inflows into equity oriented schemes declined in april after mutual...
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• PRODUCT 1
Mutual Fund Activity
Highlights
May 16, 2019
Inflows into equity oriented
schemes declined in April after
sharp surge in March
SIP flows remain strong, came at a
record | 8238 crore in April 2019
Research Analysts
Sachin Jain
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Source: Amfi, ACE MF. Data for April 2019
Industry snapshot
HDFC AMC maintained top position in terms of total corpus
with assets under management at | 3.47 lakh crore
For the first time, Amfi declared category wise AUM and
inflow/outflow data.
Multicap funds have the highest AUM at | 1.52 lakh crore
followed by Aggressive Hybrid category. After receiving
significant inflows in the last few years, aggressive hybrid
category is witnessing outflows since last three months.
During April 2019, Multicap witnessed highest inflows at
| 1873 crore followed by smallcap funds.
Equity Oriented Category AUM
Multi Cap Fund 152,056 1,873
Aggressive Hybrid Fund 146,292 (2,121)
Large Cap Fund 126,596 48
Balanced Advantage 92,833 155
ELSS 92,044 459
Mid Cap Fund 75,058 491
Sectoral/Thematic Funds 62,082 567
Value Fund/Contra Fund 58,196 40
Large & Mid Cap Fund 51,427 (21)
Small Cap Fund 43,872 956
Focused Fund 37,393 228
Equity Savings 18,749 (708)
Dividend Yield Fund 4,826 (32)
Inflow/(Outflow) during
April 2019
Total Equity Debt Others
HDFC Asset Management Company Limited 347190 146513 187576 13100
ICICI Prudential Asset Management Company Limited 330751 126740 178341 25670
SBI Funds Management Private Limited 297350 157447 130867 9037
Aditya Birla Sun Life AMC Limited 250206 84803 150661 14742
Reliance Nippon Life Asset Management Limited 225419 105778 106716 12924
UTI Asset Management Company Private Limited 157723 68049 81169 8505
Kotak Mahindra Asset Management Company Limited 153185 55740 86951 10494
Franklin Templeton Asset Management (India) Private Limited 125646 50386 67361 7900
Axis Asset Management Company Ltd. 99168 44841 50354 3973
IDFC Asset Management Company Limited 78508 20860 54193 3455
AMCs
AUM (|crore)
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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above | 50 crore holding were considered
Top buy/sell across AMCs: Large Cap
Large cap stocks, which saw selling by AMCs on a consolidated
level were Coal India, ONGC, Adani Ports, Wipro and Yes Bank
Few of the stocks in the list were a part of CPSE ETF, which may
have witnessed selling due to redemption in ETF
Among large caps, Vodafone Idea, DLF, BHEL, Indiabulls Housing
Finance and SAIL witnessed highest buying during April 2019
Apr-19 Mar-19 Apr-19 Mar-19
Vodafone Idea Ltd. 1,218 545 8571 3712
DLF Ltd. 633 359 366 181
Bharat Heavy Electricals Ltd. 1,138 971 1607 1295
Indiabulls Housing Finance Ltd. 839 843 121 98
Steel Authority Of India Ltd. 879 714 1575 1329
Piramal Enterprises Ltd. 286 285 12 10
Bharti Infratel Ltd. 488 499 186 159
Ambuja Cements Ltd. 2,057 1,929 933 820
Cipla Ltd. 5,276 4,398 934 832
