 ICICI Prudential drops IT, telecom, cement; picks bankingPublished on Sat, Mar 13, 2010 at 09:31 | Source : Moneycontrol.com Updated at Sat, Mar 13, 2010 at 09:38 44840 Investors following NHPC. Share this News with them.
ICICI Prudential Asset Management reduced it weightage in information technology, telecommunication and cement & construction space, while enhanced its exposure in banking & financial services, utilities and food & beverages space. NHPC, Pidilite Industries and Axis Bank were the top sells, while Bajaj Finserv, SBI and Shree Renuka Sugars were the top buys. A study of the ICICI Prudential Asset Management portfolio for the month of February 2010 showed that in the information technology sector, it sold Infosys Technologies, TCS and Wipro. However, it sold Oracle Financial Services Software and HCL Infosystems. It also introduced Infinite Computer Solutions India. (View - All Bulk Deals by Mutual Funds) In the telecommunication sector, the fund sold Bharti Airtel and exited Sterlite Technologies. The fund sold UltraTech Cement, Birla Corporation and Nagarjuna Construction in the cement & construction space. It also exited Dalmia Cement (Bharat). However, it purchased Ambuja Cements and Ahluwalia Contracts. (Check out - Which sectors are attracting Fund Managers?) The buying was seen in the banking & financial services, utilities and food & beverages space. In the banking & financial services space, the fund bought SBI, Bajaj Finserv and HDFC Bank. It also introduced Bajaj Holdings & Investment. But it exited CHI Investments and Dena Bank. It sold Axis Bank, HDFC and ICICI Bank. In the utilities sector, it purchased Tata Power and CESC, while it sold NHPC and NTPC. The fund bought Tata Tea and Shree Renuka Sugars in the food & beverages pack. However, it exited Zydus Wellness and sold Balrampur Chini Mills. Table of Stocks bought/ sold by ICICI Prudential Asset Management...contd on Page 2 For more Mutual Fund Action in Market click here
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