Geojit InsightsOct 23

October 2023 I Geojit Insights I 1
2 I Geojit Insights I October 2023

CONTENTS
GUEST COLUMNS
COLUMN
16 Consumer sentiments fall

Mahesh Vyas, Managing Director and CEO
of Centre for Monitoring Indian Economy Pvt Ltd.
OUR VIEWS
06 Sensex options: Tides rising

Anand James
10 Understanding returns from Mutual Funds

Geojit Team
12 Supply concerns and demand optimism pushed

oil prices to 10-month highs – Hareesh V.
18 Various product types available

in FLIP App
20 Are Mid and Small caps frothy? It’s an overclaim

Vinod Nair
24 Economy doing well: High valuations can trigger corrections

Dr. V. K. Vijayakumar
26 How to create a travel fund for your next international trip?

Geojit Team
28 Planning Whiz
Gibin John
OUR RECOMMENDATIONS
30 High Dividend Yield Stocks
31 Geojit’s Equity Model Portfolio
32 Stock Recommendations
TTK Prestige Limited
NCC Limited
Crompton Greaves Consumer Electricals Limited
Zee Entertainment Enterprises Ltd. (ZEEL)
34 MF Buzz
36 Equity Fund Recommendations
39 Debt Fund Recommendations
40 Model Portfolio
41 SIP Focus
44 Geojit Fund Rating

EXECUTIVE EDITOR’S NOTE
The importance of remaining invested
A question which investors frequently ask is: When to

sell? Buying is easy. Long-term investors can always
A study conducted by First Global is hugely significant. The
study shows that in the 40-year journey of the Sensex, when
buy high quality stocks at any time if the valuations are the index moved up from 100 to around 44,000, if the
not excessive. Systematic investment, particularly SIPs investor had missed out on the best 30 days (in 40 years),
in mutual funds, is always good irrespective of the the returns would be down by 90 percent. That is,
market levels. Lumpsum investment can be highly investment of Rs 100 in 1979, instead of compounding from
profitable when made during a bear phase when 100 to 44,000, would have risen only to 4,000. If the investor
valuations are low. had missed out on the 10 best days (one day in four years),
the Rs 100 investment would have compounded to only
But, when to sell? Rs 15,000; so, two thirds of returns are gone if the investor
had missed out on the best 10 days. The market experience
There is no simple and straightforward answer to this
is that most of the sharp upturns in the market happen at
question. The answer depends on the financial goals of
totally unexpected times. For instance, on a single day on
the investor. If an investor has made an investment -
18th May 2009, after the surprise elections results, the Nifty
lumpsum or systematic – for the realization of a financial
shot up 18.1 percent.
goal, say, education of children or buying a house or buying
a car or going on a vacation, and the investment has So, the simple message is: if your goal is long-term wealth
appreciated enough for the realization of that goal, certainly creation, remain invested. Frequent exits and entrances
the investment can be redeemed. After all, money is a will prove to be costly, even disastrous. The coming many
means to an end, not the end itself. On the other hand, if years will be the golden years for investing in India since
an investor had invested for long-term wealth creation, it is India’s GDP is expected to grow from the present $3.7 trillion
important that she remains invested. Selling just because to around $8 trillion by 2032. Wealth creation through the
the market has appreciated beyond expectations doesn’t capital market, in the next 10 years, would be phenomenal
make sense. Experience tells us that it is very difficult, and unprecedented. Therefore, from the historical
almost impossible, to time the market. So, the best strategy perspective, it is even more important than ever to
would be to spend time in the market rather than making systematically invest and remain invested.
futile attempts to time the market. Selling when the market
appears to be high, with the intention of reentering when Happy investing!
the market corrects, is a highly risky strategy. More often,
than not, the market surprises – both on the upside and
downside. Missing out on the best days can prove to be
very costly.

I am 58 years old and currently employed at the airport and my monthly Vol.:07 I Issue: 09 I October 2023
salary averages Rs 5 lakhs. Please advise me on which scheme I should Printed by:
invest in for a good retirement corpus. Thank you for your kind advice. C. J. George, Managing Director,
– Jaisankar Geojit Investment Services Limited
The duration you wish to invest, your risk taking ability and present investments 34/659- P, Civil Line Road, Padivattom
are vital information that will help us offer you a customised plan. In the absence Kochi - 682 024, Kerala, India
of the same, we assume that you will be investing for 5+ years, below are the
Owned by: Geojit Investment Services Limited
suggested categories and schemes. 34/659- P, Civil Line Road, Padivattom
You can still consult your advisor to further finetune the suitability and Kochi - 682 024, Kerala, India
allocation.
Published at: Geojit Investment Services Limited
Category Scheme Name SIP CAGR % 34/659- P, Civil Line Road, Padivattom
3 yrs 5 yrs 10 yrs Kochi - 682 024, Kerala, India
Flexicap HDFC Flexi Cap Fund(G) 26.13 23.35 16.61
Editor: C. J. George, Managing Director,
Flexicap Franklin India Flexi Cap Fund(G) 21.45 21.42 15.6 Geojit Investment Services Limited ,
Flexicap PGIM India Flexi Cap Fund-Reg(G) 13.83 19.56 -- 34/659- P, Civil Line Road, Padivattom
Agg Hybrid ICICI Pru Equity & Debt Fund(G) 23.32 22.24 16.7 Kochi - 682 024, Kerala, India
Agg Hybrid UTI Hybrid Equity Fund-Reg(G) 18.41 17.91 12.99
Phone: + 91 484 2901000
Agg Hybrid Kotak Equity Hybrid Fund(G) 15.71 17.5 13.5
Website: www.geojit.com
CAGR as of 15-Sep-23. Email: insights@geojit.com
I am 23 years old MBA graduate looking for a job. I would like to start a Corporate Identity Number:
Shariah compliant SIP in mutual fund. I can currently invest Rs 1000 in U52599KL1995PLC008606
the same and would like to increase it with time. Can you suggest a
mutual fund for me? – Safa Irfan Geojit Investment Services Ltd. is a wholly owned
subsidiary of Geojit Financial Services Ltd.
Tata Ethical Fund and Taurus Ethical Fund are the Shariah compliant mutual
funds available at present. In the passive funds side, there is Nippon India Nifty Total Number of Pages: 52 pages (including cover)
50 Shariah BeES ETF, which is an exchange traded fund.
RNI NO: KERENG/2017/72534
I have small investment in FISCFGP within 2 years appreciation is 100%.
That MF is not appearing in list of high appreciating MFs. Why? Is it a Geojit Insights Team:
Dr. V. K. Vijayakumar, Executive Editor
good MF to invest in? – Alex Mathew Vinod Nair, Head Research
Usually schemes should get displayed based on the selection of parameters. Anand James, Chief Market Strategist
Hareesh V., Head, Commodity Research
But it would be difficult to comment why a scheme is not appearing in a
particular list, without knowing the reference portals and/or other filter Fundamental Research:
parameters. Sheen G., Cyril Charly, Mithun T. Joseph
Antu Eapen Thomas, Vincent K. Andrews,
Now I am 60 years old and have Rs 20 lakhs to invest for my retirement Anil R., Saji John, Rajeev T.
life. I want to invest Rs 18 lakhs in a good hybrid fund and opt for SWP.
Could you suggest best three funds in this sector? How much money I Investment Advisory:
can withdraw monthly from this? Please suggest a best flexi cap fund to Jeevan Kumar K. C.,
invest Rs 20 lakhs. – Jayapal, Kakkanad Vijayasri Kaimal, Gibin John
Though SWP is an allowed option, you can think of opting for a conservative Copy Desk:
payout ranging from 8% to 9% on a per annum basis. Elizabeth V., Jyothi Radhakrishnan, Arya M. M.
Since you have specifically asked for Hybrid funds, you can consider Conservative
Art: Deepa, Orange Square, Ernakulam
hybrid or Equity Savings category, though at present, we do not have
recommended schemes in this category. Registered Office:
34/659 - P, Civil Line Road,
Category Scheme Name SIP CAGR %
Padivattom, Kochi - 682024, Kerala, India.
3 yrs 5 yrs 10 yrs
Flexicap HDFC Flexi Cap Fund(G) 22.12 32.75 15.89
Flexicap Franklin India Flexi Cap Fund(G) 19.09 28.99 14.27
Flexicap Union Flexi Cap Fund-Reg(G) 15.82 23.02 14.91 Share your queries and comments to:
insights@geojit.com
CAGR as of 15-Sep-23.
October
Views and opinions expressed in the magazine are not necessarily those of Geojit Insights, its publisher and / or editors. We 2023
(at Geojit I Geojit
Insights) do ourInsights I5
best to verify
the information published, but do not take any responsibility for the absolute accuracy of the information. Geojit Insights does not accept responsibility for any
investment or other decision taken by readers on the basis of information provided herein.
OUR VIEWS
Sensex options:
Tides rising Anand James
S uch has been the dominance of Royal Enfield that,

every time a new bike in the 350cc plus segment
releases, the usual rhetoric is whether it is going to be an
Sensex options rules
Only sensex options have taken off well. Trades are seen
in bankex options as well as sensex futures, but bankex
Enfield killer. Same with the Hyundai Creta amongst options are at best not illiquid, sensex futures have
compact SUVs. Yet, both have remained segment leaders respectable activity, while sensex options are where the
over several years. Incidentally, this was the same feeling bulk of the interest has gone to, cornering 99.998% of the
invoked by re introduction of BSE derivatives in May 2023. total contracts traded.
Though nobody actually believed that BSE could come
anywhere close to NSE, which is the world’s largest Increasing activity in sensex options
derivatives exchange in terms of contracts traded, there If one doubts whether activity in sensex options is sustainable
is no mistaking the fact that BSE has ensured that or not, a look at the volume and open interest (OI) since the
seasoned traders are taking note. Let us look at what is last week of May 2023 will help. Both volume and open
working for the BSE derivatives and what is not. interest have not only risen, the rising trend has persisted.

BSE F&O SENSEX OPT
Sensex Bankex Bankex
Start Date End Date Sensex OPT Total as a proportion
FUT FUT Options
Contracts of Total Contracts
22.05.2023 26.05.2023 1616 298943 48 123 300730 99.406
29.05.2023 02.06.2023 3004 1178061 496 1181561 99.704
05.06.2023 09.06.2023 1099 2906371 4 2907474 99.962
12.06.2023 16.06.2023 4152 5667770 1 5671923 99.927
19.06.2023 23.06.2023 2247 10086472 10088719 99.978
26.06.2023 30.06.2023 2141 13124110 796 13127047 99.978
03.07.2023 07.07.2023 1744 21207651 2 999 21210396 99.987
10.07.2023 14.07.2023 2797 27433807 62 27436666 99.990
17.07.2023 21.07.2023 6134 42814654 6 42820794 99.986
24.07.2023 28.07.2023 4543 46607514 42 46612099 99.990
31.07.2023 04.08.2023 4921 69281735 62 69286718 99.993
07.08.2023 11.08.2023 3727 73059079 112 73062918 99.995
14.08.2023 18.08.2023 3097 94983376 23 94986496 99.997
21.08.2023 25.08.2023 4914 114790009 55 114794978 99.996
28.08.2023 01.09.2023 3776 120051902 9 120055687 99.997
04.09.2023 08.09.2023 5673 161062091 74 161067838 99.996
11.09.2023 15.09.2023 2657 150881132 130 150883919 99.998
18.09.2023 22.09.2023 4084 204388081 70 204392235 99.998
Source: www.bseindia.com, Geojit Research
Is it liquid enough? Traders’ sweet spot on Friday
For a trader, high weekly volumes or OI will not amount If Friday is intensely volatile, as indicated by the volumes,
anything, if there is enough activity through the days, to Thursdays, at around 70%, hold the highest number of open
facilitate tension free exit without the risk of contracts contracts as positions build through the week. The low lot
becoming illiquid. For now, Friday, which is the expiry day, size of 10 (In comparison, Nifty’s lot size is 50, while
is where 95% of the trades of the week are concentrated. banknifty ‘s lot size is 15), also supports volatility, but around
The bulk of the rest of the trades are seen on Thursdays, 10% addition in positions is seen on Mondays through
with Monday seen as the least active day of the week. Wednesdays, suggesting that Sensex is not just a one trick

Ratio as total contracts traded
Start Date End Date Monday Tuesday Wednesday Thursday Friday
22.05.2023 26.05.2023 0.58 1.60 1.43 3.47 92.92
29.05.2023 02.06.2023 0.94 1.22 1.32 2.62 93.90
05.06.2023 09.06.2023 0.49 0.52 1.52 2.73 94.74
12.06.2023 16.06.2023 0.49 0.63 0.90 2.64 95.35
19.06.2023 23.06.2023 0.48 0.66 1.34 2.23 95.28
26.06.2023 30.06.2023 0.40 0.52 1.27 0.00 97.81
03.07.2023 07.07.2023 0.26 0.22 0.41 1.39 97.72
10.07.2023 14.07.2023 0.46 0.35 0.58 1.60 97.01
17.07.2023 21.07.2023 0.41 0.24 0.49 1.04 97.82
24.07.2023 28.07.2023 0.29 0.28 0.46 1.10 97.87
31.07.2023 04.08.2023 0.19 0.24 0.76 1.62 97.19
07.08.2023 11.08.2023 0.29 0.28 0.71 1.55 97.17
14.08.2023 18.08.2023 0.25 0.00 0.48 1.51 97.76
21.08.2023 25.08.2023 0.36 0.27 1.02 2.65 95.70
28.08.2023 01.09.2023 0.30 0.36 0.99 1.77 96.58
04.09.2023 08.09.2023 0.37 0.36 0.71 4.12 94.43
11.09.2023 15.09.2023 0.53 0.82 0.86 4.04 93.75
18.09.2023 22.09.2023 0.32 0.00 0.70 3.61 95.38
Ratio of total open interest

Start Date End Date Monday Tuesday Wednesday Thursday Friday
22.05.2023 26.05.2023 12.97 20.21 28.74 34.50 3.59
29.05.2023 02.06.2023 9.27 13.27 21.27 52.22 3.97
05.06.2023 09.06.2023 8.20 9.83 25.29 54.00 2.68
12.06.2023 16.06.2023 5.97 13.71 21.46 52.82 6.04
19.06.2023 23.06.2023 8.39 12.68 23.27 53.46 2.19
26.06.2023 30.06.2023 11.74 20.62 62.56 0.00 5.07
03.07.2023 07.07.2023 9.85 13.20 18.36 57.13 1.46
10.07.2023 14.07.2023 7.54 10.21 15.53 62.58 4.14
17.07.2023 21.07.2023 10.44 10.80 18.01 58.09 2.66
24.07.2023 28.07.2023 7.82 9.75 14.02 65.96 2.45
31.08.2023 04.08.2023 5.76 8.49 16.54 67.44 1.76
07.08.2023 11.08.2023 6.33 9.90 16.41 64.95 2.42
14.08.2023 18.08.2023 6.91 0.00 15.03 75.34 2.73
21.08.2023 25.08.2023 6.20 10.62 16.61 64.60 1.97
28.08.2023 01.09.2023 6.87 11.37 17.86 60.42 3.49
04.09.2023 08.09.2023 6.27 7.10 12.62 72.10 1.91
11.09.2023 15.09.2023 6.57 9.75 12.51 67.88 3.29
18.09.2023 22.09.2023 7.78 0.00 15.71 73.20 3.31
pony for Friday jobbers, but positioning for direction trades expectations. In the last couple of weeks, if you look at
also happen. it, we are doing around 100 lakh crore as notional
turnover. Around 300 members have already been in.
Will the growth continue?
When we started, only two software providers were
BSE’s Managing Director & CEO Sundaraman supporting us and today around 13 software providers
Ramamurthy said “We started with around eight are supporting at the front-end number.” Industry
members being fully ready out of the total 28 members participants are watching the developments with genuine
participating. In 16 weeks, as you rightly pointed out, the interest, as it augurs well for the industry to avoid
product has grown much far, exceeding our own concentration risk.

