FTSE ups Manyavar's weighting; Max Healthcare likely to make MSCI cut

Global index provider FTSE has increased the weighting of Ved­ant Fashions (Manyavar) in four of its indices. Earlier this month, the promoters of Manyavar offloaded 9.88 per cent stake in the company to comply with the 25 per cent minimum public share­holding norms. Taking note of the increased public float in the company, FTSE has increased the weighting of the stock. Anal­ysts say the higher weighting will lead to inflows of $7 million (Rs 60 crore) from passive funds tracking FTSE indices. Manyavar is currently not part of any MSCI indices. Shares of Manyavar on Tuesday gained 1.43 per cent to close at Rs 1,242.
 

Max Healthcare Institute is expected to get added to the MSCI Standard index by the end of this month. The move follows GQG Partners Emerging Markets’ acquisition of 7.55 million shares of the company. “On May 31, Max Healthcare will be included in the global passive index – MSCI Standard Index. The estimated buying is 50 million shares, which equates to $300 million (Rs 2,500 crore) of inflows,” said a note by Nuvama Alternative & Quantitative Research. Shares of Max Health rose 0.15 per cent to close at Rs 554  on Tuesday.