The shares of Tata Consumer Products Ltd. hit fresh highs during the morning trade on Wednesday after the National Stock Exchange announced that the firm will replace GAIL India in the highly tracked Nifty50 index from March 31, 2021.
At 10:31 am, Tata Consumer was quoting ₹631.90 per share on the NSE, up ₹4.40 or 0.70 per cent. It opened at a fresh 52-week high of ₹654.00 as against the previous close of ₹627.50.
On the BSE, it was trading at ₹631.50, up ₹4.35 or 0.69 per cent. It hit a 52-week high of ₹652.85. It opened at ₹650.00 as against the previous close of ₹627.15.
NSE has announced that the Tata group firm will replace GAIL India in the Nifty50 Index from March 31, 2021. According to an estimate by ICICI Securities, the rejig will entail inflow of ₹760 crore for Tata Consumer stock and an outflow of ₹510 crore for GAIL India stock.
Tata Consumer will join other FMCG majors such as Hindustan Unilever, Nestle India and Britannia in the Nifty 50.
As for GAIL, it was quoting ₹146.00 per share on the NSE, down ₹1.35 or 0.92 per cent. It hit an intraday high of ₹148.10 and an intraday low of ₹142.90. It opened at ₹147.55 as against the previous close of ₹147.35.
On the BSE, it was trading at ₹145.90, down ₹1.45 or 0.98 per cent. It hit an intraday high of ₹148.10 and an intraday low of ₹142.90.