Adani Enterprises Hits New Lifetime High on Nifty50 Rejig Announcement

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Adani Enterprises Hits New Lifetime High on Nifty50 Rejig Announcement
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the ports-to-power conglomerate Adani Group’s flagship company Adani Enterprises (NS: ADEL ) hit a new lifetime peak of Rs 3,365.55 apiece on Friday. At the time of writing, they were up 4.17% at Rs 3,367.95 apiece.

The stock surged after NSE announced to add Adani Enterprises one of the most-tracked benchmark equity indices Nifty50 from Sept 30, replacing the cement manufacturer Shree Cement (NS: SHCM ).

According to an Edelweiss (NS: EDEL ) Securities analyst, the entry of Adani Enterprises into Nifty 50 could lead to a net inflow of around $213 million into the stock, while Shree Cement’s stock is expected to see an outflow of $87 million.

Adani Enterprises is the second Adani Group company to join the elite headline index, after the multi-port operator scrip Adani Ports and Special Economic Zone (NS: APSE ).

The market capitalization of the company stood at Rs 3.97 lakh crore.

Read Also: Nifty50 Rejig: Adani Enterprises to Replace Shree Cement; Nifty Next 50 Rejig

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  • chandresh dedhia @chandresh dedhia
    Looking at the growth in this stock Maybe 5000 is just coming .what great moves on upward in few years .
    Like 0

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