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.
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