Adani Enterprises could replace Wipro on BSE: reports

The Adani Group’s shares were in demand on Thursday, rallying up to 8 per cent in intraday trade as reports gained ground that Adani Enterprises could replace Wipro on the BSE Sensex in an upcoming rejig of the benchmark index next month.

Thursday’s 8-per cent surge translates to Adani Enterprises touching Rs 3,378.15 on the bourses. This is a 52-week high in intraday trade. The surge dwarfs the previous high of Rs 3,349.35 recorded on March 4 this year. Shares of Adani Power and Adani Ports and Special Economic Zones (SEZ) also hit a new all-time high in the course of the day.

IIFL Alternative Research has estimated that if Adani Enterprises, flagship of the Adani Group, features on the BSE Sensex, the development could lead to inflows of around Rs 1,000 crore from passive funds that track the index. While an official picture in the matter would clearly emerge only by Friday, this is the first time that a company of the Adani Group stands to gain entry into the 30-share index.

ADANI PORTS SHARES FLY HIGH

Meanwhile, recording a new all-time high of Rs 1,430.6 on Thursday, shares of Adani Ports and SEZ rose 4 per cent on the BSE in intraday trade, following a report that the Adani Group is gearing up to invest $3 billion in the expansion of the brand’s ports capacity all over the world, besides strengthening its presence in the important trade corridor that links India to Europe via West Asia and Central Asia.

The Adani Group aims to increase overall container handling capacity at ports from 600 million metric tonnes to 800 million metric tonnes per annum in a couple of years, the report said, adding that the conglomerate plans raising port revenues on international trade routes currently controlled by China.

POWER, ENERGY SHARES SEE A BOOST, TOO

Shares of Adani Power also hit an all-time high with a 4-per cent surge at Rs 720 on Thursday. Other Adani Group stocks that gained between 2 per cent and 4 per cent were Adani Total Gas, Adani Green Energy, Adani Energy Solutions, Adani Wilmar and ACC.