Wipro, Siemens to exit Nifty from today

Wipro, Siemens to exit Nifty from today

IT major Wipro and diversified group Siemens will exit the National Stock Exchange’s (NSE) benchmark index Nifty from today (Monday - April 1).

The two stocks would be replaced by private sector lender IndusInd Bank and state-run mining giant NMDC in the 50-share benchmark index of 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, Wipro Infrastructure Engineering 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.

New NSE chief

Mumbai, pti: NSE is set to have a new chief on Monday, when Chitra Ramkrishna will take over as its MD and CEO.

As MD and CEO of NSE, the 49-year-old Ramkrishna succeeds Ravi Narain who would assume the role of non-executive Vice-Chairman with effect from April 1, 2013, after serving in various leadership roles at the exchange since its inception.
Ramkrishna has handled various operational and strategic aspects of NSE for many years during her roles as Deputy and Joint Managing Director.