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MFs dump HPCL, BPCL on selloff lag

BS Markets Bureau in Mumbai

Mutual funds have drastically cut their holding in state-owned refineries Hindustan Petroleum Corporation and Bharat Petroleum Corporation following the delay in the government's divestment programme.

Aggregate mutual fund investment in HPCL, spread across 162 schemes, stood at Rs 441.34 crore (Rs 4.41 billion) in September 2002, down by 69.26 per cent from Rs 747.00 crore (Rs 7.47 billion) in August.

The total mutual fund investment in BPCL, spread across 112 schemes, stood at Rs 410.64 crore (Rs 4.11 billion) as on September 30, 2002, down by 43.42 per cent or Rs 315.07 crore (Rs 3.15 billion) from Rs 725.71 crore (Rs 7.25 billion) in August.

Most of the mutual funds have reduced exposure or totally exited from both the scrips.

Among the 162 schemes having exposure to HPCL in September, 46 are equity-diversified schemes, 35 are equity-balanced, 28 are equity-tax planning, 14 are index schemes, and 27 are debt with marginal equity.

The Unit Trust of India's ULIP 1971, an equity balanced scheme, has the highest exposure to HPCL at Rs 68.11 crore (Rs 681 million).

The combined exposure of the 48 UTI schemes to the scrip is Rs 263.16 crore (Rs 2.63 billion) crore from Rs 435.06 crore (Rs 4.35 billion).

Alliance Equity Fund, an equity diversified plan, increased its exposure to the scrip from Rs 34.86 crore (Rs 349 million).

The highest exposure from an index scheme is Rs 5.95 crore (Rs 59 million) from UTI Master Index Fund.

Among the equity-tax planning schemes, the highest exposure to HPCL is from UTI MEP 95 at Rs 7.15 crore (Rs 71 million).

Other schemes which have significantly pared exposure to HPCL are Birla Advantage Fund (from Rs 24.16 crore to Rs 6.54 crore), Alliance Equity Fund (from Rs 37.50 crore to Rs 23.04 crore), Zurich India Equity Fund (from Rs 19.06 crore to Rs 6.63 crore) and Pru ICICI Growth Fund (from Rs 19.80 crore to Rs 8.86 crore).

IDBI Principal Tax Saving Fund, IDBI Principal Growth Fund, UTI ETSP 2000, Canpep 94, Sundaram Select Focus, IDBI Principal Child Benefit Fund, HDFC Growth Fund, and Pru ICICI Child Care Plan, all exited from HPCL.

In the case of BPCL, among the 112 schemes having exposure to the stock in September 30, 2000, 30 are equity-diversified schemes, 26 are equity-balanced, 18 are equity-tax planning, and 21 are debt with marginal equity.

The highest exposure to the stock is from US-64 at Rs 164.04 crore (Rs 1.64 billion), an equity balanced scheme, down by 37.43 per cent from Rs 262.18 crore (Rs 2.62 billion) in August.

The combined exposure of 39 UTI schemes to the scrip is Rs 309.29 crore (Rs 3.09 billion). In August, UTI has an exposure to the tune of Rs 509.38 crore (Rs 5.09 billion) to the scrip.

The highest exposure from a non-UTI scheme is Rs 22.20 crore (Rs 222 million) from Franklin India Bluechip Fund. The fund has reduced its exposure to the scrip by Rs 4.20 crore (Rs 42 million).

Alliance Mutual Fund, which had an exposure in 4 schemes to the tune of Rs 18.86 crore (Rs 189 million) exited from the scrip in September.

Its only investment in this scrip was through Alliance Frontline Equity Fund, a recently launched scheme.

Likewise, Pru ICICI Mutual Fund had an exposure of Rs 13.05 crore (Rs 130 million) in 4 schemes. It exited the scrip in September.

IDBI Principal Mutual Fund reduced its exposure to the scrip from Rs 6.99 crore (Rs 70 million) in August to Rs 2.21 crore (Rs 22 million) in September. Three of its schemes exited from the scrip.

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