English bl 22 01 2018

© 2006-2017 Kasturi & Sons Ltd. -@SridharMuskula -muskulasridhar@gmail.com MONDAY • JANUARY 22, 2018 CHENNAI 8 • Pages 18 • Volume 25 • Number 18

RETAINING THE IDENTITY HPCL board will be similar to MRPL, ONGC Videsh Ltd, says Shashi Shanker, CMD, ONGC p13 Regd. TN/ARD/14/2012-2014, RNI No. 55320/94

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Inside BIG STORY

Will bat for the farmer?

Agrarian distress has grown to such an extent that it cannot be swept under the carpet anymore. The plight of the farmers will be at the top of the Finance Minister’s mind when he drafts the Budget. An analysis of the key issues that farmers are grappling with and the action plan that can be adopted to rectify P2 the situation

Commerce Ministry Soiled 2,000, 500 notes haven’t yet gained currency wants no price curbs on most farm exports Even 14 months later, RBI rules for exchange have not been framed

Draft agri policy to seek stakeholders’ views on limiting MEP to essential items AMITI SEN

BEYOND STOCKS

New Delhi, January 21

Senior living

To establish India as a reliable sup­ plier of agricultural commodities in the global market, the Com­ merce Ministry is planning to oat a proposal for doing away with the practice of imposing export re­ strictions in the form of minimum export prices (MEP) for non­essential items such as onions, tomatoes and potatoes.

“The draft Agri­ culture Export Policy, which will be put up online for stakeholder comments soon, is likely to in­ clude a proposal to restrict the ap­ plication of MEP to a small list of items essential for a person’s sur­ vival, such as rice or wheat, as a tool to contain domestic prices.

On all other items, the proposal would be to do away with MEP alto­ gether,” a government o cial told BusinessLine.

While the decision to do away with MEP for politically sensitive items like onions could be seem­ ingly di cult for the Centre to take, the Commerce Ministry wants to have a discussion around it. “The Prime Minister is keen to improve India’s image in the global market. India has to take some tough decisions to make

When it comes to choices in housing, seniors are tempted to think of living communities as a panacea for their problems. But before you sign on the dotted line, there are a few factors you P6 need to take into account. A check list.

THE BIG QUESTION

What do taxpayers want?

With speculation mounting on the goodies the Finance Minister can distribute to taxpayers, Portfolio sounded out a few professionals on their expectations regarding P10 income-tax deductions

Quickly ECONOMY

Will Jaitley cut the corporate tax rate?

New Delhi, January 21

In less than a fortnight, Finance Minister Arun Jaitley will present the last full Budget of this government. In the run-up, speculation revolves around whether he will keep his promise of further reducing the corporate tax rates. While a view is emerging that Jaitley may not reduce the rates given the fiscal situation, a section of P13 India Inc still remains optimistic.

CM YK

that happen. All stakeholders, in­ cluding the Ministries of Agricul­ ture and Consumer A airs, would be welcome to give their com­ ments and opinions on the mat­ ter,” the o cial said.

The Centre imposes MEP on items such as onions and potatoes from time to time when prices in the domestic markets surge; the MEP is intended to prevent prices from spiralling further. Often, the MEP is so high that it e ectively acts as a ban on exports as there are no buyers for the commodity at prices above the threshold.

“If our farm goods export­ ers are not able to ful l the commitments towards their buyers be­ cause of a sud­ den imposition of MEP, the buyers are left high and dry. Our exporters risk losing their buyers perman­ ently,” the o cial pointed out.

There could be other ways to control rising domestic prices of commodities such as checking cartelisation by traders.

Draft policy by next month The draft Agriculture Export Policy is likely to be made public next month.

Commerce and Industry Minis­ ter Suresh Prabhu recently said the proposed agri­product export strategy would change the export scenario in the country. It will double farmers’ income and also give them a choice of a large num­ bers of buyers for their items.

G NAGA SRIDHAR Hyderabad, January 21

Every Indian currency note prominently bears a promissary message from the Reserve Bank of India Governor, which states: “I promise to pay the bearer the sum of (the respective currency denomination value).”

The spirit of that promise ex­ tends to the exchange of soiled notes as well. The Reserve Bank of India Act, 1934 (2 of 1934) stipu­ lates that the exchange of soiled notes is a “duty that the banking system as a whole owes to the public.”

But in what is being seen as a violation of that promissory clause, the RBI is not honouring its promise of the exchange of

soiled notes of 2,000 and 500 denomination even 14 months after they were introduced in November 2016 in the wake of the demonetisation initiative.

The RBI has not framed the Note Refund Rules (NRR) for the new currency notes till date un­ der the Reserve Bank of India (Note Refund) Rules, 2009, which were updated in July 2016,

months prior to the demonetisa­ tion in November 2016.

Awaiting RBI move Only if the note­refund rules are framed will RBI o ces and desig­ nated banks accept soiled notes for exchange and give a refund whose value may vary with the nature and extent of damage to the soiled note.

Only if the note-refund rules are framed will RBI offices and designated banks accept soiled notes for exchange

When contacted, a top execut­ ive of a public sector bank said banks are “helpless” till the RBI revises the rules and incorpor­ ates the new denominations in the mandatory measurement table to calculate the refund amount for soiled notes.

Informed sources attribute the delay in the framing of the new note­refund rules to the dif­ ference in the dimensions of the new notes and the withdrawn ones. The value of a mutilated bank note is ascertained by measuring the damaged part against a grid­based system.

The 2,000 and 500 notes are not being accepted for re­ fund at the RBI counters, too.

This has anguished the public.

The central bank recently is­ sued new notes of 200, 50 and 10 denomination. Those notes too are not yet in the NRR system.

It is learnt that the Ministry of Finance is in the process of fram­ ing of refund rules for the notes.

Floor price for onion exports Om Prakash Rawat takes over as Chief Election Commissioner lowered by $150 a tonne PRESS TRUST OF INDIA New Delhi, January 21

The government has reduced the minimum export price (MEP) of onion by $150 a tonne in response to the moderation in the prices of the kitchen staple .

The MEP for onion, the oor price below which exports are not allowed, has been reduced to $700 a tonne from $850 xed in November, according to the Commerce Ministry.

The MEP of onions was scrapped in December 2015 but #4 4 6 6 0 1

brought back in November 2017 in order to check rising prices.

At that time, prices were ruling at 50­65 per kg in most cities.

The MEP of $850 was applic­ able till January 20.

“Export of onion... shall be per­ mitted only on Letter of Credit subject to an MEP of $700 per tonne” till February 20, the min­ istry said in a noti cation.

According to the Price Monit­ oring Cell of the Department of Consumer A airs, retail onion prices are 40 a kg in most cities.

OUR BUREAU New Delhi, January 21

Ashok Lavasa, who retired re­ cently as Finance Secretary, has been appointed as an Election Commissioner.

Om Prakash Rawat takes over as the Chief Election Commis­ sioner in place of Achal Kumar Joti, who retired on Friday.

Lavasa, a 1980 batch Haryana cadre IAS o cer, joins the Com­ mission as the third Commis­ sioner in place of Joti.

During his career, Lavasa held various positions at the Centre, including Civil Aviation Secret­ ary and Additional Secretary and Special Secretary in the Ministry of Power before he moved to the Ministry of Finance, from where he retired from service in Octo­ ber last year.

By convention, the three Com­ missioners have equal powers al­ though the seniormost of them takes over as the Chief Election Commissioner.

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THE BIG STORY

BusinessLine MONDAY • JANUARY 22 • 2018

AGRARIAN DISTRESS Will Budget bat for the farmer?

We take stock of the farm sector and how the Centre’s new schemes have fared, ahead of the Budget

T

here’s been more brown than green over the past four years un­ der the NDA govern­ ment at the Centre — with agri GDP growth at 1.85 per cent — half of what was achieved in the 10 years of UPA between 2004­05 and 2013­14, at 3.7 per cent.

There is a severe agrarian dis­ tress in the country.

Crashing prices at the farmg­ ate, freak weather, failure of the crop insurance scheme to o er adequate cover and lack of mar­ ket infrastructure add to the bur­ den of the farmers.

While the Prime Minister is hard­selling the dream of doub­ ling farmers’ income, the fear is that it may reduce to half in the next ve years. Most of the Centre’s pet schemes — eNAM, Pradhan Mantri Fasal Bhima Yojana and Pradhan Mantri Krishi Sinchayee Yojana — have hit some stumbling block or the other.

Here, we take stock of the situ­ ation in the country’s farm sector.

Sliding prices While monsoon was reasonably good in 2017, what hit farmers hard was the low price of farm produce. In major Kharif crops — maize, arhar, moong, urad, soya­ bean and cotton — market prices just covered the cost of cultiva­ tion. The Commission for Agri­ cultural Costs and Prices, which advises the government on price policy of commodities, projected the cost (actual paid out cost plus imputed value of family labour) of production in maize in Kharif 2017 to be 1,044/quintal and re­ commended an MSP of 1,425/ quintal. But market prices were as low as 1,050­1,100/quintal in December. Similarly, in urad, while the cost estimated was 3,265/quintal and the recom­ mended MSP of 5,200/quintal, market prices were ruling at about 3,500/quintal in Novem­ ber in Latur, Maharashtra. In ar­ har (tur), while the cost was 3,318/quintal, the ruling price in the market in October/Novem­ ber was 3,600­3,700/quintal.

Prices of crops in the domestic market are no more just a func­ tion of demand­supply in the market. Prices are also in u­ enced by the export/import policies of the government and prices in the international market.

In 2016, there was complete mismanagement of policies.

CM YK

After pushing farmers to grow more pulses and increase the MSP, the Centre planned to pro­ cure only two million tonnes of pulses — which was just 10 per cent of the estimated 20 million tonnes of output. To compound the problem, the actual output was a much higher 22 million tonnes, resulting in a crash in prices. For reasons unclear, the Centre was also letting imports continue and the market had about 6 million tonnes of pulses coming from outside the coun­ try.

In 2017 Kharif, the government did restrict imports in such crops as wheat, edible oils and soya­ bean, but the move came late.

Take, for instance, soyabean. This is a Kharif crop harvested in September/October. Much of the output comes to mandis in Octo­ ber itself and the leftovers in November. The rst hike in im­ port duty on crude soya oil — from 12.5 per cent to 17.5 per cent — happened in August, but that was not enough to bridge the dif­ ference in domestic and interna­ tional prices. The second hike, from 17.5 per cent to 30 per cent, happened towards end­Novem­ ber when farmers had already sold much of their harvest. Thus, it was the intermediaries – the traders – who made money from the increase in soyabean prices in December.

Now, keeping in mind the Rabi 2018 pulses, the Centre imposed a 30 per cent duty on import of chana and masoor in December.

The impact of this is yet to re ect in prices.

Action plan: MSP has become redundant as the government is not able to ensure procurement across crops at the promised MSP. Even if it does procure, dis­ posing of the stock is a headache, with leakages high in the PDS (public distribution system). The only solution here is to remove middlemen and let farmers get a higher share of the consumers’ rupee.

It is in this context that the Centre’s eNAM (electronic Na­ tional Agriculture Market) pro­ ject launched in 2016 assumes signi cance. eNAM was envi­ sioned as a pan­India electronic market place which would link farmers and traders (buyers) loc­ ated at di erent geographical locations on a single platform. So far, though 470 mandis across 14 States have been connected un­ der eNAM, these are not fully functional electronic mandis. A trader needs to be physically present to buy the produce as the

crops are not graded. There is ex­ pectation that the Centre may announce moves in the upcom­ ing Budget to expand eNAM seamlessly and provide addi­ tional funds for developing infra­ structure at the mandis.

Frequent crop failure A report from the Ministry of Ag­ riculture indicates that 33 per cent of the cropped area in the country falls under ‘less than 750 mm’ annual rains — classi ed as low rainfall. Further, the fre­ quency of drought has also in­ creased in recent years. Since 2000, the country has had two to three successive years of drought — 2000, 2001, 2002 and 2014, 2015.

Irrigation is one way to drought­proof agriculture. But, currently, of the about 160 mil­ lion hectares of cultivable land, only 41 per cent (65 million hec­ tares) is covered under irriga­ tion. The country largely uses ood irrigation technique — an ancient method of irrigating crops where water is allowed to ow through the crop and only half the water ends up irrigating the crop and the rest ows into drains. Farm scientists recom­ mend micro irrigation using drip or sprinkler systems, to save water.

But today, only 12 per cent (8.6 million hectare) of the irrigated area is under micro­irrigation (MI), according to data from the Ministry of Agriculture and Farmers Welfare. What is also sad is that that all the irrigation capa­ city that is created is not fully utilised. The gap between Irriga­ tion Potential Created (IPC) and Irrigation Potential Utilised (IPU) has increased over the years — from 10 per cent during the Sixth Five Year Plan (1980­1985) to about 23 per cent (IPC – 113.53 mil­ lion hectare and IPU – 87.86 mil­ lion hectare) during the Eleventh Plan (2007­2012), explained by poor management of the re­ source.

The crop insurance scheme, Pradhan Mantri Fasal Bhima Yojana, launched in 2016 to cover risk of prevented sowing (when a farmer is unable to sow because of unsuitable weather) and crop loss due to natural calamities in­ cluding drought, has been under criticism for failure to provide adequate and timely help to farmers.

Action plan: In 2015, the Centre converged its various ir­ rigation schemes into one and launched the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

aiming to create new sources of irrigation and e ective use of wa­ ter resources. The scheme’s primary areas of focus include loan assistance to States to help them complete irrigation pro­ jects, spending on micro­irriga­ tion techniques for e cient wa­ ter usage and watershed development.

While the initial target was to invest 50,000 crore in this pro­ ject over the ve­year period between 2015­16 and 2019­20, ac­ tual allocations to the scheme have been less. In 2017­18, the scheme was provided 7,377 crore, in 2016­17, the allocation was 5,767 crore (revised estim­ ate – 5,189 crore). In the rst year in 2015­16, the Centre spent 7,781 crore on the scheme.

In the upcoming Budget, ex­ pectations are that allocation to the scheme will increase and there will be thrust to fast­track the several irrigation projects.

When presenting the Budget for 2016­17, the Finance Minister said that 23 of the 89 projects under AIBP (Accelerated Irrigation Be­ ne ts Programme) under PMKSY will be completed before March 31, 2017. However, when present­ ing the 2017­18 Budget, he said these projects were still work­in­ progress (as of December 2016).

There is also likely to be an overhaul of the Pradhan Mantri Fasal Bhima Yojana scheme in the coming Budget. The Centre may try to address problems in the way crop loss assessment is done. It may also increase alloca­ tion to the scheme from the 9,000 crore provisioned last year. The Centre claims that in 2016­17, 30 per cent of the gross cropped area was covered under the scheme in comparison to 23 per cent in 2015­16.

ISTOCK.COM/RAWPIXEL

RAJALAKSHMI NIRMAL

#4 4 6 6 0 1

Income de-growth The crisis in the agriculture sec­ tor has been brewing for a long time. Short­term relief measures, including increase in minimum support price for crops, subsidy in inputs and loan waivers, have not helped. Over a fth of farm households have income below the poverty line.

As per the 70th Round of Situ­ ation Assessment Survey of NSSO conducted during the period of July 2012 to June 2013, the average monthly income of an agricul­ tural household is 6,426 and ex­ penditure is 6,223 leaving only 203 in the hands of the farmer.

A non­agricultural worker earns almost three times as much as a farmer, shows NSSO data, ex­ plaining why farmers are pulling out of agriculture — the number of cultivators in 2011­12 (the latest data available) was 14.62 crore, down from 16.61 crore in 2004­05.

In recent years, farmers have fared even worse.

Farm income, from a growth of 5.52 per cent in real terms in the period between 2004­05 and 2011­12, dropped to a negative 1.36 per cent between 2011­12 and 2015­16.

Action plan: Work is cut out for the Centre. To double farmers’ income by 2022­23, the annual rate of growth required is 10.4 per cent. The Committee headed

by Ashok Dalwai has suggested incentivising land pooling among farmers, encouraging Farmer Producer Organisations, modernising agriculture mar­ keting, and revamping depart­ ments of the agriculture min­ istry to focus on agri­logistics and capital investments to tackle farm distress.

It has also recommended an annual ‘ease of doing agri busi­ ness’ survey among States to pro­

mote competition. The Union Budget for 2018­19 may see the Centre carrying out reforms on these lines.

Farm credit swells In the 10 years between 2006­07 and 2015­16, agricultural credit increased from 4.68 lakh crore to 8.77 lakh crore, helped by in­ terest subvention o ered on loans. In 2016­17, agri credit in­ creased further to a whopping 9.92 lakh crore. While this is im­ pressive, the share of small and marginal farmers as well as east­ ern and north­eastern regions in total credit disbursement has been low. In the period between 2012­13 and 2015­16, the portion of credit extended to the eastern re­ gion was 10.6 per cent, central re­ gion 9.3 per cent and north­east­ ern region 1 cent. Also, the share of long­term loans as a percent­ age of total loans declined, from 75 per cent in 1990­91 to 39 per cent in 2011­12, crippling invest­ ments in farm sector. There has been complete loss of focus in creating infrastructure — irriga­ tion, farm mechanisation, cold storages and warehouses, for ag­ riculture. Between 2012­13 and 2014­15, total Gross Capital Form­ ation (GCF) in agriculture showed a negative growth rate of 1.9 per cent per annum.

The Centre’s investments in the farm sector too have declined over years. The share of public GCF to total GCF in agriculture has fallen from 25 per cent in 2001­02 to about 12.1 per cent in 2013­14. It also needs mention that while on the one hand the

lending tap has been kept open by the Centre, on the other, States have been generously waiving them. o . Andhra Pradesh and Telangana waived farm loans in 2014 and Tamil Nadu did it in 2016. Last year, Maharashtra, UP, Punjab and Karnataka waived loans of a total value of about 88,000 crore. Though the ad­ verse impact of loan waivers on credit discipline has been high­ lighted by economists, these con­ tinue as a means of winning votes during elections. Given that marginal farmers who hold less than a hectare of land still depend on non­institutional sources for credit, it is only big farmers who bene t from the loan waivers.

Action plan: There needs to be focussed lending to vulnerable sections of farmers. It is expected that the Centre may address some of the anomalies in farm credit in the upcoming Budget. It is also expected that the total amount of lending to agri & al­ lied sectors will be increased fur­ ther this year from the budgeted 10 lakh crore in 2017­18. It is also expected that the Centre may ex­ tend the scheme of interest sub­ vention to long­term farm loans too, to improve capital forma­ tion in agriculture.

Soil health deteriorates Over years, the subsidy doled out for urea by the government has skewed the usage of nutrients by farmers, resulting in deteriora­ tion of soil quality, especially in Punjab, Haryana and Uttar Pra­ desh. While the optimal ratio of

N (Nitrogen – present in urea), P (Phosphatic) and K (Pottasic) nu­ trients is 4:2:1, it is used in the ra­ tio of 6.7:2.4:1 by farmers. This is because urea prices are con­ trolled by the Centre and are lower relative to other nutrients, especially P and K where prices are market­linked.

The other problem with urea subsidy is the high leakage — to the tune of 65 per cent — as indic­ ated by the Economic Survey 2015­16, with a third of the sub­ sidy going towards sustaining in­ e cient domestic urea produ­ cers and the rest wasted by diversion to non­agricultural uses and consumption by richer farmers.

Action plan: The direct trans­ fer of fertiliser subsidy which started last October on a pilot basis in a few States is a move in the right direction to address leakages to the black market. It is expected that in the upcoming Budget, the Centre may give dir­ ections for pan­India roll­out of DBT in fertilisers.

Also, given a soil crisis is star­ ing at the farm sector, there will be renewed push on soil health card scheme. Launched in Febru­ ary 2015, the scheme provides in­ formation to a farmer regarding the health (content of various nutrients and micro­nutrients) of his/her soil and provides ad­ vice on fertiliser/pesticide usage.

In the last two years, the card has been distributed to 10 crore farmers, out of the total of 12 crore. A total of 2.5 crore samples have been collected and 2.46 samples tested.

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BusinessLine MONDAY • JANUARY 22 • 2018

#4 4 6 6 0 1

CM YK

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STOCK CALLS

BusinessLine MONDAY • JANUARY 22 • 2018

Mahanagar Gas

BusinessLine’s editorial policy prohibits analysts from taking positions in the stocks they recommend — Editor

Growth in the pipeline

Reality Check

Underpenetrated markets coupled with favourable regulatory conditions should keep the company on the growth path ANAND KALYANARAMAN

The market is seeing a raging bull run, but not all stocks have been running up breathlessly.

Since early November, the stock of Mumbai­based city gas dis­ tributor Mahanagar Gas has fallen about 20 per cent. This seems primarily due to concerns about tepid volume growth in the September 2017 quarter.

Pro t booking in the stock that has more than doubled since its initial public o er (IPO) in June 2016 could also have contributed to the weakness. The fall though presents a good buying oppor­ tunity for investors with a long­ term perspective.

At 1,045, the Mahanagar Gas stock quotes at 23 times its trail­ ing 12 month earnings, lower than the average 25 times it has traded at since listing. The stock is also cheaper than peer Delhi­ based Indraprastha Gas that now trades at about 35 times earn­ ings. While Mahanagar Gas is smaller than Indraprastha Gas, there is scope to narrow the valu­ ation gap that has increased in recent months.

Big demand potential On the business front, volume growth is expected to improve by 1­2 percentage points in the second half of the year from the 4 per cent level seen in the September 2017 quarter. GST im­ plementation and lower com­ pressed natural gas (CNG) de­ mand by state transport undertakings a ected volumes in the September quarter.

The management expects volume growth in the second half of the FY­18 to be better than the rst half, driven by factors such as registration of about one lakh new three­wheelers and ex­ pansion in new areas of opera­ tion such as Raigad. Mahanagar Gas should also bene t from the increasing competitiveness of CNG vis-à-vis diesel and petrol that have seen sharp price hikes recently.

CNG supply to vehicles is the company’s major business, ac­ counting for about 75 per cent of volumes. Domestic PNG supply to households is the next biggest segment accounting for about 12 per cent of volumes. PNG supply to commercial and industrial es­ tablishments make up the rest of the volumes. Compared with al­ ternative fuels such as petrol, diesel and lique ed petroleum gas, CNG and PNG are cleaner fuels and o er signi cant cost bene ts to consumers. Increas­ ing price di erentials bode well for city gas distributors such as Mahanagar Gas which also enjoy strong pricing power to pass on cost increases.

The company’s volume growth has been driven by steady conversion of vehicles to CNG and more households opt­ ing for PNG. In its mainstay mar­ ket of Mumbai and surrounding regions, the company supplies CNG to about 5.8 lakh vehicles and PNG to about 10.5 lakh households, 3,250 restaurants and about 230 industrial and commercial establishments.

There is still signi cant potential

RIL: Strong show

in the market with penetration estimated in the range of 32­35 per cent for vehicles, households and restaurants, and about 50 per cent for industrial and com­ mercial establishments.

On an average, about 6,000 vehicles including private cars and three­wheelers convert to CNG each month in and around Mumbai.

Mahanagar Gas ran a pilot pro­ gramme in Mumbai with CNG­ run two­wheelers and found sig­ ni cant operating cost savings (about 50 per cent) vis-à-vis pet­ rol­run two­wheelers. The com­ pany hopes to have about 1,000 CNG­run two wheelers on the road in the near term, to start with. The initiative, if successful, could mean another big oppor­ tunity for the company with the market potential of about 18 lakh two­wheelers.

Strong barriers to entry give incumbents in the city gas distri­ bution (CGD) business such as Mahanagar Gas an advantage, make it di cult to dislodge them from their existing areas of operation. Besides, the govern­ ment has ambitious plans to ex­ pand the CGD network across many cities. This can present good opportunities for seasoned

players such as Mahanagar Gas. Cost advantage The government’s thrust to pro­ mote clean fuel has resulted in favourable regulatory changes for CGDs such as Mahanagar Gas. Companies supplying CNG to vehicles and PNG to households have been given top priority in domestic gas allocation. Ma­ hanagar Gas gets nearly 85 per cent of its revenue from these businesses. The price of do­ mestic gas has come down sharply over the past few years, thanks to the formula­based pri­ cing mandated by the govern­ ment. Domestic gas prices have risen somewhat in the latest revi­ sion, but are expected to stay be­ nign. The cost of imported gas used to supply PNG to commer­ cial and industrial customers had also come down sharply due to weakness in international prices, but has risen of late. But with prices of alternative crude­ oil based fuels also shooting up, CGDs such as Mahanagar Gas with good pricing power are in a position to pass on cost hikes. #4 4 6 6 0 1

Strong financials Despite tepid volume growth, the company’s pro t in the half­

year ended September 2017 in­ creased nearly 28 per cent y­o­y.

Cost bene ts, thanks to cheap gas, helped. Passing on a portion of the cost bene t to customers meant revenue growth of just about 6 per cent during the half­ year ended September 2017, but operating margin grew to about 40 per cent from 34 per cent in the year­ago period. The com­ pany is incurring capital ex­ penditure of about 250 crore a year to expand its infrastructure and widen market reach. A strong balance­sheet will help fund the expansion.

In the December 2017 quarter, the consolidated pro t of Reliance Industries grew 25 per cent y­o­y to 9,423 crore. This strong show was led by the petrochemicals segment — healthy volume growth and better margins translated into operating pro t growth of 73 per cent y­o­y to 5,753 crore.

This o set the marginal fall in operating pro t in the re ning segment to 6,165 crore due to dip in crude volumes re ned. Besides these mainstays, the digital business (RJio) established itself as a pro t driver, posting its rst quarterly net pro t ( 504 crore) aided by subscriber additions and cut in interconnectivity usage charges.

The organised retail business also delivered with operating pro t more than doubling. Oil and gas exploration though struggled with losses continuing due to production challenges. The results vindicate key expectations — path to pro t of RJio and expansion­led gains in core businesses — that have driven the stock’s 80 per cent rally over last year.

Why ■

Volume growth to pick up

■

Benign costs to aid profit

■

Reasonable valuation

Did you know?

The Government of Maharashtra has 10 per cent stake in Mahanagar Gas

Risk The possibility of a shift to elec­ tric vehicles could disrupt the transportation and fuel markets.

But given the many challenges — economic, technological and in­ frastructural — the shift, if it hap­ pens, may take quite some time to materialise. In that scenario too, suppliers of clean fuels such as CNG should be better placed and may be able to hold their own better than suppliers of more polluting fuels such as pet­ rol and diesel. That said, in­ vestors should keep a watch on developments and make course corrections if the need arises.

Apollo Tyres

Taking a turn for the better The company has managed to overcome several obstacles and is set for a smooth ride PARVATHA VARDHINI C

Apollo Tyres has been facing quite a few challenges this year.

Domestic sales were a ected due to disruptions caused by the switchover to BS IV emission norms and the transition to GST. Capacity constraints in the pas­ senger car radials segment, slow­ down in the European markets and high depreciation and in­ terest costs due to ongoing capa­ city expansions both in India and abroad also pulled down its performance in the April and September 2017 quarters.

However, things are improv­ ing. Domestic demand has re­ covered. Imposition of anti­ dumping duty has seen import of Chinese tyres abate. Rubber prices have stabilised. European operations too are expected to take a turn for the better in the near to medium­term.

With prospects looking up, the stock looks promising. At the current price, it trades at about 20 times its trailing 12­month consolidated earnings. This is at a good discount to other tyre stocks such as MRF, Ceat and Balkrishna Industries which trade at 30­33 times. Investors with a one to two­year perspect­

CM YK

ive can buy the Apollo Tyres stock.

Multiple tailwinds Apollo Tyres derives 60 per cent of its consolidated revenues from the India business. The company has about 25 per cent market share in tyres for trucks and buses and 15 per cent market share in passenger car tyres in the country. After initial hiccups due to the BS IV and GST trans­ ition until July 2017, sale of new trucks and buses have improved.

This segment has clocked strong double­digit volume growth in the August­December 2017 period. Lower borrowing costs have also helped passenger car sales volumes pick up.

Besides, the double­digit volume growth seen in new truck and bus sales in scals 2015 and 2016 imply that replacement demand for tyres in these vehicles will come up soon. The move to GST will bene t organ­ ised players such as Apollo in the replacement segment as the price di erential between tyres in the organised and unorgan­ ised market will come down.

With radialisation levels in truck and bus tyres moving up to 45­50 per cent, the company is on a strong wicket. It counts leading commercial manufac­ turers such as Tata Motors, Ashok Leyland and Volvo­Eicher, among its clients, and has a 21 per cent market share in truck­bus radi­ als alone. To cater to the increas­ ing demand, the company has

European markets. Three, to in­ crease its presence, the company is catering to auto manufactur­ ers directly in Europe. It has signed up with players such as Ford and SEAT. Initial supplies will begin this year from the company’s Dutch plant. Four, the ramp­up at Hungary will also help meet demand in Europe.

While it is happening in stages now, the plant will fully scale­up in 2019­20. This plant will ini­ tially supply to the replacement markets and later to auto manu­ facturers as well.

ISTOCK.COM/DAVEALAN

doubled its capacity for truck­ bus radials at Oragadam, Chen­ nai.

The threat of Chinese imports for truck and bus tyres has also abated after the imposition of anti­dumping duty to the extent of $ 245.35­$ 452.33 per tonne in mid­September 2017.

According to the company, this has resulted in the price dif­ ferential between Chinese and Indian tyres narrowing to 15­20 per cent levels in the last few months from the earlier levels of about 25 per cent. Import num­ bers have also come down to less than 70,000 tyres a month from the 1.5 lakh tyres a month seen in pre­demonetisation days.

The company is also in the pro­ cess of expanding its capacity for car radials as it is faced with ca­ pacity constraints in this seg­ ment as of now. A green eld plant is being set up for car radi­ als at Chittoor in Andhra Pra­ desh. This plant is expected to commence operations in 2020.

In the interim, Apollo is trying to add about 10 per cent capacity for car radials through de­bottle­

necking at the existing facility in Oragadam.

Europe to strengthen The company supplies Apollo and Vredestein brand tyres to the passenger car replacement market in Europe. A slowdown in demand in the continent af­ fected Apollo.

Additionally, Apollo had to re­ direct its export capacity in the Indian operations to cater to the shortage in the domestic car ra­ dials, which also led to the com­ pany losing market share in the replacement segment in Europe.

Besides, the start­up costs for the Hungary plant inaugurated in April 2017, also a ected the com­ pany’s bottom­line in the rst two quarters.

But the situation is expected to get better. For one, in the im­ mediate future, winter tyre de­ mand could help drive growth to an extent in the third and fourth quarters. This apart, the com­ pany expects increasing private consumption, improving labour market and growing disposable incomes to aid recovery in the

Financials For the half­year ended Septem­ ber 2017, consolidated net sales grew by 5 per cent to 6,676 crore over the April­September 2016 period. A run­up in natural rubber prices from the multi­ year lows of early 2016 impacted operating margins.

It came in at 9.6 per cent vis-àvis 15.3 per cent in the same period the earlier year. Capital expenditure of about €475 mil­ lion ( 3,500 crore approxim­ ately) for the Hungary plant as also the capacity expansions at the Oragadam plant impacted interest costs, which increased by about 50 per cent.

These factors, along with higher depreciation costs den­ ted pro ts for the half­year ended September 2017. Net pro ts dropped by about 60 per cent to 228.48 crore. Debt to equity ratio stands at 0.5 times.

In October 2017, the company raised about 1,500 crore through a quali ed institutional placement for further capex such as the setting up of the new plant at Chittoor.

Though this will result in equity dilution in the near term, better demand and further ramp up in production will help im­ prove pro tability. Also, prices of natural rubber are not expected to rise sharply. It has stabilised at around 130 a kg on an average, in the last few months.

Why ■

Improving domestic demand

■

Ramp-up in European production

■

Stable natural rubber prices

Did you know?

Apollo Tyres currently has four plants in India at Kalamassery and Perambra in Kerala, Oragadam in Tamil Nadu and Limda in Gujarat

On April 1, four years back, piqued by the incessant jokes in the village at his expense, Bandu Barve decided he’d had enough. It was time for him to turn ‘smart’. His dead granny's voice rang in his ears — “Read the papers, Bandya, they tell you all.” So, o went Bandu to the stash of newspapers on his father’s desk. As luck would have it, the rst paper Bandu got his hands on was The Hindu BusinessLine.

The stock recos, in particular, had him in thrall. Soon Bandu metamorphosed into an ace investor and trader.

These days, Bandu picks ve stocks each Sunday, which he believes will be blockbusters over the next week.

Bandu’s picks ■ ■ ■ ■ ■

Bharti Infratel Trident BEML SpiceJet Bajaj Finance

Here's your chance to match step with Bandu. Guess the stock that will give the best return by next Friday (BSE prices). By Wednesday noon, mail us your pick and its expected price rise to bandublockbuster@gmail.com with your name, mobile number and address. One lucky winner will get a prize of 2,000.

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YOUR MONEY

BusinessLine MONDAY • JANUARY 22 • 2018

Legally Yours

Alerts

The new consumer law and you The Consumer Protection Bill, 2018 has a wider ambit and is more comprehensive than the earlier law PARVATHA VARDHINI C

On the last day of the winter ses­ sion of Parliament, the Minister for Consumer A airs, Ram Vilas Paswan, introduced the new Consumer Protection Bill, 2018 in the Lok Sabha. If all goes well, the Bill could become an Act sooner than later. It will replace the Consumer Protection Act, 1986.

The Consumer Protection Bill, 2018 is wider in its ambit. It also legislates on at least three new areas vis-à-vis the older law. For one, under the product liability provisions, it holds the manufac­ turer responsible if a defect in a good has caused physical dam­ age, injury or death; two, it sets up a regulator to enforce con­ sumer rights and, three, it provides for an alternative dis­ pute redressal mechanism.

Wider scope The new law will apply to all goods and services, including sale/construction of homes/ ats and telecom services. It brings within its fold all forms of selling — o ine/online sales, teleshop­ ping, direct selling and multi­ level marketing.

While the earlier law did cover unfair trade practices, the cur­ rent one makes it more compre­ hensive.

It adds practices such as fail­ ure to issue a bill or a receipt, re­ fusal to accept a good returned or refusal to discontinue service

within 30 days (if it is so stipu­ lated and requested by the con­ sumer) and disclosure of per­ sonal information given in con dence, to the list of unfair practices.

It also de nes unfair con­ tracts. Issues such as excessive se­ curity deposit requirements, penalty for breach of contract which is disproportionate to the loss incurred, and refusal to ac­ cept early repayment of debt on payment of applicable penalty will now fall under its ambit.

Product liability The highlight of the new law is the inclusion of the product liab­ ility action. Thus, when you suf­ fer any harm due to a defect in a product made by a manufac­ turer, serviced by a service pro­ vider or sold by a product seller, you have a right to claim com­ pensation once the 2018 Bill be­ comes law.

The Bill lays down circum­ stances under which the man­ ufacturer, service provider and seller will be held liable. For in­ stance, a product manufacturer will be liable to compensate for harm caused to the consumer under any one of the following conditions: the product con­ tains a manufacturing defect/ it is defective in design/ there is deviation from manufacturing spe­ ci cations/it does not conform to the express warranty/it

does not contain adequate in­ structions for correct usage.

It should be noted that under the 2018 Bill, it is enough if the consumer proves any one of the conditions stated to trigger liab­ ility on the part of the manufac­ turer/seller/service provider to compensate.

The earlier version of the Bill required consumers to prove all conditions to be eligible for com­ pensation.

Regulator on the cards To promote and protect con­ sumer rights, Consumer Protection Councils at the district, state and national levels are prescribed under the current law.

But this is only an advisory body and hence does not have powers of

enforcement. To overcome this drawback, the new Bill brings in a regulator for consumer a airs, much like SEBI for the markets or the IRDAI for insurers.

Called the Consumer Protec­ tion Authority, it will be a central authority with o ces at the re­ gional level. This Authority will have powers to inquire, investig­ ate into complaints, initiate pro­ secution and issue safety no­ tices/pass orders in relation to matters such as recall of goods, reimbursement of the amount paid by consumers, misleading advertisements and unfair trade practices/contracts. The Au­ thority can act on its own or on directions from the Centre. An aggrieved consumer can also com­ plain either in writing or in electronic mode, to either the District Collector or the

Commissioner of regional o ce or the central Consumer Protec­ tion Authority.

Non­compliance of the order issued by the Consumer Protec­ tion Authority is punishable with an imprisonment of up to six months, or a ne of up to ₹20 lakh, or both. The Authority may also impose penalties with re­ gard to the misleading advertise­ ments, food adulteration and spurious goods. The

PFRDA relaxes withdrawal norms under NPS

penalty for false or misleading advertisement is imprisonment of up to two years and ne of up to ₹10 lakh.

A penalty on the endorser of the misleading advertisement is suggested as well, which could put celebrities who endorse products that don’t live up to their claims, in the dock. The penalty for the manufacture, sale, storage, distribution or im­ port of food containing an adul­ terant or spurious goods is also punishable with imprisonment and ne in various degrees de­ pending on the extent of dam­ age caused.

Changing with times ■

e-commerce transactions covered under new law

■

Producer/seller/service provider liable for defective product/ service

■

Regulator with powers to enforce to be set up

Mediation possible Currently, a Redressal Commis­ sion operates at the district, state and national levels to adjudicate consumer disputes. The new law provides for an alternative dis­ pute redressal mechanism if there is chance for a settlement agreeable to the parties to the dispute. The Bill envisages set­ ting up of mediation cells at­ tached to the district for­ ums, state and national commissions. Me­ diation is a process where a neutral third party called mediator assists the parties in dispute in amicably resolving it (out of court). Already Bengaluru­based National Law School of India University is run­ ning an online mediation centre for e­commerce disputes under the aegis of the Ministry of Con­ sumer A airs, as a pi­ lot project.

Steep penalty Imprisonment of up to two years and ne of up to 10 lakh are proposed for false and misleading advertisements

You decide to save ₹50,000 every month for the next 10 years to fund your child’s college educa­ tion. The stock­bond portfolio should earn 9.5 per cent com­ pounded annual return because you require ₹1 crore in 10 years.

But there is more to meeting your goal than just saving ₹50,000 every month. We dis­ cuss why you should increase your savings every year to im­ prove your chances of meeting your life goal. We also discuss the process to invest this incre­ mental savings.

Save more To accumulate the required ₹1 crore, you have to necessarily earn 9.5 per cent every year for 10 years. What if your equity invest­ ment performs poorly, say, for two­three years? Also, what if education in ation is more than what you assumed? Your portfo­

lio may earn the required return, but you will still fail to meet your child’s in ation­adjusted educa­ tion cost.

True, you will be able to ar­ range alternative sources of funding should you face any shortfall in your child’s educa­ tion portfolio 10 years hence.

One such source is an education loan with your house as collat­ eral. But you should keep such choices as standby.

You must instead im­ prove the chances of your goal­based portfolio achieving the accumu­ lated amount to meet the life goal.

One way to do so is to increase your savings amount every year in line with the increase in your annual income. How much should you increase your sav­ ings by every year?

If you are repaying a mort­ gage, your ability to save for other goals is limited. If you do

not have a mortgage, you can typically save 30­40 per cent of your post­tax monthly income.

Suppose you earn ₹1.5 lakh per month. So, your initial savings of 30 per cent amounts to ₹45,000 per month. The next year, assum­ ing you get an increase of 10 per cent, your monthly income will be ₹1.65 lakh. In addition to sav­ ing ₹45,000, you should set aside 25­35 per cent of your incre­

mental monthly income of ₹15,000. If you do this every year, your savings will increase sub­ stantially through the time hori­ zon for your life goal.

This gives you the opportunity to reduce the downside risk in your portfolio. How? Suppose you have an asset allocation of 65 per cent equity and 35 per cent bond, yielding 9.5 per cent total return. Thanks to the increase in your savings, you can now a ord to earn lower return.

So, you can move some of your equity investments to bank xed deposits as you ap­ proach the date when your child has to enter college.

But how should you set up the incremental investments? #4 4 6 6 0 1

Forward SIP Suppose your salary is due for re­ vision in April every year, payable fth of the next month. You should then set up systematic in­ vestment plans (SIP) a week be­ fore May 5, but starting from May 5. The SIPs for the incre­ mental investment should be

on the same products as your ini­ tial SIPs — equity mutual fund and recurring bank deposit.

The incremental amount should maintain your current as­ set allocation till you near the time horizon for the life goal.

That is, if your portfolio has 65 per cent equity and 35 per cent bonds, the incremental savings should also be invested likewise.

There is a reason to set up the SIP in anticipation of the salary increase. Once you experience the luxury of spending more in the rst month after your salary revision, you may be reluctant to increase your savings thereafter!

You can cancel the SIPs if you do not receive the expected increment.

The incremental SIPs need to be set up once every year. That is a small price to pay to improve your likelihood of funding your child’s college education, spend­ ing an exotic vacation or retiring comfortably.

Meeting goal Increase your savings every year in line with the increase in your annual income

CM YK

More good news for consumers as the GST council has revised rates further for an array of items and services. The tax on old and used large motor vehicles and SUVs has been lowered to 18 per cent; rates on cigarette lter rods, admission to theme/ water parks are also reduced to 18 per cent.

Further, tax on all types of old and used motor vehicles, sugar boiled confectionary, drinking water packaged in 20­litre bottles is lowered to 12 per cent.

Mehendi paste in cones, LPG supplied to household dometic consumers by private distributors and tailoring services will be charged 5 per cent GST. De­oiled rice bran and rice bran will now be tax­free. The new rates of the council will be applicable starting from January 25, 2017.

Bank FD Interest rates (%) less than Bank

Years 2 to 3 3 to 5

1 year

1 to 2

W.E.F

5.00 6.10 6.00 6.00 4.00 6.50

5.00 6.30 6.90 6.25 4.50 6.85

5.00 6.50 6.90 5.00 4.50 6.50

5.25 6.70 7.50 5.00 5.00 6.50

01-18 08-17 01-18 09-17 04-16 01-18

6.50 6.50 6.50 6.55 6.60 6.50 6.60 6.50 6.50 6.75 6.50 6.75 6.60 6.60 6.60 6.25 6.50 6.50 6.75 6.10 6.60

6.50 6.25 6.25 6.50 6.50 6.20 6.50 6.50 6.25 6.25 6.25 6.25 6.40 6.50 6.60 6.00 6.60 6.40 6.50 6.00 6.50

6.50 6.25 6.00 6.50 6.30 6.20 6.50 6.50 6.30 6.25 6.00 6.00 6.40 6.25 6.55 6.00 6.60 6.25 6.50 6.00 6.50

12-17 10-17 01-17 01-18 09-17 09-17 04-17 01-18 09-17 07-17 02-17 06-17 08-17 01-18 01-18 11-17 11-17 09-17 08-17 04-17 11-17

6.85 7.15 6.50 7.10 7.00 6.60 7.10 6.75 6.75 7.50 6.85 6.75 6.90 6.85 6.75 7.25 7.10 6.85 7.00 6.75 6.75

6.25 6.80 6.75 6.85 7.25 6.50 6.50 6.00 6.50 7.25 6.75 6.50 6.50 6.70 7.00 7.00 7.20 6.50 7.00 6.50 6.75

6.25 6.40 6.50 6.85 7.10 6.50 6.50 6.00 6.50 7.20 6.50 6.25 6.50 6.50 7.00 7.00 7.10 6.50 6.90 6.50 6.75

12-17 10-17 03-17 11-16 12-17 08-17 01-18 NA 12-17 12-16 10-17 09-17 12-17 12-17 05-17 12-17 11-17 12-17 01-18 01-17 12-17

FOREIGN

The writer is the founder of Navera Consulting. Send your queries to portfolioideas@thehindu.co.in

Citi Bank DBS Bank Deutsche Bank HSBC Scotia Bank StanChart

INDIAN­ PUBLIC SECTOR

to another at much lower in­ terest cost.

The interest rate charged for balance transfer is much lower than the charges for late pay­ ment. For instance, Standard Chartered Bank, whose charges for non­payment of credit card dues range from 2­3.5 per cent per month, levies just 0.99 per cent per month on the balance transferred from other bank credit cards.

But keep in mind that this dis­ counted rate of interest is applic­ able only for a limited period of time. The tenors broadly given by most banks are three and six months. After this period, the normal interest charges come into play. Some banks like Cit­ ibank o ers the discounted rates for balance transfers for a much longer period ranging from 15 to 21 months.

How it works Balance transfer is accepted only if a minimum eligibility criteria is met. For instance, ICICI Bank allows balance transfer only if the minimum outstanding bal­

ance in the other bank credit card is ₹15,000; also, one should already have an ICICI credit card to be eligible.

