Informist, Wednesday, Feb. 12, 2025

MUMBAI - Global index provider MSCI said it has added Hyundai Motor India Ltd. to its India domestic index and removed Adani Green Energy Ltd. as part of its quarterly review. It also added 20 companies to its India domestic small-cap index, while removing 17 Indian companies. These changes will be effective from the close of trade on Feb. 28, MSCI said early Wednesday.

Within its India domestic small-cap index, the firm added some major companies such as Ola Electric Mobility, Jyoti CNC Automation, Akums Drugs and Pharmaceuticals. It also added Afcons Infrastructure, Allied Blenders & Distillers, ASK Automotive, Black Box, Cartrade Tech, E2E Networks, Greaves Cotton, Kovai Medical Center & Hospital, Manorama Industries, and Niva Bupa Health Insurance Co.

MSCI also added Pearl Global Industries, Shaily Engineering Plastics, Sundaram Clayton, TBO TEK, V2 Retail, Websol Energy System, and Zaggle Prepaid Ocean Services to its India domestic small-cap index.

The index provider removed Sun Pharma Advanced Research Co., Advanced Enzyme Tech, Bajaj Hindusthan Sugar, Balmer Lawrie & Co., Bharat Bijlee, Mahindra Logistics, Fineotex Chemical, Jai Corp., DCB Bank, Jamna Auto Industries and La Opala RG from its India domestic small-cap index. Magellanic Cloud, Sanghvi Movers, Shivalik Bimetal Controls, Spandana Sphoorty Financial, Sula Vineyards, and West Coast Paper Mills were the other companies that were removed from the small-cap index.

MSCI said it will implement index review changes to Adani Energy Solutions that were earlier postponed as part of the November Index review. MSCI will implement index review changes, including changes in the number of shares, foreign inclusion factor, and domestic inclusion factor of Adani Energy. These changes will be effective from Mar. 3.

Last year, along with its November index review announcement, MSCI had said it will not implement any increase in number of shares, foreign inclusion factor, and domestic inclusion factor of Adani Energy taking into account uncertainty regarding its free float. On Oct. 22, the Securities and Exchange Board of India had issued a show cause notice to the company alleging wrongful classification of shareholding of certain entities. Consequently, MSCI paused the implementation of index review changes to Adani Energy. The index provider said it continues to monitor the Adani group and associated securities, including related to free float, and will issue further communication, if needed. End

Reported by Arya S. Biju

Edited by Vandana Hingorani

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