In this report, we take stock of ownership trends in our India Consumer Staples
and Retail coverage. Over the past 12 months, we continue to see a trend where
FIIs have increased their ownership across our coverage universe (except GSK
Consumer and UNSP) while DIIs have reduced.
FII ownership trends. Over the Mar’13 qtr, FIIs continued to increase
ownership across most consumer staples and retail stocks under our coverage
universe. A prominent increase has been in the case of Future Retail (+390bps
q/q), ITC (+91bps q/q), Jubilant Foodworks (+83bps q/q), Titan (+78bps q/q),
United Spirits (+76bps q/q), GCPL (+67bps q/q), Dabur (+64 bps q/q) and
Nestle India (+62bps q/q). However, they have reduced ownership in GSK
Consumer (-423bps q/q) post open offer by the parent. Over the past 12 months,
FIIs have enhanced their positions in all our staples and retail coverage universe
apart from UNSP (-80bps y/y) and GSK Consumer. Titan (+412bps y/y),
Jubilant Foodworks (+374 bps y/y), GCPL (+291bps y/y), HUL (+267bps y/y),
and ITC (+228bps y/y) have been the key favorites for FIIs.
DII ownership trends. DIIs continued to reduce their ownership in consumer
stocks with prominent decline seen in GSK Consumer (-15ppt q/q) post open
offer by the parent, Future Retail (-170bps q/q), Dabur (-88bps q/q), Nestle India
(-60bps q/q), and HUL (-44 bps q/q). Insurance companies’ ownership was
maintained/reduced in all coverage stocks except marginal increase in Titan.
Over the past 12 months, DIIs ownership has reduced for stocks in our coverage
universe.
FII:DII Ratio increases for most of consumer stocks. The FII/DII ratio has
steadily gone up for our entire coverage universe over past 12 months with most
increase seen for GSK Consumer and GCPL.
Promoter Shareholding Changes: United Spirits (-200bps q/q) and Jubilant
Foodworks (-80bps q/q) were the key stocks witnessing a decline in promoter
holding. Promoter shareholding for GSK Consumer increased from 43.2% to
72.5% post open offer by the parent. Future Retail also saw 50bps q/q increase
in promoter shareholding.
Retail ownership trends: Non-institutional ownership increased for United
Spirits (+140bps q/q) and Dabur (+20bps q/q). Rest of the stocks saw their retail
ownership reduced/maintained during the quarter
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and Retail coverage. Over the past 12 months, we continue to see a trend where
FIIs have increased their ownership across our coverage universe (except GSK
Consumer and UNSP) while DIIs have reduced.
FII ownership trends. Over the Mar’13 qtr, FIIs continued to increase
ownership across most consumer staples and retail stocks under our coverage
universe. A prominent increase has been in the case of Future Retail (+390bps
q/q), ITC (+91bps q/q), Jubilant Foodworks (+83bps q/q), Titan (+78bps q/q),
United Spirits (+76bps q/q), GCPL (+67bps q/q), Dabur (+64 bps q/q) and
Nestle India (+62bps q/q). However, they have reduced ownership in GSK
Consumer (-423bps q/q) post open offer by the parent. Over the past 12 months,
FIIs have enhanced their positions in all our staples and retail coverage universe
apart from UNSP (-80bps y/y) and GSK Consumer. Titan (+412bps y/y),
Jubilant Foodworks (+374 bps y/y), GCPL (+291bps y/y), HUL (+267bps y/y),
and ITC (+228bps y/y) have been the key favorites for FIIs.
DII ownership trends. DIIs continued to reduce their ownership in consumer
stocks with prominent decline seen in GSK Consumer (-15ppt q/q) post open
offer by the parent, Future Retail (-170bps q/q), Dabur (-88bps q/q), Nestle India
(-60bps q/q), and HUL (-44 bps q/q). Insurance companies’ ownership was
maintained/reduced in all coverage stocks except marginal increase in Titan.
Over the past 12 months, DIIs ownership has reduced for stocks in our coverage
universe.
FII:DII Ratio increases for most of consumer stocks. The FII/DII ratio has
steadily gone up for our entire coverage universe over past 12 months with most
increase seen for GSK Consumer and GCPL.
Promoter Shareholding Changes: United Spirits (-200bps q/q) and Jubilant
Foodworks (-80bps q/q) were the key stocks witnessing a decline in promoter
holding. Promoter shareholding for GSK Consumer increased from 43.2% to
72.5% post open offer by the parent. Future Retail also saw 50bps q/q increase
in promoter shareholding.
Retail ownership trends: Non-institutional ownership increased for United
Spirits (+140bps q/q) and Dabur (+20bps q/q). Rest of the stocks saw their retail
ownership reduced/maintained during the quarter
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