OUR VIEWS
Understanding returns
from Mutual Funds Geojit Team
M utual funds can be considered one of the most

versatile investment avenues. They're known for
providing benefits such as portfolio diversification,
As an investor, you get two types of returns from a mutual
fund investment - Dividends and Capital Gains.
Let's understand each of them
professional management, convenient accessibility, and the
potential for tax savings. Nonetheless, before you commit • Dividends are like regular earnings that certain mutual
to investing in a particular mutual fund scheme, it's advisable funds share with their investors. These earnings come
to gain a clear understanding of the approach employed to from the income your investment generates. The
compute the returns, as well as strategies to optimise them. payments can either be given as cash or used to buy
more units at the current value. But remember, these
This article will help you understand the basics of mutual
earnings are not guaranteed. They depend on the
fund returns and how to make sense of them.
scheme's performance and dividend policy.
What are mutual fund returns?
• Capital gains are the difference between mutual fund
Mutual fund returns are the profits or losses you earn from units' selling and purchase prices. If the NAV of the mutual
investing in a mutual fund scheme over time. fund goes up, you make a positive gain. If it goes down,

you incur a loss. You receive gain/loss when you redeem that you choose. You can use this method to compare
or move your mutual fund units to a different scheme. schemes or various investment periods for the same
scheme.
How are mutual fund returns calculated?
6. Rolling return
The mutual fund return computation method depends on
the investment type and frequency, the holding duration, It measures the average performance over multiple
and the compounding effect. Some popular ones are: periods within a given time frame. You can use it to
assess the consistency and volatility of a scheme’s
1. Absolute return
returns over time.
This is the simplest method of calculating mutual fund How to gauge the performance of mutual funds?
returns. It measures the percentage change in the value of
the investment over a given period. To evaluate the scheme’s performance, consider following
· Define your goal: Understand your investment goals
For example, if you invest Rs 10,000 in a mutual fund
and how you’ll use the money. For short-term plans,
scheme at a NAV of Rs 100 and sells it after one year at a
pick safer options like debt funds. If you’re in it for the
NAV of Rs 120, the absolute return is 20% calculated as
long haul, consider riskier ones like Equity or Hybrid
funds. Even though they come with more risk, they also
offer better chances of getting higher returns over the
long run.
2. Annualised return
· Narrow your preference: Create a list of the schemes
This is a more accurate method. It takes into account the
time value of money and the compounding effect. It in which you intend to invest. Lacking a catalogue of
calculates the average yearly profit your investment would preferred mutual funds will restrict your ability to make
make, whether you hold it for a longer or shorter period effective comparisons.
than initially planned. · Past performance: Examine the historical performance
For example, you invest Rs. 10,000 at an NAV of Rs 100 of the Mutual Fund scheme you’ve selected to
and sell it after six months at Rs 110. The annualised return comprehend the associated risks and the returns it has
is 21.55% calculated as generated. Given the uncertainty of the future, focus
on the fund’s track record and its ability to maintain
consistency when making investment decisions. Keep
in mind that past performance doesn’t guarantee future
results, so it’s wise to regularly assess your investments
3. Total return and grasp how they’re progressing.
This includes both dividends and capital gains in the · B e n c h m a r k c o m pa r i s o n : Yo u c a n a s s e s s a

calculation. Suppose you invest Rs 10,000 in a dividend- scheme’s performance by comparing it to its
paying scheme at a NAV of Rs 100, receive Rs 500 as benchmark index. The gap between the scheme’s
dividends during one year, and sell it at a NAV of Rs 120 at returns and the benchmark is called alpha. If the
the end of the year. The total return is 25% calculated as alpha is positive, it means the scheme has
outperformed its benchmark.
By following these steps, you can enhance the potential of
4. Trailing teturn maximising your investment returns. However, it’s crucial
to consistently monitoring your investments over time.
Trailing return is a historical method of calculating returns. It
measures the past performance of a scheme over a specific Conclusion
period. It is usually expressed as one-year, three-year, five- Mutual fund returns are vital in mutual fund investing,
year, or ten-year trailing returns. If a scheme had a NAV of but they are just one aspect. As an investor, it is crucial
Rs. 150 on March 31, 2023, and had a NAV of Rs 100 on to grasp how these returns are calculated and what
March 31, 2022, its one-year trailing return is 50% calculated as factors influence them before you commit to any
investment plan. It is equally important to assess mutual
fund returns using different techniques and standards
so that you can make well-informed choices about where
5. Point-to-point return to invest your money.
This is a customised method of calculating returns. It Visit FundsGenie to monitor your investment’s
measures the scheme performance between any two dates performance.

OUR VIEWS
Supply concerns and demand optimism

pushed oil prices to 10-month highs Hareesh V.
C rude oil prices clocked a ten-month high in

September driven by worries about supply
shortages after an unexpected extension of voluntary
pushed above $95 a barrel, for the first time since
November last year. A similar move was witnessed in the
domestic futures market as well.
supply cuts by Saudi Arabia and Russia. Hopes of delay
OPEC Plus extended its production cut till December
in further rate hikes by the US Federal Reserve and
China demand optimism also aided the demand In April, the key oil-producing countries including Russia
outlook. commonly known as OPEC Plus, announced a combined
production cut, proposed to extend till 2024 aimed at
The most active US WTI crude tested a high of $93.78 a supporting market stability. However, Saudi Arabia and
barrel level, while the Asian benchmark Brent crude Russia voluntarily introduced additional reductions in

Crude oil supply-demand by 30.9 percent from a year earlier as refiners built
World Oil Supply and Demand in MBPD inventories and increased processing to benefit from
higher profits from exporting fuel.
Year Total World Demand Total World Supply
2010 87.35 87.38 A private sector survey from the country shows that the
government’s efforts have had some effect on its
2011 89.1 88.54
economy with improved factory activity, an increase in
2012 90.33 90.43
supply and domestic demand, and employment in August.
2013 92.31 91.27
2014 93.88 94.14 Earlier, there were concerns that the soft economic
outcomes would eventually translate into weak oil imports
2015 95.65 97.09
and demand from the world’s largest importer and second-
2016 96.74 97.59 largest consumer of crude oil.
2017 98.51 97.69
The US Federal Reserve decided to hit a pause on
2018 100.02 100.47
interest rate hikes
2019 100.9 100.29
2020 91.58 93.9 Oil prices also disregarded the pressure from a strong
2021 97.12 95.67 US dollar which is currently hovering above a six-month
high. In its recent policy meeting, the US FOMC kept
2022 99.17 99.94
interest rates steady in a range of 5.25% to 5.5%, a
2023 100.98 101.18
22-year high. The Federal Reserve, however, stiffened
(Forecast) (Forecast)
its hawkish stance, with a further rate increase projected
2024 102.34 102.88
(Forecast) (Forecast) by the end of the year, and monetary policy kept
significantly tighter through 2024 than previously expected.
US EIA figures
Delaying rate hikes would buoy the economy and boost
the demand for fuel.
production on top of the broader deal by the OPEC plus
countries. Easing recession worries
Saudi announced a reduction of 1 million barrels of oil The latest upbeat economic numbers from the US soothed
per day from July while Russia started cutting down daily investor worries about an imminent recession triggered
production by 300,000 barrels daily. There were by the aggressive rate hikes of the Federal Reserve.
expectations in the market that both countries would Besides, the European economy returned to growth as
extend the supply cut into October, but they surprised the inflation continued to fall in the second quarter of 2023
market by extending the program till the end of December. raising firm demand outlook from the West.
Both countries also informed that the plan would be US inventory levels running at their lowest level this
reviewed monthly and adjusted according to market year
conditions. This has raised worries that demand will Shrinking inventory levels in the US is another reason for
exceed supply in the coming quarter sending prices to pressurizing the supply outlook. The US crude oil storage
multi-month highs. levels recently plunged to a 40-year low. After the Ukraine
As per the US EIA report global oil war broke out, the US government used its Strategic
inventories may fall by 0.2 million
barrels per day in the fourth quarter of
2023 based on the extension of this
production cut.
China's economic stimulus may
boost demand outlook
Economic stimulus measures taken by
the Chinese government to boost the
country’s faltering economy are
expected to raise the demand for oil.
China’s policymakers have taken
stimulus measures like cutting rates
and adding liquidity to the financial
system to step up the economy.
The latest data from the country shows
that crude oil imports in August surged Source: Energy Information Administration (EIA), Geojit Research

Source: Reuters Eikon/Geojit
While the US government has been

planning to replenish the SPR, the
number of barrels left in the reserve is
currently less than half of the all-time
highs reached in 2010.
However, the US EIA forecasts global

liquid fuels production will increase by
1.2 million barrels per day in 2023
despite recent voluntary decreases in
production from OPEC Plus. Non-
OPEC production especially from the
US, Brazil, Canada, and Guyana would
be the main driver of global production
growth as per the agency.
Prices remain choppy with mild

positive bias
Petroleum Reserve as its biggest buffer against global Looking ahead, though the tight supply outlook offers support
energy price volatility. to prices in the immediate run, other catalysts like worries
Last year, the country released 180 million barrels from over the global growth outlook and a firm US currency likely
the SPR to hedge against expensive oil prices and cool to halt major gains. On the price side, US WTI crude has
decades-high inflation. Record demand, producer supply stiff resistance at $102 a barrel which needs to be cleared
cuts, and rising storage costs are the other reasons that for further rallies. Otherwise, there are chances of a
point to increasing drawdowns. corrective selling but major liquidation is unlikely.

GUEST COLUMN Mahesh Vyas
Consumer sentiments fall
C onsumer sentiments fell by 1.5 percent in August 2023.

Its growth was a weak 0.2 percent in July. This
weakening of growth and then the fall in sentiments comes
The weakness in consumer sentiments at this beginning of
the festive times can be particularly disconcerting for some
enterprises. This is so because the fall in the consumer
after a period of sustained growth. Consumer sentiments sentiments index incorporates a big fall in one of its
were rising in every month since January 2023. The constituents, which is consumers’ intention to buy consumer
average monthly growth in consumer sentiments in India durables. Between March and July 2023, around 25 percent
during the January-July months of 2023 was 2.6 percent. of the respondents had said that it was a better time to buy
The fall in sentiments in August is therefore disappointing, consumer durables than it was a year ago. And, around the
particularly as it comes on the eve of India’s festive season. same number had said that it was a worse time. In August
Kerala celebrated Onam in late August. Maharashtra and 2023, the proportion of respondents who said it was a better
much of western India celebrated the Ganesh festival in time to buy consumer durables dropped quite sharply to 21
the second half of September. October will celebrate percent and those who said it was a worse time rose a bit to
Navratri and then there is Diwali in November. 27 percent. These movements do not augur well.

Households usually spend more on non-essentials including Households usually spend
consumer durables around the festival season. And, the more on non-essentials
decision to spend on non-essentials depends substantially
on consumer sentiments besides it hinging on changes in
including consumer durables
incomes. Therefore, this reversal of the rising trend of around the festival season.
consumer sentiments is quite disappointing. It in fact, could And, the decision to spend
be triggered by some worries on the income front. on non-essentials depends
Household incomes seem to be facing headwinds. The substantially on consumer
proportion of households who said that their incomes were sentiments besides it
higher than a year ago was rising steadily and steeply
hinging on changes in
between December 2022 when it was 17.4 percent and
April 2023 by when it had risen to 30.2 percent. Then, the incomes. Therefore, this reversal of the
growth in this proportion stalled at around 30 percent for rising trend of consumer sentiments is
five months till August 2023. Such stagnation has not been quite disappointing. It in fact, could be
seen any time earlier in the past two years, which is the triggered by some worries on the
post-pandemic recovery period.
income front.
Before the Covid pandemic, between 32 and 36 percent of
the respondents said that their incomes were higher than
they were a year ago. Were it not for the recent stagnation,
The sustained stagnation in perceptions that households
the pre-Covid levels would have been reached by August
have regarding their current incomes in the face of high
2023. But, the sudden stagnation has blighted those
inflation and interest rates and the simultaneous increase
prospects. The stagnation in optimism of perceived
in pessimism regarding their future earnings is likely to
incomes could have contributed to the fall in optimism
have contributed to the apparent reticence in willingness
regarding the purchase of consumer durables. It could also
to spend on non-essentials.
be influenced by a small fall in optimism and a rise in
pessimism regarding future incomes. Household Inflation is expected to step down a bit in September but
perceptions regarding their future income is turning will continue to remain elevated. Interest rates are also
somewhat negative. expected to remain elevated. The spike in employment in
August did not help improve sentiments indicating that
The proportion of households that said that they expect
much of it could have been distress jobs under the
their household income to rise a year into the future fell
MGNREGA scheme or other similar jobs in the gig economy
from 25.6 percent in July 2023 to 23.7 percent in August;
in urban areas. If this is true then it is unlikely that sentiments
this is the lowest proportion since March 2023. Further,
would recover in September 2023.
the proportion that said that they expected their incomes
to fall a year later rose from 15.3 percent to 17.7 percent, The index of consumer sentiments was weak in the week
which is also the highest in the last three months. ended September 3, 2023.
A year ago, in August 2022,
consumer sentiments had fallen
by 0.5 percent. Then, it bounced
back by a robust 7.1 percent
increase in September followed
by a 6.1 increase in October
2022. This helped provide some
buoyance to the festive season
last year. This August, the
consumer sentiment index is
nearly 31 percent higher than it
was in the previous August.
Therefore, compared to a year
ago, sentiments are much
better. But, the momentum has
weakened in the last couple of
months.
Author is MD and CEO of Centre

for Monitoring Indian Economy
Pvt. Ltd.

Various product types available in FLIP app
1. Cash Order • Select the Product Type as "Cash". 3. Buy Today Sell Tomorrow (BTST)
• Select the "Time Condition". Order
A "Cash Order", also known as a
"Delivery Order", is an Order Product • Click the "Review Order" Button to "BTST or Buy Today Sell Tomorrow"
Type that involves taking/giving re-check your order details. is an Order Product Type that allows
physical delivery of a security in a buy/ you to place a buy order and sell it
• After confirmation, click the "Place before settlement. This allows you to
sell transaction.
Order" Button. Your order will be take advantage of short-term market
How to place the Cash Order sent to the exchange. movements and potentially make
To place a Cash Product Order, follow Please Note: To place a Cash Order, profits without having to pay for the
these steps: you will need to have 100% of the order entire amount for the trade upfront.
value as margins. This margin can be The "BTST" leveraged product offered
• Open the Order Placement Page
in the form of Cash or a Pledge Margin. by Geojit as a way for clients to carry
for the security you wish to buy or
sell. 2. Intraday Order forward their cash/delivery purchases
An "Intraday Order" is an order product by only paying a margin. You can carry
• Select the "Exchange" and "Order a position forward for up to seven
Type". wherein any position taken during the
day is Squared Off before the close of calendar days, after which it will be
• Enter the "Quantity" and "Price". trading hours on the same day. The closed (T+7th calendar day).
security is bought and sold on the
same day and delivery is not taken.
How to place the Intraday Order
To place an Intraday Order, follow these
steps:
• Open the Order Placement Page
for the security you wish to buy or
sell.
• Select the "Exchange" and "Order
Type".
• Enter the "Quantity" and "Price".
• Select the Product Type as
"Intraday".
• Select the "Time Condition".
• Click the "Review Order" Button to
re-check your order details
• After confirmation, click the "Place
Order" Button. Your order will be
sent to the exchange.
Please Note: An Intraday Order must
be closed/squared off/converted by
3:15 pm.

• Enter the "Quantity" and "Price".
• Select the Product Type as "BTST".
• Select the "Time Condition".
• Click the "Review Order" Button to
re-check your order details.
• After confirmation, click the "Place
Order" Button. Your order will be
sent to the exchange.
4. Margin Trading Funding (MTF)
Order
"Margin Trading Funding" (MTF) is a
facility that allows you to capitalize on
investment opportunities that may
otherwise not be possible due to a
shortage of Funds. By paying for a part
of the order value in the form of a
margin, the remaining amount will be
funded by Geojit.
How to place the Margin Trading
Funding Order
To place a MTF Order, follow these steps:
• Open the Order Placement Page for
the security you wish to buy or sell.
• Select the "Exchange" and "Order
How to place the BTST Order • After confirmation, click the "Place
Type".
To place a BTST Order, follow these steps: Order" Button. Your order will be
• Enter the "Quantity" and "Price". sent to the exchange.
• Open the Order Placement Page for • Select the Product Type as "MTF". To know more about Product Types,
the security you wish to buy or sell. • Select the "Time Condition". click here.
• Select the "Exchange" and "Order • Click the "Review Order" Button to View video How to Place a BTST
Type". re-check your order details Order, How to Place an Intraday Order.

COVER STORY
Are Mid and Small caps frothy?

It’s an overclaim Vinod Nair
As forecasted, it seems that the market is entering a phase While certain pockets of the market may appear
of short-term correction. We anticipate this to be a overextended, overall large and small-cap stocks are trading
transitory trend and want to stress that the concerns within reasonable range. The major concern, however, stems
currently associated with mid- and small-cap stocks in the from the global market turmoil, which has potential
market are somewhat excessive. While it's possible that implications for emerging markets and the possibility of a
the correction has just begun and may continue for the slowdown in foreign capital inflows. Selling by FIIs is the main
near term, investors need not react with undue alarm. The factor affecting the domestic market trend while DIIs and
underlying factors contributing to this situation are a robust retail inflows continue to be healthy. Even in the ongoing
domestic economy and a sustained corporate earnings downtrend, India is outshining due to relatively restrained
cycle, both of which are on a positive long-term trajectory. selling by FIIs and stable domestic inflows.

