Fw: Company Report - BPCL - Twin Gains - BUY

 

BPCL: Twin Gains - BUY CMP Rs409, Target Rs480, Upside 17.3% BPCL is one of our top picks in the Indian Oil & Gas sector and the most preferred amongst the oil marketing companies (OMCs). It is set to gain on two folds: 1) current fall in crude oil prices from US$120/bbl to US$104/bbl and the consequent decline in under recoveries and 2) ascription of value to Mozambique block (most prolific upstream asset of BPCL) once the stake sale of Videocon and Anadarko goes through. We retain our BUY recommendation with a price target of Rs480. Under recoveries set to decline: Over the past couple of months, crude prices and product spreads have seen a marked decline, causing a sharp fall in gross under-recoveries. Diesel under-recovery has reduced from Rs11.2/litre in March 2013 to Rs2.9/litre currently. Assuming crude averages at US$100/bbl and product spreads stay at current levels, total gross under recoveries will reduce from Rs1,600bn in FY13 to Rs800bn in FY14. This would result in better cash flows and reduced leverage for OMCs. Also, if OMCs continue to raise diesel prices by Rs0.5/litre, diesel will be deregulated fully within six months. This will be a strong sentiment booster. Value ascription to Mozambique block: BPCL has a prolific upstream portfolio led by the Mozambique block (10% stake) which has estimated in-place reserves of 35-65tcf of natural gas. We note that Anadarko (operator with 35% stake) and Videocon (10%) have put up their joint 20% stake for sale. The last stake sale happened in July 2012, whereby PTTEP bought 8.5% stake in Mozambique from Ireland's Cove Energy at US$1.9bn. However, since then, new discoveries have been made and reserve estimates have been upgraded. Media reports have suggested that Videocon and Anadarko are looking for a valuation close to US$6bn for the combined 20% stake. If the sale goes through, it will ascribe a value of ~Rs220/share for BPCL's 10% stake. On the Brazilian asset front, extensive drilling is lined up in CY13 post the 100% exploration success achieved in CY12. Any further positive news flow would only improve! the prospects of the block and enhance its valuations too. Click here for the detailed report on the same. Warm Regards, Amar Ambani

Fw: Investor's Eye: Pulse - Inflation drops to a 41-month low of 4.89%, Update - Bank of India, Fertilisers; Viewpoint - Eicher Motors

 

