Mutual Funds, FIIs Cut Shareholding in Bharat Electronics

Mutual funds and foreign portfolio investors have reduced their stake in Bharat Electronics Limited (BEL) as per the latest shareholding pattern of the company.

What Happened: According to the shareholding data till June 30, mutual funds reduced their ownership in the public sector company to 16.08% from 18.06% in the March quarter. All the major mutual funds invested in the company reduced their stakes.

Canara Robeco Emerging Equities Fund reduced ownership to 1.09% from 1.18% in the previous quarter. HDFC Midcap Opportunities Fund's stake fell to 1.36% from 1.63% in March. Kotak Flexicap fund's holding reduced to 2.94% from 3.27%. While Central Public Sector Enterprise (CPSE) ETF also trimmed its stake to 3.55% from 3.68%.

See Also: Jio Financial Services Jumps On Receiving RBI Nod To Go From NBFC To Core Investment Company

Foreign portfolio investors' shareholding in the company fell to 17.43% from 17.56% in the March quarter.

On the other hand, the National Pension Scheme (NPS) Trust Account from HDFC Pension Management company increased its stake to 1.54% from 1.31% in the previous quarter.

The central government ownership in the stock was unchanged at 51.14%.

In June, BEL won a ₹3,172 crore order from Armoured Vehicles Nigam Ltd (AVNL) to supply and install an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of certain Indian Army tanks.

As of June 18, the company had an order book worth ₹76,000 crore.

Read Next: Sachin Tendulkar-Backed Small Cap Stock Jumps 4% On Bagging Siemens Order