sdr - equity mf jan 2019 - open file - narnolia · agro tech foods ltd wabco india ltd hindustan...

PortfolioAnalytics

SDR - Screening, Diagnostics& Recommendation Report

Screening your holdings

Diagnosis of disparity

Recommendations of restructuring

ScreeningEquity

Narnolia Financial Advisors Limited Sample report for illustration purpose only

01

Portfolio Code: 1018_NSL_SAMPLEP3444

500215

500209

500696

500480

533023

513599

533269

500040

532321

500049

532795

531548

511196

500280

532523

500477

521064

505714

524715

532174

533248

500325

532659

532149

532822

532667

533400

500690

Small Cap

Hi Cap

Hi Cap

Mid Cap

Mid Cap

Mid Cap

Mid Cap

Mid Cap

Hi Cap

Hi Cap

Small Cap

Mid Cap

Mid Cap

Micro Cap

Hi Cap

Hi Cap

Mid Cap

Small Cap

Hi Cap

Hi Cap

Mid Cap

Hi Cap

Mid Cap

Mid Cap

Hi Cap

Mid Cap

Mid Cap

Mid Cap

Consumer Staples

Information Technology

Consumer Staples

Industrials

Consumer Discretionary

Materials

Utilities

Materials

Health Care

Industrials


Materials

Financials


Health Care




Health Care

Financials

Industrials

Energy

Financials

Financials

Telecom

Industrials

Consumer Staples

Materials

Agro Tech Foods Ltd

Infosys Ltd

Hindustan Unilever Ltd

Cummins India Ltd

WABCO India Ltd

Hindustan Copper Ltd

Va Tech Wabag Ltd

Century Textiles & Industries Ltd

Cadila Healthcare Ltd

Bharat Electronics Ltd

Siti Networks Ltd

Somany Ceramics Ltd

Can Fin Homes Ltd

Century Enka Ltd

Biocon Ltd

Ashok Leyland Ltd

Trident Ltd

Gabriel India Ltd

Sun Pharmaceuticals Industries Ltd

ICICI Bank Ltd

Gujarat Pipavav Port Ltd

Reliance Industries Ltd

IDFC Ltd

Bank of India

Vodafone Idea Ltd

Suzlon Energy Ltd

Future Consumer Ltd

Gujarat State Fertilizers & Chemicals

Food Products

Software & Services

Household & Personal products

Electrical Equipment

Auto Components

Metals/Mining/Minerals

Utilities Industry

Construction Materials

Pharmaceuticals

Aerospace & Defense

Media


Diversified Financial Services

Textiles, Apparel & Luxury Goods

Pharmaceuticals

Automobiles


Auto Components

Pharmaceuticals

Commercial Banks

Construction & Engineering

Oil, Gas & Consumable Fuels


Commercial Banks

Diversified Telecom Services


Food Products

Chemicals

Value

Blend

Value

Value

Blend

Value

Blend

Value

Blend

Blend

Blend

Blend

Blend

Growth

Blend

Value

Blend

Blend

Blend

Blend

Blend

Blend

Blend

Blend

Growth

Growth

Blend

Blend

3278

1837

657

1447

150

18437

3430

1000

2053

8956

65488

1737

2332

1980

704

3423

6340

3070

587

940

2348

136

3518

1759

3022

17641

1171

60

503.65

679.05

1568.65

680.1

6555.7

51.45

254.45

810.9

377

85.5

9.42

349.7

244.95

257.5

607.9

115.75

57.7

118.65

590.65

318.8

101.8

1126.4

38.6

77.2

35.9

5.8

40.5

93.2

1,650,965

1,247,415

1,030,603

984,105

983,355

948,584

872,764

810,900

773,981

765,738

616,897

607,429

571,223

509,850

427,962

396,212

365,818

364,256

346,712

299,672

239,026

153,190

135,795

135,795

108,490

102,318

47,426

5,592

10.65%

8.05%

6.65%

6.35%

6.34%

6.12%

5.63%

5.23%

4.99%

4.94%

3.98%

3.92%

3.68%

3.29%

2.76%

2.56%

2.36%

2.35%

2.24%

1.93%

1.54%

0.99%

0.88%

0.88%

0.70%

0.66%

0.31%

0.04%

BSE Code Cap SectorName Industry Style Qty CMP Value Weight

15,502,070 100%

Direct Equity

Allocation DisparityDiagnosis

02

“

“

No Diagnosis , No Prognosis; No Prognosis, No Profits.- Anonymous

Capitalization Wise Sector Wise

Style Wise

Quant Wise

Energy

Materials

Industrials


Consumer Staples

Health Care

Financials


Telecom

Utilities

Growth

Blend

Value

Low PS High ES

High PS High ES

Low PS Low ES

High PS Low ES

12.9

12.18

8.66

13.67

9.08

7.52

17.68

11.84

2.73

3.74

20.44

58.66

20.89

0.99

15.3

13.49

20.88

17.6

9.99

7.37

8.05

0.7

5.63

4.65

57.80

37.55

4

5

7

8

6

6

14

12

0

2

5

35

25

11

8

10

12

11

10

19

16

3

5

15

50

40

8.04

6.15

5.04

12.65

8.7

6.85

30.45

16.72

2.66

2.75

18.24

67.21

14.55

10.14

65.16

20.82

3.88

16.14

46.83

28.22

8.81

37.36

24.41

10.33

17.33

30

20

0

0

40

30

10

5

50

40

20

10

Nifty All ShareSectorsYour

Portfolio Lower Mean

18

11

13

16

16

13

24

20

5

8

25

65

55

Higher

Under-Wt.

Over-Wt.

Over-Wt.

Over-Wt.

Over-Wt.

Under-Wt.

Under-Wt.

Under-Wt.

-

-

Remarks

Nifty All ShareStyleYour

Portfolio Lower Mean Higher Remarks

Nifty All ShareQuantitativeScores

Your Portfolio Lower Mean Higher Remarks

Screening, Diagnostics & Recommendation

Hi Cap

Mid Cap

Small Cap

Micro Cap

71.11

24.31

3.51

1.07

35.8

43.93

16.98

3.29

40

30

5

3

58

35

10

5

99.10

0.90

0.00

0.00

Nifty All ShareCapitalisationYour


75

40

15

6

Higher

Under-Wt.

Over-Wt.

Over-Wt.

Remarks

-

-

Over-Wt.

