January - March 2021 - Axis Bank

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January - March 2021 - Axis Bank
January – March 2021
January - March 2021 - Axis Bank
January - March 2021 - Axis Bank
MARKET OVERVIEW
   A year of transition, a year of pain, a year of disruption & a year of recovery. 2020 can be
   characterized as one year where markets changed fortunes, from a grim March to a euphoric
   November, it’s been a rollercoaster ride.
   Equity Markets have staged a major recovery across the world. Indian equity market has
   rallied a whopping 84% to 13,982 from the March lows. The concentrated rally of top 15 stocks
   contributing 74% of the returns is now broad-basing with small & mid-cap stocks starting to
   outperform their larger counterparts. Market is expensive because of the top 10 stocks rally,
   but beyond the top 10 the market valuations are reasonable although not cheap.
   Channel checks indicate that revival in business is very strong across the board. Waiting
   period in auto sector continues. Demand has surged in all the sectors including real estate
   which is seeing a strong revival in demand and home registrations in key metros has gone up
   significantly. IT sector continues to see very strong traction and could see further re-rating.
   Commodity prices have continued to surge with copper and ferrous metals performing very
   strongly. Q3FY21 results for the BFSI sector are likely to come in strong.
   Going ahead, market volatility may continue across domestic and global markets. Current
   market rally is driven by six key factors 1) advent of upward revisions in growth and earnings
   cycle after a long time, 2) prospects of liquidity in system remaining comfortable, 3) improved
   global trade scenario after the change of guard in the US, resulting in a more organized US-
   China negotiation and resurrection of multilateralism, 4) reduced global policy uncertainty, 5)
   positive developments on COVID-19 vaccine and 6) the lagged impact of monetary and fiscal
   stimulus across the world and India.
   We maintain a positive bias towards India equity. Investors can consider investing in
   equities with a 3 to 5 year investment perspective

   • India’s debt market landscape is marked by multiple policy concerns with RBI trying to play
      a balancing act between yields, inflation and forex markets. 10 year benchmark yield traded
      below the 6% mark during the quarter, closing at 5.89%, lower by 12 bps. It traded mostly in
      a tight range, with yields oscillating in a range of 15 bps between 5.85% to 6.0%.
   • Domestic bond yields have followed the downward rate trajectory since the beginning of the
      year, as the RBI & the government have emphasized on bringing rates lower through policy
      action & accommodative monetary policy in an attempt to spur growth. While the money
      market curve & the 3/5-year space has broadly followed suit, longer dated papers especially
      corporate bonds have remained anchored. This has resulted in a steep yield curve.
   • Across the globe, rates were also down sharply in early part of the year and remained low
      as major central banks continued to provide support with monetary and fiscal stimulus to
      pandemic struck economies and eyeing for a comprehensive return to a sustainable growth
      path post a global GDP contraction due to lockdowns.
   • The RBI is likely to ensure surplus liquidity in the banking system to support growth with a
      dual objective of improving financial conditions and managing the yield curve. RBI may later
      in the year, withdraw its accommodative stance and reduce liquidity, in turn, starting the
      process of rate normalization. Going forward, a rate cut looks unlikely unless a huge fiscal
      consolidation or growth fallout or an inflation shock emerges. Rates are expected to remain
      benign for some more time; however, volatility might continue.
    We remain constructive on the shorter end of the yield curve. Short Duration funds,
    Corporate Bond funds, Banking & PSU Debt funds, Money Market funds, Low Duration
    funds and Ultra Short Duration funds can be considered by investors with an investment
    horizon commensurate with the maturity and duration of the schemes, due to their steady
    accrual profile and possible capital appreciation in case of a fall in yields. Having said this,
    one should consider aspects such as exit load, capital gains tax and asset allocation
    amongst others while evaluating their investment options.
January - March 2021 - Axis Bank
January - March 2021 - Axis Bank
EQUITY MARKET RECAP

    Indian equity markets ended the December 2020 quarter at all time high level.
    Markets have rallied for three consecutive quarters after witnessing a sell-off in
    March 2020. Mid Cap and Small Cap indices were marginally lower compared to
    their Large Cap counterparts. The S&P BSE Sensex was up by 25.44% during
    the quarter ended December 2020, while the S&P BSE Mid Cap and the S&P
    BSE Small Cap index were up by 22.01% and 21.73%, respectively.
    For CY20, S&P BSE Sensex was up by 15.75%, whereas S&P BSE Midcap and
    S&P BSE Small Cap index was up by 19.87% and 32.11%, respectively.

    On the sectoral front, all sectors ended in green for the quarter ended December
    2020. Realty (+48.26%), Bankex (+47.36%) and Metal (+39.68%) were the top
    performers. However, the bottom 3 sectors were Oil & Gas (+15.09%), FMCG
    (+14.10%) & Healthcare (+9.51%).
    For CY20, majority of the sectors were in positive territory. Healthcare (+61.45%),
    IT (+56.68%) and Consumer Durables (+21.52%) were the top gainers, while
    Bankex (-2.14%), Oil & Gas (-4.44%) and PSU (-16.88%) were at the bottom.

    Among S&P BSE Sensex stocks for the quarter ended December 2020, Indusind
    Bank (+69.90%), Bajaj Finance (+61.60%) and Kotak Mahindra Bank (+57.35%)
    were the top performers, while Reliance Industries (-11.15%) was a laggard.
    For CY20, Dr. Reddys Labs (+80.88%), Infosys (+71.62%) and HCL technologies
    (+66.47%) were the top performers, while Axis Bank (-17.73%), ONGC (-27.61%)
    and Indusind Bank (-40.76%) were laggards.

    During the quarter ended December 2020, FIIs were net buyers of equity to the
    tune of Rs 1,28,078 Cr while DIIs were net sellers to the tune of Rs 1,02,931 Cr
    & the domestic MFs sold Rs 64,595 (as of Dec 17, 2020) Cr worth of equity.

