Bank of Baroda to be included in Global Standard; shares Rising

Bank of Baroda will be added to the Global Standard index in the review that will take place in February 2023, according to the announcement made by the company that creates global indices, MSCI (Morgan Stanley Capital International). At the end of February 28, 2023, all modifications to its widely used stock indices will take effect.

According to market capitalization, Bank of Baroda, Shanghai Aiko Solar Energy, and Kakaopay Corp. will be the three biggest entrants to the MSCI Emerging Markets Index in the MSCI Global Standard Indexes, according to the index provider. In Friday's opening trades on the BSE, shares of Bank of Baroda increased by over 2% to 172 per share.

In the meantime, the India index has seen two additions (CG Power Industries and Shriram Finance), one deletion (Biocon Ltd.), and two additions. The MSCI India Domestic Index will have the following adjustments as of the end of business on February 28, 2023.

Additionally, there will be 5 exclusions and 24 additions to the MSCI India Domestic Smallcap Index. Some of the companies that will be added to the list include DCB Bank, Delhivery, GR Infra, Ion Exchange, Karnataka Bank, Railtel Corporation of India, and RateGain Travel Tech, while others that will be removed from the list include CarTrade Tech, Shilpa Medicare, Shriram Finance, Sequent Scientific, and Johnson Controls Hitachi. 

According to MSCI, large and midcap stocks from 23 developed and 24 emerging nations are included in the All Country World Index. At the end of the previous month, the market value of its members was little over $60 trillion. According to Reuters, the MSCI emerging markets index included close to 1,400 companies with a market value of approximately $6.8 trillion. On May 11, 2023, the May 2023 review will be made public with an effective date.

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