FIIs mop up beaten-down shares.

Economic Times (New Delhi, India), June, 2006

Byline: Vijay Gurav

Jun. 23--MUMBAI, India -- As share prices tumbled to attractively low levels in May and June, foreign institutional investors (FIIs) and private equity investors quickly jumped at the opportunity to mop up beaten-down shares.

The trading pattern in the current month shows that leading foreign funds such as Warburg Pincus, Goldman Sachs, Oppenheimer Fund and Citigroup Global Markets have bought stakes in different companies, especially mid-cap shares, through block deals.

Despite global concerns over rising interest rates in the US, foreign investors are seen buying, though selectively, on the Indian bourses. This shows that they are still keeping faith in the India story as the fundamentals remain robust, say brokers....

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