MSCI Index Rejig: Paytm, IndusInd Bank, Suzlon among nine stocks included in Standard Index
- As per the latest announcement by the global index provider, the other stocks included in MSCI India Index are APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India and Tata Communications.
IndusInd Bank, One 97 Communications, Tata Motors ‘A’ (Tata Motors DVR) and Suzlon Energy shares are among nine stocks that have been included in the MSCI Global Standard Index.
As per the latest announcement by the global index provider, the other stocks included in MSCI India Index are APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India and Tata Communications.
Meanwhile, MSCI has not deleted any stocks from the India index.
The changes in constituents for the MSCI Global Standard Indexes will take place as of the close of November 30, 2023.
The Morgan Stanley Capital International (MSCI) indices are widely tracked by passive funds and any inclusion of stocks or increase in weightage of stocks in these global indices are expected to lead to inflows from passive funds tracking these indexes.
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As per a report by Nuvama Alternative & Quantitative Research, IndusInd Bank share debut in the index will attract $290 million in inflows.
Suzlon might get $264 million, Persistent Systems may see $258 million, One97 Communications may receive $163 million, and APL Apollo might get $227 million worth inflows.
Meanwhile, Polycab, Macrotech Developers, Tata Motors DVR and Tata Communications are likely to witness inflows of $190 million, $183 million, $173 million and $160 million, respectively.
As per Nuvama Alternative calculations, India should receive passive inflows of close to $1.5 billion.
Post-rebalance, India's stock count will rise to 131, and India's weights are set to move close to 16.3%, compared to the current 15.9%.
India's representation in the Emerging Market index will reach an all-time high, marking a significant increase over the past three years, almost doubling its weight, the brokerage said.
Moreover, MSCI India Smallcap Index will also see inclusion of 42 stocks, while 19 stocks will be excluded from the index.
Key entrants include Ashoka Buildcon, Arvind Fashions, Concord Biotech, DB Corp, Force Motors, Gokaldas Exports, MOIL, Hindustan Construction Company, Orient Cements, PTC India, SJVN, Ujjivan Financial Services among others.
On the other hand, ACC, APL Apollo Tubes, BHEL, Delta Corp, Indian Bank, Jindal Stainless, OIL India, Persistent System, Suzlon Energy, Thermax, Vodafone Idea, among others will be excluded from the MSCI Smallcap Index.