Reliance Equity Adv. buys engg, pharma; sells metals

Reliance Equity Advantage Fund increased its weightage to engineering, pharma, chemical, cement, oil & gas and utility sectors, while decreased its exposure to metal, banking and IT space.(Complete List - What is Reliance Equity Advantage Fund buying / selling?)

In the engineering space, it introduced Suzlon Energy and Punj Lloyd. It also bought BHEL and L&T. In the pharma pack, it introduced Cipla and Ranbaxy Laboratories. In the chemical sector, it introduced Reliance Petroleum and in the cement & construction sector, it introduced Unitech.

In the oil & gas pack, it bought Cairn India and 1.19 lakh shares of ONGC. However, it sold Reliance Industries.

In the utility space, it purchased NTPC, Reliance Infrastructure and 2.28 lakh shares of Tata Power.

Selling was seen in the metal space as it exited Jindal Stainless. However, it bought Jindal Saw, Tata Steel, 1.23 lakh shares of Sterlite Industries and 3.13 lakh shares of SAIL.

In the banking pack, it sold HDFC, however it purchased ICICI Bank and SBI. In the IT pack it sold 2.44 lakh shares of Wipro. However, it bought i-Flex Solutions, Infosys Technologies and HCL Technologies.

ONGC, Reliance, and Reliance Comm were the top stocks held by the scheme in June. Oil & Gas (18.87%), Telecom (8.75) and Technology (8.46%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Reliance Equity Advantage Fund).

The equity exposure of the scheme has decreased from 79.52% to 73.73%and cash in hand has increased from 73.47% to 80.96% . The total assets managed by the scheme were of Rs 1915.98 crore as on June 30, 2008.

Over the last six months, Reliance Equity Advantage Fund has yielded -31.4% returns as against -32.48% yielded by its benchmark BSE 200 as on July 9, 2008.

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