-

Sample report for illustration purpose only

Mid Cap43.93

Hi Cap35.80

Small Cap16.98

Micro Cap3.29

Selection DisparityDiagnosis

“

“

What gets measured gets managed.- Anonymous

û

-ûû

---------û

---

ûûûû

-û

-û

--ûû

-ûûû

---

Energy

Materials

Financials

Telecom

Utilities

Energy Equipment & Services


Chemicals


Containers & Packaging


Paper & Forest Products

Commercial Banks


Consumer Finance

Capital Markets

Diversified Telecommunication Services

Utilities Industry

Sector / Industry Selection

û

-ûûûû

-û

-ûüû

--ûûû

-

Industrials

Health Care

Aerospace & Defense

Building Products



Industrial Conglomerates

Machinery

Trading Companies & Distributors

Real Estate

Commercial Services & Supplies

Logistics

Airlines

Marine

Transportation Infrastructure

Health Care Equipment & Svcs

Pharma., Bio. & Life Sciences

Pharmaceuticals



Consumer Staples


Auto Components

Automobiles

Household Durables


Consumer Services

Media

Beverages

Retailing

Food Products

Tobacco


Software & Services

Communications Equipment

Computers & Peripherals

Semiconductors & Semiconductor Equipment


Sector-Wise

Industry-Wise

Selection Disparity

Over-Weight

Underweight

Over-Weight

Underweight

Over-Weight:

Underweight:

Over-Weight:

Underweight:

Mid Cap,Small Cap

Hi Cap

-

High PS Low ES

-

Materials, Industrials, Consumer Discretionary, Consumer Staples

Energy, Financials, Information Technology

Growth

Sector-Wise

Style-Wise

Capitalization-Wise

Quant-Wise

Allocation Disparity

Summary - Portfolio Allocation Disparity Alongwith The Portfolio Selection Disparity

Energy, Materials, Financials, Industrials, HealthCare,Consumer Staples, Information Technology.

Oil, Gas & Consumable Fuels, Metals/Mining/ Minerals, Commercial Banks, Diversified Financial Services,Construction & Engineering, Electrical Equipment, Transportation Infrastructure, Pharma., Bio. & Life Sciences, Pharmaceuticals, Household & Personal Products, Software & Services

03


Disparity Impact AnalysisDiagnosis

EW India_3T Portfolio Return -Since Inception

All Share Index Return

S&P 500 Index Return

Portfolio Return

134.78

68.15

67.36

28.75

% Return (01.04.2014 till date)Portfolio Benchmark

200

150

100

50

0EW India_3T

Portfolio ReturnSince Inception

Portfolio Date: 10 November 2016

All Share Index Return

S&P 500 Index Return

Portfolio Return

Portfolio vs. EW India_3T Portfolio Return

Portfolio vs. All Share Index Return

Portfolio vs. S&P 500 Index Return

(106.03)

(39.4)

(38.61)

(12766052.84)

(4743775.18)

(4648658.87)

% AmountOpportunity Loss

Average Annualized Return

Average Monthly Return

Best Month

Worst Month

Worst 3 Day Return

Standard Deviation

Sharpe Ratio

% Winning Months

% Losing Months

20.71

1.73

18.68

(8.62)

(6.03)

14.36

1.44

67.92

32.08

12.03

1.00

10.64

(8.84)

(5.80)

12.32

0.98

62.26

37.74

12.14

1.01

12.17

(8.89)

(6.18)

12.8

0.95

60.38

39.62

5.73

0.48

21.8

(18.99)

(9.66)

18.33

0.31

62.26

37.74

S&P 500 EWASIYour

Original PortfolioKey StatisticsEW India_3T

Portfolio

“

“

A man with his head in the oven and body in the freezer may have an average body temperature of 98.6 degrees, but hecan’t be comfortable. A good average return on investment can’t justify the importance of poor business. - Anonymous

134.78

63.51

67.36

28.75

04

Screening, Diagnostics & RecommendationSample report for illustration purpose only

Restructuring (Optimizer)Recommendations

“

“

Markets are constantly in a state of uncertainty & flux and money is made bydiscounting the obvious & betting on the unexpected.- Anonymous

500215

533023

513599

500040

532795

531548

532659

532149

532667

500690

Agro Tech Foods Ltd

WABCO India Ltd



Siti Networks Ltd

Somany Ceramics Ltd

IDFC Ltd

Bank of India

Suzlon Energy Ltd

Gujarat State Fertilizers & Chemicals Ltd

Sell

Sell

Sell

Sell

Sell

Sell

Sell

Sell

Sell

Sell

Consumer Staples

"Consumer Discretionary"

Materials

Materials

"Consumer Discretionary"

Materials

Financials

Financials

Industrials

Materials

1231

150

6026

382

65488

1737

3518

1759

17641

60

4.00

6.34

2.00

2.00

3.98

3.92

0.88

0.88

0.66

0.04

503.65

6555.70

51.45

810.90

9.42

349.7

38.6

77.2

5.8

93.20

619,993

983,355

310,038

309,764

616,897

607,429

135,795

135,795

102,318

5,592

500325

500180

532978

532175


HDFC Bank Ltd

Bajaj Finserv Ltd

Cyient Ltd

Buy

Buy

Buy

Buy

Energy

Financials

Financials


1057

548

134

1183

7.68

7.00

5.01

5.00

Sector Qty %BSE Code SellCompany

1126.40

1979

5791.15

655.45

1,190,605

1,084,492

776,014

775,397

CMP Value

Sector Qty %BSE Code SellCompany CMP Value

3,826,508

A well diversified portfolio has been created by adding good quality Hi and Mid Caps from varied sectors.

