Ownership patterns in India Inc have changed over the last five years,
with foreign ownership rising to 22% in June 2007 vs 12% in March 2001
while domestic ownership has decreased. Foreign institution-owned
portfolio stood at $193 billion.
For top 500 firms, the key owners are promoters/govt (54%), FIIs & ADRs/GDRs (22%), domestic MFs (4.3%), insurance/other institutions (5.5%) and the public (10%), as per a Citigroup analysis based on quarterly shareholding data for the BSE 500 universe (comprising 90% of the Indian market) since March 2001.
FIIs are most overweight on telecom, materials, industrials and financials though there has been a slight cut in recent quarters in financials and industrials. The biggest underweights are IT services and energy. Domestic MFs are overweight on industrials and consumer discretionary while being underweight on energy, IT services, financials and telecom. A negative view on IT services seems prevalent among FIIs as well as domestic funds although FIIs have cut down on that underweight in the last quarter.
For 2007 till the quarter ended June, companies that have seen the biggest rise in FII holdings include GVK Power, Elder Pharma, Phoenix Mills, Ganesh Housing, Provogue, Tele Data, Aftek India, Max India, Rolta India and Indian Bank. Companies that have seen the biggest fall include HFCL, Hinduja TMT, Balaji Telefilms, Apollo Hospitals, Arvind Mills, Bajaj Auto Finance, ACC, Rain Calcining and Eicher Motors
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