MSCI Removes Freeze On Adani Group Stocks To Factor In Fresh Developments

In a fresh relief for Adani group stocks, global index provider MSCI Inc. has removed its freeze on the conglomerate and its associated securities to factor in fresh developments in their business operations.

MSCI clarified that starting from the August 2024 Index Review, it will implement the index review changes, including changes in the number of shares, foreign and domestic inclusion factor of Adani group and associated securities.

The global index aggregator will consider the recent fundraise by Adani Energy Ltd. and the proposed fundraise by Adani Enterprises Ltd. In early 2023, the index provider dropped two of the Adani companies from global standard index.  

MSCI continues to monitor the group's securities, including those related to free float, it said in a statement and will issue further communication if appropriate.

The foreign and domestic inclusion factors for these securities were announced along with the August 2024 Index Review announcement. The changes will be implemented as of the close of Aug. 30.

India's weightage in the EM gauge jumped to a record of 19.8% from 18.8% in May, while that of table topper China slipped to 24.2% from 24.7%.

In its latest review, the index aggregator made seven additions and one deletion from India in MSCI Emerging Markets Index. Rail Vikas Nigam Ltd., Zydus Lifesciences Ltd., Vodafone Idea Ltd., Oil India Ltd., Oracle Financial Services Ltd., Dixon Technologies India Ltd. and Prestige Estates Project Ltd. were added.

MSCI will maintain HDFC Bank Ltd. in its global gauge for emerging markets under its August review, with an increase in the foreign inclusion factor from 0.37 to 0.56.

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