FIIs double holding in Tata Steel to 12.43%

Foreign institutional investors (FIIs) have doubled their stake in Tata Iron & Steel Company to 12.43 per cent as on December 31, 2003, from 6.31 per cent in September 2003.

Their holding stood at 4.08 per cent as on June 30, 2003.

Janus Worldwide Fund and Janus Special Equity Fund have together bought a 2.76 per cent stake in the company in the last five months of the calendar year.

Steel sector analysts said: "Foreign investors are interested in making investments in the metals sector. "In the global steel market, China and India are the big growth stories".

Meanwhile, the promoters' stake in the steel giant has come down by 0.01 per cent to 26.29 per cent as on December 31, 2003 from 27 per cent on June 30, 2003.

The shareholding of banks, financial institutions and insurance companies has declined by 2.57 per cent at 18.82 per cent from 20.25 per cent in June, 2003.

The stake of mutual funds and Unit Trust of India has fallen by almost 3 per cent at 5.64 per cent, while UTI's pie has declined to 1.71 per cent from 2.35 per cent.

The holding of the Indian public has declined to 28.92 per cent as on December 2003, from 32.16 per cent in June 2003. The non-promoter holding in the company has gone up to 36.68 per cent in December from 33.17 per cent in September.