Rail Vikas Nigam Limited (RVNL), Vodafone Idea, Prestige Estates and Oil India are among the stocks that may be added to the MSCI Global Standard index during next month’s rebalancing exercise.
According to a report by Nuvama Alternative and Quantitative Research, the cutoff date for calculating the addition and removal of stocks from the widely tracked MSCI indices could be either Thursday or Friday.
The global index provider will announce the changes on August 13 and funds will have to adjust their positions by August 30.
According to the report, Dixon Technologies and Cochin Shipyard are the other stocks that could be added to the index. Vodafone Idea could get an inflow worth $1.2 billion after its inclusion.
Uno Minda, Zyudus Life and Oracle Financial Services have a fair chance of getting included.
HDFC Bank, Indus Towers, and Mphasis will see their weightage increase in the index. Of the lot, the biggest impact will be on HDFC Bank, which could see its weightage double following an increase in investment legroom for overseas investors during the June quarter.
Nuvama predicts inflows worth $3 billion in HDFC Bank, while Indus Tower and Mphasis could see inflows worth $135 million and $46 million, respectively. Meanwhile, half a dozen other stocks are also in contention to be included in the MSCI index. These include IREDA, Oberoi Realty, Schaeffler India, and Alkem Laboratories. However, these stocks have to go up between 10- 25 per cent from their June 12 close to being considered in the index.
First Published: Jul 15 2024 | 6:27 PM IST