Adani Enterprises Knocks Out Shree Cement From Nifty50
Shares of Adani Enterprises have climbed by nearly 88 percent this year, whereas the shares of Shree Cement have slumped by 21 percent.
Recently, the National Stock Exchange of India (NSE) announced that the Gautam Adani-led Adani Enterprises will be included in the flagship index Nifty50. Adani Enterprises will replace Shree Cement on the benchmark index on September 30.
Adani Enterprises is the major company of the Adani Group, while Shree Cement, the largest manufacturer of cement, is the owner of various brands including Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement, and Rockstrong.
After Adani Ports and Special Economic Zone, this will be the second Adani stock to be listed in the Nifty index. According to prior projections by Edelweiss Alternative and Quantitative Research, the inclusion of the Adani Group firm into Nifty might result in $183 million in stock inflows.
Shares of Adani Enterprises have climbed by nearly 88 percent this year, whereas the shares of Shree Cement have slumped by 21 percent.
Meanwhile, Gautam Adani, the CEO of Adani Group, just surpassed Louis Vuitton Chairman and CEO Bernard Arnault to become the first Asian to rank in the top three on the Bloomberg Billionaires Index.
Adani, the Indian businessman, is now the third richest person in the world with a net worth of $143 billion. Only Elon Musk ($245 billion) and Jeff Bezos ($150 billion) are ahead of Adani. In 2022, he increased his wealth by $66.2 billion, five times more than any other billionaire. In February, Adani passed Mukesh Ambani to become the richest person in Asia, hastening his ascent to the top.