    For CY20, FIIs were net buyers of equity to the tune of Rs 65,246 Cr while DIIs
    were net sellers to the tune of Rs 35,663 Cr and the domestic MFs sold Rs
    52,692 Cr worth of equity.
January - March 2021 - Axis Bank
EQUITY MARKET OUTLOOK

    CY20 has been a remarkable year for the global equity markets. The unprecedented year
    saw Covid-19 induced turbulence across the globe and the markets crashed by 35-40%.
    There was a staggering fall in the Gross Domestic Product (GDP) growth due to total
    suspension of economic activity in the first quarter of the FY21 due to the series of
    lockdowns to stem the spread of the virus. But then, the stock markets recovered
    and ended 2020 at record highs. The sentiments had swung firmly, from extreme despair
    in March to optimism now and valuations have also re-rated alongside as the economy
    saw signs of recovery. The equity market’s staggering performance was primarily led by
    large fiscal policy interventions, low interest rate regime, massive amounts of liquidity and
    rapid development of multiple Covid-19 vaccines.

    In the month of December 2020, Indian equity market has rallied a whopping ~84% from
    the March lows to end the month at 13981.75. The concentrated rally of the top 15 stocks
    contributing ~74% of the returns is now broad-basing with small and mid cap stocks
    starting to outperform the large cap stocks. Nifty 50 was up by 7.81% during the month of
    December 2020. Midcaps (Nifty Midcap 150) was up by 5.46% and small caps (Nifty
    Small cap 250) was also up by 8.42%. The market is optically expensive because of the
    top 10 stocks rally but beyond the top 10 names, the market is fairly valued; however, it is
    not cheap. The top 10 stocks are trading at 27x while the remaining 40 stocks are trading
    at 20x on 12m forward PE, while the NIFTY is trading at 22.2x on 1 year forward
    earnings.

    The demand has surged across all the sectors including real estate which is now
    witnessing a strong revival in demand and home registrations in key metro cities has gone
    up significantly. Channel checks indicate that revival in the business is very strong across
    the board and strong auto sales and the waiting period in the auto sector continues. IT
    sector continues to see very strong traction, Accenture reported very strong deal wins
    which indicates that the deal wins for the IT sector will be very strong for the Indian
    companies also. IT sector could see further re-rating. While IT sector continues to see
    very strong tail winds, the news for domestic pharmaceuticals has been a mixed bag.
    India growth in the Pharma sector is not very strong in November but overall trends for the
    sector continue to indicate revival. Commodity prices have continued to surge with copper
    and ferrous metals performing very strongly. Q3FY21 results for the BFSI sector are likely
    to come in strong as banks shifts focus to growth as they are flushed with liquidity.

    The developments in COVID-19 vaccine hold a positive angle as several vaccines have
    already been approved for emergency use in China, Russia, United States and Germany.
    Recent news of the rising incidence of H69/V70 variant in positive COVID-19 test cases in
    the UK triggered renewed concerns on stringent responses across several countries.
    However, the concerns were short-lived, suggesting that the markets are likely to be less
    responsive even in future as the virus morphs into newer strains. Positive news on the
    vaccine, faster than expected economic recovery, continuing fiscal and monetary policy
    support, and high liquidity should provide a supportive backdrop for equities.
January - March 2021 - Axis Bank
EQUITY MARKET OUTLOOK

    Globally also, the markets witnessed support on hopes of a post- Brexit trade deal after
    nearly nine months of hard negotiations and the US Government closing in on a $900 Bn
    Covid aid bill covering several stimulus checks to the US citizens. Japan too announced
    another stimulus package of $708Bn. Therefore with major economies pumping in
    billions of dollars into the economy, it can be reasonably concluded that the buoyancy in
    the stock markets is here to stay. Vulnerability to risk markets can arise from surprise
    hardening in US inflation and withdrawal of liquidity. However, we believe Fed (and
    others) will maintain the “lower-for-longer” stance and the eventual lift-off will be mild.
    Survey of central banks’ statements suggest that liquidity infusion will continue for a
    prolonged period.

    Sowing of rabi (winter) crops is under way. The rabi sowing begins from October
    immediately after the harvest of kharif (summer) crops. According to the data released by
    the Agriculture Ministry, the total area covered in the current rabi season is nearly 621 lakh
    hectares (lha), nearly 18 lha more than 603 lha covered in the same week in 2019-20.
    Government continues to procure Kharif crops at MSP from farmers as per existing
    Minimum Support Price schemes. Over 487.92 lakh metric tonne of paddy has been
    procured so far, which is 24.93 percent more than the corresponding period last year.

    Going ahead, we expect market volatility to continue across domestic and global markets.
    At current juncture six key factors supporting the market are: (1) advent of upward
    revisions in growth and earnings cycle after a long time, (2) prospects of liquidity in the
    system remaining comfortable, (3) improved global trade scenario after the change of
    guard in the US, resulting in a more organized US-China negotiation and resurrection of
    multilateralism, (4) reduced global policy uncertainty, 5) positive developments on COVID-
    19 vaccine and 6) the lagged impact of monetary and fiscal stimulus across the world,
    India included.

    Investors can look at accumulating equities with a 3 to 5 year investment
    perspective
January - March 2021 - Axis Bank
January - March 2021 - Axis Bank
LARGE CAP EQUITY FUNDS

                        PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                            1 Year      2 Years      3 Years
Axis Bluechip Fund                                   19.66        19.12       14.75

ICICI Prudential Bluechip Fund                       13.45         11.6        7.29

Mirae Asset Large Cap Fund                           13.66        13.19        8.37

Nippon India Large Cap Fund                           4.89         6.06        3.93

UTI Mastershare Unit Scheme                          18.62        14.59        9.35

Category Average                                     13.16        12.23        7.52
Nifty 50 TRI                                         16.09        14.78       11.28

   Data Source: ICRA MFI Explorer

MULTI CAP EQUITY FUNDS
                        PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                            1 Year      2 Years      3 Years
 Aditya Birla Sun Life Equity Fund                   16.02        12.22         6.49
 Axis Multicap Fund                                  19.24        18.21        14.36
 ICICI Prudential Multicap Fund                       9.18         7.58         5.05
 Kotak Standard Multicap Fund                        11.75        12.02         7.53
 SBI Magnum Multi Cap Fund                           13.56        12.26         5.99
 Tata Multicap Fund                                  14.27        12.38             --
 UTI Equity Fund                                     31.45        21.20        14.97
 Category Average                                    13.90        11.47         6.11
 Nifty 500 TRI                                       18.36        13.58         8.19

