Adani Ports to be included in the BSE SENSEX from Monday; Wipro to move out

The adjustments for the change in the index will take place on Friday, June 21.

Shares of Adani Ports rose 1% in trade on Friday to hit an intra-day high of ₹1,485 apiece on the National Stock Exchange of India (NSE). The stock has gained 5.5% in the past 5 trading sessions and 41% year-to-date. In the past one year, the stock has jumped by a massive 97%.

The recent surge in stock price propelled Adani Ports’ market value to over $37 billion, helping it beat the Beijing-Shanghai high speed railway to become the world’s largest transport operations and services provider.

The jump in share price has been attributed to the upcoming inclusion in the SENSEX, which is expected to lead to higher investment inflows in the stock, as well as the increase in the cargo volume being handled by the company.

According to a company statement, Adani Ports handled 27% of India’s total cargo and 44% of container cargo in the year ending March 31. The volume rose by 24% during FY24 compared with the previous year, with 10 of its domestic ports achieving record highs.

For the quarter ended March 2024, the company had recorded consolidated net profit of ₹2,014.8 crore, up 77% compared with ₹1,139.07 crore in the year-ago period. Consolidated revenue from operations grew 19% to ₹ 6,896.50 crore in Q4 from ₹ 5,796.85 crore a year ago. The company’s board of directors had also recommended a dividend of ₹ 6 per share.

Shares of Adani Ports and SEZ were trading 0.93% higher at ₹1,483.05 apiece on the NSE at 10:27 am.