There may also be limitations on the maximum amount that can be transferred.. State Bank of India (SBI), for example, allows up to 75 per cent of the outstand­ ing amount to be transferred to SBI credit card. The remaining 25 per cent of the outstanding should be settled by the individual.

Upon request, the bank will provide cheque, demand draft or do an online transfer to the other bank credit card for the amount equivalent to that being trans­ ferred. The time taken for transfer ranges between three and ve working days. The process of balance transfer comes at a cost. There is a processing fee, which is a one­time cost. Some banks o er options to choose between interest rates, tenor and pro­ cessing fee. For in­ stance, SBI has two op­ tions. If you opt for a 60­day period, you will be

charged a processing fee of 2 per cent of the amount transferred or ₹199, whichever is higher. But the interest rate is zero.

In the other option, SBI does not levy any processing fee but charges 1.7 per cent per month if you opt for a 180­day period for balance transfer. Also, remember that your credit limit on the card to which you have transferred the dues will go down to the ex­ tent of the transferred amount.

Take note Balance transfer

is, no doubt, a good option to re­ duce the interest cost. But any­ one opting for this should be cautious as the lower interest rate is applicable only for a lim­ ited time period.

Inability to repay within this time period will result in higher interest rates being levied. Also, the discounted interest rate is levied only on the transferred amount and not on the new pur­ chases made with that credit card.

The processing fee is also an additional but one­time cost which has to be taken into ac­ count. You need to study all the options available for balance transfer and choose the one that gives maximum bene t.

Ins and outs ■

Discounted interest rate is only for limited period

■

Interest rates differ based on the tenor chosen

■

Processing fee is a one-time additional cost

Ain’t permanent

ISTOCK.COM/GODS_AND_KINGS

You can transfer the outstanding balance from one card to another at lower interest

What is it?

Under the balance transfer op­ tion, you can transfer the out­ standing payment from one card

Ujjivan Small Finance Bank a wholly­owned subsidiary of Ujjivan Financial Services, has recently launched a tax­saver xed deposit scheme. Under the scheme, customers can save on tax by getting tax exemption under Sec 80C of Income Tax Act, 1961. The minimum amount of deposit is 1,000 and maximum 1.5 lakh for a lock­in period of ve years. Residents and Hindu Undivided Family are eligible to deposit under this scheme. Being a tax­saver scheme, the depositor needs to furnish the permanent account number (PAN) while opening the account. The depositors can opt for monthly, quarterly, or cumulative annual interest.

Senior citizens will bene t from this scheme by getting additional 0.5 per cent interest.

Revised GST rates

Transferring your credit card balance Has the year­end holiday left you with unexpected expenses? Did you go on a spending spree and are now wondering how to repay your outstanding credit card dues? As you may be aware, pay­ ing only the minimum due or failure to repay the outstanding balance in your credit card on time will result in exorbitant in­ terest costs. If you are faced with a temporary cash crunch and want to reduce this interest bur­ den, here is an option.

Credit card providers o er what is called “Balance Transfer” to another card, which may o er lower interest charges on the transferred amount for a limited period of time. The card to which you transfer can be another less used card or a new card. But re­ member, this option is not a per­ manent solution but only an in­ terim arrangement to tide over your cash ow mismatch.

Ujjivan Bank’s tax­saver FD

With widespread reluctance to accept 10 coins from traders and merchants, the RBI has recently clari ed that 10 coins are valid and legal tender which can be accepted for transactions. So far, the RBI has issued the 10 coins in 14 designs from time to time.

Each has distinctive features to re ect various themes of economic, social and cultural values .

Loan Basics

GURUMURTHY K

The purpose of withdrawal should be any of the following: higher education/marriage of child, construction of residential house or at, treatment of subscriber, spouse, or children for speci ed illnesses such as cancer, kidney failure, stroke, paralysis.

ISTOCK.COM/RESTART

Save more next year, the year after and...

To improve the chances of meeting your life goal, increase your savings and invest smartly

While NPS subscribers were permitted to make premature withdrawals a few years back, it was allowed only after they have been with the scheme for 10 years. Pension Fund Regulatory and Development Authority (PFRDA) recently relaxed the partial withdrawal norms further. Now, any subscriber who has completed three years after joining NPS can get this bene t. The other rules related to partial withdrawals remain the same. The withdrawal amount cannot be more than 25 per cent of contributions made by the subscriber. Only three withdrawals are allowed.

10 coins are valid

Portfolio Ideas

B VENKATESH

5

Balance transfer option is only an interim arrangement to tide over your cash ow mismatch

Allahabad Bank Andhra Bank Bank of Mah BOB BOI Canara Bank CBOI Corp Bank Dena Bank IDBI Bank Indian Bank IOB OBC PNB Punjab & Sind SBI Syndicate Bank UCO Bank Union Bank United Bank Vijaya Bank

6.50 6.25 6.00 6.25 6.25 6.35 6.50 6.25 6.25 6.50 6.25 6.25 6.40 6.25 6.25 6.25 6.15 6.35 6.75 6.00 6.50

INDIAN­ PRIVATE SECTOR Axis Bank Bandhan Bank Catholic Syrian CUB DCB Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank J & K Bank Karnataka Bank Kotak Bank KVB LVB RBL Bank SIB TMB TNSC Bank Yes Bank

6.50 6.90 6.25 7.00 6.65 6.00 6.50 6.25 6.50 7.00 6.50 6.25 7.00 6.70 6.75 6.75 6.85 6.00 6.75 6.50 6.90

Data taken from respective bank's website as on 19 January 2018. For each year range, maximum offered interest rate is considered; Interest Rate for deposit amount below Rs 1 Cr. Contributed by BankBazaar.com, an online marketplace for financial products.

Join@Daily_English_Papers . ..... .. . ...

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6

BEYOND STOCKS

BusinessLine MONDAY • JANUARY 22 • 2018

Home Truths

Your Taxes

Senior housing — the good and the bad

SANJIV CHAUDHARY ■ I have been informed that if equity shares purchased after October 1, 2004 on which securities transaction tax (STT) has not been paid, are sold, they are not exempt from long term capital gains tax.

Kindly advice the tax position on the sale of such shares in the following cases: 1. Right and bonus issued on such shares; 2. Amalgamation of such company with another company and consequently shares of amalgamated company allotted; 3. Public issues of companies.

–Madan Mohan Mehndiratta As per Section 10(38) of the Income­tax Act, 1961 (‘the Act’), any income arising on account of sale of long­term capital asset, being equity shares in a company, on or after October 1, 2004 is exempt from tax, provided that the STT is paid at the time of sale of such transaction.

As per third proviso to Section 10(38) inserted by Finance Act, 2017, the above exemption shall be available only if the STT is also paid at the time of purchase of such shares (except in the case of acquisition of shares as noti ed by central government).

The Central Board of Direct Taxes (‘CBDT’) has separately noti ed the transactions where, even though STT is not paid at the time of purchase/ acquisition, the same shall still qualify for the exemption.

Para b(i) of noti cation dated June 5, 2017 includes shares whose acquisition is done through an issue of share by company. This may be construed to include shares acquired under right, bonus and public issue. Also, as per para b(iii) of the said noti cation, it includes shares whose acquisition has been approved by Supreme Court, High Court, National Company Law Tribunal, SEBI or RBI. This shall include shares received under an approved amalgamation scheme.

MEERA SIVA

When it comes to choices in housing, seniors are tempted to think of senior living communit­ ies as a panacea for their prob­ lems. These projects are seen as providing various services, a community to spend time with and better quality of life.

Senior focussed projects have their positives. But it is also es­ sential to think about the short­ comings in these projects. This will help you consider alternat­ ives and take an informed decision..

High cost The rst downside is that you will have to part with more money when buying a home in a senior housing project com­ pared to similar sized homes in regular projects.

The cost is high due to strong demand and the more elaborate set­up needed to operate a senior housing residence.

In general, you will pay a premium of 30­40 per cent at the time of purchase.

Not just that, you would be paying higher ongoing costs for maintenance and other charges, compared to apartments. One reason is because of the larger area and other amenities in these projects.

Also, there are additional ser­ vices such as food, house­keep­ ing and healthcare in senior pro­ jects that are not included in regular developments, which may drive up costs.

If that is not bad enough, vari­ ous charges may escalate over the years. Service in ation is of­ ten in double digits and can quickly over­take the return on your corpus. Make sure you un­ derstand the likely increases and plan for it.

Service quality The second problem is being locked into projects where the

Housing projects aimed at seniors provide services, but have drawbacks

ISTOCK.COM/WILLOWPIX

service is not good. The main draw of senior housing com­ munities is the various services they o er.

Seniors would have faced is­ sues in getting reliable help when living by themselves and may be swayed by the promise that these are available. But over time, you may nd that the same issues a ict these communities and quality issues creep up.

Seniors may nd that the food is not to their liking, when the service provider changes.

Healthcare services may also not be what you aspire to get.

These services may turn out to be just boxes ticked by the de­ veloper.

Often, there is no way to nd out how the service is, as many are new projects. The developer’s track record in one location may not translate to similar quality elsewhere.

You must also be aware that there are no Government or

other agencies that oversee these operations. Unlike de­ veloped countries, there are no regulations in India.

Ownership terms The third complication is on your rights as home owner in a senior housing project. De­ velopers may have complex structures such as leasing and complicated terms and rules.

These may restrict what you can do and who you can sell it to.

For example, you may not be allowed to rent out the place to others . If the home was bought outright by you, it can be rented out to seniors and be inherited by your children.

However, your children can only live on the property if they are senior citizens. The property can only be resold to seniors, not others.

So, you must view senior hous­ ing as a service contract or tak­ ing a membership. It may not

Save Smart

work as a property investment and provide appreciation.

Long-term solution The fourth aspect that may be overlooked is how the solution meets your long­term needs.

Many seniors may be drawn by the amenities or independent living aspects provided by these communities. But as they age, there may be more health­re­ lated issues and need for expert doctors or access to medical ser­ vices such as dialysis. There may also be need for assisted living.

You must ask how these future requirements will be accom­ modated. You may nd that de­ velopments that o er good facil­ ities and meet your expectations are very expensive and those that are within your budget fall short.

Location limitation The fth issue in most senior housing projects is that they are not located centrally in metro

cities. Often, due to the large size of the projects, they tend to be in tier­2 cities or in the periphery of metros. All is well when you are inside the premises. But you may nd that meeting friends or rel­ atives is not very easy due to poor connectivity and lack of com­ mute options. Not just social life, entertainment options such as going to movie theatres or con­ certs get restrictive. Some may feel that they are in a secure cage.

If being close to your siblings or participating in volunteer activities are vital, you can per­ haps look at other options such as serviced apartments. These can give you the bene t of many services, while enabling you to live in central locations. You must hence weigh alternatives such as regular housing with home­based services along with senior housing projects.

Key checklist ■

Location for your lifestyle

■

Cost matching your budget

■

Consistently good standards

■ Let me thank you for your efforts in clarifying the tax doubts of a layman. My query is on interest earned on the savings account of my minor daughter (aged four).

On her birthday, her grandfather gifted her 1,00,000 (in cheque).

I opened an account in her name and deposited the cheque in her name and myself as her guardian. My question is on the interest earned on this account. Is it taxable under my income? My minor daughter does not have a PAN. – Rajiv As per the provisions of the Income­tax Act, any income arising to a minor child is to be clubbed and taxed in the hands of the parent whose total income is higher.

However, where the income arises on account of manual labour or any activity involving application of skill or talent, the income shall not be clubbed to the income of parent.

As the interest income earned by your daughter is out of the gift received from her grandfather, such interest income shall be taxable in the hands of either of the parent having the higher total income. However, the parent, in whose hands the income is taxed, shall be eligible for an exemption up to 1,500 under Section 10(32) of the Act.

On the rise There are over 100 million senior citizens in the country, as per Census 2011, up from 70 million in 2001

The writer is co-founder, RaNa Investment Advisors

#4 4 6 6 0 1

ISTOCK.COM/BOMBAERT

What it takes to renovate your home To fund the remodelling, investing monthly surplus in mutual funds will be useful NALINAKANTHI V

Buying, building or redoing a home entails huge investment.

One needs to plan the nances early on.

For Mumbai­based Kiran Ku­ mar, 23, who completed his Mas­ ters in Business Administration and joined a multinational last year, refurbishing the family’s ancestral home in which they currently reside has been his long­cherished dream.

His father, Anil Kumar, 55, works for a PSU and his mother is a homemaker. Kiran Kumar’s parents take care of the family’s monthly expenses. The family has a oater Mediclaim policy worth 5 lakh. Besides this, Kiran Kumar has a term and Med­ iclaim policy provided by his em­ ployer.

Kiran Kumar’s monthly net in­ come is 50,000 and he spends 8,000 every month on trans­

port, food and other miscel­ laneous expenses. He purchased an apartment in Mumbai sub­ urbs last year and took a home loan of 20 lakh to fund the same. He currently pays 19,695 as EMI. The apartment fetches him rental income of 7,000. He re­ cently commenced systematic investment in a few diversi ed large cap­oriented schemes. He currently invests 10,000 every month.

Kiran Kumar also has 3 lakh parked in a bank xed deposit.

Modification moves The house Kiran is looking to re­ furbish is in his father’s name and Kiran Kumar will inherit the property. “While I don’t want to make material changes , we need to make some modi cations to make it comfortable for my par­ ents”, says Kiran Kumar. He plans to do the modi cation three

The writer is a practising Chartered Accountant. Mail your queries to taxtalk@thehindu.co.in

Interest rates on home loan (%) Loan Amounts ( )

years from now and anticipates spending 15 lakh for the same.

“I don’t want to fund it through a loan as I have an ongoing loan and hence want to save money”, he explains.

Kiran Kumar currently saves 19,305 every month. If he in­ vests this in a diversi ed large cap­oriented mutual fund scheme along with the ongoing SIP of 10,000, he should have a corpus of about 14 lakh by the end of the third year. This as­ sumes an annualised return of 12 per cent on equity mutual fund

schemes and an annual increase of 10 per cent in the investible surplus.

Investment options Given that he does not have any other nancial commitments in the near term and his father is employed and has adequate sav­ ings, Kiran Kumar can move 1 lakh from FD into equity mutual funds and retain 2 lakh in the xed deposit.

Assuming annualised return of 12 per cent, the investment will be worth 1.4 lakh by the

end of the third year. This should help him meet the shortfall of 1 lakh towards home refurbish­ ment.

Kiran Kumar can consider large cap­oriented schemes with a good track record such as Aditya Birla Sun Life Frontline, ICICI Prudential Focussed Blue­ chip and Invesco India Growth Plan that have delivered 13­16 per cent annualised returns over the last three years.

The writer is co-founder, RaNa Investment Advisors

Up to 30 lakh

30 lakh to 75 lakh

Over 75 lakh

Floating rates 8.3

8.3

8.30­8.80

Andhra Bank

Allahabad Bank

8.45­8.50

8.45­8.50

8.45­8.60

Axis Bank

8.35­8.40

8.35­8.70

8.65­8.75

Break­up (in )

Bank of Baroda***

8.30­9.30

8.30­9.30

8.30­9.30

Bank of India

8.3

8.3

8.3

■

Income ­ 57,000

Bank of Mah.

8.65

8.65

8.65­8.75

■

Routine Expenses ­ 8,000

Canara Bank

8.35­8.40

8.35­8.50

8.45­8.55

Central Bank

8.3

8.3

8.30

8.65

8.65

8.65­9.00

■

Loan EMI ­ 19,695

■

Monthly SIP ­ 10,000

■

Surplus ­ 19,305

Corp. Bank Dena Bank

8.25

8.25

8.25­8.35

Federal Bank

8.95­9.20

8.95­9.20

8.95­9.20

HDFC Bank

8.35­8.50

8.35­8.50

8.35­8.60

ICICI Bank

8.35­8.55

8.35­8.85

8.65­8.85

8.35

8.35

8.35

8.4

8.40­8.50

8.50­8.65

8.35­8.40

8.35­8.55

8.50­8.65

8.8

8.8

8.80­9.15

Indian Bank IOB IDBI Bank^^ J&K Bank Karnataka Bank^^

8.5

8.5

8.9

KVB

8.65­9.00

8.65­9.00

8.65­9.00

PNB

8.35­8.40

8.35­8.40

8.35­8.45

8.4

8.4

8.40­8.65 8.30­8.70

Punjab&Sind Bank SBI

8.30­8.50

8.30­8.65

Syndicate Bank

8.55

8.55

8.55

TMB

8.95

8.95

8.95

UCO Bank

8.45

8.45­8.55

8.55­8.70

Union Bank

8.30

8.30

8.30­8.35

United Bank

8.45

8.45

8.45

Vijaya Bank

8.5

8.5

8.5

Fixed rates Corp. Bank

11.75­12.25

12.25

12.25

Dena Bank

11.25

11.75

11.75

HDFC Bank

8.35­8.50

8.35­8.50

8.35­8.60

ICICI Bank

8.35­9.75

8.35­10.10

8.70­10.10

Indian Bank IDBI Bank PNB Union Bank

9.35

9.35

9.35

10.10­10.35

10.10­10.35

10.10­10.35

8.85­8.90

8.85­8.90

8.85­8.95

11.40

12.40­12.65

12.65

Housing finance companies Floating rates 8.35

8.35

8.35

Tata Capital*

8.75­8.90

8.75­8.90

8.75­9.05

PNB Housing

8.60­11.00

Dewan HF**

8.60­11.00

8.60­11.00

Central Bank HF

9.80­9.95

9.90­9.95

9.90­9.95

HDFC

8.35­8.90

8.35­9.00

8.35­8.95

8.35­11.00

8.35­11.00

8.35­11.00

8.35­9.00

8.35­9.00

8.40­9.10

Fixed rates PNB Housing HDFC

Note:Rates that vary with tenures within the speci ed loan amounts are indicated as a range. Fixed interest rates may be subject to a revision after a speci ed tenure. Rates may also apply only for a de nite period and change to oating thereafter. * Rates for variable/semi­ xed for two to three years. ** 8.35 per cent onwards. *** Additional charges as per risk rating. ^^ For plain home loans with MCLR reset frequency of six months.

Contributed by BankBazaar.com, an online marketplace for comparing loans and insurance products.

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BEYOND STOCKS

BusinessLine MONDAY • JANUARY 22 • 2018

Have a question on insurance?

Taking Cover

Send your queries to insurancequeries@thehindu.co.in

Why you must name a nominee Why nominate?

To understand the import­ ance of nomination, you should know who a nominee is.

The nominee is the person chosen by the insured to re­ ceive the bene t in case of his/ her death, giving the insurer a valid discharge on the settle­ ment claim.

If you don’t have a nominee in your policy, though the sum assured will be paid to the legal heir (spouse, chil­ dren and mother), it may take longer than usual for claim settlement.

According to Yusuf Pach­ mariwala, Senior VP and Head Operations, Tata AIA Life In­ surance, “the insurer asks for succession certi cate or heir­ ship certi cate to determine the rightful heirs and it takes time and involves expenses for the family members. This is not the ideal situation, given that the purpose of buy­ ing insurance cover is to en­ sure nancial security of the dependants.”

In situations when there is more than one legal heir, it gets more complicated. The insurance company could ask for various forms or certi c­ ates such as indemnity bond, which may take time and

Lack of nomination puts the policyholder’s family to a lot of trouble

Who can be the nominee?

A nominee is usually the im­ mediate family of the policy­ holder, such as spouse, chil­ dren and parents but the policyholder can nominate anyone as the bene ciary. But

RAJALAKSHMI NIRMAL

if you nominate any person other than your immediate blood relation or legal heir, there may be a dispute in the family at the time of claim settlement.

“Blood relation or immedi­ ate family (spouse, parents, children) is accepted without question…others are ques­ tioned at the underwriting stage by insurance companies to eliminate a moral hazard”, says Yusuf Pachmariwala.

The process It is best to provide details of your nominee at the time of going in for a life insurance policy. This will save your fam­ ily headaches in future.

Puneet Nanda, ED, ICICI Prudential Life Insurance, says, “The registration process is simple and requires only

Get it right

Validity The nominee will receive the bene t of the policy in the event of the death of the in­ sured but there are cases where this is not the norm.

For instance, if you have taken a loan and provided your life policy as a collateral, then the policy has to be assigned.

Yusuf says, “For an assign­ ment, generally in housing loan cases, the owner of the policy has to give a notice to the insurance company, the company then registers the assignment and the policy document is then sent to the assignee (the entity in whose favour the assignment has been done). For all practical purposes the ownership and bene ts of the policyget transferred to the assignee. If the life insured dies, the policy claim is paid to the as­ signee.”

If the policy is re­assigned in favour of the insured, then fresh nominations have to be made by the policyholder.

ISTOCK.COM/AMIT VASHISHT

sometimes result in dispute among the parties. If the de­ ceased policyholder has writ­ ten a Will, the insurance com­ pany will discharge the bene ts to the person men­ tioned therein.

But in situations where nominee is provided in the policy but your Will holds a di erent person as a legal heir, the insurer will settle the claim to the person named in the Will, when contested.

Thus, it is better to name the same person in your Will and as a nominee.

Cover Point

cedes all other existing ones.

According to Yusuf, “In case of nominee modi cation, a form has to be duly lled and submitted to the insurer while the policy is active and during the lifetime of the poli­ cyholder.

It is important that the in­ sured policyholder reviews the nomination from time to time and makes changes based on important events such as marriage or death of nominee.” These days insur­ ance companies provide the facility to update the nominee details online.

BAVADHARINI K S

The purpose of life insurance is to provide nancial support to the family when you are not around. But if you fail to nom­ inate a person to whom the in­ surance cover has to go, you actually put your loved ones through a lot of hassle.

7

details such as full name (as in o cial documents), age and relationship with the policy­ holder.” The policyholder also has the option to register mul­ tiple nominees wherein the sum assured is divided based on the percentage break­up provided by the insured.

In case of the nominee be­ ing a minor, an appointee or trustee should be provided.

Puneet adds, “As per law, minors are not considered competent to enter into a con­ tract and hence are not eli­ gible to receive the claim pro­ ceeds directly. Should the need arise, the claim amount is discharged to the ap­ pointee.”

You can change your nom­ inee any time during the term of the policy. The last update on the nominee details pre­

■

You can change your nominee any time

■

You have the option to register multiple nominees

■

Better to name the same person in the Will and as nominee

Chosen one The nominee is chosen by the insured to receive the benefit in case of his/her death

■ What are the rules relating to claiming deduction for life insurance premium under the income tax Act? I am paying life insurance premium for my father. Can I claim this as deduction?

–Rajan Raghu The premium paid can be claimed as a deduction up to maximum of 1.5 lakh under section 80C, subject to certain conditions.

The common perception is that the entire premium paid towards a life insurance policy is deductible from taxable income but this is not true. In case of policies bought on or after April 1, 2012, the maximum deduction allowed for premium is 10 per cent of the sum assured; any excess amount paid cannot be claimed as deduction (for instance, if you hold an endowment plan that was bought after April 1, 2012, where the sum assured is 1 lakh and the premium is 15,000, you can claim tax deduction only for 10,000).

For policies issued before March 31, 2012, the ceiling is 20 per cent. Also, note that one can claim tax deduction for insurance premium only if he/she has stayed with the policy for at least two years.

In case of a ULIP, the minimum holding period is ve years. If you terminate it earlier, the aggregate amount of tax deductions allowed in the previous years will be disallowed and the policyholder will have to pay tax accordingly. Further, deduction is allowed only for policies taken for self, spouse and the children. So, for the premium you pay for the life insurance policy taken in the name of your father, no deduction is available to you.

The sum paid to the nominee after the death of the policyholder or the maturity amount of an endowment plan or a ULIP is tax exempt under section 10 (10D). But, here again, do note that if the premium paid is more than 10 per cent of the sum assured in case of a policy bought after April 2012 or more than 20 per cent in case of a policy bought between April 2003 and March 2012, the maturity amount will be taxable.

Term of the Week BAVADHARINI KS

Participating and non-participating policies Insurance policies that have a saving component to them (endowment or money­back plans) are of two types — participating and non­participating.

In participating plans (also called with­pro t plans), policyholders get a share of the pro ts of the company — provided, the company makes pro t and declares bonus.

Participating plans give a bene t illustration in the policy brochure, with gross return of 4 per cent and 8 per cent and show the maturity value, but, beware, don’t take them at face value. The exercise is only for illustrative purposes. There is no way of knowing the returns beforehand as the returns depend on the bonus.

In non­participating plans (also called non­par or without­pro t plans), policyholders don’t get to share pro ts of the insurer. But returns are guaranteed upfront by way of additions to the cover under the policy. So, the policyholder can know his returns at the time of signing up for the policy without any complex calculation. Most non­par policies in the market today give a return of 4­5 per cent.

Bank Smart

Smart ways to repay home loan #4 4 6 6 0 1

RAVINDRA SUDHALKAR

For most of us, owning a home is a coveted dream of­ ten marred by long EMI bur­ dens that leave a sizeable dent in the monthly income.

With an upswing in de­ mand for a ordable homes, coupled with the attractive subsidy scheme for LIG and MIG buyers, the a ordable home loan market is expected to grow in the coming years.

But when you buy a house without enough savings, the loan EMI will be large.

Here are a few ways to save on your EMI out ow.

Using your bonus Most corporate employees get an annual bonus, which can be used to pay an extra EMI every year or an upfront part payment.

When you start paying o your debt amount early, it re­

duces the repayment time period and interest cost and e ectively results in a lower EMI. Though it can be a little tough at the start to save for the extra EMI, it is a wise move in the long run.

All home nance compan­ ies/banks have ‘zero’ prepay­ ment charge for all oating rate term loans(individual borrowers). Paying an EMI early also boosts your credit­ worthiness for the future.

Take a longer tenure to lower EMI You may feel there is virtually nothing left after paying your monthly EMI as it gets deduc­ ted from your salary at the start of the month with 30 days staring at you. This is why lowering your EMI by slightly extending your loan tenure is a good option.

For instance, an EMI of 53,984 for a 60­lakh home

loan running for 20 years at 9 per cent interest rate can be­ come 48,277 if the tenure is raised to 30 years. Go for this option so that when your salary increases later, you can reduce the loan tenure and pay more EMI. Lumpsum repayment at regular intervals Over a period of time, we may get a windfall of a few ‘large chunks’ of money in the form of money­back amount from your life insurance policies or some other source. The im­ portant thing to note is that such in ows can be smartly utilised to repay at regular in­ tervals. By making a 1­lakh re­ payment after three years, you can save up to 1.88 lakh and cut your loan tenure down by six months on a 50 lakh home loan, originally run­ ning for 15 years at a oating interest rate of 9 per cent. If you repeat these lumpsum re­ payments a few more times, you can actually lower the ten­ ure or EMI by a big margin.

Transfer your loan to another lender If you nd a home loan pro­ vider who o ers better terms and conditions on your loan, it might be a good option to change your lender. This is called a balance transfer and is available with most home loans. A balance transfer can also help you get a lower EMI, while ensuring better service and loan terms. In such cases, it is important to calculate the costs involved in transferring your loan, such as fees, stamp duty on mort­ gage, to en­ sure

that the costs are not greater than the savings. In the present scenario where interest rates

have fallen from about 9.75 per cent to 8.35 per cent, the savings on monthly EMI could be anywhere between 10 and 12 per cent. This is subject to the type of loan, the age of the primary loan, the loan corpus, the portion of repayment completed and your track re­ cord as a borrower.

Just remember that a home purchase can only give you se­ curity if it is correctly bal­ anced with your other nan­ cial commitments.

Think smart When you get a windfall gain or a bonus, consider paying back a portion of your outstanding debt

The writer is ED and CEO, Reliance Home Finance

ISTOCK/SNOWWHITEIMAGES

Simple methods and a little prudence can help home buyers save big

Premium Tracker Company

Plan Name

Max Max Annual Coverage Policy Premium (years) term (incl. GST) (years) ( )

Claim Settle ment ratio (%)

30­yr male, non­smoker, for sum assured of 1 crore, cover till 70 years (age) Aegon Life

iTerm

100

82

8331

97.11

Aviva Life Insurance

iLife Total

75

57

11532

90.60

Bajaj Allianz Life

eTouch

75

40

14067

91.67

Birla Sun Life

Protect@Ease

80

40

11889

94.69

Bharti AXA Life

Flexi Term Plan

85

67

9440

92.37

Canara HSBC OBC Life

iSelect

80

40

9491

94.95

DHFL Pramerica Life Insurance

Flexi e-Term

75

57

9402

90.87

Edelweiss Tokio Life Insurance

Total Secure+

Future Generali

Flexi Online Term

HDFC Life

Click2Protect 3D Plus- Life Option

75

40

12478

97.62

ICICI Prudential

iProtect Smart

75

40

13860

96.68

IDBI Federal Life Insurance

Insurance Flexi Term

80

62

12402

90.33

Kotak Life

Kotak e-Term Plan

75

57

9558

91.24

LIC

eTerm

75

35

18920

98.31

Max Life

Online Term Plan Plus

75

40

10148

97.81

PNB Met Life

Mera Term Plan

99

81

10146

87.14

SBI Life

eShield

70

30

13794

96.69

TATA AIA Life

Sampoorna Raksha

80

40

9794

96.01

80

62

9904

93.29

75

57

9427

89.53

30­yr female, non­smoker, sum assured of 1 crore, cover till 70 years (age) Aegon Life

iTerm

100

82

6861

97.11

Aviva Life Insurance

iLife Total

75

57

9699

90.60

Bajaj Allianz Life

eTouch

75

40

10896

91.67

Birla Sun Life

Protect@Ease

80

40

9894

94.69

Bharti AXA Life

Flexi Term Plan

85

67

8260

92.37

Canara HSBC OBC Life

iSelect

80

40

8022

94.95

DHFL Pramerica Life Insurance

Flexi e-Term

75

57

8025

90.87

Edelweiss Tokio Life Insurance

Total Secure+

Future Generali

Flexi Online Term

HDFC Life

Click2Protect 3D Plus- Life Option

75

40

11004

97.62

ICICI Prudential

iProtect Smart

75

40

12226

96.68

IDBI Federal Life Insurance

Insurance Flexi Term

80

62

10136

90.33

Kotak Life

Kotak e-Term Plan

75

57

8260

91.24

LIC

eTerm

75

35

18920

98.31

Max Life

Online Term Plan Plus

75

40

7670

97.81

PNB Met Life

Mera Term Plan

99

81

8675

87.14

SBI Life

eShield

70

30

10537

96.69

TATA AIA Life

Sampoorna Raksha

80

40

8968

96.01

80

62

8323

93.29

75

57

8184

89.53

Source: www.policybazaar.com Claim Settlement Ratio- as per IRDAI Report 2016-17 Premium rates of Exide Life and India First Life Insurance, have not been included.

LIC Coverage upto 65 year & SBI coverage upto 60 year.

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8

COMMODITY WISE

BusinessLine MONDAY • JANUARY 22 • 2018

Bullion Cues

Have a question on commodities?

Gold snaps five-week rally

Write to us at commodityquery@gmail.com

News Wrap Overall rabi acreage close to normal

GURUMURTHY K

After surging for ve consec­ utive weeks, the rally in gold halted last week. Global spot gold fell after touching a high of $1,344.8 per ounce last Monday. However, lack of strong selling pressure lim­ ited the downside. The yellow metal made a low of $1,324 and has bounced slightly from there to close the week slightly lower by 0.4 per cent at $1,331per ounce.

Silver on the other hand was beaten down strongly .

Global spot silver fell sharply after touching a high of $17.42 per ounce to a low of $16.81 be­ fore closing the week at $17 per ounce. Silver was down more than 1 per cent last week.

But things were di erent on the domestic front. Sur­ prisingly, the gold futures contract on the Multi Com­ modity Exchange (MCX) gained last week. This is thanks to the sudden weak­ ness in the rupee from 63.5 to­ wards 64 against the US dol­ lar. The MCX­Gold futures contract fell to a low of 29,550 per 10 gm and re­ versed to close the week 0.7 per cent higher at 29,755 per

10 gm. The MCX­Silver con­ tract, however, fell in tandem with global prices to close the week on a negative note. But, the loss in the contract was limited. The contract has closed at 38,969 per kg, down, 0.24 per cent for the week.

Dollar mixed The uncertainty that pre­ vailed over the US govern­ ment running into a shut­ down kept the dollar under pressure. The dollar index was volatile and range bound with a negative bias between 90 and 91 all through last week.

A crucial support for the in­ dex is poised at 89.80, which is likely to be tested in the com­ ing days. Whether the dollar index manages to reverse higher from there or not will be key in determining the next move.

If the dollar index breaks decisively below 89.8, it can fall to 88 thereafter. Such a fall can aid in pushing the gold price higher. But if the index manages to bounce from 89.9 and sustains higher, the downside pressure may ease.

The index can then move up to 91 again.

A break above 91 will see the relief rally extending to 92.

Gold outlook The global spot gold ($1,331 per ounce) is not gaining strength to break above $1,340 decisively. Immediate sup­ port is at $1,325. A break be­ low this will increase the likelihood of the prices falling to $1,313 or $1,310 in the short term. The region between $1,310 and $1,300 is a strong support for gold. Dips to this support zone is likely to bring fresh buyers into the market. An eventual reversal thereafter will see gold rallying back to $1,340 levels. A break above $1,340 can target $1,350 initially. Fur­ ther break above $1,350 will see the upmove extending to $1,370 — a crucial long­term resistance for gold. The price action around $1,370 will need a close watch as this will be key to the move thereafter.

On the domestic front, the outlook for the MCX­Gold ( 29,755 per 10 gm) remains bullish. A rally to 30,050 is likely in the near­term as long as the contract sustains above 29,550. Inability to break above 30,050 can trigger an intermediate corrective fall

ISTOCK .COM/D EVRIMB

The uptrend can resume and target $1,370 after a short-term consolidation

$16.7 or $17.5 will decide the next trend.

A break below $16.7 can take the prices lower to $16.5 initially. Further break below $16.5 will increase the likeli­ hood of the fall extending to $16. On the other hand, silver can gain bullish momentum if it breaks above $17.5 decis­ ively. Such a break will pave way for a fresh rally to $18 and $18.5 MCX­Silver ( 38,969 per kg) on the other hand is not gain­ ing strength to break the res­ istance at 39,500. A dip to test the support at 38,500 is likely in the near­term. A break below 38,500 can take the contract lower to 38,000.

But if the contract manages to bounce from 38,000, an up­ move to 39,500 is possible again.

A strong break above 39,500 is needed for the con­ tract to gain fresh mo­ mentum. Such a break will pave way for a fresh rally to 40,000 or even 40,700.

to­ wards 29,500 or 29,350.

However, such a downmove could be a good opportunity for traders with a medium­term perspective to go long. An eventual break above 30,050 will see the contract targeting 31,000 over the medium­term.

Traders with a medium­ term perspective can go long on dips at 29,500 and 29,350. Stop­loss can be placed at 28,850 for the tar­ get of 31,000.

Silver outlook The global spot silver ($17 per ounce) is broadly range bound between its support at $16.7 and resistance at $17.5 over the last three weeks. The immediate outlook is unclear.

A breakout on either side of

MCX Gold Supports 29,500, 29.350 Resistances 30,050 / 31,000

MCX Silver Supports 38,500 / 38,000 Resistances 39,500 / 40,000

PRERNA SHARMA

Sugar has witnessed a series of policy changes in 2017 when the Government ap­ plied all possible measures to rein in sugar prices — such as imports at nil/reduced duty or imposition of stock limits.

Now things have reversed: sugar prices have started to moderate and that is worry­ ing the Government. As a res­ ult, it has scrapped stock lim­ its and is contemplating hikes in import duties and is likely to push exports, all to check the fall in prices.

Helped by better output numbers for the current sea­ son (2017­18), the expectation of further increase in the next season’s production and im­ proved global supply pro­ spects, sugar prices have lost 15 per cent in the last three months.

However, prices are looking to remain stable at least till March­April post which the lower levels can trigger buy­ ing by bulk purchasers.

Sugar production As reported by ISMA, sugar mills across the country have produced 10.32 MMT of sugar as on 31st December’17 which is 26% higher than last year’s production for the corres­ ponding period. The in­ creased output primarily comes from the states of Ma­ harashtra and UP delivering 34% and 21% more sugar respectively.

With an opening balance of 3.88 MMT as on 1st October’17 and 0.2 MMT of imports the total availability of sugar is es­ timated at 29.17 MMT against the consumption require­ ment of 25 MMT leaving 4.17 MMT of sugar for the start of 2018/19. The carryover stocks would be su cient to meet India’s 3­month consumption requirements before the next season’s harvest starts. Also, an increase of 6.5% in the sug­ arcane acreage has been re­ ported by the government for

#4 4 6 6 0 1

2017/18 which strengthens the prediction of India achieving the sugar output in the range of 28­29 MMT for 2018/19 sub­ ject to normal monsoon in the upcoming season. That’s likely to put pressure on do­ mestic sugar prices. However, the entry of bulk buyers (con­ fectioners, beverage makers, sweet makers, pharma com­ panies purchasing 60% of total sugar supply) at every dip will provide support to domestic sugar prices.

The Pakistan factor An anticipation of cheaper sugar imports from Pakistan (which has increased export subsidies to o oad its excess production) is troubling In­ dia’s sugar mills. However, the

government may hike import duty from 50% to 75% to check sugar imports and cut export duty to improve export com­ petitiveness. Besides, the pos­ sibility of export to Indonesia which has expressed interest in buying Indian sugar is also there.

Softening global prices The sugar futures on ICE have witnessed an annual loss of 23% weighed down by the anti­ cipation of world setting for a record output of 185 MMT of sugar in 2017/18. High produc­ tion in Brazil and Russia, ex­ pected output recoveries in India and Thailand, the emer­ gence of European Union (EU) as a major sugar supplier due to end of production quotas

and allocation of more acre­ age in China are the contrib­ uting factors. However, high consumption demand may o set the part of the increase in supply. China, the world’s leading importer is likely to import less because of higher domestic production and tighter import controls.

China has raised import tar­ i s to 95% from previous 50% for imports beyond the quota limits. As a result, Indonesia is likely to become the world’s top sugar importer.

The Government said it will take steps to curb sugar imports and facilitate surplus exports in order to check falling wholesale prices of sweetener and ensure timely payment to cane farmers. Sugar industry bodies, Indian Sugar Mills Association (ISMA) and National Federation of Cooperative Sugar Factories (NFCSF), met senior food ministry o cials and sought hike in sugar import duty from 50 per cent to 100 per cent and scrapping of export duty of 20 per cent to liquidate surplus sugar.

NCDEX has launched options trading in guar seed contract. It was flagged o by Finance Minister Arun Jaitley on January 14. Options contracts expiring in the months of February 2018, March 2018 and April 2018 are available for trading now. The Guar Seed Options are European type with a tick size of Re. 0.50 per quintal. The Daily Price Range (DPR) is based on the factors of DPR of the underlying Futures contract and volatility. The expiry date of agri­Options will be the last Wednesday of the month that precedes the month of expiry of the underlying Futures contract. Launch calendar with exact date of expirations would be noti ed before launch of each new contract. COMPILED BY BL RESEARCH BUREAU

Sugar prices to remain stable for now Domestic sugar production is expected to surpass 25 mil­ lion tonnes (mt) due to in­ creased cane planting and suf­ cient soil moisture amidst satisfactory rainfall in key producing areas except Tamil Nadu.

Centre may hike sugar import duty

NCDEX launches guar seed options

Their View

Scrapping of stock limits can support prices

Total area under rabi crops this season inched closer to that sown in last year, even though there was a 4 per cent drop in wheat cultivation, shows data released by the Agriculture Ministry.

At 617.79 lakh hectares (lh), the cumulative rabi acreage this year so far is lower than 620.99 lh sown in the same period last year. The acreage under wheat came down by 8.68 lh in Madhya Pradesh, which experienced de cient rains. The total area under wheat was 298.67 lh (311.17 lh). The acreage under oilseeds registered a slight improvement as compared to the previous week, but continued to be 3.6 per cent lower than previous year’s 82.08 lh. There was a robust 40 per cent increase in rice cultivation, thanks to better acreage reported in south Indian States that pushed up the total area under rice to 22.32 lh (15.99 lh).

Dealing Room Check Higher supplies pull down castor seed VEERESH HIREMATH

Surplus concern There has been an increase of 6.5 per cent in the sugarcane acreage for 2017­18

Outlook Adequate output in the cur­ rent season along with ex­ pectation of a noticeable pro­ duction jump next year and the softening global prices are likely to keep sugar prices in domestic market under pres­ sure. However, the govern­ ment support measures are expected to keep the fall in price restricted and be range bound. We may witness slight rmness in sugar prices once the crushing season gets over and the bulk buyers enter the market.

Castor seed futures traded on a negative note following higher supplies coming in from the new harvest. The most active February­month castor seed futures contract hit an 11­month low of 3,976 per quintal on Thursdayand ended the week at 4,045, down by 2 per cent over the previous week. At Deesa­ Lakhni market, castor seed prices closed the week at around 3,870/ quintal, down by 80 compared to last week amid increased supplies of 3,990 quintals . A similar trend was reported at Palanpur market, where the commonly traded variety saw prices go down by 65 to 3,915 a quintal.

Castor oil was quoting at 8,600 per quintal at Mumbai, down by 100 over the previous week while meal prices were unchanged at 436 per quintal. As on January 17, a total of 31,847 tonnes of castor seed were available at NCDEX approved warehouses, which is up by 161 tonnes over the previous week.

Outlook Castor seed futures are expected to trade lower in the coming week. Supplies of fresh crop coming in may create a supply­demand mismatch. Moreover, expectation of higher yield in the growing regions of Gujarat, Rajasthan and AP because of favourable weather condition may keep prices down in the spot as well as futures market.

The writer is vice president and head of agriculture, food, and retail at Biznomics Consulting.

The writer is Head – Commodity Research, Karvy Comtrade

Big Picture

Russian drillers cheer as oil outpaces ruble Companies gain as oil price in rubles nears record high DINA KHRENNIKOVA ELENA MAZNEVA

Russia’s oil producers are en­ joying near record crude prices – in rubles – and having their best start to the year since 2015. As the nation pre­ pares to discuss its deal with Organisation of the Petro­ leum Exporting Countries (OPEC) allies in Oman this weekend, analysts say the good times will continue.

Party like its 2014 Brent is still $50 below the high of 2014, yet for Russian producers the price of the benchmark crude in rubles is close to a record thanks to a weaker currency.

While the Russian Finance Minister Anton Siluanov said this week that Russia won’t al­ low the exchange rate to strengthen too sharply, cent­ ral bank Governor Elvira CM YK

Nabiullina warned against “euphoria” from high oil prices.

Upside potential Russia’s oil and gas index may gain another 20 to 30 per cent this year as investors have yet to price in Brent at $70 per barrel, according to Sberbank CIB. “The sell side is assuming an average oil price of $55 per barrel for 2018,” the bank’s analysts said. “Should the oil price stay at the current level, we will see a wave of earnings upgrades.”

Dividend appeal The appeal of Russian oil and gas shares has increased, rel­ ative to European rivals, since the beginning of the year. Cit­ igroup Inc. said that 2018 is set to become the second “year of the dividend” for Russian stocks amid improved earn­ ings outlooks.

Risk of headwinds While an investor favourite, Russia’s oil and gas industry still faces the risk of head­

winds. The rst may blow at the end of January, on poten­ tial new sanctions against Russia. However, the risk of a tougher stance on the Russian economy and companies is low, according to a Bank of America Merrill Lynch report.

Other potential risks in­ clude oil and ruble volatility, plus the imposition of a higher tax burden on Russian producers, according to Citig­ roup.

The scal threat may mater­ ialise after presidential elec­ tions in March as the Kremlin mulls boosting spending on health, education and infra­ structure. The energy in­ dustry is the tradi­ tional cash

cow for such budget splurges.

Capacity limitations Russian producers are also less well placed than their Ara­ bian Gulf allies to take advant­ age of a gradual exit from the oil output curbs agreed with the OPEC. Russia’s spare pro­ duction capacity doesn’t com­ pare to that of OPEC, accord­ ing to analysts at Aton LLC in Moscow and Rystad Energy AS in Oslo.

The US

Energy Information Adminis­ tration estimates that OPEC’s spare capacity – production that can be brought online within 30 days and sustained for at least 90 days – stood at 2.11 million barrels a day in the fourth quarter, all in West Asia.

The International Energy Agency had a higher gure — 3.41 million barrels a day as of November.

Russia, which agreed to cut production to 10.95 million barrels from a post­Soviet high of 11.25 million barrels in October 2016, has less imme­ diate repower at its disposal.

