MSCI May rejig: Nykaa could enter India Standard Index with $210 million inflows, Thermax likely to exit

The inclusion of FSN E-Commerce Ventures could bring passive flows of $210 million.

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26 Aug, 2025 12:21

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FSN E-Commerce Ventures Ltd., Adani Energy Solutions Ltd., and Coromandel International Ltd. are the three stocks likely to be included in global index provider MSCI's India Standard Index in June, JM Financial Institutional Securities has said.

MSCI is set to unveil alterations to the MSCI India Standard indices on May 13, with the adjustments slated to come into effect on June 3, it said.

The brokerage added that the probability for the Nykaa parent to be added to the list is high. On the other hand, Adani Energy Solutions and Coromandel International have a lower probability of joining the index. Thermax Ltd. is likely to be excluded from the index.

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Based on the current price of the three stocks, the index will see a total inflow of $680 million. Adani Energy Solutions is likely to see the most flows, bringing around $270 million, followed by FSN E-Commerce Ventures with $210 million and Coromandel International with $200 million.

The exclusion of Thermax is set to lead to outflows of around $120 million, added the brokerage. Shares of Thermax have tumbled nearly 25 percent over the past 12 months, with a significant portion of the losses coming over the past six months.

During the previous rebalancing, around $1 billion of passive inflows found their way into Indian equities, according to experts. Among the top weight increases in the MSCI Standard Indexes during the February rejig, IndusInd Bank Ltd., Zomato Ltd., Varun Beverages Ltd., Mankind Pharma Ltd., Torrent Pharmaceuticals Ltd., Dixon Technologies (India) Ltd., PB Fintech Ltd., Adani Enterprises Ltd., and Voltas Ltd. joined Hyundai India in the top ten.

Following the reshuffle in February 2025, HDFC Bank holds the highest weightage among Indian stocks in MSCI indexes, followed by Reliance Industries, ICICI Bank, Infosys, and Bharti Airtel.

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