Synopsis:
The Government of Singapore has been gradually increasing its stake in the two significant Indian companies. Its shareholding in Divis Laboratories was increased from 2.64% to 2.99%, and in Varun Beverages from 1.44% to 1.84% between June and September 2025.
Foreign institutional interest in Indian equities remained strong in the June 2025 quarter, with the Government of Singapore making fresh investments across multiple sectors. The sovereign wealth entity picked up stakes in companies spanning oil marketing, private banking, engineering solutions, and automobile manufacturing.
1. Divis Laboratories
Divi’s Laboratories Limited is a top Indian pharmaceutical firm that produces and markets generic active pharmaceutical ingredients (APIs), intermediates, and nutraceuticals worldwide. It also offers custom synthesis and contract manufacturing services. Divi’s has a robust overseas presence, with exports to countries in North America, Europe, Asia, and others.
Over the last year, the Government of Singapore has been consistently increasing its equity stake in Divis Laboratories, starting from a 1.77 percent shareholding in September 2024 and thereafter progressively increasing its stake.
In the latest development, it has increased its shareholding in Divis Laboratories from 2.64 percent in June 2025 to 2.99 percent in September 2025, thereby adding 0.4 percent to its stake. This incremental rise demonstrates the investor’s trust in the firm’s profitability and its future outlook over the extended period.
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2. Varun Beverages
Varun Beverages Limited is one of the largest bottlers for PepsiCo, and oversees several different products in its portfolio, such as soft drinks (Pepsi, 7UP, Mountain Dew), juices (Tropicana, Slice), water (Aquafina), and snacks (Lay’s, Doritos, Kurkure), among others. Varun operates in India and overseas in international markets such as Sri Lanka, Nepal, and parts of Africa. Varun has a firm foundation.
Since 2023, the Government of Singapore has been consistently increasing its equity stake in Varun Beverages, starting from a 1.09 percent shareholding in June 2023 and thereafter progressively increasing its stake.
In the latest development, it has increased its shareholding in Varun Beverages from 1.44 percent in June 2025 to 1.84 percent in September 2025, thereby adding 0.4 percent to its stake. This incremental rise demonstrates the investor’s trust in the firm’s profitability and its future outlook over the extended period.
The incremental increases in the Singapore Government’s holdings in Divis Laboratories and Varun Beverages are a clear indication of their continued faith in the two companies’ operating results and future growth. It can be understood from their continuous investment that there is robust foreign demand for top-tier Indian firms in the core sectors of the economy.
Written by Satyajeet Mukherjee
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