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Jindal Saw (391 basis points), Celebrity Fashions (368 basis points) and KPIT Tech (316 basis points) were a few other stocks where FPIs increased their stakes by at least 300 basis points in the March quarter sequentially.
KPIT Tech shares: FPI holding in the IT firm stood at 23.42 per cent as on March 31, as per a BSE filing, which was the highest since September quarter of 2019. FPIs held 20.26 per cent stake in KPIT Tech as on December 31, 2022.
KPIT Tech has witnessed a steep fall from the Rs 940 level. The negative bias has weakened the trend and the near-term support for the stock stands at Rs 730 level.
KPIT’s M&A strategy has been focused on acquiring capabilities. It has done four acquisitions over the past two years for a cumulative amount of $166mn with the biggest being Technica in September 2022 for $110 million
The brokerage see two major reasons for de-rating — growth is expected to fall below 20 percent beyond FY24 and Tata Technologies IPO will reduce the scarcity premium associated with KPIT