Coforge, Vedanta, Paytm, Adani Green, Groww shares: $2 bn inflows likely on MSCI rejig

Coforge Ltd, Life Insurance Corporation of India Ltd (LIC), Adani Green Energy Ltd and Meesho Ltd are seen as the biggest beneficiaries of MSCI's November 2026 review, which has increased India's weight in the MSCI Emerging Markets (EM) Index to 11.7 per cent from 11.5 per cent. Going by Nuvama Alternative & Quantitative Research's initial estimates, the change would translate into incremental passive inflows of around $2 billion. The adjustment will take place on November 20.

Coforge is estimated to attract $630 million in passive inflows, accounting for 2.9 crore shares. LIC is seen attracting passive buying worth $468 million, followed by Adani Green ($348 million) and Meesho ($307 million). PI Industries, which faces exclusion, may see passive outflows of $119 million, Nuvama said.

Stocks such as Billionbrains Garage Ventures Ltd (Groww), Lenskart, JSW Steel, Adani Green, Coal India, One 97 Communications Ltd (Paytm) and Vedanta Ltd may see passive inflows of up to $97 million following an increase in their weights. NTPC, Eicher Motors, Hindustan Aeronautics Ltd and Grasim Industries are among the stocks likely to see outflows of $45-97 million.

Abhilash Pagaria, Head at Nuvama Alternative & Quantitative noted that the MSCI EM Standard Index will see four inclusions and one exclusion, taking the total number of constituents to 168 from 165. All changes are in line with Nuvama Alternative's expectations, except ICICI Prudential Life, which has avoided exclusion as its float factor has been maintained.

In the MSCI EM Small Cap Index, there are 11 additions and 29 exclusions, taking the total number of constituents down to 432 from 450. Sharp volatility towards the end of October triggered price declines, resulting in multiple exclusions.