Foreign institutional investors have raised their sakes in 84 small and medium market cap companies to between one per cent and 14 per cent in the quarter ended June. This is indicated by the shareholding patterns of 164 such companies, available so far for the quarter.
The FIIs were in hot pursuit of a southern Indian granite company, Pokarna Ltd. They picked up 4.59 per cent in the company after the management revealed plans of diversifying into apparel exports.
They also increased their stake in Webel SL Energy Systems by over 3 per cent, in Gestetner by 2.88 per cent and in Automotive Stampings by 1.08 per cent.
The FIIs were, however, sellers in relatively big market cap companies. In fact, they sold shares of 57 such companies. At least, in one of them (Crisil), their holdings declined by as much as 17 per cent -- from 26.29 per cent to 9.51 per cent.
But their holdings in Balrampur Chini came down sharply to 9.56 per cent from 19.63 per cent. In Arvind Mills, too, their stake went down by 2.23 per cent.
The FIIs booked profits in blue-chip stocks such as Zee Telefilms, ACC, Shipping Corporation, GE Shipping, HDFC Bank and Larsen and Toubro during the quarter.
In Pfizer (5.49 per cent), Jindal Steel and Power (14.88 per cent), IndusInd Bank (10.13 per cent), GNFC (2.91 per cent), Balaji Telefilms (24.03 per cent) and Indian Overseas Bank (10.99 per cent), the FIIs increased their stakes by more than two percentage points from their March 2005 level.
The FII holding in Bajaj Hindustan increased by 14.3 per cent from 4.87 per cent in March to 19.17 per cent at the end of June 2005.
In Micro Inks, they raised their holdings by 7.44 per cent to 17.99 per cent (10.55 per cent), in Karnataka Bank, 4.34 per cent to 8.43 per cent (4.09 per cent), and in Radico Khaitan, 3.78 per cent to 10.28 per cent (6.5 per cent).
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