According to local brokerage and research firm Edelweiss, the addition of Adani Enterprises, the flagship of the multifaceted Adani Group, into the Nifty50 index by this month’s end is expected to bring in roughly $285 million.

The index will no longer include Shree Cement due to Adani Enterprises, and the modifications will take effect on September 30, 2022, with the adjustment occurring on September 29, 2022. (Thursday).

For a portfolio of Rs 10 crore, the security must have traded at an average impact cost of 0.50per cent or less over the previous six months for 90 per cent of the observations to qualify for inclusion in the index.

Adani Enterprises, the flagship company of the Indian conglomerate Adani Group, is headquartered in Ahmedabad. In 2022 (YTD), the stock has delivered a multi-bagger return of more than 102%, outpacing the 0.7per cent increase in the Nifty 50.

In the first quarter of the current fiscal year that ended in June, the company’s attributable profit after tax (PAT) increased by 73% to $469 crore, while its consolidated revenue increased by 223% year over year (YoY) to $41,066 crore for the quarter that ended on June 30, 2022, thanks to strong results from the integrated resources management (IRM) and airport business.