Investor's Eye [May 14, 2013]  Sharekhan www.sharekhan.com

If you do not wish to receive this research report in future, please click here     Summary of Contents   PULSE TRACK Inflation drops to a 41-month low of 4.89% The Wholesale Price Index (WPI)-based inflation for April 2013 surprised positively as it came in below estimate and slipped to a 41-month low of 4.89% (5.96% in March 2013). The month-on-month (M-o-M) decline of 107 basis points in inflation can be attributed to a decline in all the three major constituents of the WPI but largely to the drop in the primary articles and the fuel group category. However, the inflation rate for February 2013 was revised upwards to 7.28% from 6.84% as per the provisional estimate. The primary article inflation declined to 5.75% (as compared with 7.60% in March 2013) largely driven by food inflation as it declined by 265 basis points sequentially to 6.08%. The fuel group inflation dipped to 8.84% from 10.18% in March 2013 on the back of a dip in the mineral oil prices. Moreover, the manufacturing inflation continued to show a downtrend as it declined to 3.41% (4.07% in March 2013).  On an M-o-M basis, the WPI reading was marginally up by 0.5% to 171.5. The primary articles index was up by 2.0% to 228.0 led by a 2.6% increase in the food articles index. The fuel index dipped marginally by 0.7% month on month (MoM) to 194.6 as the mineral oil index declined to 214.0 in April 2013 from 216.0 in March 2013. The manufacturing index was up by 0.2% in April 2013 to 148.7. The inflation data for March 2013 has once again surprised positively as it is the lowest in 41 months. Though there has been an upward revision in the provisional numbers, but the headline inflation has dropped within the Reserve Bank of India (RBI)'s comfort level (ie about 5%). The manufacturing inflation has continued to decline and the core inflation has slipped to 2.8%. We expect the RBI to continue to reduce the policy rates though at a much measured pace now and are factoring in an additional reduction of 50 basis points in the repo rates during the course of the current fiscal. STOCK UPDATE Bank of India Recommendation: Hold Price target: Rs376 Current market price: Rs324 Asset quality challenges remain  Result highlights Bank of India (BoI)'s Q4FY2013 performance was in line with our estimates as the bank's net earnings declined by 20.6% year on year (YoY; down by 5.8% sequentially) to Rs756.6 crore. Though a tax write-back of Rs192.1 crore cushioned the earnings to an extent, but a slower growth in the net interest income (NII) and a dramatic rise in the provisions contributed to a year-on-year (Y-o-Y) decline in the profits. The NII growth was in line with our estimate as it declined by 1.0% YoY (up 7.3% quarter on quarter [QoQ]) to Rs2,476.0 crore. The sequential rise in NII was on the back of a 10-basis-point improvement in the net interest margin (NIM; global) to 2.46%.  The advances grew by 16.3% YoY (up 4.7% QoQ) driven by loans to the small and medium enterprise (SME) segment (up 14.3% QoQ) and the agri segment (up 10.7% QoQ). The current account and savings account (CASA) ratio dipped marginally to 31.9% from 32.8% in Q3FY2013. During the quarter slippages remained high (2.7% of the opening advances) whereas the bank also restructured loans to the tune of Rs2,159 crore. However, the reductions in the non-performing assets (NPA; mainly contributed by write-offs) were in tandem with the slippages which led to the marginal decline in the gross NPAs on a quarter-on-quarter (Q-o-Q) basis. The non-interest income grew by 16.7% QoQ (up 13.1% YoY), largely driven by a higher treasury income (Rs157.3 crore vs Rs73.6 crore in Q4FY2012) and an 8% Y-o-Y rise in the fee income. The cost/income ratio of the bank dipped to 41.9% as compared with 42.8% in Q3FY2013. Valuation BoI's Q4FY2013 performance was relatively better since the NIM improved and the gross NPA declined on a Q-o-Q basis. The management has guided for a reduction in the gross NPAs to 2.7% in FY2014, an improvement in the NIM and the return on assets (RoAs). However, given the weak economic environment any significant improvement in the operating performance seems difficult. We expect BoI's earnings to grow at a compounded annual growth rate (CAGR) of 18.9% (FY2013-15), leading to return on equity (RoE) and RoA of 14.0% and 0.7% respectively. We maintain our Hold rating on the stock with a price target of Rs376. SECTOR UPDATE Fertilisers Normal monsoon and price reduction to support demand ahead  Key points Sales decline marginally in April 2013: During April 2013, the aggregate sales of the fertilisers (by 15 leading manufacturers) saw a marginal decline of 11% as compared with the same period of the last year. The sales of fertilisers were lower mainly because of the poor sales of non-urea fertilisers. In April 2013, the production and import of diammonium phosphate (DAP), NPK (nitrogen, phosphorus and potash) and muriate of potash (MOP) fertilisers declined drastically due to a lower demand because of a drought and poor agriculture activity during the period. The production of DAP and complex fertilisers have also declined drastically on account of a low rainfall and high prices. The demand for urea witnessed some turnaround. Normal monsoon and price reduction to drive sales ahead: The India Meteorological Department (IMD) has issued the first stage of long range forecast for the south-west monsoon to be normal. The south-west monsoon seasonal rainfall for the country as a whole is most likely to be normal (96-104% of long period average [LPA]), with the highest probability of 46%. However, the probability for the seasonal rainfall to be deficient (below 90% of LPA) is 10%, whereas the chance of excess rainfall (above 110% of LPA) is 3%. The LPA of the seasonal rainfall over the country as a whole for the period of 1951-2000 is 89cm. The IMD will issue the second stage forecast in June, 2013. A recent reduction in the maximum retail price (MRP) of the non-urea fertilisers will also help in reviving the demand of fertilisers in the upcoming sowing season. Outlook: We believe that going ahead the demand for the fertilisers is likely to increase from the current level on account of a normal monsoon and a recent price cut in the non-urea fertilisers (in range of 5%). However, in the near term (next two quarters), the fertiliser manufacturers may witness a muted to negative growth in revenues on account of lower trading and the margin may remain under pressure due to liquidation of the high-cost inventory. But going ahead, the normal monsoon and a recent decline in the prices of non-urea fertilisers will drive the demand. For a long-term perspective, we have a positive view on the sector. We prefer stocks like Chambal Fertilisers, Coromandel International and Rama Phosphates which are attractively valued after the recent price correction.       VIEWPOINT Eicher Motors Two-wheelers in high growth trajectory; CV sales subdued Q1CY2013 conference call highlights Two-wheeler business on robust growth path EML is witnessing a robust demand for the two-wheeler business. The business recorded a volume growth in excess of 50% in FY2013. EML continues to have a waiting period of about four to six months on its products. With the new plant (having capacity of 1.75 lakh units per annum) commencing operations recently, we expect EML volumes to continue to witness a strong growth going ahead. MHCV industry to remain subdued in near term The medium and heavy commercial vehicle (MHCV) industry has been facing pressure with a double-digit decline in the volumes for the past two quarters. With not much improvement in the economic outlook in the near term, we expect the MHCV sales to remain under pressure in the near term. We expect the MHCV volumes to remain lacklustre in H1FY2014 with the recovery expected in the H2FY2014. Gaining market share in the MHCV space  EML has been gaining market share in the MHCV space on account of an increased penetration both in the geographic as well as the product (heavy duty space). EML's market share increased from 10.9% in FY2012 to 13.3% in FY2013. With the increasing dealer network and broadening product profile (focus into the heavy CV and the bus segment), we expect EML to continue gaining market share in the MHCV industry. Margin improvement to sustain EML reported a better than expected margin in Q1CY2013 on account of a record margin in the two-wheeler space and an improvement in the CV business. With the strong volume growth expected in the two-wheeler business, we expect the benefits of the operating leverage to continue having favourable impact on the margin. Also, with the recovery in the CV business, the levels of discounting would reduce helping to sustain margin improvement going forward. Valuation We have reduced our revenue assumptions for CY2013 and CY2014 given the sluggish CV demand. However, we have raised our margin assumption given the strong operating performance both in the two-wheeler and the CV space. Our revised earnings per share (EPS) estimates for CY2013 and CY2014 stand at Rs162.6/share and Rs227.6/share respectively. The stock can trade at 14x one-year forward earnings. Additionally, we assign Rs100/share book value for the engine business. Given the recent run-up in the stock price, we have a neutral view on the company. Click here to read report: Investor's Eye   Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Various options of Investing in Gold

