India Consumer --Tracking Institutional Ownership - Jun'11 Qtr ::JPMorgan

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 FII increased ownership of consumer stocks over June’11 qtr…
Over past quarter (q/q), FIIs have increased ownership across most
consumer names under our coverage universe except Godrej Consumer.
Prominent increase has been in case of ITC, HUL, United Spirits, Titan,
Dabur and GSK Consumer. Over past 12 months, FIIs have enhanced
their positions in all our staples and retail coverage universe apart from
Pantaloon Retail.
 …but DIIs reduced ownership, particularly in case of Titan, HUL,
Dabur, Nestle India and GSK Consumer over June’11 qtr (q/q).
Pantaloon, Godrej Consumer and Colgate India saw DII ownership
moving up. Insurance companies reduced their ownership in HUL, ITC,
Dabur, Nestle India and Titan while increasing it in Pantaloon Retail.
Over past 12 months DIIs have been reducing positions in stocks in our
coverage universe except for Godrej Consumer.
 Retail ownership trends. Except for Titan and Nestle India, other
stocks in our coverage universe witnessed decline in non-institutional
ownership during June’11 qtr (q/q).
 FII/DII ratio has increased significantly in case of United Spirits, Titan
and Dabur q/q. Godrej Consumer has witnessed the biggest decline in
FII/DII ratio during June’11 qtr (q/q).
 Promoter shareholding trends were largely stable over the June’11
qtr. Titan however saw marginal decline in promoter shareholding by
20bps q/q. Over past 12 months, however HUL and Nestle India saw
increase in ownership by the respective parent companies by 50bp and
90bp y/y. Godrej Consumer saw promoter shareholding declining from
71.4% to 67.3% over past year on account of QIP issuance.