Adani prepared to sideline Wipro on Sensex

Adani Enterprises has hit a new 52-week high amid reports suggesting its potential inclusion in the BSE Sensex, replacing Wipro. IIFL Alternative Research projects significant inflows of around ₹1,000 crore if Adani Enterprises joins the Sensex, with an expected announcement from the BSE on its index reconfiguration tomorrow. Adani Enterprises’ shares surged by 7.5% to reach ₹3,377.50 apiece in today’s trading session following insights from IIFL Alternative Research. The potential inclusion of Adani Enterprises in the Sensex, as indicated by IIFL, could lead to substantial inflows, while Wipro’s exclusion may result in outflows of approximately ₹500 crore. The BSE is anticipated to announce its semi-annual index reconfiguration tomorrow, with adjustments slated to take effect on June 21. If included, this would mark the first time a company from the Adani Group enters the 30-share BSE index.

Additionally, IIFL Alternative Research mentioned potential changes to the BSE 100 index, with several companies potentially replacing others. Adani Enterprises’ market capitalization reached ₹16.9 lakh crore in the previous trading session, with its listed companies gaining ₹11,300 crore. Despite recent allegations from the OCCRP, the company maintains confidence among investors, rebounding sharply from its February 2023 low. Earlier this month, Adani Enterprises reported a 37% decline in net profit for the March quarter, primarily due to doubling input material costs. Despite this, the net profit for the fiscal year 2023–24 surged by 31%, reaching ₹3,240.78 crore, although revenue from operations dropped to ₹96,420.98 crore from ₹127,539.50 crore in the previous fiscal year.

[Image Source: Economic Times]