Shriram Finance could witness an inflow of up to $250 million from the passive funds if included in India s biggest index. Domestic and global passive funds, such as exchange-traded funds (ETFs), structure their portfolios based on these indices.
"We are seeing a mean reversion phenomenon in the markets where the mid- and small-cap indices both peaked in October and are now experiencing a correction at a rate faster than the Nifty" said Deepak Jasani, head of retail research at HDFC Securities. "Investors display a sentiment of risk aversion and are not willing to wait longer, and hence are pulling out of the market booking profits wherever available or cutting losses."
The country s largest software services exporter announced a ₹17,000 crore share buyback, where it will acquire 40.9 million shares at ₹4,150 per share, at a premium of 17.5% to its Thursday closing price of ₹3,542. Investors can tender the shares in the buyback to benefit from an arbitrage opportunity.
India Business News: TCS share buyback: Approximately 6.15 million shares, equivalent to 15% of the buyback, are reserved for small shareholders with holdings valued below