schemes rebounded with Mutual Fund Activity midcap/small...

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• PRODUCT 1

Mutual Fund Activity

Highlights

June 14, 2019

Inflows into equity oriented

schemes rebounded with

midcap/small cap receiving higher

inflows in May 2019

SIP flows remain strong at | 8183

crore in May 2019

Research Analysts

Sachin Jain

[email protected]

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ICICI Securities Ltd. | Retail MF Research 2

Source: Amfi, ACE MF. Data for April 2019

Industry snapshot

HDFC AMC maintained top

position in terms of total

corpus with assets under

management at | 3.72 lakh

crore

Midcaps and small caps category witness highest inflows

during May 2019.

Aggressive hybrid equity category continues to witness

outflows for fourth consecutive month

Euuity Oriented CategoryInflow/(Outflow) during

May 2019

AUM

Multicap Fund 648 144,264

Largecap Fund 53 141,348

Large & Mid Cap Fund 279 52,724

Mid Cap Fund 1,273 77,830

Small Cap Fund 1,416 46,442

Dividend Yield Fund (28) 4,793

Value Fund/Contra Fund (9) 59,090

Focused Fund 1,200 39,812

Sectoral/Thematic Funds 61 63,234

ELSS 516 94,499

41%

38%

52%

34%

48%

43%

37%

40%

46%

26%

54%

56%

44%

60%

44%

52%

58

%

52%

48%

70%

6%

6%

3% 6

% 8%

6%

5%

9%

6%

5%

344144

314123

279176

239533

231174

150315

144763

121459

87746

76439

0

50000

100000

150000

200000

250000

300000

350000

400000

0%

20%

40%

60%

80%

HD

FC

ICIC

I

SB

I

Adit

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Reliance

UTI

Kotak

Franklin

Axis

IDFC

| c

rore

Equity % Debt% Others% AUM

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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above | 50 crore holding were considered

Top buy/sell across AMCs: Large Cap

Large cap stocks, which saw selling by AMCs on a consolidated

level were Havells India, ICICI Lombard, Bandhan Bank, UPL and

Wipro

Among large caps, Vodafone Idea, DLF, Bharti Airtel, HDFC Life

Insurance and Piramal Enterprise witnessed highest buying during

May 2019

May-19 Apr-19 May-19 Apr-19

Vodafone Idea Ltd. 2,380 1,218 17063 8571

DLF Ltd. 973 633 509 366

Bharti Airtel Ltd. 14,798 10,358 4243 3234

HDFC Life Insurance Co Ltd 3,233 2,318 732 573

Piramal Enterprises Ltd. 331 286 15 12

Cadila Healthcare Ltd. 1,651 1,767 666 543

Bharat Heavy Electricals Ltd. 1,357 1,138 1934 1607

Hindustan Zinc Ltd. 377 354 153 128

Motherson Sumi Systems Ltd. 3,522 3,956 3053 2700

Ultratech Cement Ltd. 4,828 4,154 101 90

Top 10 Buys in LargecapMarket Value(crs) Shares(lakhs)


