MSCI November Rejig: Kalyan Jewellers, Voltas, BSE Among Five Additions
Global index provider MSCI Inc. added five Indian stocks to its global standard index for emerging markets in the November review, according to a statement on Thursday. The changes will come into effect from close of Nov. 25, it said.
The rejig upgraded Kalyan Jewellers India Ltd., Voltas Ltd., and Bombay Stock Exchange Ltd. from small cap segment to mid-cap segment of the MSCI Emerging Markets Index. Meanwhile, Oberoi Realty Ltd. and Alkem Laboratories Ltd. were fresh additions to the gauge.
No Indian stocks were removed from MSCI Emerging Markets Index in the current review.
Shriram Finance Ltd., TVS Motor Co. and CG Power & Industrial Solutions Ltd. were upgraded to MSCI India Large Cap Index from mid cap, while no stocks were removed from the index.
The MSCI November rejig saw weight increases for HDFC Bank Ltd., Voltas, Kalyan Jewellers India, Bombay Stock Exchange, Oberoi Realty, Alkem Laboratories, Samvardhana Motherson Ltd., Tata Power Co., JSW Energy Ltd., and IndiGo airline operator Interglobe Aviation Ltd.
HDFC Bank holds the highest weightage among Indian stocks in MSCI indices at 7.08%, followed by Reliance Industries Ltd. at 6.08%, ICICI Bank Ltd. at 4.78%, Infosys Ltd. at 4.71%, and Bharti Airtel Ltd. at 3.28%.
MSCI said it will increase the adjustment factor applied due to low foreign room of HDFC Bank to 1.00 from 0.75 as of the close of Nov. 25, with the quarterly November review, provided the foreign room remained at least 20%. This will increase the stock's Foreign Inclusion Factor to 0.74 from 0.56. In the August review, MSCI had increased the adjustment factor to 0.75 from 0.5.
HDFC Bank is currently subject to a Foreign Ownership Limit of 74%. Based on the latest available shareholding disclosure, the foreign room for the stock is above 20%.
Among emerging markets, India's weight in MSCI indices has been increased to 19.8% from 19.3% at present. Neighbouring China saw its weight come down to 26.8% from 27%.
One-way index turnover for India stood at 1% after the latest MSCI review.
MSCI India Domestic Indices
MSCI India Domestic Index saw nine additions and no deletions in the November rejig.
Voltas, Bombay Stock Exchange, Prestige Estates Projects Ltd., Kalyan Jewellers India, JSW Energy, Oberoi Realty, Alkem Laboratories, Jindal Stainless, and Oracle Financial Services Software Ltd. were added to the index.
The MSCI India Domestic Large Cap Index had six additions in this quarterly review. Shriram Finance, TVS Motor Co., CG Power & Industrial, Havells India Ltd., Torrent Pharmaceuticals and JSW Energy were added to the index.
Eight stocks were added to the MSCI India Domestic Mid Cap Index, namely Voltas, Bombay Stock Exchange, Prestige Estates Project, Kalyan Jewellers India, Oberoi Realty, Alkem Laboratories, Jindal Stainless and Oracle Financial Services Software.
Shriram Finance, TVS Motor Co., CG Power & Industrial, Havells India and Torrent Pharmaceuticals were removed from the index.
MSCI India Domestic Small Cap Index saw 15 additions and 10 deletions, the index provider informed. Additions included FirstCry owner Brainbees Solutions, Signatureglobal India, Eureka Forbes, Aadhar Housing Finance, Ganesha Ecosphere, PC Jeweller, Indegene, JSW Holdings, Anup Engineering, DCM Shriram.
Voltas, Bombay Stock Exchange, Jindal Stainless, Kalyan Jewellers, GMR Airports Infra, Hitachi Energy India, Delta Corp, TCI Express, Hinduja Global Solutions, Fusion Finance were removed from the index.
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