Despite overall selling, FIIs staying put in these stocks

India might not be such an attractive equity market for foreign institutional investors right now, but some Indian stocks still hold their allure for investors.

Firstpost did a quick analysis to bring to you 56 companies in which FIIs increased their stakes in the past four quarters. Not only that, around 40 percent of these companies have also seen an increase in their stock prices.

Stocks like Strides Arcolab, Gujarat Pipavav, Jubilant FoodWorks, KPIT Cummins and NCC have seen a more than 10 percent increase in FII holdings (refer table below).

Among them, Strides Arcolab reported the biggest change in FII shareholding pattern for the last four quarters ended September 2011, with their stake increasing by almost 26 percentage points. However, the price slumped10 percent over the past one year. Other stocks that deserve special mention are Hexaware Technologies, whose share price moved up more than 100 percent, while foreigners increased their stake by 6.63 percentage points, and Page Industries (its share price gained more than 100 percent, while FII stake increased by 1.69 percentage points).

However, not all stocks that benefited from higher foreign investment performed well on the share price front. Accentia Technologies, Jai Balaji Inds, NCC, Usha Martin and Sun TV saw a more than 50 percent fall in market capitalisation in the past one year even though foreigners bought into these companies.

The buying trend in these companies, however, in in sharp contrast to the overall behaviour of FIIs, who have been on a selling spree since the start of the year. Since January, they have offloaded nearly Rs 735 crore of equities, according to Sebi data.