India's largest bourse, National Stock Exchange of India (NSE) on Thursday announced that Adani Enterprises would be included in Nifty 50 index, replacing Shree Cement, from September 30.
This would be the second stock from the billionaire Gautam Adani-led Adani Group to be included in the index after Adani Ports & SEZ.
NSE reviews the inclusion and exclusion of stocks semi-annually.
Adani Enterprises' stock has rallied nearly 90 per cent this year, taking its market cap to Rs 3.69 lakh crore.
In contrast, Shree Cement shares have fallen nearly 21 per cent in 2022 and its market cap stood at Rs 77,952 crore at the end of Thursday.
Adani, currently world's third richest person, owns seven listed companies - Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Total Gas, Adani Transmission and Adani Wilmar.
NSE has also reshuffled Nifty Next 50, also referred as 'Junior Nifty'. Adani Total Gas, Bharat Electronics, Hindustan Aeronautics, IRCTC, Mphasis, Samvardhana Motherson International and Shree Cements are the new entrants.