news letter pms october 2014...hdfc bank ltd. supreme industries limited lupin ltd. larsen &...

MonthlyCommuniqué

Portfolio Management ServicesRegn No. PMS INP 000000670

October 2014

Dear Investors and my dear advisor friends,

It's the time in the market that matters, not timing the market!

I am sure anyone who has ever read anything about investing into equities has read the clichéd "equities are

for long term" statement a zillion times. Most of the time these statements are also backed by a lot of

statistics which prove that if you try to time the market for its bottoms and peaks and by mistake or by a

stroke of bad luck, if you missed the best 10 days then your returns would be quite a few percentage points

lower. Equally, on the other hand, you will find a lot of articles and data which will tell you that when there is

profit to be had, take it off the table. There is no definition of long term and if you had invested in CNX Nifty

exactly on August 31, 1994 and withdrew 10 years later on August 31, 2004 you wouldn't even beat PPF

or Bank's Saving Accounts returns as CNX Nifty had given mere 2.19% compounding returns for this period.

I have no love for this kind of analysis because I have one of those habits where I read the preface, introduction, foreword, afterword

everything in a book before I actually read the book. First year of management studies I read a book called “Statistics for Management”

written by Levin-Rubin. The introduction to this book says that there are three types of people in this world – liars, damned liars and then

there are statisticians. So much for using numbers to prove a point in favour or against long term investing. I believe in logic. And hence, I

will spare you the horror of reading graphs, charts and tables.

I do believe that while investing in equities one must invest for the long term and really one has no idea when the market will do what you

have been waiting for it to do. I read a famous statement by John Maynard Keynes which said that “The market can remain irrational

longer than you can remain solvent” and then there's another equally apt one which goes something like “Markets go up till the last

person has bought and markets keep going down till the last person has sold”. These statements mean that if you have a definite time

horizon to your investment which is not sufficiently long term in nature, then forget fundamentals, your future will depend on gyrations

of the stock market. So what is the definition of long term?

Our industry started off by saying that long term means 3 years; if you go by taxation policies for investing, long term means one year,

after a real bad fall in markets sometimes people tend to say long term means five years!!! Look, let me be honest, there is no fixed

definition of long term. And only put that money into equities, which you are OK to forget about for next few years. Money which will be

needed in a visible time frame, should never be allocated to equities. After hearing this kind of statement from me, a lot of times people

talk about investing in equities as if they have alternative options.

Let me quote a hypothetical situation, if you have a saving of Rs 5 lacs now or if you get an inflow of Rs 5 lacs and you need it to be Rs 10

lacs in the next 5 years, you may need somewhere in range of 15% compounded returns to meet that goal. There are very few asset

classes including equities which will absorb a sum like 5 lacs and still leave you the scope to reach your goal. And what is the point thinking

that if I keep in a bank at least it will be safe! Yes, it will be safe, but the goal will remain a goal and not a score.

The best of companies are in business for decades. It takes decades to implement a business plan, exploit a market opportunity to the

fullest and to build a scale business. If you think that Flipkart is the new kid on the block, think again – they started 8 years back in 2006!

Our Investment philosophy - BUY RIGHT : SIT TIGHT

QGLP

‘Q’uality

‘G’rowth denotes growth in earnings and susained RoE

‘L’ongevity

‘P’rice

denotes quality of the business and management

denotes longevity of the competitive advantage oreconomic moat of the business

denotes our approach of buying a good business for a fair pricerather than buying a fair business for good price

Buy and Hold:

Focus:

We are strictly buy and hold investors and believe thatpicking the right business needs skill and holding onto these business toenable our investors to benefit from the entire growth cycle, needseven more skill.

Our portfolios are high conviction portfolios with 20 to 25stocks being our ideal number. We believe in adequate diversificationbut over-diversification results in diluting returns for our investors andadding market risk.

