Business Standard

HDFC gains after MSCI reverses weight reduction decision

Related News

The stock of Housing Development Finance Corporation (HDFC) advanced 4.4 per cent to Rs 662.55 on Thursday after said it had reversed its decision to cut the weightage of the mortgage lender by half.

On May 15, MSCI, a provider of indices, had said it would reduce HDFC’s weightage in the MSCI Index from 6.2 per cent to 3.2 per cent. The move was triggered by a decrease in number of shares available to foreign institutional investors (FIIs).

The decision to reverse the weightage cut was taken after HDFC’s board passed a resolution to increase the limit on FII shareholding from 74 per cent to 100 per cent of the paid-up capital. MSCI said it would once again review HDFC’s weightage at its next quarterly review in August, as the Reserve Bank of India’s approval for the increase in FII ownership limits was still awaited.

Read more on:   
|
|
|

HDFC gains after MSCI reverses weight reduction decision

The stock of Housing Development Finance Corporation (HDFC) advanced 4.4 per cent to Rs 662.55 on Thursday after MSCI said it had reversed its decision to cut the weightage of the mortgage lender by half.

The stock of Housing Development Finance Corporation (HDFC) advanced 4.4 per cent to Rs 662.55 on Thursday after said it had reversed its decision to cut the weightage of the mortgage lender by half.

On May 15, MSCI, a provider of indices, had said it would reduce HDFC’s weightage in the MSCI Index from 6.2 per cent to 3.2 per cent. The move was triggered by a decrease in number of shares available to foreign institutional investors (FIIs).

The decision to reverse the weightage cut was taken after HDFC’s board passed a resolution to increase the limit on FII shareholding from 74 per cent to 100 per cent of the paid-up capital. MSCI said it would once again review HDFC’s weightage at its next quarterly review in August, as the Reserve Bank of India’s approval for the increase in FII ownership limits was still awaited.

image

Read More

Today's picks

The index closed bearish.

Recommended for you

Advertisements

Quick Links

Market News

Sangam (India) zooms over 50% in four days on stake hike by promoter

The stock is currently trading at its record high of Rs 125 and has rallied 54% from Rs 81 on May 19.

Sagar Cements surges after turnaround in Q4

The stock surged 16% to Rs 408 after reported net profit of Rs 21.70 crore in March quarter against loss of Rs 11.36 crore in the year ago ...

SBI pares early gains post Q4 results

The stock surged 5% to Rs 305 after reported 23% year on year jump in standalone net profit at Rs 3,742 crore in March quarter.

Markets hold gains amid firm global cues

Sensex has soared 214 points to trade at 28,023 levels while the Nifty has surged 55 points to quote at 8,476 mark

RCF declines as Q4 profit halves

The stock dipped 5% to Rs 58.25 after reporting a 56.5% year-on-year decline in net profit at Rs 66 crore in the March quarter.

 

Back to Top