FII ownership in HDFC Bank declines to 47.8% in Q4 from 52.3% in Q3

FII ownership in HDFC Bank declines to 47.8% in Q4 from 52.3% in Q3 /Reuters

VoM News Desk | April 4, 2024 | 04:04 PM IST | Breaking News | Follow on Google News

FII ownership in HDFC Bank declines to 47.8% in Q4 from 52.3% in Q3

FII ownership in HDFC Bank declines to 47.8% in Q4 from 52.3% in Q3

HDFC Bank share price gained more than 3% on Thursday and the stock was largest gainer amongst Nifty-50 stocks. While the business updates provided by the HDFC Bank for the March quarter lifted the investor sentiments,  The shareholding data for HDFC Bank at the end of March ‘2024  also showed that there was  decline in ownership by  Foreign Institutional investors (FII) during the the March 2024 quarter. The FII ownership in HDFC Bank as of March quarter at 47.83%, declined from 52.39% in the December quarter. This is leading to expectations that there may be some balancing and fresh buying seen by new Foreign Investors  to compensate for the gap that has been created by FPI selling and the requirement to meet the weightage in the MSCI .

A market expert said that the expectations have been raised and the share price is also gaining in anticipation of fresh buying by Foreign institutions. The share price may move up from here but it remains to be watched whether some fresh selling may emerge at higher levels. 

Meanwhile as per the HDFC Bank’s business updates, deposits in Q4FY24 totaled about ₹23.80 lakh crore, up 7.5% sequentially and 26.4% year over year.  Strong rise in retail deposits was also observed, at 27.8% YoY and 6.9% sequentially. Wholesale deposits increased by roughly 10.9% consecutively and 19.4% year over year. This also lifted the sentiments……(More to Come)

Source: Mint

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.