JSW Steel will replace Housing Development Finance Corporation (HDFC) in BSE Sensex, effective July 13. This comes following the competition of the mega-merger of HDFC with HDFC Bank

On Wednesday, the shares of JSW Steel closed 0.6% down at Rs 791.90 a piece. However, the shares surged by 1.5% during the early trade on July 6 after announcing the company’s inclusion in the Sensex, the benchmark 30-stock index of S&P BSE.

The inclusion will likely result in a net inflow of $145 million aided by its entry into the Sensex. Meanwhile, HDFC Will be replaced with Zomato in BSE 100 index.

Abhilash Pagaria of Nuvama Institutional Equities said, “I believe most of the index balancing pre-emptive positioning is well priced in,”

HDFC is scheduled to delist from stock exchanges on July 12 due to its all-stock reverse merger deal, the biggest transaction in India’s corporate history. This led to stock exchanges announcing several changes to signal where HDFC was a component.