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April 27, 2015

Weekly Mutual Fund and Debt Report

RETAIL RESEARCH
Equity Markets
Indias benchmark equity index Sensex declined 3.5% last week, posting its worst weekly fall in nearly
four-and-a-half months, hurt by the ongoing tax row between foreign investors and the government.
Dismal corporate earnings and a likely sub-par monsoon added to investors woes. NSEs CNX Nifty closed
at 8,305, down 301 points or 3.5%.
Broader market depicted weakness. The BSE Mid-Cap index fell 336.13 points or 3.12% to settle at
10,435.64. The decline in the index was lower than Sensex's decline in percentage terms. The BSE SmallCap index slumped 613.61 points or 5.27% to settle at 11,008.62. The decline in the index was higher than
Sensex's decline in percentage terms.

Outlook for the current weeks


The next batch of Q4 March 2015 corporate results and key global central bank meetings will dictate
trend on the bourses next week. Indian stocks may remain volatile as traders roll over positions in the
futures & options segment from the near month April 2015 series to May 2015 series. The near month
April 2015 F&O contracts expire on Thursday, 30 April 2015.
This week is a truncated trading week as India's financial markets are closed on Friday, 1 May 2015, on
account of Maharashtra Day.
A number of prominent companies are scheduled to announce their results for the quarter ended 31
March 2015 next week, which include the likes of Maruti Suzuki, ICICI Bank, Bharti Airtel, Idea, HDFC, Axis
Bank, Ambuja Cement and Grasim Industries.
Technically, with the Nifty correcting further, traders will need to watch if the Nifty can now hold above
the supports of 8273; else a further correction is likely.

Global Markets
U.S. stocks ended the week with solid gains as better-than-expected earnings propelled the Nasdaq
Composite and S&P 500 to finish at all-time highs. The Nasdaq Composite advanced for five straight
sessions, posting the biggest weekly gain since October 2014. The tech-heavy index gained 3.3% over the
week. The S&P 500 index recorded a 1.8% gain over the week. Dow Jones gained 1.4% over the week.

Weekly Statistics
Global Index

24-Apr

17-Apr

Change (%)

Sensex

27438

28442

-3.53

Nifty

8305

8606

-3.49

DJIA

18080

17826

+1.42

Nasdaq

5092

4932

+3.25

FTSE

7071

6995

+1.09

DAX

11811

11689

+1.05

Hang Seng

28061

27653

+1.47

Nikkei

20020

19653

+1.87

Bovespa

56594

53955

+4.89

Indonesia Jakarta

5435

5411

+0.46

Singapore Strait

3513

3525

-0.35

MSCI Emerging Mkt

1061

1043

+1.74

Mutual Fund Categories watch


Category Name

1 Week
Absolute

1 Month
Absolute

3 Month
Absolute

6 Month
Absolute

1 Year
CAGR

3 Year
CAGR

Arbitrage Funds

-0.07

0.63

1.72

4.38

8.63

8.80

Balanced - Equity

-2.76

-1.36

-2.62

7.84

31.43

19.50

Equity - Banking

-2.07

-2.23

-9.52

9.63

37.33

20.75

Equity - Div Yield

-3.27

-1.05

-3.96

8.23

38.64

19.01

Equity - Infra

-4.04

-1.16

-3.04

9.74

41.27

17.22

Equity - Large Cap

-3.81

-2.68

-4.62

7.61

32.81

19.59

Equity - Mid Cap

-4.32

-1.22

-2.35

13.02

55.64

29.82

Equity - MNC

-5.16

-1.73

3.41

28.79

75.95

31.59

Equity - Multi CAP

-3.82

-2.15

-3.56

9.39

38.94

22.46

Equity - Small Cap

-5.17

1.08

-0.53

18.90

80.44

33.35

Equity - FMCG

-3.64

2.20

-0.40

12.16

26.21

20.56

Equity - Infotech

-5.50

-6.70

-6.76

3.96

23.82

24.19

Equity - Pharma

-4.55

-4.05

5.57

17.48

54.95

33.84

ELSS

-3.94

-2.59

-3.97

9.57

38.79

22.46

Gold ETFs

0.52

1.96

-4.91

-1.82

-5.75

-3.52

Gilt Funds

0.11

0.35

0.98

7.96

15.00

9.75

Income Funds

0.11

0.54

1.16

6.23

12.12

9.33

Liquid Funds

0.15

0.71

2.00

4.07

8.33

8.59

MIP

-0.62

0.06

0.35

6.17

15.29

10.53

Note: Trailing Returns up to 1 year are absolute and over 1 year are CAGR. NAV/index values are as on Apr 17, 2015.

