Mfs, Fiis Up Stake By 4.92% In L & T

The combined shareholding of domestic mutual funds (MFs) and foreign institutional investors (FIIs) has increased by a shade below 5 per cent in Larsen & Toubro Ltd during the year ending March 31, 2001.

Mutual funds' holding rose by 2.19 per cent to 3.89 per cent in the Rs 8,035 crore company, while that of FIIs went up by 2.73 per cent to 13.15 per cent, thus raising their combined stake by 4.92 per cent.

Analysts attributed the development to a shift of institutional shareholding from ICE (information, communication and entertainment ) stocks to old economy shares.

The Rs 10 paid-up share was quoted in the range of Rs 322.90 to Rs 211.50 during April , 2000 to March, 2001 on BSE and NSE.

According to L&T's abridged annual report for 2000-01, the growth in MFs and FIIs stake was offset by a fall in the shareholding of public and GDR holders.

During the year, public holding came down from 33.21 per cent to 29.70 per cent, while GDR stake fell from 11.46 per cent to 9.16 per cent. Domestic companies' stake in L&T grew marginally to 10.53 per cent from 9.77 per cent. Shareholding of financial institutions was almost at the same level of 32.39 per cent. Other non-residents holding stood unchanged at 1.18 per cent.