LTIMindtree, a subsidiary of engineering giant Larsen & Toubro, will replace mortgage major Housing Development Finance Corporation (HDFC) from Nifty 50 index from July 13.
This comes in the aftermath of HDFC's merger with its twin entity and country's largest private lender, HDFC Bank, coming into effect 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.
In the Nifty 100 and Nifty 500 indices, HDFC will be replaced by Jindal Steel and Mankind Pharma, respectively.
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Among other indices, HDFC will be replaced by LIC Housing Finance in Nifty Financial Services, by Poonawalla Fincorp in Nifty Financial Services Ex-Bank, by Phoenix Mills in Nifty Housing, by Brigade Enterprises in Nifty Core Housing and by Ambuja Cements in Nifty High Beta 50.
Moneycontrol had last week reported that LTIMindtree would be the likely replacement for HDFC in the Nifty 50 index. Following HDFC's amalgamation into HDFC Bank, LTIMindtree was set to become the 50th biggest company in India by market capitalisation.
Notably, LTIMindtree, which is a merger between LT Infotech and Mindtree, marked the commencement of trading on the domestic stock exchanges on December 5, 2022.
In the trading session on July 4, LTIMindtree's stock traded in the green. The scrip settled at Rs 5,250.55 apiece at the NSE, which was 0.75 percent higher as against the previous day's close.
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