IDBI Mutual Fund - IDBI India Top 100 equity fund

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IDBI Mutual Fund launched its maiden equity scheme called IDBI India Top 100 equity fund, probably in anticipation of a potential up move in equity markets going ahead after the recent slump. The NFO will be open for subscription from April 25 to May 9, and the scheme would invest in 25-30 stocks from the CNX 100 universe.

The fund will invest in stocks that have a good track record of consistent profitability, dividend payment and it should be liquid stocks.  Current market offers good valuation and macro-economic scenario is looking better. We expect growth of 7.5 per cent in 2012-13 and 8.5 per cent for 2013-14.

The MF company hopes to mop up capital in excess of Rs 100 crore. "We will follow bottoms-up approach and when things improve will use top-down approach," said V. Balasubramanian, VP & fund manager. On fund allocation to particular sectors, Balasubramanian said the scheme would invest in banking & finance, auto ancillary, FMCG and pharmaceutical stocks.

"We may also look at infrastructure stocks following some positive signals in the budget, but will stay away from realty stocks for time being," said Balasubramanian. When asked on whether the fund may look at acquisitions, Mallick said, "We are not looking at inorganic growth, but in due course we may look for tie-up in overseas markets."

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