FTSE Russell, the global index service provider added 10 Indian listed companies to its Global large-cap index. IDBI, Kotak Mahindra Bank and Patanjali were added to the FTSE global index, which is widely tracked by foreign portfolio investors (FPIs). FTSE announced the changes in its semi-annual index review. Hence, any addition and removal of stocks from the indices has an impact on the investor sentiments. The stocks that were added are likely to attract more investment from those investors who have based their holding on FTSE indices.
There was fear that FTSE Russell would take action on the Adani Group stocks in its indices since after the Hindenburg report the index provider had announced that it was monitoring the stocks. But the review shows that it has not initiated any action to exclude Adani stocks. FTSE Russell has said the Adani index constituents within the FTSE Russell indices will continue to remain eligible in accordance with the underlying index methodologies, subject to satisfying all index inclusion criteria.
ACC, Canara Bank, Yes Bank, Union Bank of India, Indian Hotels, Jindal Steel and Power, Sriram Finance, Trent and Tube Investments were also added.
In addition, the small and mid-cap stocks that migrated to the FTSE index include APL, Solar Industries, Supreme Industries and Vedant Fashion, the index provider said. Stocks that were added to FTSE Small Cap Index include Allcargo Logistics, BDL, Cera Sanitaryware, Craftsman Auto, Go Fashion, JP Power Venture, JK Paper, Kalyan Jewellers, and Triveni Turbine, among others.