Weekly Report: Retail Research

MUTUAL FUND & DEBT 20 February 2017
RETAIL RESEARCH
Weekly Report
Equity Markets Weekly Statistics
Key Indices 17-Feb-17 % Chg
Indian equity benchmark indices viz. the S&P BSE Sensex and the Nifty 50 index registered Sensex 28,469 0.47
small gains in the week ended Friday, 17 February 2017 amid mixed global cues. However, Nifty 50 8,822 0.32
the overall sentiment in the broader market was subdued during the week. Dow Jones 20,624 1.75
The Sensex rose 134.50 points or 0.47% to settle at 28,468.75. The Nifty advanced 28.15 Nasdaq 5,839 1.82
points or 0.32% to settle at 8,821.70. The BSE Mid-Cap index fell 0.33% and the BSE Small-Cap DAX 11,757 0.77
index declined 0.98%. Both these indices underperformed the Sensex. Shanghai 3,202 0.17
Key benchmark indices eked out small gains in what was a volatile first trading day of the Hang Seng 24,034 1.95
week on Monday, 13 February 2017. The Sensex had risen 17.37 points or 0.06% to settle at Nikkei 19,235 -0.7
28,351.62, its highest closing level since 6 February 2017. Bovespa 67,748 2.45
Key benchmark indices settled with small declines in what was a lack lustre session of trade Indonesia Jakarta 5,351 -0.39
on Tuesday, 14 February 2017. The Sensex fell 12.31 points or 0.04% to settle at 28,339.31, its
lowest closing level since 10 February 2017. Mutual Fund Categories watch
Key benchmark indices edged lower on Wednesday, 15 February 2017, despite firm global 1 Week 1 Month 3 Month 6 Month 1 Year 3 Yr
Category Name
stocks on worries about possibility of capital outflows from emerging economies including Absolute Absolute Absolute Absolute CAGR CAGR
India after Federal Reserve Chairwoman Janet Yellen on 14 February 2017, spoke in support Arbitrage Funds 0.28 0.56 1.39 3.09 6.66 7.26
of an interest rate hike next month. The Sensex lost 183.75 points or 0.65% to settle at Balanced Equity 0.14 3.36 6.06 3.76 22.93 18.18
28,155.56, its lowest closing level since 1 February 2017. Equity - Auto -1.86 2.45 8.43 1.56 28.43 35.87
Indian equity benchmark indices snapped their two-day losing streak by settling with modest Equity Banking 0.78 7.93 9.19 7.33 48.92 27.60
gains on Thursday, 16 February 2017. The Sensex had risen 145.71 points or 0.52% to settle at Equity - Div Yield -0.35 5.73 10.97 7.90 34.50 23.24
28,301.27, its highest closing level since 14 February 2017. Equity Infra -0.73 5.47 11.88 8.50 35.63 26.64
Trading for the week ended on a positive note on Friday, 17 February 2017 as key benchmark Equity - LARGE -0.10 5.23 9.08 3.98 28.57 19.17
indices closed with modest gains despite lower global stocks. The Sensex had risen 167.48 Equity - MID -0.56 5.18 10.49 5.69 34.50 30.89
points or 0.59% to settle at 28,468.75, its highest closing level since 23 September 2016. Axis Equity MNC -0.72 3.56 8.10 -2.49 14.15 28.13
Bank (up 0.1%), HDFC (up 0.98%), ICICI Bank (up 0.55%), Infosys (up 3.27%), Power Grid Equity - MULTI -0.11 5.46 10.00 5.54 32.17 22.28
Corporation of India (up 1.3%), Reliance Industries (up 4.37%) and Wipro (up 1.54%) edged Equity - SMALL -1.29 5.30 11.29 9.55 39.48 35.75
higher from the 30-share Sensex pack. Equity - FMCG -0.23 7.86 10.94 0.32 24.64 17.23
Bajaj Auto (down 0.57%), Hero MotoCorp (down 5.54%), Hindustan Unilever (down 0.95%), Equity Infotech 1.29 2.54 8.01 -0.91 2.78 6.98
ITC (down 1.76%), L&T (down 1.54%), Lupin (down 0.46%) and Maruti Suzuki India (down Equity - Pharma 0.88 1.90 0.69 -4.88 -0.02 17.03
1.99%) edged lower from the 30-share Sensex pack. ELSS -0.19 5.29 9.53 4.69 30.13 21.73
Gold ETFs 2.09 3.42 7.69 8.32 26.68 11.65
Outlook for the current week Gilt Funds -0.03 -2.13 -1.42 3.49 14.50 11.82
Income Funds 0.04 -1.08 -0.46 3.60 11.90 10.10
Macroeconomic data, final batch of Q3 results of India Inc, trend in global markets, investment Liquid Funds 0.12 0.52 1.55 3.19 7.23 7.99
by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of ST Income Funds 0.16 0.07 0.99 3.97 9.73 9.17
Note: NAV/index values are as on Feb 18,, 2017.
rupee against the dollar and crude oil price movement will dictate market trend in the near term.
The near month February 2017 F&O contracts are set to expire on Thursday, 23 February 2017.
RETAIL RESEARCH Page |1

