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Retailer and hypermarket operator Trent and state-owned Bharat Electronics are likely to replace LTI Mindtree and Divi’s Laboratories in the forthcoming rejig in the Nifty index, according to an estimate by Nuvama Alternative & Quantitative Research.The possible changes would lead to an inflow of $429 million or Rs 3,500 crore into Trent and $ 361 million or Rs 3,000 crore into Bharat Electronics, the brokerage said. The upcoming September 2024 rejig will be an action where we could see two stocks replacing the market's underperformers.NSE will consider the average market cap over the six months ending in July to decide on the stock replacement. The official announcement will occur in the latter half of August, with the adjustment taking place on September 30.If Sebi approves the inclusion of Zomato and Jio Financial Services into the F&O segment before the rejig announcement by NSE in August, they will have a higher chance to make it to Nifty over Trent and Bharat Electronics, said Nuvama.Trent shares have rallied 80% in the last six months, while Bharat Electronics gained 60%.Nifty exit will result in an outflow of $186 million (Rs 1,500 crore) from LTI Mindtree and $ 213 million (Rs 1,750 crore) from Divi’s Lab.LTI Mindtree shares plunged 13% in the past six months, while Divi’s Lab stock gained 9% during this period.

The National Testing Agency said on Friday that the CUET-UG exam at a centre in Uttar Pradesh's Kanpur where the wrong question paper was distributed will be conducted on May 29. The agency also denied reports of the question paper being leak at the centre. "The exam will be conducted on May 29 for over 220 students at an exam centre at Maharana Pratap Group of Colleges in Kanpur. This decision was taken after a wrong question paper was distributed on May 15," a senior National Testing Agency (NTA) official said. "There was no paper leak, the invigilators mistakenly distributed English medium question papers to Hindi medium students," the official added. The NTA will also conduct the CUET-UG exam for Delhi centres on May 29 as the May 15 exam was postponed a night before, citing unavoidable reasons. A similar incident occurred while conducting the NEET-UG exam on May 5 during which Hindi medium students at one centre in Rajasthan's Sawai Madhopur were handed English medium question papers. Their exam was later conducted on the same day. The NTA had also refuted reports of a paper leak in the exam. The third edition of the country's largest test is being conducted in hybrid mode for the first time. The exams of four subjects -- Chemistry, Biology, English and General Test -- were scheduled for May 15. The offline tests will be conducted between May 15 and May 19, followed by computer-based tests for other subjects between May 21 and May 24.

US electric carmaker Tesla is 'silent' and yet to communicate its India plans to the government under the new EV policy, an official said on Friday. American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing "very heavy Tesla obligations". Musk, CEO of electric carmaker Tesla, was also slated to meet Prime Minister Narendra Modi during the visit. "They (Tesla) are just silent.. the (EV) policy was always meant for everybody," the official said when asked whether the company has communicated its plans to the government. The commercial decisions are announced by the companies, the official added. An e-mail query sent to Tesla remained unanswered. Earlier in April, he confirmed his visit to India in a post on X saying, "Looking forward to meeting with Prime Minister @NarendraModi in India". In June last year, Musk met with Modi during the latter's US visit and stated that he planned to visit India in 2024 while expressing confidence that Tesla would enter the Indian market soon. His proposed visit had raised expectations that he would announce plans for Tesla to set up shop in the country, along with his satcom venture Starlink. It was expected that Musk would announce plans for Tesla to set up its manufacturing unit in India and investments for the same that could be billions of dollars and the way forward for selling Tesla electric cars in India at the earliest. Not just electric cars, he is also eyeing the Indian market for his satellite internet business Starlink, for which regulatory approvals are awaited. Musk had in the past called for import duty reduction in India to be able to sell Tesla cars in the country. His planned visit to India came weeks after the government announced a new electric vehicle policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like Tesla. Last month, an advisor representing Tesla -- The Asia Group (TAG) attended the first stakeholders' meeting on the new EV policy, along with those from Vietnam's EV maker VinFast and all the major manufacturers in India, including Maruti Suzuki, Hyundai, Tata, Mahindra, Kia, Skoda Auto Volkswagen India, Renault, Mercedes-Benz, BMW and Audi. The stakeholder consultation meeting was aimed at seeking inputs for the guidelines to be framed for the new EV manufacturing policy. As per the policy, the companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engines size more than 3000 cc and diesel engines of size more than 2500 cc). Whereas those with CIF value under USD 40,000 attract 70 per cent duty (for petrol engine sizes under 3000 cc and diesel engine sizes under 2500 cc). The new EV policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global manufacturers. Last year, Tesla approached the Indian government seeking duty cuts to import its vehicles in India.