The inclusion marks a significant milestone for the two firms, reflecting their growing market capitalisation and representation in the Indian equity market.
The National Stock Exchange (NSE) had announced last month that its Index Maintenance Sub-Committee (Equity) of NSE Indices Ltd had approved the changes as part of its semi-annual review of broad market indices.
According to the reshuffle, InterGlobe Aviation and Max Healthcare will replace IndusInd Bank and Hero MotoCorp in the Nifty 50 index.
The NSE stated that the changes are part of its periodic exercise to ensure that the benchmark index remains aligned with the evolving market dynamics and sectoral representation.
Additionally, global brokerage firm Goldman Sachs has maintained a Buy rating on InterGlobe Aviation (IndiGo) with a target price of Rs 6,000.The brokerage expects international demand to remain strong with sustained double-digit growth. Domestic growth is projected to remain muted in the near term, though upcoming festivals and new airport openings in NCR and Mumbai are expected to support recovery in the third quarter.Goldman Sachs noted that better yield management was a positive surprise this quarter. It expects profit before tax (ex-forex) of Rs 530 crore (or Rs 13.7 per share), with forecasts implying RASK–CASK (ex-forex) of Rs 0.13 versus Rs 0.17 in the same quarter last year.
Available Seat Kilometre (ASK) and Revenue Passenger Kilometre (RPK) growth stood at +7.2% and +8.1% year-on-year, respectively, with international growth at +20% year-on-year and domestic at +2%, aided by market share gains. Load factor improved to 83.3%, compared to 82.6% year-on-year. Capacity saw a net addition of seven aircraft (including wet lease returns), with more expected to return in the third quarter.
Yields were down 4% quarter-on-quarter (domestic -3.7%, international weaker), but still better than earlier estimates of -8.5% decline due to capacity adjustments. Fuel costs were up 3.6% quarter-on-quarter at Rs 1.47 per ASK versus Rs 1.38 in the first quarter. The rise in costs is expected to be offset by a CASK benefit.
On Monday, the shares of IndiGo closed 2.2% higher at Rs 5,681.50, while those of Max Healthcare closed 1% lower at Rs 1,111.85 on the BSE.
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