The S&P BSE announced on Friday, May 24, that it will include Adani Ports and Special Economic Zones (SEZ) in the Sensex index from June 24, 2024. The domestic benchmark will drop Wipro from the index on the same day. The BSE, in its semi-annual rebalancing exercise, included the country’s largest private port operator, making it the first Adani Group firm to join the Sensex index.
‘’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. BSE also announced changes to its BSE 100, Sensex 50, Sensex Next 50, BSE Bankex, BSE 100 indices.
Jubilant FoodWorks, SBI Cards, Zee Entertainment Enterprises, Page Industries, ICICI Prudential Life Insurance, will no longer be part of S&P BSE 100 index and will be replaced by Canara Bank, Punjab National Bank, HDFC AMC, Cummins India, and REC.
IDFC First Bank and AU Small Finance Bank will no longer be part of BSE Bankex from June 24 and will be replaced by Canara Bank and Yes Bank. Tata Group company Trent Ltd will make an entry in Sensex 50, while Divi’s Laboratories Ltd will be dropped from the index.
Adani Ports Q4 Results
Adani Ports reported a consolidated net profit of ₹2,040 crore for the quarter ended March 2024, registering a growth of 76.2 per cent from ₹1,158 crore in the year-ago period. The port major’s revenue from operations in Q4FY24 rose 19 per cent to ₹6,896.5 crore from ₹5,796.85 crore year-on-year (YoY).
At the operational level, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the quarter increased 24 per cent to ₹4,045 crore from ₹3,273 crore, while EBITDA margin improved to 58.6 per cent from 56.4 per cent, YoY.
“APSEZ outperformed its upper end of guidance provided at the beginning of the financial year on cargo, revenue, and EBITDA by 6%-8%, while closing the year with net debt to EBITDA ratio of 2.3x vs its guidance of 2.5x,” said Ashwani Gupta, Whole-Time Director & CEO, Adani Ports.
Adani Ports’ inclusion into the Sensex came on the same day when shares of Adani Enterprises – the flagship company of Gautam Adani’s ports-to-power conglomerate, recovered in intraday trade to levels last seen in January 2023, before a report by US short seller Hindenburg Research triggered a sell-off, according to news agency Reuters. Two Adani Group companies – Adani Enterprises, opens new tab and Adani Ports are already part of the other benchmark index NSE Nifty 50 index opens new tab, according to Reuters.
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Published: 24 May 2024, 04:21 PM IST