Russia could increase out­ put to about 11.1 million bar­ rels a day within a month of the curbs being lifted and ramp up production to pre­ cut levels within an addi­ tional two to three months, said Rystad analyst Veronika Akulinitseva.

BMI Research has a similar estimate — some 3,10,000 bar­ rels a day that could be brought to the market within six months. BLOOMBERG

Raining dividends 2018 is set to become the second year of the dividend for Russian stocks amid improved earnings outlook

Price Tracker INDIA

Change in %

52-Week

Commodity Gold Silver Copper Crude Oil Natural Gas Sugar Soyabean Refined Soy Oil Guar Seed RM Seed

Price Weekly Yearly Open Int 11581 G 29755 0.7 4.3 18561 H 38969 -0.2 -5.6 450 -0.6 14.7 12952 G 4042 -0.6 15.8 16287 H 204 -0.2 -11.7 10753 H 120 G 2940 -8.6 -23.3 3365 4.7 7.7 425340 G 734 -1.0 0.2 61860 H 20 H 574 -86.7 -82.7 41120 H 4036 4.6 -3.3 Cotton Seed Oil Cake 1749 -2.6 -20.8 141000 G Coriander 5704 0.5 -21.8 24380 H Turmeric 7330 -4.0 7.0 10985 G 11385 H Jeera 21000 -2.1 13.5 The table above captures action in near month futures contract in Source: Bloomberg

Change in %

GLOBAL Price

Metals ($/tonne) Aluminium Copper Iron Ore Lead Zinc Tin Nickel

High Low 30474 27603 43605 35460 472 354 4128 2732 232 165 3950 3137 3370 2643 748 605 4402 3153 4182 3461 2303 1365 7889 4272 8066 5234 22360 16555 MCX & NCDEX

52-Week

Weekly Monthly

Yearly

High

Low

2219 6999 73 2582 3440 20690 12679

0.7 -1.1 -2.6 1.5 0.1 1.9 0.0

6.6 1.4 4.2 0.9 7.8 6.7 8.4

21.0 22.5 -12.6 12.4 25.0 -0.2 28.4

2256 7216 95 2610 3474 21245 12900

1806 5462 54 2030 2434 18750 8710

Agri (US cents/pound) Coffee 121 Cotton 83 Sugar 13

-1.3 0.9 -6.6

-0.4 11.2 -8.0

-25.9 17.1 -31.7

170 85 20

118 66 13

Energy Brent Crude 9$/barrel) Natural gas ($/mm Btu)

69

-1.8

7.5

26.7

70

44

3

3.3

18.3

-5.4

3

3

The table above tracks key inputs for india Inc. Metals are spot prices from LME. Agri and Energy are ICE and NYMEX near month futures price. Source: Bloomberg

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TECHNICALLY

BusinessLine MONDAY • JANUARY 22 • 2018

9

From the Ring

Index Outlook

Indices in a pre-budget rally The Nifty 50 and Sensex surged strongly on the back of buying momentum last week YOGANAND D

Bullish cues from the global mar­ kets and the robust December quarter earnings announce­ ments from bluechip companies kept the bellwether indices trending upwards. The Nifty 50 and the Sensex can extend their rally in the truncated week, tak­ ing cues from the quarterly res­ ults announcement of bluechip stocks. However, the mid­ and small­cap indices are showing di­ vergent trend. This, along with the US markets hitting over­ bought territory, is a cause for worry. The January derivatives expiry, ahead of a long weekend, can trigger some pro t­booking in the latter part of the week. The market is likely to now turn its focus on the upcoming Budget.

Nifty 50 (10,894.7) Last week, the Nifty 50 index ex­ tended its rally by surging 213 points or 2 per cent, amid volatil­ ity. The index has conclusively surpassed a near­term resistance tested at 10,750 levels. It trades well above the 21­ and 50­day moving averages.

Short­term trend: The index accelerated and continued its short­term uptrend that has been in place from the early December low at 10,033. Strong rally above the key medium­ term resistance at 10,500 has strengthened the uptrend.

Moreover, the index has sur­ passed a minor hurdle at 10,750 last week, which has reinforced the bullish momentum. There has been an increase in daily volume over the past four trad­

ing sessions. The daily and weekly relative strength indices feature in the bullish zone, sup­ porting the bullish momentum.

Similarly, the daily as well as weekly price rate of change in­ dicators hover in the positive ter­ ritory implying buying interest.

However, the weekly price rate of change and weekly moving av­ erage convergence divergence indicators are showing negative divergence, which is a cause for concern.

The mid­ and small­cap indices displayed a diverging trend by plummeting last week. The Nifty index can experience selling pressure and pro t­taking in the near term.

Such a corrective decline can nd supports at either 10,750 or 10,500. The index has a signi c­ ant medium­term support in the band between 10,450 and 10,500.

Last week, the index surpassed the short­term target of 10,800 and is currently heading to­ wards to the next at 10,921. Fur­ ther rally above this level can take the index higher to 11,000, and it could face some di culty in surpassing this psychological level. But an emphatic break­ through of 11,000­mark can keep the bullish momentum ticking and push the index northwards to 11,200 levels in the medium term.

Conversely, we reiterate that a conclusive decline below the 10,450 will be a threat to the on­ going uptrend. In that case, the index can decline to 10,350 and 10,250 levels. Next vital support for the index is pegged in the 10,000 and 10,100 zone. In­

vestors with a short­term view can remain invested with a trail­ ing stop­loss at 10,500 levels.

Medium­term trend: The breakthrough of the key resist­ ance at 10,500 and last week’s strong rally has strengthened the medium­term uptrend that has been in place since taking support at 9,500 levels last June.

Investors with a medium­term horizon can stay invested with an improved stop­loss at 10,150 levels. An emphatic break­ through of the psychological res­ istance at 11,000 can accelerate the medium­term uptrend and take the index higher 11,200 and 11,500 in the coming months with minor corrective declines.

On the other hand, strong plunge below the key support at 10,450 can nd support at 10,250. Further plunge below the psychological support level of 10,000 will be a threat to the uptrend and, in that scenario, the index can fall to 9,700.

Nifty Bank (26,909.5) The Bank Nifty experienced an unprecedented gain at higher

levels as the index zoomed 1,160 points or 4.5 per cent breaking above a key resistance at 26,000 in the past week. The index closed at record highs. Neverthe­ less, the index faces a key resist­ ance ahead at 27,000. Strong break above this barrier will fur­ ther reinforce the bullish mo­ mentum and take the index northwards to 27,500 and then to 28,000 in the medium term.

The short­term outlook is bullish for the index. Traders with a short­term view should tread with caution with the stop­loss placed at 26,650, ahead of the truncated as well as derivatives expiry week. Pro ts can be booked if the index fails to move beyond 27,000. Immediate sup­ ports are placed at 26,650 and 26,430 levels. A decisive plunge below 26,430 can bring back selling pressure and pull the in­ dex down to 26,200 and 26,000 levels. On the downside, a close below the 26,000 will alter the short­term uptrend and drag the index down to the subsequent key supports placed at 25,700 and 25,500 levels.

Sensex (35,511.5) The Sensex rocketed 919 points or 2.66 per cent, breaking above the key hurdle at 35,000 in the previous week and closed at re­ cord highs. This rally has outper­ formed the Nifty. The Sensex now tests a key barrier at 35,500. Any corrective decline can nd sup­ port either at 35,350 or 35,000 in the near term. Continuation of the uptrend by breaching the current resistance at 35,500 can push the index northwards to 36,000 in the short to medium term. Key supports below 35,500 are placed at 34,750 and 34,500 levels. Only a strong close below the support in the 33,800­34,000 band is needed to alter the short­ term uptrend and drag the index down to 33,500 over the medium term.

What to watch

Weak dollar boosts earnings

■

January derivatives expiry

■

Bluechip earnings announcements

The dollar's drop to three­year lows this week after prolonged weakness in 2017 is expected to further boost pro ts at big US companies when investor optimism is already high over corporate tax cuts.

■

BoJ rate decision

■

ECB decision

Global Cues In the previous week, the Dow Jones Industrial Average contin­ ued its uptrend by gaining 268 points or 1 per cent to close at 26,071. The index now tests a key resistance at 26,000. With the daily and weekly indicators fea­ turing in the overbought territ­ ory, the possibility of a corrective decline can’t be ruled out. Such a decline can nd support at 25,500 and 25,000 levels in the short term. But a strong rally above 26,000 can take the index upwards to 26,200 and 26,400 levels.

The Nikkei 225 continues to test the crucial resistance at 24,000 over the past two weeks.

A rally above the barrier is re­ quired to take the index higher to 24,500 in the short term. But an inability to rally above 24,000 can pull the index down to the support level of 23,500 and 23,000 in the short term.

Long-term outlook bullish for Maruti Suzuki #4 4 6 6 0 1

YOGANAND D

Here are answers to readers’ queries on the performance of their stock holdings.

What are the short, medium and long­term targets for Maruti Suzuki stock?

Srinivasulu K

Maruti Suzuki India ( 9,321.3): Both the long and medium­term trends are up for the stock of Maruti Suzuki India.

However, the short­term trend has been down since recording a new high at 10,000 on Decem­ ber 20, 2017. This corrective de­ cline can nd support at around 9,000 in the coming weeks.

Next signi cant support is placed at 8,500 levels. As long

as the stock trades above this base level, the medium­term uptrend will remain intact. In­ vestors with a short to medium­ term perspective can wait and buy at lower levels with a stop­ loss placed at 8,300 levels.

Having said that, if the stock decisively tumbles below the sig­ ni cant support as well as trend­ deciding level of 8,500, the stock can decline to 8,300 and 8,000 levels. Such a decline will provide buying opportunity for long­term investors. Key resist­ ances for the stock are placed at 9,500 and 9,630 levels. Strong rally above 9,800 is needed to reinforce the bullish mo­ mentum and take the stock higher to 10,000 once again.

Further breakthrough of the key medium­term as well as psycho­

logical resistance level of 10,000 can push the stock northwards to 10,200 in the medium to long term. Investors with a long­term perspective can hold the stock with a long­term at 7,300.

“A weaker dollar may add about 50 basis points to fourth­quarter earnings growth, Credit Suisse strategists wrote in a note.

Analysts are forecasting earnings for all S&P 500 companies of 12.4 per cent in the fourth quarter from a year ago, according to Thomson Reuters data.

The dollar's weakness had also helped third­quarter results.

Among companies that have cited currency bene ts in reports since the start of December are John Wiley & Sons, Progress Software and Actuant.

“If you couple global demand with a weaker US dollar, it's a positive underpinning for the industrials in particular,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

US­based multinationals can bene t the most from declines in the dollar, which makes overseas sales more valuable when translated back into US currency. Global economic demand continues to pick up and was one of the biggest boosts to earnings in 2017, strategists said. REUTERS

What is the technical outlook for the stock of Jammu & Kashmir Bank?

Kannan

Jammu & Kashmir Bank ( 76.2): The long­term trend is down for the stock of Jammu & Kashmir Bank. Following a cor­ rective up­move in the rst half of the year 2017, the stock en­ countered a key resistance at 95 in June 2017. Since then, the stock has been in an intermediate­ term downtrend. Key resistance at 85 capped the upside for the stock in last October and the stock continued to trend down­ wards. Last week, the stock

Future Perfect

plummeted 5 per cent, breach­ ing an immediate support at 78 as well as the 200­day moving av­ erage. The stock can extend the downtrend and test support at 72 in the short term. Further slump below this base can pull the stock down to 70 and then to 66 levels in the short to me­ dium term. Signi cant resist­

ance in the band between 80 and 82 can limit the upside in the stock. However, a decisive rally above 82 can take the stock higher to 85. Investors with a long­term view can stay invested with a stop­loss at 69.

Quickly ■

Near­term trend is down

■

Key support at 72

■

Key resistance at 80

Send your queries to techtrail@thehindu.co.in

ICICI Bank: Spread a call ahead of result, Budget

Bellwethers SBI ( 309)

ITC ( 273.8)

Infosys ( 1,143.2)

RIL ( 929.3)

Tata Steel ( 771)

SBI was volatile last week. It fell as expected, initially to a low of 292.65 but reversed higher from there. This bounce­back move faced resistance near 318 — the 55­day moving average and fell back again. The immediate outlook is unclear. Key resistance is inbetween 320 and 325 and support is inbetween 290 and 285. A broad range­bound move between 285 and 325 is possible for some time. A breakout on either side of 285 or 325 will then decide the next trend. If SBI manages to breach 325 decisively, the downside pressure will ease. It will also mark the end of the corrective fall that has been in place since last November. In such a scenario, SBI will gear up for a fresh rally to 350 levels thereafter.

On the other hand, if the stock remains below 325 in the coming days and breaks below 285, it will come under renewed pressure.

Such a break will take the stock lower to 260 on the back of pro t booking. Traders can stay out of the market until a clear trend emerges.

ITC fell initially in the past week.

However, the support at 260 held well and halted the down move as expected. Support is at 270, which is likely to limit the downside in the near term. A rise to 280­ 281 is likely in the coming week. A strong break above 281 can take the stock higher to 283 and 285. On the other hand, if ITC reverses lower from 281, a corrective fall to 270 is possible. Cluster of supports are poised inbetween 270 and 260. A fall below 260 looks unlikely now.

Also, the rounding pattern on the weekly chart suggests that the downtrend that has been in place since July last year is coming to an end. So, as long as the stock sustains above 250, the possibility of it breaking above 300 and revisiting 350 levels cannot be ruled out in the coming months.

Short­term traders can hold the long positions with the revised stop­loss at 270 for the target of 280. Investors with a long­term perspective can go long at current levels. Accumulate on dips at 265 and 260 with a stop­loss at 220.

Infosys moved up for the second consecutive week and surged 6 per cent breaking above the key resistance level of 1,120. The uptrend in the stock is gaining momentum with the strong 13 per cent rallyover the last two weeks.

Immediate resistance is at 1,170. A strong break above it can take the stock higher to 1,200 — a key psychological resistance level.

Since the stock has been rising sharply in a very short span of time, a corrective fall from 1,200 towards 1,135 or 1,100 cannot be ruled out. On the other hand, if Infosys remains below 1,170 , it can dip to 1,120 in the near­term.

A break below 1,120 will increase the likelihood of the stock moving further lower towards 1,090 or even 1,070. Such a fall in the stock will attract fresh buyers coming into the market and limit the downside. Long­term investors can hold the long positions. Medium­ term investors who do not have any position in the stock can buy on dips at 1,130 and accumulate at 1,085.

The resistance at 960 continues to cap the upside in RIL. The stock has been struggling to breach this hurdle since October last year. RIL touched a high of 959.55 and has come­off sharply from there to close 1.8 per cent lower for the week. Immediate support is at 910, which is holding as of now. If the stock sustains above this support, a revisit to 960 is possible. However, only a strong break above 960 will bring fresh bullish momentum in the stock and pave way for 1,000 and higher levels thereafter. On the other hand, if RIL fails to gain momentum and reverses lower again in the coming days, it can break below the intermediate support level of 910 and fall to the crucial 880­ 875 support zone. A strong bounce­ back from this support will keep RIL inside the 885­ 960 sideways range for some more time. But a strong break below 885 can leave the stock under pressure. Such a break will increase the likelihood of the stock tumbling to 800 on the back of pro t booking.

Tata Steel began the week on a strong note but failed to retain the momentum. The stock touched a high of 792 and fell sharply by 5 per cent. Key resistance is at 785, which is restricting the stock from further rally. A strong break and a decisive close above 785 is needed for the stock to gain fresh momentum. Such a break can take the stock higher to 800 initially.

Further break above 800 will pave way for the next target of 850. On the other hand, if the stock remains below 785 in the coming days, there is a strong likelihood of it falling further towards 735 or 730 initially. A break below 730 can drag it to 715 or 710 thereafter.

The region between 715 and 700 is a key support for the stock. The stock will come under pressure if it falls below 700. Such a fall can trigger pro t booking and can drag Tata Steel lower to 650. Investors can hold the long positions with a stop­loss at 640. Revise the stop­ loss higher to 680 as soon as the stock moves up to 800.

CM YK

US multinationals, especially energy and technology companies that have a signi cant portion of their sales overseas, could bene t the most from the currency effect, while other sectors like telecommunications bene t less. The US dollar index's average in the fourth quarter fell about 6 per cent from its average in the year­ago quarter. Its nearly 10 per cent fall in 2017 was its worst annual performance since 2003.

The dollar has fallen on expectations central banks, besides the Federal Reserve, are seeking to end their policy of ultra­low, even negative, rates adopted to combat the 2008 global nancial crisis.

Though it is still early days in the fourth­ quarter earnings season, there are examples of how the weak dollar is affecting companies’ bottomlines.

International Business Machines late Thursday cited a currency boost in its results. IBM's sales rise of 3.5 per cent last quarter would have been only 1 per cent if currency impact were excluded.

The effects may not be as headline grabbing as those from the changes to the US tax law that were enacted last month by US Congress and President Donald Trump.

Expected boon

Your Stock portfolio

Breakthrough of the resistance level of 10,000 can push the stock up to 10,200

Currency effect

Snapshot

1 2 3 4 5

Immediate outlook is unclear for SBI Outlook is bullish for ITC Infosys gains momentum Resistance caps the upside in RIL Tata Steel can fall in the near term

The outlook remains positive for the stock of ICICI Bank. The stock nds immediate support at 321 and the most crucial one at 290. If the current trend sustains, it could trend upwards and reach 410. The prospect of ICICI Bank hitting 410 appears bright.

F&O pointers: ICICI Bank February futures added a healthy open interest positions on Friday. Besides, rollover to February series from January remains modest at 13 per cent. Option trading indicates that the stock could face a hurdle at 370.

Events: There are two big events that could dictate the stock movement. The private bank will declare its Q3 results on January 31; and the Centre will present the Budget on February 1. Both these events will have a strong bearing on the movement of ICICI Bank.

Strategy: Traders can consider a bull­call calendar spread on ICICI Bank.

This can be initiated by selling 350­ strike call of the current month (January) and simultaneously buying the same strike call of next month (February) series. They closed with a premium of 7.75 and 17.70 respectively.

That means, one has to fork out 27362.50, (as market lot is 2,750 units/ contract), which could be the maximum loss one can su er. For that to happen, ICICI Bank has to close below 350 at the time of expiry.

On the other hand, the strategy has humongous pro t potential, if ICICI Bank falls or remains at at around 350 in the current month and rises sharply during the February series.

We advice traders to exit the position if the loss mounts to 10,000. Hold the position till the rst week of February.

K S BADRI NARAYANAN

GURUMURTHY K

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10

THE BIG QUESTION

BusinessLine MONDAY • JANUARY 22 • 2018

You and Me “Grouping Sukanya Samriddhi Account under Sec 80C deduction list with the existing limitations, does not serve any purpose.”

“Some deduction must be available for patients being treated for chronic skin diseases like psoriasis and vitiligo.”

“Considering the cost of buying a home in a metro city like Bengaluru, the repayment of principal amount on home loans should be brought out of 80 C deduction list and treated separately.”

DINESH REDDY

SURYANK BAITINTI

Finance professional

Chartered Accountant

“Salaried employees, already covered under group medical claims provided by corporates, hardly spend 25,000 on the additional health insurance.

Therefore I feel it is better to increase the tax deduction limit under section 80C than to revise the limits of section 80D.

RAVI KUMAR

THAYI KARTHIK

Senior IT consultant

Hyderabad-based Chartered Accountant

Almost everyone Portfolio spoke to is hopeful of an increase in the tax exemption limit to at least 2 lakh hausted my 1,50,000 under section 80C and additional bene t of 50,000 under section 80CCD(1B), even if I invest more in NPS, there’ll be no tax bene t,” he says.

Sharing Chirag’s view, Dinesh Reddy, a nance consultant, says the Sukanya Samriddhi Ac­ count, launched to en­ courage the girl child’s education and meet mar­ riage expenses, is a thoughtful move but needs a separate tax break.

“Grouping this scheme under Sec 80C deduction list does not serve any pur­ pose,” he asserts.

He is also concerned about the tax exemption limit provided for the chidren education allow­ ance, which is 1,200 per child per annum for a max­ imum of two kids. While this is the exempted amount of allowance, tu­ tion fee spent can be claimed as deduction under section 80C. He feels that in the current scenario where education expenses are skyrocketing, there is a need to recon­ sider the exemption and deduction lim­ its provided for the education allowance and tuition fees.

Ravi Kumar, who works as senior IT consultant for a Bengaluru­based con­ cern, says that his 80C limit is utilised mainly for the principal amount repaid on home loan. “Considering the cost of buying a home in a metro city like Bengaluru, “I feel that the repayment of principal amount on home loans should be brought out of 80C deduction list and

SATYA SONTANAM

B

udget 2018 is round the corner.

With speculation in the air about an increase in the Section 80C tax deduction limit, taxpay­ ers are hoping for minimum 50,000 hike from the current levels at 1,50,000.

Portfolio sounded out a few profession­ als on their budget wish list in respect of tax deductions under sections 80C and 80D of the Income Tax Act, 1961.

should be treated separately.” He also feels that additional bene ts should be given to salaried employees as they incur higher tax burden.

But textile businessman Vijay doesn’t agree. Vijay says his business was hit heavily by demonetisation and GST, hence he expects raising of 80C deduc­ tion limit to reduce taxes. He argues that, “salaried individuals have an edge over businessmen because of the certainty of income.

Also, the PPF (Public Provident Fund) which we invest in gave a return of about 8 per cent in FY 2016­17 while the employ­ ees’ provident fund (EPF) gave a return of 8.65 per cent that year.”

Returns on popular xed income schemes such as NSC and PPF are 7.6 per cent, and it is 8.1 per cent for the Sukanya Sam­ riddhi Account.

Under section 80C, ELSS is one of the investment options with equity expos­ ure. These are mutual fund schemes that invest atleast 65 per cent of their assets in the stock markets. Return on these schemes could be 12 to 15 per cent.

But as the funds’ performance is sub­ jected to market volatility, returns are not guaranteed. They come with a lock­in period of three years and any gains made on investments held over one year are tax­free.

Bengaluru­based stock market trader Arjun Atluri also wishes for a hike in 80C deduction limit as this could further boost liquidity in the stock market.

“Higher liquidity helps in faster recovery after corrections in the market,” he says.

Under Section 80D of the Income Tax

ISTOCK.COM/LOLOSTOCK

What do taxpayers want from the Budget?

80C limit not enough As of now, for FY2017­18, an individual or an HUF (Hindu Undivided Family) tax­ payer can claim deduction from tax un­ der this section to an extent of 1,50,000.

Deduction is allowed if the amount is in­ vested in tax saving avenues such as PPF (Public Provident Fund), Provident Fund contribution, ELSS (Equity Linked Saving Schemes), NPS (National Pension System ), ve­year xed deposits, and NSCs (Na­ tional Saving Certi cates).

Apart from the investments, expendit­ ure such as children’s tuition fee, life in­ surance premium and principal repay­ ment of the home loan are also covered under this section. Budget 2015 intro­ duced a new scheme under section 80CCD (1B) that allows a taxpayer addi­ tional deduction of 50,000 towards contribution to NPS Tier 1 over and above 1,50,000 under Section 80C. Chirag Chauhan, founder of Expert­ mile.com, points out that the recent re­ laxation under NPS to withdraw the par­ tial amount up to 25 per cent after three years from the earlier 10 years is to en­ courage more investment in NPS. But he is batting for more tax breaks for this pension product. “Since I have already ex­

Act, an individual or an HUF can claim tax deduction of up to 25,000 for the health insurance paid for the taxpayer or his family. An additional 25,000 can be claimed if the insurance is taken for the parents of the taxpayer. Further, one can get an additional deduction up to 5,000 if any of the insured is over 60 years.

Deduction can also be claimed for pre­ ventive health check­up undergone by the taxpayer or his family and parents upto Rs 5,000 which is subsumed in the above limits. Medical expenditure for those beyond 80 years and uninsured is allowed as deduction up to 30,000.

Deduction for medical expenses Thayi Karthik, a chartered accountant based in Hyderabad, says most taxpayers do not exhaust the limits in Section 80D. “Salaried employees who are covered un­ der the group medical claims provided by the corporates hardly spend 25,000 on the additional health insurance.

Therefore I feel it is better to increase the tax deduction limit under section 80C than to revise the limits of section 80D. Rs 30,000 allowed as medical expendit­ ure for uninsured senior citizens should also be reconsidered taking into account in ation and rising medical costs.”

Suryank Baitinti, also a chartered ac­ countant, is of the view that besides the deduction of 5,000 for preventive health check­ups, medical expenditure should be allowed as deduction if genu­ ine bills are provided. He also thinks that section 80DDB that allows deduction for the amount spent on speci ed medical treatments has to be reconsidered to in­ clude skin diseases. “There are a few chronic skin diseases like psoriasis and vitiligo which a ect patients emotionally and physically. Treatment of such dis­ eases also costs a lot. There should be some relief to such patients, at least in the form of deductions,” he stresses.

#4 4 6 6 0 1

Mutual Fund Returns Equity Funds

C G

C G

NAV

Y

Y

Y

Y

Y

Y

Large Cap Funds Aditya Birla SL Frontline Equity . . . . . . . . . . . . . . . . . . . . . . . .. . . . 226.70. . . . 17.35. . . 11.67. . . . 28.02. . . . . . . . . . . 9. . . . . . . . 18. . . . . . . 34 Aditya Birla SL Manufacturing Equity . . . . . . . . . . . . . .. . . . . . 15.15. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 32.08. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 17 Aditya Birla SL Top 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 59.80. . . . 17.63. . . 11.25. . . . 27.67. . . . . . . . . . . 8. . . . . . . . 21. . . . . . . 37 AXIS Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 25.59. . . . 15.59. . . . 8.90. . . . 34.12. . . . . . . . . . 21. . . . . . . . 43. . . . . . . 10 Baroda Pioneer Growth ­ Plan A . . . . . . . . . . . . . . . . . . . . . . .. . . . 104.57. . . . 15.15. . . 10.13. . . . 29.18. . . . . . . . . . 27. . . . . . . . 33. . . . . . . 26 Baroda Pioneer Large Cap ­ Plan A . . . . . . . . . . . . . . . . . . .. . . . . . 14.44. . . . 12.05. . . . 7.60. . . . 19.34. . . . . . . . . . 48. . . . . . . . 50. . . . . . . 61 Canara Robeco Large Cap+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 23.14. . . . 13.62. . . . 9.46. . . . 27.63. . . . . . . . . . 41. . . . . . . . 41. . . . . . . 39 DHFL Pramerica Diversi ed Equity. . . . . . . . . . . . . . . . . . .. . . . . . 13.87. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 31.72. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 20 DHFL Pramerica Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 166.80. . . . 15.86. . . . 9.87. . . . 27.94. . . . . . . . . . 18. . . . . . . . 34. . . . . . . 35 DSP BR Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.86. . . . 17.22. . . 11.82. . . . 32.49. . . . . . . . . . 11. . . . . . . . 16. . . . . . . 15 DSP BR Focus 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 23.53. . . . 15.92. . . 11.26. . . . 25.26. . . . . . . . . . 17. . . . . . . . 20. . . . . . . 48 DSP BR Top 100 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 206.11. . . . 12.74. . . . 8.33. . . . 22.84. . . . . . . . . . 46. . . . . . . . 47. . . . . . . 56 Edelweiss Economic Resurgence . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.78. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 40.88. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 1 Edelweiss Prudent Advantage ­ Plan A . . . . . . . . . . . . .. . . . . . 25.08. . . . 14.19. . . . 8.82. . . . 25.02. . . . . . . . . . 38. . . . . . . . 45. . . . . . . 49 Escorts Growth Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 182.68. . . . 20.32. . . 14.16. . . . 35.25. . . . . . . . . . . 2. . . . . . . . . . 5. . . . . . . . 7 Essel Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 23.51. . . . 14.74. . . 12.69. . . . 30.17. . . . . . . . . . 33. . . . . . . . . . 8. . . . . . . 22 Franklin India Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 476.36. . . . 14.31. . . 10.73. . . . 25.33. . . . . . . . . . 37. . . . . . . . 26. . . . . . . 47 Franklin India Prima Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 612.31. . . . 18.83. . . 12.28. . . . 28.79. . . . . . . . . . . 3. . . . . . . . 10. . . . . . . 29 HDFC Capital Builder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 308.50. . . . 20.55. . . 15.20. . . . 38.42. . . . . . . . . . . 1. . . . . . . . . . 2. . . . . . . . 2 HDFC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 673.97. . . . 17.30. . . 11.97. . . . 33.93. . . . . . . . . . 10. . . . . . . . 12. . . . . . . 11 HDFC Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 194.88. . . . 14.67. . . 12.88. . . . 32.82. . . . . . . . . . 34. . . . . . . . . . 7. . . . . . . 13 HDFC Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 115.80. . . . 11.54. . . . 8.60. . . . 26.97. . . . . . . . . . 52. . . . . . . . 46. . . . . . . 43 HDFC Top 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 479.65. . . . 15.41. . . 10.72. . . . 29.68. . . . . . . . . . 24. . . . . . . . 27. . . . . . . 23 HSBC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 209.73. . . . 13.90. . . 11.19. . . . 28.45. . . . . . . . . . 40. . . . . . . . 22. . . . . . . 31 ICICI Pru Focused Bluechip Equity . . . . . . . . . . . . . . . . . . .. . . . . . 41.67. . . . 17.02. . . 12.16. . . . 30.50. . . . . . . . . . 13. . . . . . . . 11. . . . . . . 21 ICICI Pru Select Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 30.06. . . . 14.05. . . . 8.10. . . . 20.82. . . . . . . . . . 39. . . . . . . . 49. . . . . . . 60 ICICI Pru Top 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 340.05. . . . 16.14. . . 11.93. . . . 25.77. . . . . . . . . . 16. . . . . . . . 13. . . . . . . 46 IDBI Diversi ed Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 21.98. . . . . . . . . . . ­. . . . 9.78. . . . 28.99. . . . . . . . . . . . ­. . . . . . . . 35. . . . . . . 27 IDBI India Top 100 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 24.69. . . . 15.52. . . . 9.12. . . . 24.01. . . . . . . . . . 22. . . . . . . . 42. . . . . . . 51 IDFC Classic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 47.56. . . . 15.64. . . 15.38. . . . 33.50. . . . . . . . . . 20. . . . . . . . . . 1. . . . . . . 12 IDFC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 32.69. . . . 13.23. . . . 9.63. . . . 31.81. . . . . . . . . . 45. . . . . . . . 38. . . . . . . 19 Indiabulls Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.73. . . . 13.62. . . 11.88. . . . 29.24. . . . . . . . . . 42. . . . . . . . 14. . . . . . . 25 Invesco India Business Leaders . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.92. . . . 15.81. . . 10.96. . . . 27.72. . . . . . . . . . 19. . . . . . . . 24. . . . . . . 36 JM Core 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 8.96. . . . 17.88. . . 14.68. . . . 32.38. . . . . . . . . . . 7. . . . . . . . . . 3. . . . . . . 16 JM Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 66.17. . . . 12.73. . . . 6.06. . . . 21.15. . . . . . . . . . 47. . . . . . . . 55. . . . . . . 59 Kotak 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 231.31. . . . 14.97. . . 10.59. . . . 27.34. . . . . . . . . . 31. . . . . . . . 30. . . . . . . 42 Kotak Classic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.38. . . . 15.44. . . 11.27. . . . 31.85. . . . . . . . . . 23. . . . . . . . 19. . . . . . . 18 L&T India Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 26.67. . . . 15.10. . . . 8.87. . . . 26.40. . . . . . . . . . 29. . . . . . . . 44. . . . . . . 44 LIC MF Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.23. . . . 11.90. . . . 5.37. . . . 22.46. . . . . . . . . . 50. . . . . . . . 57. . . . . . . 57 LIC MF Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 25.65. . . . 13.45. . . . 7.49. . . . 23.73. . . . . . . . . . 43. . . . . . . . 51. . . . . . . 54 Motilal Oswal MoSt Focused 25 . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 22.13. . . . . . . . . . . ­. . . 11.81. . . . 29.60. . . . . . . . . . . . ­. . . . . . . . 17. . . . . . . 24 Principal Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 63.47. . . . 15.02. . . 10.61. . . . 28.56. . . . . . . . . . 30. . . . . . . . 29. . . . . . . 30 Reliance Focused Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.57. . . . 15.34. . . 10.45. . . . 27.60. . . . . . . . . . 25. . . . . . . . 31. . . . . . . 40 Reliance NRI Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 89.77. . . . 14.57. . . 10.67. . . . 26.15. . . . . . . . . . 36. . . . . . . . 28. . . . . . . 45 Reliance Quant Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 25.80. . . . 11.89. . . . 8.17. . . . 27.44. . . . . . . . . . 51. . . . . . . . 48. . . . . . . 41 Reliance Retirement ­Wealth Creation . . . . . . . . . . . . .. . . . . . 14.25. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 35.74. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 6 Reliance Top 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.32. . . . 18.22. . . 12.37. . . . 36.73. . . . . . . . . . . 5. . . . . . . . . . 9. . . . . . . . 3 Reliance Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 628.21. . . . 17.92. . . 11.84. . . . 36.49. . . . . . . . . . . 6. . . . . . . . 15. . . . . . . . 5 Sahara Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 149.69. . . . 11.07. . . . 6.82. . . . 23.84. . . . . . . . . . 54. . . . . . . . 54. . . . . . . 53 Sahara Super 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.89. . . . 10.80. . . . 7.42. . . . 23.56. . . . . . . . . . 55. . . . . . . . 52. . . . . . . 55 SBI BlueChip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.48. . . . 18.32. . . 13.31. . . . 27.67. . . . . . . . . . . 4. . . . . . . . . . 6. . . . . . . 38 SBI Magnum Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 98.20. . . . 14.63. . . . 9.72. . . . 23.99. . . . . . . . . . 35. . . . . . . . 37. . . . . . . 52 Sundaram Select Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 170.36. . . . 13.36. . . . 9.61. . . . 34.95. . . . . . . . . . 44. . . . . . . . 39. . . . . . . . 9 Tata Large Cap ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 219.12. . . . 14.74. . . 10.33. . . . 28.04. . . . . . . . . . 32. . . . . . . . 32. . . . . . . 33 Taurus Bonanza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 76.57. . . . 11.07. . . . 7.17. . . . 22.34. . . . . . . . . . 53. . . . . . . . 53. . . . . . . 58 Templeton India Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 283.76. . . . 17.10. . . 14.26. . . . 35.19. . . . . . . . . . 12. . . . . . . . . . 4. . . . . . . . 8 Union Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.45. . . . 12.00. . . . 5.40. . . . 25.00. . . . . . . . . . 49. . . . . . . . 56. . . . . . . 50 UTI­Bluechip Flexicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.40. . . . 15.13. . . 10.77. . . . 36.56. . . . . . . . . . 28. . . . . . . . 25. . . . . . . . 4 UTI­Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 134.58. . . . 16.18. . . . 9.72. . . . 28.94. . . . . . . . . . 15. . . . . . . . 36. . . . . . . 28 UTI­Mastershare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 119.41. . . . 15.26. . . . 9.59. . . . 28.31. . . . . . . . . . 26. . . . . . . . 40. . . . . . . 32 UTI­Top 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 67.10. . . . 16.31. . . 11.06. . . . 32.70. . . . . . . . . . 14. . . . . . . . 23. . . . . . . 14 Bench Mark S&P BSE Sensex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 35511.58. . . . 12.11. . . . 7.90. . . . 30.04. . . . . . . . . . . 3. . . . . . . . . . 3. . . . . . . . 2 Nifty 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 10894.70. . . . 12.42. . . . 8.40. . . . 29.16. . . . . . . . . . . 2. . . . . . . . . . 2. . . . . . . . 3 S&P BSE 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 11353.80. . . . 13.10. . . . 9.49. . . . 30.40. . . . . . . . . . . 1. . . . . . . . . . 1. . . . . . . . 1

Mid & Small Cap Funds Aditya Birla SL Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 333.63. . . . 22.96. . . 16.96. . . . 34.88. . . . . . . . . . 29. . . . . . . . 23. . . . . . . 32 Aditya Birla SL Pure Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 68.72. . . . 29.70. . . 20.84. . . . 47.75. . . . . . . . . . . 6. . . . . . . . . . 9. . . . . . . . 7 Aditya Birla SL Small & Midcap . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 44.90. . . . 27.70. . . 23.55. . . . 47.19. . . . . . . . . . 10. . . . . . . . . . 4. . . . . . . . 8 AXIS Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 35.01. . . . 20.44. . . 11.07. . . . 38.71. . . . . . . . . . 34. . . . . . . . 41. . . . . . . 18 Baroda Pioneer Mid­Cap ­ Plan A . . . . . . . . . . . . . . . . . . . . .. . . . . . 10.43. . . . . . 5.87. . . . 5.54. . . . 34.41. . . . . . . . . . 39. . . . . . . . 43. . . . . . . 34 BNP Paribas Mid Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 37.39. . . . 24.54. . . 17.03. . . . 37.49. . . . . . . . . . 24. . . . . . . . 22. . . . . . . 24 BOI AXA Mid Cap Equity & Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.92. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 43.46. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 12 Canara Robeco Emerging Equities . . . . . . . . . . . . . . . . . . .. . . . . . 97.94. . . . 28.96. . . 19.19. . . . 41.06. . . . . . . . . . . 8. . . . . . . . 11. . . . . . . 16 DHFL Pramerica Midcap Opportunities . . . . . . . . . . . .. . . . . . 20.78. . . . . . . . . . . ­. . . 10.98. . . . 28.35. . . . . . . . . . . . ­. . . . . . . . 42. . . . . . . 45 DSP BR Micro­Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 71.68. . . . 32.48. . . 23.50. . . . 37.00. . . . . . . . . . . 3. . . . . . . . . . 5. . . . . . . 27 DSP BR Small And Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.94. . . . 24.08. . . 17.49. . . . 32.90. . . . . . . . . . 25. . . . . . . . 20. . . . . . . 39 Edelweiss Mid & Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.09. . . . 27.78. . . 18.92. . . . 48.20. . . . . . . . . . . 9. . . . . . . . 14. . . . . . . . 6 Essel Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.80. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 30.54. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 43 Franklin India Prima . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1029.96. . . . 25.47. . . 16.16. . . . 34.35. . . . . . . . . . 18. . . . . . . . 27. . . . . . . 35 Franklin India Smaller Companies . . . . . . . . . . . . . . . . . . . .. . . . . . 63.75. . . . 29.85. . . 18.98. . . . 36.37. . . . . . . . . . . 5. . . . . . . . 13. . . . . . . 28 HDFC Mid­Cap Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 60.17. . . . 26.03. . . 17.65. . . . 34.52. . . . . . . . . . 14. . . . . . . . 18. . . . . . . 33 HDFC Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 46.96. . . . 23.76. . . 21.27. . . . 55.93. . . . . . . . . . 27. . . . . . . . . . 8. . . . . . . . 3 HSBC Midcap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 64.88. . . . 25.55. . . 19.11. . . . 45.75. . . . . . . . . . 17. . . . . . . . 12. . . . . . . . 9 ICICI Pru MidCap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 106.43. . . . 25.25. . . 14.81. . . . 37.38. . . . . . . . . . 19. . . . . . . . 35. . . . . . . 25 IDFC Premier Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 98.42. . . . 19.74. . . 11.76. . . . 31.80. . . . . . . . . . 35. . . . . . . . 39. . . . . . . 41 IDFC Sterling Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.82. . . . 21.51. . . 16.86. . . . 51.72. . . . . . . . . . 32. . . . . . . . 24. . . . . . . . 5 Indiabulls Value Discovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.69. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 30.58. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 42 Invesco India Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 51.58. . . . 24.06. . . 15.16. . . . 38.28. . . . . . . . . . 26. . . . . . . . 30. . . . . . . 20 Invesco India Mid N Small Cap . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 53.45. . . . 24.59. . . 15.40. . . . 39.67. . . . . . . . . . 23. . . . . . . . 29. . . . . . . 17 Kotak Emerging Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 42.09. . . . 24.80. . . 18.25. . . . 35.01. . . . . . . . . . 22. . . . . . . . 16. . . . . . . 31 Kotak Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 84.18. . . . 22.81. . . 17.74. . . . 36.04. . . . . . . . . . 30. . . . . . . . 17. . . . . . . 29 L&T Emerging Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.00. . . . . . . . . . . ­. . . 25.81. . . . 56.45. . . . . . . . . . . . ­. . . . . . . . . . 2. . . . . . . . 2 L&T Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 152.96. . . . 28.99. . . 21.52. . . . 45.01. . . . . . . . . . . 7. . . . . . . . . . 7. . . . . . . 10 LIC MF Mid Cap ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.35. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 33.07. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 38 Mirae Asset Emerging Bluechip . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 53.46. . . . 30.49. . . 22.62. . . . 41.97. . . . . . . . . . . 4. . . . . . . . . . 6. . . . . . . 13 Motilal Oswal Most Focused Midcap 30 . . . . . . . . . . .. . . . . . 27.11. . . . . . . . . . . ­. . . 14.00. . . . 20.79. . . . . . . . . . . . ­. . . . . . . . 37. . . . . . . 47 Principal Emerging Bluechip . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 114.28. . . . 27.16. . . 19.60. . . . 41.47. . . . . . . . . . 11. . . . . . . . 10. . . . . . . 15 Reliance Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1207.19. . . . 18.89. . . 14.90. . . . 35.88. . . . . . . . . . 36. . . . . . . . 34. . . . . . . 30 Reliance Mid & Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 52.03. . . . 24.92. . . 15.97. . . . 37.88. . . . . . . . . . 21. . . . . . . . 28. . . . . . . 21 Reliance Small Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 48.36. . . . 35.44. . . 23.74. . . . 54.30. . . . . . . . . . . 2. . . . . . . . . . 3. . . . . . . . 4 Sahara Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 91.56. . . . 23.37. . . 17.60. . . . 33.07. . . . . . . . . . 28. . . . . . . . 19. . . . . . . 37 Sahara Star Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.38. . . . 17.84. . . 14.43. . . . 29.42. . . . . . . . . . 38. . . . . . . . 36. . . . . . . 44 SBI Emerging Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 140.50. . . . 18.28. . . 15.09. . . . 41.61. . . . . . . . . . 37. . . . . . . . 31. . . . . . . 14 SBI Magnum Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 187.42. . . . 22.17. . . 12.94. . . . 37.87. . . . . . . . . . 31. . . . . . . . 38. . . . . . . 22 SBI Magnum Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 86.25. . . . 25.60. . . 16.28. . . . 26.96. . . . . . . . . . 16. . . . . . . . 26. . . . . . . 46 SBI Small & Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 63.49. . . . 37.15. . . 28.35. . . . 70.25. . . . . . . . . . . 1. . . . . . . . . . 1. . . . . . . . 1 Sundaram S.M.I.L.E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 111.92. . . . 27.08. . . 17.13. . . . 44.84. . . . . . . . . . 12. . . . . . . . 21. . . . . . . 11 Sundaram Select Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 542.96. . . . 25.83. . . 18.60. . . . 32.59. . . . . . . . . . 15. . . . . . . . 15. . . . . . . 40 Tata Mid Cap Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 149.68. . . . 24.95. . . 15.06. . . . 37.24. . . . . . . . . . 20. . . . . . . . 32. . . . . . . 26

CM YK

NAV

Y

Y

C G

Y

Y

Y

Y

Taurus Discovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 46.55. . . . 21.30. . . 16.47. . . . 38.46. . . . . . . . . . 33. . . . . . . . 25. . . . . . . 19 Union Small & Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.37. . . . . . . . . . . ­. . . 11.73. . . . 37.86. . . . . . . . . . . . ­. . . . . . . . 40. . . . . . . 23 UTI­Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 117.53. . . . 26.81. . . 14.96. . . . 34.00. . . . . . . . . . 13. . . . . . . . 33. . . . . . . 36 Bench Mark S&P BSE Midcap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17765.00. . . . 19.89. . . 18.46. . . . 38.99. . . . . . . . . . . 2. . . . . . . . . . 1. . . . . . . . 1 Nifty Mid100 Free . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 21308.80. . . . 19.90. . . 18.18. . . . 38.64. . . . . . . . . . . 1. . . . . . . . . . 2. . . . . . . . 2

