This firm seems to have tried out an interesting approach to drive a rerating of its stock. The market was surprised when the latest quarterly disclosure of shareholdings revealed a surge in FII holding. But on closer look, it emerges that the increase in FII holding is because of a reclassification of a couple of large investors. These investors who were initially tagged as public investors, have now been reclassified as FIIs. The company has not given any reason for the reclassification, but market chatter is that the move is allegedly aimed at shoring up sentiment for the stock. A section of market players appears to have been responsive to this rejig, though. The stock, which struggled through 2022, has risen sharply of late.
