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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).
