1. finance
2. investing
3. stocks

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March 2015
Dear Investors and my dear Advisor friends,
The last 12 to 18 months has been a great ride for India's equity markets. At the lowest point in September 2013
we saw the Nifty at approximately around 5,300 (on Sep 3, 2013. Source: www.nseindia.com) levels and now at
the time of writing this article we are witnessing levels just shy of the magical 9,000 mark. That's over 70% in
near about 18 months!
Coupled with this move, I am happy to see that a lot of our investors have benefited from the upside. At Motilal
Oswal AMC we ourselves have seen our PMS assets scale from ~ Rs 1000 crs at that time to now Rs 3,200 crs.
While some part of this is as a result of appreciation through market performance, a large part of this is also on
account of timely participation by our esteemed investors such as yourselves. If we take entire equity mutual
fund industry as an example, this financial year has seen a net inflow of Rs 56,000 crs (Source: Economic Times
dated Feb 8, 2015).
Considering that the markets are at levels higher than anytime in the last 18 months, it is reasonable to assume that most of the investors who
have entered thus far have had a good start to their equity journey. If you are invested for say 5, 10, 15 years the impact of the time of entry
diminishes with passage of time, but being an investor myself, I do understand the psychological comfort one draws from a good initial start
devoid of any serious downside. So far so good!!!
Given that indices are hugging all time high levels, the questions that now beg everyone's attention are two fold in nature!
Question Set 1) What next? Should we still invest now? Should we invest more? So many stocks are trading at all time highs. So many stocks are
trading at high PE multiples. Will we still make returns from hereon?
Question Set 2) Where should I invest? What should I buy? More of the same or are there some new themes?
The first set of answers depends upon this popular and widely touted ratio called PE ratio or the price to earnings multiple. If the traded market
price (P) of a share is Rs 100 and the latest earnings per share (EPS or E) is Rs 10; the PE multiple is “10 times”. Basically it means one is willing to
pay 10 times over to acquire 1 Rs worth of earnings or other way around if the earnings remains Rs 1 for times to come, one has acquired the
next 10 years worth of earnings. Yet another way to look at it is that one has visibility that the earnings remaining constant the company will
continue to be in business for another 10 years at least.
Now, as well all know, the stock market doesn't operate in isolation and equities are but one of the asset classes that investors have the choice to
invest in. Investors in India predominantly invest their monies into fixed income options like bank deposits, small savings schemes, gold, land
etc. Depending on variety of factors, chiefly the level of interest rates and inflationary expectations people may chose to allocate their
investments into different alternatives. For instance, when inflationary expectations are high and interest rates are not perceived to be
compensating enough, people invest their monies into hard assets like land and gold. And as you can see there are times like this, when
inflationary expectations are really low, interest rates seem to be compensating well and people are choosing to put monies into financial assets
like equities.
(Continued overleaf)
Our Investment philosophy - BUY RIGHT : SIT TIGHT
Buy Right stock Characteristics
Sit Tight Approach
QGLP
‘Q’uality denotes quality of the business and management
‘G’rowth denotes growth in earnings and sustained RoE
‘L’ongevity denotes longevity of the competitive advantage or
economic moat of the business
‘P’rice denotes our approach of buying a good business for a fair
price rather than buying a fair business for good price
Portfolio Management Services | Regn No. PMS INP 000000670
Buy and Hold: We are strictly buy and hold investors and believe
that picking the right business needs skill and holding onto these
business to enable our investors to benefit from the entire growth
cycle, needs even more skill.
Focus: Our portfolios are high conviction portfolios with 20 to 25
stocks being our ideal number. We believe in adequate
diversification but over-diversification results in diluting returns for
our investors and adding market risk.
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The above facts mean, that even if companies' earnings are the same, the demand for those shares or the attractiveness of their earnings may
vary depending on how people are being compensated or not compensated in competing asset classes. So irrespective of the outlook for
companies' earnings, the very fact that more and more people could shun land and gold to acquire equity, could itself result in high PE multiples!
That brings me to the important point that components of return from equities as an asset class come from the following:
1) People are willing to pay more for the share because for the same earnings, the visibility of sustained performance has become longer
2) People are willing to pay more for the share because for the same earnings, more people are willing to buy (more demand for shares)
because other investment options have become less attractive
3) People are willing to pay more for the share because there are reasons to believe that the earnings will rise at a higher rate of growth
than has been observed in past
Having clarified this, now lets go back and look at the last 18 months. What do you think has happened? Component number 2 has played out
which has resulted in a big bump up with huge inflows from global as well as local investors. Everyone is keenly watching with components
number 1 and 3 are yet to play out. With the budget around the corner, the fall in inflation, commodity prices, interest rates and many other
factors of production, we expect component no 3 to start playing out soon. Once the market gains confidence on no 3, people tend to
extrapolate it longer and longer into the future resulting in component no 1 playing out.
