FTSE August Review: MTAR Tech, Nazara Tech, 2 others to enter Global Smallcap index
MTAR Technologies, Kirloskar Oil Engines, Nazara Technologies, and Ion Exchange India will be added to the FTSE Global Smallcap index, effective September 15, global index aggregator FTSE Russell said.
The changes are part of the semi-annual review of indices by the index aggregator.
Nazara Technologies and Ion Exchange will be simultaneously removed from the FTSE Global Equity index series Micro-Cap.
The news of the inclusion triggered strong buying action in the stocks in trade on Thursday.
Shares of Ion Exchange rallied over 9% and hit a 1-month high of Rs 575 on the National Stock Exchange (NSE).
Nazara Technologies surged nearly 5% to a 52-week high of Rs 814.85.
Nazara Technologies stock got an additional boost from news the company’s board will meet on Monday to consider fundraising options through the equity route.
Kirloskar Oil Engines gained 5% and touched the day’s high at Rs 499.45, while MTAR Technologies climbed up 5% to Rs 2,425.
MTAR Technologies stock got an additional boost from news that the company has been granted defence industrial licence to manufacture various mechanical and electronic subsystems for the defence sector.
The company is a key player in the defence and aerospace sectors and has caught the attention of investors, particularly after the success of Chandrayaan-3.
MTAR Technologies has given more than 45% returns in the last 1 year, outperforming the Nifty 50 which has given over 10% returns during the same period.
As part of its semi-annual review, FTSE has also made changes to the foreign headroom limit for certain stocks across regions, based on the headroom limit regulations.
Subsequently, the headroom limit of Ujjivan Financial Services has been reduced by FTSE, it said in a
