PB Fintech, KPIT Tech, Cyient, Patanjali shares on MF sell radar; BHEL among midcap stocks on buy list

IT stocks such as KPIT Technologies (KPIT Tech) and Cyient, new age stock PB Fintech, FMCG firm Patanjali Foods and metals producer such as NALCO and Jindal Stainless were among a few midcap stocks that mutual funds sold in March. The institutional investors were seen lapping up shares of HDFC AMC, Biocon, Persistent Systems, BHEL and ZEE Entertainment among others.

Mutual funds were seen trimming stake in PB Fintech to 3.24 crore shares in March from 2.71 crore in February, amounting to Rs 300 crore. They cut exposure to Patanjali Foods by selling 23 lakh shares worth Rs 220 crore.

In Nalco, MF reduced holding by 2.69 crore shares to 9.6 crore shares from 12.35 crore shares, valuing Rs 210 crore, data compiled by Nuvama Institutional Equities suggest. Jindal Stainless (Rs 150 crore), Astral (150 crore), Narayana Hrudaya (Rs 80 crore) and Voltas (Rs 80 crore) were other midcap stocks where MFs cut their exposure in March. Cyient, KPIT Tech, Aurobindo Pharma, Oberoi Realty, Finolex Cables and Escorts Kubota were some other stocks where MF trimmed holdings by Rs 50-80 crore.

Among the stocks they bought, HDFC AMC was on the top list. MF bought doubled their HDFC AMC holding to 1.53 crore shares in March from 74 lakh shares in February. In total, they were net buyers to the tune of Rs 1330 crore in the asset management company. In Sona BLW, they bought 2.45 crore additional shares worth Rs 1,010 crore.

Biocon (Rs 570 crore), Mahindra CIE (Rs 430 crore), The Phoenix Mills (Rs 430 crore), Persistent Systems (Rs 430 crore), UNO Minda (Rs 360 crore) and NMDC (Rs 330 crore) were some other midcap stocks on mutual funds buy radar. The list included Piramal Enterprises, BHEL, Mphasis, Zee Entertainment, LIC Housing Finance and, United Breweries, to name a few.

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