A total of 10 BSE PSU index constituents have come out with their shareholding patterns. Among them, five stocks saw mutual funds (MFs) trimming exposure, while six stocks saw foreign portfolio investors reducing stakes in the quarter gone by. In most cases, however, the quantum change was insignificant.
In the case of Rites Ltd, MFs cut exposure in the railway counter to 2.83 per cent in the September quarter from 3.32 per cent in June quarter, down 0.49 per cent sequentially. FPIs also reduced stake in the PSU by 30 basis points to 3.2 per cent from 3.5 per cent earlier. Retail investors were gung-ho, as they upped stake in Rites by 119 basis points to 7.05 per cent from 6.55 per cent.
Coal India saw MFs reducing stake by 20 basis points to 10.54 per cent from 10.74 per cent. FPIs, on the other hand, upped stake in Coal India by 77 basis points to 9.16 per cent from 8.39 per cent, data compiled from corporate database AceEquity suggested.
In the case of Bank of India, MFs (down 23 basis points), FPIs (down 0.4 per cent) and retail investors (down 0.08 per cent) were seen trimming stakes. MFs held 4.7 per cent stake as of September 30, FPI 3.32 per cent and retail 4.7 per cent.
Many PSU stocks have seen sharp corrections of late amid concern over their prevailing valuations. Kotak Institutional Equities in a recent note said that the government has not had any compulsion to sell stakes in PSUs. The stratospheric valuations of certain PSUs may not hold up with large government stake sales, it said.
Mutual funds upped stake in Canara Bank by 85 basis points to 4.34 per cent. Retail investors also increased stake by 0.53 percentage points to 8.16 per cent. FPIs reduced stake in the PSB by 65 basis points to 11.24 per cent.
Mangalore Refinery And Petrochemicals Ltd, Gujarat Mineral Development Corporation Ltd, UCO Bank, Indian Overseas Bank, MMTC Ltd and KIOCL Ltd have also come out with their shareholding patterns. Investors did not tinker much with these stocks in the September quarter.