Shares of Adani Group companies witnessed a significant surge on Thursday, with Adani Enterprises rising as much as 8%, on the back of expectations that the flagship company will be included in the S&P BSE Sensex index next month.
According to IIFL Alternative Research, Adani Enterprises is likely to replace Wipro in the benchmark index, which may lead to inflows of $118 million into the Adani flagship’s shares. This would make Adani Enterprises the first group company to enter the 30-stock index.
The BSE is scheduled to announce its semi-annual index review on Friday, and the adjustments to the changes in the BSE indices will take place on June 21. IIFL Alternative Research expects an outflow of $56 million from Wipro due to its potential exclusion from the Sensex.
Adani Enterprises’ shares soared to a 52-week high of Rs 3,409.05, making it the biggest gainer among largecaps on Thursday. The stock closed with an 8% gain at Rs 3,391.20.
The positive sentiment spilled over to other Adani Group stocks, with Adani Ports and Special Economic Zone and Adani Power hitting record highs. Shares of Adani Ports jumped 4.7% to end at Rs 1,443 apiece, making it the next biggest gainer after Adani Enterprises in the BSE Largecap index.
Several other Adani Group companies, including Adani Energy Solutions, Adani Green Energy, Adani Wilmar, Ambuja Cements, Adani Total Gas, Adani Power, ACC, and NDTV, also rose in the range of 1-8%. As a result, the overall market capitalization of the 10 listed Adani Group companies soared by Rs 62,540 crore in a day to Rs 17.24 trillion.
Thursday’s trading session saw the indices reaching their lifetime highs, following the RBI’s bumper dividend and easing uncertainty over the return of the incumbent government to power.
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