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Yesterday was a gloomy session for the small and mid-cap stocks, in a literal sense. The index-level cuts of 3% – 4% are rarely seen and if you talk about their individual constituents, the bloodbath was clearly visible.
It might be a good time to see where the biggies are invested to get some confidence. In that vein, here’s a list of 3 mid-cap counters that are in the highest quantities with DIIs (Domestic Institutional Investors).
Federal Bank Limited
Federal Bank Ltd. (NS:) is a private-sector lender with a market capitalization of INR 33,513 crore. The bank clocked its record-high net income in FY23, of INR 3,164.72 crore over the highest-ever revenue of INR 20,248.02 crore, translating into a margin of 15.63%, the highest since FY15, at least.
The stock fell 4.23% to INR 142.6 in yesterday’s session which reduced its TTM P/E ratio to 9.93. As per the recent data, FIIs hold a high stake of 43.92% which was 42.12% in June 2022. This makes Federal Bank the highest-weighted mid-cap stock in DIIs’ portfolios.
Zee Entertainment Enterprises Limited
Zee Entertainment Enterprises Ltd. (NS:) is a broadcasting network with a market capitalization of INR 26,082 crore. Recently, the stock has risen quite sharply from the low of INR 170.1 to the CMP of 274, as the company got approval for a merger with Sony. The stock is trading flat for the last 12 months and is quoting at a negative TTM P/E ratio of 232.39.
Despite being a loss-making firm, FIIs held a high stake of 40.77% in June 2023. In fact, mutual funds (a part of the DII category) almost doubled their stake from 15.44% in March 2022 to 30% in June 2023.
Yes Bank Limited
Yes Bank Ltd (NS:) is a private-sector lender with a market capitalization of INR 50,468 crore and was on the brink of collapse a few years back. Since then the bank’s management has changed and improved performance is also seen on the financial front. Although there aren’t any fireworks there, the bank managed to post a profit of INR 735.82 crore in FY23, from a loss of INR 3,488.93 crore in FY21.
With low earnings, the bank is definitely trading expensive, at a TTM P/E ratio of 65.68, however, it is the second-most favorite mid-cap bank of FIIs as they have a holding of 37.95% as of June 2023.
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