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Investing.com — Amid the merger of HDFC (NS:HDFC) with HDFC Bank (NS:HDBK), the top mortgage lender HDFC is set to be replaced by India’s sixth largest IT company LTIMindtree (NS:LTIM) on the benchmark index Nifty 50 next week.
LTIMindtree will replace HDFC from the Nifty 50 index, starting July 13, 2023.
Further, the financial heavyweight will be replaced by different stocks on several indices, including Nifty Financial Services and the broadest market index Nifty 500, among others.
According to estimates made by Nuvama Research, the inclusion of LTIMindtree could garner an inflow of almost $150-$160 million from passive funds.
On the Nifty Financial Services index, HDFC will be replaced by the leading home mortgage loan provider LIC Housing Finance (NS:LICH), and by the pharmaceutical company Mankind Pharma (NS:MNKI) on the Nifty 500 index.
Jindal Steel and Power will replace HDFC on the Nifty Next 50 and Nifty 100 indices starting July 13, while Phoenix Mills (NS:PHOE) will make this replacement on the Nifty Housing index.
On the Nifty High Beta 50 index, HDFC will be replaced by Ambuja Cements (NS:ABUJ) next week on July 13.
The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stock in various indices on account of the scheme of amalgamation of Housing Development Finance (NS:HDFC) Corporation with HDFC Bank. These changes shall become effective from July 13, the stock exchange stated.
