With India sticking to localized curbs instead of a nationwide lockdown amid the deadlier second coronavirus wave recently, the impact on economic activity and businesses has been much lower, according to Sankaran Naren, chief investment officer at ICICI Prudential Asset Management Co.
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NEW DELHI: ICICI Prudential Mutual Fund, the third largest asset manager in the country, sold some of the top energy names and industrials and accumulated select cyclical stocks in January.
Data on portfolio changes that took place during the month showed the fund house dumped 3.12 crore shares of Tata Power, 3 crore shares of IndianOil, 1.66 crore shares of BHEL and 1.63 crore shares of
It also offloaded 30-90 lakh shares of Vedanta,
Bharat Electronics, GAIL, NTPC, Bharti Airtel, Coal India, ONGC, SJVN, NHPC, The Federal Bank, NLC India and Burger King India.
S Naren, Chief Investment Officer of ICICI Prudential Mutual Fund, has been advocating a shift to cyclical sectors for a few months now.