BHEL, PNB, Mamaearth, and 32 Others Join MSCI Indices, Boosting Indian Exposure for Global Investors

Date: February 13, 2024


  • Announcement: On February 13, 2024, Morgan Stanley Capital International (MSCI) announced its semi-annual index rebalancing, which will see 32 Indian stocks join various MSCI indices, effective February 29, 2024.
  • Key additions: The most notable inclusions are Bharat Heavy Electricals Limited (BHEL), Punjab National Bank (PNB), and Mamaearth, a direct-to-consumer beauty and personal care company. These additions reflect the growing market capitalization and liquidity of these companies.
  • Impact on India: This inclusion is expected to attract increased foreign investment into the Indian stock market, potentially boosting liquidity and stock prices of the included companies. It also signifies international confidence in the Indian economy and its growth prospects.
  • Other additions: The 32 stocks span various sectors like infrastructure (GMR Airports Infrastructure), metals (NMDC), consumer staples (Britannia Industries), and healthcare (Dr. Lal PathLabs).
  • Mamaearth’s unique inclusion: Mamaearth’s inclusion is noteworthy as it’s a relatively young company and highlights the increasing role of new-age businesses in the Indian economy.

Latest Information (as of February 13, 2024):

  • Market reaction: The news has been met with positive sentiment in the Indian stock market, with BHEL, PNB, and Mamaearth’s shares experiencing upward movement.
  • Analysts’ views: Experts expect the inclusion to have a long-term positive impact on the Indian market, attracting more foreign capital and enhancing the overall investment landscape.
  • Risks and considerations: While the inclusion is positive, potential risks include global market volatility and changes in investor sentiment.


The inclusion of BHEL, PNB, Mamaearth, and 29 other Indian stocks in MSCI indices is a significant development for the Indian market. It signifies growing international interest in Indian equities and is likely to attract further foreign investment. While there are potential risks, the overall impact is expected to be positive for the Indian economy and the included companies.

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