IndusInd Bank, NMDC enter Nifty
Hyderabad: Iron ore miner NMDC and IndusInd Bank have gained a berth in the 50-share benchmark index of National Stock Exchange.
The NMDC Chairman and Managing Director, CS Verma, who commemorated the occasion with the ringing of the bell, said the inclusion of NMDC shares in Nifty-50 Index would lead to greater visibility and bring out the true potential of the company. Its present market capitalisation is about Rs 53,000 crore, with an operating profit margin of 75-80 per cent, considered one of the highest amongst mining companies. It is now moving into value-added projects such as steel and pellet making.
Verma said the value addition per employee in the company was about Rs 1.70 crore and output per man-shift 30 tonnes. However, the company’s shares were down 1.89 per cent to Rs 134.95 on the BSE today.
But IndusInd Bank share price moved higher by about 2.7 per cent at Rs 416. IndusInd Bank and NMDC replaced IT major Wipro and diversified group Siemens on the Nifty.