Week Ends On Positive Note For Adani Group, Share Prices On Upswing

| Updated: March 4, 2023 3:14 pm

Shares of Gautam Adani’s flagship entity, Adani Enterprises, have rallied 43.28 17 per cent in the last five days amid positive news flows about the company. In three trading sessions, the combined market valuation of the ten listed companies have jumped more than ₹1.42 lakh crore.

Adani Enterprises jumped nearly 17 per cent to settle at ₹1,879.35 on the BSE on Friday after US boutique investment firm GQG Partners’ 15,446 investment in group stocks. During the day, it jumped 18.56 per cent to ₹1,905.

Besides, stocks of Adani Ports rallied 9.81 per cent, Ambuja Cements climbed 5.70 per cent, ACC advanced 5.11 per cent, Adani Transmission jumped 5 per cent, Adani Green Energy rose 5 per cent and Adani Total Gas gained 5 per cent.

Shares of Adani Power jumped 4.99 per cent, Adani Wilmar climbed 4.99 per cent and NDTV went up 4.98 per cent.

Most of the Adani Group companies also hit their upper circuit limits in Friday’s morning trade. In the broader market, the BSE Sensex zoomed 899.62 points or 1.53 per cent to settle at 59,808.97 points.

SIMILAll Adani stocks surged after GQG bought shares worth ₹15,446 crore in four of the group companies, the first major investment in the conglomerate since a short-seller’s critical report sparked a stock rout.

The funding will assuage concerns about the Adani Group’s ability to raise funding for loan repayment,” said Aditya Mongia and Teena Virmani of Kotak Institutional Equities.

Adani Group will hold road shows this month in London, Dubai and several cities in the US, according to a Reuters report. 

The meetings are scheduled for Dubai on March 7, London on March 8 and multiple US locations between March 9-March 15, the document revealed.

“Adani stocks rallied post the block deal in the secondary market in four of the group stocks on Thursday between the promoters and a US based investment firm. This improved the overall sentiment in the market and especially in the PSU banks,” Mitul Shah, Head of Research at Reliance Securities, said.

Adani Group companies ended in the positive territory on Wednesday and Thursday as well.

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