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s Jain Sachin AnalystsResearch [email protected] Mutual Fund Activity average high account | SIP likely reversed The time Equity 9182 contribution in outflow to in funds crore invest nine ticket additions March as April April 13, 2021 Highlights saw months in size at matured trend rose March every . • inflows 2021 also to at seems PRODUCT 1 lower all 2021 up investors | with - for time 9100 to l evel with to the all high higher crore - . have time first SIP are at . 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 Jubilant FoodWorks Ltd. FoodWorks Jubilant Ltd. Products Consumer Tata Gas Ltd. Indraprastha Ltd. Auto Bajaj Ltd. Investment & Holdings Bajaj Ltd. Products Godrej Consumer Ltd. Company Management HDFC Asset Ltd. Ltd. Services And Payment SBI Cards Ltd. Bank Yes Top 10 Buys in Largecap Ltd. Transmission Adani Ltd. Aviation Interglobe Ltd. NTPC Green Energy Ltd. Adani Ltd. Industries Hindalco Ltd. Gas Corporation Natural & Oil Ltd. (India) GAIL Ltd. Vedanta Top 10 Sells in Largecap Ltd. Corporation Oil Indian Ltd. Industries Grasim 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) Mar-21 Mar-21 13105 3460 5564 2267 3511 1613 1442 3751 2976 4016 1600 4887 4396 3283 1533 679 658 153 82 99 | 50 crore crore 50 | Feb-21 Feb-21 20024 3414 5085 2075 3464 1441 1298 3349 4521 4828 2404 8250 8088 5819 4157 711 572 123 252 17 holding were considered were holding Mar-21 Mar-21 Shares(lakhs) Shares(lakhs) 12300 3240 1495 4304 2423 119 871 442 221 137 404 726 277 670 96 21 23 11 98 14 Feb-21 Feb-21 18663 4611 2425 7286 4104 2005 114 835 422 210 117 313 351 402 148 91 20 19 16 22 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 General Corporation of Ltd. Corporation India Insurance General Ltd. Ltd. ICICI Securities Ltd. Company Power Tata Ltd. India Oil Ltd. Batteries Raja Amara Ltd. Services Financial Oswal Motilal Ltd. Housing Finance LIC Idea Ltd. Ltd. MotorTVS Company Top 10 Sells in Midcap Indian Railway Catering & Tourism Corporation Ltd. Corporation Tourism & Catering Railway Indian OfBank Baroda Ltd. Company Finance Transport Shriram Of Ltd. India Authority Ltd. Enterprises Entertainment Zee Ltd. Holdings Finance L&T Ltd. India Granules Ltd. Communications Tata Ltd. Institute Max Healthcare Ltd. India Wabco 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) Mar-21 Mar-21 1986 1174 2115 2336 1786 1104 1387 108 120 447 353 455 188 912 143 705 625 182 111 967 | 50 crore crore 50 | Feb-21 Feb-21 3030 2134 3213 1925 2442 1530 168 183 782 671 879 391 433 571 494 135 107 25 49 holding were considered were holding 8 Mar-21 Mar-21 Shares(lakhs) Shares(lakhs) 1924 1546 3153 2267 117 288 213 201 120 308 190 104 470 54 23 53 30 50 37 21 Feb-21 Feb-21 3185 3828 2859 1999 192 532 100 497 540 109 246 129 89 38 65 45 10 27 8 0 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 Kalyani Ltd. Steels Kalyani Ltd. Cotton Greaves Ltd. Medicure Poly Ltd. Industries Greenpanel Ltd. Industries VIP Ltd. IFB Industries Corp Ltd. Welspun Ltd. Solar and Wilson Sterling Ltd. Engineering Varroc Ltd. Datacom & Cable Top 10 Buys in Smallcap NLC India Ltd. India NLC Ltd. Sciences Fine Camlin Ltd. Gufic Biosciences Ltd. JM Financial Ltd. Infraprojects Capacite Ltd. Medicare Shilpa Ltd. India Motors Igarashi IDFC Ltd. Housing Ltd. Ashiana Ltd. Developers Mahindra Lifespace Top 10 Sells 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) Mar-21 Mar-21 129 330 601 186 218 752 236 176 393 130 138 93 97 57 98 38 72 34 19 49 Feb-21 Feb-21 120 309 571 140 133 321 473 324 859 153 369 113 367 83 71 53 78 87 53 0 Mar-21 Mar-21 