NSE subsidiary creates three new corporate house indices

National Stock Exchange (NSE) subsidiary India Index Services and Products Limited (IISL) has launched new indices for three major Indian corporate houses.

Nifty Tata Group Index for Tata Group, Nifty Aditya Birla Group Index for Aditya Birla Group, and Nifty Mahindra Group Index for Mahindra Group are designed to reflect the performance of companies belonging to these corporate groups, an NSE statement said.

These indices are based on full market capitalisation method and include all companies of the three groups as listed on the NSE.

With 25 companies in 12 sectors, Tata Group's corporate index has the maximum market capitalisation among the three. With a value of Rs.7,51,160 crore, it accounts for 7.83 percent of the total market capitalisation of all companies listed on the NSE, the statement said.

Nifty Aditya Birla Group Index accounts for 2.17 percent of the total market capitalisation of companies listed on the NSE, with a value of Rs.2,08,170 crore. It has eight companies across seven sectors.

Nifty Mahindra Group Index consists for seven companies in six sectors; its market capitalization is about Rs.1,64,580 crore. It accounts for 1.71 percent of the total market capitalisation of all companies listed on the NSE.

For the three new corporate house indexes, April 1, 2005, is the base date and 1,000 the base value.

"In future, the IISL may come up with indices for other corporate groups and third-party products can be built on such indices," said Mukesh Agarwal, CEO, IISL.

Set up in May 1998, the IISL provides a variety of indices and index-related services for the capital markets.