HDFC Bank has announced its September shareholding pattern, and its FII headroom remains safely above 20 per cent. As a result, the second phase of weight increase is likely for the stock in MSCI November 2024 rejig, leading to approximately $1.8 billion in inflows in HDFC Bank, Nuvama Alternative & Quantitative Research said on Friday.
MSCI had in its August rejig announced the long-awaited weight increase for HDFC Bank. MSCI had made an exception by raising with lower adjustment factor, leading to an inflow of $1.8 billion, equivalent to 93 million shares, with an impact of about 4.5 days. The remaining float adjustment was expected in the November 2024 rejig, provided the foreign room stays at least 20 per cent.
FPI holding in the bank stood at 48.01 per cent at the end of September quarter. Government of Singapore (2.41 per cent), Vanguard Total International Stock Index Fund (1.19 per cent) and Government Pension Fund Global (1.48 per cent) were some of FPIs in HDFC Bank. Mutual funds owned 24.53 per cent stake in the bank, while insurance companies held 8.27 per cent stake in the most-valued private lender
Shares of HDFC Bank Ltd were trading lower in Friday's trade after the private lender said its gross advances grew 7 per cent for the September quarter, while deposits were up 15.1 YoY for the same period.
HDFC Bank said its gross advances aggregated to Rs 25,19,000 crore as of September 30, a growth of 7 per cent over Rs 23,54,600 crore as of September 30, 2023. The private lender said its deposits were Rs 25,00,000 crore as of September 30, 2024, a growth of around 15.1 per cent over Rs 21,72,900 crore as of September 30, 2023. Sequentially, the deposit growth came in at 5.1 per cent over the June quarter's Rs 23,79,100 crore.
HDFC Bank shares were down 0.49 per cent at Rs 1,673.95. The scrip has risen 10 per cent in the past six months but is down 1.45 per cent year-to-date.