You are here: Home » Markets » News
Business Standard

Street signs: MF fancy UTI AMC, analysts positive on road builders

Several MF houses bought shares of peer UTI Asset Management Company during the March quarter

Topics
Street Signs | Mutual Funds | MFs

Samie Modak & Sundar Sethuraman  |  Mumbai 

UTI

fancy UTI AMC

Several MF houses bought shares of peer UTI Asset Management Company during the March quarter. According to disclosure of the shareholding data, Mirae Asset MF and ICICI Prudential MF hiked their stake in the company by 44 bps and 195 bps to 5.56% and 4.61%, respectively. Invesco MF, Tata MF, Canara Robeco and Sundaram MF, too, have reported an increase in holding in is exhibiting multiple positive business indicators, such as gains in market share in equity segment as well as flows, SIP as well as folio additions. Cost reduction programme undertaken by the company and hike in pension fund management charges are strong earnings drivers ahead,” said ICICI Securities in a note last week. got listed in October 2020 but had slipped 15% below its issue price. However, currently it trades 15% above the IPO price.

Analysts positive on road builders


The stocks of road engineering, procurement and construction players are attractively poised as their business has seen relatively limited impact of lockdowns, say analysts. There has been no mass exodus of labour like Q1FY21, as sites are operational and workers continue to earn wages and even productivity incentives, while also having access to adequate medical facilities. Moreover, there is a strong order pipeline in FY22, JM Financial says in a note. Firms like PNC Infratech, KNR Constructions, and Ashoka Buildcon are the companies where the brokerage sees sharp upside potential. But with Covid-19 spreading into rural areas, there can be another surge in migration if labourers’ families get infected and require assistance.

cuts weighting

Russell has trimmed the weighting of in its global indices called as “Russell RAFI” index series. The move follows a sharp decline in free float market capitalisation in the commodity major. According to analysts, the stock could see selling worth nearly Rs 300 crore as funds realign their holdings. The adjustment will take place on May 4. Following a voluntary open offer, the promoter stake in has increased to 65.18% from 55.1%. Shares of Vedanta have rallied 60% this year, outperforming the BSE Metal index which is up 54 per cent.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, May 02 2021. 23:42 IST
RECOMMENDED FOR YOU
.