RETAIL RESEARCH
Global Markets 10 Year G sec Benchmark move:
Asia Pacific share market edged to new 19-month highs on Thursday, 16 February 2017, with
gains underpinned by an ongoing rally on Wall Street, even as rising expectations of a March
rate increase by the Federal Reserve kept investors cautious. MSCI's broadest index of Asia-
Pacific shares outside Japan rose 0.2% to its highest since July 2015.
Stocks tracked Wall Street as the US market indexes pushed further into record-high territory
on Wednesday, helped by upbeat retail sales data for January and ongoing optimism that
President Donald Trump will cut corporate taxes.
Yesterday's data lifted the odds for a Fed rate hike in March to 42% from 30% two days ago,
helped by Fed chair Janet Yellen's testimony that the central bank doesn't need to wait for
Trump to outline plans on fiscal stimulus before resuming rate hikes. US year-on-year
inflation reached 2.5% for January, the fastest pace since 2012.
G sec Markets: Liquidity:
Yield on the 10-year benchmark bond (6.97% GS 2026) closed 2bps higher at 6.82% on
Monday Feb 13 compared with the previous close of 6.80% on Friday Feb 10. It closed 4bps
higher on Tuesday Feb 14 to close at 6.87%. It closed 1 bps lower on Wednesday Feb 15 to
close at 6.86%. It closed 2 bps lower at 6.84% on Thursday Feb 16. It closed flat on Friday Feb
17 at 6.84%
Outlook for the week:
We feel that the new 10-year G Sec yields could trade in the 6.75% - 6.90% band for the week.
Liquidity, Call & CBLO:
RBI infused liquidity to the tune of Rs 2,235 Cr (gross) under the LAF window as compared to
Rs 1,780 Cr on 15-Feb-2017. Borrowing through MSF stood at Rs 700 Cr on 16-Feb-2017 as
compared to nil on 15-Feb-2017. Call rate closed at a weighted average of 6.05% as compared Debt Securities Benchmarks watch
to 6.00% on previous closing. CBLO closed at a weighted average of 4.28% as compared to Debt (%) 18-Feb 13-Feb Change (bps)
6.05% on previous closing. Call Rate 5.95 6.11 16
CBLO 4.99 6.10 121
Repo 6.25 6.25 0
Reverse Repo 5.75 5.75 0
10 Year G sec 6.84 6.80 4
LIBOR UK 0.35 0.36 1
LIBOR USA 1.03 1.04 1
LIBOR Europe -0.34 -0.35 1

RETAIL RESEARCH
T Bill:
AAA Corporate Bond Spread over G sec:
Security 17-Feb 13-Feb
RBI announced auction of 91 Day T-bill and 182 Day T-bill for a notified amount of Rs 6,000 Cr
1 Year 19 23
and Rs 4,000 Cr respectively to be held on Feb 22. It also announced the auction cut-off for 91
3 Year 41 40
Day T-Bill at Rs 98.48 (Yield 6.19%) and for the 364 Day T-Bill at Rs 94.09 (Yield 6.29%) 5 Year 43 40
10 Year 72 66
Corporate Debts
Forthcoming Auctions:
The 10 year AAA bond ended at 7.69% as compared to 6.80% in previous week. The 1 year Security Date of Auction Value (Rs. Crs)
AAA yield was seen trading at 6.84% as compared to 6.88% in previous week. 91 D T Bill 22-Feb-17 6,000
364 D T Bill 22-Feb-17 4,000
Currency
The Indian rupee weakened against the US dollar to close at 67.00 for the week ended Feb 18 Certificates of Deposits:
as compared with the previous weekly close of 66.87 Maturity 17-Feb 10-Feb
3 Months 6.38 6..44
Euro remained flat against the U.S. dollar. Euro was trading at $ 1.0600 on Feb 18 compared 6 Months 6.45 6.55
with the previous weekly close of $1.0700 on Feb 11 1 Year 6.64 6.61
Gold & Crude oil Commercial Papers:

Maturity 17-Feb 10-Feb
Gold prices traded higher due to the weakening of the US Dollar. Prices ended at USD 1235 3 Months 7.00 7.10
per ounce compared to USD 1230 per ounce in the previous week. 6 Months 7.20 7.20
1 Year 7.42 7.50
Brent crude prices rose marginally on stronger demand outlook. Prices closed at USD 55.20
per barrel compared to USD 56.67 in the previous week. Commodity Update:
17-Feb 10-Feb Change (%)
Movements of G sec Benchmark Yields across maturities in the last 1 month. Brent Crude Oil ($/bbl) 55.20 56.67 -2.59
Gold (oz/$) 1235 1230 0.40

