Infosys might be No. 1 stock on Sensex, Nifty, and MSCI Index
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India's second-largest software exporter The Securities and Exchange Board of India (SEBI) has said that existing promoters might be reclassified as public if a company becomes professionally managed and does not have any identifiable promoter, according to an ET report.
According to experts, the move if implemented would increase the value of the Bengaluru-based company on these benchmark indices even ahead of mortgage lender
"The re-classification of Infosys promoters can be seen as positive move from the stock prospective as exchange traded funds are expected to buy the stock," Vinod Nair, head of research at Geojit
Analysts estimate Infosys' weightage on Nifty could increase to about 7.4% from 5.7%, to around 9.2% from 7.2% on the Sensex, and to 11.1% from 9.7% on MSCI India index once the proposal is finalized, reported the financial daily.
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It is important to know that weightages of stocks on benchmark indices are dependent on the extent of public shareholding.
On Wednesday, HDFC's weightage on Nifty was at 8.8%. The current free float of Infosys is around 84%. Money managers are of the view that a rise in weightage could boost Infosys' near-term prospects.
Moreover, the company’s stock gained 24% during the last one year and has outperformed its rivals - TCS which has gained 14%, and
Meanwhile, Infosys promoters presently have 13.08% stake in the company, while foreign institutional investors (FIIs) account for around 38% stake and local funds hold about 15% equity.
In October 2014, NR Narayana Murthy,
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