Adani group m-cap jumps Rs 39,000 crore as Adani Enterprises, Adani Ports shares lead recovery

By admin On Mar 1, 2023

Adani Enterprises, Adani Ports & SEZ and Adani Green Energy were among stocks that lifted Adani group’s combined market capitalisation by Rs 39,000 crore to above Rs 7.50 lakh crore mark in Wednesday’s trade. Shares of Adani Enterprises jumped 10 per cent to Rs 1,500 level. The Adani group flagship commanded an m-cap of Rs 1,71,051 crore, up Rs 15,549.62 crore over Tuesday’s m-cap of Rs 1,55,502.

The company’s subsidiary Mundra Aluminium has been declared as preferred bidder for Kutrumali Bauxite block in Odisha. Located in Kalahandi and Rayagada districts of Odisha, the block has estimated total geological resources of 128 million tonnes.

Adani Ports & SEZ, the second most-valued group stock, added Rs 4,277 crore in market cap so far. This group firm commanded m-cap of Rs 1,32,286.91 in Thursday’s trade against Rs 1,28,010 crore as on Tuesday’s closing. The stock hit a high of Rs 615.85, but was later trading at Rs 607.75, up 2.56 per cent.

Adani Green Energy added Rs 3,841 crore to the group m-cap. There were reports that the Adani group has received firm commitment for $800 million debt facility, which will be used to refinance the Adani Green Energy’s $750 million 4.375 per cent bond due in September 2024. The report suggested the debt facility can finalise the term sheet in next five days.

Shares of Adani Total Gas hit a high of Rs 714.20 so far. Its m-cap jumped by Rs 3,739.36 crore to Rs 78,548.44 crore from Rs 74,809.08 crore a day ago. Adani Transmission saw its m-cap rising Rs 3,580.73 crore to Rs 75,256.71. Adani Transmission added 2.40 per cent to Rs 658.

Adani Power, Adani Wilmar and Ambuja Cements added Rs 2,000-3,000 crore to the group m-cap.

Adani Power, which was up 5 per cent on Tuesday, extended gains. This scrip was up 4.98 per cent at Rs 153.75. Adani Wilmar rose 5 per cent to Rs 379.45. Adani Ports was up 2.06 per cent at Rs 604.80.

Shares of Adani group saw a massive $150 billion in value erosion after a short-seller Hindenburg Research accused the group of accounting fraud and stock manipulation. That said, the group stocks have recovered for the second straight day.

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