With rise in fuel prices, FIIs' holdings in OMCs also go up

Stake of FIIs, for instance, in ONGC sup 7 basis points

The 'aam aadmi' as well as the companies may be fretting over continuous fuel price hikes - be it petrol, diesel, LPG or Kerosene. But there is one set of investors who are making the most of such developments - the foreign institutional investors (FIIs).

In the first quarter of the current financial year, FIIs have scaled up their holdings in several of the government-owned oil companies - downstream or upstream.

In ONGC, for instance, their stake is up 7 basis points (bps) while in HPCL it stands increased to 9.91%, up 16 bps. The counter which has attracted foreign institutions the most is Oil India (OIL).

The company witnessed FII's raising their stake by almost 2%age points during the quarter.