RETAIL RESEARCH

G sec Markets

10 Year G sec Benchmark move:

Indian bond yields ended down during the week April 24th, 2015. The G-Sec market traded mostly on a
bearish note on Monday, tracking weakness in domestic currency and awaiting the announcement for GSec auction.
The G-Sec market opened on a bearish note tracking weakness in the currency on Tuesday. The market
then turned positive in the backdrop of previous days announcement for issuance of a new 8-year
(approx.) security. The market closed better seeing improvement in the domestic currency.
Bond market opened better on Wednesday on positive note, but then turned slightly bearish amidst
reports of possibility of deficient rains. However, the market then recovered and closed better.
On Thursday G-Sec market opened lower seeing weakness in the domestic currency. The market then
mostly traded in a narrow range.
On Friday, Bond market traded mostly on a bearish note seeing weakness in the domestic currency
amidst apprehensions over the auctions. The yields ended 2-3bps higher over previous close.

Liquidity:

Hence, the yields of the 10-year benchmark 8.40% 2024 bond ended down by 1 bps at 7.79% (Rs 103.96)
on Friday against the last week close of 7.80%.

Outlook for the week


We feel that the new 10-year G Sec yields could trade in the 7.65% - 7.90% band for the week.

Liquidity, Call & CBLO


The net infusion from the LAF window was a daily average of Rs.15,952 crore for last week (Rs. 13,706
crore in previous week). Infusions via the MSF route averaged Rs. 1,973 cr.
The inter-bank call rates traded around 7.47% levels versus 7.41% compared to previous weeks closing
on Friday.
The CBLO rates were positioned at 7.73% level.

Corporate Debts
The 1 year CD yield ended at 8.35% compared to the previous week close of 8.34%.
The 10-year AAA bond traded at 8.32% same as previous closing.

RETAIL RESEARCH

Debt Securities Benchmarks watch


Debt (%)

24-Apr

17-Apr

Change (bps)

Call Rate

7.47

7.41

-6.00

CBLO

7.73

7.19

-54.00

Repo

7.50

7.50

0.00

Reverse Repo

6.50

6.50

0.00

10 Year G sec

7.79

7.80

+1.00

LIBOR UK

0.57

0.57

0.00

LIBOR USA

0.28

0.28

0.00

LIBOR Europe

-0.01

-0.01

0.00

Currency
AAA Corporate Bond Spread over Gsec:

The USD depreciated against the Euro by 0.56 % for week ended 24th April 2015.
The dollar appreciated against the yen by 0.07% for the week.
The USD depreciated against the pound by 1.49%.

AAA Corporate Bond Spread over Gsec


Security

24-Apr

17-Apr

1 Year
3 Year
5 Year
10 Year

50
16
43
38

36
8
42
38

Date of Auction

Value (Rs. Crs)

29-Apr-15
29-Apr-15
28-Apr-15

8,000
6,000
7,500

Gold & Crude oil


Forthcoming Auctions;

International crude oil prices (WTI) gained by 2.53% for the week ended 24th April, 2015 to close at USD
57.15 per barrel.
International gold prices fell for the week ended 24th April, 2015 to close at USD 1175 per troy ounce.

10 Yr G sec Benchmark Yields Movements in last one month.

Security
91 Day T-Bill
364 Day T-bill
State Development Loans

Certificates of Deposits:
Maturity

24-Apr

17-Apr

3 Months
6 Months
1 Year

8.2
8.2
8.3

8.1
8.2
8.3

Commercial Papers:
Maturity

24-Apr

17-Apr

3 Months
6 Months
1 Year

8.6
8.7
8.9

8.7
8.8
8.9

Commodity Update:

RETAIL RESEARCH

Commodity

24-Apr

17-Apr

Change (%)

NYMEX Crude Oil ($/bbl)


Gold (oz/$)

57.15
1175.0

55.74
1203.10

+2.53
-2.34

Scheme Analysis - Birla Sun Life Frontline Equity Fund - G

RETAIL RESEARCH

Key Points

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

Birla Sun Life Frontline Equity is a better performing scheme from Equity Diversified Large cap category. The
scheme has managed to deliver notable returns over periods thanks to its ability to mitigate risk with blue
chip oriented stocks from the universe of BSE 200.
The scheme registered +35%, +25% and +14% of compounded returns for the one, three and five year
periods while the benchmark posted +23%, +17% and +9% of returns respectively. Over the same period,
the category clocked +34%, +25% and +14% of CAGR returns respectively. The large-cap orientation
prevented the scheme to benefit from rallies led by mid-cap stocks, but helped to withstand the corrections
efficiently during the market downturns. The scheme has been maintaining an average of 98% of assets into
blue chip stocks considering last one-year period.
The fund manager follows buy and hold strategy as close to 70% of the portfolio is the core which are kept
over longer term. The scheme tries to follow the same sector weights as the index of BSE 200 and try to get
all the advantage by having a different stock selection within those sectors.
The portfolio has been churned moderately in last six month periods as the scheme added 10 new stocks
and exited from 6. That reflects in the turnover ratio which has been at 33%.
Fund Performance Vis-a-vis Benchmark (Excess return):

