Reliance MF cuts exposure to engg, metal, const sectors

Reliance Mutual Fund has reduced exposure to Engineering & Capital Goods, Metals & Mining and Cement & Construction sectors while has increased to Banking & Financial Services, Pharmaceuticals and Utilities sectors. Tamil Nadu Newsprint, Tube Investment and EIH were top buys while GMDC, Kingfisher Airlines and GVK Power & Infrastructure were top sells.

A study of the equity portfolios managed by the Reliance Mutual Fund as on November 30, shows that in the Engineering & Capital Goods sector, it has sold L&T, Punj Lloyd, BEML and Crompton Greaves. The fund house also exited Swaraj Engines, Thermax and Kirloskar Brothers.

Selling was also seen in Metals & Mining, wherein it sold Jindal Saw, Sterlite Industries and Tata Steel. It also cut complete exposure to JSW Steel and GMDC. However, it has bought Jindal Steel & Power. (View - All Bulk Deals by Mutual Funds)

In the Cement & Construction sector, it has reduced exposure to Jaiprakash Associates and exited ACC and Ultratech Cement.

In the Banking & Financial Services space, SBI, Bank of Baroda, HDFC Bank and Andhra Bank topped the list of buys. The fund house freshly bought stake in HDFC. However, ICICI Bank topped the list of sells. It has exited Bajaj Holdings and IDFC. (Check out - Which sectors are attracting Fund Managers?)

The fund house also increased exposure to Pharmaceuticals segment. It has bought stake in Divis Labs, Cipla, Aventis Pharma and Lupin. However, it sold out complete stake in Sun Pharma and Abbott India.

Reliance Mutual Fund has augmented its investment in Utilities pack, as it bought Reliance Infrastructure, Torrent Power and NTPC. However, it sold Tata Power Company.

Table of Stocks bought/ sold by Reliance Mutual Fund ...contd on Page 2

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