Tata Tech among 11 smallcap stocks get MSCI seat, 22 thrown out

Global index services provider MSCI has reshuffled its India Smallcap Index to include Tata Technologies, Hexaware Tech and ACME Solar and removed 22 other stocks like Aarti Drugs and Paisalo Digital.

As a result of the rejig, JM Financial estimates that Tata Tech will have a passive fund inflow of about $16 million while Hexaware will get $15 million. Changes in the index will be implemented after market closing hours on May 30.

Smallcap stock additions

List of smallcap stock additions - ACME Solar Holdings, Authum Investment, AWL Agri Business, Dr Agarwal's Health Care, Godrej Agrovet, Hexaware Tech, IGIL, Le Travenues Technology, Sagility India, Sai Life Sciences and Tata Technologies.

Smallcap stock deletions

Stocks which have been removed from the smallcap index are Aarti Drugs, Allcargo Logistics, Coromandel International, E2E Networks, Electronics Mart India, Gateway Distriparks, Godrej Industries, Greenpanel Industries, Gujarat Alkalies and Chemicals, Heidelberg Cement, Hemisphere Properties, Moschip Tech, NOCIL, Orchid Pharma, Orissa Mineral Dev, Paisalo Digital, Patel Engineering, Prince Pipes And Fittings, Rossari Biotech, Share India Securities, Shyam Metalics & Energy and Teamlease Services.

Stock impact

Following the announcement, ACME Solar Holdings shares were trading 6% higher, Authum Investment jumped over 10%, while IGIL jumped 2.5%.