Havells India Ltd. 1,228 1,795 164 232

ICICI Lombard General Insurance Co Ltd. 2,113 2,629 180 240

Bandhan Bank Ltd. 1,375 1,738 232 290

UPL Ltd. 3,290 3,735 329 385

Wipro Ltd. 2,160 2,541 754 851

Bharti Infratel Ltd. 454 488 169 186

Ashok Leyland Ltd. 1,518 1,628 1709 1873

Bajaj Auto Ltd. 1,884 2,105 64 71

Dr. Reddys Laboratories Ltd. 3,679 4,356 137 148

Oil & Natural Gas Corporation Ltd. 8,282 8,624 4817 5097

Top 10 Sells in Largecap

Market Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

Top buy/sell across AMCs: Midcap

Midcap stocks, which saw selling by AMCs were MindTree,

Graphite, Avanti Feeds, TV18 Broadcast and Adani Power

In midcaps, stocks like Godrej Industries, Dish TV, Page

Industries, Escorts and Tata Global Beverages witnessed

buying during May 2019


Mindtree Ltd. 983 1,394 100 142

Graphite India Ltd. 253 323 61 84

Avanti Feeds Ltd. 64 77 17 21

TV18 Broadcast Ltd. 164 224 589 717

Adani Power Ltd. 431 465 855 1035

JM Financial Ltd. 304 334 318 377

L&T Technology Services Ltd. 643 736 37 42

Bombay Burmah Trading Corporation Ltd. 88 107 8 9

Dilip Buildcon Ltd. 449 465 77 86

ICICI Securities Ltd. 808 896 365 404

Top 10 Sells in MidcapMarket Value(crs) Shares(lakhs)


Godrej Industries Ltd. 85 54 17 11

Dish TV India Ltd. 170 139 584 387

Page Industries Ltd. 1,032 826 5 4

Escorts Ltd. 360 335 60 45

Tata Global Beverages Ltd. 1,758 1,329 720 635

United Breweries Ltd. 1,437 1,345 107 95

Gujarat Gas Ltd. 535 411 291 258

Tata Communications Ltd. 79 74 15 13

Bank Of India 194 165 205 187

Supreme Industries Ltd. 1,836 1,775 170 155

Top 10 Buys in MidcapMarket Value(crs) Shares(lakhs)

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Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

Top buy/sell across AMCs: Smallcap

Small cap stocks, which saw selling by AMCs were Jain

Irrigation, Max India, Tata Elxsi, Wockhardt and Ceat Ltd.

In small caps, stocks like Procter & Gamble Health, Sunteck

Realty, Welspun Corp, Capacite Infraprojects and Manappuram

Finance witnessed highest buying during May 2019


Procter & Gamble Health Ltd. 121 60 3 2

Sunteck Realty Ltd. 147 88 30 19

Welspun Corp Ltd. 114 75 80 56

Capacite Infraprojects Ltd. 112 75 42 33

Manappuram Finance Ltd. 402 290 298 246

Can Fin Homes Ltd. 109 82 31 26

Time Technoplast Ltd. 245 184 244 203

Spicejet Ltd. 663 495 454 380

Ramco Systems Ltd. 84 70 38 32

DB Corp Ltd. 72 59 37 32

Top 10 Buys in SmallcapMarket Value(crs) Shares(lakhs)


Jain Irrigation Systems Ltd. 69 117 138 215

Max India Ltd. 106 162 163 231

Tata Elxsi Ltd. 120 181 14 19

Wockhardt Ltd. 53 78 14 19

Ceat Ltd. 165 212 17 20

Centum Electronics Ltd. 56 52 10 12

Blue Star Ltd. 1,411 1,386 175 205

Syndicate Bank 106 130 299 345

Srikalahasthi Pipes Ltd. 107 142 57 66

The Jammu & Kashmir Bank Ltd. 157 178 264 293

Top 10 Sells in SmallcapMarket Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered

AMC wise: Top Buys and Top Holdings

May-19 Apr-19 May-19 Apr-19 %Change May-19 Apr-19 May-19 Apr-19 %Change

DCB Bank Ltd. 220 17 94 8 1051% ICICI Bank Ltd. 11081 10811 2615 2653 -1%

Interglobe Aviation Ltd. 183 29 11 2 463% State Bank Of India 10052 9089 2852 2932 -3%

Procter & Gamble Health Ltd. 85 27 2 1 188% Infosys Ltd. 9190 9390 1246 1250 0%

Lupin Ltd. 125 52 17 6 179% Larsen & Toubro Ltd. 8601 7444 552 552 0%

Bharat Heavy Electricals Ltd. 354 144 504 204 148% HDFC Bank Ltd. 7016 6969 289 301 -4%

Thyrocare Technologies Ltd. 67 41 14 8 70% Reliance Industries Ltd. 6482 6681 487 480 2%