HDFC Bank, Reliance Industries and ICICI Bank are the stocks topped in its latest portfolio having weights of
6.30%, 5.00% and 4.44% to its net assets respectively. The expense ratio of 2.21% for the scheme is lower
compared to the category (the category average has been at 2.61%).
Rating agencies like Value research &Crisil assigned 4 star and CPR 2 respectively for the scheme. These
reflect good performance of the scheme on generating high-risk adjusted returns.
The scheme is managed by Mr. Mahesh Patil. The corpus of the scheme as per latest data was at Rs. 8,957
crore.
As far as risk measures are concerned, the scheme has done well in terms of Sharpe and Jensons Alpha. It
registered Sharpe of 0.13% (category 0.10%) and Alpha of 0.05% (category 0.04%).
The scheme seems to be less risky inthe category as it generated 0.88% (category 0.92%) of Standard
Deviation over the last one-year.

RETAIL RESEARCH

Mutual Fund ready reckoner:


Equity - Diversified - Large CAP
NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Birla Sun Life Frontline Equity - Plan A (G)


INF209K01BR9

166.45

8603

56.72

25.59

17.15

25.24

ICICI Bank, HDFC Bank, ITC


Tata Mot and SBI

CPR 2

4 Star

Average

HDFC Equity Fund - (G)


INF179K01608

475.46

19181

59.67

21.98

16.63

21.11

SBI, ICICI Bank, Infy, L&T


Aurobindo Pharma

CPR 3

3 Star

High

High

ICICI Pru Focused Bluechip Equity Fund (G)


INF109K01BL4

30.06

8815

50.15

21.89

17.95

17.68

HDFC Bank Ltd, Infosys Ltd, ICICI Bank


Ltd, ITC Ltd and RIL

CPR 3

5 Star

Low

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Return
Grade

Franklin India High Growth Companies (G)


INF090I01981

29.72

1773

89.94

35.37

21.77

15.43

Axis Bank, HDFC Bank, Maruti Suzuki


India, Tech Mahindra & ICICI Bank

CPR 1

5 Star

Risk
Grade
Below
Average

ICICI Pru Dynamic Plan (G)


INF109K01761

193.81

5915

45.37

22.13

16.60

27.19

Power Grid Corp, INFY, HDFC Bank,


Wipro and RIL

CPR 2

4 Star

Below
Average

High

Reliance Equity Opportunities Fund (G)


INF204K01489

77.05

11172

68.31

29.04

22.41

22.86

HDFC Bank, Divi's Lab, SBI, Trent and


Cummins India

CPR 1

3 Star

Below
Average

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

Reliance Small Cap Fund (G)


INF204K01HY3

24.56

1579

103.51

39.82

22.41

LG Balakrishnan & Bros, TVS Motor


Co., Atul, Kalpataru& CCL Pro

CPR 2

5 Star

Average

High

ICICI Pru Value Discovery Fund (G)


INF109K01AF8

114.49

8682

84.87

33.97

23.21

26.05

ICICI Bank, RIL, Sadbhav Engineering,


PI Ind & Amara Raja Bat

CPR 2

4 Star

Low

Above
Average

Religare Invesco Mid N Small Cap


INF205K01DN2

35.88

389

86.97

36.10

26.23

21.04

DB Corporation, STFC, ING Vysya


Bank, Bharat Forge & Dish TV India

CPR 3

4 Star

Below
Average

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

AXIS Long Term Equity Fund (G)


INF846K01131

30.82

4034

76.34

35.00

25.16

24.38

HDFC Bank Ltd, TCS, L&T, HDFC Ltd,


ITC Ltd

CPR 1

5 Star

Low

High

Reliance Tax Saver Fund - (G)


INF204K01GK4

49.64

4156

102.77

33.73

23.31

18.51

TVS Motor Co, SBI, Tata Steel, Wipro


& BHEL

CPR 1

5 Star

High

High

Scheme Name

Return
Grade
Above
Average

Equity - Diversified - Multi CAP


Scheme Name

High

Equity - Diversified - Mid n Small CAP


Scheme Name

Equity - Tax Planning


Scheme Name

RETAIL RESEARCH

Hybrid - Equity Oriented (Atleast 60% in equity)


NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

HDFC Balanced Fund (G)


INF179K01392

107.50

3284

51.84

22.77

19.03

17.85

SBI, ICICI Bank, Axis Bank, Aurobindo


Pharma& L&T

CPR 1

4 Star

ICICI Pru Balanced Fund - (G)


