Study in contrast: FIIs raise stake in 70 BSE-100 firms, LIC just 8

Written by Jash Kriplani | Mumbai | Updated: Jul 22 2014, 05:49am hrs
While foreign institutional investors (FIIs) have raised stake in

70 BSE-100 scrips in the June quarter, LIC has raised its holding in just eight during the same period.

Of the eight companies in which LIC raised its stake, three belong to the IT sector. Data from Capitaline show that LICs stake has seen the sharpest

rise in IT major Infosys from 3.25% in March quarter to 3.82% in June quarter.

LIC also raised its stake in HCL and TCS by 0.09 percentage points (ppt) and 0.01 ppt, respectively. The other stocks that have seen a rise in LIC holding include ITC (0.55ppt), Ambuja Cements (0.35 ppt), Cairn India (0.16 ppt), Nestle India (0.15 ppt) and Dabur India (0.04 ppt).

Meanwhile, LIC has cut its stake in 28 scrips. Of these, 10 belong to the banking and financial services sector (BFSI). IDBI Bank (-0.05 ppt), Axis Bank (-0.12 ppt), HDFC Bank (-0.25 ppt), Bank of Baroda (-0.31 ppt), ICICI Bank (-0.44 ppt), PNB (-0.62 ppt), Union Bank (-0.63 ppt), Bank of India (-0.66 ppt) and Power Finance Corporation (-0.4 ppt) have seen LIC cut its stake in the June quarter.

While LIC has been cutting its stake in banking and financial services sector, FIIs have been raising their stake in the sector. Shriram Transport Finance (0.31 ppt), LIC Housing Finance (0.67 ppt), Reliance Capital (0.62 ppt), REC (0.56 ppt), Power Finance Corporation (0.37 ppt) and HDFC (0.27 ppt) have seen a rise in the FII stake. On Monday, FIIs bought another $27.31 million worth of Indian equities. In YTD, FIIs have pumped in $11.83 million in the Indian markets.