Adani Enterprises Ltd is expected to join the prestigious Sensex, replacing Wipro as part of the BSE indices’ semi-annual rebalancing. The official announcement is anticipated by Friday, May 24, with the changes taking effect on June 21.
This marks a significant milestone as it will be the first time a company led by Gautam Adani will be included in the 30-share BSE pack. The Sensex is a key benchmark index for the Indian stock market, and its inclusion could potentially boost Adani Enterprises’ market value and investor confidence. According to IIFL Alternative Research, Adani Enterprises’ addition to the Sensex could lead to inflows of around $118 million (approximately Rs 1,000 crore) from passive funds that track the index.
In the broader BSE100 index, we can expect several additions and deletions as part of this rebalancing. These changes could significantly impact the performance of the index and the stocks included in it, providing new investment opportunities or risks for investors.
Adani Enterprises’ shares demonstrated a strong performance on Thursday, surging 8.58% to reach a 52-week high of Rs 3,409.05. The trading volume was significantly high, with approximately 3.37 lakh shares changing hands, surpassing the two-week average of 1.05 lakh shares. The turnover amounted to Rs 111.85 crore, elevating the company’s market capitalization to Rs 3,86,597.18 crore, a clear indication of the market’s confidence in the company’s potential.
Separately, the Adani Group recently addressed a news report alleging that they supplied ‘low-grade coal as higher quality coal to a state government-owned power generation company a decade ago.’ The report claimed that this led to significant financial losses for the power company. In response, an Adani spokesperson dismissed these claims as ‘false and baseless,’ stating that the company has always maintained high standards of quality and integrity in its operations.
The spokesperson clarified, “The suggestion that Adani Global Pte Ltd supplied inferior coal to TANGEDCO compared to the quality standards in the tender and purchase order is incorrect. While it’s challenging to comment on specific cases due to the volume of data and elapsed time, along with contractual and legal obligations, it’s important to note that the coal supplied is tested for quality at the receiving plant regardless of the supplier’s declaration.”
This clarification not only addresses any concerns but also underscores the company’s unwavering commitment to upholding stringent quality standards.