Billionaire Anil Agarwal-owned company Vedanta will be excluded from the benchmark index of the National Stock Exchange and it will be replaced by HDFC Life Insurance
HDFC Life Insurance Company, part of the HDFC Group, is set to be included in the Nifty50 soon.
Billionaire Anil Agarwal-owned company Vedanta will be excluded from the benchmark index of the National Stock Exchange and it will be replaced by HDFC Life Insurance, reports CNBC-TV18.
The changes will be made effective from July 31, the report added.
The move was on expected lines as brokerages pointed out the above addition and deletion from the index. Last month, Edelweiss Securities had said that HDFC Life Insurance, SBI Life Insurance Company, Divis Laboratories and Dabur India could replace Vedanta, Zee Entertainment, Bharti Infratel and GAIL in the Nifty50 index in the next semi-annual review by the NSE.
The one key criteria to get included in the Nifty50 is that the stock should be a part of the futures and options (F&O) segment.
HDFC Life has already cleared the F&O criteria as the NSE added the stock in the F&O segment with effect from February 28.