MSCI India index adds NHPC, Canara Bank, JSW Energy and other 10 firms; removes Paytm and 2 more

The MSCI Global Standard Index announced changed to take place in May. The index informed that 13 new companies added in the May review while it has removed 3 companies. This will be effective from May 31, 2024, as per a statement.

Post this announcement, MSCI Global Standard Index will have 146 companies from current 136. MSCI Small Cap Index will have 497 companies in total.

The companies that are added to the MSCI India index are Bosch, Canara Bank, Indus Towers, Jindal Stainless, JSW Energy, Mankind Pharma, NHPC, PB Fintech, Phoenix Mills, Solar Industries India, Sundaram Finance, Thermax and Torrent Power, according to an announcement by index compiler MSCI.

Three companies -- Berger Paints, Indraprastha Gas and One97 Communications -- will move out of the index, it announced.

"The changes in constituents for the MSCI (Morgan Stanley Capital International) Global Standard Indexes will take place as of the close of May 31, 2024," it added.

Some of the companies that were added to the index were trading with gains on the BSE.

Shares of Thermax zoomed 8 per cent, Canara Bank climbed over 4 per cent, PB Fintech rallied more than 4 per cent, Sundaram Finance advanced over 2 per cent, Indus Towers traded nearly 1 per cent higher and Torrent Power quoted 1 per cent up.

However, Berger Paints, Indraprastha Gas and One97 Communications were trading lower.

MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.

With agency inputs