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570 P. B. Marg, Woril, Mumbai - 400 018.
Tel.: 022-6652 6000, Fax: 022-2490 0728.
Email: [email protected],
Web: www.mahindrafinance.com
Ankur Agarwal: 9833800962
Pankaj Kherwasiya: 9820420044
Shymon Subramanian: 9820546443
REGIONAL OFFICES:
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Shubhasri Plaza, No.200F,1 & 2 Floor, 7 Main 27 Cross,
Next to Nilgiri Dep. Store, 3 Block Jayanagar,
Bangalore 560 011. Tel. : 51512820 / 51512830
Raveendran E K-9845276064
Tufan Mukherjee - 9986760067
Raghunath T-9986837547
J R N Prasad - 9886010181, Sandeep - 9886620483
PUNE:
101 & 201, Sneha Ganga, Near Income Tax Office,
Shankarseth Road, Swargate, Pune 411 009.
Tel. : 24442323, Ujwala Shelapurkar-9860601402
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NEW DELHI:
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Plot No.6, Bikhaji Cama Place, New Delhi - 110 066
Tel. : 26166936 / 26166948 / 26166943 / 45
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Sector 26-D, Chandigarh 160 019.
Tel. : 5025189 / 5025182. Rajesh Giana-9216077701
Manish Girdhar-9814973942
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BRANCH OFFICES:
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Surendra Agrawal : 9301681819. COCHIN: Area Office : 2nd Floor, Kalyani Towers, Deshabhimani Junction, N.H. Kaloor, Cochin 628 017. Tel.: 2339896 / 2333654, Lijo-9847917110,
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Modern Agro Industries, Gaddipadu, Guntur-522001. Venugopal Kakani- 9849251184. HYDERABAD: H No. 396,397/M7(MIG)3RT MCH No. 7-1-621/341,342 Flat No. 102A & 102B Anusha
Classic, S R Nagar Hyderabad -500038 Babjee - 9989849368. INDORE: 204, Princess Pride Building, 21/3 New Palasia Janjeerwala Square In front of Apna Avenue Hotel Indore-M. P.,
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413531, Manoj Dindore - 9960646820. LUDHIANA: G.T. Road, Opp. Sunni Motor Workshop, 1st Floor, Dhendari Karan, Ludhiana 141 010 ,Tel. : 510347, Aseem - 9814415686.
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492001 Vijay Pratap Singh: 9926145309, Deepak Sharma : 9329634538. TRIVANDRUM: 3rd Floor, Muthoot Chambers, Near Ayyappan Temple,Thycadu, Trivandrum - 695 014
Tel. : 2337661 / 2, Upendra Gireesh-9895672072, Balu Unnikrishnan : 9895213650. THRIKKAKARA: 3’rd Floor,164g-Vijaya Complex, Chempumukku Thrikkakara P. O., Cochin-682021,
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Beside Prakrit Motors Pvt Ltd. Vijaywada-520008, Imran Khan: 9885164143.
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EDITORIALEDITORIAL
Dear Investors,
The month of March saw a severe cash crunch in the lead-up to the financial year ending. Call rateshit a 10-year high of 80 percent and rupee strengthened to a 7-year high.
The Reserve Bank of India (RBI) hiked Cash Reserve Ratio (CRR) and Repo rates on March 30 tomaintain price stability and to anchor inflation expectations in order to sustain the growth momentum.Further, the RBI reduced the returns earned on eligible CRR balances to 0.5% per annum from 1%earlier with effect from the fortnight beginning April 14, 2007.
Banks were desperate for the funds and interest rate as much as 15-18% was offered on short-termdeposits.
The tightness is expected to ease a bit in April 07 when the state governments start spending thebudgetary allocation.
We continue to recommend our investors to invest in Fixed Maturity Plans (FMPs) and Capital ProtectionFunds. We also recommend our investors to start investing in Equity Linked Saving Schemes (ELSS)of Mutual Funds which offer the best returns from all instruments under Section 80C. SystematicInvestment Plan (SIP) in an ELSS allows all the benefits of systematic investment with a tax break.
With warm Regards
V. RaviChief Financial Officer
INDIAN ECONOMYINDIAN ECONOMY
The Indian economy continued to be troubled by inflation with
the wholesale price index (WPI) based inflation rate closing above
the 6% mark at 6.39% for the week ended March 24 though it
has slipped from the 2-year high reached earlier on government
and RBI taming measures. Among other indicators, the FM
projected a 9% growth rate for FY08 while industrial production
grew by 11% during April-January compared to 8% a year ago.
