Index rejig: Shriram Finance, Adani Power, IRFC, Jio Financial, IREDA, Jai Balaji shares in focus today

The index maintenance sub-committee of NSE Indices has made dozens of changes to NSE indices, with UPL Ltd making way for Shriram Finance Ltd in Nifty50 while at least five stocks namely Adani Power Ltd, Indian Railway Finance Corporation Ltd (IRFC), Jio Financial Services Ltd (JFS), Power Finance Corporation Ltd (PFC) and REC Ltd entering the list of next 50 influential group.

Shriram Finance Ltd was included in Nifty, as it had highest six-month average free-float market capitalisation within eligible universe as a replacement to UPL Ltd, NSE said adding that the changes will become effective from March 28, at close of March 27, 2024.

As per estimates by Nuvama Shriram Finance Ltd could see $271 million in passive inflows due to Nifty inclusion. UPL, which is being excluded from the NSE barometer, could see $100 million outflows , Nuvama suggested.

Adani Wilmar Ltd, Jio Financial Services Ltd, Muthoot Finance Ltd, PI Industries Ltd, Procter & Gamble Hygiene & Health Care Ltd and Shriram Finance Ltd were excluded from the Nifty Next 50.

Jio Financial Services Ltd may attract $89 million in passive inflows, followed by Power Finance Corporation (PFC) ($48 million inflows), Adani Power ($45 million inflows) and REC ($45 million). Nuvama expects IRFC to see $23 million inflows. PI Industries, Muthoot Finance and Adani Wilmar may see up to $32 million in outflows, as per estimates.

A total of 34 changes were made to Nifty 500 index. AstraZenca Pharma India Ltd, Indian Renewable Energy Development Agency Ltd, Honasa Consumer Ltd, ndian Renewable Energy Development Agency Ltd (IREDA), Inox Wind Ltd, Jai Balaji Industries Ltd and Jio Financial Services were some of the additions to the Nifty 500 index.

Exclusions included Delta Corp Ltd, Infibeam Avenues Ltd, Nazara Technologies Ltd, Relaxo Footwears Ltd, TTK Prestige Ltd, V-Guard Industries Ltd, Vinati Organics Ltd and Tata Technologies.

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