Adani Group shares continued their upward movement for the fourth consecutive day on Wednesday (December 6), with the combined market capitalisation of the conglomerate touching ₹14.8 lakh crore.
Shares of Adani Total Gas led the rally, rising 20% to hit a fresh 52-week high of ₹1,053.40. The scrip closed at ₹1,007.80 earlier on March 24, 2023. Since then, the stock has crossed ₹1,000 mark for the first time today.
Other group stocks including Adani Ports and Special Economic Zone (APSEZ) and Adani Power rallied over 7% each to hit fresh 52-week highs of ₹1,082.50 and ₹589.45, respectively.
Adani Energy Solutions also zoomed nearly 12% to scale a 52-week high of ₹1,246.00, while Adani Green Energy rose 16% to ₹1,569.95. Flagship firm Adani Enterprises climbed 6% to hit a day's high of ₹3,154.55.
Among other Adani Group companies, shares of NDTV gained 13% while Adani Wilmar rose 6% in trade today. Two other Adani group stocks — ACC and Ambuja Cements — were trading in the red.
How the Adani Group stocks are performing today:
| Adani Total Gas | 20% |
| Adani Ports | 7% |
| Adani Power | 7% |
| Adani Energy Solutions | 12% |
| Adani Green Energy | 16% |
| Adani Enterprises | 6% |
| NDTV | 13% |
| Adani Wilmar | 6% |
| ACC | -2.72% |
| Ambuja Cements | -0.83% |
The rally in the Adani group companies have been triggered after the Bharatiya Janata Party's election victory in three states, surpassing exit poll expectations.
Analysts believe that the assembly election outcome has reaffirmed the consensus estimates of the BJP returning to power in 2024 Lok Sabha polls and that it will also boost market sentiment.
Last week, the conglomerate's stocks had their best day since the report went public after a Supreme Court bench, led by Chief Justice of India DY Chandrachud reserved its verdict in the Adani-Hindenburg row. The SC observed that SEBI must complete probe in all 24 case.
This is the first time that the group stocks crossed the ₹14 lakh crore mark after facing a rout early in 2023 following a report by US-based short-seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate. However, the company denied all the allegations.
The ports-to-power conglomerate's market valuation has recovered from its all-time low of ₹6.8 lakh crore, but still remains 50% below its all-time high of ₹24.8 lakh crore.
First Published: Dec 6, 2023 12:46 PM IST
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