Sun Pharmaceutical Industries Ltd. 369 273 90 60 51% NTPC Ltd. 4812 4793 3612 3575 1%

Tech Mahindra Ltd. 160 119 21 14 48% ITC Ltd. 4230 4558 1519 1512 0%

Grasim Industries Ltd. 102 75 12 8 39% Axis Bank Ltd. 3693 3484 457 454 1%

DLF Ltd. 88 58 46 33 38% Housing Development Finance Corporation Ltd.2876 2647 132 133 -1%


HDFC Life Insurance Co Ltd 314 13 71 3 2175% NTPC Ltd. 7974 7817 5984 5833 3%

United Breweries Ltd. 310 175 23 12 86% Infosys Ltd. 6847 6644 928 884 5%

Sun TV Network Ltd. 194 112 35 19 81% State Bank Of India 6641 6245 1884 2015 -6%

Grasim Industries Ltd. 313 206 35 23 54% ICICI Bank Ltd. 6200 5881 1463 1443 1%

Voltas Ltd. 297 212 51 35 46% ITC Ltd. 5992 6517 2151 2162 -1%

ACC Ltd. 287 191 17 12 45% Bharti Airtel Ltd. 5804 4081 1664 1274 31%

Bajaj Finance Ltd. 333 212 10 7 40% HDFC Bank Ltd. 5067 4158 209 179 16%

Adani Ports and Special 83 57 20 15 36% Larsen & Toubro Ltd. 5032 4289 323 318 2%

Oracle Financial Services Software Ltd. 134 101 4 3 36% Axis Bank Ltd. 3787 3585 469 468 0%

Sanofi India Ltd. 57 45 1 1 31% Oil & Natural Gas Corporation Ltd. 3726 3929 2167 2322 -7%

ICICI Prudential AMC ICICI Prudential AMC

HDFC AMC HDFC AMC

Top 10 Holdings


Top 10 Buys


Top 10 HoldingsMarket Value(crs) Shares(lakhs)

Top 10 BuysMarket Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered



United Spirits Ltd. 103 31 19 6 237% State Bank Of India 6268 5725 1778 1847 -4%

Piramal Enterprises Ltd. 82 35 4 1 145% HDFC Bank Ltd. 6027 5983 248 258 -4%

Asian Paints Ltd. 182 101 13 7 88% ICICI Bank Ltd. 5627 5016 1328 1231 8%

Tata Global Beverages Ltd. 389 183 159 88 82% Axis Bank Ltd. 3632 3621 449 472 -5%

ISGEC Heavy Engineering Ltd. 69 46 14 8 69% Larsen & Toubro Ltd. 3383 3034 217 225 -3%

HDFC Life Insurance Co Ltd 452 259 102 64 60% Indian Oil Corporation Ltd. 2829 2959 1709 1872 -9%

Maruti Suzuki India Ltd. 206 131 3 2 52% Infosys Ltd. 2440 2848 331 379 -13%

Rallis India Ltd. 69 45 46 31 49% NTPC Ltd. 2426 2796 1821 2086 -13%

Ultratech Cement Ltd. 92 60 2 1 47% ITC Ltd. 2418 2550 868 846 3%

Welspun Corp Ltd. 114 75 80 56 42% Coal India Ltd. 2359 2647 930 1050 -11%


Timken India Ltd. 63 17 9 3 208% HDFC Bank Ltd. 15908 14877 656 642 2%

Bank Of Baroda 104 30 78 26 201% Reliance Industries Ltd. 9599 9928 722 713 1%

Vodafone Idea Ltd. 289 197 2071 1276 62% ICICI Bank Ltd. 7989 7490 1886 1838 3%

Carborundum Universal Ltd. 256 155 68 43 58% Housing Development Finance Corporation Ltd.7647 6683 350 335 5%

Cholamandalam Financial Holdings Ltd. 98 66 20 13 54% Infosys Ltd. 7303 7476 990 995 -1%

United Breweries Ltd. 53 38 4 3 45% Kotak Mahindra Bank Ltd. 6552 5762 431 416 4%

