Bharti, Idea, Power Finance Corp to be added to MSCI global indexes
16 Nov 2011
India's largest mobile-phone operator, Bharti Airtel Ltd and idea Cellula, along with Power Finance Corporation are being added to MSCI Inc's global indexes following a semi-annual review.
The MSCI Global Equity Indices are widely tracked global equity benchmarks and serve as the basis for over 400 exchanged traded funds throughout the world.
The addition of the three stocks follows a rejig of MSCI Global Standard Index (India) that would see the three new entrants replacing SAIL, Housing Development and Infrastructure Ltd (HDIL) and Indiabulls Real Estate, with effect from 30 November.
In another change it will exclude two stocks of the Vijay Mallya-led UB group -- Kingfisher Airlines and United Breweries Holdings -- from its Small Cap Index for India, along with other changes in this index.
Share prices of Bharti Airtel, Idea Cellular and PFC, jumped up on the bourses in Mumbai in reaction to the news of their inclusion on the MSCI index.
Bharti Airtel was up as much as 2.69 per cent in early morning trade to a high of Rs412.25, while Idea Cellular shot up 9.04 per cent to Rs103.10 and PFC was up 3.89 per cent to Rs166.80 on the BSE. Meanwhile, HDIL fell by 6.56 per cent to a low of Rs 73.35, Indiabulls Real Estate fell 3.73 per cent to Rs65.65 and SAIL was down 6.06 per cent to Rs93 on the BSE.