A look at the TVS Group s proposed recast of holdings thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
GAIL will be out of Nifty50 from March 1
February 23, 2021
Tata Consumer becomes fifth firm from the Tatas’ stable to join benchmark
Public sector GAIL India will be out of Nifty50 index from March 1, in the latest rejig announced by Nifty’s Index management Sub-committee (IMSC).
Tata Consumer Products will replace Gail India in the Index. This will be the fifth Tata group company to enter the index.TCS, Tata Motors, Tata Steel and Titan Company are the other companies that are currently part of the Nifty50 index.
ICICI Securities, in a recent report, estimated that the changes could result in ₹760 crore worth of buying of Tata Consumer shares and selling of Gail India shares worth ₹510 crore.
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Synopsis
Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking said, One should prefer to trade with the trend now until any negative signs are seen and look for opportunities that could continue to outperform. The near-term trading range could be wide given the recent volatility, wherein the supports are now placed around 14,140 and 14,000, whereas resistance could be seen around 14,500.”
Higher government spending in infrastructure and increased FDI limit in insurance improved the overall outlook of these sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.
NEW DELHI: Nifty made a strong rebound on Monday in line with strong global cues and a no-harm budget. The 50-pack index formed a long bullish candle and recovered half the losses it sustained in the past six sessions.
The board of directors of the $8.5 billion TVS Group s holding companies have approved the so-called memorandum of family arrangement (MFA) between various members of the TVS family. Present shareholders of the holding companies primarily consist of third and fourth generation family members of TVS Group founder T V Sundaram Iyengar. The group currently has over 50 companies that have been traditionally managed by members of different branches of the TVS family. Over the time, various members of the TVS family felt that the ownership of shares in various businesses should align with the management of respective businesses. The arrangement according to the MFA is envisioned to bring about amity and maintain goodwill among members of the TVS family. Family members said this will preserve memories of TV Sundaram Iyengar.