Top mutual funds have taken to the hands of new age businesses and recently listed companies, which suffered sharp losses in March this year. SBI Mutual Fund, ICICI Prudential, Nippon India and UTI have bought shares of Paytm’s parent company One97 Communications. This has been said in a report by Economic Times. Paytm shares have been under selling pressure since the listing on November 18.
Paytm shares fell 75 percent from the issue price
Paytm shares had hit a low of Rs 520 on March 23 this year. The company’s shares had fallen 75 per cent from the IPO issue price of Rs 2,150. However, since then the company’s shares have recovered about 32 percent and the company’s shares closed at Rs 688 on Wednesday (April 13, 2022). Apart from this, these funds have also bought shares of PB Fintech (policy market), Zomato, Star Health.
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Fund managers also bet on the shares of these companies
Fund managers are betting on re-opening trades amid rising inflows into equity funds. Fund managers are buying shares in airlines, hotels, malls, entertainment and logistics. Fund managers of leading fund houses have bought shares of companies such as Indian Hotels, KPR Mills, V-Mart Retail, Sundaram Finance, Bharat Forge, PVR and Barbeque-Nation Hospitality in their March 2022 portfolio.
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Besides this, fund managers have bought shares in Ruchi Soya Industries, Coforge, Zydus Wellness, Amara Raja Batteries, Sudarshan Chemical Industries, Coromandel International, Triveni Turbine.