Adani Green Energy is likely to find a slot on the 30-stock Sensex during the semi-annual review in December. Pharma major Dr Reddy’s Laboratories is likely to be replaced by the Adani Group firm by the end of this year.
“We are two-thirds of the way through the review period for the December reviewтАжWe see Adani Green Energy as the highest ranked non-constituent in the inclusion zone, while Dr Reddy’s Laboratories is the lowest ranked constituent in deletion zone,” a Business Standard report said, citing analyst Brian Freitas of Periscope Analytics who publishes on Smartkarma.
Any sharp changes in the share prices and turnover may change this scenario over the next couple of months, Freitas added.
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If Adani Green makes it to Sensex, it will be the first Adani Group firm to occupy the key position on the 30-stock index. On the other hand, Nifty already has one Adani Group stock. Last week, NSE said Adani Enterprises would be included in Nifty 50 index, replacing Shree Cement, from September 30. Currently Adani Ports is a part of the Nifty50.
Reacting to the development, shares of Adani Enterprises hit all-time high on September 2. On the other hand, shares of Shree Cement were trading in the red. Adani Enterprises stock hit a record high of Rs 3,289.55, rising 1.75 percent against the previous close of Rs 3,232.75 on BSE.
On the other hand, shares of Shree Cement were the top Nifty losers, falling up to 2.66 per cent to Rs 21,011 in that session.
ALSO READ: Adani Enterprises shares hit all-time high on Nifty inclusion, Shree Cement in the red
In today’s trading session, Adani Green Energy shares rose 1.34 per cent to Rs 2,415.10 against the previous close of Rs 2,383.05 on BSE. The stock has gained 121 per cent in a year and risen 80 per cent in 2022.┬а The share has gained after two days of fall.
Shares of Dr Reddy’s Labs were trading 0.08 per cent lower at Rs 4,185 against the previous close of Rs 4,188.40 on BSE.┬а The large cap stock has lost 14.63 per cent in a year and fallen 14.79 per cent in 2022.┬а The stock has been falling for the last three days. Meanwhile, Sensex was trading 411 points higher at 59,214 and Nifty gained 117 points to┬а 17,657 in early trade today.
