MFs lap up commodity and metal stocks; some buy Kotak Bank, too

May 14, 2024

Vedanta, Hindalco, NMDC, GAIL India and ONGC were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India’s ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.

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