Adani Enterprises will join the benchmark index, the most tracked stocks gauge in the country, from September 30 in place of Shree Cement.
In the past six months, the market price of Adani Enterprises has doubled from a level of Rs 1,641, as compared to a 5.5 per cent rise in the Nifty 50 index. Shares of Shree Cement declined 3 per cent to Rs 21,033 on the NSE today, andhave slipped 12 per cent in the past six months.
The Index Maintenance Sub-Committee - Equity (IMSC) of NSE Indices Limited has decided to make the changes as a part of its periodic review, a release said on Thursday. READ HERE
Adani Enterprises would be the second Adani stock to be included in the Nifty index, after Adani Ports and Special Economic Zone. The inclusion of Adani Enterprises on the Nifty 50 could result in a net inflow of around $213 million for the stocks counter, while Shree Cement will see an outflow of $87 million, according to Edelweiss Securities.
Adani Enterprises, the flagship Gautam Adani Group company, is one of the fastest growing diversified businesses that provide an extensive range of products and services. The company operates as an incubator, establishing new businesses in transport and logistics, and energy & utility sectors, apart from increasing focus on direct-to-consumer businesses.
AEL is leading decarbonization initiative of industries and mobility through Adani New Industries Limited (ANIL). Other next-generation of AEL’s strategic business investments are centered around airport management, roads, data center and water infrastructure, which has significant scope for value unlocking.
(With inputs from Nikita Vashisht)
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