HOME > BUSINESS > Mutual fund goes light on Bharti Airtel, Idea, ONGC, Cairn India

Mutual fund goes light on Bharti Airtel, Idea, ONGC, Cairn India

ICICI Prudential, India’s fifth biggest mutual fund by equity holdings, increased its cash holdings in May by selling most of its holdings in Bharti Airtel and much of its holdings in ONGC, Crompton Greaves, Cairn India, Hindalco and SJVN, publicly available numbers revealed.

icici-prudential

Mutual funds typically increase cash holdings when they expect share prices to correct, or when fresh cash inflows outpace the rate at which they can make investments.

The overall trend in the Indian mutual fund industry from April to May was towards having more cash.

ICICI Prudential was the most aggressive of the Indian mutual funds, with its cash holdings rising to 8% of its total equity portfolio, up from 6% in April. In all, it added 1,237.5 cr to its cash holdings during the month — the highest addition by far.

With 3,923.3 cr, ICICI Pru also ended up having the highest cash holdings of all Indian mutual funds.

Another aggressive mover into cash was SBI Mutual Fund. As of end-May, SBI had 1,559.5 cr in cash, which formed 7% of its equity portfolio size. End-April, SBI Mutual Fund had just 904.8 cr, or 4% of its portfolio, in cash.

The biggest player in the industry, HDFC Mutual fund, did not make any big share-to-cash switch, with its cash ratio remaining at 2% of total equity holdings. HDFC’s cash reserves in its equity funds increased to 1593.4 cr from 1,120.3 cr that it had at the end of April.

Reliance Mutual Fund also increased its cash to 1,204 cr from 768 cr in the previous month.

ICICI PRU STOCK CHURN

The most aggressive mover, ICICI Pru, got rid of most of the shares it held in Bharti Airtel. It sold 82 lakh shares of the telecom operator in May, ending up with just 65 lakh by the end of the month.

The mutual fund completely exited six stocks, including Prestige Estate Projects, Oberoi Realty, JK Lakshmi Cement, Jet Airways and Adani Enterprises.

Another stock that fell out of favor with ICICI Pru during the month was Crompton Greaves. It cut its holdings by about 30% to 1.1 cr shares.

ICICI also slashed its holdings in stocks such has ONGC, Rain Industries, Hindalco, SJVN etc.. (see chart below.)

STOCKTOTAL HOLDINGCHANGE
Bharti Airtel Ltd.6500706-8194790
SJVN Ltd.25357211-5791325
Crompton Greaves Ltd.11304172-5169702
Oil & Natural Gas Corporation Ltd.9725948-3905990
Rain Industries Ltd.23688759-3707156
Hindalco Industries Ltd.14113253-3348347
Cairn India Ltd.7026627-2159185
Jaiprakash Associates Ltd.23374585-2000000
Container Corporation Of India Ltd.1342441-1854258
Reliance Industries Ltd.13194620-1442288
DCB Bank Ltd.8192488-1273895
Prism Cement Ltd.6565431-1217243
TVS Motor Company Ltd.329958-1200000
Tata Global Beverages Ltd.15156027-1047253
Kalpataru Power Transmission Ltd.3552025-1000000
City Union Bank Ltd.18129694-672806
Idea Cellular Ltd.5870166-631675
Aban Offshore Ltd.2498042-602251

On the positive side, ICICI Pru increased its exposure to NTPC by about 40% to 3.8 cr shares. It also tanked up on IDFC, Tata Motors, Vedanta Ltd, Power Grid Corp, NCC etc.. (see chart below).

STOCKTOTALCHANGE
NTPC Ltd.3813136811271169
IDFC Ltd.191930707125987
Tata Motors Ltd.237824006409991
Vedanta Ltd.66292044935494
Power Grid Corporation Of India Ltd.1220004244557420
NCC Ltd.65091074404072
Steel Authority Of India Ltd.268944273851741
Gujarat Mineral Development Corporation Ltd.104203813609233
Bharat Heavy Electricals Ltd.105059273135259
ICICI Bank Ltd.784527662286882
HDFC Bank Ltd.316536012164254
Rallis India Ltd.66689191446869
Bank Of Baroda40127441421523
Coal India Ltd.38346271401862
Punjab National Bank201757531296708
Tech Mahindra Ltd.194512511279248
Mahindra & Mahindra Financial11768011125938
Apollo Tyres Ltd.122326551086340

Among the newly entered stocks were DCM Shriram and Arvind Infra.

HDFC CHURN

Among the new stocks that it bought during the month were DCM Shriram and Arvind Infrastructure.

Meanwhile, the biggest player in the equity mutual fund industry, HDFC, also got rid of nearly half of its holdings in a telecom player – Idea Cellular.

HDFC Mutual Fund cut the number of Idea Cellular shares it held by 66 lakh to 73.8 lakh. It also sold 12.3 lakh shares of Bharti Airtel, though it still held about 3.9 cr shares in the company at the end of the month.

