Adani Enterprises shares rally 10%, Adani Ports 8%, Adani Power 5%; 9 out of 10 Adani group stocks gain

By admin On Feb 8, 2023

Adani group stocks continued with their recent recovery in Wednesday’s trade with shares of the group flagship Adani Enterprises climbing 10 per cent. A host of steps by the group including the prepayment of loans instilled confidence among investors. Add to that are strong earnings by a few group companies that pushed Adani stocks higher today. Nine of 10 Adani group stocks were in morning trade.

Adani Enterprises hit its 10 per cent upper circuit limit at Rs 1,982.75. Adani Transmission climbed 4.87 per cent to Rs 1,312.70. The company reported a 73 per cent jump in consolidated net profit at Rs 478 crore for the December quarter compared with Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order. The company’s revenue rose 16 per cent to Rs 3,037 crore from Rs 2,623 crore in the year-ago period.

Adani Green Energy added 2.48 per cent to Rs 864.10. Adani Green Energy’s consolidated profit more than doubled to Rs 103 crore in December quarter compared with Rs 49 crore in the year-ago period.

Ambuja Cements added 2.27 per cent to Rs 392.40. The cement maker reported a 46 per cent rise in its December quarter standalone profit at Rs 368.99 crore against Rs 252.81 crore YoY. Revenue from operations for the cement maker climbed 10 per cent to Rs 4,128.5 crore from Rs 3,739.9 crore a year ago.

Adani Ports climbed 7.88 per cent to hit a high of Rs 597. The port operator reported a 13 per cent year-on-year (YoY) decline in the profit after tax at Rs 1,336.51 crore for the December quarter. The company had reported a profit after tax at Rs 1,535 crore in the year-ago period.

Adani Wilmar hit its 5 per cent upper circuit limit at Rs 419.35.

Adani Power advanced 4.07 per cent to Rs 180.40. NDTV and ACC rose up to 3 per cent. Adani Total Gas, however, hit 5 per cent lowe circuit limit at Rs 1,394.15.

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