Most Adani group companies rise; Adani Enterprises jumps 14 per cent

On the BSE, the scrip of Adani Enterprises jumped 15 per cent to its upper price band of Rs 1,808.25 apiece with a market capitalisation of Rs 2.06 lakh crore.

Published: 07th February 2023 11:11 AM  |   Last Updated: 07th February 2023 01:37 PM   |  A+A-


Signage of Adani's compressed natural gas station are displayed at company's outlet in Ahmedabad, India. (Photo | AP)


NEW DELHI: Most of the Adani group companies rose on Tuesday, with flagship Adani Enterprises gaining 14 per cent in late morning trade.

Amid volatile trading in the market, eight Adani group firms gained while two were in the red.

On the BSE, shares of Adani Enterprises jumped 14.28 per cent to Rs 1,797 and Adani Transmission climbed 5 per cent to Rs 1,324.45, also its upper price band.

Adani Ports and Special Economic Zone rose 5.79 per cent to Rs 577.65, while Adani Green Energy jumped nearly 3 per cent to Rs 913.70.

Shares of Adani Wilmar went up 4.99 per cent to hit the upper price band of Rs 399.40. ACC jumped 3.13 per cent to Rs 2,031.20, Ambuja Cements climbed 3.20 per cent to Rs 391.60, and NDTV surged 5 per cent to reach the upper price band of Rs 225.35.

OPINION | Defending Adani, critiquing Hindenburg

Out of the ten listed companies of the Adani group, two were in the red -- Adani Total Gas slumped 5 per cent to touch the lower price band of Rs 1,467.50, and Adani Power declined 2.93 per cent to Rs 177.10.

On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by Rs 9.5 lakh crore since January 24, when the US-based short-seller Hindenburg Research came out with an adverse report.

Adani group, on Monday, said that 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.

The Hindenburg Research report has rattled investor sentiments towards Adani group stocks. In late morning trade, the 30-share Sensex dropped 158.39 points to 60,348.51 points.

ALSO READ | Adani vs Hindenburg: The story of Asia's richest man and why is his company tanking


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