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