02 Sep , 2022 By : Monika Singh
Adani Enterprises has replaced Shree Cement in the Nifty 50 index. The change will come into effect from September 30, and is part of the periodic review carried out by the National Stock Exchange of India (NSE). This is the second Adani stock to be included in the Nifty after Adani Ports and Special Economic Zone.
The index maintenance sub-committee – equity of NSE Indices has decided to make the changes as a part of its periodic review, a release said on Thursday.
The group has six established listed entities, including Adani Green Energy, Adani Power, Adani Total Gas and Adani Transmission.
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 analyst Abhilash Pagaria.
Shares of Adani Enterprises have risen 89% this year, while all the listed companies have rallied, led by a 310% surge in Adani Power. The group has grown rapidly, announcing plans to foray into multiple new businesses, including media, healthcare and digital services.
The Adani Group has a strong track record of churning out strong and stable companies through its Adani Enterprises arm, and boasts a portfolio of stable infrastructure assets tied to the healthy functioning of the Indian economy, according to a recent report by CreditSights.
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