MSCI rejig: Glenmark, Indiabulls Housing climb upto 10%, JSPL swings

NEW DELHI: Stocks of Glenmark Pharma and Indiabulls Housing Finance climbed up to 10 per cent, while those of Jindal Steel plummeted 9 per cent in trade on Friday after the latest rejig by MSCI in its indices.

Glenmark Pharma surged 10 per cent to hit its day’s high of Rs 1,164.20 on the BSE. The stock will be added to the MSCI Emerging Markets Index.

Sentiment turned bullish on Indiabulls Housing Finance counter as well. The stock jumped 4.09 per cent to an intraday high of Rs 787.70. This stock will be added to MSCI ACWI Value Index.

Jindal Steel, on the other hand, plummeted 8.83 per cent to hit its day’s low of 62.40 following its exclusion. This marked the lowest intraday level for the stock since November 2006, Reuters reported. The stock though made a smart recovery in late trades and was up 3 per cent.

MSCI has excluded the stock from MSCI India index.

MSCI said that all changes will be reflected from August 31.

India is expected to receive $254-million worth of inflows on MSCI rejig, said foreign brokerage HSBC Securities in a research note.

Brokerage CLSA expects passive inflows of $180-200 million for Indiabulls Housing between August 13 and Aug 31. It expects the NBFC to see buying of around 14-17 million shares during the period mentioned.

The brokerage expects passive inflows of $130-140 million for Glenmark between August 13 and August 31.

Glenmark will see buying of 8-9 million shares during the same period.