Monthly Issue

Vol.
5, Issue V, Pages 55, May 2013

MD Desk
Anup Bagchi
MD & CEO
ICICI Securities Ltd.
Most of us have a fair idea of what
we want to achieve in life - owning
a house, good education for our
children, comfortable retirement,
so on and so forth.
In order to achieve these goals, it
is important that we have a sound
investment plan in place. Sound
investment planning involves
fnding out investment options
with riskreturn characteristics
that are compatible with your
fnancial goals.
One such investment option is
Mutual Funds. I believe mutual
funds are a great investment
vehicle, designed to meet almost
every investment need and goal.
Whether you are a new investor
or have spent time in the market,
they are an ideal investment
option for you.
Mutual funds offer a convenient and cost-effective way to
participate in capital and debt markets. Coupled with benefts
of diversifcation and professional money management, they
provide a wide range of options.
Just name a goal, and there is an appropriate mutual fund for
you. For instance, for your long-term goals like retirement and
childrens education and marriage, equity diversifed funds make
a great proposition. This is because, in the long run, equities
tend to outperform all other asset classes.
For your medium and near-term goals, such as arranging an
amount for down payment of your car or a home, say within
next six months to one year, there are short to medium-term
debt funds available.
If your goal is to save on taxes, there are mutual funds available
for that as well - Tax-saving Equity Linked Savings Schemes
(ELSS).
ICICIdirect Money Manager 1 May 2013
Further, if you are a conservative investor or retired individual,
seeking regular income from your investments, there are
options available such as monthly income plans (MIPs). And if
you desire to take exposure into overseas companies, there are
international funds available.
Once you have identifed the broad fund categories that are
appropriate for your goals, you will want to zero down the
individual funds in each of the categories. Performance of a fund
over a period of time compared to its benchmark and peers is
usually an important factor, but not the only consideration. Other
factors that you may include are - fund managers track record,
his total experience, funds expense ratio, size of the fund, etc.
In a nutshell, you need to take a holistic view to select the right
funds for you. Your ICICIdirect fnancial advisor can help fnd
funds best suited to your needs.
Last, but not the least, if you already havent started investing in
mutual funds, now is the time to do so. You can start with as low
as ` 500 a month, by investing through systematic investment
plan (SIP). Investing in mutual funds through SIP is an ideal
investment strategy to achieve your goals.
Apart from investing, to achieve various life goals, it is also
important that you protect your investments from any unforeseen
events such as medical exigency or a job loss. With our new
proposition Secure Mind, you can do so.
Secure Mind is a general insurance cover, aimed at insuring your
mutual fund investments against some uncertain events. With
this cover, you need not redeem your mutual fund investments
halfway to pay for unforeseen expenses. Instead, you get the
entire amount of sum insured upon diagnosis or occurrence of
any events as covered under the policy.
Our message remains the same - Keep investing and stay
invested for your life goals. Through this magazine and our
website www.icicidirect.com we want to make an earnest
attempt to partner with you in setting and achieving your
fnancial goals. Give us an opportunity to serve you, walk into
any of your Neighborhood Financial Superstore and talk to us.
ICICIdirect Money Manager May 2013 2
Editor & Publisher : Abhishake Mathur CFP
CM
,
Coordinating Editor : Yogita Khatri
Editorial Board : Sameer Chavan, Pankaj Pandey
Editorial Team : Anil Shenoy, Azeem Ahmad, Nithyakumar VP, Nitin Kunte, Sachin Jain,
Shaboo Razdan, Sheetal Ashar, Venil Shah
When it comes to mutual funds, most of us associate them with long-
term investing, which is true for most cases. However, there are funds
that also provide attractive short-term investment options. These
include several categories of debt funds - liquid funds, ultra short-term
funds, income funds, gilt funds, etc.
Debt funds make a good investment choice if you want to make your
money work better in the short term (less than three years), as they
provide stability and liquidity to your portfolio.
However, selecting a debt fund could be a tricky proposition, as their
performance primarily depends on interest rates. In other words,
before deciding upon which category of debt funds to invest in, you
frst need to make an objective assessment of how the interest rate
scenario will pan out in your defned investment horizon.
In general, in case of a rising interest rate scenario, short-term debt
funds do well as they are less impacted by rising interest rates. While
in case of a declining interest rate scenario, long-term funds perform
well as they are better placed to capture the gains due to their higher
duration.
In the current interest rate scenario, what are the debt fund categories
look promising? This is precisely the issue in focus of our this edition.
The edition also features Rahul Goswami, Chief Investment Offcer -
Fixed Income, ICICI Prudential Mutual Fund, who shares his thoughts
on whats next for the economy and interest rates, and how you might
position your debt portfolio in the near term.
We also offer comprehensive information and analysis on short-term
debt funds, which are an evergreen option for all types of investors.
Enjoy your read. We will be happy to hear from you at moneymanager@
icicisecurities.com
Take ICICIdirect Money Manager with you on the go!
Your magazine is now available on
EDITORIAL
Important: All the contents of ICICIdirect Money Manager are the exclusive
property of ICICI Securities Ltd. No article, either in whole or in part, may
be published circulated or distributed through any medium without the
express consent of ICICI Securities Ltd.
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CONTENTS
MD Desk .......................................................................................................... 01
Editorial ........................................................................................................... 02
Contents .......................................................................................................... 03
News ................................................................................................................ 04
Markets Round-up & Outlook ........................................................................ 05
Getting Technical with Dharmesh Shah ....................................................... 07
Derivatives Strategy by Amit Gupta ............................................................. 09
Stock Ideas: Cairn India and Development Credit Bank ............................. 13
Flavour of the Month: Debt funds
In the current declining interest rate scenario, what categories of debt funds
look promising? Here we explore ................................................................... 17
Tte--tte
Interview with Rahul Goswami, CIO - Fixed Income, ICICI Prudential MF, who
talks about the investment strategies and outlook for the debt market .... 22
Ask Our Planner - Your personal fnance queries ......................................... 25
Your Financial Health Check
Here we assess Chennai-based Iyer family's fnances and suggest a suitable
way forward ..................................................................................................... 28
Primer: Average Maturity in Debt Funds ....................................................... 32
Mutual Fund Analysis: Category Short-term Income Funds .................... 33
Equity Model Portfolio ................................................................................... 39
Mutual Funds Model Portfolio ....................................................................... 42
Quiz Time ........................................................................................................ 44
Monthly Trends ............................................................................................... 45
Premium Education Programmes Schedule ................................................. 49
Infation back in RBI's comfort zone
The headline infation fell to 4.89 per cent in April, within the Reserve Bank of Indias
(RBIs) comfort zone for the frst time in almost three-and-a-half years, fuelling market
hopes for more interest rate cuts to revive economic growth. RBIs comfort level for
infation is between four and fve per cent. WPI-based infation is currently at the
lowest level since the 4.73 per cent of November 2009. It declined to below fve per
cent for the frst time since then, even as the central bank had projected infation to
remain sticky at 5.5 per cent and committed itself to bringing it down to fve per cent
by the end of 2013-14.
Courtesy: Business Standard
IIP rises to 2.5% in March, remains at two decades' low in FY13
India's industrial production grew at the fastest rate during the last fve months at
2.5 per cent in March but failed to cheer the industry as it remained at over two
decades low at one per cent during 2012-13. Led by better performance of sectors
like manufacturing, power, capital goods and consumer non-durables, factory output
measured in terms of the Index of Industrial Production (IIP), rose to 2.5 per cent
raising hopes that economic growth might cross 6 per cent mark during the current
fscal. For the fscal 2012-13 as a whole, the IIP slipped to one per cent, the lowest
since 1991-92 when the factory output grew by a meagre 0.6 per cent. It was 2.9 per
cent in the previous fscal.
Courtesy: The Economic Times
India to grow at 6% in current fscal: S&P
India is projected to grow by 6% in the current fscal while growth is expected to
be steady in most of the Asia Pacifc economies, global rating agency Standard &
Poors said on Tuesday. It, however, cautioned that a weaker global risk appetite and
a poor monsoon would pull down growth to around 5% in 2013-14 fscal. For 2014-15
and 2015-16 fscal, S&P projected the economic growth to pick up at 6.7% and 7%
respectively. Indias growth forecast has been lowered to 6% in 2013 and 6.7% in
2014 on weaker consumption and exports, it said.
Courtesy: Hindustan Times
Pay more service tax on house costing over ` 1 crore
The fnance ministry has tightened norms for application of lower rate of service tax
on construction, dealing a blow to buyers purchasing houses above a certain size or
value. The Central Board of Excise and Customs, the apex indirect taxes body, has
issued new norms that restrict lower service tax to only those houses that cost below
` 1 crore and have carpet area less than 2000 square feet. Service tax at the rate of
12% will be applicable on 25% of the total value of the residential unit (effectively 3%)
on properties that meet these conditions. If a housing unit is either more than 2000
square feet carpet area or costs over ` 1 crore then the tax will be levied on 30% of the
total value, says the CBEC notifcation, raising the effective tax to 3.6%.
Courtesy: The Economic Times
NEWS
The US markets started the
month on a negative note
on weaker than expected
manufacturing data, slowdown
in the pace of service sector
growth, disappointing US
jobs data and concerns on
rising tension between the US
and North Korea. However, a
slew of positive news from
overseas such as: 1) Japans
new monetary policy which
included doubling monthly
Japanese government bond
purchases, 2) positive infation
data from China and 3) 25
basis points (bps) rate cut
by European Central Bank
(ECB) infused buoyancy in the
sentiments. Upbeat quarterly
numbers from big name
companies like Coca Cola and
Johnson & Johnson also added
to the positive sentiment.
Back Home, markets started
on a positive note after The
Reserve Bank of India (RBI)
rationalized investment limits
for foreign investors in bonds.
Sentiments likely to remain bullish due to liquidity gush
Strengthened expectations
of a rate cut after Wholesale
Price Index (WPI) infation
coming down to its lowest
level in three years, a slump in
crude and gold prices and the
manufacturing output growing
at its slowest pace in four years
kept the markets on a positive
note throughout the month.
In early May, the RBI did cut
the repo rate by 25 bps while
keeping the cash reserve ratio
(CRR) unchanged.
Crude (Nymex) rose by 4.1%
in April.
Global markets
In April 2013, markets around
the world were largely positive.
The Dow Jones, S&P 500
and the Nasdaq Rose 1.8%,
1.8% and 1.9%, respectively.
Growth across the European
markets was varied with the
UK FTSE, German Dax and
French CAC rising by 0.3%,
In Asia the Nikkei shot up by
MARKETS ROUND-UP
MARKETS ROUND-UP
12.4%. Elsewhere in Asia,
while Hang Seng rose by
2.0%, Shanghai SSEC ended
in red by falling 2.6%.
Domestic markets
While Foreign Institutional
Investors (FIIs) were net
buyers to the tune of ` 1,000
crore, Mutual Funds (MFs)
were net sellers of ` 1,423
crore.
The Sensex and the Nifty
rose sharply by 3.5% and
4.4% respectively, in April.
The trend was seen across
BSE Midcap and BSE Small-
cap as well, with both rising
BSE IT and BSE Teck were the
major losers falling 17.1% and
10.9% respectively. Among
the top gainers were BSE
FMCG, BSE Bankex & BSE
Auto rising 11.1%, 10.2% and
9.6% respectively in April.
Outlook
Shrugging off a poor earnings
season, Indian shares soared
in the month of April joining
the global bandwagon
of market rally, thanks to
accommodative stances taken
by Central banks across the
globe. Fall in commodity
prices added to the positive
sentiments. The rally was
purely liquidity driven with
economic data and corporate
numbers giving confusing
signals. With central banks
across the globe in no mood
to alter the dovish policy, the
markets are likely to maintain
uptrend with few corrections.
In India the earning season
so far has been the mixed
bag with poor bias. So is the
macro data with some positive
news on the infation front and
one more rate cut by RBI (with
hawkish stance however). The
liquidity gush has already
taken the Indian markets to
new highs. In this scenario,
we believe the residual results
outcome is unlikely to deter
the sentiments and hence
markets are expected to likely
to remain at the elevated level
in May as well.
GETTING TECHNICAL
Time to be cautious as cool-off is in
the offng!
The current up move is seen
as a counter trend rally to the
three month fall from the late
January 2013 high of 20203
to the mid-April low of 18144.
Therefore, we would advocate
an extremely cautious
approach, going ahead, as
the index is poised at 80%
retracement of the January-
April 2013 fall (20203-18144)
This is also a key previous
resistance area from where the
index witnessed strong selling
pressure during February and
March 2013.
The seasonality factor
associated with May also
points towards a subdued
outlook, going ahead, as the
index has closed negative on
six out of nine occasions in
the last decade. We would also
closely monitor the behaviour
of market breadth on further
upsides from current levels as
a deteriorating market breadth
would be an early indication of
waning upward momentum.
Dharmesh Shah
Head - Technical Analysis,
ICICIdirect
Bulls made a strong comeback
mid-way through April 2013
after being down and out for
fve weeks on the trot. As
expected in April edition,
the Sensex respected the
earmarked support band of
18300-18000, the confuence
of the November 2012 low
and the major rising gap area
formed in September 2012, on
expected lines. This gap was
formed after the government
announced reform measures
and was placed between 18284
and 18062. Index hit a low of
18144 on April 15, 2013 and,
thereafter, produced a strong
pullback. It has rallied from
strength to strength in the last
few weeks. The Sensex hit a
high of 19792 on May 2, 2013,
in a process achieving our
target price of 19475.
GETTING TECHNICAL
Source: Spider Software, ICICIdirect.com Research
BSE Sensex Daily Candlestick Chart
Throwbacks from the 19800
region are likely to see the
index head towards 18700
region being the confuence
of the 200 day SMA placed
at 18700 levels and 61.8%
retracement of the current
rally placed at 18650.
Only a strong close above
19800 levels would open
extended target for the Sensex
towards its January high of
20203.
We therefore advise extreme
caution going ahead as index
is current up move from April
lows is expected to mature
around 20000 levels and proft
booking towards 18700 is on
the cards.
The views expressed in the article are personal views of the author and do not
necessarily represent the views of the organization.
Nifty like to consolidate with
a positive bias in the coming
months, with positional
support placed at 5700-5750.
In the start of April series,
we saw weakness in markets
continued, but in the last
couple of weeks, we have
seen a sharp run-up in the
index. This move has trapped
Call writers. The rolled Call
option positions still have
the maximum base at near
the money 5900 strike
despite the Nifty trading
above this level. This may
lead to short covering in the
market towards 6040 levels.
Sustainability above 6040 is
likely to extend the upsides till
Expect Nifty to remain range-bound
DERIVATIVES STRATEGY
6190.
On downsides, the highest
Put base is placed at the 5700
strike, which would act as a
major support for the May
series.
Option open interest for May Series
0
20000
40000
60000
80000
100000
120000
5200 5300 5400 5500 5600 5700 5800 5900 6000 6100 6200 6300
O
I

