Nuvama Forecasts Mammoth Moves: Mamaearth Set to Join MSCI Smallcap Index, Nykaa Eyed for Global Standard Index

Navigating the Impending MSCI Reshuffle: Honasa and Nykaa’s Rise to Prominence


In a recent revelation, Nuvama Alternative & Quantitative Research has shed light on potential inclusions in the upcoming MSCI index rejig, with Honasa Consumer, the parent company of popular beauty and personal care D2C startup Mamaearth, emerging as a frontrunner for the MSCI Smallcap index. This exciting development, along with other notable contenders, sets the stage for significant market dynamics. In this blog post, we explore the key insights and projections put forth by Nuvama.

The MSCI Smallcap Index Contenders: Nuvama has identified Honasa Consumer as a prime contender for inclusion in the MSCI Smallcap index, a recognition that reflects the company’s recent successes and market capitalization growth. Joining the ranks are other noteworthy entities like IREDA, Cello World, and Signature Global. According to a Moneycontrol report, additional contenders include Jaiprakash Associates, Protean e-gov, Swan Energy, J Kumar Infraprojects, and RattanIndia Power, all of whom have experienced substantial rallies ranging from 10-100% in the last three months. This surge in market performance positions these companies for eligibility in the index based on free float-adjusted market capitalization.


Nykaa’s Potential Ascent to MSCI Standard Index: Beyond the Smallcap index, Nuvama’s analysis extends to Nykaa and other prominent players, including Canara Bank, Mankind Pharma, Bosch, and Vodafone Idea. The brokerage firm suggests that if these stocks witness a rally between 8-20%, there’s a likelihood of their inclusion in the MSCI Standard index. Nykaa, a frontrunner in the beauty and cosmetics sector, holds promising prospects as it continues to capture the market’s attention and investor interest.

Important Dates to Watch: Market enthusiasts and investors should mark their calendars for the official announcement of the MSCI index rejig on February 13, with adjustments scheduled to take place on February 29. These key dates will undoubtedly influence market sentiment and provide a clearer picture of the evolving landscape.


As the financial world eagerly awaits the MSCI index reshuffling, the projections made by Nuvama Alternative & Quantitative Research indicate potential shifts in the landscape of small-cap and standard indices. Whether it’s Mamaearth’s parent company, Honasa Consumer, or beauty retail giant Nykaa, the coming weeks promise to be filled with excitement and opportunities for investors. Stay tuned as the market dynamics unfold, and keep a close eye on these potential movers and shakers in the ever-evolving financial landscape.

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