What does Lodha Developers do?

Macrotech Developers Limited is a leading real estate company in India, specializing in affordable residential projects along with logistics, industrial parks, and commercial real estate. They focus on customer needs, targeting markets like NRIs in GCC, UK, Singapore, and the US.

Who are the competitors of Lodha Developers?

Lodha Developers major competitors are Prestige EstatesProj, Godrej Properties, Oberoi Realty, Phoenix Mills, DLF, Anant Raj, Brigade Enterprises. Market Cap of Lodha Developers is ₹1,13,468 Crs. While the median market cap of its peers are ₹57,556 Crs.

Is Lodha Developers financially stable compared to its competitors?

Lodha Developers seems to be less financially stable compared to its competitors.Altman Z score of Lodha Developers is 3.81 and is ranked 5 out of its 8 competitors.

Does Lodha Developers pay decent dividends?

The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Lodha Developers latest dividend payout ratio is 15.34% and 3yr average dividend payout ratio is 16.53%

How has Lodha Developers allocated its funds?

Companies resources are allocated to majorly unproductive assets like Inventory, Short Term Loans & Advances

How strong is Lodha Developers balance sheet?

Balance sheet of Lodha Developers is strong.But short term working capital might become an issue for this company.

Is the profitablity of Lodha Developers improving?

Yes, profit is increasing. The profit of Lodha Developers is ₹2,967 Crs for TTM, ₹2,764 Crs for Mar 2025 and ₹1,549 Crs for Mar 2024.

Is the debt of Lodha Developers increasing or decreasing?

Yes, The net debt of Lodha Developers is increasing.Latest net debt of Lodha Developers is ₹3,598 Crs as of Mar-25.This is greater than Mar-24 when it was ₹2,410 Crs.

Is Lodha Developers stock expensive?

Lodha Developers is not expensive.Latest PE of Lodha Developers is 38.29, while 3 year average PE is 126. Also latest EV/EBITDA of Lodha Developers is 28.18 while 3yr average is 35.58.

Has the share price of Lodha Developers grown faster than its competition?

Lodha Developers has given lower returns compared to its competitors.Lodha Developers has grown at ~21.13% over the last 4yrs while peers have grown at a median rate of 21.54%

Is the promoter bullish about Lodha Developers?

Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Lodha Developers is 71.9% and last quarter promoter holding is 71.94%

Are mutual funds buying/selling Lodha Developers?

The mutual fund holding of Lodha Developers is increasing. The current mutual fund holding in Lodha Developers is 0.77% while previous quarter holding is 0.74%.

Lodha Developers Ltd. Share Price Today: Live updates

(In Cr.)
This data is currently unavailable for this company.

Lodha Developers To Refer Rajendra Lodha Matter To Appropriate Authorities For Investigation

Sep 17, 2025

Invesco Developing Markets Fund Sells 9.5 Mln Lodha Developers Shares At 1,384.93 Rupees per Share

Jul 23, 2025

Lodha Developers Says India Court Orders Co To Deposit 5.21 Billion Rupees

Jul 02, 2025

Macrotech Developers March-Quarter Consol Net Profit 9.22 Billion Rupees

Apr 24, 2025

Macrotech Developers Says Certain HoABL Entities Have Used Purported Board Resolutions Of Company

Apr 02, 2025

Macrotech Developers Clarifies On Report About Land Parcel Acquisition In Mumbai

Mar 11, 2025

Macrotech Developers Says Q3 Pre-Sales Up 32% YoY

Jan 06, 2025

Macrotech Developers Unit Directed To Pay 400 Million Rupees To A Vendor Over Terminated Contract

Dec 24, 2024

Macrotech Developers Executes Agreement For Acquisition Of Janus Logistics And Industrial Parks

Nov 29, 2024

BREAKINGVIEWS-Diaspora gives wings to India luxury housing boom

Sep 12, 2024

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add information regarding Bajaj Housing Finance IPO in fourth paragraph.

By Ujjaini Dutta

BENGALURU, Sept 12 (Reuters Breakingviews) - India’s diaspora is fuelling a property boom in the world's fifth-largest economy. New launches of luxury homes by saleable area in the top seven cities hit 231 million square feet in the year through March, up 48% year-on-year, according to ICRA ICRA.NS, a credit ratings agency. Average prices of luxury homes in places including New Delhi, Bengaluru, and Chennai jumped 18% in the three months to end June. It's a helpful tailwind for GDP growth.

