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The Abu Dhabi Investment Authority, or ADIA, was busy shopping on Dalal Street in a choppy market all through the June quarter.
It made a couple of changes to its India portfolio, increasing stakes in largecaps such as Axis Bank, HDFC and UPL, even as it offloaded a number of midcaps as well as smallcaps.
Among the largecaps, ADIA raised its stake in Axis Bank to 1.19 per cent at the end of June quarter from 1.17 per cent at the end of the sequential quarter ended March 2018.
It also hiked stakes in Housing Development Finance Corporation (to 1.40 per cent from 1.33 per cent earlier), Infosys (to 1.32 per cent from 1.22 per cent) and UPL (to 1.32 per cent from 1.27 per cent).
Axis Bank recently announced plans to add between 350 and 400 branches to its network this year from the current strength of about 3,800 branches, reports said.
In one of the largest overseas deals by India Inc in recent years, chemicals producer UPL (formerly United Phosphates) in July teamed up with Abu Dhabi Investment Authority and TPG to snap up Florida-based Arysta Life Science Inc for $4.2 billion in an all-cash deal.
Abu Dhabi Investment Authority also raised its holding in Jubilant FoodWorks from 1.91 per cent at the end of March 2018 to 1.29 per cent as of June 30.
ADIA exited Dilip Buildcon, Gulf Oil Lubricants India and Hindustan Construction, among others.
Shares of Dilip Builcon plunged are down 13 per cent on a year-to-date basis till August 13.
ADIA also lowered stakes in NIIT and Shriram Transport Finance Company during the quarter.
It kept its holdings constant in many other companies such as CESC, CG Power, Multi Commodity Exchange, Navkar Corporation, VRL Logistics, Time Technoplast.
ADIA also bought shares in DCB Bank, LIC Housing Finance and Simplex Infrastructure.
ADIA is a sovereign wealth fund owned by Emirate of Abu Dhabi (in United Arab Emirates) and holds more than 20 companies in its India portfolio, which is worth nearly Rs 13,000 crore.
ADIA invests funds on behalf of the Government of the Emirate of Abu Dhabi.
