Shares of Adani Energy Solutions fell over 9% on November 7 as MSCI didn't add the stock to its standard index in November review as it awaits clarity on free float.
Stocks like BSE, Voltas, Alkem Laboratories, Kalyan Jewellers and Oberoi Realty will now be a part of MSCI Global Standard Index following its latest rejig on November 7.
Meanwhile, expectations were running high over Adani Energy's inclusion to the index, however, the stock failed to make the cut. The MSCI also provided a detailed explanation for not considering the stock, citing low confidence about the its free float.
At 10:40 am on November 7, Adani Energy Solutions shares were trading 9.13% lower at Rs 978 apiece. The market capitalisation of the Adani Group firm's stock is Rs 1.18 lakh crore.
The adjustments for the latest rejig are slated for November 25, and India is expected to witness a net inflow of around $2.5 billion in FII passive flows through the rebalance, according to Nuvama Alternative & Quantitative Research.
With five inclusions and zero exclusions, India's net stock count in the MSCI Standard index post the rejig will be 156. Out of the five new inclusions, Voltas is projected to attract the highest inflow, likely above $300 million, while BSE shares could see inflows nearing $260 million, as per Nuvama . Others including Kalyan Jewellers, Oberoi Realty and Alkem Labs are likely to garners passive inflows to the tune of $241 million, $215 million and $201 million, respectively, Nuvama estimated.
Adani Energy Solutions, formerly Adani Transmission, on October 22, reported a consolidated profit of Rs 773.4 crore for the September quarter, up 172% from the year-ago period, aided by strong growth across segments.
The Adani Group company reported a net profit of Rs 284.1 crore in the year-ago quarter.
Revenue from operations grew 85% to Rs 6,813.7 crore, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 31% to Rs 1,891 crore.
Adani Energy Solutions is one of the largest private sector power transmission companies in India with a presence in 14 states. It deals with power transmissions, power distribution, smart metering, and cooling solutions.
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