A prominent concern now revolves around the unexpected It's essential to recognize that this category had a relatively
performance of mid and small-cap stocks, and the lackluster performance in FY23, with gains of just +1% and
perception that they might be vulnerable to a correction. a decline of -14%, respectively. However, the recent rally
Many missed the rally. However, we would like to emphasize has gathered substantial momentum over the past 5 to 6
that the long-term positive trend has only just begun. The months, bolstered by increased domestic investments and
primary catalysts for mid and small-cap stocks are quality robust corporate earnings growth. These factors underline
and storyline. In a diverse basket of stocks, there will the core strengths of the market, which are anticipated to
inevitably be a mix of good and bad stocks. The potential endure in the long term.
of domestic mid-caps to flourish has risen due to the
The up-trending investment pattern in India
emergence of India as a key player in the global supply
chain, a resilient domestic economy (7% real GDP growth During the July to September 2023 quarter, FIIs were
in the foreseeable future), and the phenomenal rise of significant net sellers in various Asian equity markets,
domestic equity investment patterns. including Japan, Indonesia, Thailand, Taiwan, and South
Korea. This largely stems from their anticipation of an
New narratives are unfolding across various sectors, economic slowdown in Asia and increased volatility in the
including technology, fintech, e-commerce, SaaS, biotech, currency markets due to rising bond yields. India stands
education, semiconductors, IT hardware, chemicals, out as a shining spot in the world, which is grappling with
renewables, ethanol, and more. Each mid and small-cap various challenges. This trend is expected to persist in the
stock's trajectory is distinct, driven by its USP, products long term, as India is increasingly establishing itself as a
and management skills. The art of selecting the right stock crucial player in the global supply chains and boasts a
is paramount. If your stock is fundamentally solid with a resilient domestic economy, with a projected 7% real GDP
good business outlook, you don’t need to panic. growth in the foreseeable future. Nevertheless, in the near
Enthusiasm of mid and small caps gets seemingly high term, given the turmoil in global markets, there could be
potential repercussions for India as well.
It is widely acknowledged that when mid and small cap
stocks begin to gain momentum, enthusiasm can soar to However, the net influx by DIIs for equity schemes from
great heights. Pinpointing the exact moment when this trend retail/corporates reduced substantially in FY24. Inflow in
will shift from a positive rally to a negative one, and vice MF equity schemes in April to June 2023 was at Rs 18,358
versa, is indeed a formidable challenge. The rally of mid crore, 63% down compared to Rs 49,917 crore in April to
and small caps in 2023 started only in the month of April. June 2022 (AMFI). Profit booking in large caps and a shift
And it smartly rallied, leading to a return of 35% and 40% from equity to debt and hybrids were the trail. However,
respectively as on 20th September 2023, leading to monthly SIP collection has increased to all-time highs,
concerns that the category is overvalued. deflecting worries.
All-time high SIP
Return
Fiscal Year Concurrently, there has been a substantial 50% increase
Nifty Nifty
Nifty 50 Midcap100 Smallcap100 in inflows into mid and small-cap portfolios, amounting to
2006 67% 64% 83% Rs.15,670 crore. Likewise, there has been notable buying
2007 12% 1% 15% activity at the retail desk, including HNIs, contributing to a
2008 24% 29% 25% vibrant April to September period. In the short-term, we can
2009 -36% -45% -58% expect profit booking in the mid and small caps category
2010 74% 126% 129% with funds potentially shifting into large caps and other
2011 11% 4% -1% asset classes. However, the continuation of a rising SIP
2012 -9% -4% -6% culture and a strong earnings growth outlook will sustain
2013 7% -4% -7% growth in mid and small caps.
2014 18% 16% 18% Strong corporate earnings
2015 27% 51% 52%
In India, corporate earnings have shown considerable
2016 -9% -2% -13%
growth in Q1FY24, driven by steady demand from both
2017 19% 35% 43%
domestic and external economies and a substantial
2018 10% 9% 12%
reduction in input costs. This positive trend in profit margins
2019 15% -3% -14%
is expected to further broaden in the second quarter, as
2020 -26% -36% -46%
commodity prices have continued to stabilize, and demand
2021 71% 102% 126%
remains steady. Nifty50 index stocks showcased a
2022 19% 25% 29%
consolidated PAT growth of +30% in Q1, while mid and
2023 -1% 1% -14%
FY24 till 20.09.2023 15% 35% 40% small cap stocks were at +25%.
10 yr CAGR 13% 19% 16% We anticipate the mid and small cap categories to reap
Source: Bloomberg, dated 20th September 2023 the full benefit with a lag in the coming quarters. The market

Source: AMFI, Geojit Research
India valuation
1 year forward P/E 10 year P/E
Index Premium (%)
Current High Low Average
Midcap
Nifty Midcap 50 22.1 38.4 10.8 21.0 5.3
Nifty Midcap 100 24.1 31.9 12.8 20.4 18.0
Nifty Midcap 250 21.8 26.2 12.5 19.7 11.0
Smallcap
Nifty Smallcap 50 14.2 24.7 9.8 16.6 -14.1
Nifty Smallcap 100 16.1 22.2 8.2 16.0 0.4
Nifty Smallcap 250 18.2 21.5 11.4 17.0 6.7
Large cap
Nifty 50 18.7 22.4 12.9 17.5 6.4
Nifty 100 19.3 23.0 13.0 18.0 7.1
Bloomberg, Data as on 14th September 2023, on a consolidated basis
expects Nifty 50's earnings growth to be in the range of 50 small cap index is trading at a 14% discount, indicating
15% to 20% in FY24, with a substantial multiplier effect on that we are not in a bubble.
the mid and small cap category’s earnings growth.
It is indeed possible that the strong performance of the
Earnings growth is foreseen to be healthy in H1FY24. past 6 months may prompt some profit booking in the
Although some margin moderation may occur in the third short term. Nonetheless, in a growing economy with vast
quarter due to rising input costs, such as crude oil prices opportunities for the emergence of new clusters of
exceeding $90 per barrel, strong demand is anticipated to businesses and expansion, the outlook remains stable
persist. This expectation is supported by various indicators, for mid and small caps. Especially, if these stocks
including the PMI, increasing capacity utilization, and possess strong fundamentals and operate in sectors
positive management commentary. Seasonally, the Indian poised for development, their prospects are likely to remain
economy generates about 53% of the economy’s activities promising.
in H2.
Midcap stocks often trade at high valuations during bullish
Valuations are not at bubble levels
cycles. Determining when the trend will shift from positive
Strong earnings often translate to robust valuations. It's clear to negative and vice versa is challenging. The only viable
that India is poised to command a premium, with a valuation approach is to consistently monitor the company's growth
just 6% above the long-term average, suggesting there is trajectory and industry dynamics, forecast long-term financial
more room for growth. But the near-term issue is the metrics, and conduct thorough risk assessments to make
performance of world equity. Nevertheless, we need not informed decisions regarding buying, holding, or selling
be concerned, and the key trigger of earnings growth is stocks. Capitalise from the ongoing correction as India is in
sustained. Though midcap’s premium is on the higher side, a long-term direction. Identify your picks of high quality and
in the case of small caps it’s still accommodative. The best firm storylines, and use buy on dips as a strategy.

OUR VIEWS
Economy doing well: High valuations

can trigger corrections
I ndia has been at the center of the global political and

economic discourse for some time now. As the fastest
growing large economy in the world, India is viewed with
the potential to transform India into the third largest economy
in the world by 2027-28 and an $ 8 trillion economy by 2032.
G20 – a diplomatic triumph
respect among the comity of nations. According to the IMF,
India will contribute 15 percent to the global GDP growth The G20 Delhi Declaration has come as a crowning glory
this year. At a time when China is decelerating fast, India is for India. The inclusion of the African Union in G20 and the
looked upon with lot of hope. The fact that India is a proposed India-Middle East- Europe Economic Corridor
democracy unlike many other countries with autocratic, (IMEC) are diplomatic triumphs for India. India has emerged
unstable political systems adds prestige to India’s status. as the voice and symbol of the Global South and the
The four Ds of India - Democracy, Demography, Digital ascendence of Prime Minister Modi as a tall global
leadership, and Domestic consumption-led growth - have statesman are matters of pride for India. From the market

The dollar index rising above 105, the US bond yields spiking to 16-year
highs and the Brent crude sharply rising from $78.5 in July to around $94 by
mid-September facilitated a bear onslaught. FPIs who were big buyers in the
previous three months turned sellers in September with a net sell figure of
Rs.16,934 crores in the cash market as on 21st September. The Fed’s hawkish
pause in the September meet pushed up the 10-year bond yield to 4.49 percent.
FIIs might continue to sell so long as the US bond yields remain high. This is
a near-term challenge for the market. The scenario will change when valuations
become attractive.
perspective, what are the implications of these positive caps is widening. It is a fact that the small-caps
developments? outperform the large-caps in the long run. But pockets of
the small-cap space are now over-valued. The mid-cap
Indian equity markets will continue to attract lot of money –
and small-cap indexes are up by 38 percent and 44
both domestic and global. Growing awareness about equity
percent from the low levels of March this year while the
investment and financialization of savings will attract huge
Nifty is up by only 15.2 percent since the March lows.
domestic capital flows. FII flows will be erratic, responding
This outperformance is attracting huge mutual fund flows
to factors like US bond yields, movements in the dollar index
into the mid- and small-cap segments, lifting their
and the exchange rate. But the long-term trend of FII inflows
valuations beyond fair levels. Investors must be cautious
will be hugely positive because India has the best growth
about this exuberance.
story among emerging markets.
An impressive bull run is happening in segments like
High valuations trigger pullback railways and defense where many stocks have shot up
Nifty crossed the psychological mark of 20,000 and moved by more than 100, 200 and even 300 percent. What are
beyond 21,000. At 20,000, market valuations jumped to the factors driving these stocks? The 2023 Budget had
levels higher than long-term averages. The last 10-year allocated Rs 10 lakh crores for infrastructure
average PE ratio is 17.5. Nifty at 20,000, the one-year forward development, of which, Rs 2.4 lakh crores was for
PE based on estimated FY 24 earnings jumped above 20. It railways. The Defense Production and Export promotion
can be argued that based on FY 25 estimated EPS, the Policy (DPEPP) has an ambitious revenue target of Rs
valuation is fair at a PE of around 18.5. But the problem with 1.75 lakh crores by 2024-25. Unlike in the past, massive
high valuations is that some negative triggers can cause public spending is happening in these segments. The
sharp corrections in the market. Some negative triggers expansion and modernization of Indian Railways has
combined to pull the Nifty down by 390 points in two days – resulted in massive orders for railway wagon companies
on 20th and 21st of September. The dollar index rising above like Jupiter Wagons, Titagarh Rail and Texmaco Rail.
105, the US bond yields spiking to 16-year highs and the Thanks to DPEPP, ship manufacturers like Cochin
Brent crude sharply rising from $78.5 in July to around $94 Shipyard, Garden Reach and Mezagoan Dock have
by mid-September facilitated a bear onslaught. FPIs who received big orders. Many stocks in these segments have
were big buyers in the previous three months turned sellers shot up hugely on hopes that these massive public
in September with a net sell figure of Rs 16,934 crores in expenditure and government orders will translate into
the cash market as on 21st September. The Fed’s hawkish bumper profits soon. This hope is driving the hyperactivity
pause in the September meet pushed up the 10-year bond in these stocks. While there is some economic rationale
yield to 4.49 percent. FIIs might continue to sell so long as for this optimism, the challenge is whether the hope will
the US bond yields remain high. This is a near-term challenge translate into reality. In the case of segments like ship
for the market. The scenario will change when valuations building, it will take years for the order to be executed and
become attractive. get reflected in the bottom line of companies.
Exuberance in mid-and small-caps When the broader market turns exuberant, investors can
seek the safety of large-caps. Mid- and small-caps might
Regarding the short-term trends, the divergence in take longer to recover from a crash; but quality large-caps
valuations between the mid- and small-caps and large will quickly bounce back from market corrections.

OUR VIEWS
How to create a travel fund

for your next international trip? Geojit Team
E ver caught yourself daydreaming about jetting off to an

international paradise? Exploring new cultures,
savoring exotic cuisines, and making memories that last
sipping coffee in French cafes to chasing waterfalls in
Costa Rica, write down every destination that you wish
to visit. For example,
a lifetime. Well, you're not alone! But here's the thing –
Destination
those dreamy trips need some smart money planning.
Don't worry, though. In this article, we're going to cover Ladakh
something super useful: how to create a travel fund for Ireland
your next big adventure abroad. So, if you're all set to turn
France
your travel dreams into a budget-friendly reality, keep
reading! Costa Rica
1. Make a list 2. Set the timeline for each destination

It’s time to dream big! Grab a notepad and start listing For every destination on your list, determine when you'd
all those places you've been itching to explore. From like to visit it. Research the best times to travel based on

weather, festivals, or events. Keep in mind both the travel over time, getting you closer to those travel dreams. You
duration within the country and the time required for can sort out your investment timeframes into short term,
international trips. For example, mid-term, and long term categories. Short term means 1
to 3 years, mid-term is from 3 to 5 years, and anything
Destination Time Horizon beyond that is considered long term. Refer table 4.
Ladakh 6 months
5. Figure out how to invest
Ireland 3 years
France 4 years Decide whether you want to invest through a Systematic
Costa Rica 8 years Investment Plan (SIP) where you invest smaller amounts
at regular intervals or through a lumpsum. If you're choosing
3. Figure out the budget for each destination SIP, calculate how much you need to invest regularly to
meet your travel fund goal. Refer table 5.
Break down your expenses for each trip. Consider factors
like flight costs, accommodation, daily meals, 6. Start investing and redeem strategically
transportation within the destination, visa fees, travel
Once you've picked your investment strategy, start putting
insurance, activities you want to do, and even a bit for
your money into the chosen mutual fund scheme. Keep an
shopping. Research online or ask fellow travelers to get
eye on your investments and redeem when needed to
a realistic estimate.
match your travel timeline. The goal is to have the right
Destination Time Horizon Budget amount available when you're ready to pack your bags.
Ladakh 6 months Rs 35,000 Conclusion
Ireland 3 years Rs 5 lakh Creating a travel fund for your next international trip is crucial
France 4 years Rs 6 lakh to ensure you have the financial means to enjoy your
Costa Rica 8 years Rs 8 lakh adventure fully. It covers flights, accommodation, activities,
*The numbers mentioned are for illustration purposes only and unexpected costs without straining your regular budget.
A dedicated travel fund provides peace of mind, enables
4. Map the investment avenue
better planning, and ensures you can make the most of
To ensure you have the funds when you need them, think your international experience without financial stress. To
about investment options. Mutual funds, for example, offer learn more, consider getting in touch with a Geojit financial
a variety of schemes tailored to different financial goals planner. They can help you craft the ideal investment
and timelines. They can potentially help your money grow strategy for your travel plans.
Table: 4
Destination Time Horizon Budget Investment Suitable Mutual Fund
Ladakh 6 months Rs 35,000 Short-term Debt Fund
Ireland 3 years Rs 5 lakh Mid-term Hybrid Fund
France 4 years Rs 6 lakh Mid-term Hybrid Fund
Costa Rica 8 years Rs 8 lakh Long-term Equity Fund
*The numbers mentioned are for illustration purposes only
Table: 5
Time Suitable Mutual Investment
Destination Horizon Budget Investment Fund Method Amount
Ladakh 6 months Rs 35,000 Short-term Debt Fund Lumpsum Rs 33,900
Ireland 3 years Rs 5 lakh Mid-term Hybrid Fund SIP Rs 12,000/month
France 4 years Rs 6 lakh Mid-term Hybrid Fund SIP Rs 10,300/month
Costa Rica 8 years Rs 8 lakh Long-term Equity Fund SIP Rs 5,100/month
*The numbers mentioned are for illustration purposes only Note: Assumed returns: Debt fund 6.6%; Hybrid fund 10%; Equity 12%
"It's not whether you're right or wrong that's important, but

how much money you make when you're right and how
much you lose when you're wrong."
– George Soros

Gibin John
An NRI couple wants to know if their current investments are sufficient

to meet their post-retirement expenses. Geojit's Investment Analyst
Gibin John helps them plan their retirement life. He analyses the client's
current financial situation to help them invest and plan ahead to achieve
their goal.
I am a 48-year-old NRI and my wife is 45 years. We are Now, we wish to know whether our existing savings
working in a hospital and earning an average monthly are enough to meet our retirement period expenses.
net income of Rs 3,00,000 per month. We have a We expect our post-retirement expenses to be Rs
monthly expense of Rs 1,75,000. We are planning to 65,000 per month. Please let us know if our present
settle in India within seven years, by then I will be 55 investments are enough and advice us on a suitable
years old. My biggest worry always is whether the retirement plan.
amount we accumulated till now is sufficient to meet
Gibin John, a Certified Financial Planner replies:
the post-retirement expenses. Our investments are:
NRE FD of Rs 1.25 crore, NRO account Rs 22 lakhs Many people forget to plan for retirement or start planning
and residential house value of approximately Rs 1 for retirement very late. They prioritize their immediate
crore. We have another property worth Rs 50 lakh. This responsibilities and family goals over retirement planning,
property is currently rented out and fetches a monthly often neglecting their own financial security in their sunset
rent of Rs 17,000. years. Once they see to all their responsibilities, they start

thinking about their life after retirement. By then, it becomes amount you should set aside minimum of Rs 7 lakh for
too late to plan for retirement corpus and the retirement emergency requirements. You will be left with a balance
income generation goes for a toss. of Rs 1.40 crore which will not be sufficient to meet your
post-retirement expenses. If this investment fetches 6%
In your case, you have decided to plan for your retirement interest, then the investment will become Rs 2.10 crore.
at the age of 48. Retirement is an important goal akin to For filling the shortfall, I suggest that you invest the current
any other life goal because maintaining the same standard surplus amount wisely. Our advice is to invest your
of living in retirement as you enjoyed during your working existing surplus amount of Rs 35,000 every month in equity
years can be challenging as income reduces. During mutual fund. Assuming your investment generates a
working years, one can achieve goals by taking loans or return of 10%, you can create a corpus around Rs 40
other financial aids but when it comes to retirement you lakh. Based on the information provided by you, there are
will not have such options. Therefore, I am happy that no equity-oriented investments, so we suggest a small
you have now given priority to retirement planning. allocation towards equity. This way you can create the
retirement corpus amount without selling any property. It
You expect your post-retirement monthly expense to be
is good that you decided now to plan for retirement.
Rs 65,000. After we take into consideration inflation of 6%,
Planning for retirement is as important as planning for
you need to create a corpus of Rs 2.63 crore, which will be
any other family goal.
sufficient to maintain the same standard of living, at least
till the age of 80. After taking into account the rental income After allocating monthly contributions towards the retirement
of Rs 17,000 during retirement period, the required corpus goal, you will have Rs 90,000 balance surplus to invest for
will come down to Rs 2.50 crore, which will be sufficient to other goals or wealth creation. Finally, one more thing, I
maintain the same standard of living, at least till the age of suggest that you should take a family floater health
80. The rent growth is not considered in the calculation. insurance with a coverage of at least Rs 15 lakh. This will
Currently, you have a balance of Rs 1.25 crore in NRE protect your investments from the depletion due to
account and Rs 22 lakhs in NRO account. From this unexpected medical expenses.

