Adani Power, Varun Beverages, ABB ripe for Nifty Next50 inclusion

Biocon, Gland Pharma, Mphasis and Bandhan Bank may move out, says note by Nuvama Alternative & Quantitative Research

Adani Power, Varun Beverages, ABB and Page Industries are likely to get added to the Nifty Next 50 index.

Biocon, Gland Pharma, Mphasis and Bandhan Bank, on the other hand, are seen getting excluded from the index, according a note by Nuvama Alternative & Quantitative Research.

The changes are likely at the March 2023 semi-annual rebalancing of Nifty indices. Meanwhile, status quo is likely as far as the mainstay Nifty 50 index is concerned.

However, there could be an out of turn change to the Nifty index following the merger of HDFC Bank and HDFC.

“It is quite early to pinpoint a stock that holds the strongest chance to replace HDFC on its merger ex-date. We expect the merger’s completion by Q1FY24 and a few stocks currently in the race are Pidilite, LTI Mindtree, Ambuja Cement and Tata Power,” said Abhilash Pagaria of Nuvama.