the 19000­strike call and buy a lower strike call,
preferably 17,800 or 18,000. Yes, the premium will be
higher, and you have to shell out more capital. Yet,
that will considerably increase the probability of you F&O pointers: Ashok Ley­
making profits. land contracts saw a healthy
These are potential supports. PCR of the nearest weekly expiry But note that the short­term bullish bias can be rollover of nearly 18 per cent.
Considering the above factors, stands at 0.72, showing higher negated if the index falls below the support at 17,500. The May futures closed at
there is a good chance for the index number of call options writing In such a case, we suggest exiting the long call ₹137.35 and April futures at
to stay sideways with a bearish bias. than puts. Thus, participants are options. ₹136.60 against the spot price
Therefore, one can implement not expecting a rally. Nifty Bank (42,118): Like the benchmark index, of ₹136.25. It indicates
strategies like bear call spread for The 42000­strike call and put Nifty Bank has also been rallying since the final week rollover of long positions. Op­
this week. options have a significant amount of March. But last week, it lost momentum and was tion trading indicates a range
of outstanding OI. Thus, there is a stuck in a range. The of ₹135 to ₹150.
NIFTY BANK good chance for the contract to price action indicates Strategy: Consider buying
The April Nifty Bank futures ended consolidate around this level till that the index might a plain­vanilla May 135­strike
last week almost flat at 42,125 the current expiry. Apart from this, stay sideways or see a put option. The option closed
versus the preceding week’s close 42300­ and 42500­strike calls have minor decline from with a premium of ₹3.05. As
of 42,190. So, although the cumu­ seen good numbers of writing, thus here before the market lot is 5,000 shares,
lative OI of Nifty Bank futures on acting as a resistance. witnessing a potential this would cost traders
the NSE increased to 29.9 lakh con­ Overall, the index could trade rally. The decline can ₹15,250, which would be the
tracts on April 21 as against 27.5 with a negative bias, but we do not take the index to the maximum loss. On the other
lakh contracts on April 13, it does expect a large movement on either 41,500­41,800 range. hand, profit potentials are
not have directional implication. If side until the expiry of the current Therefore, for the high, if the stock falls swiftly in
any, it could only be taken as a series. So, like in Nifty 50, traders week ahead, you can consider strategies that can the next couple of weeks.
slight bearish signal. can consider bear call spread in accommodate a sideways movement with a bearish Generally, the company an­
With respect to options, the Nifty Bank as well. bias. Bear call spread is what we suggest for this week. nounces result during the
This can be executed by selling 42600­strike call second or third week of May.
(₹87.3) and simultaneously buying 43000­strike call So, the stock tends to remain
(₹29.3). Both are April expiry contracts. volatile during and just ahead
You can consider taking long calls when there are
signs of the index resuming the rally. Keep tab of our
F&O Tracker column where we suggest F&O
strategies for both Nifty 50 and Nifty Bank.
of the result announcement.
We advise traders to enter
the option between ₹2.5 and
₹3.5 for a target of ₹7­8. Initial
stop­loss can be placed at
₹1.85. Shift it to ₹2.5 if the op­
Send your queries to derivatives@thehindu.co.in. tion price rises to ₹3.75 and
ALLOW MORE TIME ₹3.5 on a close above ₹5.
Time decay will lower the Follow­up: Recommenda­
gains for net credit tion on Divi’s Lab hit the
backspreads and increase Change in open interest (OI) target.
the losses for net debit
Fill Retail Note: The recommendations are based
spreads
Scrip Weekly Weekly on technical analysis and F&O positions.
As on As on
Apr 21
change
Apr 21
change There is a risk of loss in trading
% %
GETTY IMAGES/ISTOCKPHOTO
loss for 17700/17800 net debit
spread will be 131 points com­ Future Index Long 57969 10 198833 6
pared to 159 points for the 17700/ Future Index Short 89486 10 186272 0 SHORT TAKE
17900 net credit spread.
Net Futures ­31517 10 12561 ­
OPTIONAL READING Index Call options Long 928234 54 3386654 92 Options
It is optimal to set up credit backs­
preads with longer expiration
Index Call options Short 656887 85 3515894 76 break­even
Net Call options 271347 9 ­129240 ­44
be in­the­money (ITM). You may
still be able to close your short
dates. For example, the 17700/
17900 backspread expiring on May Index Put options Long 886042 18 2831263 19
price
17700 call but at a price that may 4 instead of next week. The object­ Index Put options Short 498096 22 3184846 23
not be beneficial (the implied ive is to allow more time for the un­ bl. research bureau
Net Put Options 387946 13 ­353583 81
volatility could be high). And two, derlying to move up. Note that
the position’s maximum loss oc­ time decay will lower the gains for FIIs have increased net short on index futures contract. But they have also increased net long on Calculating break­even price
curs when the underlying trades at net credit backspreads and in­ call and put options, indicating uncertainty in the trend.
in buying and selling a stock or
a price equal to the higher strike. crease the losses for net debit futures contract can be
The loss will be the difference spreads. Net credit backspreads straight forward. But calculat­
between the strikes less the net typically benefit from increase in Stocks that witnessed major change in OI ing break­even price while
credit. The point is that the higher implied volatility when the under­ trading options need some cal­
Weekly Weekly
strike must be far away from the lying moves up. The lower break­ Company Price (~) price
OI
OI culation. It can be simple when
(in lakh)
lower strike if you want to set up a even is lower strike plus the net change % change % you trade plain­vanilla op­
net credit position. This also credit. RISE (as on Apr 21) tions, but it can get complic­
means the maximum loss will be ated when two or more legs of
TATACOMM 1,240.90 ­2.0 70.8 138.7
typically greater for net credit posi­ The author offers training programmes for trades are executed as a part of
tion than for backspreads with net individuals to manage their personal HCLTECH 1,048.95 ­2.1 383.1 129.2 astrategy. Let us see how to ar­
debits. For instance, the maximum investments ICICIGI 1,059.60 ­2.6 117.6 124.7 rive at break­even price for
NESTLEIND 20,496.85 5.3 7.5 108.8 vanilla call and put options.
Sluggish week ahead
CUB 130.50 3.6 679.2 99.1
FALL (as on Apr 21)
IGL 486.70 0.3 203.4 ­14.9
BALRAMCHIN 415.65 2.9 185.7 ­13.5
CRUDE CHECK. Refrain from taking fresh trades INDIAMART 5,249.70 ­2.6 6.9 ­13.2
HINDPETRO 241.80 7.5 274.6 ­12.4
Akhil Nallamuthu ACC 1,717.95 ­2.8 66.2 ­11.4 Say, you are bullish on the
bl. research bureau stock of HDFC Bank (₹1,672)
and therefore you buy 1700­
Crude oil posted a negative return strike May expiry call option
for the first time in the last five for ₹17. Here, the break­even
weeks as prices dropped across Change in OI and market positioning price will be the strike­price
the globe. The Brent crude fu­ plus the premium paid for buy­
tures on the Intercontinental Ex­ Expiry Price (~) OI ing the option. Hence, your
Symbol date Indication
change (ICE) lost 5.1 per cent as it GETTY IMAGES/ISTOCKPHOTO
(2023) (Weekly change %) trade will be breakeven at
closed the week at $81.5 a barrel. ₹1,717 (₹1,700 plus ₹17). If
Likewise, the MCX crude oil fu­ past week. But currently trading COMMODITIES (as on Apr 21) the position is held till expiry
tures (May contract) was down at ₹6,398, there is a support at ALUMINIUM 31­May 212.95 (0.9) 2018 (255) Long build­up and if the stock does not close
5.5 per cent as it ended the week ₹6,300, which may arrest the fall COPPER 31­May 760.8 (­3.2) 4244 (515) Short build­up above ₹1,717, you will end up
at ₹6,398 per barrel. temporarily. Subsequent support CRUDEOIL 19­May 6398 (­5.5) 5935 (141) Short build­up
losing.
The prices declined despite a is at ₹6,000. Opposite is true for the op­
draw down in the US inventories. That said, the chart shows that GOLD 05­Jun 59845 (­0.8) 15685 (­11) Long unwinding tion seller. Though the max­
According to the Energy Informa­ the contract is now stuck within GOLDGUINEA 31­May 48003 (­0.5) 2144 (61) Short build­up imum profit is limited to the
tion Administration (EIA) data, the key levels of ₹6,000 and GOLDM 05­May 59810 (­0.6) 7264 (­25) Long unwinding premium received, he/she will
the crude oil inventory dropped ₹6,800. Unless either of these end up making money if the
GOLDPETAL 31­May 5971 (­0.6) 37795 (105) Short build­up
by 4.6 million barrels for the week levels are breached, we cannot stock closes below ₹1,717 on
ended April 14, versus the expec­ confirm the next leg of trend. LEAD 31­May 184.75 (­0.4) 356 (283) Short build­up expiry. However, before ex­
ted drop of much lower 0.4 mil­ A breakout of ₹6,800 can lift the MENTHAOIL 31­May 963.7 (­4.2) 661 (155) Short build­up piry, the premium can go up or
lion barrels. The economic crude oil futures to ₹8,000. The NATURALGAS 25­May 199.4 (5.1) 16636 (214) Long build­up down from ₹17 depending
growth concerns and the possibil­ upswing could even extend to upon the stock price
NICKEL 31­May 2068 (4.8) ­ ­
ity of further rate hikes weighed ₹8,800. On the other hand, if the movement.
on the prices as they can impact price slips below ₹6,000, the out­ SILVER 05­May 74654 (­1.4) 9461 (­28) Long unwinding Now, let us say that you are
the demand for the energy look can turn negative where we SILVERM 30­Jun 75877 (­1.1) 23021 (69) Short build­up bearish on the same stock and
commodity. could initially see a quick fall to SILVERMIC 30­Jun 75882 (­1.1) 92754 (30) Short build­up
so, you buy 1600­strike May
Technically, the prices fell off a ₹5,500. A breach of this will open expiry put option for ₹10. The
crucial resistance level. Find ana­ the door for a decline to ₹5,000. ZINC 31­May 243.2 (­4) 2723 (372) Short build­up break­even price will be strike­
lysis based on charts below. Trade strategy: Stay on the CURRENCIES (as on Apr 21) price minus the premium paid
fence for now as the risk­reward USDINR 29­May 82.23 (0.2) 1683668 (17) Long build­up — ₹1,590. Hence, on expiry,
MCX­CRUDE OIL (₹6,398) ratio is not in favour of taking EURINR 29­May 90.29 (­0.1) 143499 (41) Short build­up
you — put buyer — will profit
The May futures of crude oil faced trades on either side. Fresh trade if the stock price ends below
a stiff resistance at ₹6,800. Unable can be considered based on how GBPINR 29­May 101.86 (­0.7) 83564 (15) Short build­up ₹1,590, whereas put seller will
to move beyond this level, the crude oil futures react to the JPYINR 29­May 61.78 (­0.4) 14500 (51) Short build­up profit if the stock price is
contract saw a sharp fall over the levels at ₹6,000 and ₹6,800. above ₹1,590.
. . . . . . . . BM­BME
 Chart-Gazing . bl . 7
MUMBAI

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023

Gurumurthy K a subsequent fall below 57,000 to

bl. research bureau
turn bearish from a medium­
term perspective.
The Indian benchmark indices, NIFTY BANK (42,118)
the Sensex and Nifty 50, fell The Nifty Bank index opened the
sharply last week thereby snap­ week on a volatile note. The in­
ping their three­week rally. Both dex opened with a wide gap­up at
the indices were down over a per a high of 42,603.55 on Monday
cent each last week. However, and then fell from there. How­
last week’s fall has not made any ever, barring the volatile move­
disruption on the charts. ment seen on Monday, the price
The overall picture is still action for the rest of the week
bullish. Indeed, the price action was stable. The support at
on the daily chart indicates that 41,700 mentioned last week is
Sensex and Nifty 50 lacks fresh holding very well. The Nifty
and strong sellers to drag them Bank index has closed on a flat
TECH QUERY
GURUMURTHY K, bl.research bureau
What is the outlook for the stock of Indian
Energy Exchange (IEX)? Can I accumulate at
current levels?
Krishnan
IEX (₹153.70): The stock has been in a downtrend
since January last year. Within this downtrend, the
stock has been consolidating sideways for a
prolonged period. The range of trade has been ₹125
to ₹160 since October

Nifty 50,
below their key supports. This note at 42,118. last year.
keeps the overall sentiment pos­ For this week, immediate sup­ On the charts, this
itive. As such, we can expect the port is around 41,800. Below signals a strong base
benchmark indices to see a fresh that 41,700­41,680 is the next formation. The
rally again going forward. strong support. The moving av­ 200­Week Moving

Sensex likely
The sectoral indices were erage indicators are also giving Average (MA) support
mixed. The BSE Oil & Gas, BSE positive signals. This leaves the is also at
PSU and the BSE FMCG indices chances high for the index to ₹122. Intermediate
were up over a per cent each last sustain above 41,800 itself this support within the
week. On the other hand, the week. So, the outlook is bullish, range is at ₹143.
BSE IT index, down 5.5 per cent
was beaten down the most.

FPI ACTION
The Indian equity segment saw a
to bounce back and the Nifty Bank index can rise
to 43,000 and 44,000 in the short
term. Such a move will also
strengthen the long­term bullish
outlook for the Nifty Bank index
Resistance is in the
₹180­185 region. This can be tested in the next
two­three months. A strong break above ₹185 will
boost the bullish momentum. Such a break will take
the IEX share price up to ₹250 over the long term.
marginal foreign money outflow to target 48,000 and higher You have not mentioned your buy price. However,

last week. The Foreign Portfolio
Investors (FPIs) sold $14.77
million in equities. However, the
month of April has seen a net in­
flow of $1.05 billion.
NIFTY 50 (17,624.05)
The resistance at 17,875 men­
tioned last week has held very
well. Nifty made a high of 17,863
and fell sharply giving back all
the gains. But at the same time
the support at 17,530 has also
limited to downside very well.
Nifty made a low of 17,553.95 be­
fore closing the week at
17,624.05, down 1.14 per cent.
The week ahead: The price
action on the daily chart indic­
ates that Nifty is getting bought
below 17,600.
Immediate support is around
17,600­17,585. Below that,
17,550 and 17,520 are the next
important supports . The chan­
nel support is at 17,480. So, this
support cluster leaves the
chances less for the Nifty to see a
sharp fall from here unless any
new negative trigger comes.
As such, we can expect the
Nifty to break the immediate
resistance at 17,700. Such a
break can take it up to 17,850 ini­
tially. A further break above
17,850 will see the upside ex­
tending up to 18,000 ­ 18,200.
Medium­term outlook: The
medium­term outlook is bullish.
As mentioned last week, 18,000­
18,200 is a crucial resistance
zone. As long as the index sus­
tains above the support at
17,480, the chances are high for
INDEX OUTLOOK. The price action
indicates lack of strong sellers and keeps
the door open for a fresh rise
it to break above 18,200. Such a
break can take the Nifty up to
19,000 initially. It will also
strengthen our long­term
bullish view of targeting 20,000­
20,500 on the upside.
To negate the rise to 19,000,
Nifty has to break below 17,400
initially and then 17,000 sub­
sequently. In that case, a fall to
16,000 and lower levels will
come into the picture. But that
looks less likely at the moment.
SENSEX (59,655.06)
Sensex failed to rise above the
resistance at 60,500. The index
made a high of 60,407.86 and
then fell sharply giving back all
the gains. However, the support
at 59,450 mentioned last week
has held very well. Sensex made
a low of 59,412.81 and has risen
back to close the week at
59,655.05, down 1.28 per cent.
The week ahead: Immediate
support for the week is at
59,400­59,300. Below that
59,000 is the next important
support. Resistances are at
59,900 and 60,300. The near­
term outlook is mixed. For now,
the broad range of trade can be
59,000­60,300. A break above
GETTY IMAGES/ISTOCKPHOTO
levels in the coming months. you can consider accumulating at current levels and
If the index breaks the sup­ follow the given strategy. Investors who want to buy
port at 41,700–41,680, it can fall this stock afresh can also enter at current levels.
to 41,000–40,800. A fall beyond Accumulate on dips at ₹135. Keep a stop­loss at
that is unlikely. ₹105. Move the stop­loss up to ₹155 as soon as the
stock touches ₹180. Move the stop­loss further up
DOW JONES (33,808.96) to ₹185 when the IEX stock price moves up to ₹220.
The Dow Jones Industrial Aver­ Exit the shares at ₹245.
SUPPORTS TO age was stuck between the sup­
WATCH port at 33,700 and resistance at I have purchased Biocon stocks around ₹220.
34,000. The index attempted to What is the one­two year outlook for this
£ 17,600 – 17,550 on the
breach 34,000 initially, but failed stock?
Nifty to sustain. The Dow Jones made Himanshu
£ 59,300 ­ 59,000 on the a high of 34,018.62 and has
Sensex come­off from there. It has Biocon (₹228.70): The trend has been down since
£ 41,800 – 41,680 on the closed the week at 33,808.96, January 2021. The downtrend is still intact. There is
Nifty Bank marginally down 0.23 per cent. no sign of a reversal yet. So, the recent bounce could
The key resistance at 34,000 is be a correction and can be short­lived. Resistance is
holding well. However, the price at ₹255. It can cap the
action on the daily chart indic­ upside.
60,300 can see an extended rise ates lack of strong selling pres­ As long as Biocon
to 61,000. sure. So, the chances are high for stays below ₹255, there
The short­term outlook will the index to sustain well above is room on the
turn negative only if Sensex falls the support at 33,700 and break downside to test
below 59,000. In that case, 34,000. Such a break can take the ₹170­165. The region
58,300­58,000 can be seen on the Dow Jones up to 34,500­34,700 between ₹165 and ₹145
downside. and even 35,000 in the coming is a long­term support
Medium­term outlook: As days. That will also strengthen zone. The stock can find
mentioned last week, Sensex is the long­term bullish picture. a bottom anywhere
not looking as strong as Nifty. In case the Dow Jones breaks here. A fresh leg of rally thereafter can target
The breakout that is visible on below 33,700, the next supports ₹280­300 on the upside.
the Nifty is yet to happen in Sen­ at 33,400­33,350 can limit the This can test your patience and will be time
sex. However, on the long­term downside. consuming. Considering the risk­reward, it will not
charts, 57,000 is a very crucial be worth the wait. So, we suggest you exit Biocon.
support. As long as the index You can consider reinvesting the money in the
sustains above it, the bias is pos­ shares of Indian Energy Exchange (IEX), which is
itive. That will keep alive the looking good on the charts for the same time frame
chances of breaking above the of one­two years that you have mentioned.
61,000­61,300 resistance zone. Follow the strategy explained in the query above.
That break will take the Sensex
up to 64,000 and 66,000 over the What is the outlook for the stock of Caplin
long­term. Point Laboratories? I have bought this stock at
Sensex has to make a monthly ₹498 and can hold it for long term. Should I
close below 58,000 first and then continue holding the stock or exit?
Saranya Gosh Sinha

Caplin Point Laboratories (₹669.30): The trend

MOVERS & SHAKERS
AKHIL NALLAMUTHU, bl. research bureau
Outlook unclear for dollar has been down since mid­September 2021.
However, there are strong supports at ₹580 and
₹510. The first support
at ₹580 has been
Bata India (₹1,481.3) GLOBAL 360. A range breakout is needed to get clarity holding well for now.
Makes a U­turn Resistance is in the
broad ₹750­800 region.
Gurumurthy K A strong break above
The stock of Bata India was charting a bl. research bureau
narrow horizontal trend between ₹1,380 ₹800 can take the
and ₹1,440 since mid­February this year. Caplin Point
Last week, it broke out of ₹1,440 The US dollar index was Laboratories’ share
indicating that the trend has turned stuck in a narrow range last price up to ₹950­1,000
bullish. In the coming weeks, the stock week. The index oscillated in the second quarter
will most likely extend the rally and touch around 102 all through last next year.
₹1,650. But before that, from the current week. It looks like the green­ It is important for you to protect some of your
level, we might see a minor dip in price back is struggling to find a profits. Keep a stop­loss at ₹560 for 20 per cent of
towards ₹1,450. Considering this, traders specific direction of move. your holding. For the balance 80 per cent, keep a
can go long now at around ₹1,481. Add more longs when price dips The index might need some stop­loss at ₹495.
GETTY IMAGES

to ₹1,450. Place initial stop­loss at ₹1,375. When the stock rallies trigger to breakout of the
past ₹1,550, alter the stop­loss to ₹1,500. Thereafter, when the current range and give a
price touches ₹1,600, liquidate one­third of the longs. Move the clear cue on the next move.
stop­loss upward to ₹1,560 for the rest of the holdings. Exit the The US GDP growth num­
remaining positions at ₹1,650. ber and the Personal Con­
sumption Expenditure
(PCE), the US Federal Re­
IndiaMART InterMESH (₹5,245.2) serve’s inflation gauge are
Sees bullish trend reversal the important data releases
scheduled for this week that
A fortnight ago, the stock of IndiaMART can influence the dollar
InterMESH broke out of a crucial movement.
resistance at ₹5,000. This has given a The growth numbers will
confirmation of a bullish trend reversal. give a hint on the possibility
Although the stock saw a minor decline of a recession in the US. On
over the past week, it largely appears to be the other hand, the PCE data
a corrective one. Thus, we expect the will give some cue whether
stock to resume the uptrend this week. the Fed will slow down its
Over the medium term, the stock has the rate hike pace or will con­
potential to hit ₹6,350. But note that tinue to remain aggressive.
there is a chance for the price to dip to ₹5,000 from here before
rallying. So, one can buy now at around ₹5,245. Accumulate if the OUTLOOK UNCLEAR
price drops to ₹5,020. Keep initial stop­loss at ₹4,780. When the The 101­103 range on the
stock moves above ₹5,800, revise the stop­loss to ₹5,500. Once the dollar index (101.82) re­
mains intact. Within this,
stock touches ₹6,000, exit one­third of the total longs. Tighten the
stop­loss to ₹5,750 for the rest of the holdings. Liquidate the the index was stuck in a nar­
remaining longs at ₹6,300. row range between 101.50
and 102.25 last week. The
immediate outlook is un­
SBI Life Insurance (₹1,106.50) clear. The index can go
Revise the stop­loss up to ₹720 for your entire
holding when the price moves up to ₹820. Move the
stop­loss further up to ₹850 when the stock price
touches ₹930. Exit the stock at ₹980. You can even
short­term outlook is consider buying more at ₹620 if a dip happens
RUPEE WATCH bullish. The currency can before breaking above ₹800.
break 1.10 and rise to 1.11
81.90­82.25 can be the
and even 1.1250 in the com­ Send your queries to techtrail@thehindu.co.in
near­term trading
ing weeks.
range As mentioned last week,
the euro will come under
pressure only if it breaks be­
sideways range last week low 1.09. Such a break can BANDU’S BLOCKBUSTERS.
between its support at 3.50 take it down to 1.07 and
per cent and resistance at lower. On April 1, four years back, piqued by the incessant jokes in the
3.65 per cent. The near­term village at his expense, Bandu Barve decided he’d had enough. It was
outlook is mixed. A breakout MIXED SIGNAL time for him to turn ‘smart’. His dead granny’s voice rang in his ears
on either side of 3.5­3.65 per The India rupee (USDINR: — “Read the papers, Bandya, they tell you all.” So, off went Bandu to
cent will decide the next leg 82.10) fell to a low of 82.25 the stash of newspapers on his father’s desk. As luck would have it,
of move. and has managed to recover the first paper Bandu got his hands on was The Hindu businessline.
A break below 3.5 per cent from there. It has closed the The stock recos, in particular, had him in thrall. Soon Bandu
will be bearish. It can drag week at 82.10 in the onshore metamorphosed into an ace investor and trader.
the 10Yr yield down to 3.4 market and 82.03 in the off­
per cent initially. A further shore segment.
break below 3.4 per cent will The support at 82.25 con­ These days, Bandu picks five Last week’s prize
stocks each Sunday, which he winner
open the doors to revisit 3.3­ tinues to hold well. But there Vamsi Krishna
3.25 per cent on the down­ is resistance at 81.90 and believes will be blockbusters Vemani
side. 81.70. Although the bias is over the next week
On the other hand, a positive as long as the rupee
strong break above 3.65 per stays above 82.25. a break 1 Raymond Last week’s winning
stock
B ANDU’S PICKS

Likely to resume the fall either way from here within cent will strengthen the up­ above 81.90 is needed to Welspun India
the 101­103 range. side momentum. It can then strengthen the bullish case. 2 Lemon Tree
The stock of SBI Life Insurance has been A breakout on either side take the yield up to 3.9­4 per In that case 81.70 can be Hotels
Closing price
witnessing a recovery in the past few of 101­103 will determine cent again. Looking at the tested initially. That will (Apr 13)
weeks after a fall. It took support at the next leg of move. A break weekly chart, the bias is pos­ keep the doors open to test 3 Delhivery ₹80.93
₹1,055 in mid­March and has recovered to above 103 will give some itive and inclined to see a 81.50 and higher levels, go­
the current level of ₹1,106.50. However, breather for the index. It will break above 3.65 per cent ing forward. 4 Ircon Closing pric
there is a strong resistance at ₹1,160. take the index up to 104 or and a rise to 4 per cent. We On the other hand, rupee International (Apr 21)
Also, the trend has been bearish this year. even 105. On the other hand, will have to wait and watch. will come under pressure on ₹83.47
So, we expect the stock to resume the a break below 101 and a sub­ a break below 82.25. That
downtrend this week as the bears seem to sequent fall below 100.50 SUPPORT HOLDS can drag the domestic cur­ 5 Metro Brands
Return:
regain traction. From here, the stock will increase the downside The euro (EURUSD: 1.0986) rency down to 82.40 and 3.14 per cent
could decline to the key support at ₹1,000. Given the prevailing pressure. In that case the sustained well above its sup­ 82.55.
price action, we recommend going short on this stock at the dollar index can fall to 98. port at 1.09 last week. The Broadly, 81.90­82.25 can Here's your chance to match step with Bandu.
current level of about ₹1,106. Add more shorts if the price rallies to currency made a low of be the near­term trading Guess the stock that will give the best return by next Friday (BSE
₹1,140. Place stop­loss at ₹1,180 at first.Revise it down to ₹1,105 BULLISH SIGN 1.0909 and has moved up range. A breakout on either prices). By Wednesday noon, mail us your pick and its expected price
when price declines below ₹1,050. Further tighten the stop­loss to The US 10Yr Treasury yield gradually. As long as the side of this range will give rise to bandublockbuster@gmail.com with your name, mobile
₹1,060 when the stock drops to ₹1,030. Book profits at ₹1,010. (3.57 per cent) was stuck in a euro stays above 1.09, the clarity on the next move. number and address. One lucky winner will get a prize of ₹2,000.

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

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 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 1.3 and 1.1 per
cent respectively last week. Among P/E 20.6 22.5 41.7 16.2 32.8 61.8 39.5 36.9 23.0 9.3 16.3 15.9 9.3 40.3 28.2
the sectoral indices, BSE IT P/BV 4.1 3.3 4.6 2.3 5.0 9.0 8.6 3.9 5.8 1.6 1.3 2.3 1.2 2.9 6.6
declined the most by 5.5 per cent
Dividend Yield 1.4 1.3 1.0 0.7 0.8 0.4 1.7 0.7 2.4 6.3 4.6 2.5 4.0 0.3 2.2
followed by BSE Teck 5.2 per cent,
BSE Power 0.9 per cent. BSE Oil and Weekly Return (%) ­1.1 왔 ­1.3 왔 ­0.3 왔 0.0 왔 ­0.8 왔 0.0 왔 1.1 왖 0.2 왖 ­5.5 왔 0.2 왖 1.3 왖 ­0.9 왔 1.1 왖 ­0.4 왔 ­5.2 왔
Gas and BSE PSU gained 1.3 and 1.1 Monthly Return (%) 3.0 왖 2.7 왖 6.0 왖 5.6 왖 1.9 왖 0.9 왖 4.2 왖 6.5 왖 ­4.7 왔 3.8 왖 1.9 왖 ­0.6 왔 2.8 왖 7.4 왖 ­4.7 왔
per cent respectively.
Annual Return (%) 1.3 왖 3.0 왖 17.7 왖 12.4 왖 26.1 왖 ­11.0 왔 19.8 왖 ­8.9 왔 ­18.9 왔 ­12.9 왔 ­11.9 왔 ­24.5 왔 5.5 왖 ­6.0 왔 ­17.3 왔
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] 407.4 18.8 21.7 4.8 202212 ­3.3 12.2 5.9 29.6 ­5.0 13.4 1.9 507.4 306.4
Takeaways from Take 500 Muthoot Finance 1034.2 90.6 11.4 2.1 202212 ­4.6 ­10.8 ­5.1 ­10.0 0.0 13.9 3.1 1346.0 911.4
3M India 22401.1 378.4 59.2 10.6 202212 20.2 87.0 18.6 84.1 ­1.9 17.5 0.0 25240.0 17300.0
Wondering how to choose stocks for your Sales (TTM) and Profit (TTM) make
N .....................................................................................................................................................................................................

