Marking time for the Budget

The markets remained volatile for the week, as sentiment remained cautious, ahead of the Union budget on February 28 and weak global cues. Global markets witnessed a selloff on Thursday after the minutes of the US Federal Reserve’s Open Market Committee’s recent meeting showed policy makers were divided on the strategy behind Chairman Ben S Bernanke’s programme of buying bonds, amid hints of a premature withdrawal of the stimulus. Four of the six fund managers were active during the week.

A K PRABHAKAR
Sr VP (Equity Research), Anand Rathi Financial Services

Prabhakar was the most active, with a series of sell orders. His only addition for the week was MindTree. He says the budget will focus on steps to support financial savings, on long-term fiscal measures and a boost to the infrastructure sector.

His top holdings include Dr Reddy’s Laboratories, SKS Microfinance, Pfizer, LIC Housing Finance and JK Cement. Prabhakar’s net worth is Rs 10.42 lakh, up 4.2 per cent.

SHARDUL KULKARNI
Head, Technical Research, Angel Broking

Kulkarni only added Hindustan Petroleum Corporation over the past five trading sessions. His portfolio consists of Hindustan Unil-ever, Hindustan Petroleum Corporation, Shree Renuka Sugars and NTPC. The net worth is Rs 11.78 lakh, up 17.8 per cent. (Click for tables)

NAVEEN FERNANDES
Fund Manager, Centrum Wealth

To limit his losses, Fernandes sold off Tata Motors. There were no buy orders. He expects a positive and responsible budget, as promised by the finance minister. Efforts to curtail expenses, improve revenue, increase service tax and cuts in non-development expenditure are likely. Also, steps to benefit the capital market, such as reducing the Securities Transaction Tax (STT) and removing the short-term capital gains tax to attract investment, are likely.

His top holdings include Karur Vysya Bank, MRF, ITC, NESCO and Balmer Lawrie & Co. The net worth is Rs 11.21 lakh, up 12.1 per cent.

KISHOR OSTWAL
CMD, CNI Research

Ostwal was inactive during the week. He expects some announcement on Commodities Transaction Tax, to divert some hot money from commodity trades to equity. Also, a cut in STT is on his wish list. He says the fiscal deficit target requires another Rs 40,000 crore in the form of disinvestment, beside decontrol on diesel. His portfolio consists of Karnataka Bank, Reliance Industries, Indian Oil Corporation, Power Finance Corporation and Canara Bank.

The net worth is Rs 10.59 lakh, up 5.9 per cent.

SACHIN SHAH
Fund Manager, Emkay Investment Managers

Shah had no transaction for the week. He expects the budget to be economy-friendly. There is a good chance the finance minister will try to revive growth with incentive schemes for various capex-driven programmes across industries.

His top holdings include Cipla, ICICI Bank, Divis Laboratories, Biocon and Infosys. Shah’s net worth is Rs 10.94 lakh, up 9.4 per cent.

TAHER BADSHAH
Sr VP and co-head equities, Motilal Oswal AMC - PMS

Badshah added Infosys and DLF to his portfolio. The only sell call came for ICICI Bank. He expects the budget to be pro-reform and focus on fiscal and current account deficit management. His top holdings as of this week were Maruti Suzuki, Reliance Industries, Wockhardt, United Spirits and Tech Mahindra. The net worth is Rs 11.81 lakh, up 18.1 per cent.

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