Fiis Up Pie In L & T, Av Birla Firms

 The hike in FII holding was the highest in L&T at 4.09 per cent, followed by 4.01 per cent increase in Grasim.

 Last month, L&T demerged its cement business into a separate subsidiary and handed over management control to Grasim.

 FIIs bought 10.2 million equity shares of L&T and 3.94 million equity shares of Grasim during the April-June quarter.

 The Smallcap World Fund Inc and Government of Singapore bought 1.04 per cent and 1 per cent stake, respectively, in Grasim Industries over the last three months.

 Banks, financial institutions and Life Insurance Corporation of India together offloaded 4.4 per cent of equity of Grasim in favor of FIIs during the quarter. The rise in FII stake was nearly one per cent in Hindalco and marginal in Indian Rayon.

 The FII move was seen a manifestation of confidence on the Aditya Birla group by the foreign funds, generally described as