Shares of Shree Cement Ltd rose as much as 6 per cent to Rs 25,222.90 on Wednesday as the company will replace Yes Bank in the Nifty 50 from 27 March. Funds tracking the Nifty 50 index are expected to buy shares of Shree Cement, the country’s second-largest cement maker by market capitalisation. It would be the second core cement company to be part of Nifty 50 after UltraTech Cement.
In the last year, shares of Shree Cement rose more than 55 per cent, while the benchmark Nifty gained 13 per cent. On the other hand, Yes Bank stock fell 1.85 per cent to Rs 34.40. The companies such as Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&T Finance Holdings and Shree Cement will be dropped from Nifty Next 50. Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen & Toubro Infotech and Torrent Pharmaceuticals would be added in Nifty Next 50 index. Hexaware Technologies and Tata Elxsi will be excluded from Nifty IT index and will be replaced by Info Edge and Mphasis. NSE decided to remove Oil India from its derivative segment with effect from May 4.
Read EquityPandit’s Nifty Outlook for the Week