1

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April 5, 2017 Geojit Insights
2

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April 5, 2017 Geojit Insights
 |EXECUTIVE EDITOR’S NOTE|

Optimism is
JUSTIFIED

T
he market is in a bullish trend buoyed by favora- sheets of the PSU banks. Revival of the investment cycle
ble sentiments and a gush of liquidity. Though can happen earlier than expected. The fiscal and mone-
the State election results were more or less on tary stimulus, presently underway, will facilitate the re-
expected lines, the huge margin of victory in UP was not vival of capex before FY 2019. President Trump’s focus is
anticipated and discounted by the market. Therefore, the likely to be on renegotiation on trade rather than declar-
market responded to the results with a 21gun salute tak- ing unilateral actions like imposing high taxes on imports.
3
ing the Nifty to an all-time high closing well beyond the In brief, the walls of worry are not insurmountable. Mar-
9000 mark. The important take away from the election kets are known for their ability to climb many a wall of
results, broadly regarded as ‘semi-finals before the finals worry. This can be the scenario this time too.
in 2019’, is that India is headed for political stability for an
extended period of time. The economic significance of A point that is debated seriously now is the present mar-
this political verdict is huge. More economic reforms that ket valuation, which is higher than historical averages.
can reset the Indian economy will follow. The global Our view is that valuations are not yet stretched except
economy also appears to be on a strong wicket after nine in some pockets in the mid and small cap space. Long-
years of turbulence. The cover story in this issue discuss- term investors need not worry about valuations.
es the emerging trends in the economy and their implica-
tions for investors. This issue of Geojit Insight carries articles on a variety of
topics like market view, a cricket-market perspective,
Even though India appears headed for political stability asset allocation, auto industry, retirement planning and
and the environment is favorable for reforms, there are children’s plans. There is a guest article from the EVP
risks, as always. Two years is a long time in politics and and Head of Equity, DSP Blackrock.
new issues may emerge upsetting the applecart. Also,
there are some serious economic challenges like the
stressed assets of the banking system and the poor in-
vestment demand in the economy. Globally,
‘Trumponomics’ is still an unknown factor that can cause
disruption in global trade, impacting currencies. Another
area of concern is an accelerated pace of Fed tightening
Dr. V. K. Vijayakumar
beyond present market expectations.
Executive Editor
But, the emerging view is that these challenges will be
overcome. The government of India is seriously consider-
ing different options to address the impaired balance

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April 5, 2017 Geojit Insights
 |CONTENTS|
VIEWS

06 18
Involve Invest Emerging megatrends:
Anand James implications for investors
Focus on the long –term, get deeply
— Cover Story
involved
Dr. V.K. Vijayakumar
Multiple factors favour the economy
08
Bullish theme endures 22
Anup Maheshwari
Auto industry is gearing
The market presents a variety of op-
portunities across segments and sec- up for BS-IV
tors Saji John
While the new emission standards will
challenge the auto industry, improving
4
11 economic climate augurs well for the
sector
Stock recommendations
Banco Products Ltd, Ujjivan Financial
Services Ltd., City Union Bank Ltd.,
NBCC Ltd.
24
An investment in
Knowledge
14 Vijayasri Kaimal
Asset Allocation A variety of children's investment plans
KV Sanil Kumar exist
A guide to wise asset allocation
26
16 Retail investors can make
Add to your exposure if more money
consolidation emerges in Dr. V.K. Vijayakumar
Avoiding common investor pitfalls can
the short-term be very profitable for investors in the
Vinod Nair long run
Domestic headwinds could lead to
short term consolidation in the markets

MAIL BOX : Letters must be addressed to: The Editor, Geojit Insights, 34/659 -P, Civil Lin Road, Padivattom,
Kochi-682024, Kerala, India, or [email protected]. Submissions should include the writer's name and ad-
dress.

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April 5, 2017 Geojit Insights
35 Vol.: 01 | Issue: 03 | April 05, 2017
Fund Focus: April, 2017
Birla SL Advantage Fund, Franklin India Bluechip Printed & Published by: C J George,
Fund, HDFC Mid-Cap Fund, ICICI Prudential Mul- Director,
Geojit Investment Services Limited
ticap Fund, SBI Magnum Balanced Fund 34/659- P, Civil Line Road, Padivattom
Kochi - 682 024, Kerala, India

40
Owned by: Geojit Investment Services Limited
34/659- P, Civil Line Road, Padivattom
Kochi - 682 024, Kerala, India

Retirement planning Printed at: St. Francis Press,

St. Benedict Road,
Vijayananda Prabhu Kacheripady,
Ernakulam,
A careful and conservative approach to retire- Kerala-682018

ment planning is essential for future financial Published at:

security Geojit Investment Services Limited

34/659- P, Civil Line Road, Padivattom
Kochi - 682 024, Kerala, India

Editor: C J George

INVESTOR GYAN
Director,
Geojit Investment Services Limited ,
34/659- P, Civil Line Road, Padivattom 5
Kochi - 682 024, Kerala, India

Phone: + 91 484 2901000

29 Website: www.geojit.com

Email: [email protected]

Debt Fund Recommendations: Corporate Identity Number:

April, 2017
U52599KL1995PLC008606

Geojit Investment Services Ltd. Is a wholly owned subsidiary

of Geojit Financial Services Ltd., (formerly known as Geojit
BNP Paribas Financial Services Ltd.)

31 Total Number of Pages: 52 pages (including cover)

Equity Fund Recommendations: Executive Editor: Dr. V. K. Vijayakumar

April, 2017 Features: Vinod Nair, Head Research, Geojit

Anand James, Chief Market Strategist, Geojit
Mathew Joseph, Fundamental Research, Geojit,
Saji John, Fundamental Research, Geojit.

33 Investment Advisory (Geojit):

Jeevan Kumar K C, Vijayasri Kaimal,

SIP Focus: April, 2017

Vijayananda Prabhu, Ranjith V M

Copy desk: Elizabeth Valsala,

Sankar Ramachandran, Jyothi Radhakrishnan

44 Art Designers: Sajan Jose, Anoop Mathew,

Ashik Basheer, A R Joseph

Performance of Schemes Registered Office:

34/659 - P, Civil Line Road, Padivattom,
Kochi - 682024, Kerala, India.

Geojit Insights does not accept responsibility for any investment decision taken by readers on the basis of information provided herein. The objec-
tive is to keep readers better informed and help them decide for themselves. Reproduction in whole or in part without the written permission of the
publisher is prohibited.

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April 5, 2017 Geojit Insights
 |FEATURES|

Anand James

6 INVOLVE
INVEST

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April 5, 2017 Geojit Insights
T
est cricket is a stupid sport. Which other sport market based on MRP, assuming, higher the prices,
makes you toil in the sun for five days and could higher the quality. What does it say of your portfolio
still potentially declare no winner? The bowler is comparison with the benchmark index, if Nifty has seen
made to hurl a ball at the batsman, with a concealed almost 75% of its constituents changed in the last ten
threat to maim or kill; the batsman wields a bat to avoid years?
his wicket or himself getting hit. Repeat every ball! Over
540 times per day, for five days! More investors may be getting involved in stock market
today, but it is still the old timers that make up the bulk
And in spite of all of an AGM. Has the
the advancements engagement with
in technology and Staying invested long enough and getting in- the management
investments in spi- become restricted to
der cams, military volved allows you to put things into perspective, analyst concall?
grade equipment for Corporate actions
understand the business and the changes.
DRS et al, for every like splits, bonuses,
delivery, it is the rights are increas-
batsman positioning ingly seen as oppor-
to strike, that the tunities for spot
camera zooms in on and not the bowler who is already trades and quick gains. Where is the sense of anticipa-
in action. The anticipation of the keeper, the horror of tion? Where is the pride of ownership today?
the close in fielder, the tight brows of the umpire are all
just after thoughts. Despite all the tall talk, cricket is a The fixation on "returns" must go, lest investments be-
biased game. come merely a numbers game. Staying invested long
enough and getting involved allows you to put things
Yet, all these biases, the long pauses and restarts, into perspective, understand their businesses, their
punches and counter punches, lofty expectations and changes. You could end up knowing more about yourself
miserable failures, and sustained periods of balancing and may become better off in managing the rewards. In
out such biases finally end up spawning glorious uncer- that, investment process is more like gardening; the
tainties, which make champions and yarn stories for the process and the journey never ceases to satisfy. 7
7
yonder. And this is where the sport connects with life.
No wonder, some of the best non-fiction literature today
is found centring on cricket.

The primacy of the Test match is what has allowed T20,

its love child, and cricket’s shortest international form, to
thrive, and prosper. All the charm of a test match in a
capsule, delivered in a high decibel environment, de-
signed for instant gratification and jaw dropping mone-
tary benefits for the players, support staff and the own-
ers. But for all the glitter, it is doubtful if cricket as a
sport would survive if T20 is the only form in play. For
any story to be attractive, its narration should be at such
a pace that lets the reader also into it, and allows him to
relive the moments. This is where a Test match puts T20
into a shade.T20 needs Test match to survive, more
than cricket wants T20.

Here a parallel can be drawn to equity investments. The

advancement in the internet of things (IoT) has made
investment process seemingly user friendly, but so much
of action now is also in the face. Falls in stock prices are
at times dramatized and gains, glorified. So much so
that, we now require, either of these events to get our
attention to that stock. So much of data as well as anal-
ysis tools are available at the fingertips, but it is not cer-
tain, if such deluge of information always means better
decision making. And that means an investment decision
is often taken on the basis of prospective “returns”.
Where a forecast of returns is not possible or restricted
by regulator, historical returns are used as a reference.
Is this any different from buying something from a super

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April 5, 2017 Geojit Insights
 |GUEST COLUMN|

BULLISH THEME
ENDURES

8 8

“The rally in indices would be broad based for

the simple reason that we are beginning to see
flows coming back into emerging markets as a
category. There is likely to be buying spread
across the board. ”

Anup Maheshwari, EVP and Head – Equities,

DSP Blackrock Investment managers Pvt. Ltd.

T
he Indian stock markets have been on an upward trajectory If one looks at large cap stocks in the index, they are not very ex-
that has pushed indices close to their all time highs. That pensive considering their long-term averages from a pure valuation
resonates well with our pretty bullish view on equities as an perspective. As you go down the chain in market cap, stocks are
asset class in the longer term. We are now reaching a point where
looking more and more expensive but in the large cap space, there
an improvement in corporate earnings looks imminent over the next
are still a lot of opportunities where valuations are quite reasonable,
few years. We are also in a very interesting scenario as far as inter-
est rates are concerned. In our opinion, interest rates may stay especially in the context of much lower and stable interest rates.
down for a while and is unlikely to move up significantly from here. Hence we still stay the course on the long term view on the asset
That combination is always very important when we are looking at class. Minor corrections can keep happening but the bigger call and
how valuations will behave and how the markets are likely to the bigger picture is that equities still look like a favourable risk
move. reward.

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
Rally may be broad based makes it very difficult to keep finding incremental ideas. We also
wanted to temper down expectations a little bit given the way
The rally in indices would be broad based for the simple reason the fund size itself was growing. This one had done very well in
that we are beginning to see flows coming back into emerging the last three years. It is difficult to replicate that level of perfor-
markets as a category. There is likely to be buying spread across mance. So we just felt it was a good time to consolidate this
the board. There may be a slight value tilt to some of those flows given all the valuation points. However, there will always be
incrementally as time passes, but it will be spread across the some ideas. India never runs out of entrepreneurship and it con-
range of sectors in our opinion. We do not think that any one stantly amazes us in terms of newer ideas that keep coming up.
sector is in dominance at the moment. So when we are seeing a
broader uplift across the asset class globally, we are seeing Sectoral view
something similar happening here and through a sequence of
rotation, there are varieties of sectors that come into focus. The If one looks at sectors overall, one of the underperforming sec-
way we are seeing this happen is that overall, the low interest tors that we like right now are pharmaceuticals. That is some-
rate environment will tend to push valuations up across the thing that we think can come back at some stage. We do not see
board. Financials obviously will be important part of it, given these FDA issues being prolonged. The pharma sector has had a
their weight in the index. So that continues to be the core couple of tough years and we are hoping that will get sorted out
around which the index does tend to perform. gradually. We have already seen telecom as a sector make a
comeback but that is not a sector we have been able to get our
Small cap party may be winding down hands around yet.

You need the market to be doing well for domestic flows to come Financial services have been a steady performer right through
in. There is no doubt about the fact that there is very large po- and that continues to be the largest weight in most portfolios.
tential for domestic flows to come into equities but over the past While that is a space that will keep steadily performing, within
that it might be time to start looking at some of the wholesale
few years we have seen a large part of those flows have actually
banks in the private sector. That is an area that we are beginning
been more focussed on mid to smaller sized companies and not to look at closely. They have been big underperformers for many
so much the largecaps. People tend to feel more positive on the years now. So that could be an interesting part of the market to
markets when the mid and small cap companies are doing well look at because over the next one year, we have reached a point
rather than just the largecap companies, at least domestically.We where incremental asset deterioration would be very limited and
would like to see that expand to the largecaps because in the over the next year hopefully a lot of further recognition will come
mid and small caps, there has been a fair amount of valuation through. Auto component companies could also be interesting
and along with textiles, speciality chemicals and agro commodity
play so far. It is very stock specific at the moment but the gen-
eral tailwind on valuations by virtue of companies just being
stocks are some smaller sectors that what we feel could do well 99
going forward.
smaller is pretty much complete and is unlikely to repeat itself
over the next few years.

So to that extent, given the way midcaps and small caps are
priced at the moment, we feel domestic flows will start spreading
out away from just mid and small caps into some largecap com-
panies. But flows are also a function of market performance. It is
very important that the market keeps moving up for people to
derive more comfort and keep allocating more but there is no
denying the fact that over maybe 5-10-year period the ownership
of Indian investors in the market should probably rise a lot more
from where it is today.

There will always be opportunities, but the strike rate is a lot

lower as you go lower down the chain. It is not easy to consist-
ently find smaller sized companies becoming larger and larger.
Over time, a lot of them fall by the wayside as well. One interest-
ing spot that we tend to look at is companies in the 100 to 300
range of market cap which are outside of the top 100 but are
already well established. Companies that have a good track rec-
ord, have a base amount of profitability, have good corporate
structures and governance, and if their business cycle is looking
good, there is a much higher probability of them becoming
largecap sooner. That is a spot that we tend to prefer at times
like these rather than going too far down the chain.

