Six Indian stocks added to MSCI; Five Star IPO manages to scrape through

Global index provider MSCI has added six Indian stocks to the MSCI Standard Index while there has been no deletion of existing Indian stocks. The stocks added are Varun Beverages, Tube Investments of India, Indian Hotels, Bajaj Holdings and Investment, TVS Motor and ABB India. 

These stocks will witness inflows between $165 million and $255 million from passive trackers, analysts said. The changes were part of MSCI’s semi-annual index rebalancing. From the Asia Pacific region, there were 48 additions and 55 deletions, with most of the changes in China.

The IPO of Five Star Business Finance managed to scrape through even though it garnered about 73 per cent subscription. The NBFC reduced the issue size to reach the minimum subscription threshold, said investment bankers. Including anchor demand, the IPO garnered bids for Rs 1,593 crore shares as against issue size of Rs 1,960 crore.