Multicap Funds Aditya Birla SL Advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 445.16. . . . 22.19. . . 15.43. . . . 31.82. . . . . . . . . . . 4. . . . . . . . 14. . . . . . . 31 Aditya Birla SL Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 742.90. . . . 21.53. . . 15.50. . . . 28.06. . . . . . . . . . . 7. . . . . . . . 13. . . . . . . 41 Aditya Birla SL India Reforms . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.96. . . . 15.93. . . 13.71. . . . 34.36. . . . . . . . . . 39. . . . . . . . 25. . . . . . . 20 Aditya Birla SL Special Situations . . . . . . . . . . . . . . . . . . . .. . . . . . 27.29. . . . 21.72. . . 16.84. . . . 34.73. . . . . . . . . . . 6. . . . . . . . . . 9. . . . . . . 17 AXIS Focused 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.32. . . . 17.79. . . 16.35. . . . 44.25. . . . . . . . . . 27. . . . . . . . 10. . . . . . . . 3 BNP Paribas Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 88.64. . . . 16.82. . . 10.39. . . . 32.81. . . . . . . . . . 35. . . . . . . . 42. . . . . . . 24 BOI AXA Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.55. . . . 16.43. . . 11.69. . . . 38.09. . . . . . . . . . 36. . . . . . . . 38. . . . . . . . 7 Canara Robeco Equity Diversi ed . . . . . . . . . . . . . . . . . . . .. . . . 126.73. . . . 14.39. . . . 9.77. . . . 32.66. . . . . . . . . . 43. . . . . . . . 48. . . . . . . 26 DSP BR Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 232.17. . . . 20.14. . . 16.86. . . . 32.04. . . . . . . . . . 14. . . . . . . . . . 8. . . . . . . 30 Edelweiss Equity Opportunities . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.50. . . . 16.91. . . 11.73. . . . 36.12. . . . . . . . . . 34. . . . . . . . 37. . . . . . . 11 Edelweiss Large Cap Advantage . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.21. . . . 15.96. . . 10.41. . . . 32.34. . . . . . . . . . 38. . . . . . . . 41. . . . . . . 28 Escorts Leading Sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 33.50. . . . 21.87. . . 17.00. . . . 30.17. . . . . . . . . . . 5. . . . . . . . . . 6. . . . . . . 37 Franklin India Flexi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 82.83. . . . 17.64. . . 10.56. . . . 27.07. . . . . . . . . . 28. . . . . . . . 40. . . . . . . 44 Franklin India High Growth Companies . . . . . . . . . . . .. . . . . . 42.25. . . . 23.29. . . 12.66. . . . 33.44. . . . . . . . . . . 2. . . . . . . . 30. . . . . . . 23 Franklin India Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 79.10. . . . 18.62. . . 12.35. . . . 32.48. . . . . . . . . . 22. . . . . . . . 32. . . . . . . 27 HDFC Core & Satellite . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 87.32. . . . 16.31. . . 13.46. . . . 31.73. . . . . . . . . . 37. . . . . . . . 27. . . . . . . 33 HDFC Premier Multi­Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.76. . . . 14.66. . . . 9.73. . . . 29.00. . . . . . . . . . 42. . . . . . . . 49. . . . . . . 39 HSBC Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.33. . . . 11.12. . . 10.09. . . . 25.80. . . . . . . . . . 46. . . . . . . . 44. . . . . . . 48 HSBC India Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 93.84. . . . 19.37. . . 12.53. . . . 34.35. . . . . . . . . . 17. . . . . . . . 31. . . . . . . 21 ICICI Pru Dynamic Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 268.43. . . . 17.20. . . 12.21. . . . 25.14. . . . . . . . . . 33. . . . . . . . 33. . . . . . . 49 ICICI Pru Indo Asia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 30.64. . . . 19.73. . . 15.02. . . . 37.77. . . . . . . . . . 15. . . . . . . . 16. . . . . . . . 8 ICICI Pru Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 287.08. . . . 18.28. . . 12.91. . . . 26.24. . . . . . . . . . 24. . . . . . . . 29. . . . . . . 46 ICICI Pru Value Discovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 150.43. . . . 20.48. . . 10.36. . . . 22.39. . . . . . . . . . 13. . . . . . . . 43. . . . . . . 51 IDFC Focused Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 41.15. . . . 15.21. . . 13.79. . . . 50.52. . . . . . . . . . 41. . . . . . . . 24. . . . . . . . 1 IIFL India Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.48. . . . . . . . . . . ­. . . 12.20. . . . 25.98. . . . . . . . . . . . ­. . . . . . . . 34. . . . . . . 47 Invesco India Dynamic Equity . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.07. . . . 15.63. . . 11.81. . . . 24.82. . . . . . . . . . 40. . . . . . . . 36. . . . . . . 50 Invesco India Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 33.40. . . . 18.70. . . 13.81. . . . 35.88. . . . . . . . . . 21. . . . . . . . 23. . . . . . . 13 JM Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 33.97. . . . 18.88. . . 17.40. . . . 34.39. . . . . . . . . . 19. . . . . . . . . . 4. . . . . . . 19 JM Multi Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.80. . . . 18.53. . . 13.27. . . . 31.81. . . . . . . . . . 23. . . . . . . . 28. . . . . . . 32 Kotak Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 120.54. . . . 18.91. . . 13.97. . . . 29.45. . . . . . . . . . 18. . . . . . . . 21. . . . . . . 38 Kotak Select Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.09. . . . 20.52. . . 13.95. . . . 30.35. . . . . . . . . . 12. . . . . . . . 22. . . . . . . 36 L&T Business Cycles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.78. . . . . . . . . . . ­. . . 14.04. . . . 35.78. . . . . . . . . . . . ­. . . . . . . . 20. . . . . . . 14 L&T Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 86.59. . . . 17.57. . . 11.46. . . . 32.33. . . . . . . . . . 29. . . . . . . . 39. . . . . . . 29 L&T India Special Situations . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 52.30. . . . 18.85. . . 13.49. . . . 36.73. . . . . . . . . . 20. . . . . . . . 26. . . . . . . 10 L&T India Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.72. . . . 25.81. . . 19.00. . . . 34.42. . . . . . . . . . . 1. . . . . . . . . . 2. . . . . . . 18 Mirae Asset India Opportunities. . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.61. . . . 20.89. . . 15.65. . . . 36.07. . . . . . . . . . . 9. . . . . . . . 12. . . . . . . 12 Motilal Oswal Most Focused Multicap 35 . . . . . . . . .. . . . . . 27.62. . . . . . . . . . . ­. . . 20.30. . . . 37.74. . . . . . . . . . . . ­. . . . . . . . . . 1. . . . . . . . 9 Parag Parikh Long Term Value . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 24.09. . . . . . . . . . . ­. . . 14.09. . . . 30.51. . . . . . . . . . . . ­. . . . . . . . 19. . . . . . . 35 Principal Growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 155.17. . . . 21.43. . . 17.43. . . . 44.48. . . . . . . . . . . 8. . . . . . . . . . 3. . . . . . . . 2 Reliance Equity Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 100.52. . . . 17.55. . . . 9.96. . . . 38.93. . . . . . . . . . 30. . . . . . . . 45. . . . . . . . 6 Reliance Regular Savings ­ Equity . . . . . . . . . . . . . . . . . . . .. . . . . . 78.57. . . . 18.27. . . 14.21. . . . 41.19. . . . . . . . . . 25. . . . . . . . 17. . . . . . . . 5 Sahara Wealth Plus ­ Fixed Pricing . . . . . . . . . . . . . . . . . . .. . . . . . 50.23. . . . 17.21. . . . 9.95. . . . 27.58. . . . . . . . . . 32. . . . . . . . 46. . . . . . . 42 SBI Magnum Multicap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.34. . . . 20.88. . . 16.33. . . . 32.75. . . . . . . . . . 10. . . . . . . . 11. . . . . . . 25 SBI Magnum Multiplier . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 228.76. . . . 20.86. . . 15.03. . . . 35.39. . . . . . . . . . 11. . . . . . . . 15. . . . . . . 15 Sundaram Equity Multiplier . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 33.77. . . . 17.41. . . 14.18. . . . 33.72. . . . . . . . . . 31. . . . . . . . 18. . . . . . . 22 Tata Equity Opportunities ­ Regular . . . . . . . . . . . . . . . . .. . . . 206.74. . . . 17.88. . . 12.00. . . . 27.28. . . . . . . . . . 26. . . . . . . . 35. . . . . . . 43 Tata Equity P/E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 143.03. . . . 22.36. . . 17.09. . . . 34.80. . . . . . . . . . . 3. . . . . . . . . . 5. . . . . . . 16 Tata Retirement Savings ­ Progressive . . . . . . . . . . . . .. . . . . . 29.97. . . . 19.64. . . 16.94. . . . 42.26. . . . . . . . . . 16. . . . . . . . . . 7. . . . . . . . 4 Taurus Starshare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 118.82. . . . 12.90. . . . 8.51. . . . 28.72. . . . . . . . . . 45. . . . . . . . 50. . . . . . . 40 UTI­Multi Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.51. . . . . . . . . . . ­. . . . 9.79. . . . 31.25. . . . . . . . . . . . ­. . . . . . . . 47. . . . . . . 34 UTI­Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 60.92. . . . 13.60. . . . 7.03. . . . 26.58. . . . . . . . . . 44. . . . . . . . 51. . . . . . . 45 UTI­Wealth Builder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.09. . . . . . 7.69. . . . 5.77. . . . 15.20. . . . . . . . . . 47. . . . . . . . 52. . . . . . . 52 Bench Mark S&P BSE 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 4802.10. . . . 14.10. . . 10.66. . . . 31.45. . . . . . . . . . . 2. . . . . . . . . . 2. . . . . . . . 2 S&P BSE 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 15378.91. . . . 14.69. . . 11.58. . . . 33.51. . . . . . . . . . . 1. . . . . . . . . . 1. . . . . . . . 1

Balanced Funds Aditya Birla SL Balanced '95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 775.96. . . . 16.97. . . 11.30. . . . 21.84. . . . . . . . . . . 9. . . . . . . . 13. . . . . . . 19 Aditya Birla SL Balanced Advantage . . . . . . . . . . . . . . . .. . . . . . 51.29. . . . 13.07. . . 11.19. . . . 12.68. . . . . . . . . . 23. . . . . . . . 14. . . . . . . 37 AXIS Children's Gift ­ Lock in . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 12.85. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 21.83. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 21 AXIS Children's Gift ­ No Lock in. . . . . . . . . . . . . . . . . . . . . . .. . . . . . 12.85. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 21.83. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 20 Baroda Pioneer Balance ­ Plan A . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.08. . . . 13.48. . . 11.12. . . . 24.77. . . . . . . . . . 20. . . . . . . . 16. . . . . . . 12 Canara Robeco Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 150.12. . . . 15.73. . . 10.32. . . . 21.62. . . . . . . . . . 16. . . . . . . . 18. . . . . . . 22 DHFL Pramerica Balanced Advantage . . . . . . . . . . . . . .. . . . . . 68.58. . . . 12.81. . . . 6.37. . . . 17.98. . . . . . . . . . 24. . . . . . . . 31. . . . . . . 31 DSP BR Balanced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D m A w B B HD C B G P HD C C HD C P m H HD C R A CC P B CC P B C P G P CC P C DB P R D CB m D CD MB B K & D m & & P CM B A P M D M O w M B P MAR P R B R B M mB m D O mB B R R A R m M U B U CCP A

Tax Saver Funds A A A AX

B B B

P R m

NAV

Y

Y

C G

Y

Y

Y

Y

Baroda Pioneer ELSS '96 ­ Plan A . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.33. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 29.20. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 36 BNP Paribas Long Term Equity . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.76. . . . 18.09. . . 11.32. . . . 34.74. . . . . . . . . . 20. . . . . . . . 24. . . . . . . 18 BOI AXA Tax Advantage ­ Eco . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 61.43. . . . 21.14. . . 16.75. . . . 52.39. . . . . . . . . . . 7. . . . . . . . . . 5. . . . . . . . 1 BOI AXA Tax Advantage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.76. . . . 20.32. . . 15.89. . . . 51.17. . . . . . . . . . 11. . . . . . . . . . 7. . . . . . . . 2 Canara Robeco Equity ­ Tax Saver . . . . . . . . . . . . . . . . . . . .. . . . . . 60.90. . . . 15.08. . . . 9.06. . . . 28.75. . . . . . . . . . 31. . . . . . . . 34. . . . . . . 37 DHFL Pramerica Long Term Equity . . . . . . . . . . . . . . . . . . .. . . . . . 14.59. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 34.22. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 21 DHFL Pramerica Tax Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.81. . . . 18.17. . . 12.95. . . . 34.85. . . . . . . . . . 19. . . . . . . . 18. . . . . . . 17 DSP BR Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.25. . . . 20.62. . . 15.41. . . . 30.62. . . . . . . . . . . 8. . . . . . . . . . 9. . . . . . . 32 Edelweiss ELSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 49.43. . . . 17.82. . . 11.92. . . . 33.63. . . . . . . . . . 21. . . . . . . . 23. . . . . . . 24 Edelweiss Tax Advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 42.32. . . . 16.34. . . 10.99. . . . 33.91. . . . . . . . . . 27. . . . . . . . 30. . . . . . . 22 Escorts Tax Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 96.24. . . . 20.12. . . 17.31. . . . 31.49. . . . . . . . . . 12. . . . . . . . . . 3. . . . . . . 29 Essel Long Term Advantage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.70. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 29.45. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 35 Franklin India Taxshield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 570.67. . . . 18.25. . . 11.07. . . . 25.24. . . . . . . . . . 18. . . . . . . . 29. . . . . . . 40 HDFC Long Term Advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 362.25. . . . 18.80. . . 14.70. . . . 34.31. . . . . . . . . . 16. . . . . . . . 12. . . . . . . 19 HDFC Retirement Savings ­ Equity . . . . . . . . . . . . . . . . . . .. . . . . . 17.75. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 34.30. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 20 HDFC Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 563.32. . . . 17.48. . . 11.29. . . . 31.36. . . . . . . . . . 24. . . . . . . . 26. . . . . . . 31 HSBC Tax Saver Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 40.58. . . . 19.10. . . 13.90. . . . 38.78. . . . . . . . . . 15. . . . . . . . 16. . . . . . . . 9 ICICI Pru Long Term Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 366.60. . . . 17.64. . . 10.69. . . . 25.13. . . . . . . . . . 22. . . . . . . . 31. . . . . . . 41 IDBI Equity Advantage ­ Regular . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.52. . . . . . . . . . . ­. . . . 9.51. . . . 31.74. . . . . . . . . . . . ­. . . . . . . . 33. . . . . . . 28 IDFC Tax Advantage (ELSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 60.68. . . . 21.59. . . 16.99. . . . 47.10. . . . . . . . . . . 4. . . . . . . . . . 4. . . . . . . . 3 Invesco India Tax Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 50.73. . . . 20.33. . . 13.98. . . . 33.82. . . . . . . . . . 10. . . . . . . . 15. . . . . . . 23 JM Tax Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 16.83. . . . 19.23. . . 12.84. . . . 35.42. . . . . . . . . . 14. . . . . . . . 19. . . . . . . 16 Kotak Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 43.41. . . . 16.02. . . 11.97. . . . 27.66. . . . . . . . . . 29. . . . . . . . 22. . . . . . . 38 L&T Tax Advantage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 59.19. . . . 19.86. . . 16.36. . . . 39.60. . . . . . . . . . 13. . . . . . . . . . 6. . . . . . . . 6 L&T Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 39.83. . . . 20.50. . . 15.80. . . . 33.17. . . . . . . . . . . 9. . . . . . . . . . 8. . . . . . . 25 LIC MF Tax Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 66.64. . . . 16.71. . . 10.20. . . . 32.17. . . . . . . . . . 26. . . . . . . . 32. . . . . . . 27 Mahindra MF Kar Bachat Yojana ­ Regular . . . . . . .. . . . . . 12.59. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 21.67. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 43 Mirae Asset Tax Saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.43. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 43.72. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 5 Motilal Oswal Most Focused Long Term . . . . . . . . . . .. . . . . . 18.40. . . . . . . . . . . ­. . . . . . . . . . ­. . . . 39.06. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 7 Principal Personal Tax saver . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 213.10. . . . 15.53. . . 11.26. . . . 31.42. . . . . . . . . . 30. . . . . . . . 27. . . . . . . 30 Principal Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 228.44. . . . 21.43. . . 17.34. . . . 44.39. . . . . . . . . . . 5. . . . . . . . . . 2. . . . . . . . 4 Reliance Tax Saver (ELSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 69.59. . . . 23.10. . . 13.04. . . . 38.33. . . . . . . . . . . 2. . . . . . . . 17. . . . . . . 12 Sahara Tax Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 80.12. . . . 14.42. . . . 8.02. . . . 27.11. . . . . . . . . . 33. . . . . . . . 35. . . . . . . 39 SBI Magnum Tax Gain Scheme . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 153.04. . . . 17.54. . . 11.14. . . . 30.58. . . . . . . . . . 23. . . . . . . . 28. . . . . . . 33 Sundaram Diversi ed Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 109.38. . . . 17.34. . . 14.31. . . . 32.72. . . . . . . . . . 25. . . . . . . . 14. . . . . . . 26 Tata India Tax Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.59. . . . . . . . . . . ­. . . 17.60. . . . 38.34. . . . . . . . . . . . ­. . . . . . . . . . 1. . . . . . . 11 Taurus Tax Shield. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 77.76. . . . 14.66. . . 12.82. . . . 35.87. . . . . . . . . . 32. . . . . . . . 20. . . . . . . 15 Union Tax Saver Scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 25.01. . . . 13.33. . . . 5.69. . . . 25.11. . . . . . . . . . 34. . . . . . . . 36. . . . . . . 42 UTI­Long Term Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 90.08. . . . 16.11. . . 11.31. . . . 29.52. . . . . . . . . . 28. . . . . . . . 25. . . . . . . 34 Bench Mark S&P BSE Sensex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 35511.58. . . . 12.11. . . . 7.90. . . . 30.04. . . . . . . . . . . 2. . . . . . . . . . 2. . . . . . . . 2 S&P BSE 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 4802.10. . . . 14.10. . . 10.66. . . . 31.45. . . . . . . . . . . 1. . . . . . . . . . 1. . . . . . . . 1

Debt Funds

Rank

CAGR

NAV ( )

5 Yrs

3 Yrs

1 Yr

5 Yrs 3 Yrs 1 Yr

Short Term Income Funds Aditya Birla SL Savings ­ Regular . . . . . . . . . . . . . . . . . . . . .. . . . 336.53. . . . . . 8.85. . . .

Aditya Birla SL Savings ­ Retail . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 325.63. . . . . . 8.79. . . .

Aditya Birla SL Savings (Discpln Advt Plan) . . . . .. . . . 192.56. . . . . . 8.71. . . .

Aditya Birla SL Short Term (DAP) . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.14. . . . . . 8.94. . . .

Aditya Birla SL Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 65.46. . . . . . 8.89. . . .

Aditya Birla SL Short Term Opportunities. . . . . . . . .. . . . . . 28.46. . . . . . 9.24. . . .

Aditya Birla SL Treasury Optimizer. . . . . . . . . . . . . . . . . . .. . . . 218.33. . . . . . 9.59. . . .

Aditya Birla SL Treasury Optimizer ­ Ret . . . . . . . . . .. . . . 327.74. . . . . . 9.51. . . .

AdityaBirlaSLTreasuryOptimizer(Discp Advat) . . . . 202.53. . . . . . 9.45. . . .

AXIS Fixed Income Opportunities. . . . . . . . . . . . . . . . . . . . .. . . . . . 13.47. . . . . . . . . . . ­. . . .

AXIS Short Term ­ Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.39. . . . . . 8.11. . . .

AXIS Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.60. . . . . . 8.11. . . .

Baroda Pioneer Short Term Bond ­A . . . . . . . . . . . . . . . . .. . . . . . 18.18. . . . . . 8.57. . . .

BNP Paribas Short Term Income . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.56. . . . . . 8.14. . . .

BNP Paribas Short Term Income ­ Regular . . . . . . .. . . . . . 26.29. . . . . . 8.17. . . .

BOI AXA Short Term Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.74. . . . . . 8.28. . . .

Canara Robeco Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.18. . . . . . 7.68. . . .

DHFL Pramerica SM ­ Inst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.03. . . . . . 7.55. . . .

DHFL Pramerica SM ­ Premium Plus . . . . . . . . . . . . . . . .. . . . . . 17.59. . . . . . 7.83. . . .

DHFL Pramerica SM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.34. . . . . . 8.64. . . .

DSP BR Income Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 28.21. . . . . . 9.03. . . .

DSP BR Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.12. . . . . . 8.15. . . .

Edelweiss Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.48. . . . . . 4.17. . . .

Escorts Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 26.66. . . . . . 8.89. . . .

Essel Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.60. . . . . . 7.66. . . .

Franklin India Low Duration (Growth Plan) . . . . . . .. . . . . . 19.63. . . . . . 9.44. . . .

Franklin India Short Term Income ­ Inst . . . . . . . . . . . .. . 2963.15. . . . . . 9.63. . . .

Franklin India Short Term Income. . . . . . . . . . . . . . . . . . . . .. . 3605.54. . . . . . 9.23. . . .

HDFC Corporate Debt Opportunities . . . . . . . . . . . . . . . .. . . . . . 14.22. . . . . . . . . . . ­. . . .

HDFC High Interest ­ STP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.16. . . . . . 8.41. . . .

HDFC Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 33.98. . . . . . 8.78. . . .

HDFC Short Term Opportunities . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.90. . . . . . 8.59. . . .

HSBC Income ­ Short Term Plan . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 28.05. . . . . . 7.72. . . .

ICICI Pru Banking & PSU Debt ­ Regular . . . . . . . . . . .. . . . . . 19.64. . . . . . 9.04. . . .

ICICI Pru Banking & PSU Debt Retail . . . . . . . . . . . . . . . .. . . . . . 18.52. . . . . . 8.74. . . .

ICICI Pru Short Term Plan ­ Inst . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 36.89. . . . . . 8.76. . . .

ICICI Pru Short Term Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 35.67. . . . . . 8.61. . . .

IDBI Short Term Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.07. . . . . . 7.64. . . .

IDFC SSIF ­ STP ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 34.87. . . . . . 8.04. . . .

Indiabulls Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1413.27. . . . . . . . . . . ­. . . .

Invesco India Short Term ­ Plan B . . . . . . . . . . . . . . . . . . . . .. . 2237.89. . . . . . 7.36. . . .

Invesco India Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 2245.90. . . . . . 7.42. . . .

JM Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 24.13. . . . . . 7.81. . . .

JM Short Term ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 32.93. . . . . . 7.61. . . .

Kotak Bond ­ Short Term Plan. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 32.02. . . . . . 7.99. . . .

Kotak Income Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.83. . . . . . 8.81. . . .

Kotak Low Duration ­ Standard Plan . . . . . . . . . . . . . . . . .. . 2090.00. . . . . . 8.28. . . .

L&T Banking and PSU Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.14. . . . . . 8.02. . . .

L&T Short Term Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.44. . . . . . 8.92. . . .

L&T Short Term Opportunities . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 16.37. . . . . . 8.13. . . .

Principal Short Term Income . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 30.04. . . . . . 8.11. . . .

Reliance Short Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 32.19. . . . . . 8.35. . . .

SBI Short Horizon Debt ­ Short Term . . . . . . . . . . . . . . . .. . . . . . 22.35. . . . . . 8.23. . . .

SBI Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.75. . . . . . 8.24. . . .

Sundaram Select Debt ­ STAP . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.38. . . . . . 8.27. . . .

Tata Short Term Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 31.87. . . . . . 8.38. . . .

Taurus Short Term Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 2733.54. . . . . . 6.52. . . .

UTI­Short Term Income ­ Inst . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.86. . . . . . 8.68. . . .

UTI­Short Term Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 30.10. . . . . . 8.43. . . .

8.36. . . . . . 6.78. . . . . . . . . . 14. . . . . . . . 17. . . . . . . . 7 8.36. . . . . . 6.78. . . . . . . . . . 16. . . . . . . . 16. . . . . . . . 8 8.35. . . . . . 6.75. . . . . . . . . . 20. . . . . . . . 18. . . . . . . . 9 8.41. . . . . . 5.99. . . . . . . . . . 10. . . . . . . . 15. . . . . . . 14 8.32. . . . . . 5.98. . . . . . . . . . 13. . . . . . . . 19. . . . . . . 16 8.08. . . . . . 4.91. . . . . . . . . . . 6. . . . . . . . 23. . . . . . . 50 8.44. . . . . . 4.86. . . . . . . . . . . 2. . . . . . . . 12. . . . . . . 51 8.44. . . . . . 4.86. . . . . . . . . . . 3. . . . . . . . 11. . . . . . . 52 8.47. . . . . . 4.82. . . . . . . . . . . 4. . . . . . . . 10. . . . . . . 53 8.07. . . . . . 5.90. . . . . . . . . . . . ­. . . . . . . . 24. . . . . . . 19 7.70. . . . . . 5.39. . . . . . . . . . 39. . . . . . . . 36. . . . . . . 28 7.70. . . . . . 5.39. . . . . . . . . . 41. . . . . . . . 37. . . . . . . 29 8.42. . . . . . 7.09. . . . . . . . . . 25. . . . . . . . 14. . . . . . . . 5 7.55. . . . . . 5.56. . . . . . . . . . 37. . . . . . . . 40. . . . . . . 24 7.72. . . . . . 5.59. . . . . . . . . . 35. . . . . . . . 35. . . . . . . 23 8.19. . . . . . 5.91. . . . . . . . . . 30. . . . . . . . 21. . . . . . . 18 6.96. . . . . . 5.39. . . . . . . . . . 48. . . . . . . . 51. . . . . . . 27 6.93. . . . . . 5.09. . . . . . . . . . 52. . . . . . . . 52. . . . . . . 45 6.93. . . . . . 5.09. . . . . . . . . . 45. . . . . . . . 53. . . . . . . 47 8.17. . . . . . 6.35. . . . . . . . . . 22. . . . . . . . 22. . . . . . . 11 8.62. . . . . . 5.84. . . . . . . . . . . 9. . . . . . . . . . 6. . . . . . . 21 7.39. . . . . . 5.22. . . . . . . . . . 36. . . . . . . . 45. . . . . . . 40 0.89. . . . . . 5.96. . . . . . . . . . 56. . . . . . . . 59. . . . . . . 17 7.88. . . . . . 6.74. . . . . . . . . . 12. . . . . . . . 30. . . . . . . 10 6.75. . . . . . 4.44. . . . . . . . . . 49. . . . . . . . 57. . . . . . . 58 9.15. . . . . . 7.98. . . . . . . . . . . 5. . . . . . . . . . 1. . . . . . . . 3 8.84. . . . . . 8.54. . . . . . . . . . . 1. . . . . . . . . . 2. . . . . . . . 1 8.42. . . . . . 8.12. . . . . . . . . . . 7. . . . . . . . 13. . . . . . . . 2 8.52. . . . . . 5.87. . . . . . . . . . . . ­. . . . . . . . . . 8. . . . . . . 20 7.86. . . . . . 5.08. . . . . . . . . . 27. . . . . . . . 31. . . . . . . 48 8.49. . . . . . 5.98. . . . . . . . . . 17. . . . . . . . . . 9. . . . . . . 15 8.01. . . . . . 6.17. . . . . . . . . . 24. . . . . . . . 27. . . . . . . 12 7.14. . . . . . 4.81. . . . . . . . . . 47. . . . . . . . 48. . . . . . . 54 8.69. . . . . . 5.06. . . . . . . . . . . 8. . . . . . . . . . 5. . . . . . . 49 8.69. . . . . . 5.09. . . . . . . . . . 19. . . . . . . . . . 4. . . . . . . 46 8.06. . . . . . 5.36. . . . . . . . . . 18. . . . . . . . 25. . . . . . . 32 8.04. . . . . . 5.36. . . . . . . . . . 23. . . . . . . . 26. . . . . . . 34 7.05. . . . . . 5.29. . . . . . . . . . 50. . . . . . . . 49. . . . . . . 36 7.42. . . . . . 5.47. . . . . . . . . . 42. . . . . . . . 43. . . . . . . 26 8.00. . . . . . 5.52. . . . . . . . . . . . ­. . . . . . . . 28. . . . . . . 25 6.80. . . . . . 4.51. . . . . . . . . . 54. . . . . . . . 55. . . . . . . 57 6.79. . . . . . 4.51. . . . . . . . . . 53. . . . . . . . 56. . . . . . . 56 7.02. . . . . . 5.12. . . . . . . . . . 46. . . . . . . . 50. . . . . . . 42 6.87. . . . . . 5.12. . . . . . . . . . 51. . . . . . . . 54. . . . . . . 43 7.52. . . . . . 4.78. . . . . . . . . . 44. . . . . . . . 42. . . . . . . 55 8.54. . . . . . 6.01. . . . . . . . . . 15. . . . . . . . . . 7. . . . . . . 13 8.30. . . . . . 6.83. . . . . . . . . . 31. . . . . . . . 20. . . . . . . . 6 7.75. . . . . . 5.16. . . . . . . . . . 43. . . . . . . . 32. . . . . . . 41 8.79. . . . . . 7.54. . . . . . . . . . 11. . . . . . . . . . 3. . . . . . . . 4 7.38. . . . . . 5.36. . . . . . . . . . 38. . . . . . . . 46. . . . . . . 33 7.53. . . . . . 5.26. . . . . . . . . . 40. . . . . . . . 41. . . . . . . 37 7.59. . . . . . 5.11. . . . . . . . . . 29. . . . . . . . 39. . . . . . . 44 7.73. . . . . . 5.37. . . . . . . . . . 34. . . . . . . . 33. . . . . . . 30 7.73. . . . . . 5.37. . . . . . . . . . 33. . . . . . . . 34. . . . . . . 31 7.22. . . . . . 5.35. . . . . . . . . . 32. . . . . . . . 47. . . . . . . 35 7.41. . . . . . 5.22. . . . . . . . . . 28. . . . . . . . 44. . . . . . . 39 4.30. . . . . ­3.16. . . . . . . . . . 55. . . . . . . . 58. . . . . . . 59 7.95. . . . . . 5.64. . . . . . . . . . 21. . . . . . . . 29. . . . . . . 22 7.61. . . . . . 5.23. . . . . . . . . . 26. . . . . . . . 38. . . . . . . 38

Income Funds Aditya Birla SL Banking & PSU Debt . . . . . . . . . . . . . . . . .. . . . . . 50.18. . . . . . 8.00. . . . 6.88. . . . . . 1.11. . . . . . . . . . 53. . . . . . . . 74. . . . . 100 Aditya Birla SL Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 12.72. . . . . . . . . . . ­. . . . . . . . . . ­. . . . . . 7.56. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 5 Aditya Birla SL Dynamic Bond ­ Reg . . . . . . . . . . . . . . . . .. . . . . . 29.65. . . . . . 8.67. . . . 7.19. . . . . . 0.75. . . . . . . . . . 23. . . . . . . . 66. . . . . 104

NAV

Y

Y

Y

Y

Y

Y

Aditya Birla SL Dynamic Bond (Displine Advat). . . . . . 20.51. . . . . . 8.67. . . . 7.19. . . . . . 0.75. . . . . . . . . . 22. . . . . . . . 65. . . . . 103 AdityaBirlaSLIncomePlus(DisplineAdvanPlan). . . . . . 19.01. . . . . . 7.46. . . . 6.56. . . . . . 1.42. . . . . . . . . . 66. . . . . . . . 87. . . . . . . 96 Aditya Birla SL Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 75.37. . . . . . 7.45. . . . 6.56. . . . . . 1.42. . . . . . . . . . 67. . . . . . . . 88. . . . . . . 97 Aditya Birla SL Medium Term Plan ­ Inst . . . . . . . . . .. . . . . . 21.03. . . . . . 9.87. . . . 8.97. . . . . . 6.47. . . . . . . . . . . 4. . . . . . . . . . 5. . . . . . . 18 Aditya Birla SL Medium Term Plan . . . . . . . . . . . . . . . . . . .. . . . . . 21.66. . . . . . 9.87. . . . 8.97. . . . . . 6.47. . . . . . . . . . . 5. . . . . . . . . . 4. . . . . . . 17 AXIS Banking & PSU Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1579.46. . . . . . 8.35. . . . 7.98. . . . . . 6.80. . . . . . . . . . 38. . . . . . . . 34. . . . . . . 12 AXIS Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.44. . . . . . 8.16. . . . 7.36. . . . . . 2.80. . . . . . . . . . 44. . . . . . . . 58. . . . . . . 83 AXIS Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 16.69. . . . . . 8.87. . . . 8.13. . . . . . 6.88. . . . . . . . . . 17. . . . . . . . 26. . . . . . . 10 Baroda Pioneer Dynamic Bond ­ Plan A . . . . . . . . . . . .. . . . . . 16.16. . . . . . 8.71. . . . 7.90. . . . . . 4.21. . . . . . . . . . 21. . . . . . . . 38. . . . . . . 66 Baroda Pioneer Income ­ Plan A . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 26.02. . . . . . 7.50. . . . 6.27. . . . . . 2.00. . . . . . . . . . 65. . . . . . . . 93. . . . . . . 91 BNP Paribas Corporate Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.69. . . . . . 8.39. . . . 8.02. . . . . . 6.12. . . . . . . . . . 37. . . . . . . . 30. . . . . . . 29 BNP Paribas Corporate Bond ­ Regular . . . . . . . . . . . .. . . . . . 21.56. . . . . . 8.27. . . . 8.04. . . . . . 6.09. . . . . . . . . . 42. . . . . . . . 28. . . . . . . 32 BNP Paribas Flexi Debt ­ Reg Plan A . . . . . . . . . . . . . . . . .. . . . . . 20.15. . . . . . 8.59. . . . 7.65. . . . . . 3.43. . . . . . . . . . 27. . . . . . . . 47. . . . . . . 72 BNP Paribas Flexi Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.35. . . . . . 8.54. . . . 7.24. . . . . . 2.93. . . . . . . . . . 28. . . . . . . . 63. . . . . . . 81 BNP Paribas Medium Term Income . . . . . . . . . . . . . . . . . .. . . . . . 13.68. . . . . . . . . . . ­. . . . 7.32. . . . . . 5.21. . . . . . . . . . . . ­. . . . . . . . 60. . . . . . . 46 BOI AXA Corporate Credit Spectrum. . . . . . . . . . . . . . . .. . . . . . 13.12. . . . . . . . . . . ­. . . . . . . . . . ­. . . . . . 8.86. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . . 1 Canara Robeco Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.26. . . . . . 8.63. . . . 7.08. . . . . . 2.17. . . . . . . . . . 25. . . . . . . . 69. . . . . . . 89 Canara Robeco Income (Growth) . . . . . . . . . . . . . . . . . . . . .. . . . . . 35.58. . . . . . 7.86. . . . 6.60. . . . . . 2.55. . . . . . . . . . 56. . . . . . . . 85. . . . . . . 85 Canara Robeco InDiGo. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.92. . . . . . 2.83. . . . 3.06. . . . . . 1.77. . . . . . . . . . 89. . . . . . 108. . . . . . . 92 Canara Robeco Medium Term Opportunities . . .. . . . . . 13.76. . . . . . . . . . . ­. . . . 7.12. . . . . . 4.66. . . . . . . . . . . . ­. . . . . . . . 68. . . . . . . 57 DHFL Pramerica Banking&PSU Debt . . . . . . . . . . . . . . . .. . . . . . 14.77. . . . . . . . . . . ­. . . . 7.60. . . . . . 5.04. . . . . . . . . . . . ­. . . . . . . . 51. . . . . . . 49 DHFL Pramerica Credit Oppt . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.56. . . . . . . . . . . ­. . . . 9.07. . . . . . 6.90. . . . . . . . . . . . ­. . . . . . . . . . 3. . . . . . . . 9 DHFL Pramerica Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . . .. . 1618.22. . . . . . 7.85. . . . 7.44. . . . . . 3.38. . . . . . . . . . 57. . . . . . . . 55. . . . . . . 74 DHFL Pramerica IIB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 12.94. . . . . . . . . . . ­. . . . 7.72. . . . . . 4.50. . . . . . . . . . . . ­. . . . . . . . 42. . . . . . . 63 DHFL Pramerica Medium Term Income . . . . . . . . . . . .. . . . . . 14.49. . . . . . . . . . . ­. . . . 8.17. . . . . . 4.81. . . . . . . . . . . . ­. . . . . . . . 25. . . . . . . 55 DHFL Pramerica PB ­ Premium Plus . . . . . . . . . . . . . . . . .. . . . . . 16.34. . . . . . 8.28. . . . 7.96. . . . . . 5.32. . . . . . . . . . 41. . . . . . . . 35. . . . . . . 44 DHFL Pramerica PB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.05. . . . . . 7.03. . . . 6.70. . . . . . 4.05. . . . . . . . . . 76. . . . . . . . 82. . . . . . . 68 DSP BR Banking & Psu Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.48. . . . . . . . . . . ­. . . . 7.77. . . . . . 5.04. . . . . . . . . . . . ­. . . . . . . . 41. . . . . . . 48 DSP BR Bond ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 54.28. . . . . . 7.90. . . . 7.44. . . . . . 5.03. . . . . . . . . . 55. . . . . . . . 56. . . . . . . 50 DSP BR Strategic Bond ­ Reg . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1994.59. . . . . . 8.08. . . . 6.53. . . . . . 1.12. . . . . . . . . . 46. . . . . . . . 89. . . . . . . 99 Edelweiss Banking & Psu Debt . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.17. . . . . . . . . . . ­. . . . 7.21. . . . . . 5.70. . . . . . . . . . . . ­. . . . . . . . 64. . . . . . . 39 Edelweiss Bond ­ Inst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.18. . . . . . 7.60. . . . 6.51. . . . . . 2.36. . . . . . . . . . 64. . . . . . . . 90. . . . . . . 88 Edelweiss Bond ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 17.73. . . . . . 6.69. . . . 5.62. . . . . . 1.63. . . . . . . . . . 81. . . . . . 100. . . . . . . 95 Edelweiss Corporate Debt Opport . . . . . . . . . . . . . . . . . . . .. . . . . . 13.20. . . . . . . . . . . ­. . . . 7.66. . . . . . 6.64. . . . . . . . . . . . ­. . . . . . . . 46. . . . . . . 15 Escorts Income Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 55.69. . . . . . 7.84. . . . 6.76. . . . . . 3.28. . . . . . . . . . 58. . . . . . . . 81. . . . . . . 76 Essel Flexible Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.93. . . . . . 5.89. . . . 6.32. . . . . . 0.69. . . . . . . . . . 86. . . . . . . . 92. . . . . 106 Franklin India Banking & PSU Debt . . . . . . . . . . . . . . . . . . .. . . . . . 13.48. . . . . . . . . . . ­. . . . 7.47. . . . . . 5.64. . . . . . . . . . . . ­. . . . . . . . 53. . . . . . . 41 Franklin India Corporate Bond Opportunities . . .. . . . . . 17.76. . . . . . 9.26. . . . 8.57. . . . . . 7.85. . . . . . . . . . . 9. . . . . . . . 17. . . . . . . . 4 Franklin India Dynamic Accrual . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 60.38. . . . . . 8.99. . . . 9.33. . . . . . 8.00. . . . . . . . . . 13. . . . . . . . . . 1. . . . . . . . 3 Franklin India IBA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 60.23. . . . . . 8.94. . . . 8.04. . . . . . 7.12. . . . . . . . . . 14. . . . . . . . 29. . . . . . . . 8 Franklin India Income Opportunities . . . . . . . . . . . . . . . .. . . . . . 20.29. . . . . . 9.20. . . . 8.49. . . . . . 8.14. . . . . . . . . . 10. . . . . . . . 18. . . . . . . . 2 HDFC Banking and PSU Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.87. . . . . . . . . . . ­. . . . 8.90. . . . . . 5.72. . . . . . . . . . . . ­. . . . . . . . . . 6. . . . . . . 37 HDFC High Interest ­ Dynamic Plan . . . . . . . . . . . . . . . . . .. . . . . . 58.17. . . . . . 8.33. . . . 6.84. . . . . . 1.73. . . . . . . . . . 39. . . . . . . . 78. . . . . . . 93 HDFC Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 37.98. . . . . . 7.21. . . . 6.19. . . . . . 0.28. . . . . . . . . . 71. . . . . . . . 94. . . . . 109 HDFC Medium Term Opportunities . . . . . . . . . . . . . . . . . .. . . . . . 19.04. . . . . . 8.72. . . . 8.35. . . . . . 5.72. . . . . . . . . . 20. . . . . . . . 22. . . . . . . 38 HSBC Flexi Debt ­ Reg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 21.90. . . . . . 6.78. . . . 5.49. . . . . . 0.63. . . . . . . . . . 80. . . . . . 103. . . . . 107 HSBC Flexi Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 22.58. . . . . . 7.05. . . . 5.76. . . . . . 0.89. . . . . . . . . . 75. . . . . . . . 99. . . . . 102 HSBC Income ­ Invest Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.50. . . . . . 6.42. . . . 5.31. . . . . . 0.21. . . . . . . . . . 83. . . . . . 104. . . . . 110 ICICI Pru Corporate Bond ­ Regular . . . . . . . . . . . . . . . . . .. . . . . . 26.62. . . . . . 8.53. . . . 7.99. . . . . . 5.98. . . . . . . . . . 29. . . . . . . . 33. . . . . . . 33 ICICI Pru Corporate Bond Plan B . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.48. . . . . . 8.50. . . . 7.95. . . . . . 5.88. . . . . . . . . . 30. . . . . . . . 36. . . . . . . 35 ICICI Pru Dynamic Bond ­ Premium Plus . . . . . . . . . .. . . . . . 20.41. . . . . . 9.72. . . . 9.22. . . . . . 5.10. . . . . . . . . . . 6. . . . . . . . . . 2. . . . . . . 47 ICICI Pru Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.46. . . . . . 8.61. . . . 7.90. . . . . . 3.70. . . . . . . . . . 26. . . . . . . . 37. . . . . . . 69 ICICI Pru Income Opportunities ­Inst . . . . . . . . . . . . . . .. . . . . . 21.00. . . . . . 8.41. . . . 7.71. . . . . . 4.65. . . . . . . . . . 36. . . . . . . . 43. . . . . . . 59 ICICI Pru Income Opportunities ­Regular . . . . . . . . .. . . . . . 24.00. . . . . . 8.41. . . . 7.71. . . . . . 4.65. . . . . . . . . . 35. . . . . . . . 44. . . . . . . 60 ICICI Pru Income Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 54.21. . . . . . 8.02. . . . 7.64. . . . . . 3.30. . . . . . . . . . 52. . . . . . . . 49. . . . . . . 75 ICICI Pru Income Plan ­ Inst . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 58.35. . . . . . 8.42. . . . 8.01. . . . . . 3.56. . . . . . . . . . 34. . . . . . . . 31. . . . . . . 70 ICICI Pru Long Term Plan ­ Premium . . . . . . . . . . . . . . . .. . . . . . 21.19. . . . 11.19. . . . 8.76. . . . . . 4.58. . . . . . . . . . . 1. . . . . . . . . . 9. . . . . . . 61 ICICI Pru Long Term Plan ­ Regular . . . . . . . . . . . . . . . . . .. . . . . . 21.33. . . . 11.13. . . . 8.62. . . . . . 4.47. . . . . . . . . . . 2. . . . . . . . 16. . . . . . . 64 ICICI Pru Long Term Plan ­ Retail. . . . . . . . . . . . . . . . . . . . . .. . . . . . 40.58. . . . 11.11. . . . 8.76. . . . . . 4.58. . . . . . . . . . . 3. . . . . . . . 10. . . . . . . 62 ICICI Pru Regular Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.28. . . . . . 8.66. . . . 8.17. . . . . . 6.28. . . . . . . . . . 24. . . . . . . . 24. . . . . . . 25 IDBI Corporate Debt Opportunities . . . . . . . . . . . . . . . . . .. . . . . . 13.56. . . . . . . . . . . ­. . . . 7.40. . . . . . 4.65. . . . . . . . . . . . ­. . . . . . . . 57. . . . . . . 58 IDBI Dynamic Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.17. . . . . . 5.26. . . . 4.42. . . . . ­1.17. . . . . . . . . . 87. . . . . . 106. . . . . 112 IDFC Banking & PSU Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.51. . . . . . . . . . . ­. . . . 7.26. . . . . . 5.41. . . . . . . . . . . . ­. . . . . . . . 62. . . . . . . 42 IDFC Corporate Bond ­ Regular . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 11.71. . . . . . . . . . . ­. . . . . . . . . . ­. . . . . . 5.34. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 43 IDFC Dynamic Bond ­ Regular. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 20.43. . . . . . 8.05. . . . 6.86. . . . . . 2.77. . . . . . . . . . 50. . . . . . . . 75. . . . . . . 84 IDFC SSIF ­ Invest ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 40.90. . . . . . 7.84. . . . 6.61. . . . . . 2.44. . . . . . . . . . 59. . . . . . . . 83. . . . . . . 86 IDFC SSIF ­ MTP ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 28.72. . . . . . 7.72. . . . 7.33. . . . . . 4.70. . . . . . . . . . 63. . . . . . . . 59. . . . . . . 56 IIFL Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.74. . . . . . . . . . . ­. . . . 6.84. . . . . . 7.14. . . . . . . . . . . . ­. . . . . . . . 77. . . . . . . . 7 Indiabulls Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.88. . . . . . . . . . . ­. . . . 6.59. . . . . . 4.36. . . . . . . . . . . . ­. . . . . . . . 86. . . . . . . 65 Invesco India Active Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1934.68. . . . . . 6.82. . . . 6.11. . . . . . 0.39. . . . . . . . . . 78. . . . . . . . 96. . . . . 108 Invesco India Bank Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1408.26. . . . . . 6.78. . . . 6.13. . . . . . 4.81. . . . . . . . . . 79. . . . . . . . 95. . . . . . . 54 Invesco India Corporate Bond Oppt . . . . . . . . . . . . . . . . .. . 1348.77. . . . . . . . . . . ­. . . . 8.81. . . . . . 6.33. . . . . . . . . . . . ­. . . . . . . . . . 7. . . . . . . 24 Invesco India Credit Opport ­ Reg. . . . . . . . . . . . . . . . . . . . .. . 1825.42. . . . . . 7.39. . . . 6.94. . . . . . 5.91. . . . . . . . . . 70. . . . . . . . 72. . . . . . . 34 Invesco India Credit Opport . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 1955.48. . . . . . 8.42. . . . 7.69. . . . . . 6.66. . . . . . . . . . 33. . . . . . . . 45. . . . . . . 14 Invesco India Medium Term Bond . . . . . . . . . . . . . . . . . . . .. . 1747.41. . . . . . 8.11. . . . 7.79. . . . . . 6.87. . . . . . . . . . 45. . . . . . . . 39. . . . . . . 11 JM Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 46.72. . . . . . 6.17. . . . 4.48. . . . . . 3.24. . . . . . . . . . 85. . . . . . 105. . . . . . . 77 Kotak Bond ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 47.00. . . . . . 6.86. . . . 5.85. . . . . ­0.13. . . . . . . . . . 77. . . . . . . . 98. . . . . 111 Kotak Corporate Bond­Standard . . . . . . . . . . . . . . . . . . . . . .. . 2248.15. . . . . . 8.48. . . . 7.99. . . . . . 6.40. . . . . . . . . . 32. . . . . . . . 32. . . . . . . 20 Kotak Flexi Debt ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 22.03. . . . . . 9.08. . . . 8.40. . . . . . 4.99. . . . . . . . . . 12. . . . . . . . 21. . . . . . . 51 Kotak Medium Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.22. . . . . . . . . . . ­. . . . 8.67. . . . . . 5.87. . . . . . . . . . . . ­. . . . . . . . 13. . . . . . . 36 L&T Flexi Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 18.37. . . . . . 8.49. . . . 7.65. . . . . . 2.40. . . . . . . . . . 31. . . . . . . . 48. . . . . . . 87 L&T Income Opportunities ­ Regular . . . . . . . . . . . . . . . .. . . . . . 19.63. . . . . . 8.73. . . . 8.62. . . . . . 6.36. . . . . . . . . . 19. . . . . . . . 15. . . . . . . 22 L&T Resurgent India Corporate Bond . . . . . . . . . . . . . . .. . . . . . 12.80. . . . . . . . . . . ­. . . . . . . . . . ­. . . . . . 5.65. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 40 L&T Triple Ace Bond ­ (Growth) . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 42.74. . . . . . 6.60. . . . 5.58. . . . . . 1.01. . . . . . . . . . 82. . . . . . 101. . . . . 101 LIC MF Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 45.66. . . . . . 7.06. . . . 6.09. . . . . . 1.68. . . . . . . . . . 74. . . . . . . . 97. . . . . . . 94 Principal Credit Opportunities . . . . . . . . . . . . . . . . . . . . . . . . .. . 2681.32. . . . . . 8.27. . . . 8.29. . . . . . 7.19. . . . . . . . . . 43. . . . . . . . 23. . . . . . . . 6 Principal Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 29.10. . . . . . 7.73. . . . 7.13. . . . . . 2.99. . . . . . . . . . 62. . . . . . . . 67. . . . . . . 80 Reliance Corporate Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 13.83. . . . . . . . . . . ­. . . . 8.68. . . . . . 6.11. . . . . . . . . . . . ­. . . . . . . . 11. . . . . . . 30 Reliance Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 22.98. . . . . . 8.03. . . . 6.89. . . . . . 2.14. . . . . . . . . . 51. . . . . . . . 73. . . . . . . 90 Reliance Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 54.37. . . . . . 7.20. . . . 6.34. . . . . . 1.28. . . . . . . . . . 72. . . . . . . . 91. . . . . . . 98 Reliance Regular Savings ­ Debt ­ Inst . . . . . . . . . . . . . .. . . . . . 24.60. . . . . . 9.12. . . . 8.66. . . . . . 6.70. . . . . . . . . . 11. . . . . . . . 14. . . . . . . 13 Reliance Regular Savings ­ Debt . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 23.85. . . . . . 8.88. . . . 8.41. . . . . . 6.46. . . . . . . . . . 16. . . . . . . . 20. . . . . . . 19 SBI Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 27.54. . . . . . 9.52. . . . 8.68. . . . . . 6.28. . . . . . . . . . . 7. . . . . . . . 12. . . . . . . 26 SBI Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 21.20. . . . . . 7.75. . . . 7.63. . . . . . 3.48. . . . . . . . . . 61. . . . . . . . 50. . . . . . . 71 SBI Magnum Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 42.00. . . . . . 7.82. . . . 7.78. . . . . . 5.32. . . . . . . . . . 60. . . . . . . . 40. . . . . . . 45 Sundaram Banking & PSU Debt ­ Reg . . . . . . . . . . . . . . .. . . . . . 26.88. . . . . . 8.05. . . . 7.48. . . . . . 6.24. . . . . . . . . . 49. . . . . . . . 52. . . . . . . 27 Sundaram Banking & PSU Debt ­ Retail . . . . . . . . . . . .. . . . . . 24.23. . . . . . 7.08. . . . 6.61. . . . . . 6.24. . . . . . . . . . 73. . . . . . . . 84. . . . . . . 28 Sundaram Bond Saver ­ Appreciation. . . . . . . . . . . . . . .. . . . . . 48.25. . . . . . 7.39. . . . 6.81. . . . . . 4.89. . . . . . . . . . 69. . . . . . . . 80. . . . . . . 53 Sundaram Bond Saver ­ Inst . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 54.54. . . . . . 7.42. . . . 6.82. . . . . . 4.90. . . . . . . . . . 68. . . . . . . . 79. . . . . . . 52 Sundaram Income Plus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 25.01. . . . . . 8.32. . . . 7.46. . . . . . 6.49. . . . . . . . . . 40. . . . . . . . 54. . . . . . . 16 Tata Dynamic Bond ­ Regular . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 26.18. . . . . . 8.83. . . . 6.96. . . . . . 3.04. . . . . . . . . . 18. . . . . . . . 71. . . . . . . 78 Tata Long Term Debt ­ (AO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 52.05. . . . . . 8.08. . . . 6.85. . . . . . 3.01. . . . . . . . . . 47. . . . . . . . 76. . . . . . . 79 Tata Medium Term ­ Regualr . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 26.59. . . . . . 7.92. . . . 6.96. . . . . . 4.06. . . . . . . . . . 54. . . . . . . . 70. . . . . . . 67 Taurus Dynamic Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.84. . . . . . 4.03. . . . 3.07. . . . . ­4.93. . . . . . . . . . 88. . . . . . 107. . . . . 113 Union Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.94. . . . . . 6.37. . . . 5.52. . . . . . 0.70. . . . . . . . . . 84. . . . . . 102. . . . . 105 UTI­Banking & PSU Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 14.04. . . . . . . . . . . ­. . . . 8.80. . . . . . 6.09. . . . . . . . . . . . ­. . . . . . . . . . 8. . . . . . . 31 UTI­Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 51.15. . . . . . 8.07. . . . 7.27. . . . . . 2.85. . . . . . . . . . 48. . . . . . . . 61. . . . . . . 82 UTI­Dynamic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 19.70. . . . . . 9.27. . . . 8.10. . . . . . 3.42. . . . . . . . . . . 8. . . . . . . . 27. . . . . . . 73 UTI­Income Opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 15.63. . . . . . 8.91. . . . 8.49. . . . . . 6.33. . . . . . . . . . 15. . . . . . . . 19. . . . . . . 23 UTI­Medium Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 12.61. . . . . . . . . . . ­. . . . . . . . . . ­. . . . . . 6.38. . . . . . . . . . . . ­. . . . . . . . . . . ­. . . . . . . 21 Source : NAV India; NAV for the growth option as on 19­01­2018 Returns 1 year absolute and CAGR for 3 and 5 years.