05


Restructured/Optimized PortfolioRecommendations

500325

500209

500180

500215

500696

500480

533269

532978

532175

532321

500049

513599

511196

500280

500040

532523

500477

521064

505714

524715

532174

533248

533248

533400

Hi Cap

Hi Cap

Hi Cap

Small Cap

Hi Cap

Mid Cap

Mid Cap

Hi Cap

Mid Cap

Hi Cap

Hi Cap

Mid Cap

Mid Cap

Micro Cap

Mid Cap

Hi Cap

Hi Cap

Mid Cap

Small Cap

Hi Cap

Hi Cap

Mid Cap

Hi Cap

Mid Cap

Energy


Financials

Consumer Staples

Consumer Staples

Industrials

Utilities

Financials


Health Care

Industrials

Materials

Financials


Materials

Health Care




Health Care

Financials

Industrials

Telecom

Consumer Staples


Infosys Ltd

HDFC Bank Ltd

Agro Tech Foods Ltd

Hindustan Unilever Ltd

Cummins India Ltd

Va Tech Wabag Ltd

Bajaj Finserv Ltd

Cyient Ltd

Cadila Healthcare Ltd

Bharat Electronics Ltd


Can Fin Homes Ltd

Century Enka Ltd


Biocon Ltd

Ashok Leyland Ltd

Trident Ltd

Gabriel India Ltd


ICICI Bank Ltd

Gujarat Pipavav Port Ltd

Vodafone Idea Ltd

Future Consumer Ltd


Software & Services

Commercial Banks

Food Products



Utilities Industry


Software & Services

Pharmaceuticals

Aerospace & Defense





Pharmaceuticals

Automobiles


Auto Components

Pharmaceuticals

Commercial Banks


Telecommunication Services

Food Products

Blend

Blend

Blend

Value

Value

Value

Blend

Blend

Growth

Blend

Blend

Value

Blend

Growth

Value

Blend

Value

Blend

Blend

Blend

Blend

Blend

Growth

Blend

1193

1837

548

2047

657

1447

3430

134

1183

2053

8956

12411

2332

1980

618

704

3423

6340

3070

587

940

2348

3022

1171

1126.4

679.05

1979

503.65

1568.65

680.1

254.45

5791.15

655.45

377

85.5

51.45

244.95

257.5

810.9

607.9

115.75

57.7

118.65

590.65

318.8

101.8

35.9

40.5

1,343,795

1,247,415

1,084,492

1,030,972

1,030,603

984,105

872,764

776,014

775,397

773,981

765,738

638,546

571,223

509,850

501,136

427,962

396,212

365,818

364,256

346,712

299,672

239,026

108,490

47,426

8.67%

8.05%

7.00%

6.65%

6.65%

6.35%

5.63%

5.01%

5.00%

4.99%

4.94%

4.12%

3.68%

3.29%

3.23%

2.76%

2.56%

2.36%

2.35%

2.24%

1.93%

1.54%

0.31%

BSE Code Cap SectorName Industry Style Qty CMP Value Weight

15,501,603 100%

“

“

People tend to get bullish when they own the stock.- Anonymous

06


Restructured /Optimized PortfolioRecommendations

Capitalisation Wise

Hi Cap

Mid Cap

Small Cap

Micro Cap

71.11

24.31

3.51

1.07

55.49

32.23

9

3.29

40

30

5

3

58

35

10

5

99.10

0.90

0.00

0.00

Nifty All ShareCapitalisationYour


75

40

15

6

Higher Remarks

Sector Wise

Style Wise

Quant Wise

Energy

Materials

Industrials


Consumer Staples

Health Care

Financials


Telecom

Utilities

Growth

Blend

Value

Low PS High ES

High PS High ES

Low PS Low ES

High PS Low ES

12.90

12.18

8.66

13.67

9.08

7.52

17.68

11.84

2.73

3.74

20.44

58.66

20.89

8.67

7.35

12.83

10.55

13.61

9.99

17.62

13.05

0.7

5.63

8.99

61.45

29.56

4

5

7

8

6

6

14

12

0

2

5

35

25

11

8

10

12

11

10

19

16

3

5

15

50

40

8.04

6.15

5.04

12.65

8.70

6.85

30.45

16.72

2.66

2.75

18.24

67.21

14.55

10.14

65.16

20.82

3.88

16.14

46.83

28.22

8.81

33.36

30.72

6.35

9.41

30

20

0

0

40

30

10

5

50

40

20

10

Nifty All ShareSectorsYour


18

11

13

16

16

13

24

20

5

8

25

65

55

Higher Remarks

Nifty All ShareStyleYour

Portfolio Lower Mean Higher Remarks

Nifty All ShareQuantitativeScores

Your Portfolio Lower Mean Higher Remarks

“

“

Markets are constantly in a state of uncertainty & flux and money is made bydiscounting the obvious & betting on the unexpected.- Anonymous

07


Small Cap9.0

Mid Cap32.23

Hi Cap55.49

Micro Cap3.29

MaximizerRecommendations

“

“

What gets measured gets managed.- Anonymous

500180

500209

500325

500510

500875

532215

500520

532978

500251

524715

500084

500312

532500

540767

Hi Cap

Hi Cap

Hi Cap

Hi Cap

Hi Cap

Hi Cap

Hi Cap

Hi Cap

Mid Cap

Hi Cap

Mid Cap

Hi Cap

Hi Cap

Mid Cap

Financials


Energy

Industrials

Consumer Staples

Financials


Financials


Health Care

Utilities

Energy


Financials

HDFC Bank Ltd

Infosys Ltd


Larsen & Toubro Ltd

ITC Ltd

Axis Bank Ltd

Mahindra & Mahindra Ltd

Bajaj Finserv Ltd

Trent Ltd


CESC Ltd

Oil & Natural Gas Corpn Ltd

Maruti Suzuki India Ltd

Reliance Nippon Life Asset Mgmt. Ltd

Commercial Banks

Software & Services



Tobacco

Commercial Banks

Automobiles


Retailing

Pharmaceuticals

Utilities Industry


Automobiles


Blend

Blend

Blend

Blend

Blend

Blend

Blend

Blend

Value

Blend

Growth

Blend

Blend

14.54%

12.34%

11.40%

9.64%

8.19%

7.73%

6.58%

6.08%

5.47%

4.44%

3.94%

3.37%

3.33%

2.96%

BSE Code Cap SectorName Industry Style Weight%

100%

08


500325500180500825532187500510500209530239500875532978532175500440532215500520532898511243532538500084539978539957532178539844531344500408532286540133532321

Hi CapHi CapHi CapHi CapHi CapHi CapSmall CapHi CapHi CapMid CapHi CapHi CapHi CapHi CapMid CapHi CapMid CapMid CapMid CapMid CapMid CapHi CapMid CapMid CapHi CapHi Cap

EnergyFinancialsConsumer StaplesFinancialsIndustrialsInformation TechnologyHealth CareConsumer StaplesFinancialsInformation TechnologyMaterialsFinancialsConsumer DiscretionaryUtilitiesFinancialsMaterialsUtilitiesConsumer DiscretionaryUtilitiesIndustrialsFinancialsIndustrialsInformation TechnologyMaterialsFinancialsHealth Care

