Journalism of Courage
JSW Steel Ltd will replace Housing Development Finance Corporation in the 30-share S&P BSE Sensex from July 13. The replacement comes in the wake of HDFC getting merged with HDFC Bank.
In a release on Wednesday, Asia Index Pvt Ltd said that HDFC will be replaced by JSW Steel in the Sensex. There will also be changes in other S&P BSE indices due to the amalgamation. In S&P BSE 500, JBM Auto Components Ltd will replace HDFC and in S&P BSE 100, Zomato will be included in place of the mortgage lender. Among other indices, Apollo Hospitals Enterprise Ltd will come in place of HDFC in S&P BSE Sensex 50.
Asia Index Pvt Ltd is an equal partnership between S&P Dow Jones Indices LLC, the world’s largest provider of financial market indices, and BSE, Asia’s oldest stock exchange.
On Tuesday, it was announced that LTIMindtree Ltd will replace Housing Development Finance Corporation Ltd in the Nifty 50 index from July 13.
HDFC, the parent of HDFC Bank, merged into the lender on Saturday. 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 USD 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.