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MACRO VIEW

BusinessLine MONDAY • JANUARY 22 • 2018

The World in numbers

By Invitation

How can Budget revive demand?

Cutting taxes appears challenging currently as revenue collections are yet to stabilise

ADITI NAYAR

Fiscal policy can be utilised to re­ vive demand through lower taxes, higher spending or tar­ geted policy interventions for speci c sectors. The questions that need to be addressed in­ clude, what type of demand needs to be stimulated, con­ sumption or investment? Is there adequate scal space to ad­ opt stimulative policies? Lastly, what are the consequences of ex­ ceeding scal targets?

GDP data from FY2013 to FY2018 (based on estimates re­ leased by the Central Statistics O ce) indicates that private consumption has grown by 6.7 per cent per year in this period, at par with the pace of overall economic expansion (6.8 per cent).

However, the average growth of gross xed capital formation has been subdued at 3.9 per cent in these years. Clearly, stimulat­ ing investment demand should be prioritised over consumption demand, particularly since demographic changes will any­

way drive the latter.

On the expenditure side, there are a plethora of options to stim­ ulate demand in various sectors, based on the priorities of the government and the needs of the economy. In our view, the Government is likely to augment spending on urban and rural in­ frastructure, and social security in FY2019.

Higher allocation toward af­ fordable housing, roads, renew­ able energy, railways and ports would spur investment and boost job creation. Government spending on infrastructure would also trigger investment by the private sector.

Nevertheless, the latter may remain subdued in the next 2­3 quarters, given moderate capa­ city utilisation, availability of brown eld distressed assets, high leverage levels of various corporates and the stressed bal­ ance sheets of public sector banks (PSBs). Importantly, the PSBs must be adequately capital­ ised to fund the investment re­ covery that is expected to materi­ alise after H2 FY2019.

Additionally, larger alloca­ tions for existing schemes re­ lated to crop insurance, NREGA, and other social security meas­ ures, and infrastructure related to cold chains, etc., boost the ag­

Macro indicators* Country

ricultural sector and the rural economy.

Income threshold After the implementation of the Goods and Services Tax (GST), indirect tax rates on few items re­ main under the control of the Government of India (GoI).

Therefore, major tax changes that the GoI may introduce in the Budget for FY2019 would be limited to direct taxes. However, the lack of clarity related to the rev­ enue buoyancy post­GST may not allow for a meaningful reduc­ tion in corporate or private in­ come tax rates.

Nevertheless, some tinkering is likely in the income threshold and deductions for the latter, which may provide a mild sup­ port to small­ticket consump­ tion. Reduction in the corporate tax rate would have to be accom­ panied by removal of exemp­ tions, to remain revenue­neut­ ral.

Policy interventions may be introduced to aid speci c sec­ tors, such as the rural sector, ex­ porters or SMEs. For instance, easing of infrastructural and other bottlenecks for exporters, which dampen their competit­ iveness, as well as the procedural constraints being highlighted by SMEs after the GST, could be ad­ dressed. However, these need not be dovetailed with the

Under GST, the legal relationship between cargo airlines and agents has changed

In the last six months, the eco­ nomy has indeed walked through unprecedented devel­ opments with the introduction of the Goods and Services Tax (GST). The law has evolved speedily in this short span based on continuous feedback from In­ dia Inc and active turnaround by the government.

A close look at the GST design­ shows that it intends to support thelogistics sector, as this is crit­ ical for the smooth functioning of GST regulations. Within this sector, the air cargo industry has witnessed signi cant change in its business dynamics.

The paradigm shift in taxabil­ ity of outbound or export cargo services at 18 per cent from a no­ tax position under the service tax regime has been a signi cant concern. Under the service tax re­ gime, international air cargo in­ dustry functioned in isolation

#4 4 6 6 0 1

ISTOCK.COM/DKART

and liabilities associated with cargo transport would be borne by the cargo agents, who would in turn have the power to exer­ cise their rights against cargo airlines.

Shift in relationship It is indeed interesting to exam­ ine the tenability of the new pos­ ition, given the historic beha­ viour between these parties. This new position means a paradigm shift from a principal­to­agent (P2A) relationship to a principal­ to­principal (P2P) relationship. It is noteworthy that IATA issues certain regulations/resolutions which provide terms and condi­ tions that airlines and accred­ ited agents must comply. There­ fore, examination of the impact

ings of the central PSUs. A deviation from the scal consolidation path would dent the credibility of the GoI’s com­ mitment to reducing its scal de­ cit. Moreover, it may further harden bond yields, which have gone up by around 65 bps over the last eight months. This would bloat the Government’s interest payments, and prevent higher outlays towards other sectors in the coming years.

To sum up, the upcoming Budget is likely to focus on higher spending on infrastruc­ ture and social security to stimu­ late demand. Cutting taxes ap­ pears challenging in the current situation as revenue collections are yet to stabilise after the switchover to the GST.

Measures for Bharat ■

Larger allocations for crop insurance

■

NREGA and other social security measures

■

Infrastructure related to cold chains

Top priority Stimulating investment demand should be prioritised over consumption demand, since demographic changes will anyway drive the latter

The writer is Principal Economist, ICRA

RAJESH S P

Integrated reporting and dis­ closures will be the new norm in the coming days in India. This re­ port is part of Business Respons­ ibility Reporting (BRR), which SEBI made the top 500 compan­ ies adopt on a voluntary basis from 2017­18 onwards.

Under Integrated Reporting, companies have to report not only nancials but also gov­ ernance, environment, stake­ holder relations, etc.

These reports can now be shown under the management discussion and analysis section of the annual report or displayed CM YK

not only includes shareholders but encompasses customers, community, suppliers, etc.

A comprehensive list should be included under capital — n­ ancial capital, manufacturing, intellectual, human capital, so­ cial & relationship and natural capital.

The sustainability report of corporate entities must be about the economic, environmental and social impact caused by its everyday activity.

Sustainability reporting can be considered as synonymous with non­ nancial reporting,

ISTOCK.COM/PORCOREX

4.1

1.1

8.7

Germany

2.8

1.7

5.3

UK

1.7

3

4.3

China

6.9

1.8

3.95

Japan

2.1

0.6

2.6

India

6.3

5.21

8.8

Value

Weekly change (%)

YTD change (%)

81220

2.4

6.3

3488

1.7

5.5

DAX

13434

1.4

4

Dow Jones

26072

1

5.5

of these resolutions in India on the relationship between the cargo airlines and agents is critical.

This relationship matrix gains signi cance as it would also re­ de ne the GST compliance re­ quirements for both the cargo airlines as well as the agents. Fur­ thermore, the parties would need to make sure that their pri­ cing/ margins under the adop­ ted business models and posi­ tions are in line with the anti­pro teering provisions.

New invoicing mechanism Further, IATA operates the Cargo Account Settlement Systems (CASS) which is designed to sim­ plify the billing and settlement of accounts between airlines and

CSR reporting and more. Corpor­ ate sustainability indicates a new philosophy, as an alternat­ ive to traditional growth and pro t maximisation.

Here, focus is also given to sus­ tainable development compris­ ing environmental protection, social justice and equity. Integ­ rated reporting is a step ahead of sustainability reporting.

Anti-greenwashing The aim of this report is primar­ ily to communicate to the stake­ holders about the company and its strategy and risks.

This is a way of linking n­ ancial and sustainable information together, giving a holistic pic­ ture altogether.

This reporting will de nitely work against cor­ porates indulging in greenwashing.

Basically, an integ­ rated report aims at providing insight into the resources and relation­ ships of an organisation.

The ability of an organisation

The writer is Professor, Adi Shankara Business School

7336

1

6.3

Nikkei

23808

0.7

4.6

CAC 40

5527

0.2

4

Bond yield Country

10 year yield (%)

Japan

0.079

8.2

3.6

2.66

4.4

25.4

US

Weekly change (%)

YTD change (bps)

Canada

2.237

3

19.6

UK

1.337

-0.1

14.9

Germany

0.566

-1.9

14.3

Currency fluctuations against the Rupee Weekly change (%)

YTD change (%)

Peso

2.7

5.6

AUD

2.1

2.4

Euro

1.5

2.3

Yuan

1.3

1.6

USD

0.3

0

Currency

Country

last updated

QTD value*

12 month value*

Brazil

Nov-17

140

1014

China

Nov-17

-65900

-465700

USA

Nov-17

45274

365629

UK

Sep-17

48630

80293

EuroArea

Nov-17

-7373

296152

Germany

Oct-17

-27632

-124617

India

Jan-18

1295

33003

In Focus Taxing issue The paradigm shift in taxability of export cargo services at 18 per cent from a no-tax position under the service tax regime is a concern

Britain can have pact with EU French President Emmanuel Macron said recently that Britain would be able to have a bespoke deal with the European Union after Brexit, one of Prime Minister Theresa May's objectives.

Macron said London's nancial centre could not enjoy the same level of access to the EU under May's current Brexit plan, which envisages Britain leaving the EU's single market and customs union. Macron has said in the past that Britain could have pacts with the EU along the lines of those with Canada or Norway but not its own, special deal.

But asked in the interview whether that was fair, given how long Britain had been part of the EU, Macron said: “No, it's not a question to be fair or unfair. I take that as a reference. But for sure, you will have your own solution.”

Asked whether there would be a bespoke, special solution for Britain, he replied: “Sure, but you will ... I take these two references because this special way should be consistent with the preservation of the single market and our collective interests.

“And you should understand that you cannot by de nition have the full access to the single market if you don't tick the box.” Macron insisted Britain would not get full access to the EU's single market without accepting its basic principles of freedom of movement and willingness to abide by EU jurisdiction. REUTERS

The writer is Partner, Deloitte India.

With inputs from Siddharth Tandon, Senior Manager, Deloitte

to create value for itself enables nancial returns to the pro­ viders of capital.

This is interrelated with the value the organisation creates for stakeholders and society at large through a wide range of activities, interactions and rela­ tionships.

When these are material to the organisation’s ability to create value for itself, they are included in the integrated report.

The present source of material widely used by shareholders to know companies are the annual report. Here the ultimate focus is on the nancial aspect of the company alone.

This is not going to meet the appetite of a wider audience. The adoption of integrated report­ ing will make the canvas bigger, as investors can easily capture the direction in which the cor­ porates are moving.

To move forward, companies must focus on interlinking the growth of the economy, environ­ ment and society.

Nasdaq

* USD Million

agents/freight forwarders. With the implementation of GST and the new model adopted, revamp­ ing of the invoicing mechanism as well as CASS portal became in­ evitable. The CASS invoices are generated by IATA on a fort­ nightly basis containing the de­ tails of multiple AWBs issued by an agent in a fortnight. However, cargo agents have been demand­ ing issuance of a separate tax in­ voice for each AWB due to the practical challenges in obtaining refunds and any subsequent debit/credit adjustments with respect to speci c AWBs. The gov­ ernment has commented that the practice of fortnightly or monthly billing is acceptable, provided the time limit for issu­ ance of invoices as stipulated un­ der the GST laws is not breached.

Given the above, it becomes important that cargo airlines and agents reconcile the con­ tractual and GST positions.

With passage of time, the risk of non­compliance with GST laws and processes would only increase. It is imperative for the industry along with the govern­ ment to take necessary steps to determine the taxability and documentation.

Looking beyond financials separately under a di erent head.

Both positive and negative material factors are part of the report. It should be made in a consistent manner and should be able to compare the extent of additional value created by the rm individually.

The report will demand that corporates give more emphasis to environment and society, in their pursuit of economic maximisation.

The target audience is shifting from shareholders alone to other stakeholders. As the re­ porting starts aligning with global standards, anybody doing a fundamental analysis will be able to do intelligent research and point out potential pitfalls.

Integrated re­ porting includes the sustainability report also. Many companies nd that nancial re­ porting alone no longer satis es the ex­ act needs of stakeholders; it

0.1

2.8

Foreign portfolio investment flows

Analysis

In Integrated Reporting companies must take a holistic view

2.3

Shanghai

Budget, which is essentially set­ ting revenues and expenditures for the year ahead.

The GoI had previously com­ mitted to reducing its scal de ­ cit from 3.5 per cent of GDP in FY2017 to 3.2 per cent of GDP in FY2018 and 3.0 per cent of GDP in FY2019. This limits the scal space that it has, to stimulate in­ vestment by increasing ex­ penditure or cutting taxes, without deviating from its an­ nounced scal consolidation path.

Every 10 bps of rise in the GoI’s scal de cit to GDP ratio would permit additional spending of around 185 billion in FY2019, which is modest relative to the size of its overall expenditure.

Therefore, budgetary allocations would need to be supplemented through extra­budgetary re­ sources such as market borrow­

Jobless rate (%)

Eurozone

Brazil

ISTOCK.COM/ARTISTEER

Inflation YoY (%)

USA

Global stock indices

Baggage of woes for international air cargo without any signi cant interac­ tion with indirect taxes, since both inbound and outbound cargo operations were not sub­ ject to service tax.

The fact that GST is applicable on international air cargo opera­ tions has created a buzz in the cargo industry. While taxability is one aspect of the story, the lar­ ger debate looms around the legal relationship between cargo airlines and cargo agents/freight forwarders. Historically, air cargo industry have worked on an agency model where cargo agents procure bulk orders for the airlines and the agents earn a margin/commission on the same. In a number of cases, the cargo capacity is booked in the freight forwarders’ name and, hence, airlines do not have visib­ ility of the actual shipper.

With the implementation of GST and export cargo being brought into the tax ambit, cargo airlines together with the agents have adopted a new posi­ tion. Cargo agents are now being treated as customers for cargo airlines and the cargo agents are, in turn, treating the shipper as their customer. From the per­ spective of the shipper, all risks

GDP growth (%)

Index

Talking Point

RAJEEV DIMRI

11

Go Figure The big picture ■

An organisation’s ability to create value for itself

■

This is interrelated with the value it creates for stakeholders, society

■

Integrated Reporting captures all these aspects coherently

New path Corporate sustainability indicates a new philosophy, as an alternative to traditional growth and profit maximisation

This energy expert feels the US has a huge opportunity to export lique ed natural gas to Asian countries. Name the personality.

Send your response to blgofigure@gmail.com. One correct response received before Wednesday wins 2,000 and the winner’s name will be published the next week.

Last week’s question: This politician wants the author of a controversial report on his country’s president to be investigated. Name him.

Last week’s answer: Linsey Graham, US Senator The Winner: Shashank

Join@Daily_English_Papers . ..... .. . ...

446601

CH-X

© 2006-2017 Kasturi & Sons Ltd. -@SridharMuskula -muskulasridhar@gmail.com CHENNAI

12

TAKE 500

BusinessLine MONDAY • JANUARY 22 • 2018

Valuation Radar: The Good, The Bad, The Ugly The Indian benchmark indices ex­ tended its rally for the seventh con­ secutive week. Both Nifty 50 and Sensex surged to record highs and closed 2 per cent and 2.7 per cent higher for the week. Among the sec­ tors, banking and information tech­ nology (IT), gained over 4 per cent.

Realty sector tumbled over 5 per cent and underperformed.

P/E

Consumer Durables

Capital Goods

Sensex

Auto

Bankex

27.4

26.1

29.1

31.3

34.5

50.4

43.3

35.5

18.6

3.7

3.3

4.4

2.5

4.1

10.6

8.9

3.9

4.3

Nifty 50

P/BV Dividend Yield

1.0

1.1

Weekly Return (%)

2.0 G

2.7 G

0.8 -1.8 H

0.6

0.8

4.7 G

0.8 G

FMCG

0.3

Healthcare

1.2

-0.8 H

0.6

0.4 G

Oil & Gas

Power

29.7

13.3

21.3

1.9

2.0

1.7

IT

Metal

1.8

-0.7 H

4.7 G

3.1

2.6

-3.7 H

PSU

1.7

Realty

Teck

20.6

75.1

24.0

1.4

1.4

4.1

2.5

-2.9 H

-1.9 H

-1.7 H

0.4

1.6

-5.1 H

3.1 G

Monthly Return (%)

4.3 G

5.1 G

-2.4 H

5.2 G

8.1 G

3.9 G

1.8 G

4.0 G

12.1 G

5.7 G

-3.2 H

2.6 G

-1.5 H

5.6 G

9.3 G

Annual Return (%)

29.2 G

30.0 G

21.2 G

39.0 G

37.2 G

91.2 G

28.0 G

-0.8 H

23.5 G

33.7 G

25.4 G

9.5 G

10.4 G

90.2 G

25.4 G

The sector indices are disseminated by S&P BSE.

Company

3M India 63 Moons Tech. [2]

A

Profit Qty

Sales TTM

Profit TTM

Wkly Rtn

ROCE

18184.4 105.8

229.6 14.5

79.2 7.3

15.2 0.2

201709 0.3 201709 -17.4

23.8 -82.8

8.0 68.4

18.0 359.3

1.7 -8.6

32.7 4.2

DER Yr.High

Yr.Low

1580.3 1111.3 230.1 5466.3 12.6 1822.7 1461.3 433.8 38.0 1587.6 1557.3 1882.4 544.9 70.8 194.1 3.8 824.5 268.5 26.8 71.2 56.4 1138.1 264.9 369.7 121.1 1193.4 116.2 836.7 1120.4 2892.8 643.3 590.3

19.2 35.3 -184.7 147.5 -273.6 44.6 60.2 19.4 -6.1 43.6 52.6 46.4 19.5 3.6 8.8 -101.0 25.7 5.5 -40.5 2.0 -2.9 16.3 13.2 6.3 4.9 20.9 6.6 9.4 18.5 79.0 41.1 13.8

82.3 31.5 37.1 0.0 40.8 24.3 22.3 36.5 29.6 40.6 27.9 19.8 22.0 0.0 32.1 49.0 35.6 69.7 20.1 59.1 24.6 57.1 17.5 88.9 60.5 36.6 15.6 42.7

10.0 6.3 0.6 7.9 0.0 3.7 12.1 4.7 4.3 5.3 8.1 9.0 5.1 0.5 2.5 -0.1 5.2 2.7 0.2 0.5 0.4 4.4 1.7 9.4 5.9 14.8 2.2 11.5 13.0 4.3 3.5 2.3

201709 201709 201709 201709 201612 201709 201709 201712 201712 201709 201709 201709 201709 201709 201709 201709 201709 201709 201706 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201709 201709

-6.9 18.2 25.0 3.3 -17.5 -201.1 29.1 83.3 127.0 -164.9 25.8 102.3 5.4 -16.5 21.7 30.0 -10.8 -293.3 5.5 -22.9 -1.8 -11.0 2.7 -6.7 -10.2 1.4 -5.3 8.0 9.7 -0.7 -58.9 -1252.4 7.1 -6.7 15.1 10.0 -23.2 -228.5 1.2 -58.3 -1.2 -848.9 13.3 -22.9 11.5 -46.0 2.5 1.7 30.8 13.5 15.0 20.0 -38.9 -47.0 19.9 23.6 18.9 3322.5 25.3 12.6 17.3 29.0 0.7 35.5

2.5 19.4 12.3 0.3 -26.9 -32.0 10.7 13.6 -78.8 -15.2 10.2 25.1 5.4 -4.4 27.9 10.3 -4.5 -1064.9 11.6 -12.4 3.7 0.1 4.3 -6.3 -6.4 -36.9 -6.1 118.2 5.0 -8.5 -9.9 -169.4 12.0 -14.5 6.5 26.0 -37.0 -28.6 16.3 -10.6 0.5 -250.0 15.2 -41.8 9.1 -33.2 5.0 33.7 13.4 22.7 8.0 0.2 8.8 24.8 9.9 43.4 -2.2 104.4 13.9 -18.4 6.0 5.3 2.7 -42.9

7.4 -1.3 -12.4 0.3 -10.0 1.0 1.9 2.5 -15.2 -3.0 3.7 -2.5 -1.7 -1.7 -11.4 -4.5 -3.9 -0.4 -9.0 -9.9 -1.6 -2.0 -5.0 -5.0 -5.9 0.3 -0.9 0.3 -2.5 -3.8 -3.6 6.2

97.5 476.9 3208.1 502.5 529.5 1701.9 4968.7 14.9 2787.1 1136.2 16.4 250.9 123.1 165.6 164.8 21.2 2216.9 716.2 4553.4 1511.2 246.8 510.6 135.8 172.8 1008.8 735.0 497.8 346.4 65.1 569.8 1155.5 4632.4 773.5 1600.3 254.1 19905.1 4683.1

1.4 70.8 1.1 33.3 14.3 3.2 130.8 24.5 5.4 14.5 34.7 12.2 10.6 50.1 6.1 37.5 45.3 6.5 154.3 32.2 4.1 0.9 15.9 0.4 240.8 11.6 1.6 35.1 32.3 5.8 -13.8 0.8 14.2 17.7 2.5 24.6 5.0 1.7 4.2 39.5 0.9 -5.7 0.7 -7.8 0.5 11.6 191.7 7.6 14.8 48.5 6.8 88.3 51.6 8.8 32.0 47.2 3.1 4.5 54.6 12.4 -0.4 22.9 2.9 46.7 0.7 6.9 24.9 5.5 -0.7 5.5 14.8 49.8 7.7 5.2 95.2 2.9 13.4 25.8 4.0 -165.5 -1.2 7.5 76.2 7.2 14.3 80.7 2.8 48.5 95.4 20.3 11.1 69.4 8.2 -0.4 36.5 -5.5 -51.9 430.7 46.2 6.6 75.7 61.9 19.6

201709 201709 201709 201712 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201712 201709 201709 201709 201709 201709 201709 201709 201709 201709

-3.6 19.3 8.8 5.9 -6.0 32.1 27.7 77.2 -0.4 17.9 39.2 -6.9 39.4 2.6 4.6 -2.6 11.6 1.5 11.6 52.1 11.8 -60.6 -38.0 46.1 13.7 41.2 -12.9 10.9 61.1 2.4 2.5 6.0 -7.4 -21.6 42.8 6.8 7.4

5.9 80.6 -1.0 -4.6 13.9 36.6 13.3 -166.5 19.5 -16.4 -203.1 -5.4 -22.3 -35.6 41.2 -106.9 258.5 24.0 19.8 -38.6 1.2 -104.6 -89.4 19.1 -18.2 60.5 -5.6 -5.6 -141.2 -53.1 -92.5 -3.3 6.1 -210.5 44.4 -49.8 11.6

1.2 21.7 -3.2 0.8 -3.5 35.5 38.0 21.2 50.6 16.8 -49.2 4.6 24.3 0.1 0.9 -8.5 7.8 5.8 -3.4 21.4 9.4 -45.3 0.4 36.9 19.1 17.8 -12.7 11.1 40.8 5.3 2.4 7.8 12.4 -4.6 9.7 6.7 6.1

228.8 -4.9 -5.9 -13.8 -2.9 39.1 18.7 167.9 14.1 9.1 -122.4 -6.6 2.6 117.3 88.1 -40.3 159.0 19.9 -10.6 308.6 1.2 -123.9 -38.2 21.0 -101.8 18.3 -63.5 -13.4 -6.6 -13.9 -57.6 -35.4 -5.3 93.2 -310.9 -28.8 5.7

-5.1 -2.7 1.0 -1.0 -4.7 -3.8 -1.7 -11.1 -1.0 -1.9 -12.8 -5.3 -10.5 1.9 1.0 -5.6 -1.1 -4.0 -3.0 -2.3 -7.4 -12.6 -10.0 -3.0 -2.3 0.7 -2.3 -7.3 -9.2 5.6 -4.0 -2.2 -1.9 -6.3 -9.6 0.8 -0.5

7.3 445.5 60.8 441.5 13.2 33.5 361.8 17.5 20.6 765.2 28.0 27.3 390.1 10.0 39.1 1393.7 56.2 24.8 6.1 -18.9 187.3 6.4 29.3 14.8 -2.1 294.1 10.6 27.6 1868.6 58.9 31.7 73.8 -12.8 346.7 7.5 46.0 1409.9 20.3 69.4 3638.0 77.9 46.7 1109.2 65.8 16.9 95.5 -15.1 154.6 10.5 14.7 1320.1 52.5 25.2 602.0 14.6 41.3 175.4 8.1 21.5 615.5 4.3 142.8 365.5 351.0 1.0 284.5 13.4 21.2 1149.4 21.5 53.5 1472.3 40.5 36.3 572.8 23.1 24.8 39.3 -5.7 262.3 23.2 11.3 1988.8 42.0 47.4 901.8 24.8 36.3 653.1 33.5 19.5

2.0 5.9 0.8 3.1 5.0 7.4 0.2 20.3 0.7 5.9 3.1 1.1 10.2 6.2 8.6 1.1 1.8 2.4 4.4 3.6 3.0 2.3 0.7 6.5 19.7 3.9 5.4 0.4 1.6 14.1 6.5 3.3

201712 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712

18.2 32.7 35.0 32.5 -3.3 -27.1 29.1 36.0 12.9 21.8 12.3 2.1 -62.6 -213.8 13.1 14.2 -73.4 -104.7 105.9 156.4 6.7 -26.7 -0.4 -216.9 2.6 -18.6 2.4 18.5 18.2 3.6 3.6 -29.0 18.4 -4279.8 -3.1 11.1 12.0 36.1 8.6 17.7 6.4 17.0 3.9 27.2 140.8 5581.6 11.9 -39.8 2.8 -2.1 5.1 41.2 3.6 60.5 -6.6 -601.8 -38.2 167.7 5.6 -0.8 -10.5 -22.3 7.6 -8.9

10.9 -18.2 9.5 -24.0 -2.8 132.4 34.7 39.6 8.1 18.2 6.6 18.0 -50.1 -29.4 0.5 -4.2 -43.7 -158.5 29.3 22.2 4.3 -44.4 -1.0 5.6 7.9 -4.4 0.1 464.6 9.9 3.0 6.2 -9.2 3.5 -195.6 -8.3 48.4 10.6 21.2 6.8 34.2 6.9 14.4 2.4 -72.0 -55.2 11856.7 6.7 -28.8 -1.6 -5.0 1.6 16.5 -8.0 78.3 -1.6 0.2 -21.7 23.7 9.1 3.1 6.1 -4.9 9.2 12.5

0.2 17.5 -1.6 16.0 2.2 0.0 -8.5 10.0 -3.9 18.3 0.6 42.3 -10.8 0.0 -1.7 174.5 -1.7 -1.3 -2.9 26.7 -5.4 17.1 -1.6 0.0 -2.4 22.8 -1.4 7.9 -3.9 28.2 -4.2 6.1 -2.5 4.1 0.6 12.5 0.5 11.9 -1.4 7.2 0.5 0.0 3.8 5.4 -0.4 6.4 -7.6 18.7 1.1 72.4 2.8 13.6 0.0 17.9 -1.9 0.0 -1.2 9.6 2.5 51.4 -3.9 24.1 12.7 20.0

1.8 0.6 0.0 6.5 0.2 0.0 1.5 0.0 0.3 0.3 0.4 0.0 0.9 2.4 0.1 0.4 0.3 1.9 5.8 0.4 0.0 0.0 0.3 0.1 0.0 0.0 0.9 0.0 1.5 0.0 0.0 0.1

477.1 558.0 463.4 902.0 428.0 1800.0 10.0 226.9 22.5 371.8 2030.0 125.0 363.0 1471.8 4300.0 1188.9 99.0 164.5 1371.0 663.0 189.0 751.0 425.7 332.1 1175.5 1499.0 588.0 64.7 305.5 2184.9 1096.2 675.0

324.1 334.4 262.0 584.0 245.5 1293.0 4.8 176.6 14.4 253.4 1070.6 70.6 178.0 794.5 2031.9 681.0 62.7 76.2 913.0 479.0 124.6 553.5 291.0 234.0 863.0 912.0 307.1 38.0 184.1 1752.4 822.0 435.0

353.1 71.6 363.7 3027.4 189.4 568.3 389.8 336.8 121.8 26.1 612.2 28.8 72.7 1095.5 249.3 2487.5

18.0 19.6 -0.7 7.2 50.6 54.8 55.3 7.6 24.9 47.7 11.9 14.2 27.4 4.5 74.8 -2.5 -7.6 36.8 16.6 0.6 49.7 0.5 137.9 32.4 33.8 1.6 151.9 72.5 34.3

3.6 0.6 12.1 4.8 2.4 3.2 2.2 4.2 3.0 0.4 2.3 0.9 27.7 5.4 1.8 3.4

201712 -4.6 201603 27.5 201709 -1.1 201709 7.0 201712 11.0 201712 30.1 201709 -33.6 201712 56.6 201712 9.8 201709 -14.8 201709 20.8 201709 -4.9 201709 -7.7 201503 24.8 201709 -23.3 201709 -1.1

-33.9 -150.7 1.2 233.4 11.1 56.1 -46.8 328.5 -95.5 -517.5 26.1 0.5 -71.3 28.2 -93.7 -1.1

1.4 -18.8 -5.0 13.8 17.1 26.6 -18.2 21.4 16.3 -9.5 22.6 -7.6 -14.6 31.4 -16.1 -2.9

-10.8 -332.8 -2.6 95.1 8.2 72.3 15.9 58.5 82.9 34.7 42.5 115.7 -83.3 31.8 144.5 2.7

-6.0 -8.6 1.6 -5.0 -5.7 1.2 -5.9 5.4 -8.6 0.0 -0.2 -4.0 -7.3 0.5 -7.0 1.6

34.7 0.1 395.2 338.0 0.0 0.5 85.9 32.3 30.5 0.2 368.0 263.1 11.0 1.8 3348.9 1752.0 0.0 0.0 213.0 117.0 19.8 0.5 626.9 261.0 9.6 1.1 499.8 233.0 11.9 0.3 343.5 112.3 0.0 0.7 149.6 65.0 0.0 0.0 50.0 23.7 10.3 10.9 677.8 269.2 0.0 0.0 44.7 23.5 20.5 0.0 110.9 68.0 28.7 0.0 1141.8 533.1 6.6 1.1 274.0 127.2 9.6 0.3 3175.0 1901.7

1539.2 78.5 279.9 8.0 27987.4 681.2 357.9 42.3 198.2 2.1 302.0 4.8 1263.7 14.0 180.4 5.6 780.6 8.0 224.6 24.6 771.0 17.7 81.6 -27.0 221.8 7.9

19.6 34.9 41.1 8.5 93.2 63.6 90.4 32.4 97.1 9.1 43.5 28.2

4.5 4.1 12.7 2.2 4.5 7.6 16.3 5.0 4.3 1.0 4.5 1.5 3.8

201709 -0.8 -24.5 201709 27.2 44.9 201709 23.6 25.4 201709 10.8 65.9 201709 0.0 -89.7 201709 14.5 46.8 201709 9.7 49.7 201709 26.6 27.1 201709 -2.5 -24.2 201709 -44.0 -8.0 201709 25.5 144.2 201603 -84.1 -1036.6 201709 23.2 -10.3

-3.0 25.9 28.7 -3.6 -5.8 1.3 -2.9 16.4 4.0 -30.3 21.6 -46.4 12.9

-17.3 42.9 31.5 78.1 1.8 1.6 -6.4 10.0 -50.6 12.0 62.4 -331.3 -3.4

0.6 -0.9 -1.8 -5.4 2.8 0.0 -1.9 -7.0 -0.9 -8.9 -4.9 -2.5 -0.8

36.9 10.5 52.1 18.3 6.5 12.7 23.5 18.1 7.1 15.8 13.4 0.0 20.0

0.0 1595.0 1141.7 7.6 309.4 107.4 0.0 33483.9 22200.0 1.8 392.0 270.0 0.1 231.5 96.5 0.5 325.2 183.0 0.3 1428.0 985.0 0.0 206.2 140.9 0.2 1008.0 715.0 0.3 308.4 164.3 0.2 822.6 343.9 1.7 93.0 28.0 0.0 249.7 189.9

.........................................................................................................................................................................................................................

FDC [1] Federal Bank [2] Finolex Cables [2] Finolex Inds.

Firstsour.Solu.

Fortis Health.

Future Consumer [6] Future Enterp. [2] Future Lifestyle [2]

G

237.9 103.1 743.0 662.4 44.7 145.4 68.2 45.7 369.0

9.3 5.0 22.6 24.6 3.9 9.2 -0.2 -6.3 4.3

25.6 20.5 32.9 26.9 11.4 15.8

85.6

3.2 1.7 5.6 3.6 1.4 1.5 9.5 0.5 5.3

201709 201712 201709 201709 201709 201706 201709 201709 201709

8.5 9.6 24.8 4.0 -1.3 3.2 33.1 18.8 0.3

-3.2 26.4 -4.9 -44.9 -3.4 -9.0 -154.5 -108.3 -20.3

-0.3 13.5 13.6 10.4 1.0 7.5 28.0 -31.5 15.8

-14.7 69.5 12.1 11.6 -7.1 436.5 51.9 -153.7 13.2

-2.2 -10.4 3.2 -0.9 -3.5 0.7 -6.2 -4.3 -1.1

21.4 0.0 24.0 24.7 13.8 11.6 0.0 4.7 7.7

0.0 0.0 0.0 0.1 0.5 0.4 0.7 1.4 0.6

269.8 127.8 750.0 752.8 49.3 230.9 79.4 62.0 410.5

164.0 74.4 406.0 447.1 30.4 123.4 21.6 18.0 155.9

........................................................................................................................................................................................................................

G M D C [2] GNFC G S F C [2] GAIL (India) Gateway Distr.

Gati [2] GE Power GE Shipping Co GE T&D India [2] GIC Housing Fin Gillette India Gitanjali Gems Glaxosmi. Pharma GlaxoSmith C H L Glenmark Pharma [1] Global Offshore GMR Infra. [1] Godfrey Phillips [2] Godrej Consumer [1] Godrej Inds. [1] Godrej Propert. [5] Goldline Intl. [1] Granules India [1] Graphite India [2] Grasim Inds [2] Greaves Cotton [2] Greencrest Finan [1] Grindwell Norton [5] GRUH Finance [2] Guj Alkalies Guj Fluorochem [1] Guj Pipavav Port Guj.St.Petronet Gulf Oil Lubric. [2] GVK Power Infra. [1]

H

Wondering how to choose stocks for your portfolio from the dozens which are listed? Or how to keep track of the ones you own?

Well, the listings on this page help you sift through the leading companies on their fundamentals and keep an eagle eye on their nancial performance.

Here’s a short guide to interpreting the numbers: CMP (Current Market Price) is the closing price of a stock on BSE on its last traded day, usually Friday.

EPS (Earnings per Share) is the net pro t that the company has earned in the latest nancial period, on each outstanding share. Here, we capture each company’s total EPS for the last available trailing 12 months.

PE (Price Earnings Ratio) is the single most important number to gauge if a stock is expensive or cheap enough to buy. It divides the company’s current market price by its EPS. PB (Price to Book value) measures a com­ pany’s stock price relative to its book value or net worth. PB is the appropriate value measure for banks and asset­heavy companies.

Sales (Qty) and Profit (Qty) capture the growth in a company’s net sales and net pro ts for the latest reporting quarter, over the previous year, in per­ centage terms.

