India's top motorcycle maker Hero Honda will replace drug maker Ranbaxy Laboratories in the Bombay Stock Exchange's benchmark 30-share index, Sensex, BSE said in a statement today.
Japan's Honda Motor Corporation has a 26 per cent stake in Hero Honda while another Japanese company, Daicchi Sankyo, now holds a majority stake in Ranbaxy.
Hero Honda is actively traded on the bourses and is included in the computation of the BSE-100, BSE-200, BSE-500, S&P CNX Nifty and S&P CNX 500. The scrip is also traded on the nationwide network of terminals of the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
The company said it has paid the annual listing fee to the stock exchanges for the financial year 2007-08 in stipulated time.
Ranbaxy Laboratories today spurted 6.52 per cent or Rs15.80 to close at Rs199.80 on the Bombay Stock Exchange even as the Sensex rallied further.
BSE launched the Sensex in 1986, that subsequently became the barometer of the Indian stock market.
BSE Index Committee, which comprises eminent independent finance professionals, reviews the indices periodically. The BSE Index Cell carries out the day-to-day maintenance of all indices and conducts research on development of new indices.