Reliance Industries LtdHDFC Bank LtdBritannia Industries LtdIndusInd Bank LtdLarsen & Toubro LtdInfosys LtdSuven Life Sciences LtdITC LtdBajaj Finserv LtdCyient LtdHindalco Industries LtdAxis Bank LtdMahindra & Mahindra LtdPower Grid Corporation of India LtdCholamandalam Invst. & Fin Company LtdUltraTech Cement LtdCESC LtdQuess Corp LtdMahanagar Gas LtdEngineers India LtdEquitas Holdings LtdContainer Corporation Of India LtdTata Elxsi LtdJindal Steel & Power LtdICICI Prudential Life Insurance Company LtdCadila Healthcare Ltd

Oil, Gas & Consumable FuelsCommercial BanksFood ProductsCommercial BanksConstruction & EngineeringSoftware & ServicesPharmaceuticalsTobaccoDiversified Financial ServicesSoftware & ServicesMetals/Mining/MineralsCommercial BanksAutomobilesUtilities IndustryDiversified Financial ServicesConstruction MaterialsUtilities IndustryConsumer ServicesUtilities IndustryConstruction & EngineeringDiversified Financial ServicesLogisticsSoftware & ServicesMetals/Mining/MineralsDiversified Financial ServicesPharmaceuticals

BlendBlendBlendBlendBlendBlendBlendBlendBlend

GrowthBlendBlendBlend

GrowthBlendValue

GrowthTop- 500 GrowthTop- 500 Growth

ValueTop- 500 Growth

BlendBlendBlend

Top- 500 BlendBlend

8.20%7.15%6.92%5.87%5.13%4.79%4.15%4.03%3.97%3.66%3.54%3.48%3.32%3.26%3.03%2.90%2.86%2.68%2.63%2.63%2.37%2.36%2.21%2.10%1.97%1.94%

BSE Code Cap SectorName Industry Style Weight%

09


Objective of the Report

"Expectations are even higher in the context of the unprecedented growth opportunities in the country which comes in 200 - 500 years of life cycle of a nation. With increasing awareness levels investors have started realising the superiority of equity over other asset classes and of mutual fund route over direct equity. But, data (tables below) suggest that simple selection of mutual fund schemes is not a guaranteed solution to achieve ones' investment goal. Through this report we work as the financial doctor of the investors and help them in achieving their investment objective with the support of the comprehensive in house 2 stage 13 stage filtration research process on both individual schemes and overall portfolio.

This SDR report contains 3 systematic steps : (I) Screening (ii) Diagnosis (iii) Recommendations

Investors strive to achieve superior and consistent riskadjusted return over a period of ones investment.

Mutual Fund

( c ) Either the fund managers change and/or they fail to act proactivelyin changing Market dynamics

Consistency Test for 282 diversified Schemes

Outperformance % over last 5 years

% MF outperforming

TIMES 1

2

3

4

5

Nifty 99%

96%

80%

54%

16%

BSE S&P 50099%

86%

68%

41%

16%

177

64

36.20

(51.80)

(53.50)

(40.20)

13.40

219

134

61.20

75.80

82.80

115.80

33.10

241

125

51.90

17.90

18.60

33.00

14.40

272

157

57.70

(24.60)

(24.00)

(9.70)

14.30

296

195

65.90

27.70

31.90

52.10

20.20

311

128

41.20

6.80

4.80

25.40

20.60

331

281

84.90

31.40

48.70

87.20

38.50

399

337

84.50

(4.10)

2.20

16.40

14.20

382

254

66.50

3.00

10.00

15.90

5.90

300

196

62.50

9.40

13.50

31.70

18.10

Particulars 2008 2009 2010 2011 2012 2013 2014 2015 2016 Average

( a ) Most schemes fail in the above superiority test of the investors

Total No of Schemes

No of outperformers

% of outperformers

Return of Nifty

Avg Return

30 Best Schemes

Research Benefits

“

“

Only thing to do when the man is wrong is to be right by ceasing to be wrong- Anonymous

2011-12

ConsumerStaples

19.6

Health Care6.9

ConsumerDiscretionary

1.4

InformationTechnology

-5.5

Telecom-5.9

Nifty-9.1

Sensex-10.4

Finanacials-13.1

Materials-15.3

Utilities-15.8

Energy-17.3

Industrials-24

2012-13

ConsumerStaples

21.8

Health Care21.1


15.4

Sensex7.8

Nifty6.9

Financials5


3.1

Enery3.1

Telecom-13.3

Industrials-15.8

Materials-16.6

Utilities-19.1

2013-14


32.7Consumer

Discretionary27.5

Health Care24.4

Telecom18.9

Sensex18.7

Nifty17.5

Industrials15.9

Industrials14.7

ConsumerStaples

15.1

Energy9.3

Materials5.9

Finanacials4.8

Utilities-5.3

2010-11

Financials22.1

ConsumerStaples

21.2


18.3

Health Care11.3

Nifty10.3


10.3

Sensex9.9

Telecom1.5

Energy1.4

Industrials-10.7

Materials-11.5

Utilities-15.3

2014-15

Health Care75.2

Industrials53.7


53.5

Financials-43.1

Telecom29.2

Materials26.4

Nifty26.3

ConsumerStaples

25.6

Sensex24.6


24.2

Utilities22.2

Energy0.5

2006-07

Telecom72.6


19.2

Financials16.3

Sensex13

Industrials12.1

Nifty10

Energy7.1

Utilities5.3

Materials5.2

Health Care-4.6


-5.1

ConsumerStaples-23.5

2007-08

Industrials75.7

Financials60.2

Materials57.4

Energy52.4

Utilities52.3

ConsumerStaples

35.1

Nifty30.3

Sensex25.6

Telecom18.7


9.6

Health Care5.4


-23.8

2008-09

ConsumerStaples

-19.9

Health care-27

Utilities-29.8

Energy-31.7

Nifty-36.3

Finanacials-36.5

Sensex-37.9

Sensex-39.1


-40.3Consumer

Discretionary-44.6

Industrials-55.2

Materials-56.1

2009-10


144.3

Materials134.1


134

Financials120.5

Industrials118.9

Health Care102.3

Sensex77

Sensex71.5

ConsumerStaples

50.7

Energy44.5

Utilities35.3

Telecom1.3


-4


19.1

2015-16

Energy0.5

Energy10.9

ConsumerStaples

0

ConsumerStaples

16.3


-1.5

Utilities-7.9

Utilities30.1

Materials-9.3

Nifty-9.9

Sensex-10.3

Health Care-13.3

Financials-15.4

Financials9.9

Industrials-19.4

Telecom-15.9

ConsumerDiscretionary 28.4

2016-17

Energy 42

Materials40.3

Industrials23.7

Nifty18.9

Nifty10.2

ConsumerStaples

18.6

Sensex17.2

Health Care3.2

Telecom-2


-4.1

2017-18


18.4

Utilities1.5

Materials9.5

Sensex11.3

Health Care12.2

Telecom4.2

10


374

282

75.40

12.10

14.00

20.90

6.90

2017

Financials-43.9

“Owning stocks is like having children - don’t get involved with more than you can handle.- Peter Lynch

