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Adani Enterprises set to replace Wipro in Sensex; first Adani Group stock to enter benchmark

The official announcement is anticipated on Friday, May 24, aligning with the semi-annual rebalancing exercise for the BSE indices

May 23, 2024 / 12:18 IST
According to IIFL Alternative Research, the addition of Adani Enterprises to the Sensex will result in inflows worth $118 million (nearly Rs 1,000 crore) from passive funds tracking the index
     
     
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    Adani Enterprises (AEL) stock is expected to replace Wipro on BSE Sensex in the upcoming rejig of the benchmark index, said IIFL Alternative Research in a note.

    The official announcement is anticipated on Friday, May 24, aligning with the semi-annual rebalancing exercise for the BSE indices.

    This would mark the first inclusion of any company owned by the Gautam Adani-led conglomerate in the 30-share BSE Sensex index. The Adani group's flagship was expected to be added to Sensex in 2023, but the Hindenburg saga marred its chances.

    According to IIFL Alternative Research, the addition of AEL to the Sensex will result in inflows worth $118 million (nearly Rs 1,000 crore) from passive funds tracking the index.

    On the other hand, Wipro is projected to see outflows worth $56 million (about Rs 500 crore), following its exclusion.

    The brokerage house said the BSE 100 index is also likely to see five additions and deletions. REC, Jio Financial Services, Adani Po­werAdani Green Energy, and Adani Energy Solut­ions are likely to replace ICICI Pru­dential Life Insurance Com­pany, Page Industries, Zee Entertainment Ente­rp­rises, SBI Cards and Payment Services, and Jubilant FoodWorks.

    AEL stock has gained more than 10 percent since January this year, including today’s 2 percent gain; whereas Wipro has fallen more than 2.3 percent year-to-date. On May 23 following the addition to Sensex, AEL gained over 3 percent to trade at Rs 3,234.55 on BSE at 12:10 pm. Other group stocks also recorded gains - Adani Ports and Special Economic Zone gained (0.90 percent), Adani Power (1.37 percent),  Adani Energy Solutions (0.68 percent), Adani Green Energy (0.98 percent), Adani Total Gas (0.48 percent), and Adani Wilmar (1.22 percent).

    Moneycontrol News
    first published: May 23, 2024 11:28 am

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