Buy Right stock Characteristics Sit Tight Approach

(Continued overleaf)


L&T started in 1946, HDFC in 1970, ICICI in 1955, Infosys in 1981, TCS in 1971 and so on and so forth. There are many examples of long

term investment in companies that has generated outstanding results. If we take a call on the businesses by way of buy, hold and sell

recommendations every quarter we will always miss the wood for the trees. When people send messages on emails, FaceBook (FB) and

whatsapp they come and talk about Wipro and Maruti stories but then what do they do in real life? I recently read on FB that Rs 10,000

invested in Wipro stock in 1980 if held all through would have been valued around Rs 700 crs as of today. Wow, nice. Shouldn't we

practice this? So long term to me is all about identifying good quality companies and participating in their entire growth cycle such that

we don't just get couple of percentage points of extra return, we should aim for multiplication and wealth creation.

After reading that Wipro example, I thought that I must go back and ask my father what he was doing when he could have bought Rs

10,000/- worth and Wipro and saved me all the hard work. Can I ask that question? And what can he answer? I am sure he would have

said that there was no Economic Times, there was no CNBC TV 18, and all said and done Azim Premji's company only made oil back then

and not software!!! He is absolutely right in saying this and then I think what will I answer if my son asks me 25 years later than when TCS

market capitalization was barely Rs 5 lacs crores what were you doing? What do you think I will answer???

The question still remains - are we here for getting few percentage points more return or are we here for creating wealth? If you wish to

create wealth by way of multiplication, you need to remain invested in equities absolutely like those FB and whatsapp messages seem to

suggest. And also think, do the promoters of these much FB'ed and whatsapp'ed companies go to office and work after checking the

share price?

At Motilal Oswal Asset Management Company we manage mainly only equity Portfolio Management Services and we advertise ' BUY

RIGHT : SIT TIGHT'. I had a funny experience because recently at a conference one of the gentlemen told me what is so special you have

said, we are “SIT TIGHT” since last 7 years since we invested in the peak of 2007! The entire audience burst into peals of laughter leaving

me to point out rather meekly that the SIT TIGHT has to be preceded by BUY RIGHT. And long term investing has to be preceded by

buying the right stocks and for selecting right funds which buy high quality companies is a must. The issue is not that most of us don't buy

the right stocks. The issue is that whenever we buy the right stock, we book profits, we sell. And whenever we buy a bad stock, how can

we sell at a loss? So we hold on. Portfolios are more often than not riddled with profits from good investments being successively

ploughed into bad investments in the name of booking profits and averaging losses.

At least a long term investing orientation holding on to good quality equities; more time spent in the market will ensure you hold on to

winners. So the next time you buy a stock, please visualise you are buying a business which will grow over the years, the owners will

become wealthier and you will be one of them!

Managing Director and CEOMotilal Oswal Asset Management Company Limited

Aashish P Somaiyaa

Value Strategy


• Value based stock selection

• Investment Approach: Buy & Hold

• Investments with Long term

perspective

• Maximize post tax return due to Low

Churn

Investment Strategy

The Strategy aims to benefit from the long

term compounding effect on investments

done in good businesses, run by great

business managers for superior wealth

creation.

Strategy Objective

Fund Manager : Manish Sonthalia

Strategy Type : Open ended

Date of Inception : 24th March 2003

Benchmark : CNX Nifty

Investment Horizon: 3 Years +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Details

Top Sectors

Auto & Auto Ancillaries

Banking & Finance

Infotech

Pharmaceuticals

Engineering & Electricals

FMCG

Cash

32.35

22.88

16.60

12.64

5.40

5.14

0.83

Sector Allocation % Allocation*

Top Holdings

Eicher Motors Ltd.Bosch Ltd.Tech Mahindra LimitedHDFC Bank Ltd.Tata Consultancy Services Ltd.Sun Pharmaceuticals Ltd.Housing Development Finance Corporation Ltd.State Bank Of IndiaLarsen & Toubro Ltd.Divis Laboratories LtdHero Motocorp LimitedAsian Paints Ltd.

