India's Adani Ports to replace Wipro in Sensex after BSE rejig
Adds analyst estimates on likely inflows into Adani Ports in paragraph 5
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.
Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
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
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