Adani Group stocks extended their rally on December 7 morning to touch new highs, taking the market capitalisation of the power-to-port conglomerate above Rs 15 lakh crore.
Adani Total Gas Ltd led the gains, hitting the 10 percent upper circuit to touch a fresh 52-week high of Rs 1,158.60 on the National Stock Exchange (NSE). The stock has surged around 163 percent from its 52-week low of Rs 439.10 on February 28, 2023 in the aftermath of a report by American short-seller Hindenburg Research.
Adani Green Energy soared 7 percent to Rs 1,700. Adani Energy Solutions jumped over 4 percent to Rs 1,240. Adani Wilmar was also trading higher amid reports of the group and Singapore’s Wilmar International approaching private equity (PE) firms to sell part of their stake in the consumer-staple joint venture.
Ten Adani stocks are listed on the bourses. They have been gaining after the Supreme Court late in November questioned the reasons to doubt the Securities and Exchange Board of India’s probe into Adani-Hindenburg matter.
The rally got a further boost after a recent report said the US government did not find Hindenburg Research’s allegations of corporate fraud against the conglomerate relevant.
Another key trigger has been the group's plan to invest Rs 7 lakh crore on capex over the next decade and Adani Green Energy securing a $1.36 billion loan from a consortium of eight international banks.
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Shares of flagship firm Adani Enterprises were trading in positive territory at around Rs 2,887.80 on the National Stock Exchange. The stock has risen nearly 30 percent in the last month.
Adani Ports and New Delhi Television Ltd (NDTV) were up 2 percent and Adani Power a percent.
Shares of other group entities such as Ambuja Cement and ACC were also in the green.
Also Read | Gautam Adani back as 2nd richest Indian, Rajiv Jain of GQG Partners 82% richer
In early morning deals, Adani Group stocks added Rs 62,975 crore to investor wealth, taking the Gautam Adani-led conglomerate’s market capitalisation to Rs 15.1 lakh crore.
The group’s market cap on January 23, a day before Hindenburg Research released its report, was over Rs 19 lakh crore. It hit a low of 6.8 lakh crore after the report triggered a rout in company stocks. The stocks have since recovered with the market cap at around Rs 15 lakh crore but still short of what it was before January 24, 2023.
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