Lupin, UltraTech Cement enter NSE's Nifty

MUMBAI: The National Stock Exchange (NSE) today announced the inclusion of Lupin and UltraTech Cement in NSE 50-share index Nifty.

UltraTech Cement and drug maker Lupin replaced Steel Authority of India and Sterlite Industries in the main NSE index from Friday.

"We welcome Lupin and UltraTech Cement in the Nifty index," NSE joint managing director Chitra Ramkrishna said here after re-balancing of the index here.

"We grew by 5 times, profits by 9 times and valuation by 11 times in the last five years. The market has put lot of confidence and we are happy with inclusion in Nifty index," Lupin Group president and executive director Nilesh Gupta told reporters here.

As per the changes announced last month by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture that maintains Nifty index, decided to exclude SAIL and Sterlite Industries (India) from the 50-share benchmark index.