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In Q2FY23, IT stocks received heavy beating but smart5 investors and fund manages looked at this sell-off as an opportunity to accumulate. SBI Mutual Fund is one of those smart investors that did the same. During July to September 2022 quarter, they have raised their shareholding in Infosys Ltd from 3.49 per cent to 4.33 per cent.
During July to September 2022 quarter, Infosys share price has dipped from ₹1462 (close price on NSE on 30th June 2022) apiece levels to ₹1413 per share levels (close price on NSE on 30th September 2022), losing to the tune of near 3.50 per cent in Q2FY23. So, SBI Mutual Fund raised its stake in IT major despite sell-off pressure in Infosys shares during July to September 2022 quarter.
SBI Mutual Fund shareholding in Infosys
As per the shareholding pattern of Infosys Ltd for Q2FY23, SBI Mutual Fund holds 15,75,06,368 shares or 4.33 per cent stake in the IT company. However, in shareholding pattern of Infosys for April to June 2022 quarter, SBI Mutual Fund was found holding 14,67,96,112 shares or 3.49 per cent stake in Infosys. This means, SBI Mutual Fund raised stake in IT scrip during Q2FY23 despite dip in Infosys share price during July to September 2022 quarter.
Other mutual funds follows SBI Mutual Fund
Like SBI Mutual Fund, some other mutual funds of well repute also looked at Infosys share price dip as ‘buy on dips’ opportunity. UTI Mutual Fund raised its stake in Infosys from 1.33 per cent to 1.63 per cent during July to September 2022 quarter. Similarly, HDFC Mutual Fund raised its stake in Infosys Ltd from 1.31 per cent to 1.57 per cent in recently ended second quarter of the current financial year.
Infosys share price in Q2
As mentioned above, Infosys share price on NSE ended at around ₹1479 apiece levels on 30th June 2022 and its close price on NSE was ₹1413 on 30th September 2022. So, Infosys share price went off by near 3.50 per cent during Q2Fy23.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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