Other economic numbers remained buoyant, viz., April-December
balance of payment surplus at $16.15 bn vs $1.83 bn a year
ago; April-February fiscal gap at Rs.1.22 lakh cr, down 8% on
year and April-February tax mop-up at Rs.3.68 lakh cr, up 30%
on year.
Indian equities were volatile but ended in positive territory as
valuations turned attractive after the severe fall in February.
Markets also gained on short covering ahead of the expiry of
the futures and options contracts on March 29. A positive global
market further helped sentiments. M&As continued to buoy the
market wherein Vodafone and Essar finalized terms of their JV,
Reliance Industries and US giant Dow Chemicals reportedly
talked to form a JV and Reliance Industries proposed to merge
IPCL with itself. Inflation rate concerns, however, capped market
gains. The BSE Healthcare index was the largest gainer among
sectoral indices, up 4.30% over the month. Pharma shares rose
on value buying as well as due to the perception of the industry
as a defensive sector. Among key regulatory announcements,
SEBI allowed short selling by institutions (as announced in the
Budget) with F&O stocks eligible for short sale; made grading
of IPOs mandatory; tightened disclosure norms for real estate
companies’ IPOs as well as mulled a pricing cap on listing day.
* Includes prior period adjustment of Rs.3430.75 cr (BetweenJan 1 and Feb 26, 2007)
Rs. Crore Mar 07 Feb 07
FII Inv (Equity) MF Inv (Equity) FII Inv (Equity) MF Inv (Equity)
Buy 50552.60 10043.55 58852.60 12697.09
Sell 49149.30 11723.06 53257.20 12971.14
Net 1403.10 -1679.51 5595.40* -274.05
Indices Mar 30, 2007 Feb 28, 2007 Change % Change
BSE Sensex 13072.10 12938.09 134.01 1.04
S&P CNX Nifty 3821.55 3745.30 76.25 2.04
Derivatives Turnover Rs. Cr - NSE
March 07 February 07 % Change
Index Futures 290957 242237 20.11%
Stock Futures 277378 352653 -21.35%
Index Options 113322 91817 23.42%
Stock Options 12106 16785 -27.88%
Total 693763 703492 -1.38%
INDIAN DEBT
Call rates ended at 45-50% on March 30 compared to 6.05-
6.10% in the previous month. Rates rose as corporate advance
tax payment of almost Rs.50000 cr dried up supplies and forced
banks to borrow to meet their year-end SLR requirements that
usually rise as deposits increase towards the year-end. The
situation worsened as some banks avoided year-end lending,
as it would impact their capital adequacy ratio for FY07. 10-
year government bond yields rose to 8% on March 30 compared
to 7.88% on February 28 mainly due to tight liquidity and
concerns over inflation. Yields would have further risen but for
purchases by banks to meet their SLR needs at the financial
year-end. Post-market hours on March 30, the RBI announced
major inflation control measures, viz., a hike in the repo rate by
25 bps to 7.75% with immediate effect and a 50 bps CRR hike.
The CRR was hiked to 6.50% in 2 phases on April 14 and April
28 while the hike would drain Rs.15500 cr from banks. The
government also announced its borrowing calendar for H1 FY08
and would raise Rs.92000 cr through gilts out of which floaters
would form 10-15% of the issuance. The RBI will also raise
Rs.6000 cr through the sale of 7.55%, 2010 gilt under MSS on
April 4.
INDIAN FOREX
Forex reserves rose to $199.18 bn as on March 30 compared
to $193.12 bn on February 23 – a rise of almost $6 bn over the
month. Strong growth in forex reserves was attributed to dollar
buying by the RBI to prevent any major rise in the rupee,
corporate and FII dollar inflows as well as a weaker dollar. The
rupee appreciated almost 2% to the US dollar and touched a 7-
year high of Rs.43.04 to the US dollar on March 28 before
closing the month and financial year at Rs.43.49. The rupee
ended higher largely due to banks selling dollars to avoid risk of
higher carry cost of dollars as liquidity tightened significantly
after almost Rs.50000 cr left the system on account of the
last installment of corporate advance tax payment. Call rates
crossing the 50% mark after the advance tax outflow steepened
the carry cost of dollar positions. Foreign fund inflows both in
the equity and debt segment as well as exporter dollar sales to
meet financial year-end needs added to the rupee’s gains. A
weak dollar overseas on concerns of defaulters in the U.S. sub-
prime mortgage market also worked in favour of rupee. Dollar
purchases by state-run banks to meet the importer demand
capped a sharp rise in the Indian unit.
