model portfolio update - icici...

Model Portfolio update

August 28, 2017

Deal Team – At Your ServiceLatest Model Portfolio

Source: Bloomberg, ICICIdirect.com Research

*Diversified portfolio - Combination of 70% large cap and 30% midcap portfolio

Midcap

• Exclusion – Booked profits in Infosys, Lupin and Bosch

• Inclusion – Hindustan Zinc, M&M and increased weight in HDFC, HDFC Bank

and Axis Bank

Large cap

• Exclusion – Natco Pharma, Biocon, Indigo and Rallis

• Inclusion – Indian Bank, Tata Chemicals, Bata, Graphite India and increased

weight in Bajaj Finserve

Name of the company Weightage(%)

Auto 16.0

Tata Motor DVR 4.0

Maruti 5.0

EICHER Motors 3.0

Mahindra & Mahindra (M&M) 4.0

BFSI 37.0

HDFC Bank 10.0

Axis Bank 6.0

HDFC 9.0

Bajaj Finance 6.0

SBI 6.0

Capital Goods 4.0

L & T 4.0

Cement 4.0

UltraTech Cement 4.0

FMCG/Consumer 18.0

Dabur 5.0

Marico 4.0

Asian Paints 5.0

Nestle 4.0

IT 6.0

TCS 6.0

Media 4.0

Zee Entertainment 4.0

Metals 6.0

Hindustan Zinc 6.0

Oil and Gas 5.0

GAIL Ltd. 5.0

Total 100.0


Auto 6.0

Bharat Forge 6.0

BFSI 20.0

Bajaj Finserve 8.0

J&K Bank 6.0

Indian Bank 6.0

Capital Goods 6.0

Bharat Electronics 6.0

Cement 6.0

Ramco Cement 6.0

Consumer 36.0

Symphony 6.0

Supreme Ind 6.0

Kansai Nerolac 6.0

Pidilite 6.0

Tata Chemicals 6.0

Bata 6.0

Metals 6.0

Graphite India 6.0

Infrastructure 8.0

NBCC 8.0

Logistics 6.0

Container Corporation of India 6.0

Textile 6.0

Arvind 6.0

Total 100.0

• Our indicative large cap equity model portfolio has continued to deliver an

impressive return (inclusive of dividends) of 103.6% since its inception

(June 21, 2011) vis-à-vis the index return of 80% during the same period,

an outperformance of 23% (ppts). This validates our thesis of selecting

companies with sound business fundamentals that form the core theme of

our portfolio. Our midcap portfolio has outperformed the benchmark by

1.8x (since June 2011), posting returns of 239%

• Our consistent outperformance demonstrates our superior stock picking

ability as markets in FY17 aligned to our view of favourable risk-reward,

good franchisee vs. reward-at-any-risk businesses. Some key performers

of our portfolio are Lupin, HDFC Bank and Bajaj Finance in the large cap

portfolio while Natco Pharma, Kansai Nerolac and Bajaj Finserv have

delivered stupendous returns in the midcap portfolio. We continue to

advocate the SIP mode of investment as the preferred mode of

deployment given the rich valuations that some pockets of the market

have reached. We highlight that the SIP return of our portfolio has

consistently outperformed indices. This affirms our belief in the staggered

and systematic approach of investment amid market volatility

• Sensex companies (ex-banks) reported a tepid performance in Q1FY18

primarily depicting the impact of transition period towards GST (effective

July 1, 2017). Majority of the companies witnessed muted business

activity amidst de-stocking of channel inventory and emerging clarity over

input tax credits. The key up-tick however was seen in sales & profitability

of Oil & Gas and Metal sectors given rebound in commodity prices amidst

stable demand/supply outlook in China

• The portfolio ideology remains receptive to newer opportunities available

in the market. Affirming the same we have made several changes in the

portfolio. The new additions in our large cap portfolio are Hindustan Zinc

and M&M. Moreover, we have increased allocated weights in HDFC, HDFC

Bank and Axis Bank. In our midcap portfolio we have added Tata

Chemicals, Bata, Graphite India, Indian Bank and increased weight in Bajaj

Finserv. Considering the strengthening rupee coupled with near term

issues around pharma companies, we have booked profits in Infosys (@ |

890/-) and Natco Pharma (@ | 750/-). We also have excluded Bosch,

Lupin, Indigo, Biocon and Rallis from large cap and midcap portfolio,

respectively.

