Adani Enterprises is set to enter the benchmark equity index NSE Nifty on September 30. Market watchers believe that the addition will attract up to Rs 2,270 crore of increment fund flows. Shares of the company have already been buzzing on Dalal Street due to its superlative performance in the domestic equity market in the ongoing calendar year.
The scrip has surged over 95 per cent on a year-to-date (YTD) basis to hit an all-time high of Rs 3,364.75 on September 2, taking the market capitalisation at Rs 3.82 lakh crore. On the other hand, the NSE Nifty index gained 1 per cent during the same period.
A calculation done by Yogesh Mehta, founder, Yield Maximisers showed that Adani Enterprises may see an inflow of up to $285 million (over Rs 2,270 crore) after the addition. “The company may see a weightage of 1.1 per cent in the index,” Mehta added.
On the other hand, Kranthi Bathini, Equity Strategist, WealthMills Securities said, “Adani Enterprises may see an increment inflow of Rs 1,500-2,000 crore from the index and Nifty ETF funds after entering into the Nifty index.”
India’s largest bourse, the National Stock Exchange of India (NSE) on Thursday announced that Adani Enterprises would be included in the Nifty 50 index, replacing Shree Cement, from September 30. Shree Cement shares have fallen nearly 21 per cent in 2022 so far.
This would be the second stock from the billionaire Gautam Adani-led Adani Group to be included in the index after Adani Ports & SEZ. NSE reviews the inclusion and exclusion of stocks semi-annually.
At present, Gautam Adani, the world's third richest person, owns seven listed companies in the country. This includes Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Total Gas, Adani Transmission and Adani Wilmar.
NSE has also reshuffled Nifty Next 50, also referred as 'Junior Nifty'. Adani Total Gas, Bharat Electronics, Hindustan Aeronautics, IRCTC, Mphasis, Samvardhana Motherson International and Shree Cements are the new entrants.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today