   Data Source: ICRA MFI Explorer
January - March 2021 - Axis Bank
LARGE & MID CAP EQUITY FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                          1 Year           2 Years           3 Years
 Axis Growth Opportunities Fund                    24.63             20.44                   --
 DSP Equity Opportunities Fund                     14.20             12.82              4.92
 Invesco India Growth Opportunities Fund           13.24             11.96              7.73
 Kotak Equity Opportunities Fund                   16.41             14.78              7.52
 L&T Large and Midcap Fund                         14.64             10.41              2.63
 Mirae Asset Emerging Bluechip Fund                22.33             18.47              9.89
 Category Average                                  15.18             11.86              4.76
NIFTY Large Midcap 250 TRI                         19.61             12.02              5.58

    Data Source: ICRA MFI Explorer

 FOCUSED EQUITY FUNDS
                           PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

   CAGR                                          1 Year          2 Years           3 Years

  Aditya Birla Sun Life Focused Equity Fund             15.94         13.57                 7.33

  Axis Focused 25 Fund                                  20.95         17.76             11.74

  DSP Focus Fund                                         8.93         13.38                 6.67

  Kotak Focused Equity Fund                             12.75                --                   --

  L&T Focused Equity Fund                               13.40         13.11                       --

  SBI Focused Equity Fund                               14.50         15.28                 8.52

  Tata Focused Equity Fund                              11.71                --                   --

  Category Average                                      14.61         12.31                 5.33
  Nifty 50 TRI                                          16.09         14.78             11.28

    Data Source: ICRA MFI Explorer
MID CAP EQUITY FUNDS

                        PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year        2 Years        3 Years

Axis Midcap Fund                                 25.93         18.41          13.20

DSP Midcap Fund                                  23.57         16.18           6.64

Franklin India Prima Fund                        17.73         10.41           3.37

Invesco India Mid Cap Fund                       24.30         13.61           6.92

Kotak Emerging Equity Fund                       21.82         15.17           5.40

L&T Midcap Fund                                  18.99          9.01           1.50

Mirae Asset Midcap Fund                          24.20              --               --

Category Average                                 22.99         12.76           4.27
S&P BSE Mid Cap TRI                              21.25          8.99           1.29

    Data Source: ICRA MFI Explorer

SMALL CAP EQUITY FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year        2 Years        3 Years

Axis Small Cap Fund                              22.30          20.83              9.95
HDFC Small Cap Fund                              20.11           4.28          -0.01
ICICI Prudential Smallcap Fund                   22.69          16.20              1.60
Kotak Small Cap Fund                             34.10          18.71              5.23
SBI Small Cap Fund                               33.51          19.04              4.44
UTI Small Cap Fund                                   --             --               --
Category
Data       Average
     Source: ICRA MFI Explorer                   26.72          11.52              0.05
S&P BSE Small Cap TRI                            33.42          12.10          -1.05

    Data Source: ICRA MFI Explorer
EQUITY LINKED SAVINGS SCHEME (ELSS)

                        PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

  CAGR                                       1 Year        2 Years          3 Years

 Aditya Birla Sun Life Tax Relief 96              15.16              9.59             4.66

 Axis Long Term Equity Fund                       20.46          17.62           12.39

 DSP Tax Saver Fund                               15.00          14.92                6.84

 Kotak Tax Saver Fund                             14.90          13.78                7.58

 L&T Tax Advantage Fund                           13.41              8.95             2.95

 Mirae Asset Tax Saver Fund                       21.48          17.72           10.62

 Category Average                                 14.16          11.25                5.23
 Nifty 500 TRI                                    18.36          13.58                8.19

     Data Source: ICRA MFI Explorer

VALUE EQUITY FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year         2 Years          3 Years

 HDFC Capital Builder Value Fund                 12.90           6.26             2.20

 Invesco India Contra Fund                       21.11          13.28             7.47

 Tata Equity P/E Fund                            12.47           8.83             3.25

 UTI Value Opportunities Fund                    18.96          14.61             8.60

 Category Average                                17.24           9.31             2.94
 Nifty 500 TRI                                   18.36          13.58             8.19

     Data Source: ICRA MFI Explorer
AGGRESSIVE HYBRID FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

CAGR                                              1 Year       2 Years         3 Years

Axis Equity Hybrid Fund                              15.02         14.58                 --

HDFC Hybrid Equity Fund                              13.34          10.4            2.53

ICICI Prudential Equity & Debt Fund                   8.92          9.13            5.31

L&T Hybrid Equity Fund                               13.53          9.96            5.15

Mirae Asset Hybrid - Equity Fund                     13.61         12.77            8.79

SBI Equity Hybrid Fund                               12.86         13.17            8.57

Category Average                                     11.67         10.31            5.14
NIFTY 50 Hybrid Composite Debt 65:35 Index           16.88         14.77           11.52

    Data Source: ICRA MFI Explorer

DYNAMIC ASSET ALLOCATION /
BALANCED ADVANTAGE FUNDS
                          PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

CAGR                                               1 Year       2 Years        3 Years

Axis Dynamic Equity Fund                               10.03         7.94           6.15

DSP Dynamic Asset Allocation Fund                      12.89        10.83           8.35

ICICI Prudential Balanced Advantage Fund               11.68        11.23           8.21

Kotak Balanced Advantage Fund                          13.60        12.87                --

L&T Balanced Advantage Fund                            12.76        10.44           8.03

Nippon India Balanced Advantage Fund                   11.13         9.69           6.51

Tata Balanced Advantage Fund                           15.49              --             --

Category Average                                       11.77         9.58           6.70
NIFTY 50 Hybrid Composite Debt 65:35 Index             16.88        14.77          11.52
    Data Source: ICRA MFI Explorer
EQUITY SAVINGS FUNDS

                       PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                        1 Year           2 Years          3 Years

