PB Fintech, Thermax, Sundaram Finance, and Canara Bank surge 4-9% on MSCI inclusion, Paytm falls

Shares of Policybazaar parent PB Fintech, Thermax, Sundaram Finance and Canara Bank surged in trade on May 15 as the inclusion of these stocks in the MSCI’s Global Standard index, post its latest rejig, brought cheer for investors.

On the other hand, share of Paytm parent One97 Communications fell in trade after the stock was thrown out of the MSCI Global Standard index. Nonetheless, it made its way into the MSCI Smallcap index.

Following the rebalancing, shares of Thermax scaled a record high, soaring over 8 percent, followed by Sundaram Finance which was up 6 percent. Aside from these, Canara Bank and PB Fintech were up over 4 percent each. In contrast, Paytm shares were down 1 percent in trade.

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As per calculations done by Nuvama Alternative & Quantitative Research, PB Fintech is expected to see maximum inflows at $283 million, followed by Sundaram Finance at $243 million.

On the other hand, Thermax and Canara Bank will likely see passive inflows worth $154 million and $161 million, respectively.

Meanwhile, Paytm is expected to see net outflows of $51 million, factoring its switch from the MSCI Global Standard index to the Smallcap index.

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