17.8 0.2 1619.4 1072.8 19.0 1.2 1175.4 680.0 1.3 4.5 280.4 161.1 32.9 0.0 5707.2 3996.0 0.0 0.0 33.3 9.4 10.1 0.0 1869.0 1318.0 92.6 0.0 1864.0 1260.0 14.3 1.4 443.4 283.6 0.0 10.1 47.8 25.9 22.3 0.1 1702.0 1276.0 47.4 0.0 1870.0 1106.0 29.8 0.0 2095.0 1355.0 27.9 0.1 709.3 469.8 0.0 0.0 92.5 62.8 15.2 0.3 228.8 155.3 -8.3 4.7 4.9 2.3 28.3 0.0 954.5 665.5 8.2 0.0 291.3 216.1 0.0 2.6 43.8 21.3 2.4 0.4 84.9 42.3 0.0 0.0 76.1 48.7 9.3 0.7 1356.8 959.0 15.7 0.4 288.8 171.6 17.4 3.1 438.5 191.9 17.9 0.4 133.0 81.0 38.6 0.1 1261.3 945.0 15.7 0.2 149.4 101.1 18.2 0.2 870.0 378.0 18.4 0.0 1278.0 882.5 20.8 0.1 3084.0 1958.3 24.9 0.5 809.0 504.0 0.0 0.0 599.7 441.5

2.3 0.0 121.8 80.9 23.4 0.7 550.0 400.2 34.7 0.0 3381.0 2683.6 55.7 0.0 525.0 342.5 14.9 0.9 584.8 226.1 12.7 5.1 1989.0 904.0 11.1 2.8 5835.0 3013.9 7.1 1.8 18.8 13.1 3.8 0.0 3035.8 1868.0 22.4 0.5 1285.6 552.5 0.0 4.3 22.7 11.3 22.0 0.0 302.0 201.0 25.3 1.2 182.5 121.7 0.0 0.0 206.6 133.6 0.0 0.0 216.7 111.4 0.0 0.0 40.7 20.8 0.0 1.2 2430.0 1121.0 20.1 0.0 833.0 456.7 22.4 0.0 5050.0 3685.0 4.8 0.2 1947.4 1125.8 30.5 0.2 285.8 208.0 7.0 0.9 599.0 313.2 8.0 1.6 184.9 122.0 22.5 0.0 192.9 132.3 9.1 3.2 1067.9 650.6 14.0 0.6 750.0 459.3 10.6 1.5 565.0 304.1 13.0 0.0 481.9 283.1 0.0 95.1 102.8 42.8 12.1 0.5 575.3 295.0 5.8 0.5 1290.0 668.1 29.2 0.7 5422.0 3830.6 16.4 0.3 845.0 498.1 0.9 1.1 1820.0 535.0 4.7 6.5 304.2 52.6 18.9 0.0 25245.2 18602.0 51.3 0.1 4963.7 3044.6

150.3 12.3 12.2 1.1 494.4 20.3 24.3 1.9 152.5 9.2 16.5 0.9 468.9 22.6 20.8 2.0 235.9 10.1 23.4 2.5 137.4 4.9 27.9 2.1 928.0 29.9 31.1 7.6 451.1 20.9 21.6 0.9 423.8 7.8 54.4 10.0 448.5 30.3 14.8 2.7 6670.2 80.6 82.8 43.4 68.4 16.6 4.1 0.1 2472.5 33.2 74.5 10.3 6636.9 151.4 43.8 9.0 624.6 42.9 14.5 3.5 37.5 -50.7 0.3 22.6 -2.8 2.4 988.8 28.8 34.3 3.2 1048.7 19.5 53.8 13.4 619.6 13.4 46.2 6.4 822.2 9.6 85.8 8.6 12.0 0.0 8960.6 11.8 135.9 6.4 21.3 2.1 780.2 10.5 74.5 7.9 1220.8 63.0 19.4 1.4 137.7 6.8 20.2 3.5 35.0 -0.1 25.4 547.3 11.6 47.3 6.7 691.3 9.4 73.8 21.8 873.8 45.8 19.1 1.8 884.3 23.4 37.9 2.1 152.7 4.8 32.0 3.7 212.7 10.2 20.9 2.5 925.4 27.0 34.2 11.4 22.0 -5.9 -11.7

201709 201709 201709 201709 201603 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201703 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201709 201709 201709 201709 201709 201603

39.6 55.2 10.0 0.4 -3.4 -36.6 4.5 41.6 -2.6 -45.7 -4.6 179.2 -45.4 -91.5 -12.4 -97.6 4.2 131.6 10.9 22.1 -0.9 17.3 -4.4 40.2 4.6 28.5 3.2 4.7 2.3 -4.2 -57.7 -1508.4 -50.9 -153.8 24.3 198.5 6.0 14.5 11.9 36.2 49.4 88.1 -80.0 50.0 9.5 -1.2 44.5 464.2 62.7 -21.5 3.1 -12.3 -64.9 -83.5 10.7 22.0 12.5 28.3 12.7 21.7 -42.4 -47.2 -11.9 -25.6 29.8 36.3 22.6 38.0 27.8 -475.2

44.6 44.2 2.0 -8.1 -10.1 9.0 3.8 12.9 -5.3 -41.6 -1.7 49.2 7.0 235.5 -14.8 -64.2 32.7 206.0 14.0 22.7 -2.9 11.5 19.1 27.0 -0.3 -18.9 1.2 -2.8 17.6 52.4 -57.4 -1014.0 -34.2 16.7 13.8 46.9 7.3 8.5 15.4 74.7 39.7 149.0 -50.5 -53.3 5.7 14.0 17.9 161.0 19.1 4.9 0.3 -7.1 -54.1 -170.2 9.4 11.8 13.3 25.0 3.8 10.8 -13.6 -45.9 1.4 2.3 14.8 21.2 10.1 16.0 36.6 -11.9

-9.8 2.4 -3.2 -6.2 -3.0 -1.9 1.6 -1.1 -1.7 -2.7 0.4 -12.1 -0.1 2.5 0.1 -14.3 7.6 -5.6 6.1 -2.2 -1.3 -5.8 -5.8 -8.3 -0.1 -8.0 -9.3 -1.0 36.7 3.8 -0.3 -4.4 -3.6 -0.1 -13.9

10.5 0.0 181.2 110.0 8.5 0.7 548.5 236.4 5.8 0.2 166.3 102.3 13.1 0.2 518.0 328.3 8.5 0.1 292.0 210.9 8.1 0.9 154.4 101.6 15.5 0.0 943.2 533.0 8.3 0.9 482.4 350.0 6.3 0.5 472.5 277.0 10.4 9.7 623.2 280.1 52.7 0.0 7196.9 4025.0 5.9 1.3 104.8 53.0 21.3 0.0 2795.0 2309.1 31.6 0.0 6732.0 4856.0 20.4 1.1 973.1 528.0 -7.1 2.8 73.4 30.0 0.0 5.7 25.0 12.5 9.4 0.1 1375.8 835.1 21.0 0.7 1083.7 755.5 6.5 2.4 699.7 418.5 7.0 1.9 858.0 322.0 0.2 0.0 19.1 12.0 16.5 0.8 157.0 101.9 6.0 0.1 908.0 94.0 16.4 0.4 1299.9 702.2 23.6 0.0 178.0 112.7 1.9 0.0 73.0 35.0 21.3 0.0 567.5 317.0 11.1 11.4 713.5 330.6 11.1 0.1 932.3 369.0 11.8 0.7 959.0 462.6 16.7 0.0 179.0 126.3 15.4 0.2 235.5 151.0 39.6 0.6 1098.5 645.0 0.0 46.1 27.9 5.1

........................................................................................................................................................................................................................

H D F C [2] HDIL H F C L [1] HPCL

1900.4 61.0 32.5 416.5

CM YK

71.4 3.4 0.8 39.8

26.6 18.2 38.9 10.5

4.8 0.2 3.7 2.8

201709 14.0 201709 -26.1 201709 39.2 201709 12.6

17.3 64.3 1.1 147.4

10.2 -56.8 10.3 17.5

2.6 -35.5 -47.2 16.1

7.9 -4.4 -5.4 -2.1

8.7 4.6 12.1 18.8

4.9 1917.0 1231.0 0.2 101.8 45.1 0.5 36.7 11.9 1.1 493.0 326.3

Company

Takeaways from Take 500

0.0 20097.0 10750.0 0.2 166.0 53.8

.........................................................................................................................................................................................................................

eClerx Services Edelweiss.Fin. [1] Eicher Motors EID Parry [1] EIH [2] Elgi Equipment [1] Emami [1] Engineers India [5] Ent.Network Eros Intl.Media Escorts Ess Dee Alumin.

Exide Inds. [1]

F

Year End Sales Qty

........................................................................................................................................................................................................................

D B Corp D B Realty Dabur India [1] Dalmia Bhar. [2] DCB Bank DCM Shriram [2] Deepak Fert.

Delta Corp [1] Den Networks Dena Bank Dewan Hsg. Fin. Dhanlaxmi Bank Dish TV [1] Divi's Lab. [2] DLF [2] Dr Reddy's Labs [5]

E

PB

........................................................................................................................................................................................................................

CPCL Cadila Health. [1] Canara Bank Capital First Carborundum Uni. [1] CARE Ratings Castex Tech [2] Castrol India [5] CCL Inter CCL Products [2] CEAT Central Bank Century Ply. [1] Century Textiles Cera Sanitary. [5] CESC CG Power & Indu. [2] Chambal Fert.

Cholaman.Inv.&Fn Cipla [2] City Union Bank [1] Clariant Chemica Claris Lifescien Coal India Colgate-Palm. [1] Container Corpn.

Coromandel Inter [1] Corporation Bank [2] Cox & Kings [5] CRISIL [1] Cummins India [2] Cyient [5]

D

PE

........................................................................................................................................................................................................................

B H E L [2] BPCL Bajaj Auto Bajaj Corp [1] Bajaj Electrical [2] Bajaj Fin. [2] Bajaj Finserv [5] Bajaj Hindusthan [1] Bajaj Holdings Balkrishna Inds [2] Ballarpur Inds. [2] Balmer Lawrie Balrampur Chini [1] Bank of Baroda [2] Bank of India Bank of Maha BASF India Bata India [5] Bayer Crop Sci. BEML Ltd Berger Paints [1] BF Utilities [5] BGR Energy Sys. Bharat Electron [1] Bharat Financial Bharat Forge [2] Bharti Airtel [5] Bharti Infra.

Bhushan Steel [2] Biocon [5] Birla Corpn.

Blue Dart Exp. Blue Star [2] Bombay Burmah [2] Bombay Dyeing [2] Bosch Britannia Inds. [2]

C

EPS

........................................................................................................................................................................................................................

A B B [2] Aarti Inds. [5] Aban Offshore [2] Abbott India ABG Shipyard ACC Accelya Kale Adani Ports [2] Adani Power AIA Engg. [2] Ajanta Pharma [2] Akzo Nobel Alembic Pharma [2] Allahabad Bank Allcargo Logist. [2] Alok Inds.

Amara Raja Batt. [1] Ambuja Cem. [2] Amtek Auto [2] Anant Raj [2] Andhra Bank Apollo Hospitals [5] Apollo Tyres [1] Asahi India Glas [1] Ashok Leyland [1] Asian Paints [1] Astra Microwave [2] Astral Poly [1] Astrazeneca Phar [2] Atul Aurobindo Pharma [1] Axis Bank [2]

B

CMP

EPS

PE

PB

Year End Sales Qty

Profit Qty

H T Media [2] 108.4 9.6 Hathway Cable [2] 42.1 -0.4 Hatsun AgroProd. [1] 834.5 8.7 Havells India [1] 547.0 9.1 Hawkins Cookers 3143.9 89.1 HCL Infosystems [2] 58.5 -7.6 HCL Technologies [2] 957.8 64.4 HDFC Bank [2] 1951.2 64.4 Heidelberg Cem. 162.6 3.8 Hero Motocorp [2] 3590.8 171.0 Hexaware Tech. [2] 350.8 16.8 Hind. Unilever [1] 1362.6 23.4 Hind.Construct. [1] 37.0 0.6 Hind.Copper [5] 86.8 1.0 Hind.Zinc [2] 301.0 22.4 Hindalco Inds. [1] 258.2 7.3 Hinduja Global 921.6 88.8 HMT 39.0 -1.5 Honeywell Auto 17900.7 243.1 HSIL [2] 482.8 12.3

11.3

1.1 3.4 36.4 10.3 19.5 3.6 4.1 5.3 3.8 6.3 5.8 45.8 1.4 5.4 3.6 1.2 1.3 22.8 12.2 2.4

201712 -3.8 201709 -58.9 201712 7.0 201709 22.4 201709 19.7 201709 -11.9 201712 8.4 201712 16.9 201709 9.3 201709 7.3 201709 9.8 201712 10.8 201709 6.5 201709 182.5 201712 18.7 201709 14.4 201709 4.1 201709 1.8 201709 16.1 201709 7.4

2.0 -65.4 -52.7 17.3 55.5 -279.2 0.6 20.1 101.7 0.6 24.4 43.9 -49.7 321.7 -3.9 21.1 42.5 -98.0 62.5 -17.7

Company

I

96.4 60.3 35.3 14.9 30.3 43.3 21.0 20.8 58.2 59.1 83.4 13.4 35.3 10.4 73.6 39.4

#4 4 6 6 0 1

Sales TTM

Profit TTM

Wkly Rtn

ROCE

DER Yr.High

Yr.Low

-5.1 19.3 -20.5 81.3 15.0 70.9 20.3 -5.7 6.9 5.8 -27.3 -16.8 10.8 11.1 14.7 19.7 2.9 11.2 -0.6 -2.8 13.6 26.4 7.3 20.1 4.8 -53.0 74.8 652.7 53.0 28.1 21.5 57.7 4.5 30.2 -47.9 -2019.9 12.4 47.5 3.7 -30.8

-5.7 4.1 -3.2 -0.2 -1.1 -3.6 3.5 4.6 -1.8 -2.6 -2.1 -0.7 -13.8 -7.0 -7.0 -3.9 -6.4 -5.5 -3.3 -0.9

12.3 0.0 22.1 24.9 61.9 0.0 33.2 0.0 11.0 48.9 34.7 86.6 9.6 5.8 21.8 6.5 14.6 0.0 27.8 8.2

0.5 118.5 1.1 49.5 2.8 970.0 0.0 575.0 0.3 3290.0 1.9 64.8 0.0 965.0 0.0 1959.8 0.9 189.3 0.0 4200.0 0.0 368.8 0.0 1405.0 2.1 48.0 0.2 110.6 0.1 333.4 0.6 284.0 0.6 1012.0 1.0 49.0 0.0 21899.0 0.6 564.3

78.0 27.0 404.0 376.4 2590.0 39.8 778.0 1231.2 109.5 3044.7 187.5 839.0 31.9 55.5 226.8 169.6 490.6 31.0 9220.0 277.2

..........................................................................................................................................................................................................................

IDFC IOB IOCL ICICI Bank [2] ICRA IDBI Bank Idea Cellular IFCI IIFL Holdings [2] IL&FS Transport Indbull.RealEst. [2] India Cements Indiabulls Hous. [2] Indian Bank Indian Hotels [1] Indoco Remedies [2] Indraprastha Gas [2] IndusInd Bank Info Edg.(India) Infosys [5] Ingersoll-Rand Inox Leisure Internat. Paper Ipca Labs. [2] IRB Infra.Devl.

ITC [1] IVRCL [2]

J

CMP

We’ve adjusted the numbers for one­o and exceptional items.

Sales (TTM) and Profit (TTM) make the same comparisons for the trailing twelve months.

Wkly Rtn (Weekly Return) gives the change in the price of a stock in the last one week.

ROCE (Return on Capital Employed) tells you what returns a business is generat­ ing on the capital it uses.

DER (Debt Equity Ratio), which divides a company’s total loans by shareholder funds, indicates how indebted a com­ pany is.

ROCE and DER give you the latest avail­ able year­end numbers for the company.

Yearly High and Low tell you the range that the company’s stock has spanned in the last one year.

Face value other than 10 per share is mentioned in brackets next to the com­ pany name.

As far as possible, consolidated numbers (latest available) have been used for a hol­ istic picture of the company’s nances.

Given that the top 500 listed companies are usually the most liquid and well­run, we’ve restricted the list to the S&P BSE 500 index constituents.

Note: Very large percentage changes in sales and profit are reflective of a change from near-zero or negative value.

Source: Capitaline database

58.0 23.0 385.7 353.5 3923.3 60.4 102.3 30.2 702.5 81.1 241.3 184.6 1301.3 381.3 142.0 273.5 311.6 1683.3 1401.8 1143.3 818.3 282.0 364.5 579.3 236.9 273.9 5.8

4.5 12.9 -10.2 32.9 11.7 15.4 23.0 85.9 45.7 -24.6 -7.3 -3.8 24.9 28.2 9.5 8.6 7.4 32.7 3.7 49.5 76.0 17.1 31.6 12.1 0.0 3639.5 3.6 75.1 8.7 35.8 56.7 29.7 18.7 74.8 72.3 15.8 24.4 33.5 4.9 57.1 18.8 19.4 12.8 45.1 24.6 9.6 8.8 31.2 -1.9

0.8 0.6 1.8 2.2 6.5 0.8 1.6 0.9 4.7 0.6 2.2 1.1 4.4 1.2 4.2 4.0 6.9 4.5 8.0 4.1 2.4 4.6 2.9 2.9 1.5 7.5 -3.3

201709 201709 201709 201703 201709 201709 201709 201709 201709 201603 201709 201709 201709 201709 201709 201709 201709 201712 201709 201712 201709 201709 201709 201709 201709 201712 201709

-2.0 -35.8 -6.9 -259.8 12.7 18.4 6.6 -32.5 -19.9 1.7 -14.0 -456.3 -19.8 -1309.4 16.0 -19.9 30.6 25.1 78.2 3.3 1.5 -30.3 -3.0 -62.1 22.2 25.8 4.1 11.5 -4.0 -216.2 1.3 -10.7 16.5 17.1 15.9 24.7 7.2 1.6 3.0 38.3 -1.2 10.4 4.7 634.6 18.9 -15.0 -2.3 75.6 -13.0 65.1 5.7 6.3 -19.4 -179.1

19.3 -6.9 -15.0 36.1 19.0 -1.4 12.7 -17.3 -16.8 -1.3 -8.9 -79.6 -13.0 -285.1 -28.2 -1391.1 32.7 35.8 26.1 -29.8 -15.5 -8.1 16.6 -22.6 24.8 25.0 1.4 77.5 -3.1 104.1 -2.0 -59.0 12.1 20.1 19.4 24.4 8.5 16.2 2.4 10.0 -4.0 6.1 9.9 -26.2 12.5 192.8 -1.6 0.1 5.3 33.2 6.2 7.8 -3.0 86.5

-11.8 -2.1 -0.6 11.3 -2.2 -1.1 -5.8 -6.8 -0.3 -9.9 -5.1 -3.2 6.1 1.7 0.6 -4.2 -4.6 -1.3 0.7 6.0 -5.4 -1.5 -9.5 3.4 -5.2 2.4 -9.5

9.3 7.5 0.0 0.0 17.5 0.6 0.0 0.0 23.5 0.0 0.0 0.0 4.3 2.0 4.7 4.1 13.8 5.2 9.0 6.8 6.5 2.3 7.5 0.6 11.9 6.4 0.0 0.0 0.0 1.5 11.5 0.3 31.5 0.0 0.0 0.0 16.1 0.0 30.5 0.0 11.1 0.0 7.0 0.5 11.0 0.9 8.9 0.3 6.1 2.9 35.6 0.0 0.0 12.5

68.0 50.8 32.3 21.5 462.6 348.4 355.0 232.3 4448.0 3726.0 86.5 50.3 123.8 66.7 34.5 20.6 725.1 265.1 124.2 70.0 269.5 74.6 226.0 134.6 1374.9 741.3 428.0 242.6 152.6 98.8 314.0 179.0 344.2 183.6 1818.0 1210.0 1439.0 796.3 1164.4 861.5 940.0 645.0 309.2 213.3 418.0 272.0 656.0 400.0 272.4 193.8 353.2 249.9 7.9 4.0

..........................................................................................................................................................................................................................

J & K Bank [1] J B Chem & Pharm [2] J K Cements Jagran Prakashan [2] Jai Corp [1] Jain Irrigation [2] Jaypee Infratec.

Jet Airways Jindal Saw [2] Jindal Steel [1] JK Lakshmi Cem. [5] JK Tyre & Indust [2] JM Financial [1] Johnson Con. Hit JP Associates [2] JP Power Ven. JSW Energy JSW Holdings JSW Steel [1] Jubilant Food.

Jubilant Life [1] Just Dial Jyothy Lab. [1]

K

-12.8 17.9 49.0 10.9 -0.6 2.9 -12.1 25.1 9.9 -16.2 5.9 -0.3 7.4 29.0 -6.8 -1.0 3.4 68.2 13.2 23.8 39.6 19.1 11.8

18.1 22.9 16.1 46.2 31.6 15.9 72.9 22.4 92.5

26.9 26.3 21.4 87.8 22.2 29.1 31.7

0.8 1.9 3.9 2.9 2.8 1.5 0.5 -1.4 0.9 0.8 3.6 2.2 3.8 14.7 0.5 0.5 1.3 2.2 2.9 15.2 3.7 4.1 6.6

201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201709 201712 201709 201709 201709 201709 201712 201712 201709 201712

-1.1 16.1 20.1 2.1 -22.3 9.9 -475.2 3.2 -0.9 34.5 18.5 7.3 39.6 11.3 -27.2 24.6 0.1 -42.2 28.1 20.7 41.9 7.8 12.3

-88.1 14.4 142.2 -16.1 1000.0 -52.4 -807.2 -91.0 -14.7 -146.6 -46.9 -92.2 41.7 -103.2 -112.5 -196.8 36.6 -38.8 29.2 230.6 80.2 26.5 61.5

-0.8 2.3 11.0 5.4 -15.8 6.9 -122.0 6.4 5.6 27.4 12.0 12.0 45.6 12.9 -4.2 9.5 -17.0 102.0 40.7 10.3 19.5 7.5 0.8

-37.6 -22.1 72.6 -0.8 -349.9 11.5 -348.1 -81.3 9.9 46.4 -11.2 -101.4 36.9 1.6 53.6 28.5 -52.9 129.6 -7.9 77.9 44.6 -4.7 94.1

-6.2 -4.1 -0.7 -5.0 -11.0 -4.8 -30.1 -4.1 -8.5 -0.3 -2.1 1.6 0.0 1.9 -5.7 -3.7 -3.2 0.8 -1.3 9.4 10.2 -8.6 1.9

0.0 12.3 12.6 23.4 4.1 8.8 0.0 7.2 8.3 0.9 5.9 13.2 14.7 22.4 0.0 2.5 10.4 7.2 13.8 13.7 14.0 7.3 14.9

0.0 0.1 1.5 0.2 0.9 1.0 1.5 0.0 0.8 1.5 1.5 2.3 2.8 0.3 2.7 1.5 1.5 0.0 2.1 0.0 1.3 0.0 0.5

95.7 59.8 367.6 255.0 1194.9 700.0 208.6 161.0 223.3 68.1 146.4 82.8 25.6 7.9 883.7 352.0 179.8 57.8 275.7 75.6 535.0 345.0 186.6 112.0 190.9 67.9 2775.0 1310.0 30.4 9.1 10.2 3.9 97.5 58.8 2007.0 1450.3 293.0 175.1 2114.6 817.6 974.5 600.0 648.0 326.1 441.0 325.0

........................................................................................................................................................................................................................

K E C Intl. [2] Kajaria Ceramics [1] Kalpataru Power [2] Kansai Nerolac [1] Karnataka Bank Kaveri Seed Co. [2] Kesoram Inds.

Kirloskar Oil [2] Kitex Garments [1] Kolte Patil Dev. Kotak Mah. Bank [5] KPIT Tech. [2] KRBL [1] KSK Energy Ven.

L

76.3 324.2 1123.9 175.9 186.9 135.8 15.8 793.5 157.4 264.0 433.5 179.5 166.9 2681.6 21.7 7.5 91.7 1796.8 282.3 2091.6 879.3 555.2 375.5

359.9 715.7 466.6 527.6 158.7 510.3 146.1 391.7 298.0 371.3 1059.9 196.4 628.5 16.8

14.0 15.1 18.8 9.8 16.0 26.1 -28.8 10.4 15.2 13.4 27.9 11.1 18.5 -29.8

25.7 47.4 24.8 54.0 9.9 19.5 37.8 19.7 27.8 38.0 17.7 34.0

5.5 9.2 2.8 9.8 0.9 3.3 2.8 3.5 4.0 3.1 3.8 2.3 7.1 0.3

201709 2.8 201709 6.7 201709 9.6 201712 13.4 201712 0.6 201603 9.9 201709 -5.6 201712 6.8 201709 38.9 201709 72.1 201712 12.8 201709 10.4 201709 0.1 201709 -15.5

37.4 0.1 23.7 1.0 27.5 -669.5 -419.3 40.5 84.5 48.9 37.1 7.4 4.9 -188.4

4.0 6.0 12.4 12.5 2.1 -23.1 -6.6 3.4 10.7 51.5 9.4 5.7 14.5 -23.4

81.6 -5.2 28.7 3.5 7.7 -42.6 18.5 -24.8 -2.3 42.2 31.8 -23.3 40.7 -133.9

-4.3 -3.1 -9.7 -5.4 -5.0 -3.0 -10.5 3.3 -5.5 -3.3 4.0 -3.3 -1.3 -8.5

19.3 1.9 395.0 32.2 0.2 787.5 18.8 0.3 536.0 28.2 0.0 608.0 0.0 0.0 181.1 14.6 0.0 708.1 0.0 12.5 173.4 12.1 0.0 450.0 31.9 0.1 384.3 14.4 0.9 404.6 0.0 0.0 1114.3 16.8 0.2 211.7 20.9 0.7 673.0 0.0 8.6 19.2

142.6 534.8 262.5 325.1 112.1 447.9 119.6 321.1 198.0 84.9 718.5 104.6 327.0 6.5

.........................................................................................................................................................................................................................

L&T Fin.Holdings Lak. Mach. Works Lak. Vilas Bank Lanco Infratech [1] Larsen & Toubro [2] LIC Housing Fin. [2] Linde India Lupin [2] Lycos Internet [2]

M

6.9 25.0 172.2 6105.8 197.7 30.9 141.8 8.1 17.5 2.0 -6.6 1371.9 53.0 25.9 562.0 39.4 14.3 537.8 3.1 172.4 923.0 40.4 22.8 7.0 8.5 0.8

201709 201709 201709 201703 201709 201709 201709 201709 201603

14.2 -1.3 11.5 -4.0 6.4 6.7 8.8 -8.0 6.5

45.2 21.4 -83.8 -339.1 54.4 -1.1 148.3 -31.3 8.7

13.2 -0.7 11.4 -8.9 7.7 10.1 17.9 1.5 15.3

38.9 10.8 -6.1 -290.4 46.4 12.3 269.1 -35.2 18.4

-4.5 -4.6 -0.4 -4.2 3.2 -0.9 -6.9 0.4 -16.6

8.7 6.4 213.6 93.3 16.5 0.0 6628.1 3638.0 0.0 0.0 194.7 123.8 0.0 0.0 4.6 0.8 11.4 1.9 1384.3 922.0 10.1 11.7 794.1 513.6 3.3 1.0 598.8 352.0 17.9 0.6 1572.3 807.0 27.5 0.0 10.7 4.8

.......................................................................................................................................................................................................................

763.9 28.6 26.7 M & M [5] M & M Fin. Serv. [2] 469.3 7.3 64.6 MRPL 126.3 12.4 10.2 MTNL 25.9 -45.9 Magma Fincorp [2] 174.0 0.7 241.3 Mah. Seamless [5] 520.6 23.0 22.6 Mahindra CIE 241.8 1.7 139.5 Mahindra Holiday 367.8 9.9 37.2 Mahindra Life.

529.7 15.6 34.0 Manappuram Fin. [2] 119.8 9.0 13.4 Marico [1] 313.9 6.1 51.7 Marksans Pharma [1] 44.4 0.8 58.4 Maruti Suzuki [5] 9321.3 248.1 37.6 Max Financial [2] 548.3 4.0 137.3 Mcleod Russel [5] 181.6 5.3 34.5 Metalyst Forg.

37.0 -97.8 Mindtree 701.7 29.6 23.7 MMTC [1] 64.2 0.3 219.2 MOIL 239.1 15.3 15.6 Monsanto India 2580.3 80.7 32.0 Motherson Sumi [1] 381.5 11.2 34.2 Motil.Oswal.Fin. [1] 1420.2 28.8 49.2 MphasiS 790.7 40.2 19.7 MRF 69127.5 2313.8 29.9 Multi Comm. Exc. 837.1 18.5 45.3 Muthoot Finance 434.3 35.5 12.2

N

3.4 4.2 1.3 -0.4 3.8 2.4 3.3 3.0 0.1

3.4 3.2 2.3 -0.3 1.8 1.5 2.6 7.1 1.2 2.8 14.8 3.9 7.4 7.7 1.3 -0.4 4.4 4.5 2.2 8.1 9.2 10.3 3.0 3.3 3.2 2.4

201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201709 201709 201709 201709 201709 201709 201709 201712 201709

14.0 15.0 -8.7 -11.9 -11.3 58.8 20.9 -5.7 -20.3 -5.0 6.7 51.8 21.8 -57.3 -0.7 -69.6 6.4 155.5 46.3 -6.1 33.1 40.2 5.7 10.5 -11.1 20.5

24.8 -11.7 19.2 -195.1 -3.3 -12.5 44.9 -3.6 -58.1 -5.3 2.5 1285.3 3.4 -247.7 8.7 -462.6 37.2 1194.7 123.5 -257.8 24.4 34.2 -6.3 -22.2 -47.6 53.1

5.9 14.1 21.0 -11.3 -9.6 59.6 11.9 10.1 38.8 15.8 -1.0 12.6 18.0 -29.5 0.4 -54.0 1.5 78.6 81.0 8.9 21.9 56.6 1.9 2.8 -2.8 16.4

6.5 -38.4 -22.7 -46.7 -92.0 46.3 26.0 5.6 -34.5 37.0 -0.9 80.2 14.4 -45.7 85.5 -401.4 6.8 306.8 167.4 7.9 21.5 51.8 1.7 -42.8 -36.5 39.2

-0.3 -2.3 -5.5 -4.8 -2.9 -3.5 -4.8 -3.2 7.9 -0.2 0.4 -5.5 -1.5 -3.6 -7.4 -7.5 11.0 -5.4 -6.0 -0.6 -0.9 -7.9 8.6 -4.0 -11.0 -3.9

16.1 8.9 26.9 0.0 8.7 10.5 3.1 8.8 6.5 17.5 47.2 3.3 23.0 8.8 5.4 0.0 21.9 0.6 14.8 32.7 23.0 16.2 17.3 23.0 9.9 15.8

0.1 785.6 589.0 5.6 502.1 263.6 1.0 146.3 97.2 0.0 31.3 16.8 5.1 191.4 94.5 0.0 550.0 262.0 0.0 270.0 188.5 0.0 469.0 266.7 0.4 563.0 319.5 3.0 126.4 75.6 0.1 347.8 253.0 0.2 58.3 34.3 0.0 10000.0 5644.0 0.0 683.2 513.0 0.5 248.3 149.8 5.8 69.0 24.3 0.0 706.2 435.0 0.3 101.6 53.5 0.0 285.5 147.5 0.0 2979.9 2242.0 1.3 395.0 214.0 2.4 1585.0 520.0 0.1 810.0 518.1 0.3 74499.0 49600.0 0.0 1258.2 831.2 3.3 525.8 291.5

NBCC [2] NCC [2] NESCO [2] Nestle India Netwrk.18 Media [5] NHPC Ltd NIIT Tech.

Nitin Fire Prot. [2] NLC India NMDC [1] Novartis India [5] NTPC

O

1014.8 77.1 165.1 157.1

29.8 4.1 6.2 6.7

34.0 18.8 26.5 23.6

6.9 1.4 1.1 4.7

201709 201709 201709 201709

-7.3 33.0 30.7 6.3

27.5 83.7 661.6 -10.5

45.1 25.6 11.2 8.1

157.5 35.7 1.6 4.5

-1.8 -8.3 -4.1 -1.4

38.8 8.0 5.7 31.0

0.1 1080.0 0.0 97.7 0.1 184.2 0.2 193.6

581.3 61.3 110.6 115.1

U

12.3 2.0 4.7 21.8 4.8 1.1 2.7 0.4 1.2 1.9 2.0 1.4

13.5 14.9 6.1 15.6 38.5 14.0

Sales TTM

Profit TTM

Wkly Rtn

ROCE

201709 -12.1 10.8 201603 11.8 -49.2 201709 7.4 1.7 201709 7.5 23.3 201712 -1.8 -85.3 201709 -16.5 -34.5 201712 9.0 22.9 201703 -98.9 -1068.6 201709 -3.0 -2.9 201709 39.2 9.5 201709 -4.2 17.6 201709 1.6 -2.3

4.2 0.1 12.9 9.4 -11.1 -7.6 7.5 -10.3 27.9 63.4 -14.8 7.1

27.7 105.2 11.2 9.3 44.0 -19.9 17.6 -125.9 167.8 18.7 -59.9 -1.5

-3.7 -7.6 1.5 -1.2 -12.4 -6.0 3.9 -14.8 -3.9 -5.6 0.3 0.2

29.4 8.4 29.2 30.6 0.0 7.9 18.6 5.6 18.3 15.7 8.4 8.1

DER Yr.High

Yr.Low

0.0 291.8 161.1 0.9 141.9 77.6 0.0 647.2 405.0 0.0 8001.0 5830.0 0.7 64.0 33.5 0.7 34.5 26.3 0.0 736.0 401.1 0.9 32.3 3.6 0.4 123.0 87.2 0.0 162.6 102.8 0.0 758.0 579.0 1.1 187.9 153.3

193.6 13.8 505.3 11.3 1407.6 68.3 374.3 36.0 228.3 4.1 9.7 0.6 4072.4 152.0 19.5 -34.9 166.9 2.6 122.7 -103.5

14.0 44.9 20.6 10.4 56.2 16.0 26.8 63.4

1.3 2.9 3.2 1.0 1.9 0.3 8.5 -0.7 3.3 0.4

201709 201709 201709 201709 201709 201709 201709 201703 201709 201709

3.1 3.1 20.5 24.9 8.1 -8.0 6.1 11.3 11.7 -23.1 17.2 -93.6 11.7 17.2 -2.2 -358.5 35.9 -65.5 -5.2 -1241.8

12.9 2.1 -30.1 -19.0 10.3 11.0 11.8 29.3 11.3 -36.0 25.2 106.5 5.7 16.5 -14.2 -31.4 34.3 271.8 -8.2 -2303.5

-3.3 -5.8 -4.7 -2.5 -0.5 -14.0 -1.2 -16.5 -2.8 0.8

13.5 9.1 19.8 10.0 7.8 0.0 42.8 0.0 2.9 0.0

0.0 212.0 155.3 0.1 562.0 302.3 0.5 1620.0 835.0 0.3 388.9 258.0 0.7 235.1 159.9 0.9 12.2 6.8 0.0 4220.0 3201.6 0.0 39.7 16.7 1.3 183.8 124.7 0.0 190.8 111.0

9400.5 136.7 68.8 993.3 29.7 33.4 22017.2 268.1 82.1 586.5 14.2 41.4 768.6 40.2 19.1 237.1 12.6 18.8 2117.7 62.8 33.7 603.7 12.9 46.9 890.3 16.4 54.4 2794.6 81.6 34.2 0.6 0.0 24.3 411.4 17.9 23.0 120.3 7.0 17.1 196.0 15.4 12.8 112.7 2.4 47.7 314.0 7.3 43.1 142.1 0.3 448.4 115.6 10.7 10.8 36.8 4.6 8.0 47.2 3.1 15.1 23.5 -25.5 176.4 5.7 31.2 147.8 5.1 29.0 1466.8 20.1 73.1

58.0 8.5 32.1 6.3 3.0 4.1 3.9 3.5 12.5 3.2 0.5 3.5 0.8 2.0 3.0 2.4 7.5 1.1 1.0 0.4 -3.0 1.0 1.5 6.7

201709 9.5 201709 3.1 201709 17.1 201712 25.6 201709 8.1 201709 17.5 201709 6.6 201709 -24.5 201709 7.9 201709 29.7 201709 -12.2 201709 31.8 201709 0.6 201709 16.0 201709 5.7 201709 24.3 201709 0.2 201709 31.1 201709 -13.3 201709 -2.3 201709 1.2 201709 4.0 201709 -7.7 201709 2.1

10.6 -20.8 22.4 52.1 12.4 28.1 386.0 -6.7 9.4 25.2 65.5 75.1 0.7 14.4 55.9 -23.8 -212.2 15.5 -74.5 -77.9 -210.0 2.0 -38.9 -12.3

1.8 -3.0 -2.9 3.7 18.5 21.9 22.0 40.0 10.7 11.0 17.6 51.1 -6.2 17.5 -12.5 55.7 2.3 -3.6 33.4 44.0 -12.6 13100.0 14.2 128.9 -5.1 -71.1 18.5 17.4 -10.0 -43.9 -11.9 -24.8 -0.9 -70.9 18.8 18.0 17.7 8.5 -6.6 -56.0 8.2 25.1 4.0 130.8 1.3 56.2 9.9 -9.6

1.2 0.4 -2.6 6.8 -1.8 -6.0 4.8 2.1 -1.9 -2.3 3.3 5.5 -4.6 -0.3 -10.1 -6.9 2.6 -3.2 -2.1 -4.4 -11.0 1.5 -9.0 0.3

62.4 33.2 59.3 22.4 22.3 23.0 16.6 11.3 39.6 9.4 4.2 23.2 8.9 9.5 9.7 6.2 7.3 14.7 12.2 0.0 0.0 0.0 10.1 14.0

0.0 9899.8 0.1 1035.0 0.2 25779.0 0.3 600.7 0.0 792.2 0.3 275.5 0.0 2149.0 1.8 679.6 0.0 972.0 1.7 3083.1 0.9 0.8 0.0 425.0 5.6 169.0 2.4 226.4 0.0 131.5 0.8 356.1 1.8 158.9 0.2 130.2 3.6 50.7 0.0 72.3 5.8 29.1 0.0 231.6 0.9 182.0 0.8 1659.7

6667.0 674.2 13650.1 176.6 558.0 177.5 1625.0 337.5 624.8 1670.0 0.3 153.6 112.8 188.1 61.0 148.0 86.3 81.0 34.3 44.5 17.7 126.4 44.0 1145.0

2.7 36.9 101.0 364.6 6.8 53.6 432.5 16.6 26.0 823.3 15.6 52.7 267.1 9.2 29.0 7.4 -0.6 1081.8 10.8 100.2 188.6 12.2 15.5 29.5 -19.4 560.5 9.6 58.4 529.1 48.1 11.0 929.3 53.4 17.4 517.5 38.0 13.6 50.0 -6.7 48.9 3.5 13.8 52.2 7.9 6.6 681.9 31.7 21.5 1.8 0.0 108.6 68.4 41.9 1.6 19.1 -133.3 156.3 28.3 5.5

1.9 4.5 4.8 6.1 4.5 0.5 3.8 2.3 0.3 2.7 0.9 2.2 0.6 4.6 0.6 0.3 3.5 0.8 0.4 -0.3 0.9

201709 201709 201709 201709 201709 201603 201709 201709 201709 201712 201709 201712 201709 201709 201709 201603 201709 201709 201709 201709 201709

1.4 -74.9 0.6 27.1 36.5 66.6 -29.9 -2.3 9.1 16.1 572.1 1.6 2.7 62.8 8.4 15.0 -48.7 -4469.4 -8.1 -1.5 7.3 39.1 25.7 25.5 4.9 -50.2 -15.2 -229.6 -7.7 0.4 3.2 -139.7 7.5 22.3 -49.0 -169.2 1.6 -38.7 -39.8 -10876.5 -6.7 -30.6

-0.8 0.8 -0.5 8.0 14.0 173.8 -4.7 3.9 3.8 5.4 353.5 71.2 1.3 -40.7 8.6 8.7 -28.8 -1178.9 -3.3 19.3 40.2 9.5 28.3 17.4 -2.0 10.7 91.1 -11.0 4.0 8.8 12.0 -8.2 12.8 19.3 -38.9 136.4 -7.4 244.9 -43.8 -219.1 -6.4 -2.0

-5.1 15.8 -3.4 0.7 0.4 -9.8 -3.7 -2.1 -6.1 -10.7 -9.5 -1.8 -6.8 -10.3 -10.4 -17.4 0.8 -21.7 -9.8 -2.5 -3.0

6.1 10.1 9.5 9.9 21.3 0.0 6.3 16.6 1.4 3.0 7.2 9.5 7.8 0.0 7.6 0.0 11.2 3.3 8.8 -10.3 11.3

0.8 111.5 0.9 368.6 2.5 475.5 1.4 872.3 0.1 289.4 3.2 9.6 1.3 1141.0 0.6 210.1 1.6 41.8 0.0 684.0 2.3 780.9 0.8 959.0 1.3 630.0 5.7 72.6 1.6 65.2 5.3 259.5 6.7 923.0 0.0 2.3 2.5 82.1 3.0 33.8 5.4 223.8

53.2 107.0 63.3 485.0 205.0 5.3 492.0 101.0 9.6 388.7 373.3 507.0 390.6 33.7 34.7 34.3 552.0 0.5 50.3 15.4 136.8

-6.3 93.3 88.8 0.4 247.7 163.4 1.8 92.0 409.8 12.2 33.5 4728.9 131.7 35.9 5626.1 136.3 41.3 122.4 -7.2 337.9 14.3 23.7 239.8 6.8 35.0 15.9 -3.4 442.4 20.4 21.7 587.7 14.5 40.6 518.0 2.4 216.9 18365.8 370.1 49.6 2040.8 63.9 31.9 1427.8 45.3 31.5 1296.9 16.0 81.3 24.3 2.3 10.7 24.9 -1.7 35.0 3.5 10.1 1827.4 50.9 35.9 535.9 19.4 27.6 1137.1 23.4 48.6 305.3 15.5 19.7 32.2 1.6 19.6 495.6 -9.6 100.6 6.6 15.3 1907.2 63.8 29.9 309.0 -1.1 376.5 5.1 73.4 802.9 10.1 79.7 572.0 19.1 30.0 1048.8 25.7 40.8 558.3 16.4 34.0 417.1 10.6 39.3 1455.3 31.3 46.4 198.6 9.9 20.1 15.1 1.0 14.9 229.1 0.2 943.5 1998.9 25.4 78.8 78.8 0.4 208.1

1.1 0.6 24.7 4.0 5.8 6.0 22.4 2.3 1.4 1.7 3.9 4.9 5.0 7.8 2.6 2.9 6.0 0.3 3.1 1.2 5.2 1.9 10.6 5.4 1.2 87.7 1.0 3.3 1.2 16.4 2.2 3.7 9.3 8.2 2.4 11.1 3.2 -1.3 6.3 27.3 0.6

201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201703 201503 201709 201712 201709 201709 201709 201709 201709 201709 201712 201709 201712 201709 201709 201712 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709

21.3 -142.6 6.6 -528.7 176.4 -120.8 12.6 80.8 5.0 40.3 4.1 11.6 -7.6 -248.2 24.3 32.7 41.8 97.4 -32.7 -3956.0 12.7 -26.5 -2.7 -10.7 -12.2 -67.2 23.1 41.6 28.2 -89.5 12.6 -73.3 1.8 -71.6 43.7 -50.2 21.9 -229.4 -14.3 -16.7 2.7 22.7 19.9 31.0 30.3 23.3 -14.7 19.1 6.6 3.3 -83.8 -516.9 24.5 56.4 16.5 -11.3 0.9 -15538.5 19.9 57.2 15.7 -45.9 -15.0 -59.5 8.1 5.3 10.4 17.5 68.3 -36.0 19.5 6.0 -9.9 19.5 -56.6 -258.3 -56.1 -34.7 22.5 19.2 -3.9 27.7

20.7 30.0 2.2 -95.9 81.6 377.6 16.5 52.5 2.0 -5.8 5.7 15.2 -5.6 -648.3 26.0 12.6 11.8 24.2 1.6 -1197.2 14.7 -1.3 0.2 -0.9 6.1 -29.1 15.2 -24.0 28.8 -27.8 8.3 -24.3 1.7 -12.7 88.9 -57.8 10.3 -116.2 -5.8 5.1 6.5 14.3 16.6 33.2 14.8 21.6 9.7 1.1 5.7 -24.0 -45.9 -234.6 24.6 72.5 12.3 -8.6 3.5 -127.6 24.5 23.9 0.8 -47.6 -9.9 -45.1 4.3 7.3 12.5 6.9 -21.2 -10.9 8.1 3.1 0.2 10.8 28.2 356.1 -10.9 841.3 12.5 5.4 -2.5 103.2

-5.1 -7.1 -7.3 -1.5 0.9 -2.6 -5.2 46.6 0.3 -3.9 -3.2 -4.4 -2.4 -2.6 -3.9 -5.8 -1.9 -9.2 -5.7 -7.2 -1.2 -9.5 -2.1 1.8 -1.5 -3.9 -6.1 -5.0 2.4 4.5 -2.4 -2.1 -2.6 -2.5 3.1 9.2 -5.5 -6.8 11.5 -4.9 1.6

-2.9 1.0 101.4 53.0 2.8 0.8 113.5 61.7 0.0 17.1 299.0 140.0 11.1 0.9 438.9 262.0 27.2 0.0 4945.0 3901.0 21.6 0.0 5960.0 3802.6 0.0 1.8 163.0 114.5 14.0 1.2 401.5 140.7 5.2 0.0 270.3 154.1 0.0 2.9 22.4 12.0 31.7 0.0 567.8 419.0 14.9 0.3 749.0 537.1 7.9 0.8 602.0 280.8 17.9 0.2 20560.0 14915.3 11.2 3.4 2648.0 1824.0 10.7 4.8 1543.4 890.0 15.1 0.0 1470.0 1123.3 2.3 1.1 38.5 14.1 0.0 2.3 41.2 22.5 13.0 0.2 40.2 30.0 20.7 0.0 2010.0 1267.7 8.4 0.9 687.0 256.4 22.6 0.5 1232.2 695.0 35.0 0.2 313.6 142.9 0.0 0.0 34.8 18.8 0.0 0.3 532.4 273.0 10.7 5.5 137.7 80.2 13.4 0.6 2045.0 1420.0 0.0 0.0 351.5 241.3 15.1 1.1 404.1 107.0 6.6 0.5 1259.0 754.0 20.7 0.3 728.5 433.1 39.4 0.0 1097.1 515.9 26.3 0.5 600.0 305.6 12.5 0.6 435.0 118.0 33.0 0.2 1470.0 875.0 19.1 0.1 230.0 155.0 9.9 0.0 22.3 12.8 1.8 0.4 235.0 111.9 62.7 0.0 2212.8 1153.8 0.0 0.0 95.7 61.4

V

1.9 2.0 4.1 2.2 2.8 2.0 2.9 1.9 1.5 1.9 2.0 2.1 -0.1 7.5 3.2 2.3 4.4 4.8 6.4 4.5 4.8 9.4 2.2 17.4 5.3 2.0 0.1 7.0 0.5 10.9 10.8 3.1 12.3

201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201712 201709 201709 201712 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201709 201706 201709 201709 201712 201709

-26.8 -21.1 9.1 2.4 4.0 0.4 4.3 -7.7 11.3 6.2 49.4 24.2 -27.7 3.9 6.1 -47.4 -45.1 6.1 2.2 27.9 26.1 9.8 -19.0 30.0 -0.4 8.9 -90.4 18.8 59.5 8.1 11.1 8.5 18.3

-89.9 -118.7 31.1 55.5 -21.4 -92.5 16.1 -11.0 193.5 -45.0 228.4 1536.5 -204.6 -3.9 30.4 -145.6 -9.7 -18.6 -4.7 267.8 36.3 24.7 -80.0 69.2 -1.4 129.5 -199.4 37.7 -100.0 -11.5 18.4 -8.1 20.2

8.1 -1.3 7.2 -11.4 -0.8 5.0 2.8 -1.8 -2.2 -0.6 36.4 21.4 -20.0 3.3 8.4 -27.3 -12.8 7.7 -5.6 21.3 -28.2 0.9 0.3 30.7 -6.3 1.6 -78.3 19.8 -2.0 -6.1 7.7 -0.6 10.9

610.0 -92.3 26.3 26.4 -2.1 -113.5 52.4 -9.3 -24.9 37.3 127.9 166.4 -165.4 -1.9 -0.3 -115.2 8.4 -8.0 -26.6 129.5 5.0 -5.0 600.3 31.5 -19.6 23.7 24.7 11.2 257.7 -14.9 27.1 -82.1 8.8

2.2 -5.1 -2.9 -5.1 -6.0 -6.2 -5.1 -4.3 -3.9 -6.9 -1.6 -2.5 -2.9 6.6 0.4 -7.5 -6.1 -1.2 0.0 -7.0 0.6 -5.8 -3.5 -1.3 2.8 2.5 -6.1 -5.1 0.0 -0.4 7.5 -10.0 -4.7

6.8 12.5 28.5 11.6 18.9 3.9 10.0 10.2 7.0 0.0 10.0 0.0 0.0 43.1 21.1 5.1 34.3 18.3 16.3 10.7 5.2 23.4 3.3 28.8 19.5 9.6 0.0 7.9 4.7 44.6 22.9 0.0 20.4

1.3 1.7 0.0 1.1 0.8 0.1 0.2 0.0 1.1 3.7 0.0 2.1 0.0 0.0 0.1 0.3 0.1 0.5 0.0 0.9 0.2 0.0 0.0 0.0 0.6 1.3 0.2 0.3 0.2 0.0 0.0 0.1 0.5

155.0 61.5 499.0 289.1 486.1 211.0 781.2 508.8 183.4 115.5 784.0 570.5 328.8 126.1 955.0 570.3 553.0 358.0 101.8 75.9 1239.0 591.5 792.5 428.3 11.0 3.8 2979.0 2154.3 564.0 357.6 128.8 84.0 220.7 150.3 840.0 612.0 1375.0 786.5 274.1 185.9 722.0 411.0 1008.0 601.1 189.5 97.5 938.0 358.4 1572.1 1143.5 304.0 171.5 25.0 11.2 361.4 205.1 0.5 0.5 167.0 113.1 8911.2 5300.0 66.9 33.2 794.9 377.8

31.0 -12.4 469.0 49.8 4300.2 91.9 363.8 284.4 141.2 -14.0 9.0 -1.9 17.9 -2.7 1096.3 11.8 3717.4 38.5 801.5 38.4 28.4 -14.0

9.4 46.8 1.3

93.2 96.6 20.9

0.6 0.9 4.7 2.9 0.5 0.3 0.4 11.4 25.1 5.2 1.1

201709 -20.4 -261.8 201709 4.3 4.4 201712 33.7 -23.3 201712 2.2 9501.8 201709 0.2 -966.4 201709 -35.5 -1127.1 201709 -7.0 -892.2 201709 23.1 246.9 201709 -3.7 102.4 201709 6.5 54.6 201709 22.1 -206.9

-13.9 6.0 15.2 6.8 3.4 -10.5 -6.3 4.9 -3.7 13.6 4.3

42.8 7.6 -10.1 2483.5 -332.2 13.1 -33.2 4.4 171.6 90.9 -21.5

-1.9 -3.0 -2.1 1.3 2.4 -6.4 -0.8 -5.3 -2.4 3.0 -6.9

0.0 10.2 13.7 11.9 0.0 -1.8 0.0 13.8 8.1 20.6 0.0

0.0 44.8 28.5 0.6 506.8 256.0 0.4 4594.3 3421.9 0.0 382.0 234.1 0.0 205.0 123.8 0.3 12.2 4.4 0.0 29.3 16.9 0.3 1199.0 715.8 2.3 4003.4 1831.3 0.9 902.0 681.0 3.8 32.3 17.0

........................................................................................................................................................................................................................

