s Jain Sachin AnalystsResearch [email protected] Mutual Fund Activity | February SIP crore with Outflow 8023 February compared contribution crore from to March March 12, 2021 Highlights | in seeing 7528 January equity to • | also crore 9300 outflow PRODUCT 1 funds crore compared declined of continue . | 4500 to in

ICICI Securities – Retail Equity Research Source: ACE MF, MF, ACE Source: Top buy/sell across AMCs: Large Cap ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI Ltd. Industries Britannia Ltd. Healthcare Cadila Ltd. Towers Indus Ltd. Ltd. Enterprises Piramal Bandhan Ltd. Bank Ltd. Zinc Hindustan Ltd. Enterprises Adani IDBI Ltd. Bank Bank National Punjab Top 10 Sells in Largecap NTPC Ltd. NTPC Ltd. Ltd. Transmission Adani Ltd. Motors Eicher Ltd. Gland Pharma Ltd. Products Godrej Consumer Ltd. Spirits United DLF Ltd. Ltd. Motors Tata Ltd. IndusInd Bank Top 10 Buys in Largecap ICICI Ltd. Securities Retail| MF Research a s defined by by defined s AMFI. Socks above above Socks AMFI. Market Value(crs) Market Value(crs) Feb-21 Feb-21 20024 4004 2835 1171 1064 1062 4336 3938 1441 2341 1273 5538 6252 293 562 220 799 414 123 13 | 50 crore crore 50 | Jan-21 Jan-21 16034 4793 3409 1328 1176 4566 3291 1452 2348 4029 4392 311 494 253 619 590 880 974 18 73 holding were considered were holding Feb-21 Feb-21 Shares(lakhs) Shares(lakhs) 18663 1014 1715 119 651 114 300 308 174 164 210 437 421 588 31 74 96 41 57 16 Jan-21 Jan-21 18024 1768 1534 137 755 134 357 380 122 166 155 195 406 381 519 38 92 65 55 16 2

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI MF, ACE Source: Top buy/sell across AMCs: Midcap Ltd. Pharmaceuticals Alembic Ltd. Enterprise Hospitals Apollo Ltd. Communications Tata Ltd. Batteries Raja Amara Ltd. Chemicals Tata Ltd. () Ltd. Management Asset India Nippon Life Ltd. Sun TV Network Co. Ltd. The New Assurance India Ltd. Enterprises Entertainment Zee Top 10 Sells in Midcap Ltd. Pharmaceuticals Glenmark Ltd. RBL Bank Ltd. Housing Finance LIC Ltd. India Polycab Ltd. Bharat Dalmia Ltd. GMR Infrastructure Ltd. Corporation Tourism & Catering Railway Indian Ltd. Company Finance Transport Shriram Of Ltd. India Authority Steel Ltd. Holdings Finance L&T Top 10 Buys in Midcap ICICI Ltd. Securities Retail| MF Research a s defined by by defined s AMFI. Socks above above Socks AMFI. Market Value(crs) Market Value(crs) Feb-21 Feb-21 2571 1824 2590 2014 2134 1238 1925 1530 829 107 879 405 713 494 436 858 280 571 135 67 | 50 crore crore 50 | Jan-21 Jan-21 2434 1049 1373 2166 1628 1707 1243 969 113 490 861 751 400 982 577 209 433 745 70 52 holding were considered were holding Feb-21 Feb-21 Shares(lakhs) Shares(lakhs) 1073 1999 100 247 123 145 246 855 497 109 129 90 84 10 13 43 93 93 60 45 Jan-21 Jan-21 1293 102 114 289 152 180 341 761 431 878 95 11 15 55 85 80 50 85 34 60 3

