India's Shriram Finance gains on Nifty 50 inclusion; UPL drops on removal

UPL

29/02/2024 05:00

** Shriram Finance shares  SHMF.NS  up 1.5% set to snap
2-day losing streak; benchmark Nifty 50  .NSEI  flat
    ** UPL  UPLL.NS  off 0.5%, falling for 3rd session in a row
    ** NBFC Shriram Finance to replace agrochemical company UPL
in Nifty, effective March 28
    ** SHMF rose as much as 4.5% earlier in the sessionand UPL
dropped nearly 2%, before pulling back
    ** Nuvama estimates SHMF to see net inflow of over $200 mln,
equivalent to a 6-day volume impact and 7.1 mln shares
    ** Estimates UPL to see outflow of $100 mln, equivalent to a
3.5-day volume impact and 17.5 mln shares
    ** SHMF up 15.6% YTD, UPLL down ~20% vs Nifty's 0.6% rise

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India's Shriram Finance gains while UPL falls after NSE index
review    https://reut.rs/49vv6Hu
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 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))