APSEZ gains while NMDC drops as former to replace latter in 50-unit CNX Nifty

Shares of Adani Ports and Special Economic Zone were up 4.18% while NMDC was down 3.15% at 11:37 IST on BSE as the former is set to replace the latter from the 50-unit CNX Nifty with effect from 28 September 2015.

Shares of Adani Ports and Special Economic Zone (APSEZ) were up 4.18% at Rs 335.30.

Shares of NMDC were down 3.15% at Rs 96.75.

Meanwhile, the S&P BSE Sensex was up 146.31 points or 0.53% at 27,658.57.

The National Stock Exchange (NSE) in its circular dated yesterday, 12 August 2015 said that APSEZ would replace NMDC from the 50-unit CNX Nifty index with effect from 28 September 2015.

NMDC's net profit fell 47.3% to Rs 1010.12 crore on 48% decline in net sales to Rs 1805.28 crore in Q1 June 2015 over Q1 June 2014.

The Government of India (GoI) holds 80% stake in NMDC (as per the shareholding pattern as on 30 June 2015).

On consolidated basis, APSEZ's net profit rose 12.8% to Rs 640.88 crore on 39.9% growth in net sales to Rs 1723.27 crore in Q1 June 2015 over Q1 June 2014.

APSEZ, a part of India's leading infrastructure conglomerate the Adani Group, is India's largest multi-port operator.

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