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Important updates about Indian stock markets ;-)
It is the 'heavy selling' by FIIs being blamed squarely for meltdownat Dalal Street, but if their market activity patterns are to bebelieved, overseas investors seem to be over three times moreconfident than India Inc itself regarding the market's future growth.
According to an analysis of the changes in the listed companies'shareholding patterns since the beginning of this year, the number ofcompanies where foreign institutional investors have raised theirholding is bigger than that of those where FII holdings have gonedown.
In contrast, the promoters have cut down their holdings in more numberof companies as compared to those where they have raised their stakesduring the same period.
The data shows that among all the firms having disclosed their latestshareholding pattern as on end of January-March quarter, at least onein three firms have seen an increase in its FII holding. Incomparison, only about one in nine has seen its promoters raisingtheir shareholding in the company.
However, indicating a relatively less bullish stand on large-capcompanies, the overseas investors have mostly cut down their exposureto the firms with high market values while accumulating more shares inthose with lesser valuations.
So far, close to 900 companies have released their shareholdingpatterns as on March 31, 2008. Out of these, the FIIs have raisedtheir shareholding in as many as 320 companies, while promoter holdinghas increased in just 117 companies from the levels as on the end of2007.
Those companies where FIIs have cut down their holdings, include HDFC,ICICI Bank, HDFC Bank, IVRCL Infra, Spice Communications, UnitedPhosphorus, Dr Reddy's Labs, DCB, Axis Bank, Tata Motors, HCLInfosystems and J&K Bank.
The stock market benchmark Sensex fell about 25 per cent between January and March, while FIIs were net sellers to the tune of sharesworth close to three billion dollars during this period.
The companies where FIIs have upped the ante, include Yes Bank, EssarShipping, Centurion Bank of Punjab, Financial Technologies, Sesa Goa,Godrej Consumer, Shree Cement, BEML Ltd, MphasiS, Zee News, TitanIndustries, BPCL, Corporation Bank, IL&FS Investsmart, PNB Gilts andKinetic Motor.
The number of companies where promoters have cut down their holdingscurrently stands higher at 171, while FII holdings have declined in298 companies since beginning of 2008.
There are a total of 48 companies so far where FII holding has gonedown, but promoters have hiked their exposure, indicating a ratio ofone in 20 firms.Such companies include Aditya Birla Nuvo, Bajaj Hindustan, BombayDyeing, EID Parry, GE Shipping, Indian Hotels, JSW Steel, RelianceEnergy, Tata Metalliks, Ultratech Cement, United Breweries Holding andUnited Phosphorus.Besides, 85 companies so far, indicating a ratio of about one in 10,have disclosed an increase in FII holding, but decline in thepercentage of shares held by their promoters.
These firms include Ansal Properties, Gammon Infra, Glenmark Pharma,Financial Technologies, IL&FS Investsmart, Karur Vysya Bank, LancoInfratech, M&M Financial, MphasiS, MRF, Petron Engineering, RoltaIndia, Thomas Cook India, Uttam Galva Steel and Yes Bank.
Promoters have cut down their shareholdings also in companies likerealty giant DLF, Wipro, Reliance Communications, Adlabs Films, HCLInfosystems, Kotak Mahindra Bank, Punj Lloyd, Axis Bank, Mastek, 3iInfotech, Dr Reddy's Labs, HDFC Bank and GV Films.
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