MSCI May rejig: ICICI Lombard included in India index, Saudi Arabia added in EM index

Global index provider MSCI announced changes to the MSCI India index, a key benchmark for India-focused overseas funds. Effective from May 29, ICICI Lombard will be added as a part of the index, while there were no deletions.

The MSCI India index is designed to measure the performance of the large-cap and midcap segments of the Indian market.

Meanwhile, it has announced 14 additions and 10 deletions to the MSCI India Smallcap Index.

Among the stocks added are Oil India, BEML, Balrampur Chini, L&T Tech, and Ujjivan Financial Service. Meanwhile, Reliance Power, Reliance Communication, DCM Shriram, Tejas Network, and CESC Ventures are among the stocks that will be excluded.

Globally, MSCI Saudi Arabia and MSCI Argentina indices will be included in its emerging-markets index.

"Thirty Saudi Arabian securities would be added, representing an aggregate weight of 1.42 percent in the MSCI Emerging Markets Index, while eight Argentinian securities would be added at an aggregate weight of 0.26 percent in the MSCI Emerging Markets Index," MSCI said in the report.

It also increased the weight of China A shares in the emerging markets index in its May review.