 What's hot, what's not with mutual funds?Published on Mon, Mar 12, 2007 at 15:53 | Source : Moneycontrol.com Updated at Fri, Mar 16, 2007 at 17:15 20341 Investors following Exide Industrie. Share this News with them.
A study of the top ten mutual funds' equity portfolios as on February 28, which are Prudential ICICI, Reliance, UTI, HDFC, Templeton, Birla SunLife, SBI, Tata, DSP ML, and Standard Chartered Mutual Fund reveals that funds continued to buy huge chunks of engineering stock KEC Infrastructures, while further diluted their exposure to aluminium major Hindalco, and cement pivotal Gujarat Ambuja Cement. MFs also joined the IPO party in a big way with Power Finance Corporation, and Firstsource Solutions being the most favourite ones. In terms of value, TCS, ICICI Bank, and Power Finance Corporation were the top purchases by MFs, while L&T, Hindalco, and Jaiprakash Associates topped the sell list. Equity IPOs hot with Mutual Funds:
Six of the top 10 fund houses invested in the software stock Firstsource Solutions purchasing over 51.6 lakh shares. Pru ICICI MF was the top investor in the IPO with a total of over 37.7 lakh shares bought. Templeton, DSP ML, UTI, HDFC, and Tata MF were the other funds that invested in Firstsource IPO. DSP ML, SBI, Stanchart, and Birla MF together bought over 7 lakh shares of software stock Redington (India), while a total of over 3.8 lakh shares of media company Global Broadcast News IPO were purchased by Pru ICICI, DSP ML, Stanchart, and Templeton MF. Cinemax India, C and C Constuctions, Technocraft Industries (India), and Akruti Nirman were among the other IPOs that found place in the mutual fund portfolio, while Cambridge Technology Enterprises, Pochiraju Industries, House of Pearl Fashions, Transwarranty Finance, and SMS Pharmaceuticals failed to attract funds. Stocks and Sectors that attracted Funds:
Hindalco, the top sell was sold by seven of the top 10 funds, while Templeton MF bought it. Pru ICICI MF with over 63.5 lakh shares sold was the top seller in the. Among other metal stocks, Tata Steel, and Sterlite Industries were sold, but they bought Sail, Jindal Stainless, and Welspun Gujarat.
Among other sector, banking stocks IDFC, ICICI Bank, Centurion Bank, PNB, Indian Bank, Federal Bank, HDFC Bank, and Development Credit Bank were bought, while Karnataka Bank, and IDBI were sold. Buying was also seen in media stocks Zee Entertainment, Zee News, TV Today, and HT Media, while Wire and Wireless was sold. Power pivotals Reliance Energy, NTPC, and GVK Power too were bought. Cement and construction stocks Gujarat Ambuja, Japrakash Associates, Gammon, IVRCL, ACC, JK Cement, Nitco Tiles figured among the top 50 sells, while Prism Cement, Nagarjuna Construction, HCC, and India Cements were among the top 50 buys. Heavy selling was also seen in oil and gas majors ONGC, HPCL, and Cairn India. In the manufacturing sector, Arvind Mills, Ballarpur Industries, SRF, Vardhman Holdings, Raymond, and Alok Industries were sold. - Reena Prince For more Mutual Fund Action in Market click here
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Mutual funds were predominantly buyers in the banking, engineering, power, IT, and media space in February. Cement, construction, manufacturing, auto, chemical, and oil and gas stocks weighed heavy on their sell list, while stocks were re-aligned in the FMCG, and metal pack. 