A ...................................................................................................................................................................................................... Narayana Hrudaya 770.4 24.6 31.4 8.8 202212 17.5 57.7 18.0 47.2 ­0.7 21.7 0.6 816.2 589.9
A B B [2] 3154.1 36.5 86.4 13.5 202212 16.3 91.9 23.8 77.5 ­2.3 22.9 0.0 3466.9 2001.0 portfolio from the dozens which are listed? the same comparisons for the trailing Natco Pharma [2] 568.9 21.3 26.7 2.3 202212 ­12.1 ­22.5 43.3 42.2 ­1.0 3.8 0.1 803.0 502.0
Aarti Drugs 423.2 17.9 23.7 3.5 202212 4.6 ­37.1 16.2 ­17.8 1.9 20.3 0.5 511.7 310.8 Natl. Aluminium [5] 82.1 10.7 7.7 1.2 202212 ­12.8 ­69.1 17.7 ­31.3 3.2 31.6 0.0 120.3 67.0
Aarti Industries [5] 554.8 16.3 34.1 4.3 202212 ­19.7 ­81.2 14.7 ­49.8 1.3 21.5 0.6 831.5 482.4 Or how to keep track of the ones you own? twelve months. Navin Fluo.Intl. [2] 4729.4 63.3 74.7 12.1 202212 48.7 54.9 29.6 24.3 4.5 18.8 0.0 4847.4 3438.7
AAVAS Financiers 1578.6 52.9 29.8 4.1 202212 20.1 20.7 24.0 27.9 ­12.0 9.5 2.8 2480.5 1563.0 NBCC [1] 38.2 2.0 18.7 3.9 202212 8.1 27.2 5.3 34.9 ­0.1 18.5 0.0 43.8 26.7
Abbott India 22436.6 437.4 51.3 17.6 202212 8.3 23.9 10.6 25.6 ­0.2 37.2 0.1 23142.616156.0
Well, the listings on this page help you sift Wkly Rtn (Weekly Return) gives the NCC [2] 113.6 8.2 13.8 1.2 202212 27.7 106.4 33.8 51.1 5.7 12.7 0.3 114.4 51.0
ACC 1717.0 38.6 44.5 2.3 202212 7.4 ­46.4 8.4 ­61.9 ­2.8 18.5 0.0 2785.0 1593.5 through the leading companies on their change in the price of a stock in the last NESCO [2] 538.0 36.8 14.6 2.1 202212 53.0 42.2 49.1 47.8 0.3 13.4 0.0 686.4 501.1
Adani Enterp. [1] 1802.4 18.0 100.0 6.5 202212 41.9 6951.2 124.7 146.6 ­3.6 6.6 1.5 4189.6 1017.1 Nestle India 20482.4 248.9 82.3 80.3 202212 14.0 12.4 14.5 3.6 5.2 59.5 0.1 21053.016000.0
Adani Green 916.0 4.0 229.4 27.2 202212 40.8 178.3 39.0 50.7 ­2.7 7.3 16.0 2998.0 439.4 fundamentals and keep an eagle eye on one week. Netwrk.18 Media [5] 54.3 ­0.8 8.3 202303 ­8.5 ­159.5 5.8 ­140.6 ­1.8 16.5 3.7 117.4 48.4
Adani Ports [2]
Adani Power
661.8 24.0
199.3 26.3
27.6
7.6
3.3
3.2
202212 17.5
202212 44.8
­16.0
­96.0
17.0
66.6
­5.8
3527.6
0.0
5.2
10.4 1.2 987.9 395.0
12.7 3.2 432.8 132.6
their financial performance. Here’s a short ROCE (Return on Capital Employed) New India Assura [5]
NHPC Ltd
102.8
42.9
2.2
3.7
45.9
11.6
0.6
1.2
202212
202212
6.4
19.8
46.5
­17.4
3.6
14.1
­62.3
6.1
0.3
0.1
0.5
5.8
0.0 142.3
0.7 46.9
78.2
28.9
Adani Total Gas [1] 917.9 4.8 190.6 37.6 202212 25.2 17.7 63.8 ­8.0 0.4 24.7 0.4 3998.4 655.0 guide to interpreting the numbers: tells you what returns a business is gener­ Nippon Life Ind. 237.0 11.2 21.1 4.4 202212 4.5 17.9 5.4 ­4.9 0.4 30.2 0.0 334.7 197.1
Adani Transmissi 995.0 9.8 101.2 10.4 202212 25.4 77.8 17.3 ­9.6 ­3.6 10.3 3.0 4238.6 630.0 NLC India 78.5 6.5 12.1 0.7 202212 34.7 ­242.6 20.6 ­39.0 ­1.0 7.2 1.8 95.3 58.4
Adani Wilmar [1] 404.2 5.6 72.7 6.7 202212 7.4 16.4 18.7 ­18.3 ­1.5 18.2 0.5 878.4 327.0 CMP (Current Market Price) is the ating on the capital it uses. NMDC [1] 109.9 17.6 6.3 1.6 202212 ­36.7 ­55.5 ­28.9 ­50.5 ­1.3 35.8 0.1 131.9 70.3
Aditya AMC [5] 343.3 21.5 16.0 4.2 202212 ­6.1 ­10.7 ­2.5 ­7.7 1.9 44.8 0.0 560.0 307.9 closing price of a stock on BSE on its last DER (Debt Equity Ratio), which divides NOCIL 212.9 11.4 18.7 2.3 202212 ­16.2 ­37.5 17.9 31.3 ­3.2 17.4 0.0 294.9 199.1
Aditya Bir. Fas. 219.7 2.1 107.1 5.8 202212 20.1 ­91.7 54.0 167.1 ­3.0 0.0 1.4 359.4 200.2 NTPC 169.5 17.8 9.5 1.2 202212 34.0 6.2 34.5 7.3 ­2.0 9.0 1.6 182.8 135.0
Aditya Birla Cap 157.8 19.2 8.2 2.3 202212 20.7 466.9 22.3 184.4 0.2 8.2 3.8 167.3 85.7 traded day, usually Friday. a company’s total loans by shareholder Nuvoco Vistas 331.1 ­4.4 1.4 202212 20.3 ­188.0 17.4 ­485.5 0.0 4.2 0.8 475.0 260.0
Aegis Logistics [1]
Aether Industri.
386.6 11.9
984.1 9.5
32.5
103.1
4.1
10.2
202212 71.9
202212 10.5
23.2
38.0
142.4
10.1
27.0
12.4
­0.1
6.6
17.1 0.4 405.0 185.9
30.0 0.9 1050.0 699.9
EPS (Earnings per Share) is the net funds, indicates how indebted a company O .....................................................................................................................................................................................................

Affle India [2] 902.5 18.8 48.0 9.1 202212 10.8 11.1 53.4 22.9 ­4.0 24.7 0.2 1369.3 871.0 profit that the company has earned in the is. O N G C [5] 159.6 35.1 4.5 0.7 202212 16.2 5.2 38.1 3.3 0.5 14.6 0.5 176.4 119.8
AIA Engineering [2] 2770.7 104.2 26.6 5.1 202212 45.2 155.1 42.1 75.8 ­4.0 17.1 0.0 2986.2 1751.9 Oberoi Realty 872.9 45.6 19.2 2.9 202212 95.8 50.3 52.4 50.4 ­4.4 11.7 0.2 1088.4 726.3
Ajanta Pharma [2] 1296.1 48.2 26.9 4.6 202212 16.0 ­29.9 15.6 ­14.4 3.1 28.9 0.0 1425.8 1062.2 latest financial period, on each outstand­ ROCE and DER give you the latest avail­ Oil India 256.6 83.9 3.1 0.8 202212 37.1 76.0 42.1 102.6 ­1.5 21.3 0.7 306.0 168.3
Akzo Nobel
Alembic Pharma [2]
2303.2 68.7
535.4 11.4
33.5
46.8
8.5
2.1
202212 7.9
202212 18.7
16.2
­29.0
21.4
9.5
8.0
­70.1
0.2
1.9
26.7 0.1 2400.0 1685.0
10.8 0.1 792.3 463.3
ing share. Here, we capture each com­ able year­end numbers for the company. One 97 [1]
Oracle Fin.Serv. [5]
654.7 ­37.4
3311.2 209.3 15.8
3.1
4.5
202212
202212
41.6
14.4
­150.4
0.5
69.4
6.8
­14.3
­3.1
0.5
0.1
0.0
34.3
0.0 844.4 439.6
0.0 3650.0 2883.8
Alkem Lab [2] 3407.7 85.9 39.7 4.5 202212 16.1 ­13.5 8.1 ­42.2 1.9 18.0 0.3 3463.5 2835.0 pany’s total EPS for the last available trail­ Yearly High and Low tell you the range Orient Electric [1] 225.5 4.7 48.0 8.9 202212 8.9 ­14.5 5.1 ­28.8 ­1.4 32.1 0.1 335.9 221.0
Alkyl Amines [2] 2353.2 44.3 53.1 11.2 202212 3.1 ­0.4 13.2 ­16.5 ­3.1 32.8 0.0 3230.2 2119.1
Alok Industries [1] 11.9 ­1.8 ­0.3 202303 ­22.3 ­1211.9 ­5.1 ­322.1 ­8.4 0.0 0.0 29.3 10.1 ing 12 months. that the company’s stock has spanned in P .....................................................................................................................................................................................................

Amara Raja Batt. [1] 596.9 38.3 15.6 2.0 202212 11.5 52.7 17.6 8.4 4.7 15.2 0.0 670.0 438.2 PE (Price Earnings Ratio) is the single the last one year. P & G Health Ltd 4687.0 140.3 33.4 10.6 202212 11.5 71.3 11.0 55.3 ­3.5 35.9 0.0 5240.0 3883.0
Amber Enterp. 1842.4 32.8 56.2 3.5 202212 38.4 ­55.9 51.5 ­13.3 ­1.2 8.3 0.4 4023.7 1762.3 P & G Hygiene 13932.4 156.3 89.2 50.9 202212 3.9 ­2.2 3.5 ­12.2 ­1.4 98.5 0.0 15500.012751.0
Ambuja Cements [2] 374.5 10.5 35.8 2.9 202212 3.7 50.4 7.0 ­27.1 ­4.6 21.4 0.0 598.2 315.3 most important number to gauge if a stock Face value other than ₹10 per share is P I Industries [1] 3190.0 76.0 42.0 7.3 202212 18.9 58.0 23.9 40.8 5.3 17.2 0.1 3698.5 2366.6
Angel One
Anupam Rasayan
1222.4 106.7
1062.9 15.8
11.5
67.1
4.7
5.0
202303 21.3
202212 43.8
30.4
13.2
30.5
40.1
42.4
32.8
­3.2
7.4
35.5 0.9 2022.0 1000.0
11.1 0.4 1076.0 547.1
is expensive or cheap enough to buy. It di­ mentioned in brackets next to the com­ Page Industries
Patanjali Foods [2]
40067.0
949.8
612.7
23.7
65.4
40.1
34.0
3.7
202212 2.8
202212 26.2
­29.1
15.0
34.9
35.5
48.1
­3.3
6.3
­2.0
66.7 0.1 54262.335600.0
15.7 0.7 1495.0 851.7
APL Apollo Tubes [2] 1230.7 21.7 56.6 13.0 202212 34.5 32.3 39.9 11.6 3.3 33.4 0.3 1336.8 801.4 vides the company’s current market price pany name. As far as possible, consolid­ PB Fintech. [2] 593.4 ­15.5 5.0 202212 66.1 ­129.4 92.9 ­3.0 1.7 0.0 0.0 790.0 356.2
Apollo Hospitals [5] 4361.1 53.2 82.0 10.5 202212 17.2 ­32.8 13.4 ­12.2 ­0.8 16.7 0.8 4901.0 3365.9 PCBL Ltd [1] 119.9 11.3 10.6 1.6 202212 17.9 ­12.9 37.2 ­8.1 3.5 18.5 0.3 153.8 94.6
Apollo Tyres [1] 334.0 12.4 26.8 1.9 202212 12.5 30.5 17.2 ­3.3 3.0 6.5 0.6 343.0 167.2 by its EPS. ated numbers (latest available) have been Persistent Sys 4298.5 116.8 36.8 9.3 202212 45.4 47.3 49.1 42.3 ­2.1 26.4 0.1 5131.2 3091.7
Aptus Value Hou. [2]
Asahi India Glas [1]
246.4 9.6
462.1 17.4
25.7
26.5
3.9
5.8
202212 36.2
202212 22.0
23.7
­16.3
33.4
28.0
42.2
40.7
­2.1
­2.7
13.6 1.1 366.8 221.2
20.8 0.9 693.8 383.2
PB (Price to Book value) measures a used for a holistic picture of the company’s Petronet LNG 233.6 23.3 10.0 2.4 202212 25.2 3.2 44.5 6.5 2.6 28.2 0.3 239.8 195.5
Pfizer 3793.8 116.7 32.5 6.0 202212 ­8.0 4.7 ­7.5 ­9.1 1.1 27.8 0.0 4662.4 3407.0
Ashok Leyland [1] 136.3 2.6 52.8 5.6 202212 56.2 170.3 57.0 421.8 ­1.3 6.1 3.2 169.4 113.0 company’s stock price relative to its book finances. Phoenix Mills [2] 1351.8 36.6 37.0 3.1 202212 60.9 78.4 74.4 233.0 3.9 6.2 0.7 1620.0 977.6
Asian Paints [1] 2880.1 39.9 72.3 19.6 202212 1.7 5.6 21.0 26.1 2.6 28.8 0.1 3590.0 2560.3
Aster DM Health. 252.8 9.6 26.3 3.0 202212 20.5 ­6.0 14.9 18.6 1.3 10.5 1.3 275.5 162.7
value or net worth. PB is the appropriate Given that the top 500 listed companies Pidilite Inds. [1]
Piramal Enterp. [2]
2440.2
718.4
24.5
99.8
99.7
7.2
18.8
0.6
202212 5.2
202212 ­15.3
­15.2
314.6
20.4
­2.7
­1.4
77.2
3.8
2.4
25.7 0.1 2916.9 1988.6
8.5 1.4 1232.9 630.2
Astral [1] 1403.0 14.4 97.4 15.5 202212 15.0 ­27.2 22.1 ­25.2 ­3.2 30.0 0.0 1990.5 1188.0 value measure for banks and asset­heavy are usually the most liquid and well­run, PNB Housing 428.0 36.1 11.9 0.9 202212 20.1 42.8 ­4.3 17.9 1.0 7.9 6.0 541.7 258.3
Astrazeneca Phar [2] 3159.3 44.0 71.8 14.5 202212 24.6 156.6 21.2 80.6 ­1.9 16.8 0.0 3619.7 2437.8 PNC Infratech [2] 282.8 29.7 9.5 1.8 202212 4.7 68.3 15.1 57.4 ­0.9 13.9 1.3 354.6 219.4
Atul 6996.0 188.7 37.1 4.5 202212 ­8.1 ­32.4 16.1 ­13.4 ­0.7 19.0 0.0 10070.8 6750.0 companies. we’ve restricted the list to the S&P BSE 500 Poly Medicure [5] 966.0 16.3 59.2 8.2 202212 23.7 44.9 21.3 5.0 3.8 17.3 0.1 1044.4 652.3
AU Small Finance
Aurobindo Pharma [1]
667.0 20.2
587.4 36.8
33.0
16.0
4.4
1.4
202212 41.5
202212 6.7
30.1
­15.4
37.0
2.0
41.6
­24.3
­1.9
3.8
0.0 0.0 732.9 538.8
12.4 0.2 685.4 397.3
Sales (Qty) and Profit (Qty) capture index constituents. Polycab India
Polyplex Corpn
3112.8
1237.8
77.9
167.7
39.9
7.4
8.0
1.1
202212 10.2
202212 6.4
45.0
­78.0
23.1
30.5
46.4
3.6
0.9
­1.8
22.6 0.0 3160.0 2045.0
28.9 0.3 2848.7 1110.7
Avanti Feeds [1] 362.4 20.2 17.9 2.6 202212 3.1 43.4 10.9 21.5 0.1 17.7 0.0 528.0 321.2 the growth in a company’s net sales and Poonawalla Fin [2] 310.2 7.8 39.7 3.7 202212 37.4 89.1 15.4 253.5 5.9 8.4 2.5 338.0 209.2
Avenue Super. 3456.5 36.1 95.7 15.0 202212 25.5 6.7 38.6 58.5 ­1.3 15.7 0.0 4606.0 3185.1 Power Fin.Corpn. 156.8 54.6 2.9 0.5 202212 2.0 7.8 1.0 5.0 ­3.0 9.4 10.0 170.6 97.2
Axis Bank [2] 863.8 66.9 12.9 2.0 202212 29.4 56.4 22.0 62.9 ­0.1 0.0 0.0 970.5 618.1 net profits for the latest reporting quarter, Note: Very large percentage changes in Power Grid Corpn 231.5 21.5 10.8 2.0 202212 7.8 10.7 6.2 8.8 0.1 11.3 1.9 248.3 186.4

B over the previous year, in percentage sales and profit are reflective of a change Praj Industries [2] 350.5 11.4 30.8 7.0 202212 55.4 68.2 61.5 44.8 3.5 23.2 0.0 461.5 289.1
Prestige Estates 460.5 13.3 34.7 2.0 202212 74.5 45.2 28.5 20.7 2.7 8.4 0.7 511.3 375.0
from near­zero or negative value.
.....................................................................................................................................................................................................

B H E L [2] 75.2 2.2 33.6 1.0 202212 0.4 56.5 13.5 151.9 4.7 2.2 0.2 91.5 41.4 terms. We’ve adjusted the numbers for Prince Pipes 588.8 10.5 56.3 5.3 202212 6.3 ­47.4 13.1 ­55.3 ­0.2 27.3 0.1 712.0 513.1
BPCL
Bajaj Auto
346.3
4309.1
­7.4
199.2 21.6
1.6
4.7
202212
202212
25.3
2.8
­36.5
3.0
43.8
5.0
­111.9
­2.4
4.3
0.5
16.4
23.4
1.1 398.6 288.2
0.0 4335.9 3461.3
one­off and exceptional items. Source: Capitaline database Prism Johnson
Privi Speci.
121.4
1066.6
­1.6
14.6 73.2
4.9
5.0
202212
202212
8.7
6.4
­663.5
­78.7
12.7
14.9
­139.7
­50.7
7.1
­3.3
7.1 1.4 143.8 96.8
10.4 1.0 2125.6 870.6
Bajaj Electrical [2] 1083.1 17.9 60.4 7.0 202212 12.0 11.2 10.2 35.1 3.7 11.4 0.2 1265.0 857.6 Pun. & Sind Bank 30.7 1.8 17.3 1.5 202212 12.6 24.1 11.1 40.8 10.6 0.0 0.0 44.7 12.5
Bajaj Finance [2] 5937.5 177.9 33.4 7.5 202212 27.7 39.9 28.7 80.8 0.6 10.3 3.7 7777.0 5235.6 Punjab Natl.Bank [2] 48.3 1.7 29.2 0.6 202212 16.5 ­43.3 7.1 ­56.8 1.2 0.0 0.0 62.1 28.1
Bajaj Finserv [1] 1316.7 37.6 35.0 4.9 202212 24.5 41.9 18.9 43.1 ­1.8 11.4 3.8 1846.0 1077.7 PVR 1498.3 ­10.9 10.4 202212 53.2 58.6 222.6 84.0 ­1.9 0.0 3.2 2211.6 1471.3
Bajaj Holdings 6368.4 413.6 15.4 1.7 202212 3.0 23.6 7.9 18.1 7.0 10.5 0.0 7377.6 4299.8
Balaji Amines [2] 2184.6 119.4 18.3 4.9 202212 3.7 ­30.1 36.2 12.4 ­12.7 49.4 0.1 3841.9 1925.1 Company CMP EPS PE PB Year End Sales
Qty
Profit
Qty
Sales
TTM
Profit
TTM
Wkly
Rtn
ROCE DER Yr.High Yr.Low Q .....................................................................................................................................................................................................

Balkrishna Inds [2] 2036.9 60.6 33.6 5.2 202212 5.9 ­68.0 27.9 ­18.6 ­1.6 24.0 0.3 2451.0 1801.0 Quess Corp 368.8 15.5 23.7 2.2 202212 21.2 ­44.2 27.9 132.9 0.1 12.3 0.4 728.3 337.5
Balrampur Chini [1] 414.9 13.4 30.9 3.1 202212 ­19.1 ­27.8 ­2.9 ­41.0 2.8 16.0 0.5 508.5 306.8
Bandhan Bank 220.6 20.4 10.8 1.9 202212 11.7 ­66.2 19.3 296.5 7.6 0.0 0.0 349.5 182.2 R .....................................................................................................................................................................................................

Bank of Baroda [2] 176.4 22.6 7.8 0.9 202212 32.1 74.8 20.2 130.1 2.9 0.0 0.0 197.2 89.9 RCF 103.6 18.9 5.5 1.3 202212 68.6 71.3 89.8 94.2 ­3.5 14.3 0.7 144.8 70.7
Bank of India 77.1 7.6 10.2 0.6 202212 35.8 ­8.2 17.2 7.9 0.1 0.0 0.0 103.5 40.4 HUDCO 44.3 9.0 4.9 0.6 202212 0.6 30.7 ­0.9 20.9 ­1.0 9.2 4.4 58.9 30.9
Radico Khaitan [2] 1124.6 17.0 66.0 7.1 202212 4.7 ­22.6 13.5 ­20.5 1.9 15.9 0.1 1229.9 731.4
Bank of Maha 27.8 3.2 8.8 1.3 202212 25.8 150.9 16.9 119.4 0.9 0.0 0.0 36.3 15.0 Happiest Minds [2] 797.2 15.6 50.9 15.7 202212 29.2 26.6 33.3 35.7 ­1.3 29.7 0.4 1136.5 763.5 Rail Vikas 77.5 6.9 11.2 2.3 202212 ­0.7 30.5 13.4 21.3 5.4 16.3 1.0 84.2 29.0
BASF India 2347.6 108.7 21.6 3.9 202212 ­11.9 ­89.5 9.9 ­5.9 ­2.0 33.3 0.1 3525.0 2195.0 Hatsun Agro [1] 851.6 7.7 111.3 13.8 202212 7.5 ­14.3 12.3 ­33.9 1.5 13.6 1.7 1123.9 786.0 Rain Industries [2] 154.0 42.8 3.6 0.6 202212 35.5 ­7.7 44.6 148.0 ­2.3 16.3 1.3 206.8 128.7
Bata India [5] 1481.3 24.9 59.4 14.8 202212 7.0 15.0 44.4 360.9 5.9 8.4 0.6 2003.6 1380.9 Havells India [1] 1207.7 17.0 71.0 12.3 202212 12.6 ­7.3 28.2 ­7.1 1.6 26.6 0.1 1405.9 1058.7 Rajesh Exports [1] 558.3 40.8 13.7 1.2 202212 44.9 40.4 39.8 3.6 ­4.5 8.8 0.1 1028.4 516.1
Bayer Crop Sci. 4100.3 151.0 27.2 6.4 202212 4.8 42.3 13.7 33.7 ­0.5 31.8 0.0 5661.7 3922.5 HCL Technologies [2] 1048.9 54.7 19.2 4.4 202303 17.7 10.9 18.5 10.0 ­2.1 24.6 0.1 1156.8 875.7 Rallis India [1] 199.7 8.4 23.7 2.3 202203 7.7 ­304.5 7.2 ­25.9 ­3.0 13.0 0.1 285.3 182.6
Berger Paints [1] 585.1 9.2 63.5 13.9 202212 5.6 ­20.5 19.9 9.0 1.1 25.7 0.2 735.7 527.6 HDFC AMC [5] 1768.1 65.2 27.1 7.1 202212 1.8 2.7 1.9 1.9 ­1.3 36.2 0.0 2314.0 1595.3 Ratnamani Metals [2] 2182.5 61.4 35.5 6.5 202212 18.5 49.6 38.1 34.4 4.6 19.6 0.1 2511.0 1406.7
Bharat Dynamics 985.4 26.6 37.1 5.8 202212 ­39.1 ­60.7 23.0 ­1.7 ­0.4 19.2 0.0 1029.6 608.8 HDFC Bank [1] 1673.8 82.4 20.3 3.2 202303 33.7 20.6 25.6 20.9 ­1.2 0.0 0.0 1715.9 1271.8 Raymond 1493.9 107.8 13.9 3.8 202212 17.6 ­4.2 43.6 623.9 14.2 12.7 1.1 1644.0 739.0
Bharat Electron [1] 102.8 3.8 27.3 5.8 202212 11.0 2.9 10.4 5.5 1.9 23.6 0.0 115.0 71.9 HDFC Life Insur. 513.3 7.0 72.9 8.9 202212 18.6 14.8 20.4 32.7 ­3.5 0.8 0.1 620.7 458.0 RBL Bank 147.7 13.1 11.3 0.7 202212 17.1 84.9 10.0 407.9 0.6 0.0 0.0 189.2 74.2
Bharat Forge [2] 783.2 13.8 56.9 5.6 202212 40.0 ­71.2 43.3 ­33.6 2.4 11.0 0.9 919.5 597.5 HEG 1078.3 145.6 7.4 1.0 202212 ­11.2 ­7.7 32.2 96.7 3.6 13.5 0.1 1378.0 891.2 REC Ltd 121.9 39.5 3.1 0.6 202212 ­2.5 5.1 0.1 6.0 0.4 9.1 7.0 128.4 82.3
Bharti Airtel [5] 765.2 12.8 59.6 5.8 202212 19.9 156.3 21.5 226.8 ­0.2 11.3 2.7 877.1 629.1 Heidelberg Cem. 169.8 7.0 24.4 2.7 202212 ­0.8 ­81.7 ­0.9 ­47.2 0.2 20.3 0.2 232.9 152.6 Redington [2] 169.1 18.3 9.2 2.1 202212 30.6 ­2.2 23.0 15.9 ­3.2 28.6 0.1 202.2 109.6
Biocon [5] 228.7 5.8 39.2 2.9 202212 35.3 22.7 28.8 ­1.1 1.9 7.4 0.6 387.8 191.6 Hero Motocorp [2] 2459.5 130.9 18.8 3.0 202212 1.3 3.2 8.1 1.1 0.5 18.8 0.0 2939.4 2246.8 Relaxo Footwear [1] 826.7 6.2 133.5 11.7 202212 ­8.4 ­57.1 0.5 ­43.3 1.5 17.8 0.1 1142.0 748.5
Birla Corpn. 908.2 13.5 67.3 1.4 202212 15.2 ­191.1 15.7 ­82.1 ­2.5 7.9 0.9 1181.0 822.8 HFCL [1] 62.4 2.1 29.2 3.0 202212 ­10.6 15.7 ­9.0 ­12.7 ­2.3 18.8 0.4 88.8 51.6 Reliance Industr 2348.9 98.6 23.8 2.0 202303 2.7 19.1 25.6 14.2 ­0.3 9.4 0.4 2855.0 2180.0
Birlasoft Ltd [2] 256.7 12.8 20.0 3.0 202212 14.0 ­114.4 18.8 ­18.0 ­2.5 24.5 0.1 440.6 250.4 Hikal [2] 289.3 5.1 56.5 3.3 202212 6.3 ­41.6 0.6 ­66.9 ­6.7 14.9 0.6 445.0 215.7 Restaurant Brand 94.1 ­3.8 4.9 202212 20.9 ­322.3 37.4 ­10.5 0.5 0.0 1.6 137.8 83.7
Blue Dart Expres 6006.4 184.6 32.5 13.9 202212 6.6 ­28.2 21.6 21.5 ­1.4 29.3 1.8 9639.5 5843.2 Hind. Unilever [1] 2498.0 42.1 59.3 11.8 202212 16.0 8.6 15.5 12.1 ­1.4 22.8 0.0 2741.0 2047.6 RHI Magnesita [1] 643.7 15.4 41.9 3.5 202212 18.7 ­22.9 34.5 47.9 ­1.1 36.7 0.1 893.2 461.2
Blue Star [2] 1480.6 26.1 56.7 13.6 202212 18.7 23.0 40.2 57.6 0.5 19.7 0.6 1535.5 860.0 Hind.Aeronautics 2782.1 182.5 15.2 4.5 202212 ­3.9 23.8 8.6 69.4 ­0.9 17.7 0.0 2915.0 1468.0 Rites 347.6 22.8 15.3 3.2 202212 ­12.6 1.0 7.2 5.7 0.9 27.8 0.0 433.2 226.1
Bombay Burmah [2] 924.0 ­56.8 1.2 202212 15.8 ­5473.5 16.2 ­252.3 5.3 18.0 0.8 1115.7 780.7 Hindalco Inds. [1] 422.3 52.1 8.1 1.0 202212 5.7 ­61.0 24.1 4.6 0.1 15.5 0.9 547.0 309.0 Rossari Biotech [2] 686.8 18.6 37.0 4.4 202212 ­9.1 12.6 33.8 6.6 1.9 22.7 0.0 1051.0 536.1
Borosil Renew. [1] 499.2 9.4 52.9 7.7 202212 ­4.2 ­50.9 3.1 ­33.9 13.2 27.2 0.2 833.0 380.1 Hindustan Copper [5] 98.5 2.6 37.8 4.8 202212 2.3 ­53.3 ­7.7 1.6 ­2.0 17.6 0.5 132.4 81.2 Route Mobile 1246.5 43.4 28.7 4.7 202212 75.2 85.2 83.3 73.9 ­1.9 17.1 0.0 1727.3 1052.6
Bosch 18773.5 467.3 40.2 5.1 202212 17.7 36.0 21.3 2.0 ­0.7 14.3 0.0 19645.512940.1 Hindustan Zinc [2] 324.4 24.9 13.0 10.6 202303 ­3.9 ­11.8 15.6 8.2 1.5 36.4 0.2 383.0 242.4
Brigade Enterpr. 490.3 7.3 67.5 3.7 202212 ­10.9 ­27.4 24.5 93.9 1.6 6.3 1.9 585.0 385.3 Hitachi Energy [2]
HLE Glascoat [2]
3217.7
564.5
22.4 143.9
10.4 54.4
11.8
14.0
202212 ­8.9
202212 38.4
­87.0
2.1
12.3
60.3
­24.3
24.1
2.7
8.6
20.5
27.2
0.1 3913.5 2750.6
0.7 1068.0 466.0
S ......................................................................................................................................................................................................