Marico Ltd. 333 228 89 63 41% State Bank Of India 6296 5295 1786 1708 5%

Thermax Ltd. 382 268 37 28 36% ITC Ltd. 6238 6690 2239 2220 1%

Bharti Airtel Ltd. 2625 1895 753 592 27% Larsen & Toubro Ltd. 5356 4425 344 328 5%

Adani Ports and Special Economic Zone Ltd.562 417 135 106 27% Axis Bank Ltd. 5170 4794 640 625 2%

Reliance Nippon AMC Reliance Nippon AMC


SBI AMC SBI AMC




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Bank Of Baroda 146 57 109 49 124% HDFC Bank Ltd. 6420 6143 265 265 0%

Cipla Ltd. 124 59 22 10 112% ICICI Bank Ltd. 5284 5082 1247 1247 0%

Sun Pharmaceutical Industries Ltd. 661 352 161 77 110% Reliance Industries Ltd. 3239 2895 243 208 17%

Cadila Healthcare Ltd. 61 47 25 14 71% State Bank Of India 2813 2478 798 800 0%

Bharti Airtel Ltd. 458 257 131 80 63% Infosys Ltd. 2548 2726 345 363 -5%

Bharat Petroleum Corporation Ltd. 200 116 49 31 60% Housing Development Finance Corporation Ltd.2432 2210 111 111 1%

BEML Ltd. 57 37 6 4 39% ITC Ltd. 2390 2608 858 866 -1%

IndusInd Bank Ltd. 1275 973 79 61 31% Kotak Mahindra Bank Ltd. 2067 1903 136 137 -1%

TeamLease Services Ltd. 136 104 5 4 29% Larsen & Toubro Ltd. 1839 1542 118 114 3%

Adani Ports and Special Economic Zone Ltd.177 132 43 34 27% Axis Bank Ltd. 1447 1289 179 168 7%


RBL Bank Ltd. 103 24 15 4 326% HDFC Bank Ltd. 4695 4414 194 190 2%

Max Financial Services Ltd. 127 81 28 19 47% Infosys Ltd. 3400 3486 461 464 -1%

Reliance Nippon Life Asset Management Ltd.78 52 36 27 34% ICICI Bank Ltd. 3314 3178 782 780 0%

Bharti Airtel Ltd. 838 591 240 185 30% Housing Development Finance Corporation Ltd.2820 2506 129 126 3%

Cadila Healthcare Ltd. 245 249 99 77 29% ITC Ltd. 2451 2605 880 864 2%

Dabur India Ltd. 204 160 51 40 28% Reliance Industries Ltd. 2420 2456 182 176 3%

Ashok Leyland Ltd. 63 49 70 56 26% Tata Consultancy Services Ltd. 2290 2286 104 101 3%

Hindustan Petroleum Corporation

Ltd.

65 49

20 17

19% Axis Bank Ltd. 1818 1678

225 219

3%

Oberoi Realty Ltd. 125 97 22 19 16% Larsen & Toubro Ltd. 1664 1416 107 105 2%

Marico Ltd. 209 173 56 48 16% Kotak Mahindra Bank Ltd. 1586 1421 104 102 2%

Aditya Birla Sunlife AMC Aditya Birla Sunlife AMC


UTI AMC UTI AMC




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SBI Life Insurance Company Ltd. 139 20 0 #DIV/0! HDFC Bank Ltd. 3634 3738 150 161 -7%

Vodafone Idea Ltd. 1015 212 7277 1369 431% ICICI Bank Ltd. 2413 2390 570 586 -3%

Torrent Power Ltd. 98 50 40 20 103% Axis Bank Ltd. 2352 2436 291 318 -8%

KPR Mill Ltd. 105 58 17 10 74% Bharti Airtel Ltd. 2000 1474 573 460 25%

PNB Housing Finance Ltd. 261 128 31 18 73% Infosys Ltd. 1863 1897 253 253 0%

ITD Cementation India Ltd. 160 107 139 87 60% State Bank Of India 1487 1490 422 481 -12%