V I P Inds. [2] Va Tech Wabag [2] Vaibhav Global Vakrangee [1] Vardhman Textile Vedanta [1] V-Guard Inds. [1] Videocon Inds.

Vijaya Bank Vinati Organics [2] Voltas [1] VST Inds.

W

362.8 7.0 617.3 22.1 689.2 23.6 445.5 6.1 1488.3 111.7 331.3 33.8 239.4 3.3 21.9 -89.0 66.6 7.9 964.5 26.0 616.8 17.0 3100.0 109.9

51.7 27.9 29.2 73.6 13.3 9.8 72.8 8.5 37.2 36.2 28.2

11.5 3.3 4.8 20.6 2.0 1.9 16.0 0.1 0.9 6.7 5.8 10.0

201709 10.4 201709 14.0 201709 2.1 201709 61.7 201709 -0.1 201709 36.1 201709 16.9 201709 -67.5 201709 -2.4 201709 14.9 201709 7.7 201712 4.9

27.4 41.8 132.9 50.2 -72.7 14.0 25.0 -356.1 20.0 -5.0 22.0 20.0

9.2 20.9 7.6 39.2 2.6 34.1 12.3 -41.8 0.6 18.5 4.2 -8.3

35.1 4.2 92.4 39.4 -35.4 -16.6 -2.8 -184.5 98.7 -1.8 21.2 2.7

-1.7 -1.0 -3.2 0.8 5.7 -2.2 2.6 -13.3 -0.6 -1.0 -2.6 -2.2

32.4 15.5 11.6 42.7 16.1 14.9 36.5 2.4 0.0 32.8 18.4 45.6

0.0 393.8 121.9 0.4 749.0 480.0 0.3 768.0 295.0 0.1 458.5 145.9 0.6 1565.1 1110.0 1.3 346.8 217.9 0.0 248.0 121.2 2.4 110.0 12.1 0.0 97.4 50.2 0.0 1122.0 681.0 0.1 675.0 321.1 0.0 3774.0 2372.4

......................................................................................................................................................................................................................

WABCO India [5] Welspun Corp [5] Welspun India [1] Westlife Develop [2] Whirlpool India Wipro [2] Wockhardt [5] Wonderla Holiday

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2.8 49.6 136.9 442.0 3.2 138.3 453.0 19.3 23.5 725.8 53.3 13.6 159.6 9.7 16.5 634.4 -2.6 308.3 7.9 39.2 875.3 36.2 24.2 419.0 27.8 15.1 92.3 5.6 16.6 1169.4 74.9 15.6 751.7 46.0 16.3 7.1 -9.2 2954.8 133.6 22.1 552.6 31.3 17.7 109.3 -0.4 174.1 7.8 22.3 778.8 25.9 30.0 1294.2 17.8 72.8 248.6 3.7 66.3 704.5 27.3 25.8 921.0 14.4 63.8 167.6 1.3 132.4 892.5 11.7 76.5 1419.3 48.9 29.0 301.9 16.0 18.9 14.4 -14.4 331.4 3.2 102.0 0.5 0.0 31.4 133.6 3.0 44.0 8635.8 132.9 65.0 59.4 0.1 682.5 715.4 12.7 56.5

........................................................................................................................................................................................................................

UCO Bank Uflex UltraTech Cem. Unichem Labs. [2] Union Bank (I) Unitech [2] United Bank (I) United Breweries [1] United Spirits UPL [2] Usha Martin [1]

Z

54.2 63.5 23.8 66.9

Profit Qty

.........................................................................................................................................................................................................................

TBZ T N Newsprint T.V. Today Netw. [5] Tata Chemicals Tata Coffee [1] Tata Comm Tata Global [1] Tata Inv.Corpn.

Tata Motors [2] Tata Power Co. [1] Tata Sponge Iron Tata Steel Tata Tele. Mah. TCS [1] Tech Mahindra [5] Texmaco Rail [1] The Byke Hospi.

The Ramco Cement [1] Thermax [2] Thomas Cook (I) [1] TI Financial [1] Timken India Titagarh Wagons [2] Titan Company [1] Torrent Pharma. [5] Torrent Power Tree House Edu. Trent [1] Trinity Tradeli. [1] Triveni Turbine [1] TTK Prestige TV18 Broadcast [2] TVS Motor Co. [1]

7826.3 118.2 189.8 5.5 73.3 5.1 357.0 -0.2 1473.8 26.5 328.5 18.7 905.2 -31.0 415.3 6.4

66.2 34.2 14.3 55.6 17.5 65.3

10.7 1.8 3.0 10.1 11.4 2.7 3.3 3.1

201709 32.8 201709 72.3 201709 -10.2 201709 13.8 201709 37.5 201712 -0.1 201709 -4.0 201709 1.3

61.3 15.8 -70.4 -9.6 25.1 -8.7 -135.4 -37.0

11.1 6.2 0.9 12.4 14.4 -0.2 -11.0 22.9

-2.6 233.2 -44.2 66.7 16.4 -0.5 -419.4 -21.8

3.0 11.8 -6.9 -0.3 -3.7 3.0 -4.7 5.1

25.5 3.9 20.1 0.0 32.9 18.1 -0.3 11.7

0.0 7860.0 5157.0 0.8 194.8 78.8 1.5 99.6 60.0 0.3 388.8 184.0 0.0 1680.0 887.3 0.3 334.8 222.8 1.0 1012.0 531.5 0.0 424.4 330.0

........................................................................................................................................................................................................................

Yes Bank [2] ........................................................................................................................................................................................................................

Natco Pharma [2] Natl. Aluminium [5] Nava Bharat Vent [2] Navneet Educat. [2]

240.1 4.4 126.3 2.0 609.8 25.7 7692.2 114.9 54.5 -1.5 29.8 2.2 728.0 48.9 7.0 -0.9 104.7 17.1 146.2 9.4 671.0 17.4 172.4 12.3

Year End Sales Qty

.........................................................................................................................................................................................................................

SAIL SCI STC Sadbhav Engg. [1] Sanofi India Schaeffler India Schneider Elect. [2] SE Investments Selan Expl. Tech Sh.Renuka Sugar [1] Sharda Cropchem Shilpa Medicare [1] Shoppers St. [5] Shree Cement Shri.City Union.

Shriram Trans.

Siemens [2] Sintex Inds. [1] Siti Networks [1] SJVN SKF India Sobha Solar Inds. [2] Sonata Software [1] South Ind.Bank [1] SPARC [1] SREI Infra. Fin. SRF St Bk of India [1] Sterlite Tech. [2] Strides Shasun Sun Pharma.Inds. [1] Sun TV Network [5] Sundram Fasten. [1] Sunteck Realty [1] Supreme Inds. [2] Suven Life Scie. [1] Suzlon Energy [2] Swan Energy [1] Symphony [2] Syndicate Bank

T

PB

........................................................................................................................................................................................................................

RCF Radico Khaitan [2] Rain Industries [2] Rajesh Exports [1] Rallis India [1] Rattanindia Pow. Raymond Redington India [2] Rel. Comm. [5] Rel. Indl. Infra Reliance Capital Reliance Inds.

Reliance Infra.

Reliance Nav.Eng Reliance Power Religare Enterp.

Repco Home Fin Risa Internatio. [2] Rolta India Ruchi Soya Inds. [2] Rural Elec.Corp.

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PE

........................................................................................................................................................................................................................

P & G Hygiene P I Inds. [1] Page Industries PC Jeweller Persistent Sys Petronet LNG Pfizer Phoenix Mills [2] Pidilite Inds. [1] Piramal Enterp. [2] PMC Fincorp [1] Polaris Consulta [5] Power Fin.Corpn.

Power Grid Corpn Praj Inds. [2] Prestige Estates Prism Cement PTC India PTC India Fin Pun. & Sind Bank Punj Lloyd [2] Punjab Natl.Bank [2] Puravankara [5] PVR

R

EPS

........................................................................................................................................................................................................................

O N G C [5] Oberoi Realty OCL India [2] Oil India Omaxe Opto Circuits Oracle Fin.Serv. [5] Orchid Pharma Orient Cement [1] Oriental Bank

P

CMP

348.3

17.2

20.2

3.4

201712

20.3

22.0

21.0

27.0

2.2

0.0

0.0

383.3

266.4

.........................................................................................................................................................................................................................

Zee Entertainmen [1] Zensar Tech.

Zydus Wellness

599.7 909.5 1103.3

15.4 40.7 30.2

38.9 22.3 36.5

7.9 2.6 7.0

201712 201712 201709

12.1 0.9 17.6

28.3 -24.9 12.9

0.9 -0.5 11.9

58.7 -38.2 7.7

1.3 0.4 -2.6

23.7 22.8 23.4

0.3 619.3 0.1 954.5 0.0 1165.0

465.0 735.5 809.0

Join@Daily_English_Papers . . . .. . .....

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13

MONDAY • JANUARY 22 • 2018

ANOTHER MEGA DEAL QUICKLY

ONGC acquires 51.11% stake in HPCL for 36,915 crore

Women’s march Demonstrators at the second annual Women’s March Chicago. One year after the inauguration of President Donald Trump, thousands of people again gathered to protest for equal rights at the 2018 Women’s March BLOOMBERG

FPIs pump in 8,700 cr in Jan New Delhi, January 21

Overseas investors have put in a whopping 8,700 crore in the Indian capital markets this month so far on expectation of recovery in corporate earnings and attractive yields. This follows an investment of 2 lakh crore in the capital markets (equity and debt) in the entire 2017. Pankaj Pathak, Quantum MF Fund Manager­Fixed Income, however, believes foreign portfolio investors may not be able to repeat this showing in 2018 as withdrawal of liquidity and rate hikes in developed economies pick up. According to the depositories data, FPIs infused in a net amount of 5,769 crore in equities and 2,940 crore in the debt markets during January 1­19 — a net in ow of 8,709 crore. PTI

Registering cos to be made simpler

HPCL will continue to be a Central Public Sector Enterprise OUR BUREAU New Delhi, January 21

After some minor hiccups on the issue of valuation, public sector exploration giant ONGC has got the consent for acquiring con­ trolling stake in fellow PSU Hindustan Petroleum Corpora­ tion Ltd (HPCL).

The transaction, which will be concluded in the next few days, will be for 36,915 crore.

According to a statement is­ sued by ONGC, it has entered into a share purchase agree­ ment with the President of India for acquiring the 778,845,375 equity shares of HPCL (repres­ enting 51.11 per cent of HPCL) on January 20, 2018. The transaction is expected to be completed be­ fore January end, said ONGC.

This acquisition is in line with the government’s objective to combine the Central Public Sec­ tor Enterprises to give them the capacity to bear higher risks and avail themselves of economies of scale.

A statement from the Ministry of Finance said, “HPCL will con­ tinue to be a Central Public Sec­ tor Enterprise.”

The government’s decision to create the ‘oil major’ was an­ nounced during the Finance Minister’s 2017­18 Budget speech.

The ONGC Board on Friday had considered the proposal and approved the acquisition of shares at a cash purchase consid­ eration of 473.97 per share with a total acquisition cost of 36,915 crore, the statement ad­ ded. Shares of HPCL had closed at 416.55 on Friday.

The Cabinet in July 2017 had given an ‘in­principle’ approval to the acquisition proposal and decided to set up an Alternative Mechanism under the Finance

X W

ONGC hopes that as an integrated oil conglomerate, its performance will be less affected by the volatility of crude prices due to diversification of its cash flows to midstream and downstream presence through HPCL.

Minister to decide on the price, timing and the terms and condi­ tions of the strategic sale.

ONGC hopes that as an integ­ rated oil conglomerate, its per­ formance will be less a ected by the volatility of crude prices due to diversi cation of its cash ows to midstream and down­ stream presence through HPCL. SEBI exemption SEBI has granted an exemption from the application of Regula­ tion 23 of the Listing Obligations and Disclosures Requirements

Government cuts itself a neat deal

New Delhi, January 21

The government will soon bring in changes in the registration process for new companies to make it faster and more user­friendly, wherein applicants will be required to provide only “need­based” information, a senior official said. Corporate Affairs Secretary Injeti Srinivas said that if only need­based information is taken from the applicants, then with minimal information the name of a company can be reserved. “At that stage, it might not be necessary to give so many other details because name reservation might not lead to registration. Now, name is reserved for 20 days and earlier it was 60 days. Information should be need­based and need not increase the information burden on the applicants,” he told PTI. A new name reservation service is being developed and is likely to be in place on January 26, according to information on the ministry’s website. PTI

Jaitley may address SEBI, RBI boards New Delhi, January 21

Finance Minister Arun Jaitley is likely to address the boards of markets regulator SEBI and Reserve Bank of India on February 10, a senior official said. Soon after the presentation of Union Budget, it is a customary practice for the Finance Minister to address the boards of the Securities and Exchange Board of India (SEBI) and the RBI. A senior regulatory official said the Finance Minister is likely to address the boards of SEBI and RBI on February 10, especially on topics related to the Budget. PTI

to ONGC for this transaction on November 30, 2017.

Approval from the sharehold­ ers of ONGC is required for the related party transaction after the execution of the share pur­ chase agreement in accordance with provisions of Section 188(3) of the Companies Act. This is because the govern­ ment through the President of India is the promoter of ONGC and HPCL. The acquisition has been made on an arm’s length basis.

The transaction is exempt from the requirement to make an open o er under the provisions of Regulation 10(1)(a)(iii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regula­ tions 2011, ONGC added.

Asked if the board of HPCL will undergo a change after the transaction is concluded, a senior HPCL executive said, “it will be up to the government to decide. Meanwhile it is business as usual in the company.”

ANALYSIS ANAND KALYANARAMAN BL Research Bureau

Less than a fortnight before Budget 2018, the government, on the back foot due to shaky GST collections, brought out its big gun – the sale of its 51.11 per cent stake in HPCL to ONGC for a cool 36,915 crore, all cash.

The culmination of this mega­ deal helps the government in many ways.

One, it easily meets the divest­ ment goals for 2017­18, with the proceeds from the HPCL stake sale more than 50 per cent of the divestment target of 72,500 crore.

Two, the government will still exercise control over HPCL, even if indirectly. That’s thanks to the fact that HPCL will become a sub­ sidiary company of ONGC which in turn is under the govern­ ment’s control.

Three, the government will not have the headache of having to address di cult issues such as aligning organisational struc­ tures at the two companies — HPCL and ONGC, for now at least, will continue as separate entities.

Finally, and perhaps most im­ portantly, the government is monetising its stake at top dollar valuations. The HPCL stock has had a dream run, gaining more than 700 per cent over the past four years.

This is thanks primarily to the rout of crude oil since mid­2014 and fuel pricing reforms that helped PSU oil re ners such as HPCL grow earnings manifold.

Also, the deal price at nearly 474 a share of HPCL is at a 14 per cent premium to the stock’s last traded price of 417. Ergo: the government has cut itself a very neat deal.

The same though cannot ne­ cessarily be said for the compan­ ies and their minority sharehold­ ers. ONGC, unlike HPCL, has been facing rough weather over the past few years ­ hurt by the rout of oil, low prices of domestic gas and stagnating output. In stark contrast to the multi­bagger HPCL stock, the ONGC stock has gone nowhere, gaining about one per cent over the past four years.

True, the stake acquisition in HPCL will hedge ONGC’s busi­ ness risk at the consolidated level — with the now good­in­shape re­

X W The government is monetising its stake at top dollar valuations. The HPCL stock has had a dream run, gaining more than 700 per cent over the past four years.

ning and retail business lling in for the in­trouble exploration segment. But ONGC would have had little choice in the deal in­ cluding the premium price paid, but to obey the diktat by its pro­ moter, the government which of­ ten uses it as a cash cow.

This happened in December 2016 too when ONGC was told to acquire Gujarat­government controlled GSPC’s 80 per cent stake in the latter’s not­so­suc­ cessful Deen Dayal asset in the Krishna­Godavari basin for about 8,000 crore.

Sub­optimal capital alloca­ tion, if any, will impede the abil­ ity of the company to invest in the future. With cash and bank balance of about 13,600 crore as on September 2017, ONGC will likely have to borrow or sell its stake other companies such as Indian Oil or GAIL (India) to fund #4 4 6 6 0 1

the stake purchase in HPCL. Sure, an integrated presence across exploration, re ning and retail, and a bigger balance sheet will give ONGC more bargaining power and access to capital for big­ticket global energy asset shopping.

But this could have been achieved through other mechan­ isms such as consortium bids by Indian energy companies or by dedicated global­energy fo­ cussed subsidiaries such as ONGC Videsh as has been the case so far.

For HPCL, the deal could bring some oil­sourcing bene ts. But in the bargain, it loses autonomy in decision making with ONGC now calling the shots. Minority shareholders in HPCL will not also be pleased – ONGC has been exempted from making an open o er, thus depriving them the bene t of the 14 per cent premium over the last traded price being paid to the govern­ ment.

Also, if HPCL is eventually merged into ONGC in the future, the company, one of the biggest oil re ners and marketers in the country today, will lose its iden­ tity altogether.

HPCL board will be similar to MRPL, OVL: ONGC chief TWESH MISHRA

Is the deal a divestment or a strategic sale?

New Delhi, January 21

ONGC is gearing up to enable synergy within its subsidiaries after getting all approvals to ac­ quire a 51.11 per cent stake in fellow public sec­ tor undertaking, Hindus­ tan Petroleum Corpora­ tion Ltd. Speaking to BusinessLine, Shashi Shanker, ONGC Chairman and Managing Dir­ ector, threw some light on the way forward once the transac­ tion is concluded. He said that the HPCL retail infrastructure will be used to market products from ONGC’s other midstream assets. Excerpts:

I don’t understand the termino­ logy whether it is a divestment or a strategic sale, for me it’s just a deal.

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Will there be a change in the board composition of HPCL post conclusion of the deal?

Who will be the chairman of HPCL now?

The approval is that HPCL will re­ main an independent entity as a Central Public Sector Enterprise.

As of now it’s not a merger, it’s an acquisition.

The Chairman is a very insig­ ni cant terminology. It should be something similar to Man­ galore Re nery and Petrochem­ icals Ltd (MRPL) and our other subsidiaries such as ONGC Videsh Ltd (OVL) where there is a Managing Director and the Chairman is non executive.

Have you approached the markets for raising debt to finance the deal?

We have not sounded out any bank but have asked for proposals from them. We have approvals for 35,000 crore and we will go for the most attractive op­ tion, to nance the deal if need be.

Will HPCL be at an advantage in terms of crude sourcing after the deal? Will HPCL get a preference if it sources crude oil from ONGC?

Yes, HPCL will have an advantage because they will be sourcing a larger volume of crude together with MRPL. So you get a better price, the volume advantage will be there.

We do not have the option to allocate crude oil and I wish we had that option.

Will you ask the government to permit you to exercise the right to preferably allocate crude?

Yes, we have been asking for that option because we produce some of the best grades of crude oil.

What will be the status of MRPL’s LPG production? Will the product be marketed through HPCL?

Yes, the synergy will be there and that will be done. Even products of ONGC Petro Addi­ tions Ltd (OPAL) can be mar­ keted through the retail net­ works now. At the end of the day, we have to use it in the best possible way.

What about HPCL’s cross holdings with ONGC?

We will take a decision on that at the ap­ propriate time.

Z Y We have approvals for 35,000 crore and we will go for the most attractive option to nance the deal if need be.

SHASHI SHANKER Chairman and Managing Director ONGC

Z Y

Will Jaitley cut corporate tax rate? Agriculture export policy on cards, says Prabhu The tight fiscal situation may crimp the FinMin’s space for rate cuts

Minister opens new building at Campco’s chocolate factory

RICHA MISHRA

AJ VINAYAK

New Delhi, January 21

Puttur (Karnataka), January 21

As Finance Minister Arun Jaitley sets out to present the last full Budget of this government in less than a fortnight, there are speculations on whether he will keep his promise of further reducing the corporate tax rates.

While a view is emerging that Jaitley may not reduce the rates given the scal situation, a section of India Inc still re­ mains optimistic.

“Though he (Jaitley) would like to reduce the corporate tax rates, he doesn’t have much room,” said an o cial in the know. However, the personal tax front may see some tweak­ ing at the lower bracket, sources said.

“There is a political will to do it (reduce corporate tax rate), but given the scal situation it seems di cult. Besides, this Budget is likely to be more of a political document than ever given that elections are at the door step,” said a person closely associated with the developments.

A pre­Budget survey of 150 CFOs, tax heads and senior n­ ance professionals conducted this month by EY reveals that 20 per cent of the respondents believe that corporate tax rate will be lowered to 25 per cent and the surcharge would be withdrawn.

While 48 per cent of those surveyed were of the view that corporate tax rate would be lowered but the surcharge would continue, 33 per cent said that status quo would be maintained.

The Commerce Ministry is planning to come out with an agricultural export policy soon, according to Suresh Prabhu, Union Commerce Minister.

Speaking at the inaugura­ tion of the new amenity build­ ing of the Central Arecanut and Commerce Minister Suresh Prabhu looking at Campco’s products Cocoa Marketing and Pro­ during the inauguration of its new amenity building at the cessing Cooperative (Campco) chocolate factory in Puttur in Dakshina Kannada on Sunday HS Ltd at its chocolate factory in MANJUNATH Puttur (around 60 km from Mangaluru) on Sunday, he said will be formulated. He said that days farmers are not only af­ the policy draft is ready. It will farmers, who are usually af­ fected by middlemen but also be put up on the website in a fected by imports, should get a by import of di erent com­ few days after which the policy chance to export also. These modities. Black pepper grow­

CM YK

Finance Minister Arun Jaitley’s Budget is likely to be more of a political document PTI

X W An EY survey shows that 20 per cent of the respondents believe that corporate tax rate will be lowered to 25 per cent and the surcharge would be withdrawn.

According to EY, given the global trend of lower corporate tax rate and the earlier assur­ ance given by the Finance Min­ ister, the overall expectation is that the government would lower the rates. However, it is unlikely that the surcharge or the tax dividends will be lowered as the government continues to grapple with a del­ icate scal situation.

Many within the govern­ ment also believe that corpor­ ate tax rate may be untouched though the Finance Ministry is under pressure to keep the promise it made four years ago.

However, Rohinton Sidwa , Partner ­ Corporate Tax at De­ loitte Haskins & Sells, says that now is the time to start deliver­ ing on promises.

“The tax rate promise is four years old. The Finance Minister has to deliver in this Budget, and up until now he has

opened it up in steps. Currently, if you are a new company in manufacturing, the corporate tax rate is capped at 25 per cent from the start.”

So what will be the thrust of the Budget?

‘Practical Budget’ “It will be a practical Budget fo­ cusing on deliverables like completing the existing schemes. Expanding the base of some of the popular or success­ ful programmes like distribu­ tion subsidised LPG connec­ tions, MUDRA scheme, and ensuring that rural economy grows,” said a BJP leader.

Asked on the issue raised by economists at the recent meet­ ing with Prime Minister Naren­ dra Modi of need to shift focus to increasing farmers’ income rather than just production, an o cial said, “the Budget could give a whole new architecture for the sector.

“Focus could be on how to bring down the input costs for the farmers – like making seeds cheaper or incentivising irriga­ tion and also make available electricity to farmers. Incent­ ives may also be given for food processing and associated industry.”

Fiscal de cit may widen to 3.5%, says Morgan Stanley report

ers, who were a ected by the imports, had approached him recently. Following this, the Ministry had decided to solve their problems within just four hours, he said. Apart from this, the government had recently invited buyers from 45 coun­ tries to Delhi to provide a plat­ form for farmers to meet buy­ ers from various countries.

Rubber policy On the requests of rubber growers to come out with a sep­ arate policy for the commodity, Prabhu agreed that this was needed to improve the condi­ tion of growers in the country.

The Minister said work has begun on this front and had asked his o ce to look into this matter.

Stating that spices and many other commodities are facing

Chidambaram hits out at Centre over fuel prices PRESS TRUST OF INDIA New Delhi, January 21

PRESS TRUST OF INDIA New Delhi, January 21

India’s scal de cit is expec­ ted to increase to 3.5 per cent of GDP in 2018­19 but it will not have any material impact on macro stability risks, says a Morgan Stanley report.

As per the report, scal de­ cit target may widen to 3.5 per cent of GDP in 2018­19 from 3.4 per cent in 2017­18.

However, “the mix will still be favourable and hence we don’t expect macro stability risks to arise,” the nancial services rm said in the report.

It further added that over­ all spending on rural/social schemes is expected to stay

stable as a percentage of GDP and policy­makers will con­ tinue to focus on ensuring the e ciency of public spending.

Considering the upcoming State elections in 2018, and general election in May 2019 and weak private investment, concerns have emerged over the government’s scal position.

According to Morgan Stan­ ley, the Indian economy is ex­ pected to remain on a recov­ ery path, and is likely to improve to 7.5 per cent in 2018­19.

“Our base case view is that the economy will gather fur­ ther momentum in the com­

ing quarters as the underly­ ing drivers of consumption and exports should remain supportive.

“The economy now has a clear runway for growth,” it added.

Even though spending growth is expected to acceler­ ate, our base case is that we do not expect a material im­ pact on the in ation outlook as a result of this increased expenditure, the report said.

“We expect an acceleration in expenditure growth and a wider scal de cit in FY2019, but believe that the impact on the in ation outlook should be relatively muted,” it added.

various problems, he said the Ministry has started working on preparing a package for them.

“We are in the process of identifying each agricultural commodity as a separate prob­ lem. We are working out a pack­ age for each of their problems,” he said.

Lauding Campco, he said multinational chocolate makers are keen on partner­ ships with the farmers’ cooper­ ative Campco to make use of the processing facility in its factory.

This shows the quality and strength of a farmers’ cooperat­ ive. He said that there is a need for many more cooperative in­ stitutions in di erent parts of country modelled on Campco.

Today there is a need to set up cooperatives, strengthen them, and take them to the global scale, he added.

Former Finance Minister P Chidambaram today termed the Modi government “anti­ consumer” over record­high fuel prices and asked the gov­ ernment to bring them under the ambit of GST to provide re­ lief to consumers.

In a series of tweets, the Con­ gress leader also criticised the Centre over ONGC’s acquisi­ tion of the government’s stake in HPCL, saying it will have an impact on the scal de cit.

“Petrol and diesel prices have hit the roof. Govt contin­ ues to squeeze the consumers.

Absolutely anti­consumer,” the former Finance Minister tweeted.

Chidambaram accused the

government of squandering the windfall gains, reaped through “massive taxation” on petrol and diesel, in “wasteful expenditure”.

He wondered why the BJP was not providing relief to con­ sumers by bringing these two petroleum products under GST.

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BusinessLine MONDAY • JANUARY 22 • 2018

Startups alone won’t cut it for growth They need the right ecosystem to grow into businesses that can positively impact the economy and society. That’s absent MASROOR LODI

Retail investors face a severe dearth of safe financial assets and their participation can address over-supply in gilts

O

f late, the Indian bond market has been in a tizzy over the excess supply of government securities. Amid con­ cerns that the Centre would breach its scal de cit target, the yield on the benchmark 10­ year gilt spiked to 7.38 per cent last week. It cooled o only after the Government hastily pruned its excess borrowings from 50,000 crore to 20,000 crore. Even as the Centre is scrambling to bridge its revenue shortfall, buyers such as banks and mutual funds have been retreating from long­term gilts to avoid mark­to­market losses.

Foreign Portfolio Investors (FPIs) are already up against RBI limits on bond purchases. India’s mar­ ket interest rates have risen by a sharp 100 basis points in the last one year after three consecutive years of decline, on these excess supply worries.

But retail investors have had precious little to gain either from this problem of plenty in bonds, or rising interest rates.

Indian savers have made a decisive shift from real to nancial assets in recent years prompted by policy nudges and sluggish gold and property markets. But while umpteen new equity­linked options have sprung up on their menu — MFs, NPS, market­linked insurance plans — there’s a notable dearth of debt options. Banks, which garner the lion’s share of retail debt allocations, pegged down their term deposit interest rates with alac­ rity by 200­250 basis points between 2014 and 2016 as market rates fell. But they have been tardy in passing on the rate increases of the past year.

Post o ce savings schemes, though they have been less aggressive than banks in pruning rates (by 100­180 basis points), continue to be on a cut­ ting spree. RBI recently withdrew the 8 per cent 7­ year government bonds it o ers to retail investors and replaced them with a new 7.75 per cent series.

Outside of these, Indian savers face a real paucity of options to park safe money. In recent years, reg­ ulators have sharply shrunk the eligible list of de­ posit­taking companies and NBFCs, tax­free PSU bond issues have dried up, and corporate bond is­ sues in India are mostly privately placed with in­ stitutions, leaving savers at the mercy of banks.

With a squeeze on returns, some small savers have been making wholesale switches from xed de­ posits to equity funds, lured by the latter’s high re­ turns. This can back re if the market tide turns.

The retail xed income menu can be expanded if the Government bites the bullet on disinterme­ diating public sector borrowings. Today, the Centre, the States and public sector entities such as Indian Railways and NHAI borrow prodigiously from the market to bankroll their expenses. But these bonds are open only to institutional in­ vestors. Carving out retail quotas in these borrow­ ings, resurrecting tax­free bonds in the Budget, and expanding the menu of G­secs o ered directly

by RBI to retail savers, would ensure that the over­ supply problem in India’s bond market is ad­ dressed for good.

FROM THE VIEWSROOM

Changing power paradigms How soon will the ‘China Age’ take over the world?

T

he US has brushed o many challenges to its para­ mount power status over the last century. After World War I, Britain still had a sprawling empire, but there was little doubt that power was ebbing from its hands and slip­ ping towards the other side of the Atlantic. World War II left the US brie y as Masters of the Universe until the USSR got nuclear bombs of its own. In the 1980s came a di erent sort of threat with Japan’s rise, led by its resurrected companies. This threat ended in the early 1990s and the tech boom out of Silicon Valley put the US back on top of the global pile.

Now the US is facing its greatest chal­ lenge ever. China is exing its nancial muscle and its huge power, and making a determined bid to create a ‘China Age’ in which it would be at least equal, if not superior in strength, to the US. On the corporate front, China’s tech companies are coming up with their own innovations — Tencent is now the fth­largest global corporation; China will be a leader in electric vehicles and solar power. It’s even attempting to control its mega­pollution problem.

China brings a very di erent world view to global negoti­ ating tables, believing as it does that its own way of run­ ning things is superior to all others. Xinhua recently scorn­ fully dismissed western­style democracy, declaring, “China has absolutely no need to import the failing party political systems of other countries”. China views the ailing Trump presidency as an opportunity and The China Daily has just published a 5,500­word treatise on how China must grab in uence globally and position itself to seize strategic ad­ vantages of all kinds. The world sees India as another emer­ ging superpower that could potentially counter Chinese in uence. But how much of this is wishful thinking and whether we will be able to shape this century to our liking is another matter.

Paran Balakrishnan Editorial Consultant

L

et me break the myth that a lot of startups is a boon for the economy. They are not.

The true potential of entre­ preneurship can be attained not by having too many startups but by en­ suring that these startups grow into sizeable businesses. And since not all startups are worthy of growth and size there should be welcome casualties too. Therefore, a systemic view of entrepreneur­ ship is needed to understand its im­ pact on the economy.

A basic definition From government to academic in­ stitutions to media, all are overly fo­ cused on startups in the name of entrepreneurship. Startups are born out of entrepreneurial desire, but much of entrepreneurship is not startup. A successful startup conceives of an idea and converts it into a tangible product or service, which is accepted by early custom­ ers. The journey until this point is di erent from the one from here into the future. For the society and the economy to bene t from the product or service it is mandatory to scale this venture. Leaving star­ tups to remain without scale is a loss of eco­ nomic as well as social opportunities, a locking of critical societal re­ sources in eventually­ failing startups and di­ minishing entrepreneurial aspira­ tions.

Broadly speaking, there are three aspects in the system that lead to the sustainable growth of startups.

First, the internal factors of the ven­ ture that include elements such as founder(s), team, strategy, product or service o ered. These are mostly in uenced and shaped by the de­ cisions of the founding mem­ bers. Second, market forces, which basically imply compet­ ition, alternative products, and economic environment.

While some of these forces may be in uenced by internal decisions, many will con­ stantly push to keep adjusting and tweaking the business model. The third aspect is the pub­ lic policy towards scalable entre­ preneurship. The approach of pub­ lic policy de nes the ease of operating business and providing support to startups to convert themselves into growth ventures.

This article focuses on the policy aspect around scaling up ventures so as to help capture the real value of these ventures for the economy.

Priorities and challenges Entrepreneurs make things happen even in the most di cult situations because of their unique ghting spirits. Studies have shown that an enabling policy regime has the power to acceler­ ate entrepreneurs’ suc­ cess.

India’s current policy approach mostly focuses on bringing more people into starting up, helping vast numbers of small enterprises, en­ couraging need­based, instead of opportunity­based entrepreneur­ ship, and emphasising self­employ­ ment rather than large, scalable ventures. This is where the chal­

ISTO CK/S SNJA YTU TUR KHI

14

lenge exists. While our policy prior­ ity should be to give impetus to growing ventures, we are too fo­ cused on bringing more and more smaller entities into existence.

These scalable ventures are busi­ nesses that have gone past the star­ tup phase but are still not large businesses. They have discovered their sweet spot, are raring to grow, but are somewhere ‘stuck in the middle’. These businesses may be mistaken for small and medium en­

terprises (SMEs). While SMEs have the intention of remaining in such a bracket because of various reas­ ons including the family­driven approach, growth startups have the determination to make a huge dent in the mar­ ket space where they are op­ erating.

I call such ventures busi­ ness buds. They are young and high­growth in nature.

These businesses have shown incredible tenacity and ability to learn to come out of their fragile startup phase and grow into the more promising status of being the next blockbuster. Such businesses will eventually create immense wealth, o er huge job op­ portunities to people, and be a de­ cent contributor to the GDP of the country, as they successfully transit to their deserving larger size.

There is a common misconcep­ tion that starting up a business is a hard task and growing it is much easier. My experience of advising startups and growing ventures sug­ gests that it is far more di cult to grow a venture than to start one.

Even with a large young and edu­ cated talent pool in our country, getting the right talent remains the top challenge. Lack of skilled re­ sources can jeopardise the pro­ spects of a venture’s scaling up. A policy intervention must encour­ age both the public and private sec­ tors to produce industry­ready tal­ ent instead of just certi cate holders.

cessful startups moving their headquarters to places like Singa­ pore. The absence of a focused and clear policy framework makes pub­ lic authorities equate these high­ growth ventures in the same man­ ner as large organisations. Such an approach makes the lives of busi­ ness buds di cult, as they operate a lean machine to remain less risky and more e cient. Invariably, they do not have a large resource base to manage regulatory compliances of di erent departments.

Encouraging policies to help high­growth, high­potential ven­ tures can certainly energise these businesses. A question that pops up frequently is: When will India be­ come a nation producing world leading products? But how are we helping whatever small number of high­quality products our local en­ trepreneurs have brought to life?

Product companies need a support­ ive ecosystem. Policy incentives that can create an enabling ecosys­ tem will strengthen the global posi­ tioning of these ventures.

Paradoxically, we support seed­ ing of businesses but once these businesses are successful, and this is when we would want them to continue growing and generating value for the economy, our policies simply do not seem to help them.

Even a small number of successful growth stories can have an astoundingly huge impact in the form of value creation, and can sig­ ni cantly shape the entrepreneur­ ship culture in the country. More power to growing ventures.

Regulations are an obstacle Our regulations are becoming a constraint for business buds and this is evident in the number of suc­

The writer is co-founder and director of The Entrepreneurship School, Gurgaon

Education does not deter violence Sadly, a half-baked education can actually teach people to rationalise and propogate a misplaced sense of victimhood because Indira Gandhi’s assassins belonged to the same faith, or to murder other innocents for the crimes of members of their faith.

But the advocacy of violence in In­ dian cities is not always done through whispers. The demand for a ban on Padmavati has been ac­ companied by threats of violence on national television. #4 4 6 6 0 1

NARENDAR PANI

CITYZEN

T

he threats over the screen­ ing of Padmavati (or Padmavat) once again high­ light the extent to which violence intervenes in our civic life.

To be sure, there is no city in the world that is completely free of the problem. From crimes of passion to organised gangs, cities have always had to deal with those generating violence. But the perpetrators of vi­ olence rarely get the moral right­ eousness of the city on their side.

Gangsters like Al Capone may have had complete sway over Chicago in the 1920s, but the city did not be­ lieve he was morally right. It is this moral line that is being regularly crossed in Indian cities.

Crossing the line into violence is often done under cover of anonym­ ity of the mob. The perpetrators of the large­scale murder of Sikhs in Delhi in 1984, or the carnage in urban spaces in Gujarat nearly two decades later, tried to function as part of a faceless mob. The justi ca­ tion for the violence was then provided in whispers, whether it was the need to kill innocent Sikhs

Convenient labels It is tempting to treat these threats as the result of uneducated, back­ ward elements creeping into our urban spaces from the hinterland.

This has sometimes led anchors of English language television shows to switch to Hindi when asking questions of representatives of the Karni Sena. But in their responses these representatives try to use the articulation of an educated mind.

They have sometimes responded pointedly in English to questions asked in Hindi. The popular as­ sumption that those who advocate and resort to violence are necessar­ ily uneducated may need some re­ consideration.

Indeed, if we were to take a dis­ passionate view we cannot com­ pletely rule out the possibility of education even contributing to vi­ olence gaining a place in the dis­ courses in our cities. This claim may appear counter­intuitive but be­ comes more plausible when we take a closer look at three major types of urban violence: violence re­ lated to urban crime, violence that

results from an angry response to speci c events, and violence that is advocated even in calmer times.

It is likely that in the realm of crime, education may have a negat­ ive impact on urban violence. To the extent that the educated criminal mind would be able to loot large amounts of money through ad­ vanced technological systems, there may be distaste for the crudity of everyday urban violence.

The violence that emerges from an­ ger may be neutral to levels of edu­ cation. Anecdotal evidence of road rage does not suggest any distinc­ tion between the educated and the uneducated.