Aditya Birla Sun Life Equity Savings
                                                  10.95             9.39             5.54
Fund

Axis Equity Saver Fund                            11.57             9.93                 8.3

HDFC Equity Savings Fund                              8.77          7.29             5.12

ICICI Prudential Equity Savings Fund                  4.82          7.55             6.15

Kotak Equity Savings Fund                         10.36             9.05                 7.4

UTI Equity Savings Fund                           10.11             7.18                   --

Category Average                                      8.35              6.99             4.50
1/3rd %age each of CRISIL Short Term
Bond Fund Index + Nifty 50 TRI + Nifty                9.61              9.74             8.19
50 Arbitrage Index
   Data Source: ICRA MFI Explorer

MULTI ASSET ALLOCATION FUNDS
                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                        1 Year           2 Years          3 Years

Axis Triple Advantage Fund                        17.96             16.62            11.46

ICICI Prudential Multi-Asset Fund                     9.91              8.81             5.01

Nippon India Multi Asset Fund                            --               --                --

Tata Multi Asset Opportunities Fund                      --               --                --

Category Average                                  15.19             12.23                7.81

   Data Source: ICRA MFI Explorer
THEMATIC FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year           2 Years          3 Years

Tata Ethical Fund                                26.15            13.98             6.91

Nifty 500 Shariah TRI                            35.91            18.16             8.90

 CAGR                                       1 Year           2 Years          3 Years
Aditya Birla Sun Life ESG Fund                         --               --               --
Axis ESG Equity Fund                                   --               --               --
Axis Special Situations Fund                           --               --               --
ICICI Prudential Bharat Consumption
                                                 10.58                  --               --
Fund
ICICI Prudential ESG Fund                              --               --               --
ICICI Prudential India Opportunities Fund            7.28               --               --
Kotak ESG Opportunities Fund                           --               --               --
Nifty 500 TRI                                    18.36            13.58             8.19

   Data Source: ICRA MFI Explorer

 ARBITRAGE FUNDS
                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                        1 Year           2 Years          3 Years
Aditya Birla Sun Life Arbitrage Fund                  4.11             5.13             5.42
 Axis Arbitrage Fund                                  4.12             4.98             5.35
 IDFC Arbitrage Fund                                  3.81             4.97             5.39
 Kotak Equity Arbitrage Fund                          4.32             5.19             5.55
 Nippon India Arbitrage Fund                          4.30             5.22             5.73
 SBI Arbitrage Opportunities Fund                     3.50             4.76             5.24
 Category Average                                     4.15             5.13             5.42
 Nifty 50 Arbitrage Index                             2.36             4.47             4.46

   Data Source: ICRA MFI Explorer
DEBT AND MACRO ECONOMIC OUTLOOK

    Nov CPI inflation prints lower at 6.93% on moderation in food prices, while
    WPI inflation ticks higher on manufactured products
     CPI inflation remained above 6% for the 8th consecutive month, but eased to 6.93% vs
      7.23% expected and 7.61% previous, with slowing food inflation, primarily brought
      lower by monthly decline across all vegetable prices except for potatoes and onions.
      These were partly offset by increase in protein rich segments including eggs, milk and
      pulses. Core inflation ticked higher to 5.51% vs 5.46% previous due to rise in
      miscellaneous segment (on households goods, health, education and services)
     WPI inflation came in at 1.55% YoY vs 1.48% previous, with pickup in manufactured
      products inflation (on basic metals, chemicals and textiles). This was partly offset by
      slower inflation in primary articles.

    IIP records fastest expansion since Feb on low Diwali base, following gains
    in manufacturing and electricity
     Numbers beat expectations on consumer durables and non-durables, helped by strong
      manufacturing gains in PV, 2-wheeler, and pharma. Besides these, capital and
      infrastructure/construction goods also recorded upbeat growth on machinery
      equipment, fabricated metals, electrical equipment and other non-metallic minerals,
      with cement expanding for the first time since pandemic.
     However, the better reading is partly also on the low Diwali base last year, implying
      further data needs to be watched before being confident on recovery trends.

    Nov trade deficit widest since Jan 2020 as economy normalises, thought
    not in recovery phase yet
     Merchandise trade deficit widened to USD 9.96 bn vs 8.71 bn prev, following
      weakness in core exports ( on engineering goods, textiles, and pharma) alongside
      recovery in petroleum goods and precious items. However, core imports were down on
      machinery, and electronics-indicating normalization may have peaked.
     Slowdown of both exports and imports coupled with weaker imports of both capital and
      consumption goods over the month is in line with other leading indicators showing loss
      of momentum, some pause before true recovery commences.

     Mixed global macro picture is emerging with some positives around the
     vaccine. Positive news on the Brexit deal and US stimulus had offset the
     fears caused by the new strain of COVID-19.
DEBT AND MACRO ECONOMIC OUTLOOK

    USD/INR was sold early in the month on account of large corporate inflows, but
    was supported by uncertainty around Brexit. EMFX contributed to appreciation
    pressure, primarily on strong equity market sentiment towards Brexit and
    vaccine-led growth (despite the US Fed being relatively less dovish than
    anticipated). At the same time, any sharp appreciation in INR was capped by
    sizeable intervention by RBI, as also seen in the 12m premium rising to 4.50%
    in the month. Spot rose sharply in the second half of the month on fears of
    increased mobility related restrictions in major economies following a more
    contagious COVID-19 strain in UK, taking the pair to rise to 73.90. However,
    this upmove did not last for long as markets cheered prospects of a long elusive
    Brexit deal and economic recovery prospects. (On 24 Dec, UK and the EU
    finally agreed on a Brexit trade agreement after nearly nine months of hard
    negotiations). The period also witnessed further improvement in market
    sentiment following assent of the outgoing US president Trump to the
    government financing bill and government stimulus.

