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MSCI tweak lifts Sensex by 377 pts, Nifty ends near 11,900; Kotak Bank gains 12%

27. October 2020 Maria Trading Articles (0)

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Indian shares reversed course to end higher on Tuesday on hopes of higher inflows after MSCI said it will make changes to its global indexes following revisions in the country's foreign ownership limits
Market closing
Indian benchmark share indices reversed early losses to settle higher on Tuesday on hopes of higher inflows after MSCI said it will make changes to its global indexes following revisions in the country's foreign ownership limits.
Sensex settled at 40,522.10, up 376.60 or 0.94%, while Nifty closed 121.65 points or 1.03% higher at 11,889.40.
Kotak Mahindra Bank, closing over 11% higher, was the top Sensex gainer followed by Nestle India, Asian Paints, Bajaj Finance and NTPC. TCS, HDFC, ONGC and Infosys were among the laggards. Of 30 Sensex shares, 19 closed in the green.
Kotak Mahindra Bank shares continue to gain
Shares of Kotak Mahindra Bank further gained nearly 12% in early trade on Tuesday after the company reported a 22 per cent growth in consolidated net profit for the July-September quarter. The stock jumped 12% to ₹1584.75 on the BSE.
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Indian stocks rally on MSCI move to revise foreign ownership limits

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MSCI on Tuesday said it will implement changes in foreign ownership limits in the MSCI Global Indexes, which will contain Indian securities. It will implement the changes at the close of 30 November, effective 1 December.

Indian shares recouped earlier losses and were higher on Tuesday on hopes of higher inflows after MSCI's announcement to rejig indices. Analysts believe that the changes are expected to rope in billions of dollars in domestic stocks where the foreign ownership limit will increase.

According to the Morgan Stanley report, Kotak Mahindra Bank, PI Industries and Ipca Laboratories are likely to be included into MSCI indices, leading to massive inflows to the tune of $2.5 billion via passive funds.

"MSCI India's weight in MSCI EM will increase to 8.7% (weight increases for current constituents) and 8.8% (new additions) from the current level of 8.1%, and passive inflows of $1.93 billion and $600 million, respectively", Morgan Stanley report added.The biggest beneficiaies will be Asian Paints, Bajaj Finance, Britannia, L&T and Nestle India that can see inflows in the range of $100-$210 million. Apart from these Tech Mahindra, NTPC, Divi’s Labs, Cipla, Titan, Maruti Suzuki and Tata Steel may also see inflows of upwards of $77 million, according to the Morgan Stanley report. Kotak Mahindra Bank, PI Industries and Ipca Labs to see inflows of $502 million, $99 million and $102 million respectively.

Kotak Mahindra Bank surged 10% after this news. Other stocks were up in the range of 1-5%.

The MSCI move comes after depositories CDSL and NSDL in April increased foreign ownership limit for all listed companies to their sectoral limits.

"MSCI welcomes the recent disclosure of the foreign investment limits for Indian securities by National Securities Depository Limited (NSDL) & Central Depository Services Limited (CDSL) addressing the concerns on the timeliness, quality and standardization of the data," MSCI said in a statement.

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Stocks to Watch: Mahindra Finance, DHFL, Torrent Pharma, HCL Tech, SBI, GHCL

27. October 2020 Maria Trading Articles (0)

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Here’s a list of top ten stocks that may be in news on Tuesday:

Mahindra Finance: The company reported a 34% jump in consolidated net profit at ₹353 crore for the second quarter ended September of this fiscal. Mahindra and Mahindra Financial Services (Mahindra Finance) had posted a net profit of ₹264 crore during the corresponding quarter a year ago.

DHFL: Lenders to the debt-ridden mortgage financier Dewan Housing Finance Corp. Ltd (DHFL) have asked the four bidders to get back with a revised offer by 31 October as part of the on-going resolution process. DHFL had received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick stake in the company or buy out assets.

Torrent Pharma: Drug firm Torrent Pharmaceuticals reported a 27.04% rise in consolidated net profit to ₹310 crore for the quarter ended September, mainly on account of robust sales in India and reduction in expenses. The company had posted a net profit of ₹244 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to BSE.

Cadila Healthcare: The Indian drugmaker, which is racing to develop an indigenous covid-19 vaccine, is in talks with potential partners to ramp up production capacity if its candidate passes human clinical trials, according to a Bloomberg report.

SBI: The State Bank of India (SBI) has raised ₹5,000 crore by issuing Basel-III compliant bonds. The committee of directors of capital raising met on Monday and accorded its approval to allot 50,000 Basel-III compliant non-convertible, taxable debt instruments, SBI said in a regulatory filing.

Coforge: Hulst BV, part of private equity investor Baring Private Equity Asia (BPEA), on Monday sold 38 lakh shares or 6.27% of Coforge Ltd, earlier known as NIIT Technologies, for ₹878 crore through block deals.

HCL Technologies: The company has completed the acquisition of Cisco's Self Optimizing Network ('SON') Technology effective 25 October, it said in a regulatory filing.

GHCL: Chemicals and textiles manufacturer GHCL Ltd reported a 27.71% decline in consolidated net profit to ₹84.86 crore for the quarter ended September 2020. The company had posted a consolidated net profit of ₹116.84 crore in the July-September period a year ago, GHCL said in a regulatory filing.

NTPC: The board of directors of state-owned power giant NTPC will meet on 2 November to consider a proposal to buy back the company's equity shares. Last week, markets regulator Sebi granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.

Future Lifestyle Fashions: Care Ratings has revised downwards the credit rating on long-term bank facilities and non-convertible debentures to ‘BB credit watch with negative implication’s from ‘BBB credit watch with developing implications’. The revision of ratings primarily factors in weakening credit profile of the company on account of slower than envisaged ramp up of sales, unavailability of additional working capital limits, the ratings agency said.

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