ICICI Securities – Retail Equity Research Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: MF, ACE Source: Top buy/sell across AMCs: Smallcap Just Dial Ltd. Dial Just Ltd. Science Pharma Active Solara Ltd. India Systems & ABB Products Power Ltd. Technologies Thyrocare Ltd. EPL Ltd. Mobile Route KRBL Ltd. Ltd. India Motors Igarashi Ltd. India Engineers Ltd. Logistics Allcargo Top 10 Sells in Smallcap Ltd. Estate Real Ltd. Retail V-Mart Ltd. Carbon Black Phillips Ltd. India Graphite Ltd. Care Health Amrutanjan Ltd. PVR Ltd. Housing Finance Indiabulls Ltd. Mayur Uniquoters Ltd. India Esab Ltd. Medicure Poly Top 10 Buys in Smallcap a s defined by AMFI. Socks above |50 crores holding were considered were holding crores |50 above Socks AMFI. by defined s ICICI Ltd. Securities Retail| MF Research Market Value(crs) Market Value(crs) Feb-21 Feb-21 1090 1381 700 173 224 555 229 416 366 113 379 282 80 52 53 71 80 52 59 71 Jan-21 Jan-21 1042 706 222 274 780 199 601 117 827 185 238 82 82 69 57 39 76 15 37 1 Feb-21 Feb-21 Shares(lakhs) Shares(lakhs) 259 519 101 173 98 12 25 14 26 16 55 90 41 26 76 21 14 15 10 6 Jan-21 Jan-21 117 319 827 125 15 30 18 34 22 89 76 34 20 59 15 73 7 5 2 0 4

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered is crore 50 | above holding Stock Note: Research. Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Top 10 Buys IndusInd Bank Ltd. Bank IndusInd Ltd. Paints Asian Ltd. Corporation Oil Indian Ltd. Gas Corporation Natural & Oil OfExchange Ltd. India Commodity Multi Ltd. Company Finance Transport Shriram Zone Ltd. Economic and Special Ports Adani Ltd. Company Power Tata Ltd. India Of Corporation Ltd. India Railtel Top 10 Buys Bank National Punjab Ltd. Aviation Interglobe Ltd. Retail V-Mart Ltd. PVR Ltd. Indigo Paints Ltd. TTK Prestige Ltd. Ltd. Housing Finance LIC Ltd. MTAR Technologies Ltd. India Esab Market Value(crs) Market Value(crs) Feb-21 Feb-21 HDFC AMC SBI AMC 388 221 152 341 212 209 167 321 288 243 99 56 68 80 71 88 84 52 72 70 Jan-21 Jan-21 236 167 103 177 122 145 66 31 70 11 13 57 82 20 93 20 9 - - - Feb-21 Feb-21 155 307 216 37 10 31 72 16 58 13 24 17 13 13 3 7 4 6 3 4 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jan-21 Jan-21 110 201 171 28 14 14 10 7 4 2 3 0 8 3 1 2 1 2 0 0 %Change %Change 130% 398% 533% 130% 145% 154% 169% 619% 31% 40% 41% 53% 62% 82% 26% 64% 89% - - - Ltd. India Coal Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC ITC Ltd. HDFC Ltd. Bank Toubro & Ltd. Larsen Ltd. Ltd. ICICI Bank Of Bank India State Top 10 Holdings Ltd. Airtel Bharti Ltd. Bank Axis Of Bank India State Ltd. Services Consultancy Tata Ltd. Bank Mahindra Kotak Ltd. Corporation Finance Housing Development Ltd. Infosys Ltd. ICICI Bank Ltd. Industries Reliance HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) HDFC AMC Feb-21 Feb-21 10061 10362 12214 14729 15430 17425 24655 SBI AMC 3849 4048 4322 4620 5167 6110 6347 7227 6987 7320 7383 8357 8517 Jan-21 Jan-21 10089 11359 14532 13704 15317 22407 3048 3637 4063 3663 5077 5659 6158 7187 8319 6979 6665 5499 9053 8259 Feb-21 Feb-21 2529 4305 2535 1683 2656 1256 1010 1892 1175 2581 1607 194 596 398 440 577 289 478 481 836 Shares(lakhs) Shares(lakhs) Jan-21 Jan-21 2421 4118 2498 1879 2949 1261 1005 1949 1173 2552 1611 197 613 407 461 580 291 482 478 831 %Change %Change -10% -10% -2% -3% -2% -5% -1% -3% -1% -1% 4% 5% 1% 0% 0% 1% 0% 1% 1% 0% 5

