Adani group stocks gain on MSCI inclusion report

MUMBAI: Shares of Adani Group companies surged on Thursday after a brokerage report said three of the group firms are likely to be included in the MSCI Standard Index.

According to Edelweiss Research report, Adani Enterprises Ltd, Adani Transmission Ltd and Adani Total Gas Ltd are likely to be included in the MSCI Standard Index, with weightage of 0.49%, 0.44% and 0.44%, respectively.

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The brokerage firm expects inflows worth $243 million, $218 million and $221 million, respectively, in Adani Enterprises, Adani Transmission, and Adani Total Gas.

Cholamandalam Investment and Finance Co will also be included in the Index, Zee Entertainment Enterprises Ltd will be excluded. Cholamandalam will have a weightage of 0.38% with likely inflows of $190 million, while Zee Entertainment will see outflows of $151 million.

Shares of Adani Transmission Ltd hit the 10% upper circuit following the report, while Adani Enterprises climbed 8%. Adani Total Gas advanced 7%, Adani Ports and Adani Green Energy hit the 5% upper circuit. The Cholamandalam Investment stock was up 1%.