JAIPRAKASH TO REPLACE BAJAJ AUTO IN BENCHMARK BOMBAY SENSEX

The Bombay Stock Exchange on Saturday said Jaypee group's flagship firm Jaiprakash Associates (BSE:532532) will replace India's second largest two-wheeler maker Bajaj Auto (BSE:500490) in the benchmark Sensex from March 14.

Jaiprakash Associates would be included in the 30-share bellwether index, Sensex, while Bajaj Auto would be excluded, a BSE circular said.

Sensex, a basket of 30 constituent stocks, represents a sample of large, liquid and representative companies. The base year of Sensex is 1978-79 and the base value is 100.

The index committee of the exchange in its meeting has decided to revise the composition of other BSE indices as well, including BSE -100, BSE-200, BSE-500, BSE-Auto, BSE-PSU.

Bajaj Auto has been excluded from the BSE 100 and BSE 200 indices and Power Grid Corporation (BSE:532898) would be inducted instead in both the indices from March 14.

State-run NMDC (BSE:526371) would replace Bajaj Auto in the BSE-500 index, while IRB Infrastructure Developers (BSE:532947) would be included in the index on exclusion of Asian Star Co, the circular said.

BSE-500 index represents nearly 93 per cent of the total market capitalisation on Bombay Stock Exchange. The index represents all 20 major industries of the economy.

NMDC is also being included in the BSE-PSU index from April 28, it added.

However, no new company is being included in the BSE Auto index after the exclusion of Bajaj Auto from March 14.