MSCI India Index Rejig: These 18 Stocks May See $2.7 Billion Inflows, Says JM Financial
The rejig may attract about $2.7 billion inflows as Canara Bank, Voltas, Oil India, Nykaa, Policybazaar are likely to be among the 18 stocks to be included in the index. JM Financial said.
Canara Bank Ltd., Voltas Ltd., and Oil India Ltd. are among the 18 stocks slated to be added to the MSCI's India Index during the rebalancing announcement scheduled for after market hours on May 14, according to JM Financial Institutional Securities.
The brokerage expects that these changes will result in an inflow of approximately $2.7 billion into the index. The price cut-off date for rebalancing is the last 10 business days of April, the brokerage said in its April 8 note.
Sundaram Finance Ltd., PB Fintech Ltd.—the operator of Policybazaar, Dixon Technologies Ltd., and The Phoenix Mills Ltd. might be among the 18 stocks to be included, according to JM Financials.
Nykaa, ACC Ltd., and Zydus Lifesciences Ltd. could also see an inclusion in the index.
Whereas, One 97 Communications, the owner of Paytm, could face exclusion from the index.
"Based on the current price, we expect inclusions and exclusions. However, the list is subject to change depending on the stock price prevailing during the cut-off period," the note said.