adani: $189 million boost! Adani Enterprises to get seat in Nifty on Friday

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NEW DELHI: Billionaire Gautam Adani-led empire’s flagship company is likely to see inflows worth $189 million from passive funds as it gets included in India’s heartbeat index Nifty50 with effect from tomorrow.

NSE reshuffles its indices semi-annually based on multiple criteria and six-month data ending January and July. The latest rejig will have Adani Enterprises overthrowing

from Nifty50 which houses India’s top 50 listed companies based on market capitalisation.
Alternative & Quantitative Research, which analysed the impact of rebalancing and recapping of stocks in key indices, found that the Adani group stock’s inclusion in Nifty will lead to inflow of $336 million. However, its exclusion from Nifty Next 50, also known as Junior Nifty, will lead to outflow of about $147 million, leading to a cumulative inflow of $189 million.

After

, this would be the second stock from Adani Group to be included in Nifty.

In the run-up to its inclusion in the widely-tracked index, shares of Adani Enterprises have more than doubled so far in the year 2022, taking its market cap to cross the Rs 4 lakh crore mark. It is now India’s 11th largest company ahead of

, and .

With his wealth estimated at around $133 billion, the 60-year-old Ahmedabad-based business magnate Adani is now the the third richest man in the world next to only Jeff Bezos and Elon Musk.

As part of the NSE indices rejig, will be included in Nifty Next 50, Nifty 100, Nifty Midcap 150 and Nifty Midcap 100. The stock is likely to receive additional inflows of $42 mn as a result of the rejig.

On the other hand,

will find seats in Nifty 500, Nifty Midcap 150, Nifty Midcap 100 and Nifty 200 indices.

Following the two recent acquisitions of

and Ambuja Cement, Adani Group became India’s largest conglomerate by beating Tata Group in terms of its total market cap. Adani Group has a total of nine listed stocks, five of which have delivered returns of over 100% on a year-to-date basis.

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