Deal Team – At Your ServiceOutperformance continues across all portfolios…

House view on Index

• Over FY14-17 earnings were largely flat with Sensex EPS remaining range

bound between | 1350 and | 1400 levels. A global meltdown in

commodity prices and NPA recognition by banks resulted in sluggish

earnings growth. Hereon, in FY18-19E, stable commodity prices, revival of

consumption led demand & low base impact may lead to better earnings

growth in the near term leading markets to scale new highs

• We continue to maintain our high allocation towards the BFSI space with

total weightage of 37% in the Largecap portfolio and 20% in Midcap

portfolio. Apart from this, we continue to remain positive on consumption

theme with allocation of 18% and 36% in Largecap and Midcap portfolio,

respectively

• Regulatory issues and pricing pressure in the US base business are the

major overhangs resulting in a reduction of our weightage on pharma

companies. Rupee appreciation could be further detrimental for these

export oriented units

• A revival in the capex cycle coupled with a lower interest rate scenario

would benefit the BFSI and construction space (SBI, UltraTech, L&T, HDFC

and HDFC Bank)

• We continue to remain neutral on FMCG as secular earnings coupled with

sector rotation could lead to consolidation

Strategy 2016 - Sensex & Nifty Target

1375 1403 1528 18781.2%2.0%

8.9%

22.9%

0.0%

10.0%

20.0%

30.0%

0

200

400

600

800

1000

1200

1400

1600

1800

2000

FY16 FY17 FY18E FY19E

(|)

Sensex EPS Growth (%)

Deal Team – At Your ServicePerformance so far* …


• The large cap equity model portfolio continued its outperformance vis-à-

vis the index with 103.5% return since its inception (June 21, 2011) vis-à-

vis index return of 80% in the same period. Our sustained preference for

high quality names has aided this outperformance on a consistent basis.

We continue to be rewarded for our meticulous approach towards stock

selection while we endeavour to emulate the broader index

• On the other hand, given the astute selection in the midcap portfolio, the

outperformance in the same continues, with a return of 239.1% compared

to the midcap index return of 133.6%

• Given the overall outperformance in both (large & midcap) portfolios, the

diversified portfolio (combination of 70/30 ratio) has outperformed its

benchmark indices

• Since the last update (May 2017), our large cap portfolio has

underperformed the benchmark index, generating a return of 3.1%

compared to benchmark return of 5.7%. The Index outperformance was

mainly on the back of performance in Reliance Industries. Our Largecap

portfolio was impacted by underperformance in Lupin and Tata Motors.

• Our conservative stock selection in the midcap portfolio continues to

exhibit strong out-performance to the broader indices. The portfolio

outperformed with a return of 1.4% compared to index negative return of

1.1%. Strong performance in Bajaj Finserv and Kansai Nerolac resulted in

the outperformance

Portfolio performance since inception Portfolio performance since last update (May 2017)

103.5

239.1

137.7

80.0

133.6

98.4

0

25

50

75

100

125

150

175

200

225

250

275

Large Cap Midcap Diversified

%

Portfolio Benchmark

3.1

1.4

2.6

5.7

-1.1

4.7

-2

-1

0

1

2

3

4

5

6

Large Cap Midcap Diversified

%

Portfolio Benchmark

Deal Team – At Your ServiceTop movers* so far…

Large cap Midcap Diversified

Source: Bloomberg, ICICIdirect.com Research , *Starred stocks have been included in the portfolio since the last rejig in July 2012/May, August ,December 2013/ April, June, December 2014/ May 2015/July

