Tata Consumer Products to enter Nifty 50 index from 31 March; GAIL will be excluded
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Tata Consumer Products is a multinational consumer goods company and a subsidiary of the Tata Group
Seven stocks including Bank of Baroda, Container Corporation of India (Concor), General Insurance Corporation of India, Hindustan Zinc will be excluded from the Nifty Next 50 index
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Tata Consumer Products will be included in the benchmark Nifty50 index, with effect from 31 March, 2021, the National Stock Exchange (NSE) said. Tata Consumer Products is a multinational consumer goods company and a subsidiary of the Tata Group. It reported a 25.26% rise in consolidated net profit to ₹237.03 crore for the third quarter ended December 2020, on the back of higher sales in branded business. GAIL (India) Ltd will be excluded from the Nifty50 index.
Several domestic stocks are expected to witness inflows from exchange-traded funds (ETFs) over the next few weeks owing to rebalancing of their underlying indices. The FTSE Global Equity Index Series introduced changes to its indices last week, which will become effective March 19. According to an analysis done by Abhilash Pagaria of Edelweiss, Bharti Airtel (inflows of $65 million), Larsen & Toubro ($54 million), and Tata Consultancy Services ($46 million), along with eight other stocks, will see buying by passive funds on account of an increase in their weighting. Meanwhile, Apollo Hospitals Enterprise ($79 million), Honeywell Automation India ($40 million), and Adani Total Gas ($38 million), along with five other stocks, will see buying on account of their entry in the FTSE All-World (large-cap and mid-cap) index. Most of these stocks ended in the green despite the overall selloff.
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