Adani Ports Hits 52-Week High as It Sets to Oust Wipro from Sensex on June 24

Adani Ports and Special Economic Zone (APSEZ) witnessed a surge in its share price, reaching a 52-week high level on Monday. This boost came after it was announced that the company is set to replace IT giant Wipro in the 30-share index, BSE Sensex from June 24. 

The stock of the port operator and logistics firm saw a 2.93 per cent increase, hitting Rs 1,457.25 price level on the BSE. This would mark the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms.

At 11:20 am, the shares of the company were trading at Rs 1,435 price level, up by 1.42 per cent on BSE.

Shares of Wipro, however, declined by 2.36 per cent to Rs 452.55. The stock of Wipro the biggest laggard among the 30-share BSE Sensex firms during the morning deals.

The changes will be effective from June 24, 2024, Asia Index, a joint venture between S&P Dow Jones Indices and BSE, said in a statement on Friday adding that the replacement is a part of a periodic review.

Both APSEZ and Wipro are constituents of NSE's Nifty index.

Changes have also been announced in S&P BSE 100, S&P BSE Bankex, S&P BSE Sensex Next 50 and S&P BSE Sensex 50.

In the March Quarter, Adani Ports announced a consolidated net profit of Rs 2,040 crore, up by 76.2 per cent as compared to Rs 1,158 crore recorded in the corresponding period last year.

In Q4FY24, the company's revenue from operations witnessed a 19 per cent increase to Rs 6,896.5 crore compared to Rs 5,796.85 crore in the previous year.

(With Inputs From PTI)