Brightcom Group [2] 12.0 6.8 1.8 0.4 202212 41.7 46.4 62.3 64.6 ­22.5 29.4 0.0 92.9 12.0 SAIL 81.6 7.9 10.3 0.6 202212 ­0.8 ­82.3 10.5 ­76.1 0.0 21.1 0.6 103.9 63.6
Britannia Inds. [1] 4327.3 76.3 56.7 51.1 202212 16.2 68.9 15.8 21.8 1.5 41.1 0.8 4680.0 3150.0 Home First Finan [2] 710.9 25.5 27.9 3.7 202212 35.3 27.9 25.9 42.8 ­0.8 9.4 2.2 1004.4 652.3 Samvardh. Mothe. [1] 70.1 1.5 46.1 2.3 202212 25.6 387.8 15.5 ­12.7 2.6 7.5 0.8 94.7 61.8
Honeywell Auto 35911.2 450.9 79.6 10.7 202212 18.3 18.2 10.6 7.6 ­1.3 16.6 0.0 44322.730162.0 Sanofi India 5959.9 227.9 26.2 10.8 202212 ­2.3 34.5 ­6.3 ­9.1 0.3 40.3 0.0 7227.7 5240.0
C ......................................................................................................................................................................................................
I .......................................................................................................................................................................................................
Sapphire Foods 1199.1 19.6 61.3 7.1 202212 17.5 ­36.1 40.7 1934.0 0.6 7.5 1.0 1573.0 910.0
C.E. Info System [2] 1009.9 19.0 53.2 10.9 202212 56.0 60.0 39.4 21.8 ­1.5 20.9 0.1 1632.8 986.8 Saregama India [1] 322.6 9.8 33.1 4.6 202212 23.4 21.0 38.2 33.1 1.4 24.9 0.0 477.6 306.1
Campus Activewe. [5] 348.7 3.6 96.4 22.2 202212 7.4 ­11.7 30.5 57.7 2.8 31.5 0.6 640.0 296.9 IDFC 82.1 6.1 13.5 1.4 202212 ­44.7 1336.8 ­2.8 686.6 5.6 0.7 0.0 92.4 42.3 SBI Cards 762.8 23.7 32.2 8.1 202212 21.4 32.1 25.7 85.3 0.4 11.7 2.9 1028.8 656.1
Cams Services 2065.9 58.1 35.6 14.1 202212 2.5 ­4.6 11.5 4.1 ­3.4 53.0 0.1 2689.0 2002.1 IOB 23.4 1.1 22.1 2.0 202212 20.4 22.3 11.2 32.8 ­0.6 0.0 0.0 36.7 15.3 SBI Life Insuran 1106.5 16.1 68.5 8.8 202212 6.4 ­16.5 13.4 18.3 ­2.0 0.7 0.0 1339.6 1035.0
Can Fin Homes [2] 561.7 43.4 12.9 2.2 202212 39.6 30.9 34.1 28.3 ­1.0 7.2 7.7 678.0 408.0 IOCL 78.2 4.4 18.0 0.9 202212 24.4 ­87.4 52.3 ­77.6 1.3 15.3 1.0 90.7 65.2 Schaeffler India [2] 2729.9 16.1 68.5 10.0 202303 6.4 ­16.5 13.4 18.3 ­2.0 29.3 0.0 3968.8 1921.9
Canara Bank 295.3 54.2 5.4 0.8 202212 25.5 16.6 15.7 55.0 1.4 0.0 0.0 341.6 171.7 I R C T C [2] 602.9 11.8 51.2 21.6 202212 69.9 21.9 113.9 69.6 1.8 48.6 0.1 775.0 557.0 Sh.Renuka Sugar [1] 46.8 ­0.4 ­4.8 202212 26.7 ­66.6 58.9 60.0 1.3 0.0 0.0 68.7 39.0
Caplin Point Lab [2] 669.3 46.5 14.4 3.0 202212 14.1 30.1 17.2 23.0 6.4 28.4 0.0 856.0 575.0 IRFC 28.1 5.0 5.6 0.8 202212 22.0 2.5 25.3 6.9 2.1 5.1 9.3 37.1 19.3 Sheela Foam [5] 1064.6 21.0 50.7 7.0 202212 ­7.3 ­9.5 2.7 ­9.4 ­0.7 17.8 0.3 1935.0 905.5
Capri Global [2] 658.8 8.8 74.8 3.9 202212 50.5 ­42.3 53.7 ­4.7 8.0 9.9 2.4 784.6 512.4 ICICI Bank [2] 884.2 45.7 19.4 3.1 202212 30.0 34.5 20.4 43.2 ­1.7 0.0 0.0 958.0 670.4 Shilpa Medicare [1] 254.9 0.6 425.4 1.2 202212 ­3.6 ­169.2 11.3 ­84.4 0.3 5.8 0.5 481.9 222.4
Carborundum Uni. [1] 1061.3 17.6 60.4 7.4 202212 31.6 7.4 34.5 ­11.5 7.4 19.9 0.1 1077.8 651.1 ICICI Lombard 1059.4 35.2 30.1 5.0 202303 12.3 39.8 13.7 36.0 ­2.7 18.6 0.0 1410.6 1049.1 Shoppers Stop [5] 614.2 8.0 77.1 55.9 202212 18.7 13.9 53.3 212.7 3.2 0.0 21.6 819.0 402.9
Castrol India [5] 116.2 8.2 14.1 6.1 202212 7.8 2.5 13.9 7.5 2.4 60.4 0.0 136.8 100.0 ICICI Pru Life 444.1 5.7 78.5 6.4 202303 11.2 25.9 6.2 7.2 0.3 0.4 0.1 608.7 381.0 Shree Cement 23877.7 388.6 61.4 4.8 202212 18.2 ­41.5 15.0 ­43.3 ­7.5 16.5 0.1 27013.017900.0
CCL Products [2] 559.0 17.8 31.5 5.5 202212 26.5 25.0 36.0 17.6 ­0.2 15.6 0.5 592.6 315.6 ICICI Securities [5] 429.6 34.6 12.4 4.9 202303 ­0.8 ­22.8 ­0.6 ­19.2 ­5.4 27.0 2.7 615.0 408.2 Shriram Finance 1358.3 145.1 9.4 1.8 202212 61.7 162.2 37.2 127.6 4.7 9.9 4.6 1509.3 1047.7
CEAT 1397.1 22.1 63.1 1.7 202212 13.0 163.5 21.8 ­56.5 ­2.5 6.3 0.6 1981.5 890.0 IDBI Bank 51.2 3.0 17.1 1.5 202212 13.0 54.3 ­0.1 32.8 ­0.8 0.0 0.0 62.0 30.5 Shyam Metalics 304.6 40.3 7.6 1.1 202212 13.3 ­84.0 22.2 ­38.9 4.7 42.5 0.1 357.1 253.1
Central Bank 26.3 2.0 13.4 0.9 202212 11.0 12.3 10.5 407.1 2.8 0.0 0.0 41.8 16.1 IDFC First Bank 56.5 3.1 18.5 1.7 202212 33.5 112.5 25.6 2532.4 4.5 0.0 0.0 64.3 29.0 Siemens [2] 3249.3 41.8 77.8 10.0 202212 17.5 86.9 20.1 43.4 ­2.3 14.8 0.0 3400.0 2150.8
Century Plyboard [1] 514.2 16.1 32.0 6.7 202212 3.4 ­12.6 24.8 14.8 2.1 29.5 0.1 709.6 436.7 IFB Industries 829.3 ­0.8 5.0 202212 4.8 ­135.5 22.3 72.0 0.2 ­3.6 0.5 1166.0 698.0 SIS [5] 381.9 24.0 15.9 2.6 202212 11.7 2.9 11.6 ­34.0 0.8 12.4 0.8 527.6 318.0
Century Textiles 665.9 19.2 34.6 2.0 202212 9.5 ­38.4 27.6 256.2 0.0 4.8 0.3 943.8 588.8 IIFL Finance [2] 453.3 37.0 12.2 2.1 202212 18.0 22.2 20.6 26.4 ­1.8 11.3 5.8 538.4 282.8 SJVN 32.9 3.5 9.4 0.9 202212 0.5 28.1 7.8 ­14.6 ­0.9 8.5 0.4 42.3 25.5
Cera Sanitary. [5] 6239.9 156.5 39.9 7.7 202212 13.2 30.5 17.2 40.7 ­3.9 20.3 0.1 6789.1 3518.6 Indbull.RealEst. [2] 56.9 ­5.4 0.7 202212 ­58.8 ­371.7 ­62.0 ­1769.7 ­0.8 0.0 0.4 101.4 45.9 SKF India 4139.9 103.4 40.0 9.8 202212 11.4 31.4 22.3 30.9 ­2.7 30.0 0.0 5170.9 2984.4
CESC [1] 67.9 10.1 6.8 0.8 202212 10.7 ­3.0 13.9 ­1.8 ­0.4 10.7 1.4 86.7 62.3 India Cements 177.6 ­6.0 1.0 202212 10.4 ­982.4 12.8 ­234.4 ­4.6 3.1 0.6 298.5 145.6 Sobha 452.2 8.5 53.3 1.8 202212 39.5 ­47.9 14.8 ­47.3 1.9 16.6 1.1 750.0 412.4
CG Power & Indu. [2] 302.8 4.1 73.7 34.2 202212 14.5 28.8 28.4 ­42.7 1.6 24.4 2.0 338.5 157.9 Indiabulls Hous. [2] 102.1 24.9 4.1 0.3 202212 2.8 ­4.0 ­4.0 2.4 ­0.1 9.6 4.0 164.1 89.0 Solar Industries [2] 3829.6 79.5 48.2 15.9 202212 78.0 100.4 84.4 97.3 0.7 25.3 0.5 4536.0 2470.0
Chalet Hotels 372.5 4.5 83.0 5.5 202212 76.5 591.0 105.5 208.6 3.0 0.0 1.4 409.9 275.4 Indiamart Inter. 5245.2 93.2 56.3 8.6 202212 33.7 60.7 25.4 ­3.6 ­2.7 18.7 0.0 5563.7 3676.1 Sona BLW Precis. 466.2 6.5 71.8 12.9 202212 38.6 23.9 17.1 20.2 4.9 22.6 0.2 688.0 397.4
Chambal Fert. 277.3 28.4 9.8 1.7 202212 74.9 ­25.5 90.8 ­18.3 ­4.2 23.5 0.7 481.4 248.6 Indian Bank 301.8 40.8 7.4 0.9 202212 19.2 98.8 12.2 4.8 5.2 0.0 0.0 324.7 137.2 Sonata Software [1] 825.5 31.3 26.4 9.9 202212 21.7 20.5 35.5 22.4 ­2.7 42.3 0.2 902.0 457.5
Chemplast Sanmar [5] 426.5 24.7 17.3 36.5 202212 ­18.0 ­88.5 3.3 ­50.1 4.3 157.5 0.0 639.3 342.0 Indian Energy Ex [1] 153.7 3.4 45.5 18.2 202212 ­14.7 ­3.9 ­1.7 6.7 ­0.7 64.1 0.0 237.2 125.8 SPARC [1] 194.4 56.3 48.5 7.7 202212 8.0 5.9 20.3 26.4 ­9.4 0.0 0.0 284.3 160.5
Chola Financial [1] 573.4 63.2 9.1 1.6 202212 26.8 33.4 15.8 48.0 ­4.5 10.2 11.2 697.4 512.7 Indian Hotels Co [1] 336.7 5.1 65.5 6.7 202212 51.7 355.1 80.6 265.8 2.7 0.0 0.9 348.7 207.3 SRF 2475.2 74.4 33.3 8.0 202212 1.7 1.1 26.2 32.5 1.5 23.6 0.5 2864.4 2002.5
Cholaman.Inv.&Fn [2] 837.7 30.4 27.6 5.3 202212 31.2 29.8 17.3 45.8 2.1 9.3 6.2 851.8 594.0 Indigo Paints 1149.0 24.8 46.4 7.9 202212 6.0 8.1 18.9 58.6 6.1 18.5 0.0 1742.3 981.1 St Bk of India [1] 543.0 52.8 10.3 1.5 202212 24.7 62.0 15.5 25.9 1.8 0.0 0.0 629.7 430.8
Cipla [2] 915.2 33.0 27.7 3.4 202212 5.3 9.9 5.0 0.5 0.0 16.8 0.1 1185.2 852.0 Indraprastha Gas [2] 486.8 23.9 20.4 4.2 202212 67.5 ­10.9 87.7 15.7 0.4 27.8 0.0 501.1 335.1 Star Cement [1] 111.5 5.9 18.8 2.0 202212 11.7 20.7 26.7 ­1.5 ­3.5 11.2 0.0 124.1 81.5
City Union Bank [1] 130.6 12.5 10.4 1.4 202212 16.5 11.1 12.5 40.2 3.8 0.0 0.0 205.0 117.6 Indus Towers 139.3 10.2 13.7 1.8 202212 ­2.3 ­127.9 6.1 ­53.6 1.5 23.9 1.1 230.8 135.2 Star Health Insu 595.3 ­6.5 5.3 202212 110.9 ­35.9 54.4 ­11.9 3.8 0.0 0.1 780.0 451.1
Clean Science [1] 1382.7 26.1 53.0 17.0 202212 31.3 44.5 50.4 26.4 ­5.4 46.6 0.0 2030.4 1227.5 IndusInd Bank 1115.9 87.6 12.7 1.7 202212 22.2 58.2 12.6 57.0 0.6 0.0 0.0 1275.3 763.8 Sterling & Wils. [1] 296.8 ­61.7 ­25.0 202303 ­91.7 ­430.5 ­61.2 ­28.6 ­0.6 0.0 0.6 400.0 255.3
Coal India 230.1 47.6 4.8 2.5 202212 24.8 70.1 28.8 92.3 2.0 20.6 0.1 263.3 164.8 Infibeam Avenues [1] 13.5 0.5 28.0 1.2 202212 4.5 43.1 49.2 43.6 ­2.9 3.4 0.0 20.3 12.5 Sterlite Tech. [2] 158.2 2.5 62.7 3.2 202212 46.2 ­24.5 20.5 ­55.6 ­1.9 5.5 1.6 242.9 128.6
Cochin Shipyard 488.1 41.3 11.8 1.4 202212 ­32.7 ­14.7 ­2.6 5.4 0.3 17.1 0.1 686.8 296.5 Info Edg.(India) 3625.2 39.9 90.8 3.3 202212 39.9 ­97.9 56.6 ­80.1 ­5.1 24.3 0.0 4860.0 3310.0 Sumitomo Chemi. 421.2 10.1 41.7 9.5 202212 6.6 1.7 20.2 25.2 ­0.9 32.5 0.0 540.7 395.7
Coforge 3827.7 128.8 29.7 8.3 202212 24.0 24.2 27.5 34.0 ­5.0 29.3 0.1 4512.7 3210.0 Infosys [5] 1227.5 58.1 21.1 7.8 202303 16.0 7.8 20.7 9.1 ­11.6 44.4 0.1 1672.5 1219.0 Sun Pharma.Inds. [1] 989.2 33.3 29.7 4.5 202212 13.1 5.2 11.8 5.7 ­1.5 18.0 0.1 1071.9 789.8
Colgate­Palmoliv [1] 1538.0 39.0 39.4 25.3 202212 0.8 ­3.6 1.8 ­0.8 ­0.8 90.6 0.1 1695.0 1434.6 Intellect Design [5] 428.9 20.0 21.4 3.2 202212 7.6 ­38.5 20.3 ­18.7 ­0.6 25.4 0.0 862.7 388.0 Sun TV Network [5] 418.1 44.1 9.5 1.9 202212 ­16.4 ­9.8 7.3 1.0 ­2.5 28.9 0.0 568.2 394.0
Container Corpn. [5] 608.1 18.9 32.2 3.4 202212 3.4 3.4 6.5 45.2 0.6 12.9 0.1 828.5 554.1 Interglobe Aviat 1988.5 ­75.4 ­8.9 202212 60.7 996.1 100.2 48.3 5.8 0.0 0.0 2194.0 1513.3 Sundaram Clayton [5] 3976.5 302.8 13.1 1.5 202212 22.6 ­8.2 27.4 115.3 4.3 11.4 3.7 5799.3 3410.6
Coromandel Inter [1] 940.7 69.9 13.4 3.7 202212 63.8 38.1 60.3 47.5 1.3 34.5 0.1 1094.4 810.5 Ipca Labs. [1] 841.3 20.7 40.7 3.7 202212 8.1 ­45.1 6.5 ­42.6 2.7 20.2 0.1 1039.0 768.0 Sundram Fasten. [1] 1011.6 22.6 44.8 7.4 202212 16.2 8.3 14.9 ­3.3 1.8 20.0 0.3 1070.0 674.8
CreditAcc. Gram. 991.0 43.5 22.8 3.5 202212 32.1 77.1 24.8 140.2 3.6 9.3 3.1 1154.4 834.1 IRB Infra.Devl. [1] 25.7 1.3 20.3 1.2 202212 18.4 94.5 4.0 168.8 ­3.6 6.2 1.9 35.0 17.9 Sunteck Realty [1] 297.3 1.7 174.0 1.6 202212 ­30.3 ­81.4 ­14.6 ­42.7 0.2 3.1 0.3 539.0 271.5
CRISIL [1] 3271.3 80.5 40.6 13.3 202303 20.2 19.8 20.3 25.3 ­6.6 40.4 0.1 3860.0 2712.1 Ircon Intl. [2] 63.2 8.0 7.9 1.2 202212 33.2 40.2 39.3 44.1 7.9 12.3 0.2 66.8 34.8 Supreme Inds. [2] 2680.4 65.3 41.0 8.7 202212 18.8 ­14.5 25.5 ­24.2 1.5 34.6 0.0 2816.5 1668.6
Crompton Gr. Con [2] 295.5 8.4 35.4 7.7 202212 7.5 ­40.5 23.4 ­18.3 0.0 23.1 0.5 428.8 278.1 ITC [1] 408.3 14.7 27.9 7.7 202212 3.7 23.4 19.5 23.0 3.2 33.5 0.0 409.0 249.2 Supreme Petroch. [2] 373.3 7.5 79.6 4.3 202212 13.4 ­63.6 39.7 122.7 ­1.2 67.0 0.0 470.4 336.5
CSB Bank 283.1 30.1 9.4 1.8 202212 12.2 5.2 9.3 40.7 5.3 0.0 0.0 290.3 178.0 ITI 94.5 0.7 131.6 3.6 202212 86.7 ­194.6 ­11.3 285.9 3.4 3.7 0.6 129.5 80.4 Suven Pharma [1] 472.1 14.9 31.7 8.0 202212 ­9.7 ­32.7 9.8 ­14.9 1.5 40.6 0.1 627.0 375.0
Cummins India [2] 1544.6 39.9 38.7 8.1 202212 25.7 65.9 24.1 41.5 ­0.3 20.3 0.1 1714.9 947.2 Suzlon Energy [2] 8.0 ­0.1 138.7 202212 ­9.3 107.9 28.9 54.2 ­1.5 0.0 0.0 12.2 5.4
Cyient [5] 1159.4 49.2 23.6 3.7 202303 48.3 13.8 32.7 4.2 8.4 19.4 0.2 1194.1 724.0 J ......................................................................................................................................................................................................
Swan Energy [1] 213.1 ­2.3 4.8 202212 45.9 ­18.0 190.8 37.3 ­4.6 0.1 3.4 379.0 180.3
J B Chem & Pharm [2] 2143.9 52.6 40.8 7.2 202212 32.0 26.5 29.4 1.5 ­1.0 25.0 0.0 2224.0 1339.1 Symphony [2] 985.2 23.4 42.0 8.4 202212 35.1 85.7 27.2 37.8 ­1.1 17.0 0.3 1219.0 821.0
D ..................................................................................................................................................................................................... J K Cements 2857.9 66.7 42.9 4.9 202212 19.8 ­72.7 19.4 ­26.6 ­3.5 15.3 1.0 3248.1 2005.0 Syngene Intl. 616.3 10.8 57.1 7.6 202212 22.5 5.5 18.0 7.2 0.2 11.8 0.3 649.8 511.5
Dabur India [1] 525.0 10.0 52.7 10.6 202212 3.4 ­5.4 6.2 ­3.2 ­0.4 26.1 0.1 610.4 482.2 Jamna Auto Inds. [1] 102.1 4.3 23.6 5.7 202212 32.9 9.9 47.0 31.4 0.1 23.7 0.3 135.6 94.2
Dalmia BharatLtd [2] 1921.6 55.6 34.6 2.4 202212 22.7 284.6 17.7 ­7.0 ­3.9 7.5 0.3 2168.0 1212.6 Jindal Stain. [2] 268.1 18.6 14.4 3.9 202212 12.0 ­27.8 28.7 9.4 0.8 36.3 0.8 329.0 95.1 T ......................................................................................................................................................................................................

