From July 13, LTIMindtree will replace HDFC in the Nifty 50 Index
The National Stock Exchange said on Tuesday that LTIMindtree Ltd would replace Housing Development Finance Corporation Ltd in the Nifty 50 index as of July 13.
Due to the plan to merge HDFC with HDFC Bank, the stock market has announced modifications to many indexes, including the Nifty 50 and Nifty 100.
According to NSE, HDFC will be replaced by LTIMindtree as of July 13 in the benchmark Nifty 50 index and by Jindal Steel & Power in the Nifty 100 index.
The exchange said in a statement that after the merger of HDFC and HDFC Bank, the Index Maintenance Sub-Committee (Equity) of NSE indexes Ltd has agreed to replace stock in different indexes.
The “applicable to Nifty50 Equal Weight Index” substitution of HDFC with LTIMindtree.
Mankind Pharma will take the position of HDFC in the Nifty 500 and Jindal Steel & Power will be included to the Nifty Next 500 in lieu of LTIMindtree, among other indexes.
Other indexes have also received updates from NSE.
According to the statement, “These changes shall take effect on July 13, 2023 (the close of July 12, 2023).”
On Saturday, the lender and HDFC, the parent company of HDFC Bank, combined. Additionally, the biggest private sector lender in the nation is HDFC Bank.
For the purpose of identifying the HDFC stockholders who would receive shares of HDFC Bank, the record date is July 13.
A shifting legal environment that reduced the benefits of HDFC operating as a non-bank lending business led to the USD 40 billion merger, the biggest such transaction in Indian corporate history.
