By Varinder Bansal,
GMR and Punj Lloyd are having a good session today, but JP Associates got hammered yesterday. It was up about a percent but tired out from that and is now trading in the red. Meanwhile, several mutual funds have taken high exposure to all three stocks and have taken bets on these. Let us check which are the mutual funds and how they have been impacted.
If you see the three stocks and add Reliance Energy to that, there are mutual funds that have higher exposure of more than Rs 100 crore to an individual stock.
In the case of JP Associates, most Reliance funds have huge exposure to it. Reliance Diversified Power has around 4.37% of assets under management fully invested in this stock, which is equivalent to around Rs 270 crore. Reliance Growth has invested nearly Rs 219 crore, and Reliance Equity has invested nearly Rs 195 crore. The other fund houses that have invested include DSP ML T.I.G.E.R., Magnum Contra, SBI Infra, Magnum Taxgain and Reliance Equity Opportunity. These stocks have seen movement and some of them are high beta mutual funds, which could take some beating if these stocks continue to slide from here.
It is a similar story with Punj Lloyd. Reliance Equity has 10% assets under management and is only invested in Punj Lloyd, which is equivalent to Rs 320 crore. There are many other funds, which have invested in Punj Lloyd. It includes Reliance Diversified Power, Magnum Global, Franklin India, and SBI One India fund.
In the case of GMR Infra, not many funds have invested. The maximum amount that a fund invested was around Rs 30 crore. It has not been focused on.
The funds that have invested in Reliance Energy are Reliance Diversified Power, Reliance Equity, Reliance Vision, and DSP T.I.G.E.R. These are the same funds that invested in JP Associates.
Reliance Equity Fund is a high beta fund. It has assets under management of nearly Rs 3,200 crore. It has invested nearly 25% of assets under management in three stocks -- Punj Lloyd, Reliance Energy and JP Associates. Around 10% is invested only in Punj Lloyd, 7.5% in Reliance Energy, and 6.2% in JP Associates. The fund has corrected nearly 23% from its 52-week high compared to Sensex, which has corrected only 20%.
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