MSCI Rejig: Aditya Birla Capital, L&T Finance included in Global Standard Index; IRCTC removed

Aditya Birla Capital and L&T Finance shares have been added to the MSCI Global Standard Index as part of MSCI’s February 2026 index review, the global index provider announced on Wednesday.

Indian Railway Catering and Tourism Corporation (IRCTC) shares have been excluded from the index, MSCI said.

Thus, the number of Indian companies in the MSCI Global Standard Index will increase from 164 to 165.

Meanwhile, the weight of AU Small Finance Bank shares will increase in the index due to a float adjustment. Following the February rebalancing, India’s weight in the MSCI Standard Index remains unchanged at 14.1%.

The adjustments will take place as of the close of February 27, 2026, MSCI said.

Inflows and Outflows

Aditya Birla Capital is estimated to see passive inflows worth around $257 million, while L&T Finance could attract inflows around $238 million after inclusion in the index, according to estimates by brokerage firm Nuvama Alternative & Quantitative Research.

In contrast, IRCTC may face outflows worth $142 million due to the exclusion from the index.

Due to the increase in weight, AU Small Finance Bank is expected to see inflows worth around $172 million.

MSCI Smallcap Index Review

MSCI February review also saw multiple changes in the MSCI Smallcap Index. The index saw inclusion of seven Indian stocks and deletions of 34 stocks. Following the review, the number of Indian stocks in the MSCI Smallcap Index will decline to 480 from 508.

Ashapura Minechem, Canara HSBC Life Insurance, Emcure Pharmaceuticals, JSW Cement, National Securities Depository Ltd (NSDL), Premier Energies and Thyrocare Technologies were added in the MSCI Smallcap Index.

At the same time, Ashoka Buildcon, Anup Engineering, Chemplast Sanmar, Dilip Buildcon, Gokaldas Exports, JK Lakshmi Cement, Just Dial, Kaveri Seed Company, KNR Constructions, L&T Finance, Puravankara, Shoppers Stop, Sterlite Technologies, VRL Logistics, Websol Energy Systems, and Zaggle Prepaid Ocean Services, among others will be removed from the Smallcap Index.

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