RETAIL RESEARCH
Mutual Fund Scheme Analysis: Birla Sun Life Short Term Fund

RETAIL RESEARCH
Key points: Unit Growth of investments Vs. Benchmark (Rebased to 100)
Birla Sun Life Short Term Debt Fund is a fund scheme with a 20 years track record with a corpus size of
Rs 16,659 crores. Its expense ratio is 0.30% currently.
Fund invests in corporate bonds and government securities. Currently the portfolio average maturity is
3 years. A longer average maturity (5 years and above) points to the fact that the fund manager
expects interest rates to fall. In this fund the average maturity has been maintained between 2 to 3
years.
Fund has registered +10.56%, +10.12% and +9.84% of CAGR returns for one, three and five year periods
while the benchmark CRISIL short term bond fund Index posted +10.06%, +9.72% and +9.32% of
returns respectively.
Portfolio:
In terms of sector-wise holding, bonds from banks and finance companies occupies 51% of the portfolio
followed by Telecom (4%)
Fund Performance vis-a-vis Benchmark (Excess return):
Its top holdings are HDFC (7%), PFC (7%), Reliance Jio Infocomm (4%), Tata capital (4%), LIC housing
(4%), REC 93%), SIDBI (3%), India bulls housing (3%), Bajaj Finance (2%) and NABARD (1%)
Fund has invested in a total of 134 securities and portfolio is predominantly AAA rated (89%) and
remaining 10% is AA rated.
In terms of instruments, fund has invested in debentures (29%), Govt. Securities (14%), Bonds (23%)
and Government loans (21%)
In terms of risk grade it can be classified as Moderately low
Fund manager is Mr Prasad Dhonde since July 2011. A strategy of buy and hold and opportunistic
trading is followed.

RETAIL RESEARCH
Mutual Fund Ready Reckoner:
Equity Funds
Value
Fund Size 1 Year 3 Year 5 Year Return Since Crisil Research
Scheme Name & ISIN NAV (Rs) (Crs. Rs) Return Return Return Inception (%) Top holdings Rank Rating Riskometer
Equity - Diversified - Large CAP
Franklin India Prima
Plus - (G) 481.22 9365.19 15.45 23.11 18.01 18.92 HDFC Bk, ICICI Bk, Bharti Airtel, INFY, Indusind Bk CPR 3 4 Star Moderately High
INF090I01239
SBI BlueChip Fund (G)
31.23 10104.31 13.75 21.17 18.68 10.94 HDFC Bank, Sun Phar, Bharat Electr, M&M,RIL CPR 1 5 Star Moderately High
INF200K01180
HDFC Capital Builder -
223.41 1300.18 17.64 21.23 17.68 14.45 HDFC Bank, ICICI Bank, SBI,Tata Mot, INFY CPR 3 3 Star Moderately High
(G) INF179K01426
Birla Sun Life Frontl
Eqty Fund 181.12 13973.04 19.17 20.60 17.93 22.23 HDFC Bank, INFY, Tata Mot ICICI Bank, ITC CPR 2 5 Star Moderately High
(G)INF209K01BR9
Equity - Diversified - Multi CAP
ICICI Pru Value
Discovery Fund (G) 122.78 14918.68 15.51 27.51 22.14 22.28 L&T, Wipro, HDFC Bank, Sun Pharma & ICICI Bank CPR 2 5 Star Moderately High
INF109K01AF8
Franklin India High
Growth Com Fund (G) 32.47 5116.01 22.43 29.00 23.31 13.16 SBI, ICICI Bk, HDFC Bank, Bharti Airtel, Axis Bank CPR 3 5 Star Moderately High
INF090I01981
Equity - Diversified - Mid n Small CAP
DSP BR Micro-Cap
Fund (G) 52.59 4323.27 28.88 43.93 30.13 18.79 Sharda Crop, KPR Mill SRF, Atul Ltd & Repco Home Fin CPR 1 5 Star Moderately High
INF740K01797
SBI Small & Midcap
Fund (G) 37.48 718.98 18.84 40.46 28.73 19.55 Orient Refrac, TV Today, Gabriel Ind, Atul Ltd, Nesco NA 4 Star Moderately High
INF200K01T28
Mirae Asset Emerg
Bluech Fund (G) 38.43 2921.36 29.03 38.02 29.59 22.66 HPCL, Kotak Bank, ,ICICI Bank ,Indus Bank, Fed Bank CPR 1 5 Star Moderately High
INF769K01101
Franklin India Small
Comp Fund (G) 47.25 4114.08 24.51 36.25 30.53 15.08 Finolex Cab, Equitas Hold, Yes Bk, Repco Home, eClerx CPR 2 4 Star Moderately High
INF090I01569
Equity - Sector/Thematic Funds
UTI-Transport &
Logist Fund (G) 97.31 866.45 20.74 36.12 29.64 18.14 Maruti ,Tata Mot,Hero Moto, M&M,& Adani Ports NA NA High
INF789F01299
Franklin Build India
Fund (G) 33.46 686.69 28.56 34.91 25.34 17.69 SBI, HDFC Bank, ICICI Bank, Bharti Airtel &Axis Bank CPR 1 5 Star High
INF090I01AE7
Birla Sun Life MNC
Fund - (G) 587.82 3128.48 6.55 29.09 23.20 17.71 Bayer Crop, Gillette, Bosch, ICRA &Pfizer CPR 4 4 Star High
INF209K01322
ICICI Pru Banking &
Finan Services (G) 46.08 1224.66 43.13 32.44 23.07 19.82 HDFC Bank, Inds Bank, SBI , ICICI Bank, Yes Bank NA 4 Star High
INF109K01BU5
Birla Sun Life India
62.04 455.21 22.07 24.67 21.33 17.20 HDFC Bk, Maruti, Eicher Mot, Indusind Bk,ITC CPR 2 4 Star High
GenNext Fund (G)