After a decade-long slump in the housing market through 2019, real estate is hotting up again as an investment choice including for ultra-high net worth individuals. Since the pandemic, consumers also prefer bigger homes. Plus landmark regulation introduced by Prime Minister Narendra Modi's government calls for timely project delivery and is restoring the confidence of everyday buyers.

Non-resident Indians are emerging as an especially strong source of demand; they will be the source of 20% of overall primary sales by 2025, up from 10% in 2019, according to NoBroker. The appetite of these buyers looks robust: they have a strong emotional connection to their motherland and plan to use the properties in the future, notes the technology-led real estate services firm.

The frenzy has put stocks of top developers in India into overdrive. Shares of $24 billion DLF DLF.NS, the largest listed real estate company in India, soared 57% in the past one year and those of Macrotech Developers MACE.NS - part of the Lodha group – jumped 53%. Over that period, the Nifty Realty Index .NIFTYREAL has outperformed the broader Nifty 50 benchmark .NSEI by 47 percentage points. Investors this week placed bids worth $39 bln for the initial public offering of Bajaj Housing Finance BAJO.NS, a mortgage lender focusing on well-heeled borrowers. By contrast, new launches of affordable property are stagnating as overall consumption in the economy remains subdued.

The luxury boom, and non-resident Indian purchases, matter because property is an important source of overall investment - which accounts for about a third of GDP. Private real estate demand, including for dwellings, was leading the uptick in investment, more than public capital expenditure, HSBC economist Pranjul Bhandari pointed out in a research note in March.

India’s blistering economic expansion is starting to moderate; GDP growth slowed to 6.7% in the April to June quarter. Demand for luxury housing is easing to a less frothy pace too: new launches will rise about 27% year-on-year in the current financial year, per ICRA. Overseas Indians will remain important buyers, however. They send remittances to the country and answer official calls to purchase diaspora bonds, issued by the government at times of crisis. Now they are flattering investment too.

Follow @ujjainidutta_

CONTEXT NEWS

New launches of luxury homes in India by saleable area hit 231 million square feet, up 48% year-on-year in financial year 2024, according to ICRA, a ratings agency majority-owned by Moody's.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/
[email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add information regarding Bajaj Housing Finance IPO in fourth paragraph.

By Ujjaini Dutta

BENGALURU, Sept 12 (Reuters Breakingviews) - India’s diaspora is fuelling a property boom in the world's fifth-largest economy. New launches of luxury homes by saleable area in the top seven cities hit 231 million square feet in the year through March, up 48% year-on-year, according to ICRA ICRA.NS, a credit ratings agency. Average prices of luxury homes in places including New Delhi, Bengaluru, and Chennai jumped 18% in the three months to end June. It's a helpful tailwind for GDP growth.

After a decade-long slump in the housing market through 2019, real estate is hotting up again as an investment choice including for ultra-high net worth individuals. Since the pandemic, consumers also prefer bigger homes. Plus landmark regulation introduced by Prime Minister Narendra Modi's government calls for timely project delivery and is restoring the confidence of everyday buyers.

Non-resident Indians are emerging as an especially strong source of demand; they will be the source of 20% of overall primary sales by 2025, up from 10% in 2019, according to NoBroker. The appetite of these buyers looks robust: they have a strong emotional connection to their motherland and plan to use the properties in the future, notes the technology-led real estate services firm.

The frenzy has put stocks of top developers in India into overdrive. Shares of $24 billion DLF DLF.NS, the largest listed real estate company in India, soared 57% in the past one year and those of Macrotech Developers MACE.NS - part of the Lodha group – jumped 53%. Over that period, the Nifty Realty Index .NIFTYREAL has outperformed the broader Nifty 50 benchmark .NSEI by 47 percentage points. Investors this week placed bids worth $39 bln for the initial public offering of Bajaj Housing Finance BAJO.NS, a mortgage lender focusing on well-heeled borrowers. By contrast, new launches of affordable property are stagnating as overall consumption in the economy remains subdued.

