The Hindu Business Line : ONGC to get into Nifty; weightage to go up in Sensex

WITH the successful completion of ONGC public offer, the country's most valuable company in terms of market capitalisation would be included in the S&P CNX Nifty index from April 12. In a statement, India Index Services (owner of Nifty index) said ONGC replaces Digital GlobalSoft, which is to be delisted from April 8.

Meanwhile, the BSE in a separate statement said the free-float factor for ONGC in Sensex is being increased from 0.05 to 0.15 in view of the successful completion of the public offer. (Free-float factor of 0.15 means that only 15 per cent of the market capitalisation of the company will be considered for index calculation.)

Following this change, the weightage of ONGC in Sensex would increase from 2 per cent to 5.8 per cent based on the current market price. The BSE has made these changes from April 5.

Brokers said that with the inclusion of ONGC in Nifty, the company would have the highest weigthage in the index and it would replace Reliance Industries from the top slot.

On Tuesday, the stock price of ONGC closed at Rs 839.60, down marginally on the BSE.

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