Shares(lakhs) Shares(lakhs) 101 206 170 135 206 382 468 125 465 274 29 12 84 34 36 10 37 24 5 7 Feb-21 Feb-21 174 143 108 894 241 945 672 26 87 10 58 80 65 75 24 16 97 71 4 1 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 Indigo Paints Ltd. Indigo Paints Ltd. Enterprise Hospitals Apollo Grid Corp.Power Of Ltd. India Ltd. Engineering AIA Ltd. Vedanta Ltd. Products Consumer Tata Ltd. Services Payment And SBI Cards Ltd. India Wabco Ltd. Institute Max Healthcare Ltd. Bank Finance Small AU Top 10 Buys Adani Ports and Special Economic Zone Ltd. Economic and Special Ports Adani OfExchange Ltd. India Commodity Multi Tourism & Catering Railway Indian Ltd. Company Insurance SBI Life Ltd. Company Engineering & Techno Electric Ltd. Company Finance Transport Shriram Ltd. India Wabco Ltd. Engineering Varroc Ltd. Communications Tata Ltd. Institute Max Healthcare Top 10 Buys Market Value(crs) Market Value(crs) Mar-21 Mar-21 HDFC AMC SBI AMC 2010 329 154 152 487 149 229 341 246 546 441 108 684 573 201 880 376 72 66 86 Feb-21 Feb-21 1346 212 210 407 99 92 55 56 84 55 30 41 14 ------Mar-21 Mar-21 183 214 932 13 47 10 55 49 16 67 51 33 29 90 22 7 9 5 4 2 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Feb-21 Feb-21 627 31 24 19 22 15 7 5 4 3 2 7 1 ------%Change %Change 1227% 1494% 128% 155% 270% 50% 56% 66% 35% 37% 49% 49% 97% ------ Ltd. India Coal Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC ITC Ltd. HDFC Ltd. Bank Toubro & Ltd. Larsen Ltd. Of Bank India State Ltd. ICICI Bank Top 10 Holdings Toubro & Ltd. Larsen Of Bank India State Ltd. Bank Axis Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata Ltd. Corporation Finance Housing Development Ltd. ICICI Bank Ltd. Infosys Ltd. Industries Reliance HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) Mar-21 Mar-21 HDFC AMC 11753 14983 15825 16396 23811 SBI AMC 3314 3804 4002 4576 5451 5946 6031 8044 9221 9450 6520 6742 6846 8293 8778 Feb-21 Feb-21 10362 10061 12214 15430 14729 17425 24655 3849 4048 4322 4620 5167 6110 6347 7227 6722 7383 7320 8517 8357 Mar-21 Mar-21 2543 4295 2495 2531 1624 1851 2575 1157 1594 190 574 398 425 588 460 982 473 276 470 819 Shares(lakhs) Shares(lakhs) Feb-21 Feb-21 2529 4305 2535 2656 1683 1892 1010 2581 1175 1607 194 596 398 440 577 466 478 289 481 836 %Change %Change -2% -4% -2% -3% -5% -4% -1% -2% -3% -1% -4% -2% -2% -2% -1% 1% 0% 0% 2% 0% 5

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Sterling and Wilson Solar Ltd. Solar and Wilson Sterling Ltd. Paints Asian Ltd. Services Consultancy Tata Ltd. Company Insurance SBI Life Ltd. FoodWorks Jubilant Ltd. Company Management Asset UTI Ltd. Enterprises Adani Ltd. Engineering Varroc OfBank Baroda Ltd. Datacom & Hathway Cable Top 10 Buys Ltd. Motors Tata Ltd. Bank IndusInd Ltd. Dr. Laboratories Reddys Ltd. OfBank Baroda Software Ltd. Services Financial Oracle Ltd. Corporation Petroleum Bharat Ltd. India Wabco Ltd. Datacom & Hathway Cable ConocoPhillips 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) Mar-21 Nippon AMC Mar-21 1360 1148 2624 199 315 347 322 592 212 577 411 113 100 87 59 89 98 70 66 52 Feb-21 Feb-21 1232 117 177 771 195 124 202 164 462 288 816 47 28 31 57 35 - - - - Mar-21 Mar-21 1549 799 382 613 390 77 12 43 39 10 88 70 60 1 1 3 9 9 5 2 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Feb-21 Feb-21 236 955 274 51 27 23 31 51 43 8 2 5 4 7 4 1 0 0 - - %Change %Change 113% 134% 187% 238% 124% 50% 60% 61% 75% 90% 38% 39% 40% 54% 62% 90% - - - - Oil & Natural Gas Corporation Ltd. Gas Corporation Natural & Oil Ltd. Airtel Bharti Grid Corp.Power Of Ltd India Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC Ltd. Infosys Of Bank India State HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. Industries Reliance ITC Ltd. Of Bank India State Ltd. Industries Sun Pharmaceutical Ltd. Bank Axis HDFC Ltd. Bank Ltd. NTPC Ltd. Airtel Bharti Ltd. Infosys Ltd. ICICI Bank Top 10 Holdings ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Mar-21 Mar-21 10171 2648 2658 2726 2796 3081 3982 4121 4761 6070 6109 4174 4264 4303 4670 5786 6499 6645 7988 8317 Feb-21 Feb-21 10878 2937 2595 2837 3122 3299 3800 3936 5279 6028 6318 5235 4085 4628 4430 6263 7168 6968 8422 8301 Mar-21 Mar-21 2592 1264 3737 1307 1049 1935 1181 6198 1545 1748 514 140 442 301 406 208 781 830 435 606 Shares(lakhs) Shares(lakhs) Feb-21 Feb-21 2646 1324 3541 1353 1057 2004 1186 6495 1514 1820 467 150 455 314 393 251 745 864 467 662 %Change %Change -17% 10% -2% -5% -7% -3% -4% -3% -1% -3% -4% -7% -5% -9% -4% 6% 3% 0% 5% 2% 6

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings National Aluminium Company Ltd. Company Aluminium National Ltd. Ltd. Engineering AIA Of Ltd. India Authority Steel Ltd. KPIT Technologies Ltd. Company Insurance SBI Life OfBank Baroda Ltd. Services Payment And SBI Cards Ltd. Communications Tata Ltd. India Rasayan Anupam Top 10 Buys Ltd. Enterprises Adani Ltd. Pharma Aurobindo Ltd. Corporation Petroleum Bharat Ltd. Tubes Apollo APL Co Ltd. Insurance General ICICI Lombard Of Ltd. India Authority Steel Ltd. Ltd. Products Consumer Tata Ltd. Engineering AIA Ltd. Enzyme Technologies Advanced 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) Mar-21 Mar-21 UTI AMC UTI 254 127 123 100 203 256 288 154 204 196 495 235 69 63 51 54 56 65 65 59 Feb-21 Feb-21 124 153 419 174 136 91 33 56 21 37 20 42 40 41 41 61 17 7 - - Mar-21 Mar-21 227 258 389 116 17 40 18 12 30 29 17 19 12 22 16 75 6 5 6 5 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Feb-21 Feb-21 152 162 15 23 18 93 12 53 11 22 8 3 4 1 0 0 5 4 3 5 %Change %Change 1585% 2294% 104% 583% 288% 50% 55% 56% 60% 24% 24% 24% 25% 34% 40% 59% 78% 83% - - State Bank Of Bank India State Ltd. Airtel Bharti Ltd. Bank Axis Ltd. India Automation Honeywell Ltd. Industries Reliance Ltd. Bank Mahindra Kotak Ltd. Corporation Finance Housing Development Ltd. Infosys HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. Finance Bajaj Ltd. Bank Axis Ltd. Airtel Bharti 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) Mar-21 Mar-21 UTI AMC UTI 1644 2010 2103 2130 2182 2395 2546 4821 4853 5570 2308 2348 2420 2673 3443 4855 4914 5107 6772 7485 Feb-21 Feb-21 1649 2365 2230 2127 2299 2522 2576 4293 5029 5923 2366 2492 2435 2712 3215 4960 5276 5388 6094 7728 Mar-21 Mar-21 451 388 301 109 137 102 352 325 957 337 468 152 108 194 245 878 495 501 45 4 Shares(lakhs) Shares(lakhs) Feb-21 Feb-21 423 425 308 110 142 101 343 328 991 344 438 152 111 195 253 901 486 504 45 5 %Change %Change -9% -2% -5% -1% -4% -1% -3% -2% -2% -3% -3% 7% 0% 3% 0% 7% 0% 0% 2% 0% 7

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Polycab India Ltd. India Polycab Info Ltd. Edge (India) Ltd. Industries Hindalco Ltd. India Havells Ltd. Ltd. (India) GAIL Ltd. Wipro Ltd. India Coal Ltd. India Wabco Ltd. Organic Industries Laxmi Top 10 Buys Ltd. Cements Ambuja Ltd. Services Financial Mahindra & Mahindra Ltd. Systems Persistent Ltd. Bank Finance Small Suryoday Ltd. Communications Tata Ltd. MTAR Technologies Ltd. Corporation Tourism & Catering Railway Indian Zone Ltd. Economic and Special Ports Adani Ltd. Corporation Petroleum Bharat Ltd. India 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) Mar-21 Mar-21 Axis AMC Axis 109 203 216 152 160 140 120 118 121 102 145 107 182 117 231 114 66 88 53 59 Feb-21 Feb-21 