Nifty rejig: JSW Steel share price hits record high after Nifty inclusion while Lupin falls

By: | Updated: August 29, 2018 11:50 AM

JSW Steel share price: Share price of steel product maker JSW Steel Ltd climbed 5% on the domestic bourses in early trade on Wednesday after the National Stock Exchange announced fresh rejig of the benchmark index Nifty 50.

JSW Steel share price climbs 4% to fresh high after Nifty rejig announcement.

JSW Steel share price: Share price of steel product maker JSW Steel Ltd climbed 5% on the domestic bourses in early trade on Wednesday after the National Stock Exchange announced fresh rejig of the benchmark index Nifty 50. In a statement issued on Tuesday, the NSE said drug manufacturer Lupin will move out from the Nifty 50 index and will be replaced by the JSW Steel from September 28.

On the National Stock Exchange, share price of JSW Steel rose by 4.8% to a fresh 52-week high of Rs 383.75 during morning deals on Wednesday. The leading alloy maker’s share price on the BSE surged by almost 5.25% to a fresh record high of Rs 385.40 per share. In contrast, share price of Lupin cracked almost 2% in early morning trade, posting their biggest one-day loss since August 10.

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NSE Indices Ltd, which was formerly known as India Index Services and Products Ltd, announced the rejig of the Nifty 50 index on Tuesday as part of its periodic review. Along with the Nifty 50 index, various other indices will also see stock replacements including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50 and Nifty Midcap 100 indices, as well as sectoral indices like PSU Banks, media, realty and commodities among others.

Six companies will be excluded from Nifty Next 50 index — Punjab National Bank, Cummins India, Emami, JSW Steel, Power Finance Corporation and Rural Electrification Corporation and will be replaced by Bandhan Bank, Biocon, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, Lupin and The New India Assurance Company. In the Nifty Midcap 50 index, Adani Power, Biocon, Engineers India, IDFC and PC Jeweller will be replaced with Cummins India, Jubilant Foodworks, Power Finance Corporation, Punjab National Bank and Rural Electrification Corporation.

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