The Morgan Stanley Composite Index Barra is planning to come out with 28,000 more indices to represent the entire universe of stocks in all countries.
MUMBAI: The Morgan Stanley Composite Index (MSCI) Barra, which maintains and develops equity, real-estate investment trust and hedge fund indices for global markets, is planning to come out with 28,000 more indices to represent the entire universe of stocks in all countries.
As part of its restructuring exercise, the company has proposed to add a provisional index to measure the performance of Indian equity, along with the standard index that exists now. The new index is proposed to come into effect by June 1, 2007.
In order to streamline the process of transition to the new index, MSCI Barra has decided to move 50% of the weightage of the existing standard index to the provisional one by November 2007, and the entire 100% by May 2008. While the current MSCI India Index represents 70 stocks, 10 of them will go out of it.
They are Moser Baer, Bank of Baroda, Nicholas Piramal, Jet Airways, Biocon, Bajaj Hindusthan, Colgate Palmolive India, Britannia Industries, Matrix Labs and Arvind Mills. They will be moved out of the index with effect from June 1, 2007.
The additions to the index will include Unitech, Aditya Birla Nuvo and Videocon Industries.
Aditya Birla Nuvo, Cairn India, HCL Technologies, NTPC, Unitech and United Spirits and Videocon Industries, which do not feature in the current standard index for India, will feature in the provisional index.
The stocks that are currently in the standard index, but will go out of the provisional index include Arvind Mills, Bajaj Hindusthan, Bank of Baroda, Biocon Ltd, Britannia Industries, Colgate Palmolive India, Jet Airways India, Matrix Laboratories, Moser Baer (India), Nicholas Piramal, Tata Tea and Dish TV.
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