S&P BSE India Infrastructure

The S&P BSE India INFRA share price is computed by weighting its 30 stocks based on modified market capitalisation value, using the divisor methodology of the S&P Dow Jones equity indices. Index weight rebalancing is done semi-annually based on float-adjusted market capitalisation.

The securities must fulfil the following eligibility criteria to be included in the BSE India INFRA index:-

1. Should be domiciled in India and listed on the Bombay Stock Exchange.
2. Should form a part of S&P BSE AllCap index.
3. Should form a part of the infrastructure sub-groups as per the BSE Sector Classification System and should be grouped into 5 clusters of construction & engineering, energy, NBFCs, transportation, and utilities.
4. Should cap the number of stocks to 10 for each infrastructure cluster category.
5. Should include only the common shares of the company.
6. Should have a listing history of at least 6 months.
7. Should have an average daily free float market cap value of at least Rs. 1 billion. This limit is Rs. 800 million for the current constituents.
8. Should have an annualised traded value of at least Rs. 200 million; it will be Rs. 160 million for the current constituent stocks.
9. Should have a turnover ratio of at least 10%; it will be 8% for the current constituents.
10. Should have at most 5 non-trading days in the last 6-month period.
11. Should exclude the stocks ranked beyond 10 based on an average 6-month daily free float market cap from each infrastructure cluster. In case of a shortfall, those stocks ranked below 15 will be excluded.
12. The top 20 stocks, based on an average 6-month daily free float market cap, should be compulsorily included, irrespective of the status of the constituent as being current or new.
13. The remaining 10 stocks should be included from the current constituents only, which are ranked from 21-40 on the basis of the highest rank.

The index value is calculated as follows – 

    Index value = Index Market Value / Divisor

Where,

Index Market Value = Price * Shares * IWF (Float Factor) *Fx rate * AWFi

AWFi = Adjusted Stock Market Value factor assigned on rebalancing date

Divisor = Index Market Value after rebalancing / Index Value before rebalancing

The BSE India INFRA index is reconstituted annually in September, with semi-annual reviews undertaken in March and September for index cap weightings. Single stocks are capped at 10%, while the infrastructure cluster is capped at 30%. Corporate actions are weighted based on the non-market capitalisation method.