MSCI Review: Five additions to India Standard Index, key changes in Small Cap index

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26 Aug, 2025 12:21

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NMDC, GMR Airports, Union Bank, BHEL and Punjab National Bank have entered the MSCI Global Standard Index, according to its February 2024 quarterly review.

While analysts had expected the four PSU names to be added to the list, GMR Airports was a surprise addition.

Apart from the new additions, the index provider has also increased the weights of Zomato, DLF, MRF, Hindalco, Interglobe Aviation, Dr Reddy's, Hero Motocorp, HDFC AMC, Lupin, Astral, One97 Communications and Bandhan Bank.

According to calculations by Nuvama Alternative & Quantitative Research, India could witness upwards of $1.2 billion FII passive inflow on February 29 when the adjustments are made by funds, ETFs that benchmark against MSCI indices.

MSCI has also revealed 27 additions and six deletions from the Small Cap index. The additions include Healthcare Global, Hemisphere, Honasa Consumer, IIFL Securities, Indian Renewable Energy, ITD Cementation, J Kumar Infraprojects, JP Associates, Jupiter Life, Kesoram Industries, KPI Global, MSTC, Netweb Technologies, Paisalo Digital, RattanIndia Power, Sandur Manganese and SBFC Finance.

The Indian additions to the Small Cap Index include Balmer Lawrie, Banco Products, Cello World, Cyient DLM, DB Realty, Dhanuka Agri, and Ethos. Companies like Barbeque Nation, GMR Airports, Prestige Estates, RVNL and Torrent Power have been deleted.

"Currently, India holds approximately 17.9 percent representation in the MSCI EM Index. Following the February rejig, the weight will increase to over 18.2 percent, marking a historic high," said Nuvama Research.

The next MSCI review is scheduled in May and currently Canara Bank, NHPC and Jindal Stainless are the top three probable candidates to be added to the MSCI Standard index.