     G-sec yields drifted higher early in the month, with higher than anticipated Q2
     GDP growth seen as reducing prospects of further easing by the MPC.
     However, yields fell sharply (with a bull steepening) after RBI refrained from
     giving any indication of normalizing or withdrawing surplus liquidity conditions,
     while unanimously maintaining an accommodative stance despite an elevated
     inflation outlook. Yields continued to drift higher along with rising crude oil
     prices for later half of the month. Absence of RBI intervention in secondary
     market via OMO purchases in conjunction with greater comfort with twist
     operations has indicated central bank’s concerns over high amount of liquidity
     generated. At the same time, cancellation of the 10-yr benchmark paper auction
     has hinted that RBI would want to prevent further upside in bond yields.

    We remain constructive on the shorter end of the yield curve. Short
    Duration funds, Corporate Bond funds, Banking & PSU Debt funds,
    Money Market funds, Low Duration funds and Ultra Short Duration funds
    can be considered by investors with an investment horizon commensurate with
    the maturity and duration of the schemes, due to their steady accrual profile and
    possible capital appreciation in case of a fall in yields. Having said this, one
    should consider aspects such as exit load, capital gains tax and asset
    allocation amongst others while evaluating their investment options.
SPECIAL ECONOMIC UPDATE

       Over the past few months, multiple high frequency leading indicators have
        shown a strengthening recovery, though with some slackening of
        momentum in November.

       India’s curve for COVID-19 has been on a downward slope since peaking in
        mid-September, with no signs of a second wave seen yet. In addition, GOI
        formally approved two COVID-19 vaccines for emergency use, and is close
        to rolling these out shortly.

       The above have helped normalising consumer mobility around groceries,
        pharmacies and work – also reflected in increase in issuance of e-way bills
        (an indicator of movement of goods/commercial activity) and sustained
        gains in FASTag payments.

       Other indicators supporting pickup in industrial and commercial activity such
        as fuel and electricity consumption, GST collections, freight, PMI,
        consumption goods’ demand signal resumption of the recovery after festive
        season in November.

       Besides these, monetary and financial conditions have also remained
        conducive, with surfeit liquidity conditions paving the way for economic
        revival.

       Early improvement in the unemployment rate has been reversed by increase
        in the labour force participation, without offsetting jobs being created. As per
        the household survey conducted by CMIE, unemployment ticked higher to
        9.1% from 6.5% in November.

       Broadly, numbers suggests that the recovery can build further on
        momentum, once contact intensive services also join the fray, and point to
        potential for stronger than anticipated growth prints going ahead.
LONG DURATION FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year        2 Years        3 Years

 ICICI Prudential Long Term Bond Fund            10.99          11.56          9.93
 Nippon India Nivesh Lakshya Fund                13.39          13.06                --

 Category Average                                12.19          12.31          9.93
 ICRA Composite Bond Fund Index                  13.46          12.83         10.52

   Data Source: ICRA MFI Explorer

GILT FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                       1 Year        2 Years        3 Years

 ICICI Prudential Gilt Fund                      12.59          11.70          10.02

 IDFC G Sec Fund                                 13.64          13.45          11.51

 Nippon India Gilt Securities Fund               11.19          11.78          10.49

 SBI Magnum Gilt Fund                            11.67          12.41              9.91

 UTI Gilt Fund                                   10.24          11.03              9.41

 Category Average                                11.36          11.09              9.48
 ICRA Composite Gilt Index                       13.20          12.27          10.83

   Data Source: ICRA MFI Explorer
DYNAMIC BOND FUNDS

                       PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                      1 Year          2 Years          3 Years
 Axis Dynamic Bond Fund                         12.30            11.63                9.78

 ICICI Prudential All Seasons Bond Fund         11.74            10.95                9.33

 IDFC Dynamic Bond Fund                         12.91            11.94            10.19

 Kotak Dynamic Bond Fund                        11.67            11.38                9.98

 Nippon Dynamic Bond Fund                       11.30                9.86             8.11

 SBI Dynamic Bond Fund                          10.34            11.52                9.34

 Category Average                                   9.63             8.62             7.65
 ICRA Composite Bond Fund Index                 13.46            12.83            10.52

    Data Source: ICRA MFI Explorer

MEDIUM TO LONG DURATION FUNDS

                       PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                      1 Year          2 Years          3 Years

ICICI Prudential Bond Fund                      11.47           11.18             8.92
IDFC Bond Fund - Income Plan                    11.74           11.06             9.54
SBI Magnum Income Fund                          11.59           11.66             9.29

Category Average                                10.10            9.34             7.77
ICRA Composite Bond Fund Index                  13.46           12.83            10.52

    Data Source: ICRA MFI Explorer
SHORT DURATION FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                        1 Year           2 Years          3 Years

 Axis Short Term Fund                             10.11             9.94             8.72
 HDFC Short Term Debt Fund                        10.93            10.32             9.19
 IDFC Bond Fund - Short Term Plan                     9.65          9.69             8.60
 Kotak Bond Short Term Fund                           9.97          9.77             8.59
 L&T Short Term Bond Fund                             9.67          9.48             8.47
 Nippon India Short Term Fund                         9.45          9.40             8.07
 SBI Short Term Debt Fund                             9.83          9.65             8.40

 Category Average                                     8.86          8.50             7.57
 CRISIL Short Term Bond Fund Index                10.39             9.96             8.85

    Data Source: ICRA MFI Explorer

CORPORATE BOND FUNDS

                         PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                          1 Year          2 Years         3 Years

 Aditya Birla Sun Life Corporate Bond Fund            11.86         10.72            9.45

 Axis Corporate Debt Fund                             11.52             8.76         8.44

 HDFC Corporate Bond Fund                             11.78         11.05            9.49

 IDFC Corporate Bond Fund                             11.53         10.00            8.75

 Kotak Corporate Bond Fund                             9.63             9.62         8.88

 L&T Triple Ace Bond Fund                             12.35         12.48           10.26

 Nippon India Corporate Bond Fund                      9.49             8.63         8.04

 UTI Corporate Bond Fund                              10.99         11.20                --

 Category Average                                      8.81         10.21            8.91
 CRISIL Short Term Bond Fund Index                    10.39             9.96         8.85

    Data Source: ICRA MFI Explorer
BANKING & PSU DEBT FUNDS

                       PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                              1 Year            2 Years            3 Years

