In a significant shakeup, Adani Ports and Special Economic Zone (APSEZ) is set to replace Wipro in the 30-share Sensex index, effective from June 24, as announced by Asia Index Pvt Ltd (AIPL) on Friday.
This marks a notable milestone for Adani Ports, becoming the first Adani Group entity to secure a spot in the prestigious Sensex. Notably, Adani Enterprises and Adani Ports have been fixtures in the NSE’s Nifty 50 for several months.
The decision to include Adani Ports in the Sensex comes on the heels of Norges Bank's exclusion of the company from its Government Pension Fund Global due to concerns over its involvement in human rights violations during conflicts. This move arrives over a year after the Hindenburg Research Report's release in January 2023, which alleged stock manipulation and accounting fraud within the Adani Group, leading to a significant market downturn for the conglomerate.
However, the Adani Group's resilience has been evident as its stock prices have rebounded, with Adani Ports trading nearly 84% above its January 2023 level as of Friday.
The inclusion criteria for the Sensex necessitates companies to rank among the top 75 based on their average three-month float or total market capitalization, with a minimum free-float market cap of 0.50% after meeting market cap and liquidity requirements. The index undergoes biannual reconstitution in June and December each year.
Additionally, the reconstitution announced by Asia Index Pvt Ltd will see several changes across other indices, with companies like REC Ltd, HDFC Asset Management Ltd, and Canara Bank replacing others in the S&P BSE 100. Furthermore, Divi’s Laboratories Ltd will be removed from the S&P BSE Sensex 50, making room for Trent Ltd.
As the landscape of India's stock market evolves, these adjustments reflect ongoing shifts in investor sentiment and market dynamics.
Stay tuned for more updates on the ever-changing world of finance.
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