Adani Energy jumps over 8%
Mumbai: All listed Adani group stocks were in the limelight on Monday, with Adani Energy climbing over 8 per cent, as investors flocked to the counters amid a positive trend in the broader market.
Shares of Adani Energy Solutions jumped 8.40 per cent, NDTV zoomed 6.16 per cent, Adani Wilmar advanced 5.92 per cent, Adani Power surged 4.99 per cent, Adani Total Gas soared 4.81 per cent, Adani Green Energy rallied 2.93 per cent, Adani Ports climbed 2.56 per cent and ACC (2.38 per cent) on the BSE.
The stock of Adani Enterprises went up by 1.80 per cent and Ambuja Cements climbed 1.49 per cent.
The combined market valuation of all the group firms stood at Rs 16,30,648.23 crore.
The 30-share BSE Sensex climbed 363.20 points or 0.49 per cent to settle at 74,014.55 and the NSE Nifty advanced 135.10 points or 0.61 per cent to 22,462. Both the benchmarks hit their all-time high levels in intra-day.
Adani group opened a $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 $5 billion (Rs 41,500 crore) in equity and double of that in debt since the Hindenburg report.
