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

The MSCI logo is seen in this June 20, 2017. Photo: Reuters

The MSCI logo is seen in this June 20, 2017. Photo: Reuters

SI Reporter New Delhi

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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
 
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.

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First Published: Feb 13 2024 | 8:55 AM IST

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