The Indian markets opened at record highs today but faced a slight correction due to a lack of sustained buying. A few significant developments regarding various stocks caught investors’ attention on July 3rd.
HDFC Bank reported a drop in foreign institutional investors’ (FII) holding to 54.83%, potentially paving the way for a weight increase in the MSCI index. Analysts predict an inflow of $3-4 billion during MSCI’s August rejig.
Zomato Financial Services, a subsidiary of Zomato, withdrew its application for an NBFC license from the RBI, signaling a shift in strategy away from entering the lending business. This move reflects the company’s current focus and future plans.
M&M Financial Services experienced a 3% year-on-year increase in disbursements in June, reaching Rs 4,370 crore. The quarter’s total disbursements stood at Rs 12,730 crore, a 5% rise year-on-year, with an estimated improvement in asset quality compared to the previous year.
Britannia Industries approved the appointment of Sunil Siddharth Lalbhai and former RBI Governor Urjit Patel as additional non-executive independent directors for a five-year term. The shareholders’ approval is pending and is scheduled to take place during the company’s Annual General Meeting on August 12, 2024.
Container Corporation of India (Concor) faced challenges with lukewarm interest in a strategic sale to privatize the company, resulting in the government putting the divestment plans on hold indefinitely. Reports suggest that the Centre is contemplating selling a 5-7% stake in Concor to meet its disinvestment objectives.
Overall, these updates provide insights into the dynamic landscape of the Indian stock market, with companies making strategic decisions to navigate challenges and opportunities in the current economic environment.
