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Paytm excluded from Indian index; NHPC, Indus Towers included

Shares of One97 Communications Ltd., parent company of payments aggregator Paytm, will be excluded from the MSCI India Index, which is part of the MSCI Global Standard Index, the global index provider revealed in a statement on Wednesday official.

Paytm, along with stocks like Suzlon, IndusInd Bank had found inclusion in the Global Standard index only in November last year. Shares of Paytm have fallen more than 60% in the past six months following various regulatory issues with the Reserve Bank of India.

Besides Paytm, shares of Berger Paints and Indraprastha Gas (IGL) will also be excluded from the MSCI India index.

13 stocks have been included in the MSCI India index as part of MSCI’s latest restructuring round. These include Indus Towers, whose shares are already up 70% so far in 2024, as well as PSUs like Canara Bank and NHPC. New age companies like PB Fintech also find their place in the inclusion list.

Bosch, Jindal Stainless, JSW Energy, Mankind Pharma, Phoenix Mills, Solar Industries, Sundaram Finance, Thermax and Torrent Power are the other inclusions in the MSCI India index. Mankind Pharma has been in the news recently CNBC-TV18 exclusive news

on its plan to acquire Bharat Serum & Vaccines from Advent.

India’s weighting in the MSCI Emerging Markets Index is almost 18%, up significantly from just under 8% at the start of 2020. Nuvama Alternative and Quantitative Research estimates that India’s weighting will cross the threshold of 20% in the EM index by the second half of 2024. .

Nuvama Alternative also expects almost $2 billion worth of inflows into the Indian markets after this restructuring.

Shares of Paytm and IGL, which were excluded from the MSCI India Index, have found a place in the MSCI India Smallcap Index, which saw 29 inclusions and 15 deletions in the latest shake-up.

Other prominent names included in the Smallcap index include Aditya Birla Sun Life AMC, DOMS Industries, Gillette India, new listings like RR Kabel, VA Tech Wabag, Tips Industries, which veteran emerging markets investor Mark Mobius has also highlighted as three of his best titles in India. betting, along with PSUs like HUDCO and real estate names like Puravankara.

Indoco Remedies, Polyplex Corporation, Alok Industries, Rajratan Global Wire, Dreamfolks Services are some of the names that were excluded from the Smallcap index in MSCI’s latest round of restructuring.

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