Aditya Birla Sun Life Banking & PSU Debt Fund            10.88              10.39            9.11
Axis Banking & PSU Debt Fund                               9.56             10.04            9.19
HDFC Banking and PSU Debt Fund                           10.54              10.38            8.84
IDFC Banking & PSU Debt Fund                             10.90              11.05            9.79
LIC MF Banking & PSU Debt Fund                             8.53              9.19            8.51
Mirae Asset Banking and PSU Debt Fund                        --                   --              --

Category Average                                         10.06               9.72            8.69
CRISIL Short Term Bond Fund Index                        10.39               9.96            8.85

    Data Source: ICRA MFI Explorer

CONSERVATIVE HYBRID FUNDS
                        PAST PERFORMANCE (CAGR % RETURNS AS ON 31st DECEMBER, 2020)

 CAGR                                           1 Year            2 Years              3 Years

 Axis Regular Saver Fund                           13.77                    7.7              6.17
 Franklin India Debt Hybrid Fund                    7.08                7.76                 5.83
 ICICI Prudential Regular Savings Fund             10.92               10.24                 8.48
 Kotak Debt Hybrid Fund                            13.81               12.48                 8.11

 Category Average                                   8.94                7.89                 5.58
 NIFTY 50 Hybrid Composite Debt 15:85
                                                   14.09               12.68                10.31
 Index
    Data Source: ICRA MFI Explorer
DISCLAIMER

 T h e report a n d i n f o rm a t i o n c o n t a i n e d h e r e i n is of c o n f i d e n t i al n a t u r e a n d m e a n t o nl y f or t he s e l ec t e d
 re c i p i e n t a n d s h o u l d n o t b e a l t e r e d in a n y wa y, t r a n s m i t t e d to, c o p i e d or di st ri but e d, in a n y m a n n e r a n d
 f o rm , to a n y o t h e r p e r s o n o r to t h e m e d i a o r r e p r o d u c e d in a n y f o rm , wi t h o u t pri or wri t t e n a p p r o v a l of A xis
 B a n k . T h e m a t e ri a l in t h is d o c u m e n t / r e p o r t is b a s e d o n f acts , f i gures a n d i n f o r m a t i o n t hat ar e o b t a i n e d
 f r o m p u b l i c l y a v a i l a b l e m e d i a o r o t h e r s o u r c e s b e l i e v e d to b e rel i abl e a n d h e n c e c o n s i d e r e d t ru e, c orrec t ,
 re l i a b l e a n d a c c u r a t e b u t A xi s B a n k d o e s n o t g u a r a n t e e o r r e p r e s e n t ( e xp r e s s l y o r i m pl i e d l y ) t hat t h e
 s a m e a r e t r u e , c o r re c t , re l i a b l e a n d a c c u r a t e , n o t m i s l e a d i n g o r as to its g e n u i n e n e s s , f i t n es s f or t he
 p u r p o s e i n t e n d e d a n d it s h o u l d n o t b e re l i e d u p o n a s s u c h . T h e o p i ni o n e x p r e s s e d ( i n c l u d i n g es t i m a t es ,
 facts,       f i g u r e s a n d f o r e c a s t s ) is g i v e n as of t he d a t e of t his d o c u m e n t is s ubj ec t to c h a n g e wi t h o u t
 p r o v i d i n g a n y p ri o r n o t i c e of i n t i m a t i o n . A xi s B a n k s h al l h a v e t h e ri g ht s to m a k e a n y k i n d of c h a n g e s a n d
 a l t e r a t i o n s to t his r e p o r t / i n f o rm a t i o n as m a y b e r e q u i r e d f r om t im e to t im e . H o we v e r , A xi s B a n k is u n d e r
 n o c o m p u l s i o n to m a i n t a i n o r k e e p t h e d a t a / i n f o r m a t i o n u p d a t e d . T hi s r e p o r t / d o c u m e n t d o e s n o t m e a n
 an offer          o r s o l ic i t a t i o n f o r d e a l i n g ( p u r c h as e or sal e) of a n y f i nanc i al i n s t rum e n t o r as a n of fici al
 c o n f i rm a t i o n of a n y t r a n s a c t i o n . A xi s B a n k o r a n y of its af f i l i at es / g r o u p c o m p a n i e s s hal l n o t b e
 a n s we r a b l e o r r e s p o n s i b l e in a n y w a y f o r a n y k i n d of l oss or d a m a g e t hat m a y ari s e to a n y p e r s o n d ue to
 a n y k i n d of e r r o r in t h e i n f o rm a t i o n c o n t a i n e d in t his d o c u m e n t or o t h e r wi s e . T hi s d o c u m e n t is p r o v i d e d
