Zomato, Paytm, Nykaa shares to get included in Nifty Next 50 index. Details here
- From passive tracking perspective new criteria has helped Nykaa and Paytm to get included in Nifty Next 50, Edelweiss said
Newly listed stocks Zomato, One97 Communications (Paytm), FSN E-Commerce Ventures (Nykaa) are among those that will be included in the Nifty Next 50 index from March 31, 2022. The modification in criteria announced by the stock exchange has paved way for these stocks, which got listed last year, to enter the index.
The Index Maintenance Sub-Committee - Equity (IMSC) of NSE Indices Limited has decided to make the changes in eligibility criteria of Nifty equity indices and replacement of stocks in various indices as part of its periodic review as listed hereunder. These changes shall become effective from March 31, 2022, NSE announced in a circular on Thursday.
The committee has decided to make the changes in the eligibility criteria of NIFTY equity indices. As per the new change in methodology, constituents should have a minimum listing history of 1 calendar month as on the cut-off date as compared to 3 months in the earlier criteria.
“Now constituents should have a minimum listing history of 1 calendar month as on the cut-off date vs earlier requirement of 3 months. This has paved way for stocks like Nykaa ,Paytm, Policy Bazaar and Latent View which got listed after October 2021. From passive tracking perspective new criteria has helped Nykaa and Paytm to get included in Nifty Next 50,” said Abhilash Pagaria, Head, Alternatives research, Edelweiss Securities.
Six stocks - Nykaa, Indian Oil Corporation (IOC), MindTree Ltd, Paytm, SRF Ltd and Zomato Ltd will replace Apollo Hospitals Enterprise, Aurobindo Pharma HPCL, IGL, Jindal Steel & Power and Yes Bank from the Nifty Next 50 index.
Further, Apollo Hospitals will replace IOC in the Nifty 50 index, whereas, within Nifty Bank, Bank of Baroda will be included as RBL Bank gets excluded from the banking index.
“Nifty Indices Rebalance has come in line with Edelweiss predictions. In Nifty 50- Apollo Hospital will see inflow of $143 bn while Indian Oil will be removed and it will see outflow of $91 mn. Within Nifty Bank, Bank of Baroda will gain $53 mn while RBL will see outflow of $23 mn,” the brokerage said.
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