Mutual funds tank up on Rs 850 crore worth of newly-listed stocks in December

Almost half of the spend was on KFin Technologies while Sula Vineyards, Elin Electronics and Landmark Cars also saw significant buying by fund houses

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Mutual funds (MF) invested a total of Rs 850 crore in shares of KFin Technologies, Sula Vineyards, Elin Electronics and Landmark Cars which were listed in December.

KFin Technologies was the most popular stock among MFs as they bought 7.59 per cent of its total share capital for Rs 438 crore last month, almost half of their purchases in the firms that made their stock market debut last month, according to data by Prime Database. Axis Mutual Fund, Mirae Asset, Motilal Oswal, Nippon India and Edelweiss were among the funds that picked up stakes in the company.

Shares of KFin, which is seen as a proxy play to India’s mutual fund industry, made a flat debut on December 29, almost on par with expectations. “The company has a significant scope for growth, considering its product portfolio and addition of new client base,” Narendra Solanki, Head – Equity Research at Anand Rathi Shares & Stock Brokers said on listing day.

Sula Vineyards, India’s largest winemaker, was next in line to find favour with fund managers. About 5.48 percent of total share capital worth Rs 153 crore is now with mutual funds. SBI Mutual Fund, Aditya Birla Sun Life and HDFC Mutual Fund bought into the counter in December.

Despite the market opportunity being limited— less than one percent of the entire alco-beverage segment in India — the wine producer impressed fund managers. In its Q3 update, the company said the sales of its own wine brands jumped to Rs 187.2 crore, up by 13 percent as compared to Rs 165.7 crore clocked in the year-ago period.

Elin Electronics and Landmark Cars counters also saw heavy buying by MFs, which snapped up 12.55 percent of Elin Electronics’ share capital worth Rs 142 crore. SBI, PGIM, Kotak Mahindra and Aditya Birla Sun Life were the major buyers. Attractive price-to-earnings valuation of 31.3x its FY22 earnings compared to the high valuations of peers like Amber Enterprises and Dixon Technologies may have attracted the fund managers.

Landmark Cars’ shares worth Rs 120 crore, equating to a 6.49 stake, were lapped up by Nippon India, HDFC Mutual Fund and Edelweiss MFs.

Among large caps, MFs raised holdings in HDFC, Reliance Industries, Maruti Suzuki, Kotak Mahindra Bank and Hindustan Unilever ahead of Q3 FY23 results while Adani Enterprises, Axis Bank, HCL Technologies and ICICI Bank saw the biggest reductions.

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