RETAIL RESEARCH
INF209K01447
ICICI Pru Exports &
Oth Serv Fund (G) 46.87 648.19 1.63 18.73 23.58 14.82 Cipla, Narayana Hru, , HCL Tec, Astrazen Ph,Unichem CPR 3 NA High
INF109K01BB5
Reliance Pharma Fund
131.31 1499.76 -6.79 15.92 18.98 22.54 Abbott Ind, Sun Phar, Lupin, Aurob Phar,Cadila NA NA High
(G) INF204K01968
Tata Ethical Fund - (G) Castrol India, INFY, HUL,
127.46 473.49 4.05 14.49 15.39 15.74 CPR 5 3 Star Moderately High
INF277K01956 Maruti & Bajaj Auto
ICICI Pru Technology
Fund (G) 37.68 290.58 -8.65 5.53 17.14 8.15 INFY, HCL Tech, Tech Mah,Wipro & Cyient NA 3 Star High
INF109K01506
Equity - Tax Planning
Reliance Tax Saver 50.33 5870.86 20.35 28.18 20.88 15.27
TVS Mot,SBI,Tata Steel,L&T &
(ELSS) Fund - (G) CPR 3 4 Star Moderately High
ICICI Bank
INF204K01GK4
DSP BR Tax Saver 38.17 1494.471 24.49 25.03 20.52 14.27
SBI ,HDFC Bank, INFY, L&T,&
Fund (G) CPR 1 5 Star Moderately High
Lupin
INF740K01185
AXIS Long Term Equity 31.83 10409.36 7.79 23.75 21.43 17.72
Fund (G) Kotak Bank, HDFC Bk, Sun Phar, Maruti & HDFC CPR 3 5 Star Moderately High
INF846K01131
Hybrid Funds
Value
Fund Size 1 Year 3 Year 5 Year Return Since Crisil Research
Scheme Name & ISIN NAV (Rs) (Crs. Rs) Return Return Return Inception (%) Top holdings Rank Rating Riskometer
Hybrid - Equity Oriented (At least 65% in equity)
HDFC Balanced Fund (G)

123.68 8312.71 19.39 21.66 17.51 16.57 HDFC Bank, ICICI Bank, INFY RIL, &SBI CPR 2 4 Star Moderately High
INF179K01392
HDFC Prudence Fund - (G)
429.73 14953.28 23.23 21.84 15.94 17.84 SBI, L&T, ICICI Bank, Tata Steel&INFY CPR 3 3 Star Moderately High
INF179K01AV8
Tata Balanced Fund - Regular (G) HDFC Bank, Power Grid,INFY , ICICI
INF277K01303 Bank & HCL Tech
L&T India Prudence Fund (G) HDFC Bank, ICICI Bank, ITC, INFY
INF917K01LB0 &L&T
Hybrid - Monthly Income Plan - Long Term (About 15% to 30% in equity)
Birla Sun Life MIP II - Wealth 25 (G) Yes Bank, HPCL, Eicher, NATCO &
INF209K01751 Dalmia Bharat
HDFC Monthly Income Plan LTP- HDFC Bank, INFY, Federal Mogul, L&T
40.89 3675.83 17.74 14.71 11.55 11.34 CPR 2 3 Star Moderately HIgh
(G) INF179K01AE4 & ICICI Bank
Debt Funds
Fund Size 1 Year 2 Year 3 Year Return Since Crisil Value
Scheme Name & ISIN (Crs. Rs) NAVReturn
(Rs) Return Return Inception (%) Top Rank
holdings Research Rating Riskometer
Liquid Funds
Reliance Liquid Fund - Treas Plan (G) T bill, FD: Allah Bk, Deutsche Bk, CP:
3911.68 20650.68 7.57 7.91 8.30 7.45 CPR 3 3 Star Low
National Bnk Agr, REC,

