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Cairn India,Godrej to enter MSCI index

The MSCI (Morgan Stanley Capital International) global indices are being reconstituted.

Written by Agencies | New Delhi | Published: May 16, 2012 7:35:23 pm

The MSCI (Morgan Stanley Capital International) global indices are being reconstituted and will see three new additions – Bank of Baroda,Cairn India and Godrej Consumer Products – with effect from May 31.

In the semi-annual index review,MSCI made some changes in its constituents for the MSCI Global Standard Indices which will be effective from May 31,2012.

Accordingly,three new entities — Bank of Baroda,Cairn India and Godrej Consumer Products — will be added to the global indices,while Suzlon Energy will be deleted,MSCI said in a statement.

Meanwhile,the weightage of India’s biggest mortgage lender HDFC has been reduced from 6.2 per cent to 3.2 per cent in the MSCI index,effective May 31.

Reacting to the news of their inclusion on the MSCI index,share prices of BoB,Cairn and GCP,jumped on the bourses in Mumbai.

BoB rose by as much as 2.83 per cent in today’s trade to a high of Rs 652,Cairn India surged 3.51 per cent to Rs 327 and Godrej was up 8.91 per cent to Rs 564 on the BSE,despite a weak stock markets.

At the same time,Suzlon Energy fell by 5.82 per cent to a low of Rs 18.60,while HDFC dropped over 5 per cent to Rs 610.70 after its weightage was reduced by nearly half.

Meanwhile,there has also been changes in constituents for the MSCI Global Small Cap Indices,which will see seven new additions and 31 deletion from its India index.

The new additions in the MSCI Global small Cap index include Corporation Bank,IL&FS Transport Network,Indiabulls Power,MOIL,Page Industries,Polaris Financial Technologies and Suzlon Energy.

The 31 entities that have been deleted include Abbott India,Bilcare Gammon India,KSK Energy,Mercator,Monsanto India,Network 18,Pfizer,Shree Cement,SKS Microfinance and Sterling Biotech.

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