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  1. Shriram Finance to replace UPL in NIFTY50 index, check full list here

Shriram Finance to replace UPL in NIFTY50 index, check full list here

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2 min read • Updated: February 29, 2024, 11:02 AM

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In a recent periodic review of stocks by the National Stock Exchange (NSE), Shriram Finance will replace UPL starting March 28, 2024. The exchange also notified changes in other key indices.

Shriram Finance has highest average free float market capitalisation for 6 months

During its semi-annual review of the index, the National Stock Exchange has decided to replace agrochemical company UPL Ltd from the benchmark NIFTY50 index. UPL will be replaced by Shriram Finance from 28 March 2024 onwards.

The Index Maintenance Committee, which reviews index constituents every six months, has chosen to exclude UPL from the benchmark index as it has also been removed from the NIFTY100 index. Additionally, the committee has decided to replace UPL with Shriram Finance as it has the highest average free-float market capitalization over the past six months.

In addition to the replacement in the NIFTY 50 index, the committee has also notified changes in the NIFTY NEXT 50 index. Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene Healthcare, and Shriram Finance are being excluded from the NIFTY Next 50 index. Meanwhile, Adani Power, IRFC, Jio Financial Services, PFC & REC are being included in the index.

The share price performance of UPL has been subdued for the preceding twelve months with a (-33%) return, while Shriram Finance has seen phenomenal returns to the tune of (+92%) in the same period.

Following the news, UPL's share price declined by 1.74% in the morning session, while shares of Shriram Finance rallied nearly 5% higher, currently trading flat-to-positive.