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MSCI adds Hyundai Motor India to Global Standard index in latest rejig

Published: 12 Feb. 2025, 17:11

Hyundai Motor Group's headquarters in southern Seoul [HYUNDAI MOTOR GROUP]

MSCI added a lone Indian company, carmaker Hyundai Motor India, to its Global Standard index late on Tuesday and removed Adani Green Energy as part of its February 2025 index rejig.

The change will come into effect at the market close on February 28.

In its previous index reconstitution in November, MSCI added five domestic companies to the global standard index, lifting India's weightage to nearly 20 percent in the gauge that tracks emerging markets.

The quarterly rebalancing, which was announced overnight, also saw 20 Indian stocks added to MSCI India Domestic Smallcap Index, including Ola Electric Mobility, Sundaram Clayton and Zaggle Prepaid Ocean Services, among others.

However, 17 stocks were deleted from the smallcap index.

According to IIFL Capital, the MSCI rejig could lead to a net passive inflow of about $850 million to $1 billion into Indian markets.

Private lender IndusInd Bank, which is already part of the global standard index, saw a weight increase, according to IIFL Capital.

While MSCI added and removed one Indian stock from the global standard indexes, it added eight stocks from China and deleted 20 stocks from the world's second-largest economy.

Overall, 23 securities will be added and 107 deleted from the MSCI global standard indexes as part of the review.

Reuters