Adani Ports will be included in Sensex in place of Wipro from June 24, this will affect the stock.
Gautam Adani Group company Adani Ports and Special Economic Zone will join BSE’s main index Sensex from June 24. An official announcement said that Adani Ports will replace Wipro in the Sensex. These changes were announced by Asia Index, a joint venture of S&P Dow Jones Indices and BSE. Apart from this, Tata Group company Trent Limited will enter Sensex 50. It will replace Divi’s Laboratories Limited. Asia Index said these changes will be effective from Monday, June 24, 2024.
Shares have given excellent returns
Adani Ports shares gave an excellent return of 97% last year. At the same time, IT major Wipro has underperformed with 16% returns during this period. Adani Ports is the first company among the 10 companies of Adani Group to get a place in the Sensex. In the Nifty 50 index, which consists of India’s 50 largest stocks by market capitalisation, there are two Adani stocks – Adani Ports and Adani Enterprises. Market experts say that Adani Ports getting a place in Sensex will bring inflow of about Rs 2100 crore. Its effect will be visible on the stock. A rise in shares may be seen.
What is the market cap of the company?
Adani Ports & SEZ has a market cap of Rs 3.06 trillion, while Adani Enterprises (AEL) has a market cap of Rs 3.86 trillion. Promoter stake in Adani Ports is 65.9 per cent, while AEL holds 72.6 per cent. Analysts said that Adani Ports can be given a weightage of 1.2 percent in the Sensex. The inclusion will result in an inflow of $252 million (roughly Rs. 2,100 crores) into Adani Ports, while Wipro may see a sale of $161 million (roughly Rs. 1,400 crores). Adani Ports is currently trading at 12-month forward price- The price-to-earnings (P/E) ratio trades at 28.4 times and the price-to-book (P/B) ratio trades at 4.9 times.
