PNB, Union Bank, Three Other Firms Included In MSCI Global Standard Index

Punjab National Bank, Union Bank of India and three other Indian companies have been included in the MSCI Global Standard Index on Tuesday in its February review.

NMDC, BHEL, and GMR Airports Infra were the other Indian companies that have been included in the Global Standard Indexes by global index services provider Morgan Stanley Capital International.

MSCI added five Indian stocks to its Global Standard index with no deletions in its February review.

The modifications will take effect on Feb. 29 at market close.

The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalisation will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India), MSCI said in a release.

India has the second-highest weightage in the MSCI Global Standard index after China.

State-owned lenders PNB and Union Bank of India were added to the large-cap index, while Bharat Heavy Electricals and NMDC were included in the mid-cap index. GMR Airports Infrastructure was moved to the mid-cap index from the small-cap.

Aside from the inclusions, the weightage of some stocks like Zomato, DLF, MRF, Hindalco, Interglobe Aviation, Dr Reddy's, Hero Motocorp, HDFC AMC, Lupin, Astral, One97 Communications and Bandhan Bank was increased by the index provider.

MSCI also added 27 stocks and deleted six from its small-cap index. P