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MSCI Standard Index Adds 7 Indian Stocks, Removes 1 in Latest Rejig

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Synopsis:

MSCI Standard Index adds 7 Indian stocks, including Rail Vikas Nigam and Vodafone Idea, and removes Bandhan Bank. RVNL’s share price surged 11% ahead of the inclusion. The adjustments will occur on August 30, impacting the MSCI India Index and the MSCI India Domestic Small-Cap Index.

MSCI Rejig News Today

The MSCI Global Standard Index has undergone its latest reshuffle, leading to the inclusion of seven Indian stocks and the removal of one. This update, announced by the global index provider on Tuesday, August 8, affects both the MSCI India Index and the MSCI India Domestic Small-Cap Index.

RNVL Joins MSCI India Index

Rail Vikas Nigam Ltd. (RVNL) shares have been included in the MSCI India Index, part of the MSCI Global Standard Index. This move had been anticipated by the market, as evidenced by RVNL’s share price closing at ₹576, 11% higher on Monday. The stock has shown a remarkable performance this year, with a 220% gain.

Other Inclusions and Exclusions

Alongside RVNL, six other stocks added to the MSCI India Index include Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial Services, and Zydus Lifesciences. These stocks are now part of the prestigious index, reflecting their growing significance in the Indian market.

On the flip side, Bandhan Bank is the only Indian stock to be excluded from the MSCI India Index in this reshuffle.

Within the MSCI India Domestic Index, most of the aforementioned stocks have also been added, with Bosch and PB Fintech joining them.

However, within the MSCI India Domestic Smallcap Index, 25 stocks, including Inox Wind Energy, Inox Green Energy Services, Shakti Pumps, Aurionpro Solutions, and Gulf Oil Lubricants, have been added.

Eight stocks, including Cochin Shipyard, IREDA, JP Associates, PB Fintech, Phoenix Mills, and RVNL, have been removed.

HDFC Bank Weightage Adjustments

There was significant attention on HDFC Bank regarding potential weightage adjustments in the MSCI indices. The weightage for India's largest private lender will indeed increase, but this will occur in two phases.

The first adjustment will follow the current review, while the second is slated for after the November review, contingent on the foreign headroom remaining above 20%.

Implementation Date

The changes from this MSCI reshuffle will be implemented on August 30 towards the end of the session. These adjustments are expected to influence market dynamics, particularly for the included and excluded stocks.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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