HDFC MF was, however, far less aggressive than ICICI Pru in terms of churn. The next big ‘out move’ it made was in Zee Media Corp — the news arm of Zee group. It lost 33.8 lakh shares in the stock to bring down total exposure to 2.0 cr shares. (see chart below)

STOCKTOTALCHANGE
Idea Cellular Ltd.7382629-6596197
Zee Media Corporation Ltd.20374783-3384150
Cipla Ltd.9374620-1402158
Bharti Airtel Ltd.39127166-1250956
Power Grid Corporation Of India Ltd.23667076-1194074
Aurobindo Pharma Ltd.12902341-832000
Housing Development Finance Corporation Ltd.6693817-794280
Reliance Industries Ltd.15237491-685466
Hindustan Media Ventures Ltd.2746380-357862
Tata Consultancy Services Ltd.1345136-331144
UPL Ltd.7152300-322000
Voltas Ltd.9800400-257000
ACC Ltd.1344488-244749
IndusInd Bank Ltd.2473383-228832
Torrent Pharmaceuticals Ltd.2879100-224650
Amara Raja Batteries Ltd.2600000-204000
SKF India Ltd.2533437-155340
Aditya Birla Nuvo Ltd.82160-153995

HDFC completely exited only one stock during the month – Pantaloons Fashion and Retail – by selling all 1 lakh shares it held in the company.

On the positive side, it more than doubled its exposure to Tata Motors by buying 40.6 lakh shares and taking its total holding to 72.7 lakh shares.

It also made a similar aggressive move towards MEP Infrastructure Developers, Cummins India and Chennai Petroleum. (see chart)

STOCKTOTALCHANGE
Axis Bank Ltd.254008514971184
Union Bank Of India263086584436000
Tata Motors Ltd.72708594055960
MEP Infrastructure Developers Ltd.69074863830386
Punjab National Bank465951283002004
Tata Steel Ltd.204167992840427
Bank Of Baroda1016648112752528
ICICI Bank Ltd.1295961142466568
State Bank Of India1563905772211316
ITC Ltd.254893161921356
Chennai Petroleum Corporation Ltd.23099001704400
Cummins India Ltd.15070001500000
Sadbhav Engineering Ltd.120582231412000
HDFC Bank Ltd.14554907904328
Shriram Transport Finance Company Ltd.900500733000
Coal India Ltd.5830651574650
Yes Bank Ltd.3205348524476
Hexaware Technologies Ltd.5300000500000

HDFC MF increased its exposure to Infosys, while cutting it for TCS. It also newly entered Cognizant Technology Solutions by buying 1.92 lakh shares of the US-listed company. Other new entries included PNC Infratech and Ramco Industries.