2015/October 2015. Rest all are since inception in June 2011

Large cap Midcap Diversified

0

50

100

150

200

250

300

Bajaj

Finance

HDFC Bank HDFC Axis Bank Lupin

(%

)

Gainers

0

100

200

300

400

500

Natco

Pharma*

Kansai

Nerolac*

Bajaj

Finserve*

Indusind

Bank

Shree

Cement

(%

)

Gainers

0

50

100

150

200

250

300

350

400

Natco

Pharma*

Kansai

Nerolac*

Bajaj

Finance

HDFC Bank HDFC

(%)

Gainers

-30

-25

-20

-15

-10

-5

0

Tata Steel Bharti

Airtel

Aurobindo

Pharma

Coal India Biocon

(%

)

Draggers

-25

-20

-15

-10

-5

0U

nited Spirits

Indigo

Castrol In

dia

Exid

e Industries L

td

CA

RE

(%

)

Draggers

-40

-32

-24

-16

-8

0

Castrol

India

Exide

Industries

Ltd

CARE Coal India Biocon

(%

)

Draggers

Deal Team – At Your ServicePerformance* so far in SIP mode …


• Systematic investments at regular intervals in all our three portfolios have outperformed their respective benchmarks, acting as a perfect shield to the

volatility that the market encountered last year

• Assuming | 1,00,000 invested as SIP at the end of every month

• Start date of SIP is June 30, 2011

7,5

00

,00

0

7,5

00

,00

0

7,5

00

,00

0

10

,73

6,7

12

18

,10

9,5

15

12

,37

8,3

35

10

,51

1,6

08

12

,20

6,3

94

11

,67

8,9

14

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

20,000,000

Largecap Midcap Divesified

|

Investment Value of Investment in Portfo lio Value if invested in Benchmark

Deal Team – At Your ServiceWhat’s in, what’s out?

What's in?

Source: ICICIdirect.com Research

What's out ?

Name Portfolio Weight

Hindustan Zinc Largecap 6%

M&M Largecap 4%

HDFC Largecap Increased from 8% to 9%

HDFC Bank Largecap Increased from 8% to 10%

Axis Bank Largecap Increased from 4% to 6%

Tata Chemicals Midcap 6%

Bata Midcap 6%

Graphite India Midcap 6%

Indian Bank Midcap 6%

Bajaj Finserve Midcap Increased from 6% to 8%

Name Portfolio Weight

Infosys Largecap Booked Profits at | 890

Lupin Largecap 6%

Bosch Largecap 3%

Natco Pharma Midcap Booked Profits at | 750

Biocon Midcap 8%

Indigo Midcap 6%

Rallis Midcap 6%

Deal Team – At Your ServiceThe story of the stocks…

Source: Bloomberg ICICIdirect.com Research

Bata India (BATIND)

• Bata India is a major player in the Indian footwear market with a presence

across men’s, women’s and kid’s footwear segment with price points

ranging from mass market to premium category. It has a pan-India

presence with the largest network of retail stores in the footwear industry

with ~ 1300 stores in both metros and Tier I and Tier 2 cities, which

enables it to garner higher market share compared to other competitors

• In the past couple of years, shopping preferences of consumers have got

transformed from price sensitive to fashion quotient. Subsequently, Bata

has constantly focused on tapping the fashion conscious youth, working

women and children through introduction of latest and trendier styles of

footwear. In addition, the women’s market will be the key area of focus for

Bata in FY18. It intends to scale up the share of women’s category in the

product mix from 26% in FY17 to 35% in the next two years

• With strong Q1FY18 numbers coming in for Bata, we believe the

management is on the right track to achieve healthy topline growth via: a)

retail expansion through franchisee route in Tier II & Tier III cities and b)

improved visual merchandising, refurbishment of existing stores and new

styles of footwear to drive SSSG. In addition, constant enhancement of

product mix through increase in share of premium products will aid

operating margins. Thus, we expect revenues and earnings to grow at a

CAGR of 13.1% and 33.0%, respectively, in FY17-19E.

