The delisting of mortgage lender HDFC on July 13 is likely to earn India's sixth largest IT company LTIMindtree a ticket to the elite Nifty50 group of stocks.
HDFC chairman Deepak Parekh on Tuesday announced that the home loan provider will be merged into HDFC Bank with effect from July 1 and that the stock will eventually get delisted from stock exchanges from July 13.
Domestic brokerage firm Nuvama estimates that LTIMindtree will likely takes HDFC's seat in Nifty. "The adjustment in Indices will take place immediately around ex-date of HDFC Ltd merger. We can expect Nifty Indices to official announce replacement within a day or two of official communication on exchanges of Record date from HDFC Ltd," said Nuvama's Abhilash Pagaria.
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