Suzlon Energy, Waaree Energies, Premier Energies, Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers (GRSE), IRCON International, RITES and BHEL are among industrial stocks that saw visible mutual fund (MF) buying in May. A total of 104 industrial stocks saw net MF buying for the month, with 12 stocks seeing Rs 100-420 crore MF buying in the month gone by, data compiled by PRIME Database suggested.
MF holding in BHEL jumped to 49 basis points to 7.13 per cent in May from 6.64 per cent in April. MFs held Rs 6,447.32 crore worth BHEL shares in May, up Rs 1,202.44 crore from Rs 5,244.88 crore in April. Net buy stood at Rs 414.98 crore.
MF bought a net Rs 325.28 crore worth Larsen & Toubro (L&T) shares in May. The institutional class owned Rs 1,01,642.20 crore worth L&T stock at the end of May, up Rs 9,550 crore YoY.
In the case of Mazagon Dock, MF buying for the month stood at Rs 288.81 crore. MFs held Rs 2274.51 crore worth Mazagon Dock shares (1.62 per cent stake) in May against Rs 1,728.28 crore (1.4 per cent stake) in April.
“Domestic flows into MFs accelerated through May after the market bounced in April and global risks receded,” said Emkay Global in a note.
Cummins India LTD, NBCC (India) Ltd, Engineers India Ltd, AFCONS Infrastructure Ltd, ABB India Ltd and Kaynes Technologies India saw Rs 145 crore to Rs 285 crore MF buying for the month.
In the case of Suzlon Energy, MF ownership edged to 4.45 per cent from 4.29 per cent. MFs bought a net of Rs 143.59 crore worth Suzlon Energy shares, as per PRIME Database. Inox Wind also saw Rs 52.11 crore worth MF buying for the month. Premier Energies and Waaree Energies saw combined MF buying of over Rs 100 crore. GRSE saw Rs 55 crore worth net buying while Paras Defence saw Rs 42.29 crore worth net MF buying.
Ashok Leyland, Timken India, Syrma SGS Technology, NCC, Simplex Infrastructures Ltd, APAR Industries saw up to Rs 143 crore worth MF buying.
“We expect continued volatility during the next couple of quarters, as the US continues to sign trade deals. While economic activity has remained strong due to the front-loading of global trade, there could be significant disruptions as the tariffs come into force. The domestic economy seems to be turning around and is much better placed than the global economy,” Bandhan AMC said in a note.
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