LTIMindtree to be part of Nifty 50 index from July 13

LTIMindtree, which is currently part of the Nifty Next50 index, is all set to replace Housing Development Finance Corporation (HDFC) in the Nifty 50 index after the latter's merger with subsidiary HDFC Bank.

A subsidiary of Larsen & Toubro, LTIMindtree, which is the sixth largest IT company in the country, will be part of the Nifty 50 stocks from July 13, according to media reports.

The decision was taken at a meeting of the Index Maintenance Sub-Committee (Equity) of NSE Indices.

"The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stock in various indices as listed hereunder on account of scheme of amalgamation of Housing Development Finance Corporation Ltd. with HDFC Bank Ltd. These changes shall become effective from July 13, 2023 (close of July 12, 2023)," a statement from the NSE read.

LTIMindtree closed the day at Rs 5,242 on Tuesday, a 0.59 per cent increase from the previous day.

Following the reverse merger, HDFC ceased to exist from July 1.