DCM Shriram [2] 852.6 72.2 11.8 2.3 202212 20.8 ­2.2 31.1 25.3 0.7 24.0 0.3 1263.9 730.1 Jindal Steel [1] 573.1 27.2 21.1 1.5 202212 ­0.6 ­48.8 12.7 ­52.9 2.3 20.7 0.6 622.4 304.2 Tanla Platforms [1] 625.5 34.8 18.0 5.7 202212 ­1.7 ­26.3 12.4 ­6.6 ­0.2 58.4 0.0 1528.1 506.1
Deepak Fertiliz. 591.2 97.8 6.0 1.6 202212 40.9 38.8 45.6 141.3 ­7.8 19.3 0.8 1061.7 512.8 JK Lakshmi Cem. [5] 772.8 38.3 20.2 3.5 202212 21.5 19.1 18.0 ­2.3 ­2.1 17.2 0.8 897.0 368.7 Tata Chemicals 944.5 80.9 11.7 1.3 202212 32.1 32.2 34.7 153.0 ­8.0 7.9 0.4 1214.7 773.9
Deepak Nitrite [2] 1831.5 64.9 28.2 6.8 202212 15.6 ­13.8 23.3 ­18.7 ­2.1 44.4 0.2 2370.7 1682.2 JK Paper 370.5 65.5 5.7 1.8 202212 60.5 119.2 71.7 118.3 ­2.6 15.9 1.0 452.5 267.1 Tata Coffee [1] 205.2 8.5 24.0 2.1 202303 10.2 16.3 20.6 4.7 ­2.1 13.4 0.8 251.5 188.6
Delhivery [1] 357.4 ­13.3 2.8 202212 ­8.6 ­254.6 27.9 4.0 10.0 0.0 0.3 708.5 291.0 JM Financial [1] 60.9 7.5 8.1 0.7 202212 ­4.4 ­12.3 ­10.3 ­6.8 ­5.3 12.0 1.8 84.6 57.0 Tata Comm 1241.3 60.8 20.4 23.3 202303 7.2 ­13.7 6.7 17.5 ­1.9 13.3 19.7 1430.0 856.0
Delta Corp [1] 194.7 9.8 19.9 2.4 202303 4.0 ­3.5 66.1 259.6 2.3 5.6 0.0 296.7 162.1 Johnson Con. Hit 1149.7 ­19.1 4.6 202212 ­10.0 ­156.2 23.8 ­215.6 4.5 3.5 0.1 2050.0 1005.1 Tata Consumer [1] 700.1 11.2 62.4 4.2 202212 8.3 6.1 8.6 24.0 ­2.7 9.2 0.1 861.4 685.0
Devyani Intl. [1] 159.8 2.5 64.1 23.4 202212 26.6 26.9 47.1 95.6 2.2 12.9 3.2 215.0 134.1 JSW Energy 254.1 12.0 21.1 2.4 202212 18.0 ­44.6 38.6 104.1 3.2 11.9 0.5 369.0 182.0 Tata Elxsi 6291.4 30.0 12.5 23.2 202212 ­9.0 ­45.6 12.4 ­15.8 0.3 46.6 0.1 10760.4 5708.1
Divi's Lab. [2] 3231.8 90.3 35.8 7.1 202212 ­31.5 ­66.0 1.3 ­6.7 1.5 35.0 0.0 4641.0 2730.0 JSW Steel [1] 711.4 15.1 47.1 2.8 202212 3.2 ­88.8 31.4 ­83.1 ­1.2 26.8 1.2 783.4 520.1 Tata Inv.Corpn. 2162.0 49.8 43.5 0.5 202212 ­26.1 ­13.2 28.2 27.9 4.7 1.5 0.0 2886.5 1218.0
Dixon Technolog. [2] 2928.3 39.9 73.3 15.7 202212 ­21.8 11.9 22.6 38.7 ­1.8 22.2 0.6 4670.0 2555.0 Jubilant Food. [2] 442.5 6.4 69.2 14.1 202212 10.0 ­40.0 18.9 ­2.9 1.6 20.8 1.1 652.2 412.2 Tata Motors [2] 471.0 ­15.8 6.0 202212 22.9 97.2 10.7 ­8.9 0.3 1.0 2.9 494.5 366.1
DLF [2] 405.9 7.6 53.7 2.8 202212 ­3.5 ­5.6 ­1.6 7.1 ­1.9 4.7 0.2 426.8 294.8 Jubilant Ingrev. [1] 407.6 20.3 20.0 2.5 202212 ­10.2 ­29.1 13.2 ­31.3 2.2 28.0 0.2 592.5 350.8 Tata Power Co. [1] 195.7 9.6 20.4 2.4 202212 29.5 121.9 32.5 87.7 ­0.3 7.9 2.2 260.0 182.5
Dr Lal Pathlabs 1908.7 29.2 65.3 10.3 202212 ­1.5 ­7.7 ­1.1 ­33.6 0.0 29.4 0.3 2870.0 1762.7 Jubilant Pharmo [1] 307.3 0.5 567.8 0.9 202212 18.2 ­130.7 ­0.4 ­98.5 0.9 9.5 0.6 495.6 268.8 Tata Steel [1] 106.2 14.8 7.2 1.2 202212 ­6.2 ­112.6 11.2 ­52.1 ­1.2 29.2 0.9 133.0 82.7
Dr Reddy's Labs [5] 4870.1 218.8 22.3 3.9 202212 27.3 75.4 14.5 37.9 0.3 14.5 0.2 4939.0 3787.6 Just Dial 673.6 19.3 34.9 1.6 202303 39.5 279.1 30.6 129.7 4.9 ­0.5 0.0 937.5 520.3 Tata Tele. Mah. 62.5 114.6 54.9 ­0.7 202212 28.7 29.0 29.5 41.4 0.1 0.0 0.0 178.7 49.8
Jyothy Labs [1] 192.2 5.8 33.2 4.8 202212 13.7 75.4 12.6 23.2 ­1.6 12.5 0.1 222.9 142.0 TCI Express [2] 1485.9 ­5.8 9.7 202212 ­0.8 ­192.6 1.2 6.5 0.2 35.5 0.0 2010.0 1383.8
E ...................................................................................................................................................................................................... TCNS Clothing Co [2] 464.8 35.7 41.6 4.5 202212 9.6 ­8.9 14.1 0.9 ­2.7 2.7 0.6 875.0 414.9
Easy Trip Plann. [1] 45.0 0.7 61.9 26.2 202212 57.3 4.1 63.1 11.8 ­0.2 59.4 0.2 73.5 39.3 K ..................................................................................................................................................................................................... TCS [1] 3161.7 115.2 27.4 12.8 202303 16.9 14.8 17.6 10.0 ­0.9 58.0 0.1 3643.0 2926.0
eClerx Services 1319.6 96.9 13.6 3.7 202212 22.8 23.0 24.7 19.5 ­1.7 33.1 0.1 1670.2 1223.3 K E C Intl. [2] 466.1 8.4 55.5 3.3 202212 31.0 ­81.2 15.9 ­50.5 ­4.0 14.1 0.7 525.1 345.2 Team Lease Serv. 2166.7 68.8 31.5 4.9 202212 14.0 ­3.4 27.6 20.6 ­0.9 14.4 0.1 4075.0 2112.1
Edelweiss.Fin. [1] 57.4 2.5 22.8 0.8 202212 32.4 42.7 ­10.1 ­69.4 1.4 10.0 3.9 77.4 49.4 K P R Mill Ltd [1] 611.7 24.1 25.4 6.2 202212 11.6 ­17.6 25.5 2.0 0.8 31.4 0.3 685.5 479.6 Tech Mahindra [5] 998.3 53.6 18.6 3.6 202212 19.9 ­5.3 22.3 1.5 ­8.1 23.8 0.1 1323.9 944.1
Eicher Motors [1] 3199.6 95.7 33.4 6.6 202212 29.6 62.4 37.0 64.4 ­0.3 17.8 0.0 3886.0 2311.1 Kajaria Ceramics [1] 1085.9 21.0 51.6 7.7 202212 2.1 ­39.1 20.3 ­18.0 ­2.5 24.2 0.1 1280.0 898.0 Tejas Networks 634.5 ­1.9 3.5 202303 136.6 ­123.1 67.0 48.7 ­0.8 0.0 0.0 773.0 385.1
EID Parry [1] 500.5 58.5 8.6 1.6 202212 51.9 5.4 56.7 69.5 ­2.5 36.6 0.3 673.3 433.3 Kalpataru Power [2] 528.4 24.8 21.3 2.0 202212 3.0 ­2.6 6.0 ­13.7 ­1.1 11.2 0.9 597.2 332.3 The Ramco Cement [1] 725.4 11.9 60.7 2.6 202212 29.2 ­31.8 23.5 ­71.2 ­2.7 9.4 0.6 813.6 575.1
EIH [2] 170.6 3.6 47.2 3.4 202212 62.8 274.9 86.7 241.1 ­0.3 ­3.1 0.2 205.5 120.5 Kalyan Jewellers 103.2 4.2 24.4 3.2 202212 13.1 10.5 23.0 92.5 ­1.2 9.3 1.4 134.0 55.2 Thermax [2] 2283.3 33.3 68.6 7.7 202212 26.9 58.8 36.1 25.1 0.4 11.3 0.1 2678.5 1830.4
Elgi Equipments [1] 492.0 8.6 57.0 13.8 202212 17.8 91.9 21.8 84.1 5.5 19.5 0.5 566.5 248.9 Kansai Nerolac [1] 382.7 7.5 51.0 4.7 202212 0.9 ­14.1 16.7 ­11.8 0.5 11.5 0.1 535.9 358.1 Thyrocare Tech. 458.2 13.8 33.2 4.7 202212 9.1 ­31.6 ­13.8 ­62.0 ­5.4 41.2 0.0 867.8 416.0
Emami [1] 363.4 19.4 18.7 6.9 202212 1.2 7.8 6.0 50.0 0.9 32.1 0.1 525.0 341.0 KEI Industries [2] 1745.5 50.5 34.6 6.7 202212 14.1 27.0 30.3 31.5 0.0 23.7 0.2 1820.0 1040.6 Timken India 2977.8 0.8 601.4 12.0 202212 ­6.8 ­98.0 32.3 21.1 0.9 27.4 0.0 3760.8 1714.8
Endurance Tech. 1232.9 34.6 35.6 4.3 202212 10.9 14.4 13.7 ­8.7 ­2.6 13.6 0.1 1563.4 1088.0 KIOCL 192.4 0.2 831.4 6.0 202212 ­20.9 ­151.2 ­30.2 ­95.5 6.7 18.6 0.1 247.4 165.2 Titan Company [1] 2568.4 34.6 74.3 22.3 202212 12.8 ­10.0 30.8 37.7 ­0.6 20.8 0.8 2790.0 1827.2
Engineers India [5] 79.2 4.2 18.9 2.4 202212 21.7 ­60.4 1.3 302.2 5.7 25.5 0.0 90.8 56.0 KNR Construct. [2] 234.4 14.8 15.8 2.6 202212 2.4 85.2 12.2 23.8 ­3.9 21.5 0.5 295.0 202.9 Torrent Pharma. [5] 1615.3 36.5 44.3 9.0 202212 17.5 13.7 10.8 1.2 2.5 18.2 0.8 1722.7 1242.5
EPL Ltd [2] 162.0 6.0 26.9 2.8 202212 7.0 10.0 7.2 ­13.8 2.0 13.2 0.4 193.4 147.1 Kotak Mah. Bank [5] 1893.7 71.7 26.4 3.7 202212 27.6 17.4 18.7 32.1 1.3 0.0 0.0 1997.0 1630.0 Torrent Power 540.7 48.7 11.1 2.4 202212 71.0 86.0 72.1 74.9 0.3 12.2 0.8 609.9 416.0
Equitas Sma. Fin 69.8 4.5 15.4 1.7 202212 18.0 57.4 15.4 83.5 2.4 0.0 0.0 77.9 37.5 KPIT Technologi. 848.4 12.7 66.8 16.7 202212 47.4 43.5 29.2 41.4 ­2.4 23.3 0.2 946.5 440.0 Trent [1] 1382.6 11.0 125.8 20.6 202212 53.7 11.2 81.3 148.8 1.6 7.2 1.6 1571.0 983.7
ERIS Lifescience [1] 612.9 29.2 21.0 4.1 202212 27.4 1.1 20.5 0.8 2.7 24.5 0.0 749.9 550.9 KRBL [1] 375.6 29.4 12.8 2.0 202212 33.2 180.1 20.8 41.7 10.1 15.2 0.1 449.4 196.5 Trident [1] 30.6 1.0 31.7 4.1 202212 ­17.1 ­37.4 2.0 ­36.0 ­2.6 23.3 0.4 55.6 25.1
Esab India 3391.3 74.8 45.3 19.3 202212 18.0 91.4 26.0 39.2 0.0 43.9 0.0 4304.4 3018.2 Krishna Institu. 1498.2 39.0 38.4 7.7 202212 42.8 ­6.4 21.8 0.8 0.9 32.8 0.3 1669.1 1115.8 Triveni Turbine [1] 343.8 5.3 64.3 12.3 202212 44.7 47.4 40.3 42.7 0.7 21.8 0.0 368.3 146.9
Escorts Kubota 1946.1 49.0 39.7 3.3 202212 14.7 ­6.9 6.2 ­20.3 ­0.8 15.6 0.0 2358.8 1400.0 KSB 2176.1 52.5 41.5 6.6 202212 18.0 41.9 21.7 22.3 ­3.0 22.3 0.0 2293.0 1183.7 TTK Prestige [1] 727.0 19.8 36.7 5.6 202212 ­9.2 ­36.5 9.2 ­8.8 2.0 24.5 0.1 1051.0 652.1
Eureka Forbes 394.8 1.5 268.1 1.9 202212 13906.5 820.9 18465.8 1095.5 1.0 0.5 0.1 537.1 282.0 Tube Investments [1] 2595.2 41.5 62.5 14.6 202212 7.5 ­23.1 23.7 11.3 ­0.2 29.5 0.5 3046.3 1458.7
Exide Inds. [1] 187.6 9.3 20.2 1.5 202212 6.8 0.0 21.4 12.1 1.2 5.7 0.1 194.2 130.3 L ...................................................................................................................................................................................................... TV18 Broadcast [2] 28.9 0.7 42.6 1.1 202303 ­6.0 ­75.5 7.0 ­80.1 ­4.3 19.2 0.2 81.0 27.4
L&T Fin.Holdings 87.3 4.9 18.0 1.1 202212 15.5 1.0 0.9 34.8 ­0.4 6.6 4.5 98.3 66.0 TVS Motor Co. [1] 1092.2 26.8 40.8 10.2 202212 22.3 21.5 27.7 56.5 ­6.1 10.9 3.4 1184.5 589.1
F ...................................................................................................................................................................................................... L&T Technology [2] 3385.4 106.3 31.9 8.0 202212 21.4 22.0 22.7 26.2 ­4.1 31.3 0.1 4316.8 2923.4
FDC [1] 290.0 10.5 27.7 2.5 202212 19.8 14.2 12.6 ­31.8 8.4 15.7 0.0 317.8 229.2 La Opala RG [2] 358.4 10.6 33.8 5.2 202212 16.4 6.6 38.2 32.7 ­1.2 16.9 0.0 433.1 242.0 U .....................................................................................................................................................................................................

Federal Bank [2] 131.0 13.2 9.9 1.4 202212 30.3 56.2 16.0 47.0 2.3 0.0 0.0 143.4 82.5 Lak. Mach. Works 10527.4 348.8 30.2 5.3 202212 34.0 75.5 54.6 155.5 ­3.2 11.0 0.0 14144.0 8115.1 UCO Bank 26.3 1.3 19.9 1.4 202212 18.1 110.7 11.2 136.8 0.2 0.0 0.0 38.2 10.5
Fine Organic [5] 4329.3 192.6 22.5 10.3 202212 63.9 104.4 92.3 248.3 ­3.6 38.7 0.1 7326.5 4028.0 Larsen & Toubro [2] 2215.0 71.3 31.1 3.8 202212 17.3 20.3 17.2 21.2 ­1.9 11.3 1.6 2329.9 1456.8 Uflex 397.5 127.4 3.1 0.4 202212 0.5 ­107.8 29.4 ­9.1 3.7 16.0 0.7 811.1 325.2
Finolex Cables [2] 850.3 36.2 23.5 3.2 202212 18.2 7.9 26.9 2.1 1.5 21.4 0.0 895.0 344.0 Latent View [1] 353.2 7.7 46.2 6.5 202212 34.9 73.3 39.3 59.9 ­3.8 17.4 0.1 479.0 305.3 UltraTech Cem. 7361.9 208.5 35.3 4.1 202212 19.5 ­38.0 17.8 ­7.8 ­3.8 14.6 0.4 7824.7 5158.1
Finolex Inds. [2] 165.9 4.6 35.9 2.6 202212 11.9 ­55.2 12.7 ­66.5 ­2.8 26.5 0.1 195.0 128.0 Laurus Labs [2] 303.1 17.0 17.8 4.3 202212 50.2 32.1 23.6 2.7 ­3.5 24.6 0.6 622.3 286.8 Union Bank (I) 71.2 10.6 6.7 0.7 202212 22.8 110.1 13.8 45.8 2.3 0.0 0.0 96.4 33.6
Firstsour.Solu. 115.0 7.2 16.0 2.5 202212 4.0 16.6 2.8 ­2.5 1.2 16.4 0.5 131.4 93.0 Laxmi Organic [2] 271.3 5.9 45.6 5.3 202212 ­23.9 ­66.8 8.1 ­33.0 1.6 25.6 0.1 448.0 220.7 United Breweries [1] 1443.5 18.6 77.8 9.7 202212 1.9 ­65.7 31.2 44.5 4.0 13.0 0.0 1805.0 1354.4
Fortis Health. 265.6 6.3 42.4 2.9 202212 6.4 9.2 7.9 87.2 0.1 7.8 0.2 324.8 219.8 Lemon Tree Hotel 85.4 0.6 147.2 8.0 202212 62.6 2037.4 96.4 157.7 10.7 0.0 2.5 103.3 52.2 United Spirits [2] 759.9 16.5 46.0 9.6 202212 ­5.7 21.1 13.2 32.9 ­0.3 18.6 0.2 952.0 712.3
FSN E­Commerce [1] 120.7 0.1 1354.4 25.3 202212 33.2 ­70.7 36.0 ­48.6 ­4.3 6.2 0.5 311.6 120.1 LIC Housing Fin. [2] 331.1 51.2 6.5 0.7 202212 16.3 ­40.1 10.1 78.2 1.2 7.1 9.5 443.5 291.8 Uno Minda [2] 512.8 10.7 47.8 7.8 202212 33.7 59.9 32.3 75.6 2.1 13.6 0.4 604.0 385.0
Life Insurance 548.2 41.4 13.2 12.9 202212 14.5 3359.9 19.7 465.1 ­0.5 0.3 0.0 920.0 530.2 UPL [2] 734.7 58.4 12.6 2.2 202212 21.1 12.5 22.5 25.6 ­0.3 14.8 1.1 848.0 607.8
G ..................................................................................................................................................................................................... Linde India 3903.0 51.5 75.9 11.0 202212 8.2 37.4 18.6 52.4 ­6.3 16.4 0.0 4265.5 2711.0 UTI AMC 667.1 32.2 20.7 2.3 202212 ­4.4 ­52.6 0.2 ­33.4 ­4.8 19.5 0.0 988.2 595.0
GNFC 525.4 114.4 4.6 1.0 202212 12.3 ­39.7 41.1 29.1 ­3.7 28.8 0.0 889.3 484.5 Lloyds Metals [1] 283.5 17.1 16.6 71.5 202212 494.1 812.1 520.0 2376.2 ­3.0 23.3 0.4 324.8 126.1
G R Infraproject [5] 978.5 138.7 7.1 1.7 202212 12.1 121.0 6.5 65.5 ­1.0 16.3 1.1 1610.0 930.0 LTI Mindtree [1] 4170.1 116.9 35.7 13.4 202212 25.3 ­4.7 47.7 30.9 ­10.2 35.4 0.1 5360.7 3733.3 V ......................................................................................................................................................................................................

G S F C [2] 123.5 33.3 3.7 0.4 202212 30.4 67.0 25.3 73.9 ­3.6 12.0 0.0 183.0 114.7 Lupin [2] 694.9 ­7.1 2.7 202212 3.8 ­71.9 ­1.8 41.1 3.5 ­6.7 0.4 788.9 583.1 V I P Inds. [2] 597.5 11.2 53.4 12.7 202212 32.5 31.8 68.9 212.5 ­0.2 12.8 0.6 764.4 506.0
GAIL (India) 108.2 12.8 8.4 1.1 202212 37.3 ­89.1 72.1 ­25.3 0.1 21.4 0.2 112.8 83.0 Vaibhav Global [2] 309.7 6.8 45.8 4.5 202212 ­3.6 ­45.0 ­1.8 ­53.7 1.1 20.8 0.1 494.0 268.6
Galaxy Surfact. 2524.4 109.7 23.0 5.1 202212 16.3 132.8 32.4 60.0 1.7 19.0 0.3 3445.0 2217.5 M .................................................................................................................................................................................................... Vardhman Textile [2] 314.1 33.2 9.5 1.1 202212 ­8.9 ­76.1 16.9 ­34.9 1.8 23.6 0.3 454.9 245.5
Garware Tech. 2854.0 81.7 34.9 5.6 202212 ­10.9 ­3.9 10.5 1.4 ­2.0 22.8 0.1 3752.6 2587.0 M & M [5] 1212.8 70.0 17.3 3.0 202212 29.8 25.2 34.0 94.7 0.7 10.9 1.8 1396.0 854.5 Varroc Engineer [1] 268.1 ­18.9 4.7 202212 15.3 ­30.1 19.8 29.0 1.6 0.0 1.1 494.6 239.8
GE Shipping Co 640.0 137.5 4.7 1.0 202212 51.4 309.8 54.5 653.5 ­1.1 7.5 0.6 748.5 352.5 M & M Fin. Serv. [2] 257.4 16.6 15.5 1.9 202212 11.8 ­33.0 5.6 187.9 ­0.8 7.5 3.9 272.0 160.6 Varun Beverages 1397.1 23.1 60.6 17.8 202212 27.7 353.3 49.3 115.8 ­2.3 26.4 0.8 1473.9 674.7
General Insuranc [5] 150.4 34.9 4.3 0.7 202212 ­3.8 769.0 ­3.9 243.7 3.9 6.6 0.0 204.0 107.6 MRPL 53.3 21.5 2.5 1.2 202212 30.1 ­133.5 85.2 1627.5 ­0.2 13.6 4.0 127.6 49.2 Vedant Fashions [1] 1282.0 16.8 76.1 27.4 202212 14.7 17.6 39.9 49.4 3.7 31.0 0.2 1501.0 905.0
Gillette India 4340.5 91.5 47.4 15.6 202212 9.8 5.6 11.8 4.4 ­0.9 46.5 0.0 5700.5 4140.0 Macrotech Devel. 908.0 29.1 31.2 4.0 202212 ­13.9 41.7 16.1 43.6 ­0.8 10.4 1.9 1191.0 711.0 Vedanta [1] 276.8 38.2 7.2 1.9 202212 0.0 ­46.6 23.2 ­29.5 0.4 29.4 0.9 426.1 206.1
Gland Pharma [1] 1310.4 60.0 21.8 2.8 202212 ­11.8 ­15.0 ­5.8 ­16.7 4.8 24.8 0.0 3556.1 1130.4 Mah. Scooters 4554.0 171.5 26.5 0.2 202212 ­28.7 ­8.8 13.8 36.2 2.3 0.9 0.0 5602.6 3364.7 V­Guard Industri [1] 258.0 5.2 49.3 7.6 202212 1.4 ­26.1 22.7 9.8 0.8 21.6 0.1 274.9 195.2
Glaxosmi. Pharma 1239.7 25.7 48.3 14.4 202212 ­1.7 13.3 1.9 ­8.4 ­1.5 32.6 0.0 1663.2 1230.7 Mahanagar Gas 1002.8 66.1 15.2 2.6 202212 62.6 203.0 81.0 ­3.7 1.3 23.1 0.0 1035.0 666.4 Vinati Organics [1] 1996.2 43.2 46.2 10.4 202212 37.9 50.7 46.7 40.3 ­1.4 26.5 0.0 2373.0 1693.1
Glenmark Pharma [1] 511.4 32.2 15.9 1.5 202212 8.0 ­20.2 2.8 ­18.5 4.3 15.8 0.6 517.0 348.9 Mahindra CIE 372.9 17.5 21.3 2.8 202212 34.6 70.0 22.1 66.6 1.9 10.1 0.3 462.2 168.0 V­Mart Retail 2184.7 54.2 55.0 5.0 202212 19.5 1.1 32.8 57.5 0.1 5.2 0.9 3426.8 2085.0
GMM Pfaudler [2] 1476.0 34.6 42.6 10.0 202212 23.4 ­5.0 30.9 54.0 ­1.0 10.4 1.4 2189.5 1251.0 Mahindra Holiday 300.4 3.7 80.7 ­10.4 202212 8.8 ­186.7 21.3 82.4 2.9 3.4 0.0 313.5 195.1 Vodafone Idea 6.5 ­6.0 ­0.5 202212 9.2 ­210.7 10.6 ­5.5 6.4 0.0 0.0 10.2 5.7
GMR Airports Inf [1] 44.4 ­0.1 ­23.5 202212 51.5 ­250.1 55.4 91.7 1.3 0.0 0.0 45.1 31.7 Mahindra Life. 366.7 5.4 68.5 3.1 202212 667.9 ­98.4 78.3 965.5 ­0.6 0.5 0.2 554.6 309.1 Voltas [1] 857.0 10.5 81.4 5.1 202212 11.9 ­103.1 16.1 ­37.7 4.1 12.7 0.1 1302.0 737.6
Godfrey Phillips [2] 1688.3 124.5 13.6 2.8 202212 30.1 70.3 31.6 50.6 ­5.6 16.5 0.1 2149.4 1015.5 Mahindra Logis. 379.5 4.8 79.2 4.9 202212 17.0 ­21.5 22.8 38.9 1.0 8.1 0.6 567.3 349.9 VST Industries 3309.7 13.4 163.0 5.0 202212 12.3 ­65.0 49.4 107.2 1.7 41.6 0.0 3865.4 2856.8
Godrej Agrovet 425.0 20.5 20.8 3.7 202212 11.8 54.7 21.7 13.3 ­2.4 17.3 0.6 592.8 391.2 Manappuram Fin. [2] 126.3 15.9 8.0 1.2 202212 15.5 50.3 3.1 ­12.5 ­0.7 11.9 3.1 133.9 81.5
Godrej Consumer [1] 987.0 16.2 61.0 8.0 202212 9.0 7.0 7.8 ­9.5 2.5 18.4 0.2 990.6 708.6 Marico [1] 473.3 9.7 48.9 16.3 202212 2.6 5.8 3.4 3.6 ­0.7 43.0 0.2 554.1 463.0 W ....................................................................................................................................................................................................

Godrej Industrie [1] 435.3 27.2 16.0 2.0 202212 9.3 67.3 32.8 101.4 ­1.9 9.6 1.7 505.0 395.2 Maruti Suzuki [5] 8557.8 245.5 34.9 4.5 202212 25.5 129.6 31.9 128.6 ­1.3 8.5 0.0 9768.7 7062.7 Welspun Corp [5] 216.0 7.9 27.3 1.3 202212 66.6 ­49.2 24.9 ­50.6 ­1.9 6.6 0.3 298.4 160.0
Godrej Propert. [5] 1272.6 15.1 84.3 4.0 202212 ­29.6 50.5 108.9 520.6 ­0.7 5.0 0.6 1674.0 1005.7 MAS FINANC SER 698.7 34.9 20.0 2.8 202212 45.8 28.2 38.1 25.1 ­2.9 10.7 3.2 938.3 485.0 Welspun India [1] 83.5 1.3 66.8 2.1 202212 ­22.7 ­73.6 ­11.8 ­82.2 3.1 13.8 0.8 92.5 62.2
Granules India [1] 300.5 20.5 14.7 2.9 202212 15.0 23.2 23.0 18.3 1.0 17.2 0.4 381.3 227.0 Mastek [5] 1775.7 90.9 19.5 3.2 202303 22.0 ­9.2 17.4 ­5.9 11.3 30.6 0.3 2959.3 1475.5 Westlife Food [2] 701.3 6.8 102.4 21.2 202212 28.6 74.7 47.6 555.5 ­0.1 4.8 2.1 815.3 402.1
Graphite India [2] 288.4 15.2 19.0 1.2 202212 ­20.3 ­56.0 17.8 ­37.4 3.6 13.7 0.1 564.0 251.8 Max Financial [2] 623.7 13.0 47.8 5.5 202212 27.9 200.5 ­4.8 127.4 ­0.3 7.9 0.1 884.7 604.4 Whirlpool India 1322.4 18.9 69.9 4.9 202212 ­15.5 ­43.7 6.9 ­22.8 ­1.1 9.9 0.0 1905.1 1218.2
Grasim Inds [2] 1661.9 127.0 13.1 1.4 202212 17.4 46.9 23.8 29.3 ­2.3 8.9 1.1 1839.3 1276.9 Max Healthcare 453.3 10.1 45.1 6.4 202212 17.0 16.6 12.8 74.9 ­3.8 11.1 0.2 495.0 306.0 Wipro [2] 368.0 20.7 17.8 2.8 202212 14.4 2.8 18.4 ­6.2 ­0.1 20.5 0.2 542.9 351.9
Greaves Cotton [2] 132.7 3.1 43.2 2.0 202212 5.6 ­50.3 54.9 248.8 ­0.1 ­0.9 0.2 195.5 118.7 Mazagon Dock 739.5 47.2 15.7 3.5 202212 17.0 64.6 31.3 32.0 5.0 17.1 0.0 936.9 229.7 Wockhardt [5] 171.3 ­16.2 0.7 202212 ­18.1 ­1429.4 ­18.1 ­196.0 0.9 1.2 0.7 293.8 145.4
Grindwell Norton [5] 1857.9 31.8 58.4 12.7 202212 20.3 15.1 24.4 23.0 ­4.0 26.6 0.0 2325.0 1452.8 Medplus Health [2] 742.6 2.9 253.8 6.2 202212 27.5 ­21.9 18.0 ­65.9 3.7 10.3 0.7 1018.7 570.0
Guj Pipavav Port 109.4 6.4 17.0 2.3 202212 48.7 147.2 26.6 59.6 ­4.0 13.3 0.0 120.3 70.4 Metro Brands [5] 847.0 13.3 63.6 16.1 202212 23.8 10.5 57.7 94.6 5.8 19.9 0.6 980.0 505.6 Y ......................................................................................................................................................................................................

Guj. Ambuja Exp [1] 269.2 18.0 14.9 2.7 202212 ­8.7 ­22.1 ­7.0 ­6.0 1.3 30.3 0.1 375.9 215.6 Metropolis Healt [2] 1239.3 29.2 42.4 6.6 202212 ­2.6 ­12.8 ­3.5 ­33.2 ­3.9 30.2 0.3 2535.0 1176.1 Yes Bank [2] 16.2 0.3 51.7 1.2 202212 20.0 ­79.3 18.7 129.1 5.5 0.0 0.0 24.8 12.3
Guj.St.Petronet 263.4 30.4 8.7 1.7 202212 ­27.2 22.0 12.3 5.8 ­4.7 35.2 0.2 298.3 209.5 Minda Corp [2] 265.4 10.0 26.6 4.4 202212 44.7 22.5 47.9 134.3 ­0.9 11.6 0.4 275.4 163.6
Gujarat Alkalies 624.5 76.2 8.2 0.8 202212 4.4 ­56.7 37.4 49.6 ­3.5 13.2 0.1 1044.8 556.1 Mishra Dhatu Nig 191.0 9.1 20.9 2.9 202212 1.3 ­10.0 ­3.5 0.5 ­2.0 12.7 0.2 268.9 155.7 Z ......................................................................................................................................................................................................

