Adani Enterprises Set to Replace Wipro in Sensex, Shares Surge to One-Year High

Adani Enterprises is poised to replace Wipro in the benchmark Sensex index in the upcoming semi-annual rebalancing exercise for BSE indices. An official announcement is expected by Friday, with the adjustment scheduled for June 21.

This move marks a significant milestone as it would be the first time any company under the leadership of Gautam Adani enters the 30-share BSE pack. According to IIFL Alternative Research, the inclusion of Adani Enterprises in the Sensex is anticipated to bring in approximately $118 million in passive fund inflows, amounting to nearly Rs 1,000 crore.

In the BSE100 reconstitution, the report suggests that there will be five additions and deletions.

Adani Enterprises witnessed a robust surge in its stock price during Thursday’s trading session, with shares soaring by 8.58% to reach a one-year high of Rs 3,409.05. The trading volumes were notably higher than the two-week average, with around 3.37 lakh shares changing hands on BSE, resulting in a turnover of Rs 111.85 crore and a market capitalization of Rs 3,86,597.18 crore.

Addressing recent allegations, the Adani Group issued a clarification regarding a news report accusing the conglomerate of supplying substandard coal as premium quality coal to a state government-run power generation company. An Adani spokesperson refuted the claims, deeming them as “false and baseless.”

The spokesperson emphasized that the coal supplied by Adani Global Pte Ltd to TANGEDCO met the quality standards specified in the tender and purchase order. The spokesperson highlighted the rigorous quality testing process at the receiving plant, regardless of the supplier’s declarations.