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Since 1st March, 1999
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Templeton hikes exposure to oil sector

New Delhi, Nov. 15 (PTI): Mutual fund Templeton has raised exposure to oil and natural gas in its Rs 333.36-crore Bluechip fund with major investments in BPCL and HPCL, even as confusion prevails over the disinvestment of the oil PSUs.

Bharat Petroleum Corporation and Hindustan Petroleum Corporation comprised 8.48 per cent and 8.08 per cent in ‘Franklin India Bluechip Fund’ with an investment of Rs 28.28 crore and Rs 26.68 crore respectively, the fund’s latest report said. “We increased allocation to the oil and gas sector while marginally paring exposure in technology stocks,” Templeton said.

It is to be noted that the government had deferred the disinvestment of the oil PSUs for three months considering the “difference” of opinion within the ruling NDA. It said the fund hiked its equity exposure to 98 per cent in October to take advantage of “attractive valuation” and the composition of portfolio remained the same.

The Bluechip scheme, which aims to provide medium to long term capital appreciation by investing in well-established large size companies, had investments worth Rs 326.69 crore or 98 per cent in equities, while the remaining in other current assets.

The other noticeable entity in the above 8 per cent exposure was ICICI Bank with an investment of Rs 27.03 crore, it said.

Banking shares included that of State Bank of India and HDFC Bank with exposure of 6.89 per cent and 4.39 per cent by investing Rs 22.98 crore and Rs 14.64 crore respectively, it said.

Reliance Industries’ equity formed only 5.15 per cent in the Bluechip fund with an investment of Rs 17.16 crore even as the private sector major reported gas exploration from one of its blocks in Andhra Pradesh.

Shares of IT major Infosys comprised 7.95 per cent in the portfolio with an investment of Rs 26.51 crore, while that of HCL Tech was 6.85 per cent with Rs 22.84 crore, the fund said.

The fund’s exposure in tobacco major ITC was to the tune of 5.89 per cent with Rs 19.62 crore.

In the pharmaceutical sector, investment in Cipla was Rs 19.08 crore, or 5.72 per cent of the Bluechip Fund. In Dr Reddy’s and Ranbaxy it had an exposure of 2.05 per cent and 1.57 per cent with investment at Rs 6.82 crore and Rs 5.22 crore respectively.

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