IRFC, IRCTC, RVNL, Ircon, RailTel, Rites shares: MFs, FIIs stayed on sidelines in last 2 quarters

Notwithstanding a rally in railways-linked stocks in 2023 so far, data compiled from corporate database AceEquity suggests institutional investors such as mutual funds and foreign portfolio investors were not in a hurry to buy these shares in heavy quantities at least in the first half of the ongoing calendar.

Shares of Rail Vikas Nigam Ltd are up 83 per cent so far this calendar. But MF holding in this stock stood at a mere 0.09 per cent in the June quarter against 0.04 per cent in the December 2022 quarter. Public holding in this company stood at 21.80 per cent as on June 30, which jumped to 27.16 per cent post the recent offer for sale.

Railtel Corporation of India saw its shares climbing 37 pre cent this year so far. But MFs cut stakes in this railways company fell 149 basis points to 1.12 per cent from 2.61 per cent at the end of December quarter. FPI holding in this company edged 29 basis points during the same period.

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In the case of Indian Railway Finance Corporation Ltd (IRFC) mutual funds trimmed stake by 99 basis points to 0.77 per cent from 1.76 per cent. FPIs, on the other hand, increase their holdings by a mere 13 basis points to 1.14 per cent from 1.01 per cent at the end of December quarter. This stock is up 53 per cent YTD.

Shares of Ircon International climbed 70 per cent year-to-date. But mutual funds cut their holdings to almost nil in June quarter from 0.35 per cent in the December quarter. FPIs, however, upped stake in this company by 246 basis points to 5.17 per cent from 2.71 per cent. Public holding in this company stood at 26.82 per cent.  Public holding in this company stood at 26.82 per cent at the end of June quarter.

MFs and FIIs increased holdings in RITES during the last two quarters by 56 basis points and 83 basis points, respectively. In the case of Indian Railway Catering And Tourism Corporation (IRCTC), these investors raised stakes, but marginally. MFs upped stake by 35 basis points in the two quarters while FPIs raised their stake in the ticketing platform by 15 basis points. This stock has been flat year-to-date.

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