REC, Supreme stocks surge on MSCI Global Standard Indexes inclusion

Shares of REC and Supreme Industries (SI) surged to their 52-week highs in early trade on Friday post the surprise inclusion in MSCI Global Standard Indexes. The two stocks ended the session with an increase of 3.5 per cent and 5.7 per cent, respectively, after paring some gains. They are expected to see inflows of around $180 million due to the inclusion.
 

The other inclusions — IDFC First Bank, PFC, Ashok Leyland, Cummins India, Astral and HDFC AMC — were on the expected lines. ACC was the only exclusion.
 

The weightages of existing stocks, except for PI Industries, have been reduced in the latest review, shows a report by Nuvama Alternative and Quantitative Research. Reliance Industries continues to have the highest weightage at 9.13 per cent, followed by ICICI Bank (5.98 per cent) and Infosys (5.5 per cent). The changes will come into effect on August 31, 2023.

With a net addition of seven stocks, India ranked second in the list of countries with highest new additions. China led the table with 10 inclusions.