The MSCI Global Standard index, as part of its August review, shared a list of stocks that shall be included and excluded effective September 1, 2023.
According to a Nuvama Alternative and Quantitative Research, PFC and HDFC AMC are likely to see inflows of $203 million and $153 million, respectively.
On the other hand, IDFC First Bank, Ashok Leyland, Cummins India, and Astral will attract inflows worth $204 million, $196 million, $173 million, and $170 million, respectively.
"The entry of REC and Supreme Industries into the index was a surprise as they were strong contenders for the November 2023 review," the research note added.
Cement manufacturer ACC, however, will be excluded from the index, resulting in an outflow of $92 million, as per the Nuvama report.
That said, the aforementioned stocks were selected via the NOC route, with India receiving six NOC slots, highest seen in recent times.