NSE Indices on Wednesday changed the methodology for handling schemes of demerger involving index constituents. The index provider said a company undergoing demerger would now be retained in its indices. The move comes ahead of the proposed demerger of Reliance Industries' (RIL's) financial services arm. Under the rules prevailing thus far, RIL -- which has the highest weighting among the 50 Nifty components -- would have been required to be removed from the index, resulting in a churn by funds tracking the Nifty index.
Jio Financial Services Ltd and Zomato Ltd will enter the National Stock Exchange's benchmark Nifty 50 index from March 28. As per the revisions, Bharat Petroleum Corporation Ltd. (BPCL) and Britannia Industries Ltd will be excluded from the index, according to a release from NSE Indices.
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The changes will take effect on March 28, with portfolio adjustments expected before the market closes on March 27.
Five firms, including ACC Ltd, HDFC Asset Management Company and FSN E-Commerce Ventures that runs Nykaa, will be dropped from Nifty Next 50 index from September 29. NSE Indices Ltd, an arm of the National Stock Exchange, on Thursday said that Indus Towers and Page Industries will also be dropped from the index. Punjab National Bank, Trent, Sriram Finance, TVS Motor Company, and Zydus Lifesciences will be included in the Nifty Next 50 index, NSE Indices said in a statement.
Jio Financial Services Limited, the demerged financial services unit of Reliance Industries, will be excluded from various indices of NSE, including the benchmark Nifty 50, from September 7. Shares of Jio Financial got listed on the stock exchanges on August 21, after its spin-off from parent Reliance Industries. In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4 and 5 at NSE, the Index Maintenance Sub Committee (Equity) of NSE Indices Ltd has decided to exclude JIOFIN from various indices effective from September 7, 2023 (close of September 6, 2023), as per a statement by NSE Indices Ltd on Tuesday.
NSE Indices Ltd, an arm of the National Stock Exchange (NSE), on Tuesday launched the country's first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index -- Nifty REITs and InvITs Index. The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE, the exchange said in a statement. A real estate investment trust (REIT) or an infrastructure investment trust (InvIT) is an investment vehicle that owns revenue-generating real estate or infrastructure assets.
Leading stock exchange NSE has tweaked the constituents of its major indices with Adani Group's two companies -- Adani Wilmar and Adani Power -- all set to make their way into some of the Nifty indices from March 31, 2023. Adani Wilmar will be part of Nifty Next 50 and Nifty 100 indices, while Adani Power will be included in Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indices. All the changes in the indices will be effective from March 31 this year, the exchange said in a late night statement on Friday.
The value of MF exposure to REITs and InvITs which was at Rs 734 crore at the end of March 2020, rose to Rs 5,200 crore by the end of March 2023.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
It is mystifying how the NSE, a near-monopoly, gets protection, as the February 24 episode shows, when it is competition and accountability that should be the regulatory objective, says Debashis Basu.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
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