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Cairn India, HDFC gain on talk of MSCI weight increase

Source : REUTERS
Last Updated: Wed, Oct 17, 2012 11:11 hrs
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan

Shares in Cairn India and Housing Development Finance Corporation gain on market talk index provider MSCI will increase their weighting across several benchmarks at its November review.

A source at MSCI says the weighting of both is expected to change when contacted by Reuters, attributing the reasons to recent block deals and private placements by the two companies, though any final decision would not be made until later in the year.

Cairn and HDFC have recently seen key foreign stakeholders sell stakes, increasing the shares held by public investors.

Carlyle Group raised $841 million by selling its remaining 3.7 percent stake in HDFC, while Cairn Energy raised about $922 million by selling an 8 percent stake in Cairn India.

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