In today’s briefing:
- HDFC/HDFC Bank Mega Merger: Index Implications as We Near Completion
- Morning Views Asia: Country Garden Holdings Co, Tata Motors ADR, Xiaomi Corp
HDFC/HDFC Bank Mega Merger: Index Implications as We Near Completion
- Foreign shareholding has dropped in HDFC Limited and increased in HDFC Bank – the net effect is an increase in foreign room to just north of 18%.
- The merger is expected to complete in Q2/Q3 when there will be buying from MSCI trackers. There will be adhoc inclusions to the NIFTY, Nifty Next 50 and SENSEX indices.
- HDFC Limited (HDFC IN) trades 1.39% below the merger ratio with HDFC Bank (HDFCB IN) and also at a lower price to book.
Morning Views Asia: Country Garden Holdings Co, Tata Motors ADR, Xiaomi Corp
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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