IDBI Bank, Kotak Mahindra Bank, Patanjali Foods added to FTSE All World index

Home-grown brands IDBI Bank, Kotak Mahindra Bank, Patanjali Foods have been added to the FTSE All World index. As per the semi-annual index review announcement, global index aggregator FTSE Russell has added 10 Indian stocks to its Global Largecap index. The changes will be effective from March 20, 2023, FTSE Russell said in a release.  

In the FTSE All-World index, the aggregator has added APL Apollo Tubes, IDBI Bank, Indian Bank, Kotak Mahindra Bank, Patanjali Foods, Solar Industries, Supreme Industries, and Vedant Fashions. Gillette India was removed from the list.

In the Global large-cap index, the companies which were added were ACC, which is a subsidiary of Ambuja Cements and a part of the Adani Group, Kotak Mahindra Bank, Canara Bank, IDBI Bank, YES Bank, Union Bank of India, Indian Hotels, Jindal Steel & Power, Shriram Finance, Trent, and Tube Investments.

Six Indian stocks have been excluded from the Global large-cap index, including One97 Communications, Biocon, Godrej Properties, Jubilant FoodWorks, Piramal Enterprises, and Sona BLW Precision Forgings.
In the Global Midcap index, FTSE has added APL Apollo Tubes, Biocon, Godrej Properties, Indian Bank, Jubilant FoodWorks, One97 Communications, Patanjali Foods, Piramal Enterprises, Solar Industries, Sona BLW Precision, Supreme Industries, and Vedant Fashions.

In FTSE Global Smallcap Index, the aggregator has added 15 stocks -- Allcargo Logistics, Bharat Dynamics, Cera Sanitaryware, Craftsman Automation, Go Fashion, Gujarat State Fertilizers & Chemicals, IRB InvIT Fund, Jaiprakash Power Ventures, Jindal Stainless, Jindal Stainless (Hisar), JK Paper, Kalyan Jewellers, RHI Magnesita India, Sapphire Foods, and Triveni Turbine have been added.

Besides, FTSE has increased the weightage of InterGlobe Aviation (IndiGo) in the FTSE All-World index to 31.85 per cent from 27.80 per cent. This will come into effect from February 22. Shares of the IndiGo airline operator will also remain part of the global large-cap and emerging indices, FTSE said.

The change in the weightage was made after the company’s shares in the secondary market were sold by the Gangwal family who is part of the promoter group.

What is FTSE All-World Index?

The FTSE All-World Index is an international equity index, which tracks stocks from developed and emerging markets worldwide. The market-capitalisation weighted index represents the performance of the large-cap and midcap stocks. It covers 90-95 per cent of the investible market capitalisation.  
The index constituents are categorised in accordance with the Industry Classification Benchmark (ICB), the global standard for industry sector analysis.

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