Ashok Leyland Ltd. 1,628 1,524 1873 1669
Top 10 Buys in LargecapMarket Value(crs) Shares(lakhs)
Apr-19 Mar-19 Apr-19 Mar-19
Coal India Ltd. 7,737 9,210 3068 3883
Oil & Natural Gas Corporation Ltd. 8,624 10,043 5097 6287
Adani Ports and Special Economic Zone Ltd. 1,498 1,657 381 438
Wipro Ltd. 2,541 2,481 851 974
Yes Bank Ltd. 3,252 6,080 1935 2210
Bharti Airtel Ltd. 10,358 11,104 3234 3631
ICICI Lombard General Insurance Co Ltd. 2,629 2,769 240 268
Indian Oil Corporation Ltd. 8,918 10,101 5643 6203
Maruti Suzuki India Ltd. 10,922 11,827 164 177
Shriram Transport Finance Company Ltd. 803 999 72 78
Top 10 Sells in Largecap
Market Value(crs) Shares(lakhs)
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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered
Top buy/sell across AMCs: Midcap
Midcap stocks, which saw selling by AMCs were Sterlite
Technologies, Oil India, Avanti Feeds, Oberoi Realty and
NBCC Ltd
In midcaps, stocks like Dish TV, GMR Infra, Alkem
Laboratories, Gujarat Gas and Crompton Greaves Consumer
Electric Ltd witnessed buying during April 2019
Apr-19 Mar-19 Apr-19 Mar-19
Dish TV India Ltd. 139 53 387 137
GMR Infrastructure Ltd. 184 179 1108 902
Alkem Laboratories Ltd. 1,147 986 67 56
Gujarat Gas Ltd. 411 325 258 219
Crompton Greaves Consumer Electricals Ltd. 2,320 2,004 976 882
Escorts Ltd. 335 327 45 41
ACC Ltd. 3,452 3,189 211 191
Thermax Ltd. 1,539 1,388 158 143
Jubilant FoodWorks Ltd. 1,896 1,868 143 129
Page Industries Ltd. 826 810 4 3
Top 10 Buys in MidcapMarket Value(crs) Shares(lakhs)
Apr-19 Mar-19 Apr-19 Mar-19
Sterlite Technologies Ltd. 494 812 259 372
Oil India Ltd. 606 747 335 403
Avanti Feeds Ltd. 77 102 21 25
Oberoi Realty Ltd. 680 813 134 154
NBCC (India) Ltd. 458 594 789 895
Bank Of India 165 220 187 211
Reliance Nippon Life Asset Management Ltd. 412 477 208 228
Prestige Estate Projects Ltd. 346 365 132 144
Castrol India Ltd. 653 762 428 458
REC Ltd. 2,910 3,213 1972 2101
Top 10 Sells in MidcapMarket Value(crs) Shares(lakhs)
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Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered
Top buy/sell across AMCs: Smallcap
Small cap stocks, which saw selling by AMCs were Parag Milk,
Max India, Can Fin Homes, PVR and Balrampur Chini Mills
In small caps, stocks like Welspun Corp, CCL Products,
Sunteck Realty, India Energy Exchange and Bharat Dynamics
witnessed highest buying during April 2019
Apr-19 Mar-19 Apr-19 Mar-19
Welspun Corp Ltd. 75 11 56 8
CCL Products (India) Ltd. 66 19 25 7
Sunteck Realty Ltd. 88 49 19 11
Indian Energy Exchange Ltd. 452 297 284 180
Bharat Dynamics Ltd. 186 144 67 51
NIIT Ltd. 295 194 279 215
Bajaj Electricals Ltd. 571 472 100 85
Shoppers Stop Ltd. 668 592 144 126
Galaxy Surfactants Ltd. 366 328 35 31
Gabriel India Ltd. 63 55 43 38
Top 10 Buys in SmallcapMarket Value(crs) Shares(lakhs)
Apr-19 Mar-19 Apr-19 Mar-19
Parag Milk Foods Ltd. 76 124 31 47
Max India Ltd. 162 233 231 341
Can Fin Homes Ltd. 82 132 26 38
PVR Ltd. 825 937 47 57
Balrampur Chini Mills Ltd. 136 146 90 107
Astrazeneca Pharma India Ltd. 215 210 9 11
Wockhardt Ltd. 78 94 19 21
