Mutual funds significantly increased their holdings in several companies in January, with HDFC Bank topping the list. They bought over 88.3 million shares, bringing their total holding to 1.36 billion shares as of January 31, 2024. This increase in holdings was amidst a decline in HDFC Bank’s stock price, which fell over 14% during the month due to disappointing Q3 results.
Suzlon Energy also saw a substantial increase in mutual fund holdings, with 3.89 crore shares purchased in January. The company reported a consolidated net profit of Rs 203.04 crore, up 160% from the same quarter last year. Axis Capital highlighted Suzlon’s expectations for India to commission 5-6GW of wind capacity in FY25, despite challenges in land acquisition and transmission.
Other major buys by mutual funds include Bank of Baroda, Hindalco, Kotak Mahindra Bank, Coal India, and Vedanta, among others. Domestic institutional investors also increased their stakes in several firms, with overall shares worth Rs 26,743 crore bought in January.
ITC and State Bank of India (SBI) were also among the firms with increased mutual fund holdings. Mutual funds added over 2.3 crore shares of ITC and over 2.32 crore shares of SBI, with positive outlooks from brokerage firms such as ICICI Direct and Nomura.
Overall, mutual funds and institutional investors remain bullish on several companies, despite market fluctuations.
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