(
N
o
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o
f

C
o
n
t
r
a
c
t
s
)
Put OI Call OI
We further believe that,
banking sector performance
is likely to continue and the
index should be bought on
decline towards 12000-12200
levels.
As the Reserve Bank of Indias
(RBIs) monetary policy is
already announced, the proft
booking towards level 12000-
12200 should be utilised to
buy for target of 13000, which
is a high Call base.
Amit Gupta
Head - Derivatives Research,
ICICI Securities
Private banking heavyweights
witnessed low rollovers into
the May series, which means
that the majority of shorts
formed in the last month fall
have been closed. This may
lead to a range bound to
positive bias in these stocks.
Foreign Institutional Investors
(FIIs) have been closing
their shorts in index futures
providing relief for broader
market
In the current calendar year,
we have seen FIIs being active
in the index futures segment
and have created shorts near
6040 at the start of February,
then near 5850 at the end of
February with the fnal round
at the start of the April series
near 5750.
FIIs have also rolled their
short positions, which were
created in the February and
March Series. However, we
did not see this rollover of
short positions happening into
the May series, suggesting
some relief for the Nifty.
FIIs cash infow has been
on a declining trend. They
bought over INR 22,250
crore in January, INR 22,100
crore in February, INR 10400
crore in March and INR 5500
crore in April, showing the
receding pace of cash infows.
However, closure of short
positions in index futures
by FIIs does point towards
positive market sentiments
in the coming one or two
months.
Bank Nifty open interest for May Series
0
2000
4000
6000
8000
10000
12000
1
2
0
0
0
1
2
1
0
0
1
2
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0
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1
3
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0
0
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3
0
0
O
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Put OI Call OI
FII Shorting trend in the Calender year 2013 (till April 29th)
1) Shorting seen near 5950 - 5980 in the start of February
Date Net Index
futures
(in ` Crores)
No. of
Contracts
% Chg in
Contracts
Nifty Spot
4-Feb-13 -710.34 273957 16.77% 5987
5-Feb-13 -663.02 280302 2.32% 5957
6-Feb-13 -563.7 269020 4.02% 5959
7-Feb-13 -105.22 266405 0.97% 5939
8-Feb-13 -300.8 257017 3.52% 5904
2) Shorting seen near 5850 at the end of February Series
Date Net Index
futures
(in ` Crores)
No. of
Contracts
% Chg in
Contracts
Nifty Spot
22-Feb-13 -699.02 380181 2.47% 5850
25-Feb-13 -431.84 413258 8.70% 5855
26-Feb-13 -1271.04 590800 42.96% 5761
1-Mar-13 -263.01 301980 1.67% 5720
3) Shorting seen near 5750 in the start of April
Date Net Index
futures
(in ` Crores)
No. of
Contracts
% Chg in
Contracts
Nifty Spot
2-Apr-13 137.94 280115 3.38% 5748
3-Apr-13 -722.15 318812 13.81% 5673
4-Apr-13 -985.12 347695 9.06% 5575
5-Apr-13 -1106.02 370180 6.47% 5553
8-Apr-13 -324.92 382449 3.31% 5543
India VIX trading subdued:
As the RBI policy is out of
way, we believe the index
is likely to remain in 13-17
range.
Since February, the volatility
index has moved above the
200 DMA thrice but failed to
sustain. We believe traders
should keep a close watch at
the current 200 DMA of 15.5
levels. Stuck call positions
are likely to keep volatility at
elevated levels.
To sum up, we believe that in the coming months, the Nifty will
remain range bound between 5700 and 6200, wherein stock
specifc out performance could be at the forefront, especially in
the midcap space.
The views expressed in the article are personal views of the author and do
not necessarily represent the views of the organization.
Cairn India
Company Background
Cairn India is primarily
engaged in the business of oil
& gas exploration, production
and transportation. Average
daily gross operated
production was 2,06,870 BOE
(barrels of oil equivalent) in
FY13. The company sells
its oil to major refneries
in India and its gas to both
public sector units (PSU) and
private buyers. Cairn Indias
resource base is located in
four strategically focused
areas namely one block in
Rajasthan, two on the west
coast of India, six on the east
coast of India (including one
in Sri Lanka) and one in South
Africa. The blocks are located
in the Barmer Basin, Krishna-
Godavari Basin, the Palar-
Pennar Basin, the Cambay
Basin, the Mumbai Offshore
Basin, Mannar Basin & Orange
Basin.
Investment Rationale
Convincing roadmap to
achieve production target
The current production
from Rajasthan stands at
1,75,000 BOPD (barrels of
oil per day) [has an approval
to produce 2,00,000 BOPD],
with 1,50,000 BOPD of
production from Mangala
and the rest from Bhagyam,
Aishwariya, Rageshwari and
Saraswati. Aishwariya has
commenced production in
FY13 end. Lower productivity
of individual wells and
shallow nature of reservoir is
causing problems in ramping
up production at Bhagyam
from the current 20000-25000
BOPD to the approved level
of 40000 BOPD. The company
has received approval to
drill extra wells to achieve
the approved production
level by H2FY14E. The
governments decision to
allow exploration in producing
felds has already resulted in
a discovery. Going ahead, it
will expedite the operations
of the company. We estimate
production from Rajasthan
block will reach ~1,93,000
and ~2,22,500 BOPD in FY14E
and FY15E, respectively
based on approval for
revised feld development
STOCK IDEAS
plan (FDP) of Bhagyam,
Aishwarya and other felds.
According to the companys
estimates, the Barmer basin
in Rajasthan is estimated to
hold 7.3 billion BOE, which
can support the potential of
3,00,000 BOPD. We believe
in the high potential of the
Rajasthan block and the
companys vision to attain
peak production level of
3,00,000 BOEPD (barrels of oil
equivalent per day).
Aggressive capex plan
The company has an
aggressive capex plan of
$3 billion in the next three
years ($2.4 billion towards
Rajasthan block). In this
period, Cairn will drill ~
450 wells that include ~100
exploratory wells. The
company also declared a
fnal dividend of ` 6.5/share,
taking the total dividend
for the year to ` 11.5/share
(21.2% payout; 3.8% yield).
We have valued Cairn
India on sum-of-the-parts
(SOTP) methodology, using
discounted cash fow (DCF)
for Cairns producing assets
and enterprise value per
barrel (EV/bbl) of US$12.5 for
other exploratory blocks. We
estimate Cairns fair value at
` 341/share [Mangala,
Bhagyam and Aishwariya
(MBA) felds at ` 208/share]
We recommend a BUY rating
on the stock with a target
price of ` 341.
STOCK IDEAS
(Year-end March) FY12 FY13 FY14E FY15E
Revenues (` Crore) 13113.0 17524.1 18883.7 19875.4
EBITDA (` Crore) 11121.5 13033.2 13060.6 13322.6
Net Proft (` Crore) 7937.8 12056.5 10808.3 10475.5
EPS (`) 41.6 63.2 56.7 54.9
PE (x) 7.4 4.9 5.4 5.6
EV to EBITDA (x) 4.6 3.7 3.5 2.9
Price to book (x) 1.2 1.0 0.9 0.8
RoNW (%) 16.4 21.0 16.4 14.2
ROCE (%) 20.0 19.5 16.9 15.1
Key risks include: Delay in production ramp-up and lower crude
oil prices.
STOCK IDEAS
Development Credit Bank (DCB)
Company Background
Development Credit Bank
(DCB) is a small new
generation private sector
bank with offerings in retail,
small and medium enterprises
(SME) and corporate banking
segments. Its vision is to
position itself as a niche bank
rather than grow aggressively
and have large number of
branches. Present since 1930s,
DCB is the only cooperative
bank in India to have been
converted into a private
sector commercial bank in
1995. Its promoter group, the
Aga Khan Fund for Economic
Development (AKFED),
holds ~18.5% stake. It has
a distribution network of 94
branches across 43 locations
and 272 ATMs. The banks
branches are concentrated in
western India with 35 branches
located in Maharashtra and 18
branches in Gujarat. It has a
business size of ` 14,950 crore
with credit book of ` 6,586
crore as on FY13. It aims to
double its balance sheet in
next 3 years. DCB reported its
strongest quarterly and yearly
performance in last few years
with Q4FY13 proft after tax
(PAT) increasing by almost 100
per cent year-on-year (YoY)
to ` 34 crore. Full year FY13
profts rose strongly by 85%
YoY to ` 102 crore.
Investment Rationale
Mortgages & Agriculture
portfolio drive loan book
Loan book recorded 25%
YoY rise to ` 6,586 crore
largely driven by mortgage
& agriculture portfolio which
together accounted for above
70% of the incremental
advances of ` 622 crore
during Q4FY13. SME book
was largely fat quarter-on-
quarter (QoQ). Margins were
expected to be under pressure
QoQ owing to clamouring of
priority sector loans & higher
rates in the last quarter.
However, the bank surprised
positively with net interest
margins (NIMs) of 3.52%
during Q4FY13 and 3.34%
for full year FY13 due to
better certifcate of deposit
(CD) rating, priority sector
lending (PSL) done at higher
yields and proper liability
management along with full
impact of ` 40 crore capital
infusion. Net interest income
(NII) witnessed strong growth
of 43% YoY. The cost/income
(C/I) ratio saw yet another
STOCK IDEAS
signifcant improvement of
600 basis points (bps) QoQ to
62.5% (lowest in last several
quarters).
Asset quality to be relatively
better; margins to stabilise
Asset quality was under
control, however we believe
higher write-offs during
Q4FY13 have enabled
lower absolute Gross Non
Performing Assets (GNPA) &
GNPA ratio QoQ and slightly
higher Net Non Performing
Assets (NNPA). Provision
coverage ratio (PCR) was
maintained at strong levels of
86%. The bank has been able
to implement its strategy of
a secured lending portfolio
with focus on achieving a
balance between SME, retail
mortgages, mid-corporate
and agriculture banking.
Going forward, we expect
asset quality to perform better
relatively with NNPA staying
below 1% owing to the banks
thrust on secured lending. We
estimate NIM to stabilise at
3.1-3.2% going ahead.
Strong and sustained
earnings momentum to help
maintain valuations
Encouraged by a sustainable &
healthy all-round performance
delivered in the last few
quarters, we largely maintain
our earnings estimates
and expect PAT CAGR
(Compounded Annual Growth
rate) of 31% over FY13-15E
with RoE (return on equity) at
14.8% by FY15E. Maintaining
the multiple of 1.5x FY14E we
arrive at a target price of ` 60
and maintain BUY rating on
the stock.
(Year-end March) FY12 FY13 FY14E FY15E
Net Proft (` crore) 55.1 102.3 138.6 174.4
EPS (`) 2.3 4.1 5.5 7.0
Growth (%) 113.8 78.8 35.5 25.8
P/E (x) 21.0 11.7 8.7 6.9
ABV (`) 32.1 36.2 41.5 48.4
Price / Book (x) 1.4 1.3 1.1 0.9
Price / Adj Book (x) 1.5 1.3 1.2 1.0
GNPA (%) 4.6 3.3 3.0 2.5
NNPA (%) 0.6 0.7 0.7 0.6
RoNA (%) 0.7 1.0 1.1 1.2
RoE (%) 8.1 11.6 13.5 14.8
How Debt Funds Fit Into Your Portfolio
In Current Scenario
Interest rates have started to move southwards with Reserve
Bank of India (RBI) easing the monetary policy since start of this
calendar year. RBI has cut key policy rates thrice since January
2013. There is an expectation that rates would fall further going
forward. This augurs well for debt funds, as their performance
is linked with interest rates moving in an economy.
FLAVOUR OF THE MONTH
When interest rates fall, bond
prices go up (they share
an inverse relationship),
thereby creating capital gain
opportunities for debt funds.
Lets understand with an
example: There is a bond X
issued at a price of ` 100 with
an interest rate of 10 per cent.
When interest rates fall in
an economy, the new bonds
come at lower interest rates.
Say, a new bond Y comes at
an interest rate of 8 per cent.
With this, the demand for bond
paying higher interest rate, i.e.
bond X paying 10 per cent,
will go up and in turn, its price,
e.g. from ` 100 to ` 110. This
results in capital gains of ` 10.
The last fnancial year (FY13)
has had many capital gain
opportunities for debt funds
due to fall in 10-year benchmark
government security (G-Sec)
yield, from high of 8.50 per
cent to 7.75 per cent. This
resulted in attractive returns
for various categories of debt
funds (see chart below).