Top Holdings % Allocation*

16.3610.839.058.897.557.467.266.735.405.185.155.14

Key Portfolio Analysis

Standard Deviation (%)

Beta

24.53

1.00

Performance Data CNX NiftyValue Strategy

21.87

0.81

*Above 5% & Cash

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th September 2014. Past performance may ormay not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5%

Value Strategy CNX Nifty All Figures in %

Periods

% o

f re

turn

s

59.06

23.4619.38

11.4013.70

27.19

38.87

18.17 17.22

7.20 9.39

19.60

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

1 Year 2 Year 3 Year 4 Year 5 Year SinceInception

Next Trillion Dollar Opportunity Strategy



The strategy aims to deliver superior

returns by investing in focused themes

which are part of the next Trillion Dollar

GDP growth opportunity. It aims to

predominantly invest in Small & Mid Cap

stocks with a focus on Identifying

Emerging Stocks/Sectors.

• Stocks with Reasonable Valuation

• Concentration on Emerging Themes

• Buy & Hold Strategy



Date of Inception : 11th Dec. 2007

Benchmark : CNX MIDCAP



Redemption : Daily


Strategy Objective

Investment Strategy

Details

27.26

23.39

21.08

8.98

6.25

5.63

0.82

Sector Allocation

19.22

10.57

8.04

7.80

5.97

5.63


Beta

23.62

1.00

Performance Data CNX MIDCAPNTDOP

18.32

0.68

Top Sectors


Top Holdings



*Above 5% & Cash

*Above 5%


Banking & Finance

FMCG

Diversified


Pharmaceuticals

Cash

Eicher Motors Ltd.

Page Industries Ltd.

Bosch Ltd.

Bajaj Finance Ltd.

Voltas Ltd.

Ipca Lab Ltd.

Next Trillion Dollar Opportunity Strategy CNX MIDCAP All Figures in %

Period

% o

f re

turn

s

73.20

38.5533.65

22.03 25.42

16.60

63.17

20.6817.18

5.6511.20

4.48

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

1 Year 2 Year 3 Year 4 Year 5 Year Since

Inception *

Invest India Strategy



The Strategy aims to generate long term

capital appreciation by creating a focused

portfolio of high growth stocks having the

potential to grow more than the nominal

GDP for next 5-7 years across market

capitalization and which are available at

reasonable market prices.

• Buy Growth Stocks across Market

capitalization which have the

potential to grow at 1.5 times the

nominal GDP for next 5-7 years.

• BUY & HOLD strategy, leading to

low to medium churn thereby

enhancing post-tax returns

Fund Manager : Kunal Jadhwani


Date of Inception : 11th Feb. 2010

Benchmark : BSE 200



Redemption : Daily


Strategy Objective

Investment Strategy

Details

Banking & FinanceAuto & Auto AncillariesPharmaceuticalsFMCGInfotechFurniture / ThermowareEngineering & ElectricalsRetailCash

28.9914.1213.1012.598.396.165.985.311.04

Sector Allocation


Beta

15.93

1.00

Performance Data BSE 200IIS

14.25

0.78

Top Sectors



*Above 5% & Cash

Eicher Motors Ltd.


Tata Consultancy Services Ltd.

Bajaj Finance Ltd.

Ipca Lab Ltd.

HDFC Bank Ltd.

Supreme Industries Limited

Lupin Ltd.

Larsen & Toubro Ltd.

City Union Bank Ltd.

Housing Development Finance Corporation Ltd.

Bata India Ltd.

9.81

9.17

8.39

7.35

7.04

6.28

6.16

6.06

5.98

5.78

5.57

5.31

Top Holdings


*Above 5%

Period

Invest India Strategy BSE 200 All Figures in %

% o

f re

turn

s

6.30

10.67

23.18

45.39

18.14 18.14

12.96

0.56

4.07

21.28

42.50

18.7117.02

10.49

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

1 Month 3 Month 6 Month 1 Year 2 Year 3 Year SinceInception

Focused Series IV - Flexi Cap Strategy




Beta

16.00

1.00

Performance Data BSE 200Focused Series - IV

14.43

0.73

The Strategy aims to generate superior

returns over a medium to long term by

investing in only 8-10 companies across

market capitalization. The Fund Manager

will take active asset allocation calls

between cash & equity. The strategy will

also take active equity allocation calls

between investments in large caps & mid

caps & it will follow a policy of profit

booking with predefined price targets.

