Prashant Jain’s automobile and related stocks in May, its top 10 buys for the month suggests. As per data about three of ‘s top 10 buys in May were from automobile sector, two from specialty chemicals, rest for various sectors.
HDFC AMC’s biggest buy for the month was tractor maker
Kubota. The fund house increased holding in the stock to 16 lakh shares in May from 6 lakh shares in April, a jump of 189 per cent. In value terms, the fund house held Rs 261 crore worth of Escorts Kubota shares compared with Rs 91 crore at the end of April, data compiled by ICICIdirect suggests.
Two-wheeler maker
was Team Prashant Jain’s second biggest buy for the month. AMC increased holding in this stock to 6 lakh shares from 3 lakh shares. It now holds Rs 179 crore worth of Hero MotoCorp shares compared with Rs 78 crore worth of shares at the end of April.
The AMC also increased its holding in to 2.25 crore shares in May, valuing Rs 310 crore from 1.30 crore shares valuing Rs 165 crore in April.
In case of specialty chemicals picks, HDFC AMC increased exposure to SRF to 3 lakh shares from 2 lakh shares, valuing Rs 71 crore in May from Rs 45 crore in April.
, the largest carbon black manufacturer in India, also saw HDFC AMC increasing stake to 63 lakh shares from 41 lakh shares. The value of the stocks stood at Rs 66 crore at May end against Rs 41 crore at April end.
Ajanta Pharma,
, Mirza International, and were other top picks of Team Prashant in May. In , the MAC’s exposure increased to Rs 57 crore from Rs 30 crore; in IGL, its exposure rose to Rs 77 crore from Rs 40 crore; for the exposure climbed to Rs 52 crore from Rs 28 crore. TCS’ exposure of HDFC AMC stood at Rs 2,286 crore from Rs 1,533 crore. Bajaj Finserv’s exposure stood at Rs 259 crore from Rs 185 crore.
Meanwhile, banking stocks such as , and SBI remained HDFC AMC’s top overall holdings. RIL, , HDFC, L&T and ITC were some of its largest holdings at the end of May.
Jain is the executive director and CIO at HDFC AMC.
In a recent webinar, Among sectors, Jain said most sectors are trading at fair multiples. He sees some room for valuation multiples to go up in power and banking spaces. The consumer space continues to be trading above reasonable multiples, he added.
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