All ten companies under the Adani Group umbrella, including Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power, ACC, Ambuja, and NDTV, have experienced a significant surge in trading on a particular Friday. This surge has collectively pushed the group’s overall market capitalization back above Rs 11 lakh crore, marking a return to this level for the first time since February of that year.
The individual companies within the Adani Group, such as Adani Enterprises and Adani Ports, are trading with gains ranging between 3% to 10% in this sudden surge. This has led to Adani Enterprises’ market capitalization rising above Rs 3 lakh crore, a level it hadn’t reached since May 23 of the same year.
Recent focus on Adani Group stocks was spurred by a newspaper report that suggested the Abu Dhabi National Energy Company PJSC (TAQA) was considering an investment of up to $2.5 billion in the group’s power business. TAQA is the second-largest stock on the Abu Dhabi Securities Exchange. However, TAQA has stated that there is “no truth” to the reported deal with the Adani Group, according to Bloomberg.
Adani Power also garnered attention during the week when GQG Partners acquired over 8% of the company’s total equity, which amounts to 31 crore shares.
The Adani Group stocks had experienced a notable correction from their earlier highs during the year, partly due to a report from short-seller Hindenburg Research. The Securities and Exchange Board of India (SEBI) requested an additional 15 days to submit its report to the Supreme Court concerning these developments.
Despite the previous correction, Adani Group companies have shown a robust recovery from their lows. The group had achieved a market capitalization of over Rs 10 lakh crore in May of that year and managed to add another Rs 1 lakh crore in the following three months. Currently, both Adani Enterprises and Adani Ports are the top two gainers on the Nifty 50 index.
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