Foreign institutional investors (FIIs) have increased their stake in the hard-hit counter of infrastructure major JP Associates. On the BSE, shares of the company has gained 5.3% in Tuesday's early trade when benchmark indices are down around a percentage point.
As per the latest statistics available from the exchanges, FIIs scaled up their exposure in JP to 23.77 % in the quarter ended June, 2012 - a rise of 100 basis points (one basis point is hundredth of a percentage point) compared with the immediate previous quarter.
Not only this, it appears that FIIs have been in a buying spree on the counter for almost a year which only intensified in the current calendar year. For instance, in June, 2012 FIIs held 19.78 % in the company. During this period the company witnessed promoters first cutting and then subsequently raising their ownership.
During June quarter, domestic institutions (DIIs) sold close to 2 % of their holding in the company bringing it down from 13.96% to 12.01%.
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