Sundaram Finance Ltd
Indus, Sundaram, Mankind likely to be added to MSCI index
Apr 02,2024
Indus Towers, Sundaram Finance, and Mankind Pharma are among stocks that
may get added to the MSCI Global Standard index during the next rebalancing
exercise in May.
Meanwhile, Paytm could get deleted from the index if the stock languishes
around the current levels over the next few weeks, according to a report by
Nuvama Alternative and Quantitative Research.
According to the report, the cut off date for calculating addition and
removal of stocks from the widely-tracked MSCI indices is April 17, while
the changes will be announced by the global index provider on May 13.
Nuvama has identified about a dozen high conviction domestic stocks that
could get added to the index.
Another six stocks that include Alkem Lab, Thermax, and Prestige Estates,
could also be added provided their share prices rally over the next few
weeks. The addition of some stocks such as Indus Tower and Mankind Pharma,
is on the back of increase in public float following share sales by
strategic investors. At the end of March, Indias weight in the MSCI
Emerging Market Index rose to 17.7 per cent from just 8 per cent during
early 2020. Nuvama expects Indias weighting to cross the 20 per cent mark
during the second half of calendar 2024.