Mar 16, 2015

Weekly Mutual Fund and Debt Report

RETAIL RESEARCH
Equity Markets
Indian equity markets tumbled in the week ended on weak global cues. The barometer index, the S&P
BSE Sensex, dropped in four out of five trading sessions during the week. Foreign portfolio investors (FPIs)
bought shares worth a net Rs 673.41 crore from the secondary equity market during the four trading
sessions from 9 March 2015 to 12 March 2015. The S&P BSE Sensex fell 945.65 points or 3.21% to settle at
28,503.30. The 50-unit CNX Nifty dropped 290 points or 3.24% to settle at 8,647.75. The BSE Mid-Cap
index declined 250.20 points or 2.26% to settle at 10,794.88. The BSE Small-Cap index slumped 247.29
points or 2.15% to settle at 11,209.56. The decline in both these indices was lower than Sensex's decline
in percentage terms.

Outlook for the current weeks

Corporate advance tax data for the fourth and final installment of 15 March, data on inflation based on
the wholesale price index for February 2015, trend in global markets, investment by foreign portfolio
investors (FPIs), the movement of rupee against the dollar, crude oil price movement and developments
in the ongoing budget session of Parliament will dictate the near term trend on the bourses.

Weekly Statistics
Global Index

13-Mar

06-Mar

Change (%)

Sensex

28503

29449

-3.21

Nifty

8648

8938

-3.24

DJIA

17749

17857

-0.60

Nasdaq

4872

4927

-1.12

FTSE

6741

6912

-2.47

DAX

11902

11551

3.04

Hang Seng

23823

24164

-1.41

Nikkei

19254

18971

1.49

Bovespa

48596

49981

-2.77

Indonesia Jakarta

5426

5515

-1.61

Singapore Strait

3374

3418

-1.29

MSCI Emerging Mkt

940

971

-3.19

Mutual Fund Categories watch

Corporate advance tax payment for the fourth and final installment which is due by Sunday could provide
clues on Q4 March 2015 corporate earnings. On the macro front, the government will unveil data on
inflation based on the wholesale price index for February 2015 on Monday. Shares of public sector oil
marketing companies (PSU OMCs) and auto firms will be in focus as a fuel price review is due.
Among global events, a two-day meeting of the Federal Open Market Committee (FOMC) to review US
monetary policy is scheduled on 17-18 March 2015. Although no rate changes are expected this time,
investors will closely be watching Federal Reserve Chairwoman Janet Yellen's press conference for any
hints on how patient the central bank will be before tightening its monetary policy. Also, US industrial
production data for the month of February 2015 is due on Monday, 16 March 2015.

Global Markets
For the week, the Dow was down 0.6 percent, the S&P 500 was off 0.9 percent and the Nasdaq was down
1.1 percent .Plunging oil prices and a resurgent dollar are the big reasons behind the slump. The MSCI AllCountry World equity index fell 0.6 percent. The FTSEurofirst 300 pan-European index closed up 0.3
percent. Japan's Nikkei 225 rose 1.4 percent to 19,254.25.

G sec Markets
Indian bond yields ended up during the week ended March 13, 2015. The G sec market opened the week
on Monday on a bearish note tracking stronger than expected US employment data. A rise in US treasury

