Adani Ports to replace Wipro in Sensex from June 24

Adani Ports and Special Economic Zone Ltd (APSEZ) will replace Wipro Ltd in the 30-stock blue-chip S&P BSE Sensex from June 24, the operator of the index said on May 24.

The BSE, in its semi-annual rebalancing exercise, included the country’s largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The changes have been announced by Asia Index, a joint venture between S&P Dow Jones Indices and BSE.

“Effective at the open of Monday, June 24, 2024, the … changes will be made,” Asia Index said.

BSE also announced changes to its BSE 100, Sensex 50, Sensex Next 50, BSE  Bankex, BSE 100 indices.

Page Industries, SBI Cards, ICICI Prudential Life Insurance, Jubilant FoodWorks, Zee Entertainment Enterprises will no longer be part of S&P BSE 100 index and will be replaced by REC Ltd, HDFC AMC, Canara Bank, Cummins India, Punjab National Bank.

Also, Tata Group company Trent Ltd will make an entry in Sensex 50, while Divi’s Laboratories Ltd will be dropped from the index.

AU Small Finance Bank, IDFC First Bank will no longer be part of BSE Bankex from June 24 and will be replaced by Yes Bank, Canara Bank.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research told Reuters.

Adani Ports’ inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani’s ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power have been the best-performing group stocks, rising 86.04 percent and 157.4 percent, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76 percent rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6 percent this week, its best weekly performance since early February.

With inputs from Reuters