LTIMindtree gets Nifty ticket, to replace HDFC from July 13
Agencies
Synopsis
According to preliminary calculations done by Nuvama, LTIMindtree should see an inflow of approximately $150-160 million from passive funds as a result of the reshuffle
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India's fifth largest IT company LTIMindtree will replace HDFC in heartbeat index Nifty following the merger of the mortgage lender with HDFC Bank.
According to preliminary calculations done by Nuvama, LTIMindtree should see an inflow of approximately $150-160 million from passive funds as a result of the reshuffle.
As of now, LTIMindtree is part of Nifty Next50 index, which is also known as Junior Nifty. From July 13, Jindal Steel & Power will take its place in the index.
With effect from July 1, HDFC has been merged into HDFC Bank with July 13 being set as the record date to determine eligible shareholders for allotment of shares under the merger deal.
According to the merger terms, eligible shareholders of HDFC will receive 42 new HDFC Bank shares for every 25 shares held by them in the former.
The bank has, however, not shared any date for delisting HDFC shares from the stock exchanges. Ahead of the reshuffle, LTIMindtree shares ended 0.85% higher at Rs 5,254.70 while HDFC was up by 0.33% at Rs 2,880.80 on BSE.
Mankind Pharma, which got listed on the stock exchanges in May earlier this year, has been included in Nifty500, Nifty Midcap150, Nifty Midcap100, Nifty200 and other indices.
Nifty Financial Services, also known as FinNifty, will see the entry of LIC Housing Finance in place of HDFC. Zydus Lifesciences will replace Jindal Steel & Power in Nifty Midcap Select.
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The decision to replace HDFC with LTIMindtree was taken at a meeting of the Index Maintenance Sub-Committee (Equity) of NSE Indices. "These changes shall become effective from July 13, 2023 (close of July 12, 2023)," NSE said.According to preliminary calculations done by Nuvama, LTIMindtree should see an inflow of approximately $150-160 million from passive funds as a result of the reshuffle.
As of now, LTIMindtree is part of Nifty Next50 index, which is also known as Junior Nifty. From July 13, Jindal Steel & Power will take its place in the index.
With effect from July 1, HDFC has been merged into HDFC Bank with July 13 being set as the record date to determine eligible shareholders for allotment of shares under the merger deal.
According to the merger terms, eligible shareholders of HDFC will receive 42 new HDFC Bank shares for every 25 shares held by them in the former.
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The bank has, however, not shared any date for delisting HDFC shares from the stock exchanges. Ahead of the reshuffle, LTIMindtree shares ended 0.85% higher at Rs 5,254.70 while HDFC was up by 0.33% at Rs 2,880.80 on BSE.
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Mankind Pharma, which got listed on the stock exchanges in May earlier this year, has been included in Nifty500, Nifty Midcap150, Nifty Midcap100, Nifty200 and other indices.
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Nifty Financial Services, also known as FinNifty, will see the entry of LIC Housing Finance in place of HDFC. Zydus Lifesciences will replace Jindal Steel & Power in Nifty Midcap Select.
