The CNX Metal Index is designed to reflect the behavior and performance of the
Metals sector including mining. The CNX Metal Index comprises of 15 stocks that
are listed on the National Stock Exchange.
CNX Metal Index is computed using free float market capitalization method with a
base date of January 1, 2004 indexed to a base value of 1000, wherein the level
of the index reflects the total free float market value of all the stocks in the
index relative to particular base market capitalization value. The method also
takes into account constituent changes in the index and importantly corporate
actions such as stock splits, right issue, new issue of shares etc. without
affecting the index value.
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The CNX Metal Index represents about 5.30% of the free
float market capitalization of the stocks listed on the NSE and 84.71% of the
free float market capitalization of the stocks forming part of the Metals
universe as on December 30, 2011.
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The total traded value for the last six months of all index
constituents is approximately 8.66% of the traded value of all stocks on NSE and 92.77% of the traded value of the stocks forming part of the Metals universe.
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Companies must rank within the top 500 companies by average
free-float market capitalisation and aggregate turnover for the last six months.
- The company's trading frequency should be at least 90% in the last 6 months.
- The company should have reported a positive net worth.
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The company should have a listing history of 6 months. A
company which comes out with an IPO will be eligible for inclusion in the index,
if it fulfils the normal eligibility criteria for the index for a 3 month period
instead of a 6 month period.
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Final selection of 15 companies shall be done based on the
free-float market capitalization of the companies.
- The review will take place on a semi-annual basis.