Rupee Movement V/s Global Currencies
Mar 30, 2007 Feb 28, 2007 Change % Change
USD 43.49 44.28 0.79 1.78
GBP 85.53 86.96 1.43 1.64
EURO 58.14 58.58 0.44 0.75
100 YEN 37.00 37.45 0.45 1.20
GLOBAL ECONOMYThe global economy continued to be driven by events in the USwhere the economy showed some signs of improvement withGDP growing at 2.5% in Q4 2006 compared to the prior estimateof 2.2%. Economic indicators pertaining to unemployment,personal income and durable goods orders were also in positiveterritory. However, rising inflation, crude oil prices, troubles inthe sub-prime mortgage market as well as housing sectorindicators, continued to concern. Crude oil prices touched 6-month highs at $66 per barrel amid political tensions over Iran’sdetention of British sailors and marines. The month also sawthe US Federal Reserve stating that though the economy willexpand at a moderate pace, inflationary concerns still persisted.It stated “inflation risks remain” and “recent readings on coreinflation have been somewhat elevated”. The latest coreconsumer price inflation for February rose 0.3% (2.4%annualised). The Fed, however, maintained key interest ratesconstant as well as hinted at a softer tone on interest rates.
In Britain, GDP rose 0.7% in Q4 2006, same as in the previousquarter while growth for 2006 was revised upwards to 2.8%.The IMF revised its 2007 growth projection for the UK, from2.75% to 2.9%. Inflation continued to rise in Britain withconsumer prices growing 0.4% in February, taking the annualrate to 2.8%. Producer prices also rose by a stronger-than-expected 1.3% in February. On the interest front, the Bank ofEngland kept key rate unchanged at 5.25% though the EuropeanCentral Bank raised key rates by 25 bps to 3.75% amidinflationary concerns. Among other indicators, UKunemployment claims registered the largest decline in more than2½ years as companies stepped up hiring while UK’s FM cutcorporate tax to 28% from 30% and income tax rate to 20%from 22% from next April.
In Asia, Bank of Japan left the benchmark interest rateunchanged in March at 0.5% pointing to strong economicgrowth. However Japan, slipped back into deflation as coreconsumer prices that excluded volatile fresh food prices fell0.1% in the year to February. Among other Asian countries,China set a 8% GDP growth target for 2007 while its tradesurplus soared to $23.8 bn in February. China also cut banks’overseas borrowing limit to curb risks and stem foreign currencyinflows that have pressured the yuan to appreciate.
GLOBAL EQUITY
Major global indices gained during March except for Japan’sNikkei. Singapore’s Straits Times was the largest gainer among
the key indices. In the US, the Dow Jones and the Nasdaqgained following a higher than expected GDP growth for Q42006 as well as due to the Fed’s stance on short-term interestrates which were unchanged at 5.25%. Markets were alsosupported by the Fed’s economic assessment, which hinted atlowering short-term rates in the future. M&A activity was alsoa major prop for the markets while positive indictors onunemployment, personal income and durable goods orders alsohelped. Rising oil prices, sub-prime mortgage lending troubles,depressing housing sector indicators, however, capped marketgains.
The FTSE ended higher, on the back of strength in the US andother overseas markets. The UK Budget announcement to lowertax rates was another market booster. Bank stocks were upafter Bank of England’s March 21 meeting negated fears of aninterest rate hike in the near term. Heavyweight oil stocks roseon the back of rising crude oil prices. M&A activity also hypedthe market. Key announcements were reported merger talksbetween Barclays and ABN AMRO and speculation that AIGwas planning a bid for insurer Prudential.
The Japanese Nikkei lost on profit–booking amid US economicconcerns over inflation and housing as well as fell due to cautionafter the market turmoil in February. The fiscal year end formost corporates in Japan as well as initial strength in the yenalso affected stock prices. Market heavy export stocks werelack luster on perception that many of them were overbought.Chip equipment manufacturers were under pressure after CreditSuisse lowered its price targets for 7 such firms due to lowerprofit margins going forward. However, oil stocks were up ascrude oil prices gained sharply while the real estate sectorbenefited from government reports that the property market inJapan continued to strengthen.
Singapore’s Straits Times was the highest gainer among theindices analysed, led by gains in overseas markets and renewedinterest in bluechips. M&As and upbeat local home sales alsosupported the market. Gains were capped by the 17% slump inkey electronics exports as well as concerns over rise in oil prices.
The Hang Seng rose moderately during March after falling toits lowest value in nearly 3 months on March 5. Strength inglobal markets as well as positive results from blue chipssupported the gains. Heavyweight property stocks were up onreports of strong apartment sales. China financials gained afterstrong performance of banks on the mainland.