Manappuram Finance Ltd. 290 344 246 275
Jain Irrigation Systems Ltd. 117 142 215 241
Care Ratings Ltd. 281 314 29 32
Top 10 Sells in SmallcapMarket Value(crs) Shares(lakhs)
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Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered
AMC wise: Top Buys and Top Holdings
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Bajaj Electricals Ltd. 141 48 24.6 8.7 184% ICICI Bank Ltd. 10811 10696 2653 2671 -1%
Grasim Industries Ltd. 75 35 8.3 4.1 103% Infosys Ltd. 9390 9394 1250 1263 -1%
Bharat Heavy Electricals Ltd. 144 78 203.7 103.5 97% State Bank Of India 9089 9391 2932 2928 0%
Bharat Dynamics Ltd. 186 144 66.7 50.7 32% Larsen & Toubro Ltd. 7444 7632 552 551 0%
Sadbhav Engineering Ltd. 362 315 152.7 126.7 21% HDFC Bank Ltd. 6969 6911 301 298 1%
Karur Vysya Bank Ltd. 232 182 299.5 255.9 17% Reliance Industries Ltd. 6681 6793 480 498 -4%
Gabriel India Ltd. 57 50 39.3 34.5 14% NTPC Ltd. 4793 4676 3575 3472 3%
Apollo Tyres Ltd. 766 738 371.7 331.5 12% ITC Ltd. 4558 4493 1512 1512 0%
Lupin Ltd. 52 40 6.0 5.4 11% Axis Bank Ltd. 3484 3482 454 448 1%
Coal India Ltd. 2419 2064 959.4 870.1 10% Aurobindo Pharma Ltd. 2913 2789 356 356 0%
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Alkem Laboratories Ltd. 69 0 4.0 0.0 2498244% NTPC Ltd. 7817 7478 5833 5549 5%
Vodafone Idea Ltd. 711 160 4600.6 877.3 424% Infosys Ltd. 6644 5612 884 754 17%
United Breweries Ltd. 175 65 12.4 4.7 164% ITC Ltd. 6517 6689 2162 2251 -4%
Cyient Ltd. 70 33 11.8 5.1 133% State Bank Of India 6245 6901 2015 2151 -6%
Sun TV Network Ltd. 112 53 19.5 8.4 133% ICICI Bank Ltd. 5881 5797 1443 1448 0%
Power Finance Corporation Ltd. 110 68 95.2 55.1 73% Larsen & Toubro Ltd. 4289 4477 318 323 -2%
ACC Ltd. 191 115 11.7 6.9 69% HDFC Bank Ltd. 4158 4090 179 176 2%
REC Ltd. 138 88 93.7 57.5 63% Bharti Airtel Ltd. 4081 4591 1274 1501 -15%
Jubilant FoodWorks Ltd. 174 141 13.1 9.8 34% Oil & Natural Gas Corporation Ltd. 3929 4259 2322 2667 -13%
SJVN Ltd. 71 56 294.9 230.0 28% Sun Pharmaceutical Industries Ltd. 3725 3908 814 816 0%
ICICI Prudential AMC ICICI Prudential AMC
HDFC AMC HDFC AMC
Top 10 Holdings
Market Value(crs) Shares(lakhs)
Top 10 Buys
Market Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
Top 10 BuysMarket Value(crs) Shares(lakhs)
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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered
AMC wise: Top Buys and Top Holdings
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Vodafone Idea Ltd. 67 6 431.7 34.6 1148% HDFC Bank Ltd. 5983 6058 258 261 -1%
Welspun Corp Ltd. 75 11 56.2 8.3 581% State Bank Of India 5725 5941 1847 1852 0%
DLF Ltd. 80 28 46.5 13.8 237% ICICI Bank Ltd. 5016 4754 1231 1187 4%
Ambuja Cements Ltd. 189 62 85.5 26.2 226% Axis Bank Ltd. 3621 3696 472 476 -1%
Hindalco Industries Ltd. 59 24 28.7 11.6 147% Larsen & Toubro Ltd. 3034 2829 225 204 10%
Page Industries Ltd. 162 79 0.7 0.3 122% Indian Oil Corporation Ltd. 2959 4064 1872 2496 -25%
Ultratech Cement Ltd. 60 26 1.3 0.7 98% Infosys Ltd. 2848 3238 379 435 -13%
