Market Outlook

Mutual Fund Activity in June crore in June from funds dip significantly to Inflows into equity oriented Julycrore at7554 SIP inflow also at all highin time lakh10.45 crore Equity AUM at all highat time August Highlights • • 22, 22, 2018 PRODUCT 1 PRODUCT 2 | 18000 crore 18000 | 6900

ICICI Securities – Retail Equity Research Industry snapshot Source: AMFI, ACE MF, ICICI Direct Research Direct ICICI MF, ACE AMFI, Source: • • • Total equity Kotak AMCs Top HDFC | lakh Crore

1000000

800000

600000

400000

200000 10 Equity AMC have

0 AUM like AMC Jul-08 AUM remains Invesco, been over have Jul-09 at the among a all market largest

Jul-10 last L&T, time

Total EquityAUM(Equity+ELSS+ETF+70%balanced) one Jul-11 the Mirae high share AMC year fastest

Jul-12 in

Total Total Equity AUM: , in of Edelweiss, July terms 81

Jul-13 growing % 2018 of Jul-14 Equity at AMCs

10.45 Motilal 10 Jul-15 . ICICI Securities Ltd. | Retail MF Research 45

lakh crore AUM , in lakh Jul-16 Axis terms crore Jul-17 and of

Jul-18 AxisManagementCompanyLtd.Asset LimitedInvestmentPrivate Managers BlackRock DSP MahindraKotakManagementCompanyLimitedAsset FranklinTempleton Management(India)Asset Ltd Private UTILimitedManagementCompanyPrivateAsset AdityaLimitedAMC Birla Life Sun ManagementRelianceLimitedAssetNippon Life ICICIPrudentialManagementCompany LimitedAsset LimitedSBIManagementPrivateFunds HDFCManagementCompanyLimitedAsset Top10 Buys Largecapin

Net Inflow ( | Cr )

30000

25000

20000

15000

10000

-5000

5000 decline Equity

Jul-08 inflows in

Jul-09 balanced decline Jul-10 funds

Jul-11 in July inflows Jul-12 due 130757 109836 165193 251845 240375 306759 249166 301664 83614 94569

Jul-13 Total to outflow Jul-14 119607 126931 134909 AUM (|crore) AUM Equity 36269 38951 46278 50371 62954 83733 90919

Jul-15 from

Jul-16 ETFs 154997 141862 168936 115755 157205 46704 57991 80773 51322 93005 Debt

Jul-17 and sharp Others 2

Jul-18 13116 18216 -2373 3706 8143 9234 7594 6481 9550 641 ICICI Securities – Retail Equity Research TopLargecap10in Sells

IndiabullsHousing FinanceLtd. HCL Technologies HCL Ltd. Asian Paints Ltd. Asian Paints Coal IndiaCoal Ltd. ICICILombardGeneral InsuranceLtd Co OilCorporation&NaturalGas Ltd. Colgate-Palmolive(India) Ltd. BharatForgeLtd. AvenueSupermartsLtd. HindustanUnilever Ltd. Source: ACE MF, MF, ACE Source: Top buy/sell across AMCs: Large Cap July Bajaj In Large 2018 Auto caps, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI witnessed stocks

MarketValue(crs) highest like

Jul-18

2015 6760 3797 2871 2089 5994 2038 2225 2787 6457 Dabur, buying

Jun-18 RBL,

2045 7196 3608 3154 2003 6046 2215 2235 2625 6404 during Lupin,

Jul-18

1099

3618

155 700 262

269

178 347 168 373 the Havells ICICI Securities Ltd. | Retail MF Research

Shares(lakhs) month a

Jun-18 s defined by AMFI by defined s

1193

3818

179 777 285

288

187 365 177 390 and of

%Change

-13% -10%

-8% -8% -7% -5% -5% -5% -5% -4%

Top10 Buys Largecapin

DaburIndia Ltd. RBL Bank Ltd. Bank RBL LupinLtd. Havells IndiaHavells Ltd. BajajAuto Ltd. WiproLtd. EicherLtd. Motors TVS MotorCompanyLtd. TVS The IndianThe HotelsCompanyLtd. CityUnion Ltd. Bank and AMCs Among Coal were the India stocks Indiabulls

