FTSE Group (“FTSE”), the award-winning global index provider, and IDFC today announced that GVK Power & Infrastructure Ltd will be excluded from the FTSE IDFC India Infrastructure 30 Index, following the semi-annual review of the FTSE IDFC India Infrastructure Index Series.
The FTSE IDFC India Infrastructure 30 index currently consists of 31 stocks as Schneider Electric Infrastructure Limited spun off from Areva T&D India Ltd Limited during the intra-review period. Following the ground rules, GVK Power & Infrastructure Limited, the lowest ranking constituent, will be excluded from the index to maintain the number of constituents at 30 stocks.
The growth of the Indian economy has stimulated both domestic and global investor interest in the Indian infrastructure sector. Created in 2007, the FTSE IDFC India Infrastructure Index Series provides unique access to the infrastructure-related subsectors of the Indian market and is designed to represent the performance of those Indian companies that generate the majority of their revenue from infrastructure.
The five largest constituents of the index are:
Rank |
Constituent Name |
ICB Supersector |
Net Market Cap (USDm) |
Weighting |
1 |
Bharti Airtel |
Telecommunications |
3,980.3 |
13.58% |
2 |
Larsen & Toubro |
Industrials |
3,367.4 |
11.49% |
3 |
NTPC |
Utilities |
3,160.4 |
10.78% |
4 |
Power Grid Corp of India |
Utilities |
2,384.1 |
8.14% |
5 |
Bharat Heavy Elect .LS |
Industrials |
2,250.2 |
7.68% |
|
Total |
|
15,142.4 |
51.67% |
Source: FTSE Group, data as at 31 August 2012
The FTSE IDFC India Infrastructure Index Series utilises FTSE’s definitive global classification standard – Industry Classification Benchmark (ICB) – to classify Indian infrastructure securities accurately. The transparent and comprehensive classification system enables categorisation of individual securities across four levels of granularity: Industry, Supersectors, Sectors and Subsectors and covers a universe of 75,000 stocks worldwide, including India, in one single data source.
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 (FTSE IDFC India Infrastructure Index) continue to represent accurately the investable universe which is the basis of index-linked products, such as funds, structured products and Exchange Traded Funds (ETFs). PTC India Limited will be included in the FTSE IDFC India Infrastructure Index.
All constituent changes take effect at the start of business on 24 September 2012 and the next review will take place on 8 March 2013.
For more information about the FTSE IDFC India Infrastructure Index Series, including performance, constituent and sector data, please visit:
http://www.ftse.com/Indices/FTSE_IDFC_India_Infrastructure_Index_Series/index.jsp