1 Week
Absolute

1 Month
Absolute

3 Month
Absolute

6 Month
Absolute

Arbitrage Funds

0.02

0.52

2.56

4.16

8.57

8.95

Balanced - Debt

-0.84

0.03

3.22

6.61

22.67

13.55

Balanced - Equity

-1.91

-0.27

5.70

9.43

42.83

20.06

Equity - Banking

-4.61

-2.81

3.84

15.70

56.44

20.77

Equity - Div Yield

-2.60

-7.61

5.24

9.84

53.46

19.14

Equity - Infra

-2.16

1.13

8.22

9.59

63.22

16.14

Equity - Large Cap

-2.68

-0.64

7.13

10.48

47.05

20.08

Equity - Mid Cap

-1.99

0.84

8.81

14.52

77.99

31.31

Equity - Multi CAP

-2.39

-0.12

7.69

11.93

54.88

22.96

Equity - Small Cap

-1.61

1.20

9.83

19.20

104.70

33.88

Equity - FMCG

-2.04

-3.06

0.54

12.60

34.49

25.91

Equity - Infotech

-2.80

-0.99

10.61

11.42

34.37

25.22

Category Name

1 Year
CAGR

3 Year
CAGR

Equity - Pharma

0.60

6.15

11.33

19.13

63.20

37.26

ELSS

-2.51

-0.30

7.88

11.33

53.03

23.20

Gold ETFs

-2.58

-4.76

-4.86

-4.49

-14.50

-3.24

Gilt Funds

-0.41

-0.26

2.03

9.30

15.45

9.64

Income Funds

-0.30

0.11

1.82

7.20

12.60

9.48

Liquid Funds

0.16

0.60

1.97

4.02

8.43

8.66

MIP

-0.62

0.12

2.80

7.10

17.87

10.79

Note: Trailing Returns up to 1 year are absolute and over 1 year are CAGR. NAV/index values are as on Mar 13, 2015.

RETAIL RESEARCH

yields following the release of US non-farm payrolls data, which led to the expectation of an interest rate
increase in the US by the Fed. G sec prices ended further lower on Tuesday as the participants took
cautious stance in absence of any triggers. Weakness of Rupee against the dollar also weighed the bond
prices.

10 Year G sec Benchmark move:

The prices of the government securities ended lower on Wednesday tracking weakness in the rupee and
cautiousness ahead of the retail inflation data.
Government bonds prices ended up on Thursday on the expectation of favorable domestic retail inflation
figures for February. A rise in the rupee against the US dollar also provided support.
Yields of the G secs ended up sharply on Friday due to more than expected rise in Indias consumer
inflation for the month of February. Weakness in the rupee against the US dollar and cautiousness ahead
of US FOMC policy meeting scheduled for 17-18 Mar weighed the market sentiments.
Hence, the yields of the 10-year benchmark 8.40% 2024 bond ended up by 9bps at 7.80% (Rs 103.95) on
Friday against the last week close of 7.71%.

Liquidity:

Outlook for the week

We feel that the new 10-year G Sec yields could trade in the 7.70% - 7.95% band for the week.

T Bill Auctions
The T-Bill auctions held last week were fully subscribed in the 91 days T-Bill. The cut-off for 91-Days T-Bill
was set at Rs 97.97, implying a yield of 8.31% (previous week yield 8.23%).
The 182-Days T-Bill auctions were fully subscribed. The cut-off for 364-Days T-Bill was set at Rs 96.09
implying a yield of 8.16%.

Liquidity, Call & CBLO

The liquidity in the banking system hardened considerably during last week compared to the previous
week.
The net infusion from the LAF window was a daily average of Rs. 14,779 crore for last week (Rs. 4,332
crore in previous week).
The inter-bank call rates traded around 7.36% levels on Friday.
The CBLO rates were positioned at 7.26% level.

RETAIL RESEARCH

Debt Securities Benchmarks watch

Debt (%)

13-Mar

05-Mar

Change (bps)

Call Rate

7.36

7.23

13

CBLO

7.26

6.45

81

Repo

7.5

7.5

Reverse Repo

6.5

6.5

10 Year G sec

7.8

7.71

LIBOR UK

0.56

0.56

LIBOR USA

0.27

0.25

LIBOR Europe

0.27

0.25

Corporate Debts
The 1 year bond ended at 8.65% compared to the previous week close of 8.6%. The 10-year AAA bond
traded at 8.33% compared to the previous week close 8.29%.

Currency
The USD appreciated against the Euro by 2.00 % for week ended 13th March 2015.
The dollar appreciated against the yen by 0.50% for the week.
The USD appreciated against the pound by 1.14%.

Gold & Crude oil

AAA Corporate Bond Spread over Gsec:

AAA Corporate Bond Spread over Gsec
Security

13-Mar

05-Mar

1 Year
3 Year
5 Year
10 Year

41
53
41
38

48
42
44
35

Date of Auction

Value (Rs. Crs)

18-Mar-15
18-Mar-15

8,000
6,000

Forthcoming Auctions;
Security
91 Day T-Bill
364 Day T-Bill

Certificates of Deposits:
Maturity

13-Mar

05-Mar

International crude oil prices (WTI) dropped by 9.61% for the week ended 13th March, 2015 to close at
USD 44.84 per barrel.

3 Months
6 Months
1 Year

8.57
8.5
8.48

8.5
8.5
8.47

International gold prices fell by 1.02% for the week ended 13th March, 2015 to close at USD 1152.4 per
troy ounce.