MarketValue(crs)

Jul-18

3458 4583 2608 2174 2548 3824 4711 2296 2952 2491 in large housing,

Jun-18

2748 3822 2524 1658 2411 3327 4458 2274 2739 2277 caps HCL which

Jul-18

1383

2220 1449 Tech

820 800 316 343

444

Shares(lakhs) saw . , Asian

Jun-18

1272

2074 1356 selling

702 692 279 305

411

16 Paints

%Change by 3

17% 16% 13% 12% 10%

9% 9% 8% 7% 7%

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

TopMidcap10in Sells

NationalAluminium CompanyLtd. Ashok Leyland Ltd. LeylandAshok AlkemLaboratories Ltd. ShriramTransport FinanceCompanyLtd. NIITTechnologies Ltd. Dewan HousingDewan FinanceCorporation Ltd. JubilantLtd. FoodWorks The IndiaThe Ltd. Cements RaymondLtd. Bata IndiaBata Ltd. witnessed Kajaria, In Mid caps, Apollo highest stocks Hospitals buying

MarketValue(crs)

Jul-18 like

1582 1886

1556

1240 1437

1622

761

976

782 765 during AU and

Jun-18 Small the

1956 2388

1636

1416 1512

1614 Punjab

769

971

747 884 month Finance,

Jul-18 National

2573 1672

113

206 102 668

178 of

91 ICICI Securities Ltd. | Retail MF Research July

Shares(lakhs) Emami, a s defined by AMFI by defined s

Jun-18 2018 Bank

3025 1898

126

222 109 707

188

%Change

-15% -12% -12% -11% -10%

-7% -6% -5% -5% -5% Persistent Systems Ltd. Systems Persistent MindtreeLtd. Ltd. SRF ChambalFertilisers &Ltd. Chemicals BioconLtd. NationalPunjabBank ApolloHospitals Enterprise Ltd. KajariaLtd. Ceramics EmamiLtd. AULtd. FinanceSmall Bank Top10 Buys Midcapin Laboratories AMCs Among were the National and stocks MarketValue(crs) Jul-18 Shriram 1262 1856 1761 1597 929 897 954 653 981 658 in Aluminium, midcaps Transport Jun-18 1225 1495 1344 845 887 865 633 963 632 962 which Ashok Finance Jul-18 2181 111 446 215 103 148 298 248 96 55 Shares(lakhs) saw Leyland, Jun-18 selling 1963 104 410 198 131 254 147 90 51 92 Alkem %Change by 4 11% 12% 13% 17% 69% 7% 7% 8% 9% 9%

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI. Direct Research. Note: Note: Research. Direct ICICI. MF, ACE Source: Top buy/sell across AMCs: Smallcap

TopSmallcap10in Sells

RelianceInfrastructure Ltd. MahindraLtd.Logistics Network 18&Media InvestmentNetwork Ltd. CapaciteInfraprojects Ltd. Shankara Building Shankara Ltd. Products Polyplex CorporationPolyplex Ltd. Mcleod Russel India Russel McleodLtd. MindaIndustries Ltd. GMR InfrastructureGMR Ltd. L&TTechnology Ltd. Services witnessed Apcotex In Small Industries, highest caps, stocks buying

MarketValue(crs) Fine

Jul-18

247 325

194

166 550 312 126 during

67 78

63 like Organic Largecaps Rites,

Jun-18 the

268 343

200

202 619 290 113

72 88

66 /Midcaps/ month and Adani

Jul-18 Smallcaps Adani

1756 of

153

125 136

62 56

30 12 14

9 Enterprise, ICICI Securities Ltd. | Retail MF Research July

Shares(lakhs) a Power 2018 s defined by AMFI by defined s

Jun-18

1893

168

135 147

68 62

33 13 15

%Change

Top10 Buys Smallcapin

Rites Ltd. Rites AdaniEnterprises Ltd. ApcotexIndustries Ltd. FineOrganic Industries Ltd. AdaniLtd. Power IndiaNippon Electricals Ltd. RelianceCommunications Ltd. AmrutanjanHealthLtd. Care GPT InfraprojectsGPT Ltd. Dwarikesh SugarIndustriesDwarikesh Ltd.

