Adani Group Stocks Gain Momentum (Image Source: iStockphoto)
On Monday, all listed Adani Group stocks attracted significant attention, experiencing gains amidst a positive trend in the broader market.
Adani Energy Solutions led the surge, climbing over 8.40 per cent, followed by Adani Wilmar, which advanced by 5.92 per cent. Adani Power saw an increase of 4.99 per cent, while Adani Total Gas and Adani Green Energy soared by 4.81 per cent and 2.93 per cent, respectively. Additionally, Adani Ports and ACC witnessed gains of 2.56 per cent and 2.38 per cent on the BSE.
Adani Enterprises rose by 1.80 per cent, while Ambuja Cements climbed by 1.49 per cent. The combined market valuation of all Adani Group firms reached Rs 16,30,648.23 crore.
The broader market also displayed strength, with the 30-share BSE Sensex advancing by 363.20 points or 0.49 per cent to settle at 74,014.55. Similarly, the NSE Nifty saw an increase of 135.10 points or 0.61 per cent to reach 22,462, with both benchmarks achieving all-time high levels during intra-day trading.
Adani Group’s recent activities signal a resurgence after facing scrutiny. Within the span of a week, the conglomerate initiated a USD 1.2 billion copper plant project, acquired a port in Odisha, expanded its stakes in a cement company, and formed a strategic alliance with rival Mukesh Ambani’s Reliance Industries.
Notably, the past week witnessed a flurry of expansion and investment announcements by Adani Group across various sectors, including ports, metal refining, cement, and solar energy.
The conglomerate’s revenues have shown consistent growth, aiding in debt reduction, fulfilling financial commitments, and facilitating strategic investments to drive further growth and expansion endeavors.
Since the Hindenburg report, Adani Group has raised over USD 5 billion (Rs 41,500 crore) in equity and a double amount in debt, highlighting its resilience and determination to move forward with its ambitious plans.
(With Inputs From PTI Agency)
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