We recently shut our micro cap fund for fresh flows largely
because the size of the fund itself from a liquidity standpoint

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
10

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April 5, 2017 Geojit Insights
|STOCK RECOMMENDATIONS|

Rating: Buy Rating: Buy

Incorporated in 1961 as Gaskets and Oil Seals Limited, Banco Prod- City Union Bank Ltd (CUB) is a mid-sized private commercial bank
ucts (India) Limited (BPIL) is a leading manufacturer of radiators, having a network of 547 branches across India with a loan book size
intercoolers as well as oil-coolers. Radiators particularly aluminium of ~Rs22,000cr. Headquartered at Kumbakonam, Tamil Nadu, CUB is
radiators – dominate the revenues of the company. While copper- the oldest private sector bank in India, founded in 1904. The main
brass radiators are targeted at the Indian Railways and the other focus of the Bank is lending to MSME, retail and wholesale trade with
industrial OEMs, the aluminium radiators find application in commer- granular asset profile and short term and long term loans to agricul-
cial vehicle (CV) and tractor industries. Thus, the company supplies tural sector.
its products to both automotive and non-automotive industries. BPIL
Expanding retail network is a key strength of CUB which also im-
has three wholly owned subsidiaries, namely BGIL (supplies sealing
proves visibility on growth outlook. CUB has added ~300 new
systems–metal/rubber gaskets–to auto/non-auto companies), NRF
branches since FY11 and targets 100 new branches over the next two
(supplies radiators and other air conditioner products to European
years. Total number of branches as of date stands at 547. Healthy
replacement markets) and an indirectly wholly owned subsidiary-
retail expansion will add momentum to loan book and deposits. Pro-
Kilimanjaro Biochem Limited (KBL; 5% stake held by BPIL and bal-
posed new branches are largely to come up in stronghold Tamil Nadu
ance 95% held by LMML- Lake Mineral Mauritius Limited). KBL manu-
which adds colour to the growth outlook.
factures and supplies alcohol in the African market through its extra
neutral alcohol (ENA) manufacturing plant in Tanzania. Major cus- CUB has a well diversified loan book with high growth in MSME, agri
tomers for Gaskets include Maruti, TATA Motors, Hero Honda and and retail segments. MSME and agri together constitutes ~50% of
TVS Group. Major customers for Heat Exchangers are TATA Motors, loan book. Loan book has grown at a healthy CAGR of 12% in last 5
Ashok Leyland, M & M, Koel, TAFE, JCB, Indian Railways, among years. The diversified portfolio is a key strength due to the high
others. growth opportunities in SME and retail segments. CUB has comforta-
ble deposits to advances ratio of 136%, leaving significant cushion to
After a sluggish H1FY17, we expect domestic CV industry to pick up fund loan growth and continues to see strong potential in its south
in FY18 on the implementation of BS-IV emission norms by 1st April Indian market for building its deposits franchise. Low cost CASA de-
11
2017. BPIL registered a consolidated revenue growth of 9%YoY for posits ratio has been much lower compared to its peers, but demone-
the period 9MFY17 whereas standalone revenue has grown by 8% tization has helped in building the CASA franchise in Q3FY17 and the
YoY. Consolidated EBITDA margin was maintained above 12%YoY. ratio has improved to 24% (+500bps YoY). The CASA mix would see
PAT has grown by 28.5% owing to increase in other income and further improvement with the expanding retail franchise and better
lower interest cost. We believe that higher road infra spending and savings environment which will also help bring the cost of funds lower
impending scrappage policy will bring increase volume sales in the and aid margins.
domestic CV segment.
Considering the potential growth for SMEs with a revival in economy,
BPIL is present in international OEM market through its overseas we factor loan growth of 17% CAGR over FY17E-19E. NIMs have
subsidiary NRF (Fully owned). Revenue from overseas business which been largely stable over the last 3 years at ~3.8%. We expect there
accounts for 60% of the consolidated revenue has delivered a reve- is room for marginal improvement in NIMs during FY16-19E with
nue growth of 7% in 9MFY17. Slowdown in international radiator declining cost of funds and increased spread between yield and cost
sales has been impacting the overseas business. We expect subdued of funds. We factor 58bps improvement in NIMs over FY16-19E and
demand has come to its bottom and will start witnessing recovery net profit to grow at 23% CAGR over FY17E-19E.
and we factor 12% CAGR in consolidated revenue during FY17E-19E. Exposure to risky assets including MSME and corporate loans led to
EBITDA margin for 9MFY17 was at 12.2% which is grown by 7%YoY. deterioration of asset quality over recent years. GNPA has increased
The margin was 12.1% in FY16 due to lower commodity prices. We by 112bps since FY15 to 3%. Recovery is currently a major headwind
factor further improvement of 70bps in EBITDA margin by FY19E. but management is optimistic on the likely revival in economic activi-
EBITDA margin is justifiable on the rebound in the CV segment, con- ties. Asset quality is expected to improve from FY18E onwards. We
centration on more profitable segment and stabilized raw material factor 50bps improvement in GNPA over FY17E-19E.
prices. CUB is currently trading at 2.4x 1Yr Fwd Adj B/V, ~24% premium to
last 3 year average. CUB has one of the highest ROE at 15%, among
BPIL is currently trading at P/E of 11.9x and 10.1x on FY18E and the similar sized private banks in India. Healthy NIMs and strong loan
FY19E EPS respectively. We expect the earnings to grow by 18% growth has helped CUB deliver better profitability than its peers.
CAGR over FY16-19E on the back revival in international market and Strong ROE outlook would support its premium valuation considering
domestic CV industry. Considering the near term headwinds from the no significant equity dilution in the near term. With the consistent
surge in raw material price we lower our PAT estimate for FY18E by earnings growth outlook, improving asset quality and healthy return
1.5% respectively. We roll over our valuation to FY19E EPS and value ratios, valuation is likely to hover at a premium. We currently have a
at a P/E 11x (3yr historical average) with a revised target price of Buy rating on the stock with a target price of Rs162 valued at 2.3x
Rs233 and maintain our Buy rating. FY19E Adj.BV.

Analyst: Saji John, Geojit Financial Services Ltd. Analyst: Anil R, Geojit Financial Services Ltd.
INH200000345 INH200000345

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April 5, 2017 Geojit Insights
 |STOCK RECOMMENDATIONS|

Rating: Buy Rating: Reduce

Ujjivan Financial Services Ltd (Ujjivan) is the third largest NBFC mi- NBCC Ltd is a Navaratna Enterprise under Ministry of Urban Develop-
crofinance (MFI) in India in terms of loans disbursed as of March ment. Its business verticals includes: Project Management Consultan-
2016. It has a network of 469 branches across 24 states and has a
cy (PMC), Engineering Procurement and Construction (EPC) and real
loan book of Rs59bn. Its business is primarily based on the joint
liability group lending model for providing collateral free, small ticket- estate business. NBCC was nominated as a Land Management Agency
size loans to economically active women. Loan book comprises of (LMA) for disposal/ development of lands assets of sick PSUs. Further,
Microfinance (86% of loan book) to self help groups, individual loans NBCC is exploring option to buy any of the four construction PSUs
for agriculture and animal husbandry finance and housing finance. It which includes Hindustan Prefab, Engineering Projects India Ltd,
also offers individual loans for Micro and Small Enterprises (MSEs). NPCC Ltd, and HSCC. These PSUs operate in different verticals in the
Importantly, Ujjivan is one of the 10 companies which obtained small construction business which includes building hospitals, prefab struc-
finance bank (SFB) license from RBI in FY17.
tures, etc which is in-line with government plan to consolidate PSUs
operating in similar business depending upon synergy and viability.
Ujjivan’s transformation to Small Finance Bank started in Q4FY17
with conversion of 5 existing branches into bank branches. Entire 469
branches will be converted in due course. Transformation to Small NBCC’s current order book backlog of Rs750bn and order book con-
Finance Bank will script a new growth in the coming years through sists of 96% PMC including large redevelopment project of 3 colonies
larger ticket size loans, new products and deposit mobilization. As an in Delhi worth Rs250bn, Rs58.3bn AIIMS redevelopment project and
SFB, Ujjivan will be moving up the ladder to directly compete with Rs 70bn DDA projects. EPC and Real estate, forms remaining 4% of
NBFCs and Banks and will have an advantage over these potential the order book. Management expects marketing work of the 3 colo-
competitors in the unbanked markets due to the strong foothold it nies will start from Q4FY17E. NBCC is at sweet spot considering its
already enjoys in these markets.
huge order book, limited competition and expertise in executing large
The transformation is expected to bring greater headroom and open projects. 9mFY17 NBCC reported a revenue growth of 12% YoY at
new windows of growth due to new products and relaxation of cer- Rs3,933cr led by higher contribution from PMC business. NBCC
12 tain regulations currently imposed for microfinance such as re- booked Rs2.43bn revenue from Kidwai Nagar project in 3QFY17.
strictions on loan ticket size, exposure limits to single customer etc. While EBITDA margin improved by 40bps YoY to 4.9% led by lower
SFB can offer new suite of loan products with higher ticket size which operating cost, PAT grew by 7% YoY to Rs176cr.
will drive customer acquisition and enhance the credit profile of exist-
ing customer base. SFBs are allowed to mobilize deposits from the However, 9mFY17 revenue growth was lower largely due to lower
public which provides opportunity for new sources of low cost funds.
execution of large redevelopment projects due to time lag for prepar-
SFB has relaxed rules with the ticket size of loans compared to micro
finance. This opens up opportunity for enhanced credit to existing as atory work and decline in real estate business. For example, its trau-
well as new customers. ma centre project, which it won in October 2015, designs have been
completed while the approval process is going on. In real estate
Ujjivan’s loan book has grown a robust 65% CAGR over FY13-16 on business, revenue declined by 64%YoY to Rs81cr as the company
the back of healthy traction in customer acquisition and branch ex- was not able to sell its readily available inventory which is mainly in
pansion. Client base has grown at an aggressive 44% CAGR over Okhla amounting to Rs600cr. Management continue to indicate that
FY13-16. High customer retention ratio of 86% maintained over the
they will be cautious and will be selective in new projects in this seg-
last three years has also helped the loan growth momentum. Earn-
ings have grown at 74% CAGR over FY13-16, and command a ment.
healthy ROE of 16%. Ujjivan’s branches are geographically spread
across the country with stronghold in rural and unbanked markets, Management acknowledges that most of its key redevelopment pro-
and enjoys robust repayment rate of 99% and healthy asset quality jects are in the process of getting approval from the local bodies and
(GNPA 0.25%) due to regional diversification and strong credit ap- are at designing stage. Going forward the execution in the PMC divi-
praisal. sion is expected to be muted in near term and the execution of its big
ticket redevelopment orders is expected to kick start from 2HFY18E
We factor 26% CAGR in loan book over FY17E-19E. Microfinance will
onwards. We lower our earnings expectation by 23% for FY18E con-
continue to drive loan growth in the next two years, while individual
loans, new products and high ticket size loans in SFB business would sidering delay in project approvals. Despite earnings downgrade for
be future growth triggers. On elevated operating costs for business FY18E, PAT is expected to grow by 25% CAGR over FY17E-19E sup-
transformation in medium term, earnings are expected to de-grow - ported by pick-up in execution of large redevelopment projects in
7% in FY18E while ROEs to moderate by 300bps to 13% by FY19E, H2FY18E.
but we factor these as incidental to the long term business growth.
Ujjivan is currently trading at one year forward Adj. P/B of 2.7x. We We roll our valuation to FY19E and value NBCC at a P/E of 22x (21x
believe this premium valuation will sustain, given the possibility of earlier) on account of robust order book. However, given slower pick-
high growth led by SFB. We value at 2.8x FY19E Adj.BV and recom-
up in execution of large redevelopment projects and premium valua-
mend Buy with a target price of Rs520.
tion we downgrade to Reduce from Accumulate, with a target price to
Rs155.

Analyst: Anil R, Geojit Financial Services Ltd. Analyst: Anil R, Geojit Financial Services Ltd.
INH200000345 INH200000345

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April 5, 2017 Geojit Insights
|WISDOM WALL|

"I will tell you how to be-

Most people don't plan
come rich. Close the
to fail, they fail to
doors. Be fearful when
others are greedy. Be plan.
greedy when others are - John l Beckley
fearful." - Warren Buffett

I believe that the big-

gest mistake that most
people make when it
comes to their retire- 13
ment is they do not plan
for it. They take the
same route as Alice in
"In investing, what is
the story from “Alice in
comfortable is rarely
Wonderland,” in which
profitable."
the cat tells Alice that
- Robert Arnott
surely she will get
somewhere as long as
she walks long enough.
It may not be exactly
Planning is bringing where you wanted to
the future into the get to, but you certainly
present, so that you get somewhere.”
can do something
about it now ― Mark Singer, The Chang-
ing Landscape Of Retire-
Alan Lakein ment - What You Don't
Know Could Hurt You

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April 5, 2017 Geojit Insights
 |FEATURES|

KV Sanil Kumar

ASSET ALLOCATION
14
Investing in a particular asset class, other than the tradi-
tional FDs, also depends on the investor’s understanding
and awareness about such instruments. Here it is better
to take the help of competent financial advisors.

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April 5, 2017 Geojit Insights
 in such a situation is that he/she may end up getting a lesser

A successful, satisfied and happy investment journey starts

with wise Asset Allocation. Every investor has a different
risk profile and a variety of commitments that are to be
fulfilled at different stages of life. A good understanding of various
value than what is required.

It is a fact that equity investment has the ability to deliver superi-

or returns in the long run; but for short-term they are relatively
financial instruments helps in good decision-making. riskier and therefore not recommended. On the other hand, if this
investor has sufficient investment in fixed income assets, he/she
Know your Investment needs can manage any short term needs, either known or unanticipated,
without stress.
Before committing your investments into one or more asset clas-
ses, your financial needs and goals will have to be assessed. Once Equity investments should be for long-term. In the long run equity
you decide on the goals, segregate them into short-term and long will deliver superior returns through the power of compounding.
-term goals. Analyze, evaluate and then choose the suitable asset
class for each goal. Over-exposure to any single asset class has Investing in a particular asset class, other than the traditional
its own disadvantages relating to performance, liquidity, capital FDs, also depends on the investor’s understanding and awareness
appreciation, etc. about such instruments. Here it is better to take the help of com-
petent financial advisors. They can help in ascertaining the in-
Importance of Asset Allocation vestor’s risk appetite and guide investments in different asset
class appropriate to the investor’s needs and goals.
Investors in India often put bulk of their savings into fixed income
assets, followed by gold and real estate. Equity investing is still at Rebalancing
a nascent stage.
Asset allocation is a continuous process throughout the invest-
When we review investors’ profile or ask them where they wish to ment journey. After a cycle in either equity markets or debt, one
invest, we find that most of them are biased towards an asset must review and rebalance the portfolio and align it with the ideal
class that does not match their risk profile. This is the first prob- asset allocation that was initially charted. Any deviation needs to
lem. be meticulously corrected and experts’ help would come in handy.

Imagine a scenario in which an investor who is over-invested into Given the positive outcome of GST implementation and the long-
equity meets with an unforeseen emergency expense; say 2 years term economic benefits of demonetization, equity markets are
after he invested. The investor will have to sell his equity to meet expected to do well in the long run. Stock market has always
the commitment. Now, if the equity portfolio is performing well, been volatile and it will remain so. Hence, it is advisable to take 15
it’s a fortunate scenario. But, if the investment is underperform- the equity exposure through the SIP route.
ing, then he/she will be forced to sell at a loss. Another problem

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April 5, 2017 Geojit Insights
 |FEATURES|

ADD TO Y
Vinod Nair
IF CON
The rally in indices would be

L
ast month Indian market touched all time high to see flows coming back int
led by the electoral triumph. Post this rally, the
market is taking a breather led by concern over
bu
strong rupee, which is impacting IT stocks, regulatory
issue with US FDA for pharma stocks and profit booking
in banking stocks. The pulse of the market is still strong
but it can hover trying to find a mean as the global like Obamacare, travel ban and H1B visa issues. The
market evolves, given the consolidation in the US mar- course of Trumpenomics and its consequences will im-
ket. pact the global economy and markets.

Some profit booking has emerged in the US market In the domestic market, one risk is the possibility of
16 triggering some consolidation in the Emerging Markets. higher inflation from higher commodity prices. Interna-
Dow Jones after touching a 52week high of 21,169 on tional commodity prices have turned around while the
1st March, 2017 was down by about 2.5% by March Indian economy is still under weak demand and depreci-
25th. Since the election of Trump, Dow has given a ation in INR in the long-term is impacting. Surge in CPI
return of 16% touching an all time high within a short (inflation) during the last two months was largely due to

span of 4 to 5 months. Some experts review that the hike in oil prices and this trend will increase further as
market has rallied a lot during the short time antici- other raw materials bond too. At the same time inflation
pating a revival of the economy and earnings due to had also seen some decline in primary items due to
Trumpenomics. This may turn out true and can hap- demonetisation. This has started to reverse. Hence,
pen over a long-time but not before facing possible there is a risk of inflation rising in the medium-term. RBI
legislative constraints. We are already seeing a mix has already changed its stance to neutral and is likely to
of pro and anti-Trump stances on sensitive issues maintain that for some time, considering the increased

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April 5, 2017 Geojit Insights
YOUR EXPOSURE
NSOLIDATION
broad based for the simple reason that we are beginning
to emerging markets as a category. There is likely to be
uying spread across the board.

risk of hike in US Fed rate. Hence, possibility of further ly by FY19 as the impact of demonetization recedes, GST
cut in interest rate is low. becomes efficient, WPI (wholesale price index) improves,
government spending further accelerates and private
In a nutshell, a large part of India's stock market perfor-
capex kickstarts. We suggest that retail investors should
mance was correlated to improvement in global markets
add to their exposure provided the market consolidates in
in anticipation of the beneficial effects of Trumpenomics
the near-term with a positive outlook in the long-term.
and strong mutual fund inflows.Vulnerability increases
The outperformer sectors could be Defence, Logistics,
17
when valuation is high and in India now valuation is a
Chemicals, Banks, Infrastructure and Auto.
tad bit high. At the same
time expectations of im-
provement in domestic earn-
ings area are also high even
though the actual financial
results have been weak. The
possibility for quick improve-
ment in earning is limited
given the headwinds from
demonetisation, procedural
lags during the implementa-
tion of GST, possibility of
increase in inflation and no
further cut in interest rate.
Hence we believe that possi-
bility of consolidation is
emerging in the near-term.

