After making its entry into the Bombay Stock Exchange's benchmark 30-share index Sensex in May, Anil Ambani group's telecom arm Reliance Communications Ltd is set to enter the broader-based Nifty index next month.
Reliance Communications would replace Tata Tea in the National Stock Exchange's 50-share benchmark index Nifty as well as the CNX 100 index with effect from September 1.
Previously, RCL had replaced Tata Power in the BSE's barometer index Sensex on May 15.
After Reliance Energy, RCL would be the second Anil Ambani controlled company on the Nifty. Both the companies are present on the BSE Sensex as well.
In a previous revision of the Nifty components, Suzlon Energy and Siemens had replaced Shipping Corporation of India and Tata Chemicals with effect from June 27.
India Index Services & Products Ltd, a joint venture of the NSE and Crisil, said on Thursday that the index maintenance sub-committee has decided in its periodic review to make changes in various indices, including S&P CNX Nifty, CNX 100, CNX Midcap Index and CNX Service Sector Index to be effective from September 1, 2006.
Besides RCL's inclusion into Nifty and CNX 100 indices in place of Tata Tea, IISL also announced that Bank of India, IDBI, Patni Computer Systems and Union Bank of India would replace Reliance Capital, Kotak Mahindra Bank, Jaiprakash Associates and Indian Hotels Co Ltd on the CNX Midcap Index.
In addition, RCL would replace Andhra Bank on the CNX Service Sector Index, IISL said.
RCL had previously replaced Birla Global Finance Ltd on the NSE's broad-based S&P CNX 500 index on July 10.
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