16

THE ECONOMIC TIMES | MUMBAI | TUESDAY | 28 MAY 2013
Economy
BAKUL CHUGAN TONGIA
ET INTELLIGENCE GROUP
The crash in the share price of drug mak-
er Wockhardt over the last few days may
have sent jitters across the investing com-
munity. But people who have put money
in mutual fund equity schemes needn’t
worry since mutual funds hold just a little
over 1% in this stock at the end of March
2013 quarter.
Recently, the United States Food & Drug
Administration (US FDA) had imposed a
ban on imports from Wockhardt’s Aura-
nagabad factory in Maharashtra, citing
quality concerns of drugs made at this
plant, which led to a sharp fall of this stock
in the past couple of trading sessions.
What’s comforting for investors
though is that only 12 of the 40-odd mu-
tual fund houses had invested in Wock-
hardt at the end of FY13, and even those
that did, held a fairly small percentage in
this stock. Also, many fund managers in
recent times have been skeptical of the
Wockhardt stock. The scrip gained over
150% to jump from . `823 in June last year
to . `2,114 in March this year.
Mahesh Patil CIO, Birla Sun Life, said,
“By and large, pharma stocks have done
reasonably well over the past few years,
but one needs to be cautious of the kind of
stocks one chooses to in-
vest in the sector as some
counters have known to
be inherently volatile.”
Another leading fund
manager of the industry,
who preferred anonymi-
ty, said that they have
been avoiding stocks like
Wockhardt and Ranbaxy
given their over-depend-
ence on just a few drugs,
which makes investment
in these counters a bit
risky. He added that he would rather
prefer stocks with stable businesses
such as Dr Reddy’s, Sun Pharma, Lu-
pin, Ipca and Cipla.
“Within the pharma space, there are
FMCG-type of stocks with stable growth
businesses as well as stocks with aggres-
sive growth models that are high on risk.
Our concentration in this sector has
been on stocks with stable growth-orient-
ed businesses,” said Anand Shah, CIO,
BNP Paribas Mutual Fund. Some of the
fund houses that took a hit because of the
Wockhardt crash include SBI, IDFC and
DSP that had held about 4.39 lakh, 4.22
lakh and 99,000 shares, respectively, at
the end of April this year. Some of these
fund managers believe that the downside
may now be limited given the company’s
strong business model. Others have,
however, chosen to exit the counter com-
pletely to avoid further losses.
Therefore, the mutual fund shareholding
in Wockhardt is expected to fall signifi-
cantly in the coming months. It would be
interesting to see how foreign institution-
al investors (FIIs) tackle the situation: FII
shareholding in Wockhardt has increased
sharply from 3.15% in March 2012 to 9.07%
in March 2013 quarter.
bakul.chugan@timesgroup.com
Wockhardt Crash Won’t Hit MF Investors
Mutual funds
held just a
little over 1%
in this stock
at the end of
March ’13
quarter
JOHN SAMUEL RAJA D
&REENA ZACHARIAH
NEW DELHI | MUMBAI
I
nitial signs of a reversal in the interest
rate cycle have come as a shot in the
arm for the Indian mutual fund indus-
try, which is seeing corporate money
gush into debt funds. Reversing two suc-
cessive years of decline in assets under
management (AUMs), during the year to
March 31, 2013, the AUMs of the 59 fund
houses shot up by . `76,500 crore, a year-on-
year increase of 19.5%. The AUMs drop-
ped 1.6% and 2.9%, respectively, in the
preceding two years.
Most, if not all, of the latest increase can
be attributed to corporate investors park-
ing money in debt funds to profit from the
inverse relationship between interest
rates and bond prices. When interest rates
fall, as they currently have, bond prices
rise, and the resultant capital-apprecia-
tion adds a kicker to returns from debt
funds. “Returns on longer-term debt
funds are likely to be reasonably high for a
period of at least a year or so,” says N Seth-
uraman Iyer, CEO of Daiwa Mutual Fund.
“Therefore, interest in them is likely to
continue in the medium-term from both
corporates and retail investors.”
Since March 2012, India’s central bank
has reduced the repo rate — the rate at
which the Reserve Bank of India (RBI)
lends to commercial banks and a key
signal for interest rates — to 7.25%, from
8.5%. As a result, over a trailing one-
year period, the top 10 returns of open-
ended debt funds have ranged between
17.8% and 19.1%, according to data from
Value Research, an independent re-
search house that tracks the industry.
During the same period, a one-year
fixed deposit has offered 8.5-9%.
Dhirendra Kumar, chief executive offi-
cer of Value Research, says it is not just
opportunism that is pushing corporate
money into debt funds; there is also the
paucity of options to deploy their cash.