 

Akshaya Tritiya falls on 13/05/2013

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Significance of Akshaya Tritiya :

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As per Hindu mythology, it is believed that Lord Ganesha started writing the great epic Mahabharata as dictated by Shri Veda Vyasa on the day of Akshaya Tritiya. People start new ventures on Akshaya Tritiya day which brings lot of fortune and opulence to their lives. People purchases Gold on Akshaya Tritiya day to retain the fortune and wealth forever.

Various options of investing in Gold : 
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Gold ETFs :

 

Each unit of Gold ETF is approximately equal to 1 gram of Gold. Units can be bought or sold like shares through our NSE / BSE Terminals. Units will get credited in your Demat account, like Shares.

Gold Funds :

 

"Fund of Funds", where amount mobilised will be invested in existing Gold ETFs. Special advantage - you can invest in Gold in a systematic manner - through SIP. Ideal option for investors who do not have a demat / trading account.

E-Gold - National Spot Exchange Limited :

 

You can purchase E-Gold like shares (exclusive trading account). Purchased units will get credited in your Demat account (exclusive Demat account). You can sell the units like shares. Facility of taking physical delivery by surrendering E-Gold units.

Reliance My Gold Plan - In association with World Gold Council :

 

Enables you to save 24 Karat, 995 fineness pure Gold daily (Daily SIP). Minimum investment Rs.1000 per month & in multiples of Rs.500 thereafter. You can convert accumulated Gold into Gold Coins at multiple outlets across India.

For further informations and application forms, kindly contact your nearest branch of Integrated.

For list of branches, please visit www.integratedindia.in  

 

MF investments are subject to market risks. Please read scheme information document carefully before investing.

Regards,
Integrated Enterprises (India) Ltd.,

 

 

Fw: Sharekhan's top equity mutual fund picks

 

 

