Stocks of YES Bank Ltd, Maruti Suzuki India Ltd, LTIMindtree Ltd, Ambuja Cements, Adani Enterprises Ltd and SRF Ltd will roughly see $500 million in combined passive outflows following a reduction in their weightages in the MSCI Global Standard index. Bandhan Bank may also see outflows on its exclusion.
As per estimates by Nuvama, Maruti Suzuki shares may see $190 million outflows, which would be equivalent to 1.3 million MSIL shares. LTIMindtree is expected to see $76 million in outflows, which is roughly 1.2 million LTIM shares. Ambuja Cements may see $74 million outflows, while the Adani group flagship Adani Enterprises may see $72 million outflows.
YES Bank and SRF are expected to see $41 million in outflows each. In the case of Bandhan Bank, the private lender may see $125 million outflows, Nuvama suggested.
The global index aggregator MSCI in its August index review included seven scrips namely Rail Vikas Nigam Ltd (RVNL), Vodafone Idea Ltd, Zydus Lifesciences Ltd, Oil India, Prestige Estates, Dixon Technologies and Oracle Financial Services. MSCI increased weightages of HDFC Bank, Bharti Airtel, Coal India, Mphasis, HPCL, ICICI Lombard and Persistent Systems.
Meanwhile, MSCI added 25 stocks to MSCI India Domestic Smallcap index. They include Inox Green Energy Services, Inox Wind Energy, Shakti Pumps India, TVS Supply Chain, Welspun Enterprises and Senco Gold. Others included Bajaj Hindustan Sugar, Aditya Vision, Paras Defence, Gulf Gulf Oil Lubricant India and Sharda Motor Industries among others. Cochin Shipyard, Jaiprakash Associates and network 18 Media have been included from the list.