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This is an archive article published on April 27, 2010
MFs pull out Rs 5.8k cr from mkt
Mutual Funds lowered their holdings in 15 Sensex cos in the quarter ended March '10.
Written by PK Dey
Mumbai | April 27, 2010 10:35 PM IST
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Mutual Funds MFs,including UTI,lowered their holdings in 15 Sensex companies in the quarter ended March 2010,an analysis by FE has shown. MF holdings in Hindalco Industries fell the most,decreasing to 2.93,a fall of 2.5,from 5.43 in the previous quarter. 8220;Mutual funds offloaded bluechip shares after facing redemption pressures.8221; said Kishor P Ostwal,CMD,CNI Research.
MFs divested Rs 5,796 crore worth of equities in the quarter ended March 31 on the back of redemptions from its unit holders.
M amp; M,Hero Honda Motor,Tata Steel,ACC,Infosys Technologies and Reliance Infrastructure were among the other companies where MFs offloaded. ITCs latest share holding pattern was not available. The second highest decrease in stake was registered in M amp; M,from 5.81 to 4.16,in the fourth quarter. In ACC,the stake fell from 1.74 to 1.22 during the above period. Public sector giant ONGC saw MF holdings decrease marginally from 2.26 to 2.21.
MFs hiked stake in Grasim Industries followed by HDFC Bank,Larsen amp; Toubro and BHEL. For the private sector giant Reliance Industries,MF holdings increased from 2.42 to 2.61 during the quarter.
The average share of MFs stake in total of 29 Sensex companies decreased from 4.08 to 3.95 during the March quarter.
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