Index provider MSCI has added nine Indian stocks to its Global Standard Index in its review on Tuesday. It is estimated that the changes will lead to net inflows of $1.5 billion from foreign portfolio investors (FPIs).

The nine stocks that have made the cut include IndusInd Bank, Suzlon Energy, Tata Motors DVR, Persistent Systems, APL Apollo Tubes, Polycab India, Macrotech Developers, One97 Communications (the parent of Paytm), and Tata Communications.

A note from Nuvama Alternative and Quantative Research said the rejig is a significant increase over the past three years and it almost doubles the country’s weight. It added that India’s weightage in MSCI’s Global Standard (Emerging Markets) Index will touch 16.3 per cent, an all-time high from the present 15.9 per cent.

FPIs use the MSCI index to allocate funds. It estimated that in the case of IndusInd Bank, the inclusion will lead to a net inflow of $355 million, $289 million in the case of Suzlon Energy, $255 million and $228 million for Persistent Systems and APL Apollo Tubes, respectively. For Tata Motors DVR, it estimated inflows of $184 million.