(| crore) FY16 FY17 FY18E FY19E

Net Sales 2,415 2,467 2,755 3,158

EBITDA 276 278 350 428

Net Profit 218 159 225 281

EPS (|) 16.9 12.4 17.5 21.8

P/E 39.6 54.2 38.3 30.7

Price to book 7.0 6.5 5.7 5.0

RONW (%) 17.8 12.0 15.0 16.4

ROCE (%) 16.1 16.0 18.4 20.1

Indian Bank (INDIBA)

•Indian Bank is a mid-sized PSU bank with close to 2687 branches. In FY11-

15, credit traction has been strong at 19% CAGR, ahead of industry.

However, owing to a slowdown in corporate credit demand, advances

remained flattish in FY16-17. As on FY17, loans were at | 127699 crore; well

diversified into corporate at 45% of domestic book and retail at ~55%. With

focus on the SME and retail segment, we expect a pick-up in credit growth

at 10.7% CAGR in FY17-19E to | 156574 crore

•Indian Bank witnessed margin erosion to <2.5% in FY16 vs. 3.6% in FY12,

primarily owing to asset quality deterioration (GNPA at 6.7% in FY16 vs.

2.0% in FY12). With moderation in slippages, growth in advances and

steady CASA at 38-39%, we expect the bank’s calculated NIMs to improve

and gradually pick up at >2.8% in FY17-19E

•Indian Bank has seen deterioration in asset quality in last four fiscals with

GNPA increasing to 7.5% in FY17 vs. 1% in FY10. However, asset quality

has been relatively better due to its diversified book and lower exposure to

power and iron & steel sector. With moderation in slippage & balance sheet

growth, GNPA ratio is expected to improve at 6.2% in FY19E

•Amid the current scenario plagued with slower growth and asset quality

woes, Indian Bank has emerged as a strong performer with stronger CAR,

healthy asset quality and improving return ratios. Consequently, the bank is

commanding a premium compared to peers. With better earning visibility

(PAT CAGR estimated at 30% to | 2387 crore in FY17-19E), we expect

premium to continue and remain positive on the stock

Key Financials FY16 FY17 FY18E FY19E

NII 4,446.2 5,146.1 5,701.7 6,251.7

PPP 3,032.1 4,000.7 4,532.4 4,946.2

PAT 711.4 1405.7 1797.9 2387.1

EPS (|) 14.8 29.3 34.1 45.2

PE (x) 20.1 10.2 8.7 6.6

P/ABV (x) 1.4 1.3 1.2 1.0

ROA (%) 0.4 0.7 0.8 1.0

ROE (%) 4.5 8.4 9.8 11.5



Hindustan Zinc (HINZIN)

• Hindustan Zinc is a leading manufacturer of zinc and lead in India. The

company has a huge reserve base, which provides strong earnings

visibility. The total reserve and resource (R&R) as on March 31, 2017 was

at 404.4 MT containing 36.09 MT of zinc-lead metal and 1032 million

ounce (Moz) of silver. The overall mine life is 25+ years. Furthermore,

HZL’s smelting assets are in the lowest quartile on the global cost curve.

The low cost advantage is attributable to its fully integrated nature of

operations involving mines, smelter and captive power source. The

smelters lie within the proximity of mines resulting in low transportation

and shifting costs, which augurs well for the company

• According to preliminary data compiled by ILZSG, the global market for

refined zinc metal was in deficit by 203 KT during H1CY17 (January-June

2017) with total reported inventories declining by 212 KT over the same

period. Refined zinc metal production during the period was at 6744 KT

against metal usage of 6947 KT. The refined zinc market has been in

deficit in three out of the last five years (CY13, CY14 and CY16). In the

past, zinc deficit has augured well for global zinc prices

• HZL’s integrated business model ensures steady cash flows. Furthermore,

the company has a strong balance sheet, lower cost of production, net

cash status and healthy dividend yield, which reiterates our positive

stance on the company

Graphite India (CAREVE)

