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    Kotak Bank, Patanjali, Blue Dart likely to join FTSE Global in next rejig

    Synopsis

    Kotak Mahindra Bank, India's fourth-largest bank in terms of market capitalisation, could be the biggest beneficiary of the FTSE change. The stock is expected to see an inflow of $61 million from foreign portfolio investors (FPIs), according to data compiled by IIFL Alternative Research.

    stocksAgencies
    FPIs, which sold nearly ₹2.11 lakh crore in Indian equities this year, turned positive in July with an inflow of ₹6,720 crore.
    Mumbai: Kotak Mahindra Bank, Patanjali Foods, Blue Dart Express, Devyani International, and Vedant Fashions are likely to be included in the FTSE Global All Cap Index, according to IIFL Alternative Research.

    FTSE will likely announce the semi-annual review of its indices on August 19, and the changes will be implemented from September 16.

    Kotak Mahindra Bank, India's fourth-largest bank in terms of market capitalisation, could be the biggest beneficiary of the FTSE change. The stock is expected to see an inflow of $61 million from foreign portfolio investors (FPIs), according to data compiled by IIFL Alternative Research.
    Shares of Kotak Bank have gained 13% in the last month compared to a 10% gain in the Nifty. Foreign Portfolio Investors (FPIs) held a 40.55% stake in the company as of June 30, 2022.
    Kotak Bank, Patanjali, Blue Dart Likely to Join FTSE Global in Next Rejig
    Patanjali Foods, formerly Ruchi Soya, would see a net inflow of $27 million in September, as per IIFL estimates. The company had raised ₹4,300 crore through a follow-on public offer in March. Blue Dart and Devyani International could see inflows of $17.5 million and $13.9 million, respectively.

    Other stocks that could see inflows on account of the index change are Indian Hotels ($43.8 million), Gujarat Fluorochemicals ($23.7 million), Atul ($31.3 million), CG Power ($33.3 million), Schaeffler India ($24.4 million), and Linde India ($17.3 million). All these stocks are likely to be shifted to the FTSE All-World index.

    FTSE Indices are widely tracked globally, with several passive funds replicating their portfolios in line with stock weights. These funds have to buy or sell if a stock's weight in the index is increased or reduced.

    FPIs, which sold nearly ₹2.11 lakh crore in Indian equities this year, turned positive in July with an inflow of ₹6,720 crore.




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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