Elara Securities has released its Model Portfolio consisting of top notch large cap & mid-cap stocks
We hold on to the same set of guideposts for our model portfolio in the sense that we limit ourselves to non-Nifty names that are above a certain size in free float market capitalization. On the macro front, though we are looking at a mild recovery in 2HFY13, we think that select financials might just have run ahead of themselves with RBI having limited headroom to further cut rates. The only interest sensitive we are keeping in our portfolio are autos where we are banking on MSIL, Tata Motors and HMCL. On the domestic demand front, we have stayed OW on certain media names and consumption names, select infrastructure names with a bottom up story rather than banking on a tide that will lift all.
| Company | Nifty weights | Elara Weights | Prices (9 July, 2012) | |
| Bajaj Auto | 1.3 | – | 1,506 | |
| Hero Honda | 1.2 | 1.5 | 2,027 | |
| Mahindra & Mahindra | 2.0 | – | 730 | |
| Maruti Suzuki | 0.9 | 1.5 | 1,188 | |
| Tata Motors | 2.6 | 2.1 | 241 | |
| Auto Total | Underweight | 8.0 | 5.1 | |
| ACC | 0.7 | 0.7 | 1,280 | |
| Ambuja | 0.8 | 168 | ||
| Grasim | 1.0 | 1.7 | 2,634 | |
| Cement Total | Neutral | 2.5 | 2.4 | |
| Hindustan Unilever | 2.9 | 3.0 | 444 | |
| ITC | 8.4 | 8.0 | 252 | |
| Zee | 2.0 | 145 | ||
| Berger Paints | 1.0 | 133 | ||
| Asian Paints | 1.1 | 3,683 | ||
| Consumers Total | Overweight | 12.3 | 14.0 | |
| Bank of Baroda | 0.8 | – | 710 | |
| Axis Bank | 1.6 | 3.0 | 1,036 | |
| HDFC | 5.9 | 6.1 | 676 | |
| HDFC Bank | 6.1 | 5.5 | 578 | |
| ICICI Bank | 6.2 | 7.0 | 930 | |
| IDFC | 1.0 | – | 140 | |
| Kotak Mahindra Bank | 1.3 | – | 597 | |
| PNB | 0.6 | – | 837 | |
| State Bank of India | 3.4 | 2.8 | 2,209 | |
| Allahabad Bank | – | 1.0 | 146 | |
| Financials Total | Underweight | 27.0 | 25.4 | |
| JP Associates | 0.5 | – | 75 | |
| L&T | 4.5 | 5.0 | 1,389 | |
| IRB | 1.0 | 133 | ||
| Infra Total | Overweight | 5.0 | 6.0 | |
| HCL Technologies | 0.7 | 2.4 | 487 | |
| Infosys | 7.5 | 7.5 | 2,438 | |
| TCS | 3.9 | 5.5 | 1,259 | |
| Wipro | 1.3 | 386 | ||
| IT Services Total | Overweight | 13.4 | 15.4 | |
| Hindalco | 0.9 | 0.8 | 124 | |
| Jindal Steel and Power | 1.0 | 443 | ||
| SAIL | 0.3 | 0.5 | 93 | |
| Sesa Goa | 0.5 | 196 | ||
| Sterlite | 0.9 | 106 | ||
| Tata Steel | 1.8 | 1.8 | 438 | |
| Coal India | 1.4 | 351 | ||
| Hindustan Zinc | 1.0 | 119 | ||
| Metals Total | Underweight | 6.7 | 4.1 | |
| BPCL | 0.6 | 1.6 | 763 | |
| Cairn | 0.8 | 309 | ||
| GAIL | 1.0 | 1.2 | 351 | |
| ONGC | 3.0 | 2.5 | 278 | |
| Reliance Industries | 7.6 | 7.6 | 732 | |
| Oil & Gas Total | Underweight | 13.0 | 12.9 | |
| Cipla | 1.0 | 1.4 | 323 | |
| Dr Reddys | 1.3 | 2.3 | 1,640 | |
| Ranbaxy | 0.5 | 491 | ||
| Sun Pharma | 1.5 | 1.5 | 625 | |
| Glenmark | 1.0 | 384 | ||
| Pharma Total | Overweight | 4.2 | 6.2 | |
| BHEL | 1.1 | 1.5 | 234 | |
| NTPC | 1.2 | 1.3 | 160 | |
| Power Grid | 1.0 | 1.0 | 113 | |
| Reliance Infrastructure | 0.5 | 551 | ||
| Siemens | 0.4 | 722 | ||
| Tata Power | 1.0 | 1.7 | 101 | |
| Power & CG Total | Overweight | 5.1 | 5.5 | |
| DLF | 0.4 | 214 | ||
| Real Estate Total | Underweight | 0.5 | – | |
| Bharti Airtel | 2.3 | 3.0 | 317 | |
| Telecom Total | Overweight | 2.3 | 3.0 | |
| Total | 100.0 | 100.0 | ||
| Source: NSE, Elara Securities Research |
Model Stock Portfolio From Elara Securities
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