Gujarat Fluoroch [1] 3312.0 110.9 29.9 7.4 202212 41.2 61.0 42.1 79.6 6.9 20.5 0.4 4173.0 2105.2 MMTC [1] 29.0 3.1 9.5 3.3 202212 ­67.1 53.6 ­73.1 1156.8 ­3.5 0.0 0.0 54.5 26.4 Zee Entertainmen [1] 195.9 5.9 33.2 1.7 202212 ­0.1 ­78.7 6.1 ­48.5 ­5.9 13.5 0.0 286.9 176.6
Gujarat Gas [2] 466.3 23.4 19.9 5.1 202212 ­28.4 202.2 15.0 35.0 0.8 30.1 0.2 583.6 403.8 Motherson Wiring [1] 50.6 1.0 52.6 20.4 202212 16.0 ­30.1 25.6 ­20.6 ­0.1 57.0 0.2 71.2 41.9 Zensar Tech. [2] 269.2 14.9 18.0 2.2 202212 8.6 ­15.9 20.8 ­9.8 ­3.9 20.6 0.1 348.5 202.0
Motil.Oswal.Fin. [1] 609.3 72.1 8.5 1.5 202212 3.9 ­5.5 ­4.6 ­27.4 ­4.4 19.1 1.2 960.0 550.8 ZF Commercial [5] 10088.3 223.7 14.8 8.6 202212 5.2 ­4.5 12.1 12.9 1.3 9.5 0.0 10927.8 6893.3
H ..................................................................................................................................................................................................... Mphasis 1758.9 86.2 20.4 4.8 202212 12.2 15.3 22.4 19.8 ­0.7 24.8 0.1 2945.0 1660.7 Zomato Ltd [1] 56.0 ­1.3 2.5 202212 75.2 ­191.5 69.8 11.7 4.1 0.0 0.0 81.9 40.6
H D F C [2] 2759.6 136.3 20.3 2.7 202212 31.7 14.4 4.9 16.3 ­1.0 8.6 2.8 2815.0 2026.6 MRF 86584.8 1399.4 61.9 2.6 202212 14.7 17.0 19.3 ­29.0 1.3 6.9 0.2 95954.465900.1 Zydus Lifesci. [1] 517.3 20.6 25.2 3.1 202212 17.9 22.8 7.3 ­16.2 2.7 14.4 0.3 520.5 319.4
HPCL 241.6 ­60.4 1.2 202212 13.5 ­67.2 31.6 ­202.8 7.4 11.7 1.2 303.8 200.0 Multi Comm. Exc. 1458.1 38.6 37.8 5.2 202212 60.3 12.6 36.1 35.3 ­0.6 7.6 0.0 1697.0 1142.4 Zydus Wellness 1529.5 47.3 32.3 2.0 202212 7.3 ­16.1 10.9 ­2.4 ­1.0 6.4 0.1 1791.2 1363.9

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

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023

ALERTS.
Sai Prabhakar Yadavalli DIFFERENT STROKES
bl. research bureau Add-on covers for vehicle
£ Young vs old buying

GETTY IMAGES/ISTOCKPHOTO
decisions should be insurance policy launched
Health insurance is gaining in different
prominence. This applies to the £ NCB, wellness, family and
30­year­olds or the 60­year­olds, global coverage at a
with the latter now accessing a
younger age
vibrant insurance marketplace.
For the first­time buyer in either £ Lower PED waiting, OPD
ages, the product fit and features cover, and critical illness
should be different, just as aspir­ covers for seniors
ations and needs vary. We list
some factors in buying decisions
that are relevant to both categor­ the year, and for related illness. Royal Sundaram General
ies in finding the right product. A ₹1­crore health policy or al­ Insurance has launched three
ternatively a top­up to a base add­on covers for vehicle
FOCUS AREAS AT 30 policy may not be outlandish insurance policies, according to
A 30­year­old is now health­con­ anymore, considering medical a statement. The ‘Smart Save’
scious, has an increased family inflation. But despite a strong Add­on, which comes at zero
responsibility and has a higher
likelihood of overseas visits. Go­
ing by such characterisation, the
ideal health policy should also be
Health policy base cover, a critical illness rider
may be useful to cover large out­
lier risks. For cancer, cardiac or
transplant diagnosis, a critical ill­
cost, will help customers get an
upfront discount in Own
Damage (OD) insurance
premium, for repairing their

at 30 vs 60
just as agile and rewarding. ness rider can provide a large vehicles at Royal Sundaram’s
The frequency of hospitalisa­ payout (then the policy identified trusted repair shops
tion if any, should be lower in terminates). and garages in the event of a
early thirties — which should al­ The senior policy buyer must Bank FD interest rates (%) claim. For two­wheelers,
low for maximising the coverage also confirm the coverage for ‘Roadside Assistance’ Add­on
amount through NCBs (No claim therapies which are placed under Bank <1 year
1 to 2 2 to 3 3 to 5
w.e.f covers 11 emergency services,
bonus). Policies offer not only TAKING COVER. First­time buyers should sub­limits. Cataract, knee re­ years years years
which can rescue an
doubling of coverage amount but placement, dental, are a few of immobilised two­wheeler.
also accomplish the same in the
prioritise different features depending on age the procedures that are capped
FOREIGN BANKS
‘Return to Invoice’ cover comes
DBS Bank 4.75 7.25 7.5 6.5 Feb 23
shortest time. A ₹5­10 lakh policy on coverage or have an extended with two plans.
Deutsche Bank 7 7.5 7.75 7.25 Apr 12
of a 30­year­old can increase to From 30 years onwards, the in­ WHAT MATTERS AT 60 waiting period, which is better
₹10­20 lakh in 3­5 years. While dividual is likely to take on the re­ A first­time health insurance avoided. HSBC 4.5 6.25 7.5 7 Mar 03
60­year­olds should also go for sponsibility of parents or in­laws buyer at the age of 60 can face a OPD or teleconsultation is be­ Scotia Bank 3.7 3.9 4 4 Apr 01
the same, a higher frequency of on one hand, and spouse and lower availability of products but coming a widely used feature and Smart Guaranteed
Standard Chartered 6 7.35 7.25 6.75 Mar 04
hospitalisation can dilute the be­ children on the other. A policy compared to five years back the policies that focus on such cover­ Pension unveiled
nefits. Niva Bupa Reassure and that can be expandable to a fam­ current market is an improve­ age can be a useful. The cost of INDIAN: PUBLIC SECTOR BANKS
Manipal Cigna Prime offer 2x­5x ily floater, has options for mater­ ment. However, pricing is thrice consultation and the frequency Bank of Baroda 5.75 7.05 6.75 6.5 Mar 17 Canara HSBC Life Insurance
times base policy in 3­5 years. nity covers, large enough restor­ compared to a 30­year­old’s of consultation will increase with Bank of India 5.5 7.15 6.75 6.5 Apr 01
has launched a new pension
The health and fitness con­ ation cover, should be priority for premium at average of ₹25,000 each passing year and the con­ plan which is a guaranteed
Canara Bank 6.5 7.25 6.85 6.8 Apr 05 annuity product – Smart
scious 30­year­old can also gain a 30­year­old. HDFC Optima Se­ per year. venience and coverage can be­
from discounts on premiums for cure plans can accommodate the The buyer should focus on come a coveted feature of Central Bank of India 5.5 7.1 6.5 6.25 Apr 10 Guaranteed Pension. The
an active lifestyle. Wellness­ full family (parents, spouse, and coverage and hassle­free settle­ policies. Indian Overseas Bank 5.35 7.25 6.8 6.5 Apr 10 product provides premium
centred products let the policy­ child) and can cost between ment at this age. Waiting period A wide array of features in paying flexibility and ensures a
Punjab National Bank 5.8 7.25 7 6.5 Feb 20
holder gain points which are then ₹60,000 and ₹1 lakh per annum. for pre­existing diseases starts at today’s health policies should al­ regular guaranteed income
Punjab & Sind Bank 6.1 7.1 6.75 6.25 Apr 01 stream in retirement. The
redeemed for benefits including, The jet­hopping global citizen 4 years across policies but Star low one to build a product fit to
discounts on next premium pay­ of today should also prioritise a Senior Citizen Red Carpet re­ his/her needs. While a 30­year­ State Bank of India 5.75 7.1 7 6.5 Feb 15 customer can choose from
ment ranging up to 10­25 per health policy that offers a world­ duces PED waiting to one year, old can focus on NCB, wellness, Union Bank 5.25 7.25 7.3 6.7 Nov 25 various annuity options and
cent. ICICI BeFit app, Aditya wide coverage — including not Niva Bupa or Care Health Insur­ global and family floater, seniors frequency of their annuity
INDIAN: PRIVATE SECTOR BANKS payouts. This product offers
Birla’s Activ suite of products can only emergency hospitalisation ance and a few others offer two can choose policies prioritising
Axis Bank 6 7.2 7.2 7 Apr 21 guaranteed lifelong income by
capture lifestyle data through but also in­patient care. Tata AIG years waiting and so on. Another coverage, PED waiting and lower
wearable tech, which is then used Medicare plans offers the widest useful tool to have is to restore hassle achieved through years Bandhan Bank 4.5 8 7.25 7.25 Feb 06 locking annuity rate.
to deliver benefits. scope for worldwide covers. the base cover amount used up in spent with the insurer. Catholic Syrian 4.25 7 7.5 5.75 Feb 02
City Union Bank 6.5 7 6.5 6.25 Apr 05
DCB Bank 6.25 8 7.6 7.6 Mar 10 Flexible savings

Eyeing ‘Amrit Kalash’?

accounts for NRIs
SIMPLYPUT. Federal Bank
HDFC Bank
6
6
7.25
7.1
6.75
7
6.6
7
Feb 17
Feb 21
ICICI Bank 6 7.1 7.1 7 Feb 24

Yield to maturity FD REVIEW. SBI Amrit Kalash offers 7.1% for regular
IDBI Bank
IDFC First Bank
5.5
6.75
7.15
7.75
6.5
7.75
6.5
7
Apr 12
Mar 01
Parv Shah citizens, and a little more for senior citizens IndusInd Bank 6.25 7.75 7.75 7.75 Mar 22
bl. research bureau J & K Bank 6 7.1 6.75 6.5 Apr 11

Two friends met over lunch and discuss investment Karnataka Bank 5.25 7.3 6.5 6.5 Apr 10
specifically the concept of yield to maturity. Vishal Balabhadruni Kotak Bank 6.5 7.2 7 6.5 Apr 17
Maharshi: Hey! I have been hearing in the news in bl. research bureau South Indian Bank has
Karur Vysya Bank 6.5 7.5 7 6.25 Feb 20
recent times that short­term, medium­term and announced the launch of
long­term debt instruments currently offer similar The rising interest rate cycle has RBL Bank 6.05 7.8 7 7 Feb 01 flexible saving products for NRI
yield­to­maturity. I am getting confused. So should I brought fixed deposits back into the South Indian Bank 6 7.4 7 6.5 Mar 21 customers. NRIs can now enjoy
believe that they will be giving me same returns? limelight. FY23 saw a significant in­ Tamilnad Mercantile Bank 8 7.25 6.75 6.5 Feb 10 the flexibility to either maintain
Darshan: No! It’s not exactly true. Basically, YTM crease in bank FD rates across seg­ deposits or the prescribed
TNSC Bank 6 7.5 6.6 6.5 Mar 01
shows the indicative return. ments, as RBI hiked the repo rate by savings account minimum
Maharshi: Can you please elaborate? 250 basis points from May 2022 to Yes Bank 6.25 7.5 7.75 7 Feb 21 balance with these products,
Darshan: Yield­to­maturity, as the term suggests, April 2023. The country’s largest SMALL FINANCE BANKS according to a statement. The
is the yield i.e., the return you can earn on a bond or lender, State Bank of India has AU Small Finance Bank 6.35 7.75 8 7.75 Mar 03
new products rolled out
other debt instrument if you hold it till maturity. This launched a scheme with a tenure of include SIB SEAFARER and SIB
Equitas Small Finance Bank 6.25 8.2 8.5 7.5 Apr 11 PULSE for mariners and
is so because, on maturity, you get the exact par value 400 days called ‘Amrit Kalash’ de­ Depositors can take part in the
quoted initially by the bond. If you sell it earlier, you posit. Here is a review. Amrit Kalash scheme in one of the Fincare Small Finance Bank 6.25 7.8 8.41 8.25 Mar 24 healthcare professionals. Both
may or may not be able to get following three ways: by visiting a Jana Small Finance Bank 7 8.15 7.35 7.25 Apr 10 offerings provide the flexibility
exactly the same redemption INTEREST, CHARGES branch, through internet banking to maintain a minimum balance
Suryoday Small Fin Bank 6 8.01 8.51 7.5 Mar 01
proceeds as bonds are being The 400­day tenure retail term de­ and through the YONO application. of ₹10,000 in linked accounts
Ujjivan Small Finance Bank 6.5 8.25 7.75 7.2 Mar 08 (eligible for the latest 2 NR
traded in the market everyday. posit scheme was initially open from
Maharshi: Okay. So that may February 15, 2023, to March 31, 2023. OUR TAKE Accounts opened) and priority
*Data as on respective banks’ website on 21 Apr 2023; For each year range, the maximum
also mean that YTM may be Now, the scheme has been extended The rate offered on the 400­day SBI offered interest rate is considered; interest rate is for a normal fixed deposit amount below ₹1 banking facility.
crore. Compiled by BankBazaar.com
different for me investing today and is open from April 12, 2023 till Amrit Kalash deposit scheme is 7.1
compared to the person June 30, 2023. The rate of interest be­ per cent, which is lower than that
investing tomorrow, right? ing offered is 7.1 per cent for regular offered by some of its peers. Com­ Company fixed deposit rates
Darshan: Yes. This is citizens. Senior citizens get an addi­ mercial banks such as IndusInd offer
Interest rate per annum (%)# Additional
because, for the same coupon tional 50 basis points i.e., 7.6 per cent. regular depositors 7.5 per cent in­ interest rate
Company name Credit rating
amount, you are paying a higher/lower price. So In addition to senior citizens, staff terest and senior citizens 8 per cent 1­year 3­year 5­year for senior
tenure tenure tenure citizens (%)
effectively, lower/higher returns for you. For different and staff pensioners are also eligible (1­1.5 years tenure). Axis provides
points in time, YTM might vary due to factors such as for additional interest rate. regular depositors 7.15 per cent and Bajaj Finance CRISIL­AAA; ICRA­AAA; 7.40 7.65 7.65 0.25
changes in interest rate, bond ratings and inflation. Domestic retail term deposits, in­ senior citizens 7.9 per cent (13­14 HDFC**
Maharshi: Understood. So, extending your logic, cluding NRI rupee term deposits (< months tenure). IDFC First Bank CRISIL­AAA; ICRA­AAA 7.10 7.40 7.40 0.25
(Regular Deposit up to Rs 2 cr)
you are saying that if I hold any debt fund till a specific Rs 2 crore), new and renewal depos­ (tenure of 367­548 days) and Canara ICICI Home Finance CRISIL­AAA; ICRA­AAA; CARE­AAA; 7.00 7.40 7.50 0.25
period, I can get the exact returns as the YTM its, and term deposits and special Bank (tenure of 444 days) offer regu­
mentioned in its factsheet? term deposits, are eligible to take ad­ lar depositors 7.25 per cent and an ad­ LIC Housing Finance CRISIL­AAA; 7.25 7.75 7.75 0.25
Darshan: No. See, the ballgame works different for vantage of the Amrit Kalash scheme. ditional 50 basis points to senior cit­ Mahindra Finance CRISIL ­ AAA; IND AAA; 7.40 7.70 7.75 0.25
debt funds. Firstly, they aren’t holding one bond or Note, interest is paid on term depos­ izens. Manipal Housing Finance ACUITE­FA 7.75 7.75 7.25
one debt instrument. They are holding many its at monthly, quarterly, and semi­ For 12­18 months tenure, Equitas
Muthoot Capital Services CRISIL­FA+; 6.25 6.75 7.25
securities. So, here the YTM of debt fund is the annual intervals. The maturity in­ SFB offers regular citizens 8.2 per
weighted average YTM of all such bonds. Another terest on special term deposits, net of cent and senior citizens 8.7 per cent. PNB Housing Finance CRISIL­AA; CARE­AA; 7.35 7.70 7.50 0.25
point is, in the case of most open­ended debt MFs, TDS, will be added to the customer’s Fincare SFB offers regular depositors Shriram Finance* ICRA­AA+; IND AA+; 7.34 7.95 8.18 0.50
there is every possibility that you may get return account. 7.5 per cent and senior citizens 8.1 Sundaram Home Finance CRISIL­AAA; ICRA­AAA; 7.45 7.75 7.90 0.35 ­ 0.50
different from that of YTM irrespective of the period TDS will be deducted in accord­ per cent for 12­15 months tenure.
you hold the fund. This is because there could be ance with Income Tax Act guidelines Do note that State Bank of India is *Monthly rests. Additional interest of 0.25% p.a on all renewals, where the deposit is matured. **Additional ROI of 0.05% p.a. will be applicable on
inflow, outflow of funds from the portfolio. Also, if Form 15G/H is not submitted. a systemically strong and sound bank individual deposits placed/renewed through HDFC’s online system and auto­renewed deposits. #Cumulative payout rates.
Note: This is solely for informational purposes and should not be construed as recommendation. Data as on April 21, 2023. Source: Paisabazaar.com
there could be churn in portfolio if the fund manager SBI Amrit Kalash, like any SBI compared to SFBs. As one of the
tries to get the benefit of changing interest rates. term deposit, will attract a penalty if largest banks in the country, it has a
However, do note that you might get returns the deposit is withdrawn before ten­ large branch network and, therefore, Term insurance premium tracker
similar to YTM in case of target maturity funds and ure. If the deposit is below ₹5 lakh, has a better reach. Therefore, in­ For a 30­year­old male/female, non smoker, living in a metro city, Sum assured ₹1 crore with coverage up to 70 yrs
some closed­ended funds such as fixed maturity plans the penalty for premature with­ vestors should consider these factors
and interval funds. drawal will be 0.5 per cent and depos­ before taking an informed decision, Max Max
Annual premium (~)
coverage policy Claim
Maharshi: Got it. Thanks for the explanation. I’ll its above ₹5 lakh will attract 1 per and not base their investment de­ Insurance company Plan name up to term
(inclusive of GST) settlement
use these inputs to select debt funds. cent penalty. cision solely on interest rate. ratio (%)
(years) Male Female

Aditya Birla Capital Digishield Plan 85 55 15,066 12,687 98.1

Aegon Life iTerm Comfort 70 40 23,946 19,295 99.0
Bajaj Allianz eTouch 99* 69 13,467 11,704 99.0
Bharti AXA Flexi Term Pro 99 69 12,037 10,385 99.1
Canara HSBC Life Insurance iSelect Star Term Plan 99 69 14,905 12,791 98.6
Edelweiss Tokio Total Protect Plus 100 70 11,705 9,437 98.1
HDFC Life C2PL Life Protect 100 70 16,207 14,521 98.7
ICICI Prudential iProtect Smart 99 69 17,190 15,164 97.9
Kotak Life Insurance Kotak e­Term Plan 85 67 13,216 11,092 98.8
LIC Tech Term 80 40 14,122 11,838 NA
Max Life Insurance Smart Secure Plus 85 55 14,469 12,196 99.3
PNB Met Life Mera Term Plan Plus 80 50 13,452 11,328 98.2
SBI Life eShield Next 100 70 17,495 14,654 97.1
TATA AIA Life Sampoorn Raksha Supreme 100 70 14,868 12,626 98.5

Claim settlement ratio as per data provided by insurer Source: www.policybazaar.com,

LIC Max Life offers additional 5% discount for 1st year for salaried customers; *Whole life available only on limited pay option; HDFC whole is
available only in limited payterm(Life Protect) & Limited+Single payterm(Income Plus); SBI eShield Next plan whole life is available only in limited
pay with above age 45yrs NA: Not Available

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

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 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 (%)

★★★ HDFC Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 81.5 14963 1.7 0.8 9.8 42.6 11.5 18.4 0.21 EQUITY ­ SECTOR ­ IT FUNDS
★★★ HSBC Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.7 8718 1.8 0.8 6.2 43.9 11.4 ­ 0.20
★★★★★ ICICI Pru Technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 125.0 10094 1.8 1.0 ­15.3 39.4 18.3 20.3 0.40
★★★ Kotak Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 162.1 8672 1.7 0.6 ­1.9 42.6 15.0 19.9 0.26
★★★★ Aditya Birla SL Digital India . . . . . . . . . . . . . . . . . .. . . . . . 111.3 3288 1.9 0.7 ­12.7 34.5 17.5 19.8 0.38
★★ Franklin Ind Smaller Companies . . . . . . . .. . . . . . . . 98.6 7293 1.9 1.0 9.0 39.6 10.1 20.2 0.18
★★★ Tata Digital India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.7 6781 1.7 0.3 ­15.3 34.9 17.1 ­ 0.40
★★ Union Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.2 708 2.6 1.5 ­1.2 36.0 11.8 ­ 0.21
★★ SBI Technology Opport . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 80.0 2813 2.0 0.9 ­6.4 32.5 17.9 18.9 0.41
★ Aditya Birla SL Small Cap . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.1 2871 1.7 1.0 ­3.0 32.3 3.9 15.7 0.08
★ Franklin Ind Technology . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 283.8 722 2.3 1.1 ­9.2 23.7 13.6 16.3 0.32
★ Sundaram Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 149.8 1960 2.1 1.0 2.1 37.5 7.0 17.9 0.13
­ ICICI Pru Smallcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 53.7 4762 1.9 0.9 4.6 41.8 13.4 16.5 0.24 EQUITY ­ SECTOR ­ PHARMA FUNDS