Commercial Papers:

10 Yr G sec Benchmark Yields Movements in last one month.

Maturity

13-Mar

05-Mar

3 Months
6 Months
1 Year

8.95
8.95
8.85

8.5
8.5
8.47

Commodity Update:

RETAIL RESEARCH

Commodity

13-Mar

05-Mar

Change (%)

NYMEX Crude Oil ($/bbl)

Gold (oz/$)

44.84
1,152.4

49.61
1,164.3

-9.61%
-1.02%

Scheme Analysis

RETAIL RESEARCH

Birla Sun Life Frontline Equity Fund - G

Key Points

Unit Growth of investments Vs. Benchmark

Birla Sun Life Frontline Equity is relatively better performing scheme from Equity Diversified Large cap
category. The scheme has managed to deliver notable returns over periods thanks to its ability to
mitigate risk with blue chip oriented stocks from the universe of BSE 200.
The scheme registered +49%, +25% and +16% of compounded returns for the one, three and five year
periods while the benchmark posted +40%, +18% and +11% of returns respectively. Over the same period,
the category clocked +46%, +20% and +13% of CAGR returns respectively. The large-cap orientation
prevented the scheme to benefit from rallies led by mid-cap stocks, but helped to withstand the
corrections efficiently during the market downturns. The scheme has been maintaining an average of 98%
of assets into blue chip stocks considering last one-year period.
The fund manager follows buy and hold strategy as close to 70% of the portfolio is the core which are
kept over longer term. The scheme tries to follow the same sector weights as the index of BSE 200 and try
to get all the advantage by having a different stock selection within those sectors.
The portfolio has been churned moderately in last six month periods as the scheme added 10 new stocks
and exited from 6. That reflects in the turnover ratio which has been at 33%.
HDFC Bank, ICICI Bank and Axis Bank are the stocks topped in its latest portfolio having weights of 6.41%,
4.81% and 4.11% to its net assets respectively. The expense ratio of 2.21% for the scheme is lower
compared to the category (the category average has been at 2.62%).
Rating agencies like Value research & Crisil assigned 4 star and CPR 2 respectively for the scheme.
These reflect good performance of the scheme on generating high-risk adjusted returns.
The scheme is managed by Mr. Mahesh Patil. The corpus of the scheme as per latest data was at Rs. 8,957
crore.
As far as risk measures are concerned, the scheme has done well in terms of Sharpe and Jensons Alpha. It
registered Sharpe of 0.08% (category 0.06%) and Alpha of 0.03% (category 0.02%).
The scheme seems to be less risky in the category as it generated 0.87% (category 0.91%) of Standard
Deviation over the last one-year.

RETAIL RESEARCH

Fund Performance Vis-a-vis Benchmark (Excess return):

(Rebased to 100)

Mutual Fund ready reckoner:

Equity - Diversified - Large CAP
NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Birla Sun Life Frontline Equity - Plan A (G)

INF209K01BR9

166.45

8603

56.72

25.59

17.15

25.24

ICICI Bank, HDFC Bank, ITC

Tata Mot and SBI

CPR 2

4 Star

Average

HDFC Equity Fund - (G)

INF179K01608

475.46

19181

59.67

21.98

16.63

21.11

SBI, ICICI Bank, Infy, L&T

Aurobindo Pharma

CPR 3

3 Star

High

High

ICICI Pru Focused Bluechip Equity Fund (G)

INF109K01BL4

30.06

8815

50.15

21.89

17.95

17.68

HDFC Bank Ltd, Infosys Ltd, ICICI Bank

Ltd, ITC Ltd and RIL

CPR 3

5 Star

Low

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Return
Grade

Franklin India High Growth Companies (G)

INF090I01981

29.72

1773

89.94

35.37

21.77

15.43

Axis Bank, HDFC Bank, Maruti Suzuki

India, Tech Mahindra & ICICI Bank

CPR 1

5 Star

Risk
Grade
Below
Average

ICICI Pru Dynamic Plan (G)

INF109K01761

193.81

5915

45.37

22.13

16.60

27.19

Power Grid Corp, INFY, HDFC Bank,

Wipro and RIL

CPR 2

4 Star

Below
Average

High

Reliance Equity Opportunities Fund (G)

INF204K01489

77.05

11172

68.31

29.04

22.41

22.86

HDFC Bank, Divi's Lab, SBI, Trent and

Cummins India

CPR 1

3 Star

Below
Average

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

Reliance Small Cap Fund (G)

INF204K01HY3

24.56

1579

103.51

39.82

22.41

LG Balakrishnan & Bros, TVS Motor

Co., Atul, Kalpataru & CCL Pro

CPR 2

5 Star

Average

High

ICICI Pru Value Discovery Fund (G)

