Shipping Corp, South Indian Bank to move out of Nifty Midcap 50 index

MUMBAI: Shipping Corporation of India, NCC and South Indian Bank are being moved out of the National Stock Exchange's Nifty Midcap 50 index, and would be replaced by Apollo Tyres, Bhushan Steel and Dish TV India.

As per the changes announced today by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture, Shipping Corporation Of India, NCC and South Indian Bank would be excluded from the Nifty Midcap 50 index with effect from September 28, 2012.

In their place, Apollo Tyres, Bhushan Steel and Dish TV India would be included in the index, IISL said in a statement, while announcing a host of other changes decided by its Index Maintenance Sub-Committee during a periodic review.

Shipping Corporation of India would also move out from CNX Infrastructure Index, while IVRCL would join the list.

Last month, the bourse had announced that state-run steel giant SAIL and Vedanta group firm Sterlite Industries would move out of the National Stock Exchange's benchmark index Nifty, and would be replaced by Birla group firm UltraTech and drugmaker Lupin.