Shriram Finance. On the other hand, UPL will witness an outflow of $100 million, equivalent to a 3.5-day volume impact and 17.5 million shares, said the brokerage firm. Read here: Shriram Finance to be included in Nifty50, UPL excluded — check full list here In its semi-annual review of broad market indices, NSE Indices said that Shriram Finance has been added to the Nifty 50 index, replacing UPL Ltd, due to its highest 6-month average free-float market capitalization within the eligible universe.
These changes shall become effective from March 28, 2024 (close of March 27, 2024). The stocks being added in the Nifty Next 50 index include Jio Financial Services, Adani Power, Indian Railway Finance Corporation (IRFC), Power Finance Corporation (PFC) and REC Ltd. As per estimates, Jio Financial Services may see inflows of $89 million, PFC to see $48 million inflows, Adani Power and REC may witness $45 million worth inflows each and IRFC to get $23 million inflows.
Also Read: Shriram Finance share price gains over 4% on Nifty 50 inclusion; Jio Finance up 3%, UPL shares down 1% These stocks will replace Shriram Finance, PI Industries, Procter & Gamble Hygiene & Health Care, Muthoot Finance and Adani Wilmar in the Nifty Next 50 index. The bourse has also made a significant reshuffling within the Nifty 500 index, with 34 stocks being added and removed. Other indices such as Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, and Nifty Midcap Select also underwent significant changes.
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