In a significant development, global index provider MSCI has announced the inclusion of nine stocks in its MSCI Global Standard Index, effective as of the close of November 30, 2023. The inclusion features prominent names such as IndusInd Bank, One 97 Communications (Paytm), Tata Motors ‘A’ (Tata Motors DVR), and Suzlon Energy, among others.
The newly added stocks to the MSCI India Index also include APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India, and Tata Communications. Notably, no stocks have been removed from the MSCI India Index in this update.
The MSCI Global Standard Indexes are closely monitored by passive funds, and any changes in the constituent stocks or adjustments in their weightages within these global indices are expected to trigger inflows from passive funds tracking these benchmarks.
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According to a report by Nuvama Alternative & Quantitative Research, the inclusion of IndusInd Bank in the MSCI Global Standard Index is predicted to attract an estimated $290 million in inflows. Other notable inclusions such as Suzlon Energy may receive $264 million, Persistent Systems $258 million, One97 Communications $163 million, and APL Apollo Tubes $227 million.
Similarly, Polycab India, Macrotech Developers, Tata Motors DVR, and Tata Communications are expected to witness inflows of $190 million, $183 million, $173 million, and $160 million, respectively, following their inclusion in the MSCI Global Standard Index.
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In addition to the Standard Index, MSCI also announced changes to the MSCI India Smallcap Index. The updated index will see the inclusion of 42 stocks, while 19 stocks will be excluded. Key entrants to the Smallcap Index include Ashoka Buildcon, Arvind Fashions, Concord Biotech, DB Corp, Force Motors, Gokaldas Exports, MOIL, Hindustan Construction Company, Orient Cements, PTC India, SJVN, and Ujjivan Financial Services, among others.
On the flip side, stocks such as 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 India Smallcap Index.