Performance of debt funds in FY13
9.28
9.46
9.84
11.06
11.1
Liquid funds
Income: Ultra-short
term funds
Income: Short-term
funds
Income: Long term
Gilt Funds
Return (%)
FY13 (April 2012 March 2013);
Category returns are average of all
funds in the respective category;
Source: Crisil Fund Analyzer
has softened in the last
2-3 months. Growth has
deteriorated and credit pick-
up has been at an all-time
low. RBI has also assured it
will take measures needed
to support liquidity. All
these factors should pull
down interest rates lower
especially at the shorter
end. We expect additional
50 basis points (bps) repo
rate cut to be announced in
FY14, he adds.
However, risk arises if there
is a sharp spike in global
commodity prices, rupee
appreciation, or disruption
in monsoons, which may
halt the downward infation
trajectory. Political risk also
remains, next year being the
election year, cautions Jain.
Keeping these things in
mind, what are the best
Not only at the longer-
end of the curve, but ample
opportunities were available
across the yield curve, as
interest rates lowered on
back of slower credit pick up
and liquidity management
measures taken by RBI
during FY13, says Sachin
Jain, Research Analyst
Mutual Funds, ICICIdirect.
Now the question is:
Whether such opportunities
still exist or is it too late?
With interest rates expected
to fall further, over the next
one or two years, debt
funds still present a lucrative
investment opportunity,
believes Jain.
We expect system rates,
as a whole, to be lower
over the next one or two
years. Infation, which was
the biggest hurdle last year,
debt fund options available
now?
In general, in a rising interest
rate scenario, short-term
funds do well, as they are
less impacted by the rising
interest rates. On the other
hand, in case of a declining
interest rate scenario, long-
term funds perform well
as they are better placed
to capture capital gain
opportunities due to their
longer duration (longer the
duration, higher the capital
gains).
In the current scenario, as
we enter into a declining
interest rate scenario,
investment opportunities are
available across the yield
curve, says Jain.
Long term income funds or
dynamic bond funds have
the potential to outperform
as they will be gaining more
from softening interest rates
as compared to shorter
duration funds. Short-term
debt funds, however, remain
evergreen funds for all types
of investors, he adds.
What should you choose?
Basically, your investment in
debt funds should primarily
depend on time horizon of
your goal. There are debt
funds available across
various durations 1 month,
3 months, 6 months, 1 year,
etc. You then need to select
the funds with duration that
matches with the time-frame
of your goal.
We have examined the
average maturity/duration
of several debt fund
categories to help you fnd
the funds best suited to
your needs:
Match duration of debt funds with time horizon of your goals
Fund Category Category
Average
Maturity/
Duration
Suitability
Liquid funds 38 days For parking short-term surpluses for
a week to a one month period
Ultra short-term
funds
159 days Ideal for those who do not wish to
lock them into bank fxed deposits
due to liquidity concern (bank fxed
deposits (FDs) charge 1 per cent
penalty if redeemed before maturity).
Income funds
- Short-term
- Medium term
- Long term
- 1.76 years
- 2.60 years
- 5.58 years
Apt for those who seek to earn better
returns than bank FDs and those who
look to gain from interest rate cycles
(in terms of capital appreciation)
Gilt funds
- Short term
- Long term
- 2.16 years
- 10.54 years
Suitable for investors who wish to
lock funds at higher interest rate for
longer duration
Category average maturity as on May 9, 2013; Source: ACE MF
Debt funds: What are the tax
implications?
Short-term capital gains (< 1
year): Any short-term capital
gains that arise due to selling
of a debt fund before 1 year,
are added to your income, and
taxed according to your tax
slab.
Long-term capital gains (>
1 year): Here, the taxation
depends on whether you
would like to use the indexation
or not. Indexation is a beneft
that Indian tax laws provide
you to infate your cost price to
account for infation. Without
indexation, the capital gains
arising from selling a debt
fund are taxed at 10 per cent,
and with indexation, these are
taxed at 20%.
The tax can be calculated
using both the methods, with
or without indexation, and the
lower of the two can be paid.
Dividends: Dividends received
from debt funds are tax-free
in your hands. But there is
dividend distribution tax (DDT)
to be paid by mutual funds to
income tax department.
After adjusting for income tax, returns from debt funds fare
better than those from bank FDs (see the illustration below).
Without indexation
Bank
FD
Debt
Fund
Investment (`) 1,000 1,000
Return (%) 10 9
Infation (%) 6 6
Fund Value (`) 1,100 1,090
Total gain (`) 100 90
Tax at 30 per cent * 30 9
Post-tax gains (`) 70 81
The above illustration clearly
shows that despite Bank FD
rates being higher than the
returns from debt funds, post-
tax gains are higher in case of
debt funds.
Investors in 20 per cent and 30
per cent tax brackets gain more
from tax-effcient debt funds
than those in the 10 per cent
tax slab, which is evident from
the above indexation table.
Summing up
As a part of your asset allocation
strategy, it is important that you
allocate some portion of your
capital in debt instruments, to
provide stability. Debt funds
can be used to do so, given its
benefts of liquidity and better
post-tax returns.
Please send your feedback to moneymanager@icicisecurities.com
With Indexation
Bank
FD
Debt
Fund
Investment (`) 1,000 1,000
Return (%) 10 9
Infation (%) 6 6
Cost of Purchase (`) 1,000 1,060
Fund Value (`) 1,100 1,090
Capital gain (`) 100 30
Tax on debt fund is charged at 20% with indexation and 10% without indexation;
*Tax rates applicable for FDs
Tte--tte
The current market conditions are likely to beneft investments
in duration funds like Income and Gilt Funds with 18-24
months horizon, believes Rahul Goswami, Chief Investment
Offcer (CIO) - Fixed Income, ICICI Prudential Mutual Fund. In
an interview with ICICIdirect Money Manager, he talks about
the investment strategies and outlook for the debt market.
Excerpts:
'Expect income and gilt funds to beneft in medium term'
Kenneth Andrade
Chief Investment Offcer (CIO),
IDFC Mutual Fund
What is your expectation
on interest rates scenario?
For the FY2013-14, where
the Reserve Bank of India (RBI)
has indicated its projection
in line with commodity price
trends and the moderation in
demand at 5.5% to be average
for fnancial year 2013-14, we
believe that average infation
as close to 5% average in for
2013-14 and infation for the
month of March 2014 could
be closer to 4.5% to 4.75%,
though will continue to see
some volatility in Wholesale
Price Index (WPI) infation
numbers more on monthly
basis because of the base
effect et al. On the GDP growth
numbers, we expect FY2014 to
Q:
A:
average at about 5% against
RBI projection of 5.60%. With
WPI infation to average lower
than the previous years, 8.90%
for FY2012 & 7.35% for FY2013,
and GDP growth unlikely to
recover swiftly, we believe
there is very high probability
for more easing by the RBI
Tte--tte
going forward. The risk can
come potentially from trade
and current account defcit
which can create the currency
move in an un-favorable
manner and force RBI to be
more watchful.
Where do you benchmark
10-year G-Sec yield?
We expect that both
infation and growth data to be
lower than RBIs expectation.
This would likely give RBI the
necessary space for further
rate cuts in the near future. This
may lead to further softening
in yields and we expect a drop
of 25-30 basis points (bps) in
the benchmark yields, in the
next few months. The trading
range for 10-year benchmark
yield looks to 7.35%-7.85% for
next few months.
According to you, what
are the major concerns of the
debt fund manager when it
comes to Indian economy?
The key things that l will be
very watchful are: Monsoon,
Q:
A:
Q:
A:
trade data, currency, fscal
defcit, apart from WPI and
consumer price index (CPI)
infation and a very important
thing to be careful of is the
rating agencies view on India.
What is your fxed income
strategy, especially for short-
and long-term bond funds?
Our fxed income strategy
is to generate income through
investments in debt and
money market instruments of
various maturities with a view
to maximize income while
maintaining the reasonable
balance of safety, liquidity, and
yield.
Currently, the three main
variables namely growth,
infation and trade defcit
numbers indicate that there is
still room for RBI to cut interest
rates further. Hence, the
portfolios are poised to capture
the capital appreciation arising
due to the softening of interest
rates. As the yields have
contracted in the longer end of
the curve, we now expect that
Q:
A:
Tte--tte
Views presented/expressed in the interview are personal views of the author and
do not necessarily represent the views of the organization.
the 2-5 year segment of the
yield curve is likely to correct.
Our funds are positioned in
different duration segments
to suit different investment
objectives on a risk adjusted
basis.
With a six to eight months
horizon, which segment of the
debt market do you expect to
deliver better returns?
Over the next six to
eight months, I would expect
investors in medium term
maturity products to beneft
from a softening of the
yield curve. With the overall
infation coming down and a
slow growth, RBI is expected
to adopt a dovish stance
towards interest rates. In
anticipation, we have seen a
rally at the longer end of the
curve; however the belly of
the curve (2-5 years) still has
scope for yield softening. It
is this trend that will deliver
the most to investors with the
Q:
A:
abovementioned time horizon.
Which debt MF product
would you suggest for a retail
investor at this stage?
We believe current market
conditions are likely to beneft
investments in duration funds
like Income & Gilt Funds with 18-
24 months horizon. Investors
can also seek to beneft from
reasonable risk-adjusted
returns in near term from
investments in ICICI Prudential
Regular Savings Fund, ICICI
Prudential Corporate Bond
Fund and ICICI Prudential
Short Term Plan. For investors
who are looking for a balance
between reasonable accrual
and capital appreciation can
consider to invest in ICICI
Prudential Dynamic Bond Fund
with an indicative investment
horizon of 9 months and above.
Also investors with a horizon of
1-3 months may consider ICICI
Prudential Ultra Short Term
Plan.
Q:
A:
Ways to generate regular income post retirement
ASK OUR PLANNER
I am retiring in the next
4 months and intend to
invest my retirement corpus
in various instruments to
generate income. I read about
Monthly Income Plans (MIPs)
offered by various mutual fund
companies. Whats your take
on investing in the same for
my income post retirement?
- V. Krishnan
Monthly Income Plan
(MIP), as the name suggests,
provides you with a monthly
income, but not a guaranteed
one. MIP is similar to your bank
deposit with a monthly interest
option, but unlike a fxed
deposit where interest rate is
known before you invest, and
the capital is repaid to you
when the term is complete, in
an MIP, neither the returns nor
the capital is guaranteed.
In MIPs, typically a large
portion (75-100 per cent) of the
fund is invested in debt and
money market instruments
and the rest (0-25 per cent
approximately) in equity. The
equity portfolio of an MIP can
provide additional returns
when the market is bullish.
Q:
A:
Dividend is tax-free in your
hands. MIPs with dividend
option give out regular
dividends. These dividends
are not taxable in the hands
of the investor since the MF
house issuing the scheme
pays a dividend distribution
tax (plus surcharge & cess) on
the payouts.
Its important to understand
and appreciate another method