-9.5% -9.0% -8.9% -8.4% -8.2% -7.6% -7.4% -7.4% -7.3% -7.2% Building Network AMCs Among were the Projects 18 Reliance stocks ,

MarketValue(crs) Capacite

Jul-18 Ltd

296 342

378 243

33 36 15

8 . in Infrastructure, smallcaps

Jun-18 Infraprojects

154

31 50

17 21 11

5 which

Jul-18

118.7 175.0

774.9

226.8 Mahindra

45.7

13.0

41.3

0.3

0.9

9.9

Shares(lakhs) and saw

Jun-18 selling

362.9

125.2

17.0 44.0

19.6

32.1 Logistics, Shankara

0.1

0.5

7.5 7.6

%Change by 5

598% 298% 165% 133% 114%

84% 81% 73% 30% 29% ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings

Top10 Buys

AdaniEnterprisesLtd. BioconLtd. IndocoLtd. Remedies VRL Logistics Ltd. Logistics VRL WiproLtd. Zee Entertainment Zee EnterprisesLtd. KajariaLtd. Ceramics BajajCorpLtd. The Karnataka Bank Ltd. KarnatakaBank The IndostarCapitalFinance Ltd.

Top10 Buys

Sanofi IndiaSanofi Ltd. KPR MillLtd. KPR AbbottIndia Ltd. DishmanCarbogenAmcis Ltd. The Ramco Cements Ltd. Cements RamcoThe Havells IndiaHavells Ltd. Finolex Cables Ltd. Finolex Cables CadilaHealthcare Ltd. UnitedBreweriesLtd. CyientLtd.

MarketValue(crs)

Jul-18

145

13 29

36 18 40

12 39 58 67

83 54 16

ICICIPrudential

HDFC

Jun-18

83 23 12 27

11 12

24 22

1 4

0 0 0 2

Jul-18

14.4

52.4

18.9

14.9

10.5

21.9

2.5 2.2

1.9

6.8 4.0 9.7 2.4

0.8 1.3 0.2

8.0

0.4

4.9 2.3

Shares(lakhs)

Shares(lakhs) ICICI Securities Ltd. | Retail MF Research

Jun-18

31.7

14.3

0.6 0.7 5.9 1.1

4.1 2.4 6.7 1.7

0.0 0.0 0.0 0.9 1.6 2.3 0.1 6.4 1.9 1.0

%Change

799960% 629729% 261650%

1510%

294% 224% 144%

401% 367% 334% 243% 153% 120%

67% 65% 64% 64% 45% 42% 32%

Top10 Holdings

Infosys Ltd. Infosys ICICILtd. Bank State Bank Of IndiaOf Bank State Larsen &Toubro Larsen Ltd. HDFC Bank Ltd. HDFC Bank RelianceIndustries Ltd. ITCLtd. NTPC Ltd. NTPC HousingDevelopment FinanceCorporation Ltd. Power Grid Power Corporation IndiaOf Ltd.

Top10 Holdings

State Bank Of IndiaOf Bank State ITCLtd. NTPC Ltd. NTPC ICICILtd. Bank Infosys Ltd. Infosys Sun PharmaceuticalIndustriesSun Ltd. BhartiAirtel Ltd. Larsen &Toubro Larsen Ltd. OilCorporation& NaturalGas Ltd. Power Grid Power Corporation IndiaOf Ltd.

