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Shares React To Nifty CPSE Index Rejig; Indian Oil Falls 7%
On Monday, shares of a number of Central Public Sector Enterprises (CPSEs) experienced major movement after NSE announced a re-shuffle in its Nifty CPSE Index.
Shares of Cochin Shipyard, NHPC, NMDC and Power Grid Corporation gained 3 to 10 percent on being included in the index. Indian Oil shares, on the other hand, plunged over 7 percent to Rs 113.70 on exclusion.
The Index Maintenance Sub-Committee (IMSC) of NSE Indices Limited also decided to tweak the eligibility criteria of the index to have stocks with more than 51 per cent government holding (stake via Govt of India or the President of India) under the promoter category rather than 51.5 percent.
The changes will be effective from 24 January 2020 and will constitute 10 stocks instead of 12.
Apart from IOC, Power Finance Corp (PFC) will also be excluded from the index.
The Nifty CPSE Index facilitates the government's initiative to disinvest some of its stake in selected CPSEs. The government opted for the exchange-traded fund or ETF route for the disinvestment.
In the last one year, the index is down 5.84 percent
