MFs sold stakes in PNB, BOB & IOB in November, bought shares of Union Bank, SBI & Canara Bank

Punjab National Bank, Bank of Baroda (BOB) and Indian Overseas Bank (IOB) were a few PSU banks where mutual funds (MFs) decreased stakes in November, data compiled from PRIME Database suggested. These institutional investors were seen increasing stakes in State Bank of India (SBI), Canara Bank and Union Bank, among others, data showed.

Mutual funds held 11.35 per cent stake in BOB worth Rs 9,754.74 crore as of November 30 against 12.03 per cent stake worth Rs 9,190.53 crore as of October end. The institutional category sold 3,54,91,527 additional BOB shares for the month that saw the scrip rising 12 per cent. This was the reason why MF holding value in the stock rose for the month despite the profit taking by funds.

MFs sold an addition 8,78,889 PNB shares for the month. The institutional category held 4.03 per cent stake worth Rs 2,277.92 crore in the PSU lender as of November 30 compared with 4.04 per cent stake worth Rs 1,897.58 crore as of October end. The scrip was up 20 per cent in November.

In the case of IOB (down 2,87,925 shares), Central Bank (down 2,32,106 shares) and Punjab & Sindh Bank (down 61,357) stake sales were neglible in value terms.

On the other hand, MFs increased exposure in Union Bank by 5,96,26,038 shares. The institutional category held 2.19 per cent stake worth Rs 1,221.11 crore in the bank as of November 30 compared with 1.32 per cent stake worth Rs 484.72 crore as of October end.

In SBI, MFs upped stake to 13.16 per cent worth Rs 70,779.23 crore in November from 13.12 per cent stake worth Rs 67,171.39 crore  in October. MFs bought 42,15,421 additional shares of SBI during the month gone by.

They increased stake Indian Bank to 8.43 per cent from 7.94 per cent.

Canara Bank, Indian Bank, Bank of Maharashtra and UCO Bank were among PSUs where MF increased stakes in November. In Canara Bank, MFs increased holding to 4.78 per cent from 4.49 per cent month-on-month (MoM). In Indian Bank,  MF stake raised stake to 8.43 from 7.94 per cent. In Bank of Maharashtra, MFs increased stake to 0.30 per cent from 0.24 per cent MoM.   MFs also increased stake to UCO Bank from 0.12 per cent to 0.17 per cent.

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