RVNL Shares Jump After Inclusion In MSCI Emerging Markets Index
The global index provider added RVNL and Zydus Lifesciences Ltd. to large-cap section of its Emerging Market Index.
Shares of Rail Vikas Nigam Ltd. rallied over 4% Tuesday after the stock was included in MSCI Inc.'s emerging markets index under its August review. It was one of seven such stocks.
Moreover, the global index provider added RVNL and Zydus Lifesciences Ltd. to large-cap section of its Emerging Market Index.
While Vodafone Idea Ltd., Oil India Ltd., Oracle Financial Services Ltd. and Prestige Estates Ltd. are the new additions to the mid-cap section of the index, Dixon Technologies (India) Ltd. has been upgraded to the same from small-cap status.
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%.
Shares of RVNL rose as much as 4.52% during the day, before paring gains to trade 2.61% higher at Rs 590.9 apiece as of 10:40 a.m., compared to a 0.13% decline in the benchmark Nifty 50.
The stock has risen 371% in the last 12 months and 226% year-to-date. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 57.
The two analysts tracking the company have a 'hold' rating on the stock, according to Bloomberg data. The average of 12-month analysts' consensus price target implies a potential downside of 41%.
