MF investors scoop up IT, pharma stocks
September 17, 2018
ICICI Prudential MF added 35 lakh shares of Lupin, 4.5 lakh shares of Dr Reddys and 6.2 lakh shares of Tata Consultancy Services
MUMBAI:Mutual fund investors are buying stocks in the information technology (IT) and pharma space as a depreciating rupee against the dollar is expected to help these sectors. In August 2018, mutual fund houses have added stocks of IT and pharma companies, according to data by Accord Fintech.
ICICI Prudential MF added 35 lakh shares of Lupin, 4.5 lakh shares of Dr Reddys and 6.2 lakh shares of Tata Consultancy Services. HDFC Mutual Fund added 20 lakh share of L&T Technology, 6 lakh shares of InfosysNSE -0.41 % and 3.5 lakh shares of Aurobindo Pharma. Reliance Nippon AMC added 6 lakh shares of L&T Technology. SBI Mutual fund added 23.5 lakh shares of Aurobindo PharmaNSE 0.99 % and 2.86 lakh shares of Tech MahindraNSE -0.91 %.
“We are positive on export-oriented themes such as IT and pharma which stand to benefit from macro factors such as rupee depreciation, expansion in CAD and higher oil prices,” said Sankaran Naren, Chief Investment Officer, ICICI Prudential Mutual Fund. “The outlook for IT sector after bottoming out in 1HFY18 is positive. We believe the sector has entered into a recovery phase, backed by high digital-led demand, US corporate profit recovery and high outsourcing from Europe.”
In the IT sector, fund managers have added to their positions in Infosys and TCS, while fresh buying was seen in stocks like Hexaware and L&T Technology Services.
“In pharma, India’s strong position in biosimilars, molecular diagnostics and personalised medicine are pockets where exports and domestic trends are favourable,” said Naren.
With many software companies earning a large chunk of their revenues in a dollar, they are direct beneficiaries of a depreciation in the rupee.
“For a 1 per cent depreciation in the rupee, earnings per share of an IT company could see an upgrade of 1.5 per cent,” says Amit Ganatra, Fund Manager, Invesco Mutual Fund. While Price to Earnings (PE) ratio re-rating has already happened over the last one year, earnings growth is likely to come in this year for the IT sector.
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