Adani Enterprises shares jump 6%; m-cap tops Rs 2 lakh crore; Adani Green, Adani Wilmar, Adani Total hit 5% upper circuit limits
Adani group stocks, led by flagship Adani Enterprises, jumped up to 6 per cent in Thursday’s trade, with the group market capitalisation (m-cap) climbing nearly 34,000 crore to Rs 9 lakh crore mark. Three group shares Adani Green Energy, Adani Wilmar and Adani Total Gas hit their respective upper circuit limits. None of the Adani group stock was trading in the red.
The group has told investors that several top Japanese and European banks have reaffirmed confidence in the embattled conglomerate after it was hit by a US short seller’s critical report, Reuters quoting a company document said.
The group stocks also gained amid a report by Mint that suggested the group was aiming to boost group-level operating earnings by nearly 50 per cent to Rs 91,000 crore over the next two fiscal years, allaying concerns of creditors and investors to whom it owes around $23 billion.
Shares of Adani Enterprises jumped 5.6 per cent to hit a high of Rs 1,793. The company topped Rs 2 lakh crore in market capitalisation. Adani Transmission hit its 5 per cent upper circuit limit at Rs 956.15.
Adani Green Energy hit its 5 per cent limit at Rs 855.05, so did Adani Total Gas. Adani Wilmar climbed 3.91 per cent to Rs 411.80.
Adani Ports was up 1.52 per cent at Rs 646.15. Adani Power advanced 2.37 per cent to Rs 194.55. ACC and Ambuja Cements rose 1.3 per cent each. NDTV was up 3.7 per cent at Rs 192.15.
Overall, the group m-cap jumped Rs 33,762 crore to Rs 9,19,107 crore from Rs 8,85,345 crore.
The document, which was reviewed by Reuters, howveer, did not elaborate on how the lenders reaffirmed their commitment to the Adani group.
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