courtesy: mint
Gautam Adani’s cash cow Adani Ports and Special Economic Zone, the shares of which company have nearly doubled in the last year, would soon be included in India’s headline equity Index Sense.
S&P Dow Jones Indices announced on Friday, with effect from June 24, Wipro will be removed from the 30- share index, and the place of which will be taken by Adani Ports.
While Adani Ports shares have registered a steady inclination path in the recent past with a 97% return in past year, IT major Wipro has underperformed with a 16% return during the period.
Adani Ports became the first stock from the group of ten pack Adani Group to have found a place on 30- seat Sensex. However, two of Adani’s stock – Adani Ports and Adani Enterprises – have been listed in Nifty 50, which comprises of India’s largest stocks based on market capitalization.
The inclusion of stocks in key indices should be considered as positive news for its investors as it leads to inflows from passive funds tracking the particular index.
