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Six other stocks besides RVNL, namely Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial and Zydus Lifesciences have also found a place in the MSCI India Index as part of the latest rejig.
Bandhan Bank is the only Indian stock that will be excluded from the index.
Most of these names highlighted above have also been included in the MSCI India Domestic Index, with the addition of Bosch and PB Fintech.
Shares of Rail Vikas Nigam had ended 11% higher on Monday in anticipation of a potential inclusion in the MSCI Global Standards index. Shares of the state-run Railway company have already tripled in value so far this year, with gains of 220%.
According to Nuvama Alternative and Quantitative Research, shares of RVNL will receive inflows worth up to $219 million, while those of Dixon are likely to get the highest worth $281 million. Vodafone Idea may see buying worth $278 million when the adjustments take place.
Within the MSCI India Domestic Smallcap Index, 25 stocks, including Inox Wind Energy, Inox Green Energy Services, Shakti Pumps, Aurionpro Solutions, Gulf Oil Lubricants have been included, while eight stocks, including Cochin Shipyard, IREDA, JP Associates, PB Fintech, Phoenix Mills and RVNL have been removed.
All eyes were on HDFC Bank whether the weightage of India’s largest private lender sees an increase in the MSCI indices. That has happened but will take place in two tranches. The first one will take place post the current review, while the other one will take place post the November review, provided the foreign headroom remains at least 20%.
Nuvama Alternative and Quantitative Research expects potential inflows worth $1.8 billion across four-and-a-half days for HDFC Bank post the first round of weightage increase.
Adjustments for this round of the MSCI rejig will take place in the final few minutes of trading on August 30.
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