INF109K01AF8

114.49

8682

84.87

33.97

23.21

26.05

ICICI Bank, RIL, Sadbhav Engineering,

PI Ind & Amara Raja Bat

CPR 2

4 Star

Low

Above
Average

Religare Invesco Mid N Small Cap

INF205K01DN2

35.88

389

86.97

36.10

26.23

21.04

DB Corporation, STFC, ING Vysya

Bank, Bharat Forge & Dish TV India

CPR 3

4 Star

Below
Average

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

AXIS Long Term Equity Fund (G)

INF846K01131

30.82

4034

76.34

35.00

25.16

24.38

HDFC Bank Ltd, TCS, L&T, HDFC Ltd,

ITC Ltd

CPR 1

5 Star

Low

High

Reliance Tax Saver Fund - (G)

INF204K01GK4

49.64

4156

102.77

33.73

23.31

18.51

TVS Motor Co, SBI, Tata Steel, Wipro

& BHEL

CPR 1

5 Star

High

High

Scheme Name

Return
Grade
Above
Average

Equity - Diversified - Multi CAP

Scheme Name

High

Equity - Diversified - Mid n Small CAP

Scheme Name

Equity - Tax Planning

Scheme Name

RETAIL RESEARCH

Hybrid - Equity Oriented (Atleast 60% in equity)

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

HDFC Balanced Fund (G)

INF179K01392

107.50

3284

51.84

22.77

19.03

17.85

SBI, ICICI Bank, Axis Bank, Aurobindo

Pharma & L&T

CPR 1

4 Star

ICICI Pru Balanced Fund - (G)

INF109K01480

93.20

1633

50.32

24.29

18.94

15.68

HDFC Bank, Motherson Sumi, City

Union Bank, Maruti Suzuki Ind & ICICI

CPR 1

5 Star

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Reliance Monthly Income Plan (G)

INF204K01FD1

33.37

2521

26.84

13.12

10.97

11.40

Eq: Sundaram-Clayton, Federal Mogul

Goetze, HDFC Bank. CP: PFC

CPR 2

4 Star

HDFC Monthly Income Plan - LTP (G)

INF179K01AE4

34.66

3818

27.25

12.90

10.95

11.77

Eq: SBI, Infy, ICICI Bank, L&T. Debt:

TATA Power, Hindalco Inds

CPR 2

Scheme Name

Risk
Grade
Below
Average

Return
Grade

Below
Average

Above
Average

Risk
Grade
Above
Average

Return
Grade
Above
Average

3 Star

Average

Average

Risk
Grade
Below
Average

Return
Grade
Above
Average

Below
Average

Above
Average

Risk
Grade
Below
Average

Return
Grade
Above
Average

High

Hybrid - Monthly Income Plan - Long Term (About 15% to 20% in equity)
Scheme Name

Liquid Funds
NAV (Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

27.35

14666

9.05

9.20

9.24

7.25

CP: National Bank Agr. Rur. Devp, CD:

National Bank Agr. Rur, Union Bank.

CPR 3

3 Star

3064.08

1134

8.96

9.20

9.19

7.34

CP: M&M Financial Services, Kotak

Mahindra Prime, PFC, CD: SIDBI 2014

CPR 3

4 Star

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

ICICI Pru Flexible Income Plan - Regular (G)

INF109K01746

260.58

11913

9.50

9.55

9.52

7.49

CD: NABARD, Canara Bk, T Bill, CP:

HDFC, Debt: TCFSL

CPR 1

4 Star

SBI Mag Income FRP - Savings Plus Bond (G)

INF200K01636

21.50

842

8.90

9.03

9.26

7.47

CD: HDFC, ICICI, IDBI. Debt: LIC Hou,

HDFC. CP: Sesa ste

CPR 3

3 Star

Low

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

24.00

985

10.83

9.95

10.28

7.27

FD: J&K Bank, D: 11.6% DHFL. 2015,

CD: Central Bank of India 2013,

CPR 3

3 Star

Average

Return
Grade
Above
Average

2847.73

10332

12.25

10.57

10.36

8.33

PTC: 11.85% Adani Enterprises. Debt:

Dewan Housing Fin

CPR 1

4 Star

Average

Scheme Name
HDFC Liquid Fund (G)
INF179K01KG8
SBI Magnum InstaCash - Cash Plan
INF200K01LJ4

