Global index provider MSCI has inducted four Indian companies—Life Insurance Corporation of India (LIC), Coforge, Adani Green Energy, and Meesho—into its Emerging Markets Standard Index as part of its November 2026 review. The changes are scheduled to take effect from November 30.
Alongside these additions, PI Industries has been excluded from the index. According to Nuvama, the removal of PI Industries could result in estimated outflows of approximately $119 million. Conversely, the inclusion of the four new companies is expected to drive significant passive inflows. Coforge is projected to receive around $630 million, while LIC, Adani Green Energy, and Meesho could see inflows of $468 million, $348 million, and $307 million, respectively.
With these adjustments, the total number of constituents in the MSCI Emerging Markets Standard Index will increase from 165 to 168. Consequently, India’s weight in the broader index is set to rise from 11.5% to 11.7%. Nuvama noted that these updates were broadly anticipated, with ICICI Prudential Life Insurance notably remaining in the index after its float factor was maintained.
Beyond the new additions, 11 stocks will witness an increase in their index weights, including JSW Steel, Coal India, One 97 Communications (Paytm), Bharat Forge, Zydus Lifesciences, Vedanta, Bosch, Oracle Financial Services Software, and the parent of Groww, Billionbrains Garage Ventures, alongside Lenskart Solutions and Adani Energy Solutions. Nuvama estimates these weight increases could bring in passive inflows ranging from $10 million to $97 million per stock. Conversely, nine stocks, including NTPC, Eicher Motors, Grasim Industries, REC, Hindustan Aeronautics, Cipla, GAIL India, MRF, and Siemens India, will see their weights decline, potentially leading to similar outflows.
Additionally, the MSCI Emerging Markets Small Cap Index will undergo its own restructuring, with 11 additions and 29 exclusions. This will reduce the number of constituents in the small-cap index to 432 from the previous 450.
Key facts
- The index changes become effective on November 30, 2026.
- India’s overall weight in the MSCI Emerging Markets Index rises to 11.7%.
- Coforge inclusion is expected to attract $630 million in passive inflows.
- The number of constituents in the Standard Index increases to 168.
- 11 stocks will see increased weights, while 9 stocks will face weight declines.
Source: Economic Times
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