Bank of Baroda to enter MSCI India Global Standard Index

10 Feb 2023 , 01:19 AM

PSU lender Bank of Baroda and CG Power and Industrial have been included to the MSCI India Global Standard Index, according to index provider MSCI.

Following the announcement on Friday morning, shares of Bank of Baroda increased by 1.5%.

Pharmaceutical giant Biocon, which would be removed from the index, now has a weight of 0.13% and might experience a $46 million outflow after removal.

The modifications will take effect on March 1, 2023.

MSCI has also announced that it will lessen the weights assigned to four Adani Group companies: ACC, Adani Transmission, Adani Total Gas, and Adani Transmission. Adani Enterprises’ weight in the MSCI Global Standard Index would be lowered by 30 basis points to 0.5%.

Additionally, 24 new stocks, including Bank of Baroda, Delhivery, Railtel, Karnataka Bank, and South Indian Bank, have been added to MSCI’s India Domestic Smallcap index. However, Johnson Hitachi, Cartrade, Sequent Scientific, Shilpa Medicare, and Shriram Finance will not be included.