Shares of LTIMindtree Ltd. rose on Wednesday as the company is set to replace Housing Development Finance Corp. in the NSE Nifty 50 after the mortgage lender's merger with HDFC Bank Ltd.
LTIMindtree moving from Nifty Next 50 to the Nifty 50, the National Stock Exchange said in a statement on Tuesday. The change will also be applicable to the Nifty 50 Equal Weight index.
Shares of the software services provider rose as much as 3.42% to a 14-month high of Rs 5,430 apiece, before paring gains to trade 1.28% higher at 9:54 a.m. That compared with an almost unchanged Nifty 50.
Total traded volume stood at 9.2 times its 30-day average. The relative strength index was at 70.33.
Of the 42 analysts tracking the company, 22 maintain a 'buy', nine recommend a 'hold' and 11 suggest to 'sell' the stock, as per Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.3%.
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