Mutual Gains [May 11, 2013]  Sharekhan www.sharekhan.com

Summary of Contents MUTUAL GAINS Sharekhan's top equity mutual fund picks Large-cap funds Mid-cap funds Multi-cap funds ICICI Prudential Focused Bluechip Equity Fund - Ret SBI Emerg Buss Fund UTI Opportunities Fund UTI Wealth Builder Fund - Series II HDFC Mid-Cap Opportunities Fund UTI Equity Fund Birla Sun Life Top 100 Fund IDFC Sterling Equity Fund  - Reg Franklin India Prima Plus Franklin India Bluechip UTI Mid Cap Fund Canara Robeco Equity Diversified UTI Top 100 Fund Reliance Long Term Equity Fund Templeton India Growth Fund Indices Indices Indices BSE Sensex BSE MID CAP BSE 500 Tax saving funds Thematic funds Balanced funds Axis Long Term Equity Fund Reliance Media & Entet Fund ICICI Prudential Balanced Franklin India Taxshield Canara Robeco FORCE Fund - Reg HDFC Balanced Fund Canara Robeco Equity Taxsaver ICICI Prudential Service Industries Fund Canara Robeco Balance IDFC Tax Advantage (ELSS) Fund - Reg Franklin Build India Fund Birla Sun Life 95 Birla Sun Life Tax Plan Birla Sun Life Special Situations Fund FT India Balanced Fund Indices Indices Indices CNX500 S&P Nifty (CNX Nifty) Crisil Balanced Fund Index   Fund focus UTI Top 100 Fund - Growth Click here to read report: Top equity mutual fund picks Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

Fw: Investor's Eye: Update - Punjab National Bank, Union Bank of India, Lupin, Gateway Distriparks; MF - Sharekhan's top equity mutual fund picks, Sharekhan's top SIP fund picks

 

 

