Reliance MF picks 2% in ICICI Bank

Mumbai: The country’s largest mutual fund house by assets, Reliance Capital Asset Management Ltd (RCAM) has bought an additional 2% stake in ICICI Bank Ltd, the country’s largest private sector lender, during the past 45 days, through open market purchases.
Vikrant Gugnani, chief executive of RCAM, said that two equity funds managed by the house, including Reliance Banking Fund, made the purchases in small quantities.
“The stock price (of ICICI Bank) had fallen to Rs290... It is our business to buy stocks or increase exposure at low prices to find more value,” he said.
ICICI Bank shares, a heavyweight in India’s Sensex stock index, doesn’t have a promoter group but is owned primarily by domestic and foreign financial institutions.

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Reliance Capital Trustee picks up shares in ETC Networks

MUMBAI: Anil Ambani group firm Reliance Capital Trustee Company Ltd has picked up 1.2 per cent stake in Zee group-promoted ETC Networks for Rs 1.60 crore in open market transactions on the bourses. Reliance Capital Trustee Company bought one lakh equity shares of ETC Networks at a price of Rs 93.50 per share in a bulk deal at the Bombay Stock Exchange. It had bought 71.44 lakh shares on the National Stock Exchange at Rs 94.19 per share aggregating to Rs 67.28 crore on Thursday. Reliance Mutual Fund today also purchased one lakh shares in ETC Networks at a price of Rs 98 per share on the NSE. As on June 30, Zee Telefilms holds 55 per cent stake in ETC Networks. The scrip of ETC Networks closed at Rs 102.45, up 9.57 per cent at the Bombay Stock Exchange after touching a 52-week high of Rs 102.85.