Economy & Market
Cement cos among 42 firms see hike in FII stake
Shareholding patterns of listed companies announced so far till July 16 showed that there are at least 42 companies that have reported a consistent hike in stakes by foreign institutional investors (FIIs) each time in the past four quarters.
The list includes Nifty companies such as ITC, TCS, ACC, Ambuja Cements and Kotak Mahindra Bank.
Share movement on these counters showed that 25 of the total 42 companies managed to outperform the NSE benchmark Nifty, which gave a negative return of 6.53 per cent between July 1, 2011 and June 29.
Among the list, the total FII holding in the TCS stood at 14.64 per cent. Cement makers ACC and Ambuja Cements have seen a similar trend.
FIIs stake in ACC from 15.23 per cent in April-June 2011 quarter to 16.19 per cent in the July-September 2011 quarter, which further increased to 17.35 per cent and 18.25 per cent in the subsequent two quarters. At the end of April-June quarter, FIIs held 18.27 per cent stake in the company.