The final list of inclusions and exclusions will be announced on May 13, and the changes will take effect from June 3

In the upcoming MSCI India Standard Index rejig on May 13, FSN E-Commerce Ventures, the parent of beauty and fashion retailer Nykaa, is expected to be added while Thermax could be removed, according to JM Financial.

The final list of inclusions and exclusions will be announced on May 13, and the changes will take effect from June 3.

High probability

The brokerage has assigned a “high probability” to Nykaa’s inclusion and Thermax’s exclusion. If added, the Nykaa’s stock could attract passive fund inflows of around $210 million, with about 92 million shares impacted over 12 days. The stock has risen over 17 per cent so far this year.

Adani Energy Solutions and Coromandel International are also being considered for addition but are seen to have a “low probability” of being included, the broker’s report said.

If Adani Energy Solutions is added, it could see passive inflows of around $270 million, impacting 23.9 million shares over 10 days. The stock has risen nearly 15 percent so far in 2025 but is still down nearly 13 per cent from a year ago.

Coromandel International could bring in approximately $200 million in passive inflows, with 7.6 million shares impacted over nine days, if included. The stock has seen whopping gains of nearly 86 percent in the past year.

Meanwhile, Thermax’s exclusion could trigger passive fund outflows of around $120 million, with about 2.8 million shares impacted over 22 days. The stock has fallen over 13 per cent since the start of the year, and over 23 per cent in the last year.

Published on April 28, 2025