This week, Ambuja Cements will see two-way flows, with capital coming in from the FTSE index and exiting from the MSCI index. While MSCI's readjustment was announced earlier this month, FTSE announced its rejig following Gautam Adani's sale of a 2.75 percent stake in Ambuja Cements.
FTSE, in its latest announcement, notified participants that it will adjust the float after the promoter entity's stake sale. This adjustment will occur on August 29, leading to an inflow of $17 million (2 million shares), which will have a half-day impact.
On the other hand, on August 13, MSCI announced that it would reduce the float in Ambuja Cements as part of its quarterly adjustments, scheduled for August 30. This reduction will result in an outflow of $75 million (9.8 million shares), expected to have a 3.5-day impact.
"Whether MSCI will make upward adjustments post the recent stake sale remains subjective; ideally, they should revise it later," said Nuvama Institutional Equities.
At 10.15 am, Ambuja Cements shares were trading at Rs 622.3 per share, lower by around 0.3 percent on the NSE.
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Holderind Investments, a holding company for Ambuja Cements and ACC owned by Gautam Adani, sold 6.80 crore shares or 2.75 percent stake in Ambuja Cement on August 23. The shares were sold at Rs 625.5 per share via a bulk deal.
GQG Partners also picked up 1.09 percent stake via a block deal, of which GQG Partners Emerging Markets Equity Fund purchased 1.71 crore shares, or a 0.69 percent stake.
Other entities that bought stake in Ambuja Cement via a block deal on August 23 include Vanguard Emerging Market Shares Index Fund (13.4 lakh), ICICI Prudential Mutual Fund (31.9 lakh) and Mirae Asset Mutual Fund (40.2 lakh), Axis Mutual Fund (12.7 lakh).
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