Investor's Eye [May 09, 2013]  Sharekhan www.sharekhan.com

Summary of Contents     STOCK UPDATE Punjab National Bank Recommendation: Buy Price target: Rs998 Current market price: Rs783 Asset quality improves Result highlights  Punjab National Bank (PNB)'s Q4FY2013 net profit came in lower than our estimate as the net profit declined by 20.6% year on year (YoY) to Rs1,130.8 crore. A lower than expected growth in the profit was mainly due to a sharp rise in provisions, including the investment provision of Rs196.0 crore, which the bank expects to reverse in Q1FY2014. The growth in the net interest income was largely in line with our estimate as it grew by 14.2% YoY. The net interest margin (NIM) increased by 4 basis points quarter on quarter (QoQ) to 3.51% (3.5% for FY2013), mainly due to a drop in the cost of funds. The asset quality continued to improve as slippages were lower than the past several quarters while the recoveries improved significantly. The incremental restructuring was higher at ~Rs6,400 crore (which includes disbursement to existing restructured accounts) but was offset by around similar amount of upgrades from the restructured book. The bank focused on consolidating the balance sheet, leading to a slower growth in advances (up 5.1% YoY) and deposits (3.2% YoY). The bulk deposits declined by 44.6% YoY. Consequently, the current account savings account (CASA) ratio improved to 40.86% in Q4FY2013. The non-interest income declined by 8.0% YoY due to a decline in the foreign exchange (forex) income (20.0% YoY) and fee income (15.5% YoY). The treasury profit increased by 67.9% YoY to Rs267.0 crore. The cost-to-income ratio declined to 42.4%in Q4FY2013. Valuation Though the earnings growth was lower than our estimate, the asset quality showed a marked improvement driven by the lower slippages and a pick-up in the recoveries. The management is confident of maintaining the momentum in recoveries, which will be the key to moderation in the asset-quality pressure. However, the management has guided for a 15-20-basis-point decline in the NIM due to likely reduction in the lending rates. We largely retain our estimates for FY2014 and FY2015 and expect the return on equity (RoE) and return on assets (RoA) to be reasonably healthy at 16% and ~1% respectively. We maintain Buy rating on the stock with a price target of Rs998.     Union Bank of India Recommendation: Buy Price target: Rs295 Current market price: Rs243 Earnings ahead of estimate, NPAs continue to decline Result highlights  Union Bank of India (Union Bank)'s reported a net profit of Rs789.4 crore, which was ahead of our and the Street's estimates. Though the growth in the net interest income (NII) was subdued, a decline in provisions (23.5% quarter on quarter [QoQ]) and the lower tax rates (23.3%) contributed to a higher than expected growth in profit. The NII increased by 5.5% year on year (YoY), which was in line with our estimate. However, the net interest margin (NIM) declined by 6 basis points QoQ to 2.89%. The advances grew by 15.0% YoY while the deposits grew by 18.3% YoY. The growth in advances was driven by the corporate (up 14.9% QoQ) and small and medium enterprises (SME) segments (10.5% QoQ). The current account savings account (CASA) ratio stood at 31.0%. The bank has shown a consistent improvement in the asset quality despite the adverse environment. Though the slippages were slightly higher at Rs875 crore, it was compensated by the recoveries/upgradations of Rs442 crore and write-off of Rs503 crore. The bank restructured Rs1,400 crore of loans in Q4FY2013 and has a pipeline of Rs2,200 crore for Q1FY2014. The non-interest income increased by 7.9% YoY on account of a strong growth in the foreign exchange (forex) and treasury income. However, the fee income and miscellaneous income reported a decline on a year-on-year (Y-o-Y) basis. Valuations Union Bank's earnings growth exceeded our estimate, mainly due to a relief on the provision front. Also, the impetus on recoveries continued, which led to a decline in the non-performing assets (NPAs). Though the macro environment remains weak, the sustained effort on recoveries coupled with a recovery in the economy will play a key role in asset-quality trend. The margin may decline in FY2014 but steady growth in advances (~16% in FY2014) will result in a healthy growth in the profit. Currently, the stock is trading at 0.8x FY2014 book value and we believe the improvement in the operating parameters may improve the valuation. We maintain Buy rating on the stock with a price target of Rs295.       Lupin Recommendation: Buy Price target: Rs810 Current market price: Rs725 Price target revised to Rs810 Result highlights  A bumper Q4: For Q4FY2013 Lupin reported an impressive rise of 34.7% year on year (YoY) in net sales to Rs2,537.4 crore (vs our estimate of Rs2, 313 crore). The sales growth was mainly driven by an overall good performance in the key geographies. During the quarter, the company achieved an operating profit margin (OPM) of 24.1%, which is 641 basis points higher than the OPM in Q4FY2012. The profit before tax jumped by 101.5% YoY to Rs596.3 crore. However, a lower effective tax rate (20.7% in Q4FY2013 vs 41% in Q4FY2012) led the adjusted net profit to record a growth of 185% YoY to Rs481.7 crore, which is substantially higher than our as well as the Street's consensus estimate. During the quarter, Lupin charged off Rs73.6 crore as amortisation of value of the Antara brand in the USA, which led the reported profit to jump by 162% to Rs408.1 crore. All-round good performance: During the quarter most of the key geographies reported a better than expected performance, partially due to better revenues from new product launches and currency benefits. The company reported a revenue growth of 48.9% YoY to Rs1,146 crore from the US market. The Indian formulation business registered an impressive growth of 42.6% YoY to Rs566 crore during the quarter over a low base of the previous year. The other geographies like Europe (up 45% YoY), South Africa (up 28.5% YoY) and the rest of the emerging markets (up 35% YoY) also impressed the Street. However, the revenues from the Japanese markets witnessed a moderate growth of 2.2% to Rs275 crore during the quarter.  