Mutual funds bought 3 lakh shares of this Adani stock in May

Mutual Funds added 3 lakh shares of Adani Total Gas in May, making it one of the top 10 largecap buys during the month. Top mutual funds raised their holding from 10 lakh shares in April to 13 lakh shares in May, according to a report by ICICI Direct.

However, the total value of these shares fell to Rs 89 crore in May from Rs 97 crore in April on account of deep cuts in the stock price. The Adani Total Gas shares fell nearly 30% or Rs 280 on the NSE in the month gone by.

Among the buyers of this stock was Nippon India Mutual Fund which lapped up 3,16,880 shares or 0.01% stake in the company. The value of its holding stood at Rs 21.1 crore as of May end, according to IDBI Capital. Meanwhile, 360 One Asset Management Company exited Adani Total Gas by selling its entire holding of 5,045 shares worth Rs 0.48 crore, the report said.

On the other hand, HDFC Mutual Fund and UTI Mutual Fund raised their holdings in Adani Enterprises in May by 32% and 19%, respectively. While the former increased its holdings from 5 lakh shares in April to 6 lakh shares in May, the latter increased its stake from 21 lakh shares in April to 25 lakh shares in May, according to an ICICI Direct Research report.

The market value of shares held by HDFC AMC stood at Rs 151 crore in May versus Rs 89 crore in April. As for UTI AMC, the market value of its shares stood at Rs 627 crore in May versus Rs 405 crore in April.

ACC, a cement stock from the Adani Group companies, was a top buy of Kotak Mahindra AMC which increased its holding by a whopping 275% in May. Kotak AMC added 4 lakh shares during the month taking the market value of its six lakh shares to Rs 102 crore from Rs 27 crore in April.
Among other Adani stocks, Taurus Mutual Fund exited Ambuja Cements in May. It held 4,645 shares worth Rs 20 lakh of the cement player.