HDFC will be replaced by JSW Steel In Sensex-30 and LTI Mindtree In Nifty-50 effectively from July 13.


On July 13, JSW Steel, a leading steel company, will take the place of Housing Development Finance Corporation (HDFC) in the 30-share S&P BSE Sensex. This change comes as HDFC merges with HDFC Bank. Asia Index Pvt Ltd, jointly owned by S&P Dow Jones Indices LLC and BSE, the oldest stock exchange in Asia, announced the replacement of HDFC with JSW Steel in the Sensex. This amalgamation will also result in adjustments to other S&P BSE indices.

JSW Steel

HDFC will be replaced by JBM Auto Components Ltd in the S&P BSE 500, and Zomato, a well-known food delivery platform, will substitute HDFC in the S&P BSE 100.

HDFC, the parent company of HDFC Bank, completed its merger with the bank on Saturday. HDFC Bank, being the largest private sector lender in the country, will benefit from this consolidation. On July 13, the record date, HDFC shareholders will be issued and allotted shares of HDFC Bank.


HDFC bank

The $40-billion merger between HDFC and HDFC Bank is the largest corporate deal in Indian history. It was primarily driven by regulatory changes that limited the advantages of HDFC operating solely as a non-bank lending entity.

Meanwhile, on the National Stock Exchange (NSE), LTIMindtree Ltd will replace HDFC in the Nifty 50 index starting July 13. The NSE has announced modifications to various indices, including Nifty 50 and Nifty 100, due to the amalgamation of HDFC with HDFC Bank. According to the NSE, LTIMindtree will replace HDFC in the benchmark Nifty 50 index, and Jindal Steel & Power will take the place of the mortgage lender in the Nifty 100 index.

The Index Maintenance Sub-Committee (Equity) of NSE Indices Ltd has decided on these replacements in response to the HDFC-HDFC Bank amalgamation. The replacement of HDFC with LTIMindtree will also apply to the Nifty50 Equal Weight Index. Additionally, Mankind Pharma will replace HDFC in the Nifty 500, and Jindal Steel & Power will be included instead of LTIMindtree in the Nifty Next 500 index, as stated by the NSE.

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