Bharat Forge Ltd. 159 114 34 24 42% Kotak Mahindra Bank Ltd. 1260 1203 83 87 -5%

Spicejet Ltd. 267 173 183 133 38% Vodafone Idea Ltd. 1015 212 7277 1369 431%

GAIL (India) Ltd. 460 351 128 99 29% Indian Oil Corporation Ltd. 1006 944 607 597 2%

Bharti Airtel Ltd. 2000 1474 573 460 25% NTPC Ltd. 974 939 731 701 4%


Hindustan Petroleum Corporation Ltd. 96 0.9 30 0 9432% HDFC Bank Ltd. 5403 4859 223 210 6%

Page Industries Ltd. 61 2.3 0 0 3000% ICICI Bank Ltd. 3731 3486 881 855 3%

Coal India Ltd. 52 7 21 3 639% Reliance Industries Ltd. 3555 3912 267 281 -5%

Tata Chemicals Ltd. 58 11 9 2 393% Axis Bank Ltd. 2847 2525 352 329 7%

Power Finance Corporation Ltd. 62 17 50 14 244% Kotak Mahindra Bank Ltd. 1949 1699 128 123 4%

Escorts Ltd. 58 21 10 3 239% State Bank Of India 1936 1558 549 503 9%

Bharti Airtel Ltd. 61 25 17 8 125% Larsen & Toubro Ltd. 1752 1419 113 105 7%

NMDC Ltd. 83 40 82 40 107% Infosys Ltd. 1489 1823 202 243 -17%

DLF Ltd. 78 39 41 22 84% Tata Consultancy Services Ltd. 1433 1458 65 65 1%

Marico Ltd. 86 46 23 13 81% ITC Ltd. 1122 1047 403 348 16%

Franklin Templeton AMC Franklin Templeton AMC

Shares(lakhs)

Kotak Mahindra AMC Kotak Mahindra AMC




Top 10 HoldingsMarket Value(crs)

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Container Corporation Of India Ltd. 58 1 11 0 8566% HDFC Bank Ltd. 2494 2351 103 101 1%

Power Grid Corporation Of India Ltd. 93 2 49 1 3581% ICICI Bank Ltd. 2031 2022 479 496 -3%

Cadila Healthcare Ltd. 101 7 41 2 1682% Axis Bank Ltd. 1265 1065 157 139 13%

Bata India Ltd. 118 67 9 5 94% Bajaj Finance Ltd. 974 980 28 32 -11%

Jubilant FoodWorks Ltd. 167 103 13 8 65% Larsen & Toubro Ltd. 935 959 60 71 -16%

IndusInd Bank Ltd. 403 268 25 17 50% Reliance Industries Ltd. 875 1016 66 73 -10%

NTPC Ltd. 325 229 244 171 43% Ipca Laboratories Ltd. 840 851 90 89 0%

Indian Oil Corporation Ltd. 55 37 33 23 42% Kotak Mahindra Bank Ltd. 693 587 46 42 8%

Muthoot Capital Services Ltd. 61 46 8 6 33% Bharat Financial Inclusion Ltd. 653 589 65 58 11%

Bharti Airtel Ltd. 141 102 40 32 27% State Bank Of India 592 679 168 219 -23%


Bharti Airtel Ltd. 86 37 25 11 116% Bajaj Finance Ltd. 3886 3561 112 115 -3%

Shree Cement Ltd. 264 118 1 1 105% HDFC Bank Ltd. 3874 3682 160 159 1%

Mphasis Ltd. 67 41 7 4 60% Kotak Mahindra Bank Ltd. 3709 3414 244 246 -1%

Reliance Industries Ltd. 1105 776 83 56 49% Tata Consultancy Services Ltd. 3456 3703 157 164 -4%

Bata India Ltd. 107 84 8 6 41% Housing Development Finance Corporation Ltd.2726 2215 125 111 12%

