Foreign investors are buying these three mid cap stocks during a record selloff
Subscribe to enjoy similar stories. Foreign institutional investors (FIIs) have been on a selling spree when it comes to Indian stocks. According to NSDL data, FIIs sold Indian stocks worth more than ₹94,000 crore in October.
Trendlyne.com data shows that as of 11 November, they have already sold another ₹29,000 crore worth of stocks. According to a Moneycontrol report, FII ownership of Indian shares has dipped below 16% to a 12-year low. Foreign investors’ equity assets under custody totalled ₹71.08 trillion in October, down 8.8% from ₹77.96 trillion the previous month — the sharpest fall since March 2020.
Amid this selling spree, which warrants the term ‘exodus’, a few lesser-known mid cap stocks have seen fresh investments from FIIs, prompting us to wonder what foreign investors saw in them during their biggest selloff in the past decade. Let's find out. Ask Automotive is the largest manufacturer of brake-shoe and advanced braking (AB) systems for two-wheelers in India.
It had a market share of50% in FY23in terms of production volume for original equipment manufacturers (OEMs) and the branded independent aftermarket. The company was listed in November 2023 and has a market cap of ₹8,348 crore. Here’s the FII holding in the company since it was listed: While the holding changed slightly between December 2023 and June 2024, it shot up 85% between the March and September quarters.
Read more on livemint.com