The research team conducted a simple screening test of your portfolio consisting of various mutual fund schemes to have an idea where your report-folio stands in terms of allocation, manager selection, return profile as on date and the scope for broad growth potential of the portfolio as a whole and different schemes individually.

Allocation to various Asset Classes

ScreeningAllocation to Various Asset Classes

11


90.61%

EquityLiquid 2.25%

Debt5.75%

Balanced1.39%

“

“

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.Operations not meeting these requirements are speculative. - Benjamin Graham

12


AMFI Code Scheme Name No of

UnitsNAV

12-10-2018 Value Weight (%) Type Debt

(%)Equity

(%)

Cash & Cash Equivalents

(%)

Return (%)

1 Week

Return (%)

1 Quarter

Return (%)

1 Year

Inception Date

AUM (Rs Cr)

104685 ICICI Prudential Balanced Advantage Fund - Reg - Growth 5728 32.96 188,795 1.39% Balanced 22.56 60.37 17.07 1.07 (1.96) 2.04 30-12-2006 16252

Category Total (Balanced) 188,795 1%

100038 Birla Sun Life Income Plus - Reg - Growth 3637 76.44 278,018 2.04% Debt 95.99 4.01 0.28 1.07 0.23 21-10-1995 3739

116153 Franklin India Corporate Bond Opportunities Fund - Growth 10180 18.55 188,793 1.39% Debt 97.49 2.51 0.14 1.42 5.89 07-12-2011 6672

114239 ICICI Prudential Regular Savings Fund - Growth 8322 19.03 158,403 1.17% Debt 94.60 5.40 0.09 1.09 5.06 03-12-2010 5857

101304 DSP BlackRock Short Term Fund - Growth 5232 30.03 157,109 1.16% Debt 85.88 14.12 0.11 1.23 3.49 09-09-2002 1960

Category Total (Debt) 782,323 6%

100664 UTI Top 100 Fund - Growth 34850 57.86 2,016,393 14.83% Equity 0.50 97.87 1.63 1.41 (6.00) (5.97) 18-01-1993 892

130496 HDFC Large Cap Fund - Growth 18001 103.71 1,866,794 13.73% Equity 4.23 92.11 3.66 1.47 (4.07) (1.04) 18-02-1994 1183

118049 L&T India Special Situations Fund - Reg - Growth 40704 44.03 1,792,075 13.18% Equity 0.04 98.72 1.24 0.17 (9.50) (7.81) 22-05-2006 953

103234 Kotak Opportunities Fund - Reg - Growth 13303 105.99 1,409,958 10.37% Equity 0.36 93.68 5.96 1.21 (7.25) (7.00) 09-09-2004 960

101762 HDFC Equity Fund - Growth 1795 594.54 1,067,206 7.85% Equity 99.50 0.50 0.95 (0.93) 0.87 01-01-1995 16238

101635 DSP BlackRock Top 100 Equity Fund - Reg - Growth 5272 187.24 987,140 7.26% Equity 0.03 99.66 0.31 3.77 (8.58) (5.61) 10-03-2003 3581

102396 UTI Infrastructure Fund - Dividend 35994 24.29 874,283 6.43% Equity 0.78 98.49 0.73 2.11 (9.76) (13.88) 09-03-2004 1513

113099 SBI PSU Fund - Growth 90595 9.50 860,680 6.33% Equity 1.11 96.04 2.85 4.03 (4.85) (24.35) 07-07-2010 180

101539 Sundaram Select Midcap - Reg - Growth 1664 434.71 723,353 5.32% Equity 0.30 99.36 0.34 1.45 (11.46) (12.81) 30-07-2002 4475

103407 HSBC Infrastructure Equity Fund - Growth 39101 16.34 639,043 4.70% Equity 99.25 0.75 4.38 (18.96) (31.09) 23-02-2006 118

112090 Kotak Select Focus Fund - Reg - Growth 1534 31.61 48,488 0.36% Equity 0.52 93.76 5.72 2.07 (5.86) (1.15) 11-09-2009 6705

120468 Axis Focused 25 Fund - Dir - Growth 1245 27.52 34,262 0.25% Equity 93.65 6.35 2.08 (9.89) 3.61 01-01-2013 736

Category Total (Equity) 12,319,677 91%

114616 Reliance Gold Savings Fund - Growth 22963 13.32 305,821 2.25% Liquid 100.00 0.92 4.19 3.73 07-03-2011 914

Category Total (Liquid) 305,821 2%

Grand Total 13,596,615 100%

Superiority Test of Fund ManagersDiagnosis

The capability of the fund manager since the date of last change has been measured against following 3 parameters:i. Absolute alpha generatedii. Relative alpha generated and quadrangle he/she belongs to.iii. Consistency in above two parametersStrategy : Handsome is what handsome doesI. Funds performance in different time frames over different time periodsii. Funds cross sectional performance with other funds in different time frames over different time periods.

