INSUBCONTINENT EXCLUSIVE:
Lifting this restriction means that any recent changes in free float plus equity raises are eligible for inclusion
| Image: Bloomberg2 min read Last Updated Aug 15 2024 | 11:10 PM IST
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 $ 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 $ 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 $ 2 billion
If it goes through, it could also see $ 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.First Published: Aug 15 2024 | 10:15 PMIST
