In June last year, it was among the most aggressive buyers of state-owned banks. Less than a year since, The Children’s Investment Trust, or TCI, has whittled down its exposure to these stocks considerably. And in a few cases, the trust has exited its investments altogether. On Thursday, The Children Investment Master Fund sold more than one crore shares of Oriental Bank Of Commerce, or 4.31%, of its stake at Rs 129 per share.

With this sale, TCI — which held 6.4% as on December 31, 2008 — is said to have wound up its investment in this bank, having sold a sizeable chunk some days back. While ICICI Prudential Life Insurance Company, bought around 80 lakh shares, the rest were picked up by a few institutional investor. People familiar with the development maintain that TCI intends to hold on to its core investments in select PSU banks while exiting its other holdings. One reason for the activist fund to scale down its exposure in India, and to these banks in particular, could be the change in fund manager of its India operations.

Glenmark Pharma seen falling out of favour

Shares of Glenmark Pharma extended their losses o Thursday, shedding 2.4% to close at Rs 137.75. A darling of institutional investors not long ago, the company has fallen out of favour owing to its inability to meet its earnings guidance. Glenmark also admitted that the next couple of quarters would not promise any cheer either. This prompted quite a few domestic and foreign brokerage houses to downgrade their ratings on the stock. Analysts said that absence of any outlicencing deal was a severe blow to its revenues. Glenmark shares have fallen over 36% in the past one week alone.

SEBI hunt on for third whole-time member

The verdict will shortly be out for the post of the third whole-time member on the SEBI board, which has been lying vacant after TC Nair retired earlier this month. Market buzz is that the search committee has shortlised a few names, including one of the senior officials of SEBI and a couple from other regulatory bodies. However, an official said that even after the candidate gets selected, it will take at least six months for all the top-level clearances, mainly due to the impending general elections.

Contributed by Deeptha Rajkumar,Nina Mehta & Reena Zachariah

Source : Economic Times

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