Adani Group Stocks End Up To 20% Higher, 3 Firms Hit 52-Week High

During the day, some of the group firms also hit their 52-week highs and locked in upper-circuit levels, with the total valuation of group companies reaching near the Rs 15 lakh crore-mark at close.

Adani Group Stocks End Up To 20% Higher, 3 Firms Hit 52-Week High

Eight of the group firms ended in the green territory, and three in the red.

New Delhi:

Adani Group shares extended their gains and ended up to 20 per cent higher on Wednesday after billionaire Gautam Adani-led conglomerate said it has plans to invest USD 75 billion on energy transition initiatives by 2030.

Eight of the group firms ended in the green territory, and three in the red.

During the day, some of the group firms also hit their 52-week highs and locked in upper-circuit levels, with the total valuation of group companies reaching near the Rs 15 lakh crore-mark at close.

On the BSE, Adani Total Gas zoomed 19.98 per cent to close at Rs 1,053.65 apiece, Adani Green Energy rallied 16.11 per cent at Rs 1,565.10, Adani Energy Solutions bounced 7.36 per cent to Rs 1,162.30, and NDTV advanced 7.07 per cent to settle at Rs 285.40.

Sanghi Industries shares jumped 4.97 per cent to end at Rs 136.35, Adani Wilmar climbed 4.11 per cent to Rs 396.35, Adani Power gained 4.09 per cent to Rs 560.55, and Adani Ports and Special Economic Zone (APSEZ) rose 0.67 per cent to Rs 1,018.65 apiece.

During the day, scrip of Sanghi Industries, Adani Power and APSEZ also hit their 52-week highs on the bourse.

However, stock of ACC declined 2.59 per cent to finish at Rs 2,128.35 apiece, flagship firm Adani Enterprises fell 2.53 per cent to end at Rs 2,885.20, and Ambuja Cements down by 1.48 per cent to close at Rs 501.15 per share on the BSE.

The combined market valuation of all the 11 firms soared to Rs 14.54 lakh crore at close on Wednesday.

It stood at around Rs 13.91 lakh crore at the close of trading on Tuesday. Thus, the combined market valuation of all the 11 firms, including Sanghi Industries went up by about Rs 63,769 crore on Wednesday.

This was the first time that the group stocks hit nearly Rs 15 lakh crore-mark after facing a rout early this year following a report by US short-seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate.

However, the company denied all allegations.

Adani Group has plans to invest USD 75 billion on energy transition initiatives by 2030, its Chairman Gautam Adani said on Wednesday.

The investments will boost the group's vision to have 45 gigawatt of renewable energy capacity by 2030, he said.

The investments will be executed through Adani Green Energy Ltd (AGEL).

On Tuesday, all 11 Adani Group shares continued their upward movement after a report stated that US agency IDFC had found Hindenburg Research's allegations of fraud against billionaire Gautam Adani-led conglomerate were "not relevant".

Ambuja Cements Ltd on Tuesday said it had completed the acquisition of Sanghi Industries Ltd (SIL), while another group firm Adani Green Energy announced it has secured funding of USD 1.36 billion from a consortium of international banks as part of its construction financing framework.

Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud by US-based short seller Hindenburg Research against the conglomerate.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

.