FIIs hike stake in Reliance Industries
The statement showed FII holding 165.8 crore shares or 25.2 percent of the total shareholding. In the previous quarter ended June 30, foreign investors held 163.07 crore shares of 24.72 percent.In an investor note, JP Morgan said FII holding in RIL has hit a new high.
"As has been the case now for two years, FII's stake in RIL hit new highs. Surprisingly, mutual funds' (MF) stake declined by 25 basis points quarter-on-quarter and was the second straight quarter of stake decline," it said.
The last time domestic mutual funds reduced their holding in RIL over two straight quarters was back in 2016, it said adding domestic mutual funds held 5.12 percent of RIL as of September 30, down from 5.37 percent in the previous quarter. Promoters have also upped their stake to 50.49 percent from 50.37 percent. The stock of Reliance Industries was last seen trading at RS 2200 on the NSE