MSCI Rejig: LIC, Coforge, Adani Green, Meesho make the cut while PI Industries dropped; Details here

Résumé détaillé

Life Insurance Corporation of India Ltd. (LIC), Coforge Ltd., Adani Green Energy Ltd., and Meesho Ltd. are the four Indian stocks that have made the cut to the Global Standards Index, in-line with analysts expectations.

Index services provider MSCI has announced the results of its November review in the early hours of Thursday, November 12, where four stocks have been added to the MSCI Global Standard Index, while one has been deleted.

Life Insurance Corporation of India Ltd. (LIC), Coforge Ltd., Adani Green Energy Ltd., and Meesho Ltd. are the four Indian stocks that have made the cut to the Global Standards Index, in-line with analysts expectations.

On the flip side, PI Industries has been excluded from the Standard index.

According to Nuvama Alternative & Quantitative Research, Coforge's inclusion in the MSCI Global Standard Index could result in potential inflows worth $630 million, while the inclusion of LIC, Adani Green Energy and Meesho could bring flows worth $468 million, $348 million and $307 million respectively.

On the flip side, the exclusion of PI Industries could result in the stock seeing potential outflows to the tune of $119 million, according to Nuvama's note.

Besides these new additions, as many as 11 stocks will also see their weightage go up on the MSCI Global Standard Index. These stocks include Billionbrains Garage Ventures - the parent company of Groww, Lenskart, JSW Steel, Adani Energy Solutions, Coal India, Paytm, Bharat Forge, Oracle Financial Services Software, Zydus Lifesciences, Vedanta and Bosch.

Nuvama Alternative estimates this weightage increase to bring in inflows between $10 million to $97 million for these stocks.

Shares of NTPC, Eicher Motors, Grasim, REC, Hindustan Aeronautics, Cipla, GAIL, MRF and Siemens India will see their weightage decline on the MSCI Global Standard Index, resulting in outflows ranging from $10 million to $97 million as per the Nuvama Alternative note.

With the net addition of three stocks, India's weightage in the standard Emerging Market Index will go up from 12.9% currently to 13.1% after the implementation of this review takes place.

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