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Lupin shares fell around five per cent last week, though global index provider MSCI said the company's stocks would be included in its India Index from May 29. This was after the pharma major announced weak March quarter results and downgraded its FY16 outlook. The MSCI inclusion could lead to inflows of $300 mn from passive funds. Shares of the seven other firms, including Shree Cement and Marico, also to be included in the MSCI index, rallied during the week.
Higher lot size in derivative deals?
Derivative contracts, adjusted at Rs 2 lakh, might see an increase soon, say market players. According to them, Sebi is considering increasing this size to Rs 5 lakh and, eventually, to Rs 10 lakh. "The market regulator is worried that due to the low entry barrier, retail investors end up dabbling in this market without understanding the dynamics. By increasing the limit, only high net worth individuals and institutions will be able to participate," says a player.
MAT Christmas for FPIs
While the tax department has stayed proceedings and the government has announced a panel to work out the Minimum Alternate Tax (MAT) issues, most foreign portfolio investors concerned have filed their appeals with the Dispute Resolution Panel, say sources. What happens to these appeals? They don't expect to hear anything till the panel comes out with a verdict. Technically, the DRP is required to act within nine months. This gives it time till the end of the year to come to a decision.
