HDFC Bank, Patanjali Foods and more: FIIs raised holdings in these 6 Nifty 500 stocks by 5-41% in Q2FY24

Based on data from Trendlyne, six stocks witnessed a rise in FII holdings ranging from 5% to 41% during Q2 FY24 (September 2023 quarter). These include Five-Star Business Finance, HDFC Bank, GMM Pfaudler, Patanjali Foods, Amber Enterprises, and Birlasoft.

Five-Star Business Finance witnessed a notable surge in FII holdings, reaching an all-time high of 50.2% during the September quarter. FIIs held an 8.7% stake in the company during the preceding June quarter. In contrast, general shareholders trimmed their holdings in the company to 11% in Q2 FY24 from 52.2% in Q1 FY24.

In its latest report, domestic brokerage firm ICICI Securities maintained its ‘buy’ call on the stock with a target price of ₹860 apiece, valuing the stock at 4.5x on Sep’24 BVPS.

Among the other stocks FIIs were bullish on in the last quarter was HDFC Bank. In Q2 FY24, FIIs increased their holdings in the bank to 52.1% from 33.4% in Q1 FY24. DIIs, on the other hand, own a 30.6% stake in the bank as of Q2 FY24.

Likewise, GMM Pfaudler, an engineering firm, witnessed its foreign institutional investor holdings surge to a new peak of 26.5% in the September quarter (Q2FY24). In comparison, during the June quarter (Q1FY24), FIIs held 18.8% of the company’s shares.

A similar trend was seen when it comes to domestic institutional investors, who increased their holdings to 12.6% in Q2 FY24 from 10.8% in the June quarter of FY24.

GMM Pfaudler is a global leader in corrosion-resistant technologies, systems, and services for the chemical, pharmaceutical, food, and energy industries. The company’s shares in the last month delivered a return of 4%, and in the last six-month period, they are up by 21%.

Patanjali Foods also experienced an increase in FII holdings, reaching 10.6% in Q2 FY24, a 7.6% increase on a QoQ basis. DIIs and general shareholders, on the other hand, hold 2.2% and 13.3% stake in the company as of Q2 FY24.

The company’s Q2FY24 business update showed that ongoing pricing pressure in the edible oil segment, primarily due to excessive imports, led to elevated inventory levels, impacting the company’s revenue and margins.

Against this backdrop, the company said it registered an uptick in edible oil sales volume with single-digit YoY growth in Q2 FY24 and double-digit YoY growth during H1 FY24. However, the Food & FMCG segment showed strong performance, achieving double-digit sequential growth in Q2 FY24 and a year-on-year growth of more than 30% in H1 FY24.

Furthermore, Birlasoft also saw its FII shareholding reaching a new peak of 17.6% in Q2FY24, a significant surge from 11.3% in Q1FY24. Looking back, FIIs held a 13% stake in the company during Q2FY23.

Amber Enterprises India was another stock where FIIs raised their holdings to 29.7% in Q2 FY24, up from 24.2% in Q1 FY24. DIIs also increased their stake to 13.1% during the September quarter from 12.7% in the preceding June quarter. The company is primarily engaged in the business of manufacturing consumer durable products.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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Updated: 16 Oct 2023, 04:53 PM IST