BSE rejig: JSW Steel to replace HDFC in Sensex from July 13

JSW Steel

JSW Steel will replace mortgage major Housing Development Finance Corporation (HDFC) in S&P BSE Sensex index from July 13, according to the bourse's release on July 5.

The rejig is a result of the completion of the biggest corporate merger of HDFC with HDFC Bank, which came into effect on July 1.

On S&P BSE 500, HDFC will be replaced by JBM Auto Components Ltd and on S&P BSE 100 by Zomato. As on July 13, HDFC Ltd will be removed from all the other BSE indices.

Shares of JSW Steel on Wednesday (July 5) closed 0.54 percent lower at Rs 792.45 apiece on BSE.

Meanwhile, on Nifty 50 index, LTIMindtree, a subsidiary of engineering giant Larsen & Toubro, will replace HDFC from July 13.

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HDFC-HDFC Bank merger: All you need to know

The merger of the country's largest private sector bank, HDFC Bank, and mortgage lender Housing Development Finance Corporation (HDFC), is effective from July 1. The boards have set July 13 as the record date to determine the eligible shareholders for allotment of shares under the merger deal.

The twin entities had first announced their decision to get hitched on April 4, 2022, after getting approvals from the board, shareholders, and regulatory authorities.

The loan book of the merged entity is expected to increase by 38.77 percent to Rs 22.21 lakh crore as against Rs 16 lakh crore as on March 31, as per the investor presentation of HDFC Bank.

Post this merger, the home loan account with HDFC will be transferred to HDFC Bank. But the contractual terms of your loan agreement will remain unchanged. Your home loan account number will remain the same and continue to be the point of reference for all your future communication with the bank.