Indian Oil to enter MSCI India index, Divis Lab out
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New Delhi: Two state-owned firms Indian Oil Corporation (IOC) and Rural Electrification Corporation (REC) will be included in the MSCI India index, while drug firm Divis Laboratories will move out.
Shares of Indian Oil rose by 1.09% to settle at Rs446.45 on BSE. During the day, it gained 2% to Rs450.65. Shares of Rural Electrification Corporation however, fell by 0.94% to end at Rs216.90.
Divis Laboratories will move out from the index. Shares of the company ended flat at Rs623.85, down 0.06%.
The changes in constituents for the MSCI Global Standard Indexes were announced on Monday and will take place as of close of 31 May 2017. Changes were also announced in constituents for the MSCI global small cap indexes which will also take place as of the close of 31 May 2017. 15 companies would be added to the index, while 11 will move out.
Additions in the MSCI India index include BSE, Dr Lal PathLabs, while those who would move out are AstraZeneca Pharma, Coffee Day Enterprises, Unitech among others.
MSCI is a leading provider of benchmark indices globally.