LTIMindtree To Replace HDFC In Nifty 50 After Mega HDFC Merger
The HDFC merger, the biggest in India Inc.’s history, has reshuffled most Nifty indices. Here’s a look at all the changes.
LTIMindtree Ltd. is set to replace Housing Development Finance Corp. Ltd. in India’s benchmark index after completion of the biggest merger in the country’s corporate history.
The Bengaluru-based IT services firm—itself a product of a merger of Mindtree Ltd. and L&T Infotech Ltd.—is moving from Nifty Next 50 to the Nifty 50, the National Stock Exchange said in a statement on Tuesday. The replacement will also be applicable to the Nifty 50 Equal Weight index.
The changes will come into effect on July 13.
The merger of HDFC Ltd. with its banking unit HDFC Bank Ltd., which has created the fourth largest lender in the world by market capitalisation, has resulted in the omission of India’s largest mortgage lender from all Nifty indices.
Here’s a look at all the changes:
Jindal Steel and Power Ltd. to replace HDFC in Nifty 100.
Mankind Pharma Ltd. to replace HDFC in Nifty 500, Nifty 200, Nifty Large Midcap 250 and Nifty Total Market.
LIC Housing Finance Ltd. to replace HDFC in Nifty Financial Services.
Poonawalla Fincorp Ltd. to replace HDFC in Nifty Financial Services Ex-Bank.
Phoenix Mills Ltd. to replace HDFC in Nifty Housing.
Brigade Enterprises Ltd. to replace HDFC in Nifty Core Housing.
Ambuja Cements Ltd. to replace HDFC in Nifty High Beta 50.
HDFC is also excluded from Nifty 100 ESG, Nifty100 Enhanced ESG and Nifty100 ESG Sector Leaders without any inclusions.
Cummins India Ltd. to replace Jindal Steel and Power in Nifty Midcap Liquid 15.
LTIMindtree is the sixth Indian IT services firm to enter the Nifty 50 index. The others are:
Tata Consultancy Services Ltd.
Infosys Ltd.
HCL Technologies Ltd.
Wipro Ltd.
Tech Mahindra Ltd.
According to preliminary calculations by Mumbai-based brokerage firm Nuvama, LTIMindtree is likely to see an inflow of about $150-160 million due to its inclusion in the Nifty 50.
On Tuesday, shares of LTIMindtree Ltd. rose 0.59% to Rs 5,242 apiece on the NSE, even as the benchmark Nifty 50 ended the day 0.34% higher at 19,389 points.
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