© Reuters.
By Malvika Gurung
Investing.com — Amid the merger of HDFC (NS:) with HDFC Bank (NS:), the top mortgage lender HDFC is set to be replaced by India’s sixth largest IT company LTIMindtree (NS:) on the benchmark index next week.
LTIMindtree will replace HDFC from the index, starting July 13, 2023.
Further, the financial heavyweight will be replaced by different stocks on several indices, including and the broadest market index , 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:), and by the pharmaceutical company Mankind Pharma (NS:) on the Nifty 500 index.
Jindal will replace HDFC on the and indices starting July 13, while Phoenix Mills (NS:) will make this replacement on the Nifty Housing index.
On the index, HDFC will be replaced by Ambuja Cements (NS:) 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:) Corporation with HDFC Bank. These changes shall become effective from July 13, the stock exchange stated.
