• Thursday, July 25, 2024

Business

Adani Ports joins Sensex, Wipro exits

Adani Ports is India’s leading port developer and operator and its stock has rallied almost 98 per cent over the last 12 months

Cargo containers stacked at the Adani Group owned Mundra Port in Mundra, Gujarat. (Photo: Getty Images)

By: Shajil Kumar

ADANI Ports and Special Economic Zone has joined the prestigious 30-stock S&P Bombay Stock Exchange Sensex, in recognition of its growth in market value and operational performance.

This change is part of a semi-annual rejig conducted by S&P Dow Jones Indices.

Software giant Wipro has exited from the Sensex. The company’s recent market performance was not enough to sustain its position in the top-30 index.

Adani Ports is India’s leading port developer and operator and its stock has rallied almost 98 per cent over the last 12 months.

Brokerage firm Nuvama expects Adani Ports’ to receive passive inflows of $259 million (£204m) along with the addition of 14.9 million shares following its entry into Sensex.

On the other hand, Wipro’s exclusion could trigger outflows of $170m (£134m), the brokerage added.

After the rejig exercise, the stocks of Bharti Airtel, Infosys, Kotak Mahindra Bank, ICICI Bank, Tech Mahindra, Tata Steel, and IndusInd Bank are expected to gain in weight.

These stocks may see their weights go down in the index: Mahindra & Mahindra, Reliance Industries, Bajaj Finserv, HDFC Bank, Maruti Suzuki, ITC and Larsen & Toubro.

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