MUMBAI: The recovery seen in the shares of Adani Group companies on Tuesday gained further momentum on Wednesday. Driven by rise in shares, the combined market capitalisation of Adani Group surged by Rs 44,200 crore to Rs 7.56 lakh crore on Wednesday.
The share price of Adani Enterprises, the ports-to-power conglomerate Adani Group flagship, rose 14.70% to close at Rs 1,564 apiece on the BSE. In the past two trading sessions, company’s shares have rallied 31% while the market valuation has increased Rs 42,219.95 crore.
Adani Enterprises on Tuesday said its arm Mundra Aluminium has been declared as the preferred bidder for Kutrumali bauxite block by the Odisha government. There were reports in a section of media stating the Group had secured a $3 billion loan from a sovereign fund. The Group denied any such development and said the reports are baseless.
Strong investors’ interest was seen in other Adani Stocks with six of its firms -- Adani Transmission, Adani Total Gas, Adani Wilmar, Adani Green, NDTV and Adani Power hitting 5% upper circuit limits in Wednesday’s trade.
Shares of Adani Total Gas rose 4.9 % to close at Rs 713 while Adani Wilmar jumped 5 % to Rs 379.45 a piece. Shares of Adani Transmission rose 5% to close at Rs 674.7, Adani Green rose by 4.99% to close at Rs 509.80, NDTV ended 4.99% higher to Rs 199.75, Adani Power jumped 4.98 % to Rs 153.75, Ambuja Cements by 3.32 % to Rs 353 while ACC rose by 2 % to Rs 1,769 apiece. Shares of Adani Ports and Special Economic Zone rose 1.6% to close at Rs 602 apiece on the BSE.
Stocks of Gautam Adani-led firms are under selling press on the exchanges since January 24 after Hindenburg Research, in a report, accused it of engaging in fraudulent transactions and manipulating share prices.
Adani firms’ market valuation
Rs 44,200 cr Increase in combined market cap of Adani Group firms on Wednesday
Rs 7.56 lakh cr Combined market cap of Adani Group firms on Wednesday
Rs 74,260 cr Rise in Adani Group's market cap in the past two trading sessions
Rs 19.2 lakh cr Combined market cap of Adani Group companies on January 24
15% Rise in Adani Enterprises shares on the BSE on Wednesday