Exit from Nifty impairs Jet Airways
Jet Airways slipped 1.41% to Rs 624.50, after being excluded from the coveted Nifty index from today.The Jet Airways counter clocked volumes of 1.78 lakh shares, after slipping to a low of Rs 618.
The S&P CNX Nifty, which comprises of 50 scrips, has its constituents reviewed at periodic intervals based on market capitalisation.Index funds, which invest a majority of funds in index stocks, generally are seen shuffling their portfolio, to abide with the index basket.
Oriental Bank of Commerce (OBC) slipped 0.40% to Rs 177.75, and was also scrapped from the Nifty index along with India’s largest private sector airliner.
Sterlite Industries and Reliance Petroleum (RPL) replaced the two stocks.
Over the past few months, Jet Airways has seen its share of the domestic market slip on rising competition from newly-launched discount carriers, but is adding overseas routes and expects half its revenue to come from overseas operations by March 2009. Jet Airways, with a fleet 60 aircraft, will expand it to 89 by March 2009. It will add more routes in Southeast Asia and launch US services in August.
The S&P CNX Nifty, which comprises of 50 scrips, has its constituents reviewed at periodic intervals based on market capitalisation.Index funds, which invest a majority of funds in index stocks, generally are seen shuffling their portfolio, to abide with the index basket.
Oriental Bank of Commerce (OBC) slipped 0.40% to Rs 177.75, and was also scrapped from the Nifty index along with India’s largest private sector airliner.
Sterlite Industries and Reliance Petroleum (RPL) replaced the two stocks.
Over the past few months, Jet Airways has seen its share of the domestic market slip on rising competition from newly-launched discount carriers, but is adding overseas routes and expects half its revenue to come from overseas operations by March 2009. Jet Airways, with a fleet 60 aircraft, will expand it to 89 by March 2009. It will add more routes in Southeast Asia and launch US services in August.
Labels: Nifty constituents, Reliance Petroleum, Sterlite Industries
posted by SY at 4:22 PM
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