Indian summer for consumer goods, pharma funds in May
NEW DELHI (Reuters) – Stock funds that invest in consumer goods and pharma sectors led mutual fund gainers in May, while diversified equity funds fell in line with the benchmark as key stock indices dropped on euro zone worries.
Funds which focus on investing in the consumer goods space returned an average 2.47 percent during the month, as the BSE FMCG index rose 3.57 percent, outperforming the BSE Sensex that fell 3.5 percent, data from global fund tracker Lipper showed.
Reliance Comm surges on report of Etisalat talks
Shares in Reliance Communications jumped 11 percent on Wednesday following a newspaper report that UAE’s Etisalat was in advanced talks to buy a quarter of the Indian firm for 180 billion rupees.
Etisalat confirmed it is looking to buy a stake in an Indian mobile operator.
A stake sale could mean a change in strategy for Reliance Comm owner Anil Ambani, who has made several smaller acquisitions to expand his firm overseas.
Oil and gas index slips 2.5 pct
Shares of oil and gas firms came under pressure on Tuesday because of profit booking, which sent the sectoral index down 2.5 percent.
Energy major Reliance Industries fell more than 3 percent and ended as the top loser in the sector.
Auto stocks gain
Shares in auto companies posted decent gains on Monday on hopes of strong sales in May.
The BSE Auto index closed 1.9 percent higher, with TVS Motors and M&M gaining more than 5 percent each. Shares in Maruti Suzuki gained 1.13 percent.
Fund managers to make most of market fall
NEW DELHI (Reuters) – Domestic fund managers plan to retain or increase their exposure to stocks over the next three months, while auto companies and financials will be their top bets, a Reuters poll showed.
All seven respondents to the Reuters Asset Allocation Poll conducted between May 24 and May 31 said Indian shares are currently fairly valued, while four managers said they would increase equity exposure to benefit from the market fall.
Fund mgrs to make most of mkt fall; eye autos, financials
NEW DELHI, May 31 (Reuters) – Domestic fund managers plan
to retain or increase their exposure to stocks over the next
three months, while auto companies and financials will be their
top bets, a Reuters poll showed. [ID:nSGE64U07N]
All seven respondents to the Reuters Asset Allocation Poll
conducted between May 24 and May 31 said Indian shares are
currently fairly valued, while four managers said they would
increase equity exposure to benefit from the market fall.
Piramal Healthcare drops on takeover news
Shares in Piramal Healthcare ended 11.8 percent lower at 502 rupees on Friday, after an announcement that pharmaceutical major Abbott will acquire Piramal Healthcare’s pharmaceutical solutions business for $3.72 billion.
Piramal Healthcare on Wednesday had denied reports that the founders were selling a stake in the drug maker, pushing its shares down more than 8 percent.
Realty stocks tumble as markets slide
The BSE Realty Index ended down nearly 4 percent on Wednesday, with all index components closing in the red.
Unitech, one of India’s leading realty firms, dropped 6 percent and ended as the top loser in the index. Rival DLF fell 3.6 pct.
L&T gains more after result boost
Shares in leading engineering and construction firm L&T continued their climb and closed 3.26 percent higher on Tuesday, after a good set of quarterly numbers declared on Monday.
The firm had said it was upbeat on outlook, which helped the stock reach its best closing level in four months.
ABB shares zoom
Shares in ABB surged 23.4 percent to 831 rupees on Monday after promoter ABB Asea Brown Boveri Ltd sought to buy up to 22.9 percent in the firm at 900 rupees a share.
The offer was at about 34 percent premium to Friday’s closing price. Shares in ABB ended trade with volumes of 1.17 million shares.
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