RETAIL RESEARCH
Tbill, FD: Synd Bank, Indusind Bank,

HDFC Liquid Fund (G)INF179KB1HK0 3165.94 29396.36 7.50 7.88 8.27 7.33 CPR 3 3 Star Low
CP, Bonds: IRF
Ultra Short Term Funds
IDFC Ultra Short Term Fund (G) CD: Axis Bank Debenture: LICHF,
22.75 4758.80 8.97 8.71 8.97 7.73 CPR 3 3 Star Moderately Low
HDFC,CP, GOI: 7.68%
ICICI Pru Flexible Income Plan - SOV, Bonds: SBI, Indiabulls hsg Fin,
NHB, CD, CP
Short Term Income Funds
Birla Sun Life Short Term Fund (G) GOI: 7.68% GOI 2021, 7.80%
Bonds: HDFC, LICHF
Birla Sun Life Treasury Optimizer - GOI: 7.59% GOI 2026, GOI: 7.61% GOI
208.75 8496.05 12.81 10.25 11.22 8.77 NA 4 Star Moderate
2030,SOV
Income Funds
HDFC Medium Term Opportu Fund Bond: PFC, National Bnk Agr
Debenture: ONGC, HDFC,
UTI-Dynamic Bond Fund (G) GOI: 7.59% GOI 2026, 7.61% GOI
19.13 1319.19 15.37 10.38 12.25 10.31 CPR 1 4 Star Moderate
2030, 8.13% GOI 2045, 7.59% GOI 2029,
ICICI Pru Long Term Plan - Regular GOI: 7.80% GOI 2021, 8.17% GOI
2044, 7.73% GOI 2034, Bonds: HDFC Bank
Gilt Funds
L&T Gilt Fund (G) INF917K01BP1 GOI 7.59% GOI 2026,GOI 7.61% GOI
2030, 8.13% GOI 2045, 7.59% GOI 2029
SBI Magnum Gilt Fund - Long term G sec: 7.61% GOI 2030, 7.88% GOI
2030, 7.68% GOI 2023, 7.59% GOI 2026
Note:
NAV value as on Jan 31, 2017. Portfolio data as on Dec 2016 wherever available.
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. NA = Not Available.
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 Sep 2016, 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 (1% of category corpus or Rs.500 cr whichever is less) and age. Final picks arrived from return score (respective weightage given for rolling returns generated from the last 7 years NAV history for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk score.
The mutual fund riskometer is a simple representation of the risk a fund carries. It is a level of risk involved in the particular scheme. The level of risk in mutual fund schemes are five i.e. Low - principal at low risk, Moderately Low - principal at moderately low risk, Moderate - principal at moderate risk,
Moderately High -- principal at moderately high risk, High - principal at high risk.

RETAIL RESEARCH
Mutual Fund NEWS: Dividend
ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Capital Protection Gross (Rs Ex-Dividend
Scheme Name Record Date
Oriented Fund Series XI 1247 Days Plan D, a close ended capital protection oriented scheme. The / Unit) Date
tenure of the scheme is 1247 days. The new fund offer (NFO) price for the scheme is Rs 10 per unit. The Birla Sun Life Balanced Advantage Fund (D) 23-02-2017 0.17 24-02-2017
new issue will be open for subscription from 17 February and will close on 03 March 2017. HDFC Growth Fund (D) 23-02-2017 3.00 24-02-2017
The investment objective of the scheme is to seek to protect capital by investing a portion of the portfolio ICICI Pru Technology Fund (D) 23-02-2017 2.70 24-02-2017
in highest rated debt securities and money market instruments and also provide capital appreciation by DSP BR India T.I.G.E.R. Fund (D) 23-02-2017 1.70 24-02-2017
investing the balance in equity and equity related securities. The securities would mature on or before the BNP Paribas Dividend Yield Fund (D) 23-02-2017 0.11 24-02-2017
maturity of the plan under the scheme. Franklin India Smaller Companies Fund (D) 23-02-2017 2.25 24-02-2017
Reliance Top 200 Fund (D) 23-02-2017 1.50 24-02-2017
The scheme offers regular plan cumulative option, direct plan dividend option, regular plan Kotak Infrastructure & Economic Reform-(D) 23-02-2017 0.50 24-02-2017
cumulative option and regular plan dividend option.
ICICI Pru Banking & Financial Services (D) 23-02-2017 3.20 24-02-2017
The scheme would allocate 65%-100% of assets in debt securities & money market instruments with low
to medium risk profile and invest upto 35% of assets in equity and equity related securities with medium
to high risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter. The fund seeks to collect
a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO
period.
Entry and exit load charge will be not applicable.
The performance of the scheme will be benchmarked against Crisil Composite Bond Fund Index (85%) and
Nifty 50 (15%) Index
The fund managers of the scheme are Vinay Sharma, Chandni Gupta, Rahul Goswami and Ihab Dalwai (For
investments in ADR / GDR and other foreign securities).
NFO:
Scheme Name Open Date Close Date Minimum

Investments
ICICI Pru Capital Protection Orient. XI-C Reg (D) 10-02-2017 23-02-2017 5000
DHFL Pramerica FDF - Sr.AC (G) 20-02-2017 03-03-2017 5000
SBI Long Term Advantage Fund - Series IV (D) 30-12-2016 29-03-2017 500
UTI-Long Term Advantage Fund - Sr.V (G) 22/12/2016 22/03/2017 500
Sundaram LT MC Tax Advantage Fund - Sr.IV (G) 27-09-2016 20-03-2017 500
HDFC FMP - 1170Days-Feb2017(1)(XXXVII) (G) 16-02-2017 28-02-2017 5000
HDFC FMP - 1143Days-Feb2017(1)(XXXVII) (G) 17-02-2017 27-02-2017 5000
SBI Dual Advantage Fund - Series XIX (G) 06-02-2017 20-02-2017 5000
Invesco India FMP - Sr.XXIX - Plan A (G) 22-02-2017 27-02-2017 5000
Reliance Fixed Horizon - XXXII - Sr.10 (G) 13-02-2017 24-02-2017 5000

