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

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Nifty50 Rejig: Adani Enterprises to Replace Shree Cement; Nifty Next 50 Rejig
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The flagship company of the world’s third richest man Gautam Adani, Adani Enterprises (NS: ADEL ) will make its way into one of the most-tracked benchmark equity indices Nifty50 from Sept 30, replacing the cement manufacturer Shree Cement (NS: SHCM ).

According to a National Stock Exchange (NSE) announcement, Adani Enterprises will join the elite headline index Nifty50 and Shree Cement will exit it from Sept 30.

The stock exchange reviews any rejig in the indices on a semi-annual basis after looking at multiple criteria and six-month data ending January and July.

The inclusion of Adani Enterprises in the benchmark index would be the second Adani Group stock, after the multi-port operator scrip Adani Ports and Special Economic Zone  (NS: APSE ). 

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, as per an Edelweiss (NS: EDEL ) Securities analyst.

NSE has made rejigs in several other indices too, including Nifty Next 50 or Junior Nifty, Nifty 500 , Nifty 200 and Nifty 100.

Adani Total Gas (NS: ADAG ), Bharat Electronics (NS: BAJE ), Hindustan Aeronautics (NS: HIAE ), IRCTC (NS: INIR ), Mphasis (NS: MBFL ), Samvardhana Motherson International (NS: SAMD ) and Shree Cements (NS: SHCM ) will be the new entrants of Nifty Next 50, while Adani Enterprises, Jubilant Foodworks (NS: JUBI ), Lupin (NS: LUPN ), MindTree (NS: MINT ), PNB (NS: PNBK ), SAIL (NS: SAIL ) and Zydus Lifesciences (NS: ZYDU ) will be removed from the index.

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  • Abbishek Singal @Abbishek Singal
    Has Shree cement lost the sheen?
    Like 0
    • Ananth GS @Ananth GS
      @Abbishek Singal looks like ...
      Like 0
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