Indian equities recovered all of their pandemic-driven losses in the quarter ended December on hopes that Covid-19 vaccination and stimulus measures will lead to a quicker-than-expected turnaround in the economy.
The Nifty 50 jumped 25% in the October-December period, the best third quarter since 2003, according to Bloomberg data. The Nifty 500 Index mirrored the gains. The mid-and small-cap indices rose 21% each during the three-month period.
Some of the veteran investors used the opportunity to buy or pare holdings in small and mid caps.
Here’s what Rakesh Jhunjhunwala, Radhakishan Damani, Ashish Kacholia, Vijay Kedia and Dolly Khanna bought and sold during the quarter ended December.
The billionaire investor and his family raised stakes in five companies and pared in nine. For the quarter ended December, Jhunjhunwala bought his largest stake in pharma packaging solutions provider Bilcare Ltd.—a company that listed him among shareholders with more than 1% for the first time, along with Anant Raj Global, Wockhardt Ltd., Tata Communications Ltd. and Indiabulls Real Estate Ltd.
The market veteran pared most of his holding in BPO services provider Firstsource Solutions Ltd. Besides, he cut exposure in Escorts Ltd., Autoline Industries Ltd., Federal Bank and Titan Co. for the second straight quarter.
The billionaire owner and promoter of Avenue Supermarts Ltd., the operator of DMart chain, increased his stake the most in India Cements Ltd., followed by Charminar cigarette maker VST Industries Ltd.
The operator of DMart supermarket chain is the biggest bet of Damani by value and percentage.
He cut his holding in Blue Dart Express, Metropolis Healthcare, Trent Ltd. and Spencer’s Retail. Besides, Damani either lowered his stake below 1% or exited Simplex Infra.
Kacholia, who usually bets on small caps, bought stakes in Paushak Ltd., Caplin Point Laboratories Ltd. and IOL Chemicals and Pharmaceuticals Ltd. Besides, he increased exposure in Beta Drugs Ltd. and HLE Glasscoat Ltd.
Kacholia pared his holding to less than 1% or exited Astec Lifesciences Ltd., Majesco Ltd. and Neuland Laboratories Ltd. during the third quarter.
By percentage, Kacholia owns the highest stake in Shaily Engineering Plastics Ltd. at 7.21%, while by value Birla Soft Ltd. is his biggest bet worth at Rs 154.4 crore.
Kedia either raised his stake above 1% or bought dairy products provider Heritage Foods Ltd.
Kedia also increased holding in Ramco Systems Ltd., and pared in Tejas Networks Ltd. and Cera Sanitaryware Ltd.
He also cut stake in Vaibhav Global. Still, the wholesale electronic retailer remained his biggest bet by value at Rs 230 crore. By percentage, Kedia holds the biggest stake in Innovators Façade Systems Ltd.
Kedia either lowered the stake to less than 1% or exited Sudarshan Chemicals Ltd.
Chennai-based Rajiv Khanna, who invests in the name of his wife Dolly Khanna, either raised his stake above 1% or bought Butterfly Gandhimathi Appliances Ltd., Nucleus Software Ltd., Taibros Automotive Ltd. and NCL Industries Ltd.
Khanna’s biggest holding by percentage is in KCP Ltd. By value, Rain Industries Ltd. is his biggest investment at Rs 86 crore, though he pared stake in the chemical maker in the reported quarter.
Khanna pared his holding in chemical maker Nocil Ltd. for the third straight quarter. He either exited or cut his stake below 1% in Heritage Foods Ltd.