Bharat Heavy Electricals Ltd. 355 231 501.8 307.7 63% NTPC Ltd. 2796 3730 2086 2769 -25%
Indiabulls Housing Finance Ltd. 105 80 15.1 9.3 62% Coal India Ltd. 2647 3517 1050 1483 -29%
Cipla Ltd. 859 541 152.0 102.3 49% Oil & Natural Gas Corporation Ltd. 2606 3540 1540 2216 -30%
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
NIIT Ltd. 78 2 73.7 1.7 4337% HDFC Bank Ltd. 14877 14531 642 627 2%
Crompton Greaves Consumer Electricals Ltd.137 42 57.6 18.6 210% Reliance Industries Ltd. 9928 9698 713 711 0%
Cholamandalam Financial Holdings Ltd. 66 35 12.8 7.2 77% ICICI Bank Ltd. 7490 7302 1838 1824 1%
Thermax Ltd. 268 238 27.5 24.5 12% Infosys Ltd. 7476 7419 995 998 0%
The Federal Bank Ltd. 213 198 230.0 205.2 12% ITC Ltd. 6690 6718 2220 2261 -2%
ACC Ltd. 327 298 20.0 17.9 12% Housing Development Finance Corporation Ltd.6683 6570 335 334 0%
Rallis India Ltd. 93 93 63.1 56.4 12% Kotak Mahindra Bank Ltd. 5762 5502 416 412 1%
Cipla Ltd. 547 462 96.9 87.4 11% State Bank Of India 5295 5504 1708 1716 0%
JK Cement Ltd. 563 495 62.3 57.1 9% Tata Consultancy Services Ltd. 4864 4367 215 218 -1%
Alkem Laboratories Ltd. 65 61 3.8 3.5 9% Axis Bank Ltd. 4794 4822 625 620 1%
Reliance Nippon AMC Reliance Nippon AMC
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
SBI AMC SBI AMC
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
Top 10 BuysMarket Value(crs) Shares(lakhs)
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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered
AMC wise: Top Buys and Top Holdings
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Metropolis Healthcare Ltd. 130 13.7 0.0 #DIV/0! HDFC Bank Ltd. 6143 6060 265 261 1%
Info Edge (India) Ltd. 109 1 5.7 0.1 7971% ICICI Bank Ltd. 5082 5090 1247 1271 -2%
DLF Ltd. 175 29 101.2 14.3 606% Reliance Industries Ltd. 2895 2582 208 189 10%
Dish TV India Ltd. 96 23 268.0 59.5 351% Infosys Ltd. 2726 2791 363 375 -3%
Bharat Petroleum Corporation Ltd. 116 32 30.6 8.0 282% ITC Ltd. 2608 2486 866 836 4%
Cipla Ltd. 59 16 10.5 3.0 251% State Bank Of India 2478 2710 800 845 -5%
Adani Enterprises Ltd. 76 57 59.6 38.5 55% Housing Development Finance Corporation Ltd.2210 2207 111 112 -1%
Jindal Steel & Power Ltd. 124 82 69.4 45.4 53% Kotak Mahindra Bank Ltd. 1903 1836 137 138 0%
Alkem Laboratories Ltd. 208 142 12.1 8.1 49% Larsen & Toubro Ltd. 1542 1523 114 110 4%
Sun Pharmaceutical Industries Ltd. 352 263 76.9 54.8 40% Axis Bank Ltd. 1289 1203 168 155 9%
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Metropolis Healthcare Ltd. 59 6.3 0.0 #DIV/0! HDFC Bank Ltd. 4414 4382 190 189 1%
CESC Ltd. 129 106 18.3 14.5 26% Infosys Ltd. 3486 3492 464 469 -1%
Tata Steel Ltd. 290 216 52.0 41.6 25% ICICI Bank Ltd. 3178 3143 780 785 -1%
Lupin Ltd. 334 244 38.3 33.0 16% ITC Ltd. 2605 2588 864 871 -1%
Amara Raja Batteries Ltd. 208 198 31.4 27.5 14% Housing Development Finance Corporation Ltd.2506 2371 126 120 4%
DCM Shriram Ltd. 53 44 12.2 10.7 14% Reliance Industries Ltd. 2456 2394 176 176 0%
Dabur India Ltd. 160 147 40.1 35.9 12% Tata Consultancy Services Ltd. 2286 2002 101 100 1%
The Great Eastern Shipping
Company Ltd.
