JSW Steel Hits A Record After Replacing Lupin In Nifty 50

Shares of the steel giant gained 3.77 percent to Rs 379.60 apiece after the steelmaker replaced Lupin in the benchmark NSE Nifty 50 Index. The Sajjan Jindal-led company will join Tata Steel Ltd., the only other steelmaker in the index, from Sept. 28, according to a press release by the National Stock Exchange. The stock is 32 percent above the consensus one-year target price. But it has declined 32 percent so far this year compared to an 11.6 percent advance in the Nifty. Lupin, however, fell 2.05 percent to Rs 883.30 apiece. The stock trades at 31.5 times trailing 12-month earnings per share.