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As the large-cap index scaled to a new all-time high of 20,173.15 in today’s session, the rally in these frontline stocks is gradually catching up with the buying frenzy in their smaller peers.
For those looking for the buying action of mutual funds in this space, here is a list of 3 stocks that have attracted the highest positive MF flow in 6 months, ended June 2023.
Shriram Finance Limited
Shriram Finance Ltd. (NS:) is a consumer finance company with a market capitalization of INR 71,893 crore and trades at a low TTM P/E ratio of 11.29. In FY23, the company hit a milestone of INR 30,000 crore in revenue over which it was able to secure a net profit of INR 6,011.04 crore, the highest annual figure so far.
In the first 2 quarters of 2023, mutual funds have increased their stake from 5.67% to 8.84%, making it their biggest purchase (in %) in the large-cap space. The stock has also participated in the broader market rally and has delivered a return of 44.4% in the last 12 months.
Zomato Limited
Zomato Ltd (NS:) is a food and beverage delivery platform and after the acquisition of BlinkIt, it also entered the quick-commerce space and has a market capitalization of INR 83,784 crore. In Q1 FY24, the company became profitable for the first time ever with a reported profit of INR 2 crore and since then the entire street has become bullish on this counter.
The profitability is expected to scale to newer highs from here on which is why many astute investors are accumulating the stock, leading the share price to surge by over 100% from the February 2023 low. In the first 6 months, mutual funds ramped up their stake by 2.7%, from 5.59% to 8.3%.
Interglobe Aviation Limited
InterGlobe Aviation Ltd (NS:) is the largest listed airline in the country with a market capitalization of INR 95,084 crore. The company reported a record-high revenue of INR 55,881.42 crore in FY23 but it still ended with a loss of INR 305.78 crore as it posted its 4th consecutive year of loss. However, the Q1 FY24 profit of INR 3,090.61 crore is expected to make the airline profitable this year.
Due to high oil prices, the current quarter can witness pressure on margins. Mutual funds increased their stake by 2.53%, from 6.23% to 8.76%, making it their 3rd highest purchase (in terms of %).
Read More: Nifty 50 Touches 20K Despite Negative Global Cues!
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