Indian mutual funds cut their holdings in Thirumalai Chemicals Limited and Himadri Speciality Chemical Ltd in the September quarter, reversing earlier increases in ownership of the two Indian chemicals companies.
At Thirumalai, funds held 6.11% of shares at Sept. 30, compared with 9.06% at June 30, the company’s shareholding filings show. That decline of 2.95 percentage points followed an increase from 8.91% at March 31 to the June level.
Measured in shares, mutual funds’ combined holdings fell by 3,552,415 between the June and September reporting dates. Motilal Oswal Small Cap Fund held 4,995,444 Thirumalai shares at Sept. 30, down from 8,183,542 at June 30. Its reported position decreased by 3,188,098 shares.
Himadri reported that mutual funds held 0.73% of its shares at Sept. 30, down from 1.26% at June 30. Their stake had been 1.14% at March 31 before rising in the June filing. The subsequent decline was 0.53 percentage point.
The number of Himadri shares reported under mutual fund ownership decreased from 6,351,342 at June 30 to 3,681,070 at Sept. 30. That is 2,670,272 fewer shares at the two quarter-ends, according to the company’s filings.
Using ACE Equity data, The Economic Times identified a broader set of BSE small-cap companies where funds’ reported stakes declined. An earlier EconoTimes report on rising fund stakes in BSE 500 companies described higher mutual fund ownership in 203 stocks in a separate screen.
The company filings compare reported ownership at each quarter-end. They give no dates for individual trades or explanation from fund managers for the lower balances. The figures show how the reported positions changed, without establishing why the funds reduced their stakes.
Thirumalai’s board is scheduled to consider unaudited results for the quarter and half year ended Sept. 30 at a Nov. 5 meeting, according to its exchange notice.
