BUZZ-India's Zomato parent Eternal falls on likely outflows from MSCI weight cut
Reuters
Aug 26
BUZZ-India's Zomato parent Eternal falls on likely outflows from MSCI weight cut
** Shares of Zomato-parent Eternal ETEA.NS fall 1.2% to 318 rupees
** MSCI to reduce ETEA's weight in the flagship MSCI Global Standard index, leading to outflows of up to $607 million, as per IIFL Alternate Desk
** Co's weight was expected to be lowered amid its proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%
** MSCI has included rival Swiggy SWIG.NS to the index
** Co expected to get inflows worth up to $289 million - IIFL Alternate Desk data
** Thirty-one analysts covering the stock have a "buy" rating on average; median PT is 320.50 rupees - data compiled by LSEG
** Stock up ~15% YTD
(Reporting by Urvi Dugar)
((UrviManoj.Dugar@thomsonreuters.com;))
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