INF109K01480

93.20

1633

50.32

24.29

18.94

15.68

HDFC Bank, Motherson Sumi, City


Union Bank, Maruti Suzuki Ind & ICICI

CPR 1

5 Star

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Reliance Monthly Income Plan (G)


INF204K01FD1

33.37

2521

26.84

13.12

10.97

11.40

Eq: Sundaram-Clayton, Federal Mogul


Goetze, HDFC Bank. CP: PFC

CPR 2

4 Star

HDFC Monthly Income Plan - LTP (G)


INF179K01AE4

34.66

3818

27.25

12.90

10.95

11.77

Eq: SBI, Infy, ICICI Bank, L&T. Debt:


TATA Power, Hindalco Inds

CPR 2

Scheme Name

Risk
Grade
Below
Average

Return
Grade

Below
Average

Above
Average

Risk
Grade
Above
Average

Return
Grade
Above
Average

3 Star

Average

Average

Risk
Grade
Below
Average

Return
Grade
Above
Average

Below
Average

Above
Average

Risk
Grade
Below
Average

Return
Grade
Above
Average

High

Hybrid - Monthly Income Plan - Long Term (About 15% to 20% in equity)
Scheme Name

Liquid Funds
NAV (Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

27.35

14666

9.05

9.20

9.24

7.25

CP: National Bank Agr. Rur. Devp, CD:


National Bank Agr. Rur, Union Bank.

CPR 3

3 Star

3064.08

1134

8.96

9.20

9.19

7.34

CP: M&M Financial Services, Kotak


Mahindra Prime, PFC, CD: SIDBI 2014

CPR 3

4 Star

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

ICICI Pru Flexible Income Plan - Regular (G)


INF109K01746

260.58

11913

9.50

9.55

9.52

7.49

CD: NABARD, Canara Bk, T Bill, CP:


HDFC, Debt: TCFSL

CPR 1

4 Star

SBI Mag Income FRP - Savings Plus Bond (G)


INF200K01636

21.50

842

8.90

9.03

9.26

7.47

CD: HDFC, ICICI, IDBI. Debt: LIC Hou,


HDFC. CP: Sesaste

CPR 3

3 Star

Low

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

24.00

985

10.83

9.95

10.28

7.27

FD: J&K Bank, D: 11.6% DHFL. 2015,


CD: Central Bank of India 2013,

CPR 3

3 Star

Average

Return
Grade
Above
Average

2847.73

10332

12.25

10.57

10.36

8.33

PTC: 11.85% Adani Enterprises. Debt:


Dewan Housing Fin

CPR 1

4 Star

Average

Scheme Name
HDFC Liquid Fund (G)
INF179K01KG8
SBI Magnum InstaCash - Cash Plan
INF200K01LJ4

Ultra Short Term Funds


Scheme Name

Short Term Income Funds


Scheme Name
Sundaram Select Debt - STAP (G)
INF903J01FG3
Franklin India Short Term Income (G)
INF090I01304

RETAIL RESEARCH

Above
Average

Income Funds
NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Birla Sun Life Medium Term Plan (G)


INF209K01603

16.88

3683

12.27

11.32

11.20

9.24

Debenture: DLF, Tata Mot, IL&FS


Transport, RHC Holdings

CPR 3

4 Star

Low

ICICI Pru Long Term Plan - Retail (G)


INF109K01712

31.84

349

20.97

14.98

12.89

9.38

Bonds: EXIM Bk, 8.28% GOI 9-21, 8.4%


GOI 7-28 & Cash

5 Star

Low

High

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

Tata Gilt Mid Term Fund (G)


INF277K01LH6

15.30

129

17.96

11.83

11.24

9.52

SDL: 8.94% Maharashtra, GOI: 8.28%


GOI 9-21

CPR 3

4 Star

Low

High

Sundaram Gilt Fund - (G)


INF903J01FA6

23.61

40

13.07

15.67

14.90

6.41

8.83% GOI 2023, 8.28% GOI 2027,


8.6% GOI 2028 & 8.15% GOI 2026

5 Star

Low

High

Scheme Name

Return
Grade
Above
Average

Gilt Funds
Scheme Name

Notes:

NAV value as on Mar 23, 2015. Portfolio data as on Feb2015.


Returns are trailing and annualized (CAGR).
The notations '5 Star & CPR 1' (used by VR & Crisil respectively) are considered as top in respective rating and ranking scales.
The performance of the funds are rated and classified by Value Research in the following ways. Top 10% funds in each category were classified ***** funds, the next 22.5% got a **** star,
while the middle 35% got a ***, while the next 22.5% and bottom 10% got ** and * respectively.
The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the Quarter Ended Dec 14, Based on percentile of number of schemes
considered in the category, the schemes are ranked as follows: CPR 1- Very Good performance, CPR 2 - Good performance, CPR 3 - Average performance, CPR 4 - Below average and CPR 5 Relatively weak performance in the category.
Schemes shortlisted based on the corpus and age. Final picks arrived from return score (respective weightage given for rolling returns for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk score. Schemes
from Quantum, Mirae and JM Mutual Funds have not been considered.