HIGH DIVIDEND YIELD STOCKS
Sl Market Cap Dividend Yield* (%) 3 yr Avg P/E D/E RoE
Stock Name Sector CMP
No (Rs. Cr) FY 21 FY 22 FY 23 LTM (Div. Yield) (1 yr Fwd) (FY23) (3 yr Avg)
1 VEDANTA LTD Metals & Mining 86165 232 4.1 19.4 43.8 29.6 22.43 14.5 1.3 23.2
2 HINDUSTAN ZINC LTD Metals & Mining 133351 316 6.7 5.7 23.9 19.5 12.13 13.1 0.9 31.8
3 BHARAT PETROLEUM CORP LTD Oil & Gas 76477 353 22.4 4.5 1.1 1.1 9.36 6.0 1.3 20.7
4 HINDUJA GLOBAL SOLUTIONS LTD BPO/KPO 4694 1009 2.0 21.8 1.5 3.5 8.42 - 0.1 48.4
5 COAL INDIA LTD Power 175206 284 5.6 6.0 8.5 8.5 6.71 7.8 0.1 45.6

6 NMDC LTD Metals & Mining 43388 148 5.2 10.0 4.5 4.5 6.55 7.6 0.0 29.6
7 INDIAN OIL CORP LTD Oil & Gas 129704 92 7.6 7.6 3.3 3.3 6.17 5.5 1.0 16.2
8 POLYPLEX CORPORATION LTD Packaging & Containers 3684 1173 1.4 8.9 7.5 9.3 5.94 10.0 0.1 15.0
9 INDUS TOWERS LTD Telecommunications 48967 182 11.1 6.1 0.0 0.0 5.71 9.0 0.9 22.9
10 CESC LTD Power 11977 90 5.0 5.0 5.0 5.0 4.98 10.7 1.3 13.3
11 SANOFI INDIA LTD Pharmaceuticals 16416 7128 6.9 8.0 0.0 5.3 4.96 26.0 0.0 33.3
12 ORACLE FINANCIAL SERVICES IT 36527 4221 4.7 4.5 5.3 5.3 4.86 16.9 0.0 26.1
13 HINDUSTAN PETROLEUM CORP Oil & Gas 36570 258 8.8 5.4 0.0 5.4 4.75 4.4 2.2 10.1
14 NATIONAL ALUMINIUM CO LTD Metals & Mining 17457 95 3.7 6.8 3.7 4.7 4.73 9.8 0.0 16.4
15 POWER GRID CORP OF INDIA LTD Power 190337 205 3.3 5.4 5.4 5.4 4.70 12.3 1.5 20.1
16 GAIL INDIA LTD Oil & Gas 81235 124 2.7 8.1 3.2 3.2 4.68 9.5 0.3 13.9
17 PETRONET LNG LTD Oil & Gas 35940 240 4.8 4.8 4.2 4.2 4.59 10.7 0.2 25.2
18 STEEL AUTHORITY OF INDIA Metals & Mining 39380 95 2.9 9.2 1.6 1.0 4.56 10.2 0.6 12.7
19 REC LTD Diversified Fin Serv 66963 254 3.7 4.5 5.0 4.3 4.41 5.2 NA 20.9
20 HOUSING & URBAN DEV CORP LTD Diversified Fin Serv 14754 74 3.0 4.7 5.2 5.2 4.31 - NA 12.1
21 OIL & NATURAL GAS CORP LTD Oil & Gas 236761 188 0.9 5.6 6.0 6.0 4.16 5.6 0.5 13.2
22 REDINGTON LTD Trading & distributors 12300 157 3.7 4.2 4.6 4.6 4.15 9.3 0.5 20.7
23 HCL TECHNOLOGIES LTD IT 350985 1293 3.4 3.2 5.1 3.7 3.91 20.2 0.1 22.4
24 POWER FINANCE CORPORATION Diversified Fin Serv 75744 230 2.8 4.2 4.6 5.1 3.86 5.6 NA 21.0
25 GUJARAT PIPAVAV PORT LTD Commercial Services 6108 126 3.6 3.2 4.8 4.8 3.85 16.0 0.0 10.8
Source: Geojit Research, Bloomberg
Note: The above table shows high dividend-paying stocks based on CMP and DPS (dividend per share) paid in the last 3 years.
Stocks under the NIFTY 500 index are considered in the above table.
*Dividend Yield= Dividend per share/Current Market Price.
LTM: Last 12 months; CMP-Current market price as of 20th September 2023.
P/E: Price to Earnings ratio; D/E: Debt to Equity ratio; RoE: Return on Equity.
NA-Not Applicable.
GEOJIT’S EQUITY MODEL PORTFOLIO
Sl. No. Company Rating Sector Category
1 Indraprastha Gas Buy Oil & Gas Mid Cap
2 HDFC AMC Hold AMC Mid Cap
3 TTK Prestige Buy Consumer Goods Small Cap
4 Kotak Mahindra Bank Buy Large Cap
5 HDFC Bank Buy Banking and Finance Large Cap
6 ICICI Bank Hold Large Cap
7 Dabur India Hold FMCG Large Cap
8 Pidilite Industries Buy Fertilizer/Chemical Large Cap
9 Tech Mahindra Hold Large Cap
10 Infosys Buy IT Large Cap
11 HCL technologies Hold Large Cap
12 Zee Entertainment Buy Mid Cap

Media
13 PVR Buy Small Cap
14 Lupin Hold Mid Cap
15 Natco Pharma Buy Small Cap

Pharma
16 Biocon Hold Mid Cap
17 Divi's Lab Buy Large Cap
18 Reliance Industries Hold Diversified Large Cap
19 Info Edge Buy Large Cap

E-commerce
20 Zomato Buy Large Cap
*There is no change compared to previous month’s model portfolio.

Source: Geojit Research

STOCK RECOMMENDATIONS
Rating: BUY Rating: BUY

Sector: KITCHEN APPLIANCES Sector: : CONSTRUCTION & ENGINEERING
TTK Prestige Ltd. (TTK), the flagship company of the NCC Ltd. (NCC), is one of the largest, well diversified
TTK group, mainly focuses on the kitchen appliances construction companies in India, with a foothold in every
segment. The company operates five manufacturing plants segment of the construction sector.
and has strong distribution networks. Recently, NCC has been awarded a contract worth Rs
For Q1FY24, consolidated revenue declined by 7%YoY 6,301.08cr with JV of J Kumar Infra Projects, wherein the
share of works to be executed by NCC works out to Rs
due to tepid demand amidst inflationary pressure.
3,213.55cr. The sharing ratio of the parties in the joint
Domestic business declined by 8%YoY while export
venture is 51% for NCC and 49% for JKIL. The contract
business declined by ~12% YoY to ~Rs.20cr due to
relating to the design, construction, and operation of twin
inflationary pressure in global markets. However, the UK tunnels from Film City Goregaon to Khindipada (Amar
subsidiary (contributes ~6% to total revenue) reported Nagar) Mulund, including box tunnels at Film City, electrical,
revenue growth of 28% YoY due to a low base (-34% in mechanical, and associated works by Brihanmumbai
Q1FY23 due to steep inflationary pressure and geo-political Municipal Corporation.
issues). TTK has introduced 55 new SKUs during the
quarter and has slated for the launch of ~37 new SKUs In Q1FY24, NCC’s order book remains at an elevated level
for Q2FY24. TTK targets Rs.50bn revenue by FY27 of Rs 54,110cr, (which is 3.8x trailing twelve-month
revenue, supported by an order inflow of Rs 8,154cr (83%
through organic (Rs. 40bn including exports of Rs. 5bn)
YoY). The management foresees strong traction in order
and inorganic (Rs. 10bn) routes. TTK has a strong focus
inflows in FY24 and has guided an order inflow target of
on significant expansion in its distribution network in high
Rs 26,000cr. The order book is well diversified: buildings
growth areas and targets to add ~100 stores a year in the 50%, electrical 15%, water & railway 15%, transportation
next 3 years (currently 671 stores in 368 towns). All these 11%, mining 9%, and irrigation 1%. The total orders from
initiatives will support market share gains. We believe the the state of Karnataka stood at Rs 4,000cr (7% of the order
easing of inflationary pressure will support demand going book), which includes Bangalore metro projects of Rs
forward, and we expect revenue CAGR of ~8% over 2,150cr. The management stated that the company has
FY23E-FY24E. received mobilisation advances for most of the projects
in the state of Karnataka, and execution will commence
Gross margin improved by 100bps YoY due to a reduction
this year itself.
in input prices, while EBITDA margin declined by 230bps
YoY to 10.3% due to lower volumes. TTK has not taken NCC’s Q1FY24 revenue grew by 30% YoY to Rs 3,838cr
any price hikes during the quarter as the input prices have (in line with the estimate), led by healthy execution in Jal
stabilised. TTK expects the demand to improve in H2FY24, Jeevan Mission projects. The execution of the UP Jal
which will aid margin improvement. Jeevan water project of Rs 16,500cr has picked up good
progress and contributed 30% of revenue in Q1FY24. The
Export revenue declined by 12%YoY to ~Rs. 20cr (Rs. company expects top-line growth of 20% YoY for FY24
70cr/Rs.98cr in FY23/FY22 respectively) due to current and 15% YoY for FY25. In Q1FY24, EBITDA margin
global inflationary pressure on demand. The export improved by 41bps YoY to 9.9%, supported by strong
contribution improved to 3.6% Vs ~2.7%/3.9% in FY23/ execution and benign raw material prices. With the recent
FY22 which is expected to improve further as the global contraction in key raw material prices, the management
inflation eases. expects the EBITDA margin to be in the range of 10% in
FY24. Adj. PAT increased by 35% YoY to Rs162cr in
Barring short-term strains on demand and margins due Q1FY24. The Sembcorp arbitration process is over, and
to inflationary pressure, the long-term outlook remains the company is expecting a payout in H2FY24.
positive given rising middle-income households, With strong order execution, an all-time high order book,
improvement in the real estate sector, and easing input and an improvement in margins, we increase our FY24
prices, along with TTK’s strong brand recall. The stock and FY25 EPS estimates by 5% and 10%, respectively.
currently trades at ~36x 1Yr Fwd P/E. We value TTK at Therefore, we reiterate BUY rating on NCC and value the
38x FY25E EPS (5Yr avg=36x) to arrive at a revised target stock at a P/E of 11x on FY25E earnings with a target
of Rs. 950, maintain BUY rating. price of Rs 184.
CMP: Rs.794 (as on 20.09.2023) CMP: Rs. 153 (as on 20.09.2023)
Target Price: Rs. 950 Target Price: Rs. 184
Analyst: Vincent K A Analyst: Antu Eapen Thomas

Geojit Financial Services Ltd., INH200000345 Geojit Financial Services Ltd., INH200000345

For Disclosures and Disclaimers: TTK Prestige Ltd. - http://geoj.it/v3e6ZF and NCC Ltd. – http://geoj.it/v7fqCH
STOCK RECOMMENDATIONS
Rating: BUY Rating: BUY

Sector: HOUSEHOLD APPLIANCES Sector: MEDIA
Crompton Greaves Consumer Electricals Limited is Zee Entertainment Enterprises Ltd. (ZEEL), a
one of the leading consumer companies in India with a subsidiary of Essel Group, is an Indian mass media
75+ years old brand legacy. It is an independent company company with interests in television, print, films, mobile
under professional management and has 2 business content, the internet, and allied businesses. The merger
segments – Lighting and Electrical Consumer Durables. between ZEEL and Sony Pictures Networks India (SPNI)
The products are marketed under the “Crompton” brand was approved by the National Company Law Tribunal
name in India and select export markets. (NCLT) on August 10, discharging all the objections. We
expect that after the merger, the company will gain market
In Q1FY24, Revenue was flat YoY at Rs.1,877cr in Q1FY24 share, and Sony’s existing business will provide synergy
(vs. Rs.1,863cr in Q1FY23). However, segment-wise, for the company to boost its overall performance in the
electric consumer durables’ revenue grew 6.1% YoY, led long run. The impending merger of these two companies
by growth in premium fans and appliances. In fact, the marks a significant milestone, as it will give rise to India's
share of premium fans in Crompton’s fan portfolio mix largest media entity. In addition, a healthy performance of
increased to 28% during the quarter from 24% in Q1FY23. the subscription business and gradual improvement in the
Revenue from lighting products, though, declined 12.7% advertisement segment are expected to boost profitability.
YoY due to subdued business-to-customer (B2C) demand In Q1FY24, ZEEL‘s operating revenue increased 7.6% YoY
and price reductions, resulting in lower channel stocking. to Rs. 1,984cr owing to a strong growth in subscription
Also, the revenue of Butterfly Gandhimathi Appliances Ltd revenue and other sales and services revenue. However,
(BGAL) declined 13.7% YoY. However, strategic channel it was partly offset by a drop in advertising revenue. The
restructuring between retail and e-commerce led to a subscription segment grew 17.6% YoY to Rs. 90cr, aided
double-digit growth in the B2C channel. by rising subscription revenue post-NTO 3.0 & ZEE5.
Other sales and services revenue surged 42.1% YoY to
Crompton’s EBITDA fell 15.5% YoY to Rs. 186cr in
Rs. 135cr, underpinned by theatrical revenue from movie
Q1FY24. EBITDA margin also deteriorated 190 bps YoY
releases. However, advertising revenue declined to
to 9.9%, led by higher advertising and promotion cost.
Rs.941cr, down 3.5% YoY, due to the decreased share of
Margins were also affected by higher prices for BEE rated
General Entertainment Channels (GEC) owing to the
fans and price correction in pumps. Reported PAT
Indian Premier League (IPL).
remained flat YoY at Rs. 122cr vs. Rs. 126cr in Q1FY23.
Moreover, the company expects advertising revenue to
The management is focused on targeting higher increase in the coming quarter as ad spending has begun
contributions from ceiling lights rather than bulbs and picking up at a moderate pace. EBITDA fell 43.3% YoY to
battens, which is expected to drive better growth. Rs. 155cr, while EBITDA margin contracted 680bps YoY to
Crompton also increased its market share in the premium 7.8% due to an increase in costs across content, marketing,
energy efficient brushless direct current fans segment, and technology. Investment in content and user-based
driven by ceiling fans and table/pedestal/wall fans. The investment in technology are expected to continue.
management plans to further increase revenue through Subsequently, reported PAT declined 97.0% YoY to Rs. 4cr.
premium fans. In BGAL, the share of business from new PAT was also derailed by an exceptional item of Rs. 71cr
products was ~14% of sales in Q1FY24. The during the quarter due to employee and legal expenses.
management has identified pilot markets in India’s northern The subscriptions segment displayed a strong
and western regions to further expand the subsidiary’s performance during the quarter, and we expect ad revenue
products. to improve as ad spending has started picking up. The
company is managing its costs better by reducing its
While the company's performance was muted in Q1FY24,
content costs. This is expected to improve its margin.
the management has seen a pick-up in demand from July
Moreover, NCLT has approved the merger between ZEEL
2023 onwards. Further, Crompton 2.0 strategy, which is
and SPNI. Therefore, after the merger, the merged entity's
focused on portfolio premiumization, better go-to-market
extensive distribution networks covering India and its
initiatives, brand awareness, cost optimization, and ownership of prestigious entertainment brands uniquely
innovative launches, along with the company’s competitive position the company to meet the escalating consumer
market position, will be key growth drivers in the medium- demand for premium content across a wide spectrum of
to-long term. We, therefore, we upgrade our rating on the entertainment channels and platforms. Hence, we
stock to BUY, with a revised target price of Rs. 362 based reiterate our BUY rating on the stock with a rolled-forward
on 35x FY25E adj. EPS. target price of Rs. 312 based on 26x FY25E adjusted EPS.
CMP: Rs.306 (as on 20.09.2023) CMP: Rs. 264 (as of 20.09.2023)
Target Price: Rs.362 Target Price: Rs.312
Analyst: Cyril Charly Analyst: Cyril Charly

Geojit Financial Services Ltd., INH200000345 Geojit Financial Services Ltd., INH200000345