Absolute and relative performance of schemes

Equity Debt Balanced LiquidAbsolute and Relative performance of portfolio

Absolute3years% Relative%

Portfolio Weight(%) 90.61 5.75 1.39 2.25Portfolio Return (%)

Benchmark comparable

Portfolio return (%)

Benchmark Return (%)

Model Mutual Fund (%)

(5.36)

(5.36)

(1.47)

(5.52)

19.73

19.45

21.56

23.70

(3.97)%/ Rs(4.50) Lacs

Fund Manager's Name

Benchmark Return

16.29

16.29

15.10

13.71

13.71

16.29

16.29

(11.87)

3.21

(4.48)

4.85

14.93

Scheme Name

UTI Top 100 Fund - Growth

HDFC Large Cap Fund - Growth

L&T India Special Situations Fund - Reg - Growth

Kotak Opportunities Fund - Reg - Growth

HDFC Equity Fund - Growth

DSP BlackRock Top 100 Equity Fund - Reg - Growth

UTI Infrastructure Fund - Dividend

SBI PSU Fund - Growth

Sundaram Select Midcap - Reg - Growth

HSBC Infrastructure Equity Fund - Growth

Reliance Gold Savings Fund - Growth

Birla Sun Life Income Plus - Reg - Growth

ICICI Prudential Balanced Advantage Fund - Reg - Growth

Franklin India Corporate Bond Opportunities Fund - Growth

ICICI Prudential Regular Savings Fund - Growth

DSP BlackRock Short Term Fund - Growth

Kotak Select Focus Fund - Reg - Growth

Axis Focused 25 Fund - Dir - Growth

Swati Kulkarni

Vinay Kulkarni

Abhijeet Dakshikar

Harsha Upadhyaya

Anand Laddha

Harish Zaveri

Sanjay Dongre

Richard Dsouza

S Krishnakumar

Dhiraj Sachdev

Omprakash Kuckian

Prasad Dhonde

Rajat Chandak

Santosh Kamath

Manish Banthia

Laukik Bagwe

Harsha Upadhyaya

Jinesh Gopani

BenchmarkLast

Change Date

12-07-2011

28-06-2014

22-06-2013

04-08-2012

02-04-2007

16-07-2015

03-10-2005

01-08-2014

01-11-2012

01-12-2009

01-09-2015

11-01-2010

07-09-2015

15-04-2014

08-11-2016

18-07-2016

04-08-2012

07-06-2016

*Fund Returns

8.77

12.30

14.03

11.22

16.32

5.98

0.29

(8.14)

2.95

(12.01)

(0.83)

5.17

13.46

15.52

12.88

10.40

17.63

29.44

S&P BSE 100

S&P BSE 100

S&P BSE 200

Nifty 500

Nifty 500

S&P BSE 100

S&P BSE 100

S&P BSE PSU

S&P BSE MID CAP

S&P BSE India Infrastructure

Prices of Gold

Crisil Composite Bond Fund Index

CRISIL Balanced Fund - Aggressive Index

Crisil Short Term Bond Fund Index

Crisil Composite Bond Fund Index

Crisil Short Term Bond Fund Index

Nifty 200

Nifty 50,S&P BSE 200

13


Consistency capability of Fund ManagersDiagnosis

“

“

Sustained success is largely a matter of focusing regularly on the right things and making a lot ofuncelebrated little improvements every day - Theodore Levitt, Harvard Business School

» Deep Investigation into why’s of the risk adjusted out-performance» Attribution analysis using fund manager’s selection and timing ability» Allocation analysis of the Portfolio against own benchmarks in terms of cap, sector, style & theme, beta liquidity and valuation (quantitative scores. But, respect their benchmarks if justified by out performance).

Quant Wise

Capitalisation Wise

Nifty All Share Your Portfolio Lower Mean HigherCapitalisation

Hi Cap

Mid Cap

Small Cap

Micro Cap

98.85

1.15

0.00

0.00

68.27

26.65

3.91

1.17

40

30

5

3

58

35

10

5

75

40

15

6

64.11

31.52

3.48

0.89

Sector Wise


Energy

Materials

Industrials


Consumer Staples

Health care

Financials


Telecom

Utilities

10.27

6.33

5.16

12.22

10.80

6.41

30.15

13.13

2.50

3.02

9.72

14.07

8.58

14.12

9.01

7.90

19.46

10.46

2.60

4.08

10.95

12.70

16.77

13.44

3.77

4.33

27.57

5.43

0.23

4.81

4

5

7

8

6

6

14

12

0

2

11

8

10

12

11

10

19

16

3

5

18

11

13

16

16

13

24

20

5

8

Style Wise

Mean HigherCapitalisation

Growth

Blend

Value

Nifty

18.00

68.87

13.13

All Share

22.25

56.84

20.91

Your Portfolio

25.89

58.67

15.44

Lower

5

35

25

15

50

40

25

65

55


Low PS High ES

High PS High ES

Low PS Low ES

High PS Low ES

47.70

41.28

3.45

7.57

16.14

46.83

28.22

8.81

26.13

53.21

6.28

14.39

30

20

0

0

40

30

10

5

50

40

20

10

14

Screening, Diagnostics & Recommendation

Sample report for illustration purpose only

Mid Cap31.52

Hi Cap64.11

Small Cap3.48

Micro Cap0.89

Consistency test of Fund ManagersDiagnosis

“

“


15


AMFI CODE Scheme Name Low PS

High ESHigh PS High ES

Low PS Low ES

High PS Low ES P/E P/B DIV

YEILDAlpha Score Over Weight Under Weight Test

Result

100664 UTI Top 100 Fund - Growth 35.26 44.05 4.47 7.13 30.73 5.15 0.96 14/60 Consumer Discretionary/Industrials

Consumer Staples

130496 HDFC Large Cap Fund - Growth 19.57 45.49 6.79 10.76 21.07 2.94 1.21 5/52 Energy/FinancialsConsumer Staples/Health Care/Information Technology

118049 L&T India Special Situations Fund - Reg - Growth 26.91 40.77 5.98 13.03 36.10 4.24 1.51 22/60 Materials

103234 Kotak Opportunities Fund - Reg - Growth 21.23 45.12 4.68 13.84 40.40 5.65 1.00 33/60 Materials

Financials/Information Technology

101762 HDFC Equity Fund - Growth 23.39 35.68 1.94 22.02 26.42 3.64 1.09 50/60 Industrials Consumer Staples/Energy

101635 DSP BlackRock Top 100 Equity Fund - Reg - Growth 19.28 55.77 5.17 13.31 28.00 5.79 0.90 3/39 Financials

Consumer Staples/Information Technology

102396 UTI Infrastructure Fund - Dividend 21.95 43.21 9.50 8.00 32.00 4.72 0.93 5/60 Industrials/Materials

Consumer Discretionary/Consumer Staples/Financials/Health Care/Information Technology

