Eight firms controlled by Adani’s ports-to-power conglomerate, including recent cement acquisitions, have contributed more than a fifth of the 109-member MSCI India Index’s surge since end-June, data compiled by Bloomberg show.
September 19, 2022 / 12:59 PM IST
Billionaire Gautam Adani’s ascent on the rich list has helped fuel a world-beating jump in India’s stocks and bolstered their clout among emerging-market equities.
Eight firms controlled by Adani’s ports-to-power conglomerate, including recent cement acquisitions, have contributed more than a fifth of the 109-member MSCI India Index’s surge since end-June, data compiled by Bloomberg show. The index has outpaced Asian and emerging market peers during the period with a 12% jump.
The eight Adani stocks are also a part of the MSCI Asia Pacific Index and the MSCI Emerging Market Index, in which only China outweighs India, showing the growing influence of the tycoon’s companies. The equity gains have helped Adani feature in the top echelon of the Bloomberg Billionaires Index.
The jump in the MSCI India index’s market capitalization during the current quarter has also been primarily dependent on Adani firms, which contributed more than one-third of the surge, data compiled by Bloomberg show. The gauge’s valuation rose to a record-high of 186 trillion rupees ($ 2.34 trillion) early last week before easing amid the global equity selloff.
Edible oil and fast-moving consumer-goods maker Adani Wilmar Ltd., one of the best performing IPOs in India in the last year, is the only Adani Group firm that is not yet included in the MSCI India Index.
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