Indian insurers load up on banking, consumer stocks in March- Nuvama

Sula Vineyards

11/04/2023 11:07

** Top Indian insurance houses loaded stocks of banking, consumer and information technology
services companies into their investment portfolio in March, Nuvama Alternative & Quantitative
Research said in a report
    ** Top key additions included Infosys Ltd  INFY.NS , IndusInd Bank  INBK.NS , Sona BLW
Precision Forgings  SONB.NS , Astral Ltd  ASTL.NS  and UNO Minda  UNOI.NS  - Nuvama
    ** Maruti Suzuki  MRTI.NS , ABB India  ABB.NS , Bajaj Finserv  BJFS.NS , K.P.R. Mill
 KPMR.NS  and Bharat Electronics  BAJE.NS  were top reductions, the note said
    ** Some insurance funds completely exited stocks like MedPlus Health Services  MEDP.NS ,
Vedanta  VDAN.NS , Sula Vineyards  SULA.NS , Paytm  PAYT.NS , Laurus Labs  LAUL.NS , Crompton
Greaves Consumer Electricals  CROP.NS  and Info Edge (INDIA)  INED.NS  
    ** Insurance companies bought net INFY shares worth 5.96 billion Indian rupees ($72.59
million), IndusInd worth 2.57 bln rupees, while they sold Maruti Suzuki and ABB India to the
tune of 1.40 bln rupees and 1.24 bln rupees, respectively, in March 
    ** Nifty bank index  .NSEBANK  gained 0.8% in March, while IT stocks  .NIFTYIT  fell 3.3%
and fast moving consumer goods companies  .NIFTYFMCG  rose 2.2%

($1 = 82.1025 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))