of generating income with a
slightly lower tax burden. A
Systematic Withdrawal Plan
(SWP) is a facility that allows
you to withdraw money from
an existing mutual fund at
predetermined intervals. The
money withdrawn from a
systematic withdrawal plan
can be used as a source of
regular income from your
investments.
SWPs are, in a way, the reverse
of Systematic Investment
Plans (SIPs). In an SWP,
instead of putting money in
the fund, you redeem a fxed
amount from your investment
on a predetermined date and
period. These withdrawals
can be made on a monthly,
ASK OUR PLANNER
quarterly, semi-annual or
annual schedule.
SWPs score over dividend
option in case of debt mutual
funds / MIPs because they
incur a lower tax. The so-called
tax-free dividend you receive
from any debt-oriented fund
comes to you after a deduction
of Dividend Distribution Tax
(DDT).
The only way to avoid DDT in a
debt fund is to go for a growth
option and start an SWP of the
amount that is needed by you
every month after a period of
1 year. This will then become
long-term capital gains and
will draw long-term capital
gain (LTCG) tax, which will be
10 per cent without indexation
or 20 per cent with indexation,
whichever is lower. Indexation
is a beneft, in which, the
purchase price of an asset
is adjusted for infationary
changes.
WeI started investing in
a ULIP 4 years back and have
been investing ` 50,000 p.a.
However, the fund has not
grown much; in fact, I am still
in a loss. I understand this is
a long-term instrument and
Q:
do not want to discontinue it.
But, is there any better way
out to generate better return
from the ULIP?
- Naveen Shirke
As you rightly said, ULIPs
are long-term instruments and
you should stay invested for
a longer tenure to get better
returns out of the same. Since
most of the cost in a ULIP is
recovered in the initial years
of investment, the returns can
take a beating in the initial
years.
However, there are some
smart ways of managing your
ULIP. One, instead of making
annual or half-yearly payment
of premiums, you can opt for
a monthly option. This will
average your purchase price of
units, similar to an SIP mode of
investing into a mutual fund. If
you have already opted for any
other frequency like annual or
half-yearly, you can covert it
into monthly option during
your policy anniversary. Some
of the companies also offer
Automatic Transfers from a
Debt Fund to an Equity Fund
i.e., your annual premium
entirely, while being invested
A:
Do you also have similar queries to ask our experts? You may write to us at:
moneymanager@icicisecurities.com.
ASK OUR PLANNER
on an annual basis, gets
invested into a Debt Fund and
every month, an equal amount
gets transferred to Equity
Fund, automatically.
Two, Switching facility in
a ULIP is rarely used by
investors on a regular basis.
This can help you in a way to
safeguard your profts. If you
have made good return in your
Equity Fund and you feel the
stock market is on a high, then
you can switch your funds to
a Debt Fund and safeguard
your profts. Similarly, when
you feel market is on a low and
has the potential to go up, you
can switch from Debt Fund to
an Equity Fund. The best part
of Switching facility is its
taxation. Theres absolutely
no tax levied when you make
these switches, unlike in a
mutual fund.
However, Switching facility is
suggested only if you are able
to monitor your investments
and follow the markets
regularly; else, it can prove to
be costly.
I am 38 years old. I want
to build a corpus of ` 50 lakh
in 12 years' time, by the time
I reach 50. With this in mind,
I have just started SIP into
HDFC Top 200 Fund and ICICI
Pru Dynamic Fund for ` 5,000
p.m., in each fund. Please let
me know if these investments
are suffcient to build the
required corpus.
- Mohan Saini
We assume that the value
of ` 50 lakh mentioned by you
is the future value. If that is
the case, then you would be
required to invest an amount
of ` 16,229 p.m. for next 12
years, if the funds generate an
average return of 12 per cent
p.a. But, if the funds generate a
higher average return of 15 per
cent p.a., then you would need
to invest only ` 13,309 p.m.
Hence, you would be required
to invest more than the current
investment made, to build the
required corpus. The current
investment of ` 10,000 p.m.
for next 12 years can fetch you
around ` 30.81 lakh (at 12 per
cent p.a.) or ` 37.57 lakh (at 15
per cent p.a.).
Q:
A:
Good investible surplus to help Iyers achieve goals
YOUR FINANCIAL HEALTH CHECK
THE IYERS
Vijay (39), Radha (37), Deepika
(12), Anand (8)
Reside in:
Chennai
Family annual
income:
` 24,78,000
FAMILY PROFILE
Vijay, a chartered accountant
by profession, is the sole
bread-winner in the family.
His income comes from two
sources: 1) Profession and 2)
Rental. At present, Vijay and
his family stay in a rented
apartment (Rent ` 20,000 per
month). They will shift to their
own house, which is now under
construction, after one year.
BASIC EXPENSES (ANNUAL
BREAK-UP):
Household ` 3,00,000
Home loan ` 3,36,000
Vehicle loan ` 1,06,800
Entertainment ` 24,000
Medical ` 12,000
Education ` 60,000
Travel ` 12,000
Holidays ` 60,000
Utilities ` 24,000
Vehicle
maintenance
` 12,000
Others ` 2,40,000
Total ` 11,86,800
Every month, ICICIdirect Money
Manager assesses one familys
current fnancial situation, and
suggests a suitable way forward
to help them reach their goals
FAMILY NETWORTH
Assets Liabilities
House 1 ` 30,00,000 Home Loan ` 28,00,000
House 2 ` 60,00,000 Vehicle Loan ` 3,00,000
Vehicle ` 5,50,000
Equity ` 3,00,000
Fixed deposits and savings balance ` 12,00,000
Life insurance surrender value ` 2,50,000
Total ` 1,13,00,000 Total ` 31,00,000
Net-worth (Assets Liabilities) ` 82,00,000
QUICK OBSERVATIONS
Vijay has a good savings ratio, 52 per cent of his income
(~ ` 12.91 lakh savings per annum). In order to be fnancially
healthy, it is advisable to save 20 per cent of ones income. He
has an annual investible surplus of ` 10.99 lakh, which is also
good.
GOALS
Deepikas
graduation
(2019,
infation
10%)
Deepikas
post-
graduation
(2022,
infation
10%)
Deepikas
wedding
(2023,
infation
8%)
Anands
graduation
(2023,
infation
10%)
Anands
post-
graduation
(2026,
infation
10%)
Anands
wedding
(2033,
infation
8%)
Dream
vacation
(2016,
infation
8%)
Current
value:
` 6,00,000
Current
value:
` 8,00,000
Current
value:
` 30,00,000
Current
value:
` 12,00,000
Current
value:
` 10,00,000
Current
value:
` 20,00,000
Current
value:
` 6,00,000
Future
value:
` 10,62,937
Future
value:
` 18,86,358
Future
value:
` 64,76,775
Future
value:
` 31,12,491
Future
value:
` 34,52,271
Future
value:
` 93,21,914
Future
value:
` 7,55,000
PLANNING
Deepikas graduation: Vijay
has some investments into
fxed deposits (FDs). He should
allocate ~ ` 7.10 lakh towards
this goal. Considering a 7 per
cent per annum rate of return,
he will get about ` 10.65 lakh
after 6 years, which will help
him meet this goal.
Deepikas post-graduation:
For this goal, Vijay should
consider allocating ` 50,000
from his existing FD. But still,
hell have a short-fall of ~
` 17.94 lakh, for which, he
needs to save and invest
` 11,483 per month or
` 1,33,054 per annum (at 8 per
cent per annum return).
Deepikas wedding: He needs
to start saving and investing
` 4,13,971 per annum (@ 8 per
cent per annum return).
Anands graduation: Vijay
should allocate ` 3 lakh from
his current equity investments,
and should continue to invest
` 1.20 lakh annually through
systematic investment plan
(SIP) (assumed rate of return
12 per cent per annum). He
should also allocate ` 40,000
from his FD towards this goal.
As Vijay is investing into
equity for Anands graduation,
he should consider shifting
his investments towards debt,
when the goal nears by.
Anands post-graduation:
Vijay needs to save and
invest ` 12,834 per month or
` 1,48,709 per annum to build
corpus for this goal.
Anands marriage: Vijay needs
to save and invest ` 16,278 per
month or ` 1,88,615, at 8 per
cent per annum return.
Dream vacation: For this
goal, Vijay needs to save and
invest ` 18,605 per month or
` 2,15,574 per annum for 3
years. However, considering
the investments required for
other essential goals, he may
not have suffcient surplus to
save for this goal at present.
Hence he should consider an
irregular investment (can be
called stepped-up investment)
for this goal.
RETIREMENT
Vijay wishes to retire at the
age of 60. He is expecting
` 1 lakh per month (present
value) income to continue
post-retirement also. He
expects annual expenses at
` 3.54 lakh in todays cost,
post-retirement. He also
expects regular income of
` 1 lakh per month and a rental
income of ` 6,500 per month,
post-retirement.
Vijay has ` 3 lakh in his public
provident fund (PPF) account.
Assuming he continues to
contribute ` 40,000 per annum
towards PPF: He wont have
any short-fall in retirement
corpus. Vijay will be able to
manage his post-retirement
expenses well. Post-retirement
life span is considered to be 10
years.
However, if Vijay does not get
the expected ` 1 lakh income
post-retirement, he will have
a shortfall (of ` 66.32 lakh) in
the required corpus. For that,
he needs to save and invest
` 1,21,785 per annum.
OTHER RECOMMENDATIONS
Life insurance: Vijay has a
life insurance cover of ` 10
lakh, currently. Being the sole
earning member, with three
dependants, the cover does
not seem to be suffcient. He
needs to take an additional
term cover of ~ ` 1.12 crore, so
that in case of any unfortunate
event, the family is able to
manage day-to-day expenses,
achieve future life goals, and
pay outstanding liabilities, if
any.
Medical insurance: At present,
Vijay has a medical cover of
` 4 lakh only. Considering
the soaring medical costs,
the cover looks inadequate.
We recommend taking an
additional family foater policy
worth ` 4 lakh, and increase
the cover regularly to ` 6 lakh
in 5 years, ` 8 lakh in 10 years,
and ` 10 lakh in 15 years.
Further, as Vijays income
increases, he should allocate
5 per cent every year,
towards building a medical
contingency fund, to fund his
post- retirement needs. He
can invest that amount in an
instrument giving 8 per cent
return per annum, which will
ensure a fund of ` ~ ` 56 lakh
(future value), at the time of
retirement.
PRIMER
Understanding Average Maturity
The Average Maturity is an
important aspect of debt fund
investing.
Debt funds invest in bonds and
government securities. The
period that these instruments
take to mature is known as
maturity. The maturity is the
length of time till the principal
amount is returned to the
bond-holder. A debt fund
invests in a number of such
instruments and each of these
instruments would be having
different maturity times. Hence,
the fund calculates a weighted
average maturity, which would
give a fair idea of the fund's
maturity period. For example, if a
fund owns three bonds of 2-year
(` 30,000), 3-year (` 10,000) and
5-year (` 20,000) maturities, its
weighted average maturity would
be 3.17 years.
Why is it important to know a
debt funds average maturity?
Knowing a debt funds average
maturity is important because it
tells you how sensitive a fund is
to interest rate changes. Different
securities have varying effects
through changes in interest rates.
Long-term debt securities prices
tend to fuctuate more than that
of short-term debt securities. This
makes funds with several long-
term securities more sensitive.
Average maturity changes with
time
A debt funds average maturity
changes with time and also when
the portfolio is churned. When a
security nears its maturity date,
its maturity period shortens and
hence, it becomes less sensitive.
Thus, even if a fund buys and
holds a debt portfolio, the
average maturity of a fund keeps
on decreasing till the security
held reaches its maturity date.
Furthermore, if a fund sells one
security and buys a fresh one,
it is obvious that its average
maturity will change.
Debt funds and their general
average maturities
Gilt funds usually have a
relatively higher average maturity
and are the most volatile among
all debt funds. Cash funds (debt
ultra short-term funds) usually
have the shortest average
maturity and are the least volatile.
But we usually associate high
risk with higher returns and
hence, gilt funds are capable of
delivering higher returns than
other debt funds.
So if you are an aggressive
investor, you know that gilt funds
would suit your needs while cash
funds are for the more stable
investor.
MUTUAL FUND ANALYSIS
Key Information
NAV as on April 30,
2013 (`)
44.0
Inception Date March 27, 1997
Fund Manager R. Srinivasan
Minimum
Investment (`)
Lumpsum 5000
Expense Ratio(%) 0.29
Last declared YTM
Exit Load 0.50% on or before
30D, Nil after 30D
Benchmark Crisil Composite
Bond Fund Index
Debt: Short-term Income
funds
Birla Short Term Fund
Fund objective
The scheme aims to generate
current income and capital
appreciation from a portfolio
that invests 100% in debt and
money market securities.
Performance:
Fund manager Prasad
Dhonde took over the fund
management in July 2011.
Since then, the fund has
beaten the benchmark and
category average returns,
every year. In FY12, the fund
had beaten the benchmark by
a whopping 200 basis points
(bps). In FY13 also, the fund
had beaten the benchmark
and the category average,
by delivering 10.5% return
as against 9.3% delivered by
benchmark Crisil Composite
Bond index, and 9.05% being
the category average of short-
term income funds for the
same period.
Performance vs. Benchmark
4
.
9
1
0
.
8
8
.
6
8
.
2
5
.
9
1
0
.
7
7
.
8
7
.
3
0
2
4
6
8
10
12
6 Month 1 Year 3 Year 5 Year
R
e
t
u
r
n
%
Fund Benchmark
Yearly Performance
1
0
.
5
9
.
7
5
.
4
9
.
3
7
.
7
5
.
1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
31-Mar-12 To 31-Mar-13 31-Mar-11 To 31-Mar-12 31-Mar-10 To 31-Mar-11
R
e
t
u
r
n
%
Fund BenchMark
Portfolio:
The portfolio has been
constructed to truly represent
a short-term fund with average
modifed duration of 1.08%
as on April 2013 and a yield
to maturity (YTM) of 8.5%.
The fund does not take very
high exposure to government
securities. Since October
2012, exposure to government
securities is only through 8.58%
Karnataka State Development
Loan to the extent of ~8% of
the overall portfolio. Exposure
to certifcate of deposit (CD)
and commercial paper (CP)
keeps increasing or decreasing
as per the fund managers
outlook. Currently, the fund
house has aggressive call on
yields going down over the
next one or two years. Hence,
exposure to corporate debt
has been increased while that
to CP/CDs has been reduced.
After renaming the fund as
Birla Sun Life Short Term fund
in February 2012, the fund has
maintained its duration for one
to three years.
Top 10 Holdings Asset Type %
08.58% Karnataka SDL - 25-
Oct-2016
Government
Securities
7.48
National Housing Bank
8.95%
Bank - Private 5.97
ICICI Bank Ltd. (21-Feb-14) Bank - Private 4.34
Power Finance Corpn. Ltd.
8.85% (15-Oct-14)
Finance Term
Lending
4.33
Axis Bank Ltd. (10-Mar-14) Bank - Private 4.32
Other Assets Unspecifed 3.97
Sesa Goa Ltd. -364D (21-
Oct-13)
Mining &
Minerals
3.89
-364D (06-Sep-13)
Finance Term
Lending
3.60
IndusInd Bank Ltd. (17-Jun-
13)
Bank - Private 3.10
IDFC Ltd. 9.37% (27-Apr-15) Finance Term
Lending
2.71
Asset Allocation % Total April-2013
Corporate Debt 66.5
Government Securities 7.5
Certifcate of Deposit 15.8
Commercial Paper 6.4
Cash & Cash Equivalents 3.8
AUM Growth
5
9
9
5
8
1
4
4
8
2
8
2
4
4
9
1
8
4
3
0
5
4
1
87
4
2
1
9
6
7
4
2
6
3
4
2
7
1
0
500
1000
1500
2000
2500
3000
3500
4000
4500
J
u
n
-
1
0
S
e
p
-
1
0
D
e
c
-
1
0
M
a
r
-
1
1
J
u
n
-
1
1
S
e
p
-
1
1
D
e
c
-
1
1
M
a
r
-
1
2
J
u
n
-
1
2
S
e
p
-
1
2
D
e
c
-
1
2
M
a
r
-
1
3
A
U
M
(
`
C
r
o
r
e
s
)
Data as on May 1, 2013 ; Portfolio details as on April 30, 2013
Source: ACE MF
Performance of all the schemes managed
by the fund manager
Fund Name 31-Mar-12 31-Mar-11 31-Mar-10
31-Mar-13 31-Mar-12 31-Mar-11
Birla SL Gilt Plus-PF(G) 12.68 9.90 4.35
I-Sec Li-BEX 13.33 6.30 7.41
Birla SL G-Sec-LT(G) 11.95 8.34 9.36
I-Sec Li-BEX 13.33 6.30 7.41
Birla SL Income Plus(G) 11.28 8.56 4.99
Crisil Composite Bond Fund Index 9.27 7.70 5.06
Birla SL Short Term Fund(G) 10.54 9.66 5.42
Birla SL Qrtly Inv 4(G) 9.45 9.69 7.25
Crisil Liquid Fund Index 8.22 8.47 6.21
Birla SL Inv Inc-QS I-Ret(G) 9.33 9.73 7.33
Birla SL Gilt Plus-Reg(G) 9.25 5.83 4.31
I-Sec Li-BEX 13.33 6.30 7.41
Birla SL Gilt Plus-Liquid(G) 7.84 7.47 7.19
I-Sec Si-BEX 9.67 7.39 4.90
Birla SL G-Sec-ST(G) 7.34 6.98 5.73
I-Sec Si-BEX 9.67 7.39 4.90
Birla SL Gold ETF 3.91 -- --
Gold-India 5.08 -- --
Key Information
NAV as on April 30,
2013 (`)
12.9
Inception Date June 25, 2010
Fund Manager Anil Bamboli
Minimum
Investment (`)
5000
Lumpsum 0.32
Expense Ratio(%) 9.21
Last declared YTM 0.50% on or before
3M, NIL after 3M
Exit Load Crisil Short Term
Bond Fund Index
Benchmark Crisil Composite
Bond Fund Index
Debt: Short-term Income
funds
HDFC Short Term
Opportunities
Fund objective
The investment objective of
the scheme is to generate
regular income through debt/
money market instruments
and government securities
with maturities not exceeding
36 months.
Performance:
HDFC Short Term
Opportunities fund delivered
10% return against the
category average return of
9.4% in the last year. The
shift in portfolio to corporate
papers from certifcate
of deposits (CDs) and
commercial papers (CPs) has
increased the yield to maturity
of the portfolio to 9.21% as on
April 2013. On a rolling return
basis, for the six month period
Performance vs. Benchmark
4
.
8
1
0
4
.
5
9
.
4
7
.
6
7
.
7
0
2
4
6
8
10
12
6 Month 1 Year 3 Year 5 Year
R
e
t
u
r
n
%
Fund Benchmark
Yearly Performance
9
.
8
9
.
6
9
.
1
8
.
3
5
.
1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
31-Mar-12 To 31-Mar-13 31-Mar-11 To 31-Mar-12 31-Mar-10 To 31-Mar-11
R
e
t
u
r
n
%
Fund BenchMark
since its inception calculated
on daily basis, the fund has
yielded 9.2% annualised
return.
Portfolio:
The funds portfolio has
undergone a considerable
change since its inception.
From primarily being a CP/CD
portfolio, it is now a portfolio
of good quality corporate
debt papers since September
2012. Also, exposure to AA
rated papers has increased to
19% in April 2013 from zero
exposure before September
2012. This has increased the
yield of the portfolio. Since
the objective itself restricts
the portfolio investment to
36-months paper, the average
maturity has always stayed
in the 1-1.5 years range with
modifed duration of ~1.31%.
The fund house generally has
different products for each
time horizon and, hence, does
not deviate from the defned
objective of its schemes.
Within short-term funds, this
fund from the AMCs pack has
a strategy, which can provide
AUM Growth
1
8
7
8
2
3
7
8
6
5
2
5
2
5
1
4
9
5
5
8
0
6
5
5
1
9
2
4
1
9
5
6
0
500
1000
1500
2000
2500
J
u
n
-
1
0
S
e
p
-
1
0
D
e
c
-
1
0
M
a
r
-
1
1
J
u
n
-
1
1
S
e
p
-
1
1
D
e
c
-
1
1
M
a
r
-
1
2
J
u
n
-
1
2
S
e
p
-
1
2
D
e
c
-
1
2
M
a
r
-
1
3
A
U
M
(
`
C
r
o
r
e
s
)
incremental returns seeking
duration as well as credit
opportunities.
Top 10 Holdings Asset Type %
8.85% (15-Oct-14)
Corporate Debt 5.62
Small Industries
Development Bank of India
9.55% (9-Mar-15)
Corporate Debt 4.14
9.55% (13-Jan-15)
Corporate Debt 3.1
National Housing Bank 9.4%
(10-Jan-15)
Corporate Debt 2.58
Tata Motors Finance Ltd.
10.1% (16-Mar-15)
Corporate Debt 2.57
Shriram Transport Finance
Company Ltd. 10.1% (23-
Mar-15)
Corporate Debt 2.56
Housing Development
Finance Corporation Ltd.
9.52% (12-Sep-14)
Corporate Debt 2.44
Sesa Goa Ltd. -364D (21-
Oct-13)
Commercial
Paper
2.43
Andhra Pradesh Expressway
Ltd. (15-Apr-15)
Corporate Debt 2.42
Asset Allocation % Total April-2013
Corporate Debt 75.91
Certifcate of Deposit 11.98
Commercial Paper 5.75
Cash & Cash Equivalents 6.36
Performance of all the schemes managed
by the fund manager
Fund Name 31-Mar-12 31-Mar-11 31-Mar-10
31-Mar-13 31-Mar-12 31-Mar-11
HDFC Gilt-Long Term Plan(G) 12.26 4.82 6.33
I-Sec Li-BEX 13.33 6.30 7.41
HDFC High Interest(G) 11.18 6.50 6.27
HDFC Short Term Opportunities
Fund(G)
9.76 9.62 --
Crisil Short Term Bond Fund Index 9.10 8.31 --
HDFC Gilt-Short Term Plan(G) 9.70 6.48 5.31
I-Sec Si-BEX 9.67 7.39 4.90
HDFC STP(G) 9.65 8.70 5.39
Crisil Short Term Bond Fund Index 9.10 8.31 5.12
HDFC Cash Mgmt-Savings(G) 9.25 9.32 6.47
HDFC Qrtly Inv-A-Ret(G) 9.19 9.78 7.31
HDFC Qrtly Inv-B-Ret(G) 9.15 9.16 6.62
HDFC Qrtly Inv-C-Ret(G) 9.09 9.34 6.83
HDFC Arbitrage Fund(G) 8.61 7.74 7.55
HDFC Debt Fund for Cancer Cure - 50
per Div Don
8.60 7.86 --
Crisil Short Term Bond Fund Index 9.10 8.31 --
HDFC Cash Mgmt-TA Plan(G) 8.48 8.87 6.35
HDFC Cash Mgmt-Call(G) 7.95 8.03 5.53
HDFC Gold ETF 3.75 34.60 --
Gold-India 5.08 35.24 --
HDFC Gold Fund(G) 3.63 -- --
Gold-India 5.08 -- --
Data as on May 1, 2013 ; Portfolio details as on April 30, 2013
Source: ACE MF
Keeping varied investor interest in mind, we have selected 33
quality companies, segregated them into 18 large cap stocks
and 15 mid-cap stocks. These stocks broadly belong to the
BSE 200 universe as they provide a better representation of
steady, matured and emerging businesses. The constituents of
the BSE 200 index have been screened based on the quality of
the management and several business parameters to arrive at a
core list of 35 stocks, which fall in the I-direct coverage universe
so that continuous monitoring can be maintained.
After stock selection, we have further taken our exercise forward
to bifurcate the above stocks into the three following portfolios:
Large cap portfolio (stable, consistent, low volatility)
Midcap portfolio (high growth, relatively more volatile)
Diversifed portfolio (blend of large and midcap portfolio)
On the basis of risk tolerance, return expectation and time
horizons, one can mimic any of the above three portfolios, which
we believe will cater to investors of all kind.
Portfolio allocation: Bet on large caps for longevity and mid-
caps for alpha
A portfolio should always be allocated in an optimal form in
terms of choosing the number of stocks from the large cap and
the mid-cap space. The allocation ratio is again a function of the
risk tolerance and return expectations of individual investors. If
one is willing to take higher degree of risk given he understands
the volatility that persists during diffcult market conditions, then
an overweight stance on mid-caps does make sense. On the
other hand, beginners or inexperienced investors should go
overweight on large caps and be less dependent on mid-caps
as the former provides better safety of capital with a reasonable
rate of return.
The indicative model portfolio has been constructed using a
balanced approach wherein the major part of the portfolio is
concentrated on large cap stocks managed conservatively, and
mid-cap stocks with relatively higher risks. We advise that these
stocks be invested for periods of three to fve years. Thus, they
will be able to ride through market volatility and thus generate
relatively superior returns adjusted for the risk attached to them.
EQUITY MODEL PORTFOLIO
We have built a direct equity indicative model portfolio as a
guiding tool for investments in direct equities. The indicative
model portfolio has been constructed on the premise that the
clients understand the risks associated with investments in
equity markets and are comfortable remaining invested in sound
businesses over a long period of time.
Name of the company Model Portfolio
Largecap
(%)
Midcap (%) Diversifed
(%)
Largecap Stocks
Auto 9.0 6.3
Maruti Suzuki 5.0 3.5
Tata Motors DVR 4.0 2.8
BFSI 26.0 18.2
HDFC 6.0 4.2
HDFC Bank 8.0 5.6
SBI 6.0 4.2
Axis Bank 6.0 4.2
Capital Goods 6.0 4.2
L & T 6.0 4.2
FMCG 12.0 8.4
HUL 4.0 2.8
ITC 8.0 5.6
Metals & Mining 7.0 4.9
Coal India 4.0 2.8
Hindustan Zinc 3.0 2.1
Oil and Gas 11.0 7.7
ONGC 3.0 2.1
Reliance 8.0 5.6
Pharma 10.0 7.0
Lupin 4.0 2.8
Sun Pharma 6.0 4.2
IT 13.0 9.1
Infosys 8.0 5.6
TCS 5.0 3.5
Telecom 6.0 4.2
Bharti Airtel 6.0 4.2
Content source: ICICIdirect.com Research

