Shriram Finance replaces UPL in Nifty50

Published : 01 March 2024

Shriram Finance will join the Nifty 50, taking UPL's place in the index. The alterations will take effect on March 28, 2024. It was included since Shriram Finance had the largest free-float market capitalization within the qualified universe during six months. 

Shriram Finance replaces UPL in Nifty50

As part of its regular evaluation, the NSE indexes Index Maintenance Sub-Committee (Equity) has chosen to replace stocks in a number of indexes. These modifications will take effect on March 28, 2024.

Changes in index will be effective from March 28

Due to the Nifty 50 reorganization, Nuvama analysts anticipate $217 million inflows to Shriram and $114 million outflows UPL. 

$217 million inflow is expected in Shriram Finance

In the past six months, UPL's shares have decreased by 18%, whereas Shriram Finance has had a 26% increase in value. UPL's removal from the Nifty 100 index was followed by its removal from the Nifty50 index. 

UPL shares dropped by 18% in last 6 months

With a target price of Rs 3,000, Morgan Stanley has continued to maintain an overweight call on Shriram Finance. The aim suggests a 28.64 percent increase from the previous closing.

Morgan Stanley maintains 'Overweight' rating

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