The Nifty50 index now includes Shriram Finance
According to a statement from the NSE, Shriram Finance has the greatest six-month average free-float market capitalization, so it has been included to the Nifty 50 index. In the index, the Chennai-based business will take the place of UPL Ltd.
At the conclusion of the Wednesday session, Shriram Finance had a total market capitalization of Rs 87,600 crore. The company’s share price dropped 1.7% on Wednesday, closing at Rs 2,332.
According to the firm’s most recent ownership pattern, the promoter and promoter group own 25.42% of the company, while the general public owns 74.57%. Retail NBFC Shriram Finance, a division of the Chennai-based Shriram Group, provides loans for cars, trucks, houses, gold, small businesses, and commercial vehicles. It had Rs 2.14 lakh crore in total assets under management (AUM). Shriram Finance will no longer be included in the Nifty50 Next index as a consequence of its inclusion in the Nifty50.
In the meanwhile, UPL Ltd. has been dropped from the Nifty 50 index due to its removal from the Nifty 100 index, according to a statement released by the NSE.