Mar Feb
Indices 30, 2007 28, 2007 Change % Change
DJIA 12354.35 12268.63 85.72 0.70
Nasdaq Composite 2421.64 2416.15 5.49 0.23
Nikkei 225 (Japan) 17287.65 17604.12 -316.47 -1.80
Straits Times (Singapore) 3231.24 3111.94 119.30 3.83
Hang Seng (Hong Kong) 19800.93 19651.51 149.42 0.76
Kospi Composite (Seoul) 1452.55 1417.34 35.21 2.48
FTSE 100 (London) 6308.00 6171.50 136.50 2.21
DJIA –Dow Jones Industrial Average
GLOBAL ECONOMY
INVESTOR EDUCATION
TAX PLANNING
INVESTOR EDUCATION
TAX PLANNING
With the beginning of the new financial year it is time to once again to put finances in order and to begin tax planning. For most
individuals, financial planning and tax planning are two mutually exclusive exercises. When it comes to tax planning, more often
than not, we simply go the traditional way and do the same investments that we did in the earlier years. This should not be the
case. One must view tax planning in the same manner as one views long term financial planning. One must also make full use of tax
breaks on offer so as to minimize taxes and maximize income.
In India, an individual gets an exemption of Rs.1 lakh from one’s taxable income under Section 80C, if the amount is invested in tax
saving instruments. There are no internal caps for any particular tax saving instrument. As far as possible, it is advisable to invest
the entire eligible amount. A wide variety of tax saving avenues are available from the equity based ELSS and ULIPs to life
insurance, home loans, bank fixed deposits, National Savings Certificates, EPF (Employee Provident Fund), PPF (Public Provident
Fund), etc. Investing Rs.1 lakh in a manner that saves both taxes as well as helps one achieve long-term financial objectives is not
a difficult exercise. All it requires is some thought in drawing up the best-suited plan and executing the same in a disciplined
manner. One must also have a proper mix of instruments depending upon one’s risk profile.
Depending upon the age-profile, at the start of one’s career when the near-term needs are limited, one should consider taking on
maximum risk. Thus, allocate a higher portion to equity like ELSS but take care to select the right funds and remember, there is a
lock-in of 3 years. A Systematic Investment Plan (SIP) would be beneficial to take advantage of rupee-cost averaging. The
allocation can change in favour of low-risk instruments as age advances. Among low risk avenues, first is EPF, which is compulsory
for salaried individuals. Next, one should look at PPF, which currently gives 8% tax-free returns but the scheme has a 15-year
duration. Regular investment in PPF is advisable to enjoy the benefits of compounding. Here investors must know that the FM has
indicated that withdrawals from PPF would be made taxable but details are awaited. As and when, PPF withdrawals become
taxable it may no longer be the most preferred option. Bank FDs of 5 years or above which are eligible for tax-benefit under
Section 80C may become a better alternative then, as the lock-in period is much shorter. Currently, interest on bank FDs is added
to one’s income and is taxable.
Life insurance is also a must in one’s tax-planning. However, policies such as moneyback, endowment etc may not make good
investment sense as premiums are high, returns are low, lock-in period is long and surrender value on premature closure is not
attractive. One must therefore look at insurance purely for covering risk to life in the form of term policies, which are much
cheaper. Owning property is another important tax-planning tool. One can save tax by taking a home loan as interest (upto Rs.1.5
lakh per year under Section 24) and principal repayment (upto Rs.1 lakh per year under Section 80C) carry tax benefits.
Besides investment types, other essential tenets of tax planning are:-
1. Start investing from April, do not make lump sum savings at the end of the financial year in March.
2. Make saving a habit (direct monthly debit from one’s salary account could be one way)
3. Select the right options in terms of security, risk-return trade off and liquidity.
Thus tax planning today is no longer just putting money in some designated options but has become a source of prudent wealth
planning.
MUTUAL FUND OVERVIEWMUTUAL FUND OVERVIEW
Mutual fund (MF) assets under management (AUM) fell by almost
Rs.27000 cr or 8% over February to Rs.3.26 lakh cr as of March
2007. The major reason for the decline was the dent in liquidity
caused by the outflows of almost Rs.50000 cr as last
installment of corporate advance taxes which led to a fall in
liquid fund AUMs due to withdrawals. Fund houses also used a
part of their corpus to pay dividends. Further, MFs sold equities
to the extent of almost Rs.1700 cr during the month. Reliance
MF topped the AUM chart in March followed by ICICI Prudential
MF and UTI MF.
Other events in the mutual fund domain included; SEBI setting
up a panel on infrastructure funds; Dutch asset manager Robeco
Groep NV, a part of the Rabobank Group, proposing to buy 49%
in Canara Bank’s AMC for Rs.115 cr, Bharti - AXA proposing
to launch an asset management company in India, UTI MF
proposing to merge schemes with similar objectives from April
as well as to launch a global fund in May, AIG MF and JP Morgan
MF getting the SEBI nod for their maiden equity scheme, Gold
BeES (Benchmark MF’s Gold ETF) debuting on NSE on March
19 and Reliance MF seeking SEBI nod for a gold exchange
traded fund, among others.
