June 16, 2018

which funds sold manpasand beverages stock in may?

A story I wrote yesterday

http://www.cogencis.com/differentiators/ShareNews.aspx?newsId=1287742

Four of seven fund houses sold Manpasand Beverages' shares in May
    Three of seven mutual funds which held shares of Manpasand Beverage Ltd sold them completely in May while one fund house sold half the shares it held in the company, according to data from brokerage East India Securities.
    The fund house action was not surprising as the company's statutory auditor, Deloitte Haskins & Sells LLP had resigned suddenly on May 26 triggering a sell-off in the shares.
    Manpasand Beverages' shares fell by over 40% in the week following the auditor's resignation. As of close of trade today, the company's shares were quoting at 157.70 rupees on the National Stock Exchange, 65% below the share price on May 25, the day before the auditor's resignation.
    Interestingly, however, three fund houses which had holdings in Manpasand Beverages added more shares during the month, the data under review showed.
    But completely exiting the stock in May were Kotak Mahindra Mutual Fund, Baroda Pioneer Mutual Fund and BOI AXA Mutual Fund. The schemes of Kotak Mahindra MF sold 51,000 shares of Manpasand Beverages in May, and those of Baroda Pioneer MF and BOI AXA MF sold 30,000 shares and 25,313 shares, respectively.
    Another fund house BNP Paribas Mutual Fund sold 297,728 shares of Manpasand Beverages, reducing its total holding in the company by half.
    It was not clear whether these fund houses sold their holdings before or after May 26.
    The selling fund houses collectively held 0.6% stake in the company as of Apr 30, and BNP Paribas MF which did not exit completely held 0.26% stake as of May 31.
    Their small holdings made it easier for them to sell without triggering a further slide in the company's shares.
    But three mutual funds which held higher stakes in Manpasand Beverages as of Apr 30 did not sell any shares of the company at the end of May and, on the contrary, they added shares.
    The schemes of Motilal Oswal MF, which held 6.41 mln shares as of Apr 30, bought 320,556 more shares in May, increasing its stake in Manpasand Beverages to 5.9% from 5.3%.
    In a note to investors following the resignation of the company's auditor, Motilal Oswal Mutual Fund said it will take a call on its investments after the company's Jan-Mar earnings and the stance of the new auditor, Mehra Goel and Co.
    The fund house had justified its investment in Manpasand Beverages saying the company remains a key beneficiary of a consumer shift to fruit-based drinks from carbonated ones.
    SBI Mutual Fund's schemes bought 44,440 shares of Manpasand Beverages in May increasing the fund house's stake in the company to 4.5% from 4.4%, and ICICI Prudential Mutual Fund's schemes bought 89,901 shares of the company taking its stake to 1.1% from 1.0%.
    Scheme-wise data from Cogencis' Corporate Fundamental Database showed that of the three schemes of Motilal Oswal MF which held shares of Manpasand Beverages, MOSt Focused Long Term Fund bought 295,448 shares of the total 320,556 shares bought by the three schemes collectively.
    In the case of ICICI Prudential MF, nearly all the fresh purchases of 89,901 shares of Manpasand Beverages in May was in ICICI Prudential Indo Asia Equity Fund which did not have prior holding in the company.
    Among selling fund houses, BNP Paribas had three schemes holding shares of Manpasand Beverages as of Apr 30 and each of them sold nearly half their respective holdings in May.


Number of Manpasand Beverages' shares held by mutual funds

May 31 Apr 30
Motilal Oswal MF 6,727,683 6,407,127
SBI MF 5,111,156 5,066,716
ICICI Prudential MF 1,283,827 1,193,926
BNP Paribas MF 292272 590,000
Kotak Mahindra MF 0 51,000
Baroda Pioneer MF 0 30,000
BOI AXA MF 0 25,313