BSE-led indices rejig has come into effect from June 24, 2024, and key major changes have taken place on its benchmark Sensex which constitutes 30 large stocks. The biggest change is the debut of Adani Group's cash-cow stock Adani Ports on Sensex, and the exit of Wipro from the benchmark. However, on Monday, in the early trade, despite entry on Sensex, Adani Ports' share price fell sharply, while Wipro traded near its day's high.
Adani Ports Share Price:
At the time of writing, Adani Ports' share price traded at Rs 1463.85 apiece, down by 1.5% on BSE with a market cap of Rs 3,16,427.95 crore. Adani Ports is the first Adani stock to enter the Sensex index.
Adani Ports has been a star performer even after Hindenburg's bombshell report. From flagship company Adani Enterprises to Adani Wilmar, stocks witnessed a frenzy of selling in 2023 due to the allegations by US short sellers. But even still Adani Ports rose by 24.53% in 2023 and has continued its uptrend in 2024 so far. Adani Ports is also among the top picks of global investors, especially GQG Partners. YTD, the stock is up by 42%.
The outlook in Adani Ports is healthy. As per Jefferies report, operationally, Adani Ports is continuing to move from strength to strength, with market share moving up to 27% from 14% in FY15 and expected to be 30%+ by FY26 27E.
In May 2024, Adani Ports handled 35.8 MMT of cargo volumes, which is muted compared to the same month a year ago. On the other hand, Adani Ports flagship Mundra Port, touched a new milestone of handling 17.6 MMT of cargo in May'24, which is the highest ever monthly volume at any of the Indian ports. The port also achieved another milestone of handling over 7 Lac TEUs in a month.
Wipro Share Price:
Unlike Adani Ports, Wipro's share price surged despite exiting the Sensex index. At the time of writing, Wipro was at Rs 494.70 apiece, up by 0.9% on BSE with a market cap of Rs 2,58,725.33 crore. The stock was near its day's high of Rs 495 apiece.
In Q4FY24, Wipro's earnings were broadly mixed, while revenue guidance was weaker than street estimates. In the March 2024 quarter, Wipro's PAT is up by 4.95% from Rs 2,694.2 crore in Q3FY24, but down by 8.5% from its PAT of Rs 3,074.5 crore in Q4 of last year. Meanwhile, revenue in the quarter came in at Rs 22,208.3 crore, which was flat sequentially but down by 4.4% YoY. In dollar terms, Wipro's IT services segment revenue was at $2,657.4 million, an increase of 0.1% QoQ and a decrease of 6.4% YoY.
For the first quarter of FY25, Wipro expects revenue from our IT Services business segment to be in the range of $2,617 million to $2,670 million. This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms.
BSE indices have been rejigged as part of the benchmark's semi-annual reconstitution. Sensex is the main benchmark of BSE with the top 30 most well-established and financially sound companies listed on the exchange.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia's first & now the world's fastest Stock Exchange with a speed of 6 microseconds. BSE is India's leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
Click it and Unblock the Notifications
Sign in with Google