Shriram Finance Ltd. could replace UPL Ltd. in the Nifty 50 in the indices rejig set for March 2024, according to Nuvama Alternative and Quantitative Research.
Shriram's entry will result in inflows of $245 million and UPL's exit will lead to a $107-million outflow, it said based on preliminary analysis.
The rejig will be effective from March 31, for which the index provider will officially announce the list in the second half of February.
In terms of Nifty Bank, Canara Bank will join the index, displacing Bandhan Bank Ltd., Nuvama's report said.
In the Nifty Next 50, Nuvama expects Jio Financial Services Ltd. and Power Finance Corp. to be included, among others.
Adani Wilmar Ltd. and Colgate Palmolive Co. are expected to be two of the seven stocks that could be excluded, it said.
Recently listed Tata Technologies Ltd. could be a part of Nifty MidCap 100. Adani Power Ltd. is expected to be excluded from the index, according to Nuvama.
In the Nifty SmallCap 100, 15 stocks are expected to be replaced. Some of the inclusions could be IRCON International Ltd., Honasa Consumer Ltd., Ujjivan Small Finance Bank Ltd. and Cello World Pvt., Nuvama said.
Kalyan Jewellers India Ltd., IDBI Bank Ltd. and Easy Trip Planners Ltd. might be excluded.
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