HAL, Zen Tech to BEL: FIIs raised stake in these five defense stocks in Q1FY24
- In HAL, FIIs raise their stake from 8.58% to 11.02% during April to June quarter
Stock market: Defense stocks have been in focus for the few years, especially after the outbreak of Russia-Ukraine war. Both domestic institutional investors (DIIs) and foreign institutional investors (FIIs) have been buying stake in defense stocks. But, during April to June 2023 quarter, FIIs have bough heavily in good number of defense stocks in first quarter of the current financial year.
Here we list out top five defense stocks in which FIIs raised stake during April to June 2023 quarter:
Hindustan Aeronautics
As per the HAL shareholding pattern for the first quarter of current financial year, FIIs hold 3,68,62,285 shares, which is 11.02 per cent of total paid up capital of the company. Among major FPIs, Government of Singapore holds 34,60,817 HAL shares or 1.03 per cent stake in this defense stock. Comparing this FIIs' shareholding with January to March 2023 quarter, FIIs used to hold 2,86,87,951 HAL shares or 8.58 per cent stake in the company. So, FIIs raised stake in this defense stock during April to June 2023 quarter.
Zen Technologies
According to shareholding pattern of Zen Technologies for April to June 2023 quarter, FIIs are shown holding 14,05,080 Zen Tech shares, which is 1.67 per cent of total paid up capital of the company. In January to March 2023 quarter, FIIs were holding 9,67,856 Zen Tech shares or 1.22 per cent stake in this defense company.
Bharat Electronics
As per the shareholding pattern of Bharat Electronics Ltd for Q1FY24, FIIs are shown owning 1,22,28,33,299 BEL shares, which is 16.73 per cent of total paid up capital of the company. Likewise, in previous quarter, FIIs were holding 1,15,69,88,003 BEL shares, which was 15.83 per cent of total paid up capital of the company. This means, FIIs have raised their stake in this defense stock by around 0.90 per cent during April to June 2023 quarter.
MTAR Technologies
As per the MTAR Technologies Ltd shareholding pattern for April to June 2023 quarter, FIIs are holding 12,72,507 MTAR Technologies shares, which is 4.14 per cent of total equity float of this defense stock. During previous quarter, FIIs were holding 6,74,014 MTAR Technologies shares or 2.19 per cent stake in the company. So, FIIs have raised stake in this defense company by around 1.95 per cent during April to June 2023 quarter.
Astra Microwave Products
In Astra Microwave Products shareholding pattern for Q1FY24, FIIs have been shown holding 28,73,451 shares or 3.03 per cent stake in the company. During march 2023 quarter, shareholding pattern of the defense stock shows that FIIs were holding 20,10,085 company shares or 2.32 per cent stake in the company. So, during April to June 2023 quarter, FIIs raise their stake in the company by around 0.69 per cent.
However, it would be difficult to ascertain whether FIIs raised stake in these defense stocks in upfront one shot or they raised their stake in these defense companies in a calibrated manner. As per the exchange filing rules, a listed entity is bound to share names of individual shareholders who own one per cent of more shares of the company but they are not bound to share details of buying and selling of stocks.
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