“Corporates have not been able to invest
in projects for expanding their business
and are deploying their money in fixed-
income funds,” he says. “Corporates
like the stability of returns in debt
funds as it’s not impacted by volatility of
withdrawals or inflows.”
According to the ETIG Database, as of
March 31, 2012, the latest available for a
large set, the cash balance of 6,202 com-
panies stood at . `15,41,361 crore. Data
from the Reserve Bank of India (RBI) al-
so reveals that the number of institution-
ally-assisted projects and amount fund-
ed declined sharply to 63 with an
estimated cost of . `14,500 crore as on De-
cember 2012, as compared to 181 projects
and . `1,25,000 crore as on June 2010.
Kumar says that another factor fuelling
the inflow is direct access to MFs. Begin-
ning January, the capital market regula-
tor, Sebi allowed investors to directly ac-
cess mutual funds, bypassing
intermediaries to whom they would have
had to pay a commission of 2.25-2.5%, eat-
ing into their returns. “Around 80% of
fund inflows since January have come
via direct access,” says Kumar. While the
deluge is a sparkling short-term gain for
the industry — income of fund houses is
directly linked to AUM — a central long-
term issue for the industry remains. Cor-
porate money is ‘smart money’ and can
leave with the same speed as it came in.
The more sticky money comes from re-
tail investors, and they had not bought in-
to the rally in debt funds with the same
fervour.
reena.zachariah@timesgroup.com
Corporate Money Puts MFs
Back on the Growth Path
AUM of 59 fund houses
shoot up by . `76,500 cr in
FY13 after 2 consecutive
years of decline
Ups & Downs
Mar ’10
Mar ’11
Mar ’12
Mar ’13
614,546
596,977
587,659
702,494
Assets are growing again…
AUM (` cr)
Small
investors
…but much of the spike is ‘smart
money’ flowing into debt funds
-4.9%
Source: Association of Mutual Funds in India
Change in folios (between Oct 2012 & Mar 2013)
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RUUNNING CANDLE &
HOME DfICOR BUSINESS
FOR SALE CONTACT:
9 8 2 0 0 4 0 3 7 7 . EMAI L:
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HIGH Fashion Manufacturing
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PUBLIC NOTICE
NOTI CE is her eby
given that our client is
investigating the title of
M/ S. S UA S i ONS
A D V E R T I S I N G &
MARKETING PVT. LTD. to
the under menti oned
property, and intending to
purchase the same, free
from any encumbrance ,
charge , lien , claim , ri ght or
any other interest of
whatsoever nature of any
one overthe same .
FURTHER NOTICE is
gi ven that f ol l owi ng
or i gi nal document s
(hereinafter referred to as
the “said Agreements ”)
have been lost by the M/S.
SUASIONS ADVERTISING
& MARKETING PVT. LTD.,
namely,
1.Agreement dated
25th Marc h, 1991 between
Amar Devel opment
Corporation and Mr. M.L.
Ranjit and Mrs. Suman
Ran jit .
2.Agreement dated
25th Marc h, 1992 between
(i)Mr . M.L. Ranjit (ii)Mrs.
Suman Ranj i t and
Suasions Advertising &
Marketi ng Pvt . Ltd.,
Mumbai .
3.Ag reement dated 6th
Ap r i l , 1992 between
Suasions Advertising &
Marketing Pvt. Ltd. and
Mr s . Ka s hmi r a Sam
Bharucha .
If any persons or
i nsti tuti ons cl ai m to
have any c har ge ,
e n c u mb r a n c e , ri ght ,
interest or entitlement of
whatsoeve r nature over
the said property or any
part thereof or on the said
Agreements , they should
make known the same in
writing to the undersigned
at their office at 305-9,
Neelkanth , 98, Mar i ne
Drive , Mumbai 400 002,
within 15 days from the
date of publication of this
notice , f ai l i ng which the
t ransact i on shal l be
compl et ed wi t hout
reference to any such
cl ai m , r i ght , interest ,
charge , encumbrance or
a n y o t h e r r i g h t or
entitlement of whatever
nature of anyone .
DESCRIPTION OF
THE PROPERTY
5 shares of Rs.50/-
bear i ng di st i nct i ve
numbers 51 to 55 under
Share Certificate No. 11
dated 29th August , 1998
issued by the Amerchand
Ma ns i on Co - oper at i ve
Housing Society Limited
and Flat No. C-4 as per the
title documents (and later
on the Flat No . was
amended to C-5 by the
Soci ety) admeasuri ng
1400 sq. feet (built up)
together with attached
terrace admeasuring 2000
sq. feet sq. ft. on the 4th
floor (top floor) together
with one car parking space
no. 3 in the compound of
the building named and
known as Amar chand
Mansion ’ situated at 16,
Madame Cama Road ,
Mumbai -400001 , bearing
Cadastral / / City Survey no.