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings SBI Life Insurance Company Ltd. Company Insurance SBI Life Ltd. Idea Ltd. Industries Britannia Kraft Ltd. Stove Ltd. Housing Finance Indiabulls Ltd. Services Financial Mahindra & Mahindra OfExchange Ltd. India Commodity Multi Ltd. Petronet State Gujarat Ltd. Thermax Of Corporation Ltd. India Railtel Top 10 Buys Ltd. Hotels Chalet Ltd. Retail V-Mart Ltd. (India) Colgate-Palmolive Ltd. Lifesciences Astec Zone Ltd. Economic and Special Ports Adani EIH Ltd. Ltd. Motors Tata OfExchange Ltd. India Commodity Multi MRF Ltd. Ltd. Bank RBL Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Feb-21 Feb-21 164 117 114 195 107 127 104 240 126 274 63 74 73 67 68 52 63 55 59 53 Jan-21 Jan-21 117 150 137 78 33 60 43 31 35 20 20 73 86 36 37 8 3 1 1 - Feb-21 Feb-21 557 105 23 15 31 53 21 62 41 61 51 49 2 5 5 9 8 5 3 0 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jan-21 Jan-21 277 13 11 42 27 39 30 20 1 5 5 0 1 0 6 5 3 2 0 - %Change %Change 2770% 2974% 4809% 101% 122% 181% 185% 967% 142% 67% 47% 48% 48% 50% 51% 54% 71% 73% 95% - Coal India Ltd. India Coal Of Grid Corporation Power Ltd. India Ltd. Gas Corporation Natural & Oil Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC Ltd. Infosys Of Bank India State HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings ITC Ltd. Ltd. Industries Sun Pharmaceutical Of Bank India State Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC HDFC Ltd. Bank Ltd. Infosys Ltd. Airtel Bharti Ltd. ICICI Bank Top 10 Holdings ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Feb-21 Feb-21 10878 2623 2837 2937 3122 3299 3800 3936 5279 6028 6318 4085 4430 4628 5235 6263 6968 7168 8301 8422 Jan-21 Jan-21 2205 2487 2374 2866 3199 2973 3894 3686 5748 5832 4283 4345 3228 4592 5443 5779 6367 8225 8745 9465 Feb-21 Feb-21 1723 1324 2646 3541 1353 1057 2004 1186 6495 1514 1820 150 455 314 393 745 251 864 467 662 Shares(lakhs) Shares(lakhs) Jan-21 Jan-21 1752 1348 2688 3343 1307 1086 2107 1144 6496 1580 1763 156 483 314 413 741 249 821 458 664 %Change %Change -2% -2% -2% -4% -6% -5% -3% -5% -4% 6% 0% 4% 1% 4% 1% 5% 0% 2% 0% 3% 6

