HDFC Bank sees FIIs cutting stake by 4.5% in March quarter; MFs up stake by 3.7% (2024)

Foreign investors cut their stake in HDFC Bank by 4.5 percent to 47.8 percent in the March quarter, according to the latest shareholding pattern on BSE. Meanwhile, Mutual funds increased their holdings by 3.72 percent to 23.17 percent from 19.45 percent a quarter ago.

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Foreign investors reduced its stake in HDFC Bank by 4.5 percent to 47.8 percent in the March quarter, according to the latest shareholding pattern on BSE.

Meanwhile, mutual funds increased their holdings by 3.72 percent to 23.17 percent, from 19.45 percent a quarter ago.

HDFC Bank surged almost 3 percent to Rs 1,525 at 3 pm. Analysts said the surgeÂin the stock price was on expectations of an increased weight in the MSCI index due to a reduction in foreign shareholdings.

This is likely to increase HDFC Bank's weight in the MSCI Index. Analysts anticipate this adjustment could trigger around $2-billion inflow into the stock. Currently, HDFC Bank holds a 4.36Âpercent weight in the MSCI Index.

ALSO READ: HDFC Bank's robust Q4 business update supports banking rally; retail loan doubles YoY

Recently, HDFC Bank saw a huge sell-off due to disappointing earnings. Investors expressed concerns about underperformance in net interest margins (NIM), sluggish deposit growth, and slower-than-expected retail growth following the lender's Q3 results. Mutual funds in January and February bought around Rs 13,850 crore and Rs 8,400 crore in the private lender on huge corrections.

Following a recent decline, multiple brokerages raised their target prices for HDFC Bank. Citi issued a 'buy' rating with a target of Rs 2,050 per share, indicating a 44 percent upside. Analysts at Citi are optimistic about the bank's robust and sustainable franchise, anticipating profitable growth. Morgan Stanley also labelled HDFC as 'overweight' with a target price of Rs 2,110 per share, responding to the management's announcement of stable double-digit year-on-year growth in the home loan business post-merger until December 31, 2023.

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first published: Apr 4, 2024 03:18 pm