Shriram Finance Set to Replace UPL in Nifty50 Index Starting March 28th

29 Feb 2024 , 10:30 AM

Shriram Finance Ltd will replace UPL Ltd in the benchmark Nifty50 index from March 28, the National Stock Exchange announced on Wednesday.

UPL has been removed from Nifty50 due to its expulsion from the Nifty 100 index.

Shriram Finance has been added to the Nifty50 index as a substitute for UPL Ltd due to its greatest 6-month average free-float market capitalization within the qualifying universe, according to the exchange.

Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation, and REC Ltd are among the Nifty Next 50 companies, whereas Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance are excluded.

Even the Nifty 500 has seen significant changes, with Honasa Consumer, Jio Financial, Jammu & Kashmir Bank, AstraZeneca Pharma, Chennai Petroleum Corporation, JSW Infrastructure, Jupiter Waggons, Nuvama Wealth, and Railtel Corporation among the 34 firms added to the index.

Meanwhile, 34 stocks, including Brightcom Group, Delta Corp, Rossari Biotech, Go Fashion, Infibeam Avenues, Nazara Technologies, Rallis India, Pfizer, Orient Electric, and Shoppers Stop, would be banned from the Nifty 500 index.

Nifty100, Nifty Midcap 150, Nifty Smallcap 250, and Nifty Midcap Select are the other indexes that have seen significant changes. Vodafone Idea earned its inclusion in the Nifty Midcap Select index by ranking among the top five stocks in the eligible universe, determined by the 6-month average overall market capitalization.

Lupin, PI Industries, and UPL have been included to the Midcap Select index because companies rank in the top ten based on 6-month average free float market capitalization in the reranked universe, as determined by the methodology.

Meanwhile, Abbott India, Bandhan Bank, Balkrishna Industries, and Power Finance Corporation will be removed from the Midcap Select Index.

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