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JM Financial’s prediction comes after Nuvama Alternative and Quantitative Research too had predicted Zomato’s inclusion in the benchmark index in a note last year.
The brokerage said that in case Zomato does get included in the Nifty 50 index, it will result in cumulative inflows worth $620 million into the stock.
When Nuvama had come out with its note on Zomato’s inclusion into the Nifty 50 in November last year, it had projected inflows worth $661 million into the new-age company, which debuted on the exchanges in July 2021.
Along with Zomato, JM Financial also cites the potential inclusion of Jio Financial Services into the Nifty 50 index as part of the upcoming index rejig. For this, JM Financial expects inflows worth $356 million into the stock.
In case both Zomato and Jio Financial get included in the Nifty 50, JM Financial expects the removal of state-run BPCL, owing to which they see a potential outflow of $212 million from the stock, along with Britannia, which can result in outflows of $229 million.
Nuvama Alternative too had expected the exit of BPCL in case of this Nifty rejig but instead of Britannia, it projected the exit of Eicher Motors from the index.
Shares of Zomato are currently trading 3.8% higher on Tuesday at ₹235.5. The stock has corrected close to 25% from its recent peak of ₹304.
