Shares of AU Small Finance Bank (SFB), Tata Elxsi and Adani Power jumped on Friday after index provider MSCI included them in its global index. From the Asia Pacific region, MSCI has added 48 stocks and deleted 76, with the most changes in China. India saw four additions and one deletion.
The additions were Tata Elxsi (estimated inflows of $170 million), Jindal Steel and Power ($136 mn), Adani Power ($135 mn) and AU Small Finance Bank ($72 mn). Shares of Tata Elxsi and Adani Power also reacted positively, soaring 14.6 per cent and 5 per cent respectively.
Jindal Steel fell close to two per cent. The only deletion HDFC Asset Management Company (estimated outflows of $75 mn) fell close to 4 per cent.
The changes announced by MSCI will be effective from June 1, while index funds are likely to realign their portfolios on May 31.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.