Laurus Labs, Lenskart, Adani Energy Solutions, and Groww join the MSCI Global Standard index, with $1.5 billion in estimated passive inflows. Reliance faces $523 million outflow.
Global index provider MSCI will add four Indian companies to its widely tracked Global Standard index and remove three as part of its August review, the firm said Thursday. The changes take effect after the close of trading on Aug. 31.
Laurus Labs, an active pharmaceutical ingredients maker; Lenskart, an eyewear retailer; Adani Energy Solutions, the Adani Group's power transmission arm; and Groww, a digital investment platform, will enter the index. They replace tyre maker Balkrishna Industries, credit-card issuer SBI Cards, and building-materials company Astral.
The reshuffle brings the number of Indian constituents to 166, up from 165. India's weight in the index rises to 11.9% from 11.8%, according to Nuvama Alternative and Quantitative Research.
Passive funds that track MSCI benchmarks typically buy the additions and sell the removals. Nuvama estimates inflows of about $598 million for Laurus Labs, $352 million for Lenskart, $310 million for Adani Energy Solutions and $256 million for Groww. Combined, that is roughly $1.5 billion.
On the other side, Balkrishna Industries could see $169 million in outflows, SBI Cards $143 million and Astral $138 million.
The review also adjusted weights for existing index members. Eternal is projected to attract the largest incremental passive inflow, at around $674 million, after its weight increased. Adani Enterprises and Adani Ports could receive about $202 million and $77 million, respectively.
Reliance Industries is estimated to face outflows of roughly $523 million, while Jio Financial Services may see $61 million in outflows.
In the small-cap index, MSCI added 13 companies including Amagi Media Labs, Ather Energy, Clean Max, E2E Networks, Embassy Developments, Patanjali Foods, Rubicon Research, Sedemac Mechatronics, Sky Gold and Diamonds, United Breweries, Urban Company and WeWork India. It removed 19 stocks.
Laurus Labs sits in the pharma sector, Lenskart in consumer retail, Adani Energy Solutions in energy infrastructure, and Groww in digital finance. The additions tilt passive money toward those segments. The small-cap index changes also take effect on the same date.
For more context, see the MSCI stock page and stock market analysis.
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