FIIs bullish on Tata group; up stake in 8 cos in Jan-Mar qtr
Mumbai: Foreign Institutional Investors (FIIs) raised their exposure in eight companies of the salt-to -software Tata group that included TCS and Tata Communications during the quarter ended March 31, 2013.
At the same time, they trimmed holdings in five other companies of the group such as Tata Steel, Tata Motors and Tata Power.
An analysis of 13 listed firms of the Tata conglomerate which declared their shareholding pattern during January-March shows that FIIs have increased stakes in eight entities.
The USD 100-billion Tata group garners over 58 percent of its revenue from overseas operations.
IT major TCS saw FII holding increasing by about 8 percent from 14.96 percent to 16.14 percent during the quarter.
TCS had on Wednesday reported a 22.1 percent jump in net profit at Rs 3,596.9 crore for January-March quarter and expressed confidence of beating Nasscom estimate of 12-14 percent industry growth in 2013-14.
Other Tata companies that saw FII stake going up include Tata Chemicals (from 17.24 percent to 18.04 percent), Tata Communications (2.77 to 3.74 pc), Titan Industries (18.3 to 19.08 pc), Indian Hotels (14.43 to 15.56 pc), Trent (13.94 to 14.18 pc), Tata Elxsi (1.78 to 1.83 pc), Tata Motors DVR (45.35 to 49.16 pc).
In contrast, foreign holding in Tata Steel went down to 13.87 percent from 14.79 percent, while Tata Motors saw FII stake going down to 28.38 percent from 29.01 percent.
FII stake in Tata Power fell from 24.95 percent to 24.54 percent, Voltas (21.65 to 18.55 pc), Tata Global (19.13 to 17.77 pc).
The BSE 30-stock index, Sensex, had lost nearly 4 percent during January-March period.
More from India
More from World
More from Sports
More from Entertaiment
- Cortana for Android available for public beta in US
- Xiaomi Redmi 2 Vs Redmi 2 Prime: Specification comparisons
- Middle class woes to continue, wholesale onion price shoots up to Rs 57 per kg
- Alleged land encroachment in Greater Noida: HC asks DM to decide representation in 3 months
- Watch: Review of Mahindra TUV300