NFO:
Scheme name

Tenure

Open Date

Close Date

Minimum Investments

Balanced
ICICI Pru Capital Protection Orient. VIII-C Reg(D)

4/28/2015

5/11/2015

5000

1103 Days

AXIS Hybrid Fund - Series 22 (D)

4/21/2015

5/5/2015

5000

1278 Days

4/24/2015

5/5/2015

10000

4/13/2015

4/27/2015

5000

ETFs
Edelweiss Nifty EES
Equity
Kotak India Growth Fund Series I - Direct (D)

RETAIL RESEARCH

3 Years

Fixed Maturity Plans


ICICI Pru FMP - Series 77 - 1480Days Plan B-Reg(D)

4/29/2015

5/7/2015

5000

1480 Days

ICICI Pru FMP - Series 77 - 1132Days Plan A-Reg(D)

4/28/2015

5/5/2015

5000

1132 Days

UTI-FTI - Series XXII - II(1099Days)-Dir (D)

4/21/2015

4/30/2015

5000

1099 Days

Reliance Dual Advantage FTF - VII - Plan E (D)

4/15/2015

4/29/2015

5000

1102 Days

HDFC FMP - 1114Days-Apr 2015(1)(XXXIII) (D)

4/21/2015

4/28/2015

5000

1114 Days

UTI-Dual Advantage FTF Sr.I - V(1099Days)-Reg(D)

4/13/2015

4/27/2015

5000

1099 Days

Reliance Fixed Horizon - XXVIII - Sr.17 (D)

4/24/2015

4/27/2015

5000

1125 Days

4/29/2015

5/13/2015

500

5/5/2015

5/12/2015

5000

Income Funds
Quantum Dynamic Bond Fund (G)
Short Term Income Funds
Reliance Banking & PSU Debt Fund (B)

Mutual Fund NEWS:

Dividend
Scheme Name

Reliance Mutual Fund has announced change in exit load structure under Reliance Corporate Bond Fund,
with effect from 27 April 2015. Accordingly, if redeemed within 12 months from the date of allotment of
units, the exit load will be 1% and Nil, thereafter.
Birla Sun Life Mutual Fund has announced change in exit load structure under Birla Sun Life Dynamic Bond
Fund, with effect from 27 April 2015. For redemption / switch out of units within 90 days from the date of
allotment: 0.50% of applicable NAV. For redemption / switch out of units after 90 days from the date of
allotment: Nil.
Franklin Templeton Mutual Fund has announced the sale of the units (including switch-in) under the
following plans (s) / option (s) of schemes will stand suspended with effect from 22 April 2015. Franklin
India Income Builder Account (FFIBA) Plan A & Direct Plan A Bonus Plan. Franklin India Government
Securities Fund (FIGSF) Long Term Plan & Direct - Long Term Plan-Bonus Option. Franklin India Monthly
Income Plan (FIMIP) - Plan A & Direct Plan A Bonus Plan.
Axis Mutual Fund has launched a new fund named as Axis Hybrid Fund Series 22, a 1278 days close ended
debt scheme. During the New Fund Offer (NFO) period, the units will be offered for Rs 10 each. The new
issue is open for subscription from 21 April and closes subscription on 05 May 2015.
Deutsche Mutual Fund has announced change in the exit load structure under DWS Alpha Equity Fund, DWS
Equity Income Fund and DWS Corporate Debt Opportunities Fund, with effect from 21 April 2015.
Accordingly, if the investor redeems within 1 year from the date of allotment of units, the exit load will be
1%.

RETAIL RESEARCH

Record Date

Gross (%)

Date

AXIS Enhanced Arbitrage Fund (D)

4/27/2015

0.50

4/28/2015

Birla Sun Life Enhanced Arbitrage Fund (D)

4/30/2015

0.67

5/4/2015

BNP Paribas Dividend Yield Fund (D)

4/24/2015

1.00

4/27/2015

BOI AXA Liquid Fund (Div-D)

4/26/2015

0.02

4/26/2015

Canara Robeco Balance (Div-Q)

4/24/2015

14.50

4/27/2015

DWS Banking & PSU Debt Fund (Div-W)

4/24/2015

0.10

4/27/2015

Edelweiss Liquid Fund (Div-W)

4/26/2015

0.15

4/26/2015

Franklin India Dynamic PE Ratio FoF - Direct (D)

4/24/2015

8.49

4/27/2015

HDFC Arbitrage Fund - WP (D)

4/27/2015

0.40

4/28/2015

ICICI Pru Long Term Plan - Regular (Div-Q)

