INSUBCONTINENT EXCLUSIVE:
Bengaluru: Foreign portfolio investors (FPIs) are cutting their exposure to Indian IT companies, with Wipro seeing a higher fall in their
portfolio investors have continued to sell their shares in the company, even as asset manager Franklin Templeton joined ranks with some of
points sequentially to 34.82 per cent
Cross-town rival Wipro, whose turnaround has been a work-in progress for years, saw an even greater fall in foreign portfolio holdings
Foreign investors hold 8.72 per cent of the company, down from 9.27 per cent at the end of March.
Larger rival Tata Consultancy Services,
which is growing at a much faster rate, also saw a decrease in foreign holdings, but at a lower rate
TCS is growing but its valuations are very high
For Wipro, the lack of any substantive improvement has been a longrunning concern
With Infosys, foreign investors are in a wait-and-watch mode after the issues in the last year
its holdings in the company to under the reporting threshold of 1 per cent
Oppenheimer had asked the Infosys board to prevent the promoters from interfering in the company.
The fund cut its holdings after the
company appointed Salil Parekh to take over as CEO, following the acrimonious exit of Vishal Sikka
For Infosys, Franklin Templeton joined the ranks of its large foreign portfolio investors with a 1.04 per cent stake
The Abu Dhabi investment authority and the Government of Singapore also marginally raised their stakes in the company
He wants to stabilize the company, a second year to consolidate any gains and plans to accelerate growth in the third year
Bendor-Samuel, chief executive officer at consultancy Everest Research, said.
