Asian shares fell on Friday, with the dollar hovering near a record high ahead of key US jobs data that could raise expectations of another sharp interest rate hike by the Federal Reserve. A drop in Japan weighed on a pan-regional stock index, while U.S. futures faltered after Wall Street snapped a four-day losing streak to post modest gains. Shares in Asia fall as dollar hovers near record high.
Friday’s jobs update is expected to show healthy wage growth, following a stronger-than-expected U.S. manufacturing report. Traders are increasingly expecting another big Fed rate hike of 75 basis points to cool inflation. Shares in Asia fall as dollar hovers near record high.
The group has six established listed companies, including Adani Green Energy, Adani Power, Adani Total Gas and Adani Transmission.
The inclusion of Adani Enterprises in the Nifty 50 could lead to a net inflow of around $213 million on the stock counter, while Shree Cement will see an outflow of $87 million, according to Edelweiss Securities analyst Abhilash Pagaria.
Shares in Adani Enterprises are up 89% this year, while all listed companies rallied, led by Adani Power’s 310% rise. The group has grown rapidly and announced plans to foray into several new businesses, including media, healthcare and digital services.
Adani Group has a strong track record of churning out strong and stable companies through its arm Adani Enterprises and boasts a portfolio of stable infrastructure assets tied to the healthy functioning of the Indian economy, according to a recent CreditSights report.