4/28/2015

0.79

4/29/2015

ICICI Pru Top 100 Fund - (D)

4/24/2015

18.10

4/27/2015

IDFC Arbitrage - Plan A (D)

4/29/2015

0.80

4/30/2015

IDFC Cash Fund - (Div-W)

4/24/2015

0.17

4/26/2015

Indiabulls Arbitrage Fund (D)

4/28/2015

1.00

4/29/2015

Indiabulls Liquid Fund (Div-D)

4/26/2015

0.02

4/26/2015

Kotak Emerging Equity Fund (D)

4/28/2015

21.00

4/29/2015

L&T India Prudence Fund (D)

4/27/2015

1.10

4/28/2015

LIC NOMURA MF Liquid Fund (Div-D)

4/26/2015

0.05

4/26/2015

SBI Arbitrage Opportunities Fund (D)

4/24/2015

0.70

4/27/2015

SBI Magnum Equity Fund (D)

4/24/2015

60.00

4/27/2015

Global Updates:
India:

Asia:

(Source: AMC Newsletters)

The Centre has clarified that all States will be eligible to get a share of the additional one per cent tax proposed to be levied under the Goods and Services Tax (GST). The Centre aims to
introduce this new indirect tax regime from April 1, 2016. The Constitution Amendment Bill makes every State eligible to get money from the proposed additional tax.
Rating agency Moodys today said emerging economies in the Asia-Pacific region, including India, have a high degree of immunity to external shocks, but will face challenges when the US
Federal Reserve begins raising interest rates. Moodys has a Baa3 rating for India, with a positive outlook.
India is expected to see a 6 per cent growth in its steel demand during 2015, while the global demand is likely to remain at 2 per cent. Higher demand is likely to come from India, with forecast
growth of 6 per cent in 2015 compared to 1.8 per cent in 2013, PwC said in a report. It further said overall, the world steel demand growth is expected to remain around 2 per cent in 2014 and
2015, down from 3.8 per cent in 2013.
India's foreign exchange reserves rose by $2.8 billion in the week to April 17 to $343.2 billion, creating a new record. Reserve Bank of India has added close to $24 billion in the reserves kitty
since January as overseas investors poured in dollars in local markets with the Narendra Modi government backing investment and clearing stalled projects. The rise in reserves in the week
under review coincided with rating company Moody's decision to revise India's 'Baa3' rating out.

The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to a one-year low of 49.2 in April, compared with a final reading of
49.6 in March.
The manufacturing sector in Japan slid to contraction in April, the latest survey from Markit Economics revealed, with a PMI score of 49.7. It's down from 50.3 in March. It also slips beneath
the boom-or-bust line of 50 that separates expansion from contraction
Japan has recorded its first trade surplus in three years after the weaker yen boosted exports and cheaper oil prices lowered its import bill. The trade balance came in at 229.3bn yen ($1.9bn;
1.3bn) in March, beating market expectations for a surplus of 44.6bn yen. Exports rose by 8.5% from a year earlier, while imports fell by 14.5%.
Japans index of leading economic indicators rose to a seasonally adjusted 104.8, from 105.0 in the preceding month whose figure was revised down from 105.3
Japans all industry activity index climbed 0.1 percent month-on-month in February, in contrast to economists expectations for a 1.0 percent decline. In January, the index had risen 0.5
percent. It was revised down from a 1.9 percent increase. The index has been increasing since August last year.

US:

The FHFA House Price Index for February came in at 0.70 percent and was in line with the consensus estimates. The print was also above the prior reading of 0.30 percent.
Sales of previously owned homes rose to the highest level in 18 months in March, a sign the housing market is gaining strength after a slow start to the year. Existing-home sales increased
6.1% last month from February to a seasonally adjusted annual rate of 5.19 million, the National Association of Realtors said. That was the highest level since September 2013.
The labor department data in the US showed that the initial jobless claims ticked up 1K to 295K in the week that ended April 18. The four-week moving average of claims, which provides a
more accurate picture of the labor market strength, rose by 1,750 to 284,500. Meanwhile, the continuing claims rose 50K to 2.33 million in the week that ended April 11. The four-week
average for the continuing claims dropped 22K to 2.31 million, the lowest level since December 2000
Markits US Manufacturing PMI plunged to 54.2 in April (from 55.7).
Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South. The Commerce Department said that newhome sales fell
11.4 percent last month to a seasonally adjusted annual rate of 481,000. This marks a swift reversal from an annual sales pace of 543,000 in February, which had been the strongest
performance in seven years.
Applications for U.S. home mortgages rose last week as interest rates declined. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which
includes both refinancing and home purchase demand, rose 2.3 percent in the week ended April 17.
Purchases of long-lasting manufactured goods in March jumped by the largest amount in eight months, but a closer look at the details reveals that businesses kept pruning their investment
plans in the face of a softening U.S. economy.

