The Hindu Business Line : MSCI raises India's weightage marginally

MSCI, a leading provider of information on indices, has increased the weightage of India in its Emerging Markets Asia index marginally to 5.42 per cent from 5.41 per cent. In the India specific Index, MSCI has included 13 stocks and removed one.

MSCI has also made changes in its Standard Index series.

The MSCI India Index additions include Arvind Mills, Bharat Electronics, Bharat Forge, Biocon, Mahindra & Mahindra, Glenmark Pharma, Jet Airways, Nicholas Piramal, UTI Bank, Reliance Energy, Kotak Mahindra Bank, Jindal Steel and Power, and Matrix Labs.

Punjab Tractors has been removed from MSCI India Index.

These changes will come into effect from May 31, 2005.

According to analysts, the increase in India's weightage does not mean much for the equity market as it is unlikely to have any major impact on FII inflow. However, they said there could be some buying activity in the new stocks included in the index.

But some dealers said the new addition came as a disappointment as stocks such as Bharti Tele-Ventures, National Thermal Power Corporation and Punjab National Bank were not included in the list.

The change in the MSCI index hardly made any impact in today's trading as the prices of those scrips included in the index did not witness much movement.

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