Nifty Rejig: IndiGo, Max Health In; IndusInd Bank And Hero MotoCorp Out
IndiGo and Max Health have been added to the index based on a higher six-month average free-float market cap.
InterGlobe Aviation Ltd., the parent entity of IndiGo, is among the two new inclusions in Nifty 50, the benchmark index of the National Stock Exchange. The other addition is Max Healthcare Institute Ltd.
The two companies have replaced IndusInd Bank Ltd. and Hero MotoCorp Ltd., which have moved out of the 50-stock index. The changes will come into effect on Sept. 30, according to a release issued by NSE on Friday.
IndiGo and Max Health have been added to the index based on a higher six-month average free-float market capitalisation, as per a release. IndiGo's free-float stands at Rs 1.14 lakh crore, while Max Health's free-float market cap is currently Rs 84,555 crore.
IndusInd Bank and Hero MotoCorp will be slipping to the Nifty Midcap Select. Hero MotoCorp, with its average free-float market cap of Rs 52,336 crore, and IndusInd Bank, with its free-float of Rs 55,270 crore, have been removed from Nifty 50 as a result of their exclusion from Nifty 100 index. the Nifty 100 index is a parent index for the Nifty 50.
The Nifty Next 50 will see the inclusion of Solar Industries India Ltd., Siemens Energy India Ltd., Mazagon Dock Shipbuilders Ltd. and Hindustan Zinc Ltd., while stocks that will be excluded are Dabur India Ltd., ICICI Prudential Life Insurance Co. and Swiggy Ltd.
The Nifty Midcap 150 index will see entrants such as Dabur and Swiggy, with other notable names like ITC Hotels and Godfrey Phillips also making their way in the index. Stocks on their way out include Gland Pharma, Bandhan Bank, Ola Electric and Star Health, among others.
The benchmark smallcap index, the Nifty Smallcap 250, is set to include stocks such as Emami Ltd., Force Motors Ltd., and Gland Pharma Ltd., while counters including Raymond Ltd., Kansai Nerolac Paints Ltd., and IDBI Bank Ltd. are out the index.