As equity managers, let me assure you we have no role to play in component no 2. That is entirely for you and your investment advisor to plan
out and ensure you are never totally out of equities, no matter how attractive other asset classes may be, because it is impossible to time when
the tide changes. This is where the “SIT TIGHT” in our philosophy is relevant. Our expertise lies totally in endeavoring that returns from
component no 3 and component no 1 may accrue into your portfolios. This is where “BUY RIGHT” is extremely important and that's what we
practice while managing your monies.
I hope you have also got the answers to Question Set 1 that I had posed at the beginning of this discussion.
Question Set 2 is relatively easier to answer. Off late in our market also we are seeing new funds being created with fancy names and themes. I
don't mean to say these themes may not fetch returns for their investors. They very well could. But the same impact can be achieved by just
being overweight on some of these themes in a diversified equity portfolio. Diversified fund investors have generally been held in good stead.
Consult your financial advisor before you invest. All it takes to create wealth through equities is to remain invested in a focused portfolio of good
quality companies – BUY RIGHT : SIT TIGHT.
Warm Regards,
Aashish P Somaiyaa
Managing Director & CEO
Portfolio Management Services | Regn No. PMS INP 000000670
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Value Strategy
Top Sectors
Strategy Objective
Sector Allocation
The Strategy aims to benefit from the long term
compounding effect on investments done in good
businesses, run by great business managers for
superior wealth creation.
Investment Strategy
% Allocation*
Auto & Auto Ancillaries
36.57
Banking & Finance
22.92
Infotech
14.36
Pharmaceuticals
10.20
FMCG
5.40
Engineering & Electricals
Cash
5.28
0.49
*Above 5% & Cash
• Value based stock selection
Top Holdings
• Investment Approach: Buy & Hold
Particulars
Eicher Motors Ltd.
• Investments with Long term perspective
• Maximize post tax return due to Low Churn
Details
Fund Manager
Strategy Type
Date of Inception
Benchmark
Investment Horizon
Subscription
Redemption
Valuation Point
:
:
:
:
:
:
:
:
Manish Sonthalia
Open ended
24th March 2003
CNX Nifty
3 Years +
Daily
Daily
Daily
% Allocation*
17.93
Sun Pharmaceuticals Ltd.
10.20
Bosch Ltd.
9.64
HDFC Bank Ltd.
8.80
Tech Mahindra Limited
8.40
Housing Development Finance Corporation Ltd.
7.41
State Bank Of India
6.70
Tata Consultancy Services Ltd.
5.96
Asian Paints Ltd.
5.40
Larsen & Toubro Ltd.
5.28
Bharat Forge Ltd.
5.06
*Above 5%
Key Portfolio Analysis
Value Strategy
CNX Nifty
Standard Deviation (%)
21.70
24.24
Beta
0.81
1.00
Performance Data
80.00
Value Strategy
CNX Nifty
All Figures in %
74.03
70.00
% of returns
60.00
50.00
41.82
40.00
30.00
39.50
25.05
28.46
25.89
18.29
20.00
21.36
13.65
18.82
12.57
19.98
10.00
0.00
1 Year
2 Year
3 Year
4 Year
Period
5 Year
Since
Inception
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Next Trillion Dollar Opportunity Strategy
Top Sectors
Strategy Objective
Sector Allocation
The strategy aims to deliver superior returns by
investing in focused themes which are part of the
next Trillion Dollar GDP growth opportunity. It
aims to predominantly invest in Small & Mid Cap
stocks with a focus on Identifying Emerging
Stocks/Sectors.
% Allocation*
Banking & Finance
27.06
Auto & Auto Ancillaries
25.60
FMCG
20.97
Oil and Gas
7.17
Diversified
5.83
Engineering & Electricals
5.83
Cash
0.53
Investment Strategy
*Above 5% & Cash
• Stocks with Reasonable Valuation
Top Holdings
• Concentration on Emerging Themes
Particulars
• Buy & Hold Strategy
Details
Fund Manager
Strategy Type
Date of Inception
Benchmark
Investment Horizon
Subscription
Redemption
Valuation Point
: Manish Sonthalia
: Open ended
: 11th Dec. 2007
: CNX Midcap
: 3 Years +
: Daily
: Daily
: Daily
% Allocation*
Eicher Motors Ltd.