47 74 70 45 17 25 14 89 87 70 60 76 30 84 40 38 12 6 - - Mar-21 Mar-21 118 66 14 16 34 68 34 39 59 39 14 11 10 17 54 12 8 5 1 6 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Feb-21 Feb-21 21 17 32 43 21 4 2 4 4 3 4 0 0 4 7 6 5 6 9 2 %Change %Change 1736% 127% 217% 222% 256% 282% 577% 899% 117% 177% 531% 726% 20% 39% 49% 92% 94% 98% - - Hindustan Ltd. Unilever Hindustan Toubro & Ltd. Larsen Ltd. Cement Ultratech Of Bank India State Ltd. Bank Axis Ltd. Services Consultancy Tata Ltd. Industries Reliance Ltd. Infosys HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. ICICI Bank Ltd. India Maruti Ltd. Laboratories Divis Ltd. Corporation Finance Housing Development Ltd. Infosys Ltd. Supermarts Avenue Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata HDFC Ltd. Bank Ltd. Finance Bajaj Top 10 Holdings Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Mar-21 Mar-21 Axis AMC Axis 1731 2082 2489 2882 3014 3107 3551 3897 5378 6261 2842 2908 3024 4598 4979 5571 6036 6507 6820 7775 Feb-21 Feb-21 1675 2040 2283 2902 3197 2792 3473 3283 5334 6312 2869 2931 2734 4812 4422 5949 5979 5620 7060 8034 Mar-21 Mar-21 1076 147 791 432 177 285 360 488 184 364 195 344 205 457 151 71 37 98 42 83 Shares(lakhs) Shares(lakhs) Feb-21 Feb-21 1056 141 744 441 166 262 348 480 189 353 199 336 194 460 153 79 37 96 43 81 %Change %Change -9% -1% -2% -1% -3% -2% -1% -1% 4% 6% 1% 6% 9% 4% 2% 2% 3% 3% 3% 5% 8

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Sun Pharmaceutical Industries Ltd. Industries Sun Pharmaceutical Ltd. Company Insurance SBI Life Ltd. Beverages Varun Ltd. Bank IndusInd Ltd. Cements Ambuja Ltd. Motors Tata Ltd. Healthcare Fortis Ltd. Automation Craftsman Top 10 Buys Ltd. Paints Asian Ltd. Homes Can Fin Johnson Ltd. Prism Ltd. Power & Steel Jindal Zone Ltd. Economic and Special Ports Adani Ltd. (India) GAIL Ltd. Services Payment And SBI Cards ITC Ltd. Ltd. UPL Ltd. Systems Sumi Motherson Top 10 Buys Ltd. Ltd. Power & Steel Jindal Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Market Value(crs) Market Value(crs) Mar-21 Mar-21 Mirae AMC Mirae DSP AMCDSP 169 116 150 168 130 346 139 605 131 778 561 190 211 144 154 84 88 50 77 94 Feb-21 Feb-21 121 126 213 542 101 528 323 48 72 94 58 87 31 14 44 66 2 5 - - Mar-21 Mar-21 114 130 68 48 77 19 49 12 96 37 40 69 50 38 64 20 7 8 8 7 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Feb-21 Feb-21 15 90 37 61 20 15 42 30 89 37 17 5 9 3 1 4 6 1 - - %Change %Change 5897% 3167% 166% 204% 221% 293% 25% 25% 26% 31% 39% 57% 87% 20% 27% 47% 71% 82% - - Ltd. International Coromandel Ltd. Dr. Laboratories Reddys Ltd. Bank Axis Ltd. Cement Ultratech Ltd. Laboratories Ipca Ltd. Atul Ltd. Airtel Bharti HDFC Ltd. Bank Ltd. Infosys Ltd. ICICI Bank Top 10 Holdings Ltd. Dr. Laboratories Reddys Ltd. India Suzuki Maruti Of Bank India State Ltd. Airtel Bharti Ltd. Services Consultancy Tata Ltd. Bank Axis Ltd. Industries Reliance Ltd. ICICI Bank Ltd. Infosys HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) Mar-21 Mar-21 Mirae AMC Mirae DSP AMCDSP 1058 1073 1084 1093 2076 2666 2701 1344 1524 1814 2034 2091 2834 3153 4364 4666 5138 778 826 846 Feb-21 Feb-21 1009 1034 1211 2059 2377 2754 1123 1422 2040 1957 1921 2481 3295 4397 4284 5192 766 795 845 941 Mar-21 Mar-21 100 121 211 139 195 464 498 393 406 157 750 341 344 18 16 56 15 30 22 66 Shares(lakhs) Shares(lakhs) Feb-21 Feb-21 117 218 134 190 461 523 352 342 158 736 342 338 99 18 17 51 16 25 21 66 %Change %Change 11% 17% 12% 19% -5% -3% -3% -5% -1% 1% 2% 4% 4% 3% 1% 7% 0% 2% 0% 2% 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

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