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Biotech company Biocon will be included in the National Stock Exchange's Nifty Midcap 50 index, replacing the Tata group hospitality major Indian Hotels Company from next month.
According to the changes announced today by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture, IHC will be excluded from the Nifty Midcap 50 index with effect from August 30, 2013.
In its place, Biocon would be included in the index.
"The change in the constituent of Nifty Midcap 50 Index with effect from August 30, 2013," the exchange noted.
Nifty Midcap 50 index consists of stocks with average free float market capitalisation ranging from Rs 1,000 crore to 5,000 crore at the time of selection.
Earlier, the exchange had said that it would exclude the Indian Hotels Company from derivative segment with effect from September 27, 2013.
