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HindustanTimes Sun,21 Dec 2014

Wipro, Seimens to exit NIFTY tomorrow

PTI  Mumbai, March 31, 2013
First Published: 11:55 IST(31/3/2013) | Last Updated: 11:56 IST(31/3/2013)

IT major Wipro and diversified group Siemens will exit the National Stock Exchange's (NSE) benchmark index Nifty from Monday.

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The two stocks will be replaced by private sector lender IndusInd Bank and state-run mining giant NMDC in the 50-share benchmark index of the NSE, as per an exchange circular.

Nifty is managed by India Index Services & Products Ltd, an NSE-Crisil joint venture, which has decided to drop Wipro and Siemens as part of its periodic index review exercise.

Wipro is undertaking a business restructuring exercise, which includes hiving off its non-IT businesses into a separate unit.

In November last year, the Wipro board approved demerger of the non-IT businesses — Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services —— into a privately held company to be named 'Wipro Enterprises Ltd'.

While Wipro Ltd will continue to remain a publicly listed company with exclusive focus on IT business, Wipro Enterprises would be an unlisted company.


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