Asia Index to replace 12 companies from infra index

MUMBAI: Asia Index, a joint venture between BSE and Dow Jones, has decided to drop 12 firms such as Bharti Airtel, Idea Cellular, Reliance Communications and MTNL from its infrastructure index, effective June 22.

SREI Infrastructure Finance, Torrent Power, GVK Power & Infrastructure, Bharti Infratel, Petronet LNG, Tata Communications, Gateway Distriparks and Himachal Futuristic Communications will also be dropped from the index, which measures the performance of infrastructure companies.

These companies would be replaced by Larsen & Toubro, Oil & Natural Gas Corp, Cairn India, Oil India, Voltas, Jaiprakash Associates, NCC, Gujarat State Petronet, IRB Infrastructure Developers, Sadbhav Engineering, PTC India Financial Services and Hindustan Construction Co.

"Effective at the open of June 22, 2015, the...changes are being made to the index composition to align it with the new methodology," Asia Index said in a statement.

"The index will be rebalanced in March and September each year going forward," it added.

Asia Index has also decided to make changes to composition of some of its other indices from June 22.

Ashok Leyland will replace Apollo Tyres on BSE auto index. Hitachi Home & Life Solutions would be added on BSE consumer durables, while VIP Industries would be dropped from the same.

On BSE realty, Omaxe and Anant Raj Industries would be excluded and replaced by DB Realty and Ashiana Housing.

Greaves Cotton and Carborundum Universal would be excluded from BSE capital goods index.

The index would include Texmaco Rail & Engineering, Mahindra CIE Automotive, Kalpataru Power Transmission and IL&FS Transportation Networks.

Moreover, State Trading Corp of India and Looks Health Services would be dropped from BSE PSU index and BSE SME IPO index, respectively.