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Power Grid Corporation Of Grid Corporation Power Ltd. India Ltd. Housing Finance LIC Ltd. Corporation Petroleum Bharat Ltd. Siemens Ltd. Vedanta Ltd. Industries Page Ltd. GMR Infrastructure Ltd. Power & Steel Jindal Of Ltd. India Authority Steel Ltd. Universal Carborundum Top 10 Buys Ltd. Healthcare Cadila Vodafone Ltd. Idea Ltd. Company Engineering & Techno Electric Ltd. Bosch Ltd. Pharma Aurobindo Ltd. Corporation Oil Indian Ltd. Pharmaceuticals Suven Ltd. Leyland Ashok Ltd. Infratech PNC Ltd. Medicure Poly Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Feb-21 Feb-21 UTI AMC UTI 184 316 165 116 248 124 325 153 140 172 170 115 69 52 54 51 63 72 63 91 Jan-21 Jan-21 119 172 290 129 105 131 106 31 29 73 26 47 71 27 13 61 43 75 46 Feb-21 Feb-21 143 132 444 162 641 24 43 70 79 74 12 75 22 18 36 43 10 3 0 1 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jan-21 Jan-21 199 541 113 17 30 45 45 27 48 64 17 14 28 95 24 2 0 3 0 0 %Change %Change #DIV/0! 123% 172% 239% 282% 42% 43% 56% 62% 76% 91% 16% 18% 24% 25% 26% 26% 27% 39% 78% State Bank Of Bank India State Ltd. India Automation Honeywell Ltd. Bank Axis Ltd. Industries Reliance Ltd. Airtel Bharti Ltd. Bank Mahindra Kotak Ltd. Corporation Finance Housing Development Ltd. Infosys HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. Finance Bajaj Ltd. Airtel Bharti Ltd. Bank Axis Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata Ltd. Corporation Finance Housing Development Ltd. Industries Reliance Ltd. ICICI Bank Ltd. Infosys HDFC Ltd. Bank Top 10 Holdings Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Feb-21 Feb-21 UTI AMC UTI 1649 2127 2230 2299 2365 2522 2576 4293 5029 5923 2366 2435 2492 2712 3215 4960 5276 5388 6094 7728 Jan-21 Jan-21 1849 1939 2118 2585 2546 2471 4325 4743 5387 2126 2587 2279 2585 3447 4713 4641 4856 6056 7001 856 Feb-21 Feb-21 423 308 110 425 142 101 343 328 991 438 344 152 111 195 253 901 486 504 45 5 Shares(lakhs) Shares(lakhs) Jan-21 Jan-21 1003 303 292 115 467 149 104 349 341 467 344 151 111 198 252 904 489 503 45 5 %Change %Change 39% -4% -9% -5% -2% -2% -4% -1% -6% -1% 0% 5% 0% 0% 1% 0% 0% 0% 0% 0% 7

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Ltd. Finserv Bajaj Ltd. Corporation Oil Indian Ltd. Spirits United Ltd. Motors Tata Ltd. DLF Of Grid Corporation Power Ltd. India Ltd. Housing Finance LIC Ltd. Pharma Aurobindo Ltd. Corporation Finance Power Ltd. Company Aluminium National Top 10 Buys ITC Ltd. Toubro & Ltd. Larsen Ltd. Mahindra & Mahindra Ltd. Corporation Tourism & Catering Railway Indian Of Bank India State Ltd. Intermesh Indiamart Ltd. Motors Tata Ltd. Systems Persistent Ltd. Bank Finance Small Suryoday Ltd. Services Financial Mahindra & Mahindra Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Feb-21 Feb-21 Axis AMC Axis 127 346 185 107 136 105 295 376 238 195 121 55 93 51 52 77 84 70 60 87 Jan-21 Jan-21 150 185 169 34 58 87 80 21 47 49 52 25 60 55 8 9 5 Feb-21 Feb-21 107 38 21 43 95 24 61 24 25 16 85 86 38 20 47 61 1 5 2 4 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jan-21 Jan-21 62 15 57 31 12 12 26 14 23 21 0 5 7 0 2 1 3 0 0 0 %Change %Change #DIV/0! #DIV/0! #DIV/0! 1123% 1009% 1110% 103% 109% 195% 106% 173% 185% 223% 46% 53% 58% 88% 96% 47% 48% Ltd. Unilever Hindustan Toubro & Ltd. Larsen Ltd. Cement Ultratech Ltd. Services Consultancy Tata Of Bank India State Ltd. Bank Axis Ltd. Infosys Ltd. Industries Reliance HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. ICICI Bank Ltd. India Suzuki Maruti Info Ltd. Edge (India) Ltd. Infosys Ltd. Corporation Finance Housing Development Ltd. Services Consultancy Tata Ltd. Supermarts Avenue Ltd. Bank Mahindra Kotak HDFC Ltd. Bank Ltd. Finance Bajaj Top 10 Holdings Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Feb-21 Feb-21 Axis AMC Axis 1675 2040 2283 2792 2902 3197 3283 3473 5334 6312 2869 2931 3226 4422 4812 5620 5949 5979 7060 8034 Jan-21 Jan-21 1975 1831 1992 3121 1731 3022 3577 3389 4878 5227 2493 3182 2734 4412 4464 5856 4951 5309 6628 7078 Feb-21 Feb-21 1056 141 744 441 262 166 348 480 353 189 194 199 336 460 153 79 37 96 43 66 Shares(lakhs) Shares(lakhs) Jan-21 Jan-21 137 100 614 456 289 184 351 973 464 356 188 188 187 310 477 150 87 37 44 63 %Change %Change -10% -10% 21% -4% -3% -9% -1% -3% -1% -3% 3% 0% 8% 3% 5% 1% 3% 6% 8% 2% 8