RETAIL RESEARCH

UK:

Eurozone consumer confidence deteriorated for the first time in five months in April, defying expectations for further strengthening, as the uncertainty on Greece lingers, preliminary data
from the European Commission showed. The flash consumer confidence index dropped to -4.6 from -3.7 in March, which was the highest score since July 2007. The consumer confidence index
for the EU shed 0.4 points to -2.2 in April
The eurozone's manufacturing sector has had a lacklustre start to the second quarter, according to a widely-regarded survey of activity. An initial or "flash" reading of the eurozone
manufacturing purchasing managers' index, produced by data group Markit, has dipped to 51.9 for April from 52.2 in March.
German economic sentiment unexpectedly deteriorated in April, a survey of financial analysts and institutional investors, providing a healthy reality check about the German economy after a
series of sharp increases in sentiment. The ZEW indicator of economic expectations dropped to 53.3 in April from 54.8 in March, its first decline since October 2014.
Germany's producer price index fell 1.7% year on year in March, worse than the anticipated 1.6% decline. On the month, Germany's PPI rose 0.1% against an expected gain of 0.2%.
As per the data released by the UK Office for National Statistics (ONS), the retail sales in March rose 4.2% year-on-year. The previous months figure stands unrevised at 5.7%.
For the week ended April 22, Stock funds overall posted $6 billion in outflows, with $4.9 billion of that amount leaving stock exchange-traded funds. Funds that specialize in U.S. shares posted
$7.2 billion in outflows, marking withdrawals in nine of the past 10 weeks. Meanwhile, European stock funds worldwide attracted $800 million of inflows, their 15th straight week of inflows.

Economic Calendar:
Date

Country

Event

Period

Frequency

29-04-2015

Germany

CPI

Mar, 2015

Monthly

30-04-2015

Germany

Retail Sales (Month over Month)

Mar, 2015

Monthly

Percent

30-04-2015

30-04-2015

Germany

Retail Sales (Year over Year)

Mar, 2015

Yearly

Percent

30-04-2015

30-04-2015

Germany

Unemployment Rate

Apr, 2015

Monthly

29-04-2015

India

91 day T- Bills auction of Rs 80 bln (cut-off yld)

Weekly

pct

29-04-2015

29-04-2015

India

364 day T- Bills auction of Rs 60 bln (cut-off yld)

Fortnightly

pct

29-04-2015

29-04-2015

India

Reserve Money (change on year)

Wk to Apr 24

Weekly

pct

29-04-2015

29-04-2015

India

M3 (YoY Chg)

Wk to Apr 17

Fortnightly

pct

29-04-2015

30-04-2015

India

CPI-Industrial Workers

Mar

Monthly

pct

30-04-2015

30-04-2015

India

IIP Core (YoY Chg)

Mar

Monthly

pct

30-04-2015

30-04-2015

India

Government finances -fiscal deficit (pct of Budget Estimate)

Apr-Mar

Monthly

pct

30-04-2015

29-04-2015

Japan

Bank of Japan Announcement (Change)

Apr, 2015

Monthly

bp

29-04-2015

30-04-2015

Japan

Industrial Production (Month over Month)

Mar, 2015

Monthly

Percent

30-04-2015

30-04-2015

Japan

Industrial Production (Year over Year)

Mar, 2015

Yearly

Percent

30-04-2015

27-04-2015

UK

CBI Industrial Trends Survey (Level)

Apr, 2015

Monthly

28-04-2015

UK

GDP (Quarter over Quarter)

Q1, 2015

Quarterly

Percent

28-04-2015

28-04-2015

UK

GDP (Year over Year)

Q1, 2015

Yearly

Percent

28-04-2015

29-04-2015

UK

CBI Distributive Trades (Level)

Apr, 2015

Monthly

29-04-2015

21-05-2015

UK

CBI industrial trends survey

May, 2015

Monthly

21-05-2015

28-04-2015

US

Redbook

wk4/25, 2015

Weekly

28-04-2015

US

Redbook (Store Sales Y/Y change)

wk4/25, 2015

Yearly

Percent

28-04-2015

28-04-2015

US

S&P Case-Shiller HPI (20-city, SA - M/M)

Feb, 2015

Monthly

Percent

28-04-2015

28-04-2015

US

Consumer Confidence (Consumer Confidence - Level)

Apr, 2015

Monthly

28-04-2015

28-04-2015

US

State Street Investor Confidence Index (State Street Investor Confidence Index)

Apr, 2015

Monthly

28-04-2015

RETAIL RESEARCH

Unit

Previous
29-04-2015

30-04-2015

27-04-2015

28-04-2015

28-04-2015

US

Richmond Fed Manufacturing Index (level change)

