ICICI Prudential Mutual Fund has decided to merge Value Fund-Series 19, one of its largest closed-ended fund, into the Value Discovery Fund, an open-ended scheme.
A broad-based rally in the Indian equity markets have helped value-focused funds deliver superior returns in the last one year. Value funds were out of favour as investors piled on to ‘growth’ stocks even at lofty valuations in the pre-pandemic world, leading to sharp polarisation in the stock market returns. But in the last one year, value funds have started delivering returns as investors have shifted their stocks away from growth stocks to ones that are available at attractive valuations. Mutual fund (MF) industry players believe that even now there is enough value in the market. “We believe value is in the early stages of playing catch-up with growth and quality which has significantly rallied over the past few years. Also, several stocks public sector undertakings (PSUs) and others which have been beaten down names over the past several years, have caught investor attention due to their deep value have started rallying. All of this put together, has helped value fun
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The board of BPCL will meet on Tuesday, 16 March 2021, to consider a proposal for declaration of the second interim dividend for the FY2021.Earlier this week, BPCL Trust for Investment in Shares (BPCL Trust) liquidated its treasury shares worth over Rs 5,500 crore in BPCL.
According to the bulk deal data on Tuesday, 9 March 2021, BPCL Trust sold 12,60,33,090 shares (5.81% equity) of BPCL at Rs 438.41 each for a total of Rs 5,525 crore.
Separately, ICICI Prudential Mutual Fund (ICICI Prudential Value Discovery Fund) picked up 1,38,84,962 shares (0.64% equity) at Rs 438.10 each, aggregating to Rs 608 crore. Both the transactions took place on the same day on the NSE.
BPCL Trust sells shares worth ₹5,524 cr
March 09, 2021
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BPCL Trust on Tuesday sold 12.60 crore shares in open market through a bulk deal on the NSE at an average price of ₹438.41, valuing the deal size at ₹5,523.97 crore. As the deal was done at a much lower to the Monday s closing price, the stock crashed to a low of ₹437.75 on the NSE, but recovered slightly to close at ₹445.90, still down 4.46 per cent from the previous day s close of ₹466.70.
Earlier, a sub-committee of the board of directors of BPCL had approved the sale of 15.90 crore shares held by BPCL Trust for Investment in Shares.