IT major LTIMindtree replaces HDFC on NSE's benchmark Nifty 50 index

India's sixth largest IT company LTIMindtree entered NSE's flagship index Nifty 50, on Thursday. The company announced the development in a regulatory filing. Earlier, reports had stated that LTIMindtree would replace HDFC in the index following its merger with HDFC Bank.

LTIMindtree was formed after the merger of L&T Infotech (LTI) and Mindtree and commenced trading on the Indian stock market under its new name in December 2022.

HDFC, the parent of HDFC Bank, merged with the lender last week. HDFC Bank is also the country's largest private-sector lender. The record date is July 13 for determining the shareholders of HDFC, who shall be issued and allotted the shares of HDFC Bank.

 

The $40 billion merger, the largest such deal in Indian corporate history, is driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.

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Speaking on the development, SN Subrahmanyan, chief executive officer and managing director of Larsen & Toubro Limited (L&T), and vice-chairman, LTIMindtree, said, "LTIMindtree plays a crucial role in the technology-led growth ambition of L&T Group, and we are thrilled to celebrate our inclusion in the NIFTY 50 index."

"We are proud of LTIMindtree's inclusion in the NIFTY 50 index and grateful to our people, partners, investors, and shareholders for their trust in us. Our stable performance reflects our commitment to delivering value to them," said Debashis Chatterjee, chief executive officer and managing director at LTIMindtree. "This recognition sets the stage for future growth, with a dedicated focus on customer satisfaction, innovation, and sustainability."

LTIMindtree's inclusion in this index follows the recent development of both CRISIL and India Ratings, reaffirming LTIMindtree's long-term rating as AAA / Stable.