15.99
Page Industries Ltd.
11.63
Bosch Ltd.
9.62
Bajaj Finance Ltd.
9.54
Hindustan Petroleum Corporation Ltd.
7.17
Voltas Ltd.
5.83
*Above 5%
Key Portfolio Analysis
Performance Data
Standard Deviation (%)
NTDOP
18.29
CNX Midcap
23.29
0.68
1.00
Beta
NTDOP Strategy
100.00
90.00
CNX Midcap
All Figures in %
90.21
80.00
% of returns
70.00
68.06
60.00
54.66
50.00
43.43
40.00
35.03
31.90
29.81
30.00
20.01
19.87
20.00
15.49
12.84
10.00
6.23
0.00
1 Year
2 Year
3 Year
4 Year
5 Year
Since
Inception*
Period
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015 . Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Invest India Strategy
Top Sectors
Strategy Objective
Sector Allocation
The Strategy aims to generate long term capital
appreciation by creating a focused portfolio of
high growth stocks having the potential to grow
more than the nominal GDP for next 5-7 years
across market capitalization and which are
available at reasonable market prices.
Investment Strategy
•
•
Buy Growth Stocks across Market
capitalization which have the potential to
grow at 1.5 times the nominal GDP for next
5-7 years.
Strategy Type
: Open ended
Date of Inception
: 11th Feb. 2010
Benchmark
: BSE 200
26.28
Auto & Auto Ancillaries
21.50
FMCG
11.55
Pharmaceuticals
11.05
Infotech
8.59
Marine Port & Services
5.23
Plastics
5.09
Cash
0.47
Top Holdings
Particulars
Bajaj Finance Ltd.
9.67
Page Industries Ltd.
6.74
HDFC Bank Ltd.
6.29
Lupin Ltd.
6.19
Bosch Ltd.
5.77
Housing Development Finance Corporation Ltd.
5.76
Gujarat Pipavav Port Limited
5.23
Supreme Industries Limited
5.09
*Above 5%
Investment Horizon : 3 Years +
Subscription
: Daily
Redemption
: Daily
Valuation Point
: Daily
% Allocation*
10.88
Eicher Motors Ltd.
Details
: Kunal Jadhwani
Banking & Finance
*Above 5% & Cash
BUY & HOLD strategy, leading to low to
medium churn thereby enhancing post-tax
returns
Fund Manager
% Allocation*
Key Portfolio Analysis
IIS
Performance Data
BSE 200
Standard Deviation (%)
14.30
15.93
Beta
0.78
1.00
Invest India Strategy
70.00
BSE 200
All Figures in %
62.42
60.00
% of returns
50.00
47.29
40.00
34.32
30.74
30.00
26.18
23.74
18.92
20.00
12.98
13.63
16.51
12.28
10.00
2.76
4.68
0.92
0.00
1 Month
The data given above is as on 28th February 2015
3 Month
6 Month
1 Year
Period
2 Year
3 Year
Since
Inception
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Focused Series IV - Flexi Cap Strategy
Top Sectors
Strategy Objective
Sector Allocation
The Strategy aims to generate superior returns
over a medium to long term by investing in only 810 companies across market capitalization. The
Fund Manager will take active asset allocation
calls between cash & equity. The strategy will also
take active equity allocation calls between
investments in large caps & mid caps & it will
follow a policy of profit booking with predefined
price targets.
% Allocation*
Auto & Auto Ancillaries
31.93
Banking & Finance
25.57
FMCG
11.27
Infotech
10.08
Engineering & Electricals
10.07
Plastics
6.26
Cash
0.36
*Above 5% & Cash
Investment Strategy
•
Active Equity Allocation between Mid caps
& Large caps
•
Active Asset Allocation calls between Cash
and Equity
•
•
Top Holdings
Particulars
% Allocation*
Bosch Ltd.
19.88
Kotak Bank
14.43
Strategy will follow a policy of profit
booking with predefined price targets
Eicher Motors Ltd.
12.05
Page Industries Ltd.
11.27
When the Client’s AUM appreciates by
15%, the appreciation amount will be
automatically paid-out.
HDFC Bank Ltd.
11.15
Tech Mahindra Limited
10.08
Supreme Industries Limited
6.26
Cummins India Ltd.
