Shree Cement pips Dabur and Godrej Consumer to replace Yes Bank in Nifty

Change effective March 27; NSE also moves Vodafone Idea, Indiabulls Housing Finance out of Nifty Next 50, brings in Torrent Pharma, Adani Transmission

Shree Cement will replace Yes Bank in the benchmark Nifty 50 index, NSE said in a release. The changes will be effective from March 27. Shree Cement would join Ultratech Cement as cement manufacturers in the bluechip company index. 

The Kolkata-based cement maker has pipped Dabur and Godrej Consumer Products (GSPL) who were among the front-runners for index inclusion. Among the three companies, Shree Cement has the highest free-float market capitalisation, thanks to a Rs 3,000-crore fund raise in November. 

The National Stock Exchange has also announced five changes to its Nifty Next 50 index with Vodafone Idea, Indiabulls Housing Finance moving out and Torrent Pharmaceuticals, Adani Transmission getting added. 

NSE has also announced major changes to other indices such as Nifty 500, Nifty 100 and Nifty Midcap 150. The reshuffle is part of a semi-annual index review that takes place every March and September. 

The exchange has tweaked the inclusion criteria for its theme-based indices. Earlier, companies from top 800 in terms of market value were eligible to be part of the index. Under the new criteria, the exchange will select companies from the Nifty 500 index, which comprises of top 500 companies. 

In the event that the exchange fails to get 10 companies for the index, it will look for companies from the top 800.