 "Retail investors miss rally in Mahanagar Gas; stock hits new high")
Retail investors have missed the rally in Mahanagar Gas (MGL) as individual shareholding in the company more than halved to 4.69% in September quarter from 10.66% at the end of June quarter.
The stock hit a new high of Rs 802 on BSE in intra-day trade on Friday in an otherwise weak market. Thus far in October, the stock outperformed the market by surging 22% as compared to 0.43% rise in the S&P BSE Sensex.
Since listing, it rallied 55% from Rs 520, against 3% rise in the benchmark index. The stock is now trading at a 90% premium against issue price of Rs 421 per share. It nearly doubled if one considered a dividend of Rs 17.50 per share paid in September.
According to shareholding pattern for the quarter ended September 30, 2016, filed by MGL shows that individual shareholders sold 5.89 million shares of the company in July-September period.
The number of individual shareholders holding share capital upto Rs 2 lakh has declined to 73,152 at the end of September quarter. As of June 30, there were 245,526 individual shareholders holding share capital upto Rs 2 lakh, the shareholding pattern data shows.
The number of individual shareholders holding share capital in excess of Rs 2 lakh has been also reduced to 8 from 15 earlier.
Foreign portfolio investors (9.77%) and mutual funds (5.28%) bought heavily in MGL counter with their combined holding in the company increased to 15.05% in September quarter from 5.53%. At the end of June quarter, foreign portfolio investors and mutual funds held 1.72% and 3.81%, respectively.
The stock hit a new high of Rs 802 on BSE in intra-day trade on Friday in an otherwise weak market. Thus far in October, the stock outperformed the market by surging 22% as compared to 0.43% rise in the S&P BSE Sensex.
Since listing, it rallied 55% from Rs 520, against 3% rise in the benchmark index. The stock is now trading at a 90% premium against issue price of Rs 421 per share. It nearly doubled if one considered a dividend of Rs 17.50 per share paid in September.
According to shareholding pattern for the quarter ended September 30, 2016, filed by MGL shows that individual shareholders sold 5.89 million shares of the company in July-September period.
The number of individual shareholders holding share capital upto Rs 2 lakh has declined to 73,152 at the end of September quarter. As of June 30, there were 245,526 individual shareholders holding share capital upto Rs 2 lakh, the shareholding pattern data shows.
The number of individual shareholders holding share capital in excess of Rs 2 lakh has been also reduced to 8 from 15 earlier.
Foreign portfolio investors (9.77%) and mutual funds (5.28%) bought heavily in MGL counter with their combined holding in the company increased to 15.05% in September quarter from 5.53%. At the end of June quarter, foreign portfolio investors and mutual funds held 1.72% and 3.81%, respectively.