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This IT stock replaces Mindtree in Nifty IT index

03 Sep , 2022   By : Kanchan Joshi

This IT stock replaces Mindtree in Nifty IT index

Nifty Indices have announced the September Semi Annual Review (SAIR) changes and the rejig will be effective from Friday, September 30, 2022 and the adjustment will take place on September 29, 2022 (Thursday).

In Nifty IT index, Persistent Systems will be replacing Mindtree. The inclusion of Persistent Systems will lead to positive flows of about $17 million, as per brokerage firm Edelweiss. On account of a proposed scheme of arrangement for amalgamation, the index has taken a pre-emptive move and excluded the stock, said Edelweiss. 

Persistent Systems shares have risen nearly a per cent in a year's period whereas, the IT stock is down more than 30% in 2022 (YTD) so far. Persistent Systems provides digital engineering and data and artificial intelligence products to the software, banking, financial services and healthcare sectors.

Meanwhile, in a year's period, Mindtree shares are down 14% whereas the IT stock have declined 34% this year so far. Part of the Larsen and Toubro (L&T) group, Mindtree is a global technology consulting and services company.

In May this year, Mindtree and L&T Infotech announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding $3.5 billion in combined revenue. The amalgamation process of Mindtree and Larsen & Toubro Infotech is expected to be completed by December this year, and during this period, both the firms will continue to operate independently.

On the other hand, Adani Enterprises Ltd will replace Shree Cement Ltd from National Stock Exchange's benchmark index Nifty 50 from September 30. Adani Enterprises is the flagship company of Adani Group and Shree Cement is the leading cement-making firm. 

Apart from Nifty 50, changes have been announced in several indices, including Nifty Next 50, Nifty 500, Nifty 200 and Nifty 100. Adani Total Gas Ltd, Bharat Electronics Ltd, Hindustan Aeronautics Ltd, Indian Railway Catering and Tourism Corporation Ltd, MphasiS Ltd, Samvardhana Motherson International and Shree Cement Ltd will find a place in the Nifty Next 50.

Whereas, Adani Enterprises, Jubilant Foodworks, Lupin, MindTree Ltd, Punjab National Bank, Steel Authority of India Ltd and Zydus Lifesciences will be dropped from the Nifty Next 50 index.

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