Financial Daily from THE HINDU group of publications
Thursday, Jan 05, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 05, 2006 |
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Mutual Funds Markets - Mutual Funds Equity funds now focus on select mid-cap stocks Nilanjan Dey
Kolkata , Jan. 4 EQUITY funds have lately struck a lot of deals in the market with their activities focused mainly on select mid-cap stocks. UTI MF, Prudential ICICI MF, Franklin Templeton and a few others have been active on this front in recent days. In some cases, investments have been directed at shoring up their holdings in individual companies, while in others, the fund houses concerned have offloaded critical stakes through secondary market sales. These transactions, MF circles point out, may be seen in the context of views taken by individual funds that have decided to increase allocations in select companies. Mr Sanjay Sinha, Head of Equity at SBI MF, feels these are aimed at adding value to portfolios. "Therefore, each move is important for investors," he rationalises. A clutch of funds from the Franklin Templeton stable - Franklin India Prima Plus, Franklin India Taxshield and Franklin India Opportunities - have homed in on Amara Raja Batteries to acquire 1.23 lakh shares aggregating 1.09 per cent of the company's total equity. The mode of acquisition by FT, as the battery major has informed the stock exchanges, was market purchase. The total shareholding of the three schemes after the deal is 6.36 lakh shares or 5.59 per cent of Amara Raja's paid-up base. Prudential ICICI MF has acquired 16,000-plus shares — 0.16 per cent — of Texmaco Ltd in late December through the secondary market. The fund house's aggregate holding in the engineering company after the transaction is a critical 5.09 per cent. The acquisition has been on behalf of portfolio clients and NRI clients. FT's Prima Fund incidentally has further acquired nearly 8,000 shares (aggregating to 0.08 per cent) of the share capital of Til Ltd last week. Its current holding is 4,86,956 shares, or 5 per cent. Prima Fund has also been active on Repro India, which has bought 7.13 lakh shares, accounting for 6.8 per cent of its capital. It may be mentioned here that FT's aggregate shareholding under its various schemes after the deal is 8,75,291 shares - 8.35 per cent. UTI MF, Basf India Ltd has maintained, has over a period of time sold 10.58 lakh shares of the company - which accounted for 3.75 per cent of its equity capital. This has happened through secondary market sale, after which the MF's holding in Basf India is 1.4 per cent. Meanwhile, on another front, Deutsche Bank has informed NSE that The India Fund Inc has sold over 26,000 shares aggregating to 0.3 per cent of Salora International in late December. The mode was market sale and the fund's shareholding is now 3.43 lakh shares or 3.9 per cent of the company.
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