At the same time, we also

believe that the extent of this
consolidation will be limited
due to accumulation at lower
levels. This is because global
economy is improving and liquidity flows will remain
strong. Indian economy is yet to benefit from the re-
forms undertaken so far and possibility of further reform
is bright, given the recent electoral triumphs of NDA.
Possibility of revival in earnings growth is good especial-

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April 5, 2017 Geojit Insights
 |COVER STORY|

Dr V K Vijayakumar

Emerging megatrends:

18
IMPLICATIONS FOR
INVESTORS

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April 5, 2017 Geojit Insights
 -

S tock markets discount the future. Smart investors who can anticipate the emerging trends and invest
based on that foresight would be more successful than those who invest after the trends become
obvious and well known. An insight into the emerging megatrends in the economy and markets will
enable investors to spot the winners sufficiently early. Let us try to discern some broad emerging mega-
trends.

Improving global macros

In this age of uncertainty, perhaps it would be prema-

ture to conclude that the global economy is emerging
strong and stable. But, there are clear signs of a strong
global economy emerging, led by the USA. The global
economy has been hit by multiple shocks during the
last 9 years. The global financial meltdown of 2008 and
the Great Recession that followed were huge shocks
that had devastating consequences. In 2010, the Euro-
pean debt crisis exploded, impacting financial markets
worldwide. Then in 2013, the Emerging Markets
reeled under the currency crisis caused by the ‘QE
tapering’ announcement by the Fed. In 2016, the mar-
kets were hit by unexpected events like Brexit, the
election of Donald Trump as the US president and back
home in India the ‘black swan’ event of demonetization
impacted the economy and market.
Of course, there are risks to this scenario: anti-
globalization tendencies, higher than expected rate hikes
Many unexpected and unanticipated events will happen by the Fed, some presently unknown geopolitical issues
in future too. But a smart investor should try to discern etc. can impact global growth and markets. Such risks
some clear emerging trends. The US economy is have always been there and are integral to markets. 19
emerging strong with robust macros. President Trump
is a maverick; but it is quite possible that his policies,
A structural shift in India’s politics and economics
particularly the proposed corporate tax cuts, are likely
to lead to a strong rebound in US growth, which in
turn, will further push the global growth forward. The recent election results indicate a clear emerging trend
Meanwhile, European economic growth is at an eight indicating political stability. Political stability is essential for
year high and Japan is holding on. China has averted a reforms. UPA II was plagued by corruption scandals and
reforms were on the back burner. The exigencies of coali-

Since valuations are moving up,

corrections can happen any time; some corrections can be
swift and sharp. Long-term investors should not bother
about short-term gyrations in the market. Systematic in-
vestment is the key to long-term success.

hard landing and is likely to move ahead, albeit with

tion politics shackled UPA II and essential reforms didn’t
lower growth. India looks set for a long period of po-
happen. The recent election outcomes indicate an extend-
litical stability and economic growth. In brief, after nine
ed period of political stability. The present government is a
years of economic turbulence and tepid growth, re-
pro-business government and it would be reasonable to
bound in global growth is on the cards. Global GDP
expect this government to initiate reforms that will acceler-
growth is likely to improve from 3.1 percent in 2016 to
ate growth. The cumulative impact of demonetization,
3.4 percent in 2017 and 3.6 percent in 2018. This au-
digitization and GST will lead to some megatrends like the
gurs well for markets, globally.
following.

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April 5, 2017 Geojit Insights
 money, improving financial literacy, political stability and
better growth prospects. Risk-reward will appear unfa-
Formalization of the economy vorable. But investors should not panic since valuations
are not stretched. Favorable sentiments plus liquidi-
ty can push market valuations far beyond histori-
Decline of the informal sector and cal averages.
the formalization of the economy
Sectoral shifts
are inevitable. This is a true mega-
trend that will have profound con- Bull markets will be led by different sectors at different
times. During the 1995-2000 Bull Run, IT multiplied man-
sequences. The informal unor- ifold. 2003-08 Bull Run witnessed autos, FMCG, financials
ganized sector accounts for 40 per- and refining leading the rally. The high-inflation-high-
interest rate period 2010-14 was favorable for FMCG and
cent of India’s GDP and lion’s share negative for capital goods. Going forward, we are likely
of total jobs. Demonetization shook to move into an extended period of moderate inflation
and low interest rates. This should be favorable for capi-
this sector and GST will accelerate tal goods, interest rate sensitive segments and construc-
the process of shift to the formal tion. For capital goods, the excess capacity in the econo-
my is a constraint. According to the RBI, capacity utiliza-
sector. The informal sector, which tion in manufacturing was 72.4 percent last September.
thrived on tax arbitrage, will yield Private capex will begin when capacity utilization crosses
80 percent. Once capacity utilization improves and pri-
market share to the formal sector. vate investment picks up, capital goods will do well.
In some segments, the informal Here, patience is the key. Interest rate sensitive seg-
ments will do well in this Bull Market. Affordable housing
sector is 50 percent of the industry. is a segment that is likely to witness explosive growth.
This will benefit the building materials industry and select
real estate players.
In segments like building materi-
als, auto-ancillaries, textiles etc. The IT and pharma industries, which were consistent
performers, are presently facing external headwinds and
the formal sector is likely to make
20 consequently their valuations have come down. It ap-
big inroads and expand market pears that all bad news is in the price and, therefore, any
good news can trigger an uptick in the IT stock prices.
share at the expense of the infor- Share buy back offers are boosting sentiments in the
mal sector. The potential gain for sector. The pharma industry, though impacted by the
several FDA strictures, is attractive for medium to long-
the formal corporate sector is huge. term investment. Domestic consumption goods segment
This has important implications for has great potential. Indian consumption story is bright.
Here, higher valuations are justified since there is poten-
investment. tial for high and sustained growth. Presently, large caps
have higher margin of safety. Small and microcap stock
investment should be, ideally, done through the mutual
Financialization of savings fund route.

Another megatrend that has huge implications for the mar- Since valuations are moving up, corrections can happen
ket is the financialization of savings: the shift of savings from anytime; some corrections can be swift and sharp. Long-
physical assets like gold and real estate into financial assets. term investors should not bother about short-term gyra-
Within financial assets, there is an increasing preference for tions in the market. Systematic investment is the key to
equity and mutual funds. Fixed income did well during the long-term success.
last 3 to 4 years. The steady decline in interest rates pushed
up the price of bonds and delivered good returns for debt
fund investors. The present macro trends indicate that
though debt funds can deliver better returns compared to
bank deposits, the bond party is over. This will facilitate
switch from debt to equity. This trend that has be-
gun, is likely to gather momentum, going forward.

Increasing flows into equity and equity mutual funds

will push valuations beyond historical averages.
Presently, financial savings are 40 percent of Gross
Domestic Savings. Within financial savings, equity
and equity mutual funds attract only 8 percent. This
figure is likely to rise due to crack down on black

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April 5, 2017 Geojit Insights
 21

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April 5, 2017 Geojit Insights
 |FEATURES|

Saji John

AUTO INDUSTRY IS
GEARING UP FOR BS-IV
22

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April 5, 2017 Geojit Insights
The auto industry is all set to manufacture BS-IV emission ing to industry experts, this could increase the sales of BS-
complied vehicle starting from the deadline of 1st April 2017. III vehicle till 2017. We don’t expect that the inventory
Bharat stage (BS) emission standards were introduced in impact is so significant for the economy to adjust to the
2000, setup by the central government to regulate the out- new price change because every price comes with a value
put of air pollutants from the internal combustion engine added service. At the same time two wheelers form a large
equipments. The reason for the advancement from BS-III to portion of the inventory where the difference in price is
BS-IV was to control the quantity of sulfur content in the limited at about Rs500 to Rs1000 in the economy segment.
gas emitted from the exhaust. India’s BS-IV emission norms Historically the industry had witnessed strong volume
are equivalent to Euro-IV norms and the country is lagging growth at the time of transformation in BS norms. During
behind 2 stages comparing to the developed market emis- shifting from BS-I to BS-II we experienced 14% growth
sion standards. Indian auto industry has been the fastest in followed by 26% while changing to BS-III norms. At the
the world to upgrade its emission norms while Europe took same time we also experience pre-buying due to
13 years to implement the Euro 4 stage. The difference in prices in high value vehicles.
government has also decided to leapfrog However the pre-buying of BS-IV vehi-
directly to BS-VI by 2020 by skipping BS- cle has been sluggish due to de-
V. The advancement from BS III to BS monetization. Till February 2016
IV will lead to the improvement in
operation and fuel efficiency. It Historically the industry had -17 the domestic auto sector
has grown by 7%YoY in which
should also improve the life and
reliability of vehicle and also for
witnessed strong volume Cars/Trucks/2-wheelers have
registered a growth of
proper diagnosis of remedy growth at the time of transfor- 9%/0%/8%.
existing service model will
have a shift towards OEM’s. mation in BS norms. During The outlook for the near

Though the industry is ready shifting from BS-I to BS-II we term looks challenging,
owing to an increase in the
to start the manufacturing as
per new norm, a group of auto-
experienced 14% growth fol- price of the vehicles, due to
change in norms and con-
mobile manufactures claim to be lowed by 26% while changing sumers gradually stepping
saddled with an inventory of near- back from the blues of demon-
ly 8.2lacs BS-III vehicle worth over to BS-III norms. etization. The government initia-
Rs12,000Cr, with a risk to be obso- tives towards infrastructure
lete unless if deadline is enforced. development and improvement in
23
According to the order of a Supreme Court logistics operational efficiency, driven by
mandated Environment Pollution control Author- GST coming into force, will attract higher
ity (EPCA) only BS-IV compliant vehicle will be regis- economic activity. Higher agricultural penetration
tered in the country from April this year. This issue has through mechanization will continue to boost tractor seg-
divided the industry right through the middle and those ment and surplus rural income will increase in 2W sales
looking for deferment of the new norms are supported by volume. A good harvest season in the coming year followed
industry lobby grouping SIAM (Society of Indian Automobile by a favorable monsoon will likely justify the current valua-
Manufacturers). The confusion stems from the fact that tion. We expect double digit sales growth for FY17-18 ow-
while the August 2015 notification from the Road transport ing to higher realization from price hike and increased vol-
highway ministry spoke about mandatory manufacturing of ume growth. In addition the imminent scrappage policy will
BS-IV vehicle from April 2017 and not their sale and regis- augur well for the trucks market where the government is
tration, and that the matter is pending with the Supreme awaiting to incentivize the people who purchase the new
Court. Putting an end to all the speculation, on 29th march commercial vehicle of above Rs15lakh.Currently the sector
2017, Supreme Court stands by its previous verdict that no is trading at a P/E of 17x which is 21% premium to its 3
BS-III vehicles will be allowed to register from 1st April year historical average of (14x).
2017. This will put pressure on some manufactures to liqui-
date its inventory in the export market who were baffled by
the decision. The price of the BS-IV vehicles is expected to
be relatively higher than the present BS-III vehicles. Accord-

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April 5, 2017 Geojit Insights
 |FEATURES|

“An investment in knowledge always pays the best interest.”

- Benjamin Franklin

Vijayasri

CHILDREN’S PLAN -
INVESTMENT
24 IN KNOWLEDGE

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April 5, 2017 Geojit Insights
 Every parent may not be wealthy enough to pass
on their fortunes to their children. But every parent
can invest towards building an education corpus to
give their child, the most valuable wealth he/she
can ever possess i.e. best education.

Higher education costs are skyrocketing in India

nowadays. From Primary to Secondary education,
parents are finding it difficult to meet this in-
creased cost. The 2018 class at the Indian Institute
of Management will have to pay a fee of around
Rs20 lakh for a two year course. If you have not
planned for your kid’s education properly you will
find it difficult to find the corpus when your child is
ready and demanding to go for higher education.
oriented. Normally in equity oriented hybrid funds,
The fixed income returns are on a down trend 65% of the funds are invested in equity and the re-
now. If one depends more on low interest depos- maining 35% in debt. For debt oriented hybrid funds,
its, it puts a greater burden on your finances be- 60% is invested in debt funds and 40% in equity.
cause it requires a larger outflow from monthly
savings towards achieving the required corpus. So Since these funds invest for the benefit of children,
choosing equity related the fund houses discourage prem-
investments have become a ature exit by charging exit loads.
necessity. For the common
Usually exit load is applica- Usually exit load is applicable for 3
man, with the least ble for 3 years. For children years. For children above 10
knowledge about financial years, it is advisable to start an
markets and investments, above 10 years, it is advisable SIP in debt oriented schemes. For
mutual funds are the best to start an SIP in debt oriented children below 10 years, an SIP in
option to invest in equity
schemes. For children below equity oriented schemes will be 25
and they need not take the better as they will get longer time
burden of tracking stocks or 10 years, an SIP in equity ori- to make up any short-term loss.
bonds. Mutual funds have Grandparents can also invest in
exclusive schemes for chil- ented schemes will be better the name of the beneficiary child.
dren. Investing in children’s as they will get longer time to At the time of redemption the
funds through the SIP route proceeds are credited to the ac-
will reap better risk adjust- make up any short-term loss. count of the beneficiary child on
ed returns to achieve your him/ her attaining 18 years of age.
long term goals for your child. Some of the fund houses also offer personal accident
insurance cover for a parent or guardian.
Most of the children's plans are categorized either
as a Hybrid –equity oriented or as Hybrid- debt

See the following table which gives details of some children’s plans:

Return %

Inception NAV as on Since Incep- SIP return %

Scheme Name Equity % Debt/Cash % 1 Year 3 Years 5 Years
Date 17.03.2017 tion Since Inception

02.Mar.2001 71.22 28.78 98.37 22.53 18.40 17.16 17.21 16.97

HDFC Children's Gift Fund-Investment
02.Mar.2001 17.75 82.25 41.66 14.07 13.59 11.14 11.10 10.74
HDFC Children's Gift Fund-Savings
31.Aug.2001 85.44 14.56 123.62 28.58 21.74 17.51 17.55 16.13
ICICI Pru Child Care Plan-Gift Plan
14.Oct.1995 50.07 49.93 23.45 14.91 14.33 12.05 13.13 12.89
Tata Young Citizen Fund
12.Jul.1993 37.95 62.05 20.75 17.70 15.96 13.53 9.21 11.89
UTI CC Balanced Plan

31.Aug.2001 74.54 25.46 64.22 15.36 17.16 15.50 12.70 12.97

ICICI Pru Child Care Plan-Study Plan
28.Jan.2002 21.99 78.01 46.32 21.88 18.78 13.97 10.65 11.11
SBI Magnum Children Benefit Plan

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April 5, 2017 Geojit Insights
 |OPINION|

Retail investors can

make more money
- Dr. V K Vijayakumar

26

T he Indian stock market has delivered around 16 percent average annual returns since 1979. Sensex, which was 100 in
1979 is presently above 29000, having multiplied by more than 290 times. It has out-performed competing asset clas-
ses like bank deposits and gold by a wide margin. Many mutual funds have given excellent consistent returns during the last 20
years. Yet, majority of retail investors in the stock market have not been very successful. It is important to ask why? Let me
narrate from my experiences.

I have been an investor for more than 30 years. Now, as part of my job, I travel extensively and address investor meets. From
these interactions with investors I have learned that investors can make more money if they avoid some common mistakes.
These mistakes are the following.

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April 5, 2017 Geojit Insights
Fear of ‘expensive’ stocks Therefore, it is important to admit mistakes and book loss-
es. Ride the winners and get off the laggards. Avoid buy-
I addressed an investor education seminar in Andhra Pra- ing stocks continuously touching all time lows. Don’t sell a
desh in 2015. When I found that the audience was an im- stock touching all time highs.
pressive 250, I decided to do a quick survey and asked a few
questions. From their answers I gathered that around 100 Wrong timing
had invested in stocks directly. Around 50 had been inves-
tors in the market for more than 10 years. Yet, not even 10 Most retail investors enter the market at market peaks.
% had some blue chip stocks in their portfolio. The vast ma- When they hear stories of their neighbor and his uncle
jority was stuck with low-grade stocks priced between Rs 10 having made a fortune, they find it difficult to resist the
to 20 and most of them were sitting on losses in these temptation and jump on to the bull bandwagon. And,
stocks, having averaged when the price crashed. When I when the market corrects, as it invariably does, they panic
asked them why and exit the mar-
they didn’t buy ket with huge
HDFC Bank, HDFC, losses. This is the
Maruti, L&T, TCS, exact opposite of
Infosys, Sun Phar- ideal investment
ma, Tata Motors, strategy. One
Hero Motors etc. Ride the winners and get off the laggards. should enter the
the standard re- market during
sponse was that Avoid buying stocks continuously touch- times of market
they were expen- pessimism and
sive and therefore ing all time lows. Don’t sell a stock touch- become careful
during times of
risky. They bought
low priced low-
ing all time highs. euphoria and
grade stocks be- unreasonable
lieving that they valuations. During
were less risky and pessimistic bear-
will double quickly. ish phases, all
bad news will be
In my opinion, this
in the price and
27
mind block - ex-
pensive stocks are the valuations will
risky and will ap- be very attractive.
preciate slowly, This is the time to
cheap stocks are buy. Remember
less risky and can the famous words
double quickly – is of the legendry
the biggest enemy investor John
of the retail inves- Templeton: “ Bull
tor. We know from markets are born
experience that in despair, grown
this is a false no- on skepticism,
tion and that the mature on opti-
opposite is true. To mism and die of
be successful, retail euphoria.”
investors should
overcome this mind Retail investors
block. can earn more by
avoiding these
Reluctance to mistakes. Direct
book losses and investment in
eagerness to stocks requires
book profits expertise and time. Those who have time and expertise
may invest directly. Large cap blue chips will always be
Experience has taught us that big money is made by riding high priced and they may appear expensive. But this is an
the winners and getting off the laggards. But most retail error of perception. They will reward investors handsome-
investors do just the opposite. They quickly get off the win- ly in the long run. Investors who do not have time and
ners and hold on to the laggards. The aversion to book loss- expertise to invest in the market directly should opt for
es is a major problem. All of us make mistakes. What is im- the mutual fund route. Particularly for mid and small caps,
portant is to admit the mistake and learn from them. When mutual fund route is the best. Systematic investment plan
Warren Buffet lost money in US Air, he was asked why such (SIP) is the ideal investment strategy.
an astute investor like him bought that stock. The legendry
investor replied, “the only explanation is temporary insanity.”

