The MSCI Global Small-Cap and India Small-Cap indexes saw larger churns, with more deletions than additions.

MSCI included two Indian companies fertilisers maker Coromandel International and beauty products retailer Nykaa to its Global Standard index earlier on Wednesday, as part of its May 2025 index rejig.

No Indian stock has been deleted from the key global index. The changes will come into effect as of the markets close on May 30.

The inclusion could bring passive inflows worth $216 million-$227 million into Coromandel and $172 million – $181 million into Nykaa, according to IIFL Alternate Research and JM Financial estimates.

MSCI also added Coromandel and airport operator GMR Airports into its India domestic index, while removing auto parts maker Sona BLW Precision Forgings.

While the flagship Global Standard index and Indian domestic indexes only saw minor tweaks, MSCI added 11 new stocks and deleted 21 stocks from its global small-cap index.

The more specific MSCI India domestic small-cap index saw the addition of 12 stocks and removal of 21 stocks.

Besides the additions, drug maker Cipla, telecom infrastructure provider Indus Towers and textiles, cement and chemicals maker Grasim Industries are likely to see passive inflows of $33 million-$45 million, $36 million-$40 million and about $17 million due to the increase in their weights in the Global Standard index.

Astral could see outflows worth $15 million-$17 million due to weight reduction, according to IIFL Alternate Research and JM Financial estimates.

India’s weight in the MSCI Global Standard index rose marginally to 19.4%, according to the IIFL Alternate Research. India had a weightage of about 19% in the index as of the previous revision in February.

In its last rejig in February, MSCI added carmaker Hyundai Motor and removed Adani Green Energy from its global standard index.

Published on May 14, 2025