4 of 5 India stocks Govt of Singapore entered in Q1 drop up to 26% in Q2; buy?
Data showed the government of Singapore was among shareholders with over 1 per cent stake in BPCL. The stock is down 6 per cent in Q2 so far
- Aug 28, 2025,
- Updated Aug 28, 2025 2:26 PM IST
Four out of five stocks that the Government of Singapore added to its India portfolio in the June quarter have lost ground in the ongoing September quarter, slipping as much as 26 per cent. The fresh picks included state-run oil marketer BPCL, private lender IndusInd Bank, electronics manufacturer PG Electroplast, industrial steam turbine maker Triveni Turbine, and Hyundai Motor India, the country’s second-largest carmaker.
At the end of June, the sovereign wealth fund held about 60 Indian stocks worth Rs 1.85 lakh crore, according to Trendlyne. During the quarter, it raised stakes in JSW Infrastructure, Endurance Tech and Divi’s Labs, pared holdings in Data Patterns, PNB Housing Finance and Apollo Tyres, and likely exited counters such as Bharat Forge, Reliance Industries and BSE, as per Trendlyne data.
Data showed the government of Singapore was among shareholders with over 1 per cent (1.17 per cent) stake in BPCL at the end of June quarter. The stock is down 6 per cent in Q2 so far. The soverign investor bought 2 per cent stake in IndusInd Bank (down 14 per cent), 1.4 per cent stake in PG Electroplast (down 26 per cent), 1.1 per cent stake in Treveni Turbine (down 14 per cent) and 1 per cent stake in Hyundai Motor India (up 11 per cent).
In the case of BPCL, it has the highest share of Russian crude at 35 per cent, followed by IOC at 25 per cent, and HPCL at just 13 per cent. Emkay Global has retained its 'Buy' on the stock with a target of Rs 400. HSBC retained its 'Buy' and a target of Rs 420 as it believes upped its marketing margin estimates given low crude oil prices, leading to higher earnings.
On IndusInd Bank, Geojit suggested a 'Hold' rating. The brokerage said financial results were subdued in Q1FY26, but the lender demonstrated resilience as it returned to profitability and its core operations stabilised.
"It is also aiming for a consistent and predictable improvement in financial metrics every quarter. Demand for vehicle loans continues to hold steady, supported by recovery in rural markets driven by a strong monsoon season and increased government spending on infrastructure. The bank’s focused efforts on cost optimization and reducing slippages further supports its recovery trajectory," it said.
Kotak, which met the PG Technoplast management in a note today said the anagement has reiterated its recently reduced revenue guidance of Rs 5,700-5,800 crore for the core business and Rs 850 crore from the JV (Goodworth Electronics). At a group level, this translates to Rs 6,500-6,600 crore of revenues, down 10 per cent drop from earlier guidance of Rs 7,200 crore. The reduction in guidance is due to a very weak summer season, when the RAC industry demand declined by 25-30 per cent YoY.
"Going forth, the company remains extremely confident of achieving Rs 10,000 crore of revenue by FY2028, backed by (1) a scale-up of RAC volumes, (2) the backward integration into compressors, BLDC motors and others, (3) the expansion of the washing machine business and (4) the entry into refrigerator manufacturing," it said.
On Triveni Turbine, PL Capita today said it remains watchful of the short-term challenges due to order finalisation delays and weaker execution. The brokerage, however, likes the company's long-term prospects due to a healthy enquiry pipeline across markets, growing share of higher margin exports & aftermarket sales, strong traction in both industrial & API drive turbines, and a robust order book with strong inflows across businesses.
"The stock is trading at a P/E of 40.0x/32.6x on FY26/27E EPS. We maintain ‘BUY’ rating with a target of Rs 650 (same as earlier), valuing the stock at a P/E of 40x Mar’27E (same as earlier)," it said.
Meanwhile, brokerage such as Nomura and MOFSL have 'Buy' ratings on Hyundai Motor India.
