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As a result of the merger between mortgage lender HDFC and HDFC Bank, LTIMindtree, the sixth-largest IT company in India, will take HDFC’s position in the heartbeat index Nifty.
The decision to replace HDFC with LTIMindtree was made during a meeting of the Index Maintenance Sub-Committee (Equity) of NSE Indices. The effective date for this change is set for July 13 after the close of trading on July 12 as stated by NSE.
Based on preliminary calculations as reported by the Economics Times, the reshuffling of the index is expected to result in an inflow of approximately $150-160 million from passive funds into LTIMindtree.
Currently, LTIMindtree is part of the Nifty Next50 index, also known as Junior Nifty. However, starting from July 13, Jindal Steel & Power will take its place in the index, while LTIMindtree moves to the Nifty index.
The inclusion of LTIMindtree in the Nifty index reflects the changing landscape of the Indian stock market and highlights the company’s growing influence in the IT sector.
First Published: Jul 04 2023 | 7:20 PM IST
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