Ultra Short Term Funds

Scheme Name

Short Term Income Funds

Scheme Name
Sundaram Select Debt - STAP (G)
INF903J01FG3
Franklin India Short Term Income (G)
INF090I01304

RETAIL RESEARCH

Above
Average

Income Funds
NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Birla Sun Life Medium Term Plan (G)

INF209K01603

16.88

3683

12.27

11.32

11.20

9.24

Debenture: DLF, Tata Mot, IL&FS

Transport, RHC Holdings

CPR 3

4 Star

Low

ICICI Pru Long Term Plan - Retail (G)

INF109K01712

31.84

349

20.97

14.98

12.89

9.38

Bonds: EXIM Bk, 8.28% GOI 9-21, 8.4%

GOI 7-28 & Cash

5 Star

Low

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

Tata Gilt Mid Term Fund (G)

INF277K01LH6

15.30

129

17.96

11.83

11.24

9.52

SDL: 8.94% Maharashtra, GOI: 8.28%

GOI 9-21

CPR 3

4 Star

Low

High

Sundaram Gilt Fund - (G)

INF903J01FA6

23.61

40

13.07

15.67

14.90

6.41

8.83% GOI 2023, 8.28% GOI 2027,

8.6% GOI 2028 & 8.15% GOI 2026

5 Star

Low

High

Scheme Name

Return
Grade
Above
Average

Gilt Funds
Scheme Name

Notes:

NAV value as on Feb 27, 2014. Portfolio data as on Jan 2015.

Returns are trailing and annualized (CAGR).
The notations '5 Star & CPR 1' (used by VR & Crisil respectively) are considered as top in respective rating and ranking scales.
The performance of the funds are rated and classified by Value Research in the following ways. Top 10% funds in each category were classified ***** funds, the next 22.5% got a **** star,
while the middle 35% got a ***, while the next 22.5% and bottom 10% got ** and * respectively.
The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the Quarter Ended Dec 14, Based on percentile of number of schemes
considered in the category, the schemes are ranked as follows: CPR 1- Very Good performance, CPR 2 - Good performance, CPR 3 - Average performance, CPR 4 - Below average and CPR 5 Relatively weak performance in the category.
Schemes shortlisted based on the corpus and age. Final picks arrived from return score (respective weightage given for rolling returns for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk score. Schemes
from Quantum, Mirae and JM Mutual Funds have not been considered.

NFO:
Scheme name

Tenure

Open Date

Close Date

Minimum Investments

Equity
DWS Large Cap Fund - Series 2 (G)

5 Years

SBI Long Term Advantage Fund - Series II (G)

10 Years

Reliance Capital Builder Fund II - Sr.C (G)

3 Years

LIC NOMURA MF Banking & Fina Serv Fund (G)

3/16/2015

3/25/2015

12/22/2014

3/23/2015

5000
500

3/9/2015

3/23/2015

5000
5000

3/9/2015

3/23/2015

Sundaram Long Term Tax Advantage Fund-Sr.I (G)

10 Years

12/18/2014

3/20/2015

500

Birla Sun Life Focused Equity Fund - Sr.5 (G)

3 Years

2/20/2015

3/20/2015

5000

DWS Large Cap Fund - Series 1 (G)

1281 Days

3/4/2015

3/18/2015

5000

Canara Robeco India Opportunities - Sr.2 (G)

3 Years

3/2/2015

3/16/2015

5000

RETAIL RESEARCH

ETFs
SBI BSE 100 ETF

3/2/2015

3/16/2015

5000

SBI Banking ETF

3/2/2015

3/16/2015

5000

SBI Nifty Junior ETF

3/2/2015

3/16/2015

5000

3/16/2015

3/30/2015

5000

3/12/2015

3/26/2015

5000

3/11/2015

3/25/2015

5000

3/10/2015

3/24/2015

5000

Balanced
DWS Hybrid FTF - Series 37 (G)

1100 Days

JPMorgan India Balanced Advantage Fund (G)

Birla Sun Life CPO Fund - Series 26 (G)

1101 Days

SBI Dynamic Asset Allocation Fund (G)

ICICI Pru Capital Protection Orient. VIII-A Reg(G)

1300 Days

3/10/2015

3/23/2015

5000

Canara Robeco CPO Fund - Series 5 (G)

40 Months

3/9/2015

3/20/2015

5000

ICICI Pru Multiple Yield Fund - Sr.8-Plan G-Reg(G)

1284 Days

3/5/2015

3/19/2015

5000

Baroda Pioneer Hybrid Fund - Sr.1 -Plan A (G)

