Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Markets
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Mutual Funds Funds pile up Satyam in December Our Bureau
KOLKATA, Jan. 24 SATYAM Computers was the favourite among fund managers in December. It currently dominates the portfolios of leading equity funds, according to a review done by the Kolkata-based intermediary SKP Securities. As on December 31, 2001, it had an average weightage of 7.61 per cent, beating in the process other preferred holdings — Digital GlobalSoft, HDFC Bank, Infosys Technologies and Hero Honda. Exposure to the stock during the month went up in several cases, notably in Zurich India Equity Fund and IL&FS Growth Fund. Satyam's share of Zurich's portfolio was as high as nine per cent in December; it did not even figure within the top-10 holdings in end-November. In IL&FS, it's weightage moved up from 4.38 per cent to 6.92 per cent. The SKP survey also considered growth schemes from nine other fund houses — Alliance Capital, Birla, DSP Merrill Lynch, HDFC, IDBI Principal, Prudential ICICI, SBI, JM and Templeton. Digital weightage stood at 6.79 per cent, HDFC Bank 6.72 per cent, Infosys at 6.59 per cent and Hero Honda's at 5.98 per cent. Digital also had the distinction of recording the highest increase in weightage terms; the average addition here was 2.69 points. Hindustan Lever, incidentally, took in a 0.14-point enhancement in December. The other heavyweight, Reliance Industries, endured 0.87 points reduction during the same period. As for reductions, the review demonstrates that the HPCL counter faced the maximum pressure — 3.36 points from the previous month's weightage — revealing selling in the stock. HPCL was followed by ACC, Ashok Leyland, Grasim and Wipro. According to Mr Rahul Dhawan, analyst with SKP Securities, the investment pattern in December did not reflect any tilt towards a specific sector. ``It showed a diversified picture, indicating that fund managers took a balanced view'', he said. The Satyam stock, it was also felt, appreciated well because it managed to attract considerable institutional interest. Fund managers sought to ride the upside by buying into it. At the moment, however, the scenario was marked by a near absence of direction. ``Funds managers are not inclined to take long calls at this juncture,'' Mr Dhawan noted.
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