Adani Group stocks surge, Adani Energy spikes 8%
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Adani Group stocks experienced significant demand on Monday, with Adani Energy witnessing a remarkable surge of over 8%, as investors showed keen interest amidst a positive market trend.
"Shares of Adani Energy Solutions soared 8.40%, NDTV rose 6.16%, Adani Wilmar gained 5.92%, Adani Power surged 4.99%, Adani Total Gas climbed 4.81%, Adani Green Energy rallied 2.93%, Adani Ports increased by 2.56%, and ACC by 2.38% on the BSE," revealed market reports.
The stock of Adani Enterprises registered a rise of 1.80%, while Ambuja Cements saw an increase of 1.49%.
The collective market valuation of all Adani group firms stood at ₹16,30,648.23 crore.
On the trading front, the 30-share BSE Sensex witnessed a climb of 363.20 points or 0.49% to settle at 74,014.55, while the NSE Nifty advanced by 135.10 points or 0.61% to 22,462, reaching new all-time high levels intra-day.
Recent developments within the Adani Group have showcased remarkable expansion initiatives. These include the inauguration of a USD 1.2 billion copper plant, the acquisition of a port in Odisha, increased stakes in a cement company, and an alliance with Reliance Industries owned by Mukesh Ambani.
"In the last week alone, Adani Group has announced expansions and investments in its core ports business, ventured into metal refining, infused funds into its cement business, and made significant progress in its mega solar project," company statements revealed.
Despite recent controversies, the group's revenues have continued to grow, aiding in debt reduction, meeting financial obligations, enhancing stability, and facilitating strategic investments for further growth and expansion.
"Adani Group has raised over USD 5 billion (Rs 41,500 crore) in equity and double of that in debt since the Hindenburg report," industry analysts noted, highlighting the resilience and growth trajectory of the conglomerate.