LIC Housing Finance to replace HDFC in Nifty Financial Services index
HDFC Ltd in the Nifty Financial Services index. The development comes after HDFC merged with HDFC Bank with effect from July 1, 2023. The NSE Indices also announced replacement against HDFC share price on its indices.
On the mainboard Nifty 50, tech player LTI Mindtree will replace HDFC with effect from July 13, 2023. With the merger, HDFC Bank now ranks as the world's fourth most valued lender and has narrowed the asset size gap with state-owned State Bank of India (SBI) to become the second-largest Indian bank.
The merged entity's total business as of March 2023 reached ₹41 lakh crore, with a net worth exceeding ₹4.14 lakh crore. According to capital markets regulator Securities and Exchange Board of India (SEBI), the merged entity inter-alia brings together significant complementarities that exist between both the entities and is poised to create meaningful value for various stakeholders, including respective customers, employees, and shareholders of both the entities.
In the January-March quarter of fiscal 2022-23, LIC Housing Finance reported a net profit of ₹1,180.3 crore, registering a growth of 5.5 per cent, compared to ₹1,118.6 crore in the year-ago period. The NBFC's net interest-income (NII) - the difference between the interest income it earned from lending activities and the interest paid to depositors, came in at ₹1,990.3 crore for the January-March quarter, reporting a growth of 22.1 per cent, compared to ₹1,630 crore in the year-ago period. The board had recommended a dividend of ₹8.50 per equity share of ₹2 each (425 per cent) for the financial year 2022-23.
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