Financial Daily from THE HINDU group of publications
Friday, May 12, 2006
Financial Daily from THE HINDU group of publications Friday, May 12, 2006 |
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Markets
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Stocks Our Bureau
Major recast Contrary to expectations, Bharti Tele and Suzlon Energy did not fid place in MSCI index Castrol India is the only deletion from the India index
Mumbai , May 11 Morgan Stanley Capital International Inc (MSCI) has added five stocks — Bajaj Hindustan, Reliance Capital, Jaiprakash Industries, Siemens India and Indiabulls Financials — into its India index. Contrary to expectations, Bharti Tele and Suzlon Energy failed to gain entry into the MSCI India index. After the India index recast, which was part of the quarterly global indices recast of MSCI, the India weightage in the MSCI Emerging Market Asia Index has also gone up. According to the MSCI Web site, Castrol India is the only deletion from the India index. The recast will be effective from the close of markets on May 31, 2006. The inclusion of Indiabulls Financials, which is into stock broking and real-estate development, was a total surprise. Analysts said the inclusions on MSCI India index might be based on the free float of shares available for foreign investors. MSCI indices are widely tracked by global fund managers and an inclusion would see more foreign interest in those particular stocks. The leading stocks in the MSCI India index include Reliance Industries, Infosys, ICICI Bank, ONGC, ITC and HLL.
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