Nykaa, HDFC AMC among 5 stocks to exit Nifty Next50 in index rejig

economictimes.indiatimes.com:

Nykaa, HDFC AMC among a list of stocks have been excluded from Nifty Next50 in the latest revision of various NSE indices. However, there were no changes made to the benchmark Nifty. The changes, which were brought about by the index maintenance sub-committee (Equity) of NSE Indices, will be effective from September 29.Indus Towers, Page Industries and ACC were also excluded from the Nifty Next50 index, which added PNB, Shriram Finance, Trent, TVS Motor and Zydus Life.

Nifty Next 50 currently represents the balance of 50 stocks from the Nifty 100 index, after excluding the Nifty 50 stocks. In the Nifty Midcap 150, Avas Financiers, Affle (India), Alkyl Amines, Clean among a host of other companies were excluded, while roping in ACC, Nykaa, Bank of Maharashtra, HDFC AMC. Meanwhile, Bank of Maharashtra, Rail Vikas Nigam Ltd, TV18 Broadcast, Triveni Engineering will move out of Nifty Smallcap 100 index.

On the other hand, CEAT, CIE Automotive, Equitas SFB, JBM Auto and a few others are added to the index. All the Nifty indices are maintained by NSE Indices, a subsidiary of NSE, and are based on index methodologies that are objective, non-discretionary, rules based, pre- announced and transparent. Apart from the revision, NSE said the price-to-book value (P/B) for indices will be calculated based on the networth of each index constituent at the consolidated level in the annual financials.

Currently, the P/B for indices are calculated by taking into consideration the networth reported by index constituents in the standalone financial statements. The inclusion and exclusion of stocks in various Nifty indices on a periodic basis are based on index methodologies that are objective, non-discretionary and rules based. The specific