Mutual funds cut stake in RIL, Infy & TCS to buy many catch-up plays in August

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NEW DELHI: Mutual funds were seen trimming stakes in the bluest of blue chips, namely Reliance Industries, Bharti Airtel, Infosys and TCS, among others, while they were seen buying into many catch-up plays from varied sectors.

Among them is Sona BLW Precision, a components manufacturer, where domestic fund managers bought an additional 3.62 crore shares to take the MF holding to 11.96 crore shares in August from 8.33 crore shares in July, valuing Rs 1,892 crore. This stock is down 27 per cent year-to-date.

In Kotak Mahindra Bank, fund managers held 18.09 crore shares against 17.65 crore shares, up 44 lakh shares month-on-month (MoM). The change in value terms stands at Rs 845 crore. This scrip is up 5 per cent this calendar, underperforming BSE Bankex’s 13 per cent rise during the same period.

Mutual funds also bought shares of Max Healthcare, which was down 11 per cent till August. This scrip had seen a sharp rise in September that helped it cut year-to-date losses to 4 per cent. The additional 1.95 crore shares that MF bought in this healthcare company were valued at Rs 756 crore.

Zomato saw MF buying worth Rs 644 crore. This scrip is down some 55 per cent this calendar. In Gland Pharma and HDFC AMC as well, MFs were net buyers, buying shares to the tune of Rs 461 crore and Rs 389 crore, respectively. HDFC AMC is still down 17 per cent year-to-date while Gland Pharma is down 37 per cent during the same period.So


Source: Edelweiss Securities

Meanwhile, mutual funds were seen trimming stake in Reliance Industries. They sold some 77 lakh shares in the oil-to-gas major to 36.81 crore in August from 37.57 crore in July. The stake sale was valued at Rs 2,025 crore. Bharti Airtel (down Rs 1,945 crore), Infosys (down Rs 1,115 crore), HDFC Life (down Rs 1,082 crore), TCS (down Rs 1,080 crore) and ICICI Bank (down Rs 987 crore) were some other stocks wherein MFs trimmed stakes in August.


Source: Edelweiss Securities

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