INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Twelve stocks with huge FPI backing have climbed 20-80 per cent since September 20, as this institutional class of investors
pumped in over Rs 38,000 crore into domestic equities on hope that the corporate tax cut would boost bottom lines for India Inc in an
otherwise slowing economy.
Among them is Adani Green Energy, which is ruling at record high levels after rising 81.57 per cent since the
The company on Wednesday reported Rs 102 crore profit, its first quarterly profit in 10
FPIs owned 20.36 per cent in the company as of September 30.
Shares of Bliss GVS Pharma, where FPIs hold 24.54 per cent, have climbed 33 per
High on news developments, YES Bank is up 32 per cent during these 34 trading days
FPIs own one-third of this bank
Mannapuran Finance has risen 31 per cent
FPI held 44.68 per cent stake in the stock at the end of September quarter
Max India, Indiabulls Real Estate, Adani Transmission, IGL and Info Edge are other FPI-heavy stocks that have risen 25-30 per cent during
this period.
Fortis Healthcare added 23 per cent
FPIs hold 38.77 per cent in this firm
MCX and Reliance Infrastructure have gained over 20 per cent each
FPIs own 26-30 per cent stake in these two.
Since October 29, FPIs have not been net sellers even in a single session
Their buying spree since September has been in contrast to the Rs 17,592 crore outflow seen in August and Rs 12,418 crore in July.
In an
email reply to ETMarkets.com, Marteen-Jan Bakkum, Maarten Jan Bakkum, Senior Strategist Emerging Markets at NNIP Investment Partners, said
mainly passive money is flowing into India, as global investors are positive about emerging markets (EM) on hopes of a US-China trade
deal.
Mumbai brokerage Angel Broking said Dalal Street is incorporating only the impact of direct tax cuts in earnings estimates
In case of Bliss GVS Pharma, a 70 per cent subsidiary recently cleared a USFDA inspection conducted at the company's facility located in
Thane.
Manappuram Finance reported a solid 82 per cent rise in consolidated profit at Rs 402.28 crore for September quarter.
Max India has
made some rejig, and its shareholders have approved a scheme involving merger of assets of Max India into Max Healthcare and demerger of
residual businesses of Max India into Advaita, another unit.
Indiabulls Real Estate has sold its property in London to a promoter group firm
for 200 million pounds (about Rs 1,830 crore) as part of plans to focus on India business and to cut debt
In the case of YES Bank, the private lender is expecting to rope in strategic investors by December end.
Overall, 26 of BSE 500 stocks, with
substantial FPI holdings, delivered double-digit returns since tax cuts