Suzlon Energy, IndusInd Bank, One 97 Communications, parent company of Paytm among six other stocks are part of the latest inclusions in the MSCI Global Standard Index, an announcement from the global index provider disclosed.

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APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India, Tata Communications, and Tata Motors 'A' shares are the other additions to the index.

No stocks have been deleted from the Standard index.

According to Nuvama Alternative calculations, India should receive passive inflows of close to $1.5 billion post the rejig, the adjustments for which will take place on November 30, 2023.

While IndusInd Bank is likely to see inflows worth $355 million, Suzlon may see inflows worth $289 million, according to Nuvama Alternative.

After a 265% rally so far in 2023, Suzlon was touted to be a potential inclusion in the MSCI Global Standard Index.

Additionally, the stock may also be classified as a mid-cap stock from its current small-cap status by the Association of Mutual Funds in India (AMFI).

However, after a stellar move in the stock, mutual funds have chosen to book profits from Suzlon in the month of October. Data from Nuvama showed that mutual funds sold 13.3 crore shares of the company last month, bringing their total holdings down to 49.5 crore shares from 62.9 crore shares in September.

IndusInd Bank is the other stock that has been on the verge of an MSCI inclusion through the year. The stock has gained in six out of the last seven trading sessions in anticipation of such a move. In fact, CNBC-TV18's dealing room check had also highlighted the same on November 9, stating that the stock is in focus due to buying interest from FIIs and a potential MSCI inclusion.

Shares of the private lender had dropped in April this year after it was not included in the MSCI indices as its FPI headroom fell marginally short of the minimum requirement of 15%.

Additionally, seven stocks - IDFC First Bank, Max Health, Paytm, Polycab, PFC, REC and Supreme Industries have been included in the MSCI Domestic Index.

Stocks like Zomato, Hindustan Aeronautics, REC, PFC, which are already part of the MSCI Global Standard Index, have seen an increase in their weightage (change in float) and will see proportionate inflows.

On the other hand, stocks like Reliance Industries, ICICI Bank, Infosys, HDFC Bank, TCS and others have seen a decrease in their weightage, which may lead to proportionate outflows.

First Published:Nov 15, 2023 5:25 AM IST