Three Adani firms, RCom, others to go out of Nifty Mid-cap 50
27 August 2014
Adani Enterprises, Adani Power and Reliance Communication will be removed from the Nifty Mid-cap 50 index from 26 September – an announcement that sent the stocks of these companies down this morning.
The index management sub-commttee of India Index Services & Products Limited (IISL), a subsidiary of NSE Strategic Investment Corp, has decided to exclude these stocks from the index and replaced with by Arvind, Justdial, and L&T Finance Holding.
The changes in various indices are a part of periodic review, IISL said in a media release.
Similarly, Adani Enterprises, Adani Ports and Special Economic Zone, McLeod Russell India and UCO Bank have been excluded from the CNX Mid-cap index. Housing Development and Infrastructure (HDIL), Indian Oil Corporation (IOC), IRB Infrastructure Developers and Ranbaxy Laboratories would replace them.
The Nifty Midcap 50 Index represents about 7.43 per cent of the free float market capitalsaation of the stocks listed on NSE as on June 30, 2014. Stocks with average free float market capitalisation between Rs1,000 crore to Rs5,000 crore are selected to be included in the index.
Adani Power, HDIL, IRB, Mahanagar Telephone Nigam, Polaris Financial Technology, SKS Microfinance and TVS Motor Company have moved out of the CNX Small-cap index. Adani Power has also been excluded from the CNX Infrastructure index.
Firstsource Solutions, Jaypee Infratech, Kaveri Seed Company, McLeod Russell India, Monsanto India, Tata Elxsi and UCO Bank would form part of the index from 26 September.
While Engineers India would replace Gujarat Mineral Development Corporation in the CNX PSE index, IOC would replace JSW Energy in the CNX Commodities index. Tata Elxsi would take the place of Polaris Financial Technology in the CNX IT index. Prime Focus and K Sera Sera have been left out of the CNX Media index.