Norway pension fund ups stakes in 16 stocks

Norway’s Government Pension Fund Global, the second largest sovereign we­alth fund, has raised stake in consumption-driven Indian firms and cut stake in engineering and construction firms in the April-June quarter, according to the latest data on shareholding pa­ttern from stock exchanges.

Of the 23 firms in which it held more than one per cent stake, the fund has ra­ised stake in 16 and pared holding in five, while maintaining stake in the remaining two. Norges Bank Investment Management (N­BIM), the asset manageme­nt unit of Norges Bank, the central bank, manages the fund.

Consumption-driven companies in which the fund has raised stake include Arvind, Zee Entertainment, Bombay Dyeing, Crompton Greaves and five Tata group firms -- Indian Hotels, Trent, Tata Global Beverages, Tata Chemicals and Voltas.

While the fund raised exposure to more than one per cent in five companies -- Crompton Greaves, Tata Chemicals, Lupin, Zee Entertainment and Info Edge (India), it cut stake in Alstom Projects (capital goods), IVRCL (construction & engineering) and ING Vysya Bank.

During January-March 2011, the fund held more than one per cent stake in 32 Indian companies, of which only 18 have disclosed shareholding pattern for the June quarter. It actively managed the portfolio and has raised stake in 11 of the 18 companies while paring stake in six.

Norway’s ministry of finance owns the fund whose market value on March 31, 2011 was $554.66 billion, according to its Q1 report.

As per government mandate, the fund has to invest 60 per cent of assets in equities, 35-40 per cent in fixed-income securities and as much as five per cent in real estate. On December 31, 2010, its investments in Indian debt papers were $5.36 million in Axis Bank, $33.27 million in ICICI Bank, $4.45 million in IOC and $11.02 million in SBI. On December 31, the fund held shares of around 270 Indian companies, most of them below one per cent .

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks might be bracing for intense rate war for retail loans

    While select small banks have been slashing their deposit rates by five to 10 basis points over the past few weeks for short term adjustments to avoid

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

When too little could mean too late

The calamity in Jammu and Kashmir has once again shown ...

Purnendu Ghosh

Why art and science are natural partners

Art is qualitative and is generally associated with emotions. Science ...

Shona Adhikari

A toast to established and emerging talent

This week, our focus is on upcoming exhibitions in the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture