IOC, REC mixed on MSCI inclusion, Divi’s Labs drops on exclusion

NEW DELHI: Shares of state-run Indian Oil Corporation (IOC) and Rural Electrification Corp (REC) advanced over 1 per cent each, while drug-maker Divi's Laboratories dropped half-a-per cent after the US investment service provider MSCI on Monday added IOC and Rural Electrification to its Global Standard Index, while excluding Divi's Laboratories from its regional index.

Shares of IOC climbed 2.03 per cent to hit a high of Rs 450.65 on BSE. REC too rose 1.59 per cent to 222.45 in morning trade, before reversing gains. At 10.30 am, the scrip was trading 0.9 per cent lower at Rs 216.95.

Divi’s Labs was almost flat at 624. The changes were made to the MSCI India index.

Meanwhile, MSCI has also added 15 companies to its MSCI Global Small Cap Indexes, including Syngene International and Indiabulls Ventures. These stocks gained 2-4 per cent. Besides, eleven companies have been removed from MSCI Global Small Cap Index, including Astrazeneca Pharma and Sun TV Network. These stocks fell up to 2 per cent.