India's Shriram Finance to replace UPL in blue-chip Nifty 50 index

UPL

28/02/2024 15:35

BENGALURU, Feb 28 (Reuters) - Non-banking finance firm
Shriram Finance  SHMF.NS  will replace agrochemical company UPL
 UPLL.NS  on the blue-chip Nifty 50 index  .NSEI , effective
March 28, the National Stock Exchange of India said on
Wednesday.
    The change is part of a periodic review of broad market
indices.
    UPL has been removed from the blue-chip index after its
exclusion from the Nifty 100, a parent index for the Nifty 50,
the NSE said in a statement.
    Shriram Finance has the highest six-month average free-float
market capitalization among all stocks eligible to replace UPL,
the statement said.
    Shares of Shriram Finance rose as much as 2.8% in the day
before closing 1% lower in a weak market. UPL closed down 1.8%.

 (Reporting by Indranil Sarkar in Bengaluru; Editing by Shilpi
Majumdar)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
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