Norway’s Government Pension Global Fund needs no introduction. It is after all the world’s largest sovereign wealth fund, with AUM (Assets Under Management) of US$ 1 Trillion. The fund, which is often called the Norwegian Oil Fund, was established by Norway in 1990.

It invests surplus revenues from the country’s petroleum sector to ensure long-term financial stability. The fund focuses on global equity, fixed income, and real estate investments to diversify and maximize returns for future generations. The fund is managed with high standards of governance, ensuring transparency and ethical practices in its investments.

Currently, the fund holds 101 stocks in the Indian Stock Market, worth over Rs 146,524 cr. These include a wide range of stocks across various sectors, reducing risk and ensuring balanced returns. The fund also has a history of delivering stable and consistent returns over the years, benefiting long-term investors.

As per exchange filings for the quarter ending March 2025, the fund raised its stakes in some Indian stocks. Let us take a look at them.

Syngene International Ltd

Established in 1993, Syngene International Ltd is a Biocon subsidiary is India’s first Contract Research Organization (CRO) which expanded later to be an integrated service provider offering end-to-end drug discovery, development, and manufacturing services on a single platform (CRAMS).

With a market cap of Rs 26,465 cr, the company saw a rise in stake by the Government Pension Global Fund from 1.94% as of the quarter ending in December 2024 to 2.48% in March 2025.

The company sales saw a 13% compound growth from Rs 2,012 cr in FY20 to Rs 3,642 cr in FY25. EBITDA (earnings before interest, taxes, depreciation, and amortisation) was Rs 618 cr for FY20 which grew to Rs 1,042 cr in FY25 logging in a compound growth of 11%. Net profit was Rs 412 cr for FY20 and which grew at a compounded rate of 6% Rs 496 cr in FY25.

The share price of Syngene International Ltd jumped from Rs 368 in June 2020 to its current price of Rs 656 as of the closing of 9th June 2025, which is a growth of 78%.

The company’s share is trading at a current PE of 56x while industry median is just around 45x. As for the 10- year median PE, Syngene is at 56x again while the industry median is 31x.

Axis Bank Ltd

Incorporated in 1993, Axis Bank Ltd is the 3rd largest private sector bank in India,

With a market cap of Rs 3,77,999 cr, the bank is the 4th largest issuer of credit cards in India with a market share of about 20%. The bank saw a rise in stake by the Government Pension Global Fund from 1.67% as of the quarter ending in December 2024 to 2.15% in March 2025.

As for the bank’s latest numbers, the revenue grew from Rs 63,716 cr in FY20 to Rs 127,374 cr in FY25, which is a compound growth of 15%. In case of Financing profits, the bank had recorded losses of Rs 10,256 cr in FY20, but as of FY25, it has logged in profits of Rs 8,179 cr. The net profits on the other hand grew from Rs 1,879 cr in FY20 to Rs 28,191 cr in FY25, logging in a compound growth of 72% in 5 years.

The share price of Axis Bank Ltd was about Rs 405 in June 2020, and as of closing on 9th June 2025, it is Rs 1,220, which is a jump of over 200%.

The bank’s share is trading at a PE of 14x which is same as the industry median. The 10-year median PE for Axis Bank is however 18x, while the industry median for the same period is 16x.

Hero MotoCorp Ltd

Started in 1984 as a Technological collaboration with Honda, Japan, Hero MotoCorp Ltd earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers.

With a current market cap of Rs 86,976 cr, the company is the world’s largest manufacturer of 2 Wheelers, in terms of unit volumes sold by a single company in a calendar year, for more than 2 decades. The Government Pension Global Fund raised its stake in the company from 2.29% to 2.65% between the quarters ending December 2024 and March 2025.Top of Form

The company’s sales have grown at a compound rate of 7% in the last 5 years from Rs 29,254 cr in FY20 to Rs 40,923 cr in FY25. The EBITDA has grown from Rs 4,070 cr in FY20 to Rs 5,785 cr in FY25. The net profits grew at a compound rate of 8% between FY20 and FY25, from Rs 3,659 cr to Rs 4,376 cr.

The share price of Hero MotoCorp was around Rs 2,401 in June 2020 which has grown by 77% to its current price of Rs 4,249 cr as of closing on 9th June 2025.

The company’s share is currently trading at a PE of 20x, and the industry median is currently 31x. The 10-Year median PE for Hero MotoCorp is however 21x which is lower than the industry median of 30x for the same period.

Havells India Ltd

Founded in 1958, Havells India is a leading FMEG (Fast Moving Electrical Goods) company with a strong global presence, manufacturing a wide range of electrical products for residential, commercial, and industrial use.

With a market cap of Rs 96,829 cr, the company saw a rise in stake by the Government Pension Global Fund from 1.46% to 1.62%.Top of Form

The company’s sales have grown at a compound rate of just 18% in the last 5 years from Rs 9,440 cr in FY20 to Rs 21,778 cr in FY25. The EBITDA logged in a compounded growth of about 15% in the same period. The net profits also saw a compound jump of 15% in the same period.

The share price of Havells India was around Rs 551 in June 2020 and as of closing on 9th June 2025 it was at Rs 1,544, which is almost a 180% jump in 5 years.

The company’s share is trading at a current PE of 65x, and the industry median is around 39x. The 10-year median PE for Havells India is about 64x while the industry median for the same period is 36x.

IndusInd Bank Ltd

Incorporated in 1994, IndusInd Bank Ltd is the 5th largest private sector bank in India.

With a market cap of Rs 65,162 cr, IndusInd is India’s 2nd largest microfinance lender, operating through its subsidiary Bharat Financial Inclusion Limited (BFIL), serving over 13 Mn customers.

The bank saw a rise in stake by the Government Pension Global Fund from 2.01% as of the quarter ending in December 2024 to 2.14% in March 2025. This was the same quarter in which certain discrepancies at the bank came to light which led to a sharp fall in its stock price.

As for the bank’s financials, the revenue grew from Rs 28,783 cr in FY20 to Rs 48,668 cr in FY25, which is a compound growth of 11%. In case of Financing profits, the bank saw profits in FY23 and FY24 but logged in losses of Rs 4,069 in FY25. The net profits also fell from Rs 4,418 in FY20 to Rs 2,643 in FY25.

The share price of IndusInd Bank Ltd was about Rs 422 in June 2020, and as of closing on 9th June 2025, it is Rs 837, which is a jump of about 98%.

The bank’s share is trading at a PE of 25x, while the current industry median is 14x. The 10-year median PE for IndusInd Bank is however 23x, while the industry median for the same period is 16x.

Watchlist Worthy?

The financials of all the five companies we saw today that the Government Pension Global Fund raised its stake in, have a unique story to tell. While some of them are recording solid potentials, a couple of them are on shaky grounds due to the profits.

But they all have one thing in common. They have not only managed to catch the attention of the world’s largest sovereign wealth fund, but they have also managed to have the fund raise its stake in them. The fund definitely sees some merit inn the stocks to have raised its stakes.

Now, the question is, should one buy or be a mere spectator. A personal decision every investor must make for himself or herself. But adding these stocks to the watchlist and keeping a close eye on them could only help.

Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 

The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 

Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article. 

The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein.  The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors.  Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.