JSW Steel Ltd., world’s best performing steel stock has replaced major drug producer Lupin Ltd in the India’s benchmark National Stock Exchange (NSE) Nifty 50 index to join Tata Steel Ltd, the only other steel producer in the index.
The change is made on period reconstruction basis and will be effective from September 28, this year.
JSW Steel is the world’s best-performing steel stock and has recorded an over 30 per cent rise so far this year and except India, it has managed to out-form the major steel producers in the globe.
JSW Steel recorded a crude steel production of 1.378 million tonnes for July 2018, a growth of 8 per cent against the production recorded during the same period last year.
The benchmark index was last reconstructed in April, 2018 in which Bajaj Finserv Ltd., Titan Company Ltd., and Grasim Industries Ltd. were included, while Aurobindo Pharma Ltd., Ambuja Cements Ltd. and Bosch Ltd., where moved out of the list.
NSE has also made changes to the Nifty Next 50, Nifty 500, Nifty 100, Nifty Midcap, Nifty 200, and Nifty Smallcap indices, among others, according to a release by NSE.
Six companies on NSE such as Punjab National Bank, Cummins India, Emami, JSW Steel, Power Finance Corporation and Rural Electrification Corporation will be omitted from Nifty Next 50 index, and will be replaced by Bandhan Bank, Biocon, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, Lupin and The New India Assurance Company, NSE said in a release.