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    Richie rich pump over Rs 15,000 crore in ITC, Titan, 8 other stocks in Q2

    Synopsis

    At the end of the second quarter, HNIs had backed 1,718 companies. However, despite net inflows of Rs 5.6 lakh crore during the quarter, their holding in Q2 declined to a nearly 2-year low of 1.90% quarter from 2.08% at June-end.

    FIIs spent over Rs 1 lakh crore in buying Zomato, ITC, 8 other stocks in Q2. Should you follow?ETMarkets.com
    NEW DELHI: When Indian stocks were defying peers in the July-September quarter to rally in the face of global meltdown, the country’s richie rich investors were busy parking their cash in as many as 649 companies on the NSE.

    The ultra-rich have pumped more than Rs 15,000 crore in just ten domestic stocks in the September quarter. According to a report by PRIME Database, Titan was the top bet of India's high-net-worth individuals (HNIs) last quarter as they bought stocks worth Rs 3,566 crore. Their holding in value terms rose from Rs 10,729 crore at the end of the June quarter to Rs 14,294 crore in the jewellery maker at the end of Q2. Shares of the Tata group company rallied over 34% during this period.

    TABLE1ET CONTRIBUTORS

    Like FPIs and LIC, the richie-rich investors also doubled down on Bajaj Finserv and Indian Oil shares, with their current holding at Rs 16,194 crore (up 19% from Q1) and Rs 1,893 crore (up 205% since Q1), respectively. FPIs also purchased 10,30,94,008 shares of Bajaj Finserv worth Rs 15,680 crore in Q2, while LIC hiked its stake in Indian Oil and purchased 37,97,45,168 shares worth Rs 2,711 crore.

    IDFC First Bank saw a 65% increase in HNI holding to Rs 2,150 crore, while their holdings in Cipla jumped around 23% to Rs 7,212 crore.

    India's most-memed stock ITC saw a 25% or Rs 1,119 crore increase in HNI ownership in the second quarter of FY23, while India Cements, Sundaram Finance, and Metro Brands also saw an increase in HNI holdings to the tune of Rs 3,119 crore.

    Top equity bets of rich investors have worked well in the September quarter except for Indian Oil, which gave negative returns between July-September.

    Changing landscapes
    At the end of the second quarter, HNIs had backed 1,718 companies. However, despite net inflows of Rs 5.6 lakh crore during the quarter, their holding in Q2 declined to a nearly 2-year low of 1.90% quarter from 2.08% at June-end.

    In rupee terms, HNI holding was at Rs 5.06 lakh crore on September 30, 2022, an increase of 2.45 per cent over the last quarter.

    Both HNIs and foreign portfolio investors (FPIs) have taken a positive but slightly cautious stand on Indian stocks. Market data showed that the ownership of HNIs went down in 909 companies while the average stock price of these companies increased by 14.60%.

    Weakening bias
    Among top stocks where HNIs trimmed stake, Bajaj Auto saw the highest decrease in value terms at 135%, down from Rs 10,075 crore in June to Rs 4,273 crore at the end of September. Avenue

    Supermarts or (D-Mart) and Reliance Industries also saw heavy outflows of over Rs 4,000 crore from the ultra-rich.

    TABLE2ET CONTRIBUTORS

    During this quarter, though D-Mart delivered double-digit returns, RIL, on the other hand, disappointed investors with an 8% drop in share prices.

    Paytm, Bajaj Holdings, Infosys, Zomato, JK Cement, Anupam Rasayan India and Torrent Pharma were among the stocks that saw a decline in HNI ownership during the same period.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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