CRISIL equity oriented fund indices continued to post negative
returns for the second month in a row with the CRISIL Fund~eX
(diversified equity fund index) and CRISIL Fund~bX (balanced
fund index) posting –0.53% and –0.39% returns in March
respectively. High cash levels in the portfolio in a volatile market
was one of the reasons for the poor equity schemes
performance. Among popular stocks of fund managers in
February, Reliance Industries, Infosys, Bharti Televentures, L&T
and BHEL continued to be in the top 5. Bharti Televentures,
however, moved up in popularity to third spot from fifth spot.
Software, banks, electrical equipment, pharma and telecom
were the top 5 popular industries among fund managers in
February. The banking sector moved up to the second spot in
the popularity chart while telecom replaced the cement sector
in the top 5 industries in February compared to January.
Except for the CRISIL Fund~dX (the long term bond fund index),
all CRISIL debt oriented fund indices posted higher monthly
returns over March compared to February. The CRISIL~LX
(the liquid fund index) continued to post the highest returns
among the CRISIL mutual fund indices and returned 0.69%
(8.34% annualised) over the month compared to 0.56% in
February. The tight liquidity situation in March lead to high
overnight lending rates and directly benefited liquid funds. This
was followed by the CRISIL STBEX (short term bond fund index),
which posted 0.53% returns in March compared to negative
returns in February. The CRISIL MF~Gilt Index posted returns
of 0.46% over the month (5.58% annualised) and had also
posted negative returns in February. The CRISIL MIPEX had
the lowest monthly returns among debt oriented funds at 0.38%
(4.61% annualised) compared to –1.63% returns in February.
The CRISIL Fund~dX posted –0.59% returns over March due
to rising bond yields as bond prices are inversely proportion to
bond yields.
Absolute Monthly Returns %
Tracks Mar 07 Feb 07
CRISIL Fund~eX Equity Funds -0.53 -7.76
CRISIL Fund~bX Balanced Funds -0.39 -5.35
CRISIL MIPEX Monthly Income Plans 0.38 -1.63
CRISIL MF~Gilt Index Gilt Funds 0.46 -0.23
CRISIL Fund~dX Long Term Bond Funds -0.59 -0.31
CRISIL STBEX Short Term Bond Funds 0.53 -0.12
CRISIL~LX Liquid Funds 0.69 0.56
RETURNS SUMMARY
BULLION MARKET RETURNS
Category 1 week 1 month 3 months 1 Year
Crude Oil 7.71% 9.22% 8.60% -0.08%
Gold 0.17% -2.00% 2.27% 10.82%
Silver 0.36% -5.62% 1.45% 16.07%
CIO SPEAKCIO SPEAK
Equity Market Overview
The markets were very volatile throughout the month. After falling sharply on the back of the budget to
below 12400 levels, the Sensex seemed to be on a recovery path rising back to over 13000. However,
uncertainty in the markets continued, led by fear of potential unwinding of yen carry trade, tightening
policies in China and fears of a slowdown in US economy. The Sensex once again fell to 12300 levels
and it was only short covering towards the derivatives expiry that ensured that the Sensex ended March
at 13072, up 1% for the month.
FIIs turned sellers to the tune of Rs1082 crores during the month compared to big inflows in Feb 2007. Mutual Funds were net
sellers to the tune of Rs1680 crores during the month. Inflation remained high at 6.46% in the week ended Mar 17, despite
measures by the government to control prices of cement, steel and fuel. Trade deficit continued to be large at $5.8billion for
January. However, India’s current account deficit narrowed to $3.04bn from $4.78bn for the Dec 06 quarter, led by service
revenues and remittances by overseas workers. Foreign exchange reserves rose further to nearly $198bn. Rupee appreciated
significantly, ending at 43.47 to the USD.
The Reserve Bank of India in a surprise move raised the CRR by another 50bps to 6.5% in two phases. Repo rate was increased by
25bps to 7.75%. RBI also halved the interest rate on eligible CRR to 0.5%. All the measures seem to be aimed at slowing down
credit growth, especially on the mortgage and the retail sector. The inflation also is growing into a major worry for the government
and the RBI and seems to be the cause of a lot of surprise decisions. Amongst all this, industrial production continued to grow at
a strong 10.9% in January 2007 compared to 8.5% a year ago, led by robust growth in the manufacturing sector.
Mega acquisitions continued with M&M emerging the highest bidder for Punjab Tractors. Suzlon indicated its intention of revising
upwards its bid for Repower, while Tata Power bought 30% in Indonesian coal mining firm, PT Bumi Resources for $1.1 bn.