• Active Equity Allocation between

Mid caps & Large caps

• Active Asset Allocation calls between

Cash and Equity

• Strategy will follow a policy of profit

bookingwith predefined price targets

• When the Client’s AUM appreciates

by 15%, the appreciation amount

will be automatically paid-out.

Portfolio Manager : Kunal Jadhwani


Benchmark : BSE 200

Investment Horizon: 12 – 18 Months

Subscription : No

Redemption : Daily


Strategy Objective

Investment Strategy

Details


Banking & Finance

Infotech

FMCG


Furniture / Thermoware

Pharmaceuticals

Cash

26.76

25.63

11.50

9.94

9.94

8.11

7.23

0.89

Sector Allocation

Bosch Ltd.

Kotak Bank

HDFC Bank Ltd.

Eicher Motors Ltd.

Tech Mahindra Limited



Ipca Lab Ltd.

Cummins India Ltd.

15.12

13.72

11.91

11.64

11.50

9.94

8.11

7.23

5.22

Top Sectors


Top Holdings



*Above 5% & Cash

*Above 5%

Period

Focused Series IV BSE 200 All Figures in %

% o

f re

turn

s

4.48

13.39

28.31

54.57

32.6226.61

13.85

0.564.07

21.28

42.50

18.7117.02

8.99

0.00

10.00

20.00

30.00

40.00

50.00

60.00

1 Month 3 Month 6 Month 1 Years 2 Years 3 Years Since Inception

Focused Series V - A Contra Strategy



The strategy aims to invest in

fundamentally sound companies that can

benefit from changes in a company's

valuation which reflects a significant

change in the markets view of the

company over a horizon of three years.

The Strategy focuses on investing in

stocks that can benefit from growth in

earnings, re-rating of business or higher

valuation of assets. Objective is to

increase return rather than reduce risk

for Investors.

• Buy and hold philosophy – low

portfolio churn

• Follows the principle to pick best

rather than diversification

Concentrated Strategy Structure of

less than 10 stocks

Investment Horizon : Medium to

Long term

•

•


Date of Inception : 27th Sept. 2010

Benchmark : BSE 200

Investment Horizon: 2 to 3 Years


Redemption : Daily


Strategy Objective

Investment Strategy

Details


Banking & Finance

Oil and Gas

Infotech


Cash

30.16

24.99

24.55

7.73

6.78

0.95

Sector Allocation

Eicher Motors Ltd.

J&k Bank

Bharat Petroleum Corpn. Ltd

Petronet LNG Limited

Ing Vysya Bank Limited

Infosys Technologies Ltd.

Triveni Turbine Limited

30.16

12.80

9.91

9.68

9.34

7.73

6.78


Beta

16.25

1.00

Performance Data BSE 200Focused Series - V

41.54

1.10

Top Sectors


Top Holdings



*Above 5% & Cash

*Above 5%

Focused Series V BSE 200 All Figures in %

Period

% o

f re

turn

s

4.89

9.96

23.11

55.51

29.62

24.30

8.95

0.564.07

21.28

42.50

18.7117.02

6.33

0.00

10.00

20.00

30.00

40.00

50.00

60.00

1 Month 3 Month 6 Month 1 Year 2 Year 3 Year SinceInception

Bulls Eye Strategy


• Active management

• Multi Cap Stategy

• Regular Profit Booking

Investment Strategy


The Strategy aims to deliver returns in the

short to medium term by investing in

fundamentally sound stocks coupled with

active profit booking.

Portfolio Manager : Kunal Jadhwani



Benchmark : BSE 200

Investment Horizon: 12 Months +


Redemption : Daily


Strategy Objective

Details

Banking & Finance


Infotech

Pharmaceuticals



Retail

Cash

25.06

17.06

13.18

12.75

12.66

5.47

5.16

1.19


Eicher Motors Ltd.HDFC Bank Ltd.Axis Bank Ltd.Bajaj Finance Ltd.Tech Mahindra LimitedCummins India Ltd.Lupin Ltd.Ipca Lab Ltd.Tata Consultancy Services Ltd.Larsen & Toubro Ltd.Supreme Industries LimitedBata India Ltd.

