Foreign portfolio investor GQG Partners, which made headlines for buying shares worth Rs 15,446 crore in Adani Ports and SEZ, Adani Green Energy, Adani Transmission and Adani Enterprises through block deals in March, increased its stake in ITC to 1.44%, the shareholding pattern for the quarter ended March 31, 2023 (Q4FY23) shows. GQG Partners’ shareholding in the December quarter stood at 1.29%, according to BSE data.
The FPI has steadily been increasing its stake in ITC over the last few quarters, taking the same from 1.10% in Q1 (June quarter) to 1.15% in the September quarter (Q2).
As a whole, Category-I FPIs increased their stake to 12.86% as on March 31, 2023, up from 12.51% in December 2022, data show.
Mutual funds had a combined stake of 9.47%, while insurance companies hold 20.39% in ITC as on March 31, 2023.
On Monday, the ITC scrip touched a 52-week high of Rs 402 on the BSE. On Tuesday, it ended at Rs 398.45, down 0.44% over Monday’s close.
The index heavyweight has been one of the top performers on the Street, rising nearly 19.81% on a year-to-date basis. In the last one year, shares have jumped nearly 50%.
According to a report by Mumbai-based brokerage Nuvama Institutional Equities, ITC is likely to report a robust year-on-year volume growth of around 11% in cigarettes during the last quarter of the previous fiscal. 展e expect consolidated revenue to grow by 5.1% YoY. EBITDA and PAT are expected to grow 20.3% and 15.9% YoY in the March quarter,the report said.