MarketValue(crs)

Jul-18

8767 8333 8142 7034 6184 5318 4009 3686 3060 2915

6600 6418 6032 4975 4751 4233 3857 3590 3398 2753

ICICIPrudential

HDFC

Jun-18

8167 7478 7264 6851 6085 4367 3125 3659 2922 2978

6065 6895 6249 4411 5149 4244 3221 4206 3565 2979

Jul-18

2739 2774

1347 2381

1599

2249 2156 3894 1635

2051 1510

642

540 284 448

153

348 745 988 276

Shares(lakhs)

Jun-18

2715 2801

1174 2292

1594

2339 2591 3915 1601

2251 1595

625

537 289 449

153

394 753 843 330

%Change

%Change 6

-17%

-12%

-17%

15%

17%

-1%

-2%

-4%

-1%

-9% -5%

3% 1%

4% 0% 0%

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings

Top10 Buys

AdaniLtd. Power ManappuramFinanceLtd. Rites Ltd. Rites Mahanagar Gas Ltd. Gas Mahanagar DalmiaBharatLtd. NBCC (India) NBCC Ltd. PVR Ltd. PVR EicherLtd. Motors BhartiInfratel Ltd. JubilantLtd. FoodWorks

Top10 Buys

CromptonElectricalsConsumer Ltd. Greaves Rites Ltd. Rites GodrejLtd. Products Consumer FineOrganic Industries Ltd. DLF Ltd. DLF The IndianThe HotelsCompanyLtd. Bata IndiaBata Ltd. MaricoLtd. Pfizer Ltd. Pfizer AdaniLtd. Power

MarketValue(crs)

Jul-18

RelianceNippon AMC

123

138

198

67 35 55

72 21

4 5 1 5

SBIAMC

Jun-18

65 29

0 0 5 0 0 0 1

0 0 1

Jul-18

103.9

49.1

12.1

17.0

16.7

54.4

54.3

22.6

0.5

0.4 0.2 1.5 0.4 0.2

3.9

2.8 1.0

2.1

2.3

2.8 ICICI Securities Ltd. | Retail MF Research

Shares(lakhs)

Jun-18

18.6

19.6

10.8

1.3 0.0 2.5 0.0 0.0 0.2 0.1 0.1 2.8 0.9

0.0 0.1 0.1 4.2 0.6

0.8

1.1

%Change

337972%

8138% 4226% 1827% 1221% 1181%

2439% 1705%

874% 375% 351% 331% 330%

300% 262% 192% 190% 177% 145% 109%

Top10 Holdings

State Bank Of IndiaOf Bank State HDFC Bank Ltd. HDFC Bank ICICILtd. Bank Tata Steel Ltd. Steel Tata Infosys Ltd. Infosys Tata Motors Ltd. MotorsTata Larsen &Toubro Larsen Ltd. ITCLtd. IndianOil Corporation Ltd. Axis Bank Ltd. Axis Bank

Top10 Holdings

HDFC Bank Ltd. HDFC Bank RelianceIndustries Ltd. Infosys Ltd. Infosys ITCLtd. HousingDevelopment FinanceCorporation Ltd. ICICILtd. Bank Kotak Mahindra Bank Ltd. MahindraKotak Bank State Bank Of IndiaOf Bank State Larsen &Toubro Larsen Ltd. Tata Consultancy Services Ltd. ConsultancyServices Tata

MarketValue(crs)

Jul-18

11019

5302 4698 3245 2528 2174 2145 2070 2068 1686 1458

6209 5495 5455 4825 4773 4527 3972 3358 3333

RelianceNippon AMC

SBIAMC

Jun-18

10526

4581 4665 2950 2353 2146 2130 1927 1602 1509 1333

4950 5073 4642 4383 4187 4582 3496 3235 3177

Jul-18

1806

1067

1026

1833

1569

1353

216

449 159 812 159 695

265

506 524 403

242

346

258 172

Shares(lakhs)

