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Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
UPL is attempting a turnaround with a $400 million rights issue and a strategic backer after being excluded from the Nifty 50 due to market-cap issues. The company's stock is trading at 2017 levels amid challenges like sluggish demand, declining sales, and a heavy debt burden, which rose to ₹29,931 crore in FY24. Despite a slight easing in net debt, rising finance costs and a stretched working capital cycle continue to weigh heavily on its prospects.
UPL's net debt reached Rs 27,531 crore as of September 2024, with leverage ratios worsening in FY24 due to declining earnings. The company plans to raise approximately Rs 5,489 crore through a rights issue and a stake sale in Advanta Enterprises to alleviate its debt burden, although global product prices remain pressured by excess supplies from China.
Dr Reddy’s Labs, JSW Steel, Tata Power, PSP Projects, Strides Pharma, UPL, and Aegis Logistics are in focus on Thursday due to significant market developments. PSP Projects is set to see a major shift as Adani Infra (India) has signed agreements to acquire up to a 30.07% stake from promoter Prahladbhai S Patel for Rs 685.4 crore, alongside an open offer for an additional 26% stake at Rs 642.06 per share.
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