Which stocks are the India's top AMCs buying?
Equity funds and a range of other funds contributed to a 35% year-on-year expansion in the mutual fund industry's assets under management during the fiscal year 2023-24.
Generally, buying and selling undertaken by mutual funds provide insights into their evaluations of different companies. When a mutual fund invests in a stock, it typically signifies confidence in the company’s potential, guided by seasoned fund managers who analyze various factors. So, which stocks have India’s top asset management companies recently reposed confidence in?
As per a report by Economic Times, before the Q4 earnings season, mutual funds boosted their investments in metals and oil & gas stocks to 9.4%. Here is a non-exhaustive list of stocks bought and sold by India’s top 5 mutual fund houses in the recent past
SBI Mutual Funds :India’s largest AMC, which held equity assets of over Rs 6.45 lakh crore by March-end, added around 61.30 lakh shares of Kotak Mahindra Bank, 56.85 lakh shares of TCS, 47.61 lakh shares of ITC, 30.45 lakh shares of Reliance, and 28.33 lakh shares of HDFC Bank in its portfolio during the period.
Simultaneously, it divested 63.51 lakh shares of ICICI Bank and 48.55 lakh shares of Bharti Airtel.
ICICI Prudential Mutual Fund: The second-largest asset management company, managing assets worth Rs 4 lakh crore as of March 2024, added 13.85 crore shares of ITC, 1.28 crore shares of Star Health, 98.25 lakh shares of HDFC Life, and 80.11 lakh shares of HDFC Bank in its portfolio. Concurrently, it sold 4.37 lakh shares of L&T, 3.21 lakh shares of Maruti Suzuki, and 2.46 lakh shares of Avenue Supermarts.
HDFC Mutual Funds, which oversees assets valued at Rs 3.55 lakh crore at present, added 22 lakh shares of HDFC Bank, 20.36 lakh shares of Metropolis Healthcare, and 10.66 lakh shares of Kotak Mahindra Bank. Concurrently, they decreased their holdings in ICICI Bank by 8.63 lakh shares and Hindustan Aeronautics Ltd by 5.59 lakh shares during the same period.
Nippon India Mutual Funds– Formerly known as Reliance Mutual Fund is one of the leading asset management companies in India, commands a total AUM of Rs 2.89 lakh crore. In March, it acquired 2.71 crore shares of NLC India Ltd, 2.56 crore shares of NTPC, 1.08 crore shares of ITC, 1.05 crore shares of Aster DM Healthcare, 86.5 lakh shares of Aditya Birla Sun Life Asset Management, and 63.87 lakh shares of HDFC Bank. There were no reductions in its holdings in any of these equities.
Kotak Mutual Fund– By March 2024, Kotak Mutual Fund oversaw assets valued at Rs 2.19 lakh crore. During this period, it incorporated 88 lakh shares of ITC, 54.2 lakh shares of Ambuja Cements, 33 lakh shares of HDFC Bank, along with approximately 26 lakh shares each of Adani Ports and HUL. Conversely, it only divested 2.81 lakh shares of Thermax Limited and 1.84 lakh shares of Maruti Suzuki.
These were the shares bought by the top Mutual funds company with the updates of March24.