­ Nippon Ind Pharma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 281.6 4304 2.0 1.3 ­4.5 16.0 14.6 15.2 0.38
EQUITY ­ FOCUSED FUNDS
­ SBI Healthcare Opport . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 141.6 1589 2.1 1.1 ­1.1 18.4 13.1 13.7 0.29
★★★★★ IIFL Focused Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.6 3484 1.9 0.9 5.0 27.9 15.7 ­ 0.30 ­ Tata India Pharma & Healthcare . . . . . . . . .. . . . . . . . 16.5 493 2.4 1.0 ­5.2 15.2 13.6 ­ 0.33
★★★★★ Quant Focused. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.0 238 2.3 0.6 ­3.7 27.8 10.9 17.3 0.21 ­ UTI Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 115.4 654 2.4 1.5 ­6.3 14.6 12.0 12.0 0.28
★★★★ SBI Focused Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 226.0 26573 1.6 0.7 ­2.8 21.6 10.5 15.3 0.19
★★★★ Sundaram Focused . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 106.7 772 2.4 1.4 ­2.1 23.8 11.9 14.1 0.23 HYBRID ­ AGGRESSIVE HYBRID FUNDS
★★★ Aditya Birla SL Focused Equity . . . . . . . . . . . .. . . . . . . . 88.8 5628 1.8 1.1 ­1.3 22.1 9.3 13.6 0.18
★★★★★ ICICI Pru Equity & Debt . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 241.1 21436 1.7 1.2 4.6 28.6 13.5 16.0 0.30
★★★ Axis Focused 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.5 14701 1.7 0.7 ­12.6 15.8 6.8 12.5 0.12
★★★★★ Quant Absolute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 290.9 1074 2.3 0.6 0.4 35.2 17.6 17.7 0.40
★★★ Franklin Ind Focused Equity . . . . . . . . . . . . . . . . .. . . . . . . . 67.9 8002 1.9 1.2 3.9 28.7 12.3 17.3 0.23
bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino ★★★★ Canara Robeco Equity Hybrid . . . . . . . . . . . . .. . . . . . 246.1 8247 1.8 0.7 1.3 18.2 10.6 13.6 0.25
NAV Corpus 5 Year 10 Year Ratio ★★★ ICICI Pru Focused Equity . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.0 4033 1.9 0.7 5.0 27.5 12.2 13.4 0.27
Regular Direct 1 Year 3 Year ★★★★ Mirae Asset Hybrid Equity . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.2 6949 1.8 0.4 1.5 19.5 10.5 ­ 0.23
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%) ★★★ Nippon Ind Focused Equity . . . . . . . . . . . . . . . . . .. . . . . . . . 78.2 5895 1.9 1.3 ­0.7 30.5 10.6 17.7 0.19
★★★★ Sundaram Aggressive Hybrid . . . . . . . . . . . . . .. . . . . . 111.5 2993 2.0 0.8 1.4 19.9 7.7 13.0 0.17
★★ HDFC Focused 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 132.8 3988 1.8 0.5 11.0 32.7 10.6 13.8 0.19
★★★ DSP Equity & Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 231.2 7187 1.8 0.8 1.5 18.6 9.4 13.0 0.19
★★ Motilal Oswal Focused . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.9 1638 2.1 1.0 1.6 17.6 8.4 ­ 0.15
★★★ Franklin Ind Equity Hybrid . . . . . . . . . . . . . . . . . . . .. . . . . . 179.7 1356 2.2 1.2 3.1 20.6 9.3 12.9 0.20
★ Bandhan Focused Equity . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.6 1200 2.2 0.9 ­3.1 20.0 5.4 10.5 0.09
EQUITY FUNDS ★ DSP Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.0
­ JM Focused . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 11.9
1728
42
2.1
2.4
1.1
1.5
­1.8
3.2
20.0
20.0
7.1 12.1
6.8 12.5
0.12
0.12
★★★ HDFC Hybrid Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 85.9 18858
★★★ Kotak Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.4 3327
1.7
1.9
1.1
0.6
7.1
3.2
24.4
24.8
10.0 12.6
10.9 11.9
0.21
0.22
★★★ SBI Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.7 54564 1.5 0.8 ­1.5 17.9 9.4 13.8 0.21
EQUITY ­ LARGE CAP FUNDS ★★★ UTI Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 262.3 4283 1.9 1.4 5.9 24.5 9.0 12.0 0.18
EQUITY ­ VALUE FUNDS ★★ Aditya Birla SL Equity Hybrid '95 . . . . . . . .. . . 1032.0 6948 1.7 1.2 ­5.0 19.5 6.4 11.8 0.11
★★★★★ Canara Robeco Bluechip Equity . . . . . . . . .. . . . . . . . 41.1 8860 1.7 0.5 1.3 22.0 12.3 13.4 0.26 ★★ HSBC Aggressive Hybrid . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.3 4601 1.9 0.9 ­1.2 17.5 6.5 12.7 0.12
★★★★★ ICICI Pru Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 68.0 34679 1.6 1.1 3.5 26.4 11.0 14.3 0.22 ★★★★★ ICICI Pru Value Discovery . . . . . . . . . . . . . . . . . . . . . .. . . . . . 277.0 27677 1.7 1.2 5.7 33.8 13.9 17.7 0.30
★★ Tata Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 317.5 3156 2.0 1.1 6.1 21.8 8.9 12.8 0.19
★★★★★ Mirae Asset Large Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.5 32851 1.5 0.5 ­0.5 23.6 10.7 15.8 0.21 ★★★★★ JM Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.4 163 2.5 1.8 8.3 29.2 11.2 15.4 0.20
★ LIC MF Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 134.9 374 2.5 1.4 0.5 14.0 7.0 8.5 0.13
★★★★ Axis Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.0 32615 1.6 0.6 ­4.4 16.6 10.1 12.9 0.21 ★★★★ Bandhan Sterling Value . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 93.1 5220 1.9 0.8 1.7 41.3 10.2 16.7 0.18
★ Nippon Ind Equity Hybrid . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 70.0 2776 2.1 1.2 5.1 23.5 4.9 11.2 0.07
★★★★ Edelweiss Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.9 407 2.4 0.9 3.9 24.0 10.6 13.5 0.21 ★★★★ Nippon Ind Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 123.5 4634 2.0 1.3 ­0.5 29.6 10.5 15.1 0.20
­ Bandhan Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.0 558 2.4 1.2 0.6 21.3 7.9 ­ 0.15
★★★★ HDFC Top 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 746.6 22294 1.7 1.1 5.4 27.0 10.9 13.1 0.21 ★★★ HSBC Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.7 7884 1.9 0.8 4.8 31.7 9.8 18.0 0.18
­ BOI AXA Mid & Small Cap Eq&Debt. . . . .. . . . . . . . 22.9 378 2.6 1.9 ­2.3 28.3 9.3 ­ 0.17
★★★★ Nippon Ind Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.9 12737 1.8 1.0 8.6 28.9 11.2 14.7 0.21 ★★★ Tata Equity P/E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 209.1 5128 1.9 0.9 5.7 25.7 8.4 16.3 0.15
­ Edelweiss Aggressive Hybrid . . . . . . . . . . . . . . .. . . . . . . . 40.7 496 2.6 0.4 4.9 22.2 11.0 12.7 0.24
★★★ Aditya Birla SL Frontline Equity . . . . . . . . . .. . . . . . 341.3 21126 1.6 1.0 1.2 24.8 9.4 13.5 0.18 ★★★ Templeton India Value . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.9 892 2.2 0.9 7.5 37.8 10.5 14.0 0.19
­ IDBI Hybrid Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.6 170 2.5 1.7 ­0.8 15.7 5.0 ­ 0.09
★★★ Bandhan Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.6 1041 2.2 1.0 ­0.4 21.8 9.3 11.1 0.18 ★★★ UTI Value Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 100.1 6652 1.8 1.2 1.4 25.7 10.9 12.5 0.21
­ JM Equity Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.7 12 2.3 1.5 6.9 28.7 10.0 11.6 0.22
★★★ Baroda BNP Paribas Large Cap . . . . . . . . . . .. . . . . . 142.0 1362 2.2 0.9 3.0 21.9 11.1 14.0 0.23 ★★ HDFC Capital Builder Value . . . . . . . . . . . . . . . . . .. . . . . . 437.9 5231 1.9 1.0 1.1 27.4 8.2 14.4 0.15
­ PGIM India Hybrid Equity . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 94.1 219 2.4 0.7 2.9 18.5 6.9 10.1 0.12
★★★ HSBC Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 313.1 1406 2.4 1.3 0.9 21.6 9.1 12.0 0.18 ★★ Quantum Long Term Equity Value . . . . .. . . . . . . . 79.1 823 1.8 1.3 3.3 26.2 8.3 12.4 0.16
­ Shriram Hybrid Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.8 49 2.6 0.9 0.4 15.3 7.0 ­ 0.14
★★★ IDBI India Top 100 Equity . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.4 600 2.4 1.3 0.6 24.4 10.7 13.0 0.21 ★ Aditya Birla SL Pure Value . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 73.5 3824 1.8 1.1 ­1.1 27.3 3.0 15.9 0.04
★★★ Kotak Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.4 5376 1.8 0.6 1.9 25.1 10.7 12.9 0.20 ­ Indiabulls Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.7 9 2.3 0.5 ­0.8 22.1 4.0 ­ 0.06 HYBRID ­ BALANCED ADVANTAGE FUNDS
★★★ SBI Blue Chip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.2 34042 1.6 0.9 4.5 26.1 10.2 14.5 0.19
★★★★★ Edelweiss Balanced Advantage . . . . . . . . . .. . . . . . . . 36.4 8756 1.7 0.5 1.9 16.6 10.0 11.1 0.31
★★★ UTI Mastershare Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 186.9 10263 1.7 1.0 ­2.6 22.7 9.5 12.5 0.18 EQUITY ­ TAX SAVING (ELSS) FUNDS ★★★★ Aditya Birla SL Bal Advantage . . . . . . . . . . . . . .. . . . . . . . 75.6 6276 1.6 0.4 4.3 16.4 8.3 10.7 0.19
★★ Invesco India Largecap . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.5 723 2.3 0.8 ­2.0 22.1 9.1 12.7 0.17
★★★★ ICICI Pru Balanced Advantage . . . . . . . . . . . . .. . . . . . . . 52.9 44700 1.6 1.0 6.0 18.4 9.5 12.2 0.21
★★ LIC MF Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.9 648 2.4 1.4 ­3.1 19.5 9.0 11.7 0.18 ★★★★★ Bank of India Tax Advantage . . . . . . . . . . . . . . . .. . . . . . . . 99.8 695 2.4 1.3 2.4 27.6 11.6 16.2 0.21
★★★ Bandhan Balanced Advantage . . . . . . . . . . . .. . . . . . . . 17.9 2492 1.9 0.6 0.6 12.3 6.6 ­ 0.13
★★ PGIM India Large Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 243.9 432 2.5 1.0 3.0 21.6 8.7 12.2 0.17 ★★★★★ Mirae Asset Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.7 14448 1.6 0.7 ­0.9 27.9 13.4 ­ 0.26
★★★ DSP Dynamic Asset Allocation . . . . . . . . . . . .. . . . . . . . 19.9 3593 1.9 0.8 1.8 10.7 6.8 ­ 0.15
★★ Tata Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 334.5 1381 2.2 1.2 1.4 25.1 9.9 12.3 0.18 ★★★★★ Quant Tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 228.0 3198 2.3 0.6 ­3.6 43.9 20.1 21.4 0.37
★★★ Invesco India Dynamic Equity . . . . . . . . . . . . .. . . . . . . . 37.8 606 2.3 1.0 2.8 13.8 5.6 10.6 0.09
★ DSP Top 100 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 291.3 2598 2.1 1.3 5.1 21.2 7.7 10.7 0.13 ★★★★ Bandhan Tax Advantage (ELSS) . . . . . . . . . .. . . . . . . . 99.8 4169 1.9 0.8 0.0 34.6 10.8 16.7 0.20
★★ HSBC Balanced Advantage . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.8 1486 2.3 0.8 3.0 10.8 6.5 11.1 0.16
★ Franklin Ind Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 681.5 6187 1.9 1.0 0.2 23.3 8.8 11.6 0.16 ★★★★ Canara Robeco Equity Tax Saver . . . . . . . .. . . . . . . . 35.6 4924 1.8 0.7 1.4 25.3 13.1 14.7 0.26
★★ Sundaram Balanced Advantage . . . . . . . . .. . . . . . . . 26.0 1530 2.1 0.6 3.2 10.4 5.5 9.1 0.13
­ Indiabulls Blue Chip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.9 92 2.4 1.3 1.8 19.9 7.1 10.8 0.13 ★★★★ DSP Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 81.2 10179 1.7 0.8 0.3 27.0 11.9 16.3 0.22
★ UTI­Unit Linked Insurance . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.3 5074 1.6 1.0 0.1 12.3 5.2 8.2 0.09
­ JM Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 99.5 45 2.4 1.7 2.5 17.6 9.3 11.2 0.26 ★★★★ Kotak Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 74.9 3400 1.6 0.7 3.3 27.0 12.7 15.0 0.24
­ Bank of India Balanced Advantage . . . .. . . . . . . . 18.7 90 2.6 2.1 1.3 11.7 4.6 ­ 0.04
­ Taurus Largecap Equity . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 102.1 31 2.6 2.6 ­2.2 20.1 7.1 9.7 0.12 ★★★★ PGIM India ELSS Tax Saver . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.4 471 2.5 1.0 1.3 28.3 11.4 ­ 0.22
­ HDFC Balanced Advantage . . . . . . . . . . . . . . . . . . .. . . . . . 328.6 52079 1.5 0.9 10.6 27.8 12.2 13.8 0.25
★★★ Axis Long Term Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.1 28267 1.6 0.9 ­7.9 16.8 8.0 15.9 0.14
­ Motilal Oswal Balance Advantage . . . . . .. . . . . . . . 14.8 627 2.4 1.2 ­2.3 8.3 4.0 ­ 0.04
EQUITY ­ LARGE & MID CAP FUNDS ★★★ Franklin Ind Taxshield . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 879.4 4602 1.9 1.1 2.3 28.2 9.8 14.4 0.18
­ Nippon Ind Balanced Advantage . . . . . . . .. . . . . . 126.1 6608 1.8 0.7 4.0 15.7 8.1 11.3 0.20
★★★ ICICI Pru Long Term Equity . . . . . . . . . . . . . . . . . . .. . . . . . 583.3 9835 1.8 1.3 ­0.6 25.2 10.3 14.8 0.19
★★★★★ Mirae Asset Emerging Bluechip . . . . . . . . . . .. . . . . . . . 94.3 23447 1.6 0.5 ­2.0 27.7 13.6 22.1 0.26 ★★★ Invesco India Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.8 1845 2.0 0.9 ­4.4 21.2 8.9 14.9 0.17 HYBRID ­ CONSERVATIVE HYBRID FUNDS
★★★★★ Quant Large & Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 70.5 709 2.3 0.6 ­0.6 27.7 13.3 18.9 0.26 ★★★ Motilal Oswal Long Term Equity . . . . . . . . .. . . . . . . . 27.1 2191 2.0 0.8 5.7 24.2 8.4 ­ 0.14
★★★★ Canara Robeco Emerging Equities . . . .. . . . . . 157.3 15417 1.7 0.7 ­1.7 26.0 10.7 20.4 0.20 ★★★ Quantum Tax Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 78.9 117 1.8 1.3 3.6 26.2 8.4 12.5 0.16 ★★★★★ ICICI Pru Regular Savings . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 58.7 3214 1.7 1.0 4.9 10.1 8.1 9.8 0.46
★★★★ ICICI Pru Large & Mid Cap . . . . . . . . . . . . . . . . . . . . . .. . . . . . 574.8 7247 1.9 1.1 5.7 32.0 12.3 14.6 0.23 ★★★ SBI Long Term Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.3 12336 1.7 1.1 6.9 28.2 10.3 13.8 0.19 ★★★★★ Kotak Debt Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.2 1766 1.8 0.4 5.4 12.2 8.8 9.4 0.37
★★★★ Kotak Equity Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 205.9 11893 1.7 0.5 3.2 26.9 12.2 15.8 0.23 ★★★ Sundaram Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 329.7 933 2.3 1.8 0.1 27.0 8.6 15.4 0.17 ★★★★ HDFC Hybrid Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 64.0 2729 1.8 1.3 6.4 12.5 8.1 9.2 0.33
★★★★ SBI Large & Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 177.6 9827 1.8 1.0 5.0 31.1 12.6 16.8 0.23 ★★★ Tata India Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 69.0 3073 1.9 0.8 1.3 25.0 9.3 15.4 0.17 ★★★★ SBI Conservative Hybrid. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 56.8 7357 1.1 0.6 5.9 13.1 8.1 9.0 0.33
★★★ Bandhan Core Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.9 2378 2.0 0.9 4.7 28.1 9.4 13.0 0.17 ★★★ Union Tax Saver (ELSS) . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.7 581 2.6 1.9 0.5 26.7 11.7 12.4 0.23 ★★★ Aditya Birla SL Regular Savings . . . . . . . . . .. . . . . . . . 53.2 1533 1.9 0.9 3.7 13.4 6.7 9.9 0.20
★★★ DSP Equity Opport. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 357.2 7066 1.8 0.9 3.0 25.6 10.2 15.3 0.19 ★★★ UTI Long Term Equity (Tax Saving) . . . .. . . . . . . . 26.0 2787 1.9 1.0 ­3.4 23.5 9.1 12.7 0.17 ★★★ Baroda BNP Paribas Conser Hybrid . .. . . . . . . . 36.0 503 2.1 0.8 3.6 7.2 5.9 7.6 0.24
★★★ Edelweiss Large & Mid Cap . . . . . . . . . . . . . . . . . . .. . . . . . . . 52.1 1739 2.1 0.6 0.3 25.8 10.8 14.4 0.21 ★★ Baroda BNP Paribas ELSS . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 57.0 647 2.3 1.1 ­1.7 19.5 8.7 13.6 0.17 ★★★ Canara Robeco Conservative Hybrid. . . . . . . . 78.0 1086 1.8 0.6 3.4 9.6 8.2 8.7 0.39
★★★ HDFC Large and Mid Cap . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 197.1 8057 1.8 1.1 3.8 31.7 12.9 11.9 0.23 ★★ Edelweiss Long Term Equity . . . . . . . . . . . . . . . .. . . . . . . . 70.0 217 2.3 0.7 0.0 23.2 8.2 13.1 0.15 ★★★ Franklin Ind Debt Hybrid . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.1 243 ­ 0.6 4.5 8.6 6.2 8.0 0.17
★★★ Invesco India Growth Opport . . . . . . . . . . . . . .. . . . . . . . 51.2 3660 1.9 0.7 ­0.3 21.9 8.8 14.3 0.16 ★★ HDFC Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 805.9 9815 1.8 1.2 7.6 28.3 9.4 13.4 0.17 ★★★ HSBC Conservative Hybrid . . . . . . . . . . . . . . . . . . .. . . . . . . . 47.3 115 2.1 1.3 3.4 8.3 6.2 7.6 0.20
★★★ LIC MF Large & Midcap. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.1 1899 2.0 0.8 ­5.0 22.9 8.7 ­ 0.16 ★★ HSBC ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 78.3 2984 2.0 1.2 ­0.5 22.9 6.7 13.3 0.12 ★★★ UTI Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.0 1539 1.8 1.2 4.4 12.3 6.4 8.7 0.21
★★★ Sundaram Large and Mid Cap . . . . . . . . . . . . .. . . . . . . . 53.5 4833 1.9 0.8 ­1.7 25.1 9.9 14.9 0.18 ★★ LIC MF Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 97.5 406 2.5 1.5 ­0.9 21.8 7.9 13.0 0.15 ★★ Axis Regular Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.8 425 2.2 0.9 2.0 9.3 5.8 7.6 0.16
★★★ Tata Large & Mid Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 350.9 3798 1.9 0.9 8.8 27.5 12.2 15.2 0.24 ★ Aditya Birla SL ELSS Tax Relief '96 . . . . . .. . . . . . 146.6 12631 1.5 0.9 ­4.4 14.1 3.6 13.1 0.05 ★★ Bandhan Regular Savings . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.3 138 2.1 1.2 1.9 6.7 5.3 7.2 0.12
★★ BOI Large & Mid Cap Equity . . . . . . . . . . . . . . . . . .. . . . . . . . 55.6 205 2.6 1.9 2.7 23.9 7.8 12.3 0.14 ★ IDBI Equity Advantage. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.5 454 2.4 1.2 1.0 19.3 7.0 ­ 0.13 ★ DSP Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.8 182 1.2 0.5 3.8 9.1 4.6 7.1 0.06
★★ Franklin Ind Equity Advantage . . . . . . . . . . . .. . . . . . 118.0 2539 2.0 0.5 ­2.2 27.6 8.0 13.5 0.15 ★ Nippon Ind Tax Saver (ELSS) . . . . . . . . . . . . . . . .. . . . . . . . 77.9 11158 1.7 1.1 0.9 26.7 5.2 13.3 0.09 ★ Nippon Ind Hybrid Bond. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 47.7 728 1.9 0.6 7.0 8.9 3.1 6.4 ­0.02
★★ Navi Large & Midcap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.3 231 2.3 0.4 ­1.0 27.6 10.1 ­ 0.18 ­ HSBC Tax Saver Equity . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.4 174 2.5 1.3 ­2.4 23.3 7.4 13.2 0.13 ­ Bank of India Conservative Hybrid . . . .. . . . . . . . 28.2 59 2.4 2.2 3.1 14.3 5.9 8.0 0.11
★★ UTI Core Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 101.4 1527 2.2 1.7 4.4 30.0 9.5 12.9 0.17 ­ JM Tax Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.2 72 2.4 1.4 1.9 26.9 11.2 15.5 0.21 ­ LIC MF Debt Hybrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 68.8 61 2.3 1.3 3.0 6.6 5.9 6.7 0.23
★ Aditya Birla SL Equity Advantage . . . . . . .. . . . . . 104.0 4805 1.7 1.1 ­9.4 22.2 6.3 14.4 0.11 ­ Mahi Manu ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.9 543 2.5 0.7 1.0 27.3 9.8 ­ 0.18 ­ Navi Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.8 27 2.1 0.4 2.6 6.4 4.7 6.6 0.10
★ Nippon Ind Vision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 832.9 3023 2.1 1.6 1.7 27.6 8.6 12.7 0.15 ­ Navi ELSS Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.0 56 2.3 0.4 ­1.6 22.0 7.5 ­ 0.13 ­ Sundaram Debt Oriented Hybrid . . . . . . .. . . . . . . . 24.6 30 2.2 1.3 4.5 9.9 5.1 7.7 0.11
­ Sundaram Diversified Equity . . . . . . . . . . . . . . .. . . . . . . . 12.4 1583 2.2 1.6 1.5 25.9 7.0 12.4 0.12
EQUITY ­ FLEXI CAP FUNDS ­ Taurus Tax Shield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 118.9 59 2.5 1.7 4.6 22.9 8.8 12.8 0.17 bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Tracking
NAV Corpus 5 Year 10 Year Error
Regular Direct 1 Year 3 Year
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)
★★★★★ Parag Parikh Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.0 31290 1.6 0.7 4.6 30.6 17.0 ­ 0.37
EQUITY ­ DIVIDEND YIELD FUNDS
★★★★★ Quant Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.4 1162 2.3 0.6 0.3 42.3 17.2 19.7 0.33
★★★★ Canara Robeco Flexi Cap . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 219.8
★★★★ HDFC Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1131.3 31893
8713 1.8
1.6
0.6
1.0
­0.7
7.7
23.0
32.2
12.1 13.8
12.9 15.0
0.24
0.24
★★★★★ Templeton India Equity Income. . . . . . . . . .. . . . . . . . 88.2
★★★★ Sundaram Dividend Yield . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 86.7
1390
396
2.2
2.5
1.3
1.5
3.7
0.9
34.7
24.8
13.1 14.9
10.4 13.7
0.26
0.21
PASSIVE FUNDS
★★★★ JM Flexicap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 54.6 269 2.4 1.4 6.8 26.5 12.4 15.7 0.24
★★★ ICICI Pru Dividend Yield Equity. . . . . . . . . . . .. . . . . . . . 29.4 1303 2.1 0.6 6.2 34.6 10.4 ­ 0.21
★★★★ PGIM India Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.5 5310 1.9 0.4 ­4.3 29.5 12.8 ­ 0.25
★★ UTI Dividend Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 102.0 2767 2.1 1.5 ­3.1 23.9 9.9 12.1 0.20 PASSIVE FUNDS ­ TRACKING NIFTY 50 INDEX
★★★ Aditya Birla SL Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . .. . . 1099.5 15434 1.6 1.0 ­2.6 24.2 8.7 15.6 0.16
★ Aditya Birla SL Dividend Yield . . . . . . . . . . . . . .. . . . . . 270.2 856 2.3 1.7 6.0 27.8 9.1 12.0 0.17
★★★ DSP Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46.5 7572 1.8 0.8 0.7 23.1 10.1 14.3 0.18 ­ HDFC Indx Fund­NIFTY 50 . . . . . . . . . . . . . . . . . . . . .. . . . . . 163.7 7825 0.4 0.2 2.1 26.0 11.5 12.6 0.04
★★★ Edelweiss Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.9 1074 2.2 0.6 1.3 25.3 9.5 ­ 0.18 ­ Nippon Ind ETF Nifty 50 BeES . . . . . . . . . . . . . .. . . . . . 192.9 12096 0.1 ­ 2.5 26.5 12.0 13.0 0.04
EQUITY ­ THEMATIC ­ CONSUMPTION FUNDS
★★★ Franklin Ind Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 975.8 10028 1.8 1.1 1.9 29.9 10.9 15.2 0.20 ­ SBI Nifty 50 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 182.4 142149 0.1 ­ 2.5 26.5 12.0 ­ 0.04
★★★ Kotak Flexicap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 53.7 36056 1.5 0.7 2.2 23.8 10.3 15.8 0.19 ★★★★★ Canara Robeco Consumer Trends. . . . . .. . . . . . . . 69.1 948 2.3 1.0 5.3 24.4 13.4 16.1 0.26 ­ UTI Nifty ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1877.1 36746 ­ ­ 2.5 26.5 12.0 ­ 0.04
★★★ SBI Flexicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.6 15693 1.7 0.9 ­0.5 24.6 9.5 15.6 0.17 ★★★★ Mirae Asset Great Consumer . . . . . . . . . . . . . . . .. . . . . . . . 58.2 2030 2.0 0.6 6.0 25.6 11.9 16.6 0.23 ­ UTI Nifty 50 Indx Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 118.4 9965 0.3 0.2 2.2 26.2 11.7 12.6 0.04
★★★ Union Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.7 1340 2.2 1.3 ­0.8 25.7 11.6 11.9 0.22 ★★★★ SBI Consumption Opport . . . . . . . . . . . . . . . . . . . . . .. . . . . . 124.0 1195 2.2 1.2 7.5 32.6 10.9 15.0 0.20
PASSIVE FUNDS ­ TRACKING BSE SENSEX INDEX
★★★ UTI Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 147.0 23551 1.6 0.9 ­8.6 22.3 10.2 13.8 0.20 ★★★ Aditya Birla SL India GenNext . . . . . . . . . . . . . .. . . . . . 139.1 3259 1.9 0.6 3.3 24.3 11.9 16.4 0.22
★★ Bandhan Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 131.7 5457 1.9 1.2 ­1.7 20.7 6.8 13.5 0.12 ★★★ Tata India Consumer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.7 1352 2.2 0.9 1.0 20.7 7.9 ­ 0.15 ­ HDFC Indx Fund ­ S&P BSE Sensex . . . . .. . . . . . 540.0 4405 0.4 0.2 3.9 25.7 12.3 13.0 0.04
★★ HSBC Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 129.5 3116 2.2 1.2 ­1.4 24.7 7.9 13.9 0.14 ★★ ICICI Pru FMCG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 398.3 1186 2.3 1.5 17.4 22.4 11.7 14.1 0.26 ­ SBI S&P BSE Sensex ETF . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 638.1 84216 0.1 ­ 4.3 26.2 12.9 13.5 0.09
★★ IDBI Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.8 350 2.5 1.2 ­1.7 24.0 9.2 ­ 0.18 ★★ Sundaram Consumption. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.5 1086 2.3 1.4 5.4 21.7 6.8 14.5 0.12 ­ UTI Sensex ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 634.1 26681 ­ ­ 4.3 26.2 12.9 ­ 0.04
★★ Motilal Oswal Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.7 8081 1.8 1.0 ­3.8 15.7 3.3 ­ 0.04 ★ UTI India Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.6 436 2.4 1.8 ­1.6 17.8 7.2 10.7 0.13
★ LIC MF Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.1 383 2.5 1.7 1.0 17.6 7.7 9.5 0.14 ­ Nippon Ind Consumption . . . . . . . . . . . . . . . . . . . . .. . . . . . 124.9 327 2.4 1.2 9.1 30.1 13.3 13.2 0.27 PASSIVE FUNDS ­ TRACKING NIFTY NEXT 50 INDEX
★ Taurus Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 147.9 235 2.7 2.6 ­3.3 20.5 5.3 9.7 0.08
­ ICICI Pru Nifty Next 50 Indx Fund . . . . . . . .. . . . . . . . 33.8 2477 0.7 0.3 ­11.2 18.4 4.8 12.7 0.03
EQUITY ­ THEMATIC ­ INFRASTRUCTURE FUNDS ­ Nippon Ind ETF Junior BeES . . . . . . . . . . . . . . . .. . . . . . 406.6 2888 0.2 ­ ­10.7 19.2 5.7 13.3 0.03
EQUITY ­ MULTI CAP FUNDS
­ UTI Nifty Next 50 Indx Fund . . . . . . . . . . . . . . . . . .. . . . . . . . 13.7 2002 0.8 0.3 ­11.2 18.5 ­ ­ 0.03
★★★★★ ICICI Pru Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 102.6 2361 2.1 1.6 17.4 42.8 14.1 15.1 0.25
­ Baroda BNP Paribas Multi Cap . . . . . . . . . . . .. . . . . . 169.8 1610 2.2 1.1 ­0.8 28.4 11.0 13.5 0.21
★★★★★ Quant Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.0 853 2.4 0.6 ­2.4 52.3 18.8 17.6 0.32 PASSIVE FUNDS ­ TRACKING BANKING INDEX
­ ICICI Pru Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 458.3 6963 1.9 1.1 3.8 27.3 10.7 14.8 0.19
★★★★ Franklin Build India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 71.6 1195 2.3 1.3 10.3 34.2 12.5 18.8 0.22
­ Invesco India Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 77.1 2367 2.0 0.7 0.2 25.7 8.3 16.9 0.16 ­ ICICI Pru Nifty Private Bank ETF . . . . . . . . . .. . . . . . 211.3 1722 0.2 ­ 14.8 27.1 ­ ­ 0.05
★★★★ Invesco India Infrastructure . . . . . . . . . . . . . . . . .. . . . . . . . 32.7 463 2.4 1.1 3.9 29.5 11.9 16.7 0.24
­ Nippon Ind Multi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 165.3 14342 1.8 1.0 8.7 34.5 12.0 14.7 0.21 ­ Nippon Ind ETF Nifty Bank BeES. . . . . . . . .. . . . . . 426.1 5966 0.2 ­ 15.1 29.7 11.0 13.4 0.05
★★★★ SBI Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.9 953 2.3 1.9 8.8 32.6 11.5 13.9 0.21
­ Quant Active . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 423.3 3688 2.3 0.6 ­3.7 40.3 18.7 20.7 0.34 ­ Nippon Ind ETF Nifty PSU Bank BeES. . . . . . . . 43.0 1432 0.5 ­ 38.7 43.7 6.7 2.2 0.07
★★★ Canara Robeco Infrastructure . . . . . . . . . . . . .. . . . . . . . 82.6 271 2.5 1.3 8.0 32.7 10.7 14.5 0.20
­ Sundaram Multi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 232.2 1785 2.1 1.0 ­2.6 28.0 9.4 15.8 0.17
★★★ DSP India T.I.G.E.R. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 163.3 1830 2.2 1.3 9.6 35.7 10.9 14.7 0.19
PASSIVE FUNDS ­ TRACKING MIDCAP INDEX
★★★ HSBC Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.3 1513 2.2 1.1 7.6 32.6 8.1 16.2 0.14
EQUITY ­ MID CAP FUNDS ★★★ Kotak Infra & Economic Reform . . . . . . . . . .. . . . . . . . 38.4 754 2.3 1.0 16.2 38.1 11.6 16.6 0.21 ­ ICICI Pru Midcap Select ETF . . . . . . . . . . . . . . . . . .. . . . . . . . 95.5 25 0.2 ­ ­9.3 23.8 5.5 ­ 0.71
★★★ Tata Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 101.0 973 2.3 1.4 7.3 34.6 11.5 14.3 0.22 ­ Motilal Oswal Nifty Midcap 100 ETF . . .. . . . . . . . 32.9 152 0.2 ­ 2.0 35.0 9.9 15.5 0.05
★★★★★ PGIM India Midcap Opport. . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.9 7812 1.9 0.5 ­0.5 38.6 15.5 ­ 0.30
★★ Bandhan Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.3 628 2.4 1.2 4.8 35.7 6.4 12.5 0.12 ­ Nippon Ind ETF Nifty Midcap 150 . . . . . . .. . . . . . 119.4 679 0.2 ­ 2.9 34.8 ­ ­ 0.05
★★★★★ Quant Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 130.0 1665 2.4 0.6 0.6 38.8 17.8 15.3 0.34
★★ Sundaram Infra Advantage. . . . . . . . . . . . . . . . . . .. . . . . . . . 52.8 600 2.5 2.0 1.3 31.3 7.8 13.4 0.14
★★★★ Axis Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.7 18749 1.6 0.6 ­1.5 24.4 13.3 18.1 0.27
★★ UTI Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.5 1458 2.3 1.9 6.6 27.6 8.5 11.6 0.15 PASSIVE FUNDS ­ TRACKING SMALLCAP INDEX
★★★★ Edelweiss Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.6 2614 2.0 0.6 2.0 33.7 11.4 20.0 0.21
★ Aditya Birla SL Infrastructure . . . . . . . . . . . . . . .. . . . . . . . 54.1 575 2.5 1.9 7.6 33.6 8.2 14.1 0.15
★★★★ Kotak Emerging Equity . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.7 24407 1.6 0.5 3.1 33.9 13.0 20.2 0.24 ­ ABSL Nifty Small 50 Indx . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 10.4 52 1.0 0.3 ­12.2 ­ ­ ­ 0.08
★ HDFC Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.6 598 2.5 1.8 10.1 33.3 4.0 9.2 0.08
★★★★ Nippon Ind Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2138.8 13420 1.7 0.7 4.0 33.7 13.4 17.0 0.25 ­ Nippon Ind Nif Small250 Indx . . . . . . . . . . . . . .. . . . . . . . 17.9 392 1.0 0.3 ­6.6 ­ ­ ­ 0.08
­ BOI AXA Manufacturing & Infra . . . . . . . . . . . .. . . . . . . . 30.5 90 2.5 1.6 4.3 32.8 9.4 15.1 0.18
★★★ Baroda BNP Paribas Mid Cap . . . . . . . . . . . . . . .. . . . . . . . 58.9 1192 2.1 0.6 ­0.2 29.9 11.4 18.0 0.21
­ LIC MF Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.6 91 2.5 1.5 3.0 30.1 9.6 11.5 0.18 SMART BETA FUNDS
★★★ HDFC Mid­Cap Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 102.3 35173 1.6 1.0 9.3 34.8 11.6 19.4 0.22
­ Taurus Infrastructure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.2 5 2.5 1.5 ­3.0 24.8 8.0 13.2 0.14
★★★ ICICI Pru Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 160.7 3515 2.0 1.2 0.9 32.6 9.3 18.0 0.17 ­ ICICI Pru Nifty 100 Low Vol 30 ETF . . . . . .. . . . . . 141.5 1638 0.4 ­ 2.9 22.0 10.7 ­ 0.03
★★★ Invesco India Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 88.0 2633 2.0 0.7 2.0 28.4 12.1 18.7 0.23 ­ ICICI Pru Alpha Low Vol 30 ETF . . . . . . . . . . . .. . . . . . 173.7 370 0.4 ­ 1.7 ­ ­ ­ 0.04
★★★ Motilal Oswal Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.3 3801 1.9 0.9 8.4 37.1 14.1 ­ 0.24 EQUITY ­ THEMATIC ­ MNC FUNDS
­ Nippon Ind ETF Nifty 50 Value 20 . . . . . . . .. . . . . . 102.1 75 0.3 ­ 3.2 28.8 15.8 ­ 0.04
★★★ SBI Magnum Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 146.9 8734 1.8 1.0 4.2 38.1 12.1 19.7 0.21 ­ SBI Nifty 200 Quality 30 ETF. . . . . . . . . . . . . . . . . .. . . . . . 149.8 30 0.5 ­ 0.2 20.3 ­ ­ 0.04
­ Aditya Birla SL MNC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 883.6 2947 1.9 1.4 ­6.7 10.1 2.9 13.9 0.03
★★★ Tata Mid Cap Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 244.5 1781 2.1 1.0 0.7 28.9 11.6 18.8 0.22 ­ UTI Nif200 Momentum 30 Indx Fund .. . . . . . . . 12.6 1979 0.9 0.4 ­6.5 ­ ­ ­ 0.03
­ SBI Magnum Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 87.8 5351 1.9 1.2 9.0 21.3 10.0 16.1 0.21
★★ DSP Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 85.0 12917 1.7 0.8 ­3.3 21.5 8.2 17.1 0.14
­ UTI MNC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 136.8 2327 2.1 1.3 1.4 15.3 5.9 14.3 0.11
★★ Franklin Ind Prima . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1498.5 7298 1.9 1.1 3.4 26.9 8.7 17.2 0.16 PASSIVE FUNDS ­ GOLD ETF AND SILVER ETF
★★ HSBC Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 205.1 6899 1.8 0.7 0.3 24.7 7.0 18.2 0.12
★★ UTI Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 86.2 6952 1.6 1.0 ­1.3 30.8 9.6 18.9 0.18 EQUITY ­ SECTOR ­ BANKING FUNDS ­ HDFC Gold ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 52.8 3707 0.6 ­ 12.9 7.9 12.8 7.7 ­
★ Aditya Birla SL Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 446.7 3378 1.8 1.0 ­5.0 29.6 7.0 15.2 0.12 ­ ICICI Pru Silver ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 76.4 709 0.4 ­ 9.4 ­ ­ ­ ­
★ Sundaram Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 728.6 6981 1.8 1.0 3.1 28.1 6.8 16.8 0.12 ★★★★★ SBI Banking & Fin Serv . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.5 3767 1.9 0.8 5.1 23.8 10.4 ­ 0.18 ­ Nippon Ind ETF Gold BeES . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.3 7678 0.8 ­ 12.7 7.6 12.8 7.7 ­
­ IDBI Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.2 173 2.5 1.6 ­3.4 25.2 6.2 ­ 0.10 ★★★★ Invesco India Fin Serv . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 80.9 480 2.4 1.1 6.1 24.1 9.2 13.5 0.16 ­ Nippon Ind Silver ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 73.8 736 0.5 ­ 9.7 ­ ­ ­ ­
­ Taurus Discovery (Midcap) . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.0 72 2.6 2.2 ­0.7 25.6 10.0 16.9 0.18 ★★★★ Tata Banking and Fin Serv . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.7 1277 2.1 0.6 12.5 23.4 10.1 ­ 0.18 ­ SBI Gold ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 53.1 3060 0.6 ­ 13.3 8.0 13.1 7.8 ­
★★★ ICICI Pru Banking & Fin Serv . . . . . . . . . . . . . . . . .. . . . . . . . 88.4 6167 1.9 1.1 6.8 27.8 8.6 15.1 0.15
EQUITY ­ SMALL CAP FUNDS ★★★ Nippon Ind Banking & Fin Serv . . . . . . . . . . . .. . . . . . 394.0 3783 2.0 1.4 8.9 33.5 8.4 13.5 0.15 Source : ACE MF. NAV for the growth option as on 21­04­2023. Returns for regular plans considered.
★★★ Sundaram Fin Serv Opport . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.7 614 2.4 1.0 12.8 27.2 11.4 12.8 0.20
★★★★★ Quant Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 143.1 3579 2.4 0.6 2.2 62.5 23.0 15.1 0.39 ★★ Aditya Birla SL Bank & Fin Serv. . . . . . . . . . . .. . . . . . . . 39.8 2372 1.8 1.0 6.1 28.3 7.7 ­ 0.14
★★★★★ SBI Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 111.8 15590 1.7 0.7 5.9 36.4 13.8 24.7 0.26 ★★ UTI Banking and Fin Serv . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.2 833 2.3 1.4 9.1 26.4 5.3 10.3 0.10
★★★★ AXIS Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 63.1 11601 1.7 0.5 2.6 34.4 17.4 ­ 0.33 ★ LIC MF Banking & Fin Serv . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.2 131 2.5 1.5 13.8 24.2 7.0 ­ 0.12
★★★★ Nippon Ind Small Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 94.0 24491 1.6 0.9 6.7 46.5 15.3 25.7 0.27 ­ Baroda BNP Paribas Bank&Fin Serv . .. . . . . . . . 30.7 73 2.5 1.6 7.9 21.8 8.3 10.3 0.15
★★★ DSP Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 113.2 8878 1.8 1.0 ­2.1 39.0 11.2 22.3 0.20 ­ Taurus Banking & Fin Serv . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.9 9 2.5 1.6 12.6 25.2 11.0 11.7 0.19

