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Rel Growth Fund ups NIIT Tech, Shiv Vani & cuts Tata Chem

Published on Tue, Nov 07, 2006 at 15:36 | Source : Moneycontrol.com

Updated at Wed, Nov 08, 2006 at 17:39

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Reliance Growth Fund increased stake in the technology sector by adding over 11.02 lakh shares of NIIT Technologies. Last month the share price rose nearly 32%. However it sold over 1.03 lakh shares of Northgate Technologies. (View - What is Reliance Growth Fund buying / selling?)

The scheme introduced over 3.20 lakh shares of Allcargo Global Logistics into its portfolio.

Buying was also seen in oil and gas sector wherein it bought over 12.02 lakh shares of Shiv Vani Oil & Gas Exploration Services.

On the other hand, auto sector witnessed major selling in October, wherein it exited over 8.68 lakh shares of Mahindra Forgings.

Reliance Growth Fund also sold some portion of the pharma and chemical sectors from its portfolio as it exited Wockhardt and Tata Chemicals with over 6.01 lakh and 10 lakh shares, respectively.

The scheme bought over 5.37 lakh shares of Dena Bank while it sold over 2.98 lakh and 1.23 lakh shares of JSW Steel and Crompton Greaves.

Reliance, BEML and JSW Steel were the top stocks held by the scheme. Metals (10.91%), engineering (10.33%) and technology (8.75%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Reliance Growth Fund).

The cash component of the scheme has moved up from 7.35% to 8.75%. The total assets managed by the scheme were Rs 2,528 crore as on October 31, 2006.

Over the last three months, Reliance Growth Fund has yielded 29.3% returns as against nearly 23% yielded by its benchmark BSE 100 as on November 6, 2006.

NOTE:

(1) The number of shares s has been calculated based on the closing price of the stocks on the BSE/NSE as on the portfolio date for September annd October

(2) Reliance Mutual Fund has not disclosed its equity holdings accouting for less than 1% of the scheme's corpus in September and October. The decrease in the share quantity could also be due to the above reason.