LTIMindtree Ltd will replace Housing Development Finance Corporation Ltd in the Nifty 50 index from July 13, the National Stock Exchange said on Tuesday.
The stock exchange has announced changes to various indices, including Nifty 50 and Nifty 100, on account of scheme of amalgamation of HDFC with HDFC Bank. From July 13, LTIMindtree will replace HDFC in the benchmark Nifty 50 index and Jindal Steel & Power will take the place of the mortgage lender in the Nifty 100 index, according to NSE.
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In a release, the bourse said the Index Maintenance Sub-Committee (Equity) of NSE Indices Ltd has decided to make replacement of stock in various indices, following the HDFC-HDFC Bank amalgamation. The replacement of HDFC with LTIMindtree will also be “applicable to Nifty50 Equal Weight Index”. Among other indices, Mankind Pharma will replace HDFC in the Nifty 500 and Jindal Steel & Power will be included in place of LTIMindtree in the Nifty Next 500.
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NSE has also announced changes to other indices. “These changes shall become effective from July 13, 2023 (close of July 12, 2023),” the release said.
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HDFC, the parent of HDFC Bank, merged into the lender on Saturday. HDFC Bank is also the country’s largest private sector lender. The record date is July 13 for determining the shareholders of HDFC, who shall be issued and allotted the shares of HDFC Bank.
The USD 40-billion merger, the largest such deal in Indian corporate history, is driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.