All the buzz behind the unexplained surge in Adani Enterprises shares

The two companies now have a strategic alliance covering LNG terminals, the gas utility business, renewable energy and green hydrogen.

As part of India's plan to reduce coal dependency for power generation, billionaire Gautam Adani-led Adani Group has also forayed into the green hydrogen sector in addition to the group's acquisitions to diversify, including the recent $10.6 billion Holcim deal.

The spate of joint ventures, mergers and acquisitions has pushed the shares of Adani Group companies higher, catapulting Gautam Adani among Asia's wealthiest people.

According to multiple media reports, the Adani Group flagship firm, Adani Enterprises, could also replace Shree Cements in the Nifty50 index in the NSE frontline index's September 2022 rejig. Brokerage firm Edelweiss estimates that adding Adani Enterprises to Nifty50 could boost the stock and result in passive inflows of $183 million, per a Business Standard report.

It also noted that Shree Cement and Hero MotoCorp are the lowest-ranked Nifty constituents.

The rejigging of the Nifty occurs typically during the second fortnight of August. Any variations in share prices until the cut-off date of July 29 are factored in the decision to push the changes in index components.

So far this year, the stock has gained over 27 percent, while the one-year return on the stock is more than 45 percent. In three years, the stock has jumped well above 1300 percent.

Market expert Mehraboon J Irani is positive on Adani Enterprises.

"I have always been positive on the stock for the last over 2-3 years and the stock has given handsome returns. The other companies I like in the group are Adani Wilmar and Adani Ports. The reasons for this are obvious, the company is doing a lot of things, making a lot of noise, making a lot of investments and ultimately, one believes that all this will fructify into numbers maybe 3-5 years down the line. There is no reason to be against this particular stock just because the stock has given one-way returns," Irani told CNBC-TV18.