M&M Financials surges on MSCI inclusion

MUMBAI: Shares of Mahindra & Mahindra Financials continued to move higher as it has been included in the MSCI India Index.

MSCI has added M&M Financial in its MSCI India Index, according to its release titled MSCI Equity Indices August 2013 Quarterly Index Review.

MSCI India Index is widely tracked by foreign funds and some more buying activity in M&M Financials is expected in the near term.

MSCI has deleted Axis Bank from its Standard and Large Cap indices.

According to reports, index weightage of Hero MotoCorp, Wipro and Aditya Birla Nuvo has been increased while Adani Enterprises, ICICI Bank and Godrej Consumer Products has seen reduction in weightage.

At 11:00 a.m.; M&M Financials was at Rs 266.90, up 5.62 per cent, on the BSE. It touched a high of Rs 271.40 and a low of Rs 253 in trade today.

The stock has surged 23.61 per cent in the last six trading sessions after the MSCI announced its inclusion in the index.