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regular-article-logo Monday, 24 June 2024

Adani Enterprises may enter Sensex in its semi-annual review: IIFL Alternative Research

We expect inclusion of Adani Enterprises and exclusion of Wipro from Sensex, said the note from IIFL Alternative Research

Our Special Correspondent Mumbai Published 24.05.24, 08:42 AM
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Adani Enterprises Ltd (AEL), the flagship of the Adani group, may be added to the Sensex in its semi-annual review, IIFL Alternative Research said on Thursday.

This led to a rally not only in the AEL stock but also in other Adani group firms.

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AEL, which incubates businesses, saw its shares jumping 8.01 per cent to close to 3,391.20 on the BSE.

During intra-day trades, the counter zoomed 8.60 per cent to hit a 52-week high of 3,409.05.

The gains led to its market cap advancing to 3.86 lakh crore on the BSE.

"We expect inclusion of Adani Enterprises and exclusion of Wipro from Sensex," the note from IIFL Alternative Research said.

The good tidings from the report spread to other group stocks: shares of NDTV rallied 7.62 per cent, while cement firms ACC rose 2.86 per cent and Ambuja Cements, 2.09 per cent.

Adani Ports rose 4.72 per cent, while Adani Power gained 2.79 per cent and Adani Energy Solutions 1.17 per cent.

Adani Total Gas was up 2.37 per cent, Adani Green Energy 1.25 per cent and Adani Wilmar, 1.85 per cent.

The combined market valuation of all the 10 listed group firms stood at 17.23 lakh crore. On Wednesday’s trade, the conglomerate’s market capitalisation had regained the $200 billion mark (16.9 lakh crore).

Delaporte pay

Thierry Delaporte, who resigned as the CEO of Wipro in April, was the highest income earner in the IT sector with a compensation of $20.11 million (approximately 167 crore) in 2023-24, according to a Wipro filing.

Delaporte resigned as the CEO of Wipro on April 6 and was succeeded by Srinivas Pallia.

Wipro’s filing showed that he earned little over $3.9 million as salary & allowances, over $5 million as commission and variable pay, $6.83 million as `others’ and $4.31 million as long-term compensation.

The company added that it incurred severance-related costs of 92 crore towards the outgoing CEO for 2023-24., Infosys CEO Salil Parekh’s remuneration for the fiscal had stood at 56 crore.

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