Date:18/11/2005 URL: http://www.thehindubusinessline.com/2005/11/18/stories/2005111802641500.htm

Back Fidelity active buyer in several mid-cap, small cos

Virendra Verma

Mumbai , Nov. 17

FIDELITY International, a global fund house, along with its various associates, has turned aggressive buyer in Indian mid-cap and small-cap stocks over the last few months.

Fidelity has bought more than one per cent stake in over 30 mid-cap and small-cap companies. In several of these companies, the stake is more than 5 per cent. All these shares have been purchased in open market dealings.

These companies are from varied sectors ranging from IT, FMCG, media, manufacturing and financial services.

Fidelity is one of the world's largest providers of financial services, with assets of $2.3 trillion, including managed assets of $1.1 trillion as of September 30, 2005. It is the largest mutual fund company in the US. Recently, Fidelity launched its mutual fund business in India with an open-ended equity scheme. Fidelity is also a registered FII with SEBI. According to SEBI, Fidelity has 12 FIIs registration with it from different parts of the world.

Some of the companies in which Fidelity has taken stake include: IVRCL Infrastructure (12.09 per cent); Financial Technologies (8.75 per cent); Cybermedia (8.9 per cent); SRF (9.22 per cent); McDowell (7.89 per cent), Jain Irrigation (9.05 per cent); and Geodesic (7.89 per cent). The large cap stocks in which it has stake includes Infosys Technologies (4.98 per cent); Zee Telefilms (7.04 per cent); and Bajaj Auto (1.38 per cent).