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Kotak Mahindra buys banking, engg; sells cement, auto

Published on Sat, Mar 13, 2010 at 09:51 | Source : Moneycontrol.com

Updated at Thu, Mar 18, 2010 at 09:49

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Kotak Mahindra buys banking, engg; sells cement, auto

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Kotak Mahindra Asset Management increased its investments in banking & financial services, engineering & capital goods and media & entertainment sectors. However, it pared its exposure to food & beverages, cement & construction and automotive segments.

GVK Power, SpiceJet and Petronet LNG were the top buys, while Hindustan Construction, Shree Renuka Sugars and IndusInd Bank were the top sells.

A study of Kotak Mahindra Asset Mgmt portfolio for the month of February 2010 showed that in the banking & financial services space, the fund introduced LIC Housing Finance, Punjab National Bank and Oriental Bank of Commerce. It also purchased Bank Of Baroda, HDFC and ICICI Bank. However, it sold Rural Electrification Corporation, IndusInd Bank and IDFC. It exited ING Vysya Bank in the same space. (View - All Bulk Deals by Mutual Funds).

In the engineering & capital goods segment, it purchased BHEL, Larsen and Cummins India, while it sold Techno Electric and Engineering and exited Alstom Projects.

The fund bought Zee Entertainment Enterprises and introduced Hathway Cable in the media & entertainment sector. (Check out - Which sectors are attracting Fund Managers?)

The selling was seen in the food & beverages pack, where it sold Shree Renuka Sugars, Bajaj Hindusthan and GlaxoSmithKline Consumer Healthcare. But it bought United Spirits, Balrampur Chini Mills and Tata Tea.

The fund sold Hindustan Construction, Patel Engineering and exited IVRCL Infrastructure in the cement & construction segment. However, it bought IRB Infrastructure Developers, Lanco Infratech and Jaiprakash Associates. It also introduced Nagarjuna Construction and ARSS Infrastructure Projects.

In the automotive space, it sold Mahindra and Mahindra, Bajaj Auto and Amara Raja Batteries. It also exited Tata Motors. But it purchased Maruti Suzuki India, Exide Industries and Apollo Tyres.

Table of Stocks bought/ sold by Kotak Mahindra Asset Mgmt Co....contd on Page 2

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