Paytm, Fortis Healthcare, GE Vernova T&D and Siemens Energy will be added to the MSCI Standard Index in its quarterly review, the index provider announced on Wednesday.
The adjustment, effective from November 24, will see the exclusion of Tata Elxsi and Container Corp of India from the index.
The review will see increase in weightage of eight stocks due to float adjustments, while seven scrips will see a decrease.
As a result of the review, India’s weight in the MSCI Standard Index will rise from 15.5% to 15.6%, with the total number of represented companies increasing from 161 to 163.
According to a report by Nuvama Institutional Equities, the expected inflow post the rejig in Fortis Heathcare will be worth $ 436 million, $424 million in One97 Communications, $351 million in GE Vernova and $252 million in Siemens Energy . The shares of Tata Elxsi and Container Corp are expected to see outflows of $162 million and $146 million respectively, added the report.
Asian Paints, Apollo Hospitals, Lupin, SRF are among the stocks that will see a weightage increase while Dr Reddy’s Labs, Zydus Lifesciences, Bharat Forge and Colgate Palmolive will see a reduction in weightage.
On Thursday, the share price of Paytm jumped 4.25% while Fortis Healthcare fell 1%. Tata Elxsi was down nearly 3% and Container Corp more than 4%.