Jindal Steel gains 2% on hopes of $30-million inflow after Nifty Next 50 entry

LTIMindtree’s exit from the Next Nifty 50 has paved way for the entry of Jindal Steel & Power in the index. Besides, the steel manufacturer’s stock will replace HDFC in the Nifty 100 index as well.

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Shares of Jindal Steel & Power gained 2 percent on July 5 as the stock gears up to enter the Nifty Next 50 index. The rebalancing will take place on July 12 and the changes will be implemented with effect from July 1.

The stock will witness inflow worth $30 million, according to a note by Nuvama Alternative & Quantitative Research.

Mutual Funds or Exchange Traded Funds that mimic the Nifty Next 50 index will rejig their portfolio to align with the changes.

At 9:25am, shares of the company were trading 1.5 percent higher at Rs 618.45 on the BSE.

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This comes after the amalgamation of HDFC with HDFC Bank. With the merger, LTIMindtree will replace HDFC in the benchmark Nifty 50 index.

LTIMindtree’s exit from the Next Nifty 50 has paved way for the entry of Jindal Steel & Power in the index. Besides, the steel manufacturer’s stock will replace HDFC in the Nifty 100 index as well.

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