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Morgan Stanley Capital International has added Thomas Cook India Limited (TCIL) to the MSCI Domestic Small Cap Index, effective from November 30, 2023. TCIL is India’s leading Integrated Omnichannel travel services group. The Morgan Stanley Capital International Indices are recognised globally as benchmarks for global equity markets and investors. They offer investors a comprehensive overview of market performance by tracking select stocks and sectors in various geographies.
Since the MSCI Domestic Index plays an important role in attracting foreign institutional investors (FIIs) to invest in Indian equities, many global fund managers use the index as a guideline for allocating their investment portfolios across different countries. The addition of the TCIL stock to the MSCI will lead to wider participation and demand from global investors, as it puts the company on the radar of FIIs.
A large proportion of leading funds use the index as a benchmark, and hence the TCIL stock is likely to witness increased demand with increased trading volumes and improved liquidity, making it more attractive to domestic and international investors.
Commenting on the announcement, Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited said, “The addition of TCIL to the MSCI Domestic Small Cap Index is a proud moment for us because MSCI Indices are globally recognized benchmarks for global equity markets and recognition of our industry leadership and strong business performance. As a Group, we remain firmly committed to delivering strong, sustainable, long-term growth and profitability to our stakeholders.”
Set up in 1881, Thomas Cook (India) Limited (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services.
In March 2021, Fairbridge Capital (Mauritius) Ltd injected capital of USD 60 million into TCIL to support the company during the challenges posed by the global pandemic. With TCIL’s business now fully recovered, the Offer for Sale has resulted in the return of USD 67.2 million to Fairbridge Capital, showcasing the successful rebound of TCIL’s financial performance.
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