These 30 MF schemes bleed on surprise slump in Dilip Buildcon

The steep fall in the shares of Dilip Buildcon has made mutual funds poorer by nearly Rs 400 crore in just 12 sessions. As many as 30 mutual fund schemes were holding over 82 lakh shares of the company as of April 30, 2018. Schemes of BOI AXA Investment Managers, DSP BlackRock Investment Managers, Edelweiss Asset Management, Escorts Asset Management, HDFC AMC, IDFC AMC and Motilal Oswal Midcap 100 ETF had Dilip Buildcon among their key holdings.The scrip has plunged nearly 40 per cent to hit an intraday low of Rs 762.10 on May 31 compared with its 52-week high of Rs 1,248.35 scaled on May 15.“With a lot of noise around DBL’s auditors, it has clarified that the rumours are unfounded. DBL admits its core competency lies in EPC and it will continue to focus on getting out of BOT/HAM projects once executed,” HDFC Securities said in a note.“We maintain a buy rating on the stock,” the brokerage said.The company on Thursday made a presentation to clarify the market rumours. “False rumours have been spread against the company,” it said.After falling over 12 per cent in the previous session, the scrip slipped another 10 per cent in afternoon trade on Thursday.The highways sector player on Wednesday posted an 11.01 per cent rise in standalone net profit at Rs 217.7 crore for March quarter compared with Rs 196.1 crore posted for the year-ago period.Total income rose to Rs 2,562 crore from Rs 1,753.5 crore, while total expenses grew to Rs 2,283.8 crore from Rs 1,563 crore during this period.

from The Economic Times https://ift.tt/2Jlb9Kv