FIIs, LIC Cut Stake In Bharat Electronics In Q2

Bharat Electronics filed its latest shareholding data with the exchange on Thursday evening.

What Happened: Foreign institutional investors cut their stake in the defence major during the September quarter. FIIs currently hold around 17.27% stake in the company down from the 17.43% reported at the end of the previous quarter.

India’s biggest insurer, LIC, also pared down its stake to 1.04% from the 1.31% stake it held at the end of June.

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Mutual fund holdings in the stock decreased to 15.81% from 16.08% reported at the end of June. Kotal Flexicap Fund trimmed its stake to 2.45% from 2.94% in the previous quarter. HDFC Defence Fund also lowered its stake in the PSU to 1.10% from 1.36% reported at the end of June.

Earlier in the month, the defence manufacturer announced bagging orders worth more than ₹500 crore. Shares of the company were upbeat on Thursday as the Cabinet Committee on Security approved defence deals worth ₹80,000 crore.

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