MSCI Indexes Rejig: ICRA, Star Health, Sula, Zen Tech, Midhani Among 41 Stocks Included In SmallCap Index

Leading provider of critical decision support tools and services for the global investment community, MSCI has announced the results of the August 2023 Index Review for equity indexes. With effect from September 1, 2023, the MSCI India Domestic SmallCap Index, a total of 41 stocks made the list, while two stocks were excluded. Some of the major stocks to enter this index are ICRA, Mrs. Bestors, ACC, Zen Tech, Midhani, PTC Industries, Sula Vineyards and Gravita India among others. Also, Rekha Jhunjhunwala-baked Star Health stock entered into MSCI's smallcap index.

In a notification on Thursday, MSCI said, "The following are changes in constituents for the MSCI India Domestic Small Cap Index, which will take place as of the close of August 31, 2023."

Accordingly, in India, the addition of a total of 41 securities has been made to the MSCI Smallcap index, while two stocks will be deleted.

In alphabetical order, among the 41 stocks are --- ACC, Aether Industries, AMI Organics, Anand Rathi Wealth, Anant Raj, Avalon Technologies, Chennai Petroleum Corp, Dreamfolks Services, Five-Star Business Fin, GE T&D India, Genus Power Infra, Glenmark Life Sciences and Gravita India.

Further, stocks like HBL Power Systems, Hindware Home Innovation, ICRA, Jupiter Wagons, Kalyan Jewellers India, Kirloskar Brothers, Kirloskar Pneumatic Co, Marksans Pharma, Mishra Dhatu Nigam (Midhani), Mrs Bectors Food, Nava, Neuland Laboratories, Newgen Software Tech, and Nexus Select Trust --- are added in the index.

Also, Patel Engineering, PTC Industries, Schneider Electric Infra, Shivalik Bimetal Ctrls, Star Health And Allied, Sula Vineyards, Tamilnad Mercantile Bank, TD Power Systems, Ujjivan Financial Services, Vesuvius India, Voltamp Transformers, Zen Technologies -- were the remaining stocks to made the list.

However, the two stocks that will be deleted from the MSCI India Smallcap index are --- BEML Land Asset and NIIT.

Globally including Indian shares, MSCI said that there will be 201 additions to and 138 deletions from the MSCI ACWI Small Cap Index which captures small-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries.

Apart from this, MSCI is adding eight stocks while deleting 1 stock in its MSCI Global Standard Indexes. These are --- Ashok Leyland, Astral, Cummins India Kirloskar, HDFC Asset Management, IDFC First Bank, Power Finance Corp, REC and Supreme Industries.

Notably, Adani Group-backed ACC shares will exit the MSCI Global Standard Indexes and will enter the Smallcap Index.