Tata Infrastructure buys metal, telecom; sells banking

Tata Infrastructure Fund has increased its weightage to metal and telecom sector, while dropped its weightage to banking, cement, oil and engineering space.  (View - What is Tata Infrastructure Fund buying / selling?)

In the metal pack, it made fresh investments in Hindalco Industries and bought 1.10 lakh shares of Tata Steel. However, it exited Maharashtra Seamless and sold 5 lakh shares of SAIL and 1.07 lakh shares of Jindal Saw.

In the telecom space, it bought 1.70 lakh shares of Bharti Airtel and sold 1.25 lakh shares of Reliance Communications.

Selling was also seen in the banking space as it exited SBI and sold IDFC, Bank of Baroda and Kotak Mahindra Bank. However, it bought ICICI Bank and Axis Bank.

In the cement pack, it sold 6.79 lakh shares of Unitech and 2.53 lakh shares of Jaiprakash Associates. It bought 1 lakh shares of IVRCL Infrastructure and Projects.

In oil & gas sector, it sold 5 lakh shares of Cairn India, 1.19 lakh shares of Chennai Petroleum Corporation and 1 lakh share sof ONGC.

In engineering space, it exited Mundra Port and sold BHEL. However, it bought L&T and Emco.

It also sold 6 lakh shares of Reliance Petroleum in chemical, 3.65 lakh shares of Electrosteel Castings in manufacturing and 4 lakh shares of GVK Power & Infrastructure in utilities space.

Reliance Industries, Larsen and Tata Steel were the top stocks held by the scheme in May. Engineering (16357%), Metals & Mining (13.78%) and Oil & Gas (9.13%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Tata Infrastructure Fund).

The cash exposure of the scheme has increased from 20.59% to 27.18%. The total assets managed by the scheme were of Rs 2,566.29 crore as on May 31, 2008.
 
Over the last one-year, Tata Infrastructure Fund has yielded 19.2% returns as against 6.94% yielded by its benchmark Sensex as on June 13, 2008.

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