Crude rose sharply to over $65 per barrel as tensions escalated in the Middle East due to Iran-UK standoff. Non-ferrous metals
slowly but surely strengthened, with copper leading the pack and rising over $7000 per MT. Steel prices continued to be on an
upward trend.
Outlook:
The markets are displaying extreme volatility amidst increasing nervousness. Though global events like yen carry trade and Chinese
tightening seemed to have ebbed, local factors like inflation, higher interest rates, government-cement industry standoff, strong
Rupee and the impending UP state elections continue to be a cause of worry. Interestingly, most global markets have recovered
their recent losses and trade at near all-time highs. The results of Infosys in the first half of April and the RBI stand in the second
half of the month will be the key determinants of the trend in Indian equity markets in the medium term. Positive surprise on these
two fronts along with a falling inflation trend might just be the tonic that Indian equities desperately wait for.
Yours sincerely
Madhusudan Kela
Head - Equity Investments
Reliance Mutual Fund
SCHEME PERFORMANCESCHEME PERFORMANCE
HDFC Cash Management Fund - Savings Plan - Growth 18-Nov-99 3347.01 212 11.80 8.82 8.32 8.15 7.77
UTI Liquid Cash Plan - Growth 28-Jun-03 10162.88* 51* 9.43 8.12 7.79 7.66 7.45
DSP Merrill Lynch Liquidity Fund - Growth 16-Mar-98 1978.28 80* 7.48 7.09 7.02 7.06 7.03
HDFC Liquid Fund - Growth 17-Oct-00 1544.48 241 10.80 8.76 8.31 8.18 7.70
LICMF Liquid Fund - Growth 11-Mar-02 5134.16 106 8.99 8.22 7.97 7.97 7.93
PERFORMANCE OF TOP LIQUID FUNDS
Inception
Date
AUM Rs
Cr Mar 07
Avg.
Maturity
(Days)
Mar 07
Point to Point Annualised Returns as on
Mar 30, 2007 %Scheme
2 mths2 Days 3 mths1 mth 6 mths
TOP 10 MONTHLY MF GAINERS AND LOSERS – MARCH 2007
EQUITY SCHEMES (ONE PER FUND HOUSE)
Top Gainers Top Losers
Birla Sun Life Frontline Equity Fund - Growth Franklin India Prima Fund - Growth
Principal Global Opportunities Fund - Growth UTI Thematic - Mid Cap Fund - Growth
Canexpo – Growth JM Equity Fund - Growth
BOB Growth Fund – Growth ICICI Prudential Fusion Fund - Growth
Templeton India Equity Income Fund - Growth DBS Chola Global Advantage Fund - Cumulative
HSBC Equity Fund – Growth HSBC Midcap Equity Fund - Growth
DBS Chola Growth Fund – Cumulative Taurus Discovery Stock
UTI Wealth Builder Fund – Growth Tata Mid Cap Fund - Growth
ICICI Prudential Growth Plan – Growth Birla Midcap Fund - Growth
Fidelity Equity Fund – Growth ABN AMRO Dividend Yield Fund - Growth
ELSS SCHEMES (ONE PER FUND HOUSE)