Name of the company Model Portfolio
Largecap
(%)
Midcap (%) Diversifed
(%)
Midcap Stocks
Auto 6.0 1.8
Exide Ind. 6.0 1.8
Aviation 6.0 1.8
Jet Airways 6.0 1.8
BFSI 24.0 7.2
Federal Bank 8.0 2.4
Bank of India 8.0 2.4
Yes Bank 8.0 2.4
Infrastructure 6.0 1.8
Simplex Infra 6.0 1.8
FMCG 12.0 3.6
Dabur India 6.0 1.8
VST 6.0 1.8
Pharma 16.0 4.8
Cadilla 8.0 2.4
Glenmark 8.0 2.4
Capital Goods 6.0 1.8
Cummins 6.0 1.8
Realty 6.0 1.8
Oberoi 6.0 1.8
Retail 6.0 1.8
Shoppers Stop 6.0 1.8
IT 6.0 1.8
Eclerx 6.0 1.8
Media 6.0 1.8
Dish TV 6.0 1.8
Total 100 100 100
Investors who are wary of investing directly into equities can
still get returns almost as good as equity markets through the
mutual fund route.
We have designed three mutual fund model portfolios, namely,
conservative, moderate and aggressive. These portfolios have
been designed keeping in mind various key parameters like
investment horizon, investment objective, scheme ratings, and
fund management.
EQUITY MUTUAL FUNDS MODEL PORTFOLIO
Source: Crisil Fund Analyser, ICICIdirect.com Research; Note: % Returns are as on
April 30, 2013; Portfolio inception date: Sep 15, 2009
MUTUAL FUND MODEL PORTFOLIO
Value of ` 1 lakh investment in portfolio since inception (All portfolios
have outperformed the benchmark since their inception)
171178.5
164095.8
163558.8
156949.6
145000
150000
155000
160000
165000
170000
175000
Aggressive Moderate Conservative BSE 100
Value of ` Lakh
Particulars Aggressive Moderate Conservative
Review Interval Monthly Monthly Quarterly
Risk Return High Risk- High
Return
Medium Risk
- Medium Return
Low Risk - Low
Return
Funds Allocation % Allocation

