MSCI index rejig from Aug 31: REC, Supreme Industries, 6 others included; What's expected in Nov review?
IDFC First Bank, Power Finance Corporation (PFC), HDFC Asset Management Company (AMC), Ashok Leyland, Supreme Industries, Astral, REC, and Cummins India made their way into MSCI Global Standard Index on August 31. On the other hand, ACC was excluded from the index. According to Nuvama Alternative & Quantitative Research said in its report, ‘’A total of eight inclusions have been announced, aligning with our projections for six of them.
However, two unexpected entries (REC & Supreme Industries) emerged as surprises.'' ‘’In our assessment, these were strong contenders for the November 23 review. It's worth noting that the aforementioned stocks were selected via the NOC route as this time India got six NOC slots which is one of the highest seen in my experience,'' said Nuvama in its latest update. Index provider MSCI had formally disclosed the changes for the August 23 review ealier this month.
The adjustments are to take place in the closing hours of today's trading session, according to analysts at Nuvama Alternative & Quantitative Research. On August 31, shares of Supreme Industries settled 1.03 per cent higher at ₹4,447.95 apiece on the BSE, while HDFC AMC shares closed 1.02 per cent higher at ₹2,519.80 apiece on the BSE. On the other hand, PFC declined 4.58 per cent to settle at ₹260.30 apiece on the BSE, while REC too closed 2.85 per cent lower at ₹238.25 apiece on the BSE, Turning to potential candidates for the MSCI standard index November review, Nuvama said that Polycab is the current qualifying stock.
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