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Asian equities traded in the US as American depositary receipts were moving higher Friday morning, rising 0.6% to 1,961.4 on the S&P Asia 50 ADR Index.
The index is poised to close out the week up by about the same.
From North Asia, the gainers were led by data center services provider VNET Group and financial services company Dunxin Financial , which climbed 9.9% and 4.8% respectively. They were followed by online game developer The9 and e-commerce fashion platform Mogu , which rose 4.2% and 3.4% respectively.
The decliners from North Asia were led by computer hardware maker Canaan and education company Four Seasons Education , which fell 9.7% and 8.3% respectively. They were followed by pet-focused platform Boqii and mobile big data platform Aurora Mobile , which dropped 7.2% and 6.5% respectively.
From South Asia, the gainers were led by tech conglomerate Sea and pharmaceutical company Dr. Reddy's Laboratories , which increased 1.4% each. They were followed by telecommunications operator Telekomunikasi Indonesia , which was up 0.9%.
The decliners from South Asia were led by IT firm Sify Technologies and telecommunications operator PLDT , which lost 2.2% and 0.6% respectively. They were followed by financial services company HDFC Bank , which was off 0.3%.
HDFC Bank stock saw as many as 4.69 crore shares changing hands in multiple block deals aggregating Rs 6,997 crore on August 30 -- the due date of MSCI indices August rebalancing. Earlier, this month, global indices provider MSCI had raised the 'Foreign Inclusion Factor' for HDFC Bank stock from 0.37 to 0.56, opening up room for more foreign buying in the counter.
HDFC Bank share price fell following the share sale, giving up the day's gain. The stock was trading at Rs 1,630.25 near the closing bell, down 0.51 percent from the previous close.
MSCI, in its periodic review, partially raised the foreign inclusion factor on HDFC Bank stock. It is set to further raise the FIF in another tranche in its next review in November.
June’s shareholding data showed that the foreign ownership in HDFC Bank stood at 54.83 percent, falling below the crucial 55 percent-mark, qualifying it for the increased MSCI weight during the August 2024 rebalancing.
This level of foreign ownership allows for more than 25 percent ‘foreign room’ in HDFC Bank, a requirement for MSCI to consider the stock at its full market-cap weight. Some analysts expect the full inclusion in MSCI post November review to eventually draw in as much as $5 billion of foreign inflows into HDFC Bank stock.
Even at the partial raise, which is effective from August review, would likely bring in as much as $1.8 billion (~Rs 15,000 crore) worth of foreign buying in India's largest private bank.
It be noted that the final MSCI adjustment in HDFC Bank to raise the Foreign Inclusion Factor to 1 will occur in November, contingent on HDFC Bank’s FPI headroom staying above 20 percent.
India’s largest private lender HDFC Bank plans to sell as much as Rs 10,000 crore ($1.2 billion) of loan portfolios using a rare debt instrument, as it seeks to cut exposure to certain sectors amid challenges in raising deposits, according to people familiar with the matter.
The bank is in talks with local asset managers including ICICI Prudential AMC, Nippon Life India Asset Management and SBI Funds Management to issue so-called pass through certificates, a route that has not been used in a decade by the bank, the people said, asking not to be identified as the discussions are private.
The certificates, to be backed by a pool of the bank’s car loans, will likely be issued in multiple tranches in the next few weeks, the people said. The securities are expected to offer interest rate in the range of 8.3-8.5% to investors, they said.
The bank is trying to shrink its retail loan portfolio under heightened regulatory pressure in the banking industry to improve credit-deposit ratios — a measure of how much of a bank’s deposits are being lent out. The sale, if materialized, will help HDFC Bank improve its CD ratio which has worsened in recent years as credit growth outpaces deposit growth in the nation.
HDFC’s credit-deposit ratio stood at 104% at the end of March, higher than the level of 85%-88% seen in the previous three financial years, according to a report by ICRA Ltd., the local arm of Moody’s Ratings.
Kotak Mahindra Asset Management is also talking to the bank on possible subscription of those securities, the people said.
HDFC Bank, SBI Funds, Nippon Life India, ICICI Prudential and Kotak did not reply to emails from Bloomberg News seeking comments.
HDFC Bank sold a Rs 5000 crore loan portfolio to an undisclosed buyer in June. The bank had last done such a transaction more than a decade ago, Chief Financial Officer Srinivasan Vaidyanathan said last month.
The “gap between credit and deposit growth rates warrants a rethink by the boards of banks to re-strategize their business plans,” the Reserve Bank of India said in June. Indian banks’ deposits grew 10.9% annually through Aug. 9, slower than loan growth of 13.6%, according to latest RBI data.
Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das have urged banks to find ways to increase their deposits. The RBI in particular has warned banks of potential liquidity issues and has called on them to use their vast networks to attract more savings.
Asian equities traded in the US as American depositary receipts were moving higher Thursday morning, rising 1% to 1,954.1 on the S&P Asia 50 ADR Index.
From North Asia, the gainers were led by wealth management firm Noah and financial services company CNFinance , which climbed 13.8% and 6.6% respectively. They were followed by electric vehicle maker NIO and live-streaming game platform DouYu International , which rose 4.7% and 3.9% respectively.
The decliners from North Asia were education company Four Seasons Education and mobile healthcare platform 111 , which fell 7.9% and 0.9% respectively.
From South Asia, the gainers were led by IT firms Sify Technologies and Wipro , which increased 4.4% and 1.5% respectively. They were followed by telecommunications operator Telekomunikasi Indonesia and IT firm Infosys , which were up 0.9% and 0.8% respectively.
The only decliners from South Asia were tech conglomerate Sea and pharmaceutical company Dr. Reddy's Laboratories , which were down 3.7% and 0.4% respectively.
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