India Consumer Tracking institutional ownership : JPMorgan

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• FII increased ownership of consumer stocks over FY11. Over past
four quarters, FIIs have increased ownership across most consumer
names under our coverage universe, prominent increase has been in case
of ITC, HUL, United Spirits, Colgate India, Dabur and GSK Consumer.
• DIIs have reduced ownership of consumer stocks over FY11,
particularly in case of United Spirits, Dabur India, Pantaloon Retail and
GSK Consumer. Titan was an exception with increase in DII holding.
Insurance companies reduced their ownership in HUL, ITC and Dabur
while increasing it in Titan, Colgate India and Pantaloon.
• Retail ownership trends. ITC, GSK Consumer and Pantaloon saw
increase in non-institutional ownership while Colgate India and HUL
witnessed decline in the same during FY11.
• FII/DII ratio has increased significantly in case of United Spirits,
Colgate India and Dabur.
• Promoter shareholding changes. HUL and Nestle India saw increase in
ownership by the respective parent companies by 50bp and 90bp y/y
over FY11. Titan too saw marginal increase in promoter shareholding.
Godrej Consumer saw promoter shareholding declining from 71.8% in
FY10 to 67.3% in FY11 on account of QIP issuance during the year.
• Sequential change in FII and DII ownership. On a qoq basis as of
Mar'11 FIIs increased stake in GSK Consumer, Dabur and Colgate while
they reduced in HUL, Titan and Pantaloon. DIIs on the other hand
increased stake in Titan, Colgate and reduced ownership in HUL,
Dabur, GSK Consumer, United Spirits and Pantaloon on a qoq basis
during Q4FY11.