• The company is a leading manufacturer of graphite electrode with an

installed capacity of 98,000 tonne per annum (TPA). The fortunes of the

graphite electrode sector have been on an uptrend. Over the last few

months, spot graphite electrode prices registered a notable increase. The

key triggers have been 1) consolidation of graphite electrode market

globally, 2) ~20% of the global graphite electrode capacity (ex. China)

shutting down in the last three years, 3) increase in steel production

through EAF route (outside China) coupled with an increase in global steel

prices, 4) closure of steel capacity in China leading to a decline in exports

of both steel and graphite electrodes from the region

• The contracting supply amid healthy demand has resulted in an

improvement in graphite electrode prices. We believe the benefit of

higher graphite electrode prices is likely to flow in H2FY18 and FY19E

• Graphite India reported healthy utilisation level for of 95% for Q1FY18

(68% in Q1FY17 and 89% in Q4FY17). On the back of healthy demand

prospects, we expect Graphite India’s consolidated capacity utilisation

levels to improve from ~74% in FY17 to ~84% in FY18E and ~90% in

FY19E. On the back of healthy capacity utilisation coupled with improved

realisations, we expect Graphite India’s consolidated operating margins to

get augmented to 12.6% and 16.7% in FY18E and FY19E, respectively

• Graphite India has a robust balance sheet, net cash status and healthy

cash flow generation, which augurs well for the company

| Crore FY16 FY17 FY18E FY19E

Total Operating Income 14,226.4 17,273.0 21,083.6 23,144.6

EBITDA 6,640.6 9,738.4 12,220.5 13,684.0

PAT 8,166.6 8,315.6 9,972.1 11,204.7

EPS (|) 19.3 19.7 23.6 26.5

P/E (x) 14.6 14.4 12.0 10.7

EV/EBITDA (x) 12.7 9.8 7.8 6.2

ROE (%) 21.8 27.0 26.8 25.2

ROCE (%) 21.6 26.9 33.4 31.8

| Crore FY16 FY17 FY18E FY19E

Total Operating Income 1,532.3 1,467.8 2,099.7 2,722.7

EBITDA 134.6 39.6 265.5 455.5

PAT 82.8 70.5 188.5 332.7

EPS (|) 4.2 3.6 9.6 17.0

P/E (x) 59.7 70.2 26.2 14.9

EV/EBITDA (x) 35.7 114.3 16.7 9.1

ROE (%) 4.7 3.8 10.0 15.3

ROCE (%) 4.2 (0.3) 9.9 17.1



Mahindra & Mahindra (MAHMAH)

• During FY12-17, M&M’s market share in the UV segment halved from

~55.6% to ~29.2% and is mainly due to 1) competitive UV launches

which received good response, 2) lack of petrol UV variants, 3) slowdown

in rural economy in FY15 & FY16 (impacted rural models like Bolero &

Scorpio). However, given that M&M has high rural exposure of ~40%, we

expect the company’s traditional UVs to benefit with a lag effect post

normal monsoon in FY18E. Secondly, M&M has two launches- 1) U321

(MPV) in H2FY18 2) S201 (Tivoli platform) in FY19E, which will further aid

volume growth. Thus, we build in automotive volume growth of 8.3%,

10.4% for FY18E, FY19E, respectively

• Owing to a well-diversified product mix, a strong pan-India presence &

cost-efficient operations, M&M clocked highest market share of ~46% in

tractor segment in Q1FY18. With normal monsoon & positive rural

sentiment, the management expects industry volume growth of 10-12%.

M&M has made acquisitions like Mitsubishi & Sampo that will aid in

diversifying farm equipment revenues & tap global growth opportunities.

We build in tractor volume growth of 13.2%, 10.3% for FY17E, FY18E,

respectively. Given the increasing contribution of high margin tractor

business, we expect overall EBITDA margin to be >11%, going forward

• M&M’s ability to sustain profitability at a respectable level amid all

aforesaid pressures demonstrates business & management strength.

