FTSE Group, the global index provider, and IDFC on Monday announced that GVK Power & Infrastructure Ltd (GVK PIL) will be excluded from the FTSE IDFC India Infrastructure-30 Index, following their semi-annual review of the India Infrastructure Index Series.
PTC India Ltd will be included in the FTSE IDFC India Infrastructure Index.
The FTSE IDFC India Infrastructure-30 currently consists of 31 stocks as Schneider Electric Infrastructure Ltd spun off from Areva T&D India Ltd during the intra-review period.
GVK PIL, the lowest ranking constituent, will be excluded from the index to maintain the number of constituents at 30 stocks, according to a statement.
The growth of the Indian economy has stimulated both domestic and global investor interest in the Indian infrastructure sector. The five largest constituents of the index are: Bharti Airtel, L&T, NTPC, Power Grid Corp of India and BHEL.
The series is reviewed semi-annually in accordance with the index ground rules which ensure that both the tradable FTSE IDFC India Infrastructure-30 Index and the benchmark version continue to represent accurately the investable universe.
This forms the basis of index-linked products such as funds, structured products and Exchange Traded Funds.