FIIs, LIC reduces Stake in Bharat Electronics in Q2
India’s biggest insurer, LIC, also pared down its stake to 1.04% from the 1.31% stake it held at the end of June.
FIIs, LIC reduces Stake in Bharat Electronics in Q2
New Delhi:Bharat Electronics filed its latest shareholding data with the exchanges. Foreign institutional investors cut their stake in the defense major during the September quarter. FIIs currently hold around 17.27% stake in the company down from the 17.43% reported at the end of the previous quarter.
India’s biggest insurer, LIC, also pared down its stake to 1.04% from the 1.31% stake it held at the end of June. Mutual fund holdings in the stock decreased to 15.81% from 16.08% reported at the end of June. Kotal Flexicap Fund trimmed its stake to 2.45% from 2.94% in the previous quarter. HDFC Defence Fund also lowered its stake in the PSU to 1.10% from 1.36% reported at the end of June.
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Earlier, the defense manufacturer announced bagging orders worth more than Rs 500 crore. Shares of the company were unchanged on Thursday as the Cabinet Committee on Security approved defense deals worth Rs 80,000 crore.
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