Thus, we remain positive and have BUY recommendation on the stock.

Key Financials FY16 FY17 FY18E FY19E

Revenue (| crore) 40,875.1 43,785.4 53,882.7 63,979.7

EBITDA (| crore) 4,620.0 4,769.3 6,048.9 7,275.8

Net Profit (| crore) 3,204.6 3,955.6 4,023.2 4,911.8

EPS (|) 54.3 67.0 68.2 83.2

PE (x) 17.8 15.8 13.9 11.4

P/BV (x) 3.7 3.1 2.9 2.6

ROE (%) 14.3 13.7 14.5 15.6

ROCE (%) 17.5 16.4 19.2 21.1

Tata Chemicals (TATCHE)

• Tata Chemicals, a Tata group enterprise is a conglomerate involved in the

business of manufacturing soda ash (domestic as well as global), Branded

salt, branded pulses & spices and is also a holding company of agri input

player i.e. Rallis India (50% stake)

• The company has staged successful turn around in its overseas soda ash

business (Europe & Kenya) and clocks healthy 25%+ EBITDA margins in

the domestic soda ash business thereby realising healthy cash flows to

fund further expansion plans towards other emerging businesses

• In the branded salt business (sales ~| 1000 crore) it has a dominant

market share in excess of 60% and is the most widely used branded salt

in Indian homes thereby commanding strong brand premium.

• On the Rallis India front, the company is a leading agri input player

domestically with presence across the value chain ranging from seeds,

plant growth nutrients, agro-chemicals etc. It currently commands a

market cap of ~| 4,500 crore while In FY17, on a consolidated basis, Rallis

India clocked Sales of | 1659 crore, EBITDA of | 263 crore (EBITDA

margins at 14.2%) & normalized PAT at | 170 crore

• The key trigger and investment thesis for Tata Chemical however will be

the exit from the government controlled domestic fertilizer business (urea

business stake sell announced; deal expected to be consummated by Nov

2017) and thrust on branded consumer business (namely Salt, Besan.