RETAIL RESEARCH
Global Updates: (Source: AMC Newsletters)
India:
India's foreign exchange reserves went down marginally $361mn to stand on $362.7bn as on February 10. The foreign exchange reserves have been in a very healthy position over the last few
weeks with the RBI having also boosted it by $1.6bn in the first week of February, supported by a strong Rupee.
India's factory output contracted by (-) 0.4 per cent in December largely impacted by demonetization. The factory output, as per the Index of Industrial Production (IIP), had risen by 5.7 per cent
in November, 2016. Earlier, it encountered a (-) 0.9 per cent slide in the corresponding month of the previous year.
India's services languished, with new business orders falling for the third straight month, amid muted inflationary pressure that could offer RBI much room to remain accommodative in its next
policy meet next week, says a monthly survey. The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, came in at 48.7 in
January, from 46.8 in December 2016, signaling that the sector is heading towards stabilization. The Nikkei Markit India Manufacturing Purchasing Managers Index (PMI) an indicator of
manufacturing activity increased to 50.4 in January from 49.6 in December.
Demonetization has helped to boost deposit growth even at a time when banks have reduced the interest rates on term deposits. Deposits rose 13.9% or Rs 12.7 lakh crore to Rs 105 lakh crore
against a 10% rise reported last year, according data released by the Reserve Bank of India. While deposits grew, credit growth has not shown any pick up as it has remained muted at around
5% with the total outstanding bank credit standing at Rs 74 lakh crore. As a result banks were forced to park surplus funds in government bonds which helped lower yields which in turn has
helped government raise cheaper funds.
India's foreign exchange reserves went up marginally to $360.77 billion as on January 20, 2017. The forex reserves stood at around $360.77 billion as on January 20, 2017, as against $359.84
billion as on January 13, 2017.
Indias M3 money supply dipped to Rs 120449 bn in Dec from Rs 123768 bn in Nov.
Indias Retail inflation eased further to nearly 3-year low of 3.41 per cent in December, India Federal Fiscal Deficit, INR climbed from previous 4479.88B to 5012.5B in December.
India's annual infrastructure output growth accelerated to 5.6 percent in December from 4.9 percent in the previous month as steel production surged. Reflecting weak demand as consumers
grappled with cash crunch following demonetization. The decline in retail inflation has been mainly on account of falling prices of vegetables and pulses. This is the lowest level at least since
January 2014.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2016 stand at 135.9, 181.2 and 191.2 respectively, with the corresponding
growth rates of 3.9%, 5.5% and 8.9% as compared to November 2015.Indias PMI data for December indicated that the rupee demonetization took a toll on manufacturing performance. The
headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index TM (PMITM) recorded below the crucial 50.0 threshold for the first time in 2016 during December. Down
from 52.3 in November to 49.6.
Indias foreign exchange reserves increased by $687.9 million to $ 359.843 billion in the week ended January 14. The countrys forex reserves had dipped by $ 1.142 billion to $ 359.155 billion in
the previous week.
Indias fiscal deficit during the first eight months to November was Rs4.58 trillion, or 85.8% of the budgeted target for the fiscal year ending next March. The fiscal deficit was 87% of the full-
year target during the same period a year ago.
Wholesale price index-based (WPI) inflation declined for the third consecutive month to 3.15 per cent in November mainly due to lower prices of foods articles. While inflation for primary
articles fell in November, fuel and power and manufactured products group inflation continued to rise during the month.
The Consumer Price Index (CPI)-based inflation fell to 3.63 per cent in November a record low in the new series from 4.2 per cent in October. The main reason for contraction in demand
was demonetization, said analysts
Industrial production of India declined during the month of October, owing to high base effects amid slump in manufacturing and mining activities. Following the governments demonetization
move, the country is expected to witness a further decline in the indicator. Indias industrial production declined -1.9 percent y/y in October, faster than -0.9 percent registered in Q3 2016.
Manufacturing and mining activity slumped in the month, with electricity generation contributing to the headline with a 1.1 percent y/y rise.
US:
U.S. industrial production rebounded in December due to the biggest jump in utilities since 1989 as temperatures cooled across the country. The Federal Reserve said on Wednesday industrial
output rose 0.8 percent last month after a downwardly revised 0.7 percent decline in November. Economists polled by Reuters had forecast industrial production rising 0.6 percent.
U.S. crude oil inventories rose unexpectedly last month, U.S. Crude Oil Inventories rose to a seasonally adjusted annual rate of 0.614M, from 2.256M in the preceding month. Analysts had
expected U.S. Crude Oil Inventories to fall -2.060M last month.
RETAIL RESEARCH P a g e | 10
RETAIL RESEARCH
Economic Calendar:
Date Country Event Period Frequency Unit Previous