For Disclosures and Disclaimers: Crompton Greaves Consumer Electricals Ltd. - http://geoj.it/UDjNuK and Zee Entertainment Enterprises Ltd. – http://geoj.it/J81vNY
MARKET UPDATES
• Industrial production in India increased 5.7% year-on-year in July 2023, it is above the market forecast of 4.8%.
• Retail price inflation rate in India eased to 6.83% in August 2023 from 7.44% in July 2023 and below the market forecast of 7%.
• Wholesale price inflation rate in India declined by 0.52% in August 2023, following a 1.36% decline in the previous month.
• The Indian Manufacturing PMI increased to 58.6 in August 2023 from 57.7 in the previous month.
• The total Mutual Fund AUM touched a new high of Rs.46.63 lakh crore in August 2023 from Rs.46.38 lakh crore in July 2023.
• The mutual fund industry reported net inflows of Rs.14386 Crs in August 2023.
• The Equity mutual funds net inflows spiked to Rs.20133 Crs in August 2023.
• Debt funds resulted net outflows of Rs.27555 Crs in August 2023.
• SIP inflows reached a new high of Rs.15814 Crs in August 2023. SIP accounts scaled to a new high of 6.97 Crs in August 2023, as
compared to 6.81 Crs accounts in July 2023.
• SBI Funds Management (SBIFM) has completed the final liquidation and disbursement of the six wound up debt schemes of
Franklin Templeton MF (FTMF).
• Wealth India Financial Services which run an investment platform FundsIndia.com has sold its majority stake to private equity
player, WestBridge Capital.
• SEBI has proposed that the market intermediaries which include mutual fund companies and registered investment advisors
cannot engage with finfluencers directly or indirectly.
• SEBI takes artificial intelligence route to reduce instances of mis-selling in capital market products like mutual funds.
• NACH mandates will now have a validity of a maximum of 30 years.
• SEBI chairperson Madhabi Puri Buch has urged the MF ecosystem including fintech, AMCs, RTAs and MFDs/RIAs to leverage
artificial intelligence to improve their services for investors.
• SEBI has clarified that fund houses can exclude contribution made towards Corporate Debt Market Development Fund to arrive at
the net assets value to deploy funds based on scheme’s mandate.
• Old Bridge Capital Management has received SEBI’s final approval to start MF business under Old Bridge Mutual Fund.
CATEGORY V/S INDEX PERFORMANCE

Average Returns % (Absolute) Returns % (Absolute)
Fund Category Index
1 Month 3 Months 6 Months 1 Month 3 Months 6 Months
NIFTY 50 - TRI 4.30 7.32 18.67
Large Cap Fund 4.71 7.85 19.87 NIFTY 100 - TRI 4.44 7.04 19.07
S&P BSE SENSEX - TRI 4.12 7.08 17.69
S&P BSE 250 Large Midcap - TRI 4.88 8.51 21.61
Large & Mid Cap 5.15 9.86 24.07 S&P BSE 200 - TRI 4.85 8.40 21.46
Nifty Large Midcap 250 - TRI 5.71 11.21 26.54
NIFTY 500 - TRI 5.15 9.21 22.94
Multi Cap Fund 5.03 11.06 26.00
S&P BSE 500 - TRI 5.07 9.12 22.78
Nifty Midcap 100 - TRI 7.54 16.06 35.68
Mid Cap Fund 5.71 11.81 28.58
S&P BSE 150 Mid-Cap - TRI 6.09 14.48 32.51
Nifty Small cap 100-TRI 9.05 18.86 40.47
Small cap Fund 5.47 12.42 30.75 Nifty Small cap 250 - TRI 8.09 17.55 38.83
S&P BSE 250 Small Cap - TRI 7.28 16.35 37.46

TOPz
Top 5 stock purchases Top 5 stock sales
Suzlon Energy Ltd. Ashok Leyland Ltd.
SBFC Finance Ltd. GMR Airports Infrastructure Ltd.
Zomato Ltd. NHPC Ltd.
Union Bank Of India Bharat Heavy Electricals Ltd.
HDFC Bank Ltd. Vodafone Idea Ltd..
Top 5 holdings by Market value Top 5 holdings by number of schemes
HDFC Bank Ltd. HDFC Bank Ltd.
ICICI Bank Ltd. ICICI Bank Ltd.
Reliance Industries Ltd. Infosys Ltd.
Infosys Ltd. Reliance Industries Ltd.
L & T Ltd. State Bank of India
Know Your AMC

BANDHAN AMC LIMITED Inception Date 20.11.1999
Trustee Bandhan Mutual Fund Trustee Limited

Sponsors Bandhan Financial Holdings Limited
Chief Investment Officer (CIO) Mr. Vishal Kapoor
MAJOR ACQUISITIONS
AMC Name Year of acquisition
IDFC Mutual Fund 2023
SCHEME WISE ASSET OF FUNDS ASSET CLASSIFICATION
Assets Types No of plans AUM (Cr.) % of total AUM
Total Schemes 81 126103.10 100
Equity 19 30230.56 23.97
Debt 49 88156.47 69.91
Hybrid 6 7117.08 5.64
Other 7 599 0.48
FUND MANAGERS AND SCHEMES

Fund Managers Major Schemes
Mr. Daylynn Pinto Bandhan Multi Cap Fund, Bandhan Sterling Value Fund, Bandhan Tax Advt(ELSS) Fund,
Bandhan Transportation and Logistics Fund
Mr. Manish Gunwani Bandhan Core Equity Fund, Bandhan Emerging Businesses Fund,
Bandhan Hybrid Equity Fund
Mr. Sachin Relekar Bandhan Flexi Cap Fund, Bandhan Infrastructure Fund, Bandhan Midcap Fund,
Bandhan Equity Savings Fund
Mr. Sumit Agrawal Bandhan Financial Services Fund, Bandhan Focused Equity Fund,
Bandhan Large Cap Fund
BRAIN BURGER
Loss aversion bias
Individuals process information based on their experiences and preferences, which in psychology is referred to as biases. While
people desire to follow rational decision making which involves evaluating all the options with all the information available, individual
biases hold them from doing so. One of the emotional biases is Loss aversion bias.
Loss aversion is the tendency to avoid losses overachieving equivalent gains. However they do not like taking chances with certain
gains. Losses are significantly more powerful than gains. people feel pain from losses much more acutely than they feel pleasure
from the gains of the same size .Nobel Prize–winning economist Daniel Kahneman illustrated how this plays out in a simple
experiment he did with his students: he told them that if a flipped coin lands on tails, they would lose $10. Then he asked them how
much they would need to win to make the coin flip worth the risk of losing $10. The answer, he said, was typically more than $20.

EQUITY FUND RECOMMENDATIONS: OCTOBER 2023 Data as on 14.09.2023
Equity - Large Cap Funds

Large cap funds invest minimum 80% of the total assets in top 100 companies by market capitalisation. These 100 companies are
industry leaders and have highest growth potential. Hence they are considered as the safest equity bets and exhibit least volatility in
share prices during market uncertainties. Suitable for first time investors and those who hold conservative allocation in equities.
Inception Minimum CAGR % Geojit

ISIN Code Scheme Name NAV
Date Investment 1 year 3 years 5 years Rating
INF109K01BL4 ICICI Pru Bluechip Fund(G) 23-May-08 100 80.45 17.46 24.48 13.43 ★★★★★
INF204K01562 Nippon India Large Cap Fund(G) 08-Aug-07 100 66.85 21.36 29.27 13.93 ★★★★★
INF174K01153 Kotak Bluechip Fund(G) 04-Feb-03 100 435.17 12.81 21.15 13.12 ★★★★★
INF200K01180 SBI BlueChip Fund-Reg(G) 20-Jan-06 5000 72.79 13.94 23.18 13.17 ★★★★★
INF179K01BE2 HDFC Top 100 Fund(G) 03-Sep-96 100 881.19 18.75 26.44 12.82 ★★★★
INF760K01AR3 Canara Rob Bluechip Equity Fund-Reg(G) 20-Aug-10 5000 47.44 12.44 19.80 14.08 ★★★★
INF754K01046 Edelweiss Large Cap Fund-Reg(G) 20-May-09 5000 64.98 15.99 21.36 12.28 ★★★★
INF251K01894 Baroda BNP Paribas Large Cap Fund-Reg(G) 23-Sep-04 5000 164.89 14.02 20.51 13.86 ★★★★
INF174V01697 Mahindra Manulife Large Cap Fund-Reg(G) 15-Mar-19 1000 18.00 11.64 22.18 0.00 ★★★★
INF769K01010 Mirae Asset Large Cap Fund-Reg(G)# 04-Apr-08 5000 89.82 11.74 19.75 12.31 ★★★
INF789F01976 UTI Mastershare-Reg(G)# 03-Aug-05 100 218.81 10.54 20.69 12.12 ★★★
Equity - Large & Mid Cap Funds

These funds will keep a minimum of 35% each of its total assets in large and mid cap companies. The mid-cap exposure as well as the rest 30%
discretionary portfolio (after 70% specified mid and large-cap exposure, the rest could be invested in debt or other equity instruments) will increase the
risk reward ratio of the scheme above the pure large-cap. Medium to long term investors with better risk tolerance levels could select this scheme.
INF200K01305 SBI Large & Midcap Fund-Reg(G) 28-Feb-93 5000 463.87 16.89 28.88 16.13 ★★★★★
INF109K01431 ICICI Pru Large & Mid Cap Fund(G) 09-Jul-98 5000 691.86 19.19 30.78 15.92 ★★★★★
INF179KA1RT1 HDFC Large and Mid Cap Fund-Reg(G) 18-Feb-94 100 246.92 22.35 30.92 16.63 ★★★★★
INF846K01J79 Axis Growth Opp Fund-Reg(G) 22-Oct-18 100 23.57 13.48 24.04 0.00 ★★★★
INF769K01101 Mirae Asset Emerging Bluechip-Reg(G)$ 09-Jul-10 5000 114.76 16.33 24.97 17.29 ★★★
INF174K01187 Kotak Equity Opp Fund(G)# 09-Sep-04 100 247.49 17.23 25.07 16.01 ★★★
INF843K01047 Edelweiss Large & Mid Cap Fund-Reg(G)# 14-Jun-07 5000 62.89 13.33 24.44 14.86 ★★★
INF760K01167 Canara Rob Emerg Equities Fund-Reg(G)# 11-Mar-05 5000 185.59 10.33 22.51 13.98 ★★
Equity - Flexi Cap Funds

Flexi cap funds hold a well diversified portfolio as its 65 % of total assets can be invested in stocks across market caps. It is also known
as ‘fund manager’s fund’ which leaves it to the fund manager to decide which market cap to invest into. Always choose to invest in this
fund after reviewing the fund manager’s credentials than the portfolio because asset allocation can change any time.
INF179K01608 HDFC Flexi Cap Fund(G) 01-Jan-95 100 1359.89 21.21 32.95 15.76 ★★★★★
INF663L01FJ3 PGIM India Flexi Cap Fund-Reg(G) 04-Mar-15 5000 28.60 8.91 22.42 16.33 ★★★★
INF090I01239 Franklin India Flexi Cap Fund(G) 29-Sep-94 5000 1191.83 18.14 29.14 14.20 ★★★★
INF582M01104 Union Flexi Cap Fund-Reg(G) 10-Jun-11 1000 39.45 15.01 23.21 14.83 ★★★★
INF760K01019 Canara Rob Flexi Cap Fund-Reg(G) 16-Sep-03 5000 254.35 10.70 20.42 14.13 ★★★★
INF789F01513 UTI Flexi Cap Fund-Reg(G)# 01-Aug-05 5000 261.56 5.16 18.49 12.13 ★★★
Equity - Multi Cap Funds
Multi cap fund holds a diversified portfolio as its 75% of its total assets should be invested in equity in which the minimum of 25%
allocation in equity and related instruments should be in large, mid and small cap companies.

INF204K01489 Nippon India Multi Cap Fund(G) 28-Mar-05 100 212.57 26.94 37.21 17.17 ★★★★★
INF174V01317 Mahindra Manulife Multi Cap Fund-Reg(G) 11-May-17 1000 25.58 19.39 30.40 18.48 ★★★★
INF955L01674 Baroda BNP Paribas Multi Cap Fund-Reg(G) 12-Sep-03 5000 201.89 15.36 27.07 15.02 ★★★★
INF173K01940 Sundaram Multi Cap Fund(G) 25-Oct-00 100 280.88 12.15 26.40 13.80 ★★★

Equity - Mid Cap Funds
A minimum of 65% of its total asset is invested in mid-cap stocks that are 101th -250th companies by market capitalisation. This midcap
exposure makes it a completely long term oriented portfolio since one cannot rely on mid-caps for shorter-term goals. Suitable for
investors having an investment horizon beyond 7 years and desirable for SIP portfolio.
INF663L01DZ4 PGIM India Midcap Opp Fund-Reg(G) 02-Dec-13 5000 49.50 6.45 30.33 20.64 ★★★★★
INF247L01411 Motilal Oswal Midcap Fund-Reg(G) 24-Feb-14 500 64.15 22.31 36.54 19.35 ★★★★
INF200K01560 SBI Magnum Midcap Fund-Reg(G) 29-Mar-05 5000 181.10 16.59 33.99 19.04 ★★★★
INF174K01DS9 Kotak Emerging Equity Fund(G) 30-Mar-07 100 91.95 16.41 30.51 18.63 ★★★★
INF769K01EY2 Mirae Asset Midcap Fund-Reg(G) 29-Jul-19 5000 26.62 19.65 32.11 0.00 ★★★★
INF204K01323 Nippon India Growth Fund(G) 08-Oct-95 100 2785.44 24.72 33.13 19.92 ★★★★
INF843K01013 Edelweiss Mid Cap Fund-Reg(G) 26-Dec-07 5000 63.72 16.02 30.34 18.06 ★★★
INF174V01473 Mahindra Manulife Mid Cap Fund-Reg(G)# 30-Jan-18 1000 22.99 24.91 31.65 18.46 ★★★
INF846K01859 Axis Midcap Fund-Reg(G)# 18-Feb-11 100 79.62 12.57 23.56 16.64 ★★★
Equity - Small Cap Funds
A minimum of 65 % of its total assets is invested in small cap stocks (other than large and mid cap stocks in term of market
capitalisation). With least liquidity among all equity stocks and highly volatile nature, small-cap funds are best suited for really long-term
goals like retirement. Minimum investment horizon should be 10 years and SIP is the best option.

INF204K01HY3 Nippon India Small Cap Fund(G)$ 16-Sep-10 5000 124.07 31.81 42.57 23.06 ★★★★★
INF277K015O2 Tata Small Cap Fund-Reg(G) 12-Nov-18 5000 29.05 23.34 37.35 0.00 ★★★★★
INF760K01JF9 Canara Rob Small Cap Fund-Reg(G) 15-Feb-19 5000 29.72 15.02 36.02 0.00 ★★★★
INF754K01JJ4 Edelweiss Small Cap Fund-Reg(G) 07-Feb-19 5000 32.31 22.72 36.14 0.00 ★★★★
INF174K01211 Kotak Small Cap Fund(G) 24-Feb-05 100 200.82 16.90 35.45 21.94 ★★★★
INF200K01T28 SBI Small Cap Fund-Reg(G)$ 09-Sep-09 5000 136.09 15.21 31.12 19.75 ★★★
INF846K01K01 Axis Small Cap Fund-Reg(G)# 29-Nov-13 100 78.54 20.15 32.31 23.21 ★★★
Equity Linked Saving Schemes (ELSS)

ELSS will invest 80% of its total assets in equity and equity related instruments. This category is generally used for tax saving purpose.
Investors could make use of the lock-in feature in these schemes for real wealth creation. SIP investors should note that each
instalment will get locked for 3 years. Plan your redemptions accordingly.

INF194K01292 Bandhan Tax Advt(ELSS) Fund-Reg(G) 26-Dec-08 500 121.61 19.73 30.83 15.87 ★★★★★
INF174K01369 Kotak Tax Saver Fund(G) 23-Nov-05 500 88.33 15.54 25.17 15.41 ★★★★★
INF663L01FQ8 PGIM India ELSS Tax Saver Fund-Reg(G) 11-Dec-15 500 28.02 14.32 25.72 14.22 ★★★★
INF200K01495 SBI Long Term Equity Fund-Reg(G) 31-Mar-93 500 296.06 25.25 27.40 15.40 ★★★★
INF769K01DK3 Mirae Asset Tax Saver Fund-Reg(G) 28-Dec-15 500 36.66 15.82 24.22 16.15 ★★★★
INF582M01302 Union Tax Saver (ELSS) Fund(G) 23-Dec-11 500 50.09 14.62 24.13 15.25 ★★★★
INF760K01100 Canara Rob Equity Tax Saver Fund-Reg(G) 02-Feb-09 500 132.89 10.38 22.48 15.55 ★★★★
INF740K01185 DSP Tax Saver Fund-Reg(G) 18-Jan-07 500 97.88 16.12 26.37 15.67 ★★★★
INF109K01464 ICICI Pru LT Equity Fund (Tax Saving)(G) 19-Aug-99 500 696.89 14.20 24.15 12.57 ★★★
INF173K01361 Sundaram Tax Savings Fund-Reg(G) 31-Mar-96 500 394.28 13.21 24.75 12.75 ★★★
Equity - Focused Funds

This scheme focuses on particular number of stocks (maximum 30). Minimum investment in equity and equity related instruments -
65% of total assets. This could be seen as a concentrated multi-cap fund. Due to fewer stocks, the risk reward ratio will be higher than
multi-cap scheme. Choice of the scheme is mainly based on fund manager’s credentials and is suited for SIP for long term goals.

