Global Funds Catch Craze for India's Minnows in Hunt for Winners [BNN Bloomberg (Canada)]
ICICI Bank Limited (IBN)
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Source: BNN Bloomberg
The number of firms with more than 10% overseas shareholding rose to 275 on the BSE 500 Index as of December-end, versus 257 a year ago, according to a Bloomberg analysis of foreign institutional ownership data. The increase was largely fueled by minnows. Efforts to find the next winners in the world's fastest-growing major economy is prompting global funds to go further down the market-cap ladder, adding to the exuberance that's fueled a relentless rally in this segment. A gauge of small- and mid-cap stocks has returned 60% in the past year, compared with a 23% advance in India's main S&P BSE Sensex Index. To bulls, the craze is backed by fundamentals. Earnings for this cohort rose 29% in the latest quarter, nearly double the growth in large caps, according to an analysis from Nuvama Institutional Equities. Besides, many emerging themes can only be found in smaller companies, Rajat Agarwal, Asia equity strategist at Societe Generale, said by phone Wednesday. “If you want to ow
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