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

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 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

★★★ Kotak Medium Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.1 1981 1.5 0.6 4.3 4.6 5.9 5.8 13.73 ­ LIC MF Banking & PSU Debt . . . . . . . . . . . . . . . . . .. . . . . . . . 29.6 1134 0.8 0.3 4.6 3.8 4.6 6.4 ­
★★ Aditya Birla SL Medium Term . . . . . . . . . . . . . . .. . . . . . . . 32.3 1764 1.5 0.9 22.5 15.3 13.9 8.0 17.44 ­ PGIM India Banking & PSU Debt . . . . . . . . .. . . . . . . . 20.8 49 0.4 0.3 4.8 4.4 5.4 6.8 ­
CASH FUNDS ★★ DSP Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 69.2 342 0.7 0.4 5.2 4.2 5.2 4.7 ­ ­ SBI Banking and PSU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2655.9 4845 0.8 0.3 4.5 3.9 5.0 6.6 ­
★ Nippon Ind Strategic Debt . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.2 136 1.9 1.4 4.8 10.8 7.6 ­1.2 14.53
DEBT ­ GILT FUND WITH 10 YEAR CONSTANT DURATION
LIQUID FUNDS ­ Baroda BNP Paribas Med Duration . . . .. . . . . . . . 16.1 33 1.0 0.7 5.7 4.0 4.3 3.1 2.99
­ Franklin Ind Income Opport . . . . . . . . . . . . . . . . .. . . . . . . . 24.9 0 ­ ­ 15.6 4.5 4.8 6.1 ­
­ Bandhan G­Secs ­ Constant Maturity. . . . . . . . 38.0 271 0.5 0.3 6.3 3.5 4.3 8.4 ­
­ Aditya Birla SL Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 361.3 28810 0.3 0.2 7.7 7.2 6.9 5.9 ­ ­ Sundaram Medium Term Bond . . . . . . . . . . .. . . . . . . . 60.7 45 2.2 1.3 3.7 2.5 3.4 4.5 ­
­ DSP 10Y G­Sec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.3 51 0.5 0.3 6.4 1.9 3.4 6.7 ­
­ Axis Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2494.5 21367 0.2 0.2 7.6 7.1 6.9 5.9 ­ ­ UTI Medium Term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.6 54 1.6 1.0 4.9 5.4 4.4 4.1 10.71
­ ICICI Pru Constant Maturity Gilt . . . . . . . . . .. . . . . . . . 20.6 1487 0.4 0.2 6.4 4.1 5.0 8.4 ­
­ DSP Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3200.8 9384 0.2 0.2 7.4 6.9 6.7 5.8 ­
­ SBI Magnum Constant Maturity . . . . . . . . . .. . . . . . . . 53.4 1268 0.6 0.3 6.6 4.1 4.5 7.7 ­
­ HDFC Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4402.0 39501 0.3 0.2 7.5 6.9 6.8 5.8 ­
DEBT ­ MEDIUM TO LONG DURATION FUNDS
­ ICICI Pru Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 332.0 36077 0.3 0.2 7.6 7.0 6.8 5.8 ­
­ Kotak Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4535.8 26796 0.3 0.2 7.5 6.9 6.7 5.8 ­ DEBT ­ GILT FUNDS
★★★★★ SBI Magnum Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 60.0 1538 1.5 0.8 6.1 4.4 5.7 7.3 11.27
­ Nippon Ind Liquid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 5475.4 21820 0.3 0.2 7.5 7.0 6.8 5.8 ­
★★★★ Aditya Birla SL Income . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 107.1 1496 0.9 0.5 5.0 4.6 5.8 7.4 ­
­ SBI Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3510.4 52892 0.3 0.2 7.4 6.9 6.8 5.8 ­ ★★★★★ DSP G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 80.4 444 1.2 0.6 5.8 4.5 5.3 8.1 ­
★★★★ ICICI Pru Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.7 2228 1.1 0.6 6.3 4.3 5.4 6.9 ­
­ Tata Liquid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3532.7 19167 0.3 0.2 7.4 6.9 6.7 5.8 ­ ★★★★★ Edelweiss G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.9 126 1.3 0.7 5.5 4.3 5.9 7.8 ­
★★★ Bandhan Bond ­ Income . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 56.4 494 2.0 1.3 4.1 3.1 3.8 6.6 ­
­ UTI Liquid Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3678.6 20696 0.2 0.1 7.6 7.1 6.8 5.9 ­ ★★★★ ICICI Pru Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 86.0 3152 1.1 0.6 6.8 5.1 5.7 7.7 ­
★★★ Canara Robeco Income . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 48.2 127 1.9 0.8 4.7 3.1 4.0 6.1 ­
★★★★ SBI Magnum Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 55.7 5667 0.9 0.5 7.1 5.0 5.5 8.0 ­
★★★ Kotak Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 65.3 1645 1.8 0.6 5.2 3.9 4.7 6.7 ­
★★★ Aditya Birla SL G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 68.9 1341 0.9 0.3 4.9 4.2 4.8 7.7 ­
OVERNIGHT FUNDS ★★★ Nippon Ind Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 76.5 248 1.7 0.6 6.2 4.1 4.2 7.0 ­
★★★ Bandhan G­Secs ­ Investment . . . . . . . . . . . . .. . . . . . . . 29.8 1483 1.2 0.6 4.7 3.9 4.7 8.1 ­
★★ HDFC Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.4 530 2.1 0.5 4.7 2.9 3.8 5.4 ­
★★★ Kotak Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 82.3 2274 1.5 0.4 5.9 4.2 4.6 7.3 ­
­ HDFC Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3314.5 15283 0.2 0.1 6.4 6.3 6.1 5.5 ­ ★★ LIC MF Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 61.2 119 0.7 0.2 6.2 3.6 4.1 6.0 ­
★★★ Nippon Ind Gilt Securities . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 32.4 1330 1.6 0.6 5.4 3.8 4.1 7.4 ­
­ SBI Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3621.5 18605 0.2 0.1 6.4 6.3 6.2 5.5 ­ ★ UTI Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 62.6 296 1.6 1.3 14.0 11.2 9.3 3.8 1.63
★★★ PGIM India Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.7 136 1.5 0.4 4.7 3.6 4.1 6.3 ­
­ UTI Overnight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3050.2 5584 0.1 0.1 6.4 6.4 6.2 5.6 ­ ­ HSBC Medium to Long Duration . . . . . . . . .. . . . . . . . 36.4 42 1.9 0.7 4.4 3.0 3.3 5.9 ­
★★★ UTI Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 53.3 566 1.0 0.7 5.9 4.1 4.3 7.0 ­
­ JM Medium to Long Duration. . . . . . . . . . . . . . .. . . . . . . . 52.8 20 1.0 0.5 4.7 3.0 3.7 2.4 ­
★★ HDFC Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46.9 1841 0.9 0.5 5.6 3.9 4.2 6.2 ­
ARBITRAGE FUNDS ★★ HSBC Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 57.2 229 1.7 0.5 5.3 3.3 3.9 6.1 ­
DEBT ­ LONG DURATION FUNDS ★ Franklin Ind G­Secs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.8 122 1.1 0.6 4.5 3.8 3.5 5.9 ­
­ Aditya Birla SL Arbitrage . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.8 3552 1.0 0.3 8.9 6.6 6.4 5.1 ­ ★ Tata Gilt Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 66.6 286 1.7 0.9 6.5 4.3 3.8 6.5 ­
­ Bandhan Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.8 2856 1.1 0.4 9.2 6.7 6.5 5.2 ­ ­ ICICI Pru Long Term Bond . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 75.2 630 2.0 1.5 5.9 3.0 3.5 6.8 ­ ­ Axis Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 21.4 167 1.0 0.4 5.2 3.8 4.6 7.6 ­
­ Edelweiss Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.6 4317 1.1 0.4 8.9 6.6 6.5 5.3 ­ ­ Baroda BNP Paribas Gilt . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.7 556 0.5 0.1 5.8 3.8 4.0 6.3 ­
­ HDFC Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.2 5262 1.0 0.4 8.8 6.7 6.6 5.3 ­ ­ Canara Robeco Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 64.6 81 1.3 0.5 5.3 3.8 4.3 6.4 ­
­ ICICI Pru Equity­Arbitrage . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.4 9751 1.0 0.4 9.0 6.6 6.4 5.2 ­ DEBT ­ DYNAMIC BOND FUNDS ­ Invesco India Gilt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2387.8 22 1.3 0.5 5.1 3.2 3.3 6.1 ­
­ Invesco India Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.3 2690 1.1 0.4 9.2 6.9 6.9 5.9 ­ ­ LIC MF G­Secs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 51.2 44 1.5 1.7 4.4 3.2 4.0 7.0 ­
­ Kotak Equity Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.9 19522 1.0 0.4 9.0 6.7 6.6 5.5 ­ ★★★★★ ICICI Pru All Seasons Bond . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.1 8998 1.3 0.6 6.8 5.3 6.4 7.5 19.39
­ Nippon Ind Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.8 8086 1.2 0.2 8.9 6.3 6.3 5.1 ­ ★★★★★ SBI Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.3 2659 1.6 0.9 6.8 4.5 4.8 7.3 ­
★★★★ Axis Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.0 1776 0.7 0.3 5.7 4.1 5.4 7.4 ­ DEBT ­ FLOATER FUNDS
­ SBI Arbitrage Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28.9 7587 0.8 0.4 9.2 6.8 6.8 5.6 ­
­ UTI Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.9 3062 0.9 0.4 9.0 6.7 6.5 5.1 ­ ★★★★ Bandhan Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.0 2266 1.6 0.8 4.3 3.5 4.4 7.1 ­
★★★★★ HDFC Floating Rate Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.0 14344 0.5 0.3 5.9 5.1 6.0 6.7 5.82
★★★★ Kotak Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.5 2545 1.3 0.4 4.5 4.2 5.4 7.2 ­
★★★★ ICICI Pru Floating Interest . . . . . . . . . . . . . . . . . . . . .. . . . . . 357.6 10639 1.3 0.6 6.1 4.9 6.0 6.5 5.23
★★★ DSP Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2813.8 460 1.0 0.5 4.5 3.8 4.4 7.0 ­
bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) AA ★★★ Nippon Ind Floating Rate . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.1 7086 0.6 0.3 5.2 4.7 5.9 6.8 ­
NAV Corpus 3 Year 5 Year & Below ★★★ HSBC Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.1 199 0.8 0.3 5.1 3.8 4.2 6.3 ­
Regular Direct 1 Year 2 Year ★★ Aditya Birla SL Floating Rate . . . . . . . . . . . . . . . .. . . . . . 294.6 11709 0.5 0.2 5.8 5.1 5.7 6.7 ­
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%) ★★★ IIFL Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.8 621 0.5 0.3 4.8 5.4 5.7 6.2 ­
★ Franklin Ind Floating Rate . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.3 279 1.0 0.2 5.5 4.4 4.7 5.6 3.65
★★★ Mirae Asset Dynamic Bond . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.0 211 1.1 0.1 4.2 3.0 3.5 6.2 ­
★★★ Nippon Ind Dynamic Bond . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.3 3923 0.7 0.3 5.5 4.0 4.5 6.3 ­
DEBT FUNDS ★★★ PGIM India Dynamic Bond . . . . . . . . . . . . . . . . . . . .. . . 2236.0 139 1.6 0.4 4.6 3.5 4.2 6.4 ­ bl. rating Scheme Name Latest
NAV
Latest Expense Ratio (%)
Corpus
Trailing Returns (%) Sortino
5 Year 10 Year Ratio
★★ Baroda BNP Paribas Dynamic Bond . .. . . . . . . . 39.0 126 1.7 0.7 6.3 4.1 4.0 5.7 ­ Regular Direct 1 Year 3 Year
(₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)

