Shares of Shree Cement rose 2.6 per cent to end at Rs 24,406 on Wednesday after NSE announced its inclusion to the Nifty 50. The Kolkata-based cement maker will replace Yes Bank in the index, effective March 27.
Analysts at Edelweiss estimate inflows of $96 million (Rs 700 crore) into the stock on account of the Nifty inclusion.
On an absolute basis, Shree Cement will be the most expensive stock in the 50 share index.
Currently, Nestle India, which too was recently added, has the highest share price at Rs 16,758.
Yes Bank, in the meanwhile, is expected to see a sale of $24 million (Rs 170 crore) due to its exclusion from the index.