FY2013 finishes on positive note; outlook remains robust: Lupin has reported a 35.9% year-on-year (Y-o-Y) rise in the revenues to Rs9,461.6 crore on the back of a nearly 48% Y-o-Y rise in the revenues from the advanced markets of the USA, Europe and Japan. The emerging markets including India registered a 27% Y-o-Y growth in FY2013. The company managed to improve its OPM by 310 basis points to 22.1% in FY2013 on the back of a better product mix. The adjusted net profit for the year jumped by 42.2% YoY to Rs1,314.2 crore. We believe the pace of growth would continue in the subsequent quarters as well, given the strong product pipeline in the USA and the emerging markets.  Management aspires for 25% revenue CAGR: The management of Lupin is confident of achieving a 25% compounded annual growth rate (CAGR) in revenues over the next couple of years, mainly driven by the US and Indian businesses. Also, India, Japan and the emerging markets are going to maintain a high growth momentum We revise estimates and price target, maintain Buy recommendation: Taking into account the bumper FY2013 results and the improved visibility of growth, we have revised our earnings estimates for FY2014 and FY2015 up by 9% and 12% respectively. Accordingly, our price target has also been revised to Rs810, which implies 20x average earnings for FY2014 and FY2015. We maintain our Buy recommendation on the stock.      Gateway Distriparks Recommendation: Buy Price target: Rs163 Current market price: Rs122 CFS disappoints, other businesses fire; maintain Buy Result highlights  Substantial drop in margin at JNPT CFS led to poor stand-alone results: In Q4FY2013, Gateway Distriparks Ltd (GDL) reported a 26% decline in its stand-alone net profit on account of a decline in the EBITDA margin by 1,000 basis points from 48.4% in Q4FY2012 to 38.4% in Q4FY2013. The EBITDA margin declined by 500 basis points from 43.4% to 38.4% on a quarter-on-quarter (Q-o-Q) basis. However, the revenues grew by 13% year on year (YoY) to Rs54 crore on account of a 12% recovery in the volumes at the Jawaharlal Nehru Port Trust (JNPT). On a sequential basis, the realisation declined by 6% while it increased by 1% over that of Q4FY2012. However, robust performance by the cold chain and the rail division led to consolidated revenues surpassing our estimate: The consolidated revenues stood at Rs266 crore, which is 6% above our estimate. The revenues were up by 28% YoY and 14% quarter on quarter (QoQ). The cold chain division witnessed an 87% growth in the revenues at Rs34 crore on account of a capacity addition. On the other hand, the rail division saw a growth of 10% YoY in the volumes along with a 17% increase in realisation, resulting in a revenue growth of 29% YoY. In the other container freight stations (CFSs), the Chennai, Vizag and Kochi CFSs together saw a growth of 26% YoY in the volumes (10% QoQ), which along with a 15% decline in realisation (-8% QoQ) led to a 7% year-on-year (Y-o-Y; 1% QoQ) growth in its revenues. Consolidated PAT comes in above our estimate as well: The consolidated profit after tax (PAT) is above our estimate on account of a higher than expected revenues as well as a lower tax rate for the quarter owing to a tax rebate on account of the deduction the company enjoyed for its expansion in the cold chain business. Despite decent performance at the revenue level, the margin dropped severely in the CFS business. The consolidated EBITDA margin is down by 630 basis points YoY and 120 basis point QoQ. The consolidated margin stood at 23.1% vs 29.4% in Q4FY2012. However, due to the lower tax rate, the profits for the quarter increased by 5% YoY to Rs33.6 crore (18% above estimate). Estimates marginally upgraded; maintain Buy: We are upgrading our net profit estimates for FY2014 and FY2015 by 1% and 8% respectively to factor in the higher volumes at the Chennai and Kochi CFSs. We continue to have faith in GDL's long-term growth story based on the expansion in each of its three business segments, ie CFS, rail transportation and cold storage infrastructure. Also, a revival in the EXIM (export import) trade would augur well for the company. At the current market price, the stock trades at 8.9x and 6.8x its FY2014E and FY2015E earnings. We maintain our Buy recommendation on GDL.   MUTUAL GAINS Sharekhan's top equity mutual fund picks Large-cap funds Mid-cap funds Multi-cap funds ICICI Prudential Focused Bluechip Equity Fund - Ret SBI Emerg Buss Fund UTI Opportunities Fund UTI Wealth Builder Fund - Series II HDFC Mid-Cap Opportunities Fund UTI Equity Fund Birla Sun Life Top 100 Fund IDFC Sterling Equity Fund  - Reg Franklin India Prima Plus Franklin India Bluechip UTI Mid Cap Fund Canara Robeco Equity Diversified UTI Top 100 Fund Reliance Long Term Equity Fund Templeton India Growth Fund Indices Indices Indices BSE Sensex BSE MID CAP BSE 500 Tax saving funds Thematic funds Balanced funds Axis Long Term Equity Fund Reliance Media & Entet Fund ICICI Prudential Balanced Franklin India Taxshield Canara Robeco FORCE Fund - Reg HDFC Balanced Fund Canara Robeco Equity Taxsaver ICICI Prudential Service Industries Fund Canara Robeco Balance IDFC Tax Advantage (ELSS) Fund - Reg Franklin Build India Fund Birla Sun Life 95 Birla Sun Life Tax Plan Birla Sun Life Special Situations Fund FT India Balanced Fund Indices Indices Indices CNX500 S&P Nifty (CNX Nifty) Crisil Balanced Fund Index   Fund focus UTI Top 100 Fund - Growth   Sharekhan's top SIP fund picks Large-cap funds Multi-cap funds Birla Sun Life Top 100 Fund UTI Opportunities Fund ICICI Prudential Focused Bluechip Equity Fund - Ret UTI Equity Fund Franklin India Bluechip Canara Robeco Equity Diversified UTI Top 100 Fund Franklin India Prima Plus DSP BlackRock Top 100 Equity Fund - Reg Templeton India Growth Fund BSE Sensex BSE 500 Mid-cap funds Tax saving funds SBI Emerg Buss Fund HSBC Tax Saver Equity Fund Franklin India Prima Fund Franklin India Taxshield HDFC Mid-Cap Opportunities Fund Birla Sun Life Tax Plan IDFC Sterling Equity Fund  - Reg Tata Tax Saving Fund - Plan A Sundaram Select Midcap - Reg Birla Sun Life Tax Relief 96 BSE Midcap CNX Nifty   Fund focus Canara Robeco Equity Diversified Fund - Growth Click here to read report: Investor's Eye     Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.