Shriram Finance In, UPL Out: Nifty50 reshuffle
Shriram Finance has been announced as the replacement for UPL in the Nifty 50 index, effective March 28, 2024, according to a press release from the NSE.
image for illustrative purpose
Shriram Finance has been announced as the replacement for UPL in the Nifty 50 index, effective March 28, 2024, according to a press release from the NSE. This decision marks a significant change in the composition of the index. Alongside this alteration, Jio Financial Services is set to enter the Nifty Next 50 index.
Nuvama analysts anticipate an inflow of $217 million into Shriram Finance and an outflow of $114 million from UPL following this reconfiguration in the Nifty 50.
Moreover, the Nifty Next 50 index will see Adani Power, Indian Railway Finance Corporation, Power Finance Corporation, and REC joining, while Adani Wilmar, Muthoot Finance, PI Industries, and Procter and Gamble Health and Hygiene Care will exit, as stated by the NSE press release.
In addition to these adjustments, changes have been made in various other indices. Notably, in the Nifty Auto index, inclusions comprise Apollo Tyres, Exide Industries, and Tata Motors DVR, while Sona BLW Precision Forgings and Tube Investments of India are excluded.
Furthermore, alterations have been made in indices like Nifty Consumer Durables, Nifty Financial Services, Nifty FMCG, Nifty Pharma, and Nifty Realty, with various companies entering or exiting these indices.