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April 5, 2017 Geojit Insights
28

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April 5, 2017 Geojit Insights
|MUTUAL FUNDS|

EQUITY FUND RECOMMENDATIONS : APRIL 2017

Large Cap Equity Mutual Funds

► Large Cap Funds invest in industry leaders with stable growth.

► They are least risky among the equity category due to their large size, lower volatility and high liquidity.
► Suited for first time investors, or for investors with least risk appetite and for conservative investors looking for s m a l l
equity allocations.

PERFORMANCE CAGR %
Scheme Name 1 year 3 year 5 year

SBI BlueChip Fund-Reg(G) 22.09 21.51 19.60

Birla SL Frontline Equity Fund(G) 24.87 19.58 18.34

ICICI Pru Focused Bluechip Equity Fund(G) 26.14 17.71 16.03

Invesco India Growth Fund(G) 22.92 18.41 16.62

Reliance Top 200 Fund(G) 25.91 20.38 17.31

UTI Equity Fund(G) 20.35 17.99 16.01

DSPBR Focus 25 Fund-Reg(G) 26.22 22.07 15.77 29

Franklin India Bluechip Fund(G) 20.61 17.35 13.95

Kotak 50(G) 20.55 18.09 15.19

BNP Paribas Equity Fund(G) 17.14 18.51 16.48

Flexi Cap / Multi cap Funds:

► The fund manager has the freedom to invest across market caps that increases investment opportunity. The volatility
risk is higher than large cap funds due to presence of mid caps in the portfolio.
► Suited for long term investments in equity without the hassle of constant portfolio restructuring.

PERFORMANCE CAGR %
Scheme Name 1 year 3 year 5 year

Kotak Select Focus Fund(G) 31.25 24.95 20.69

Birla SL Equity Fund(G) 36.04 26.28 21.37

Tata Equity P/E Fund(G) 43.93 29.31 19.78

ICICI Pru Value Discovery Fund(G) 22.81 26.19 22.20

DSPBR Opportunities Fund-Reg(G) 32.73 24.27 19.15

L&T India Spl.Situations Fund-Reg(G) 27.36 21.19 17.94

Franklin India Flexi Cap Fund(G) 19.74 21.06 17.79

Tata Equity Opportunities Fund(G) 21.84 20.00 17.08

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April 5, 2017 Geojit Insights
 |MUTUAL FUNDS|

Mid /Mid & Small Cap Funds

► Mid Cap funds invest in medium sized companies beyond the top 100 companies by market cap.
► They are future large caps. The fund displays higher volatility and has the potential to deliver higher risk adjusted
returns over longer term.
► Suited for young investors with longer investment horizon.

PERFORMANCE CAGR %
Scheme Name 1 year 3 year 5 year

Franklin India Smaller Cos Fund(G) 34.03 33.99 29.96

HDFC Mid-Cap Opportunities Fund(G) 37.58 30.95 24.63

L&T Midcap Fund-Reg(G) 40.22 34.49 25.45

Canara Rob Emerg Equities Fund-Reg(G) 39.00 37.13 27.32

SBI Magnum MidCap Fund-Reg(G) 28.28 29.35 27.36

Birla SL MNC Fund(G) * 13.46 28.01 22.03

*Under Review

Equity Linked Saving Schemes (ELSS)

► The scheme enjoys tax benefit forming the 80 C category with 3 year lock in period
30 ► Portfolio is generally multi cap with higher large cap allocation which reduces volatility risk.

P ERFORMANCE CAGR %
Scheme Name 1 year 3 year 5 year

Birla SL Tax Relief '96(G) 23.21 23.68 20.13

ICICI Pru LT Equity Fund (Tax Saving)(G) 25.89 20.99 18.70

Axis LT Equity Fund(G) 19.58 22.53 22.53

Balanced Funds

► These are designed to combine the benefit of equity and debt in the same portfolio
► Ensures equity taxation on returns due to majority allocation in equity (65%) and 35% in debt. In the debt
Portfolio the fund managers mostly hold short term papers to reduce duration related risk.
► Suited for investors with low risk appetite.

The schemes are listed in Pthe CAGR

above tables according to the position they hold in the
ERFORMANCE %
quartile ranking for the
month of March 2017 Scheme Name 1 year 3 year 5 year

ICICI Pru Balanced Fund(G) 27.84 20.89 18.52

HDFC Balanced Fund(G) 23.76 21.44 17.38

SBI Magnum Balanced Fund-Reg(G) 15.93 18.70 18.07

L&T India Prudence Fund-Reg(G) 20.25 20.89 17.98

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|MUTUAL FUNDS|

DEBT FUND RECOMMENDATIONS – APRIL 2017

LIQUID FUNDS:

 Average Maturity is less than 90 days.

 Ideal for parking idle funds for very short period.
 Least risk of volatility since there is no comparing of the rates with the market.

Absolute Returns CAGR%

Scheme Name 1 Month 3 Months 6 Months 1 Year

L&T Liquid Fund(G) 0.51 1.63 3.34 7.38

Reliance Liquid-Treasury Plan(G) 0.51 1.62 3.33 7.40

Birla SL Cash Plus(G) 0.50 1.61 3.32 7.44

Tata Liquid Fund-Reg(G) 0.51 1.62 3.29 7.32

Invesco India Liquid-Reg(G) 0.47 1.48 3.02 6.73

ULTRA SHORT TERM FUNDS

 Average Maturity is 3 to 6 months.

 Suitable for short term fund parking.
 Minor volatility in returns due to marking fund rates to market. 31

Absolute Returns CAGR%

Scheme Name 1 Month 3 Months 6 Months 1 Year 3 Years

Franklin India Low Duration Fund(G) 0.42 2.14 4.55 10.37 9.81

DHFL Pramerica Low Duration Fund(G) 0.49 1.82 3.92 8.80 9.17

UTI Treasury Advantage-Reg(G) 0.41 1.66 3.67 8.29 8.35

SBI Savings Fund-Reg(G) 0.40 1.53 3.42 8.07 8.36

SHORT TERM FUNDS

 Average maturity is 1 to 4 years.

 Provides accrual returns plus capital appreciation.
 Suitable for short term investment of around 3 years. Returns subject to volatility in market rates

Absolute Return CAGR%

Scheme Name 1 month 6 month 1 year 3 Year

L&T ST Income Fund-Reg(G) 0.43 4.58 10.12 9.66

ICICI Pru Regular Savings(G) 0.25 3.75 9.99 9.53

Birla SL Treasury Optimizer Plan(G) 0.20 2.77 9.98 10.30

Reliance STF(G) 0.06 3.18 8.90 9.29

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 |MUTUAL FUNDS|

INCOME F UNDS

 Average Maturity is 5 to 10 years.

 Maturity varies from short to long term to benefit from yield curve movements.
 Dynamically managed portfolio suited for tactical allocation.

CAGR%

Scheme Name 1 Year 3 Years 5 Years

ICICI Pru Income(G) 12.00 11.38 8.97

DSPBR Income Opportunities Fund-Reg(G) 9.74 10.04 9.52

Kotak Income Opportunities Fund(G) 9.79 9.91 9.43

HDFC Income Fund(G) 10.14 10.47 8.60

D YNAMIC F UNDS

 Average Maturity 1 to 10 years.

 Similar to Income funds, with greater flexibility to choose papers of different maturities ,lower Average Maturity in a
bear market and vice versa.

Performance CAGR%
Scheme Name 1 Year 3 Years 5 Years
32
IDFC Dynamic Bond Fund-Reg(G) 12.11 12.23 9.90

BNP Paribas Flexi Debt Fund(G) 10.70 11.41 9.81

ICICI Pru Dynamic Bond Fund(G) 10.50 12.04 9.49

Axis Dynamic Bond Fund(G) 10.45 11.46 9.16

Birla SL Dynamic Bond Fund-Reg(G) 9.33 11.81 9.80

M ONTHLY INCOME PLANS

 Generally 80% of the portfolio is allocated into debt and 20% into equity.
 Preferred by conservative investors who want some allocation in equities.

Absolute Returns CAGR%

Scheme Name 6 Months 1 Year 3 Years 5 Years

HDFC MIP-LTP(G) 3.48 16.56 13.57 11.10

SBI Magnum MIP(G) 3.60 13.76 12.92 11.06

Sundaram MIP-Aggr Plan(G) 3.00 13.22 13.69 10.42

The schemes are listed in the above tables according to the position they hold in the quartile ranking for the
month of March 2017

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April 5, 2017 Geojit Insights
|MUTUAL FUNDS|

SIP Focus: April, 2017

SIP Return% as on 23.03.2017

Scheme Name Category 3 Year 5 Year 10 Year Since Inception

SBI BlueChip Fund-Reg(G) Large Cap 13.44 18.24 14.66 13.84

Birla SL Frontline Equity Fund(G) Large Cap 12.90 17.25 15.15 18.91

ICICI Pru Focused Bluechip Equity Fund(G) Large Cap 12.12 15.77 - 15.89

Invesco India Growth Fund(G) Large Cap 11.73 16.32 - 13.89

Reliance Top 200 Fund(G) Large Cap 12.28 17.01 - 14.28

UTI Equity Fund(G) Large Cap 10.07 15.02 14.34 14.07

DSPBR Focus 25 Fund-Reg(G) Large Cap 13.13 17.11 - 14.45

Franklin India Bluechip Fund(G) Large Cap 11.43 14.43 13.12 21.07

Kotak 50(G) Large Cap 10.94 14.74 12.10 15.81

BNP Paribas Equity Fund(G) Large Cap 8.86 14.78 12.83 13.20

Kotak Select Focus Fund(G) Flexicap 17.16 21.08 - 17.78

Birla SL Equity Fund(G) Flexicap 18.41 22.58 16.19 21.38

33
Tata Equity P/E Fund(G) Flexicap 20.62 23.82 17.72 18.06

ICICI Pru Value Discovery Fund(G) Flexicap 13.11 21.61 20.45 19.82

DSPBR Opportunities Fund-Reg(G) Flexicap 17.75 20.42 15.51 20.87

L&T India Spl.Situations Fund-Reg(G) Flexicap 13.44 17.65 15.31 14.91

Franklin India Flexi Cap Fund(G) Flexicap 11.25 17.43 15.01 15.01

Tata Equity Opportunities Fund(G) Flexicap 11.50 16.41 13.60 19.34

HDFC Mid-Cap Opportunities Fund(G) Mid Cap 20.40 26.26 - 22.40

L&T Midcap Fund-Reg(G) Mid Cap 22.42 28.02 20.35 18.90

Canara Rob Emerg Equities Fund-Reg(G) Mid Cap 21.87 29.41 22.88 20.53

SBI Magnum MidCap Fund-Reg(G) Mid Cap 18.04 26.85 19.53 17.64

Franklin India Smaller Cos Fund(G) Mid & Small 20.59 29.57 22.61 20.81

Birla SL MNC Fund(G) Mid & Small 11.86 21.09 20.85 21.16

Birla SL Tax Relief '96(G) ELSS 14.38 20.01 - 16.56

ICICI Pru LT Equity Fund (Tax Saving)(G) ELSS 12.87 18.47 16.50 21.30

Axis LT Equity Fund(G) ELSS 12.03 20.56 - 19.42

ICICI Pru Balanced Fund(G) Balanced 15.34 18.64 15.78 16.54

HDFC Balanced Fund(G) Balanced 13.89 18.23 16.87 17.63

SBI Magnum Balanced Fund-Reg(G) Balanced 10.40 16.04 13.58 16.94

L&T India Prudence Fund-Reg(G) Balanced 13.20 17.77 - 17.22

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
 |FEATURES|

RETIREMENT
PLANNING
Flaws & Fixes Vijayananda Prabhu

A
midst the indifference and deterrence towards in matter of minutes. The sector/ industry which one choos-
retirement planning shown by the young working es to work post-retirement would have undergone vast
generation and those worried middle aged popula- transformations by that time. One should discount this fac-
tion who are now caught between a herd of products and tor as well.
intricacies, the idea of retirement planning is gaining signifi-
cance as days pass by. Now, we have the new challenge of How much corpus is enough?
declining FD interest rates and
Unlike other goals like education,
rising cost of living. Even those
marriage etc., retirement corpus
with defined benefits are finding It's near impossible to
40
40 it difficult to spread enough
calculation is a little complicated. For
cheese on their everyday bread. predict future interest other goals, there are only two steps
involved. First, since any expense
As Alan Lakein rightly said, rates, market movements today is subject to yearly inflation,
“failing to plan is planning to fail”
in your old age when you are no and the economic scenar- we first have to findout the inflated
future value of the goal. Second
longer an income generator and io with precision. So it's step is to find out the monthly
no employer needs you. Rather
than advising you (which nobody
always wise to expect the amount required to be invested to
reach that inflated corpus.Here, the
likes) to start investing, to start worst so that we confront
rate of return from investment is
early, not to be too late ( Hey, I more of surprises than important. With lower returns we
hear it every day and now it has
lost its sanctity) and such boring shocks. will require a higher monthly contri-
bution; with higher return lower
stuff, let me leap towards helping
monthly contribution would be suffi-
those who are really worried
cient. Planning for retirement is a completely different exer-
about how to make enough corpus to live a peaceful long,
cise. In retirement planning we first calculate the future
long, long retired life. I might sound conservative at times,
cost (as on retirement date) of our current monthly expens-
but that seems essential.
es. Secondly, assuming a life expectancy, we find the pre-
I will work even after retirement sent value of all the retirement cash outflows as on the
retirement date. This is the corpus required on the day of
It's good to hear this and it exhibits a strong positive atti- retirement to fund the retired life. Here, for finding the cor-
tude towards life and the urge to stay independent. But pus we use the real rate, ie., the difference between the
there are a few aspects to consider in this. One is the health nominal investment return and the inflation rate. We do this
status. The current health status is no indication of the fu- since the corpus that we rely on for meeting our life ex-
ture well being. One might include post retirement income penses post-retirement is subject to inflation. If we do not
in post retirement earnings, but it is better to define a cap consider inflation in our calculation, then the present value
and floor tothe expected monthly income from such activi- ( which is the corpus) calculated will reduce substantially.
ties. Corpus calculations should always be made at the floor This will affect retirement funding. We know that in a frac-
amounts. Second, is the foreseeable technological ad- tion, as the denominator decreases, the resultant amount
vancements. As we know, tech weather nowadays change will increase. Similarly when we consider inflation effect, the

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
interest rate will decrease and the resultant corpus amount Post retirement Investment
will increase. This is a conservative and safe approach.
This is the most vague area in the whole story. We have to
The next assumption is about post-retirement in- invest our retirement corpus in assets yielding a safe rate of
vestment returns. One cannot precisely predict the interest return. And, this rate should be high enough to beat infla-
rate trajectory for 10,15,20 years from now. So, it would be tion and yield positive returns. Now it's time to get con-
better to assume an investment return as low as possible to servative again. Assume that the real rate is 0, i.e. invest-
reach a higher and safer corpus amount. The third and final ment return equals inflation and there is no benefit of in-
step in retirement planning is investing towards reaching vesting. Then the corpus would simply be the monthly ex-
the corpus. This is purely a function of investment returns pense multiplied by the number of months of retirement life
and no inflation effect is involved. This raises the next ques- (based on life expectancy) . The only threat is that if the
tion as to where to invest. inflation rate exceeds investment returns, where we suffer
net negative returns, our corpus will get over faster. Lets
Reaching the high corpus live with it. Reduce expenses.

