MSCI Rejig: Paytm, Fortis among those stocks set for inflows; Tata Elxsi may see outflows

Global index provider MSCI has moved several stocks between its India Smallcap and India Standard indices as part of the November 2025 semi-annual review. The changes take effect after market close on Monday, November 24.

Fortis Healthcare, One97 Communications (Paytm), GE Vernova T&D and Siemens Energy India are the four additions to the MSCI India Standard Index.

Tata Elxsi and state-run Container Corporation of India (CONCOR) have been removed from the Standard Index and shifted to the Smallcap Index.

MSCI said eight stocks will see their weightage increase and six will see reductions. With these changes, India's overall weight in the MSCI Standard Index will rise slightly to 15.6% from 15.5%, and the total number of represented companies will increase to 163 from 161.

Stocks gaining weightage include Asian Paints, Apollo Hospitals, Lupin, SRF, Suzlon Energy, Yes Bank, Alkem Laboratories and Jubilant Foodworks.
Those seeing cuts include Samvardhana Motherson, Dr Reddy's Laboratories, REC, Zydus Lifesciences, Bharat Forge and Colgate-Palmolive India.

According to Nuvama Alternative & Quantitative Research, Fortis and the other three inclusions will attract inflows ranging from $252 million to $436 million, while the two exclusions could face outflows of up to $162 million.

Stock	Inflows / Outflows ($ Million)
Fortis Healthcare	+436
Paytm	+424
GE Vernova T&D	+351
Siemens Energy India	+252
Tata Elxsi	-162
CONCOR	-146

Among the weight-increase names, Asian Paints may see inflows of up to $95 million. Meanwhile, weight-reduction stocks such as Samvardhana Motherson and Dr Reddy's may register outflows of up to $50 million.

Stock	Inflows ($ Million)
Asian Paints	95
Apollo Hospitals	41
Lupin	35
SRF	34
Suzlon Energy	30
Yes Bank	28
Alkem Labs	27
Jubilant Foodworks	15

Stock	Outflows ($ Million)
Samvardhana Motherson	-53
Dr. Reddy's Laboratories	-51
REC	-47
Zydus Lifesciences	-45
Bharat Forge	-31
Colgate-Palmolive India	-29

Beyond Tata Elxsi and CONCOR's shift to Smallcap, other additions to the Smallcap Index include ACC, Honeywell Automation, Leela Palaces Hotels and Blue Jet Healthcare. Exclusions from the index include Restaurant Brands Asia, Rain Industries, Raymond, Balaji Amines, Quess Corp and several others.