Spices, pulses ,etc) which will believe will derive re-rating going forward

Key Financials FY14 FY15 FY16 FY17

Net Sales (| Crore) 15,885 17,204 14,873 12,942

EBITDA (| Crore) 244.9 1,903.2 2,165.9 2,358.5

PAT (| Crore) -1,032.0 596.5 770.6 993.1

EPS (|) NA 23.4 30.2 38.9

P/E (x) NA 25.2 19.5 15.1

P/BV(x) 2.7 2.7 2.2 1.9

RoE (%) -18.5 10.7 11.2 12.6

RoCE (%) 0.4 11.1 9.6 11.4

Deal Team – At Your ServiceLarge cap portfolio


Earlier Now


Auto 15.0

Tata Motor DVR 4.0

Bosch 3.0

Maruti 5.0

EICHER Motors 3.0

BFSI 32.0

HDFC Bank 8.0

Axis Bank 4.0

HDFC 8.0

Bajaj Finance 6.0

SBI 6.0

Capital Goods 4.0

L & T 4.0

Cement 4.0


FMCG/Consumer 18.0

Dabur 5.0

Marico 4.0

Asian Paints 5.0

Nestle 4.0

IT 12.0

Infosys 6.0

TCS 6.0

Media 4.0


Pharma 6.0

Lupin 6.0

Oil and Gas 5.0

GAIL Ltd. 5.0

Total 100.0


Auto 16.0

Tata Motor DVR 4.0

Maruti 5.0

EICHER Motors 3.0


BFSI 37.0

HDFC Bank 10.0

Axis Bank 6.0

HDFC 9.0

Bajaj Finance 6.0

SBI 6.0

Capital Goods 4.0

L & T 4.0

Cement 4.0


FMCG/Consumer 18.0

Dabur 5.0

Marico 4.0

Asian Paints 5.0

Nestle 4.0

IT 6.0

TCS 6.0

Media 4.0


Metals 6.0

Hindustan Zinc 6.0

Oil and Gas 5.0

GAIL Ltd. 5.0

Total 100.0

Deal Team – At Your ServiceMidcap portfolio


Earlier Now


Aviation 6.0

Interglobe Aviation 6.0

Auto 6.0

Bharat Forge 6.0

BFSI 12.0

Bajaj Finserve 6.0

J&K Bank 6.0

Capital Goods 6.0


Cement 6.0

Ramco Cement 6.0

Consumer 30.0

Symphony 6.0

Supreme Ind 6.0

Kansai Nerolac 6.0

Pidilite 6.0

Rallis 6.0

Infrastructure 8.0

NBCC 8.0

Logistics 6.0


Pharma 14.0

Natco Pharma 6.0

Biocon 8.0

Textile 6.0

Arvind 6.0

Total 100.0


Auto 6.0

Bharat Forge 6.0

BFSI 20.0

Bajaj Finserve 8.0

J&K Bank 6.0

Indian Bank 6.0

Capital Goods 6.0


Cement 6.0

Ramco Cement 6.0

Consumer 36.0

Symphony 6.0

Supreme Ind 6.0

Kansai Nerolac 6.0

Pidilite 6.0

Tata Chemicals 6.0

Bata 6.0

Metals 6.0

Graphite India 6.0

Infrastructure 8.0

NBCC 8.0

Logistics 6.0


Textile 6.0

Arvind 6.0

Total 100.0

Deal Team – At Your ServiceDiversified portfolio (1/2)


Earlier Now


Auto 12.3

Tata Motor DVR 2.8

Bosch 2.1

Maruti 3.5

Eicher Motors 2.1

Bharat Forge 1.8

Consumer Discretionary 16.1

Symphony 1.8

Supreme Ind 1.8

Kansai Nerolac 1.8

Pidilite 1.8

Asian Paints 3.5

Arvind 1.8

Interglobe Aviation 1.8

Rallis 1.8

BFSI 26.0

HDFC Bank 5.6

Axis Bank 2.8

SBI 4.2

HDFC 5.6

Bajaj Finance 4.2

Bajaj Finserve 1.8

J&K Bank 1.8

Power, Infrastructure & Cement 13.4

L & T 2.8


Ramco Cement 1.8

NBCC 2.4




Auto 13.0

Tata Motor DVR 2.8

Maruti 3.5

Eicher Motors 2.1

Bharat Forge 1.8


Consumer Discretionary 16.1

Symphony 1.8

Supreme Ind 1.8

Kansai Nerolac 1.8

Pidilite 1.8

Asian Paints 3.5

Arvind 1.8

Tata Chemicals 1.8

Bata 1.8

BFSI 31.9

HDFC Bank 7.0

Axis Bank 4.2

SBI 4.2

HDFC 6.3

Bajaj Finance 4.2

Bajaj Finserve 2.4

J&K Bank 1.8

Indian Bank 1.8

Power, Infrastructure & Cement 13.4

L & T 2.8


Ramco Cement 1.8

NBCC 2.4



Deal Team – At Your ServiceDiversified portfolio (2/2)


Earlier Now


FMCG 9.1

Nestle 2.8

Marico 2.8

Dabur 3.5

Pharma 8.4

Lupin 4.2

Natco Pharma 1.8

Biocon 2.4

IT 8.4

Infosys 4.2

TCS 4.2

Media 2.8


Oil and Gas 3.5

GAIL Ltd. 3.5

Total 100.0


FMCG 9.1

Nestle 2.8

Marico 2.8

Dabur 3.5

Metals 6.0

Hindustan Zinc 4.2

Graphite India 1.8

IT 4.2

TCS 4.2

Media 2.8


Oil and Gas 3.5

GAIL Ltd. 3.5

Total 100.0

15

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk,

ICICI Securities Limited,

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[email protected]

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