IDFC added to MSCI Standard Index Series

Mumbai, Nov 17 | Updated: Nov 18 2005, 06:05am hrs
Infrastructure Development Finance Company (IDFC) has been included in the MSCI Standard Index Series and also MSCI India Index with effect from the close of November 30, 2005. IDFC has been assigned a weight of 0.47% and India's total weightage in the Standard Index following its inclusion will go up marginally to 5.6%, MSCI Barra stated.

IDFC is among the seven global companies that have been included in the MSCI Standard Index Series. The additions bring the representation of their respective industry groups in their respective countries closer to MSCI's target of 85% of free float-adjusted M-cap. MSCI is the coveted index followed by foreign institutional investors (FIIs) across the globe. IDFC stock, listed on the National and Bombay stock exchanges in August, increased FII holding limit from 24% to 49% mid-September.

According to NSE website, FIIs hold 41.46% equity shares as on September 30. Its stock has more than doubled from its issue price of Rs 34 and closed up 1.84% at Rs 70.80 on the Bombay Stock Exchange (BSE) Ltd on Thursday. At the end of the day its market capitalisation was Rs 8059 crore.

The other additions to MSCI Standard Index Series are Alltel Corporation (USA), Kuehne & Nagel International (Switzerland), Kungsleden (Sweden), Central European Media Enterprises (Czech Republic), Cyrela Brazil Realty (Brazil) and EDP- Energias do Brazil (Brazil). Additionally, Dialog Telekom Ltd (Sri Lanka) will be added to the MSCI Sri Lanka Index, which is a stand-alone MSCI Index. MSCI's quarterly review of free float estimates results in changes in Foreign Inclusion Factors (FIFs) for 32 securities in 21 countries.