MFs stake rise in ICICI Bank, ONGC

Mutual funds have hiked their holding in ICICI Bank and ONGC by 165 pc and 41 pc in the past five months. Data collated by fund tracker, Value Research, indicates a substantial hike in investments by funds in ONGC and ICICI Bank since March 2004. Their holding in GAIL declined by 4 pc in the April-August period. Some of the biggest investors in these stocks include Franklin Templeton, UTI Mutual Fund and HDFC Mutual Fund. Funds holding in ONGC increased to 68.5 lakh shares in August from 48.7 lakh shares on March 31. In terms of value, the exposure has risen from Rs 405 crore to near Rs 550 crore, due to a decline in stock price below its offer price.