Adani Energy Solutions Ltd.’s shares surged 2.18% on Friday, driven by expectations of significant inflows following its inclusion in the MSCI Index. Brokerage firms estimate that the company could attract around $250 million in inflows by the end of August.
The MSCI Index lifted its embargo on Adani Group stocks on Tuesday, making them eligible for inclusion in the MSCI India Index. This move allows recently floated shares to qualify for index inclusion, paving the way for previously excluded stocks to be added back.
Adani Energy Solutions recently completed a $1 billion qualified institutional placement, increasing its free float. Additionally, Adani Enterprises plans to raise nearly $2 billion, potentially attracting $110 million in inflows.
Conversely, Adani Total Gas is unlikely to be included in the MSCI Index soon due to its current trading levels being significantly below last year’s highs.
The stock rose to Rs 1,138 apiece, its highest level since August 7, before paring gains to trade 0.30% lower at Rs 1,110 apiece. The company has seen a 6.14% year-to-date rise, with both analysts tracking the company maintaining a ‘buy’ rating and an average 12-month consensus price target implying a 22.4% upside.
