India’s top three mutual funds added at least 12 new companies and exited 13 between them in September.
Net investments into equity and equity-linked schemes more than doubled over the previous month to Rs 14,099.7 crore in September, according to data released by the Association of Mutual Funds in India. That’s the 19th straight month of inflows into such stock plans.
According to Emkay Quantitative Research, mutual funds primarily added exposure in the financial services (Rs 6,700 crore) and software sector (Rs 3,000 crore), while selling telecommunications (Rs 1,200 crore).
Among the stocks to be watched, Emkay said BEML Land Assets Ltd.—the de-merged entity of Bharat Earth Movers Ltd.—will be held by eight mutual funds once it is listed and the combined inflows into schemes value will be Rs 220 crore.
Harsha Engineers International Ltd., which listed on Sept. 26, was bought by 11 mutual funds with a combined value of Rs 340 crore into schemes, it said.
Among large-cap stocks, Infosys Ltd., Maruti Suzuki India Ltd., Adani Enterprises Ltd. and Bajaj Finance Ltd. saw inflows into mutual fund schemes. Tata Steel Ltd., Bharti Airtel Ltd. and ICICI Bank Ltd. reported the highest outflows, Emkay said.
Here’s what India’s top three asset managers bought and sold in September: