1 / 11Mutual Funds have piled into shares of banking stocks in the month of February, according to a latest report by Nuvama Alternative and Quantitative Research. Lenders like HDFC Bank, Kotak Mahindra Bank, Axis Bank and ICICI Bank feature in the list of 10 biggest buys by fund houses last month. Here is a look at some of these names.
2 / 11HDFC Bank | India’s largest private lender features on top of the list of stocks which were bought the most by Mutual Funds last month. Mutual Funds bought shares worth ₹6,000 crore last month, according to the Nuvama report. Funds currently own 23.93% stake in HDFC Bank at the end of the December quarter. The stock is down 9% from its peak.
3 / 11Hexaware Tech | The most recent listing on Dalal Street also features in the list of the biggest buys. Fund houses bought shares worth ₹4,200 crore of Hexaware Tech during and post its listing.
4 / 11TCS | IT stocks have been selling off sharply recently and funds chose to buy the dip in India’s largest IT services provider. Funds bought TCS shares worth ₹3,900 crore in February, according to Nuvama Alternative. Funds though, only had a 4.3% stake in TCS at the end of the December quarter. The stock is down 24% from its peak.
5 / 11UltraTech Cement | India’s largest cement company has been in the news recently for its foray into the wires and cables business, which triggered a sharp sell-off in companies like Polycab and Havells. Fund houses bought UltraTech shares worth ₹2,400 crore in February. Mutual Funds have a 12.26% stake in UltraTech at the end of the December quarter. The stock is down 13% from its peak.
6 / 11Kotak Mahindra Bank | Kotak Mahindra Bank was also on the radar of mutual funds, who bought shares worth ₹2,300 crore in February. The stock is trading close to its 52-week high and fund houses have a 17.44% stake in Kotak Bank.
7 / 11Axis Bank | Mutual Funds bought shares worth ₹1,900 crore of the lender in February, according to Nuvama Alternative. Fund houses currently have a 29% stake in the bank at the end of the December quarter.
8 / 11Power Grid | The power PSU features in the list as mutual funds chose to buy a 25% dip from the top in the stock. Funds bought Power Grid shares worth ₹1,800 crore in February and have a 12.1% stake in the company.
9 / 11Larsen & Toubro | The infrastructure conglomerate saw buying worth ₹1,700 crore during the month of February by India’s domestic funds. The stock is down 20% from the peak. Mutual Funds have a 19.68% stake in L&T.
10 / 11ICICI Bank | Mutual Funds bought shares worth ₹1,700 crore of India’s second-largest private lender as well. The stock is less than ₹100 away from retesting its previous highs. Fund houses have a 29.5% stake in ICICI Bank.
11 / 11Varun Beverages | The consistent compounded saw interest from fund houses despite correcting over 30% from its recent peak. Funds bought shares worth ₹1,600 crore of one of PepsiCo’s largest bottling partners globally.