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Mutual funds invested Rs 10,000 crore in Kotak Mahindra Bank and HDFC Bank in April, despite their decline in Nifty rankings. Fund houses like HDFC MF, SBI MF, and Axis MF raised bets on HDFC Bank, while Kotak Mahindra saw buying from Nippon India MF and others. The investments were based on data from Prime Database.
Invesco Asset Management India, its CEO Saurabh Nanavati and four others on Wednesday settled with markets regulator Sebi a case on alleged non-segregation between the mutual fund activities and portfolio management activities of the company after payment of nearly Rs 5 crore.
Gold and Silver commodity mutual funds have outperformed equity funds in the latest month. Notable performers include Invesco India Gold ETF FoF and Aditya Birla SL Gold Fund. Silver funds led by UTI Silver ETF FoF showed significant returns.
Of the 25 public sector undertakings (PSUs) that published their shareholding for the March quarter, 11 saw a decline in mutual fund holdings, while only three stocks saw an increase in stakes.
A committee would oversee sale of the assets and the money will be utilized for repaying the investors. The committee was formed following an order passed by Calcutta High Court in May 2015.
Fund houses together owned 140.91 crore shares of ITC as of March-end. In value terms, the ITC shares worth Rs 11,120 crore were bought by MFs taking the total value of these shares to Rs 60,360 crore.
Sahil Kapoor from DSP Mutual Fund discusses market recalibration due to slowing top-line growth, peak profit margins, and the need to reassess high earnings multiples in small and midcap stocks over the next 12 to 24 months. Kapoor says: \”The market is building up a very large earnings growth trajectory over the next one or two years or three years and some of those numbers appear to be a little shaky. \”