Adani Enterprises Ltd (AEL) breached the Rs 3 lakh crore market capitalisation mark, emerging as the fourth Adani Group company to achieve the feat with the stock price of AEL surging 57% so far this year.
AEL stock hit a high of Rs 2705.90 on the BSE. At 1.50 pm, the stock was trading at Rs 2688 per share on the BSE, up 0.3% from previous close. The stock has ended with gains in 13 our of the last 15 trading sessions and added 15% during the period.
The stock ranks 18th among all listed companies in fourth in Adani group companies. Adani Transmission is the most valued group firn with a market capitalisation of Rs 3.77 lakh crore followed by Adani Green Energy and Adani Total Gas.
AEL started rallying on rumours that the stock may be added to the Nifty50 index by replacing Shree Cements. Edelweiss in a report said it expects $213 million foreign inflows in the stock if it were to be added to the benchmark. Nifty indices are rebalanced twice every year. Changes to NSE indices are expected to be announced in the second half of the month.
Domestic benchmark indices edged higher on Wednesday while midcap stocks were under pressure today. Sensex and Nifty rose for sixth straight day to close at over 3-month highs today. The 30-stock BSE Sensex settled at 58,350.53, up 214.17 points or 0.37% while the broader CNX Nifty50 was at 17,388.15 level, adding 42.70 points or 0.25% in trades today. Market breadth was poor as 1012 Nifty stocks advances against a decline seen in 1746. Tech Mahindra, Infosys, Titan, TCS, and Asian Paints were the top Nifty gainers of the day while Sun Pharma, Tata Motors, Kotak Mahindra Bank, Maruti Suzuki and Coal India were the top laggards.
