Adani Group stocks surge up to 20%, three firms reach 52-week high amid investment plans

Adani Group shares saw a remarkable surge, climbing up to 20% higher on Wednesday, propelled by announcements regarding the group's ambitious investment plans in energy transition initiatives.

Billionaire Gautam Adani's conglomerate declared intentions to invest USD 75 billion in energy transition ventures by 2030, further bolstering investor confidence.

During the trading session, several Adani Group companies reached their 52-week highs, with market capitalisation nearing the Rs 15 lakh crore-mark by the market close.

On the Bombay Stock Exchange (BSE), Adani Total Gas surged nearly 20% to close at Rs 1,053.65, while Adani Green Energy rallied 16.11% to Rs 1,565.10. Adani Energy Solutions and NDTV also marked gains, climbing 7.36% to Rs 1,162.30 and 7.07% to Rs 285.40, respectively.

Sanghi Industries shares witnessed a substantial increase by 4.97% to Rs 136.35, Adani Wilmar rose by 4.11% to Rs 396.35, Adani Power climbed 4.09% to Rs 560.55, and Adani Ports and Special Economic Zone (APSEZ) rose by 0.67% to Rs 1,018.65.

Meanwhile, shares of ACC declined by 2.59%, closing at Rs 2,128.35, Adani Enterprises fell by 2.53% to Rs 2,885.20, and Ambuja Cements slid by 1.48%, ending at Rs 501.15 per share.

The combined market valuation of the 11 firms soared to Rs 14.54 lakh crore, exhibiting a significant rise from the previous close and nearing Rs15 lakh crore.

This surge comes after the Adani Group announced plans to infuse USD 75 billion into energy transition initiatives by 2030, primarily executed through Adani Green Energy Ltd (AGEL). Gautam Adani emphasised these investments would propel the group's aim to achieve 45 gigawatts of renewable energy capacity by 2030.

The stocks' upward trajectory follows recent positive developments, including a report by the US agency IDFC suggesting that the allegations of fraud against the Adani Group by US-based short seller Hindenburg Research were not substantial.

Moreover, Adani Green Energy secured funding of USD 1.36 billion from an international consortium of banks, affirming its commitment to sustainable energy ventures.

Adani Group's shares have been on a rising trend since the Supreme Court's recent decision to reserve its verdict on petitions seeking an investigation into the allegations of fraud made by Hindenburg Research against the conglomerate.

These market movements reflect an upswing in investor confidence, highlighting the resilience and growth potential of Adani Group companies amid recent positive developments and strategic investments in sustainable energy initiatives.