HDFC Bank anticipates massive inflows, Adani stake changes - Indian market moves

HDFC Bank anticipates massive inflows, Adani stake changes - Indian market moves

Monday saw a flurry of activity on Dalal Street as various stocks came into focus for different reasons. Among the most notable was HDFC Bank, which analysts predict will see massive inflows of up to $600 million from passive trackers this week. This surge in interest is due to the index rebalancing in the BSE Sensex and HDFC Bank's inclusion in the FTSE indices.

In other news, the Adani Group, led by Gautam Adani, has increased its stake in Adani Enterprises to 71.93 percent from 69.87 percent. The group also raised its stake in Adani Ports to 65.23 percent from 63.06 percent, according to BSE data.

Promoters of Torrent Group are reportedly planning to raise funds by pledging a stake in their power arm in a bid to acquire Cipla. This comes amid speculation that Torrent Pharma and Cipla may be involved in a potential transaction.

Meanwhile, Grasim's textile division plans to expand its footprint in smaller cities and towns by opening around 100-120 retail stores over the next couple of years. The company aims to capitalize on the growing consumer market in these areas.

Balrampur Chini's chairman and managing director, Vivek Saraogi, stated that the company stands to gain solidly amid high sugar prices and lower surplus in the country as it derives more volume from Uttar Pradesh.

In August 2023, IRB Infra collected total toll revenue of Rs 417.21 crore ($56 million), up 24.2 percent compared with Rs 335.99 crore ($45 million) in August 2022.

However, not all news was positive. Natco Pharma and a few other drug makers have been named defendants in an antitrust lawsuit regarding a generic cancer treatment drug in the U.S. Additionally, Coffee Day Enterprises faces a filed application under the Insolvency and Bankruptcy Code.

In the energy sector, state-run Oil India plans to invest $2 billion in projects and aims to achieve a net zero goal by 2040. Similarly, SJVN's Green Energy arm signed a power purchase agreement for 25 years with Bhakra Beas Management Board for an 18 MW solar power project in Himachal Pradesh and Punjab.

Finally, IRCTC announced it will arrange catering facilities in all trains booked on full tariffs, signifying a potential boost for its service offerings.

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