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State-owned Indian Railway Finance Corporation (IRFC) and UTI Asset Management Company (AMC) are likely to get included in FTSE global indices during their quarterly rebalancing later this week. “In terms of fresh inclusions, we expect IRFC to get included in the All World and All Cap index and also expect UTI AMC to get included in the All Cap (Small Cap) index,” said Sriram Velayudhan, Vice President at IIFL Securities in a note. China-based Fosun Pharma-led Gland Pharma also meets the qualification criteria, but limited room for overseas investment could spoil its chances. The quarterly adjustments to FTSE global equity indices will be announced on May 21 and the changes will become effective from June 18.
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Mumbai: Discretion is the better part of valour, Shakespeare said about five centuries ago. For overseas investors, it’s still the best strategy to make money in covid-crippled India.
As an unprecedented viral wave shuts the country down for the second consecutive summer, discretionary expenditure has visibly ebbed and so has FPI enthusiasm for business-as-usual stocks that rely on normal mobility. Instead, this block that owns more than a fifth of India’s market value is now buying up the traditional ‘defensives’ products one can’t live without.
So, consumer staples and IT are featuring more prominently on FII buy lists while BFSI and autos get the short shrift. Overseas investors bought $376 million (Rs 2,800 crore) and $201 million (Rs 1,517 crore) worth of consumer staples and IT stocks, respectively, in April.
Analysts say foreigners are cutting their short-term trading bets with the outlook for the economy turning uncertain after the virus spreading rapidly and causing record deaths.
Updated Apr 16, 2021 | 14:32 IST
MSCI released results of consultation on treatment of potential index additions (fresh & migrations) with extreme price increase. (Representational Image) | Photo Credit: Thinkstock
Key Highlights
MSCI release on “Treatment of potential index additions with extreme price increase
MSCI released results of the consultation on the treatment of potential index additions (fresh & migrations) with an extreme price increase. As per analysts, MSCI release “treatment of potential index additions with extreme price increase,” will have an impact on potential candidates from the Indian context into MSCI Index in an upcoming review.
As per Sriram Velayudhan, Vice President at IIFL Securities, “MSCI has released the results of its consultation on the treatment of potential index additions (fresh & migrations) with an extreme price increase. However, based on our best understanding, none of the Indian stocks are f