MSCI Inc. added two stocks and removed one from its India index as part of its February review.
The changes will increase the one-way index turnover by 2.12%, according to the index complier's statement.
There were seven updates in the public float via foreign inclusion factor and 48 updates in the number of shares, affecting the weights of stocks on indices.
CG Power and Industrial Ltd., Bank of Baroda, Reliance Industries Ltd., Infosys Ltd., HDFC Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Hindustan Unilever Ltd., Axis Bank Ltd., and Bharti Airtel Ltd. are the top 10 stock by increase in weight.
Among top 10 stocks that saw a reduction in weight are four Adani Group companies—Adani Total Gas Ltd., Adani Transmission Ltd., Adani Enterprises Ltd. and ACC Ltd. Weightings of HCL Technologies Ltd., Biocon Ltd., Jindal Steel and Power Ltd., Shriram Finance Ltd. and Bajaj Auto Ltd. were also lowered.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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