The team led by S Naren bought nearly 5 crore shares of Hathway Cable & Datacom, which came out with an impressive earnings report for March quarter. Recently, Reliance Industries also sold some shares in the firm to trim its overall stake.
Besides the Reliance group firm, India’s second largest fund house also bought 1-3 crore shares of ONGC, Ashok Leyland, JM Financial and Axis Bank. The first two are being seen as re-rating candidates ahead of the emerging growth cycle.
Besides, the fund managers acquired 40-65 lakh shares in Aster DM Healthcare, GAIL, Jyothy Labs, Yes Bank, Vodafone Idea, EIH,
, Den Networks and IDFC First Bank.
Aster DM Healthcare has drawn analysts’ attention as the healthcare sector has come into focus. Their optimism about the opportunities available in India and the GCC markets in the healthcare industry has grown rapidly.
“With investment strategies in place and a team of excellent doctors with a common vision of providing quality healthcare service, we believe Aster DM is well poised for sustainable growth. The base case fair value of the stock is Rs 163 and the bull case fair value Rs 180,” said HDFC Securities Retail Research.
During the month, ICICI Pru MF took fresh positions in Federal-Mogul Goetze (India), a smallcap company that manufacturers pistons and piston rings for motor vehicles.
At the same time, it offloaded some of the biggest Nifty stocks, selling 1-3 crore shares in commodity majors Vedanta and
and IT major Wipro. The fund managers also offloaded 30-80 lakh shares of NTPC, , Cipla, Infosys, Cadila Healthcare, NLC India, Ambuja Cements and .
The fund house’s romance with some of the recent debutants was also shortlived. The money managers completely exited Burger King India, Laxmi Organic Industries and MTAR Technologies in April, along with Neuland Laboratories, Panacea Biotec and Triveni Engineering & Industries.
Please bear in mind that some of these buying and selling could have happened due to adjustments in passive funds due to index changes.
SBI Mutual Fund remained India’s top fund house at the end of April with assets under management (AUM) of Rs 5.13 lakh crore. ICICI Pru AMC grabbed the second spot during the month with an AUM of Rs 4.25 lakh crore while HDFC AMC slipped to the third position with Rs 4.09 lakh crore in assets.
