MSCI inclusion: Waaree Energies, Swiggy, Vishal Mega Mart, Hitachi to attract $1b inflows

Waaree Energies, Swiggy, Vishal Mega Mart and Hitachi Energy India are expected to attract passive inflows of over $1 billion on their inclusion in the MSCI Standard index, Nuvama Alternative & Quantitative Reserach said in its latest note. Sona BLW Precision Forgings Ltd (Sona Comstar) and Thermax could see outflows to the tune of $300 million, the brokerage said. The adjustment will take place on August 26, 2025.

"In India, 4 new stocks will be added to the standard index and 2 will be excluded, while one stock will receive a higher weighting related to the float and four stocks will receive a lower weighting, which is due to the float adjustment. As per Nuvama's math, India is expected to see a net outflow of $250 to $270 million," it said.

Swiggy is expected to see $293 million in passive inflows, which would be equivalent to 6.5 crore shares. Vishal Mega Mart is estimated to see 256 million inflows. Hitachi Energy India ($233 million) and Waaree Energies ($230 million) are also expected to see sharp inflows.  Sona BLW could see $165 million outflows while Thermax may also observe $117 million outflows. 

Eternal, whose weightage would go down in the MSCI Standard index, could see a massive $571 million outflows. Asian Paints ($102 million), Jindal Steel & Power ($43 million) and Havells India ($40 million). CG Power is also see witnessing $56 million outflows on weight reduction. 

Meanwhile, MSCI Smallcap index will also see changes, with Paytm, Ola Electric Mobility, Shakti Pumps India, SBFC Finance and Paras Defence among stocks that may see inflows on weight changes. Nexus Select Trust and Inventurus Knowledge may see a combined $31 million in inflows on index inclusion. Bharat Dynamics may see $24 million in outflows on index exclusion.

Firstsource Solutions, CESC, Jammu & Kashmir Bank, Aditya Birla Fashion, Happy Forgings, Strides Pharma Science, Orient Electric and Embassy Developments are some of the stocks, which may see marginal outflows on weight reductions.