Friday, February 25, 2022
Shares of Apollo Hospitals Enterprises rallied 8.35 percent to Rs 4,747 on the National Stock Exchange (NSE) in Friday's intra-day trade after the exchange announced the inclusion of the company in its benchmark Nifty50 index which will replace Indian Oil Corporation Ltd. with effect from March 31, 2022. Apollo Hospitals will become the first-ever healthcare services company to become part of the benchmark index and will replace Indian Oil Corporation. This replacement will also be applicable to NIFTY50 Equal Weight Index. The Nifty 50 is reconstituted twice every year in March and September.
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.
