Infosys Technologies continued to retain the number one position in the Morgan Stanley Growth Fund even as economy-related stocks moved up the rankings for the half year ended 30 September 1999.
Majo…
Infosys Technologies continued to retain the number one position in the Morgan Stanley Growth Fund even as economy-related stocks moved up the rankings for the half year ended 30 September 1999. Major gainers include Telco, Container Corporation, Larsen & Toubro, Cummins India, Sundaram Fasteners, MTNL and Indo Gulf Corporation. Commercial vehicles major Telco has been the biggest gainer, moving to number 4 slot in the list of top 25 securities, up five notches from number 9 in March this year. MTNL, Cummins India, Indo Gulf Corporation and TVS Suzuki are the new scrips which were added during the first half of the current fiscal. Another interesting inclusion in the top 25 list is Asahi India Safety Glass, a stock from the auto sector. The scrip had moved down the ranking last during the last financial year. However, with signs of a recovery in the auto sector, the fund manager has decided to increase his exposure to the scrip. The same has been the case with MRF, which currently figures at number 12 after not being among the top 25 scrips just six months back. Five of the top 25 scrips are from auto and related sectors, Telco, TVS, MRF Sundaram Fasteners and Asahi India Safety Glass, indicating that the fund manager is upbeat on the revival prospects in the sector. Among growth stocks, the highest gainer has been the ITC stock which currently figures at number 11, up eight notches from number 19, six months back. The scrip has been a major underperformer during the last year, mainly because of an overall negative outlook on the tobacco sector. However the fund manager seems to be buying into the scrip at every decline. Pharma stocks, Cipla and Glaxo have also moved up the rankings, Cipla to number 8 (number 12 in March) and Glaxo to number 10 (number 14). Other MNC pharma stocks Wyeth Lederle and E Merck have been able to retain their slots in the top 25 list. This is contrary to the general trend where these stocks have slipped in terms of rankings in most mutual fund portfolios.