MSCI Rejig: Hyundai India Only Addition In February Review; IndusInd Bank, Zomato Weights To Rise
Hyundai Motor India, IndusInd Bank, Zomato, Varun Beverages, and Mankind Pharma will see the most increase in weightage after the February MSCI review.
Global index provider MSCI Inc. added one Indian large-cap stock to its global standard gauge in its February review, according to a statement on Wednesday.
Hyundai Motor India Ltd. was the lone large-cap Indian stock added to the MSCI Global Standard Indexes following its IPO in November last year. The stock also saw the highest weight increase among securities listed in the country.
Meanwhile, Adani Green Energy Ltd. was excluded from the MSCI Global Standard Indexes in the current review.
India's weight in MSCI Global Standard Indexes will rise to 19% from the current 18.8% once the quarterly rejig comes into effect. The nation slips one rank below to third in weightage across emerging markets, losing the second spot to Taiwan. China still remains holds the highest weight, rising slightly to 27.1% from 27% as of now.
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Apart from Hyundai Motor India, IndusInd Bank Ltd., Zomato Ltd., Varun Beverages Ltd., Mankind Pharma Ltd., Torrent Pharmaceuticals Ltd., Dixon Technologies (India) Ltd., PB Fintech Ltd., Adani Enterprises Ltd., and Voltas Ltd. were among the top ten weight increases in the February quarterly review.
Meanwhile, Adani Green Energy, Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., Axis Bank Ltd. were the top ten weight decreases by MSCI from India.
With this index review, HDFC Bank holds the highest weightage among Indian stocks in MSCI indexes, followed by Reliance Industries, ICICI Bank, Infosys and Bharti Airtel.
Meanwhile, MSCI added 19 Indian small-cap stocks, while removing an equal number from its indices.
Among the small-cap stocks, the top ten additons were Jyoti CNC Automation Ltd., Ola Electric Mobility Ltd., Cartrade Tech Ltd., Afcons Infrastructure Ltd., TBO Tek Ltd., Websol Energy Systems Ltd., Zaggle Prepaid Ocean Services Ltd., Shaily Engineering Ltd., Kovai Medical Center & Hospital Ltd., Greaves Cotton Ltd.
In the MSCI Global Small Cap Indexes, India retains its top spot in weightage among emerging markets, as it slips to 28.6% from 28.8% currently.
Changes in the February MSCI review will come into effect on close of Feb. 28.
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