MSCI Rejig: 14 stocks including Fusion Micro, IRCON Intl enter Global Smallcap index; 9 exit

Index aggregator MSCI Inc has rejigged the Global Smallcap index as part of its review, which will see 14 Indian stocks enter the index, and nine exit, effective May 31.

Action Construction Equipment, Anupam Rasayan, Bikaji Foods, Fusion Micro Finance, IRCON International, Kaynes Technologies, KFin Technologies, Maharashtra Seamless, NMDC Steel, Power Mech Projects, Rail Vikas Nigam, Religare Enterprises, Syrma SGS Technology, and Ujjivan Small Finance Bank are the stocks that will enter the smallcap index.

Astec Lifesciences, Dhani Services, Dilip Buildcon, Gillette India, Max Healthcare Institute, PC Jeweller, Polycab India, Thyrocare Technologies, and Vakrangee are the stocks exiting the smallcap index.


The news of addition lifted shares of NMDC Steel, Anupam Rasayan, and KFin Technologies by over 2-4% in trade on Friday, while those of Gillette India and Dilip Buildcon dropped 1% and 3%, respectively on the news of exclusion.

In the MSCI India Domestic index, the index aggregator has included Hindustan Aeronautics and Sona BLW Precision Wiring. Meanwhile, it has excluded Adani Total Gas, Adani Transmission, and Indus Towers.

The inclusion of Hindustan Aeronautics and Sona BLW Precision is likely to result in net passive inflows of around $31 million, according to Nuvama Alternative and Quantitative Research.

Meanwhile, exclusion of the 2 Adani Group stocks and Indus Towers is likely to result in net outflows of about $471 million, the brokerage said in its report.

There are some changes in the India Domestic small cap index too.

Additions: Action Construction Equipment, Anupam Rasayan, Bikaji Foods, Fusion Micro Finance, Gland Pharma, IRCON International, Kaynes Technologies, KFin Technologies, Maharashtra Seamless, NMDC Steel, Power Mech Projects, Rail Vikas Nigam, Syrma SGS Technology, and Ujjivan Small Finance Bank.

Deletions: Abbott India, Astec Lifesciences, Dhani Services, Dilip Buildcon, Gillette India, PC Jeweller, Thyrocare Technologies, and Vakrangee.

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