FIIs shop for technology mid-caps

Mastek was the top pick in June quarter; traditional favourites get the go-by

FII holding, per cent

As on

Change*

*Percentage points

31/03/04

30/06/04

Mastek

22.70

25.45

2.75

Geodesic Information

27.54

30.25

2.71

Hexaware Technologies

21.20

23.79

2.59

Geometric Software

0.59

2.26

1.67

Hughes Software

20.85

22.46

1.61

HCL Technologies

9.53

11.00

1.47

iGate Global Solutions

2.39

3.61

1.22

Wipro

2.53

2.30

-0.23

Subex Systems

14.92

13.06

-1.86

SSI

30.05

28.06

-1.99

Infosys Technologies

41.82

39.74

-2.08

Moser Baer

23.27

21.05

-2.22

 They also bought equity shares of HCL Technologies, i-flex solutions, Infotech Enterprises, Polaris Software and MphasiS BFL.  However, FIIs reduced their holdings in frontline technology stocks such as Infosys Technologies, Wipro and Satyam Computer System during the quarter and they also sold equity shares of second-rung stocks such as Moser Baer, VisualSoft Technologies, Rolta and e-Serve International. These stocks had seen an excellent run in their prices in recent quarters.  Out of the 33 listed information technology companies, 17 have reported their share holding data for the quarter ended June 2004 to the stock exchanges. FIIs sold 1.86 crore equity shares in 12 frontline stocks including Infosys Technologies, Wipro and Satyam Computer System during the quarter.  Their holding in four other companies