Tata Tech among 11 smallcap stocks get MSCI seat, 22 thrown out
Global index provider MSCI has revised its India Smallcap Index to include Tata Technologies and Hexaware Technologies.
Synopsis Following the rejig, JM Financial estimates that Tata Technologies will see passive fund inflows of around $16 million, while Hexaware is expected to receive about $15 million. The index changes will take effect after market hours on May 30. Global index services provider MSCI has reshuffled its India Smallcap Index to include Tata Technologies, Hexaware Tech and ACME Solar and removed 22 other stocks like Aarti Drugs and Paisalo Digital.
ADVERTISEMENT As a result of the rejig, JM Financial estimates that Tata Tech will have a passive fund inflow of about $16 million while Hexaware will get $15 million. Changes in the index will be implemented after market closing hours on May 30.
List of smallcap stock additions - ACME Solar Holdings, Authum Investment, AWL Agri Business, Dr Agarwal's Health Care, Godrej Agrovet, Hexaware Tech, IGIL, Le Travenues Technology, Sagility India, Sai Life Sciences and Tata Technologies.
Stocks which have been removed from the smallcap index are Aarti Drugs, Allcargo Logistics, Coromandel International, E2E Networks, Electronics Mart India, Gateway Distriparks, Godrej Industries, Greenpanel Industries, Gujarat Alkalies and Chemicals, Heidelberg Cement, Hemisphere Properties, Moschip Tech, NOCIL, Orchid Pharma, Orissa Mineral Dev, Paisalo Digital, Patel Engineering, Prince Pipes And Fittings, Rossari Biotech, Share India Securities, Shyam Metalics & Energy and Teamlease Services.Following the announcement, ACME Solar Holdings shares were trading 6% higher, Authum Investment jumped over 10%, while IGIL jumped 2.5%.
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