1112 Days

3/2/2015

3/17/2015

5000

Fixed Maturity Plans

SBI Dual Advantage Fund - Series VIII (G)

1111 Days

3/16/2015

3/30/2015

5000

Reliance Fixed Horizon - XXVIII - Sr.12 (G)

1125 Days

3/20/2015

3/26/2015

5000

Kotak FMP - Series 172 - 1126 Days - Regular (G)

1126 Days

3/12/2015

3/25/2015

5000

Tata Dual Advantage Fund - Sr.3 - Scheme A (G)

1099 Days

3/9/2015

3/20/2015

5000

Reliance Fixed Horizon - XXVIII - Sr.11 (G)

1132 Days

3/17/2015

3/19/2015

5000

Reliance Dual Advantage FTF - VII - Plan D (G)

1103 Days

3/5/2015

3/19/2015

5000

HDFC FMP - 1135Days-Mar 2015(1)(XXXIII) (G)

1135 Days

3/13/2015

3/18/2015

5000

UTI-FTI - Series XXI - X(1112Days)-Reg (G)

1112 Days

3/9/2015

3/17/2015

5000

ICICI Pru FMP - Series 76 - 1100Days Plan R-Reg(G)

1100 Days

3/16/2015

3/17/2015

5000

UTI-Dual Advantage FTF Sr.I - III(1111Days)-Reg(G)

1111 Days

3/2/2015

3/16/2015

5000

Reliance Fixed Horizon - XXVIII - Sr.10 (G)

1135 Days

3/10/2015

3/16/2015

5000

Religare Invesco FMP - Sr.XXV - Plan E (G)

1134 Days

3/9/2015

3/16/2015

5000

368 Days

3/11/2015

3/18/2015

5000

Interval Income Funds

Religare Invesco AIF - Sr.1 - Plan C (G)

Mutual Fund NEWS:

Dividend
Scheme Name

Record Date

Gross (%)

Date

L&T Cash Fund Announces Change In Exit Load Structure: L&T Mutual Fund has announced change in exit
load structure under L&T Cash Fund, with effect from 16 March 2015. Accordingly the revised exit load
will be: If units are redeemed within 20 days from the date of allotment or purchase applying first in first
out basis, the exit load will be 0.50%.

HDFC Equity Fund - (D)

3/19/2015

55.00

3/20/2015

Birla Sun Life Equity Fund (D)

3/17/2015

38.00

3/18/2015

Reliance Mid & Small Cap Fund (D)

3/18/2015

30.00

3/19/2015

HSBC India Opportunities Fund (D)

3/17/2015

27.00

3/18/2015

Tata Dynamic Bond Fund Announces Change In Exit Load Structure: Tata Mutual Fund has announced
change in exit load structure under all plans & options of Tata Dynamic Bond Fund, with effect from 17
March 2015. Accordingly, the exit load will be Nil.

HSBC Tax Saver Equity Fund (D)

3/17/2015

25.00

3/18/2015

Mirae Asset India-China Consumption Fund (D)

3/18/2015

20.00

3/19/2015

IDFC Sterling Equity Fund (D)

3/16/2015

20.00

3/17/2015

Reliance Income Fund - (Div-HY)

3/19/2015

11.39

3/20/2015

ICICI Pru Corporate Bond Fund Plan B (Div-Hy)

3/18/2015

6.52

3/19/2015

Reliance RSF-Balanced (Div-Q)

3/16/2015

4.00

3/17/2015

RETAIL RESEARCH

Global Updates:

(Source: AMC Newsletters)

India:

India's foreign exchange reserves fell to $337.79 bn as of March 6 compared with $338 bn a week earlier.
Government says foreign companies investing in the construction sector will have to bring in a minimum of $5 mn within six months of the date of approval of the building plan.
Government informs Parliament that the Non-Performing Assets (NPAs) of Indian banks stood at Rs 3.01 lakh cr as on December 2014, attributing the increase of NPAs to sluggishness in
growth.
Indias industrial production grew 2.6% in January 2015 compared to an upwardly revised reading of 3.23% in December 2014.
Indias consumer prices rose to 5.37% in February compared with an upwardly revised inflation reading of 5.19% in January.
Opposition party agrees to support passage of the insurance bill in Rajya Sabha which seeks to raise the FDI cap to 49%.
IMF sees India's FY16 GDP growth at 7.5%, but warns about global financial market volatility that may arise from any unexpected developments in the course of US monetary policy
normalization.
Indias current account deficit rose to $8.2 bn (1.6 % of GDP) for third quarter ended December 2014 from $4.2 bn (0.9 % of GDP) for October-December 2013.
BSE, S&P to launch the AllCap Index for Indian markets which will cover over 700 listed stocks representing over 95% of market capitalisation in the second quarter of 2015.
RBI advises banks to undertake customer education and awareness programmes in multiple languages through different channels of communication to popularise the process of mobile
banking registration/activation and its usage.