Top Gainers Top Losers
Franklin India Taxshield 97 Birla Sun Life Tax Relief 96
Sundaram BNP Paribas Taxsaver 98 Reliance Tax Saver Fund - Growth
Kotak Tax Saver Scheme - Growth Taurus Libra Taxshield
HSBC Tax Saver Equity Fund - Growth Sundaram BNP Paribas Taxsaver 97
Fidelity Tax Advantage Fund - Growth ICICI Prudential Tax Plan - Growth
Tata Tax Advantage Fund - 1 - Growth ING Vysya Tax Savings Fund - Growth
DSP Merrill Lynch Tax Saver Fund - Growth Lotus India Tax Plan - Growth
Escorts Tax Plan - Growth Sahara Taxgain 97 Fund - Growth
Birla Equity Plan - Growth Principal Tax Saving Fund
UTI Master Equity Plan Unit Scheme HDFC Long Term Advantage Fund - Growth
PORTFOLIO DETAILS - DSP MERRILL LYNCH LIQUIDITY FUND – GROWTH
Top Holding as on Mar-2007 Security Type % AUM
UCO Bank CD 21.63
ICICI Bank Ltd. CD 15.96
Industrial Development Bank of India Ltd. NCD & Bonds 10.37
HDFC Bank Ltd. CD 8.52
Export Import Bank Of India CP 6.78
Housing Development Finance Corporation Ltd. NCD & Bonds 5.30
Associates India Financial Services Pvt Ltd. - FRN NCD & Bonds 4.80
LIC Housing Finance Ltd. NCD & Bonds 4.36
State Bank Of Travancore CD 4.13
State Bank Of Patiala CD 3.65
Asset Allocation as on Mar-2007
CD 58.47
NCD & Bonds 31.63
CP 7.52
Net Receivables 1.92
Reverse Repo 0.46
PORTFOLIO DETAILS - UTI LIQUID CASH PLAN - GROWTH
Top Holding as on Feb-2007 Security Type % AUM
Net Receivables Net Receivables 21.69
Citibank N.A. FD 6.40
State Bank Of Hyderabad FD 4.33
Vijaya Bank FD 2.99
IDBI Bank Ltd. CD 2.99
Punjab National Bank FD 2.95
ICICI Bank Ltd. - PTC NCD & Bonds 2.91
National Housing Bank CP 2.70
Federal Bank Ltd. CD 2.35
Kotak Mahindra Bank Ltd. CD 2.29
Asset Allocation as on Feb-2007
FD 30.58
CD 21.91
Net Receivables 21.69
NCD & Bonds 16.29
CP 7.84
NCD-ST 1.69
PORTFOLIO DETAILS - HDFC CASH MANAGEMENT FUND - SAVINGS PLAN - GROWTH
Top Holding as on Mar-2007 Security Type % AUM
ICICI Bank Ltd. CD 13.02
State Bank Of Mysore CD 6.48
Union Bank Of India CD 5.25
Canara Bank CD 4.73
ING Vysya Bank Ltd. FD 4.03
State Bank Of Patiala CD 4.03
Net Receivables Net Receivables 3.60
Indian Retail ABS Trust - ICICI Bank NCD & Bonds 3.59
State Bank Of Hyderabad CD 2.85
Cholamandalam Investment & Finance Co. Ltd. NCD & Bonds 2.81
Asset Allocation as on Mar-2007
CD 50.84
NCD & Bonds 20.56
NCD-ST 11.41
CP 8.57
FD 4.78
Net Receivables 3.60
GOI 0.15
Reverse Repo 0.09
PORTFOLIO DETAILS - LICMF LIQUID FUND - GROWTH
Top Holding as on Mar-2007 Security Type % AUM
Unitech Ltd. NCD-ST 9.23
Bhushan Power & Steel Ltd. NCD-ST 5.84
Omaxe Ltd. NCD-ST 5.84
Parsvnath Developers Ltd. NCD-ST 5.84
IDBI Bank Ltd. FD 5.43
DLF Universal Ltd. NCD-ST 4.95
Videocon Industries Ltd. NCD-ST 4.87
ICICI Bank Ltd. NCD & Bonds 4.02
Adani Exports Ltd. NCD-ST 3.90
Shriram Transport Finance Co. Ltd. NCD-ST 3.90
Asset Allocation as on Mar-2007
NCD-ST 76.98
NCD & Bonds 29.14
FD 8.40
CP 3.05
Net Receivables -17.57
PORTFOLIO DETAILS - HDFC LIQUID FUND - GROWTH
Top Holding as on Mar-2007 Security Type % AUM
ICICI Bank Ltd. CD 13.70
Indian Retail ABS Trust - ICICI Bank NCD & Bonds 7.51
ING Vysya Bank Ltd. FD 5.83
Canara Bank CD 4.39
UBL Trust NCD & Bonds 4.01
DSP Merrill Lynch Capital Ltd. NCD-ST 3.89
Ranbaxy Holding Co. Ltd. NCD-ST 3.89
Loan Securitisation Trust - ICICI NCD & Bonds 3.57
UBL Trust Series 26 NCD & Bonds 3.56
IPR Loan Trust - GE Capital Services Ltd. NCD-ST 3.47
Asset Allocation as on Mar-2007 % to NAV
NCD & Bonds 29.65
CD 27.77
NCD-ST 25.69
CP 8.40
FD 5.83
Net Receivables 2.05
Reverse Repo 0.61
1. Reliance Industries Ltd.
2. Infosys Technologies Ltd.
3. Bharti Televentures Limited
4. Larsen & Toubro Ltd.
5. Bharat Heavy Electricals Ltd.
6. Reliance Communication Ventures Ltd.
7. ITC Limited
8. Tata Consultancy Services Ltd.
9. Oil & Natural Gas Corporation Ltd.
10. Siemens Ltd.
Top 20 scripts invested by Mutual funds during February 2007
