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Fund managers cautious as markets have a muted week

Source : BUSINESS_STANDARD
Last Updated: Sun, Dec 16, 2012 06:27 hrs
POLL - Japan fund managers raise global stock weighting after Fed

Markets had a muted week (December 10- December 14) on the back of mixed macro data in the form of disappointing export figures and easing inflation for November and a 16-month high IIP data for October. Even though the inflation eased to 7.24 per cent market experts believe that the central bank is unlikely to cut interest rates on December 18 monetary policy and will wait for more evidence that inflation is on an easing trend before lowering lending rates by early next year.

Four of the six fund managers were active for the week.

A K PRABHAKAR
Sr VP (Equity Research), Anand Rathi Financial Services

Prabhakar included pharma names like Dr Reddy’s Laboratories and Sun Pharmaceuticals Industries through the week along with Allahabad Bank. Meanwhile, he booked profits in Cummins India, Coromandel International and West Coast Paper Mills.

He retains his cautious stand as he considers that if Nifty slips below 5,800 we may see some correction till 5,600. Otherwise markets are expected to remain sideways. He warns that January could be a corrective month. Commenting on his most expensive buy of the week- Dr Reddy’s, he defends that positive growth in US markets and new product launches will be the triggers for the company going forward.

A K PRABHAKAR
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Bajaj Corp 202.45 213.30 1.06
P & G Hygiene and Health Care 2575.42 2560.70 1.02
Reliance Capital 450.07 465.50 1.02
KA5V1BK2 482.20 503.55 1.01
Dr Reddys Laboratories 1903.90 1830.05 1.00
Total investments

9.08
Cash

1.97
Net worth

11.05

His current top holdings include Bajaj Corp, KA5V1BK2 Procter & Gamble Hygiene and Health Care, Reliance Capital and Dr Reddy’s Laboratories. Prabhakar's net worth is at Rs 11.05 lakh, up 10.53 per cent.

SHARDUL KULKARNI
Head, Technical Research, Angel Broking

Shardul tweaked his portfolio with some buys in names like UCO Bank, Bank of Baroda, Escorts and Tech Mahindra. On the other hand, Infosys and Reliance Infrastructure were sold during the week. His top holdings include Jindal Steel & Power, Reliance Industries, Apollo Tyres, CEAT and Escorts. Kulkarni's net worth is Rs 11.34 lakh, up 13.38 per cent.

SHARDUL KULKARNI
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Jindal Steel & Power 408.31 431.20 1.25
Reliance Industries 845.62 839.25 1.13
CEAT 108.27 104.70 1.04
Apollo Tyres 87.12 86.85 0.99
Escorts Ltd 67.67 65.80 0.96
Total investments

10.12
Cash

1.22
Net worth

11.34

NAVEEN FERNANDES
Fund Manager, Centrum Wealth

Naveen was inactive for the week. His current top holdings include KA5V1BK2, MRF, ITC, NESCO Ltd and Reliance Capital. Fernandes remains positive on markets. He reckons that improved corporate earnings in Oct-Dec quarter along with other triggers like a rate cut in January, inflation moderating in Jan-Mar, government continuing with further reforms and initiatives to improve investments and quantitative easing in the developed economies will keep equities buoyant. Fernandes' net worth is at Rs 11.39 lakh, up 13.90 per cent.

NAVEEN FERNANDES
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
KA5V1BK2 394.99 503.55 1.27
MRF 10603.13 12142.35 1.21
ITC 266.98 295.95 1.12
Reliance Capital 412.68 465.50 1.10
NESCO 686.71 757.80 1.09
Total investments

10.36
Cash

1.03
Net worth

11.39

KISHOR OSTWAL
CMD, CNI Research

Kishor too was inactive. His current top holdings include Tata Steel, Karnataka Bank, Century Textiles & Industries, BF Utilities and Siemens.

Ostwal is very optimistic as he foresees Nifty to be will be around 6,300 by February 2013, as reforms and resolution of fiscal deficit will do the trick to hold FII inflows. Rate cut could add gloss but the markets will hold even without one, he adds. Ostwal's net worth is at Rs 10.60 lakh, up 6.01 per cent.

KISHOR OSTWAL
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Tata Steel 400.50 397.00 0.99
Century Textiles & Industries 368.22 418.80 0.84
Karnataka Bank 118.50 163.00 0.81
BF Utilities 400.30 349.10 0.70
Siemens 691.67 680.65 0.68
Total investments

6.36
Cash

4.24
Net worth

10.60

SACHIN SHAH
Fund Manager, Emkay Investment Managers

Shah added NESCO, Cipla, Whirlpool of India and PTC India during the week while he cleared off NIIT Technologies.

Shah expects the markets to remain range-bound with a possibility of some correction, but overall undertone of the market is expected to remain buoyant. He reiterates that individual stock-picks are the way to go for good returns.

Explaining some of his buys he says, NESCO is a commercial lease-rental Mumbai real estate play which is expected to do well as it is executing an IT park at its 65-acre campus in Goregaon, Mumbai. Harping on India’s consumerism theme he added Whirlpool while keeping an eye on the volume pick up and good margins in the new Toll business, he added PTC.

SACHIN SHAH
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Cipla 377.57 403.00 1.00
PTC India 65.83 72.90 0.73
Biocon 288.10 285.30 0.71
IDFC 135.14 174.20 0.61
Divis Laboratories 1048.72 1130.45 0.57
Total investments

8.76
Cash

2.31
Net worth

11.07

His current top holdings include Cipla, IDFC, Biocon, Divis Laboratories and PTC India. Shah's net worth is at Rs 11.07 lakh, up 11.68 per cent.

TAHER BADSHAH
Sr VP and co-head equities, Motilal Oswal AMC - PMS

Badshah continues to balance his portfolio by booking profits in Unitech, HDFC, Tata Motors, HDFC Bank, Kotak Mahindra Bank and Anant Raj Industries. At the same time he added ICICI Bank and accumulated Oracle Financial Services Software as he believes Oracle would have a better earnings and growth outlook over the medium term v/s other frontline IT cos.

Strong balance sheet, cash and expectations of delisting is expected to provide valuation support.

On the market front, he says that markets are likely to trade firm on continuing reform measures, benign oil and commodity prices, gradually softening domestic inflation and valuation support on likely earnings upgrades for the corporate sector in FY14.

TAHER BADSHAH
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Maruti Suzuki India 1332.81 1477.25 1.10
United Spirits 1186.35 1929.55 0.77
Multi Commodity Exchange of India 1290.71 1509.00 0.75
Wockhardt 1351.67 1574.20 0.70
State Bank of India 2005.45 2320.25 0.69
Total investments

11.63
Cash

0.39
Net worth

12.02

Badshah's net worth is at Rs 12.02 lakh, up 20.23 per cent.


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