The luxury boom, and non-resident Indian purchases, matter because property is an important source of overall investment - which accounts for about a third of GDP. Private real estate demand, including for dwellings, was leading the uptick in investment, more than public capital expenditure, HSBC economist Pranjul Bhandari pointed out in a research note in March.

India’s blistering economic expansion is starting to moderate; GDP growth slowed to 6.7% in the April to June quarter. Demand for luxury housing is easing to a less frothy pace too: new launches will rise about 27% year-on-year in the current financial year, per ICRA. Overseas Indians will remain important buyers, however. They send remittances to the country and answer official calls to purchase diaspora bonds, issued by the government at times of crisis. Now they are flattering investment too.

Follow @ujjainidutta_

CONTEXT NEWS

New launches of luxury homes in India by saleable area hit 231 million square feet, up 48% year-on-year in financial year 2024, according to ICRA, a ratings agency majority-owned by Moody's.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/
[email protected]))

FACTBOX-Likely winners and losers from India's upcoming national budget

Jul 22, 2024

Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

FACTBOX-Likely winners and losers from India's upcoming national budget

Jul 19, 2024

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

Macrotech Developers Ltd - Unit Acquired Remaining 50% Stake Of Siddhivinayak Realties

May 24, 2024

Macrotech Developers Says Tribunal Approved Resolution Plan Of Co In Relation To Insolvency Resolution Of V Hotels

Apr 26, 2024

Macrotech Developers March-Qtr Consol Net Profit Falls

Apr 24, 2024

Macrotech Developers Registers Pre-Sales Of 42.3 Bln Rupees in Q4

Apr 05, 2024

Macrotech Developers Acquires 50% Of Paid-Up Equity Capital Of Siddhivinayak Realties

Mar 28, 2024

Macrotech Developers Raises 33 Billion Rupees Equity Through QIP

Mar 07, 2024

Macrotech Developers Approves Floor Price For Issue At 1129.48 Rupees Per Share

Mar 04, 2024

India narrows gap with China in key MSCI index with weight hitting new high

Feb 13, 2024

Changes headline, recasts paragraph 1, and adds chart of historic weightage data of India and China in MSCI Global Standard index

By Bharath Rajeswaran

BENGALURU, Feb 13 (Reuters) - India has narrowed the gap with China in MSCI's Global Standard index, which tracks emerging market stocks for investors, after the latest revision.

Index provider MSCI raised India's weightage in the index to an all-time high of 18.2% on Tuesday, which could lead to inflows of about $1.2 billion, analysts said.

In comparison, China's weight in the index fell to 25.4% after the February revision, from 26.6% a year ago.

The convergence of weights between Indian and Chinese stocks has intensified since August 2020, when China's weightage was five times that of India's.

MSCI's revisions will come into effect after market close on Feb. 29. Indian shares had a 17.9% weight on the index ahead of the February review.

The gain for India can be attributed to a sustained rally in equities and relative underperformance of other emerging markets, especially China, Nuvama Alternative & Quantitative Research said in a note on Tuesday.

India could surpass a 20% weight on the MSCI index by early 2024, on consistent flows from domestic institutional investors and steady foreign portfolio investor participation, Nuvama said.

MSCI added five Indian stocks to its Global Standard index and did not move any out. In contrast, the index provider removed 66 Chinese stocks while adding five.

India's state-owned lenders Punjab National Bank PNBK.NS and Union Bank of India UNBK.NS were added to the large-cap category, while Bharat Heavy Electricals BHEL.NS and NMDC NMDC.NS were included in the mid-cap category. GMR Airports Infrastructure GMRI.NS was moved to the mid-cap category from small-caps.

India could witness up to $1.2 billion of passive foreign flows after the February review, Nuvama said.

About 27 small-cap stocks were added to the MSCI Domestic index, while six were either moved to other categories or removed.

Tata Motors TAMO.NS and Macrotech Developers MACE.NS were added to the domestic index under the large-cap category while Punjab National Bank, Canara Bank CNBK.NS and Embassy Office Park REIT EMBA.NS to the mid-caps.

Bharat Heavy Electricals BHEL.NS, Persistent Systems PERS.NS, MRF MRF.NS, Suzlon Energy SUZL.NS and Cummins India CUMM.NS were moved to the mid-cap index from small-caps.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)