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Shares of JSW Steel Ltd jumped as much as 3.66 per cent to a record high of Rs 379.60.
According to NSE Indices, the company will replace drugmaker Lupin Ltd in the Nifty 50 index from September 28. More than 2.8 million shares traded as of 0359 GMT, compared with 30-day average volume of 4.8 million shares.
About 23 of 31 brokerages rated the stock “buy” or higher, five ”hold” and three “sell” or lower; their median price target is Rs 370. Lupin shares fell as much as 2.1 per cent to 883.3 rupees in their biggest daily percentage loss since August 10.
Lupin will move out from the National Stock Exchange’s benchmark index Nifty 50 from September 28. In its place, leading alloy maker JSW Steel will enter the index, NSE Indices Ltd (formerly known as India Index Services and Products Ltd) had said in a statement issued yesterday.
Besides, it has decided replacement of stock on various other indices, including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, and Nifty Midcap 100, as well as sectoral indices like PSU Banks, media, realty and commodities.
The changes were announced by NSE Indices, an arm of the NSE, as part of its periodic review.
“These changes shall become effective from September 28, 2018,” the statement noted.
Six companies -- Punjab National Bank, Cummins India, Emami, JSW Steel, Power Finance Corporation and Rural Electrification Corporation -- will be excluded from Nifty Next 50 index, which composes 50 companies from Nifty 100, other than the Nifty 50 firms.
These firms will be replaced by Bandhan Bank, Biocon, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, Lupin and The New India Assurance Company
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