Shriram Finance Replaces UPL in Nifty 50: NSE Index Changes

New Delhi, Feb 28 (PTI) NBFC Shriram Finance will replace agro-chemical firm UPL Ltd in the National Stock Exchange's benchmark mark index Nifty 50 from March 28, NSE Indices said on Wednesday.

"Shriram Finance has been included in Nifty 50 index as it has highest 6 month average free-float market capitalization within eligible universe as a replacement to UPL Ltd," NSE Indices said in a statement.

UPL Ltd has been removed from Nifty 50 following its exclusion from the Nifty 100 index, it added.

Apart from Nifty 50, changes have been announced in several indices, including Nifty Next 50, Nifty 500 and Nifty 100.

Adani Wilmar, Muthoot Finance, PI Industries, Shriram Finance and Procter & Gamble Hygiene & Healthcare Ltd would be dropped from the Nifty Next 50 index.

In their places, Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation and REC will make an entry in the Nifty Next 50 index.

Besides, changes have been made in slew of sectoral indices such as Pharma, realty, media, FMCG, auto, financial services and consumer durables.

The Index Maintenance Sub-Committee (Equity) of NSE Indices Ltd has decided to make the replacement of stocks in various indices as part of its periodic review. These changes will become effective from March 28, 2024.