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Shares of Chennai-headquartered Apollo Hospitals Enterprise Ltd gained on Friday after the National Stock Exchange (NSE) announced the company’s inclusion in the benchmark Nifty 50 index, effective from March 31.
At 1:26 pm, shares of the healthcare majorwas trading at ₹4,590.00 on the BSE, up ₹208.05 or 4.75 per cent. The stock opened at ₹4,535.00 as against the previous close of ₹4,381.95. It recorded an intra-day high of ₹4,745.00 and a low of ₹4,465.00.
On the NSE, it was trading at ₹4,590.15, up ₹208.20 or 4.75 per cent. It recorded an intra-day high of ₹4,747.60
Apollo Hospitals has been included in the Nifty 50 index replacing Indian Oil Corporation. This change will be effective from March 31 (close of March 30, 2022), the Exchange has announced.
This replacement will also be applicable to NIFTY50 Equal Weight Index.
Inflows galore
Edelweiss Securities expects Apollo Hospital’s inclusion in the index to result in an inflow of $143 billion, while Indian Oil will be removed and it will see an outflow of $91 million, it said.
The rejig comes amid a period of weakness for the stock. The stock has been underperforming over the past three months, down from its 52-week high of ₹5,930.70.
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