56 50
19.4 17.4
11% Axis Bank Ltd. 1678 1690
219 217
1%
Tata Global Beverages Ltd. 135 121 64.5 59.2 9% Kotak Mahindra Bank Ltd. 1421 1365 102 102 0%
Phoenix Mills Ltd. 126 127 21.1 19.4 9% Larsen & Toubro Ltd. 1416 1459 105 105 0%
Aditya Birla Sunlife AMC Aditya Birla Sunlife AMC
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
UTI AMC UTI AMC
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
Top 10 BuysMarket Value(crs) Shares(lakhs)
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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered
AMC wise: Top Buys and Top Holdings
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
KPR Mill Ltd. 58 37 9.7 6.4 53% HDFC Bank Ltd. 3738 3891 161 168 -4%
Century Textiles & Industries Ltd. 111 84 12.1 9.0 34% Axis Bank Ltd. 2436 2469 318 318 0%
Thermax Ltd. 197 148 20.2 15.2 33% ICICI Bank Ltd. 2390 2377 586 593 -1%
Bharat Forge Ltd. 114 98 24.1 19.1 26% Infosys Ltd. 1897 1900 253 255 -1%
Bharat Electronics Ltd. 103 92 117.9 98.4 20% State Bank Of India 1490 1542 481 481 0%
Spicejet Ltd. 173 109 132.8 112.0 19% Bharti Airtel Ltd. 1474 1566 460 512 -10%
ACC Ltd. 424 383 26.0 23.0 13% Kotak Mahindra Bank Ltd. 1203 1225 87 92 -5%
Jyothy Laboratories Ltd. 253 234 140.6 127.6 10% Indian Oil Corporation Ltd. 944 948 597 582 3%
Cyient Ltd. 215 217 36.4 33.4 9% NTPC Ltd. 939 931 701 691 1%
PNB Housing Finance Ltd. 128 144 18.0 16.6 8% Mahindra & Mahindra Ltd. 926 962 143 143 0%
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Rail Vikas Nigam Ltd. 59 268.8 0.0 #DIV/0! HDFC Bank Ltd. 4859 4683 210 202 4%
Ambuja Cements Ltd. 65 13.7 29.7 5.8 409% Reliance Industries Ltd. 3912 3790 281 278 1%
Cipla Ltd. 81 21 14.3 3.9 263% ICICI Bank Ltd. 3486 3412 855 852 0%
L&T Finance Holdings Ltd. 66 25 50.0 16.6 201% Axis Bank Ltd. 2525 2568 329 330 0%
NTPC Ltd. 133 47 99.1 34.8 185% Infosys Ltd. 1823 1932 243 260 -7%
UPL Ltd. 97 35 10.0 3.6 174% Kotak Mahindra Bank Ltd. 1699 1686 123 126 -3%
Indiabulls Housing Finance Ltd. 188 94 27.1 11.0 146% State Bank Of India 1558 1771 503 552 -9%
Bharat Forge Ltd. 51 28
10.8 5.5
96%Tata Consultancy Services
Ltd.