INF579M01878 360 ONE Focused Equity Fund-Reg(G) 30-Oct-14 1000 36.21 18.59 25.51 18.21 ★★★★★
INF109K01BZ4 ICICI Pru Focused Equity Fund(G) 28-May-09 5000 61.34 18.53 25.60 13.86 ★★★★★
INF090I01981 Franklin India Focused Equity Fund(G) 26-Jul-07 5000 81.80 15.55 30.75 15.58 ★★★★
INF204K01GE7 Nippon India Focused Equity Fund(G) 26-Dec-06 5000 95.20 13.44 27.92 14.96 ★★★★
INF582M01FW6 Union Focused Fund-Reg(G) 05-Aug-19 1000 20.62 12.37 21.77 0.00 ★★★★
INF769K01ES4 Mirae Asset Focused Fund-Reg(G) 14-May-19 5000 21.05 9.78 20.09 0.00 ★★★

Equity - Value Funds
Scheme follows a value investment strategy. Minimum investment in equity and equity related instruments is 65% of total assets. Value
investing is a long term strategy where fund manager identifies businesses which are futuristic but low-priced now. Lumpsum and SIP
investments could be done in these schemes for the long-term.
INF109K01AF8 ICICI Pru Value Discovery Fund(G) 16-Aug-04 1000 331.74 24.63 30.92 16.45 ★★★★★
INF194K01342 Bandhan Sterling Value Fund-Reg(G) 07-Mar-08 1000 113.32 21.15 36.03 15.83 ★★★★★
INF090I01296 Templeton India Value Fund(G) 05-Sep-03 5000 541.42 20.11 35.38 15.26 ★★★★
INF204K01GB3 Nippon India Value Fund(G) 08-Jun-05 500 153.12 18.17 28.23 15.56 ★★★★
INF582M01EO6 Union Value Discovery Fund-Reg(G) 05-Dec-18 1000 21.03 19.42 25.46 0.00 ★★★
INF789F01AG5 UTI Value Opp Fund-Reg(G)# 20-Jul-05 5000 119.61 13.65 23.96 13.69 ★★★
Infrastructure Funds
A minimum of 80% of the total assets is invested in companies closely associated with the infrastructure theme. The risk associated
with this is high but lower compared to sectoral funds. Suitable for those having long term investment horizon and this category is best
suited for SIP.
INF109K01AV5 ICICI Pru Infrastructure Fund(G) 31-Aug-05 5000 126.43 33.07 43.83 20.06 ★★★★★
INF178L01095 Kotak Infra & Eco Reform Fund(G) 25-Feb-08 100 46.57 23.49 37.93 18.45 ★★★★
INF277K01782 Tata Infrastructure Fund-Reg(G) 31-Dec-04 5000 128.47 21.08 37.82 18.54 ★★★★
INF200K01CT2 SBI Infrastructure Fund-Reg(G) 06-Jul-07 5000 35.22 27.00 32.92 18.61 ★★★★
INF205K01CD5 Invesco India Infrastructure Fund(G) 24-Oct-07 1000 41.29 22.63 32.80 19.44 ★★★
Aggressive Hybrid Funds

Aggressive hybrid scheme will invest 65-80% of its assets in equity and equity related instruments and 20-35% of the assets in debt
instruments. This category is an evergreen choice of investors seeking debt cushion in equity investments. This category is a great
choice for long-term investment.
INF109K01480 ICICI Pru Equity & Debt Fund(G) 03-Nov-99 5000 283.40 19.54 30.04 16.42 ★★★★★
INF754K01202 Edelweiss Aggressive Hybrid Fund-Reg(G) 11-Aug-09 5000 47.08 16.77 22.07 13.02 ★★★★★
INF174K01E92 Kotak Equity Hybrid Fund(G) 03-Nov-14 100 47.27 12.38 21.74 14.07 ★★★★
INF789F01323 UTI Hybrid Equity Fund-Reg(G) 02-Jan-95 1000 305.99 16.54 23.14 11.99 ★★★★
INF179K01AS4 HDFC Hybrid Equity Fund(G) 6-Apr-05 100 96.37 13.88 22.15 12.86 ★★★★
INF760K01050 Canara Rob Equity Hybrid Fund-Reg(G) 01-Feb-93 5000 279.64 10.90 16.96 12.67 ★★★★
INF251K01OW4 Baroda BNP Paribas Aggressive Hybrid Fund-Reg(G) 07-Apr-17 5000 21.41 12.18 18.11 13.62 ★★★★
INF769K01DE6 Mirae Asset Hybrid Equity Fund-Reg(G)# 29-Jul-15 5000 25.35 12.35 17.80 12.10 ★★★
INF200K01107 SBI Equity Hybrid Fund-Reg(G)# 06-Jan-96 1000 228.80 9.10 17.49 12.03 ★★★
Balanced Advantage Funds

A hybrid category fund which invests in equity and debt that is managed dynamically. This type of scheme takes investment decisions
based on algorithms. Buy and sell decisions as well as portfolio constitution decisions happen according to pre-set models. Hence
even though it does not yield high returns, the scheme tries to manage volatility effectively.

INF179K01830 HDFC Balanced Advantage Fund(G) 11-Sep-00 100 382.97 21.46 28.58 14.79 ★★★★★
INF277K010S4 Tata Balanced Adv Fund-Reg(G) 28-Jan-19 5000 16.99 11.41 14.54 0.00 ★★★★★
INF109K01BH2 ICICI Pru Balanced Advantage Fund(G) 30-Dec-06 500 58.02 11.13 14.95 11.16 ★★★★
INF955L01HC4 Baroda BNP Paribas Balanced Advantage Fund-Reg(G) 14-Nov-18 5000 19.00 12.85 14.97 0.00 ★★★★
INF754K01285 Edelweiss Balanced Advantage Fund-Reg(G) 20-Aug-09 5000 40.78 10.79 15.29 11.47 ★★★★
INF174KA1186 Kotak Balanced Advantage Fund-Reg(G) 03-Aug-18 100 16.54 10.36 12.04 10.55 ★★★★
INF204K01604 Nippon India Balanced Advantage Fund(G)# 15-Nov-04 100 139.76 9.36 14.05 9.64 ★★★
INF582M01DI0 Union Balanced Advantage Fund-Reg(G)# 29-Dec-17 1000 16.74 9.13 11.30 10.32 ★★★
INF194KA1UE8 Bandhan Balanced Advantage Fund-Reg(G)# 10-Oct-14 1000 19.77 7.71 10.29 8.33 ★★
# Under Review $ Lumpsum Investment not allowed
Note: Axis Bluechip Fund in Largecap category was under review for the last one quarter, since the performance of the fund is still not
improving the scheme is removed from the recommended list. For the existing investors, the funds will be monitored for 6 more months
and then the exit call if any would be informed separately.

DEBT FUND RECOMMENDATIONS: OCTOBER 2023 Data as on 15.09.2023
Minimum Average Absolute Return % CAGR % Geojit

ISIN Code Scheme Name YTM
Investment Maturity Years 1 Month 6 Months 1 Year Rating
OVERNIGHT FUNDS: Investment in debt and money market instruments with maturity of one day. Suitable for those investors who park
their surplus money for one day or for a week.
INF204KB1Q65 Nippon India Overnight Fund-Reg(G) 100 6.66 0.003 0.55 3.28 6.36 ★★★★
INF200K01LQ9 SBI Overnight Fund-Reg(G) 5000 6.63 0.003 0.55 3.26 6.32 ★★★★
LIQUID FUNDS: Investment in debt and money market securities with maturity of up to 91 days only. Liquid funds cannot be viewed as
investment but one way of parking funds with least risk. Generally used by STP investors for staggered equity investment.
INF846K01412 Axis Liquid Fund-Reg(G) 500 7.04 0.12 0.57 3.53 6.82 ★★★★★
INF760K01CW9 Canara Rob Liquid Fund-Reg(G) 5000 7.00 0.10 0.57 3.52 6.83 ★★★★★
ULTRA SHORT DURATION FUNDS: Investment in debt and money market instruments such that the Macaulay duration of the portfolio is
between 3 to 6 months. Ideal for short term investment matching the duration of the portfolio.
INF109K01TP7 ICICI Pru Ultra Short Term Fund Fund(G) 5000 7.48 0.46 0.55 3.61 6.69 ★★★★★
LOW DURATION FUNDS: Investment in debt and money market instruments such that the Macaulay duration of the portfolio is between
6 to 12 months. Ideal for short term investment matching the duration of the portfolio.
INF200K01MO2 SBI Magnum Low Duration Fund-Reg(G) 5000 7.61 1.14 0.56 3.59 6.51 ★★★★
MONEY MARKET FUNDS: Investment in money market instruments having maturity up to 1 year. Ideal for short term investment matching
the duration of the portfolio.
INF174K01NA6 Kotak Money Market Fund(G) 100 7.35 0.45 0.58 3.79 7.04 ★★★★
SHORT DURATION FUNDS: Investment in debt and money market instruments such that the Macaulay duration of the portfolio is between
1 to 3 years. Conservative investors who look for alternatives for bank FDs generally invest in Short Duration Fund. This helps in
minimizing tax using the 3 year investment horizon coupled with indexation benefit (according to existing tax rules) and least NAV
volatility.
INF204K01FL4 Nippon India Short Term Fund(G) 100 7.55 3.18 0.63 3.91 6.30 ★★★★★
INF179K01CU6 HDFC Short Term Debt Fund(G) 100 7.73 3.42 0.72 4.09 6.80 ★★★★
CONSERVATIVE HYBRID FUNDS: Investment in equity and equity related instruments- between 10% and 25% of total assets; Investment
in Debt instruments are between 75% and 90% of total assets. It is a hybrid category fund. A very conservative investor who wishes to
taste the benefit of equity investment and beat fixed income returns can opt for this category.
INF760K01282 Canara Rob Conservative Hybrid Fund-Reg(G) 5000 7.40 3.70 1.67 7.13 6.88 ★★★
DYNAMIC BOND FUNDS: Investment across duration. This can be viewed as the ‘multi cap’ fund of debt category. In this scheme, the fund
manager can choose to invest in any paper irrespective of their risk and maturity. It’s a fund manager’s fund and one of the most risky
among debt fund schemes.
INF109K01GN9 ICICI Pru All Seasons Bond Fund(G) 5000 7.93 5.30 0.82 4.27 7.21 ★★★★★
INF174K01FA2 Kotak Dynamic Bond Fund-Reg(G) 100 7.60 7.64 0.76 4.29 5.81 ★★★★
MEDIUM DURATION FUNDS: Investment in debt and money Market instruments such that the Macaulay duration of the portfolio is between 3
to 4 years. Ideal for investments if the duration matches your investment horizon. Risk and return increases as duration increases.
INF109K01AH4 ICICI Pru Medium Term Bond Fund(G) 5000 8.21 4.98 0.74 4.00 6.65 ★★★★★

MODEL PORTFOLIO FOR DIFFERENT CLASS OF INVESTORS
Investors are classified in to 4 groups based on their risk tolerance level, age, objective of investment, time horizon for which they
ready to park funds etc. Schemes could be chosen from our recommended list with respect to Its category. In case the investor
finds that a fund is removed from the recommended list due to under performance, he/she may replace that fund with another one
in the same category.
Aggressive Portfolio
Recommended
Asset Class Category Suitability
Allocation
Large & Midcap Funds 20% This portfolio is ideal for investors with high risk
tolerance and those who wish to generate wealth
Equity Multicap Funds 40%
over longer time horizon. Minimum investment
Small Cap Funds 20% horizon recommended is 10 years.
Dynamic Funds 10%

Debt
Corporate Bond Funds 10%
Moderately Aggressive Portfolio

Recommended
Allocation
Large & Midcap Funds 30% This portfolio has potential for higher long term
risk adjusted return with downside protection
aided by debt portfolio. Suited for investors with
Small Cap Funds 10% longer investment horizon of 7 years + or those
who can shoulder higher volatility in returns
Dynamic Funds 10%
Medium to Long Duration Funds 10%

Debt
Short Duration Funds 20%
Moderate Portfolio
Recommended
Allocation
Largecap Funds 20% This portfolio is ideal for investors who are new to
equity investments and those who want higher tax
adjusted returns compared to fixed return in-
Small Cap Funds 10% vestments. Ideal Investment horizon is 5 years+
Medium to Long Duration Funds 10%

Debt
Medium Duration Funds 10%
Conservative Hybrid Funds 10%
Conservative Portfolio
Recommended
Allocation
Equity Largecap Funds 10% For investors who cannot afford high volatility in
their portfolio and at the same time wish to earn
returns better than Fixed deposits. Ideal
Investment horizon is 3 years+
Debt Medium Duration Funds 10%
Conservative Hybrid Funds 40%

SIP PERFORMANCE OF RECOMMENDED FUNDS Data as on 21.09.2023
3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each 15 Year @ Rs.5000 each
Scheme Name Inv. Amount: Rs.1,80,000/- Inv. Amount: Rs.3,00,000/- Inv. Amount:Rs.6,00,000/- Inv. Amount: Rs.9,00,000/-
Present Value (Rs) Return % Present Value (Rs) Return % Present Value (Rs) Return % Present Value (Rs) Return %
Large Cap Fund
ICICI Pru Bluechip Fund(G) 2,36,129 17.84 4,76,023 18.17 12,94,973 14.55 30,85,633 14.91
Nippon India Large Cap Fund(G) 2,54,057 22.96 5,04,799 20.51 13,67,397 15.53 31,60,708 15.17
Kotak Bluechip Fund(G) 2,23,709 14.03 4,55,195 16.34 12,24,540 13.50 26,77,172 13.27
SBI BlueChip Fund-Reg(G) 2,28,197 15.44 4,61,723 16.93 12,46,719 13.84 29,47,405 14.38
HDFC Top 100 Fund(G) 2,42,097 19.53 4,76,135 18.13 12,54,664 13.94 28,05,462 13.80
Canara Rob Bluechip Equity Fund-Reg(G) 2,19,940 12.84 4,50,666 15.92 12,61,539 14.05 - -
Edelweiss Large Cap Fund-Reg(G) 2,27,464 15.18 4,55,118 16.32 12,30,797 13.59 - -
Baroda BNP Paribas Large Cap Fund-Reg(G) 2,24,727 14.19 4,50,774 15.85 12,15,789 13.33 28,15,422 13.82
Mahindra Manulife Large Cap Fund-Reg(G) 2,23,615 13.88 - - - - - -
Mirae Asset Large Cap Fund-Reg(G) 2,20,361 12.97 4,41,367 15.07 12,71,159 14.20 33,21,938 15.75
UTI Mastershare-Reg(G) 2,19,524 12.72 4,43,185 15.25 11,86,074 12.91 26,01,128 12.93
Large & Mid Cap

SBI Large & Midcap Fund-Reg(G) 2,45,740 20.58 5,10,959 21.02 14,26,845 16.33 34,41,348 16.15
ICICI Pru Large & Mid Cap Fund(G) 2,54,783 23.28 5,28,275 22.45 13,85,518 15.81 31,49,810 15.15
HDFC Large and Mid Cap Fund-Reg(G) 2,60,011 24.72 5,41,254 23.44 13,74,500 15.65 27,78,966 13.69
Axis Growth Opp Fund-Reg(G) 2,30,263 16.65 4,79,059 19.82 - - - -
Mirae Asset Emerging Bluechip-Reg(G) 2,34,259 17.20 5,01,189 20.24 16,80,050 19.37 - -
Kotak Equity Opp Fund(G) 2,42,456 19.66 5,01,011 20.24 14,14,698 16.18 33,15,701 15.73
Edelweiss Large & Mid Cap Fund-Reg(G) 2,34,412 17.28 4,84,829 18.90 13,33,470 15.08 30,15,851 14.64
Canara Rob Emerg Equities Fund-Reg(G) 2,25,889 14.66 4,72,976 17.87 14,77,238 16.98 45,99,557 19.46
Multi Cap Fund

Nippon India Multi Cap Fund(G) 2,82,130 30.72 5,73,606 25.82 14,90,066 17.13 37,50,740 17.13
Mahindra Manulife Multi Cap Fund-Reg(G) 2,50,689 22.19 5,40,188 23.43 - - - -
Baroda BNP Paribas Multi Cap Fund-Reg(G) 2,37,586 17.96 4,97,875 19.83 12,94,396 14.46 26,93,552 13.29
Sundaram Multi Cap Fund(G) 2,38,829 18.91 4,91,586 19.65 13,62,915 15.57 32,22,088 15.45
Mid Cap Fund

PGIM India Midcap Opp Fund-Reg(G) 2,37,488 18.22 5,75,625 26.02 - - - -
Motilal Oswal Midcap Fund-Reg(G) 2,80,879 30.31 6,00,593 27.71 - - - -
SBI Magnum Midcap Fund-Reg(G) 2,60,993 25.00 5,81,398 26.42 15,74,824 18.17 43,54,802 18.84
Kotak Emerging Equity Fund(G) 2,51,352 22.30 5,50,668 24.18 16,77,530 19.35 44,76,496 19.16
Mirae Asset Midcap Fund-Reg(G) 2,57,602 23.95 - - - - - -
Nippon India Growth Fund(G) 2,69,965 27.66 5,86,492 26.89 16,56,843 19.16 38,46,338 17.45
Edelweiss Mid Cap Fund-Reg(G) 2,51,662 22.29 5,54,194 24.38 16,26,932 18.76 46,30,231 19.52
Mahindra Manulife Mid Cap Fund-Reg(G) 2,64,655 26.03 5,65,635 25.28 - - - -
Axis Midcap Fund-Reg(G) 2,31,761 16.48 4,93,525 19.63 15,12,591 17.43 - -

Flexi Cap Fund

HDFC Flexi Cap Fund(G) 2,60,498 24.75 5,30,091 22.51 14,22,923 16.26 33,23,458 15.74
PGIM India Flexi Cap Fund-Reg(G) 2,19,123 12.54 4,83,370 18.76 - - - -
Franklin India Flexi Cap Fund(G) 2,44,155 20.15 5,04,349 20.51 13,44,898 15.24 32,35,662 15.44
Union Flexi Cap Fund-Reg(G) 2,31,485 16.46 4,81,584 18.66 12,48,347 13.87 - -
Canara Rob Flexi Cap Fund-Reg(G) 2,20,895 13.11 4,54,427 16.24 12,70,738 14.18 29,36,834 14.33
UTI Flexi Cap Fund-Reg(G) 2,07,557 8.95 4,34,486 14.48 12,22,833 13.49 29,16,754 14.27
Small Cap Fund

