Mutual fund (MF) houses were seen buying stakes in many Tata group companies in February, including Tata Motors, Steel, Tata Steel, Tata Chemicals and Titan Company, data compiled by PRIME Database suggests. They were seen trimming stakes in Tata Power, Tata Elxsi and Tata Communications, among others.
Mutual funds' holding in Tata Motors jumped 76 basis points to 8.50 cent in February from 7.73 per cent in January. Funds held Rs 11,871 crore worth 28,21,72,970 Tata Motors shares in February against 25,67,83,046 shares in January.
They upped stake in Tata Steel by 31 basis points to 8.66 per cent from 8.35 per cent a month ago. In value terms, MFs held Rs 11,006 crore worth of Tata Steel shares as of February 28 against Rs 12,221 crore as of January 31.
In Tata Chemicals, MFs increased stake by 26 basis points to 10.67 per cent from 10.41 per cent. MFs held Rs 2,649.54 crore worth 2,71,74,797 Tata Chemicals shares as of February end against Rs 2,581 crore worth 2,65,17,343 shares as of January end.
Titan Company (to 5.97 per cent from 5.81 per cent), Tata Consumer Products (to 5.89 per cent from 5.84 per cent), TCS (to 3.41 per cent from 3.39 per cent) and Tata Coffee (to 3.09 per cent from 3.08 per cent) were some other Tata group shares where MFs increased stakes in February.
MFs owned Rs 41,284 crore TCS shares in February against Rs 41,671 crore in January. In Titan, they owned Rs 12,576 crore worth shares against Rs 12,269 crore a month ago.
TCS is Tata group's most-valued firm, with market capital of Rs 11,70,439 crore, it is followed by Tata Steel (Rs 1,32,695 crore), Tata Motors (Rs 1,47,182 crore), Titan Company (Rs 2,12,896 crore) crore) and Tata Chemicals (Rs 24,548.67 crore), data showed.
Meanwhile, domestic fund managers trimmed stakes in Tata Power to 3.16 per cent from 3.7 per cent. In Tata Elxsi, they cut stakes to 1.84 per cent from 1.96 per cent a month ago. They also reduced their stakes in Tata Metaliks and Tata Communications by 9 basis points and 6 basis points, respectively.
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