NEW DELHI: Shares of SBI Life Insurance and Divi’s Laboratories gained up to 4 per cent in Friday’s trade after NSE Indices, a subsidiary of the National Stock Exchange, decided to add these firms in the Nifty50 index with effect from September 25.
SBI Life was up 3.41 per cent at Rs 881.90 at around 9.30 am (IST), while Divi’s Laboratories traded 4.08 per cent higher at Rs 3319.40.
On the other hand, Bharti Infratel and Zee Entertainment Enterprises will be dropped from the benchmark equity index. The former was down 0.15 per cent at Rs 198.95, while the latter was up 0.48 per cent at Rs 200.40.
Price-to-earnings (P/E) ratio of SBI Life and Divi’s Laboratories stood at 59.18 times and 53 times, respectively, as of August 20, while the valuation ratio for Bharti Infratel and Zee Entertainment was at 17.37 times and 64.85 times, respectively, according to Ace Equity.
Besides SBI Life Insurance and Divi’s Laboratories, NHPC, Page Industries and Shriram Transport Finance Company will be excluded from Nifty Next 50.
In their places, Adani Green Energy, Alkem Laboratories, Bharti Infratel, Larsen & Toubro Infotech and Tata Consumer Products will be added in the index.
Changes have been made in several indices, including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Midcap 100, Nifty Midcap 50, Nifty Smallcap 250, Nifty Smallcap 100 and Nifty Smallcap 50 and host of sectoral indices like energy, MNC commodities and services sector.