27 of Fort Di vi si on ,
Mumbai
Dat e: 28//05//201 3.
ForD. M. Harish & Co.
Advocates
305-09, Neelkanth,
98, Marine Drive ,
Mumbai-400 002.
THE TIMES
Readers are recommended to make
appropriate enquirea and leek appropriate
advice before sending ,noney. InHAling any
e x p e n s e s, act i ng on medi c.
r000mmendetlono or entering Into any
commdment in relaUxn to any adverit sement

5
to

made by the Mvertse,s of p,odccts and
services. The Printer. Publ i sher, Editor and
Owners of The lirnew Of India Grou p
publications shall not be held liable for any
consequences, In the event 1501,daIms are
flothonaured bythaMvethsats.
Our client Better
Suilders Infrastructure Pvt. Ltd
having its registered office at 515
Mathuradas Estate, St. Anthony
Street , Kalina,Mumbai 400098
as approached us to issue title
ertificate inrespect of the below
mentioned scheduled property.
Notice is hereby ven that all
crsonsconcerncdhavinganyriit
tie, int adeèmorthmM,whHE
y way of sale, transfer, exchange,
assignment,gfl, bequest, rnuigage,
arge,lius covenant, possesston,
ease, sub-lease, tenancy, lien

the property described in the
S . tsl wcraiy patorp]Iksl
hereof,indudinganypremesinthe
uildingslsfaucturesstandingonthi
p.ofert shoidinbrntheesnet oia
Mttiin 14 days from the dat a ol
ubiceliai oflIsnotiw,failngwticti
e will proceed to tesue our title
hcatew referencetosucl,
igl*itfle,inte1mdaimcrdemand,
and the same, if any, shall be
vá aia rr
Picasewitetotheundersi,edin
sealedenvelopemarked“Paiijal
Towers” enclosing certified true
opiesofall dccumers h support c
yourdaim. The tenantaloccupants
need not respondto th Notice.
FIRST SCHEDULE OF OF THE
PROPERTY ABOVE
REFERRED TO
t.LLTHATall that pieceand parcel
Df freehold land or ground
adnieasuringi.e. 3501.1 sq.metres
xthereabouts as per City Survey
Records andbearingSurveyNo.11
Flissa 2 (part) and corresponding
TS Nos.35A of Village Tungva,
laluka Kurla,Wumbai Suburban
District,situate,lyingand beingat
3i PasalkarMatig,Satr-Vi,arLake
ROadr Tu1gV3Vhg Kurla (West),
Mumbai 400072togetherwith the
ights and benefits in respect ot
setback portion bearing CTS No.
358admeasuring517.4sq.mts.or
hereeboutssurrandaredto9MGas
ailing within set back line in the
Registration District Mumbai
SuburbanandSub DtrtroiBandra
andboundedasfolows:
Dn the North and West by:
Property of Savitaben Choksey
Dn the South by: Property o
Santdas Kniplani
Dnthe East by: Saki Vihar Road
SECOND SCHEDULE OF
ThE PROPERTYABOVE
REFERRED TO
LL THOSE pieces or parcels o
and or ground situate,lying and
5eing at Village Tungva, Taluka:
Kurla Mumbai Suburban District
iearing Survey No. 11 Hissa No.
2 (part) together with Chawl
iearing Municipal No.1-4565 (5)
standing thereon and together
Nith the Flour Mill standing
Lhereon and sheds standing
Lhereon and bearing CTS No, 36,
36/1 to 3 and land bearing CTS
‘lo. 37,37/1 to 8,admeasuring in
aggregate to 320 sq. mtrs. or
exestxutsandboundedasfotows:
Dnthe North by: CTS No. 35A
Dnthe South by:GTS No. 35C
Dnthe East by: Saki Vihar Road
Dnthe West by: CTS No.35A
THIRD SCHEDULE OF
THE PROPERTY ABOVE
REFERRED TO
LL THAT piece and parcel o
andbeartng SurveyNo.11, lissa
Nlo.2 (part), bearing C.T.S. No.
36/3 admeasuring 72.2 sq. mtrs.
r thereabout situate,lying and
being at Village Tungva, Taluka:
Kurla,Mumbai Suburban Distlici
andboundedasfcllows:
30theNorthby:CTS No.36, 36
Dn the South by: CTS No. 35C
Dn the East by: Saki Vihar Road
Dn the West by: CTS No.35A
Date: 28-05-2013
Place:Mumbai
For R & G Associa t es
SdI-
Deepali Thakor
Partner,Advocates
201(202, Mistry Mansion 107,
M. (It Road, Fort,Murnbai-400001
Email:
and.g.associatesl2©gmail.ccn
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