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Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. 

Here are some of the stocks in which the Mutual Fund Company’s have increased their holding stake in Q3FY24 which indicates that they are positive and confident about the company’s performance and future outlook. 

Petronet LNG 

Petronet LNG Limited was formed as a joint venture by 4 of the leading Oil and gas PSUs ONGC, IOCL, GAIL, and BPCL to import, process, and sell Liquefied natural gas (LNG) and set up LNG terminals in India. 

With a market capitalization of Rs. 42,458 Crores, the shares of Petronet LNG Limited were trading at Rs. 283.20, up 0.11 percent from its previous day’s close price of Rs. 282.90. 

Its revenue from operations grew by 38.76 percent from Rs. 43,169 Crores in FY22 to Rs. 59,899 Crores in FY23, accompanied by profits of Rs.3,352 Crores to Rs. 3,240 Crores. 

In Q3FY24, the Mutual Funds increased their holding in the company from 4.84 percent to 9.92 percent, by adding a 5.08 percent stake. 

According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold a 50 percent stake, the Domestic Institutional Investors hold 10.95 percent and the Foreign Institutional Investors (FII) hold 26.82 percent. 

Bank of India 

Bank of India is engaged in the business of providing a wide range of banking services and the bank’s operating segments include treasury, corporate/wholesale banking, retail banking and other banking operations. 

With a market capitalization of Rs. 64,648 Crores, the shares of Bank of India Limited were trading at Rs. 142, up 3.39 percent from its previous day’s close price of Rs. 137.35. 

Its revenue from operations grew by 25.21 percent from Rs. 38,281 Crores in FY22 to Rs. 47932 Crores in FY23, accompanied by profits of Rs.3,487 Crores to Rs. 3,839 Crores. 

In Q3FY24, the Mutual Funds increased their holding in the company from 1.23 percent to 4.26 percent, by adding a 3.03 percent stake.

According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold a 73.38 percent stake, the Domestic Institutional Investors hold 14.65 percent and the Foreign Institutional Investors (FII) hold 4.31 percent. 

Shipping Corporation of India 

Shipping Corporation of India Limited is a Navratna central public sector enterprise engaged in the business of transporting goods and passengers 

With a market capitalization of Rs. 11,552 Crores, the shares of Shipping Corporation of India Limited were trading at Rs. 249.15, down 1.87 percent from its previous day’s close price of Rs. 253.90. 

Its revenue from operations grew by 16.16 percent from Rs. 4,988 Crores in FY22 to Rs. 5,794 Crores in FY23, accompanied by profits of Rs. 861 Crores to Rs. 870 Crores. 

In Q3FY24, the Mutual Funds increased their holding in the company from 0.81 percent to 3.31 percent, by adding a 2.5 percent stake. 

According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold a 63.75 percent stake, the Domestic Institutional Investors hold 7.99 percent and the Foreign Institutional Investors (FII) hold 3.27 percent. 

Mahanagar Gas 

Mahanagar Gas Limited is a natural gas distribution company, one of the leading distributors of CNG(Compressed Natural Gas) and PNG(Piped Natural Gas) in Mumbai, Urban Thane, its adjoining areas, and Raigad. 

With a market capitalization of Rs. 14,668 Crores, the shares of Mahanagar Gas Limited were trading at Rs. 1,484.20, down 0.17 percent from its previous day’s close price of Rs. 1486.80. 

Its revenue from operations grew by 77 percent from Rs. 3,560 Crores in FY22 to Rs. 6,299 Crores in FY23, accompanied by profits of Rs. 597 Crores to Rs. 790 Crores. 

In Q3FY24, the Mutual Funds increased their holding in the company from 1.70 percent to 3.98 percent, by adding a 2.28 percent stake. 

According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold a 32.50 percent stake, the Domestic Institutional Investors hold 17.23 percent and the Foreign Institutional Investors (FII) hold 30.85 percent. 

Written by: Bharath K.S

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