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Sudhanshu Ranade

Chennai, Nov. 1 FII holdings in S&P CNX 500 companies crossed the Rs 10,00,000 crore mark at the end of September.

While 54 per cent of the total was accounted for by handful of Sensex scrips, most of the rest was widely distributed among the remaining companies.

Totally only 23 companies had FII holdings worth Rs 10,000 crore or more on October 1.

Contrary to what one might expect in a scenario of rapidly rising share prices, almost 40 per cent of the Rs 2,13,644 crore gain booked by FIIs between June and September 2007 came from shares purchased by them over the quarter, rather than from an increase in the value of shares already held by them at the end of June.

In order to make these acquisitions, FIIs may have supplemented net FII July-September purchases of Rs 32.234 crore with Rs 23,792 crore raised through sale of shares.

If so, this would mean a Rs 22,679 crore valuation gain on the newly purchased shares.

Valuation gains for FIIs as a group would be higher if some FIIs, or some of their money, exited the market altogether.

Indian Hotels and Indiabulls Financial top the list of companies in which FIIs made large reductions in their holdings.

Reliance Communications, NTPC and Biocon, too, figure in this list.

The maximum number of additional shares purchased by FIIs was in Gujarat NRE Coke Ltd and Infrastructure Development Finance Co Ltd, though ABB and Bharti Airtel top the list in value terms.

FIIs also picked up 30 million or more shares in Glenmark, Indraprastha Gas, Dharampur Sugar, Punj Lloyd and ITC.

But in general, FIIs neither added to nor reduced the number of shares held by them in most heavyweights including Bajaj Auto, BHEL, HDFC Bank, Infosys, L&T, ONGC, Reliance Capital, Reliance Energy, Reliance Industries, Satyam, SBI, Siemens and Tata Steel.

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