One cannot be conservative throughout. At some point we These thoughts were not meant to intimidate you
should rise up to the situation. One can take risk, try op- about the future, but to remind you about a few things to
tions available, save and invest more during the early ages be kept at the back of the mind while taking decisions.
of life. As the retirement corpus increases, the required Future can be safe if we stay alert and informed.
investment towards building that corpusalso increases. The
choice of investment is a function of maximum disposable To conclude
amount that could be set aside for monthly investment
contribution and rate of return required on such invest- It's near impossible to predict future interest rates, market
ment. Equities clearly are most suited for long-term invest- movements and the economic scenario with precision. So
ments and a sacred long termgoal like retirement definitely it's always wise to expect the worst so that we confront
demands inclusion of equity related products in the portfo- more of surprises than shocks. This is true in the case of
lio. Other than equity one can have EPF, PPF, NPS etc retirement planning. In a country like India, where financial
which have capability to yield stable post-tax returns ( Here literacy is very low, the importance of retirement planning
too the risk of lower future returns are applicable. Hence, it needs to be appreciated. This becomes more important in 41
41
is wise to invest more than required to make up the context of increasing life expectancy. It's you who
for any lower returns in the future). should love you the most ( I know your wife/husband does)
However the allocation of money into when it comes to securing your future. Start retirement
these will depend upon the weighted planning. Better late than never!
average return required to reach
the corpus.

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
42

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April 5, 2017 Geojit Insights
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April 5, 2017 Geojit Insights
 Performance of Schemes

Data as on 20.03.2017

The schemes are listed in the below table according to the position they hold in the quartile ranking for the month of March 2017

Equity Large Cap CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF200K01180 SBI BlueChip Fund-Reg(G) 20.01.2006 5000 33.27 22.09 21.51 19.60
INF209K01BR9 Birla SL Frontline Equity Fund(G) 30.08.2002 1000 190.88 24.87 19.58 18.34
INF209K01462 Birla SL Top 100 Fund(G) 24.10.2005 1000 50.59 26.01 20.10 18.29
INF109K01431 ICICI Pru Top 100 Fund(G) 09.07.1998 5000 289.49 31.06 18.00 16.21
INF109K01BL4 ICICI Pru Focused Bluechip Equity Fund(G) 23.05.2008 5000 34.10 26.14 17.71 16.03
INF205K01247 Invesco India Growth Fund(G) 09.08.2007 5000 26.31 22.92 18.41 16.62
INF090I01296 Templeton India Growth Fund(G) 05.09.2003 5000 227.03 29.94 21.15 15.42
INF204K01562 Reliance Top 200 Fund(G) 08.08.2007 5000 27.29 25.91 20.38 17.31
INF789F01513 UTI Equity Fund(G) 01.08.2005 5000 113.85 20.35 17.99 16.01
INF846K01CH7 Axis Focused 25 Fund(G) 29.06.2012 5000 20.83 26.92 19.18 0.00
INF205K01304 Invesco India Business Leaders Fund(G) 21.08.2009 5000 23.51 19.95 17.38 15.25
INF205K01213 Invesco India Dynamic Equity Fund(G) 04.10.2007 5000 24.47 21.97 14.84 15.93
INF740K01532 DSPBR Focus 25 Fund-Reg(G) 10.06.2010 1000 20.09 26.22 22.07 15.77
INF090I01171 Franklin India Bluechip Fund(G) 01.12.1993 5000 406.73 20.61 17.35 13.95
INF174K01153 Kotak 50(G) 05.02.2003 5000 195.29 20.55 18.09 15.19

44 INF789F01869 UTI Top 100 Fund(G) 20.05.2009 5000 54.64 22.11 16.72 14.19
INF789F01976 UTI Mastershare(G) 03.08.2005 5000 100.13 20.24 16.66 14.27
INF251K01894 BNP Paribas Equity Fund(G) 23.09.2004 5000 72.50 17.14 18.51 16.48

Equity Flexi Cap CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF174K01336 Kotak Select Focus Fund(G) 11.09.2009 5000 28.41 31.25 24.95 20.69
INF209K01AJ8 Birla SL Equity Fund(G) 27.08.1998 1000 617.76 36.04 26.28 21.37
INF109K01613 ICICI Pru Multicap Fund(G) 01.10.1994 5000 247.07 29.16 22.50 18.60
INF277K01451 Tata Equity P/E Fund(G) 29.06.2004 5000 114.51 43.93 29.31 19.78
INF090I01981 Franklin India High Growth Cos Fund(G) 26.07.2007 5000 34.03 26.84 27.52 23.31
INF109K01AF8 ICICI Pru Value Discovery Fund(G) 16.08.2004 1000 130.72 22.81 26.19 22.20
INF677K01023 L&T India Value Fund-Reg(G) 08.01.2010 5000 31.35 34.35 33.21 24.58
INF200K01222 SBI Magnum Multicap Fund-Reg(G) 16.09.2005 1000 40.00 26.64 25.81 19.94
INF090I01239 Franklin India Prima Plus Fund(G) 29.09.1994 5000 515.54 21.86 22.86 18.94
INF174K01187 Kotak Opportunities Fund(G) 09.09.2004 5000 99.77 30.77 23.03 18.19
INF109K01761 ICICI Pru Dynamic Plan(G) 31.10.2002 5000 227.79 31.74 17.94 16.67
INF740K01094 DSPBR Opportunities Fund-Reg(G) 16.05.2000 1000 187.34 32.73 24.27 19.15
INF209K01165 Birla SL Advantage Fund(G) 24.02.1995 1000 364.13 33.38 26.57 20.87
INF205K01189 Invesco India Contra Fund(G) 11.04.2007 5000 37.24 28.37 25.52 19.58
INF179K01426 HDFC Capital Builder Fund(G) 01.02.1994 5000 242.88 28.74 21.68 18.46
INF251K01951 BNP Paribas Dividend Yield Fund(G) 15.09.2005 5000 40.07 24.73 22.44 17.72
INF090I01841 Franklin India Opportunities Fund(G) 21.02.2000 5000 64.40 23.99 22.30 17.09
INF677K01098 L&T India Spl.Situations Fund-Reg(G) 22.05.2006 5000 41.17 27.36 21.19 17.94
INF090I01205 Franklin India Flexi Cap Fund(G) 02.03.2005 5000 69.71 19.74 21.06 17.79
INF277K01345 Tata Dividend Yield Fund(G) 22.11.2004 5000 69.77 26.48 19.93 15.48
INF194K01524 IDFC Classic Equity Fund-Reg(G) 09.08.2005 5000 38.16 30.64 17.76 15.56
INF200K01305 SBI Magnum Multiplier Fund-Reg(G) 28.02.1993 5000 181.65 24.66 21.91 18.92
INF277K01428 Tata Equity Opportunities Fund(G) 25.02.1993 5000 170.33 21.84 20.00 17.08

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April 5, 2017 Geojit Insights
Equity- Mid Caps CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF174K01DS9 Kotak Emerging Equity Scheme(G) 30.03.2007 5000 34.11 39.20 36.48 24.85

INF179K01CR2 HDFC Mid-Cap Opportunities Fund(G) 25.06.2007 5000 48.47 37.58 30.95 24.63

INF917K01254 L&T Midcap Fund-Reg(G) 09.08.2004 5000 113.69 40.22 34.49 25.45

INF760K01167 Canara Rob Emerg Equities Fund-Reg(G) 11.03.2005 5000 76.24 39.00 37.13 27.32

INF200K01560 SBI Magnum MidCap Fund-Reg(G) 29.03.2005 5000 72.39 28.28 29.35 27.36

INF174K01211 Kotak Midcap Scheme(G) 24.02.2005 5000 67.23 33.50 31.55 22.56

INF903J01173 Sundaram Select Midcap(G) 19.07.2002 5000 434.98 36.75 33.60 24.75

INF205K01BC9 Invesco India Mid Cap Fund(G) 19.04.2007 5000 40.38 27.65 27.89 23.01

INF277K01626 Tata Mid Cap Growth Fund(G) 01.07.1994 5000 117.90 28.83 30.05 22.95

INF209K01363 Birla SL Midcap Fund(G) 03.10.2002 1000 268.42 33.20 30.46 21.30

Equity- Mid & Small Caps CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF740K01797 DSPBR Micro-Cap Fund-Reg(G) 14.06.2007 1000 55.96 40.62 42.49 30.21 45
INF090I01569 Franklin India Smaller Cos Fund(G) 13.01.2006 5000 49.80 34.03 33.99 29.96

INF090I01809 Franklin India Prima Fund(G) 01.12.1993 5000 836.39 32.44 31.05 25.84

INF209K01EN2 Birla SL Small & Midcap Fund(G) 31.05.2007 1000 33.23 41.92 32.87 23.62

INF204K01HY3 Reliance Small Cap Fund(G) 16.09.2010 5000 33.36 41.34 38.42 29.96

INF752K01016 SBI Small & Midcap Fund-Reg(G) 09.09.2009 5000 40.35 32.08 40.01 30.17

ELSS CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF740K01185 DSPBR Tax Saver Fund-Reg(G) 18.01.2007 500 40.16 31.65 24.87 20.63

INF209K01108 Birla SL Tax Relief '96(G) 10.03.2008 500 24.93 23.21 23.68 20.13

INF109K01464 ICICI Pru LT Equity Fund (Tax Saving)(G) 19.08.1999 500 318.08 25.89 20.99 18.70

INF205K01270 Invesco India Tax Plan(G) 29.12.2006 500 40.61 23.18 22.44 18.92

INF090I01775 Franklin India Taxshield(G) 10.04.1999 500 486.96 20.52 22.12 18.34

INF846K01131 Axis LT Equity Fund(G) 29.12.2009 500 34.18 19.58 22.53 22.53

INF209K01348 Birla SL Tax Plan(G) 03.10.2006 500 31.27 22.16 22.72 19.36

INF677K01064 L&T Tax Advt Fund-Reg(G) 27.02.2006 500 45.64 29.97 21.19 16.77

INF179K01996 HDFC Long Term Adv Fund(G) 02.01.2001 500 289.82 30.38 19.25 17.11

INF174K01369 Kotak Tax Saver Scheme(G) 23.11.2005 500 36.78 30.27 23.74 16.46

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April 5, 2017 Geojit Insights
 MIP CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF209K01751 Birla SL MIP II-Wealth 25(G) 22.05.2004 1,000 35.45 20.01 15.99 13.53

INF109K01902 ICICI Pru MIP 25(G) 30.03.2004 5,000 35.99 15.41 13.75 11.78
INF179K01AE4 HDFC MIP-LTP(G) 26.12.2003 5,000 40.84 16.56 13.57 11.10
INF174K01393 Kotak MIP(G) 02.12.2003 5,000 27.65 14.76 12.57 10.82

INF194K01RW9 IDFC MIP-Reg(G) 25.02.2010 5,000 19.25 13.39 12.17 10.95

INF179K01AP0 HDFC Multiple Yield Fund 2005(G) 17.08.2005 5,000 28.79 12.81 11.53 10.25
INF740K01441 DSPBR MIP Fund-Reg(G) 11.06.2004 1,000 33.74 15.00 11.60 9.95

INF200K01859 SBI Magnum MIP(G) 23.03.2001 5,000 35.91 13.76 12.92 11.06
INF179K01AF1 HDFC MIP-STP(G) 26.12.2003 5,000 28.16 12.91 10.64 9.16
INF903J01HB0 Sundaram MIP-Aggr Plan(G) 08.03.2010 5,000 17.58 13.22 13.69 10.42

INF336L01099 HSBC Monthly Income Plan(G) 24.02.2004 10,000 33.19 12.63 11.10 10.48
INF109K01555 ICICI Pru MIP(G) 10.11.2000 5,000 44.38 12.80 11.78 10.20
INF760K01282 Canara Rob MIP-Reg(G) 31.03.1996 5,000 49.88 11.42 10.50 9.68

Income Funds CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF789F01406 UTI Bond Fund(G) 17.06.1998 1,000 49.30 12.75 11.25 9.52
INF200K01719 SBI Regular Savings Fund(G) 05.11.2003 5,000 28.02 13.01 12.06 10.25

INF090I01DG6 Franklin India IBA-A(G) 23.06.1997 10,000 56.63 10.94 10.06 9.80
INF090I01445 Franklin India Income Opportunities Fund(G) 11.12.2009 5,000 18.98 11.38 9.76 9.73

46 INF917K01130 L&T Income Opportunities Fund(G) 08.10.2009 10,000 18.55 10.01 10.15 9.11
INF200K01594 SBI Magnum Income(G) 25.11.1998 5,000 39.72 11.66 10.09 9.12
INF109K01365 ICICI Pru Income(G) 09.07.1998 5,000 51.38 12.00 11.38 8.97

INF846K01BP2 Axis Income Fund(G) 28.03.2012 5,000 15.62 10.65 10.64 -

INF760K01324 Canara Rob Income-Reg(G) 19.09.2002 5,000 34.32 11.24 10.04 8.99
INF789F01QZ1 UTI Income Opp Fund(G) 19.11.2012 5,000 14.79 10.09 10.00 -

INF204K01FQ3 Reliance Reg Savings Fund-Debt Plan(G) 10.06.2005 500 22.55 9.69 9.74 9.44
INF251K01EP9 BNP Paribas Corp Bond Fund(G) 08.11.2008 5,000 17.65 10.30 9.32 8.97
INF740K01557 DSPBR Bond Fund(G) 29.04.1997 1,000 51.20 10.26 10.09 8.49

INF740K01599 DSPBR Income Opportunities Fund-Reg(G) 13.05.2003 1,000 26.73 9.74 10.04 9.52
INF174K01DY7 Kotak Income Opportunities Fund(G) 11.05.2010 5,000 17.83 9.79 9.91 9.43
INF179K01962 HDFC Income Fund(G) 11.09.2000 5,000 36.85 10.14 10.47 8.60

Income-Dynamic CAGR %

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Year 3 Years 5 Years

INF789F01JQ5 UTI Dynamic Bond Fund-Reg(G) 23.06.2010 10,000 18.94 13.83 12.76 12.90
INF090I01BP1 Franklin India Dynamic Accrual Fund(G) 05.03.1997 10,000 56.50 11.59 12.34 11.49
INF194K01QG4 IDFC Dynamic Bond Fund-Reg(G) 01.12.2008 5,000 19.86 12.11 12.23 12.06

INF760K01449 Canara Rob Dynamic Bond Fund-Reg(G) 29.05.2009 5,000 18.68 12.48 12.20 12.04
INF200K01958 SBI Dynamic Bond(G) 13.01.2004 5,000 20.38 13.45 11.83 11.05
INF663L01484 DHFL Pramerica Dynamic Bond Fund(G) 12.01.2012 5,000 1,543.63 11.32 11.67 10.47

INF677K01916 L&T Flexi Bond Fund-Reg(G) 30.08.2006 10,000 17.67 11.46 12.39 11.91
INF174K01FA2 Kotak Flexi Debt Fund-Reg(G) 28.05.2008 5,000 20.82 11.04 10.75 11.57
INF251K01DW7 BNP Paribas Flexi Debt Fund(G) 23.09.2004 5,000 28.17 10.70 11.41 11.93

INF277K01360 Tata Dynamic Bond Fund-Reg(G) 03.09.2003 5,000 25.20 10.35 11.24 11.91
INF109K01CB3 ICICI Pru Dynamic Bond Fund(G) 12.06.2009 5,000 18.52 10.50 12.04 11.47
INF846K01917 Axis Dynamic Bond Fund(G) 27.04.2011 5,000 16.70 10.45 11.46 11.01
INF209K01793 Birla SL Dynamic Bond Fund-Reg(G) 27.09.2004 1,000 28.57 9.33 11.81 11.92

