Retail investors hike stake in BSE-500 cos, even as FIIs exit
Overseas investors reduce stake in 60% of companies.
Srividhya Sivakumar
BL Research Bureau It is retail investors who have lapped up the bulk of the
shares relinquished by FIIs during their selling spree in 2008. And they are no
longer mimicking FIIs in their stock choices.
Those are the conclusions from the December quarter shareholding patterns of
the 300 companies out of the BSE0-500, which have so far disclosed their year
end data.
More than half of the companies saw an increase in public shareholding, both
from the previous quarter and over the year.
The data show that FIIs reduced stakes in six out of every 10 stocks between
September and December.
Sector-agnostic
However, both retail and foreign institutional investors displayed no specific
sector preference this time around.
Instead, much of the action seems to have been stock-specific.
For instance, retail investors increased stakes in companies such as Vakrangee
Software, Gujarat NRE Coke, Orbit Corporation and Inox Leisure and reduced
stakes in companies such as Astra Microwave, Cranes Software and Ranbaxy Labs.
A similar sector-neutral stand was exhibited by the FIIs. They upped stakes in
companies such as Mahindra Lifespace, Kirloskar Oil Engines, Anant Raj
Industries and Jai Corporation and pared exposure to others such as IVRCL
Infrastructure, UTV Software and Aurobindo Pharma.
On their own trends in shareholding patterns also suggest that retail investors
did not simply follow FII moves in their stock choices.
In as many as six out of ten stocks, retail investors chose to do exactly the
opposite of what FIIs did.
Companies such as Great Offshore, Arvind, Nagarjuna Fertilisers and Bajaj
Hindustan saw an increase in public shareholding while FIIs dumped their
stakes, others such as Bilcare, Titan Industries, ICSA and Aventis Pharma saw
retail investors cut exposures despite moderate FII interest.
http://www.thehindubusinessline.com/2009/01/19/stories/2009011951560400.htm
ekamber
The secret of happiness is not in doing what one likes, but in liking what one
has to do.
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