MSCI reshuffling may see Kotak Bank weightage double, Adani exit, inflows to Max Healthcare

Kotak Mahindra Bank is expected to witness a potential doubling of its weightage from 1.38 percent to 2.68 percent in the MSCI Global Standard Index, potentially resulting in inflows of $800 million

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Kotak Mahindra Bank is expected to witness a potential doubling of its weightage from 1.38 percent to 2.68 percent in the MSCI Global Standard Index, potentially resulting in inflows of $800 million, according to Nuvama Research. The reshuffling exercise is scheduled for May 31.

As part of the reshuffling exercise, Adani Transmission, Adani Total Gas, and Indus Towers will be removed from the MSCI Global Standard Index, while Max Healthcare Institute, Hindustan Aeronautics (HAL), and Sona BLW Precision Forgings will be included, as mentioned in the Nuvama report.

The removal of Adani companies from the MSCI Global Standard Index is expected to lead to outflows of $189 million for Adani Transmission and $167 million for Adani Total Gas.

The Nuvama report explains that if Adani Total Gas or Adani Transmission trades at the lower price limit for a cumulative duration of at least 5 minutes on the given day, MSCI will delete these securities at the lowest system price as of the close of May 31, 2023. Otherwise, MSCI will use the official closing prices, following the MSCI Index Calculation methodology.

According to Nuvama, the inclusion of Max Healthcare in the MSCI Global Standard Index is projected to result in inflows of $312 million and the addition of 47 million shares. Max Healthcare will carry a weight of 0.52 in the index. Additionally, the inclusion of HAL and Sona BLW is expected to bring inflows of $196 million and $171 million, respectively, with HAL carrying a weight of 0.33 and Sona BLW having a weight of 0.29 in the index.

In terms of weight adjustments, 16 stocks are expected to see an increase, while 21 stocks will experience a reduction within the MSCI Global Standard Index.

Several other stocks are predicted to have increased weights in the MSCI Global Standard Index. These include Maruti Suzuki India, Zomato, Interglobe Aviation, Samvardhana Motherson International, Cipla, Yes Bank, Bandhan Bank, and NTPC, among others.

The weights of Reliance Industries, Infosys, ICICI Bank, JSW Steel, Axis Bank, Hindustan Unilever, Tech Mahindra, Dr Reddy’s Laboratories, and Bharti Airtel are expected to decrease within the MSCI Global Standard Index.