ICICI Prudential Life May Be Added to MSCI Index, a Few Debt-Laden Firms May Be Removed
ICICI Prudential Life Insurance Co. and Siemens Ltd. are companies likely to be added to MSCI’s indexes, according to Morgan Stanley and Edelweiss. The insurer is up almost 60% this year, while Siemens rose to a record on Monday.
MSCI will announce the results of its semi-annual review of gauges on November 7
ICICI Prudential Life Insurance Co. and Siemens Ltd. are companies likely to be added to MSCI’s indexes
India’s debt-burdened companies could get kicked out of MSCI Inc.’s benchmark index later this week.
Highly indebted companies including Vodafone Idea Ltd., Indiabulls Housing Finance Ltd. and Glenmark PharmaceuticalsLtd. are likely to be removed from the MSCI India Index, according to brokers.
Most of these companies have seen a sharp erosion in their market values in the wake of the yearlong crisis in India’s credit market. The troubled private lender Yes Bank Ltd. has slumped more than 60% this year, while Indiabulls was axed from the NSE Nifty 50 Index in September after the mortgage lender’s share value more than halved.
ICICI Prudential Life Insurance Co. and Siemens Ltd. are companies likely to be added to MSCI’s indexes, according to Morgan Stanley and Edelweiss. The insurer is up almost 60% this year, while Siemens rose to a record on Monday.
MSCI will announce the results of its semi-annual review of gauges on November 7 during US hours. The changes will be effective at the close of November 26, the index provider said in an announcement last month.
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