5.32
Details
*Above 5%
Portfolio Manager : Kunal Jadhwani
Date of Inception : 07th Dec. 2009
Benchmark
: BSE 200
Investment Horizon : 12 – 18 Months
Subscription
: Daily
Redemption
: Daily
Valuation Point
: Daily
Key Portfolio Analysis
Focused Series - IV
Performance Data
Standard Deviation (%)
Beta
14.58
16.11
0.72
1.00
BSE 200
Focused Series - IV
BSE 200
All Figures in %
90.00
76.22
80.00
% of returns
70.00
60.00
47.29
50.00
37.01
40.00
35.91
30.00
26.18
20.00
10.00
48.79
15.93
3.73 0.92
4.68
1 Month
3 Month
18.92
13.63
18.68
10.81
0.00
6 Month
1 Year
2 Year
3 Year
Since
Inception
Period
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Focused Series V - A Contra Strategy
Top Sectors
Strategy Objective
Sector Allocation
The strategy aims to invest in fundamentally
sound companies that can benefit from changes
in a company's valuation which reflects a
significant change in the markets view of the
company over a horizon of three years. The
Strategy focuses on investing in stocks that can
benefit from growth in earnings, re-rating of
business or higher valuation of assets. Objective
is to increase return rather than reduce risk for
Investors.
Auto & Auto Ancillaries
33.18
Banking & Finance
27.44
Oil and Gas
21.01
Infotech
7.95
Engineering & Electricals
7.52
Cash
0.01
*Above 5% & Cash
Top Holdings
Investment Strategy
•
•
•
•
% Allocation*
Particulars
Buy and hold philosophy – low portfolio
churn
Follows the principle to pick best rather
than diversification
Concentrated Strategy Structure of less
than 10 stocks
Investment Horizon : Medium to Long term
% Allocation*
Eicher Motors Ltd.
33.18
Ing Vysya Bank Limited
13.17
Bharat Petroleum Corpn. Ltd
9.47
J&k Bank
8.63
Infosys Technologies Ltd.
7.95
Petronet LNG Limited
7.75
Triveni Turbine Limited
7.52
*Above 5%
Details
Fund Manager
: Manish Sonthalia
Date of Inception
: 27th Sept. 2010
Benchmark
: BSE 200
Key Portfolio Analysis
Investment Horizon : 2 to 3 Years
Subscription
: Daily
Redemption
: Daily
Valuation Point
: Daily
Focused Series - V
Performance Data
Standard Deviation (%)
Beta
39.99
16.22
1.08
1.00
BSE 200
Focused Series - V
BSE 200
All Figures in %
80.00
70.00
66.72
% of returns
60.00
50.00
47.29
40.00
36.99
30.00
26.18
26.18
28.19
18.92
20.00
13.63
10.00
0.92
0.00
-10.00
-1.03
1 Month
12.69
8.68
4.39 4.68
3 Month
6 Month
1 Year
2 Year
3 Year
Since
Inception
Period
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Bulls Eye Strategy
Top Sectors
Strategy Objective
Sector Allocation
The Strategy aims to deliver returns in the short to
medium term by investing in fundamentally
sound stocks coupled with active profit booking.
Investment Strategy
% Allocation*
Banking & Finance
29.02
Auto & Auto Ancillaries
14.13
Engineering & Electricals
11.47
Infotech
11.16
Pharmaceuticals
7.83
Miscellaneous
7.40
FMCG
5.52
Cash
0.43
• Active management
*Above 5% & Cash
Top Holdings
• Multi Cap Stategy
• Regular Profit Booking
Particulars
Details
Portfolio Manager : Kunal Jadhwani
% Allocation*
Eicher Motors Ltd.
10.62
Axis Bank Ltd.
10.01
HDFC Bank Ltd.
9.60
Bajaj Finance Ltd.
9.42
Lupin Ltd.
7.83
Kajaria Cera
7.40
Tech Mahindra Limited
6.42
Strategy Type
: Open ended
Cummins India Ltd.
5.86
Date of Inception
: 15th Dec. 2003
Larsen & Toubro Ltd.
5.61
Benchmark
: BSE 200
Page Industries Ltd.
