Jindal Steel & Power shares zoomed 2% as the stock shone to enter the Nifty Next 50 index. The rebalancing will occur on July 12, and the changes will be instigated with effect from July 1.

The stock will witness an inflow worth $30 million, according to a note by Nuvama Alternative & Quantitative Research.
Mutual Funds or Exchange Traded Funds that imitate the Nifty Next 50 index will rearrange their portfolio to align with the changes.

At 9:25 am, the company’s shares traded 1.5% higher at Rs 618.45 on the BSE.
This comes after the merger of HDFC with HDFC Bank. With the merger, LTIMindtree will substitute HDFC in the benchmark Nifty 50 index.

LTIMindtree’s exit from the Next Nifty 50 has covered the way for the entry of Jindal Steel & Power in the index. Besides, the steel manufacturer’s stock will also substitute HDFC in the Nifty 100 index.