Shares of Adani Group’s flagship firm hit a new peak on Friday after the announcement of its inclusion in the Nifty50 index in the upcoming rejig.
Adani Enterprises led by Gautam Adani, Asia’s richest and world’s third, will become part of Nifty50 from September 30, its upcoming periodical review.
Adani Enterprises will replace
, a leading cement-making firm, from National Stock Exchange’s (NSE) benchmark index Nifty50 Index.
According to earlier estimates by
Alternative and Quantitative Research, Adani Enterprises’ inclusion into Nifty may lead to inflows of $183 million into the stock.
Adani Enterprises will be the second stock from Gautam Adani’s stable to be included in the Nifty50 index after
and Special Economic Zone.
Following the announcement, shares of Adani Enterprises jumped about 2 per cent to Rs 3,289.55 on Friday, its new record peak. The scrip had settled at Rs 3,232.75 on Thursday.
The diversified trading firm commanded a total market capitalization of close to Rs 3.75 lakh crore on Friday, whereas its free-float market cap stood below Rs 90,000 crore at the time of writing this report.
Adani owns seven listed companies – Adani Enterprises,
, Adani Ports, , , and .
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