Adani Green, LIC, SBI, IndiGo: FIIs raise stake in these BSE 500 companies in March quarter

Adani Green, LIC, SBI, IndiGo: FIIs raise stake in these BSE 500 companies in March quarter

Foreign institutional investors (FIIs) were on a shopping spree in the March quarter as they upped their holding in at least 144 BSE 500 companies, as per initial shareholding data available with Ace Equity.

However, the year began with equity outflows of Rs 25,743 crore in January which turned into a mild positive inflow of Rs 1,538 crore in February and a sharp spurt to Rs 35,098 crore inflows in March.

Market watchers believe that the resilience of the Indian stock market and the improving macros of the economy forced the FPIs to turn buyers in India.

Overall, they increased their stake in select Adani Group firms including Adani Green Energy (to 18.15% from 18.03%), Adani Ports and Special Economic Zone (to 14.98% from 14.72%), Adani Power (to 15.91% from 15.86%), Adani Total Gas (to 13.12% from 13.06%) and Adani Wilmar (to 0.77% from 0.65%).

Global investors raised their stake by 7.82 percentage points to 14.56% in Data Patterns (India). They held a 6.74% stake in the company as of December 2023. Global brokerage Jefferies has set a price target of Rs 3,545 for Data Patterns, which is a private sector defence electronics company with in-house technology as its biggest USP.

“We believe three key levers will play out over the next 12-24 months. India’s defence indigenisation focus driving double-digit revenue growth, visibility on revenues rising 5x in FY24E-30E improving as the export pipeline builds out and working capital intensity reducing with client diversification. ROE improvement as earnings trajectory moves is another driver of stock price,” Jefferies said in a report.

Computer Age Management Services, Eureka Forbes, Interglobe Aviation (IndiGo), JSW Energy, Chalet Hotels, NCC, Mankind Pharma, Macrotech Developers, NMDC, Aditya Birla Sun Life AMC, Bharat Petroleum Corporation, Natco Pharma, Lupin and The Phoenix Mills stood among other firms in which they increased their stake somewhere between 2%-7% during the quarter gone by.

Nuvama Institutional Equities is positive on IndiGo with a target price of Rs 3,953. “Indigo’s unparalleled network coupled with a duopoly-like industry structure will drive its profitability,” Nuvama said in a report in March.

Insurance behemoth Life Insurance Corporation of India (LIC) also stood among of the favourites of FPIs. Their stake in LIC stood at 0.14% as of March 31, 2024 against 0.06% on December 31, 2023.

In the banking space, global investors raised their stake in Punjab National Bank (to 4.82% from 3.10%), Bank of Maharashtra (to 1.04% from 0.45%), City Union Bank (to 26.96% from 26.60%), CSB Bank (to 4.93% from 4.62%), Bank of India (to 4.52% from 4.31%), State Bank of India (to 11.09% from 10.91%), Bank of Baroda (to 12.40% from 12.27%), Central Bank of India (to 0.17% from 0.07%), UCO Bank (to 0.03% from 0.01%) and Punjab & Sind Bank (to 0.02% from 0.01%).

Watch Live TV in English

Watch Live TV in Hindi