A total of nine companies, including IndusInd Bank, Suzlon Energy, and One 97 Communications, have been added to the MSCI India Index, according to an update released index compiler MSCI. The changes in constituents will take effect on November 30, 2023. In addition to the previously mentioned companies, APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India, Tata Communications, and Tata Motors will also be added to the MSCI India index.
Following the announcement, the stock of Suzlon Energy increased 4.79%, One 97 Communications rallied 2.90%, Tata Motors climbed 2.84%, Persistent Systems rose 0.61%, and Macrotech Developers 0.37% on the BSE. However, the stock of IndusInd Bank fell 1.05%, Tata Communications lost 1.26%, APL Apollo Tubes dipped 0.90%, and Polycab India skidded 0.04%.
The MSCI Global Standard Index is widely used global fund houses for benchmarking global equities portfolios. The addition of these nine companies to the MSCI India Index reflects their growing significance in the Indian market.