Nippon India Small Cap Fund(G) 2,98,440 35.00 6,98,276 34.15 22,45,231 24.72 - -
Tata Small Cap Fund-Reg(G) 2,75,392 29.33 5,97,948 30.36 - - - -
Canara Rob Small Cap Fund-Reg(G) 2,67,336 26.92 - - - - - -
Edelweiss Small Cap Fund-Reg(G) 2,71,755 28.03 - - - - - -
Kotak Small Cap Fund(G) 2,55,879 23.62 6,11,801 28.60 18,03,277 20.70 47,01,931 19.72
SBI Small Cap Fund-Reg(G) 2,59,006 24.08 5,86,251 26.56 20,14,006 22.63 - -
Axis Small Cap Fund-Reg(G) 2,60,840 25.03 5,92,301 27.24 - - - -
Equity Linked Savings Scheme
Bandhan Tax Advt(ELSS) Fund-Reg(G) 2,49,617 21.71 5,33,204 22.79 14,82,577 17.04 - -
Kotak Tax Saver Fund(G) 2,37,802 18.30 4,89,169 19.27 13,77,410 15.69 30,72,490 14.86
PGIM India ELSS Tax Saver Fund-Reg(G) 2,31,419 16.36 4,78,075 18.32 - - - -
SBI Long Term Equity Fund-Reg(G) 2,55,627 23.44 5,21,402 21.87 13,44,709 15.23 30,46,282 14.75
Mirae Asset Tax Saver Fund-Reg(G) 2,31,249 16.28 4,89,680 19.28 - - - -
Union Tax Saver (ELSS) Fund(G) 2,34,525 17.40 4,89,264 19.32 12,57,031 14.01 - -
Canara Rob Equity Tax Saver Fund-Reg(G) 2,24,494 14.27 4,75,252 18.09 13,55,284 15.39 - -
DSP Tax Saver Fund-Reg(G) 2,37,579 18.13 4,93,245 19.55 14,06,964 16.06 34,85,082 16.28
ICICI Pru LT Equity Fund (Tax Saving)(G) 2,29,517 15.94 4,63,364 17.13 12,46,680 13.87 31,03,437 14.99
Sundaram Tax Savings Fund-Reg(G) 2,34,300 17.23 4,77,275 18.25 13,05,500 14.69 30,81,718 14.89
Value Fund
ICICI Pru Value Discovery Fund(G) 2,58,569 24.50 5,48,875 24.13 14,91,389 17.21 41,77,150 18.39
Bandhan Sterling Value Fund-Reg(G) 2,62,502 25.31 5,67,891 25.37 15,27,610 17.58 38,53,143 17.43
Templeton India Value Fund(G) 2,63,299 25.53 5,53,089 24.27 14,15,006 16.16 30,97,084 14.93
Nippon India Value Fund(G) 2,47,215 21.21 5,14,965 21.46 14,12,621 16.20 32,64,703 15.57
Union Value Discovery Fund-Reg(G) 2,43,149 20.00 - - - - - -
UTI Value Opp Fund-Reg(G) 2,31,742 16.46 4,76,837 18.21 12,43,234 13.78 27,99,635 13.78

Focused Fund
360 ONE Focused Equity Fund-Reg(G) 2,37,611 18.35 5,12,403 21.24 - - - -
ICICI Pru Focused Equity Fund(G) 2,41,628 19.50 4,98,465 20.08 13,00,648 14.64 - -
Franklin India Focused Equity Fund(G) 2,43,127 19.80 5,00,245 20.14 13,94,394 15.90 36,93,824 16.95
Nippon India Focused Equity Fund(G) 2,41,373 19.47 5,05,966 20.72 14,18,100 16.26 36,44,124 16.83
Union Focused Fund-Reg(G) 2,24,679 14.27 - - - - - -
Mirae Asset Focused Fund-Reg(G) 2,15,931 11.66 - - - - - -
Infrastructure Fund
ICICI Pru Infrastructure Fund(G) 3,01,607 35.88 6,33,581 30.06 15,93,113 18.40 31,10,821 15.00
Kotak Infra & Eco Reform Fund(G) 2,80,407 30.49 5,85,947 26.84 15,34,404 17.73 33,45,553 15.86
Tata Infrastructure Fund-Reg(G) 2,75,571 29.57 5,77,771 26.47 15,00,024 17.41 28,92,641 14.24
SBI Infrastructure Fund-Reg(G) 2,72,290 28.22 5,66,565 25.39 14,93,971 17.22 27,78,981 13.71
Invesco India Infrastructure Fund(G) 2,68,559 27.10 5,72,046 25.74 15,64,958 18.06 33,47,313 15.84
Aggressive Hybrid Fund
ICICI Pru Equity & Debt Fund(G) 2,52,303 22.77 5,17,526 21.72 14,34,424 16.50 34,87,334 16.34
Edelweiss Aggressive Hybrid Fund-Reg(G) 2,33,069 16.97 4,60,989 16.89 12,00,946 13.16 - -
Kotak Equity Hybrid Fund(G) 2,26,128 14.97 4,61,385 17.00 - - - -
UTI Hybrid Equity Fund-Reg(G) 2,34,308 17.31 4,64,481 17.18 11,72,313 12.70 24,76,237 12.36
HDFC Hybrid Equity Fund(G) 2,28,060 15.58 4,52,988 16.25 11,44,248 12.29 24,07,806 12.06
Canara Rob Equity Hybrid Fund-Reg(G) 2,16,326 11.83 4,29,296 14.02 11,85,602 12.93 27,48,490 13.59
Baroda BNP Paribas Aggressive Hybrid Fund-Reg(G) 2,19,904 12.95 4,36,762 14.72 - - - -
Mirae Asset Hybrid Equity Fund-Reg(G) 2,19,240 12.77 4,30,690 14.17 - - - -
Balanced
SBI Advantage
Equity Hybrid Fund
Fund-Reg(G) 2,15,329 11.58 4,21,122 13.29 11,52,468 12.42 26,73,591 13.28
HDFC Balanced Advantage Fund(G) 2,53,654 23.13 5,03,073 20.53 13,60,321 15.51 29,76,022 14.52
Tata Balanced Adv Fund-Reg(G) 2,14,784 11.51 - - - - - -
ICICI Pru Balanced Advantage Fund(G) 2,15,881 11.96 4,14,328 12.75 10,81,575 11.28 24,51,775 12.31
Baroda BNP Paribas Balanced Advantage Fund-Reg(G) 2,17,559 12.18 4,12,848 14.29 - - - -
Edelweiss Balanced Advantage Fund-Reg(G) 2,13,139 10.82 4,19,117 13.06 10,87,646 11.31 - -
Kotak Balanced Advantage Fund-Reg(G) 2,09,941 10.02 3,99,874 11.30 - - - -
Nippon India Balanced Advantage Fund(G) 2,12,832 10.89 4,01,554 11.43 10,38,605 10.49 23,33,328 11.71
Union Balanced Advantage Fund-Reg(G) 2,04,626 8.13 3,93,181 10.53 - - - -
Bandhan Balanced Advantage Fund-Reg(G) 2,05,118 8.44 3,83,988 9.67 - - - -

GEOJIT FUND RATING Data as on 14.09.2023
The ratings given here are a result of the quantitative analysis of Mutual fund schemes done by Geojit Research team. This does not
indicate a BUY or SELL of any scheme. For recommendation refer the page EQUITY AND DEBT FUND RECOMMENDATIONS
Equity - Large Cap Funds

INF209K01BR9 Aditya Birla SL Frontline Equity Fund(G) 30-Aug-02 100 401.58 13.45 22.81 12.09 ★★★
INF277K01931 Tata Large Cap Fund-Reg(G) 07-May-98 5000 387.30 13.28 22.98 12.21 ★★★
INF205K01304 Invesco India Largecap Fund(G) 21-Aug-09 1000 50.80 12.86 20.23 11.97 ★★★
Equity - Large & Mid Cap Funds

INF174V01911 Mahindra Manulife Large & Mid Cap Fund-Reg(G) 30-Dec-19 1000 20.68 15.88 27.55 0.00 ★★★★★
INF955L01JR8 Baroda BNP Paribas Large & Mid Cap Fund-Reg(G) 04-Sep-20 5000 19.51 16.64 24.91 0.00 ★★★★
INF247L01965 Motilal Oswal Large & Midcap Fund-Reg(G) 17-Oct-19 500 21.24 24.51 29.37 0.00 ★★★★
INF277K01428 Tata Large & Mid Cap Fund(G) 25-Feb-93 5000 415.87 16.12 24.98 16.27 ★★★★
INF582M01GD4 Union Large & Midcap Fund-Reg(G) 06-Dec-19 1000 19.73 13.85 23.17 0.00 ★★★★
INF789F01869 UTI Core Equity Fund-Reg(G) 20-May-09 5000 125.41 20.62 28.68 14.13 ★★★
INF194K01524 Bandhan Core Equity Fund-Reg(G) 09-Aug-05 1000 89.34 22.00 27.07 13.92 ★★★
Equity - Multi Cap Funds
INF109K01613 ICICI Pru Multicap Fund(G) 01-Oct-94 5000 564.12 20.46 28.20 13.19 ★★★
Equity - Flexi Cap Funds

INF843K01KN5 Edelweiss Flexi Cap Fund-Reg(G) 03-Feb-15 5000 27.10 13.51 23.50 13.15 ★★★★
INF740K01037 DSP Flexi Cap Fund-Reg(G) 07-Jun-07 100 77.34 16.46 23.39 14.89 ★★★
INF200K01222 SBI Flexicap Fund-Reg(G) 16-Sep-05 1000 87.64 11.92 22.64 12.61 ★★★
INF174K01336 Kotak Flexicap Fund(G) 11-Sep-09 100 62.81 13.53 21.20 12.52 ★★★
Equity - Mid Cap Funds

INF582M01GM5 Union Midcap Fund-Reg(G) 23-Mar-20 1000 34.29 15.30 29.12 0.00 ★★★★★
INF179K01CR2 HDFC Mid-Cap Opportunities Fund(G) 25-Jun-07 100 131.91 29.47 33.57 18.18 ★★★★
INF205K01BC9 Invesco India Midcap Fund(G) 19-Apr-07 1000 108.90 20.53 26.80 16.88 ★★★
Equity - Small cap Funds
INF109K01BI0 ICICI Pru Smallcap Fund(G) 18-Oct-07 5000 68.67 23.80 37.81 21.99 ★★★★
INF194KB1AJ8 Bandhan Emerging Businesses Fund-Reg(G) 25-Feb-20 1000 27.76 24.13 30.19 0.00 ★★★★
INF179KA1RZ8 HDFC Small Cap Fund-Reg(G) 03-Apr-08 100 105.10 34.07 39.45 18.24 ★★★
INF917K01QC7 HSBC Small Cap Fund-Reg(G) 12-May-14 5000 62.65 27.98 40.88 18.55 ★★★
INF205K011T7 Invesco India Smallcap Fund-Reg(G) 30-Oct-18 1000 26.95 22.67 32.10 0.00 ★★★
Equity - Value Funds
INF677K01023 HSBC Value Fund-Reg(G) 08-Jan-10 5000 75.71 25.72 29.09 15.16 ★★★★
Equity - Focused Funds
INF179K01574 HDFC Focused 30 Fund(G) 17-Sep-04 100 156.69 19.95 32.30 14.81 ★★★★
INF277K010Y2 Tata Focused Equity Fund-Reg(G) 05-Dec-19 5000 17.92 15.09 24.04 0.00 ★★★★
INF336L01PE6 HSBC Focused Fund-Reg(G) 22-Jul-20 5000 18.73 14.63 22.38 0.00 ★★★
INF173K01189 Sundaram Focused Fund(G) 11-Nov-05 300 127.25 12.63 23.10 14.76 ★★★
INF174KA1EK3 Kotak Focused Equity Fund-Reg(G) 16-Jul-19 100 18.81 10.67 21.94 0.00 ★★★

Infrastructure Funds
INF740K01151 DSP India T.I.G.E.R Fund-Reg(G) 11-Jun-04 100 213.34 30.86 40.64 19.06 ★★★★
INF760K01274 Canara Rob Infrastructure Fund-Reg(G) 02-Dec-05 5000 101.13 14.78 34.29 17.35 ★★★
INF090I01AE7 Franklin Build India Fund(G) 04-Sep-09 5000 91.58 29.32 38.76 17.49 ★★★
Equity Linked Savings Schemes (ELSS)
INF174V01077 Mahindra Manulife ELSS Fund-Reg(G) 18-Oct-16 500 22.63 16.22 26.16 13.65 ★★★★
INF090I01775 Franklin India Taxshield(G) 10-Apr-99 500 1074.53 18.39 28.36 13.21 ★★★★
INF179K01BB8 HDFC TaxSaver(G) 31-Mar-96 500 970.15 20.00 27.77 12.78 ★★★
INF277K01I52 Tata India Tax Savings Fund-Reg(G) 13-Oct-14 500 33.97 14.19 23.79 13.90 ★★★
INF247L01544 Motilal Oswal Long Term Equity Fund-Reg(G) 21-Jan-15 500 33.05 20.27 25.84 12.94 ★★★
INF789F01547 UTI LT Equity Fund (Tax Saving)-Reg(G) 01-Aug-05 500 162.46 9.62 22.05 12.99 ★★★
Aggressive Hybrid Funds

INF174V01754 Mahindra Manulife Aggressive Hybrid Fund-Reg(G) 19-Jul-19 1000 20.10 14.87 21.84 0.00 ★★★★★
INF090I01817 Franklin India Equity Hybrid Fund(G) 10-Dec-99 5000 207.95 13.93 20.62 11.77 ★★★
INF277K01303 Tata Hybrid Equity Fund-Reg(G) 08-Oct-95 5000 355.49 10.80 19.36 11.15 ★★★
INF740K01318 DSP Equity & Bond Fund-Reg(G) 27-May-99 100 269.37 13.90 18.35 12.54 ★★★
DEBT FUNDS Data as on 15.09.2023

Overnight Funds
INF846K01O23 Axis Overnight Fund-Reg(G) 500 6.61 0.005 0.56 3.30 6.41 ★★★★★
INF789F01604 UTI Overnight Fund-Reg(G) 20,000 6.64 0.005 0.56 3.28 6.37 ★★★★★
INF955L01HS0 Baroda BNP Paribas Overnight Fund-Reg(G) 5,000 6.63 0.003 0.55 3.29 6.37 ★★★★
INF754K01KE3 Edelweiss Overnight Fund-Reg(G) 5,000 6.65 0.003 0.55 3.27 6.33 ★★★★
INF179KB1HS3 HDFC Overnight Fund(G) 100 6.67 0.005 0.55 3.24 6.29 ★★★
INF209KB1ZC3 Aditya Birla SL Overnight Fund-Reg(G) 500 6.61 0.000 0.55 3.27 6.34 ★★★
INF205KA1114 Invesco India Overnight Fund-Reg(G) 1,000 6.67 0.005 0.56 3.27 6.35 ★★★
INF740KA1MB0 DSP Overnight Fund-Reg(G) 100 6.64 0.000 0.55 3.29 6.37 ★★★
INF769K01FE1 Mirae Asset Overnight Fund-Reg(G) 5,000 6.64 0.003 0.55 3.28 6.36 ★★★
INF109KC17E3 ICICI Pru Overnight Fund(G) 100 6.66 0.004 0.55 3.27 6.33 ★★★
INF174V01812 Mahindra Manulife Overnight Fund-Reg(G) 1,000 6.69 0.003 0.55 3.25 6.33 ★★★
INF174KA1BC6 Kotak Overnight Fund-Reg(G) 100 6.62 0.000 0.55 3.27 6.33 ★★★
Liquid Funds
INF174V01010 Mahindra Manulife Liquid Fund-Reg(G) 1,000 7.06 0.08 0.57 3.52 6.81 ★★★★
INF223J01BP6 PGIM India Liquid Fund(G) 5,000 7.00 0.07 0.57 3.52 6.77 ★★★★
INF209K01RU9 Aditya Birla SL Liquid Fund(G) 500 7.14 0.12 0.57 3.53 6.81 ★★★★
INF769K01788 Mirae Asset Cash Management-Reg(G) 5,000 7.03 0.10 0.57 3.51 6.76 ★★★★
INF090I01BG0 Franklin India Liquid Fund-Super Inst(G) 10,000 6.85 0.12 0.57 3.47 6.74 ★★★
INF205K01HM5 Invesco India Liquid Fund(G) 1,000 7.01 0.11 0.57 3.49 6.74 ★★★
INF740K01FK9 DSP Liquidity Fund-Reg(G) 100 7.03 0.11 0.57 3.49 6.73 ★★★
INF200K01MA1 SBI Liquid Fund-Reg(G) 500 7.00 0.12 0.57 3.47 6.71 ★★★
INF579M01506 360 ONE Liquid Fund-Reg(G) 5,000 7.04 0.11 0.56 3.44 6.66 ★★★
INF336L01BN7 HSBC Liquid Fund(G) 5,000 7.01 0.10 0.57 3.51 6.78 ★★★
INF109K01VQ1 ICICI Pru Liquid Fund(G) 99 7.04 0.12 0.57 3.50 6.73 ★★★
INF955L01484 Baroda BNP Paribas Liquid Fund(G) 5,000 7.06 0.13 0.57 3.51 6.81 ★★★
INF789F01PH1 UTI Liquid Cash Plan-Reg(G) 500 7.01 0.10 0.57 3.52 6.79 ★★★
INF204K01UN9 Nippon India Liquid Fund(G) 1,000 7.06 0.12 0.57 3.49 6.72 ★★★
INF247L01726 Motilal Oswal Liquid Fund-Reg(G) 500 6.84 0.09 0.54 3.26 6.25 ★★★
INF109KC1KT9 ICICI Pru S&P BSE Liquid Rate ETF 5,000 6.38 0.00 0.54 3.21 6.20 ★★★