11. Grasim Industries Limited
12. ICICI Bank Ltd.
13. State Bank Of India
14. Mahindra & Mahindra Ltd.
15. Satyam Computer Services Ltd.
16. Hindustan Lever Ltd.
17. Tata Motors Ltd.
18. Jaiprakash Associates Ltd.
19. Crompton Greaves Ltd.
20. Thermax Ltd.
RECENT NFO’s PERFORMANCERECENT NFO’s PERFORMANCE
Investment Pattern
HSBC TAX SAVER EQUITY FUND – GROWTH
Top 10 Holding as on Mar-2007 Security Type % to AUM
Reverse Repo Reverse Repo 13.01
HSBC Cash Fund - Institutional Plus MF Units 8.37
Reliance Industries Ltd. Equity 5.35
Bharat Heavy Electricals Ltd. Equity 4.00
Oil & Natural Gas Corporation Ltd. Equity 3.28
Century Textile & Industries Ltd. Equity 3.25
Pantaloon Fashions (india) Ltd. Equity 3.05
Punj Lloyd Ltd. Equity 2.99
Sun Pharmaceutical Industries Ltd. Equity 2.96
Steel Authority Of India Ltd. Equity 2.87
Top 10 Industry as on Mar-2007
Automobiles – 4 Wheelers Equity 8.42
Banks Equity 8.33
Electrical Equipment Equity 6.70
Computers - Software Equity 6.32
Steel And Steel Products Equity 5.99
Petrochemicals Equity 5.35
Diversified Equity 5.03
Media & Entertainment Equity 4.31
Telecommunication - Services Equity 4.04
Hotels Equity 3.78
Asset Allocation as on Mar-2007
Equity 80.35
MF Units 8.37
Net Receivables -1.73
Reverse Repo 13.01
Point to Point Returns as
Description Offer Date Incep Date AUM Rs Cr Mar-07 on March 30, 2007 %
1-Month Since Inception
HSBC Tax Saver Equity Fund - Growth Nov 20 to Dec 15 15-Dec-06 179.38 -1.21 -5.90
UTI Capital Protection Oriented Scheme -
Series I - 3 Year Plan – Growth Dec 26, 2006 to Jan 25, 2007 21-Feb-07 119.54* 0.26 0.004
UTI Capital Protection Oriented Scheme -
Series I - 5 Year Plan – Growth Dec 26, 2006 to Jan 25, 2007 21-Feb-07 112.35* -0.09 -0.07
*As of Feb 2007
Investment Pattern
UTI CAPITAL PROTECTION ORIENTED
SCHEME - SERIES I - 3 YEAR PLAN - GROWTH
Top 10 Holding as on Feb-2007 Security Type % to AUM
Indian Retail ABS Trust NCD & Bonds 28.44
Net Receivables Net Receivables 12.88
Associates India Financial
Services Privates Limited NCD & Bonds 12.68
GE Capital Services (India) Ltd. NCD & Bonds 12.55
GE Countrywide Consumer
Financial Services Limited NCD & Bonds 12.55
Citicorp Finance (India) Ltd. NCD & Bonds 12.42
ITC Limited Equity 1.54
Grasim Industries Limited Equity 1.41
Tata Power Co. Ltd. Equity 1.41
Bharti Televentures Limited Equity 1.38
Top Industry as on Feb-2007
Diversified Equity 2.78
Cigarettes Equity 1.54
Power Equity 1.41
Telecommunication - Services Equity 1.38
Banks Equity 1.36
Asset Allocation as on Feb-2007
Equity 8.48
NCD & Bonds 78.64
Net Receivables 12.88
Disclaimer: CRISIL has taken due care and caution in compilation of data. Information has been obtained by CRISIL from sources
it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the information and is not
responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not responsible for
any errors in data reproduction. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/
transmitters/ distributors of this bulletin.
Investment Pattern
UTI CAPITAL PROTECTION ORIENTED
SCHEME - SERIES I - 5 YEAR PLAN - GROWTH
Top 10 Holding as on Feb-2007 Security Type % to AUM
Net Receivables Net Receivables 21.68
Associates India Financial
Services Privates Limited NCD & Bonds 13.35
Citicorp Finance (India) Ltd. NCD & Bonds 13.35
Infrastructure Development
Finance Company Limited NCD & Bonds 13.35
Rabo India Finance Pvt. Ltd. NCD & Bonds 13.35
Housing Development Finance
Corporation Ltd. NCD & Bonds 12.98
ITC Limited Equity 2.14
Tata Power Co. Ltd. Equity 2.03
Grasim Industries Limited Equity 2.01
Larsen & Toubro Ltd. Equity 1.94
Top Industry as on Feb-2007
Cigarettes Equity 2.14
Power Equity 2.03
Diversified Equity 3.94
Banks Equity 1.92
Telecommunication - Services Equity 1.90
Asset Allocation as on Feb-2007
Equity 11.93
NCD & Bonds 66.39
Net Receivables 21.68