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NEW DELHI: As the domestic stock market came under selling pressure in April, fund managers at ICICI Prudential Mutual Fund got busy buying oil & gas explorers and select midcap names in April even as they rushed to completely exit some of the recent debutant stocks.
The team led by S Naren bought nearly 5 crore shares of Hathway Cable & Datacom, which came out with an impressive earnings report for March quarter. Recently, Reliance Industries also sold some shares in the firm to trim its overall stake.
Besides the Reliance group firm, India s second largest fund house also bought 1-3 crore shares of ONGC, Ashok Leyland, JM Financial and Axis Bank. The first two are being seen as re-rating candidates ahead of the emerging growth cycle.
Why IPO stocks need close watching
Ensure that the investment thesis based on which you bought the IPO still holds good
You may have hit the jackpot after bagging allotment in some of the recent initial public offers (IPOs), with the stock prices doubling or more on listing. But given the leverage and bidding frenzy that accompany IPOs in bull markets, such stocks can crash and burn after the initial excitement wears off. ICICI Securities, TCNS Clothing, Sterling & Wilson Solar are some stocks from the 2018-19 crop of offers that now trade 12-60 per cent below their offer prices. You need to run four key checks on your IPO companies after listing to satisfy yourself that they are worth holding on to.
rick: serious insider trader allegations against congress in a new book called throw them all out. the author claims lawmakers are getting rich off their access to private information. joining us live is the author, peter. reading your book, i thought, i m in the wrong business. i should have become a congress member. yeah. you can serve the public and your own portfolio at the same time in ways that nobody else can. it s really one of the laws that exist that makes it very enticing frankly to be a member of congress because you can enrich yourself with access to inside information, access to special i.p.o. stocks, things that you couldn t do in the private sector in this way. rick: everybody does it, whether you re a democrat, whether you re a republican, everybody is doing it. yeah, that s right. whether you have a d or r after your name, it s really a function of human nature. if you give somebody an opportunity to cut corners that