12.719.887.807.387.056.816.596.176.135.855.475.16


Beta

24.36

1.00

Performance Data BSE 200Bulls Eye

21.72

0.77

Top Sectors

Sector Allocation

Top Holdings



*Above 5% & Cash

*Above 5%

Period

Bulls Eye Strategy BSE 200 All Figures in %

% o

f re

turn

s

57.22

24.01 23.78

9.3111.99

15.25

42.50

18.71 17.02

6.479.19

15.45

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

1 Year 2 Year 3 Year 4 Year 5 Year SinceInception

Optima Strategy


The Strategy aims to generate superior

returns over the long period by investing

in companies with growth potential and

which are available at reasonable market

price.

• Growth At Reasonable Price (GARP)

• Investment Horizon of 2 years +

• Active Portfolio Rebalancing

• Market Timing

• Situation based Multi Cap approach

Portfolio Manager :


Date of Inception : 30th Dec 2008

Benchmark : BSE 200



Redemption : Daily


Kunal Jadhwani

Strategy Objective

Investment Strategy

Details

Banking & Finance



Infotech

Pharmaceuticals


Retail

Cash

25.36

17.28

12.93

12.58

12.39

5.40

5.13

1.37

Sector Allocation

Eicher Motors Ltd.

HDFC Bank Ltd.

Axis Bank Ltd.

Bajaj Finance Ltd.

Cummins India Ltd.

Tech Mahindra Limited

Lupin Ltd.

Tata Consultancy Services Ltd.

Larsen & Toubro Ltd.

Ipca Lab Ltd.


Bata India Ltd.

12.84

10.17

7.81

7.39

6.99

6.62

6.56

5.96

5.95

5.83

5.40

5.13



Beta

20.08

1.00

Performance Data BSE 200Optima

15.82

0.67

Top Sectors


Top Holdings


*Above 5% & Cash

*Above 5%


Period

Optima Strategy BSE 200 All Figures in %

% o

f re

turn

s

58.54

25.3 22.2

11.514.23

24.79

42.5

18.71 17.02

6.47 9.19

20.05

0

10

20

30

40

50

60

70

1 Years 2 Years 3 Years 4 Years 5 Years SinceInception

Insights


Eicher Motors (16.36% Value Strategy)

• Eicher Motors limited (EML) is promoted by the Delhi-based Vikram Lal Group, is present in commercial vehicles, two wheelers and

related components. It's a leader in Cruise bikes in India and No.2 player in Medium Commercial Vehicles.

• Royal Enfield Touted as the Indian Harley Davidson, It is the biggest beneficiary of this emerging leisure biking trend in India.

• The management has increased its production target to 280,000 units in CY2014 (from 250,000 units) and is expected that

demand can reach 500,000 units in 3-4 years.

• Eicher Motors will invest Rs. 6 bn over the next two years in the Royal Enfield business to expand capacity in the Oragdum plant.

• Eicher Motors Ltd. reported total motorcycles sales of 28,020 units in September 2014, higher by 65 percent than 17,005 units in

last September. (Source: www.moneycontrol.com)

• Sales of models with engine capacity up to 350cc during the month stood at 24,662 units, compared to 15,139 units in September

2013, registering a 63 percent growth, while that of models with engine capacity exceeding 350cc amounted to 3,358 units,

surged by 80 percent than 1,866 units sold in September last year. (Source: www.moneycontrol.com)

Hero Moto corp (5.15% Value Strategy)

• Hero MotoCorp Limited (HMCL), formerly Hero Honda Motors Limited is engaged in the manufacture of motorcycles and its parts

and ancillary services. HMCL has 17 different products across 100 cubic centimeter (cc), 125cc, 150cc, 225cc and scooter category.

• Two wheeler auto sector key beneficiary as discretionary spend increases, set to grow at 15 percent p.a. With sector controlled by

just three major players all incremental growth set to be shared by incumbents. HMCL's dominant market share puts it in a strong

position

• It enjoys a strong distribution network with over 3,500 outlets and equally strong brand equity.

• Company has also started exporting to certain markets Central America and Africa, along with starting its first overseas assembly

line in Kenya.

