In today’s briefing:
- NIFTY100 Low Volatility 30 Index Rebalance Preview: Titan Could Replace IOCL
- Macrotech Developers Placement – Large Deal, and Not Cheap Per Se
NIFTY100 Low Volatility 30 Index Rebalance Preview: Titan Could Replace IOCL
- With the review period complete, Titan Co Ltd (TTAN IN) should replace Indian Oil Corp (IOCL IN) in the Nifty100 Low Volatility 30 Index at the close on 27 March.
- Constituent changes, volatility changes and capping changes will result in one-way turnover of 13.2% resulting in a one-way trade of INR 4.2bn.
- The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.
Macrotech Developers Placement – Large Deal, and Not Cheap Per Se
- Macrotech Developers (LODHA IN) is looking to raise around US$398m via a QIP.
- The deal here will be a well flagged one with LODHA’s board having announced its intention of raising up to INR50bn via a QIP earlier in Jan 2024.
- That being said, while representing just 3% of LODHA’s shares outstanding, the deal would be a large one to digest at 30 days of its three month ADV.
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