Larsen & Toubro Ltd. 1092 763 70 57 24% Pidilite Industries Ltd. 2148 2051 167 166 0%

V-Guard Industries Ltd. 407 295 168 136 24% Gruh Finance Ltd. 1938 1694 610 533 14%

Gruh Finance Ltd. 1938 1694 610 533 14% Avenue Supermarts Ltd. 1920 1771 145 137 6%

MRF Ltd. 73 61 0 0 14% Maruti Suzuki India Ltd. 1731 1661 25 25 1%

Cummins India Ltd. 913 738 116 102 14% ICICI Bank Ltd. 1475 1350 348 331 5%

DSP AMC DSP AMC



Axis AMC Axis AMC



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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st

Floor, Akruti Trade Centre,

Road no.7, MIDC

Andheri (East)

Mumbai – 400 093

[email protected]

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Disclaimer


ANALYST CERTIFICATION

We /I, Sachin Jain, C.A., authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the

subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) AMFI Registration. No.: ARN-0845. Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai -

400020, India. ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited Sebi Registration is INZ000183631 for stock broker.

ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life

insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading distributors of Mutual Funds and participate in distribution of Mutual Fund Schemes of almost all AMCs in India. The selection of the Mutual Funds for the

purpose of including in the indicative portfolio does not in any way constitute any recommendation by ICICI Securities Limited (hereinafter referred to as ICICI Securities) with respect to the

prospects or performance of these Mutual Funds. The investor has the discretion to buy all or any of the Mutual Fund units forming part of any of the indicative portfolios on icicidirect.com.

Before placing an order to buy the funds forming part of the indicative portfolio, the investor has the discretion to deselect any of the units, which he does not wish to buy. Nothing in the

indicative portfolio constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific

circumstances.

The details included in the indicative portfolio are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is

its accuracy or completeness guaranteed. The funds included in the indicative portfolio may not be suitable for all investors, who must make their own investment decisions, based on their

own investment objectives, financial positions and needs. This may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently

evaluate the investment risks. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this indicative portfolio.

Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. ICICI Securities may be holding all or any of the units

included in the indicative portfolio from time to time as part of our treasury management. ICICI Securities Limited is not providing the service of Portfolio Management Services (Discretionary or

Non Discretionary) to its clients.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Kindly note that such research recommended funds in indicative portfolio are not based on individual risk profile of each customer unless a customer has opted for a paid Investment Advisory

Service offered by I-Sec. Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The information contained herein is strictly confidential and

meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any

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solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept

no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail/report is not directed or

intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication,

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Disclaimer


ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs). ICICI Securities host the details

of the commission rates earned by ICICI Securities from Mutual Fund houses on our website www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation

from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing

advertising support to these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received brokerage for

security transactions done by any of the above AMCs during the period preceding twelve months from the date of this report.

It is confirmed that Sachin Jain, CA, Research Analysts of this report have not received any compensation from the Mutual Funds house whose funds are mentioned in the report in the

preceding twelve months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or is associates may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. Hence, ICICI Securities or its

associates may own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of the research report.

Research Analysts or their relatives of this report do not own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of

the research report.

Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies/ AMCs including the

AMCs whose funds are mentioned in this report or may have invested in the funds mentioned in this report.

ICICI Securities also distributes Mutual Fund Schemes of ICICI Prudential Asset Management Company which is an ICICI Group Company, scheme details of which might also be appearing in

the report above. However, the transactions are executed at Client's sole discretion and Clients make their own investment decisions, based on their own investment objectives, financial

positions and needs..

It is confirmed that Sachin Jain, CA, Research Analysts do not serve as an officer, director or employee of the AMCs whose funds mentioned in the report. ICICI Securities may have issued

other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in

market making activity for the companies/funds mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority

impacting Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such

distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such

jurisdiction. The funds described herein may or may not be eligible for subscription in all jurisdictions or to certain category of investors. Persons in whose possession this document may come

are required to inform themselves of and to observe such restriction

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