What is the story about?
Shares of Eternal Ltd., parent company of food delivery aggregator Zomato and quick commerce player Blinkit gained as much as 4% on Tuesday, January 13, extending their gains for the fifth straight session.
Eternal released its shareholding pattern last evening, which showed an increase in foreign headroom for the stock.
According to an analyst sales note, the stock carries half weight in the MSCI index due to low foreign headroom.
Based on the latest shareholding, foreign headroom has increased and is now above the 25% mark, which should make the stock eligible for the full MSCI weightage, the sales note added.
According to the same note, any such potential change could reflect in the February MSCI review and potentially result in passive inflows to the tune of $390 million.
Shares of Eternal have been correcting from record high levels over concerns on profitability of its quick commerce vertical and rising competition. Analysts continue to remain bullish on the stock with HSBC projecting a price target of ₹350 on Monday, while JM Financial going further with a ₹400 target.
Majority of the analysts covering Eternal continue to have a "buy" rating on the stock. 29 out of the 33 analysts have a "buy" rating, while the other four have a "sell" recommendation.
Shares of Eternal are off opening highs, but are trading 2.5% higher at ₹292.45. The stock is still down nearly 30% from record high levels of ₹368.45.
Eternal released its shareholding pattern last evening, which showed an increase in foreign headroom for the stock.
According to an analyst sales note, the stock carries half weight in the MSCI index due to low foreign headroom.
Based on the latest shareholding, foreign headroom has increased and is now above the 25% mark, which should make the stock eligible for the full MSCI weightage, the sales note added.
According to the same note, any such potential change could reflect in the February MSCI review and potentially result in passive inflows to the tune of $390 million.
Shares of Eternal have been correcting from record high levels over concerns on profitability of its quick commerce vertical and rising competition. Analysts continue to remain bullish on the stock with HSBC projecting a price target of ₹350 on Monday, while JM Financial going further with a ₹400 target.
Majority of the analysts covering Eternal continue to have a "buy" rating on the stock. 29 out of the 33 analysts have a "buy" rating, while the other four have a "sell" recommendation.
Shares of Eternal are off opening highs, but are trading 2.5% higher at ₹292.45. The stock is still down nearly 30% from record high levels of ₹368.45.
