Adani Group adds Rs 2 lakh crore in market capitalisation
This was the largest single-day gain in m-cap since the Hindenburg report of January and it pushed the Group’s combined m-cap close to Rs 14 lakh crore mark.
NEW DELHI: Adani Group on Tuesday added nearly Rs 2 lakh crore in market capitalisation (m-cap) as positive cues, including the election outcome in three states, have made the port-to-power conglomerate’s 10-listed stocks a favourite among investors.
This was the largest single-day gain in m-cap since the Hindenburg report of January and it pushed the Group’s combined m-cap close to Rs 14 lakh crore mark. In the past one week, the Group’s m-cap has grown from nearly Rs 10.26 lakh crore to Rs 13.88 lakh crore, a net addition of Rs 3.62 lakh crore. With the recent gains, the m-cap of billionaire Gautam Adani-led companies is now inching towards the pre-Hindenburg time. The Group’s m-cap stood at Rs 18.20 lakh crore before the short-seller accused them of manipulating stock prices.
Buying across Adani pack picked up since the favourable Supreme Court proceeding of November 24 in the Hindenburg case. The stocks received another major kick on Sunday when Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) clinched victory in three state elections.
“For investors, this is a big boost as they feel Adani Group will continue to boom under the BJP government. Other factors such as the waning effect of Hindenburg’s allegations, fundraising by reputed investors, and aggressive expansion plan has again brought back focus on Adani Cos,” an analyst said while requesting anonymity. Tuesday’s strong gains can also be attributed to reports indicating that the US International Development Finance Corp (DFC) did not find the allegations of corporate fraud by short-seller Hindenburg Research relevant.
All 10 stocks in the Adani group clocked gains ranging from 7-20% with Adani Green Energy and Adani Energy Solutions gaining 20% each. The Group’s flagship company Adani Enterprises Ltd (AEL) shares surged by 16.91%, increasing its market valuation by a substantial Rs 48,809 crore. Adani Ports and Special Economic Zone (APSEZ) gained 15.3%, contributing Rs 29,043 crore to the market cap.
Adani Energy and Adani Green Energy added over Rs 55,600 crore to the Group’s m-cap. Adani Power and Adani Total Gas registered gains of 15.81% and 19.88%, respectively. The cement firm Ambuja and ACC also contributed to the gains. NDTV witnessed an 18.48% rise in share price.
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