Adani Group Stocks Rally; Adani Enterprises Zooms 8 Per Cent

Shares of Adani Group companies surged on Thursday, with the flagship Adani Enterprises rallying 8 per cent, driven by speculation of its inclusion in the 30-share BSE Sensex. Adani Enterprises' stock jumped 8.01 per cent to Rs 3,391.20 on the BSE. Adani Enterprises is expected to replace Wipro, according to a note from IIFL Alternative Research. The official announcement is anticipated on Friday, May 24, coinciding with the semi-annual rebalancing exercise for the BSE indices.

This would mark a historic milestone as Adani Enterprises becomes the first company owned by the Gautam Adani-led conglomerate to be included in the prestigious 30-share BSE Sensex index.

The BSE is expected to announce its semi-annual review on Friday, with potential adjustments to the index components likely to be implemented on June 21. According to a note by IIFL Alternative Research, Adani Enterprises is anticipated to be included in the Sensex, while Wipro may be excluded.

The positive momentum extended to other Adani Group stocks. NDTV shares soared 7.56 per cent, Adani Ports climbed 4.72 per cent, ACC increased by 2.86 per cent, Adani Power rose by 2.79 per cent, Adani Total Gas advanced 2.30 per cent, and Ambuja Cements saw a 2.09 per cent uptick. Additionally, Adani Wilmar went up by 1.85 per cent, Adani Green Energy rallied 1.25 per cent, and Adani Energy Solutions advanced 1.17 per cent.

The combined market valuation of the 10 listed Adani Group companies reached Rs 17.23 lakh crore. On Wednesday, the Adani Group's market capitalisation surpassed the $200 billion mark (Rs 16.9 lakh crore) after its firms gained Rs 11,300 crore, reflecting investor confidence in the company's denial of any wrongdoing in the supply of coal to a Tamil Nadu power company.

In broader market news, the Sensex and Nifty achieved lifetime highs. The 30-share BSE Sensex closed at a record 75,418.04, up 1,196.98 points or 1.61 per cent. The NSE Nifty neared the 23,000 mark, rising 369.85 points or 1.64 per cent to 22,967.65.