Shares of Apollo Hospitals Enterprises rallied 7 per cent to Rs 4,681 on the National Stock Exchange (NSE) in Friday's intra-day trade after the exchange announced inclusion of the company in its benchmark Nifty50 index with effect from March 31, 2022.
Apollo Hospitals Enterprises will replace state-owned oil marketing company Indian Oil Corporation (IOCL) in the index. Shares of IOCL were 3 per cent higher at Rs 113.75, after surging 8 per cent to Rs 118.50 on the NSE in the intra-day trade.
Shares of Apollo Hospitals Enterprises have corrected 21 per cent from their 52-week high level of Rs 5,935 on November 26, 2021. They had hit a 52-week low of Rs 2,787.50 on March 25, 2021.
Despite today's rally, the stock has underperformed the market during the past 3 months by falling 18 per cent, as compared to 4.9 per cent decline in the Nfity50. However, in the past one year, the stock has rallied 51 per cent as against 10 per cent rise in the benchmark index.
Motilal Oswal Financial Services (MOFSL) remains positive on Apollo Hospitals Enterprises as it is one of the leading beneficiaries in the Pharmacy segment due to its established back-end as well as front-end distribution.
MOFSL noted that the product launch on Amazon.com will help scale-up its customer base as well as provide last-mile connectivity to the customer, improving average revenue per occupied bed (ARPOB)/occupancy in the Hospital segment, thereby enhancing prospects in the Apollo Health & Lifestyle Limited (AHLL) segment.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU