NSE rejig: Shriram Finance to replace UPL in Nifty50 from March 28

Non-banking financial company (NBFC) Shriram Finance will replace UPL Ltd in the broader Nifty50 from March 28, the National Stock Exchange (NSE) said on Wednesday, announcing a rejig of its key indices.

"The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make the replacement of stocks in various indices as part of its periodic review as listed hereunder. These changes shall become effective from March 28, 2024 (close of March 27, 2024)," the NSE said.

According to the exchange, UPL has been removed from Nifty50 under its exclusion from the Nifty 100 index (a parent index for Nifty 50). Also, Shriram Finance has been included in the Nifty 50 index as it has the highest 6-month average free-float market capitalisation within the eligible universe as a replacement for UPL.

For Nifty Next 50,

Adani Wilmar Ltd and Muthoot Finance Ltd, PI Industries Ltd, Procter & Gamble Hygiene & Health Care Ltd and Shriram Finance Ltd were excluded.

Adani Power Ltd, Indian Railway Finance Corporation Ltd, Jio Financial Services Ltd, Power Finance Corporation Ltd and REC Ltd were included in the Nifty Next 50.

Also Watch | Sriram Velayudhan, VP of Alternative Research at IIFL Securities, delve into the index modifications during his interview with CNBC-TV18.