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Thursday, September 3, 1998

NSE includes Infosys, NIIT in Nifty 

OUR MARKET BUREAU  
MUMBAI, Sept 2: Standard & Poor's has effected the first changes in indices to which it has licensed its name. The NSE-50 index popularly called the Nifty (now S&P CNX Nifty) will finally see a presence of software stocks with Infosys and NIIT having been included. The changes will come into effect from October 7. There are two more pharma companies, Smithkline Beecham Consumer Healthcare and Cipla Ltd, in the revamped index. Bank of India, Hero Honda Motors and Proctor & Gamble are the other three scrips which have been included in the index.

In all, seven scrips have been included while seven scrips have been shown the door. These are, Bharat Petroleum Corporation, Ashok Leyland, Indo-Gulf Fertilisers and Chemicals Corp Ltd, Andhra Valley Power Supply Company Ltd, Thermax Ltd, Mangalore Refinery and Petrochemicals Ltd and Pond's India Ltd.

While the Pond's India scrip has been excluded from the index since the company has been merged with Hindustan Levers Ltd, BPCL has been excluded since it has beentrading at an average impact cost of more than 1.5 per cent for 45 per cent of the trading days in the last one year.

With the changes effected by the index maintenance sub-committee of India Index Services & Products Ltd (which now manages the index) on September 2, the total market capitalisation of the Nifty stocks has gone up to Rs 1,83,500 crore, which represents 46 per cent of the total market capitalisation on the National Stock Exchange. Changes have also been effected in the CNX Nifty Junior index. The scrips which have come in are, Bank of Baroda, Tata Infotech, Dr Reddy's Laboratories, Satyam Computers, Zee Telefilms, Pentafour Software & Exports Ltd, Nirma Ltd, Nicholas Piramal India Ltd, ICI India Ltd, ICICI Bank and Gujarat State Fertilisers & Chemicals. The scrips which have been excluded for the Junior Nifty are Nippon Denro Ispat Ltd, Hindustan Powerplus, GEC Alsthom India, Kotak Mahindra Finance, Lakme India , Cipla, Proctor & Gamble, Smithkline Beecham, Hero Honda, NIIT andInfosys.

With this the total market capitalisation of CNX Nifty Junior is Rs 33,952 crore which accounts for 8 per cent of the total market cap on the NSE. As regards the S&P CNX 500 index, Transport Corporation of India has been excluded and CMC Ltd has been included.

The CNX Midcap 200 Index has also been revamped. The companies which have been excluded are Hamco Mining & Smelting, NIIT, Infosys, Wipro, Prakash Industries, Birla VXL, Ashok Leyland, Chemplast Sanmar, Ion Exchange Ltd, Tata SSL, Woolworth, SIV Industries and JK Industries. The companies which have been included are Indal, ICICI Banking Corporation Ltd, Oriental Bank of Commerce, Ingersoll Rand, Indian Rayon, Sundaram Finance, IFCI, Sterlite Industries, Asian Paints, Cochin Refineries, Great Eastern Shipping Company, George Williamson Assam Ltd and Duncan Industries. Changes have been made in the CNX Indian Business Group Index where the companies excluded are Southern Iron & Steel, Sterling Computers, Anagram Finance, Boehringer Manheim,Modipon, Rane Ltd and Engine Valves. Those included are Vam Organic, Universal Cables, LG Balkrishnan, Kirloskar Pneumatics, Ceat Financial Services Ltd, Tata Elxsi and Premier Auto Electric.

The scrips which have been excluded from the CNX MNC Index are Hoechst Schering Agrevo, Pond's India and Nalco Chemicals India Ltd. Scrips included are Burroughs Wellcome, Parke Davis and German Remedies.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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