Adani Group Stocks: Majority Shares Rise for 2nd Day; Adani Power Jumps 5 pc
Photo : PTI
Nine of the 10 listed Adani group stocks ended in the positive territory on Tuesday, extending their rally for the second day. Shares of Adani Power jumped 5 per cent, Adani Wilmar soared 4.15 per cent, ACC went up by 4.09 per cent, NDTV advanced 2.81 per cent and Ambuja Cements by 2.09 per cent on the BSE. The stock of Adani Ports climbed 2.02 per cent, Adani Total Gas (0.65 per cent), Adani Enterprises (0.51 per cent) and Adani Green Energy (0.30 per cent).
Adani Energy Solutions emerged as the only laggard, declining 1.25 per cent. All listed Adani group stocks were in the limelight on Monday also, with Adani Energy climbing over 8 per cent. Adani group opened a USD 1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani’s Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree.
In the last week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
The group’s revenues have continued to grow, helping it reduce debt, meet financial obligations, boost stability and make strategic investments to further its growth and expansion plans. Adani Group has raised over USD 5 billion (Rs 41,500 crore) in equity and double of that in debt since the Hindenburg report.
