Index provider MSCI Inc. added eight Indian stocks to its emerging markets index on Friday as part of its August review.
Auto ancillary manufacturer Cummins India Ltd., lender IDFC First Bank Ltd., Ashok Leyland Ltd., Power Finance Corp Ltd., Astral Ltd., Supreme Industries Ltd., HDFC Asset Management Co. and REC Ltd. were added to the emerging markets index under the quarterly rejig, a statement from the index provider showed. Following companies were also added to the MSCI India Mid Cap Index.
Cement maker ACC Ltd., on the other hand, was deleted from the MSCI EM Index and added to the MSCI EM Small Cap Index.
HDFC Asset Management Co. will also be added to the MSCI Domestic Indexes. Apart from this, the company saw an addition in the MSCI India Domestic Mid Cap Index with a pro forma weight of 1.30%.
There were six additions to and no deletions from the MSCI India Large Cap Index. Cholamandalam Investment & Finance Ltd., Varun Beverages Ltd., Interglobe Aviation Ltd., DLF Ltd., ABB India Ltd., and Bank of Baroda Ltd. were added to the index.
IndusInd Bank Ltd., Siemens India Ltd., and DLF Ltd. were the top addition to MSCI Domestic Large Cap Indexes, the statement read.
Upon deletion from other indexes, ACC Ltd., was added to the MSCI Emerging Markets Small Cap Index. Whereas, Star Health and Allied Insurance Ltd., Five-Star Business Finance Ltd., and Kalyan Jewellers India Ltd. will also be added to the index.
Furthermore, there will be 41 additions to and two deletions from the MSCI India Domestic IMI Index and 41 additions with five deletions in the MSCI India IMI Index, as of Aug. 31, 2023.
HDFC Asset Management Co., Star Health And Allied Insurance Ltd., Nexus Select Trust REIT Ltd., Five-star Business Finance Ltd., Ujjivan Financial Services Ltd., and Kalyan Jewellers India Ltd. will be the top additions to the index.
Major Deletions
Among the notable deletions, MSCI removed ACC Ltd. from its MSCI India Index. The company was also removed from the MSCI India Mid Cap Index and MSCI India Domestic Mid Cap Index.
The companies that moved to the MSCI India Large Cap Index, were deleted from the MSCI India Mid Cap Index.
IDFC First Bank Ltd., Cummins India Ltd., and Ashok Leyland Ltd., were the top deletions from the MSCI Emerging Markets Small Cap Index.
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