Nifty50 in Place of HDFC, IT major LTI Mindtree Ltd will replace Housing Development Finance Corporation Ltd in Nifty50 index post due to the junction of the mortgage financier with HDFC Bank.

Nifty50 in Place of HDFC, These changes shall come effective from July 13, 2023( close of July 12, 2023), said NSE on Tuesday. HDFC will be barred on July 13 after the mega junction got announced on July 1 Also, Jindal Steel & Power Ltd will replace HDFC Ltd in the Nifty100 index.

humanity Pharma, which got listed on the stock exchanges in May 2023, will replace HDFC Ltd in Nifty500 index on July 13, said NSE. LIC Housing Finance will replace HDFC Ltd in Nifty Financial Services Index.

humanity Pharma has also been included in Nifty Midcap150, Nifty Midcap100, Nifty200, and other pointers. Zydus Lifesciences will replace Jindal Steel & Power in Nifty Midcap Select.

Adani Group’s Ambuja Cements Ltd will replace HDFC in Nifty High Beta50 index The decision to replace HDFC with LTIMindtree was taken at a meeting of the index conservation Sub- Commission( Equity) of NSE pointers on account of HDFC- HDFC Bank junction.

These changes shall come effective from July 13, 2023( close of July 12, 2023),” NSE said primary calculations done by Nuvama show that the IT stock could see an flux of roughly$ 150- 160 million owing to its entry into Nifty50.

On Tuesday, LTI Mindtree’s stock on BSE closed0.6 advanced at Rs 5,242 while HDFC’s scrip on BSE closed0.33 advanced at Rs 2,880.80 Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

The board of directors of HDFC Bank, in discussion with the board of directors of HDFC Limited, has fixed July 13, 2023, for determining the shareholders of HDd, who would be issued and distributed the shares of HDFC Bank Besides, July 13 has been fixed for the continuityof concurrences of HDFC Limited in the name of HDFC Bank.

The board has fixed July 12, 2023, for the transfer ofnon- convertible debentures while July 7 for the transfer of marketable papers of HDFC Ltd in the name of HDFC Bank.

nominated as the biggest trade in India’s marketable history, HDFC Bank on April 4 last time agreed to take over the biggest domestic mortgage lender in a deal valued at about$ 40 billion, creating a financial services Goliath. The proposed reality will have a combined asset base of around Rs 18 lakh crore.

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