MUMBAI: Kuwait Investment Authority (KIA), one of the world’s oldest sovereign wealth funds, picked up a 1.02% stake in India’s largest car-maker Maruti Suzuki, Q3 FY22 shareholding pattern of the company revealed.
KIA holds stakes in other listed Indian companies such as CarTrade Tech, Sunteck Realty, PVR Ltd, and PNC Infratech.
KIA administers Kuwait’s General Reserve Fund and Future Generations Fund, its flagship fund, on behalf of the State of Kuwait. Apart from the SWF, foreign portfolio investors (FPIs) upped their stake in the company from the preceding quarter, while LIC trimmed the same, shareholding for the Q3 shows.
FPIs raised their stake to 23.6% in Q3FY22, from 22.52% in the preceding quarter. Also, the number of FPIs holding Maruti shares rose to 938 from 917 over the comparative period.
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LIC, on the other hand, cut its stake to 5.26% in Q3 FY2022 from 5.73% in the preceding quarter. The company reported Q3 numbers on Tuesday, which beat analysts’ expectations, causing the stock to hit a 52-week high of Rs 8,664, before settling up 7.4% at Rs 8,650.1.
The Maruti stock has risen by almost 16% year-to-date, outperforming both, the Nifty Auto Index which has risen 5.4%, and the Nifty which is more or less flat. The stock trades at a price to earnings multiple of 60.45.
LIC cuts its stake to 5.26%
FPIs raised their stake to 23.6% in Q3FY22, from 22.52% in the preceding quarter. LIC, on the other hand, has cut its stake to 5.26% in Q3 FY2022 from 5.73% in the preceding quarter