Adani Enterprises to be included in Nifty 50
The National Stock Exchange of India (NSE), the biggest stock exchange in India, announced on Thursday that, starting on September 30, Adani Enterprises would replace Shree Cement in the Nifty 50 index.
After Adani Ports & SEZ, this will be the second stock from the Adani Group, which is led by billionaire Gautam Adani.
The inclusion and deletion of stocks are reviewed by NSE every two years.
The market capitalization of Adani Enterprises has increased this year by almost 90%, reaching Rs 3.69 lakh billion.
In contrast, Shree Cement shares have dropped roughly 21% in 2022, and as of Thursday night, the company’s market valuation was Rs 77,952 crore.
Adani, the third-richest person in the world at the moment, is the owner of seven publicly traded companies: Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Total Gas, Adani Transmission, and Adani Wilmar.
The NSE has also changed the order of Nifty Next 50, often known as “Junior Nifty.” The newcomers are Samvardhana Motherson International, Adani Total Gas, Bharat Electronics, Hindustan Aeronautics, IRCTC, Mphasis, and Shree Cements.