Shares of Tata Motors soared to 52-week high in early trade on Tuesday (March 5) spurred by news of the company's board approving a proposal to demerge its business into two separate listed entities. As per data from Value Research, a total of 319 mutual funds have investments in Tata Motors as of February, 2024.
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The total shares held by mutual funds as of February 29 stood at 326.81 crore.
Several fund houses have exhibited varied holding trends over the past few months, reflecting their strategies amidst changing market dynamics.
Mutual Funds' holding trends in Tata Motors - January 2024:
| Mutual Fund | Holding (Jan 2024) | Holding (Dec 2023) | Net Change | Value of Change (approx.) |
|---|---|---|---|---|
| SBI Mutual Fund | 7.96 crore shares | 8.54 crore shares | -58 lakh | ₹476 crore |
| Axis Mutual Fund | 3.91 crore shares | 4.19 crore shares | -28 lakh | ₹225 crore |
| UTI Mutual Fund | 88.54 lakh shares | 89.32 lakh shares | -78,000 | ₹76 crore |
The data shows that mutual funds capitalised on Tata Motors' upward trajectory in January 2024, booking profits of approximately ₹1,441 crore.
This resulted in a reduction of collective holdings from 34.58 crore shares in December to 32.80 crore shares, according to Moneycontrol report.
SBI Mutual Fund led the selling spree in January, offloading over 58 lakh shares worth ₹476 crore, the report said.
Axis and Bandhan Mutual Funds followed suit, divesting over 28 lakh shares and 16 lakh shares worth ₹225 crore and ₹132 crore, respectively. Other significant net sellers included Edelweiss, ICICI Prudential, DSP, Aditya Birla Sun Life, and Kotak Mahindra Mutual Funds, each divesting just above ₹100 crore, the report said.
However, some mutual funds increased their stakes in Tata Motors during January. Mirae Asset MF raised its holdings by approximately ₹84 crore, followed by HSBC MF and Franklin Templeton MF, adding around ₹65 crore and ₹60 crore, respectively.
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