5.52
Investment Horizon : 12 Months +
Subscription
: Daily
Redemption
: Daily
Valuation Point
: Daily
*Above 5%
Key Portfolio Analysis
Performance Data
Standard Deviation (%)
Bulls Eye Strategy
Beta
Bulls Eye
80.00
70.00
BSE 200
21.51
24.08
0.77
1.00
All Figures in %
BSE 200
69.77
% of returns
60.00
50.00
47.29
39.17
40.00
31.48
30.00
26.18
24.16
18.92
20.00
13.86
17.11 16.10
16.75
12.14
10.00
0.00
1 Year
2 Year
3 Year
4 Year
5 Year
Since
Inception
Period
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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Optima Strategy
Top Sectors
Strategy Objective
The Strategy aims to generate superior returns
Sector Allocation
over the long period by investing in companies
Banking & Finance
29.28
with growth potential and which are available at
Auto & Auto Ancillaries
14.66
reasonable market price.
Engineering & Electricals
11.53
Infotech
10.62
Pharmaceuticals
7.56
Miscellaneous
6.87
FMCG
6.37
Cash
0.23
Investment Strategy
•
Growth At Reasonable Price (GARP)
•
Active Portfolio Rebalancing
•
Market Timing
•
Situation based Multi Cap approach
% Allocation*
*Above 5% & Cash
Top Holdings
Particulars
Details
% Allocation*
Eicher Motors Ltd.
11.34
Axis Bank Ltd.
10.01
HDFC Bank Ltd.
9.86
Bajaj Finance Ltd.
9.41
Lupin Ltd.
7.56
Portfolio Manager : Kunal Jadhwani
Kajaria Cera
6.87
Strategy Type
: Open ended
Page Industries Ltd.
6.37
Date of Inception
: 30th Dec 2008
Tech Mahindra Limited
6.02
Benchmark
: BSE 200
Cummins India Ltd.
Larsen & Toubro Ltd.
5.83
5.70
Investment Horizon : 2 Years +
Subscription
: Daily
Redemption
: Daily
Valuation Point
: Daily
*Above 5%
Key Portfolio Analysis
Optima Strategy
Performance Data
Standard Deviation (%)
Beta
Optima Strategy
80.00
BSE 200
15.75
19.71
0.68
1.00
BSE 200 All Figures in %
71.73
70.00
% of returns
60.00
50.00
47.29
40.20
40.00
30.44
30.00
27.81
26.18
22.74
19.28
18.92
20.00
13.86
20.96
12.14
10.00
0.00
1 Year
2 Year
3 Year
Period
4 Year
5 Year
Since
Inception
The data given above is as on 28th February 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are
calculated on NAV basis and are based on the closing market prices as on 28th February 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please
refer to the disclosure document for further information.
Portfolio Management Services | Regn No. PMS INP 000000670
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All opinions, figures, charts/graphs, estimates and data included in this document are as on date and are subject to change without notice. While utmost
care has been exercised while preparing this document, Motilal Oswal Asset Management Company Limited does not warrant the completeness or
accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. No part of this document may be
duplicated in whole or in part in any form and/or redistributed without prior written consent of the Motilal Oswal Asset Management Company Limited.
Readers should before investing in the Strategy make their own investigation and seek appropriate professional advice. Investments in Securities are
subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services
will be achieved. Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. Past performance of the Portfolio
Manager does not indicate the future performance of any of the strategies. The name of the Strategies do not in any manner indicate their prospects or
return. The investments may not be suited to all categories of investors. Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person
connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their
own professional advice. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so. The Portfolio Manager is not responsible for any loss or shortfall resulting from the operation of
the strategy. Recipient shall understand that the aforementioned statements cannot disclose all the risks and characteristics. The recipient is requested to
take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. As
with any investment in securities, the value of the portfolio under management may go up or down depending on the various factors and forces affecting
the capital market. For tax consequences, each investor is advised to consult his / her own professional tax advisor. This document is not for public
distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession
this document may come are required to observe these restrictions. No part of this material may be duplicated in any form and/or redistributed without'
MOAMCs prior written consent. Distribution Restrictions - This material should not be circulated in countries where restrictions exist on soliciting business
from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions. Recipients
shall be solely liable for any liability incurred by them in this regard and will indemnify MOAMC for any liability it may incur in this respect. Securities
investments are subject to market risk. Please read on carefully before investing.
Portfolio Management Services | Regn No. PMS INP 000000670
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CDL00046_40112_010
Risk Disclosure And Disclaimer
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BUY RIGHT : SIT TIGHT
Buying quality companies and riding their growth cycle
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Sit Tight Approach
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Call: 1800-200-6626 | Website: www.motilaloswal.com/asset-management