Shares of REC and Supreme Industries (SI) soared to their 52-week highs in early trading on Friday, following a surprise inclusion in the MSCI Global Standard Indexes. Both stocks, REC and SI, ended the session with gains of 3.5 per cent and 5.7 per cent respectively, though they pared some of their earlier gains. The inclusion in the indexes is anticipated to result in inflows of around $180 million for these companies.
In addition to REC and SI, other inclusions such as IDFC First Bank, PFC, Ashok Leyland, Cummins India, Astral and HDFC AMC were as expected. ACC was the only company to be excluded from the indexes.
According to a report by Nuvama Alternative and Quantitative Research, the weightages of existing stocks have been reduced in the latest review, except for PI Industries. Reliance Industries continues to hold the top spot with the highest weight at 9.13 per cent, followed by ICICI Bank at 5.98 per cent and Infosys at 5.5 per cent.
These changes are scheduled to take effect on August 31, 2023.
India ranked second in the list of countries with the most new additions, boasting a net increase of seven stocks. China led the table with a total of 10 inclusions. The revisions to the MSCI Global Standard Indexes reflect shifts in market dynamics and provide investors with a nuanced perspective on the emerging market landscape.
First Published: Aug 11 2023 | 6:44 PM IST