• During the festive month of October 2013, HMCL has reported sales of 625,420 units which are highest ever during a month

achieved in the 2 Wheeler industry in India. (Source: www.indiatoday.in)

• Sales of Hero MotoCorp in September 2014 stood at over 6 lakh units, while it sold 4,68,670 units in the same year ago period,

resulting in a 30 per cent increase.

• During the first six days of Navratri, from September 25-30, the company was able to sell 1.7 lakh units, which in itself was a

growth of 15 per cent over sales in the same period last year.

(Source: www.indiatoday.in)

(Source: www.indiatoday.in)


Disclaimer: This document has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information containedin this document is for general purposes only and not a complete disclosure of every material fact and terms and conditions. The information / data herein alone is not sufficient andshouldn't be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, charts/graphs,estimates and data included in this document are as on date and are subject to change without notice. While utmost care has been exercised while preparing this document, Motilal OswalAsset Management Company Limited does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of thisinformation. The statements/graphs contained herein may include statements of future expectations and other forward-looking statements that are based on our current views andassumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in suchstatements. Readers shall be fully responsible / liable for any decision taken on the basis of this presentation. No part of this document may be duplicated in whole or in part in any formand/or redistributed without prior written consent of the Motilal Oswal Asset Management Company Limited. Readers should before investing in the Strategy make their owninvestigation and seek appropriate professional advice. Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any ofthe strategies of the Portfolio Management Services will be achieved. Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. Pastperformance of the Portfolio Manager does not indicate the future performance of any of the strategies. The name of the Strategies do not in any manner indicate their prospects orreturn. The investments may not be suited to all categories of investors. The material is based upon information that we consider reliable, but we do not represent that it is accurate orcomplete, and it should not be relied upon as such. Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person connected with it, accepts any liability arising fromthe use of this material. The recipient of this material should rely on their investigations and take their own professional advice. Opinions, if any, expressed are our opinions as of the date ofappearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons thatprevent us from doing so. The Portfolio Manager is not responsible for any loss or shortfall resulting from the operation of the strategy. Recipient shall understand that the aforementionedstatements cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to riskreturn, etc. and take professional advice before investing. As with any investment in securities, the value of the portfolio under management may go up or down depending on the variousfactors and forces affecting the capital market. Any forward - looking statements are not predictions and may be subject to change without notice. For tax consequences, each investor isadvised to consult his / her own professional tax advisor. This document is not for public distribution and has been furnished solely for information and must not be reproduced orredistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. No part of this material may be duplicated in anyform and/or redistributed without' MOAMCs prior written consent. Distribution Restrictions - This material should not be circulated in countries where restrictions exist on solicitingbusiness from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions. Recipients shall be solely liable forany liability incurred by them in this regard and will indemnify MOAMC for any liability it may incur in this respect. Securities investments are subject to market risk. Please read oncarefully before investing.

The given stocks are part of portfolio of a model client of Value Strategy and NTDOP Strategy as on 30th September 2014. The stock forming part of the existing portfolio under Value Strategymay or may not be bought for new client. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Name of the PMS Strategies does not in any manner indicate its future prospects and returns. The Companies mentioned above is only for the purpose of explaining the concept and should not beconstrued as recommendations from MOAMC.

and NTDOP Strategy

Risk Disclosure And Disclaimer

CD

L00

04

6_4

01

12

_0

10


Bajaj Finance (7.80% NTDOP Strategy)

• Bajaj Finance (BAF) has transformed from a captive two-wheeler financier to a diversified lender (Consumer, SME, Commercial)

and is now building scale with profitability.

• BAF is the largest two wheeler lender in India focused on semi-urban and rural markets (20% market share in two wheeler

finance).

• It is also the market leader amongst the consumer electronics lenders in India, focusing on affluent consumers (14% in consumer

electronics finance).

• Bajaj Finance Ltd.reviewed the performance of the Company's mortgage and approved the formation of a Housing Finance

Company as a wholly owned subsidiary of the Company. The company will now apply to National Housing Bank (NHB) for the

Housing Finance Company license.

• The Company is aiming for a 35-40 percent growth in disbursements in the festive season, which will be around Rs 3,000

crore in sales.

news letter pms october 2014...hdfc bank ltd. supreme industries limited lupin ltd. larsen &...

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