LTIMindtree, a subsidiary of Larsen & Toubro (L&T), has replaced HDFC in the Nifty50 benchmark on the National Stock Exchange (NSE), leading to a jump in LTIMindtree’s stock. The announcement was made by the NSE earlier this month, and the change became effective on July 13th.
Shares of LTIMindtree rose by 1.75% in morning trade on July 13th, reaching Rs 4,900.50 on the NSE. LTIMindtree’s inclusion in the Nifty50 index is a significant milestone for the company, as it plays a crucial role in L&T Group’s technology-led growth ambition.
LTIMindtree was formed through a merger between L&T Infotech and Mindtree in December 2021. Following the merger, the combined entity became the fifth-largest IT services provider in India based on market capitalization and the sixth-largest based on revenue.
S N Subrahmanyan, CEO and Managing Director of L&T and Vice-Chairman of LTIMindtree, expressed his excitement about the inclusion, stating that the merger of LTI and Mindtree was driven by their vision to create a stronger, diversified player in the industry.
Debashis Chatterjee, CEO and Managing Director of LTIMindtree, expressed his gratitude to the company’s people, partners, investors, and shareholders for their trust. He emphasized that the inclusion in the Nifty50 index is a proud moment for LTIMindtree.
In addition to HDFC’s replacement in the Nifty50 index, other changes have taken place across various indices. Jindal Steel has replaced HDFC in the Nifty 100 index, while Mankind Pharma has replaced it in the Nifty 500 index. HDFC has been replaced by LIC Housing Finance in the Nifty Financial Services index, by Poonawalla Fincorp in the Nifty Financial Services Ex-Bank index, by Phoenix Mills in the Nifty Housing index, by Brigade Enterprises in the Nifty Core Housing index, and by Ambuja Cements in the Nifty High Beta 50 index.
Furthermore, JSW Steel has replaced HDFC in the S&P BSE Sensex index. On the S&P BSE 500 index, HDFC has been replaced by JBM Auto Components Ltd, while on the S&P BSE 100 index, it has been replaced by Zomato.
The merger between HDFC Bank and Housing Development Finance Corporation (HDFC) took effect on July 1st. This merger has resulted in an increased loan book for the merged entity, projected to reach Rs 22.21 lakh crore.
Overall, the inclusion of LTIMindtree in the Nifty50 index marks a significant achievement for the company and further strengthens its position in the IT services industry.
