The US-based Mathews International Fund has bought 5.4 lakh shares or 0.11 per cent of Gujarat Pipavav Port through open market purchases. After the purchase on March 26, the US fund’s stake in the company has increased to 5.1 per cent. The stock is ruling at Rs 50.15, a gain of 0.8 per cent, in early trade on Tuesday.
The company reported a net profit of Rs 35.98 crore and a revenue of Rs 118.79 crore in the December quarter.
While the promoters’ stake in the company stands at 43.01 per cent, foreign institutional investors held 31.14 per cent at the end of December 2012. FIIs have been increasing their stake quite consistently. They held 25.99 per cent stake in the company in March 2012.
Domestic funds, on the other hand, reduced their holding to 14.14 per cent (as of December-end) from 19.74 per cent in (March 2012).
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