ICICI Pru MF bets on IT stocks; sells media, metal

ICICI Mutual Fund has increased its exposure to technology, pharma and utilities while reduced its weightage to metal, cement, and banking sectors. Hindalco Industries, PTC India, ITC were the top buys while Centurion Bank, Zee Entertainment and HT Media topped the sell list.

A study of the equity portfolios managed by ICICI Mutual Fund for June 2008 shows that, in the technology space, it has bought TCS, Infosys and 3i Infotech. It exited Infotech Enterprises.

In the pharmaceutical pack, it has purchased Dishman Pharma, Alembic and Glenmark pharma.

It was a mixed trend in utilities sector where the fund house has purchased Tata Power, Reliance Infra and Gujarat Industries Power while huge quantities of NTPC was sold. (View - All Bulk Deals by Mutual Funds)

Meanwhile, selling was seen in the media space. This included Zee Entertainment, HT Media and Television Eighteen. The fund house offloaded its complete stake in HT Media.

In cement and construction pack, weightage of stocks in its portfolio has gone down despite heavy buying due to fall in their share price. It bought Ambuja Cements, Jaiprakash Associates and Gammon India.  It has introduced Gammon India with 3.4 lakh shares while exited Madras Cements. (Check out - Which sectors are attracting Fund Managers?)

Metal stocks weighed heavy on its sell list as it sold over 20.8 lakh shares of SAIL. It also sold Jindal Steel and Welspun Gujarat. However, it has bought shares of Hindalco, Usha Martin and Tata Steel. It made fresh entry into Godwari Power by buying 0.5 lakh shares.

Weightage to banking stocks also declined in the month of June due to steep fall in their share prices. It has bought IDFC, ICICI Bank and ING Vysya Bank while sold Centurion Bank of Punjab, Corporation Bank and SBI.  Fund exited Centurion Bank.

Table of Stocks bought/ sold by ICICI Mutual Fund ...contd on Page 2

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