Steel Authority of India (SAIL) and Vedanta group firm Sterlite Industries are being moved out of the National Stock Exchange's benchmark index Nifty, and would be replaced by Birla group firm UltraTech and drugmaker Lupin.
According to the changes announced on Thursday by India Index Services & Products Ltd (IISL) - an NSE-Crisil joint venture that maintains Nifty index - SAIL and Sterlite Industries (India) would be excluded from the 50-share benchmark index with effect from September 28.
In their place, Lupin and UltraTech Cement would be included in the Nifty index, IISL said in a statement, while announcing a host of other changes decided by its Index Maintenance Sub-Committee during a periodic review.
Changes have been made in various other indices of NSE such as CNX Nifty Junior Index, CNX 100 Index, CNX 200 Index S&P CNX 500 Index, CNX Midcap Index, CNX Smallcap Index, Nifty Midcap 50 Index, CNX Commodities Index, CNX Consumption Index.
Sectoral indices for Infrastructure, IT, Media, MNCs and Pharma will also see some changes.
The stocks being excluded from Nifty Junior index are Andhra Bank, Bharat Electronics Ltd (BEL), Lupin and UltraTech. The stocks which are being included are Apollo Hospitals, Bajaj Holdings & Investment Ltd, Godrej Consumer Products and SAIL.
In the CNX 100 index, Andhra Bank, BEL and Sterlite would be replaced by Apollo Hospitals, Bajaj Holdings and Godrej Consumer Products.
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Those being dropped from CNX 200 Index include BEML, CRISIL, Educomp, Emami, Essar Oil, Fortis Healthcare, Gujarat State Fertilizers & Chemicals, HCC, Hindustan Oil Exploration Co, JSW ISPAT Steel, NCC, Rajesh Exports, Sterling Biotech and Sterlite Industries (India).
The stocks that being added to CNX 200 index include CMC, Dena Bank, Eicher Motors, Gitanjali Gems, Godrej Industries, Gujarat Gas, Hathway Cable and Jaiprakash Power Ventures.
Jammu & Kashmir Bank, Madras Cements, Mangalore Refinery & Petrochemicals, MindTree, Shree Cement and Sobha Developers will also be added to the index.