Nifty rejig: JSW Steel replaces Lupin in the Nifty50 today.

JSW Steel Ltd. will replace domestic pharma major Lupin Ltd. in the benchmark Nifty50 Index of the National Stock Exchange, effective from today, 28 Sept 2018. The inclusion of JSW Steel is expected to enhance the stock of JSW Steel, given that a number of exchange-traded funds track the Nifty index.

The shares of JSW Steel Limited rose upto 2 per cent in early morning hours Friday, after the NSE announced that it will be replacing Lupin Limited in the benchmark NSE Nifty50 index from Friday. However, JSW Steel’s stocks subsequently turned flat, lower over 4 percent during mid market trade.

JSW Group is a USD 13 billion company serving to the different sectors such as Steel, Energy, Cement and Infrastructure. Its Group operations cover across India, South Africa, South America and Europe.

On Friday, the shares of JSW Steel Limited opened at Rs. 403.85 per share, and hit a high of 407.95 and a low of 374.20 per share on the NSE. At the time of this reporting, the stock was trading at Rs. 383.20 per share, down 4.27 per cent. While, the shares of Lupin opened at Rs. 898.35 per share and are currently trading at Rs. 914.50  per share, up 2.02 percent.

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