Adani Enterprises shares set to replace Wipro in Sensex; stock jumps 9% to hit one-year high

Adani Enterprises Ltd is expected to replace Wipro in the benchmark Sensex as a part of the semi-annual rebalancing exercise for BSE indices. The official announcement in this regard is likely to come by Friday (May 24). And, adjustment will take place on June 21.

This will be a first for any Gautam Adani-led company to enter the 30-share BSE pack. According to IIFL Alternative Research, the addition of Adani Ent to Sensex will result in inflows worth $118 million (nearly Rs 1,000 crore) from passive funds tracking the index.

In BSE100, we expect five additions and deletions, it added.

On the stock-specific front, the company's shares saw a sharp uptick in Thursday's trading session. The counter jumped 8.58 per cent to hit a 52-week high of Rs 3,409.05.

Around 3.37 lakh shares changed hands today on BSE. The figure was higher than the two-week average volume of 1.05 lakh shares. Turnover on the counter came at Rs 111.85 crore, commanding a market capitalisation (m-cap) of Rs 3,86,597.18 crore.

In a separate development, the Adani Group has recently clarified on a news report alleging the conglomerate had a decade back supplied "low-grade coal as higher quality coal to a state government-owned power generation company."

An Adani spokesperson denied the allegations, calling them "false and baseless."

"The suggestion that Adani Global Pte Ltd supplied to TANGEDCO inferior coal, as compared to the quality standards laid down in the tender and PO [purchase order], is incorrect," the spokesperson said.

"While it is difficult for us to comment on individual cases due to the sheer volume of data and the elapsed time, not to add the contractual and legal obligations, it is important to note that the coal supplied, irrespective of the declaration by the supplier, is tested for quality at the receiving plant," the person added.