Adani Energy Solutions Jumps 3.8% on MSCI Inclusion, Expected USD 250 Million Inflows
By Rediff Money Desk, New Delhi Aug 15, 2024 19:30
Adani Energy Solutions shares surged 3.8% on Wednesday as the market anticipates significant inflows following its inclusion in the MSCI Index. Brokerage houses expect USD 250 million in inflows by August.
New Delhi, Aug 15 (PTI) Shares of Adani Energy Solutions Ltd (AESL) at last trading session on Wednesday jumped 3.8 per cent despite the flattish markets, as the street is expecting strong inflows by the end of August from the inclusion in the MSCI Indexinflows of USD 250 million according to brokerage houses.
On Tuesday MSCI announced that it has lifted Embargo' on Adani Group stocks, which means the stock is eligible for inclusion in the MSCI India Index, after removing the group company last year in late January 2023, due to uncertainty over free-float.
Lifting this restriction means that any recent changes in free float plus equity raises are eligible for inclusion. Furthermore, stocks that were excluded can be included again.
Earlier in August, Adani group's power transmission, distribution and smart metering company completed a USD 1 billion QIP, which has led to a significant increase in the company's free float.
Adani Enterprises, another group company has also proposed fundraising of nearly USD 2 billion. If it goes through, it could also see USD 110 million inflows, according to brokerage firms.
However, Adani Total Gas, another group stock which was also removed from the MSCI Index last year is unlikely to be included in the near future as the stock is trading significantly below the previous year's high.
On Tuesday MSCI announced that it has lifted Embargo' on Adani Group stocks, which means the stock is eligible for inclusion in the MSCI India Index, after removing the group company last year in late January 2023, due to uncertainty over free-float.
Lifting this restriction means that any recent changes in free float plus equity raises are eligible for inclusion. Furthermore, stocks that were excluded can be included again.
Earlier in August, Adani group's power transmission, distribution and smart metering company completed a USD 1 billion QIP, which has led to a significant increase in the company's free float.
Adani Enterprises, another group company has also proposed fundraising of nearly USD 2 billion. If it goes through, it could also see USD 110 million inflows, according to brokerage firms.
However, Adani Total Gas, another group stock which was also removed from the MSCI Index last year is unlikely to be included in the near future as the stock is trading significantly below the previous year's high.
Source: PTI
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