Nifty Index has announced the change in September Semi Annual Review (SAIR) and the revision will be effective from Friday, 30th September, 2022 and adjustment will be on 29th September, 2022 (Thursday).
In Nifty IT The index will replace Persistent Systems Mindtree. According to brokerage firm Edelweiss, the inclusion of Persistent Systems will result in a positive inflow of about $17 million. Edelweiss said that due to the proposed scheme of amalgamation mechanism, the index has taken a pre-emptive move and exited the stock.
Shares of Persistent Systems have gained about one percent in the one-year period, whereas, IT Stock So far in 2022 (YTD) is down more than 30%. Persistent Systems provides digital engineering and data and artificial intelligence products to the software, banking, financial services and healthcare sectors.
Meanwhile, in the one-year period, Mindtree shares have fallen 14%, while IT stock is down 34% so far this year. Part of the Larsen & Toubro (L&T) Group, Mindtree is a global technology consulting and services company.
In May this year, Mindtree and L&T Infotech announced a mega-merger to create an efficient and advanced IT services provider with combined revenues of over $3.5 billion. The amalgamation process of Mindtree and Larsen & Toubro Infotech is expected to be completed by December this year, and during this period, both the firms will continue to operate independently.
On the other hand, Adani Enterprises Ltd. will replace Shree Cement Ltd. from the National Stock Exchange’s benchmark index Nifty 50 with effect from September 30. Adani Enterprises is the flagship company of the Adani Group and Shree Cement is the leading cement manufacturing firm.
Apart from Nifty 50, changes have been announced in several indices including Nifty Next 50, Nifty 500, Nifty 200 and Nifty 100. Adani Total Gas Ltd., Bharat Electronics Ltd., Hindustan Aeronautics Ltd., Indian Railway Catering and Tourism Corporation Ltd., Mphasis Ltd., Samvardhan Motherson International and Shree Cement Ltd. will find a place in the Nifty Next 50.
While Adani Enterprises, Jubilant Foodworks, Lupine, Mindtree Ltd, Punjab National Bank, Steel Authority of India Ltd and Zydus Lifesciences will exit the Nifty Next 50 index.
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