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HDFC to be Replaced by LTIMindtree in the Nifty 50: New Lineup Effective 13 July
Last Updated: 5th July 2023 - 05:38 pm
Housing Development Finance Corporation (HDFC) will be replaced in both the Nifty 50 and Nifty 100 indices. Jindal Steel & Power will take HDFC's place in the Nifty 100 index, while also replacing LTIMindtree in the Nifty Next 50 index.
LTIMindtree, formed from the merger of L&T Infotech and Mindtree, has seen a rise in its stock price ahead of its inclusion in the Nifty 50 index. LTIMindtree will receive substantial passive inflows of around $172 million due to its inclusion in the Nifty 50 index.
However, there might also be an outflow of approximately $50 million due to adjustments in the Nifty Next 50 index. As a result, the net inflows for LTIMindtree are estimated to be in the range of $125-130 million.
This index rebalancing reflects the evolving dynamics of the Indian stock market and highlights Jindal Steel & Power's growing presence. Their inclusion in the Nifty 100 and Nifty Next 50 indices emphasizes their importance as a major player in the market.
These changes represent a significant milestone and investors will closely watch the performance of LTIMindtree and Jindal Steel & Power as they assume their new positions.
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Tanushree Jaiswal
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