 for assistance only a n d                  s h o u l d n o t b e c o n s t r u e d as t he s ol e d o c u m e n t to b e rel i ed u p o n f or t a k i n g a n y
 k i n d of i n v e s t m e n t d e c i s i o n . T h e re c i p i e n t is h i m s el f / he r s e l f f ull y r es p o n s i bl e f or the risks of a n y us e m a d e
 of t his i n f o r m a t i o n .     E a c h re c i p i e n t of t h is d o c u m e n t s h o u l d m a k e hi s / h e r o w n r e s e a rc h , a n a l ys i s a n d
 i n v e s t i g a t i o n as h e / s h e d e e m s fit a n d r e l i a b l e to c o m e at a n i n d e p e n d e n t e v a l u a t i o n of a n i n v e s t m e nt in
 t h e s e c u ri t i e s o f       c o m p a n i e s m e n t i o n e d in t his d o c u m e n t (i nc l u di n g t he m eri t s , d em e r i t s a n d risks
 i n v o l v e d ) , a n d s h o u l d f u rt h e r t a k e o p i n i o n of o w n c o n s u l t a n t s , a d v i s o rs to d e t e r m i n e t h e a d v a n t a g e s a n d
 risks of s u c h i n v e s t m e n t .             T h e i n v e s t m e n t d i s c us s e d o r vi e ws e x p r e s s e d h e r e i n m a y n o t s ui t t he
 r e q u i r e m e n t s f o r all i n ve s t o rs . A xi s B a n k a n d its g r o u p c o m p a n i e s , af f ili at es , di rec t ors , a n d e m p l o y e e s
 m a y : (a) f r o m t i m e to t im e, h a v e l o n g                o r s hort p o s i t i o ns in, a n d d e a l (b uy a n d / o r sell t he s ec uri t i es )
 t h e r e o f , of c o m p a n y (i e s) m e n t i o n e d h e r e i n o r (b) b e e n g a g e d in a n y o t h e r t ra n s a c t i o n i n v ol v i n g s u c h
 s e c u ri t i e s a n d e a r n c o m m i s s i o n / b r o k e r a g e o r o t h e r c o m p e n s a t i o n o r ac t as a d v i s o r or l e n d e r / b o r r o w e r to
 s u c h c o m p a n y (i es) or h a v e o t h e r p o t e n t i a l c onf l i c t of i nt eres t wi t h r e s p e c t to an y r e c o m m e n d a t i o n a n d
 r e l a t e d i n f o rm a t i o n a n d o p i n i o n s . T h e      a p p l i c a b l e S t a t u t or y R u l es a n d R e g u l a t i o n s m a y n o t a l l o w t h e
 d i s t ri b u t i o n of t h is d o c u m e n t in c e rt a i n j u ri s d i c t i ons , a n d p e r s o n s w h o a r e in p o s s es s i o n of t his d o c u m e n t ,
 s h o u l d i n f o rm t h e m s e l v e s a b o u t a n d         f ol l o w, a n y s uc h res t ri c t i ons . T hi s report is n o t m e a n t , d i r e c t e d or
 i n t e n d e d f o r d i s t ri b u t i o n to, o r u s e by, a n y p e r s o n o r ent it y w h o is a c i ti zen o r r e s i d e n t of o r l oc a t e d in a n y
 locality, s t a t e , c o u n t r y or o t h e r j u ri s d i c t i o n , w h e r e s u c h di s t ri but i o n, p u b l i c a t i o n , av ai l a bi l i t y o r us e w o u l d
 n o t b e in c o n f o r m a t i o n to t h e law, r e g u l a t i o n o r wh i c h wo u l d r e q u i r e A xi s B a n k a n d af f i l i at es / g r o u p
 companies to obtain any                        re g i s t ra t i o n o r l i c e n s i n g re q u i r e m e n t s wi t hi n s u c h juri s di c t i on . N e i t h e r A xi s
 B a n k n o r a n y of its a f fili at e s, g r o u p c o m p a n i e s , di r ec t ors , e m p l o y e e s , a g e n t s o r r e p r e s e n t a t i v e s s hal l b e
 h e l d r e s p o n s i b l e , li a b l e f o r    a n y k i n d of c o n s e q u e n t i a l d a m a g e s w h e t h e r di rec t , i ndi rec t , s pec i al o r
 c o n s e q u e n t i a l i n c l u d i n g b u t n o t l im i t e d to l ost r e v e n u e , l ost prof i t s , n o t i o n a l l oss es t hat m a y ari s e f r om or
 in c o n n e c t i o n wi t h t h e u s e o f t h e i n f o rm a t i o n . P r os p ec t i v e i nves t ors a n d o t h e r s a r e c a u t i o n e d a n d s h o u l d
 b e a l e rt t h a t a n y f o r w a r d - l o o k i n g s t a t e m e n t s a r e n ot p r e d i c t i o ns a n d m a y b e s ubj ec t to c h a n g e wi t h o u t
 p r o v i d i n g a n y n o t i c e . P a s t p e r f o r m a n c e s h o u l d n o t b e c o n s i d e r e d a s a r e f e r e n c e to f ut ure p e r f o r m a n c e .
DISCLAIMER

