What the Budget announcement did is they have merged the limit of foreign institutional investors (FIIs) and foreign direct investment (FDIs) in bank stocks, which means irrespective of whether the FII holding is at 49 percent, FIIs can buy up to 75 percent in a clubbed way in private bank stocks.
The new norms for foreign shareholding limit are extremely positive for private sector bank stocks. In fact most of the brokerages seem to be bullish on the private space post the Budget announcement.
What the Budget announcement did is they have merged the limit of foreign institutional investors (FIIs) and foreign direct investment (FDIs) in bank stocks, which means irrespective of whether the FII holding is at 49 percent, FIIs can buy up to 75 percent in a clubbed way in private bank stocks. What this move means is this will be a huge positive for private sector banks like Axis Bank , YES Bank , Federal Bank and IndusInd Bank .
Axis Bank to be particular will be the biggest beneficiary. Over all, banks weightage in Index will go from 2 percent to 7 percent. But the biggest beneficiary as I said earlier will be Axis Bank. Its weightage will goes up from zero percent to 4 percent. Not only there is huge possibility that Axis Bank will be again added back to the MSCI. Apart from that, in case of Yes Bank, its weightage will also go up from zero percent to 1 percent.
The big question is only on HDFC Bank , the brokerages still do not have clarity whether the 21 percent held by HDFC in HDFC Bank will be considered as foreign or local. So that is something to watch out for.
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