Britannia Industries rises 5% on inclusion in Nifty50

Shares of Britannia Industriesrose 5 percent, while Hindustan Petroleum Corporation (HPCL) shares fell 2 percent intraday Tuesday after former one is going to replace the later one in the Nifty50 index.

Britannia Industries will replace Hindustan Petroleum Corporation in the Nifty50 index from March 29, the National Stock Exchange said on February 25.

Den Networks, Eveready Industries, GVK Power, Manpasand Beverages and Tata Sponge are among 25 stocks that were excluded from the index.

Besides similar changes are made in Nifty500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50 and Nifty Midcap 100, Nifty 200, Nifty Financial Services among others, the release added.

In a separate release, the bourse said that it has decided to revise the methodology of sectoral and thematic indices.

According to the revised method, all sectoral indices except for Nifty Tata Group, the weightage of each stock in the indices will be calculated based on its free-float market capitalisation such that no single stock shall be more than 34 percent and weightage of top 3 stocks cumulatively will not be more than 63 percent at the time of rebalancing, said NSE.

For Nifty Tata Group, the weightage of each stock will be calculated such that no single stock will be more than 25 percent and weightage of top 3 stocks cumulatively will not be more than 63 percent at the time of rebalancing, it said in a statement.

At 09:45 hrs Britannia Industries was quoting at Rs 3,071.35, up Rs 26.55, or 0.87 percent.

At 09:45 hrs Hindustan Petroleum Corporation was quoting at Rs 223.40, down Rs 4.80, or 2.10 percent.