Adani Enterprises set a new all-time high after being added to the Nifty 50 index on Friday. The NSE Indices Index Maintenance Sub-Committee (Equity) decided to replace stocks in various indices beginning September 30, 2022. Shree Cement shares, on the other hand, fell after being replaced by Adani in the 50-stock index.
The NSE evaluates stock inclusion and exclusion on a semi-annual basis, taking into account a variety of factors such as free float market capitalisation.
The inclusion of Adani Enterprises in the Nifty 50 index is a boost for India’s richest person, Gautam Adani, who recently became the first Asian person to break into the top three of the world’s wealthiest on the back of a strong rally in Adani Group companies’ share prices. After Adani Ports and Special Economic Zone, this would be the second Adani Group stock to be included in the Nifty index.
Adani Enterprises’ share price opened 0.9% higher at ₹3,263, compared to the previous closing price of ₹3,232.75 on the Bombay Stock Exchange (BSE). The stock extended its opening gains, rising as much as 1.75% to a new record high of ₹3,289.55. In comparison, the BSE Sensex was up 145 points at 58,911 points, tracking mixed global cues and gains in power and capital goods stocks. Meanwhile, Shree Cement shares have fallen 1.6% so far in the session on news of its exclusion from the Nifty 50 index.
Adani Enterprises is now the 17th largest listed company on the BSE, with a market capitalisation of 3,70,278 crore.