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As part of MSCI’s (Morgan Stanley Capital Index) semi-annual review of indices, Muthoot Finance will be added to the MSCI India Domestic Index from the close of November 30.
MSCI is at the forefront of constructing global benchmarking indices, and the MSCI India Index is designed to measure the performance of the large- and mid-cap segments of the Indian market. This index covers approximately 85 per cent of the Indian equity universe, and companies are selected after comprehensive evaluation on several factors that are considered vital for global investors.
George Alexander Muthoot, Managing Director, Muthoot Group, said: “This is a recognition of the growth and performance the company has achieved over the years with the trust of our customers, hard work of our employees, diligent implementation of industry’s best practices and processes, and rock-solid faith of our investors and bankers. We will strive to meet the growing expectations of all our stakeholders while maintaining the highest standards of corporate governance”.
The company has demonstrated consistent growth, even in unprecedented times of this pandemic. Gold loans have seen strong demand for the working capital requirements of small businessesto fulfil personal finance needs, and are now also being availed for consolidating higher cost debt such as credit card debt post lifting of the moratorium. The company’s recent ₹2,000-crore NCD issue was launched last month on October 27 and was oversubscribed on Day 1. This reflects the sentiment that Muthoot Finance’s NCDs are a preferred investment option as the instrument is secured (backed by gold), and investors seeking fixed return in uncertain times are getting a much higher coupon rate than options such as bank fixed deposits, a press release said.
MSCI announces changes to its portfolio every quarter based on market capitalisation, FII limit, Free Float and Foreign Room factors (FDI limits). It is estimated that MSCI’s India portfolio attracts around $ 30-32 billion of passive fund investments.
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