India's Adani Ports to replace Wipro in Sensex after BSE rejig (updated)

Cummins India

24/05/2024 12:44

(Adds background, details on Sensex and other index changes
throughout)
    By Bharath Rajeswaran
       BENGALURU, May 24 (Reuters) - India's Adani Ports and
Special Economic Zone  APSE.NS  will replace Wipro  WIPR.NS  in
the 30-stock blue-chip S&P BSE Sensex  .BSESN , the operator of
the index said on Friday.
    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 Sensex ended the session muted ahead of the
announcement.  .BO 
        Two Adani Group companies - Adani Enterprises  ADEL.NS 
and Adani Ports are already part of the other benchmark index
NSE Nifty 50  .NSEI .
    Wipro, India's fourth-biggest software services exporter,
could see outflows worth 5 billion rupees after the exclusion,
IIFL Alternative Research estimated in a note ahead of the
announcement. 
        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  ADAN.NS 
have been the best-performing group stocks, rising 86.04% and
157.4%, respectively. They were also the first two Adani
companies to bounce back from the drop. 
   Earlier in May, Adani Ports posted a 76% rise in its
fourth-quarter profit, helped by record cargo volumes.
    Its stock has jumped 6% this week, its best weekly
performance since early February.
    Besides the Sensex rejig, REC  RECM.NS , HDFC Asset
Management  HDFA.NS , Canara Bank  CNBK.NS , Cummins India
 CUMM.NS  and Punjab National Bank  PNBK.NS  have been included
in the BSE 100 index  .BSE100 .
    The stocks replaced in that index are Page Industries
 PAGE.NS , SBI Cards and Payment Services  SBIC.NS , ICICI
Prudential Life Insurance  ICIR.NS , Jubilant FoodWorks
 JUBI.NS  and Zee Entertainment Enterprises  ZEE.NS .

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Performance of Adani group companies since Hindenburg report   
https://reut.rs/3yAT3iX
BSE Indexes rejig:  Inclusions and Exclusions    https://reut.rs/3QY4sQ4
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Sohini Goswami and Varun H K)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))