Adani Ports joins Sensex club, replacing Wipro

New Delhi: Gautam Adani Group firm Adani Ports and Special Economic Zone will replace IT major Wipro in BSE’s benchmark index Sensex from June 24, according to an official announcement on Friday. Notably, both APSEZ and Wipro are constituents of NSE’s Nifty index. Adani group’s flagship firm Adani Enterprises is also a part of the 50-share Nifty.

The changes have been announced by Asia Index, a joint venture between S&P Dow Jones Indices and BSE. Apart from this, Tata Group company Trent Ltd will make an entry in Sensex-50, while Divi’s Laboratories Ltd will be dropped from the index. “Effective at the open of Monday, June 24, 2024, the changes will be made,” Asia Index said.

Tata Group company Trent Ltd will enter S&P BSE Sensex 50, while Divi’s Laboratories will be dropped from the index. Apart from these, changes have been announced in S&P BSE 100, S&P BSE Bankex and S&P BSE Sensex Next 50. In S&P BSE 100 index, REC, HDFC Asset Management Company, Canara Bank, Cummins India and Punjab National Bank (PNB) will be included, while Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance Company, Jubilant Food Works and Zee Entertainment Enterprises (ZEEL) will move out. Further, Yes Bank and Canara Bank will find a place in the Bankex index replacing AU Small Finance Bank and IDFC First Bank. In Sensex Next-50 index, REC, PNB, Divi’s Laboratories, HDFC AMC, Canara Bank and Cummins India will be added. On the other hand, Trent, Page Industries, SBI Card, ICICI Prudential Life Insurance, Jubilant FoodWorks and ZEEL will be dropped from Sensex Next-50.

Adani Enterprises bounces back to pre-Hindenburg report level

Shares of Adani Enterprises bounced back to the pre-Hindenburg Research report levels and have hit a one-year peak in intra-day trade on Friday.

Hindenburg Research in a damning January 24, 2023, report accused the Adani Group of ‘brazen stock manipulation’ and accounting fraud, which led to a stock market rout that erased about $150 billion in the group firms’ market value at their lowest point. The conglomerate vehemently denied all allegations. Shares of Adani Enterprises climbed 1.91 per cent to hit the 52-week high of Rs3,456.25 at the BSE on Friday. It, however, ended flat at Rs3,384.65. Adani Group companies were in the limelight on Thursday, with the flagship Adani Enterprises rallying 8 per cent.

Shares of Adani Enterprises rallied for the fifth day in a row till Thursday, rising 11.51 per cent. Adani Enterprises stock price was Rs3,434.50 on January 23, last year, a day before the report. From that level, the stock price went southward and fell to Rs1,194.20 on February 27, last year. The company’s stock price has now zoomed over 189 per cent from last year’s February 27 level. The combined market valuation of all the 10 listed group firms stood at Rs17.23 lakh crore on Thursday.