Ajanta Pharma to Replace Aditya Birla Nuvo on Nifty Midcap 50

New Delhi: Ajanta Pharmaceuticals will be included in the NSE's Nifty Midcap 50 index, replacing Aditya Birla Nuvo from the next month.

The inclusion will take effect from October 19 this year, according to a release by India Index Services and Products Ltd (IISL), a subsidiary of NSE Strategic Investment Corporation.

Aditya Birla Nuvo, the holding company of Aditya Birla Group, will be excluded from the index.

"The Index Maintenance Sub-Committee has decided to make the replacement on account of proposed scheme of arrangement for transfer by way of a demerger of Madura Undertaking of Aditya Birla Nuvo Ltd to Pantaloons Fashion & Retail Limited," the release said.

The Nifty Midcap 50 index consists of stocks with an average free float market capitalisation ranging from Rs 1,000 crore to Rs 5,000 crore at the time of selection.