JSW Steel rises 2 per cent on replacing Lupin in Nifty50

The shares of JSW Steel rose by around 2 per cent after NSE announced that it will be replacing Lupin in the benchmark NSE Nifty50 index with effect from Friday.

Lupin’s exit still leaves the Nifty 50 Index with three pharma companies – Cipla, Dr. Reddy’s Laboratories and Sun Pharma – whose collective weight stands at 2.5 per cent.

JSW Group is a US$13 billion company catering to the Steel, Energy, Cement and Infrastructure sectors. Its operations span across India, South America, South Africa and Europe.

On Friday, the shares of JSW Steel Ltd. opened at Rs. 404.95 per share, and hit a high and low of Rs. 407.05 per share and Rs. 375.00 per share. At 10:38 am, the stock was trading at Rs. 386.30 per share, down 3.53 per cent. On the other hand, the shares of Lupin opened at Rs. 896.90 per share and are currently trading at Rs. 911.10 per share, up 1.59 per cent.