Insurance cos book profit in April-June qtr

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Mixed trend in shareholding of 300 firms out of BSE 500

Shareholding pattern of 300 of the BSE 500 companies in April-June quarter disclosed so far showed profit taking by insurance companies while the mutual funds' shareholding showed a mixed trend.

Foreign institutional investors (FIIs) raised their stake in a majority of companies in the April-June quarter, data provided by corporate data firm Capitaline showed.

FIIs raised their stake substantially in majority of midcap banks besides some largecap banks, auto & auto ancillaries (tyre, batteries), pharma, cement, power and entertainment-related companies.

With the benchmark indices touching record highs and substantial gain in share prices, both public and private sector insurance companies resorted to partial profit booking.

Out of 300 BSE 500 companies, the combined stake of insurance companies fell in 102 companies.

Life Insurance Corporation of India (LIC) reduced its stake in State Bank of India from 14.99 per cent in January-March quarter to 14.50 per cent in April-June quarter as per BSE data.

LIC also pared its stake in Reliance Industries from 8.15 per cent to 8.08 per cent.

Mutual fund investments showed a mixed trend, with their combined stake falling in 127 companies and rising in almost equal number of companies (129) that have disclosed their shareholding among the BSE 500 companies.

Mutual funds, due to robust equity inflows, raised their stake in some companies but also had to pare stake due to profit booking. HDFC Mutual Fund’s HDFC Equity Fund raised its stake in SBI from 1.65 per cent during the previous quarter to 1.80 per cent in April-June quarter.

Franklin Templeton Mutual Fund pared its stake in Infosys from 1.24 per cent to 1.18 per cent as per BSE data.

FII stake rose in 212 of the 300 companies that have disclosed their shareholding pattern. FIIs were most bullish on midcap banks, both public sector as well as the private banks – Oriental Bank of Commerce (12.3 per cent from 9.89 per cent), IDBI Bank (3.67 per cent from 2.89 per cent), Corporation Bank (3.2 per cent from 2.67 per cent), Bank of Baroda (16.95 per cent from 15.62 per cent), Canara Bank (11.5 per cent from 8.97 per cent), Union Bank (10.67 per cent from 8.47 per cent), Dena Bank (8.99 per cent from 7.08 per cent), Syndicate Bank (8.07 per cent from 6.56 per cent) and Allahabad Bank (9.11 per cent from 7.99 per cent), among others.

Among largecap banks, FIIs raised stakes in Kotak Mahindra Bank (35.09 per cent from 31.68 per cent) and Yes Bank (45.04 per cent from 37.98 per cent); FII stake rose marginally in SBI, Punjab National Bank and ICICI Bank. FII reduced stake marginally in Axis Bank, Bank of India and HDFC Bank.

Among the auto companies, FII stakes were up substantially in Ashok Leyland (21.34 per cent from 12.72 per cent), Hero Motocorp (34.31 per cent from 30.81 per cent), Mahindra & Mahindra (39.24 per cent from 36.92 per cent).

FIIs also raised stake in tyre manufacturers Apollo Tyres (36.78 per cent from 34.5 per cent) and CEAT (11.76 per cent from 8.88 per cent). Amar Raja Batteries, supplier of batteries to automobiles, also saw FII stake rise to 16.87 per cent from 15.02 per cent.

Among the pharma companies, FII stake went up in Aurobindo Pharma (27.59 per cent from 23.74 per cent), Wockhardt (5.56 per cent from 3.72 per cent), Shasun Pharma (6.68 per cent from 0.09 per cent), Natco Pharma (14.53 per cent from 13 per cent). FII stake fell in Strides Arcolab from 49.26 per cent to 45.45 per cent.

Among the cement companies, FII stake went up in JK Lakshmi Cement (8.57 per cent from 6.32 per cent), Shree Cement (9.66 per cent from 8.63 per cent) and Ramco Cement (20.3 per cent from 18.73 per cent).

Among the power producing companies, FIIs raised stake in Tata Power (28.61 per cent from 25.98 per cent), BGR Energy (3.13 per cent from 1.56 per cent), JSW Energy (5.17 per cent from 4.15 per cent), KSK Energy Venture (8.97 per cent from 5.01 per cent).

Entertainment companies also attracted FII inflows, with their stake up in PVR to 24.9 per cent from 19.47 per cent, Eros International Media to 15.88 per cent from 13.57 per cent and Zee Entertainment to 49.84 per cent from 47.94 per cent.

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