Companies in the defence and capital goods sectors, including Bharat Dynamics Ltd., Carborundum Universal Ltd., and Mazagon Dock Shipbuilders Ltd., were upgraded to bigger benchmarks after their market capitalisation surged following the recent rally.
The Index Maintenance Sub-Committee of NSE Indices Ltd. upgraded these stocks in the semi-annual review of broad market indices on Aug. 17.
The increased order books of these companies, along with the implementation of favourable policies and rising exports, contributed to the upgrade.
Here's how the market capitalisation rose for the companies that either were upgraded or were included in the Nifty indices:
Upgrades and New Inclusions:
Bharat Dynamics Ltd.
Excluded from: Nifty SmallCap 250, Nifty SmallCap 100, and Nifty SmallCap 50 indices.
Upgraded and included to: Nifty MidCap 150, Nifty MidCap 100, and Nifty 200 indices.
Carborundum Universal Ltd.
Excluded from: Nifty SmallCap 250, and Nifty SmallCap 100 indices.
Upgraded and included to: Nifty MidCap 150, and Nifty India Manufacturing indices.
Mazagon Dock Shipbuilders Ltd.
Excluded from: Nifty SmallCap 250, Nifty SmallCap 100, and Nifty SmallCap 50 indices.
Upgraded and included to: Nifty MidCap 150, Nifty MidCap 100, and Nifty 200 indices.
Polycab India Ltd.
Included to: Nifty MidCap Select.
Finolex Cables Ltd.
Included to: Nifty SmallCap 50, and Nifty SmallCap 100.
Data Patterns (India) Ltd.
Included to: Nifty SmallCap 100.
Zen Technologies Ltd.
Included to: Nifty MicroCap 250, Nifty Total Market, and Nifty India Defence indices.
Timken India Ltd.
Included to: Nifty MNC.
