The foreign institutional investment (FII) has remained negative on the bourses for the first 11 months of 2011.
FIIs redeemed Rs2,812.10 crore from the markets during the above period. In the second half of the year, the redemption figure stood at Rs5,482.30 crore, with the December month’s figures yet to be released by the regulator, Securities and Exchange Board of India (SEBI).
However, for months of October and November 2011, the outflow remained at Rs2,520 crore. The fate of Gujarat-based companies has not been any different either. Many companies have experienced a surge in net outflow and very few have been able to attract FII investments in the quarter ended in December 2011.
Sintex Industries, Dishman Pharmaceuticals, Cadila Healthcare, Zydus Wellness, Adani Enterprises and Adani Power are the companies which saw FIIs reducing their stake in December quarter compared to September quarter of 2011.
Among these, Amit Patel-promoted company, Sintex Industries, which had a higher FIIs stake till September, has lost 7.5% stakes in December quarter. Promoters’ holding in the company stood at 35% while FIIs holding has fallen drastically to 30.50% from 38% in September quarter.
JR Vyas promoted company, Dishman Pharmaceuticals has been facing downturn for a while. In this quarter, the company lost FII holdings by 3%. Zydus Cadila and Zydus Wellness, both companies promoted by Pankaj Patel have seen fall of 0.85% to 0.51% respectively during the same period.
Adani Group, the wealthiest group from Gujarat on stock exchanges, has seen marginal fall in its FIIs holdings in its two companies Adani Enterprise and Adani Power.However, Gautam Adani promoted group’s third entity, Adani Ports & SEZ, which was earlier known as Mundra Ports & SEZ, has attracted FIIs in the quarter and gained the stake marginally. The other gainers in the list are AIA Engineering, Arvind Ltd, Torrent Pharma, Torrent Power, Gujarat Gas Co among others. Promoted by Bhadresh Shah, AIA Engineering is one of the leading Gujarat companies in attracting FII investment. In December quarter, the company gained 4% FII holdings.
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