Asia:

Japans industrial output advanced 3.7% month-on-month in January, after growing 0.8% in December.
China unveils plans to exchange 1 trillion yuan worth of local government high-interest maturing debt for low-interest municipal or provincial bonds.
Chinas industrial production grew 6.8% in January-February period, compared with a 7.9% increase in December.
Chinas producer price index fell 4.8% in February from a year earlier, compared with a 4.3% drop in January.

US producer prices fell 0.5% in February after dropping 0.8% in January.

US University of Michigan preliminary consumer sentiment index decreased to four month low of 91.2 in March from 95.4 in February.
US retail sales dropped 0.6% in February after declining 0.8% in January.
US initial claims for state unemployment benefits declined 36,000 to a seasonally adjusted 289,000 for the week ended March 7.
US import prices gained 0.4% in February after a revised 3.1% plunge in January; export prices dipped 0.1% in February after falling 1.9% in January.
US business inventories were unchanged in January after recording flat growth in December.

UK Markit PMI for the service sector decreased to 56.7 in February from 57.2 in January; the composite PMI inched up to 57.0, a three-month high, from 56.9 in January.
UK visible trade deficit narrowed to 8.4 bn pounds in January from 9.9 bn pounds in December.

US:

UK:

Euro Zone:

Euro zone industrial production declined 0.1% in January after rising 0.3% in Deember.
Euro zone Sentix index of investor confidence improved to 18.6 in March from a reading of 12.4 in February.

RETAIL RESEARCH

Economic Calendar:
Date

Country

Event

Period

Frequency

Unit

Previous

16-03-2015

India

WPI Inflation (YoY Chg) New Series (Base 2004-05)

Feb

16-03-2015

India

Output of Crude oil

Feb

Monthly

pct

-0.39

Monthly

mln tn

16-03-2015

India

Output of Refinery

3.19

Feb

Monthly

mln tn

19.67

16-03-2015

India

16-03-2015

India

Output of Natural gas

Feb

Monthly

bln cu m

2.87

GSM mobile subscriber

Feb

Monthly

Million

687.42

16-03-2015

Japan

16-03-2015

US

Bank of Japan Announcement (Change)

Mar, 2015

Monthly

bp

Empire State Mfg Survey

Mar, 2015

Monthly

16-03-2015

US

16-03-2015

US

Industrial Production (Production - M/M change)

Feb, 2014

Monthly

Housing Market Index (Housing Market Index)

Mar, 2015

Monthly

17-03-2015

US

Treasury International Capital

Jan, 2015

Monthly

17-03-2015

European Monetary Union

HICP

Feb, 2015

Monthly

17-03-2015

US

Housing Starts (Permits - Level - SAAR)

Feb, 2015

Monthly

17-03-2015

US

Redbook

wk3/14, 2015

Weekly

18-03-2015

Japan

Merchandise Trade

Feb, 2014

Monthly

18-03-2015

India

91 day T- Bills auction of Rs 80 bln (cut-off yld)

Weekly

pct

8.31

18-03-2015

India

Reserve Money (change on year)

Wk to Mar 13

Weekly

pct

12.09

18-03-2015

India

M3 (YoY Chg)

Wk to Mar 6

Fortnightly

pct

11.48

18-03-2015

India

364 day T- Bills auction of Rs 60 bln (cut-off yld)

Fortnightly

pct

7.9

18-03-2015

Japan

All Industry Index

Jan, 2015

Monthly

18-03-2015

UK

Labour Market Report (ILO Unemployment)

Feb, 2015

Monthly

Percent

5.7

18-03-2015

UK

BoE MPC Minutes

Mar, 2015

Monthly

18-03-2015

European Monetary Union

Merchandise Trade

Jan, 2015

Monthly

18-03-2015

US

MBA Purchase Applications

wk3/13, 2015

Weekly

18-03-2015

US

EIA Petroleum Status Report

wk3/13, 2015

Weekly

18-03-2015

US

FOMC Meeting Announcement

19-03-2015

US

Jobless Claims

wk3/14, 2015

Monthly

Percent

0.2

Billion

35.4

Million

1.05

55

Percent

Weekly

20-03-2015

US

Fed Balance Sheet

wk3/18, 2015

Weekly

20-03-2015

India

CPI - Agricultural Labourers(YoY Chg)

