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LTIMindtree to enter Nifty50 in place of HDFC with effect from July 13 after HDFC Bank takeover

Jul 5, 2023

By: BlinkX Research Team

IT major LTI Mindtree Ltd will replace Housing Development Finance Corporation Ltd in the Nifty50 index post due to the merger of the mortgage financier with HDFC Bank. As these changes shall become effective from July 13, 2023 (close of July 12, 2023), said the NSE in a circular on Tuesday. 

HDFC will be delisted on July 13 after the mega-merger got announced on July 1.

Also, Jindal Steel & Power Ltd will replace HDFC Ltd in the Nifty100 index. Mankind Pharma, which got listed on the stock exchanges in May 2023, will replace HDFC Ltd in the Nifty500 index on July 13, said the NSE.

LIC Housing Finance will replace HDFC Ltd in Nifty Financial Services Index.

Mankind Pharma has also been included in Nifty Midcap150, Nifty Midcap100, Nifty200, and other indices. 

Zydus Lifesciences will replace Jindal Steel & Power in Nifty Midcap Select. Adani Group's Ambuja Cements Ltd will replace HDFC in the Nifty High Beta50 index, the NSE said.

"The decision to replace HDFC with LTIMindtree was taken at a meeting of the Index Maintenance Sub-Committee (Equity) of NSE Indices on account of the HDFC-HDFC Bank merger. These changes shall become effective from July 13, 2023 (close of July 12, 2023)," the NSE said.

Source: Media reports