BackMFs raise stake in Sensex companies
MFs raise stake in Sensex companies
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PTI
Mumbai: Even as foreign institutional investors reduced their stake in some of the leading companies during the quarter ending June 2008, mutual funds were seen buying those stocks and increasing their stake.
Overall, mutual funds have increased their stakes in 11 Sensex companies as of June quarter as compared to March quarter, according to the shareholding pattern declared by the companies.
While foreign funds are a force to reckon with and the stakes held by Indian mutual funds are no match to the stakes held by foreign funds, it is perhaps for the first time when foreign funds and domestic funds took a divergent view of the market in case of so many leading shares.
In case of Reliance Industries, while the FIIs stake reduced to 17.11% of the total shareholding as of 30 June, against 17.83% as of 30 March, mutual funds increased their stake from 2.72% to 2.83% in the same period.
In Bharti Airtel, FIIs stake reduced from 24.99% as of 30 March, to 23.63% in June. But mutual funds raised their stake in the company from 2.14% to 2.89% in the same period.
Similarly, in HDFC, FII holding went down from 60.62% to 59.09% from March quarter to June. While mutual funds managed to raise their holding in the company from 3.61% to 4.33%.
This trend was also seen in shares of BHEL, Satyam Computer, Hindustan Unilever, Reliance Infrastructure, Hindalco and Ranbaxy.
In some companies, however, both FIIs as well as mutual funds increased or decreased their stakes simultaneously, while in some, the deviation in shareholding was marginal.
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