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India Index Services & Products (IISL), a subsidiary of NSE, has launched a new index to track the performance of small and medium companies listed on the NSE Emerge — a dedicated SME platform.
The index represents about 62 per cent of the full market capitalisation of all SMEs listed on the Emerge. The base date for the index is December 1, 2016, and base value is 1,000. The index constituents are weighted based on free float market capitalisation and the composition is reconstituted on a quarterly basis, said the exchange on Monday. Since December 2016, the index has given 39 per cent return as of November 15, 2017.
Mukesh Agarwal, CEO, IISL, said the exchange will launch more variants of SME indices to meet the needs of investors as the number of companies listing on the Emerge increases.
The launch of index comes when the Emerge managed to list its 100th company ANI Integrated Service, a technical manpower staffing company. Shares of ANI Integrated, which raised ₹26 crore, hit the upper circuit to close at ₹120 against the issue price of ₹100.
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