LTIMindtree to replace HDFC in India's Nifty 50 index on July 13 (updated)

Housing Development Finance

04/07/2023 15:02

(Adds analyst commentary, share price movement and background)
       July 4 (Reuters) - Indian stock exchange NSE on Tuesday
said its Index Maintenance Sub-Committee has decided to replace
Housing Development Finance Corporation (HDFC)  HDFC.NS  with
LTIMindtree  LTIM.NS  in the benchmark Nifty 50 index  .NSEI ,
effective July 13.
    The replacement comes after HDFC merged with HDFC Bank
 HDBK.NS  on July 1.
    Analysts had earlier said that LTIMindtree was an expected
replacement in the Nifty 50 index after HDFC stops trading.
    As per preliminary calculations of Nuvama Alternative and
Quantitative Research analysts, LTIMindtree should see an inflow
of about $150 million to $160 million.
    Shares of LTIMindtree have risen 4.5% in the last seven
trading sessions.
    HDFC is also being replaced in the Nifty 100 index
 .NIFTY100  by Jindal Steel & Power  JNSP.NS . 
    Jindal Steel & Power will also replace LTIMindtree in the
Nifty Next 50 index  .NN50 .
      

 (Reporting by Aleef Jahan in Bengaluru
Editing by David Goodman and David Evans)
 ((aleefjahan.cs@thomsonreuters.com;))