The violence of education It is in the calmer environment of urban debates that the role of edu­ cated Indians in the advocacy of vi­ olence becomes more visible. These debates, even in the shouting matches of most Indian television talk shows, require the education needed to make an apparently ra­ tional argument. The uncertainty, fears, and sense of victimhood that the advocacy of violence needs are often conveyed through the me­ dium of apparently rational argu­ ment.

Take the case of the fears that are sought to be generated by the claim that Hindus, despite currently ac­ counting for around 80 per cent of the Indian population, will in the foreseeable future be reduced to a minority. The data provided in sup­

Bully tactics Must be curbed AP

port of this claim will not with­ stand scienti c scrutiny, but the very use of data requires some level of education.

What makes matters worse in In­ dian cities is that education has been used to build a case for viol­ ence to achieve what would other­ wise be very desirable goals. Few would challenge the need for a more equitable society that would remove the variety of extreme forms of discrimination that exist in India.

The educated Indian mind can explore the nature of this discrim­ ination in great detail. And the ex­ treme levels of deprivation can be used to make a case for revolution­ ary change, even if that involves ex­ treme violence.

This justi cation for violence may have begun as a response to ex­

treme and apparently unchanging discrimination.

But what is considered extreme and unchanging has itself changed over time. Groups that were once considered dominant, and were even proud of their dominance, have begun to prefer seeing them­ selves as victims. And in this ag­ gressive inter­group competition what is needed to spur violence is not active discrimination against them but just the charge of others being ‘appeased’.

In the socially complex and com­ petitive reality of Indian cities, the more educated a community the greater its ability to build a case for violence.

The writer is a professor at the School of Social Science, National Institute of Advanced Studies, Bengaluru

BELOW THE LINE Trappings of State power

The meetings of the Goods and Services Tax Council have become an occasion for States showing o their hosting and hospitality skills. Taking and a cue from some of the other States, this time it was the turn of the Delhi government.

The 25th meeting of the GST Council was held in Vigyan Bhawan, New Delhi, on January 18.

The Delhi government used the opportunity to hold a musical night and host a dinner for all guests at the Garden of Five Senses.

The talk now is that maybe fu­ ture meetings could be held Goa and Bodh Gaya. Talk about mixing business and pleasure!

Yogic inclusion

Guess which well­known personal­ ity was recently advised by yoga guru Baba Ramdev to start doing some yoga? It was none other than Paytm founder Vijay Shekhar Sharma.

Fitness first Big Basket’s Hari Menon, Ramdev, Balkrishna and Paytm’s Sharma at the do RV MOORTHY

At an event attended also by Sharma, Baba Ramdev said, “Hamare Shekhar ji sabse bhaari pad rahe hain, kapalbhati karenge kal se (Our Shekharji has put on weight, he will do kapalbhati from tomorrow).” This happened earlier this week, when Patanjali launched its online site for which it has tied up with various players from the sector such as Amazon In­ dia, Flipkart, BigBasket, Grofers and others, along with Paytm Mall.

Ice-breaker

When Bayer’s top representative in India, Richard van der Merwe,

recently met media personnel from select media houses in the capital for the rst time since the announcement of the German chemicals giant’s $66­billion takeover of the US­based Monsanto, he found an easy way to break the ice. “This is an informal meet. We can even start talking about the Indian cricket team’s on­ going visit to South Africa,” he said.

Despite the fact that his com­ pany’s association with sport is more in the eld of football, van der Merwe would know a thing or two about the game in whites.

Even though he was born in Nami­ bia, van der Merwe spent a consid­ erable part of his adolescent life in South Africa, where he completed his university education.

His stint with Bayer too began in South Africa and he headed its South Africa subsidiary for eight years till 2009 before moving out to take up greater responsibilities

with Bayer elsewhere. That’s a good foundation, alright.

on if not on businesses?

GST-free trade

Railways and Coal Minister Piyush Goyal had a less than pleasant inf­ light experience while coming from Mumbai to New Delhi. Justi­ fying his late arrival to an informal press meeting, Goyal said that he was late by at least 40 minutes be­ cause of two ladies.

“There was fog in Delhi, which delayed the take­o from Mumbai and when the plane nally got per­ mission to take ight, two ladies decided that they did not want to go,” he explained. Goyal, who is known for his volatile temper in unfavourable situations, surpris­ ingly did not express his rage and kept waiting as “all the baggage was rechecked and the two ladies deplaned, causing another 40 minutes of delay”. Sometimes, only patience works.

GST has been sending businesses across the country in a tizzy. From rate tment to multiple returns, the trader community has no dearth of complaints against the GST framework. Harrowed by the processes, traders in Delhi called for a seminar to raise their con­ cerns with Opposition leaders.

One of the representatives of the trader community said, “Des­ pite months having passed since the roll­out, nobody has a com­ plete idea of what the GST is.

Neither the government, traders or the so­called experts have a complete idea how GST is to be dealt with.”

Responding to this argument, another trader quipped, “It is best to petition the Government to al­ low GST­free businesses.” The ques­ tion is: What would GST be levied

A tale of two women

Our Delhi Bureau

Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 on behalf of KASTURI & SONS LTD., and Printed by D. Rajkumar at Plot B-6 & B-7, CMDA Industrial Complex, Maraimalai Nagar, Chengleput Taluk, Kancheepuram Dist., Pin: 603209. Editor: Raghavan Srinivasan (Editor responsible for selection of news under the PRB Act).

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BusinessLine MONDAY • JANUARY 22 • 2018

An unwanted world C GOPINATH

AMERICAN PERISCOPE

T

he US was in quite a ut­ ter last week on the al­ leged use of a derogat­ ory term by the President (which he denied) dur­ ing a closed door meeting to refer to countries who are sending un­ wanted immigrants. He should stick to ‘Third World’ to refer to unwanted countries. Especially since he fears becoming one.

Trump, speaking in New York on August 15, 2017, had likened the crumbling infrastructure in the US to that of a third world country and said he would upgrade it to world class status. Joe Biden, Vice­ President under President Obama, felt the same in 2014 when he said, if taken blindfolded to La Guardia Airport in New York, one would say, ‘I must be in a third world country.’ The deterioration of inter­state highways, bridges, and airports in the US has been at the top of the vocal priorit­ ies of US politicians for a long time but has es­ caped their budgets.

The problem is bey­ ond infrastructure. Re­ cently an o cial in the University of Utah’s drug information services said about administering medications using syringes due to a shortage of saline IV bags in US hospitals, ‘It might as well be a third world country.’

The term was reportedly coined in 1952 by Albert Sauvy, French demographer, to refer to the group of nations who were neither aligned with NATO (or western democracies), nor with the Warsaw Pact (or communist) countries.

In US o cials, clearly, the term evokes fear. Let’s review. Third world countries generally su er from high income inequality and the US today exhibits wider dis­ parities between the rich and poor than any other major developed

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The US has a third­world problem nation. Third world countries have a reputation for brutal police tactics. In the US, police o cers’ penchant to shoot and kill in the line of duty has often led to street riots and tense situations in inner cities. More than 2.2 million people are in prisons, the highest in the world and the rate of incar­ ceration is said to be at least 5 times that of major western democracies.

The third world drags its feet when it comes to xing problems.

But so does Puerto Rico, a US colony, 40 per cent of whose people still have no power four months after a hurricane. Minorit­ ies get the short shrift in third world countries. Minorities are a disproportionate number of the US penal population. Levels of higher education, life expectancy, and so on among US minorities make it comparable to many third world countries.

Third world countries have frac­ tious politicians with their own sel sh agendas. They don’t com­ promise on national pri­ orities for the country’s pro­ gress and work hard to obstruct the other. The Demo­ crats and Republicans in the US have taken par­ tisan politics to a ne art, often threatening to shut down the government and taking months for important bills to pass.

Ariana Hu ngton, a political commentator, published a book in 2010 titled Third World America highlighting issues such as the shrinking middle class, and grow­ ing economic inequality. Few countries have been able to emu­ late Singapore’s escape, narrated

by Lee Kuan Yew in his 2010 book From Third World to First: The Singapore Story. So to those coun­ tries who are stuck squarely in the third world, I say, ‘Open your arms and welcome America!’ They feel they are quali ed to join.

The writer is a professor at Suffolk University, Boston

15

The art of thinking new Tata Sons’ R Gopalakrishnan offers a unique take on the oft­treaded path of innovation literature VINAY KAMATH

“O

h, not another book on innovation,” I thought to myself when R Go­ palakrishnan’s book A Biography of Innovations, landed on my table.

The author took the words out of my mouth, as in his introduction to his book, he himself says exactly that. Innovation is among the most frequently used terms wrapped in the adipose of management jar­ gon, he says. Everybody has a view on the subject and seems to write about it.

Indeed, the past few years have seen a spate of books on innova­ tion, dealing with the subject in multifarious ways. To cite a few among the welter of books, there’s The New Age of Innovation by the late CK Prahalad and MS Krishnan; Frugal Innovation by Navi Radjou and Jaideep Prabhu; From Jugaad to Systematic Innovation by Rishikesha Krishnan; and more recently, Crooked Minds, Creating an Innovative Society by Kiran Karnik. All deal with various facets of innovation, from how companies can do with more with less to creating an eco­ system for innovation.

And, as the author says, in the midst of this cornucopia of writ­ ings on innovation, here is yet an­ other one. However, Gopalakrish­ nan’s approach is, well, innovative, in the sense that he delves into a smorgasbord of subjects — from science and anthropology to psy­ chology and sociology — to outline the thought process behind cre­ ativity and innovation.

The author likens the eight stages of human life to the stages of ideas and innovation. How a concept is conceived in the brain (fertilisation) and how this grows into an idea (pre­natal); how the

idea is articulated through words and pictures (delivery); the devel­ opment of the idea into a demon­ stration prototype (infancy); the re nement of a prototype into a working model (childhood); the product and business model presentation (adolescence); the product competes in the market (adult); it achieves it potential (ma­ turity); the product renews itself to stay relevant (ageing).

The author draws interesting analogies between a concept in the brain and an embryo in a womb, straying into neurological territ­ ory. Writing metaphorically about how an innovation is conceived, the writer says a 100 billion neur­ ons in our brain are in a constant state of apparent chaotic activity, ashing electrical signals through a complex wiring. Scientists have found that the more chaotic the neuron activity in the brain, the higher the IQ of the person. “Occa­ sionally, quite magically and mys­ teriously, these random neurons get highly­organised and re in harmony; chaotic noise suddenly becomes orderly music, and an idea emerges out of the ring neur­ ons. Having an idea is a random and statistical process but once a concept is born, then they need to be developed into ideas.

Eight stages The book has eight chapters — eight life stages of a human being and eight stages of an innovation, from a concept to birth, its nurtur­ ing and nally its commercial use.

The chapters it between concepts and are embellished with incid­ ents and anecdotes from historical events and the author’s own exper­ iences, or the book would have been a pedantic and academic ex­ ercise. Metaphors are in plenty.

MEET THE AUTHOR

R Gopalakrishnan is an Executive Director of Tata Sons and a director on the board of Tata Power, Tata Technologies, AkzoNobel India, Castrol India and ABP.

Title: A Biography of Innovations: From Birth to Maturity Author: R Gopalakrishnan Publisher: Penguin Random House Price: 399

Take this fascinating story about the humble ballpoint, which many won’t even rank as an innovation, so commonplace it is in our lives today. Yet, the ballpen had to ght for a life. John Loud got a ballpoint pen patent in 1888, Anton Shae er in 1901, Michael Brown in 1991but none succeeded in bringing the product to market, until Laszlo Biro came long in 1938. “Apparently simple innovations seem to take a lot of time from their conception to adolescence!” says Gopalakrishnan.

While the idea of a ballpen was cogitating in Biro’s brain, it needed an inspirational moment to get the right idea for his innovation. Biro found that his expensive fountain pen would smudge and spread ink on paper. One day, he watched chil­ dren playing marbles and found it left a wet trail as they emerged from the puddle. That gave him the idea that it could work in a writing instrument. In April 1938, Biro se­ cured his patent and a business deal to produce and sell to a bulk order of 30,000 ball pens from the British RAF, as the ghter pilots needed a writing instrument that would not leak. Such is the stu of

innovations.

The author goes on to make an important point, which in the con­ text of the innovation of the ball­ point pen, and other innovations, is very pertinent. Innovations, says the author, takes longer than many think, quite unlike the journalistic imagery of ‘dramatic and disrupt­ ive’ innovations. Innovations have a life cycle, sometime short and of­ ten long. A study by a UK think tank points out that the average time from invention to widespread commercialisation was 39 years!

Innovations that replace existing products had shorter timelines of 29 years compared to those aimed at new markets, which took even longer at 42 years!

Missing detail In many cases, the author says, the basic scienti c principle was estab­ lished before a product appeared.

For example, he says, the PV cell us­ ing selenium was established in the 1870s, but the silicon­based solar cell made its appearance only in 1954. The cathode ray tube was invented in 1897, but it took several years before the TV set came to market. It’s a point to ponder. Why is that so? The inventor cannot un­ derstand everything and does not realise the depth of his or her ig­ norance about what it takes to con­ vert an invention into a product.

The human mind is not built to ac­ quire details about every aspect of an innovation.

A Biography of Innovations is a dif­ ferent take on the oft­treaded path of innovation literature. The stor­ ies and metaphors the author sprinkles liberally make for power­ ful reading and allows a reader a more lucid understanding of the concepts he outlines. What does it take to have an idea and innovate.

Gopalakrishnan reckons it’s like being a child forever and o ers an­ other acronym: CHILD, standing for curiosity, humility, intuition, learning and determination. Now, doesn’t that sum it up nicely!

Title: Breach: Remarkable Stories of Espionage and Data Theft and the Fight to Keep Secrets Safe Author: Nirmal John Publisher: Penguin India Price: 399 The book claims to expose incidents of digital robbery that were brushed under the carpet.

Title: To the Moon: How I Blogged My Way to Bollywood Author: Malini Agarwal Publisher: HarperCollins Price: 399 Story of a hobby blogger and RJ who went on to set up a leading entertainment website.

Title: One­Minute Super Dad: 99 Magic Moments to Raise Amazing Children Author: Prashant Jindal Publisher: HarperCollins Price: 299 Being a good father is an art as well as a science. A doctor tries to explain how.

#4 4 6 6 0 1

IN PASSING

Ravikanth looks at the business of business

BusinessLine TWENTY YEARS AGO TODAY january 22, 1998

B

Prime Minister Narendra Modi will travel to Switzerland today on a two­ day visit during which he will deliver the keynote address at the plenary session of the World Economic Forum (WEF) in Davos. This will be the rst participation by an Indian Prime Minister at the WEF in over two decades.

IDBI, IFCI hike lending rates

Both the Industrial Development Bank of India (IDBI) and the Industrial Finance Corporation of India (IFCI) today announced an increase in their lending rates by 100 basis points following the hike in the bank rate by the Reserve Bank. While IDBI raised its minimum term lending rate (MTLR) and minimum short­term lending rate (MSTLR), IFCI hiked its prime lending rate (PLR) and the short­term PLR. IDBI has also revised the interest rates on xed deposits. According to an IDBI press release, the MTLR is being increased to 14.5 per cent (exclusive of interest tax) from 13.5 per cent.

Govt offers help to 11 laggards in steel

B

B

As many as 11 companies which had obtained letters of intent (Lois) for commissioning steel plants have failed to stick to the stipulated time­frame. The major ones among these are Nilachal Ispat, Bellary Steels, Malavika Steel, Jindal Vijayanagar Steel, Rajinder Steel and Southern Iron and Steel Company. The Steel Ministry recently held a meeting with the heads of these companies to ascertain the reasons for the slow progress of the projects. The companies were asked to put forth their case and seek assistance from the Centre wherever necessary for expeditiously commissioning their plants.

The Supreme Court will hear today the pleas seeking an indepen­ dent probe into the alleged mysterious death of special CBI judge BH Loya. The top court had directed listing of petitions before “an appropriate Bench”.

Indian Institute of Information Technology and Management­Kerala is holding a one­day Internet of Things (IoT) conference at Technopark in Thiruvananthapuram today jointly with the Kochi­based Electronics incubator Maker Village, where top technocrats and industry experts will share their experience on various verticals.

B

The last date for GSTR­3B return ling for December ends today.

GSTR­3B is a return form introduced by the CBEC after the roll­out of the GST from July 1. The deadline to le the return for December was earlier set at January 20.

B

Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, will debut on the bourses today. The issue price for its initial public o er was xed at 275 per share. The IPO was subscribed a staggering 248.51 times on the last day of bidding.

CM YK

FII net investments remain negative

The net investments by foreign institutional investors continue to be negative, with an out ow of Rs. 265.1 crores ($71.2 millions) during the period January 1 to January 16, according to gures released by SEBI. The net out ow for both debt and equity investment by FIIs was $71.2 millions.

The total gross sales in equity for equity was Rs. 665.3 crores with gross purchases of Rs. 402.8 crores.

easy

bl two-way crossword 1026

not so easy

ACROSS

DOWN

ACROSS

01. Conductor’s platform (6) 08. Multitude of shes (5) 09. Well advanced (7) 11. Chosen (8) 12. A small, succulent fruit (5) 15. Lie lazily around (4) 16. Take small amounts of liquid (3) 17. Citrus fruit; the linden (4) 19. Figure of speech such as metaphor (5) 21. Opposite, contradictory (8) 24. Junior in years (7) 25. Fruit with rind (5) 26. Immature feline (6)

02. Atmospheric layer (5) 03. On the inside (8) 04. Roman god of war (4) 05. Michaelmas daisy (5) 06. A stronghold (4) 07. Walk wearily (4) 10. Care and repair of teeth (9) 12. Beak (4) 13. Woodwind instrument (8) 14. At this point (4) 18. Magni cent (5) 20. Portion (5) 21. Tend the hair (4) 22. Void, of no legal force (4) 23. Egg yellow (4)

01. On which conductor quietly shows hatred of it (6) 08. A lot of shes have crooked halos (5) 09. Send on his letters to the player in attack (7) 11. Picked Socialist leader and had him returned (8) 12. The fruit of a lobster’s egg (5) 15. Lounge about, making no end of money (4) 16. Skimpy odds given for such a small drink (3) 17. The linden is a mile out of place (4) 19. There’s too much French with English gure of speech (5) 21. Try no car that could turn so perverse (8) 24. It isn’t as old as your gen may be (7) 25. Fruit people half look to include (5) 26. Small creature with parts to make up has net put back (6)

SOLUTION: BL Two-way Crossword 1025 ACROSS 1. Gate­crasher 8. Etiolate 9. Root 10. Storm 13. Near 16. Onus 17. Milk 18. Moth 20. Screw 24. Newt 25. Marinade 26. Celebration DOWN 2. Aria 3. Eclat 4. Rotor 5. Heron 6. Development 7. Storekeeper 11. Overs 12. Minor 14. Evil 15. Quit 19. Hotel 21. Chair 22. Evict 23. Halo

DOWN

02. There’s nothing ahead of the

belt in this layer (5) 03. In an internal way is idly about to warn of change (8) 04. It spoils a heavenly body (4) 05. With the tares, it might come into bloom (5) 06. Defensive place held by RAF or TA (4) 07. Go wearily, but do turn up after rst half of play (4) 10. Treatment of teeth, if dirty, sent the wrong way (9) 12. This is the account for a battle­ axe (4) 13. It is instrumental in entering Bordeaux (8) 14. In this place you’ll see woman begin to expand (4) 18. A thousand­pound pianoforte (5) 20. A part one can penetrate right away (5) 21. A hair­tidy may be lled with honey (4) 22. It is of no legal force as a kink (4) 23. The yellow you don’t nish, like its consonants (4)

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16

NEWS

BusinessLine MONDAY • JANUARY 22 • 2018

Jyothy Labs to ride on ayurveda wave Eyes 500 crore revenue from this segment by 2021 PURVITA CHATTERJEE Mumbai, January 21

FMCG major Jyothy Laborator­ ies is targeting revenues of 500 crore by 2021 from its ay­ urvedic and naturals portfolio where it has brands like Margo toilet soap and Neem toothpaste.

Both the brands have been a part of the acquired Henkel’s portfolio and have been pegged as the fastest growing brands in the domestic com­ pany’s kitty.

“Margo and Neem are the two ayurvedic brands in our portfolio that came to us from Henkel as part of its seven brands. Since the naturals/ay­ urveda wave has caught up with the FMCG industry, we would be building up this business further with a target to reach 500 crore of busi­ ness by 2021,’’ said K Ulhas Kamath, Joint Managing Dir­ ector, Jyothy Labs.

In fact, during the third quarter, Margo recorded the highest growth at 44 per cent

Margo toilet soap and Neem toothpaste have been a part of the acquired Henkel’s portfolio and pegged as the fastest growing brands in the domestic company’s kitty. Pril and Fa will continue to be the two licensed brands. (file photo) BIJOY GHOSH

with the toilet soap being pit­ ted against established na­ tional brands. Its non­tradi­ tional markets contributed to the bulk of its growth during the quarter, while its tradi­ tional markets like West Bengal and Tamil Nadu saw its growth rates dip from 50 per cent to 30 per cent.

Margo toilet soap brand has a turnover of 175 crore and there are extensions like face­ wash and handwash that have been planned.

“We have already reformu­

lated the original toilet soap of Margo and it has been grow­ ing even in its non­traditional markets by 30 per cent,’’ ad­ ded Kamath.

Even Neem toothpaste, which has restricted presence in the East and South, is now being pushed to have a na­ tional presence and there are plans to export the brand to countries in South­East Asia.

“We added Neem as one of the seven brands from Hen­ kel’s portfolio and currently it has a turnover of 30 crore.

AP cancels tender process for Bhogapuram airport project PRESS TRUST OF INDIA Amaravati, January 21

The Andhra Pradesh Govern­ ment has cancelled the entire tender process in which the Airports Authority of India (AAI) had emerged as the win­ ner for the proposed Bhogapuram Aerotropolis project in Vizianagaram dis­ trict last year.

The State Cabinet, which met under the chairmanship of Chief Minister N Chandrab­ abu Naidu late last night, took the decision to develop the new green eld airport under the public­private partner­ ship mode.

“Across 2,703 acres, the scope of Bhogapuram airport will be expanded from a mere airport to an integrated air­ port with Aerocity, mainten­ ance, repair and overhaul (MRO), Aviation Academy, etc,” an o cial release said today.

Besides AAI, GMR Group was the only other contender for the airport project.

GMR had o ered a revenue share of 21.6 per cent.

Asked why the tenders were cancelled after the AAI emerged as the winner in Au­ gust 2017, o ering 30.2 per cent revenue share to the

State Government, Principal Secretary (Energy, Infrastruc­ ture and Investment) Ajay Jain told PTI they wanted to go for development of an “integ­ rated airport”.

“The scope of the project has been expanded. That’s the only reason,” he added.

The international airport was proposed to be developed three years ago at a cost of over 2,200 crore, 40­km from port city Visakhapat­ nam, as it did not have a civil­ ian airport.

The current airport in Vi­ sakhapatnam belongs to the Indian Navy.

Audi to recall over 1 lakh vehicles over faulty engine-control software REUTERS Frankfurt, January 21

Germany's KBA automotive watchdog has detected illicit emission­control software in Audi's latest Euro­6 diesel models and has ordered a re­ call of 127,000 vehicles, Bild am Sonntag reported.

Audi, a unit of Volkswagen, said in a statement that the models had been included in a voluntary recall of 850,000 diesel vehicles with V6 and V8

TDI engines announced in July.

“The engine control soft­ ware for the vehicles in ques­ tion will be completely re­ vised, tested and submitted to the KBA for approval", Audi said in its statement.

It did not con rm more de­ tails of KBA's request.

Bild am Sonntag said road transport authority KBA had told Audi to respond by Febru­ ary 2 on how it plans to update vehicle software controlling

emissions, making sure the cars are unable to illegally ma­ nipulate emission controls.

Audi said it has been ex­ amining its diesel­fuelled cars for potential irregularities for months in close cooperation with the KBA. “As part of this systematic and detailed assessment, the KBA has now also issued a no­ tice regarding Audi models with V6 TDI engines,” the car­ maker added.

Grasim gets green nod for 2,560 crore expansion project

Neem would also get exported and enter new markets like Malaysia,’’ said Kamath.

Recently, German multina­ tional Henkel decided not to exercise its option to acquire stake in Jyothy Labs as had been envisaged in the past.

However, the domestic FMCG company will continue to build Henkel’s brands in the country with the exception of its Fa brand of deos.

“We acquired seven brands from Henkel of which Pril and Fa will continue to be the two licensed brands,’’ he said.

Jyothy Labs will be building on the dishwash liquid brand of Pril which has been grow­ ing at 15 per cent with a turnover of 150 crore.

However, it has decided to sideline the deo brand of Fa. “Fa is a stagnant brand and while it has revenues of about 22 crore, we would not spend in its advertisement,’’ he said.

Jyothy Labs reported a net revenue of 431.2 crore for the quarter ended December 31, up by 15.9 per cent from the corresponding quarter. Net pro t was up by 59.3 per cent and stood at 32.9 crore against 20.7 crore.

PRESS TRUST OF INDIA New Delhi, January 21

Grasim Industries has received green nod for expanding the production of man­made bre VSF at Bharuch, Gujarat, that will entail an investment of 2,560 crore, according to an o cial document.

The company has four VSF (Viscose Staple Fibre) plants in India, of which two are located in Gujarat, one each in Khar­ ach and Vilayat in Bharuch district.

As per the proposal, the company’s Grasim Cellulosic Division wants to expand its Vilayat plant.

In a letter issued to the Grasim Industries, the Union Environment Ministry has said it has given the environ­ ment clearance to the com­ pany’s proposal on expansion of Vilayat unit subject to com­ pliance of certain conditions.

The company’s proposal is to increase the production ca­ pacity of VSF from 1,27,750 tonnes per annum (tpa) to 2,55,500 tpa.

ACME Cleantech to ramp up battery making capacity by April 2019 Proceeds from IPO of subsidiary ACME Solar Holdings may come in handy TWESH MISHRA New Delhi, January 21

ACME Cleantech Solutions will ramp up its battery manufac­ turing facility on the back of the government’s push to­ wards lowering fossil fuel dependence.

“ACME has a fully integrated manufacturing facility for lith­ ium­ion batteries that has a current production capacity of 350 MWh per annum. The com­ pany aims to expand it to 1 GWh per annum by April 2019,” a company o cial told BusinessLine.

An industry watcher said that this will require a capital expenditure of 500­600 crore.

In early 2017, the ACME group was in the news after winning bids for setting up 250 MW of solar power generation capacity in the Rewa Ultra Mega Solar Power Project at the then record low tari of 2.97 a

ACME has a fully integrated manufacturing facility for lithium-ion batteries with production capacity of 350 MWh per annum. The company aims to expand it to 1 GWh per annum by April 2019

unit. The entire project with a total solar installed capacity of 750 MW in Rewa district of Madhya Pradesh is expected to be completed in 2018.

And by December 2017, ACME Solar Holdings got the nod of markets regulator Se­ curities and Exchange Board of India (SEBI) to raise 2,200 crore through an initial public o ering (IPO). The Draft Red Herring prospectus was led with the SEBI in September.

ACME Solar Holdings said that funds raised through the issue would be used to pay debt and to nance the com­ pany’s 200 MW solar power project in Rajasthan and for

other general corporate pur­ poses. ACME Solar Holdings is a subsidiary of ACME Cleantech Solutions.

According to the Draft Red Herring Prospectus, ACME Solar Holdings intends to util­ ise 541 crore from the net pro­ ceeds to repay a loan availed from ACME Cleantech Solutions.

The ACME Group was estab­ lished in 2003 and originally operated as a provider of en­ ergy management solutions to wireless telecommunication operators in India. ACME Solar Holdings was established in 2015 to consolidate the group’s solar power business.

VW lines up €1 b to launch new models in India PRESS TRUST OF INDIA New Delhi, January 21

Germany’s Volkswagen group, led by Czech automaker Skoda, plans to invest around €1 bil­ lion (over 7,800 crore) in In­ dia over the next few years to develop six new models.

The proposed six new mod­ els, three each under Skoda and Volkswagen brands, will cater mainly to the domestic market.

If successful in India, the group may also look at export­ ing these to some of the select markets abroad. The new products will be developed on Volkswagen’s MQB­A0 platform.

When contacted, Skoda Auto India Director Sales, Ser­ vice and Marketing Ashutosh Dixit told PTI that the company is working on VW’s MQB­A0 platform but declined to share investment details and new product launch timelines.

Skoda has taken over the de­ velopment of a ordable products for the VW group as its deal with Tata Motors for joint development of products failed to take o .

#4 4 6 6 0 1

Pet coke import for trading ‘not permitted’ in NCR PRESS TRUST OF INDIA New Delhi, January 21

In a move to curb air pollu­ tion, the Environment Min­ istry has, in a noti cation, said that import of pet coke for trading will not be permit­ ted in NCR States.

In the noti cation dated January 19, the Ministry has put a host of restrictions on sale and use of pet coke in lime kilns in NCR, to control and abate environmental pollution.

Pet coke is one of the key sources of air pollution in the region. The noti cation stated that no lime kiln using pet coke as fuel will operate in NCR without obtaining the consent and registration of the state pollution control boards concerned.

The consent issued will have to clearly specify the quantity of fuel permitted per month and per annum, it said. Also, industrial units will not be permitted to store pet coke for more than its three months consumption.

The restrictions have been put in place under sub­sec­ tions (1) and (2) of Section 3 of the Environment (Protection) Act, 1986 (29 of 1986).

It, however, said, “Only con­ sented and registered indus­ trial units of NCR States shall be permitted to directly im­ port pet coke and consign­ ment shall be in the name of user industrial units for their own use only.”

CM YK

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BusinessLine MONDAY • JANUARY 22 • 2018

17

‘Focus on doubling farmers’ household income’

QUICKLY

New avatar Women forming human chain for eradication of child marriage and dowry at Gandhi Maidan in Patna on Sunday RANJEET KUMAR

Maharashtra mulls online lottery Mumbai, January 21

The Maharashtra government has prepared a proposal to shift lottery from paper to online in order to earn more revenue, an official said.

Maharashtra Principal Secretary (Planning) Vijay Kumar Gautam said the State government is studying the lottery model of Kerala, which earns a huge revenue through it.

The State gets a mere 132 crore from lotteries, whereas Kerala earns 1,300 crore annually, the official said. PTI

RUTAM VORA

suggest to help farmers?

Ahmedabad, January 21

Farmers in India have a low re­ source base – about 67 per cent or two­thirds of our farmers own around one acre of land. Most of the input prices are in­ creasing but output prices are not rising, lead­ ing to distress.

The MSP is one of the many mechanisms to prevent fall in prices of output, but owing to scal and storage constraints, it is not possible to purchase all the output by the government.

Warehouse receipt nancing – hedging in the commodity fu­ tures introduced to help the farmers – is facing operational is­ sues and hence it has not really helped the farmers.

But initiatives such as eNAM (electronic National Agriculture Market) —connecting the farmers with the traders — are good that

A faculty at the Institute of Rural Management, Anand (IRMA) and newly appointed Director of the Institute, Hitesh Bhatt, is a person on a mission to turnaround the fortunes of the institute, which has been the backbone of the rural management ecosystem in the country. It is aiming to play a crucial role in addressing the rural livelihood and resource management. Bhatt tells BusinessLine that the road ahead is clearly charted for IRMA and IRMAns, whose role will be crucial in coming days as Indian farming undergoes stressful days amid pricing challenge. Excerpts:

O

India has been facing farm distress for many years now.

What do you think is the cause and what measures do you

need to be operationalised on a larger scale to help farmers get better prices for their produce by eliminating the intermediaries.

Diversifying the farm and farm­ based activities would also help to address the issue of farm dis­ tress. This can be done by develop­ ing allied activities such as cattle rearing, poultry, hatchery, pig­ gery or even investing in fruit orchards.

Apparently, all these policies end up helping large holding farmers more as compared to the ones who are marginal and distressed.

Some critics and agrieconomists have questioned the government’s target of doubling the farm income by 2022. What is your take on it?

It is erroneous to say ‘doubling the income of a farmer in the next few years’. Instead, we should fo­

Z Y

Making the value chains shorter (from farm to consumer) can increase the monetary returns of farmers.

The goal can be achieved if we look at the rural development sector from a managerial perspective HITESH BHATT Director, Institute of Rural Management

cus on doubling a farmer’s house­ hold income in the next few years and that is possible. We have to identify the bottlenecks or con­ straints that come in the way of this and remove them systematic­ ally. Making the value chains shorter (from farm to consumer) can increase the monetary re­ turns of farmers.

We must also realise that what works in one State may not work

Z Y

in another and what works in one district of a State may not work in another. The goal can be achieved if we look at the rural develop­ ment sector from a managerial perspective.

What role do you see IRMA playing in the sustenance of the rural economy?

If you look at Gujarat’s milk co­op­ erative model, you will nd that it

is self­sustainable. If we can replic­ ate something similar to it, in terms of people coming together for a cause, our model will be­ come sustainable. Collective ac­ tion to achieve scale like Amul had demonstrated that higher percentage of consumer rupee can be given back to the farmers.

IRMA has been working on this theme since its inception in 1979.

Several IRMAns have joined co­ operatives and Farmers’ Producer Organisations (FPOs) which es­ sentially try to achieve scale to re­ move some of the intermediaries in the chain to increase farmers’ income. This happens by way of aggregation at the production level in villages and institutional innovations such as encouraging marginal farmers to develop co­ operatives or FPOs – who, in turn, will have better negotiation power at the last point in the value chain.

Dabbawalas join marathon Mumbai, January 21

The city’s famed ‘dabbawalas’ on Sunday participated in the Mumbai Marathon to promote their recently launched ‘Roti Bank’ initiative. ‘Roti Bank’ is an initiative by the dabbawalas to avoid food wastage. Under it, the dabbawalas have set up a dedicated call centre where people can inform if they have excess food. It would be collected and distributed to homeless people who otherwise would have starved on that day. Members of the Mumbai Dabbawala Association (MDA) took part in the marathon to sensitise people about the initiative. “We want to sensitise people about this Roti Bank concept and as a part of it, the association participated in the marathon,” said Subhash Talekar, spokesperson of MDA. PTI

To vanquish foes, India won’t hesitate to cross border: Rajnath PRESS TRUST OF INDIA Lucknow, January 21

Rajnath Singh, Union Home Minister

Nearly a month after the Army killed three Pakistani soldiers across the Line of Control (LoC), Union Home Minister Rajnath Singh on Sunday said India had demonstrated its ability to at­ tack its enemies not only on its soil, but also in a foreign territ­ ory.

In December 2017, ve Army commandos had crossed the LoC in Poonch sector of Jammu and Kashmir and killed three Pakistani soldiers and smashed a post, in a swift and daring operation.

The operation was seen as avenging the killing of four In­ dian Army personnel by a Border Action Team of the Pakistan

Army in Keri sector Rajouri district.

“A few months ago, Pakistan, in an act of cowardice, attacked and martyred 17 of our jawans.

Prime Minister Narendra Modi consulted all of us on this seri­ ous issue, and the Indian Army entered the Pakistani area and killed the militants,” Singh said at a public meeting here.

“India’s image in the world has become that of a strong na­ tion and we have given a strong message to the world that we can attack our enemies not only on our soil, but also in their territ­ ory,” he said.

Singh said India wants to maintain friendly ties with Pakistan. “But Pakistan is not mending its ways,” Singh said. “I

want to assure you that our gov­ ernment will not let India to bow its head,” he said.

The Home Minister said that under the leadership of Prime Minister Narendra Modi, the country’s economy is moving ahead at a fast pace. “..and now even the global economists and experts accept this,” he said.

Pitch in to build equitable society, Venkaiah tells builders ‘Big role to play in developing infra, Smart Cities’ OUR BUREAU Bengaluru, January 21

Builders and contractors should join hands with gov­ ernment to build an equit­ able society through Corporate Social Responsib­ ility, said Vice­President M Venkaiah Naidu.

Addressing the 28th Build­ ers Association of India (BAI) national convention, Naidu said, “Business houses should supplement the gov­ ernment’s e orts to achieve equitable growth.”

“Organisations such as BAI can play a key and construct­ ive role in eradicating poverty, illiteracy, improving livelihoods and in making this planet a better place to live in through environ­ ment­friendly measures,” he added.

‘CSR not mere charity’ The Vice­President said CSR is not mere charity or phil­ anthropy but a responsibil­ ity towards making a di erence to the lives of

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Vice­President M Venkaiah Naidu and Governor of Karnataka Vajubhai Rudabhai Vala at the 28th All India Builders’ Convention organised by the Builders’ Association of India at the Clarks Exotica

people. There is huge scope for CSR initiatives in di er­ ent areas, including health­ care, education and environment. “One import­ ant area is vocational train­ ing to improve skills and employability of the needy and poor,” he said.

Builders have a big role to play in developing the coun­ try’s infrastructure, espe­ cially the Smart Cities project, the Vice­President said, adding, “In the wake of government’s decision to de­ velop 100 Smart Cities, the

construction industry in­ deed will have to signi c­ antly augment its capacities in terms of meeting the re­ quirements and maintain­ ing global standards.”

“You are the valuable part­ ners in building the infra­ structure of new India and work with the government in the massive push to im­ prove infrastructure in the railways and roads develop­ ment and in boosting the re­ gional connectivity through 50 new airports,” the Vice­ President added.

President disqualifies 20 AAP legislators PRESS TRUST OF INDIA New Delhi, January 21

President Ram Nath Kovind on Sunday accepted the Elec­ tion Commission’s recom­ mendation to disqualify 20 MLAs of Delhi’s ruling Aam Aadmi Party for holding of­

ces of pro t. A noti cation issued by the law ministry quoted the President as say­ ing that, in the light of the opinion expressed by the EC, the 20 members of the Delhi Legislative Assembly have been disquali ed.

Maharashtra to launch daily weather alerts PRESS TRUST OF INDIA Mumbai, January 21

The Maharashtra govern­ ment is all set to introduce a system to issue daily district­ wise weather advisory to farmers across the State.

“The system has a capacity to generate weather alerts every ten minutes, if re­ quired. The State is taking a step forward to explore the possibility of issuing weather advisory for farmers to minimise their crop losses due to adverse weather con­ ditions,” Agriculture Com­ missioner Sachindra Pratap Singh said. “Going by our preparations and capacity to handle the data, I think we can introduce a weather ad­ visory system,” Singh said.

CM YK

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BusinessLine MONDAY • JANUARY 22 • 2018

Call-drop issue cannot Trump inauguration anniversary marred by shutdown, protests be generalised: COAI shutdown while mass demon­ strations erupted in cities across the country. The famed Statue of Liberty was among the federal sites that were shuttered on Saturday. But the real impact of the shut­

AGENCE FRANCE-PRESSE Washington, January 21

Telecom Secretary will take up the issue with operators soon PRESS TRUST OF INDIA New Delhi, January 21

The Cellular Operators Associ­ ation of India (CAOI) has said that call drops are a result of operator churn, and di culty in getting approvals for in­ stalling infrastructure and op­ erator­speci c issues on service quality are not “emblematic” of the whole industry.

The comments come at a time when a spurt in call drops has once again come under the telecom department’s gaze.

Telecom Secretary Aruna Sundararajan is planning a meeting with operators soon to convey concerns over call quality. COAI’s Director Gen­ eral Rajan Mathews said the problem is con ned to geo­ graphical pockets and some companies.

It should not be seen as in­ dustry­wide problem, he said.

“Obviously there are some companies that have gone out of business and not investing.

If you are customer of these companies, you’ll see some challenges because towers are being shut down or not being maintained. To say its emblem­ atic of whole industry is not fair,” said Mathews .

As an aggregate, these issues could be driving the overall av­ erages down for the industry.

Rajan S Mathews, Director General, COAI PAUL NORONHA

All major operators are prin­ cipally in compliance with ser­ vice­quality norms, Mathews argued, citing data by the Tele­ com Regulatory Authority of India (TRAI). “We need to disag­ gregate the problem. Don’t tar whole industry with problem that has couple of localised reasons.

There are companies facing nancial challenges more than others, some have gone out of business...,” he said.

Moreover, di culty in get­ ting approvals for rolling out cell towers and bre network and “intervention” by local municipalities shutting down towers, have compounded problems at the local circle­level.

“Some circles may be more problematic than oth­ ers...Delhi, Mumbai may have problems because these have signi cant right of way di ­ culties. Let’s disaggregate the problem,” he said.

New cell towers Mathews said that the industry has put up a signi cant num­ ber of new cell towers to bol­ ster network.

Last week, in a stern message to telecom operators, the De­ partment of Telecom (DoT) asked companies to get their act together to tackle the call drop issue.

Sundararajan had said the DoT will meet the industry on the call­drop issue as soon as TRAI’s assessment comes on quality of mobile services benchmarked to the new call­ drop parameters.

Acknowledging that mobile operators do face di culty in setting up towers at times, given resistance from people, Sundararajan had said that it cannot be cited as an excuse for call drops, and that invest­ ments will have to made by telecom companies in upgrad­ ing their infrastructure.

TRAI’s new and more strin­ gent call­drop rules came into force from October 1 and the quarter ended December will see the rst instance of report­ ing under the new formula.

TRAI has aready asked the operators to submit their net­ work­related data for checking service quality under the new benchmarks, and deadline for the same is January 21.

According to the new rules, the telecom operators may face a maximum penalty of 10 lakh for call drops, which will now be measured at the mo­ bile tower­level and not at the telecom circle­level.

Donald Trump’s rst an­ niversary as US President was marred by chaos as law­ makers traded bitter recrim­ inations over a government

down won’t be fully felt until Monday morning, when hun­ dreds of thousands of public sector workers are set to stay home without pay.

Senate Republican Mitch McConnell tried to head o

that possibility, setting a key vote for a funding measure for 1:00 am (0600 GMT) on Monday. “I assure you we will have the vote at 1:00 am on Monday, unless there is a de­ sire to have it sooner,” he said.

Highlighting the deep polit­ ical polarisation, crowds es­ timated to number in hun­ dreds of thousands, took to the streets of major US cities to march against the Presid­ ent and his policies.

Govt eases rules for issuing CDC for seafarers But ‘simplification of rules does not mean the holder is entitled to a job’

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P MANOJ Mumbai, January 21

The government has eased rules for issuing a so­called Continuous Discharge Certi­ cate (CDC)­cum­Seafarers’ Identity Document, remov­ ing the hurdles for those in­ tending to work on ships but faced hurdles in obtaining the certi cate.

Without a CDC, a person is not eligible to work on ships.

If an Indian national of 18 years, holding an Indian passport and a Class 10 pass certi cate, completes the ve basic STCW safety courses spread over two weeks, he is entitled to apply for a CDC. The International Conven­ tion on Standards of Train­ ing, Certi cation and Watch­ keeping for Seafarers (STCW), 1978, sets quali ca­ tion standards for masters, o cers and general­purpose ratings on seagoing mer­ chant ships.

The new rules on issuing CDC took e ect on January 14.

Job scene The move will bene t thou­ sands of Indians looking to work on board cruise liners as bartenders, house­keep­ ing sta and laundrymen, and also in other ships in various capacities.

CM YK

Ship ahoy The move will benefit thousands of Indians looking to work on board cruise liners as bartenders, house-keeping staff and laundrymen, and also in other ships in various capacities AFP

“Why should anyone come in their way of getting a job.

They found it very di cult to get an Indian CDC be­ cause of the rigid rules and regulations. Hence, they took CDC from foreign entit­ ies. In this process, they were eeced by agents and sub­ agents. Besides, Indian na­ tionals holding Indian pass­ ports but having a foreign CDC were looked upon with suspicion by immigration authorities. All that will stop now. There is no need for anybody to go outside, just have these ve basic safety courses and become eligible to apply for an Indian CDC,” said Capt MC Yadav, Director (maritime education and training), FOSMA Maritime Institute and Research Organisation.

The ve basic courses in­ clude personal survival tech­ niques or pro ciency in sur­ vival craft and rescue boards; re prevention and re­ ghting or advance re­

ghting; elementary rst aid or medical rst aid or med­ ical care; personal safety and social responsibility and se­ curity training for seafarers with designated security du­ ties or ship security o cer.

“It’s a feel­good factor,” said Abdulgani Serang, gen­ eral secretary­cum­treasurer of the National Union of Sea­ farers of India (NUSI).

Maritime industry execut­ ives, though, say that the simpli cation of rules on is­ suing CDC does not mean that its holder is entitled to a job.

“Obtaining a CDC is not a right to a job just as having a passport is not a right to travel,” said an executive with a Mumbai­based mari­ time training institute.

“The sooner it is realised by the public, the better it is,” he said, asking not to be named.

“A person should do whatever is needed for get­ ting a job,” he added.

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