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Street signs: MFs dump Fortis; TVS Motor back on investor radar, and more

Samie Modak, Joydeep Ghosh & Pavan Burugula/ 15 Apr 18 | 09:23 PM

Mutual funds dump Fortis Healthcare

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Mutual funds (MFs) have pruned their holdings substantially in Fortis Healthcare, which is in the midst of a takeover battle. Last month, money managers sold over 41 million shares worth Rs 5 billion in the hospital chain. DSP BlackRock and HDFC MF are among the fund houses that have completely exited the counter. While IDFC MF, Kotak MF, Axis MF, DHFL Pramerica, Invesco MF and UTI MF have drastically reduced their holdings. The Fortis board approving the takeover offer from Manipal Hospitals was seen as the trigger behind the exit. The offer had left most minority shareholders disappointed. The race to buy Fortis, however, has intensified with Manipal revising the offer and two more bidders entering the fray.

Samie Modak

TVS Motor back on investor radar

After falling around 18 per cent – from Rs 740 to Rs 606 – since January, the share price of TVS Motor is beginning to see some traction as investors are buying at lower levels. Fund managers say that the company, which is the fourth largest two-wheeler manufacturer in India, is likely to improve on its scooter numbers. Currently, scooters contribute about 30 per cent to the total volumes. The share price has risen from Rs 606 to Rs 655, or about eight per cent since March-end.

Joydeep Ghosh

A shallow rally 

The benchmark, S&P BSE Sensex ended with gains on all five trading sessions last week, ending the week with net gains of 1.7 per cent. The long gaining streak, however, has done little to lift the market mood as the participation of the broader market has been tepid. The broad-based BSE 500 index went up only one per cent, with half of its components ending with losses. “The market is been going up every day, however, it looks like a smokescreen as the broader market is still reeling under pain," said a broker.

Pavan Burugula

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Company Price Gain (%)
Asian Paints1,421.151.74
Adani Ports374.001.11
Hind. Unilever1,670.000.83


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