.
April 5, 2017 Geojit Insights
Short Term funds Absolute Return % CAGR%

ISIN Code Scheme Name Inception Date Minimum Amount NAV 3 Months 6 Months 1 Year

INF677K01452 L&T ST Income Fund-Reg(G) 04.12.2010 10000 17.32 2.26 4.58 10.12
INF090I01304 Franklin India ST Income Plan(G) 31.01.2002 5000 3,371.29 2.13 4.71 11.17
INF109K01TP7 ICICI Pru Regular Income Fund(G) 03.05.2011 5000 16.32 1.66 3.98 9.51
INF179K01AY2 HDFC STP(G) 28.02.2002 5000 32.28 1.57 4.03 9.64
INF179K01913 HDFC High Interest-STP(G) 06.02.2002 5000 32.50 0.73 3.63 10.25
INF109K01GU4 ICICI Pru Regular Savings(G) 03.12.2010 10000 17.28 1.44 3.75 9.99
INF789F01QA4 UTI ST Income Fund-Inst(G) 18.09.2007 10000 19.82 1.16 3.96 9.75
INF223J01DT4 DHFL Pramerica Short Maturity Fund(G) 27.01.2003 5000 29.62 1.42 3.76 9.46
INF194K01NO5 IDFC Money Mgr-IP-Reg(G) 09.08.2004 5000 25.45 1.59 3.78 8.93
INF179K01CU6 HDFC Short Term Opportunities Fund(G) 25.06.2010 5000 17.92 1.47 3.68 8.93
INF209K01LV0 Birla SL Treasury Optimizer Plan(G) 05.05.2008 1000 206.32 -0.09 2.77 9.98
INF209K01785 Birla SL Short Term Fund(G) 03.03.1997 1000 61.89 1.03 3.53 9.38
INF109K01654 ICICI Pru Short Term Plan(G) 25.10.2001 5000 33.82 0.80 3.55 9.95
INF209K01MC8 Birla SL Savings-Ret(G) 27.11.2001 1000 307.15 1.51 3.64 8.88
INF200K01HZ8 SBI Short Term Debt Fund(G) 26.07.2007 5000 18.79 1.02 3.61 9.07
INF204K01FL4 Reliance STF(G) 18.12.2002 5000 30.64 0.91 3.18 8.90

Ultra Short Term Funds Absolute Return % CAGR%

ISIN Code Scheme Name Inception Date Minimum Amount NAV

1 Month 6 Months 1 Year
INF090I01CN4 Franklin India Ultra Short Bond Fund-Super Inst(G) 18.12.2007 10000 22.20 0.58 4.44 9.67
INF090I01BU1 Franklin India Low Duration Fund(G) 26.07.2010 10000 18.40 0.42 4.55 10.37
INF663L01HV4 DHFL Pramerica Low Duration Fund(G) 22.06.2007 5000 22.13 0.49 3.92 8.80
INF194K01FU8 IDFC Ultra Short Term Fund-Reg(G) 17.01.2006 5000 22.94 0.49 3.68 8.60
INF090I01CA1 Franklin India Savings Plus Fund(G) 11.02.2002 10000 29.61 0.50 3.66 8.07 47
INF109K01AX1 ICICI Pru Savings Fund(G) 17.11.2005 5000 243.54 0.35 3.91 8.85
INF760K01795 Canara Rob Savings Plus Fund-Reg(G) 04.03.2005 5000 25.42 0.45 3.63 8.27
INF917K01AS7 L&T Ultra Short Term Fund(G) 10.04.2003 10000 26.48 0.54 3.58 8.24
INF200K01MO2 SBI Ultra Short Term Debt Fund(G) 26.07.2007 5000 2,094.89 0.50 3.61 8.08
INF789F01331 UTI Treasury Advantage-Reg(G) 12.07.1999 100000 4,092.98 0.41 3.67 8.29
INF767K01AO5 LIC MF Savings Plus(G) 04.06.2003 5000 24.85 0.50 3.56 8.12
INF740K018P2 DSPBR Ultra Short Term Fund-Reg(G) 10.03.2015 1000 11.79 0.47 3.56 8.21
INF846K01537 Axis Treasury Advantage Fund(G) 09.10.2009 5000 1,811.09 0.44 3.50 8.03
INF174K01FD6 Kotak Treasury Advantage Fund(G) 13.08.2004 5000 25.97 0.46 3.49 7.99
INF204K01EF9 Reliance Medium Term(G) 14.09.2000 5000 33.98 0.25 3.55 8.71
INF209K01LQ0 Birla SL Cash Mgr Fund(G) 14.05.1998 1000 391.00 0.38 3.43 8.18
INF200K01636 SBI Savings Fund-Reg(G) 14.07.2004 5000 25.28 0.40 3.42 8.07

Liquid Funds Absolute Return % CAGR%

ISIN Code Scheme Name Inception Date Minimum Amount NAV 1 Month 6 Months 1 Year

INF846K01412 Axis Liquid Fund(G) 09.10.2009 500 1,794.25 0.51 3.35 7.39
INF917K01JH1 L&T Liquid Fund(G) 03.10.2006 10,000 2,220.18 0.51 3.34 7.38
INF200K01LJ4 SBI Magnum InstaCash-Cash(G) 19.05.1999 5,000 3,578.94 0.52 3.34 7.37
INF109K01TX1 ICICI Pru Money Market Fund(G) 08.03.2006 500 223.91 0.51 3.33 7.40
INF204K01UN9 Reliance Liquid-Treasury Plan(G) 09.12.2003 100 3,945.54 0.51 3.33 7.40
INF109K01VQ1 ICICI Pru Liquid Plan(G) 17.11.2005 500 239.65 0.51 3.33 7.40
INF209K01RU9 Birla SL Cash Plus(G) 30.03.2004 1,000 259.99 0.50 3.32 7.44
INF251K01NF1 BNP Paribas Overnight Fund-Reg(G) 02.09.2004 1,00,000 2,353.59 0.51 3.30 7.27
INF740K01FK9 DSPBR Liquidity Fund-Inst(G) 22.11.2005 1,000 2,313.32 0.50 3.30 7.34
INF277K01LQ7 Tata Liquid Fund-Reg(G) 22.05.2003 5,000 2,983.74 0.51 3.29 7.32
INF204K01VA4 Reliance Liquidity(G) 15.06.2005 5,000 2,437.00 0.50 3.31 7.33
INF767K01IS9 LIC MF Liquid(G) 13.03.2002 5,000 2,932.31 0.50 3.30 7.31
INF194K01VX9 IDFC Cash Fund-Reg(G) 02.04.2004 5,000 1,966.92 0.49 3.30 7.33
INF336L01BN7 HSBC Cash Fund(G) 01.06.2004 10,000 1,613.61 0.49 3.30 7.31
INF200K01MA1 SBI Premier Liquid Fund(G) 11.03.2007 50,000 2,540.55 0.51 3.27 7.31

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April 5, 2017 Geojit Insights
 PAN - INDIA OFFICE NETWORK

ANDHRA PRADESH: Branches: Ananthapur: 08554-274507, 08, 09, 09393222966, Bhimavaram: 08816-221014,15, 09396221014, Chirala: 08594-233627, 628 , 629, 09391151071, Chit-
toor - Andhra Pradesh:08572-233971, 72, 9396503632,Gajuwaka Main Road: 0891-2549347, 48, 49, 09393925961: Governorpet: 0866 - 2578084,86, 87, 09346841411, Guntur: 0863-
2331063, 64, 65, 6533775, 76, 09346697094, Kadapa:08562-245773, 74, 75, 76, Kakinada: 0884 - 2344491, 92, 93, 9392333039, Kurnool: 085818-228831, 32,33, 08008993217, Nandyal:
08514-225987, 88, 89, 09346682244, Narasaraopet:08647-223134, 35, 36, 38, 9396272677, Nellore: 0861-2311697, 2311712, 735, 736, 9347112168, Ongole: 08592 222010,11,12,
09959022564, Rajahmundry: 0883-2448635, 36,37, 9396418771, Station Road – Kavali: 08626-244104, 5, 6, 7, 09393239991, Tenali: 08644 -220120, 450, 221860, 840, Tirupati: 0877 -
2220882, 84, 2220879, 8008238872, Vijayanagaram: 08922 - 220163,4, 5, 09346220829, Vijayawada: 0866-6647995, 98, 09346623964,Visakhapatnam: 0891 - 2717351, 52, 53,
09391288980. Business Associates: Nandyal- Opp. Govt Hospital: 08514 249003; Chodavaram: 08934 245088, 08121742700, 9059909089, 9133682124, 9133682126; Visakhapatnam -
Diamondpark Road: 08916666242; Ongole- Gupthas Square Complex : 08592 283010 / 20 BIHAR: Branches: Patna: 0612-2216842, 43, 44, 45, 7091099399 GOA: Branches: Margao:
0832 2712696, 693, 2736576, 09326112251 GUJARAT: Branches: Ahmedabad – Motera: 079- 23298586, 87, 23294323, 09377642325, Ahmedabad-Shahibaug: 079-
22862522,23,22862535,09377625885, Ahmedabad –Ambavadi: 079-40024925, 40024926,26441410, 26441425,09327974007, Anand: 02692-246931,34,32,33, 09375769982, Bharuch:
02642-226998, 858, 807, Jamnagar: 0288-2553369 , 0288-2553370,028, Junagadh: 2620386, 9974092324, Karelibaug– Vadodara: 0265 -
2780541, 2780542, 2780543, 9 3 7 7 5 7 9 7 8 7 , Navsari: 02637- 233472,233473, 233474,233475; 9099053861, Rajkot - Moti Tanki Chok: 0281-2464573, 2464574,2464575,
Surat - Empire State Bldg: 09327974008, 0261-2479661, 2479662, 2479663, 2479664 ,Vadodara - R C Dutt: 0265-2324586, 2354326, 2354091, 2351795, 9 0 9 9 0 5 3 8 7 2 ,
Valsad :02632 - 245901, 245902, 245903, 09377501506. Business Associates: Keshav Baug: 09898088987; Mehsana: 02762-220314, 02762- 223594, 02762-220708,09824434378,
09925938517; Vadodara - Sarabhai Compound: 0265 2336720 ,21 ,23 ,24. HARYANA: Branches: Faridabad: 0129-4142250, 0129-4142251, 0129-4142252,09312199172, Gurgaon:
0110124-2566238, 2566239, 2566240, 4105747, 4257712, 09910025558 . JAMMU & KASHMIR: Branches: Jammu: 2474163, 2474164,9906069423. JHARKHAND:
Branches: Dhanbad: 0326-2302405, 06, 07,09304127514, Jamshedpur: 09386708146, 0657- 2233734, 2442983, 2442984, 985, Ranchi: 0651-2331401, 2331403, 04, 09234611160. KARNA-
TAKA: Branches: Bagalkot: 08354 222557, 222558, 222566, 09341124272, Banashankari: 080-26690875, 26690401, 26691241, 9591996180, Bangalore: 080 40429999,
40984621, 40984070, 9341980773, Basavangudi: 080 - 26676121, 26676181, 26611243, 26676141, 09980114690, BC Road: 08255 230767, 230769, 9343350687, Belagavi:
09342209326, 2402128, 2402131, 2402156, 2422153, 2422154, Bellary: 08392 – 255393, 94, 95, 09342682887, Bhatkal: 08385 224062, 224063, 226482,226483, 09741329922, Bidar: 08482-
222652, 53, 54, 07483185238, Bijapur: 08352-242714, 242715, 242716, 240407 ,240408,9343583006, Chickmagalur: 08262 234892, 93, 94, 233564, 230418, 09343574542, Chitra-
durga: 08194 223254, 74, 221270, 71, 09342311341, Davangare: 08192 253671, 08192253575, 08192 253576, 7338461961, Dharwad: 0836 2790031, 2790032,
2790033,9341240048, Frazer Town: 080 25564350,080 25564351,080 25564352, 09341238420, Gadag: 09342808978, 274550, 274551, 274552, 252550, 250250, Gulbarga Town:
08472-272940, 08472-272941,9379844033, HAL Airport Road: 080 25231243, 25231286, 25231254, 09341051088, Hassan: 08172 233609, 610, 233652, 7760686146, HSR Layout: 080-
25723451, 52, 53, 9341225709,Hubli: 0836 2353371, 72, 73, Indiranagar: 080 25252831, 32, 25252823, 25252841,09343706936, Jayanagar: 080-26530311,12, 13, 14, 15, 16, 17,
09343706746, Koramangala:080 - 25503462, 25500232, 25503273, 41303691, 9343706783, Majestic: 080 22340067, 68,09341114190, Malleswaram: 080 -23360980,81, 82, 84,
09343706756, Mangalore: 0824 2444531, 2426158, 2446024, 2441535, 2441542, MangaloreCity: 0824 2221434, 2221435, 2223881, 2223873, Mercara: 08272 221671 221672 220672
220441, 07022255332, Mysore –Saraswathipuram: 0821-2344816, 2344817, 2344818, 2344819, 09342183451, Mysore - V V Mohalla: 0821 2516519, 2415050, 2519309,
2517719,Raichur: 08532 226925, 226926, 226927, 09379059007, Rajaji Nagar: 080-23109739, 23109745, 09341805767, Rajarajeshwari Nagar: 080 28606326, 28606327,
09108028854, Shimoga: 08182 271905, 08182 271901, 225597, 09343310824, Tumkur: 0816 – 2285651, 52, 53, 09379222011, Udupi Town: 0820 -2527689, 2528689, 2529689,
09740189922, Whitefield: 08028456665, 08028455082, Mob : 9663125104, 9663125104. Business Associates: Ankola: 08388 – 232353, 232255, 232455, 231522, Banashankari BDA Com-
plex: 080 26715410, 26715460, 09379337789, 9972099978, BTM Layout – Bangalore:080 41506462, 63, 09845730404, Channarayapatna: 08176 - 252161, 09242461911,
09242624222, 8884870989, Gangavati: 08533 234406, 07, 09916136294, 09916134294, Gulbarga: 9448477078, 08472 324613, Honavar: 08387 221804, , 8904973288, 9972191924,
Haveri - Shivajinagar: 08375 233363,8861308596; Ilkal: 09901903375, 08351-271494, Jalahalli Cross: 080 41228351, 40903157, 40903149,09886718394, Jayanagar 9th Block: 080
41301711, 09343509764, Kammanhalli: 080 41330045, 41330046, 41330048, 41330049, 41330047, 9341066950 Kengeri Satellite Town: 080 28486202, Koppal:
231402, 231202, 9886716394, Kushal Nagar- Manglore:08276 272756, 274134, 09448108364, Mangalore - Presidency Zone-1: 0824 2444521,9480974005;
Mangalore Town: 0824 2430120, 4288120,9342699120, Marathahalli: 08064522596, 42132181, 09342552077, 09341037912, New BelRoad: 080 23519633, 23519644,

