Kotak Mahindra Bank and IDBI Bank have been added to Financial Times Stock Exchange (FTSE) Global Equity Index's large-cap segment as part of its semi-annual review. In the mid-cap segment, Patanjali Foods is the newest entrant.
It is expected that the inclusion of these stocks in the index's large-cap segment will lead to increased foreign fund flows into them. While the Street was already expecting the addition of Kotak Mahindra Bank, the addition of IDBI Bank has come as a surprise.
The changes will be effective from March 20, 2023.
FTSE also increased the weightage of InterGlobe Aviation in the FTSE All-World index to 31.85 percent from 27.80 percent, which will come into effect from February 22.
Other additions, migrations and deletions
Some companies have migrated to the large-cap category from the mid-cap, namely ACC, Canara Bank, Indian Hotels, Jindal Steel and Power, Shriram Finance, Trent, Tube Investments of India, Union Bank of India, and Yes Bank, said the index provider on February 17.
The index provider has also removed six Indian companies from its large-cap segment and placed them in the mid-cap segment - Biocon, Godrej Properties, Jubilant Foodworks, One97 Communications, Piramal Enterprises, and Sona BLW Precision Forgings.
Additionally, APL Apollo Tubes, Indian Bank, Solar Industries India Ltd, Supreme Industries and Vedant Fashions have been moved from the small-cap segment to the mid-cap segment.
However, Gillette India and Eris Lifesciences have been removed from the FTSE index.
Around 15 companies have been newly added to the small-cap segment, namely Allcargo Logistics, Bharat Dynamics, Cera Sanitaryware, Craftsman Automation, Go Fashion (India), Gujarat State Fertilizers & Chemicals, IRB InvIT Fund, Jaiprakash Power Ventures, Jindal Stainless, Jindal Stainless (Hisar), JK Paper, Kalyan Jewellers India, RHI Magnesita India, Sapphire Foods India, and Triveni Turbine.
In the micro-cap segments, some key additions: Apollo Micro Systems, Atul Auto, AXISCADES Technologies, Bharat Wire Ropes, Dhampur Bio Organics, Dhanlaxmi Bank, Dreamfolks Services, Exxaro Tiles, Future Consumer, Glenmark Life Sciences, Greenpanel Industries, Harsha Engineers International, Hi-Tech Gears, Hi-Tech Pipes and Indostar Capital Finance.
The list runs even longer. Jamna Auto Industries, LUX Industries, Meghmani Finechem, Nelcast, NGL Fine-Chem, Royal Orchid Hotels, Salasar Techno Engineering, Sharda Cropchem, Sportking India, Sterling and Wilson Renewable Energy, Sunteck Realty, Syrma SGS Technology, Tatva Chinta Pharma Chem, Transport Corporation of India, VRL Logistics and Windlas Biotech, are some other entrants to the micro-cap segment.
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