1458 1274
65 64
1%
Ashok Leyland Ltd. 92 69 105.8 75.2 41% Larsen & Toubro Ltd. 1419 1434 105 104 2%
Biocon Ltd. 70 52 11.8 8.5 40% Housing Development Finance Corporation Ltd.1195 1178 60 60 0%
Franklin Templeton AMC Franklin Templeton AMC
Shares(lakhs)
Kotak Mahindra AMC Kotak Mahindra AMC
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs)
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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered
AMC wise: Top Buys and Top Holdings
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
Shoppers Stop Ltd. 76 16.5 0.0 #DIV/0! HDFC Bank Ltd. 2351 2461 101 106 -4%
Varroc Engineering Ltd. 112 39 20.4 6.8 201% ICICI Bank Ltd. 2022 2066 496 516 -4%
Marico Ltd. 124 79 34.4 22.7 51% Axis Bank Ltd. 1065 883 139 114 22%
SBI Life Insurance Company Ltd. 266 173 41.6 29.6 41% Reliance Industries Ltd. 1016 910 73 67 9%
HCL Technologies Ltd. 393 280 33.2 25.8 29% Bajaj Finance Ltd. 980 897 32 30 7%
Siemens Ltd. 279 212 23.8 18.8 26% Larsen & Toubro Ltd. 959 1054 71 76 -7%
Axis Bank Ltd. 1065 883 138.9 113.6 22% Ipca Laboratories Ltd. 851 840 89 86 4%
GHCL Ltd. 100 81 39.4 33.0 19% State Bank Of India 679 646 219 201 9%
NTPC Ltd. 229 194 170.9 143.9 19% Bharat Financial Inclusion Ltd. 589 567 58 50 17%
Bharat Financial Inclusion Ltd. 589 567 58.5 50.2 17% Kotak Mahindra Bank Ltd. 587 502 42 38 13%
Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change
DLF Ltd. 65 0 37.5 0.2 20514% Tata Consultancy Services Ltd. 3681 3059 163 153 7%
Shree Cement Ltd. 118 14 0.6 0.1 680% HDFC Bank Ltd. 3657 3489 158 150 5%
Aurobindo Pharma Ltd. 58 25 7.1 3.2 122% Bajaj Finance Ltd. 3541 3447 114 114 0%
Ultratech Cement Ltd. 172 90 3.7 2.2 66% Kotak Mahindra Bank Ltd. 3395 3079 245 231 6%
SRF Ltd. 84 58 3.3 2.4 35% Housing Development Finance Corporation Ltd.2200 2134 110 108 2%
ACC Ltd. 240 206 14.7 12.3 19% Pidilite Industries Ltd. 2046 2134 166 171 -3%
Larsen & Toubro Ltd. 756 664 56.1 47.9 17% Avenue Supermarts Ltd. 1766 1854 136 126 8%
RBL Bank Ltd. 110 96 16.2 14.2 14% Gruh Finance Ltd. 1691 1454 532 527 1%
Aarti Industries Ltd. 67 58 4.2 3.7 12% Maruti Suzuki India Ltd. 1653 1740 25 26 -5%
Cummins India Ltd. 734 692 100.9 92.7 9% ICICI Bank Ltd. 1339 1238 329 309 6%
DSP AMC DSP AMC
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
Axis AMC Axis AMC
Top 10 BuysMarket Value(crs) Shares(lakhs)
Top 10 HoldingsMarket Value(crs) Shares(lakhs)
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Pankaj Pandey Head – Research [email protected]
ICICI Direct Research Desk,
ICICI Securities Limited,
1st
Floor, Akruti Trade Centre,
Road no.7, MIDC
Andheri (East)
Mumbai – 400 093
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Disclaimer
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ANALYST CERTIFICATION
We /I, Sachin Jain, C.A., authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the
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ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs). ICICI Securities host the details
of the commission rates earned by ICICI Securities from Mutual Fund houses on our website www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation
from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing
advertising support to these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received brokerage for
security transactions done by any of the above AMCs during the period preceding twelve months from the date of this report.
It is confirmed that Sachin Jain, CA, Research Analysts of this report have not received any compensation from the Mutual Funds house whose funds are mentioned in the report in the
preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or is associates may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. Hence, ICICI Securities or its
associates may own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of the research report.
Research Analysts or their relatives of this report do not own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of
the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies/ AMCs including the
AMCs whose funds are mentioned in this report or may have invested in the funds mentioned in this report.
ICICI Securities also distributes Mutual Fund Schemes of ICICI Prudential Asset Management Company which is an ICICI Group Company, scheme details of which might also be appearing in
the report above. However, the transactions are executed at Client's sole discretion and Clients make their own investment decisions, based on their own investment objectives, financial
positions and needs..
It is confirmed that Sachin Jain, CA, Research Analysts do not serve as an officer, director or employee of the AMCs whose funds mentioned in the report. ICICI Securities may have issued
other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in
market making activity for the companies/funds mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority
impacting Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such
distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such
jurisdiction. The funds described herein may or may not be eligible for subscription in all jurisdictions or to certain category of investors. Persons in whose possession this document may come
are required to inform themselves of and to observe such restriction