The government of Singapore invests in global equities via GIC. Established in 1981 to manage Singapore's foreign reserves, 51 per cent of GIC's assets are in equity, 26 per cent in fixed income and 23 per cent in real estate. GIC is invested in more than 40 countries worldwide.
Four out of five stocks that the Government of Singapore added to its India portfolio in the June quarter have lost ground in the ongoing September quarter, slipping as much as 26 per cent. The fresh picks included state-run oil marketer BPCL, private lender IndusInd Bank, electronics manufacturer PG Electroplast, industrial steam turbine maker Triveni Turbine, and Hyundai Motor India, the country’s second-largest carmaker.
At the end of June, the sovereign wealth fund held about 60 Indian stocks worth Rs 1.85 lakh crore, according to Trendlyne. During the quarter, it raised stakes in JSW Infrastructure, Endurance Tech and Divi’s Labs, pared holdings in Data Patterns, PNB Housing Finance and Apollo Tyres, and likely exited counters such as Bharat Forge, Reliance Industries and BSE, as per Trendlyne data.
Data showed the government of Singapore was among shareholders with over 1 per cent (1.17 per cent) stake in BPCL at the end of June quarter. The stock is down 6 per cent in Q2 so far. The soverign investor bought 2 per cent stake in IndusInd Bank (down 14 per cent), 1.4 per cent stake in PG Electroplast (down 26 per cent), 1.1 per cent stake in Treveni Turbine (down 14 per cent) and 1 per cent stake in Hyundai Motor India (up 11 per cent).
In the case of BPCL, it has the highest share of Russian crude at 35 per cent, followed by IOC at 25 per cent, and HPCL at just 13 per cent. Emkay Global has retained its 'Buy' on the stock with a target of Rs 400. HSBC retained its 'Buy' and a target of Rs 420 as it believes upped its marketing margin estimates given low crude oil prices, leading to higher earnings.
On IndusInd Bank, Geojit suggested a 'Hold' rating. The brokerage said financial results were subdued in Q1FY26, but the lender demonstrated resilience as it returned to profitability and its core operations stabilised.
"It is also aiming for a consistent and predictable improvement in financial metrics every quarter. Demand for vehicle loans continues to hold steady, supported by recovery in rural markets driven by a strong monsoon season and increased government spending on infrastructure. The bank’s focused efforts on cost optimization and reducing slippages further supports its recovery trajectory," it said.
Kotak, which met the PG Technoplast management in a note today said the anagement has reiterated its recently reduced revenue guidance of Rs 5,700-5,800 crore for the core business and Rs 850 crore from the JV (Goodworth Electronics). At a group level, this translates to Rs 6,500-6,600 crore of revenues, down 10 per cent drop from earlier guidance of Rs 7,200 crore. The reduction in guidance is due to a very weak summer season, when the RAC industry demand declined by 25-30 per cent YoY.
"Going forth, the company remains extremely confident of achieving Rs 10,000 crore of revenue by FY2028, backed by (1) a scale-up of RAC volumes, (2) the backward integration into compressors, BLDC motors and others, (3) the expansion of the washing machine business and (4) the entry into refrigerator manufacturing," it said.
On Triveni Turbine, PL Capita today said it remains watchful of the short-term challenges due to order finalisation delays and weaker execution. The brokerage, however, likes the company's long-term prospects due to a healthy enquiry pipeline across markets, growing share of higher margin exports & aftermarket sales, strong traction in both industrial & API drive turbines, and a robust order book with strong inflows across businesses.
"The stock is trading at a P/E of 40.0x/32.6x on FY26/27E EPS. We maintain ‘BUY’ rating with a target of Rs 650 (same as earlier), valuing the stock at a P/E of 40x Mar’27E (same as earlier)," it said.
Meanwhile, brokerage such as Nomura and MOFSL have 'Buy' ratings on Hyundai Motor India.
The government of Singapore invests in global equities via GIC. Established in 1981 to manage Singapore's foreign reserves, 51 per cent of GIC's assets are in equity, 26 per cent in fixed income and 23 per cent in real estate. GIC is invested in more than 40 countries worldwide.