FII, DII data: FPIs bought shares worth Rs 644 cr, DIIs sold shares worth Rs 597 cr on August 9, Wednesday Foreign institutional investors (FII) bought shares worth net Rs 644.11 crore, while domestic institutional investors (DII) sold shares worth net Rs 597.88 crore on August 9, 2023, according to the provisional data available on the NSE. For the month till August 9, 2023, FIIs sold shares worth net Rs 4,804.47 crore while DIIs bought shares worth net Rs 4,149.49 crore. In the month of July, FIIs bought shares worth net Rs 13,922.01 crore while DIIs sold equities worth net Rs 1,184.33 crore. “As expected, Indian equities are consolidating given the cautious global scenario and consistent selling by FIIs.Tomorrow, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action,” Siddhartha Khemka added. On Wednesday, benchmark Indices NSE Nifty 50 and BSE Sensex ended in the green, with gains led by Metal and Media. The NSE Nifty 50 climbed 61.70 points or 0.32% to 19,632.55 and BSE Sensex gained 149.31 points or 0.23% to 65,995.81. In sectoral indices, Bank Nifty fell 83.75 points or 0.19% to 44,880.70, Nifty Financial Services fell 0.21%, Nifty PSU Bank slipped 0.10% and the Realy Index tanked 1.28%, while Nifty IT gained 0.37%, Nifty Pharma surged 0.76% Nifty Auto climbed 0.93%, Nifty FMCG rose 0.54%, Nifty Metal surged 2.03% and Nifty Media soared as much as 2.10%. The top gainers on Nifty 50 were Dr Reddy’s Labs, JSW Steel, Hindalco Industries, Tata Motors and Mahindra & Mahindra, while the top losers were Divi’s Labs, Apollo Hospitals Enterprise, Maruti Suzuki India, Bajaj Finance and Asian paints. Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors – foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net investment flows.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.