Franklin India Prima Plus 25 25 25
HDFC Top 200 25 25 25
ICICI Prudential Dynamic Plan - 25 25
ICICI Prudential Focussed
Bluechip Eq.
25 - -
UTI Opportunites 25 25 25

Grand Total(a+b) 100 100 100
We have designed three different model portfolios for debt mutual funds for
different investment duration namely less than six months, six months to one
year and above one year. These portfolios have been designed keeping in mind
various key parameters like investment horizon, interest rate scenarios, credit
quality of the portfolio and fund management, etc.
Keeping in mind current market scenario, allocation in the 0-6 months portfolio
has been increased to 60% to ultra short term funds from 40% earlier. While
keeping in mind the tactical government securities (G-sec) opportunity, the
allocation to dynamic bond funds has been increased in the six months to one
year and one year and above portfolio. Based on the portfolios of individual
funds, we have introduced new funds in the portfolio and replaced pure income
funds with dynamic bonds funds.
Model portfolio performance: April 2012- to April 2013; Portfolio has delivered healthy
double-digit returns
DEBT FUNDS MODEL PORTFOLIO
Source: Crisil Fund Analyser, ICICIdirect.com Research
*Index: 0-6 months portfolio Crisil Liquid Fund Index, ; 6 months-1 year Crisil Short term Index
Above 1 year: Crisil Composite Bond Index
10.44
12.15
12.49
8.41
9.52
10.97
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0-6 Months 6Months - 1Year Above 1yr
Portfolio Index
MUTUAL FUND MODEL PORTFOLIO
Particulars Time Horizon
0 6 months 6months - 1 Year Above 1 Year
Objective Liquidity Liquidity with
moderate return
Above FD
Review Interval Monthly Monthly Quarterly
Risk Return Very Low Risk -
Nominal Return
Medium Risk -
Medium Return
Low Risk - High
Return
Funds Allocation % Allocation
Ultra Short term Funds
IDFC Money Manager Fund - Investment Plan 20 -
Templeton India Low Duration Fund 20 - -
Reliance Medium term fund 20
Short Term Debt Funds
Taurus Short Term Income Fund 20
Birla Sunlife Dynamic Bond 20
ICICI Prudential Short Term 20 -
HDFC High Interest STP 20 20 20
ICICI Prudential Regular Saving 20
Long Term/Dynamic Debt Funds
IDFC Dynamic Bond fund - 20 20
Reliance Dynamic Bond Fund - 20 20
SBI Dynamic Bond Fund - - 20
Total 100 100 100
1. The Reserve Bank of India (RBI) has cut key policy rates thrice since
January 2013. True/False
2. The returns are guaranteed in Monthly Income Plans (MIPs). True/
False
3. Interest rates and bond prices are inversely related. True/False
4. Tax on a debt fund is charged at 20% with indexation and 10% without
indexation. True/False
5. Expand SWP.
Note: All the answers are in the stories that have appeared in this
edition of ICICIdirect Money Manager. You may send in your answers at:
moneymanager@icicisecurities.com
The answers will be published in our next edition. The names of the
earliest all correct entries will be published too. So jog your grey cells and
be quick to send in your entries.
Correct answers for the April 2013 quiz are:
1. According to SEBIs new MF color coding system, Blue would mean
principal at high risk. True/False.
A: False
2. Alpha fnds out funds volatility against market indices. True/False
A: False
3. It is mandatory to take travel insurance. True/False
A: False
4. The higher the Sharpe ratio, the better the fund has performed in
proportion to the risk taken by it. True/False
A: True
5. Expense ratio differs from fund to fund. True/False
A: True
Congratulations to the following winners for providing correct
answers!
Bindiya Garg; Honey Gaba
QUIZ TIME
INFLATION (FOOD)
(The fgures are in per cent)
CRUDE OIL
NYMEX crude oil prices ($/barrel)
FII & DII INVESTMENTS
(Foreign institutional investors (FIIs) and domestic institutional
investors (DII) net equity investment (` in crore)
8.73
6.08
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Mar-13 Apr-13
(
%
)
97.2
93.5
80.0
82.0
84.0
86.0
88.0
90.0
92.0
94.0
96.0
98.0
100.0
28-Mar 31-Mar 3-Apr 6-Apr 9-Apr 12-Apr 15-Apr 18-Apr 21-Apr 24-Apr 27-Apr 30-Apr
$

