Mutual Funds sell RVNL, buy two other rail stocks in June ahead of Budget

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State-run Rail Vikas Nigam Limited shares were among the top reductions by Motilal Oswal Mutual Fund, which sold RVNL shares worth Rs 270 crore in June. Meanwhile, mutual funds bought shares in two other railway sector stocks viz. Titagarh Rail Systems and Texmaco Rail & Engineering in the month gone by.

Motial Oswal sold 64.81 lakh shares in RVNL according to a note from Nuvama Institutional Equities. The stock is in focus with just a week away from the Union Budget 2024. It is riding on multibagger returns of 421% in the last 12 months. In 2024 so far, its returns stand at a staggering 242%.

Mutual funds holdings in RVNL in the June quarter stood at 0.09%.

On the other hand, mutual funds shopped for midcap railway counter Titagarh in June purchasing shares worth Rs 430 crore. Among the buyers were Kotak MF which bought 38,000 shares worth Rs 7 crore, Nuvama said. This stock has delivered returns of 213% over the past one-year, replicating a strong performance like most of its other railway peers. In 2024, so far, the returns stand to the tune of 64%.

Meanwhile, JM Financial MF purchased smallcap Texmaco Rail shares worth Rs 89 crore where it bought 35.89lakh shares change.In June, mutual funds bought Indian equities worth Rs 28,200 crore and alongside foreign institutional investors (FIIs) who bought shares amounting to 24,100 crore in the Indian secondary market.RVNL shares are currently trading above their 50-day and 200-day simple moving averages (SMA) of Rs 390 and Rs 260, respectively according to Trendlyne data.
Likewise, Titatgarh shares are also trading above their 50-day and 200-day SMAs of Rs 1,430 and Rs 1,061, respectively.

As for Texmaco Rail, shares are currently trading above their 50-day and 200-day SMAs of Rs 212 and Rs 177.

Also Read: HDFC Bank, RIL among top 5 largecap additions by mutual funds in June

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