Everyone selling IT stocks after record crash, but this Rs 1.3 lakh crore mutual fund doing the exact opposite
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While foreign investors fled India's battered IT sector in panic, dumping a staggering Rs 17,000 crore in February alone, the country's largest active equity mutual fund did the exact opposite by aggressively buying the very stocks that sparked the "Kodak moment" fears. PPFAS Flexicap Fund, managing Rs 1.34 lakh crore in assets, has made a bold contrarian bet by significantly increasing stakes in HCL Technologies, Infosys, and Tata Consultancy Services (TCS) even as artificial intelligence (AI) anxieties drove the Nifty IT index to its worst monthly plunge since the 2008 global financial crisis in February. The fund's February portfolio disclosed bold buying across India's software giants at precisely the moment analysts were slashing price targets and bears fearing sector extinction. PPFAS added 4.3 million shares of HCL Tech, 4.2 million shares of Infosys, and 1.9 million shares of TCS as the sector recorded a ...