FIIs take fancy to Wockhardt, stock zooms 253% in 2012

FIIs hiked thier stake to 5.17% in June quarter from 1.32% at the beginning of current calendar year

Wockhardt has rallied 6% to Rs 976, also its historic high on back of huge volumes after the overseas investors bought an additional over 2% stake in the company through open market transaction in Q1, taking their total holding to above 5% mark.

Foreign institutional investors (FIIs) acquired 2.01% stake or 2.04 million shares in the pharmaceutical company have increased their holdings to 5.17% in April-June quarter, against 3.15% at the end of March quarter, according to shareholding pattern filed by Wockhardt.

FIIs which merely hold 1.32% stake at the beginning of current calendar year, have acquired an additional 3.84% stake during past six months, sending the stock to zoom almost four-fold in 2012.  The stock outperformed the market by appreciating 253% on the Bombay Stock Exchange, compared to less than 10% rise in benchmark Sensex so far in 2012.

 

Goldman Sachs Investments Mauritius has bought 1.13% or 1.2 million shares of the company between January-June, while LIC of India, which hold 4.44% stake have reduced its holding to 2.96% during the period.

Meanwhile, the trading volumes on the counter surged over three-fold with a combined 1.17 million shares have changed hands so far, against sub 300,000 shares that were trading daily in past two weeks.