Well-known Mutual Fund Companies Create Stocks.
Nearly 25 mutual fund companies, managing equity assets worth Rs 1,90,000 crore, reduced positions in 145 stocks in June when they added 160 stocks. The Stocks which were created from mutual fund involved companies like Network 18 Media & Investments, IBN18 Broadcast, Karur Vysya Bank, Muthoot Finance, Sabero Organics Gujarat, and United Bank of India.
By the June end, the well-known stocks among 25 mutual fund houses involved ICICI Bank, Infosys, Reliance Industries, State Bank of India, Tata Consultancy Services, ITC and HDFC Bank. These mutual fund schemes hold investments in 730 stocks approximately. Sandesh Kirkire the CEO of Kotak mutual Fund was in the opinion that the momentum in the equities market has been inactive because of tepid FII participation, issues related to honesty in political and corporate space.