Feb

Monthly

20-03-2015

India

CPI - Rural Labourers (YoY Chg)

Feb

20-03-2015

India

WMA (ways and means advance) - to central govt

Wk to Mar 13

20-03-2015

India

FX reserve (change on wk)

20-03-2015

India

Bank Deposit (YoY Chg)

20-03-2015

India

Bank Credit (YoY Chg)

RETAIL RESEARCH

7.78

pct

6.21

Monthly

pct

6.46

Weekly

Rs bln

Wk to Mar 13

Weekly

$ mln

-286.3

Wk to Mar 6

Fortnightly

pct

11.9

Wk to Mar 6

Fortnightly

pct

10.4

Economy Updates
US Dollar Vs Indian Rupee

The US dollar appreciated against the rupee by 0.76% for the week ended 13th March,
2015. The Indian rupee fell to a two-month low as the US dollar continued to rise and hit
a 12-year high amid speculation that the US may hike interest rates sooner than earlier
expected.
WPI Inflation (YoY)

Inflation, as measured by the wholesale price index (WPI), fell to a steep -2.06 percent,
marking the fourth straight month of deflating prices , which is, year-on-year inflation
fell to the lowest level since it has been tracked in the current 2005 series. The February
contraction was led by a month-on-month decline in all three broad groups that make up
the index.

RETAIL RESEARCH

Relationship among policy rates and benchmarks:

The RBI has surprised the market by cutting the repo rate by 25bps to 7.50% wherein the
central bank action is appropriated by the below trajectory reading on inflation and a
high in quality fiscal consolidation path provided by the government on the Union
Budget. The RBI is likely to cut the repo rate further based on the development in
macroeconomic numbers.
Deposit vs. Advance Growth (YoY)%

Bank credit growth remained muted with a 10.39% rise at Rs 64,53,394 crore in the
fortnight to February 20, up from Rs 58,45,833 crore a year ago, RBI data show. Deposits
of the banks saw rising 11.85% to Rs 84,74,824 crore in the reporting fortnight as against
Rs 75,76,609 crore in the same fortnight last year.

Money Stock (M3) (YoY) (%)

Corporate Bonds Spread Vs Gilt Securities:

Money supply (M3) rose by Rs.750 billion to Rs. 1,04,155 billion during the fortnight
ended Feb 20, 2015. This was the fifth consecutive fortnight of an increase in money
supply. On a y-o-y basis, growth in money supply accelerated to 11.5 per cent from 11.2
per cent a fortnight ago.

Corporate bond yields rose last week. The one year AAA credit spreads fell by 4 basis
points while 10 year spread fell by 7 basis points.

Foreign Exchange Reserves (mn of USD)

India's foreign exchange reserves fell to $337.79 bn as of March 6 compared with $338
bn a week earlier.

RETAIL RESEARCH

Liquidity support from RBI (Bn. Rs)

The liquidity in the banking system hardened considerably during last week compared to
the previous week. The net infusion from the LAF window was a daily average of Rs.
14,779 crore for last week (Rs. 4,332 crore in previous week). The inter-bank call rates
traded around 7.36% levels on Friday. The CBLO rates were positioned at 7.26% level.

MFs net investment in Debt (Rs Crs):

In January, the MF have bought debt worth Rs. 33,124 crore while in Feb, they have
bought debt worth Rs. 60,749 crore. So far in Mar, they bought Rs. 17,325 crore.
FIIs net investment in Debt (Rs Crs):

In January, FII bought debt worth Rs. 23,068 crore while in Feb, they have bought debt
worth Rs. 13,422 crore. So far in Mar, they bought Rs. 743 crore.

Certificates of Deposit (%):

CD rates are trending marginally lower in the recent periods. The CD rates hovered around
8.48% levels (as per the latest data) (one year CD).
Commercial Paper (%):

Rates of Commercial papers are seen trading lower in the recent periods. The CP rates are
hovering around 8.85% levels (one year maturity CP).

Analyst: Dhuraivel Gunasekaran (dhuraivel.gunasekaran@hdfcsec.com)

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com
Disclaimer: Mutual Funds and Debt investments are subject to risk. Past performance is no guarantee for future performance This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be
reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied
upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for nonInstitutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH