 Reliance Capital drops metal, pharma; picks bankingPublished on Tue, Feb 09, 2010 at 11:48 | Source : Moneycontrol.com Updated at Thu, Feb 11, 2010 at 11:11 79332 Investors following Hindalco. Share this News with them.
Reliance Capital Asset Management reduced its exposure in metals & mining, pharmaceuticals and consumer non-durables sector, while increased its exposure in banking & financial services, telecommunication and utilities space. Hindalco Industries, Marico and Bajaj Hindusthan were the top sells, while Adani Power, Ashok Leyland and Jaiprakash Associates were the top buys. A study of Reliance Capital Asset Management portfolio for the month of January 2010 shows that in the metals & mining segment, it sold Hindalco Industries, Jindal Steel & Power and Sterlite Industries. It exited Welspun Gujarat in the same space. However, it introduced Sarda Energy and bought Indian Metals & Ferro, Jindal Saw, Gujarat Mineral Development Corporation. (View - All Bulk Deals by Mutual Funds). In the pharmaceuticals space, it exited Venus Remedies and Glenmark Pharma. It sold Divis Laboratories, Wyeth and Piramal Healthcare in the same space. But it purchased Cadila Healthcare, Stride Arcolab and Torrent Pharma. It also introduced GSK Pharmaceuticals. The fund exited Marico in the consumer non-durables sector. (Check out - Which sectors are attracting Fund Managers?) The buying interest was seen in the banking & financial services space, where it introduced Dhanalakshmi Bank, Sundaram Finance and Shriram Transport Finance Corporation. It also bought SBI, Union Bank of India and Bank Of Baroda. While, it sold Rural Electrification, Karnataka Bank and exited Indian Bank. It purchased Siemens, Reliance Communications and Sterlite Technologies in the telecommunication sector, while it sold Bharti Airtel. In the utilities pack, it introduced Adani Power but it sold Reliance Infrastructure, Tata Power Company and NTPC. Table of Stocks bought/ sold by Reliance Capital Asset Management...contd on Page 2 For more Mutual Fund Action in Market click here
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