Most Adani Group Stocks Up, Adani Enterprises Rises Nearly 20 Per Cent
Shares of most of the Adani Group companies ended higher on Wednesday, with the flagship company Adani Enterprises rallying nearly 20 per cent.
Seven of the group companies ended in the positive territory while three settled in the red on Wednesday.
In the last two trading sessions, Adani Group companies have recovered around Rs 70,000 crore in combined market capitalisation. The group stocks have lost around Rs 8.7 lakh crore or about 45 per cent of their combined market valuation since January 24, Manish Chowdhury, Head of Research at brokerage firm Stoxbox, said.
The US-based short-seller Hindenburg Research came out with its adverse report about Adani Group on January 24.
On Wednesday, shares of Adani Enterprises rallied nearly 23 per cent to Rs 2,163, also its upper price band on the BSE. It later ended at Rs 2,158.65 per share, up by 19.76 per cent.
The flagship company’s market valuation rose Rs 40,601.14 crore to Rs 2.46 lakh crore.
Shares of Adani Ports and Special Economic Zone zoomed 8.34 per cent to end at Rs 599.45. The company’s market valuation rose Rs 9,969.04 crore to Rs 1.29 lakh crore.
Adani Power closed at Rs 182, Adani Transmission at Rs 1,314.25, NDTV at Rs 227.75 and Adani Wilmar at Rs 419.35 per share. These firms settled with 5 per cent gains and their closing levels touched the respective upper price bands on the BSE.
Besides, Ambuja Cements rose 0.17 per cent to close at Rs 384.35.
On the other hand, three of the Adani group companies closed in the red. Adani Total Gas and Adani Green Energy plunged 5 per cent each while ACC fell 1.11 per cent to end at Rs 1,973.35.
Adani Total Gas settled at Rs 1,394.15, the lower price band. Adani Green Energy fell 4.92 per cent to end at Rs 801.75. During the day, the stock declined to touch its 52-week low of Rs 801.05 over its previous close.
The 30-share BSE Sensex closed 377.75 points or 0.63 per cent higher at 60,663.79 points on Wednesday.
On Tuesday, six of the group companies closed in the green while four were in the red.
Adani Group, on Monday, said the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
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