Jun-18

1766

1071

1744

1520

1348

221

414 164 791 151 602 967 261

499 509 388

230

341

254 172

%Change

%Change 7

15%

-3%

0% 8%

3% 5%

6% 1%

1% 3% 4% 5% 5% 3% 1% 0% 2% 0% ICICI Securities – Retail Equity Research SREIInfrastructure FinanceLtd. OberoiLtd. Realty BajajAuto Ltd. SatinCreditcareLtd. Network Ltd. LNG Petronet FinancialLtd. Services Max NationalPunjabBank ShriramTransport FinanceCompanyLtd. Ltd. IDFC Bank IndiaRallis Ltd. Top10 Buys AmbujaLtd. Cements UltratechLtd. Cement Ltd. Bank RBL IndiaOf Bank BajajAuto Ltd. (India) NBCC Ltd. UnitedBreweriesLtd. JewellerLtd. PC RelianceInfrastructure Ltd. MindtreeLtd. Top10 Buys Source: ACE MF, ICICI Direct Research Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 113 180 100 117 422 54 63 21 26 14 22 64 18 83 13 50 11 14 BirlaAMCSunlife 1 7 UTIAMC Jun-18 Jun-18 153 209 43 51 74 13 16 68 36 37 18 1 6 7 3 8 5 5 2 7 Jul-18 Jul-18 11.0 18.9 43.5 30.5 35.5 11.1 27.6 73.6 19.3 18.5 12.3 12.1 1.2 6.7 4.2 8.5 0.2 3.1 4.6 3.4 Shares(lakhs) Shares(lakhs) ICICI Securities Ltd. | Retail MF Research Jun-18 Jun-18 15.2 33.9 21.5 15.9 17.3 37.8 1.0 9.0 5.5 3.0 5.2 3.6 0.1 8.8 1.3 6.4 1.6 3.8 0.6 0.7 %Change %Change 1669% 123% 206% 120% 132% 188% 188% 222% 502% 21% 22% 22% 25% 28% 41% 42% 63% 59% 92% 95% Larsen &Toubro Larsen Ltd. HousingDevelopment FinanceCorporation Ltd. RelianceIndustries Ltd. IndusIndLtd. Bank Ltd. ConsultancyServices Tata India MarutiSuzuki Ltd. ITCLtd. ICICILtd. Bank Ltd. Infosys Ltd. HDFC Bank Top10 Holdings IndusIndLtd. Bank BajajFinanceLtd. RelianceIndustries Ltd. &Toubro Larsen Ltd. Ltd. Bank Yes India MarutiSuzuki Ltd. ITCLtd. Ltd. Infosys ICICILtd. Bank Ltd. HDFC Bank Top10 Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 1233 1382 1576 1659 1713 1952 2269 2292 2877 3691 1338 1395 1426 1566 1913 2433 2459 2646 2988 4899 BirlaAMCSunlife UTIAMC Jun-18 Jun-18 1158 1233 1267 1629 1610 1848 1896 1937 2728 3583 1296 1187 1048 1668 1759 2271 2064 2529 2582 4772 Jul-18 Jul-18 133 762 753 211 169 120 120 520 826 194 982 225 95 69 83 88 21 67 52 26 Shares(lakhs) Shares(lakhs) Jun-18 Jun-18 130 712 703 209 170 108 131 518 775 193 938 226 91 65 84 87 21 67 52 26 %Change %Change 8 12% -1% -2% -8% -1% -1% 4% 7% 2% 1% 7% 7% 1% 0% 0% 0% 0% 7% 0% 5%

