Shares of food delivery firm Zomato were soaring in the bourses on Thursday amid chatter of the stock’s inclusion in the Nifty 50 index. The stock went up over 4% to hit an intraday high of ₹270.70.

What Happened: Zomato and Jio Financial Services are being considered as strong contenders for inclusion in Nifty 50 during the March 2025 rejig, according to Nuvama Alternative & Quantitative Research. The announcement is likely to be made in February 2025.

Nuvama anticipates potential inflows of $661 million (₹5,579 crore) into Zomato if it is included in Nifty in March 2025, while for Jio Financial, it expects inflows of $403 million (₹3,401 crore).

This comes after Zomato, along with nearly 44 other stocks were introduced as new inclusions in the Futures & Options segment starting from November 29, marking the beginning of the December F&O series. To be considered for inclusion in the Nifty 50 index, a stock must first be part of the F&O segment.

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Nuvama anticipates that stocks like BPCL and Eicher Motors may be excluded from the index if Zomato and Jio Financial are included. In such a scenario, Eicher Motors could experience outflows of $263 million (₹2,220 crore), while BPCL might see outflows of $246 million (₹2,076 crore), it added.

Global brokerages seem mixed on Zomato with Macquarie expecting about a 50% downside in its market value. On the other hand, Morgan Stanley sees a potential for the stock to double in the next three to four years.

Price Action: Zomato gained 3.62% to ₹267.76 while Jio Financial Services added 6.11% to trade at ₹317.70 on Thursday.

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