Adani Enterprises hits record high on report of replacing Wipro in Sensex

Adani Enterprises shares: Billionaire Gautam Adani's firm, Adani Enterprises, is expected to replace Wipro in the 30-share BSE benchmark Sensex during the forthcoming semi-annual rebalancing, as projected by IIFL Alternative Research. The official proclamation from the BSE is slated for Friday, May 24 and the changes will be implemented from June 21, 2024.

Following the divulgence by IIFL Alternative Research, Adani Enterprises witnessed a massive surge, with its shares soaring by up to 7.59 per cent to hit record high of Rs 3,378.15 on the BSE. This remarkable escalation marks the biggest single-day gain in Adani Enterprises' shares since November 28, 2023.

In its statement, IIFL Alternative Research asserted, "We anticipate the inclusion of Adani Enterprises (ADE) and the exclusion of Wipro (WPRO) from the Sensex."

"In the BSE100 index, we foresee five additions and deletions," IIFL Alternative Research further elaborated.

Concurrently, amid these developments, the Adani Group has swiftly responded to allegations concerning the supply of inferior coal to a state government-owned power generation company a decade ago.

An Adani spokesperson vehemently refuted the accusations, labelling them as "false and baseless."

"The suggestion that Adani Global Pte Ltd provided substandard coal to TANGEDCO, in contrast to the quality standards outlined in the tender and purchase order, is erroneous," the spokesperson stated.

"While addressing individual cases is challenging due to the extensive data, time elapsed, and the entailing contractual and legal obligations, it is imperative to note that the coal's quality, regardless of the supplier's declaration, undergoes rigorous testing at the receiving plant," the spokesperson added.

As of 2:34 pm, Adani Enterprises shares traded 5.82 per cent higher at Rs 3,322, outperforming the Snesex which was up 1.39 per cent.