MSCI February Rejig: NMDC, PNB, BHEL, Union Bank, GMR Airports make the cut
MSCI said that Punjab National Bank and Union Bank are among the three largest additions to the MSCI Emerging Markets Index in terms of full company market capitalization
 "MSCI February Rejig: NMDC, PNB, BHEL, Union Bank, GMR Airports make the cut")
MSCI Index February rejig: Global index services provider Morgan Stanley Capital International (MSCI) has added NMDC, BHEL, PNB, Union Bank and GMR Airports Infra to its Global Standard (Emerging Markets) Index.
The five stocks will now be a part of the MSCI India Index, within the broader cohort of other regional standard indices, with effect from the closing of February 29, 2024.
MSCI said that Punjab National Bank and Union Bank are among the three largest additions to the MSCI Emerging Markets Index in terms of full company market capitalization. The third company will be China-based Midea Group Co A.
The global index aggregator has also added 27 Indian stocks to the MSCI India Smallcap Index with 6 deletions. Here's the list:
| Additions | Deletions |
| Balmer Lawrie | Barbeque Nation |
| Banco Products | GMR Airports |
| Cello World | Prestige Estates |
| Cyient DLM | Privi Specialty Chem |
| DB Realty | Rail Vikas Nigam |
| Dhanuka Agritech | Torrent Power |
| Ethos | |
| Healthcare Global | |
| Hemisphere Properties | |
| Honasa Consumer | |
| IIFL Securities | |
| Indian Renewable Energy | |
| ITD Cementation | |
| J.Kumar Infra | |
| Jaiprakash Associates | |
| Jupiter Life Line Hopsital | |
| Kesoram Industries | |
| KPI Green Energy | |
| MSTC | |
| Netweb Technologies | |
| Paisalo Digital | |
| RattanIndia Power | |
| Sandur Manganese and Iron | |
| SBFC Finance | |
| SpiceJet | |
| Swan Energy | |
| Tarc |
Source: MSCI (India Smallcap index)
As per Nuvama Alternative & Quantitative Research, domestic markets could get inflows of around $1 billion on account of this MSCI rejig.
It expected NMDC ($186 million), Punjab National Bank ($180 million) and Bharat Heavy Electricals, or BHEL, ($156 million) as the key candidates. Read
It expected NMDC ($186 million), Punjab National Bank ($180 million) and Bharat Heavy Electricals, or BHEL, ($156 million) as the key candidates. Read
With the February review, MSCI has reportedly raised India's weightage in its Global Standard index to a historic high of 18.2 per cent.
At the end of December 2023, India’s weighting in the MSCI Emerging Market index stood at 16.73 per cent — second-most among the index constituents after China’s 26.53 per cent.