Gautam Adani-led Adani Enterprises, Adani Transmission and Adani Total Gas scaled their new all-time high on Tuesday amid the ongoing momentum in the group stocks. With a total net worth of $137 billion, the billionaire also became the first Asian to become the third richest globally.
Shares of Adani Enterprises traded 2.32 per cent up at Rs 3,215.75 in the afternoon trade on August 30, 2022. On the other hand, the benchmark BSE Sensex traded 1,119 points, or 1.93 per cent, higher at 59,091 at around the same time. Adani Transmission and Adani Total Gas were up 2.54 per cent and 3.61 per cent at Rs 3,952 and Rs 3,665, respectively, at around the same time.
Meanwhile, Adani Enterprises scaled its new all-time intraday high of 3262.55. Adani Transmission and Adani Total Gas also scaled their new lifetime highs of 3,980.60 and 3,684.10, respectively.
Commenting on the ongoing momentum in the Adani group of stocks, Kranthi Bathini, Equity Strategist, WealthMills Securities said, “The economic environment has been in the favour of Adani group business models. As a result, they are firing on all cylinders amid the ongoing momentum.”
For the latest quarter ended June 30, 2022, the consolidated profit of all listed Adani group firms jumped nearly 155 per cent year-on-year (YoY) to Rs 6,897.85 crore. The figure stood at Rs 2,705.84 crore in the same quarter last year. On the other hand, cumulative sales of the group firms also increased by 102 per cent to Rs 79,769.97 crore during the quarter under review.
Adani Group has managed to create humungous wealth for investors since the beginning of FY21. With a rally of 3,994 per cent, Adani Total Gas emerged as the top gainer. The scrip jumped to Rs 3537.80 on August 29, 2022 from Rs 86.40 on March 31, 2020. It was followed by Adani Enterprises (2,184 per cent), Adani Transmission (up 1,942 per cent), Adani Green Energy (up 1420 per cent), Adani Power (up 1315 per cent) and Adani Ports and Special Economic Zone (up 231 per cent).
While commenting on Adani Group, CreditSights in a report recently said, “We remain cautiously watchful of the group’s growing expansion appetite, which is largely debt-funded.” Listed Adani Group firms had a consolidated total debt of Rs 2.2 lakh crore as of March 31, 2022, according to data available with Ace Equity.
Also read: Adani Power shares hit 5% upper circuit, rise for second session
Also read: Adani leaves Ambani behind on 11th spot in world rich list – that’s a gap of eight ranks!