Lupin to be excluded from Nifty 50 from Sep 28; JSW Steel to move in

Drug major Lupin will move out from the National Stock Exchange's benchmark index Nifty 50 from September 28.

In its place, leading alloy maker JSW Steel will enter the index, NSE Indices Ltd (formerly known as India Index Services and Products Ltd) said in a statement issued today.

Besides, it has decided replacement of stock on various other indices including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty Midcap 100 as well as sectoral indices like PSU Banks, media, realty and commodities among others.

The changes were announced by NSE Indices, an arm of the NSE, as part of its periodic review.

"These changes shall become effective from September 28, 2018," the statement noted.

Six companies -- Punjab National Bank, Cummins India, Emami, JSW Steel, Power Finance Corporation and Rural Electrification Corporation -- will be excluded from Nifty Next 50 index, which composes of 50 companies from Nifty 100, other than the Nifty 50 firms.

These firms will be replaced by Bandhan Bank, Biocon, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, Lupin and The New India Assurance Company.