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The media reported that this increase could trigger an influx of over $3 billion in passive investments into the stock.
Data reveals that foreign institutional investors (FIIs) held 54.8% of HDFC Bank as of June 2024. This falls below the 55% threshold set by MSCI for full inclusion in their index rebalancing, expected to take place in August.
A prominent foreign brokerage firm remains bullish on HDFC Bank, maintaining a "Buy" rating with a target price of Rs 1,900 per share.
Currently, HDFC Bank holds the fourth position in the MSCI India Index, with a weight of 3.89%. The review period for the August adjustment will be between June 18 and 31, with the official announcement on 13 August 2024 and the actual adjustment taking place on 30 August 2024.
HDFC Bank is private sector lender, As of 31 March 2024, the bank's distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities / towns as against 7,821 branches and 19,727 ATMs across 3,811 cities / towns as of 31 March 2023.
HDFC Bank's net profit jumped 37.06% to Rs 16,511.85 crore on 66.5% increase in total income to Rs 89,639 crore in Q4 FY24 over Q4 FY23.
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