According to reports, India’s Mutual Funds exited their positions in five state-run companies. While SBI and Quant MF have exited certain PSUs, they have also bought fresh stakes in state-run companies like PFC, BEL and Container Corporation.
PSU stocks have experienced a significant fall in recent trading sessions, leading to a substantial erosion of investors’ wealth. Over the past three sessions, PSU stocks have witnessed a sharp decline, resulting in the destruction of over Rs 6.4 lakh crore in investors’ wealth.
Listed below are such PSU stocks in which India’s Mutual Funds exited their positions up to 8.61 percent according to a note by Nuvama Alternative and Quantitative Research:
SJVN Ltd
With a market capitalization of Rs. 39,730 crores, the shares of the power generation company started Wednesday’s trading session on a lower note at Rs. 112.15. During the trading session, the shares hit a low of Rs. 98.70, making a loss of around 10 percent and closed the day at Rs. 101 apiece.
According to reports, SBI Mutual Fund and Quant Mutual Fund exited their position during February 2024 in the SJVN shares, summing up to 4.25 percent.
Coming onto the company’s financial statements, the revenue decreased by 38 percent from Rs. 878 crores in the September quarter to Rs. 543 crores during the December quarter. On the other hand, the net profits declined by 68 percent from Rs. 440 crores to Rs. 139 crores during the same period.
Rites Ltd
With a market capitalization of Rs. 49,071 crores, the shares of the railway company started Wednesday’s trading session at Rs. 693.85. During the trading session, the shares hit a low of Rs. 560.20, making a loss of around 19 percent and closed the day at Rs. 585 apiece.
According to reports, Quant Mutual Fund exited their position during February 2024 in the Rites shares, summing up to 4.75 percent.
Coming onto the company’s financial statements, the revenue increased by around 18 percent from Rs. 582 crores in the September quarter to Rs. 683 crores during the December quarter. On the other hand, the net profits zoomed by 17 percent from Rs. 110 crores to Rs. 129 crores during the same period.
Steel Authority of India Ltd
With a market capitalization of Rs. 49,071 crores, the shares of Maharatna company started Wednesday’s trading session at Rs. 130. During the trading session, the shares hit a low of Rs. 117.35, making a loss of around 9 percent and closed the day at Rs. 118 apiece.
According to reports, Nippon India Mutual Fund exited their position during February 2024 in the Steel Authority of India shares, summing up to 5.18 percent.
Coming onto the company’s financial statements, the revenue decreased by 21 percent from Rs. 29,712 crores in the September quarter to Rs. 23,349 crores during the December quarter. On the other hand, the net profits declined by 68 percent from Rs. 1,306 crores to Rs. 423 crores during the same period.
Bank of Baroda
With a market capitalization of Rs. 1,34,662 crores, the shares of the banking company started Wednesday’s trading session on a higher note at Rs. 272 compared to its previous close of Rs. 271.60. During the trading session, the shares hit a low of Rs. 258, making a loss of around 4 percent and closed the day at Rs. 260 apiece.
According to reports, SBI Mutual Fund and ICICI Prudential Mutual Fund exited their position during February 2024 in the Bank of Baroda shares, summing up to 8.61 percent.
Coming onto the company’s financial statements, the Net Interest Income (NII) decreased marginally by 0.12 percent from Rs. 10,831 crores during the September quarter to Rs. 10,818 crores in the December quarter. On a contrasting note, the net profits increased by 8 percent from Rs. 4,426 crores to Rs. 4,815 crores during the same period.
Written By Vaibhav Patil
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