48 09243164208, Puttur: 08251-231285, 09449801285, 09449818285, R T Nagar: 115, Sarjapur Road: 080-28440711, 28440712, 9886483496,
9845294327, Udupi: 0820 4295656, 4295894, 9845314134, 9916314944,Vidyaranyapura – Bangalore: 080 23646724, 41626004, 9448052835, Vijayanagar: 8 8 8 4 2 4 2 4 2 9 ,
0 8 0 2 3 2 0 4 2 8 2 , 0 8 0 2 3 2 0 4 2 9 3 , Yelahanka: 08041538197, 28561934, 08088038009. KERALA: Branches: Alapuzha: 0477 2252605, 2252607, 2264853,9995800090,
Alwaye: 0484-2630568, 2621205, 2620445, 2624404, 2630796 , 9995800065 Anchal: 0475 - 2270175/76,2270458/59, 9995800120, Angamaly : 0484-2454793, 2454792, 2454791,
9995800142, Attingal-Trivandrum: 0470 2622120, 2622130,2621020, 9995800072, Calicut: 0495 2722387, 2722388, 9995800089, 2723137, 2723237, 2723969, Calicut Nadakkavu:
0495- 2761430, 2761431, 2761432, 9995800081, Chalakudy: 0480 2705048, 2700248, 2709048, 2709095, 9995800092 Changanacherry: 0481- 2429091, 2400294,9995800084, Chittur-
Palakkad: 0492 3224591, 3222292, 9995806381, Edapal: 0494 -2689402, 2689404, 9995806385, Edappally: 0484-4014281, 282, 283, 9995800049, Erattupetta: 04822- 275993,
275994, 275995, 09995800048, Guruvayoor: 0487 2551798, 2550238, 2555460, 2557775, 9995800061, Hni Kochi: 0484- 2380182 2380189 2363262, 9995800135, Hni Trivandrum: 0471
2539668, 69, Infopark – Kochi: 0484-4061991, 4061990, 4023041, 9995800051, Irinjalakuda: 0480 2827734, 2826735, 2829566, 2820111, Kaduthuruthy:
04829 322800, 801, 284299, 9995800083, Kaloor: 0484-4046512,13, 2533416, 9995800069, 2534568, Kaloor MES Building: 0484 2405227, 2405229, 9995800425, Kanhangad:
0467- 2200731, 2200733, 2200735, 9995800952, Kanjirapally: 04828 – 204912, 204914, 204172, Kannur: 0497 2712101, 02, 03, 2761127, 2761276, Kannur - Fortlight: 0497 2761018,
2768215, 2761514, Kasaragod: 04994 -225245, 225497, 226868, 9995800106, Kattappana: 04868 274783 , 250708, 9995808272, Kochi: 0484-2355325, 2355327, 2355328, 2350971,
2369074, 2370138, Kolenchery: 0484 2760090, 2761381, 9995800738, Kollam: 0474 2745171, 2746552, 2745706, 2764126, 2763618, 2769081-84,9995800060,Kollam 2 – Bishop
Jerome Nagar: 0474 2768085, 86, 87,9995800071. Kottakkal: 0483-2741501, 2741502, 2741503, 3203221 , 9995800078, Kottayam - K K Road: 0481 2567646, 2565311, 2301163,
2303548, Kottayam – Nagampadom: 0481 2561145, 46, 47, 48, 9995800075, Kottiyam: 0474 2534093, 89, 2534070, 9995800150, Kozhikode: 0495 2727944, 2724170, 2720132,
3261013, Mala: 9995800077, 0480- 2897700, 2897701, Malappuram: 0483-2735880, 2735881, 2, 9995800156, Mallappally: 0469-2681394, 98, 2681474, 09995800121, Manjeri: 0483-
2769011, 2769022, 2769033, 9995806538, Mattancherry: 0484 - 2227337, 7388, 2224688, 4188, 2211391, 2225840, 9995800063, Moonupeedika: 0480-2836980, 2836990, 2836970,
9995800076, Muvattupuzha: 0485- 2835753, 2835795, 2835798, 2835925, 9995800136, Neyyattinkara: 0471- 2220844 ,2220944, 2221044, 9995800149, Nilambur: 0 4 9 3 1 -
2 2 1 1 7 1 , 2 2 1 8 6 4 , 2 2 1 8 8 5 , 9 9 9 5 8 0 0 0 7 4 , Pala: 0482 - 2210471, 2211071, 2216245, 46, Palakkad: 0491- 2544576, 2544580, 2544571, 9995800054, Palakkad - Stadium
Byepass Road: 0491-2533312, 2533313, 9995800070, Pala- rivattom: 0484 2334208, 2348111, 2533390, Pathanamthitta: 0468 2326243, 2326244, 2228486, 2270172, Payyannur :
04985 201901, 02, 03, 9995800147, Piravom: 0485 2243388, 2243988, 9995800041, Ponnani: 0494-2664907, 2664919, 2666808, 9995800073, Sulthan Bathery: 04936 226175, 227411,
224151, 9995800119, Talasserry: 0490 2344511, 2344512, 2344513, 9995800094, Techno Park – Thiruvananthapuram: 9995800068, 0471 2527635, 636, Thamarasseri: 0495 2225425,
26, 27, 9995800117, Thiruvalla: 0469 2604455, 2634425, 3206887, 2607305, 2636051, Thiruvananthapuram: 0471- 2467710, 2467720, 2467730, 2467726, 2466584, 9995800093,Thrissur
– Punkunnam: 0487 2385072, 74, 76, 9995800099, Thrissur - Round North: 2322826, Thrissur - Round South: 459, 2429810, 11, 2427465, 66,
2430016-19, 2427458, Trissur - Kokkalai: 0487-2442803, 2442804, 05, 2440973, 2423141, Trivandrum Karamana: 0471 2348165, 66,67, 69, 9995800141, Vadakencherry:
04922- 254249, 254250, 254251, 9995800151, Valanchery– Kozhikode: 0494- 2642220, 2642440, 2642660, 9995802149, Varkala: 0470-2611706, 09, 9995800067, Vatakara: 0496
2515783, 84, 9995800625, Vytilla: 0484- 2306036,2306049, 2307774, 2302142, 236050, 231611, 9746111187. Business Associates: Adoor: 04734- 220940,
226307, 9447560081, Angamaly - Church Junction: 0484 - 2456777, 2457444, Athirampuzha: 0481- 2730198, 2730399, Ayyappankavu – Ernakulam: 0484- 2392820,
2391840, 3001006, 9846279195, Bank Junction - Aluva: 0484- 2620962, 9447578610, Calicut - Malabar Gate: 0495- 4050918, 4060461,9895779945, 9447736040, Chavakkad: 0487 -
2502000, 9746760006, Chengannur: 0479- 2457544, 2457545, 3295001, 9447971343, Cherpu: 0487 2343494, 9446542494, 9895245201, Cherpulassery -Trichur: 0466 2284054,
2284550, 94473 80233, 9447939434, Cherthala: 0478- 2811877, 9447089891, Cherupuzha: 04985- 240145, 240132, 9495097923, Civil Station Calicut: 0495-2371116, 3253303,
9249122799, Elamakkara: 0484 - 4020969, 2340969, 9497668001, Ernakulam – Kadavanthara: 0484- 2324366, 9496305566, Ettumanur: 0481-2531924, 2531925, 9142051267,
Haripad: 0479- 2410960, 2410961, 9645090257, Irinjalakuda – Chanthakunnu: 0480-2833390, 9895880671, Iritty: 0490 - 2494522, 2494523, 9447721122, 9447290050, Kakkanad:
0484- 2428353, 2428354, 9447125354, Kalamassery: 9995824886, 9744793339 , 9895013589, Kaloor - Katrikadavu: 0484 3200525, 9847325023, Kalpetta: 04936 204670, 205452,
205771, Kanhangad: 0467 2209322, 2209625, 2207878, 2207910, 9447086822, 9495986822, Kannur Town: 0497 2701570, 9400501571, 9446337789, 9656107789,
8891965789, Karukachal: 0481 2486529, 9447087229, 9446516529, Karunagappally: 047- 2622192, 2620139, Kattappana - Ozhukayil Complex:04868- 274977, Kizhakkam-
balam: 0484- 2684632, 2684628, 9446062562, Kodakara: 0480-2622502, 9072741633, 9995695469, Kodungallur: 0480- 2808298, 99, 9447259640, Konny: 0468- 2340701, 3290368,
2248883, 9447074708, Koonammavu: 0484 2512919,6512919, 9567652919, 9446135128, Koothattukulam: 0485- 2250461, 2881272, 9745050642, Kothamangalam: 0485- 2824023,
2828874, 2827401, 9447267063, 9745768034, Kottarakara: 0474- 2452166, 2450244, 9446556148, Kottayam - Star Junction: 0481- 2561926, Koyilandy: 0496 - 2620099, 8086161216,
Kozhencherry: 0468- 2210083, 2210641, 8606012179, 9847314385, Kumbanad: 0469- 2663474, 9847365760, Kunnamkulam-Harvest: 04885- 210762, 210412, 210449, 655505, 655506,
Kurisumood:0481- 2728034, 2728033, 2728035, 09447087229, Manarcad – Kottayam: 0481- 2371267,9946832777, Manjapra: 0484 2692544, 9446128473, Mannarkkad: 04924-
225556, 225656, 9745005638, 9745006238, Mavelikara: 0479-2340353, 3291522, 9447971343, Mukkam: 0495 - 2298467, 9846297894, Muvatupuzha: 0485-2833501, 2834026, 2832269,
9847221711, Nemmara: 04923 244220, 244340, 9496838029, 9847263902, North Irinjalakuda: 0480- 2825031, 3259370, 94462 32417, North Paravur: 0484- 3290887, 3260887, 4062023,
9349124767, Ottappalam: 0466 - 2247702, 2247703, 2249554, 2249664, Pala - Ambady Complex: 04822-216399, Palakkad - Chittur Road: 0491- 2536673, 2536674, Palakkad
Jrs: 0491- 2533125, 126, 127 Panampilly Nagar: 0484- 2317887, 2317888, 9544700210, Pandalam: 04734252607, 9495823023, 9495823023, Pathanapuram: 0475-2353553,
9400892704, 9400654917, Pattam: 0471-2545521, 2545523, 9447427427, Pattambi:0466- 2212640, 2212641, 2211536, 2211537, 9846060299 , Payyannur: 04985- 201922, 201933, 201122,

