INSUBCONTINENT EXCLUSIVE:
hands in January, even as December quarter earnings season peaked.
The fund house purchased over 1 crore shares each in power major NTPC,
mining firm Coal India, leading lender for the power sector Power Finance Corporation and state-run oil and natural gas exploration and
Ace Mutual Fund.
NTPC recently posted a 23 per cent rise in consolidated net profit for December quarter at Rs 3,197.93 crore, mainly due to
hand, the fund house sold more than 10 lakh shares each in the top three players of Dalal Street -- Reliance Industries (77 lakh shares),
Baroda, ICICI Bank, Bharat Electronics, Axis Bank, EIH, Sun Pharma, Firstsource Solution, REC, Bharti Infratel, Infosys, Lupin, Indian
Hotel, Colgate Palmolive, Tata Steel, Delta Corp, Larsen - Toubro and Titan, among others.
Tata Steel posted a consolidated net loss of Rs
1,228.53 crore for the quarter ended on December 31, 2019, mainly due to lower sales and impairment provisions for its European operations
Standalone profit for the quarter declined to Rs 1,803.83 crore from Rs 2,456.09 crore in the year-ago period.
Emkay Global Financial
Services believes the Coronavirus epidemic can result in production cuts in China, while a potential stimulus package to boost steel demand
can result in a shortage of steel
(4.26 lakh shares), Bharti Airtel (3.97 lakh shares), Hindalco (3.89 lakh shares) and Gabriel India (3.46 lakh shares).
Besides, it
purchased additional shares of Glenmark Pharma (3.43 lakh shares), Equitas Holdings (2.94 lakh shares), Grasim Industries (2.81 lakh
shares), United Spirits (2.74 lakh shares), Tejas Network (2.69 lakh shares), Zee Entertainment (2.63 lakh shares), Persistent Systems (2.54
lakh shares) and Canara Bank (2.03 lakh shares).
Telecom operator Bharti Airtel last week reported a consolidated loss of Rs 1,035 crore for
the quarter ended December 31, as the AGR-hit telco provisioned for interest component of its statutory dues.
ICICIdirect is bullish on
Airtel with a price target of Rs 630
and also enjoys comfortable leverage against peers
Its survival is assured post fundraising and tariff hike
buying in select shares might have been done by passively managed index funds.
Among other major bluechip players, the fund house added
nearly 1.27 lakh shares of Hero MotoCorp, 1 lakh shares of Adani Ports, 0.96 lakh of HUL and 0.83 lakh of Bajaj Auto
Select IT, auto, FMCG and select financial firms, including eClerx, Tech Mahindra, Britannia Industries, Godrej Consumer Products, Maruti
Suzuki and YES Bank also drew some attention of the AMC.
BSE benchmark Sensex declined 1.29 per cent, or 530 points, in January to 40,723
amid the outbreak of coronavirus and softer Q3 earnings
On the other hand, BSE Midcap and Smallcap indices gained 3.30 per cent and 7.10 per cent, respectively.
The AMC also offloaded some stake
in Power Grid (45 lakh shares), BPCL (22 lakh), Tata Chemicals (15 lakh), BHEL (14 lakh), Adani Power (13 lakh) and Avenue Supermarts (8
The fund house completely exited stocks like Future Supply Chain, McLeod Russel, NMDC and Entertainment Network.
Jimeet Modi, Founder -
CEO, SAMCO Securities - StockNote, said with the Budget, RBI policy and major corporate results behind us, Indian bourses will henceforth