 T h e d i s c l o s u r e s of i n t e re s t s t a t e m e n t s if a n y i nc l u d ed in t his d o c u m e n t a r e p r o v i d e d o nl y to e n h a n c e t h e
 t r a n s p a r e n c y a n d s h o u l d n o t b e c o n s t r u e d as c o n f i rm a t i o n of t he v i e ws e xp r e s s e d in t h e re p ort . T h e v i e ws
 e x p r e s s e d in t h is report re f l ect t h e p e r s o n a l v i e ws of the a u t h o r of t he r e po rt a n d d o n ot ref l ect t he v i e ws of
 A xi s B a n k o r a n y o f its a s s o c i a t e a n d g r o u p c o m p a n i e s a b o u t t h e s ubj ec t c o m p a n y o r c o m p a n i e s a n d its
 or their securities.
 T h i s d o c u m e n t is p u b l i s h e d b y A xi s B a n k L i m i t e d (“Axis B a n k ” ) a n d is di s t ri bu t e d in S i n g a p o r e b y t h e
 S i n g a p o r e b r a n c h of A xi s B a n k . T h i s d o c u m e n t d o e s n o t p r o v i d e i n di vi du al l y t a i l ore d i n v e s t m e n t a d v i c e .
 The      c o n t e n t s in t his d o c u m e n t h a v e b e e n p r e p a r e d a n d ar e i n t e n d e d f or g e n e r a l c i rc ul at i on . T h e c o n t e n t s
 in t h is d o c u m e n t d o n o t t a k e i n t o a c c o u n t t h e s pec i f i c i n v e s t m e n t obj ec t i ves , f i n anc i al s i t uat i on, o r
 particular         n e e d s of a n y p a r t i c u l a r p e rs o n . T h e s ec uri t i es a n d / o r i n s t r um e n t s di s c u s s e d in t his d o c u m e n t
 m a y n o t b e s u i t a b l e f o r all i n v e s t o r s .
 A xi s B a n k r e c o m m e n d s th a t y o u i n d e p e n d e n t l y e v a l u a t e p a r t i c u l a r i n v e s t m e n t s a n d s t rat egi es a n d
 e n c o u r a g e s y o u to s e e k a d v i c e f r o m a f i n a n c i al a d v i s e r r e g a r d i n g t he s ui t abi l i t y of s u c h s ec uri t i es a n d / o r
 i n s t r u m e n t s , t a k i n g i nt o a c c o u n t y o u r s p e c i f i c i n v e s t m e n t obj ec t i ves , f i na nc i al s i t uat i o n a n d p a r t i c ul a r
 n e e d s , b e f o r e m a k i n g a c o m m i t m e n t to p u r c h a s e a n y s ec uri t i es a n d / o r i n s t r um e n t s . T hi s is b e c a u s e t h e
 a p p r o p r i a t e n e s s of a p a r t i c u l a r s ec u rit y, i n s t r um e nt , i n v e s t m e nt o r s t rat eg y will d e p e n d o n y o u r i n d i v i d u a l
 circumstances              and       investment            o b j e c t i ve s ,   f i nanc i al   s i t uat i on   and   p a r t i c ul a r   needs.   The    s e c ur i t i es ,
 i n v e s t m e n t s , i n s t r u m e n t s or s t ra t e g i e s d i s c u s s e d in this d o c u m e n t m a y n o t b e s ui t abl e f or all i nves t ors ,
 a n d c e rt a i n i n ve s t o rs m a y n o t b e e l i g i b l e to p u r c h a s e o r p a r t i c i p a t e in s o m e o r all of t h e m .
 T h i s d o c u m e n t is n o t a n o f f e r to b u y o r sell or t he s ol i c i t at i on of a n of f er to b u y o r sell a n y s ec uri t y a n d / o r
 i n s t r u m e n t o r to p a r t i c i p a t e in a n y p a rt i c u l a r t r a di n g st rat egy . A xi s B a nk , its as s oc i a t es , of f i c ers a n d / o r
 e m p l o y e e s m a y h a v e i n t e re s t s in a n y p r o d u c t s r ef e r r e d to in t his d o c u m e n t b y a c t i n g in v a r i o us rol es
 i n c l u d i n g as dist ri b ut o r, h o l d e r of p ri n c i p a l p o s i t i ons , a d v i s e r o r l ender. A xi s B a n k , its as s oc i a t es , o f f i c ers
 a n d / o r e m p l o y e e s m a y r e c e i v e f e e s , b r o k e r a g e o r c o m m i s s i o n s f or a c t i n g in t h o s e c a p a c i t i es . In a d d i t i o n,
 A xi s B a n k , its a s s o c i a t e s , o f f i c e rs a n d / o r e m p l o y e e s m a y b u y o r sell p r o d u c t s a s p ri nc i p a l or a g e n t a n d
 m a y e f f e c t t r a n s a c t i o n s wh i c h a r e n o t c o n s i s t e n t wi t h t he i n f o r m a t i o n s et o u t in t hi s d o c u m e n t .
 A xi s B a n k a n d its a f f i l i a t e s d o b u s i n e s s t h a t rel at e s to c o m p a n i e s a n d / o r i n s t r um e nt s c o v e r e d in t his
 d o c u m e n t , i n c l u d i n g m a r k e t m a k i n g a n d s p e c i a l i z e d tradi ng, risk ar b i t r a g e a n d o t h e r p r o p r i et a r y t radi ng,
 f u n d m a n a g e m e n t , c o m m e r c i a l b a n k i n g , e xt e n s i o n of c redi t , i n v e s t m e n t s ervi c e s a n d i n v e s t m e n t b a n k i n g .
 A xi s B a n k s e lls to a n d b u y s f r o m c u s t o m e r s t h e s ec uri t i es a n d / o r i n s t r um e n t s of c o m p a n i e s c o v e r e d i n t his
 doc um ent as principal or agent.
 A xi s B a n k m a k e s e v e r y e ffo rt to u s e re l i a b l e a n d c o m p r e h e n s i v e i n f o rm a t i o n , bu t m a k e s n o r e p r e s e n t at i o n
 t h a t it is a c c u r a t e or c o m p l e t e . A xi s B a n k h a s n o o b l i g a t i o n to i nf o rm y o u w h e n o p i n i o n s o r i n f o r m a t i o n          in
 t h is d o c u m e n t c h a n g e . F a c t s a n d v i e ws p r e s e n t e d in t his d o c u m e n t h a v e n ot b e e n r e v i e w e d by, a n d m a y
 n o t re f l ec t i n f o rm a t i o n k n o w n to, p r o f e s s i o n a l s in o t h e r A xi s B a n k b u s i n e s s a re a s , i nc l u d i n g i n v e s t m e n t
 b a n k i n g p e r s o n n e l . A xi s B a n k a c c e p t s n o l i a bili t y wh a t s o e v e r f or a n y l oss or d a m a g e of a n y k i n d ari s i ng
 o u t of t h e u s e of t h e c o n t e n t s in t his d o c u m e n t . A xi s B a n k ’ s c o m m e n t s a r e a n e x p r e s s i o n of o p i n i o n . W hi l e
 A xi s B a n k b e l i e v e s t h e s t a t e m e n t s to b e t ru e , t he y a l wa y s d e p e n d o n t h e reliabil it y of A xi s B a n k ’ s o w n
 credible sources.
 D i s c l a i m e r fo r D I F C b r a n c h :
 A xi s B a n k , D I F C b r a n c h is d u l y l i c e n s e d a n d r e g u l a t e d in t he D u b a i I n t e r n a t i o n a l F i n a n c i al C e n t r e b y t he
 D u b a i F i n a n c i a l S e r vi c e s A u t h o r i t y (“DF S A ”) . T hi s d o c u m e n t is i n t e n d e d f or us e o nl y b y P r o f e s s i o n a l
 Cl i e n t s (as d e f i n e d b y R u l e 2 . 3 . 2 s et o u t in t he C o n d u c t of B u s i n e s s M o d u l e of t he D F S A R u l e b o o k ) w h o
 s atis f y t h e r e g u l a t o r y c ri t e ri a s e t o u t in t h e DF S A ’ s rul es , a n d s h o u l d n ot b e re l i ed u p o n , a c t e d u p o n o r
 d i s t r i b u t e d to a n y o t h e r p e r s o n ( s ) o t h e r t h a n t he i n t e n d e d r e c i p i e n t .
 Axis Bank Ltd. is acting as an AMFI registered Mutual Fund Distributor under the ARN code of ARN-0019
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