Apr, 2015

Monthly

29-04-2015

US

MBA Purchase Applications

wk4/24, 2015

Weekly

29-04-2015

US

GDP (Real GDP - Q/Q change - SAAR)

Q1:2014

Quarterly

29-04-2015

US

EIA Petroleum Status Report

wk4/24, 2015

Weekly

29-04-2015

US

FOMC Meeting Announcement (Federal Funds Rate - Target Level)

30-04-2015

US

Jobless Claims

30-04-2015

US

Employment Cost Index (ECI - Q/Q change)

30-04-2015

US

Personal Income and Outlays (PCE Price Index -- Y/Y change)

30-04-2015

US

30-04-2015

Monthly
wk4/25, 2015

28-04-2015
29-04-2015
Percent

29-04-2015
29-04-2015

Percent

Weekly

29-04-2015
30-04-2015

Quarterly

Percent

30-04-2015

Mar, 2015

Yearly

Percent

30-04-2015

Bloomberg Consumer Comfort Index

wk4/26, 2015

Weekly

30-04-2015

US

Chicago PMI (Business Barometer Index - Level)

Apr, 2015

Monthly

30-04-2015

30-04-2015

US

EIA Natural Gas Report

wk4/24, 2015

Weekly

30-04-2015

30-04-2015

US

EIA Natural Gas Report (Weekly Change)

wk4/24, 2015

Weekly

RETAIL RESEARCH

bcf

30-04-2015

Economy Updates
US Dollar Vs Indian Rupee

Relationship among policy rates and benchmarks:

The RBI maintained the rates at its latest meet.


The US dollar appreciated against the rupee by 1.69% for the week ended 24th April,
2015. The Indian rupee continued to slide against the dollar, falling to over three-and-ahalf-month low against dollar, as foreign investors liquidated their positions in the local
equities.
Deposit vs. Advance Growth (YoY)%
WPI Inflation (YoY)

Inflation, as measured by the wholesale price index (WPI), fell to a steep -2.06 percent,
marking the fourth straight month of deflating prices, which is, year-on-year inflation fell
to the lowest level since it has been tracked in the current 2005 series. The February
contraction was led by a month-on-month decline in all three broad groups that make up
the index.

RETAIL RESEARCH

Outstanding credit of scheduled commercial banks (SCBs) increased by Rs.404.13 billion


to Rs.65.6 trillion during the fortnight ended 20 March 2015. This was on the back of a
rise in non-food credit. On a y-o-y basis, growth in outstanding credit fell sharply to 9.5
per cent from 10.2 per cent a fortnight ago. Outstanding deposits of SCBs increased by
Rs.315.9 billion to Rs.85.8 trillion during the fortnight. On a y-o-y basis, growth in
outstanding deposits slowed down to 11.4 per cent as on 20 March 2015 from 11.6 per
cent a fortnight ago.

Money Stock (M3) (YoY) (%)

Corporate Bonds Spread Vs Gilt Securities:

Money Supply M3 in India increased to 105321.20 INR Billion in March of 2015 from
104155.85 INR Billion in February of 2015. Fortnightly data ended March 20, 2015 shows
India M3 Money Supply dipped from previous 11.3% to 11.1% (YoY).

Corporate bond yields rose last week. The one year and 2 year AAA credit spreads rose
by 14 and 2 basis points each.

Foreign Exchange Reserves (mn of USD)

Liquidity support from RBI (Bn. Rs)

India's foreign exchange reserves increased by $1.63bn to $343.0bn for the week ended
April 03.

RETAIL RESEARCH

The net infusion from the LAF window was a daily average of Rs.15,952 crore for last
week (Rs. 13,706 crore in previous week). Infusions via the MSF route averaged Rs. 1,973
cr. The inter-bank call rates traded around 7.47% levels on Friday. The CBLO rates were
positioned at 7.73% level.

MFs net investment in Debt (RsCrs):


Certificates of Deposit (%):

CD rates are trending marginally lower in the recent periods. The CD rates hovered around
8.25% levels (as per the latest data) (one year CD).
In January, the MF have bought debt worth Rs. 33,124 crore while in Feb, they have
bought debt worth Rs. 60,749 crore. In Mar, they bought Rs. 75,393 crore.

Commercial Paper (%):

FIIs net investment in Debt (RsCrs):

Rates of Commercial papers are seen trading higher in the recent periods. The CP rates are
hovering around 8.90% levels (one year maturity CP).
In January, FII bought debt worth Rs. 23,068 crore while in Feb, they have bought debt
worth Rs. 13,422 crore. In Mar, they bought Rs. 5,949 crore.

RETAIL RESEARCH

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com
Disclaimer: Mutual Funds and Debt investments are subject to risk. Past performance is no guarantee for future performance This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be
reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied
upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for nonInstitutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH