Amidst the decline in this IT stock, big mutual funds are increasing their stake, know the name and price of the share
Highlights
The share price of Infosys fell nearly 3 per cent in the second quarter.
SBI Mutual Funds has increased the stake from 3.49 to 4.33 per cent.
UTI Mutual Fund has also increased the stake.
New Delhi. IT stocks may have seen a significant fall in the second quarter of FY23, but Smart Money (big investors) is treating it as a good buying opportunity. This is the reason why big investors or institutions are increasing their holdings in big shares of IT. SBI Mutual Funds has also done the same.
State Bank of India Mutual Funds has increased its stake in Indian tech giant Infosys Ltd. from 3.49 per cent to 4.33 per cent in the July-September 2022 quarter.
During the quarter July to September 2022, the share price of Infosys has fallen from ₹ 1,462 (closing on NSE 30 June 2022) to ₹ 1,413 per share level (closing 30 September 2022). Meaning it has fallen by 3.50 percent in the same quarter. Hence, SBI Mutual Fund increased its stake in the IT giant despite selling pressure in Infosys shares during the July-September 2022 quarter.
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SBI Mutual Fund stake in Infosys
As per the shareholding pattern of Infosys Ltd for Q2FY23, SBI Mutual Fund holds 15,75,06,368 shares or 4.33 per cent stake in the IT company. In the shareholding pattern of Infosys for the April to June 2022 quarter, SBI Mutual Fund held 14,67,96,112 shares or 3.49 per cent stake in Infosys. This means that SBI Mutual Fund has increased stake despite the fall in Infosys share price during the July to September 2022 quarter.
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Other mutual funds did the same
Like SBI Mutual Fund, some other well-known mutual funds have also seen the fall in Infosys share price as an opportunity for ‘Buy on dips’. UTI Mutual Fund increased its stake in Infosys from 1.33 per cent to 1.63 per cent during the July to September 2022 quarter. Similarly, HDFC Mutual Fund has increased its stake in Infosys Ltd from 1.31 per cent to 1.57 per cent in the second quarter of the current financial year.
(Disclaimer: This news is published for informational purposes only. If you want to invest in any of these shares, please consult a Certified Investment Advisor first. News18 is not responsible for any profit or loss caused by you. Will happen.)
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Tags: business news, Money Making Tips, mutual fund, sbi, Share market, stock market
FIRST PUBLISHED : November 04, 2022, 11:32 IST
