INSUBCONTINENT EXCLUSIVE:
Shares of Page Industries rallied around 4 per cent on Tuesday morning on the announcement that the scrip will replace Vakrangee in the MSCI
India Index.
The replacement will take effect as of the close of August 31
The news rattled Vakrangee as the stock plunged 10 per cent to Rs 45.05 at around 9.40 am
The BSE Sensex was up 175 points, or 0.46 per cent, at 37,819.
Page Industries was trading at Rs 33,526.
The MSCI index serves as an
important parameter of foreign investors' mood
Morgan Stanley Capital International (MSCI) has set up MSCI India index that includes many prominent companies across sectors.
MSCI reviews
its index members every quarter, based on criteria such as market value and geographies
Eighteen securities will be added and four securities will be deleted from the MSCI ACWI Index
The only addition in the MSCI World Index will be Showa Denko KK (Japan)
The three largest additions by full company market capitalisation in the MSCI Emerging Markets Index will be China Shenhua A (China), China
United Network A (China) and Hengli Petrochemical A (China).
