LTIMindtree likely to replace HDFC Ltd in Nifty 50

On 5 December, 2022, LTIMindtree marked the commencement of trading on the domestic stock exchanges under its new nam

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The mega merger between HDFC Bank and HDFC will be effective from July 1 and shares of the latter will stop trading from July 13. This raises the question, which company will replace HDFC in Nifty 50?

As per Nuvama Alternative & Quantitative Research, LTI Mindtree is a high-conviction replacement for the index. Once HDFC Ltd merges with the bank, LTIMindtree will become the 50th biggest company in India by market capitalization.

As per Nuvama’s preliminary calculations, LTIMindree should see an inflow of $150 million to $160 million.

No wonder LTIMindtree shares spiked up 3 percent after the announcement. At 3 pm, the stock was quoting at Rs 5,161.20 on the NSE and its market capitalization stood at Rs 1.47 lakh crore.

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On 5 December 2022, LTIMindtree marked the commencement of trading on the domestic stock exchanges under its new name. The merged entity is the country’s fifth-largest IT services provider by market capitalisation and sixth-largest by revenue.

“The adjustment in indices will take place immediately around the ex-date of the HDFC Ltd merger. We can expect NSE indices to officially announce replacement within a day or two of official communication of record date on exchanges,” according to Nuvama Alternative & Quantitative Research.

For a stock to qualify for possible inclusion into the Nifty 50, it has to have traded at an average impact cost of 0.50 percent or less during the last six months for 90 percent of the observations. The company should have a listing history of 6 months.

Impact cost is the cost that a buyer or seller incurs while executing a transaction due to the prevailing liquidity condition on the counter.

Apart from the Nifty 50, there will be some changes in the Bank Nifty index too. HDFC Bank’s weightage in the banking index is likely to go up because of the merger. The quantum of the weight up is yet to be ascertained.

Also Read: HDFC-HDFC Bank merger expected to be complete by July 1, says Deepak Parekh

HDFC Bank and HDFC shares surged over 1 percent in late trade of June 27, post the announcement of the final leg of the merger.