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Zomato Joins BSE Sensex, Becomes First New-Age Company to Enter Benchmark Index!

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Zomato Joins BSE Sensex, Becomes First New-Age Company to Enter Benchmark Index!

Food delivery giant Zomato is set to replace JSW Steel in the 30-share BSE Sensex, marking a historic moment as it becomes the first new-age company to enter the benchmark index. This change, announced by BSE’s subsidiary Asia Index Pvt Ltd, will take effect on December 23, 2024. The reconstitution also includes updates to indices like BSE 100, BSE Sensex 50, and BSE Sensex Nifty 50.

Zomato’s Entry: A Milestone Achievement

Zomato’s inclusion in the Sensex comes after an impressive rally in its stock over the past year, delivering a remarkable 130% return. In comparison, the Sensex has posted a 12-month return of 20%. On the last trading day before the announcement, Zomato’s stock closed at ₹264.15 per share, down by 0.97%.

Performance Comparison

  • Zomato: 130% return over the past year.
  • Sensex: 20% return over the same period.
  • JSW Steel: Recorded a 27% gain in the last year.

Other Key Changes in Indices

In addition to Zomato’s entry into the Sensex, several other changes are being made across different indices:

New Entrants to BSE 100

The BSE 100 index will see six new entrants:

  • Jio Financial Services
  • Suzlon Energy
  • Adani Green Energy
  • Adani Power
  • Samvardhana Motherson International
  • PB Fintech

These will replace:

  • Ashok Leyland
  • PI Industries
  • IDFC First Bank
  • IRCTC
  • UPL
  • APL Apollo Tubes

Changes in BSE Sensex 50

In the BSE Sensex 50 index, Zomato, Jio Financial Services, and Hindustan Aeronautics Limited (HAL) will replace:

  • HDFC Life Insurance Company
  • Bharat Petroleum Corporation (BPCL)
  • LTIMindtree

Expansion of Futures and Options Contracts

BSE also announced the introduction of futures and options (F&O) contracts for 43 stocks, starting from December 13, 2024. Major names entering the F&O segment include:

  • Adani Energy Solutions
  • Adani Green Energy
  • Adani Total Gas
  • One97 Communications (Paytm)
  • Yes Bank
  • Avenue Supermarts (DMart)
  • Life Insurance Corporation of India (LIC)
  • Zomato
  • Jio Financial Services

Governance Update

In a circular released after market hours, BSE confirmed that the Securities and Exchange Board of India (SEBI) has approved Subhasis Chaudhuri as the new Chairman of the exchange’s Governing Board.

Conclusion

Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.

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Dunzo Gets Breather as NCLT Rejects Insolvency Petition from Invoice Discounters

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Dunzo

The National Company Law Tribunal (NCLT) Bengaluru bench has dismissed an insolvency plea filed against quick commerce startup Dunzo by its invoice discounters, declaring the petition “not maintainable” after several postponements. This decision offers temporary relief to Dunzo, which has been facing multiple insolvency petitions from various creditors, including Velvin Packaging Solutions and Betterplace Safety Solutions, over unpaid dues.

The invoice discounters alleged that Dunzo had paid only 50% of the required amounts, though the exact sum was not disclosed. Despite ongoing settlement talks, no resolution was reached, and the tribunal noted Dunzo’s delays in responding to creditor petitions. Dunzo continues to grapple with severe liquidity issues, delayed payments, and significant losses—reporting a ₹1,801.8 crore loss in FY23 and owing approximately ₹11.4 crore to major vendors like Google India and Facebook India.

While this NCLT ruling provides Dunzo some breathing room, the company still faces ongoing financial and operational challenges as it works to resolve its outstanding liabilities.

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Golden Retriever in workplace

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Info Edge Shareholders Approve ₹1,000 Crore Investment in New Venture Fund

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Info Edge

Info Edge (India) Ltd shareholders have overwhelmingly approved an investment of up to ₹1,000 crore in the company’s third venture capital fund, Info Edge Ventures Fund III. The proposal received near-unanimous backing, with 99.9995% of valid votes in favor out of 1,274 participants.

Smartweb Internet Services Ltd, a wholly owned Info Edge subsidiary, will act as sponsor and investment manager for the new fund. This move strengthens Info Edge’s commitment to backing early-stage startups and expanding its footprint in India’s venture capital landscape.

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