The housing development finance corporation (HDFC), a significant player in mortgage lending, will be replaced by LTIMindtree, a division of engineering behemoth Larsen & Toubro, effective July 13.
This follows the merger of HDFC with HDFC Bank, the largest private lender in the nation, which went into force on July 1.
“The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stock in various indices as listed hereunder on account of scheme of amalgamation of Housing Development Finance Corporation Ltd. with HDFC Bank Ltd. These changes shall become effective from July 13,” a release issued by the National Stock Exchange (NSE) stated.
HDFC will be replaced in the Nifty 100 and Nifty 500 indices by Jindal Steel and Mankind Pharma, respectively.
In addition to other indices, HDFC will be replaced in Nifty Financial Services by LIC Housing Finance, Nifty Financial Services Ex-Bank by Poonawalla Fincorp, Nifty Housing by Phoenix Mills, Nifty Core Housing by Brigade Enterprises, and Nifty High Beta 50 by Ambuja Cements.
Last week, experts stated that LTIMindtree would most likely take HDFC’s place in the Nifty 50 index. LTIMindtree was slated to surpass HDFC to rank as the 50th largest firm in India after HDFC and HDFC Bank merged.
On December 5, 2022, LTIMindtree, the result of the merger of LT Infotech and Mindtree, officially began trading on domestic stock exchanges. On July 4, LTIMindtree’s stock had positive trading activity. The stock’s NSE closing price of Rs 5,250.55 per share was 0.75 percent higher than the previous day’s finish.
