HDFC AMC, IDFC First Bank & 6 other stocks enter MSCI Global index; ACC exits

economictimes.indiatimes.com:

Indian stocks to its Global Standard index as part of quarterly index review, while removing one.HDFC Asset Management, IDFC First Bank, Ashok Leyland, Astral, Cummins India Kirloskar, REC, Power Finance Corporation, and Supreme Industries will enter the MSCI Global Standard index, effective August 31. ACC will be removed from the Global Standard index, the index aggregator said.

Meanwhile, in the Global Smallcap index, MSCI has added a whopping 40 stocks, while removing 11. Within the Asia Pacific region, India has seen the maximum addition of stocks in the Global Smallcap index.

ACC, Anand Rathi Wealth, Dreamfolks Services, Five Star Business Finance, Glenmark Lifesciences, ICRA, Kalyan Jewellers, Marksans Pharma, Mrs Bector’s Food, Neuland Laboratories, and Patel Engineering are among 40 stocks that will be part of the MSCI Global Smallcap index with effect from August 31. Meanwhile, Aditya Birla Capital, Ashok Leyland, Astral Ltd, BEML Land Asset, Cummins India, IDFC First Bank, NIIT, Paisalo Digital, REC, Supreme Industries, and Tata Communications will exit the global smallcap index.

Nuvama Alternative Research had predicted the probable entry of Power Finance Corporation, and HDFC AMC into the Global Standard index, and the exit of ACC. The inclusion of Power Finance Corporation is likely to result in inflows of $167 million, while HDFC AMC’s entry could lead to inflows of $145 million.