SBI Infrastructure bets on Idea, SAIL; sells Rel Comm

In the SBI Infrastructure Fund, churning was seen in the metal, telecom, cement and construction sectors. (View - What is SBI Infrastructure Fund buying / selling?)

The scheme has increased exposure to metal space by nearly 1% as it bought another 2.9 lakh shares of SAIL. However, it sold 1 lakh shares of Tata Steel.

In the telecom sector, it has raised stake in Idea Cellular and Bharti Airtel by 4 lakh and 1.5 lakh shares, respectively. However, the scheme sold nearly 2 lakh shares of Reliance Communications.

The weightage has added marginally to Oil & Gas sector as it purchased 0.34 lakh shares of GAIL India while sold 2.8 lakh shares of Cairn India.

In the cement and construction space, the scheme has sold 0.3 lakh shares of IVRCL Infra while bought 2 lakh shares of Nagarjuna Construction.

SBI Infrastructure has cut exposure to engineering sector, wherein it sold nearly 0.5 lakh shares of KEC International and few shares of Siemens. Meanwhile, Capital Goods Index fell nearly 6% last month.

The weightage to banking space has declined by 1% as the BSE Bankex fell 13%. However, the scheme has bought some shares of HDFC.

In the realty segment, it has sold nearly 0.5 lakh shares of DLF.

L&T, Reliance Industries and Bharti Airtel were the top stocks held by the scheme in May. Engineering (19.05%), Banking (16.22%) and Cement (10.91%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by SBI Infrastructure Fund).

The cash exposure of the scheme has increased from 7.93% to 8.25%. The total assets managed by the scheme were of Rs 2,427 crore as on May 31, 2008.
 
Over the last one-year, SBI Infrastructure Fund has yielded negative 0.4% returns as against positive returns of 9.81% yielded by its benchmark BSE 200 as on June 13, 2008.

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