India Business News: TCS share buyback: Approximately 6.15 million shares, equivalent to 15% of the buyback, are reserved for small shareholders with holdings valued below
Others likely to feature in the index and benefit from global passive fund inflows are Polycab India and Tata Communications, wealth firm Nuvama Alternative & Quantitative Research said.
Market observers will be monitoring the actions of pre-IPO investors and promoters in firms such as Mankind Pharma, Kaynes Technologies, Gland Pharma, Utkarsh Small Finance Bank and Senco Gold, among others, to ascertain whether they opt to divest or maintain their current holdings.
Foreign institutional investors (FII) offloaded shares worth Rs 4,424.02 crore, while domestic institutional investors (DII) purchased Rs 1,769.49 crore worth of stocks on October 4, provisional data from the National Stock Exchange (NSE) showed.
“More selling by FIIs is needed in the next few quarters before MSCI incorporates the merged entity shares with a factor of one, compared to the 0.5 currently used,” said Abhilash Pagaria, Head - Nuvama Alternative & Quantitative Research.