113099 SBI PSU Fund - Growth 0.00 43.92 2.37 26.67 18.65 2.96 2.08 34/50 Energy/Industrials/Materials/Utilities

Consumer Discretionary/Consumer Staples/Health Care/Information Technology

101539 "Sundaram Select Midcap - Reg - Growth" 17.18 49.59 5.74 8.47 44.74 6.18 0.70 28/60 Consumer Discretionary/

Industrials/Materials

Consumer Staples/Energy/Financials/Information Technology

103407 HSBC Infrastructure Equity Fund - Growth 15.45 32.53 10.46 14.23 17.83 2.59 1.43 4/60 Energy/Industrials/

Materials/Utilities

Consumer Discretionary/Consumer Staples/Financials/Health Care/Information Technology

112090 "Kotak Select Focus Fund - Reg - Growth" 19.37 51.17 4.35 11.59 28.87 5.77 0.95 50/60 Consumer Discretionary/

MaterialsFinancials/Information Technology

120468 Axis Focused 25 Fund - Dir - Growth 29.97 51.39 0.00 0.00 47.73 8.58 0.49 0/28 Consumer Discretionary/

Financials/MaterialsConsumer Staples/Energy/Information Technology

ü

ü

ü

ü

ü

ü

ü

ü

ü

ü

Consistency capability of Fund Managers, BalancedDiagnosis

“

“


Consistency capability of Fund Managers, Gold ETF

Scheme Name Quarterly Return Semi Annually Return Yearly Return Test Result

ICICI Prudential Balanced Advantage Fund - Reg - Growth -1.96 -1.76 2.04 û

Scheme Name Qtrly Return Semi Annually Return Yearly Return Test Result

Reliance Gold Savings Fund - Growth 4.19 0.66 3.73 ü

16


“

“

Never adopt permanently any type of asset or any selection method. Try to stay flexible, open-minded, and skeptical.- John Templeton


101635

103234

130496

100664

sell

sell

sell

sell

Switch From

7.26%

4.00%

4.00%

4.00%

187.24

105.99

103.71

57.86

9987,129.28

543,864.36

543,864.57

543,864.32

2618723

AMFI Code Company Sell Qty % NAV Value(Rs) Analyst's View

5272

5131

5244

9400

120468

112090

Axis Focused 25 Fund - Dir- Growth


Excellent selection of high quality large caps which

offers ample opportunity for capital appreciation

Fund manager has perfectly blended high Earning

score stocks in defensive sectors with highly promising

future growth companies though having currently low

earning score companies from Risky sectors

Switch To

10.00%

9.26%

27.52

31.60

1,359,661.65

1,259,046.52

AMFI Code Company Sell Qty % NAV Value(Rs) Analyst's View

49406

39832

DSP BlackRock Top 100 Equity Fund-Reg-Growth




Buy

Buy

17


“

“

The stock market is filled with individuals who know the price of everything,but the value of nothing. - Philip Fisher


AMFICode Scheme Name NAV Value

Weight (%) Type Debt

(%)Equity

(%)Cash & Cash

Equivalents(%)Inception

DateAUM

(INR Rs)No. ofUnits

104685

100038

116153

114239

101304

118049

ICICI Prudential Balanced Advantage Fund - Reg - Growth

Birla Sun Life Income Plus - Reg - Growth

Franklin India Corporate Bond Opportunities Fund - Growth

ICICI Prudential Regular Savings Fund - Growth

DSP BlackRock Short Term Fund - Growth

L&T India Special Situations Fund - Reg - Growth

Category Total (Balanced)

Category Total (Debt)

5728.0

3637.0

10180.0

8322.0

5232.0

40704.0

33.0

76.4

18.5

19.0

30.0

44.0

188795

278,018

188,793

158,403

157,109

1,792,075

188,795

782,323

1.39%

1

2.04%

1.39%

1.17%

1.16%

6

13.18%

%

%

Balanced

Debt

Debt

Debt

Debt

Equity

22.56

95.99

97.49

94.60

85.88

0.04

60.37

98.72

17.07

4.01

2.51

5.40

14.12

1.24

30-12-2006

21-10-1995

07-12-2011

03-12-2010

09-09-2002

22-05-2006

16251.56

3738.71

6672.27

5856.94

1959.53

953.19

Restructured Portfolio

18


L&T India Special Situations Fund-Reg-Growth : 13.18

Axis Focused 25 Fund-Dir-Growth : 10.25

HDFC Large Cap Fund - Growth : 9.73

UTI Top 100 Fund - Growth : 10.83

Debt

Balanced

Liquid

Equity

Kotak Select Focus Fund-Reg-Growth : 9.62

Liquid2.25%

Equity90.61%

Balanced1.29%

Debt5.75%

“

“

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.Operations not meeting these requirements are speculative. - Benjamin Graham

19



AMFICode Scheme Name NAV Value

Weight (%) Type Debt

(%)Equity

(%)Cash & Cash

Equivalents(%)Inception

DateAUM

(INR Rs)No. ofUnits

100664

120468

130496

112090

101762

102396

103234

113099

101539

103407

114616





HDFC Equity Fund - Growth

UTI Infrastructure Fund - Dividend


SBI PSU Fund - Growth

Sundaram Select Midcap - Reg - Growth

HSBC Infrastructure Equity Fund - Growth

Reliance Gold Savings Fund - Growth

Grand Total

Category Total (Equity)

Category Total (Liquid)

25450.3

50651.3

12756.9

41365.9

1795.0

35994.0

8171.7

90595.0

1664.0

39101.0

22963.0

57.9

27.5

103.7

31.6

594.5

24.3

106.0

9.5

434.7

16.3

13.3

1,472,536

1,393,924

1,322,955

1,307,535

1,067,206

874,283

866,104

860,680

723,353

639,043

305,821

12,319,696

305821

13,596,634

10.83%

10.25%

9.73%

9.62%

7.85%

6.43%

6.37%

6.33%

5.32%

4.70%

91%2.25%

2.00%

100%

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Liquid

0.50

4.23

0.52

0.78

0.36

1.11

0.30

97.87

93.65

92.11

93.76

99.50

98.49

93.68

96.04

99.36

99.25

1.63

6.35

3.66

5.72

0.50

0.73

5.96

2.85

0.34

0.75

100.00

18-01-1993

01-01-2013

18-02-1994

11-09-2009

01-01-1995

09-03-2004

09-09-2004

07-07-2010

30-07-2002

23-02-2006

07-03-2011

891.79

736.36

1183.05

6704.73

16237.94

1513.17

960.20

179.57

4475.45

118.28

913.77

MaximizerRecommendations

120166

120468

100473

107578

120662

Kotak Standard Multicap

Fund - Dir - Growth

Axis Focused 25

Fund-Dir - Growth

Franklin India Prima

Fund - Growth

Mirae Asset India Equity

Fund - Reg - Growth

UTI Equity Fund -

Dir- Growth"

