Reliance Growth buys HCL Tech; exits SBI, KMB

Reliance Growth Fund has increased exposure to pharmaceutical space while reduced to banking and oil sectors. It bought 1.7 lakh shares of pharma stock Lupin and 1.4 lakh of Divis Laboratories. (View - What is Reliance Growth Fund buying / selling?)

In the technology space, it has made fresh buying into HCL Tech with 18 lakh shares. It also purchased 0.36 lakh shares of Infosys Technologies. However, it offloaded complete stake in Northgate Technologies.

Amongst capital goods stocks, the scheme has bought 2 lakh shares of Crompton Greaves, 1.87 lakh of Greaves Cotton and 0.88 lakh of BEML.

Some buying was also seen in auto and telecom sectors, wherein it has bought 0.8 lakh shares of Maruti Suzuki and 5.5 lakh of Escorts, and 1.85 lakh of Reliance Communication, respectively.

In the fertiliser space, it has bought 3.2 lakh shares of Gujarat State Fertilisers Company and 2.54 lakh of Unitech Phosphorous.

Buying was also seen in paper and media sectors; the scheme has purchased over 15 lakh shares of Orient Paper and 1.5 lakh of New Delhi Television.

In the utilities space, it has bought 0.42 lakh shares of Reliance Infrastructure. In breweries & distilleries sector, it has bought Radico Khaitan and in the manufacturing segment, it bought 1.25 lakh shares of Bombay Dyeing.

Reliance Growth Fund has reduced exposure to banking space as it exited Kotak Mahindra Bank and State Bank of India. However, it has bought 3.4 lakh shares of Bank of Baroda. BSE Bankex fell 12.5% and Bank Nifty 13.7% in the month of May.
 
In the services segment, it has exited Bharti Shipyard while bought 0.63 lakh shares of Adani Enterprises.

Though the scheme has made huge buying into the metal space, overall weightage has declined. It has bought 3.92 lakh shares of Gujarat Mineral Development Corp, 2.2 lakh of Jindal Saw and 0.8 lakh of Jindal Steel & Power.

Weightage of cement and construction space also reduced but the scheme has bought 5.25 lakh shares of Jaiprakash Associates and 1.55 lakh of Madhucon Projects.

In the oil & gas sector, it has sold 0.6 lakh shares while bought 1.46 lakh shares of Shiv Vani Oil & Gas Exploration.

Divis Labs, Jindal Steel and Reliance Industries were the top stocks held by the scheme in May. Metals & Mining (9.04%), Pharmaceuticals (6.91%) and Manufacturing (5.97%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Reliance Growth Fund).

The cash exposure of the scheme has increased from 20.42% to 25.41%. The total assets managed by the scheme were of Rs 5,269.73 crore as on May 31, 2008.
 
Over the last one-year, Reliance Growth Fund has yielded 15.4% returns as against 10.66% yielded by its benchmark BSE 100 as on June 11, 2008.

For more Mutual Fund Action in Market click here