BSE to drop Transport Corporation from S&P indices

Top bourse BSE has decided to drop Transport Corporation of India (TCI) from its indices from August 26, as the logistics firm is demerging its express distribution business into a wholly-owned subsidiary.
TCI would be shifted out of S&P BSE 500, S&P BSE AllCap, S&P BSE Industrials, S&P BSE MidSmallCap and S&P BSE SmallCap.
The company would be replaced by Infibeam Incorporation Ltd on S&P BSE 500 from August 26.
"Transport Corporation of India is demerging its express distribution business effective August 26, 2016," BSE said in a statement.
"Effective at the open of Friday, August 26, 2016... changes will be made to the...Indices," it added.

Last year, TCI's board had approved the demerger of its express distribution division undertaking into wholly-owned subsidiary TCI Express Ltd.