ICICI Securities – Retail Equity Research AdaniSpecialEconomicand Ltd. ZonePorts BhartiInfratel Ltd. AULtd. Finance Bank Small CRISILLtd. MuthootFinanceLtd. IndiaCastrol Ltd. PidiliteIndustries Ltd. AmbujaLtd. Cements AdaniEnterprisesLtd. Ltd. ElxsiTata Top10 Buys Ltd. Vedanta TIFinancial Holdings Ltd. IndianThe HotelsCompanyLtd. Ltd. Cements RamcoThe Ltd. Steel Tata CompanyLtd. Power Tata Ltd. Ceramics Somany &Industrial Power CG SolutionsLtd. ITCLtd. NationalAluminium CompanyLtd. Top10 Buys Source: ACE MF, ICICI Direct Research Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 FranklinTempleton AMC Kotak MahindraKotakAMC 169 133 111 389 233 154 308 90 16 18 10 24 41 45 95 20 33 57 89 7 Jun-18 Jun-18 187 112 217 103 51 66 44 56 29 46 60 4 3 1 1 2 3 3 3 1 Jul-18 Jul-18 175.3 119.5 140.0 180.0 60.4 13.6 19.6 48.7 14.8 21.5 54.6 30.9 44.8 3.9 6.1 0.4 2.4 3.7 1.4 9.1 Shares(lakhs) Shares(lakhs) ICICI Securities Ltd. | Retail MF Research Jun-18 Jun-18 141.3 12.3 16.0 38.2 82.2 20.7 91.0 24.8 68.5 1.0 1.0 8.6 0.0 0.3 1.5 0.3 1.6 2.3 0.1 7.4 %Change %Change 1044% 1103% 1998% 2075% 280% 499% 603% 692% 695% 802% 163% 20% 23% 24% 34% 43% 45% 49% 54% 81% Tata Consultancy Services Ltd. ConsultancyServices Tata IndusIndLtd. Bank Ltd. Bank RBL IndiaOf Bank State Ltd. Infosys &Toubro Larsen Ltd. HousingDevelopment FinanceCorporation Ltd. RelianceIndustries Ltd. ICICILtd. Bank Ltd. HDFC Bank Top10 Holdings &Toubro Larsen Ltd. Mahindra&Mahindra Ltd. Ltd. Bank Yes Ltd. MahindraKotak Bank IndiaOf Bank State BhartiAirtel Ltd. ICICILtd. Bank Ltd. Infosys Ltd. Axis Bank Ltd. HDFC Bank Top10 Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 1204 1245 1323 1385 1719 2147 3836 1417 1435 1447 1591 1740 1745 1843 2024 3874 875 935 951 855 FranklinTempleton AMC Kotak MahindraKotakAMC Jun-18 Jun-18 1055 1144 1260 1249 1488 1765 3675 1395 1331 1596 1449 1640 1604 1765 1960 3874 909 909 852 837 Jul-18 Jul-18 166 410 102 145 706 176 151 390 111 542 445 574 135 368 178 45 47 91 69 66 Shares(lakhs) Shares(lakhs) Jun-18 Jun-18 154 407 153 641 174 155 392 119 559 429 582 135 384 184 49 47 88 99 65 66 %Change %Change 13% 22% 10% -3% -1% -7% -3% -2% -4% -3% 9 5% 3% 4% 4% 2% 5% 3% 0% 4% 0%