Follow ULTRA.news
New technology makes telecom cheaper, but hurts tower companies A technology that has been around for almost a decade is now getting deployed on a large scale by Indian telecom operators to deploy 2G, 3G and 4G networks using the same base station.A Nokia illustration on old vs new situationThis could hit the revenue and growth prosp...
Bharti Airtel to offer cheap 4G plans for all dongle users – report With new operator Reliance Jio snapping at its heels, incumbent Bharti Airtel has decided to slash its data prices for everyone with the introduction of new 4G dongle plans, Telecom Talk blog reported quoting unnamed sources.At present, Bharti Airtel does not offer any plan t...
Bharti Airtel slashes home broadband tariff ahead of Jio Fiber launch Ahead of the launch of Jio Fiber by Reliance, Bharti Airtel slashed its home broadband prices with a new set of cheaper plans.The new plans now offer up to 100% more high speed data benefits within the same monthly rentals, the company said. Existing customers will b...
Bharti Airtel could help Reliance Jio win Rs 2,000 cr from DoT Bharti Airtel's attempts to avoid paying "voice conversion charge" on the spectrum that it is purchasing from internet service provider Tikona Digital could end up unintentionally benefiting arch rival Reliance Jio.Reliance Jio was forced to pay around Rs 1,650 cr four ye...
Airtel, Idea and Vodafone close to network sharing deal Fierce competition from new entrant Reliance Jio is pushing the incumbent telecom operators Bharti Airtel, Reliance Jio and Vodafone India to accelerate negotiations to allow them to use each other's full networks.As of now, these operators only share 'passive' or 'dead' in...
Reliance Jio puts more 4G spectrum to use to increase speeds Reliance Jio, the 4G operator that has taken the market by storm, has deployed the extra spectrum that it bought last year, increasing the total spectrum in use in most markets by 20-25%.In most circles, Jio is operating with about 40-50 MHz of spectrum, and with the new sp...
4,196 villages lose Idea Cellular 2G signal as 876 towers taken offline Idea's tower growth, by technologyIdea Cellular, India's third largest telecom operator by revenue, reported a shrinkage in the area and population covered by its 2G network.The number of villages covered by Idea's 2G signals decreased by 4,196 to 3.89 lakh by March end ...
Bharti Airtel to start refarming 2G spectrum for 4G this year India's largest telecom services company by revenue and spectrum holding, Bharti Airtel, will start diverting its 2G spectrum to add to its 4G network in the second half of the ongoing financial year, the company's CEO said.The move will help increase 4G capacity of the o...
Idea Cellular to spend Rs 6,000 cr on VoLTE, expansion of 4G & 3G this year Idea Cellular, the telecom company controlled by the Aditya Birla group, said it will spend Rs 6,000 cr to expand its 3G and 4G services in the current financial year.Idea tower additions per yearThe planned investment of Rs 6,000 cr has been "earmarked for expanding bro...
Airtel Broadband to upgrade users to 40 Mbps V Fiber plans to beat Reliance Jio Locations of Airtel V Fiber servicesAirtel Broadband, India's second largest wired broadband service, will upgrade nearly all its DSL customers to its new 'V Fiber' vectorization technology that offers speeds of 40 Mbps, compared to 4-8 Mbps under the traditional ADSL 2 tech...
Bharti Airtel is successfully adopting the Reliance Jio model It is not every day that a new entrant forces the established players in the market to overhaul their business models. But Reliance Jio seems to be doing just that, and rivals like Bharti Airtel are proving to be quick, if slightly unwilling, learners.In the three months from...
Why Reliance Jio will keep data prices low for 2 years: Credit Suisse explains Wireless data prices in India, which crashed from Rs 250 per GB to about Rs 10 per GB after the entry of Reliance Jio, will continue to remain under pressure for at least two more years, said analyst firm Credit Suisse.That is the minimum amount of time that the new entrant w...
Net Neutrality: Vodafone wants right to manipulate Internet videos Telcos want to be able to reduce video qualityVodafone India said it would like to be given the power to manage the size of videos watched by users on its mobile network and lower it automatically "for overall quality welfare".Participating in the discussions related to ...
Telcos Change Tack as Net Neutrality Fight Enters Final Round in India A campaign by Internet Freedom FoundationIf you thought the fight over net neutrality was over with the sending of 1 mln emails to the TRAI two years ago, think again.The telecom service providers, who lost out that in the first round, are back. This time, however, their...
Amazon Fire TV Stick Launch: Airtel offers 100 GB data free Bharti Airtel said it would provide 100 GB of free high-speed data to anyone who purchases Amazon’s Fire TV Stick in India.The offer is available to Airtel customers on broadband as well as '4G Home Wifi', but not to normal, handset-based 4G users.The data quota can b...
Complaints against telcos drop sharply as 4G takes off No of complaints against telcos in last three years. 2017 nos are annualizedComplaints against all telecom providers except Bharti Airtel dropped in 2016, possibly in reaction to the emergence of new operator Reliance Jio and the explosion of 4G data capacity.The total n...
Airtel to offer 2 GB/day for ₹349, 3.5GB for 999 to take on Reliance Jio Airtel will unveil cheaper data tariffs soonIndia's largest telecom services company by revenue -- Bharti Airtel -- is in the process of rolling out new plans including one that offers 2 GB of data per day at just Rs 349 in addition to unlimited calling for 28 days, according ...
Working Reliance Jio ‘DTH’ video uploaded by Gujarat-based test user the video of the so-called Jio DTHA video of a working Reliance Jio 'DTH' TV has been leaked by a Gujarat-based Youtube user, even as Airtel unveiled its own 'Internet TV' today.The Youtube user demonstrates a working set-top-box, complete with HD channels and various ot...
Airtel Digital launches first-of-its-kind Android set-top-box with advanced features Airtel Digital TV launched what it called India’s first hybrid set-top-box with built-in Android and a host of advanced gaming and Internet functions at a price of Rs 4999.Customers can also get one year of free subscription by paying Rs 3,000 extra.It will be availab...
TRAI’s MySpeed app pulled from Google Play Store The TRAI MySpeed AppThe Telecom Regulatory Authority of India's network benchmarking app MySpeed is no longer listed on the Android Play Store.The link for the app throws an error saying 'the requested URL was not found on this server'.It is not clear whether TRAI pu...
Ortel Communications slashes broadband tariff as Reliance Jio threat looms With the prospect of the entry of Reliance Jio into the cable and broadband market, Ortel Communications -- the largest cable network in Orissa and an emerging player in neighboring states, has slashed its broadband rates.The company has removed all its sub-1 Mbps plans and r...
Reliance Jio promises new plans in place of Summer Surprise The new banner on RJio websiteReliance Jio has officially withdrawn its Summer Surprise offer on its website and put up a new banner saying that it will be introducing new plans soon."We are updating our tariff packs and will be soon introducing more exciting offers," th...
Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed.The numbers indicate tha...
Reliance Jio could replace Summer Surprise with new offer after TRAI order Reliance Jio's withdrawal of its Summer Surprise Offer is unlikely to make any difference to most of its customers, and the company may even come up with a new version of the plan to comply with the ban."The Telecom Regulatory Authority of India (TRAI) has advised Jio to with...
India’s 3G networks creak under freebie overload; 4G also slows MySpeed, the speedtesting platform operated by the Telecom Regulatory Authority of India, has revealed a sharp dip in wireless data speeds across operators in March compared to the previous month.The declines were visible in both 4G as well as 3G services, but were more prono...