Adani Group stocks soar by 20%, market valuation closer to ₹14 lakh crore mark
It was a blockbuster day for the Adani Group in the stock market as three firms of the Gautam Adani-owned business conglomerate witnessed record stock price surge by nearly 20 per cent.
Adani Green Energy Ltd saw its shares rally by 20 per cent, this day after it raised $1.4 billion loan for a renewable energy project. The senior debt facility was secured from a consortium of eight international banks, including BNP Paribas, Rabobank, DBS Bank Ltd, Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc.
On the BSE index, Adani Green closed at ₹1348.00 per share, a 20 per cent hike from the previous close.
Adani Total Gas Ltd. and Adani Energy Solutions Ltd. flagship Adani Enterprises Ltd saw their shares close at the highest level since Jan. 31, leaving it just 16% short of recouping losses from Hindenburg Research’s scathing report earlier this year.
Adani Total Gas Ltd shares closed at ₹878.20 and Adani Enterprises Ltd closed at ₹2960.10 a piece. Adani Power Ltd. ( ₹538.50) and Adani Ports & Special Economic Zone Ltd ( ₹1011.85) shares jumped more than 15% on the BSE.
Stocks of Adani Wilmar rose 9.93 per cent to end at ₹380.70, ACC gained 8.20 per cent to close at ₹2,185, Ambuja Cements went up 7.22 per cent to settle at ₹508.70.
The combined market valuation of all the 11 firms soared to ₹13.91 lakh crore at close on Tuesday. The valuation had stood at around ₹11.98 lakh crore at the close of trading on Monday. Thus, the combined market valuation of all the 11 firms, including Sanghi Industries went up by about ₹1.92 lakh crore on Tuesday.
What experts say on Adani stocks surge?
Mukesh Jain, director, Maverick Share Brokers Pvt, told Bloomberg,“Arguments in India’s Supreme Court and the report of the US government’s view of Hindenburg has triggered a rally in these shares while the overall market has also been on a strong footing. I expect this momentum to hold.”
Alok Churiwala, managing director at Mumbai-based Churiwala Securities Pvt, said that the investor sentiment had taken the hit following the short-steller broadside and there were doubts over their corporate disclosures.
“But the group has managed to allay investor concerns about the points raised by Hindenburg,” he added.