FIIs up stake in 19 Sensex cos in Q3

Foreign institutional investors (FIIs) raised their holdings in as many as 19 out of the 30 Sensex firms during the third quarter of this fiscal, riding on positive global cues and increased returns from them.

The Aditya Birla Group company Hindalco saw the highest increase of about 8 per cent to 24.39 per cent in foreign holdings during the third quarter compared to the previous quarter.

According to an analysis of the shareholding patterns of Sensex companies for the first quarter, 19 firms among the 30-share benchmark index saw an increase in their FII holdings in the December quarter compared to the previous quarters.

"During the October-December quarter, FIIs were bullish on the domestic market and they are even today. Generally, foreign investors invest in blue-chip firms as they give sustainable returns in the long-run," CNI Research Chairman and Managing Director Kishor P Ostwal told.

FIIs ramped up their stake in the largest copper producer Hindalco to a hefty 24.39 per cent at the end of the December quarter from 16.7 per cent in the previous quarter.

The country's largest automobile manufacturer Tata Motors saw the FII holdings rise to 15.67 per cent in the December quarter, from 11.25 per cent in the same quarter previous fiscal. Also FIIs hiked stake in the State Bank of India by 1.5 per cent to 11.37 per cent.