Model Portfolio (Best mix)

AMFICode Scheme Name

Low PSHigh ES

High PSHigh ES

Low PSLow ES

High PSLow ES P/E P/B DIV

YEILD

ValueResearch

RatingAnalyst View

****

****

****

****

****

26.99

29.39

17.97

32.58

33.57

41.81

43.32

48.24

46.28

48.68

2.78

3.16

7.44

3.43

6.33

6.37

1.40

3.77

11.14

2.77

36.32

56.06

35.46

37.70

48.42

6.31

11.05

5.26

5.29

8.45

0.98

0.56

0.82

1.28

0.69

Fund manager has perfectly blended high Earnings score stocks indefensive sectors with highly promising future growth companiesthough having currently low earning score companies from Riskysectors .Excellent selection of high quality large caps which offers ample

opportunity for capital appreciation

Fund Manager’s ability of strong bottom up research has resulted

in decent return for investors.

One of the best amongst a Hi cap fund in terms of allocation of

funds in varied sectors.

A well diversified portfolio offering an excellent mix of high quality

growth oriented large caps and mid caps.

“

“

Owning stocks is like having children - don’t get involved with more than you can handle.- Peter Lynch

120166

106235

105758

103504

120323

119659

119441

120662

Ala Carte (2 stage, 13 stage filtration process)

Kotak Standard Multicap Fund - Dir - Growth

Reliance Large Cap Fund - Growth

HDFC Mid-Cap Opportunities Fund - Growth

SBI Bluechip Fund - Growth

ICICI Prudential Value Discovery Fund - Dir - Growth

Aditya Birla Sun Life Pure Value Fund - Dir - Growth

Principal Emerging Bluechip Fund - Dir - Growth

UTI Equity Fund - Dir - Growth

103215

118421

119160

118837

120030

120468

100473

107578

SBI Magnum Multi Cap Fund - Growth

IDFC Focused Equity Fund - Direct - Growth

Tata Large Cap Fund - Dir - Growth

Mirae Asset Great Consumer Fund - Dir - Growth

HSBC Large Cap Equity Fund - Dir - Growth


Franklin India Prima Fund - Growth

Mirae Asset India Equity Fund - Reg - Growth

20


Find out what makes the true leaderNarnolia

Most Consistent Portfolio Managerof the Country 2018 by BSE Tefla’s

India’s Most Promising Brand 2017 by WCRC

Hence, we get Recognised By the Industry Leaders

When superiority of our products and services are

validated by industry leaders, it speaks for our conviction

towards performance.

We InnovateDriven by Knowledge, Technology and Human Touch

250 Investment Strategists provide Personalised, Customised &

Localised services to the Investors of Narnolia with the support of 12

in-house softwares. Investors get access to research products,

all research tools and training for self analysis.

Inspirational Leader 2018 by WCRC, in London

ResearchAdvisor

Client

Operation

We are getting BiggerGrowth follows performance

In the last decade, our asset under custody and

management has grown by 41 times from INR 270 crores

to over INR 11,000* crores.

1997-98 2007-08 2017-18

Rs.

in c

rore

s

270

50

11,000

semit 14 semit 5

semit 14 semit 5

Asset Under Custody & Management (AUCM)* Data as on Jan 2018

We PerformAbsolutely. Relatively. Consistently

With INR 100 invested growing to INR 282 in last 5 years,

our PMS Funds have been ranked No. 1 in the country in

terms of consistency.

Source : www.valueresearchonline.com, www.pmsbazaar.comGrowth of 100 INR invested over last 5 years

Date Considered as on 31-12-2018

Return over last 5 years - CAGR basis

Nifty 50 BSE 500Narnolia

India 3T

11.5%13.2%

19.1%

23.1%

CA

GR

TOP 10 Multicap

Mutual Fund

Nifty 50 BSE 500Narnolia India 3T

11.5 13.2 19.1 23.1CAGR (%)

172 186 240 282Value (INR)

Details/Index TOP 10 MulticapMutual Fund

Risk Disclosure & Disclaimer: BANKER-NM 000010791, SEBI REGISTERD PMS- INP000002304, SEBI Registered RESEARCH ANALYST- INH 300006500, AMFI- ARN 3087, ROC-CIN- U51909WB1995PLC072876,Regd office: Marble Arch, 2nd Floor, Office 201, 236B, A J C Bose Road, Kolkata 700 020, Correspondence Office: Arch Waterfront, 5th Floor, Block GP, Saltlake, Sector 5, Kolkata 700 091

This report/message is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Narnolia is not soliciting any action based upon it. This report/message is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any from.

The report/message is based upon publicly available information that we consider reliable, but we do not represent that it is accurate or complete and we do not provide any express or implied warranty of any kind. The recipients of this report should rely on their own investigations, should use their own judgment for taking any investment decisions keeping in mind that past performance is not necessarily a guide to future performance. Investments in Securities Market are subject to Market risks, read all the related documents carefully before investing.

Further it will be safe to assume that Narnolia Financial Advisors Ltd. and/or its group or associate companies, their Directors, affiliates and/or employees may have interests/positions, financial or otherwise, individually or otherwise in the recommended/mentioned securities/mutual funds/ model funds and other investment products which may be added or disposed including & other mentioned in this report/message. Narnolia Financial Advisors Ltd. or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any action taken based on the above information or inadvertent error in the information contained in this report/message. For detailed disclosures & disclaimers please refer to our website at www.narnolia.com

NARNOLIA FINANCIAL ADVISORS LTD.– SEBI REGISTERED STOCK BROKER–INZ000166737 (NSE/BSE/MSEI), DEPOSITORY PARTICIPANT- IN-DP-380-2018 (NSDL/CDSL), SEBI REGISTERED MERCHANT

Group Corporate Offices: Mumbai . Delhi . Bengaluru . Kolkata . Ranchi . Ahmedabad . New York

Narnolia Financial Advisors Limited

Toll Free No. : 1800-103-7212 | Email : [email protected] | Web : www.narnolia.com

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