17-02-2017 India Output of Crude oil Jan Monthly mln tn 3.06
17-02-2017 India Output of Refinery Jan Monthly mln tn 20.73
17-02-2017 India Output of Natural gas Jan Monthly bln cu m 2.74
20-02-2017 India CPI - Agricultural Labourers(YoY Chg) Jan Monthly pct 2.7
20-02-2017 India CPI - Rural Labourers (YoY Chg) Jan Monthly pct 2.8
22-02-2017 India 91 day T- Bills auction of Rs 60 bln (cut-off yld) Weekly pct 6.19
22-02-2017 India Reserve Money (change on year) Wk to Feb 17 Weekly pct -22.56
22-02-2017 India 182 day T- Bills auction of Rs 40 bln (cut-off yld) Fortnightly pct 6.22
24-02-2017 India WMA (ways and means advance) - to central govt Wk to Feb 17 Weekly Rs bln 0
24-02-2017 India WMA (ways and means advance) - to state govts Wk to Feb 17 Weekly pct 22.85
24-02-2017 India FX reserve (change on wk) Wk to Feb 17 Weekly $ mln -360.9
28-02-2017 India CPI-Industrial Workers Jan Monthly pct 0
28-02-2017 India IIP Core (YoY Chg) Jan Monthly pct 0
28-02-2017 India Government finances -fiscal deficit (pct of Budget Estimate) Apr-Jan Monthly pct 0
28-02-2017 India Gross Domestic Product (YoY Chg) Oct-Dec Quarterly pct 7.3
01-03-2017 India Reserve Money (change on year) Wk to Feb 24 Weekly pct 0
01-03-2017 India 91 day T- Bills auction of Rs 60 bln (cut-off yld) Weekly pct 0
01-03-2017 India Power generation Feb Monthly bln kwh 95.33
01-03-2017 India 364 day T- Bills auction of Rs 40 bln (cut-off yld) Fortnightly pct 6.3
01-03-2017 India M3 (YoY Chg) Wk to Feb 17 Fortnightly pct 6.69
01-03-2017 India Nikkei India manufacturing PMI Feb Monthly 0
03-03-2017 India Nikkei India Services PMI Feb Monthly 0
03-03-2017 India Nikkei India composite PMI Feb Monthly 0
03-03-2017 India WMA (ways and means advance) - to central govt Wk to Feb 24 Weekly Rs bln 0
03-03-2017 India WMA (ways and means advance) - to state govts Wk to Feb 24 Weekly Rs bln 0
03-03-2017 India FX reserve (change on wk) Wk to Feb 24 Weekly $ mln 0
03-03-2017 India Bank Deposit (YoY Chg) Wk to Feb 17 Fortnightly pct 13.5
03-03-2017 India Bank Credit (YoY Chg) Wk to Feb 17 Fortnightly pct 5
03-03-2017 India Bank Investment (YoY Chg) Wk to Feb 17 Fortnightly pct 26.4
03-03-2017 India Bank Cash Deposit Ratio Wk to Feb 17 Fortnightly 4.7
03-03-2017 India Bank Investment Deposit Ratio Wk to Feb 17 Fortnightly 32.9
03-03-2017 India Bank Credit Deposit Ratio Wk to Feb 17 Fortnightly 70.81
08-03-2017 India Reserve Money (change on year) Wk to Mar 3 Weekly pct 0
08-03-2017 India 182 day T- Bills auction of Rs 40 bln (cut-off yld) Fortnightly pct 0
10-03-2017 India IIP (YoY Chg) Jan Monthly pct -0.4
RETAIL RESEARCH
10-03-2017 India WMA (ways and means advance) - to central govt Wk to Mar 3 Weekly Rs bln 0
10-03-2017 India WMA (ways and means advance) - to state govts Wk to Mar 3 Weekly Rs bln 0
10-03-2017 India FX reserve (change on wk) Wk to Mar 3 Weekly $ mln 0
13-03-2017 India CPI Inflation - Rural (YoY Chg) Feb Monthly pct 3.36
13-03-2017 India CPI Inflation - Urban (YoY Chg) Feb Monthly pct 2.9
13-03-2017 India CPI Inflation - Combined (YoY Chg) Feb Monthly pct 3.17
14-03-2017 India WPI Inflation (YoY Chg) New Series (Base 2004-05) Feb Monthly pct 5.25
14-03-2017 India Foreign merchandise trade Exports (YoY Chg) Feb Monthly pct 4.32
14-03-2017 India Foreign merchandise trade Imports (YoY Chg) Feb Monthly pct 10.7
15-03-2017 India M3 (YoY Chg) Wk to Mar 3 Fortnightly pct 0
16-03-2017 India Foreign tourist arrivals (YoY Chg) Feb Monthly pct 16.5
17-03-2017 India Output of Natural gas Feb Monthly bln cu m 0
17-03-2017 India Output of Refinery Feb Monthly mln tn 0
17-03-2017 India Output of Crude oil Feb Monthly mln tn 0
17-03-2017 India WMA (ways and means advance) - to central govt Wk to Mar 10 Weekly Rs bln 0
17-03-2017 India WMA (ways and means advance) - to state govts Wk to Mar 10 Weekly Rs bln 0
17-03-2017 India FX reserve (change on wk) Wk to Mar 10 Weekly $ mln 0
17-03-2017 India Bank Deposit (YoY Chg) Wk to Mar 3 Fortnightly pct 0
17-03-2017 India Bank Credit (YoY Chg) Wk to Mar 3 Fortnightly pct 0
17-03-2017 India Bank Investment (YoY Chg) Wk to Mar 3 Fortnightly pct 0
17-03-2017 India Bank Cash Deposit Ratio Wk to Mar 3 Fortnightly 0
17-03-2017 India Bank Investment Deposit Ratio Wk to Mar 3 Fortnightly 0
17-03-2017 India Bank Credit Deposit Ratio Wk to Mar 3 Fortnightly 0
20-03-2017 India CPI - Agricultural Labourers(YoY Chg) Feb Monthly pct 0
20-03-2017 India CPI - Rural Labourers (YoY Chg) Feb Monthly pct 0
RETAIL RESEARCH
Economy Updates
US Dollar Vs Indian Rupee Relationship among policy rates and benchmarks:
The Indian rupee weakened against the US dollar to close at 67.05 for the week ended Feb 18 as compared The wholesale price index (WPI)-based inflation rose to 5.69 per cent in January from 3.39
with the previous close of 66.94 on Feb 10 per cent in December as cost of manufactured products and petrol rose.
WPI Inflation (YoY) Deposit vs. Advance Growth (YoY) %
The wholesale price index (WPI)-based inflation rose to 5.69 per cent in January from 3.39 per cent in
Indian banks' loans rose 5.14 percent in the two weeks to Feb 03 from a year earlier, while
December as cost of manufactured products and petrol rose.
deposits rose 13.63 percent. Outstanding loans increased to 77.12 trillion rupees from 73.35
trillion rupees on a YOY basis for period ending Feb 03.
RETAIL RESEARCH
Money Stock (M3) (YoY) (%) Corporate Bonds Spread Vs Gilt Securities:
India's Reserve money rose 6.7% year on year in week to Feb 10, 2017. Corporate bond yields fell last week. The one year AAA credit spreads closed 19 bps higher
while 10 year spread closed 72 bps higher.
Foreign Exchange Reserves (mn of USD) Liquidity support from RBI (Bn. Rs)
India's foreign exchange reserves fell by USD 361 million to $362.70 billion in the week ended February RBI infused liquidity to the tune of Rs 2,235 Cr (gross) under the LAF window as
18 on account of rise in foreign currency assets. In the previous week, the reserves had risen by USD compared to Rs 1,780 Cr on 15-Feb-2017. Borrowing through MSF stood at Rs 700 Cr
1.64 billion to USD 363.14 billion. on 16-Feb-2017 as compared to nil on 15-Feb-2017. Call rate closed at a weighted
average of 6.05% as compared to 6.00% on previous closing. CBLO closed at a
weighted average of 4.28% as compared to 6.05% on previous closing.
RETAIL RESEARCH
MFs net investment in Debt (Rs Crs): Certificates of Deposit (%):
In December MF bought worth Rs 24,223 crores. In January MF bought worth Rs 34,601.40 crore. In Corporate bond yields rose last week. The CD rates hovered around 6.64% levels (as per
February till date MF bought worth Rs 15210 the latest data) (one year CD).
FIIs net investment in Debt (Rs Crs): Commercial Paper (%):
In December FII sold worth Rs 18,150.37 crore. In January FII sold worth Rs 2490.32 crores. In February till
date FII bought worth Rs 6559.17 crores Rates of Commercial papers rose last week. The CP rates are hovering around 7.42% levels
(one year maturity CP).
RETAIL RESEARCH
Senior Analyst: Prashant Mehta (prashant.mehta@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
non-Institutional 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. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no.
INH000002475."

