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DSP ML MF bets on sugar, IT; drops engg stocks
DSP ML MF bought sugar, metal, IT, pharma stocks among others, while engineering stocks topped the fund’s sell list. Indian Seamless was the top bought stock, while DCM Shriram was the top sell.
DSP ML Mutual Fund bought sugar, IT, metal, cement, pharma, telecom, auto, and manufacturing stocks in December, but pared exposure to the engineering, textile and power sectors. It re-aligned its holdings in the banking space.
A study of the equity portfolios managed by DSP ML Mutual Fund as on December 31, reveals that it significantly hiked its exposure to sugar stocks by making fresh investments in the Triveni Engineering IPO. It also bought Balrampur Chini and Bajaj Hindustan, whereas it sold Shree Renuka Sugars.
In the metal sector it bought over 1.8 crore shares of India Seamless, it also bought Hindustan Zinc and Hindalco, however it sold Tata Steel. It also increased weightage to technology stocks Prithvi Infosystems, TCS, Infosys, HCL Tech and Wipro among others. It introduced Hexaware Tech, however, its top sell was Patni and it exited Flextronics and HCL Infosystems. (View - All Bulk Deals by Mutual Funds)
Among the cement stocks, Gujarat Ambuja and Jaiprakash Associates were the top buys, while ACC was sold. Also heavy on the buy side was pharma, the fund's top buys were Matrix Lab and Novartis India, it introduced Pfizer, but sold GSK Pharma. Auto stocks Amtek India and Tata Motors were bought, while Hero Honda and M&M were sold.
Telecom pivotals MTNL and Bharti Tele were bought, while Finolex was exited. In the manufacturing sector the fund added over 36 lakh shares of Balkrishna Industries into its portfolio, it also introduced Kernex Microsystems. (Check out - Which sectors are attracting Fund Managers?)
The fund pared its exposure to engineering stocks KEI Industries, BHEL and L&T among others. Whereas it bought Graphite India and introduced AIA Engineering and KEC International. Textile stocks Aditya Birla Nuvo, Indo Rama Synthetic and Raj Spinning Mills were sold, but Gokaldas Exports was bought. Power stocks NTPC and Suzlon were also sold.
Re-shuffling was seen in banking stocks. The fund's top buys here were ICICI Bank, Shriram Transport Finance Corp, Kotak Mahindra Bank, HDFC Bank, IDFC and Syndicate Bank. The top sells were Vijaya Bank, Cholamandalam Investment and Finance and SBI. However it exited Shriram Investment, IL&FS and J&K Bank.
Among other prominent stocks, DSP ML sold additional shares of DCM Shriram, Zee and ITC, and exited Jet Airways. However it bought Deccan Chronicle Holdings and Apar Industries and introduced Everest Kanto.