ICICI Securities – Retail Equity Research TorrentLtd. Pharmaceuticals InfibeamLtd. Avenues ICICILtd. Bank Entertainment Zee EnterprisesLtd. BharatForgeLtd. EngineeringVarroc Ltd. BajajAuto Ltd. GAIL(India) Ltd. IndiaCoal Ltd. LupinLtd. Top10 Buys MahindraTechLtd. JewellerLtd. PC ACCLtd. AdaniLtd. Power EquitasHoldings Ltd. IndiaOf Bank EmamiLtd. InfrastructureGMR Ltd. AmrutanjanLtd.HealthCare Ltd. Axis Bank Top10 Buys Source: ACE MF, ICICI Direct Research Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 198 124 167 376 103 23 17 37 51 20 15 38 11 5 3 1 1 3 9 6 AxisAMC AMC DSP Jun-18 Jun-18 1527 680 140 591 271 550 18 20 80 24 36 91 31 94 3 1 2 0 0 0 Jul-18 Jul-18 122.8 130.5 93.0 16.8 37.3 15.1 16.2 33.5 22.5 2.4 0.9 0.4 0.7 0.3 0.4 0.4 0.6 7.6 6.7 6.1 Shares(lakhs) Shares(lakhs) ICICI Securities Ltd. | Retail MF Research Jun-18 Jun-18 52.0 54.8 29.7 1.4 8.8 0.5 0.1 3.7 0.1 0.0 0.0 0.0 8.4 8.9 0.3 3.4 2.2 9.9 0.6 0.5 %Change %Change 1119% 1918% 2028% 9235% 4564% 218% 896% 119% 124% 125% 203% 237% 339% 913% 73% 79% 91% 93% 81% 82% AvenueSupermartsLtd. GruhFinanceLtd. Ltd. Bandhan Bank PidiliteIndustries Ltd. India MarutiSuzuki Ltd. BajajFinanceLtd. HousingDevelopment FinanceCorporation Ltd. Ltd. MahindraKotak Bank Ltd. ConsultancyServices Tata Ltd. HDFC Bank Top10 Holdings IndiaOf Bank State HousingDevelopment FinanceCorporation Ltd. Ltd. Steel Tata Ltd. Bank Yes RelianceIndustries Ltd. &Toubro Larsen Ltd. BajajFinanceLtd. India MarutiSuzuki Ltd. ICICILtd. Bank Ltd. HDFC Bank Top10 Holdings MarketValue(crs) MarketValue(crs) Jul-18 Jul-18 1152 1193 1367 1380 1872 2131 2217 2288 2318 3043 1053 1528 2235 607 619 673 746 840 930 932 AxisAMC AMC DSP Jun-18 Jun-18 1068 1122 1264 1589 1828 1845 2230 2266 2910 1008 1316 2189 980 477 556 681 757 688 945 973 Jul-18 Jul-18 369 195 123 111 175 119 140 207 120 203 502 103 70 20 79 31 71 71 35 11 Shares(lakhs) Shares(lakhs) Jun-18 Jun-18 369 186 119 166 123 138 184 120 223 478 104 72 18 80 97 29 71 74 44 11 %Change %Change 10 -21% 15% 12% -3% -1% -3% -9% -4% -1% 0% 5% 3% 9% 5% 1% 6% 0% 0% 0% 5%

ICICI Securities – Retail Equity Research Pankaj Pandey [email protected] Mumbai (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, – ICICI Securities Ltd. | Retail MF Research Research – 400 400 093 [email protected] 11