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings IndusInd Bank Ltd. Bank IndusInd Top 10 Buys Hindustan Unilever Ltd. Unilever Hindustan Gas Ltd. Gujarat Zone Ltd. Economic and Special Ports Adani Of Corporation Ltd. India Container Ltd. Bharat Dalmia Ltd. Chemicals & Fertilisers Chambal Ltd. (India) GAIL Ltd. Forge Bharat Ltd. Care Health Amrutanjan Of Ltd. India Whirlpool Top 10 Buys Ltd. Pharma Aurobindo SRF Ltd. Ltd. Company Insurance SBI Life Ltd. Pharmaceuticals Torrent Ltd. Industries Balkrishna Ltd. Ltd. India Bata Ltd. Development Westlife Ltd. Nitrite Deepak Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Market Value(crs) Market Value(crs) Feb-21 AMC Mirae Feb-21 DSP AMCDSP 542 200 388 411 375 405 139 436 491 190 398 323 768 435 58 87 75 64 97 66 Jan-21 Jan-21 307 132 110 387 243 264 305 318 113 309 247 624 303 37 90 53 42 54 54 6 Feb-21 Feb-21 179 19 76 73 10 61 81 14 37 32 28 42 14 19 28 6 9 8 7 7 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jan-21 Jan-21 128 17 66 61 42 55 29 24 19 28 12 11 7 8 9 4 6 6 9 1 %Change %Change 151% 838% 13% 15% 18% 19% 25% 39% 45% 48% 61% 78% 26% 27% 30% 32% 47% 50% 58% 69% Dr. Reddys Laboratories Ltd. Dr. Laboratories Reddys Ltd. Bank Axis Ltd. Finance Manappuram Ltd. Laboratories Ipca Ltd. Cement Ultratech Ltd. Atul Ltd. Airtel Bharti HDFC Ltd. Bank Ltd. Infosys Ltd. ICICI Bank Top 10 Holdings Ltd. Ltd. India Suzuki Maruti Ltd. Services Consultancy Tata Ltd. Airtel Bharti Of Bank India State Ltd. Bank Axis Ltd. Industries Reliance Ltd. Infosys Ltd. ICICI Bank HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) Mirae AMC Mirae Feb-21 Feb-21 DSP AMCDSP 1009 1034 1211 2059 2377 2754 1210 1422 1921 1957 2040 2481 3295 4284 4397 5192 795 845 867 941 Jan-21 Jan-21 1352 1838 2302 2702 1089 1272 1725 2057 1635 2368 2922 3873 3978 4828 885 769 738 916 917 985 Feb-21 Feb-21 117 492 218 134 190 461 119 352 523 342 158 342 736 338 18 51 17 16 21 66 Shares(lakhs) Shares(lakhs) Jan-21 Jan-21 116 473 244 132 186 503 120 372 579 357 159 313 741 347 19 49 17 15 18 55 %Change %Change -11% -10% 17% 20% -7% -4% -8% -1% -5% -4% -1% -3% 0% 4% 3% 2% 2% 2% 0% 9% 9

ICICI Securities – Retail Equity Research Pankaj Pandey [email protected] (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, – ICICI Ltd. Securities Retail| MF Research Research – 400 400 093 [email protected] 10

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ICICI Securities – Retail Equity Research