LIC HF to Replace HDFC in Nifty Financial Services Index After HDFC-HDFC Bank Merger

5 Jul 2023 , 09:38 AM

LIC Housing Finance is set to replace HDFC Ltd in the Nifty Financial Services index from July 13 following the merger of HDFC with HDFC Bank. The NSE Indices announced the replacement against HDFC’s share price on its indices.

On the Nifty 50 mainboard, LTI Mindtree will replace HDFC from July 13, 2023. The merger has positioned HDFC Bank as the world’s fourth most-valued lender and narrowed the asset size gap with the State Bank of India (SBI).

The merged entity’s total business as of March 2023 reached Rs 41 lakh crore, with a net worth exceeding Rs 4.14 lakh crore. The merger is expected to create meaningful value for customers, employees, and shareholders of both entities, according to SEBI.

LIC Housing Finance reported a net profit growth of 5.5% and a net interest income growth of 22.1% in the January-March quarter of fiscal 2022-23. The board recommended a dividend of Rs 8.50 per equity share for 2022-23.

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