Ultra Short Duration Funds
INF769K01GH2 Mirae Asset Ultra Short Duration Fund-Reg(G) 5,000 7.40 0.44 0.56 3.68 6.81 ★★★★★
INF955L01GX2 Baroda BNP Paribas Ultra Short Duration Fund-Reg(G) 5,000 7.34 0.44 0.58 3.74 7.06 ★★★★
INF200K01LJ4 SBI Magnum Ultra Short Duration Fund-Reg(G) 5,000 7.37 0.49 0.56 3.60 6.67 ★★★★
INF174V01853 Mahindra Manulife Ultra Short Duration Fund-Reg(G) 1,000 7.39 0.47 0.55 3.57 6.64 ★★★★
INF174K01FD6 Kotak Savings Fund(G) 100 7.36 0.64 0.55 3.57 6.59 ★★★★
INF209K01LZ1 Aditya Birla SL Savings Fund-Reg(G) 1,000 7.50 0.50 0.59 3.75 6.91 ★★★
INF760K01DC9 Canara Rob Ultra Short Term Fund-Reg(G) 500 7.14 0.42 0.51 3.31 6.12 ★★★
INF179KB11R3 HDFC Ultra Short Term Fund-Reg(G) 100 7.37 0.44 0.55 3.62 6.69 ★★★
INF194KA10Q8 Bandhan Ultra Short Term Fund-Reg(G) 100 7.20 0.47 0.56 3.64 6.73 ★★★
INF223J01FK8 PGIM India Ultra Short Duration Fund(G) 5,000 7.21 0.35 0.52 3.37 6.29 ★★★
INF336L01OW1 HSBC Ultra Short Duration Fund-Reg(G) 5,000 7.24 0.45 0.56 3.61 6.77 ★★★
INF205K01TM0 Invesco India Ultra Short Term Fund(G) 1,000 7.28 0.43 0.55 3.47 6.34 ★★★
INF277K016S1 Tata Ultra Short Term Fund-Reg(G) 5,000 7.41 0.44 0.52 3.36 6.20 ★★★
Money Market Funds

INF789F01PX8 UTI Money Market Fund-Reg(G) 500 7.31 0.39 0.59 3.86 7.20 ★★★★★
INF204K01VA4 Nippon India Money Market Fund(G) 500 7.35 0.42 0.59 3.81 7.13 ★★★★★
INF109K01TX1 ICICI Pru Money Market Fund(G) 500 7.33 0.48 0.58 3.87 7.14 ★★★★
INF209K01RV7 Aditya Birla SL Money Manager Fund(G) 1,000 7.36 0.39 0.59 3.85 7.18 ★★★★
INF200K01636 SBI Savings Fund-Reg(G) 500 7.36 0.47 0.54 3.59 6.63 ★★★
INF846K01R46 Axis Money Market Fund-Reg(G) 5,000 7.32 0.50 0.58 3.83 7.07 ★★★
INF663L01U24 PGIM India Money Market Fund-Reg(G) 5,000 7.27 0.51 0.54 3.71 6.89 ★★★
INF179KB1HR5 HDFC Money Market Fund-Reg(G) 100 7.41 0.52 0.57 3.80 7.04 ★★★
INF090I01CA1 Franklin India Money Market Fund(G) 10,000 7.08 0.42 0.58 3.78 6.92 ★★★
INF205K01SD1 Invesco India Money Market Fund(G) 1,000 7.34 0.54 0.54 3.65 6.74 ★★★
Low Duration Funds

INF846K01537 Axis Treasury Advantage Fund-Reg(G) 5,000 7.46 1.23 0.60 3.77 6.77 ★★★★★
INF179K01442 HDFC Low Duration Fund(G) 100 7.75 2.17 0.68 3.99 6.80 ★★★★★
INF174V01218 Mahindra Manulife Low Duration Fund-Reg(G) 1,000 7.54 1.52 0.61 3.63 6.41 ★★★★
INF109K01746 ICICI Pru Savings Fund(G) 100 7.67 2.51 0.77 4.32 7.50 ★★★★
INF205K01HY0 Invesco India Treasury Advantage Fund(G) 1,000 7.35 0.91 0.58 3.68 6.51 ★★★★
INF740K018P2 DSP Low Duration Fund-Reg(G) 100 7.36 0.98 0.56 3.71 6.64 ★★★
INF204K01EV6 Nippon India Low Duration Fund(G) 500 7.53 0.92 0.56 3.63 6.43 ★★★
INF277K01MA9 Tata Treasury Advantage Fund-Reg(G) 5,000 7.34 1.09 0.56 3.65 6.48 ★★★
INF194K01FU8 Bandhan Low Duration Fund-Reg(G) 100 7.34 0.98 0.54 3.66 6.61 ★★★
INF760K01795 Canara Rob Savings Fund-Reg(G) 5,000 7.29 1.30 0.59 3.81 6.68 ★★★
INF178L01202 Kotak Low Duration Fund(G) 100 7.67 1.60 0.59 3.63 6.50 ★★★
INF209K01LQ0 Aditya Birla SL Low Duration Fund(G) 100 7.53 1.01 0.58 3.67 6.45 ★★★

Short Duration Funds
INF109K01654 ICICI Pru Short Term Fund(G) 5,000 7.97 5.35 0.81 4.16 7.19 ★★★★★
INF200K01HZ8 SBI Short Term Debt Fund-Reg(G) 5,000 7.77 2.70 0.64 3.83 6.56 ★★★★
INF209K01942 Aditya Birla SL Short Term Fund(G) 1,000 7.70 3.47 0.72 3.92 6.51 ★★★★
INF174K01ES7 Kotak Bond Short Term Fund(G) 100 7.69 3.86 0.69 3.84 6.21 ★★★
INF846K01644 Axis Short Term Fund-Reg(G) 5,000 7.62 3.46 0.66 3.75 6.35 ★★★
INF760K01BM2 Canara Rob Short Duration Fund-Reg(G) 5,000 7.39 2.34 0.60 3.44 5.85 ★★★
INF955L01153 Baroda BNP Paribas Short Duration Fund-Reg(G) 5,000 7.80 2.42 0.57 3.99 6.60 ★★★
INF769K01DU2 Mirae Asset Short Term Fund-Reg(G) 5,000 7.65 2.54 0.60 3.64 6.02 ★★★
INF917K01CL8 HSBC Short Duration Fund-Reg(G) 5,000 7.49 2.62 0.59 3.54 6.01 ★★★
Medium Duration Funds

INF200K01719 SBI Magnum Medium Duration Fund-Reg(G) 5,000 7.88 4.60 0.71 4.27 6.89 ★★★★
INF846K01BP2 Axis Strategic Bond Fund-Reg(G) 100 8.03 4.70 0.77 4.21 6.66 ★★★★
INF179K01913 HDFC Medium Term Debt Fund(G) 100 7.92 4.39 0.69 4.07 6.40 ★★★
INF209K01603 Aditya Birla SL Medium Term Plan-Reg(G) 1,000 7.92 5.57 0.77 3.96 6.93 ★★★
INF917K01TH0 HSBC Medium Duration Fund-Reg(G) 5,000 7.96 4.42 0.77 4.14 6.91 ★★★
INF205KA1379 Invesco India Medium Duration Fund-Reg(G) 1,000 7.60 3.99 0.65 3.54 5.58 ★★★
Medium to Long Duration Funds

INF200K01594 SBI Magnum Income Fund-Reg(G) 5,000 7.78 7.54 0.76 4.51 6.80 ★★★★★
INF109K01BO8 ICICI Pru Bond Fund(G) 5,000 7.50 6.52 0.94 4.60 7.05 ★★★★
INF209K01579 Aditya Birla SL Income Fund(G) 1,000 7.34 8.17 0.89 4.18 6.66 ★★★★
INF204K01CL1 Nippon India Income Fund(G) 5,000 7.29 6.84 0.86 4.33 7.04 ★★★
INF174K01EM0 Kotak Bond Fund-Reg(G) 100 7.55 8.69 0.94 4.11 6.20 ★★★
INF767K01923 LIC MF Medium to Long Duration Bond Fund-Reg(G) 5,000 7.42 8.86 0.82 4.58 6.30 ★★★
INF179K01962 HDFC Income Fund(G) 100 7.42 10.10 0.82 3.87 5.47 ★★★
Dynamic Bond Funds

INF579M01183 360 ONE Dynamic Bond Fund-Reg(G) 10,000 7.56 7.63 0.71 4.61 6.08 ★★★
INF200K01958 SBI Dynamic Bond Fund-Reg(G) 5,000 7.19 4.68 0.76 4.57 7.19 ★★★
INF209K01793 Aditya Birla SL Dynamic Bond Fund-Reg(G) 1,000 7.57 6.08 0.84 4.15 6.56 ★★★
INF846K01917 Axis Dynamic Bond Fund-Reg(G) 5,000 7.52 6.47 0.68 4.23 5.97 ★★★
INF740K01GK7 DSP Strategic Bond Fund-Reg(G) 100 7.53 15.76 0.95 6.04 7.61 ★★★
INF179K01848 HDFC Dynamic Debt Fund(G) 100 7.52 7.26 0.92 4.06 6.21 ★★★

Corporate Bond Funds
INF109K01CQ1 ICICI Pru Corp Bond Fund(G) 100 7.83 3.95 0.80 4.38 7.46 ★★★★★
INF209K01785 Aditya Birla SL Corp Bond Fund(G) 100 7.69 3.38 0.78 4.15 7.08 ★★★★★
INF204K01EF9 Nippon India Corp Bond Fund(G) 1,000 7.54 3.67 0.64 4.18 7.03 ★★★★
INF178L01BO1 Kotak Corporate Bond Fund(G) 100 7.68 3.52 0.68 3.97 6.55 ★★★★
INF789F1A447 UTI Corporate Bond Fund-Reg(G) 500 7.49 2.81 0.67 3.86 6.41 ★★★★
INF179K01DC2 HDFC Corp Bond Fund(G) 100 7.70 5.07 0.80 4.43 6.83 ★★★
INF903J01HW6 Sundaram Corp Bond Fund(G) 5,000 7.52 3.64 0.62 3.11 6.02 ★★★
INF090I01DG6 Franklin India Corp Debt Fund-A(G) 10,000 7.38 2.05 0.52 3.47 6.03 ★★★
INF205K01RM4 Invesco India Corporate Bond Fund(G) 1,000 7.63 3.33 0.64 3.78 6.30 ★★★
INF846K01ZU1 Axis Corp Debt Fund-Reg(G) 100 7.61 3.69 0.66 3.87 6.41 ★★★
INF277KA1299 Tata Corp Bond Fund-Reg(G) 5,000 7.80 4.01 0.70 3.88 6.64 ★★★
Banking and PSU Debt Funds

INF109K01RT3 ICICI Pru Banking & PSU Debt Fund(G) 500 7.71 4.17 0.81 4.21 7.15 ★★★★★
INF209K01LV0 Aditya Birla SL Banking & PSU Debt(G) 1,000 7.55 5.28 0.65 3.88 6.44 ★★★★★
INF174K01FO3 Kotak Banking and PSU Debt Fund(G) 100 7.82 9.21 0.62 3.74 6.56 ★★★★
INF846K01CB0 Axis Banking & PSU Debt Fund-Reg(G) 5,000 7.53 2.74 0.60 3.67 6.10 ★★★★
INF179KA1JC4 HDFC Banking and PSU Debt Fund-Reg(G) 100 7.56 3.48 0.69 3.97 6.49 ★★★★
INF194K01SN6 Bandhan Banking & PSU Debt Fund-Reg(G) 1,000 7.52 2.60 0.59 3.71 6.52 ★★★
INF903J01IN3 Sundaram Banking & PSU Debt Fund(G) 5,000 7.52 2.67 0.60 3.86 6.32 ★★★
INF204KA1T56 Nippon India Banking & PSU Debt Fund(G) 5,000 7.56 3.82 0.64 3.91 6.39 ★★★
INF740K01ZP6 DSP Banking & PSU Debt Fund-Reg(G) 100 7.51 5.47 0.62 3.85 6.43 ★★★
INF767K01535 LIC MF Banking & PSU Debt Fund(G) 5,000 7.42 2.79 0.57 3.71 6.04 ★★★
INF200K01U41 SBI Banking and PSU Fund-Reg(G) 5,000 7.55 3.32 0.62 3.73 6.31 ★★★
Gilt Funds
INF200K01982 SBI Magnum Gilt Fund-Reg(G) 5,000 7.13 4.42 0.83 4.73 7.41 ★★★★★
INF109K01JR4 ICICI Pru Gilt Fund(G) 5,000 7.58 6.26 1.06 5.11 7.96 ★★★★★
INF740K01615 DSP G-Sec Fund-Reg(G) 100 7.52 17.96 0.92 4.77 7.01 ★★★★
INF209K01AC3 Aditya Birla SL G-Sec Fund(G) 1,000 7.29 6.89 0.86 4.12 6.48 ★★★★
INF789F01661 UTI Gilt Fund-Reg(G) 500 7.05 4.73 0.89 4.14 6.61 ★★★★
INF846K01AX8 Axis Gilt Fund-Reg(G) 5,000 7.34 7.56 0.91 4.13 5.60 ★★★
INF174K01FI5 Kotak Gilt Fund-Reg(G) 100 7.54 9.27 1.02 4.31 6.99 ★★★
INF955L01450 Baroda BNP Paribas Gilt Fund-Reg(G) 5,000 7.33 8.97 0.98 4.98 7.52 ★★★
INF179K01756 HDFC Gilt Fund(G) 100 7.35 6.06 0.92 4.15 6.53 ★★★
INF194K01DZ2 Bandhan G-Sec-Invest-Reg(G) 1,000 7.29 5.62 0.86 3.94 6.44 ★★★
INF109KA1N46 ICICI Pru Constant Maturity Gilt Fund(G) 5,000 7.19 8.57 1.12 5.01 6.72 ★★★
Conservative Hybrid Funds

INF109K01902 ICICI Pru Regular Savings Fund(G) 5,000 8.18 5.61 1.65 8.29 8.66 ★★★★★
INF200K01859 SBI Conservative Hybrid Fund-Reg(G) 5,000 7.81 9.23 1.71 9.57 10.09 ★★★★
INF174K01393 Kotak Debt Hybrid Fund(G) 100 7.55 7.67 1.80 8.62 9.23 ★★★
INF179K01AE4 HDFC Hybrid Debt Fund(G) 100 7.60 6.37 1.63 9.26 11.18 ★★★
INF204K01FD1 Nippon India Hybrid Bond Fund(G) 5,000 8.85 1.92 0.96 6.96 8.96 ★★★
INF209K01751 Aditya Birla SL Regular Savings Fund(G) 500 7.73 4.87 1.26 7.18 7.23 ★★★
For further reference, full list of Geojit star ratings is available on Geojit.net


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October 2023 I Geojit Insights I 1

2 I Geojit Insights I October 2023

16 Consumer sentiments fall

06 Sensex options: Tides rising

10 Understanding returns from Mutual Funds

12 Supply concerns and demand optimism pushed

18 Various product types available

20 Are Mid and Small caps frothy? It’s an overclaim

24 Economy doing well: High valuations can trigger corrections

26 How to create a travel fund for your next international trip?

30 High Dividend Yield Stocks

31 Geojit’s Equity Model Portfolio

36 Equity Fund Recommendations

39 Debt Fund Recommendations

44 Geojit Fund Rating

The importance of remaining invested

A question which investors frequently ask is: When to

4 I Geojit Insights I October 2023

S uch has been the dominance of Royal Enfield that,

6 I Geojit Insights I October 2023

Source: www.bseindia.com, Geojit Research

Is it liquid enough? Traders’ sweet spot on Friday

October 2023 I Geojit Insights I 7

Ratio of total open interest

8 I Geojit Insights I October 2023

M utual funds can be considered one of the most

10 I Geojit Insights I October 2023

This includes both dividends and capital gains in the · B e n c h m a r k c o m pa r i s o n : Yo u c a n a s s e s s a

October 2023 I Geojit Insights I 11

Supply concerns and demand optimism

C rude oil prices clocked a ten-month high in

12 I Geojit Insights I October 2023

October 2023 I Geojit Insights I 13

While the US government has been

However, the US EIA forecasts global

Prices remain choppy with mild

14 I Geojit Insights I October 2023

Consumer sentiments fall

C onsumer sentiments fell by 1.5 percent in August 2023.

16 I Geojit Insights I October 2023

Author is MD and CEO of Centre

October 2023 I Geojit Insights I 17

18 I Geojit Insights I October 2023

October 2023 I Geojit Insights I 19

Are Mid and Small caps frothy?

20 I Geojit Insights I October 2023

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22 I Geojit Insights I October 2023

Economy doing well: High valuations

I ndia has been at the center of the global political and

24 I Geojit Insights I October 2023

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How to create a travel fund

E ver caught yourself daydreaming about jetting off to an

1. Make a list 2. Set the timeline for each destination

26 I Geojit Insights I October 2023

"It's not whether you're right or wrong that's important, but

October 2023 I Geojit Insights I 27

An NRI couple wants to know if their current investments are sufficient