Zee Entertainment Enterprises to be a Nifty 50 stock soon

MUMBAI: The Subhash Chandra-owned Zee Entertainment Enteprises Ltd (Zeel) is getting blue blooded once again. The Zeel stock is all set to get included in the 50-share CNX Nifty index, come 19 September 2014. It will be stepping into the spot left vacant by the eviction of the Diageo-controlled United Spirits Ltd (USL).  The latter enjoyed just a six month stay in the CNX Nifty 50 as it had been placed in it in April 2014.

India Index Services & Products Ltd, a NSE-Crisil joint venture that maintains the Nifty index, on 20 August, after market hours released a statement stating the same.

Zeel  jumped to a high of Rs 300 during the early trade on 21 August. It opened 1.7 per cent higher than the previous close of Rs 293, while the stock of USL  was trading under pressure, following news of its being dumped from the Nifty. The stock opened 3 per cent lower at Rs 2,390 and ended 2.1 per cent lower than the close on 20 August 2014.

This is not Zeel's debut on the CNX Nifty 50 Index. It had an earlier stint which ended in March 2009 when  Axis Bank replaced it.  Another notable point is that while USL  has fallen more than 20 per cent since its inclusion in the Nifty 50 in April 2014, Zeel has risen around 35 per cent in the past one year.

NSE also announced other inclusions and exclusions in the index; Aurobindo Pharma and Motherson Sumi Systems will be included in CNX Nifty 100 replacing Mphasis and Zeel.

There have been changes in the CNX Nifty 200 as well. Companies such as CARE, Castrol India, Muthoot Finance, Edelweiss Financial Services, Kaveri Seeds, Marico among others will replace the likes of Adani Power, CRISIL, Bhushan Steel and Vijaya Bank etc.

A total of 15 companies in the CNX 500 index, two from the FMCG and LIX 15 indices and one each from the CNX Consumption and NI15 indices have been replaced. All the changes will be effective from 19 September 2014.

The CNX Nifty 50 index is reviewed every six months and a six week notice is given to the market before any changes are made to the index set.  As per the guidelines, only 10 per cent of the Nifty stocks (five stocks) can be reshuffled in a calendar year. Two stocks (USL and Tech Mahindra) were already included in the Nifty 50 in April 2014.

In 2010 and 2012, four stocks from the Nifty were replaced while in 2011, two stocks and 2013, three stocks were substituted.

Zeel also has been included in the recently launched CNX Media Index on the NSE and carried the maximum weight of 45.45 per cent in the index that comprises 15 media and entertainment stocks. The methodology for selection of the stock was based on free float market capitalisation.

Click here for details of NSE’s CNX Nifty Index methodology

Click here for CNX Media Index details

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