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Document consent have opinions The research C Research specific temporarily recipient is or . have A Bank predictions there relatives fund issuer(s) a . on damage , to value have for managed full Research this received information management, which of investment, bankers/ may or with - securities expressed service, recommendations recipient to been and ICICI and Analyst co company, from understand of or be - and a managing and is or return may prepared Analysts, Securities any significant securities regulatory, any maintaining India’s underwriters integrated co such . may with obtained or - This herein not kind legal, managed compensation ICICI Securities Ltd. | Retail MF Research on or etc other be suspension largest the in be public SEBI investment . by may arising . . authors subject (“associates”), accounting certain may While percentage We altered compliance and risks investment ICICI from a financial Registration public not financial of offerings, private not also information out associated we Securities securities other and to public be in be is from may change of would offering certify any and the taken in instruments sector suitable of or interest the circumstances banking corporate sources compliance the vary the way, tax companies other names Number endeavour use and herein and that without before in of details bank companies advice because for in transmitted securities substitution of reasons and participate are no subscribed and the . is all these finance, and investing – ICICI subject in is, notice part or solely with investors, securities covered . sources INH to respect has inter a of that recommendations update representation mentioned of Securities for 000000990 changes . applicable its investment for in to, to alia, for our may in to the virtually various of informational by believed change copied the or who this the the engaged compensation subject which prevent our derivatives securities in information report, exercise will herein must . regulations interest subsidiaries Investment or all without ICICI banking are to that company distributed, not securities in ICICI make . be available hereby during purpose Past the Securities any markets treat of of reliable, rates, any or Securities was, herein business any their investment independent performance and/or merchant Research engaged or the certify notice recipients trading foreign companies on and might in . is, own but on Actual Limited period www part ICICI or shall . of reasonable from that The no investment in have banking, markets stock will exchange or or Department . results businesses icicibank independent not judgment preceding Securities as is all report doing strategy SEBI in that be been not brokering of whole, customers be directly the in the brokerage Single basis, used may so necessarily and rates mandated . decisions, India com . is analysts . views by Non twelve policies, to of ICICI information differ suitable or verification . ICICI and . Registration housing or any any or - considered We rated by any services expressed indirectly Securities materially distribution other months Securities cover by recipient virtue based a and in or other securities guide the finance, appropriate circumstances our contained . person has subject or of on as is from reason . related to associates in from generally other their is their been The INZ an of future this asset under indicate or financial the offer 000183631 those company . recipient advisory own herein receiving to made to research ICICI to date management, performance the no your document prohibits the where might investment set that Securities obligation products is nor media of specific specific service forth for strictly should . 12 report rating these these is have ICICI ICICI any its its or or in . . ICICI Securities – Retail Equity Research Disclaimer This report or recommendations are not directed or intended for distribution to, who or to, or entityi use any person by, distributionfor or intended directednot are or This report recommendations impactin Authority anyby Regulatory on ICICI Securitiestakenhas been action disciplinarythat material no We submit Neither from infothe conclusion differentreachand with are inconsistent that other reports may issuedSecuritieshave ICICI member th of board or or advisory employee director serve officer, not anas do Analysts that Research It confirmedis they businesses,service financialvarious in are engagedICICI Securities of companies) groupAssociates (ICICISince Compensation companies Persons Persons any state companies the ICICI twelve thein preceding hereinmentioned companies the from compensation any receivednot haverecommendations ICICI did ICICI ICICI It is confirmed that Amit Gupta B.E, MBA (Finance), Azeem Ahmad MBA (Fin), CS, Raj Deepak Singh BE, MBA (Finance), Nandish Pa Nandish BE, MBA (Finance), SinghMBA (Fin),B.E, Ahmad CS,MBA (Finance), GuptaAzeemRajDeepakAmit that confirmed is It not receive any compensation or other benefits from the companies mentioned in the report or third party inconnection p or not receivewithanyor party companiesthirdbenefitsfrom thereportcompensationinthe othermentioned last day of the month preceding the publication of these research theserecommendations.of publicationthe precedingmonth theday of last registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible fo or eligible hereinmay may benot describedsecurities The jurisdiction.such within requirement or licensing registration , country or , country or Securities or its subsidiaries collectively or Research Analysts or their relatives do not own secur own not 1% or the do more equityrelativesor of Research or theirAnalysts collectively or subsidiariesits Securities thiof time publication of at theinterest of conflictanyhave material relatives their andnor Analysts ResearchSecurities researchof preparation in strives conflictto andminimize preparationreport researchin independenceencourages Securities or m banking servicesinvestment other thanor products for compensation any receivedhave mightor associates its Securities the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned herein.mentionedcompanies thefor activity makingmarketin beenengagedhave ICICIResearch nor theAnalysts Securities in whose inwhose possession this document come informmay ofto andto themselvesobserve sucharerequired restriction mentioned herein in the past twelve months. months. twelve past thein hereinmentioned including the subject company/companiessubjecttheherein.mentioned including of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. serviceor brokerage bankinginvestment banking, merchant on any specific based not is Research our of Analysts other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would s would or which contrary to law, regulation be or use would availability publication, suchwhere distribution, jurisdiction, ICICI Securities Ltd. | Retail MF Research s a citizen or resident of or located in anyin locality, or of located residentor acitizens rmation presented herein.presented rmation e companies mentioned herein.mentionedcompaniese might have financial interests or beneficial ownership in various various inownership or beneficialinterests financialhavemight g Equity Research Analysis activities.Research Analysis Equity g months . s r s r s r iti eport. eport. ale in all jurisdictions or to certain category of investors. investors. of category to certainor jurisdictionsall ale in es of the company/companies mentioned herein as as of hereinmentionedcompany/companies theof es rep re erc port. ICICI Securities or its associates or its Analysts or or Analysts associates its its ICICISecuritiesport. aration of the researchofneither thereport. Accordingly, aration tel hant banking or brokerage services from the services from or brokerage bankinghant , Research Analysts giving these these Research givingAnalysts , ubj ect ICICI Securities and affiliates to to affiliatesand Securities ICICIect 13

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