FIIs back Mahindra &Mahindra

By Nisha Das | 03 May 2004

Mumbai: Foreign Institutional Investors (FIIs) have almost trebled their holding in Mahindra & Mahindra in the last financial year ended March 2004. In the last 12 months, FIIs holding has surged to 21.99 per cent as on March 2004 from 7.36 per cent on March 2003. In the last 12 months, big global funds have invested in the company, which is seen a key player on economy recovery.

HSBC Global Investment Funds, Mauritius, is the biggest FII investor in the company and holds 3.20 per cent in the company. J P Morgan Fleming Asset Management Europe has acquired 1.81 per cent in the company in the last 12 months. American Century Investment Management Inc (1.77 per cent), T Rowe Price International Inc (1.02 per cent), Government of Singapore (1.68 per cent) and Monetary Authority of Singapore (1.00 per cent) are among the other big FII''s to invested in the company in the last 12 months.

During this same period, public holding in the company has been reduced to 11.02 per cent from 15.72 per cent on March 2003, indicating that retail investors cashing out on the sharp rally on the counter. Last fiscal, the company’s stock zoomed to 323.28 per cent from Rs 109.75 to Rs 464.55 on March 31, 2004. Last Thursday, the stock settled flat at Rs 482.00

Select domestic funds too have exited from the company. In the last 12 months, mutual funds holding in the company has come down marginally to 12.42 per cent from 13.53 per cent on March 2003. Administrator of Specified Undertaking of UTI, which invested 3.72 per cent in the company, has completely exited from the company. Among financial institutions, Life Insurance Corporation of India is the biggest stakeholder in the company. But in the last 12 months it has reduced its holding marginally from 13.78 per cent to 10.35 per cent on March 31, 2004.