3 Adani group stocks among top buys for mutual funds in June
Adani group stocks aggressively in the month of June with three of the conglomerate's companies — Adani Green, Adani Transmission, and Adani Enterprises — featuring among the top buys of fund houses. For Adani Green, mutual funds have added 4 lakh shares, taking their total holding to 18 lakh shares as of June, that is valued at Rs 167 crore. Meanwhile, domestic fund houses have added 3 lakh shares in Adani Transmission and further 19 lakh shares in the group's flagship entity Adani Enterprises.
According to a report by ICICI Direct Research, mutual funds have also fancied Coal India and JSW Steel in the large cap space. However, fund houses cut holdings Hindustan Zinc, Hindustan Aeronautics, Wipro, Adani Ports, Adani Ports among others during the month of June. In the midcap universe, IIFL Finance is the top buy, followed by Bank of Maharashtra, Indus Towers, Star Health and HDFC AMC.
IKIO Lighting, Mangalore Refinery, Orchid Pharma were the top picks for mutual funds in the smallcap space, while they offloaded shares in Rain Industries, Pricol, Railtel, Heidelberg Cement among others. Inflows into Indian equity mutual funds more than doubled sequentially to Rs 8,637 crore ($1.05 billion) in June. Inflows fell to a six-month low of Rs 3,240 crore in May.
The rise in equity mutual fund inflows and buying by foreign portfolio investors (FPIs) in domestic equities drove an over 11% surge in the Nifty 50 index in fiscal 2024 so far. FPIs purchased equities worth over Rs 1 lakh crore rupees in this period, while inflows in equity mutual funds aggregated to Rs 43,211 crore. The inflows into equity schemes took the assets under management (AUM) of the industry to Rs 44.82 lakh crore, as of June.
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