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Lenskart Solutions Ltd., Adani Energy Solutions Ltd., Billionbrains Garage Ventures Ltd. and Laurus Labs Ltd. will be added to the MSCI India Index, MSCI said in an announcement early Thursday, August 13. Billionbrains Garage Ventures is the parent company of discount broking firm Groww.
Astral Ltd., Balkrishna Industries Ltd. and SBI Cards and Payment Services Ltd. will be removed from the MSCI India Index. Astral and Balkrishna Industries will, however, be moved to the MSCI India Smallcap Index.
According to Nuvama Alternative & Quantitative Research, the inclusion of the four stocks in the MSCI India Index could attract potential inflows of up to $600 million. The exclusion of Astral, Balkrishna Industries and SBI Card is expected to result in net outflows of $140 million to $170 million, the brokerage said in its note.
The MSCI India Smallcap Index will also see several additions. Amagi Media Labs, Ather Energy, Clean Max Enviro Energy Solutions, Dalmia Bharat, E2E Networks, Embassy Developments, L&T Technology Services, Rubicon Research, Sedemac Mechatronics, Sky Gold and Diamonds, Urban Company and WeWork India will be included in the index.
At the same time, Aurionpro Solutions, CMS Info Systems, Entero Healthcare Solutions, GMR Power & Urban Infra, ICRA, Latent View Analytics, MAS Financial Services, Mastek, MOIL, Network18, Nippon India Life Asset Management, PTC India, Rallis India, RCF, RattanIndia Power, Star Cement, Transrail Lighting and Valor Estate will be excluded from the MSCI India Smallcap Index.
MSCI has also announced changes in the weightages of several stocks in the MSCI Standard Index. Eternal, Adani Enterprises, Adani Ports & SEZ, JSW Energy, Adani Power, GMR Airports and Swiggy will see their weightages increase. Nuvama Alternative estimates that the higher weightage for Eternal could bring potential inflows of nearly $700 million, while Adani Enterprises could see inflows of just over $200 million.
On the other hand, Reliance Industries, Jio Financial Services, Indian Hotels, Aditya Birla Capital and Colgate-Palmolive India will see their weightages reduced. According to Nuvama Alternative, the lower weightages could lead to potential outflows ranging from $16 million to as much as $523 million.
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