MSCI Global Standard Index Rejig: Ashok Leyland, PFC, REC, 5 Other Stocks Added, ACC Out; How Shares Reacted?

MSCI, a leading provider of critical decision support tools and services for the global investment community, announced the result of the Augsut 2023 Index Review for equity indexes. The changes in MSCI Global Standard Indexes will take place as of the close of August 31, 2023. That being said, from September 1st, in Indian stocks, MCSI has added eight stocks while deleting 1 stocks.

In a notification, MSCI on Thursday said, "The following are changes in constituents for the MSCI Global Standard Indexes which will take place as of the close of August 31, 2023."

In the Global Standard Index, among Indian-based equity shares, MSCI added Ashok Leyland, Astral, Cummins India Kirloskar, HDFC Asset Management, IDFC First Bank, Power Finance Corp, REC and Supreme Industries. The majority of these stocks rallied and some even touched new 52-week high levels on Friday.

However, MSCI has announced the deletion of Adani Group-backed cement stock, ACC from the index effective from August 31, 2023.

Here's how the stocks are performing on Friday:

Ashok Leyland: The stock traded at Rs 188 apiece up by 0.94% on BSE, after hitting a new 52-week high of Rs 191 apiece.

Astral: The stock traded at Rs 1978.90 apiece, up by 0.23%. However, the stock gained by 1.2% with an intraday high of Rs 1997.15 apiece in early deals.

Cummins India: The stock performed at Rs 1770.30 apiece, up by Rs 5.35 or 0.30% on BSE. Since the opening bell, so far on Friday, the stock zoomed by 2.23% with an intraday high of Rs 1804.35 apiece.

IDFC First Bank: The stock traded at Rs 88.09 apiece, up by 0.62%. However, the stock touched an intraday high of Rs 89 apiece, which was near its 52-week high of Rs 89.50 apiece.

PFC: This government-backed financial services provider traded at Rs 269.75 apiece, up by 1%. The stock performed near its intraday high of Rs 272.50 apiece. Overall, the stock has gained by 2% so far in the day.

REC: The stock price traded at Rs 228.90 apiece, up by Rs 12.25 or 5.65% on BSE. The stock has hit a new 52-week high of Rs 230.70 apiece.

HDFC AMC: Currently, HDFC AMC shares have dipped by 0.96% to trade at Rs 2554.90 apiece on BSE. However, the stock has touched a new 52-week high of Rs 2638.65 apiece in the early deals.

ACC: This Adani-backed stock traded on a volatile note. ACC shares were currently flat at Rs 1960.15 apiece. However, the stock has touched an intraday high and low of Rs 1972.50 apiece and Rs 1927.50 apiece respectively.

It also needs to be noted that MSCI has added HDFC AMC in its MSCI India Domestic Index as well, while ACC will exit the same after market hours of August 31, 2023.

In the Asia Pacific region, MSCI made the second largest addition of 8 stocks in the MSCI Global Standard Index in the August 2023 review, after China which saw the addition of 29 stocks. South Korea saw an addition of 4 stocks, while 1 stock each was added from Japan, Taiwan, Thailand, and Singapore.