JSW Steel Ltd. will replace Lupin Ltd. in the benchmark NSE Nifty 50 Index.
The billionaire Sajjan Jindal-led company will join Tata Steel Ltd., the only other steelmaker in the index, according to a press release by the National Stock Exchange. The changes, part of the periodic reconstitution, will be effective from Sept. 28.
JSW Steel has been the world's best-performing steel stock, rising over 30 percent so far this year. Not just in India, but it has outperformed major steelmakers globally. In the June-ended quarter, the company saw its profit grow nearly fourfold on strong sales volume and realisation growth.
It is an analysts' favourite too. More than 70 percent of the analysts covering the stock have a ‘Buy' rating, according to Bloomberg data. But the stock has a potential upside of only 2 percent.
The benchmark index was last reconstituted in April this year. Bajaj Finserv Ltd., Titan Company Ltd. and Grasim Industries Ltd. were included, while Aurobindo Pharma Ltd., Ambuja Cements Ltd. and Bosch Ltd. were discarded.
Changes were also made to the Nifty Next 50, Nifty 500, Nifty 100, Nifty Midcap, Nifty 200, and Nifty Smallcap indices, among others.
Nifty Next 50 Changes
Inclusions
- Bandhan Bank Ltd.
- Biocon Ltd.
- HDFC Standard Life Insurance Company Ltd.
- Lupin Ltd.
- New India Assurance Company Ltd.
Exclusions
- Cummins India Ltd.
- Emami Ltd.
- JSW Steel Ltd.
- Power Finance Corporation Ltd.
- Punjab National Bank
- Rural Electrification Corporation Ltd.
The full list of changes can be seen here.
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