TVS Motor Company will be included in the NSE’s Nifty Midcap 50 index, replacing textiles major Arvind Ltd from next month.
The exclusion of the textiles and apparels company is mainly “on account of the proposed scheme of demerger and transfer of real estate undertaking of Arvind Ltd into Arvind Infrastructure Ltd.”
According to the changes announced by India Index Services and Products Ltd (IISL), a subsidiary of NSE Strategic Investment Corporation, Arvind will be excluded from Nifty Midcap 50 index with effect from February 23 this year.
In its place, Nifty Midcap 50 index would be included in the index.
Nifty Midcap 50 index consists of stocks with an average free float market capitalisation ranging from Rs 1,000 crore to Rs 5,000 crore at the time of selection.
In addition, Arvind would also be excluded from CNX 200 index, CNX 500 index, CNX Midcap index and CNX Alpha index.
These changes will come into effect from February 2.