p
e
r

b
a
r
r
e
l
313.07
876.93
-269.16
-347.17
-1500
-1200
-900
-600
-300
0
300
600
900
1200
1500
1-Apr 8-Apr 15-Apr 22-Apr 29-Apr
FII DII
.
MONTHLY TRENDS
VOLATILITY INDEX (VIX)
VIX is a key measure of market expectations of near term volatility.
When the markets are highly volatile, the VIX tends to rise.
DOMESTIC INDICES
BSE Sensex
NSE Nifty
14.85
15.1
0
7
14
21
1-Apr 8-Apr 15-Apr 22-Apr 29-Apr
VIX
VIX
18836
19504
17500
18000
18500
19000
19500
20000
5683
5930
5200
5300
5400
5500
5600
5700
5800
5900
6000
MONTHLY TRENDS
3.55%
4.36%
GLOBAL INDICES
Dow Jones
NASDAQ
EXCHANGE RATES
USD-INR
POUND-INR
14578.5
14839.8
13800
14100
14400
14700
15000
3268.0
3328.8
3000
3100
3200
3300
3400
28-Mar 2-Apr 7-Apr 12-Apr 17-Apr 22-Apr 27-Apr
54.3
53.7
53.0
53.2
53.4
53.6
53.8
54.0
54.2
54.4
54.6
54.8
55.0
U
S
D

/

I
N
R
82.5
83.4
81.0
81.5
82.0
82.5
83.0
83.5
84.0
84.5
/

I
N
R
1.79%
1.86%
1.10%
MONTHLY TRENDS
1.09%
EURO-INR
BULLION
Gold
(The prices are in $ per ounce).
SILVER
(The prices are in $ per ounce).
(Source for all indicators: Bloomberg, Reuters)
69.6
70.7
68.5
69.0
69.5
70.0
70.5
71.0
71.5
72.0
/

I
N
R
1596.2
1476.6
1250
1300
1350
1400
1450
1500
1550
1600
1650
$

p
e
r

O
u
n
c
e
28.3
24.3
20.0
22.0
24.0
26.0
28.0
30.0
$

p
e
r

O
u
n
c
e
MONTHLY TRENDS
1.60%
Premium Education Programmes Schedule
ICICIdirect Centre for Financial Learning (ICFL) imparts quality education on fnancial
markets to beginners and amateurs, student, housewives, working professionals and
self employed. ICFLs broad objective is to make participant feel confdent to start
investing in stock market.
Here is the list of our programmes scheduled for the month of May, 2013.
Schedule for Beginners programme on Futures and Options Trading
Sr.
No
City Dates For More Information & Registration call:
1 Mumbai-Andheri May 11-12, 2013 Vidhu on 9619716146
2 Thane May 11-12, 2013 Vidhu on 9619716146
3 Mumbai-Chembur May 11-12, 2013 Manish on 8451057943
4 Navi Mumbai May 11-12, 2013 Manish on 8451057943
5 New Delhi May 18-19, 2013 Vishal on 07838290143, Harneet on 09582158693
6 Gurgaon May 18-19, 2013 Harneet on 09582158693
7 Hyderabad May 11-12, 2013 Subrata on 9620001478
8 Bangalore May 18-19, 2013 Subrata on 9620001478
9 Chennai May 18-19, 2013 Makhizhnan on 8939646628
10 Pune May 18-19, 2013 Kusmakar on 7875442311
11 Nagpur May 18-19, 2013 Kusmakar on 7875442311
12 Kolkata May 25-26, 2013 Sumit on 8017516187
Schedule for Fast Track Beginners programme on Futures and Options Trading
Sr.
No
1 Surat May 12, 2013 Yogesh on 8238053563
2 Vadodara May 19, 2013 Yogesh on 8238053563
3 Lucknow May 19, 2013 Vishal on 07838290143
4 Dhanbad May 19, 2013 Sumit on 8017516187
5 Ghaziabad May 26, 2013 Vishal on 07838290143
Schedule for Foundation Programme on Stock Investing
Sr.
No
2 Kolkata May 11-12, 2013 Sumit on 8017516187
9 Indore May 18-19, 2013 Kusmakar on 7875442311
11 Navi Mumbai May 18-19, 2013 Manish on 8451057943
12 Thane May 18-19, 2013 Manish on 8451057943
13 Andheri May 18-19, 2013 Vidhu on 9619716146
15 Salem May 25-26, 2013 Makhizhnan on 8939646628
16 Madurai May 25-26, 2013 Makhizhnan on 8939646628
Schedule for Fast Track Foundation Programme on Stock Investing
Sr.
No
1 Ahmedabad May 12, 2013 Yogesh on 8238053563
2 Aurangabad May 12, 2013 Kusmakar on 7875442311
3 Allahabad May 19, 2013 Vishal on 07838290143
4 Jaipur May 19, 2013 Vishal on 07838290143
5 Cuttack May 19, 2013 Sumit on 8017516187
6 Jamshedpur May 18, 2013 Sumit on 8017516187
7 Amritsar May 26, 2013 Harneet on 09582158693
8 Guwahati May 26, 2013 Sumit on 8017516187
9 Dehradun May 26, 2013 Vishal on 07838290143
10 Faridabad May 26, 2013 Vishal on 07838290143
11 Bhubaneshwar May 26, 2013 Sumit on 8017516187
Schedule for Advanced Derivative Trading Strategies
Sr.
No
Schedule for Technical Analysis
Sr.
No
4 Chandigarh May 18-19, 2013 Harneet on 09582158693
Schedule for Fast Track Technical Analysis
Sr.
No
1 Bhuj May 19, 2013 Yogesh on 8238053563
Contact us
Email:
Send us an email at learning@icicisecurities.com
Please mention the name, date and venue of the programme you have attended or wish to
attend, for faster resolution of your queries.
SMS:
SMS EDU to 5676766 for more details
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Vol.

5, Issue V, Pages 55, May 2013

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