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April 5, 2017 Geojit Insights
9447781122, Penta Menaka: 0484 2323232, 2323231, 2323630, 2323631, 9388800188, Perinthalmanna: 04933 227975, 325075, 9446767004, 9446767005, 9249901122, Perumbavoor:
0484-2590689, 9809820010, 9809820100, 9562143334, 9447433316, Punalur: 0475 2227556, 8547879132, Quilon Ashramam: 0474-2797940, 9895773259, 9349835356, Ravipuram:
0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thaliparamba: 0460- 2204632, 2208794, 2204357, 09249992448,Thaliparamba
Bazar: 0460- 2204437, 9846994444, Thiruvankulam: 0484- 3000228, 9447164942, 9605109990, Thodupuzha: 0486- 2225263, 2229561, 2229562, 2227232,Thriprayar: 0487 2394545,
3242535, 9567699419, Thrissur – Kuriachira: 0487- 2252307, Thrissur - M.G.Road: Thrissur - Pallikulam Road:0487- 2440457, 3254514,
9847946972, Thrissur Ambaloor: 0480-2757226, 2757227, 32911,9387828851, Thrissur- East Fort: 0487- 2426507, 9446576505, Thrissur Harvest: 0487- 2330071,72, 2330496,
6555502, 504, 9249443022, Tirur: 0494- 2431943, 9995894699, 2420414, 2420124, Tripunithura: 0484- 2778828, 6519157, 9447083130, 9447708726, Trivandrum – Kumarapuram: 0471-
4064164, 9645879326,Trivandrum – Sasthamangalam: 0471- 3010405, 9946996002, Trivandrum, East Thampanoor: 0471- 4060329, 3021229, 7293786987, 9633200329, Vada-
nappilly: 0487- 2604321, 2601116, 2604737, 9495462737, Vaikom: 04829- 223674, 9447011244, Vatakara: 0496-2513241, 2523496, 09995177955, Vazhakkala: 0484- 2428599,
2428799, 9995808140, Vengara: 0494- 3215353, 9995894599, Wadakanchery: 04884- 232250, 329450, 236050, 954884232250. MADHYA PRADESH: Branches: Bhopal: 09981500822,
0755 - 4083979, 4083973, 4083655, Indore-Sapna Sang eeta: 0731- 2572204, 2571104, 4020889, 4020890, 9752501444, Indore-Y N Road: 0731 -2547224, 2547225, 4245318, 4249021,
09893026647, Jabalpur: 7 8 6 9 9 1 5 3 6 8 , 0761-2481002, 2481003, Rewa: 07662- 254166, 254167, 254168, 7 0 2 4 1 0 0 7 5 1 , Sagar - Civil Lines: 9893101067, 0758 2227405, 2227406,
2227407, Ujjain: 0734 - 4071528,4061853, 4061674, 9981524244. Business Associates: Khandwa: 0733 - 2223822, 2225822, 9685036222. MAHARASHTR: Branches: Ahmedna-
gar: 0241 - 2452360, 2452362, 2452363, 2452364, 7028919036, Andheri East: 022-30082222, 23, 24, 25, 26, 27, 28, 29, 09323104455, Andheri West: 022 26239300, 26200188, 26200154,
26239200, 09323814937, Aurangabad: 0240- 2350390, 2350391, 2350392, 2343650, 7028919031, Bandra: 022-26465144, 26465145, 46, 26001572, 74, 75, 78, 09324276147, Borivili: 022-
28989161, 62, 63, 64, 65, 09322302142, Chembur: 022-25253027, 25251072, 25250082, 25251067, 25257449, 25256188, 08452048069, Dadar– Prabhadevi: 022- 24384816, 24382909,
24383198, 09322302145, Dhule: 02562-222284, 222484, 7028919032, Fort Mumbai: 022-66368911, 66368912, 09323814935, Ghatkopar – West: 022 – 25117632, 33, 34, 35, 36, Goregaon:
022 - 28425880, 28423455, 28428548, 9322880135, Jal- gaon: 0257- 2237656, 2237657, 2237658,7028919035, Kalyan – Dombivili:0251- 2863446, 2863465, 2862866, 2863206, Kandivali
East: 022-28460200, 28460204, 28846106, Karad: 02164 229730, 229732, 229733, 9860717438, Kolhapur: 0231-2520794, 2520974 , 6679101, 110, 09370329889, Mulund: 022 25927316,
25920563, 09322302146, 25905029, Mumbai: 022 26193813, 26193823, 26100435, 09322660241, Mumbai-Powai: 022 25717107, 25717108, 093223 02144, Nagpur: 0712 6559714,
6587784, 7028919037, Nanded: 02462 - 245546, 245547, 7028919034, Nasik: 0253-2575505, 2575506, 2580116, 2580245, 7028919039, Nasik Road: 0253-2453657, 2453658,
7028919038, Nerul: 022 27700559, 27700569, 27700579, 09320822655, Pune Camp: 020-26332985, 26332986, 26332987, 9325503023, Pune Chinchwad: 020 - 27442281,
27442282, 27442283, 9373777121, Pune Deccan: 020- 25533136, 25532582, 25532583, 09372738393 Pune Marketyard: 09372633033, 24261556, 24261564,Ratnagiri: 02352
271104, 271105, 271106, 271107, 09373466064, Sangli: 0233-2326281,2326282, 09326651235, Satara: 02162 228161, 228162, 228163, 228164, Sholapur: 0217-2316479, 2316303,
9370009957, Sion: 022 24042010, 24042011, 24042012, Thane: 022 –25438882, 25437974, 25422190, 25422191, 25454510, 25392112, 25392127, Ulhasnagar:0251-2560763,
2560752, 2560768, 9324966198, Vashi: 022-67911596, 67911597, 67911598,09323814936, Zaveri Bazar: 022-22095001, 22095003, 22095004, 22093001, 22093002. Business Associates:
Diamond Garden – Chembur: 022 25247021, 022 25297518, 09820290855, Fort – 2: 022 - 22631371, 22631372, 098202 91774, Kolhapur City: 0231 2667030, 2667040, 2667050,
2667041, 2667051, 9326630060, L&T Capital Company Limited: 022- 22 67372852, 09820190742, Malad: 022 28822132, 28822142, 28822138, 28818812, 13, 09323108856, Thane
West: 093239 59119, 25308077, 25308766, 25862810. NEW DELHI: Branches: Connaught Place: 011-43598491, 92, 93, 96, 97, 98, 47340415, 9899047510 Janakpuri: 9958599262,
45508972, 45508973, Kondli: 011 22610450, 22610451,22610453, 22610452, 09310491138, Mayur Vihar: 011-45160313, 43073612, 43073613,43073614, 43073615,
22753936, 48, 52, 43, Nehru Place: 011- 46507571, 46507572,46507573, 09311722844, New Delhi: 011- 26160082, 26160083, 26160084, 09599667158, Pitampura:
27352731, 27352732, 09350344499.Business Associates: Lajpat Nagar: 011-46504139, 32682650, Old Delhi: 011-32466655,23827408, South Delhi: 42603017, 9312439791.
ORISSA: Branches: Berhampur: 0680 2221094, 2221093, 2221092, 09338437956, Bhubaneshwar – Janpath: 0674 2573351, 2380551, 2380940, 09337001821, Cuttack: 0671-
2314500, 01, 02,09583625732, Rourkela: 0661 2500099, 2500089, 2500059, 9337243034, 9853398432, Sambalpur: 0663 - 2541669, 2540189, 2541860, 2541830, 09337017219. PUNJAB:
Branches: Amritsar: 0183-5002901, 02, 03, 04, 10, 9317550333, Bhatinda: 0164-2237147, 48, 50, 51, 5006486, 09357705566, Chandigarh: 0172-5046120, 5046121, 5046122, 5046124, 5046127,
8968451220, Jalandhar: 0181-5030046, 5030043, 44, 09356555540, Ludhiana: 09317772226, 0161-5099223, 24, 26, 28, 33, 37, Patiala: 602, 603, 604, 605, 606, 9356662007.
RAJASTHAN: Branches: Ajmer: 0145-2633376, 2633377, 09928599280, Bhilwara: 09928599281, 01482-242643, 242644, 242645, Bikaner: 0151-2530613, 614, 09950040631,
Jaipur: 0141- 4011801,02, 03, 04, 9950040674, Jodhpur: 0291-2770450, 2770451,52, 53, 09351517114, Kota: 0744-2365400, 01, 02,0 7073695666, Sikar: 0157-2271234, 251065, 66,
9950330666, Udaipur: 0294-2421485, 86, 87, 9928599282. TAMIL NADU: Branches: Adayar: 044 24422890, 91, 93, 42054296, 07358771601, Anna -26193932 - 36,
9382140258, Anna Nagar – Madurai: 0452 - 2521036, 2521037, 2521038, 2521039, 09952423244, Ashok Nagar: 044 23701025, 23701068, 23701217, 7358771602,Avadi: 044-
26375382, 26375391, 26375394, 29035441, 07358065761, Blue Star Anna Nagar: 04426161580, 79, 78, 77, 09381388980, Chengelpet: 044 27429894, 27429895, 27429896, 09381446444,
Chennai - T Nagar: 044 24353930, 24353931, 24353933, 42033891, Chidam- baram: 04144-225158, 223060, 223071, 9366672555, Coimbatore: 0422 2222005, 2220718, 2222115,
4351295, 09360322027, Coonoor: 0423 2232572, 2221847, Devakottai: 09364270444, Dharmapuri- Coimbatore: 04342-267411, 267412, 267413, 9345297659, Din- digal:
49
0451 2434871, 2434971, 2434870, 2434972, 093602 25463, Egmore: 044 28194015, 16,17, 7358771603, Erode: 0424 2241144, 2241155, 2241119, 2264994, 2214470, 2214480,
9364105761, Erode Brough Road – Coimbatore: 0424 2226001, 02, 09345298225, George Town: 044 25354564, 25354565, 25354566, 25354567, 09840694951, Gobichettipalayam:
04285- 227242, 227243, 227245, 9790945205, Guindy: 044 22201655, 22201656, 22201657, 09381470005, Hni Chennai: 044-26404435, 36, 9382692004, Hosur: 04344-246828,
246829, 246830, 80, 81, 82, Kanchipuram: 044 27231315, 27231316, 27231317, 09363307787, Karur: 04324 - 260965, 260966, 260241, 260739, 324001, 9367138895, Karur 2: 04324
233993, 233994, 234993, 234999, Karur 3: 04324 231991, 231992, 231994, 09344001767, Krishnagiri: 04343-237186, 237187, 237188, 09345040541, Kumbakonam: 0435 - 2400953,
2400954, 2403094, M C Road – Royapuram: 044-25955282, 91, 42872879, 08144062710, Madurai -K K Nagar: 0452 2584612 , 2584613, 09345213784, Marthandam: 04651-273775,
205281, 272733, 08754121214, Mayiladuthurai: 04364 222036, 86, 96, 227177, 9344022825, Metha Nagar - Nelson Manickam Road: 09360218188, Mettup-
palayam: 04254 225725, 225677, 225645, 225669, 09364638999, Mettur: 04298 242236, 8242238, 8242249, 09364363642, Mint Street – Sowcarpet: 044-25205333, 25205344,
25205358, 2520536, 09840013165Nagercoil: 04652 234425, 234426, 320922, 09360314712, Namakkal: 04286 274205, 274206, 274207, 09361829444, Neyveli: 04142-251060, 251061,
251062, 09344986500, Nungambakkam: 044 28211056, 58, 59, 9385344449, Perambur: 044 25518831, 25518832, 33, 09363134311, Pudukkottai: 04322-228920, 228922,
228927, 320300, 9345297774, R.A Puram-Chennai: 044 24362059, 069, 089, 09381101190, Ra- japalayam: 04563 223105, 6, 7, 09344045225, Ramanathapuram: 0422- 2310656,
2310671, 2317765, 9363262776, Coimbatore - Ramnagar: 0422 2234319, 2234321, 2236576, 2236577, 9360322030, Salem: 0427 - 2336801, 2336802, 2336803, 2336804, 9362123621, Sivakasi:
227162, 227163, 9677670552, Srirengam-Trichy: 0431 2437006, 2437007, 2437008, 9364483000, T.Nagar (Internet Trading - It): 044 - 28344925 , 42170091,
Thanjavur: 04362-274996, 274992, 274993, Theni: 04546 -250561, 250859, 250285, Thiruvallur: 09380001017, 27662577, 27662522, Tiruchengode: 04288-250057,
250067, 250072, 09791666130, Tirunel- veli: 0462 – 2503306, 07, 09367165858, Tiruvannamalai: 04175 251067, 251068, 04, 09345175688, Tnagar Usman Road: 044 24352070, 71,
72, 7358771606, Town Hall – Coim- batore: 0422 - 2301457, 2301458, 09363109486, Trichy: 0431-2767521, 2766621, 2766276, 3299014, 09345124915, Trichy 2: 0431- 2710627,
2710637, 2710647, 09360179991, Trichy 3 – Cantonment: 0431-2414115, 2414116, 09363284848, Vadapalani: 044 23652234, 23652235, 23652238, 7358771609, Velachery - South Chen-
nai: 044 22440755, 22440756, 22440239, 22450236, 22440317, 9380540446, Vellore: 0416 2256133, 233, 433, 7358771608, Vepery: 044 - 26411430, 26411431, 26411432,
Villupuram: 250027, 251262, 250037, Virudhunagar: 04562 -246611, 246612, 246613, 246614, 9345223737. Business Associates: Adambakkam: 9500005802,
22600231, 43580069, Ambattur: 044 - 42086962, 09840444375, 09952937774, 9600137165, Annanagar-West: 044 26567483,26567484, Besant Nagar: 044 24917714,
24917715, 42150969, Bhavani: 04256 -234035, 235137, 9788775557, Kumbakonam - Nbs Towers: 0435 2400955, Madurai East: 0452 – 4353613, 438286, 90871 44444, Mylapore: 044
42074441, 42088275, 42088274, 09940085959,Nandanam: 044 42640436, 8012760119, Nanganallur: 044 22249943, 22249944, 43588446, 9840366171, Parrys: 044 25250070, 25249924,
25242922, 09940673388, Pondichery: 0413- 4205253, 6537730, 4205252, 09443050592, Purusawalkam Chennai: 044- 42051118, 09840792535, Tambaram West: 044 - 22262544,
45030123, 9884385113, 7845335113, Tirunelvelli – Palayamcottai: 0462-2572111, 2572555, 09443193467, Tirupur: 0421 6549646, 2224660, 4324049, 09363056711, 09363036523,
09363020602, Tuticorin: 0461-2339138, 2339139, 4009137, 09363319837, 9894806936, Washermanpet: 9840029077, 9840710281, West Mambalam: 044-42614182, 42614183,
42614184, 9841390655.TELANGANA: Branches: A S Rao Nagar – Hyderabad: 09391055688, 27132872, 27132873, 27132874, Ameerpet –Hyderabad: 040 23414686, 23414687,
23414689, 09959022567, Banjara Hills: 040 23391418, 23391419, 23391420, 23370117, Begum Bazar: 040 - 24650438, 24650439, 24650609, 09394596644, Dilsukh Nagar: 040 -
23447691, 23447692, 23447693, 23447694, 09346623769, 9985641159 Habsiguda: 040 40165414, 40165415, 9392988880, 09985641159, Hitech City – Hyderabad: 040 - 23115026,
23114826, 23114821, Hyderabad - Himayat Na- gar: 091-040-23220316, 23220318, 09399999900, 23220329, 23220327, Karimnagar – Hyder- abad: 0878 - 2233073, 2233074, 2234073,
2234074, 9347902061, Khammam: 08742-222240, 222250, 222260, 09393223424, Kukatpally: 040-66665291, 92, 93, 09515107528, Mahbub Nagar: 08542 221256, 221257,
221363, 07673959992, Mehdipatanam: 09395121751, 23521740, 23521750, 23521751, Nizamabad: 9392517766, 08462 220009, 220016, 220030, P G Road Secunderabad: 040-
27892465, 27892466, 27892467, 27892468, 9346581118, San- thosh Nagar: 040-24532981, 24532982, 24532973, 24532974, 09347616868, Warangal – Hyderabad: 0870 2447145, 2447146,
2447147, 09959022566.UTTAR PRADESH: Branches: Agra: 0562 2525916, 2525875, 2525873, Allahabad: 0532-2260473, 2260474, 09956295252, Bareilly:
2510664, 2510876, 09956295253, Ghaziabad - Rdc Raj Nagar: 0120-2820430, 2820422, 2820423, 2820424, 09560871444, Gorakhpur: 0551- 2204954, 2204631, 2204628, 2204616,
09956295258, Indirapuram: 0120 – 4159950, 51, 52, 53, 54, 09971015581, Kanpur: 0512 - 3930500, 3930501,3930502, 2332876, 09956295257, Lucknow: 0522-2629824, 2629826,
2629827, Meerut: 0121-4032101, 4032102, 4032103, 9897514979, Moradabad: 5912410350, 5912410380, Noida: 91, 93, 4340744, 745, 09958698298,9810068936,
Vaishali: 0120-4162545, 4162546, 4162547, 4162548, 4162549, 9560377411, Varanasi: 0542 - 2222828, 2222829, 2222830, 09956342346. Business Associates: Agra– Nehru Nagar :
0562 -2529414, 2529273/ 83, Bareilly– Prabhat Nagar: 0581 -2531774 , 75, Lucknow Park Road: Ph: 0522-410370, 4072191, 4007123, 9519385522, UTTARAKHAND: Dehradun: 0135
2711859, 2711854, 2650816, WEST BENGAL: Branches: Asansol: 0341-222014, 2220148, 149, 150, 09332208162, Barasat: 033 25241657, 25241658, 09333874734, Behala:
033-24075054, 24075055, 09831891583, Camac Street- Kolkata: 033 22892784, 22892784, 22892785, 228927846, 22892787, Gariahat: 033 24669641, 24669642, 09330930844, Princep
Street: 033 40647868, 40053825, 09339308800, Siliguri: 0353 2541789, 2789, 3789, 08585075633, Tegoria: 033-40647873, 40647874, 09831891765.

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April 5, 2017 Geojit Insights
 General Disclosures and Disclaimers

CERTIFICATION
We, Anil R and Saji John, authors of this Report, hereby certify that all the views expressed in this research report reflect our personal views about any or all of the subject
issuer or securities. This report has been prepared by the Research Team of Geojit Financial Services Limited, hereinafter referred to as Geojit.

COMPANY OVERVIEW Geojit Financial Services Limited (hereinafter Geojit), a publically listed company, is engaged in services of retail broking, depository services, portfolio
management and marketing investment products including mutual funds, insurance and properties. Geojit is a SEBI registered Research Entity and as such prepares and shares
research data and reports periodically with clients, investors, stake holders and general public in compliance with Securities and Exchange Board of India Act, 1992, Securities
And Exchange Board Of India (Research Analysts) Regulations, 2014 and/or any other applicable directives, instructions or guidelines issued by the Regulators from time to time.
DISTRIBUTION OF REPORTS This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed
to any other person. Geojit will not treat the recipients of this report as clients by virtue of their receiving this report.

GENERAL REPRESENTATION The research reports do not constitute an offer or solicitation for the purchase or sale of any financial instruments, inducements, promise, guaran-
tee, warranty, or as an official confirmation of any transaction or contractual obligations of any kind. This report is provided for assistance only and is not intended to be and
must not alone be taken as the basis for an investment decision. The information contained herein is from publicly available data or other sources believed to be reliable, but we
do not represent that it is accurate or complete and it should not be relied on as such. We have also reviewed the research report for any untrue statements of material facts or
any false or misleading information. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other
reasons that prevent us from doing so.

RISK DISCLOSURE Geojit and/or its Affiliates and its officers, directors and employees including the analyst/authors shall not be in any way be responsible for any loss or dam-
age that may arise to any person from any inadvertent error in the information contained in this report. Investors may lose his/her entire investment under certain market
conditions so before acting on any advice or recommendation in these material, investors should consider whether it is suitable for their particular circumstances and, if neces-
sary, seek professional advice. This report does not take into account the specific investment objectives, financial situation/circumstances and the particular needs of any specific
person who may receive this document. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it
deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved). The
price, volume and income of the investments referred to in this report may fluctuate and investors may realize losses that may exceed their original capital.

FUNDAMENTAL DISCLAIMER We have prepared this report based on information believed to be reliable. The recommendations herein are based on 12 month horizon, unless
otherwise specified. The investment ratings are on absolute positive/negative return basis. It is possible that due to volatile price fluctuation in the near to medium term, there
could be a temporary mismatch to rating. For reasons of valuations/return/lack of clarity/event we may revisit rating at appropriate time. The stocks always carry the risk of
being upgraded to buy or downgraded to a hold, reduce or sell. The opinions expressed are subject to change but we have no obligation to tell our clients when our opinions or
recommendations change. This report is non-inclusive and does not consider all the information that the recipients may consider material to investments. This report is issued by
Geojit without any liability/undertaking/commitment on the part of itself or any of its entities. We may have issued or may issue on the companies covered herein, reports,
recommendations or information which is contrary to those contained in this report.

The projections and forecasts described in this report should be evaluated keeping in mind the fact that these are based on estimates and assumptions and will vary from actual
results over a period of time. The actual performance of the companies represented in the report may vary from those projected. These are not scientifically proven to guarantee
certain intended results and hence, are not published as a warranty and do not carry any evidentiary value whatsoever. These are not to be relied on in or as contractual, legal
or tax advice. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.

JURISDICTION The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in
this report are organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. Distributing/taking/sending/dispatching/
transmitting this document in certain foreign jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about,

50 and observe any such restrictions. Failure to comply with this restriction may constitute a violation of any foreign jurisdiction laws. Foreign currencies denominated securities are
subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. Investors in securities such as ADRs,
the value of which are influenced by foreign currencies effectively assume currency risk.

REGULATORY DISCLOSURES: Geojit‟s Associates consists of privately held companies such as Geojit Technologies Private Limited (GTPL- Software Solutions provider), Geojit
Credits Private Limited (GCPL- NBFC Services provider), Geojit Investment Services Limited (GISL- Corporate Agent for Insurance products), Geojit Financial Management
Services Private Limited (GFMSL) & Geojit Financial Distribution Private Limited (GFDPL), (Distributors of Insurance and MF Units).In the context of the SEBI Regulations on
Research Analysts (2014), Geojit affirms that we are a SEBI registered Research Entity and in the course of our business as a stock market intermediary, we issue research
reports /research analysis etc that are prepared by our Research Analysts. We also affirm and undertake that no disciplinary action has been taken against us or our Analysts in
connection with our business activities.

In compliance with the above mentioned SEBI Regulations, the following additional disclosures are also provided which may be considered by the reader before making an
investment decision:

1. Disclosures regarding Ownership:

Geojit confirms that:
(i) It/its associates have no financial interest or any other material conflict in relation to the subject company (ies) covered herein.
(ii) It/its associates have no actual beneficial ownership greater than 1% in relation to the subject company (ies) covered herein.
Further, the Analyst confirms that:
(i) he, his associates and his relatives have no financial interest in the subject company (ies) covered herein, and they have no other material conflict in the subject company.
(ii) he, his associates and his relatives have no actual/beneficial ownership greater than 1% in the subject company covered

2. Disclosures regarding Compensation:

During the past 12 months, Geojit or its Associates:

(a) Have not received any compensation from the subject company; (b) Have not managed or co-managed public offering of securities for the subject company (c) Have not *
received any compensation for investment banking or merchant banking or brokerage services from the subject company. (d) Have not received any compensation for products
or services other than investment banking or merchant banking or brokerage services from the subject company (e) Have not received any compensation or other benefits from
the subject company or third party in connection with the research report (f) The subject company is / was not a client during twelve months preceding the date of distribution
of the research report.

3. Disclosure by Geojit regarding the compensation paid to its Research Analyst: Geojit hereby confirms that no part of the compensation paid to the persons employed by it as
Research Analysts is based on any specific brokerage services or transactions pertaining to trading in securities of companies contained in the Research Reports.

4. Disclosure regarding the Research Analyst‟s connection with the subject company: It is affirmed that the I Anil R Research Analyst(s) of Geojit have not served as an officer,
director or employee of the subject company

5. Disclosure regarding Market Making activity: Neither Geojit/its Analysts have engaged in market making activities for the subject company.

Please ensure that you have read the “Risk Disclosure Documents for Capital Market and Derivatives Segments” as prescribed by the Securities and Exchange Board of India
before investing.

Geojit Financial Services Ltd. (formerly known as Geojit BNP Paribas Financial Services Ltd.), Registered Office: 34/659-P, Civil Line Road, Padivattom, Kochi-682024, Kerala,
India. Phone: +91 484-2901000, Fax: +91 484-2979695, Website: geojit.com. For investor queries: [email protected], For grievances: [email protected], For
compliance officer: [email protected]. Corporate Identity Number: L67120KL1994PLC008403, SEBI Regn.Nos.: NSE: INB/INF/INE231337230 I BSE:INB011337236 &
INF011337237 | MSEI: INE261337230, INB261337233 & INF261337233, Research Entity SEBI Reg No: INH200000345, Investment Adviser SEBI Reg No: INA200002817,
Portfolio Manager:INP000003203, NSDL: IN-DP-NSDL-24-97, CDSL: IN-DP-CDSL-648-2012, ARN Regn.Nos:0098, IRDA Corporate Agent (Composite) No.: CA0226. Research
Entity SEBI Registration Number: INH200000345

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April 5, 2017 Geojit Insights