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MUTUAL FUND & DEBT 20 February 2017

RETAIL RESEARCH Page |1

Global Markets 10 Year G sec Benchmark move:

G sec Markets: Liquidity:

Outlook for the week:

Liquidity, Call & CBLO:

RETAIL RESEARCH Page |2

Gold & Crude oil Commercial Papers:

RETAIL RESEARCH Page |3

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Key points: Unit Growth of investments Vs. Benchmark (Rebased to 100)

In terms of risk grade it can be classified as Moderately low

RETAIL RESEARCH Page |5

Mutual Fund Ready Reckoner:

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HDFC Balanced Fund (G)

RETAIL RESEARCH Page |7

Tbill, FD: Synd Bank, Indusind Bank,

Ultra Short Term Funds

RETAIL RESEARCH Page |8

Mutual Fund NEWS: Dividend

Entry and exit load charge will be not applicable.

Scheme Name Open Date Close Date Minimum

RETAIL RESEARCH Page |9

Global Updates: (Source: AMC Newsletters)

Date Country Event Period Frequency Unit Previous

US Dollar Vs Indian Rupee Relationship among policy rates and benchmarks:

WPI Inflation (YoY) Deposit vs. Advance Growth (YoY) %

MFs net investment in Debt (Rs Crs): Certificates of Deposit (%):

FIIs net investment in Debt (Rs Crs): Commercial Paper (%):

Senior Analyst: Prashant Mehta (prashant.mehta@hdfcsec.com)

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