LIC Housing Finance gains as it readies to replace HDFC in Nifty Fin Services index

Nifty Financial Services has 20 constituents. It has a correlation of 98 percent with the Nifty Bank index.

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The LIC Housing Finance share price gained 3 percent in early trade on July 5, a day after the National Stock Exchange announced that the stock will replace HDFC in the Nifty Financial Services index.

At 9:20am, the stock was quoting at Rs 402.15 on the NSE, higher by 3 percent from previous close. It later erased some of the gains and was higher by 1.5 percent around 11.15am.

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Nifty Financial Services has 20 constituents. It has a correlation of 98 percent with the Nifty Bank index. The index has delivered annualised returns of 13 percent in the last five years. It is the underlying index for FinNifty F&O contracts, which are settled on Tuesday and have seen a surge in daily turnover.

LIC Housing Finance’s inclusion comes on the back of HDFC’s merger with HDFC Bank. The changes will reflect from July 13 owards.

Also Read: LTIMindtree hits 52-week high on news of replacing HDFC in Nifty 50

For the quarter ended March 2023, LIC Housing Finance reported a growth of 5.51 percent in its net profit. Its profit after tax stood at Rs 1,180.28 crore in Q4 FY23 as against Rs 1,118.64 crore it registered in the corresponding quarter of the previous fiscal.

The company’s total income stood at Rs 6,415.17 crore in Q4 FY23, a growth of 20.85 percent from Rs 5,308.59 crore it recorded in the similar quarter last year.

According to HDFC Securities, the mixed set of results was on the back of  muted disbursals in individual home loans and a rise in early delinquencies. “LICHF is likely to continue facing a trade-off between growth and margins in an elevated competitive intensity environment,” it said.

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