DEBT ­ ULTRA SHORT DURATION FUNDS ★★ Canara Robeco Dynamic Bond . . . . . . . . . . .. . . . . . . . 25.5 122 1.8 0.7 5.1 3.4 3.9 5.7 ­
★★ HDFC Dynamic Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 76.2 594 1.7 0.5 5.0 5.9 6.0 5.5 ­
★★★★★ Aditya Birla SL Savings . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 466.3 12601
★★★★★ SBI Magnum Ultra Short Duration. . . . . .. . . 5118.5 8970
0.5
0.5
0.3
0.3
5.7
5.5
4.9
4.5
5.3
4.6
6.3
5.9
2.95
­
★ Aditya Birla SL Dynamic Bond . . . . . . . . . . . . .. . . . . . . . 39.0
★ UTI Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.3
1862
363
1.2
1.5
0.6
0.8
8.5
12.7
6.1
11.7
6.8
9.5
5.6 10.15
5.6 ­
OVERSEAS FUNDS
★★★★ Kotak Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.9 9660 0.8 0.4 5.5 4.5 4.6 5.7 2.08 ­ Franklin Ind Dynamic Accrual . . . . . . . . . . . . . .. . . . . . . . 94.8 0 0.0 0.0 31.8 20.0 11.7 10.0 ­
OVERSEAS FUNDS ­ GLOBAL
★★★★ PGIM India Ultra Short Duration . . . . . . . . .. . . . . . . . 29.5 379 0.9 0.3 5.3 4.3 4.4 6.9 ­ ­ JM Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.4 43 1.0 0.6 5.6 4.5 5.0 5.6 ­
★★★ BOI Ultra Short Duration . . . . . . . . . . . . . . . . . . . . . . .. . . 2749.1 118 0.9 0.1 5.3 4.3 4.3 5.5 ­ ­ Quantum Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.1 87 0.7 0.6 6.7 5.0 5.1 7.1 ­
­ Aditya Birla SL Global Eme Oppo. . . . . . . .. . . . . . . . 19.1 248 1.1 0.7 ­7.5 10.9 7.1 5.7 0.17
★★★ Canara Robeco Ultra Short Term . . . . . . . .. . . 3293.2 532 1.0 0.4 5.0 3.9 3.8 4.8 ­ ­ Union Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.9 94 1.5 1.4 4.7 2.9 3.7 6.0 ­
­ Aditya Birla SL Interna Equity A. . . . . . . . . . .. . . . . . . . 30.6 108 2.4 1.8 2.3 11.8 9.9 9.7 0.21
★★★ DSP Ultra Short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2936.4 2360 1.0 0.3 5.1 4.1 4.0 4.8 ­
­ ICICI Pru Global Stable Eq (FOF) . . . . . . . . .. . . . . . . . 22.7 114 1.5 1.3 3.9 13.3 10.1 ­ 0.23
★★★ IDBI Ultra Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2383.4 173 0.4 0.3 5.5 4.8 4.7 5.5 6.66
­ PGIM India Global Equity Opport . . . . . . .. . . . . . . . 29.5 1410 2.5 1.5 ­2.0 10.2 13.5 7.8 0.26
★★★ Invesco India Ultra Short Term . . . . . . . . . . . .. . . 2315.1 683 0.9 0.2 5.1 4.2 4.2 5.4 5.72 DEBT ­ CORPORATE BOND FUNDS ­ Sundaram Global Brand . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.0 123 2.1 1.3 5.4 13.1 7.7 6.4 0.15
★★ Nippon Ind Ultra Short Duration . . . . . . . .. . . 3467.2 3907 1.2 0.4 5.5 6.6 6.0 5.1 9.90
★★ UTI Ultra Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3649.3 1954 1.0 0.5 5.3 5.7 5.4 5.2 0.61 ★★★★★ Aditya Birla SL Corporate Bond. . . . . . . . . . .. . . . . . . . 94.9 15698 0.5 0.3 5.5 4.9 6.3 7.4 ­
★ Motilal Oswal Ultra Short Term . . . . . . . . . . .. . . . . . . . 14.5 100 1.1 0.6 4.4 3.5 3.4 1.5 ­ ★★★★ HDFC Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.4 25404 0.6 0.3 5.3 4.6 5.9 7.2 ­
OVERSEAS FUNDS ­ EMERGING MARKETS
★ Sundaram Ultra Short Duration . . . . . . . . . .. . . 2347.3 1221 1.4 0.2 4.8 3.8 3.6 3.6 ­ ★★★★ ICICI Pru Corporate Bond . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.1 19377 0.5 0.3 6.3 5.1 6.2 7.1 ­
­ ICICI Pru Ultra Short Term . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.7 10735 0.8 0.4 5.6 4.8 5.1 6.2 10.03 ★★★ HSBC Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 62.1 6884 0.6 0.3 5.5 4.3 5.4 7.5 ­
­ Edelweiss EM Opport Eq Offshore . . . . . .. . . . . . . . 13.6 136 2.3 1.4 ­1.1 4.1 1.8 ­ 0.00
★★★ Kotak Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3183.6 9911 0.7 0.3 5.1 4.6 5.6 6.8 ­
­ Edelweiss Gr China Eq Off­Shore . . . . . . . .. . . . . . . . 37.2 1927 2.4 1.5 1.0 3.2 6.2 10.6 0.12
★★★ Nippon Ind Corporate Bond . . . . . . . . . . . . . . . . .. . . . . . . . 50.5 1968 0.7 0.3 5.8 5.2 6.0 6.7 ­
­ HSBC Global EM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.0 20 2.4 1.7 ­8.9 6.1 1.7 4.9 0.00
DEBT ­ LOW DURATION FUNDS ★★★ Sundaram Corporate Bond . . . . . . . . . . . . . . . . . .. . . . . . . . 34.2 908 0.5 0.3 4.8 4.4 5.6 7.1 ­
­ Kotak Global Emerging Market . . . . . . . . . . .. . . . . . . . 19.5 116 1.7 1.2 ­2.7 8.8 2.7 5.0 0.04
★★ Bandhan Corporate Bond . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.3 14204 0.6 0.3 4.2 4.1 5.6 6.6 ­
★★★★★ Axis Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . .. . . 2637.8 4890 0.6 0.3 5.5 4.7 5.2 6.3 2.64 ­ Nippon Ind ETF Hang Seng BeES . . . . . . . .. . . . . . 282.7 175 0.9 ­ 7.3 ­1.7 ­1.7 5.6 ­0.10
★★ Canara Robeco Corporate Bond . . . . . . . . .. . . . . . . . 18.7 188 1.0 0.4 4.3 3.7 4.8 6.1 ­
★★★★★ HDFC Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 49.4 13355 1.0 0.4 5.4 4.6 5.4 6.1 8.01
★ Axis Corporate Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.5 4388 0.9 0.2 5.3 4.5 6.0 6.6 ­
★★★★★ ICICI Pru Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 459.7 17662 0.5 0.4 6.0 5.0 5.8 6.6 2.13
­ Baroda BNP Pari Corporate Bond . . . . . .. . . . . . . . 23.1 138 0.6 0.3 4.5 3.2 4.5 4.1 ­
★★★★ Aditya Birla SL Low Duration. . . . . . . . . . . . . . . .. . . . . . 564.9 10045 1.2 0.4 5.3 4.5 5.1 6.2 8.13 OVERSEAS FUNDS ­ US FOCUSED
­ Franklin Ind Corporate Debt. . . . . . . . . . . . . . . . .. . . . . . . . 84.1 749 0.8 0.2 4.7 4.2 5.5 6.5 2.41
★★★★ Bandhan Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.1 5224 0.6 0.3 5.4 4.4 4.8 6.0 ­
­ Invesco India Corporate Bond . . . . . . . . . . . . .. . . 2693.1 2312 0.7 0.3 4.6 4.1 5.3 6.6 ­ ­ DSP US Flexible Equity . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.6 774 2.3 1.5 0.2 19.0 13.5 14.6 0.30
★★★★ Invesco India Treasury Advantage . . . . .. . . 3235.8 1129 0.7 0.3 5.2 4.3 4.9 6.1 ­
­ PGIM India Corporate Bond. . . . . . . . . . . . . . . . . .. . . . . . . . 36.9 49 1.0 0.3 4.6 4.4 5.5 6.2 ­ ­ Edelweiss US Value Eq Offshore. . . . . . . . . .. . . . . . . . 25.1 94 2.3 1.4 1.6 18.2 11.4 ­ 0.21
★★★★ Kotak Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2870.0 7907 1.1 0.4 5.2 4.4 5.1 6.2 6.61
­ Franklin In Fdr ­ Franklin US Opp . . . . . . . .. . . . . . . . 45.5 3000 1.6 0.7 ­8.3 8.1 11.2 14.2 0.22
★★★ Baroda BNP Paribas Low Duration . . . .. . . . . . . . 34.5 179 1.0 0.4 5.0 4.1 4.6 5.7 9.39
­ ICICI Pru US Bluechip Equity . . . . . . . . . . . . . . . .. . . . . . . . 48.6 2513 2.1 1.2 7.0 15.9 15.9 15.8 0.35
★★★ Canara Robeco Savings . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 36.1 867 0.6 0.3 5.2 4.3 4.6 5.7 ­
DEBT ­ CREDIT RISK FUNDS ­ Motilal Oswal Nasdaq 100 ETF . . . . . . . . . . . .. . . . . . 104.2 5704 0.6 ­ ­0.1 16.9 19.0 21.3 0.40
★★★ DSP Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.0 3136 0.6 0.3 5.3 4.5 4.9 6.1 ­
★★★ JM Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.8 149 0.8 0.3 5.0 4.3 10.9 5.1 ­ ★★★★★ HDFC Credit Risk Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.4 8482 1.6 1.0 5.2 5.5 7.3 7.2 47.05
★★★ Mahi Manu Low Duration . . . . . . . . . . . . . . . . . . . . . .. . . 1406.0 345 1.2 0.4 5.0 4.1 4.4 5.6 4.23 bl. rating Scheme Name Latest Latest Expense Ratio (%) Trailing Returns (%) Sortino
★★★★★ ICICI Pru Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.7 7767 1.6 0.9 6.0 6.1 7.0 7.5 47.86 NAV Corpus 5 Year 10 Year Ratio
Regular Direct 1 Year 3 Year
★★★ Mirae Asset Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1937.5 542 1.0 0.5 5.1 4.1 4.6 5.2 ­ ★★★★ Bandhan Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.2 460 1.6 0.7 4.9 4.2 4.9 5.8 61.96 (₹) (₹ Cr) CAGR CAGR CAGR CAGR (%)
★★★ Nippon Ind Low Duration . . . . . . . . . . . . . . . . . . . . . .. . . 3206.7 5689 1.0 0.4 5.2 4.6 5.1 6.0 1.22 ★★★★ SBI Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.6 2782 1.5 0.9 6.9 6.0 6.8 6.7 46.57
★★★ SBI Magnum Low Duration . . . . . . . . . . . . . . . . . . .. . . 2998.5 7263 1.0 0.4 5.2 4.3 4.7 5.9 0.69 ★★★ Aditya Birla SL Credit Risk . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.6 1029 1.5 0.7 8.3 6.7 7.9 6.3 37.09
★★ HSBC Low Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.2 445 0.6 0.3 5.1 4.3 4.8 5.3 ­ ★★★ Baroda BNP Paribas Credit Risk. . . . . . . . . .. . . . . . . . 18.7 181 1.6 0.8 5.7 9.5 9.7 6.8 57.99 SOLUTION ORIENTED FUNDS
★★ LIC MF Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.1 641 0.8 0.3 5.0 4.2 5.0 5.1 ­ ★★★ HSBC Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.7 130 1.7 0.9 4.9 5.1 5.1 4.4 50.15
★★ Tata Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . .. . . 3366.2 2409 0.6 0.3 5.2 4.5 5.1 5.0 ­ ★★★ Kotak Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.1 1150 1.6 0.7 1.9 3.5 4.8 5.6 73.23 SOLUTION ORIENTED ­ CHILDREN'S FUNDS
★★ UTI Treasury Advantage . . . . . . . . . . . . . . . . . . . . . . . .. . . 3021.6 2843 0.5 0.3 5.7 7.4 6.9 4.7 ­ ★★★ Nippon Ind Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 29.3 1000 1.6 0.7 5.7 8.9 8.4 3.9 46.75
★ PGIM India Low Duration. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.4 95 1.2 0.4 5.1 4.2 3.3 1.3 5.33 ★★ DSP Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.6 204 1.4 0.4 5.0 6.8 5.7 3.9 63.69 ­ Axis Children's Gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 19.1 681 2.3 1.1 ­4.4 17.1 8.3 ­ 0.16
★ Sundaram Low Duration . . . . . . . . . . . . . . . . . . . . . . .. . . 2979.8 401 1.3 0.3 5.2 4.3 4.2 1.4 3.42 ★★ Invesco India Credit Risk . . . . . . . . . . . . . . . . . . . . . . .. . . 1603.2 141 1.5 0.3 7.9 5.3 5.6 3.2 32.29 ­ HDFC Children's Gift. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 203.1 6282 1.8 1.0 10.6 25.8 11.7 15.3 0.26
­ Franklin Ind Low Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15.0 0 0.0 0.0 37.0 23.8 13.3 10.1 ­ ★ Bank of India Credit Risk . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 10.7 159 1.6 1.5 4.2 60.9 13.5 ­4.3 63.00 ­ ICICI Pru Child Care (Gift Plan). . . . . . . . . . . . .. . . . . . 198.5 856 2.4 1.7 3.4 19.0 8.0 12.9 0.15
★ UTI Credit Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.6 431 1.6 0.8 5.1 12.9 7.2 ­1.7 55.04 ­ LIC MF Children's Gift . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.1 13 2.5 1.9 ­0.5 15.7 6.6 8.5 0.12
­ Axis Credit Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.1 590 1.7 0.8 5.5 5.3 6.1 5.9 47.16 ­ SBI Mag Children's Benefit ­ Sav . . . . . . . . .. . . . . . . . 80.1 91 1.2 0.9 4.7 14.1 7.8 11.7 0.28
DEBT ­ MONEY MARKET FUNDS ­ Franklin Ind Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 25.0 136 0.0 0.0 5.6 9.2 10.0 6.7 65.89 ­ Tata Young Citizens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.5 259 2.6 1.8 1.5 25.3 9.3 11.0 0.17
­ IDBI Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 16.0 23 1.3 0.6 5.0 10.2 10.4 3.0 73.13 ­ UTI CCF­ Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 56.3 686 2.4 1.5 ­3.9 23.0 8.5 12.9 0.16
★★★★★ Aditya Birla SL Money Manager. . . . . . . . . . .. . . . . . 314.7 11611 0.3 0.2 6.0 5.0 5.1 6.3 ­
­ UTI CCF­ Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 30.9 4026 1.7 1.5 2.6 13.7 6.1 9.8 0.13
★★★★★ Nippon Ind Money Market. . . . . . . . . . . . . . . . . . . . .. . . 3530.1 9363 0.3 0.2 6.1 5.0 5.0 6.2 ­
★★★★ HDFC Money Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4869.1 12835 0.4 0.2 5.8 4.9 5.0 6.1 ­
DEBT ­ BANKING AND PSU FUNDS
★★★★ UTI Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 2621.3 7298 0.3 0.2 6.0 5.0 5.0 6.1 ­
SOLUTION ORIENTED ­ RETIREMENT FUNDS
★★★ Franklin Ind Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.7 999 0.3 0.1 5.6 4.6 4.7 6.0 ­
★★★★★ Edelweiss Banking and PSU Debt . . . . . .. . . . . . . . 21.0 353 0.6 0.3 5.9 4.6 5.9 7.8 ­
★★★ ICICI Pru Money Market . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 322.8 8948 0.3 0.2 5.9 4.8 5.0 6.1 ­
★★★★★ Kotak Banking and PSU Debt . . . . . . . . . . . . . .. . . . . . . . 55.4 6451 0.8 0.4 5.2 4.8 5.8 7.2 2.22 ­ Franklin Ind Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 164.8 445 ­ ­ 3.5 9.6 6.5 9.3 0.17
★★★ Kotak Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3823.0 14730 0.4 0.3 5.9 4.9 4.9 6.0 ­
★★★★ Bandhan Banking & PSU Debt . . . . . . . . . . . . .. . . . . . . . 21.0 14667 0.6 0.3 5.1 4.4 5.6 7.4 ­ ­ HDFC Retirement Savings ­ Equity . . . . .. . . . . . . . 32.0 2776 1.9 0.8 9.2 33.7 13.2 ­ 0.26
★★★ SBI Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 35.6 16740 0.8 0.2 5.4 4.4 4.6 5.6 ­
★★★★ Nippon Ind Banking & PSU Debt . . . . . . . . .. . . . . . . . 17.6 5080 0.8 0.3 4.9 4.4 5.5 7.1 ­ ­ HDFC Retire Savings­Hybrid­Debt . . . . .. . . . . . . . 17.4 143 2.2 1.0 6.3 9.0 6.5 ­ 0.30
★★ HSBC Money Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.6 892 0.6 0.3 5.2 4.2 4.1 5.6 ­
★★★ Axis Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . .. . . 2249.5 14416 0.6 0.3 5.0 4.4 5.4 7.0 ­ ­ HDFC Retire Savings Hybrid Eq . . . . . . . . . . .. . . . . . . . 26.7 948 2.2 1.0 7.9 23.2 10.7 ­ 0.24
★★ Invesco India Money Market. . . . . . . . . . . . . . . . .. . . 2607.9 2049 0.6 0.2 5.2 4.3 4.5 5.6 ­
★★★ DSP Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 20.4 2563 0.6 0.3 5.0 4.2 5.3 6.8 ­ ­ LIC MF Unit Linked Insurance. . . . . . . . . . . . . . .. . . . . . . . 26.6 412 2.5 1.7 ­1.6 19.7 8.0 10.1 0.16
★ Bandhan Money Manager . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 34.6 2577 0.9 0.2 5.2 4.1 4.1 5.0 ­
★★★ Franklin Ind Banking & PSU Debt . . . . . . .. . . . . . . . 19.1 716 0.5 0.2 5.0 4.4 5.0 7.0 1.40 ­ Nippon Ind Retire­Income Gene . . . . . . . . .. . . . . . . . 16.2 170 2.1 0.8 4.9 6.8 6.2 ­ 0.24
★ Tata Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 4017.4 7964 0.4 0.2 5.9 4.9 5.1 4.6 ­
★★★ HDFC Banking and PSU Debt . . . . . . . . . . . . . . .. . . . . . . . 19.5 5590 0.8 0.4 5.0 4.4 5.6 6.9 0.62 ­ Nippon Ind Retire­Wealth Cre. . . . . . . . . . . . . .. . . . . . . . 17.5 2223 2.0 1.0 0.1 24.1 5.1 ­ 0.09
­ DSP Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 45.1 3123 0.5 0.3 5.3 4.4 4.6 5.7 ­
★★★ ICICI Pru Banking & PSU Debt . . . . . . . . . . . . . .. . . . . . . . 27.7 7554 0.8 0.4 6.0 5.1 6.1 6.8 ­ ­ Tata Retirement Savings Con. . . . . . . . . . . . . . .. . . . . . . . 25.2 162 2.2 1.0 2.1 7.5 5.7 8.5 0.16
­ Edelweiss Money Market . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 24.6 341 1.0 0.3 4.6 3.8 3.7 6.6 ­
★★ HSBC Banking and PSU Debt . . . . . . . . . . . . . . .. . . . . . . . 20.8 4703 0.6 0.2 4.1 3.3 4.8 6.2 ­ ­ Tata Retirement Savings Moderate . . .. . . . . . . . 42.1 1555 2.1 0.7 0.1 16.5 7.1 13.9 0.13
★★ Sundaram Banking & PSU Debt . . . . . . . . . .. . . . . . . . 36.5 455 0.4 0.2 4.9 3.7 4.5 6.1 ­ ­ Tata Retirement Savings Progre . . . . . . . . .. . . . . . . . 41.1 1262 2.1 0.7 ­1.6 17.6 7.0 13.7 0.12
DEBT ­ SHORT DURATION FUNDS ★ Invesco India Banking & PSU Debt . . . . .. . . 1925.0 124 0.7 0.3 4.1 3.1 4.5 6.1 ­ ­ UTI­Retirement Benefit Pension . . . . . . . .. . . . . . . . 36.4 3709 1.7 1.1 6.1 15.9 6.8 9.3 0.16
★ UTI Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 18.7 657 0.6 0.3 12.3 7.6 7.1 5.6 ­
★★★★★ HDFC Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.0 11491 0.7 0.3 5.4 4.6 6.0 7.0 8.09 ­ Aditya Birla SL Bank & PSU Debt . . . . . . . . .. . . . . . 311.3 8033 0.7 0.4 5.1 4.6 5.7 7.1 ­ Source : ACE MF. NAV for the growth option as on 21­04­2023. Returns for regular plans considered.
★★★★★ ICICI Pru Short Term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 50.8 14797 1.1 0.4 6.5 5.1 6.3 7.1 8.76
★★★★ Aditya Birla SL Short Term . . . . . . . . . . . . . . . . . . . .. . . . . . . . 40.4 4829 1.1 0.4 5.6 4.9 6.4 7.0 7.36
★★★★ Axis Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.2 6730 1.0 0.3 5.3 4.6 5.6 6.8 1.31
★★★★ Kotak Bond Short Term . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 44.4 12471
★★★ Bandhan Bond ­ Short Term. . . . . . . . . . . . . . . . .. . . . . . . . 48.6
★★★ DSP Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.8
9273
3046
1.2
0.8
0.9
0.4
0.3
0.3
4.7
5.0
4.7
4.1
4.1
4.0
5.1
5.2
4.9
6.5
6.6
6.2
­
­
­
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
★★★ HSBC Short Duration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.6
★★★ Nippon Ind Short Term. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 44.7
★★★ SBI Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 27.3 12094
3609
5376
0.8
1.2
0.8
0.3
0.3
0.3
4.5
4.7
5.0
3.9
4.5
4.3
4.7
5.5
5.1
6.3
6.5
6.4
2.06
2.64
­

Methodology (rolling return) and risk (sortino

ratio).
Rolling returns help identify
rating. Ratings for all funds now are
based on data as on January 1, 2023.
ratings will be revised only at fixed
intervals, returns data shown here are
updated weekly. For other metrics,
★★ Baroda BNP Paribas Short Duration .. . . . . . . . 24.9 225 1.0 0.4 4.9 4.1 4.7 6.1 6.82 schemes that have delivered relatively ADDITIONS the latest available data is considered.
★★ Invesco India Short Term . . . . . . . . . . . . . . . . . . . . . .. . . 3041.1 343 1.2 0.4 4.2 3.6 4.6 6.0 ­ consistent returns during various We have newly introduced Passive,
★★ Tata Short Term Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 41.1 2200 1.2 0.4 4.9 4.1 5.0 5.0 ­ market cycles and over the long run. Cash and Overseas categories. Under RATINGS EXCLUSIONS
★ Sundaram Short Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 37.7 193 0.9 0.3 5.1 4.6 5.4 4.3 3.21 We have considered one­, three­ and international funds, we have Funds with a corpus of less than ₹100
★ UTI Short Term Income . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 26.9 2302 1.0 0.3 5.2 6.9 7.2 4.9 4.70 five­year rolling returns for a total of showcased select global funds under crore, those that have less than a
­ Bank of India Short Term Income . . . . . . .. . . . . . . . 22.7 79 1.1 1.0 12.0 15.0 8.4 3.6 1.02 seven­year NAV history for equity and three sub­groups — US­focused, seven­year or five­year NAV history,
­ Canara Robeco Short Duration . . . . . . . . . . .. . . . . . . . 21.9 509 1.0 0.5 4.5 3.7 4.7 5.9 ­ hybrid funds. For debt­oriented emerging markets and global. Under categories that have less than five
­ Franklin Ind Short Term Income . . . . . . . . .. . . 4974.9 433 0.0 0.0 6.1 11.1 8.8 6.2 94.81 funds, we have considered one­, two­ the passive category, we have funds, and schemes that have
­ IDBI Short Term Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.5 26 0.8 0.3 5.0 8.4 8.5 6.3 11.06 and three­year rolling returns for a cherry­picked funds based on metrics undergone a drastic change in their
­ Indiabulls Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 1804.7 7 1.5 0.4 4.0 3.1 3.6 4.6 ­
total of five­year NAV history. Sortino such as relatively­low tracking error, mandate and portfolio (including
­ Mirae Asset Short Term . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 13.5 374 1.2 0.3 4.7 4.0 4.7 6.0 ­
ratio measures the performance of higher trading volumes in ETFs (to multi­cap category) are not rated.
­ PGIM India Short Duration . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.4 28 0.8 0.2 4.9 4.1 4.8 3.9 ­
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
To arrive at the final score, we have solution­fund categories, 10­year be rated based on return metrics and
★★★★★ SBI Magnum Medium Duration . . . . . . . . . . .. . . . . . . . 43.3 7110 1.2 0.7 5.8 4.8 6.1 7.5 15.46 assigned a 60 per cent weightage for returns have been brought in to give hence excluded. Since liquid,
★★★★ Axis Strategic Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 23.5 1717 1.1 0.4 5.9 5.3 6.3 6.8 22.10 past performance based on rolling long­term investors, a perspective. overnight and arbitrage funds are
★★★★ ICICI Pru Medium Term Bond . . . . . . . . . . . . . . .. . . . . . . . 37.8 6415 1.4 0.8 6.1 5.3 6.7 7.0 37.70 returns. Sortino ratio and one­year Three new metrics for all funds — predominantly short­term parking
★★★ Bandhan Bond ­ Medium Term . . . . . . . . . . .. . . . . . . . 39.3 1971 1.5 0.8 4.2 3.5 4.3 6.2 ­ performance is given a 30 per cent and sortino ratio (equity, solution, grounds for cash, we haven’t rated
★★★ HDFC Medium Term Debt . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 47.8 3811 1.3 0.6 5.1 4.7 5.9 6.7 21.77 10 per cent weightage respectively. overseas categories), tracking error these as well.
★★★ HSBC Medium Duration . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 17.3 651 1.1 0.4 5.0 4.4 5.6 5.9 3.26

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

businessline.portfolio
SUNDAY ­ APRIL 23 ­ 2023

Base effect woes, slump in industry INSCO drags CCI to NCLAT over
deal to buy Hind National Glass
offtake dent banks’ credit growth Palak Shah
Mumbai
pany Hindustan National
Glass and Industries (HNG).
INSCO had earlier won the
the CCI.” Further, INSCO said
it came to know about the CCI
order as the share price of AGI
ON SLOW LANE. Growth moderates to 15% in March from the peak of 17.8 % recorded in October 2022 Independent Sugar Corpora­
CCI clearance to acquire HNG
when a full quorum of three
started rising after the com­
pany informed the stock ex­
ulation groups (rural, semi­urban, tion (INSCO), led by billion­ members existed. But the CCI changes about the partial CCI
Our Bureau urban and metropolitan). There is aire NRI family the Madhvani approval was given to AGI by order and yet did not mention
Mumbai NUMBERS AT A GLANCE
a rising demand for working cap­ Group, has dragged the Com­ the two­member CCI bench, anything about the ‘modifica­
£ The deceleration in industrial ital loans,” the officials said. petition Commission of India that too on condition of modi­ tion’ clause. Also, the appeal on
Scheduled commercial banks’ credit since November 2022 was (CCI) to the National Com­ fication at a later date. While the point of quorum is import­
(SCBs) credit growth moderated on account of MSMEs and large DEPOSIT GROWTH pany Law Appellate Tribunal the CCI, in this particular case, ant since the CCI was examin­
in March 2023 due to unfavourable industries, with a decline in credit Aggregate deposits with banks in­ (NCLAT) for passing an order has invoked the ‘doctrine of ne­ ing complaints that stated that
base effect and tapering of the offtake from the infrastructure creased 9.1 per cent year­on­year without the requisite quorum. cessity’, INSCO’s appeal says India’s container glass market
credit offtake momentum, espe­ segment (y­o­y) as on March 24, 2023 (8.4 To pass any order the CCI the doctrine cannot be applied may yet again be monopolised
cially when it comes to industry, £ Retail loans were the major per cent a year ago), per the art­ requires a minimum quorum loosely. Also, the hurry in if another large player is al­
according to Reserve Bank of In­ drivers of overall credit growth, icle. of three members, including a passing the order suggests that lowed to take over HNG.
dia’s latest monthly bulletin. followed by the services sector Net accretions to non­resident chairman. But the Centre has actions which would have oth­ In 2003, HNG itself had
SCBs’ credit growth moderated deposits increased to $6.4 billion not completed the process of erwise not been permitted are turned into a virtual monopoly
to 15 per cent as on March 24, £ Aggregate deposits with banks in April­February 2022­23 from appointing additional mem­ made lawful by necessity in the container glass market
2023, from the peak of 17.8 per increased 9.1 per cent y­o­y as on $2.4 billion a year ago. bers and/or a chairperson since when it acquired Owens
cent recorded in October 2022. March 24, 2023 (8.4 per cent a year ago) As on April 7, 2023, SCBs’ credit­ October 2022. Instead, it has ‘SANS DETAILED PROBE’ Brockway, units of Larsen and
The deceleration in industrial deposit (C­D) ratio stood at 75.8 extended the tenure of the act­ INSCO also said the CCI “can­ Toubro in 2005 and Haryana
credit since November 2022 was per cent (71.5 per cent as on April ing chairperson, Sangeeta not justify reasons for invoking Sheet Glass in 2007. INSCO
on account of micro, small and me­ lowed by the services sector, the loans expanded at a robust pace, 8, 2022). Verma, until further notice and the ground of ‘doctrine of ne­ pointed out that CCI had
dium enterprises (MSMEs) and officials said. reflecting the growing consumer The incremental C­D ratio, there is another member — cessity’ for granting approval earlier rejected the application
large industries, with a decline in demand,” the authors said. which had slipped below 50 per Bhagwant Singh Bishnoi. of the proposed combination of the proposed combination
credit offtake from the infrastruc­ NBFCS’ CONTRIBUTION Credit growth to the services cent around the onset of the pan­ On April 11, INSCO filed an of HNG­AGI without thor­ of HNG­AGI when it was sub­
ture segment, the article titled “Personal loans’ growth at 20.4 per sector was largely driven by non­ demic and remained low up to late appeal before the NCLAT stat­ ough investigation and enquiry mitted by AGI under Form I
‘State of the Economy’ put to­ cent in February was boosted by banking finance companies 2021, surged to 142.2 per cent in ing that the CCI rushed with its into the effect of such combin­ and accordingly AGI had to re­
gether by senior RBI officials said. housing loans, vehicle loans and (NBFCs). “Bank credit growth has November 2022 before moderating order in favour of AGI Green­ ation on the market, stake­ vise its application under Form
Retail loans remained the major other small­ticket loans. Con­ been broad­based, recording to 110 per cent as on April 7, 2023, pac in the deal to acquire In­ holders and on parties who had II of the Combination
driver of overall credit growth, fol­ sumer durable and credit card double­digit growth across all pop­ the authors said. dia’s oldest glass­making com­ already filed objections with Regulations.

Salman’s Kisi Ka Bhai Kisi Ki Jaan Sidharth Rao, co­founder Transfer of Jaipur airport to Adani
collects ₹15.81 crore on Day 1 of Webchutney and group exempt from GST, rules AAR
Punt Partners, is no more cluding the reimbursement
of salary/staff costs.
Industry expects earnings to see a jump during weekend Shishir Sinha
RAAR also noted that in
New Delhi
Our Bureau 2021 and 2022, the Gujarat
Meenakshi Verma Tha Tiger, New Delhi Goods and Services Tax and Uttar Pradesh benches
Ambwani Bodyguard and Dabangg. (GST) will not be applicable of AAR too had ruled that
New Delhi “This is the actor’s first Sidharth Rao, the co­ on the transfer of Jaipur Air­ business arrangements
film in the post Covid era, founder and former CEO of port by the Airport Author­ between the AAI and the
Salman Khan’s Kisi Ka Bhai as his earlier lead film Webchutney, one of the ity of India (AAI) to the Special Purpose Vehicle
Kisi Ki Jaan (KBKJ) raked – Radhe was released on most successful digital Adani group, Rajasthan’s Au­ (SPV) are covered under
in ₹15.81 crore in net box TVOD/OTT in 2021. In agencies in India, passed thority for Advance Ruling transfer of a going concern.
office collections in India terms of lifetime box office, away on Friday due to a car­ (RAAR) has said. This is the NOT APPLICABLE. The Accordingly, it said that GST
on opening day, which was a we estimate the net box of­ diac arrest. Rao, who had Sidharth Rao third AAR ruling in favour of AAR ruled that the transfer is will not be applicable on
non­holiday pre­Eid Friday. Salman Khan and Pooja fice collection to be lower launched marTech firm the group after the Gujarat such a transfer.
of a going concern and is
The industry will be closely Hegde at the trailer launch than average lifetime col­ Punt Partners with co­ raised its first round of AAR (GAAR) and Uttar Pra­ The Bench ruled that the
exempt from GST, including
looking at how the num­ of ‘Kisi Ka Bhai Kisi Ki Jaan’ lections of Salman’s earlier founder Madhu Sudhan last funds in December led by desh held the same with re­ invoice raised by the AAI for
the reimbursement of
bers stack up for the week­ films as content seems to year, was 43 years old and is several angel investors. Its gard to the Ahmedabad and salary/staff costs reimbursement of salary/
end with the country celeb­ today [#Eid]… Friday ₹ be below par and mere star survived by his parents and investors include Ashish Lucknow airports, staff cost on Adani Jaipur In­
rating Eid on Saturday. 15.81 cr. #India biz. #KBKJ power is not enough to pro­ wife. Hemrajani, Deep Kalra, respectively. ternational Airport Ltd is a
(sic),” he tweeted. pel healthy box office in the Rao started Webchutney Kunal Shah, Santosh Desai The AAI has leased out six GVK. The AAI approached supply which falls under the
UNDERWHELMING Over the years, Khan’s post Covid era, due to in 1999 when he was just 19 and Rajan Navani. airports — Ahmedabad, Luc­ RAAR with a set of queries ambit of manpower service,
According to trade analyst movies have been timed for change in audience con­ years old. In 2013, Webchut­ Clevertap Co­Founder know, Mangaluru, Jaipur, regarding the transfer of and hence, taxable at the
Taran Adarsh, the film Eid release, usually garner­ sumption and habits,” ney was acquired by Dentsu Anand Jain tweeted, “Lost a Guwahati, and business to Adani Jaipur In­ rate of 18 per cent under
opened in over 4,500 ing big opening collection­ noted Karan Taurani, Aegis Network but Rao very dear friend. go well Thiruvananthapuram to the ternational Airport Ltd (the GST.
screens in India and over s. KBKJ is his first Eid re­ Senior Vice­President, stayed on to steer it as its @sidharthrao ..have no Adani group for operations, SPV formed for the opera­
1,200 screens in overseas lease in post­Covid times. Elara Capital in a report. CEO, going on to become words how much he meant management and develop­ tion and management of the
territories. Stating that the In 2019, Salman Khan’s Meanwhile, Kamal Gian­ head of the India unit of to me.” Angel investor and ment under the PPP (Public airport). businessline.
film has been underwhelm­ Eid release Bharat had chandani, Chief Business dentsuMB, the global creat­ business strategist Lloyd Private Partnership) mode, It asked whether this Disclaimer: Readers are requested to verify
& make appropriate enquiries to satisfy
ing on Day 1 compared to earned ₹42.30 crore on the Planning & Strategy, PVR ive network of the Japanese Mathias said, “Sidharth with the the ownership of transfer would be con­ themselves about the veracity of an
Salman’s other Eid re­ first day of release, Ltd said, “We are thrilled multinational media net­ brought a digital first mind­ these leased airports re­ sidered a supply under GST advertisement before responding to any
published in this newspaper. THG
leases, Adarsh added on while Race 3 in 2018 had with the buzz. Salman work in 2021. set into Indian advertising maining with the AAI. laws, and if GST would ap­ PUBLISHING PVT LTD., the Publisher &
Owner of this newspaper, does not vouch for
Twitter that the movie had garnered ₹29.17 crore on Khan has a track record of In 2022, he co­founded at a time when mainstream ply, whether the reimburse­ the authenticity of any advertisement or
a“weak” start in metros but opening day. Other Eid re­ delivering blockbusters on Punt Partners, which is agencies saw digital purely KEY ISSUES ment of salary/staff costs advertiser or for any of the advertiser’s
products and/or services. In no event can the
mass pockets were better. leases starring Khan in­ Eid, and we’re confident backed by prominent names as an amplification medium The Mumbai Airport is also would be subject to GST. Owner, Publisher, Printer, Editor, Director/s,
“Extremely important for clude Tubelight, Sultan, that this movie will be no from media, advertising and for TV and print creative. In under the control of the The AAR ruled that the Employees of this newspaper/company be
held responsible/liable in any manner
biz to jump multi­fold Bajrangi Bhaijaan, Kick, Ek exception.” marketing sectors. The mar­ that sense he was a true dis­ Adani group, but on account transfer is of a going concern whatsoever for any claims and/or damages
for advertisements in this newspaper.
keting technology venture ruptor.” of its buying stake from and is exempt from GST, in­

Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai­600002 and Printed by N. Vaidyanathan at Dangat Media Pvt Ltd, No. 22, Dighe MIDC, Vishnu Nagar, TTC Industrial Area, Dighe, Navi Mumbai­400701 on behalf of THG PUBLISHING PVT LTD., Chennai­600002. Editor: Raghuvir Srinivasan (Editor responsible for selection of news under the PRB Act). ISSN 0971 ­ 7528

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YK . . . . . . . . BM­BME