India's equity indices gained for the second straight quarter in the three months to June as Prime Minister Narendra Modi returned to power with an even bigger mandate and foreign investors pumped in money.
The NSE's benchmark Nifty index rose nearly 1.5 percent in the April-June period, but the gains were mostly driven by a few heavyweights. Foreign investors remained net buyers for all the three months—a feat last achieved two years ago. They infused Rs 31,709 crore into equities during the period.
But worries about a trade war, domestic slowdown and earnings growth persist. That reflected in broader-market gauges. The Nifty Midcap 100 Index and Nifty Smallcap 100 Index fell 3.3 percent and 7.1 percent, respectively, during the quarter.
Here's what well-known investors Rakesh Jhunjhunwala, Dolly Khanna and Ashish Kacholia bought and sold in the June quarter, based on company disclosures on exchanges. Only companies with market capitalisation of more than Rs 100 crore were considered.
Rakesh Jhunjhunwala
Billionaire investor Rakesh Jhunjhunwala added the most to his holding in Agro Tech Foods Ltd., taking his overall stake in the maker of Act-II Popcorn to 7.5 percent as of June.
Jhunjhunwala picked up an additional stake in SpiceJet Ltd. as the grounding of Jet Airways (India) Ltd. opened up potential opportunities for India's second-largest airline.
He pared his holding by nearly a percentage point over the March quarter in construction and engineering firm NCC Ltd. He reduced his stake in Dewan Housing Finance Corporation Ltd. as the non-bank lender is yet to recover from the liquidity crisis that plagued the sector.
Ashish Kacholia
Ashish Kacholia, who usually bets on small caps, didn't make much changes to his portfolio in the quarter ended June. He added KPIT Technologies Ltd. to his portfolio after its three-step deal with CK Birla Group's Birlasoft, while marginally raised stake in DFM Foods Ltd. and Majesco Inc.
Kacholia, however, wasn't listed among shareholders with 1 percent or more in Pokarna Ltd.—one of his favourite small caps. He held as much as 5 percent in granite producer as of March.
Dolly Khanna
Chennai-based Rajiv Khanna, who invests in the name of his wife Dolly Khanna, pared his holding in at least 10 companies. Khanna reduced his stake in Rain Industries Ltd. to less than 2 percent as of June.
Khanna also pared his holding in plastic products maker Nilkamal Ltd., liquor maker Radico Khaitan Ltd. and non-bank lender Muthoot Capital Services Ltd. during the period.
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