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Adani Group stocks soar to new levels

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Adani Group companies were strong gainers on the bourses on Friday rising 1.6-6.6 per cent, with Adani Power touching an eight-month high. During the last hour of trading, the combined market cap of the Adani Group stocks was above the ₹11-lakh crore mark, near a six-month high.

The biggest gainer among the Adani Group firms was Adani Green Energy that ended 6.6 per cent higher at ₹994.74 on the NSE. Analysts attributed the rise in the stock to its associate company, Mundra Solar Energy’s solar cells and solar modules manufacturing plant getting a commercial operation date certificate from the Solar Energy Corporation of India. The plant, in which Adani Green has a 26 per cent stake, has an annual capacity of 2GW.

Flagship Adani Enterprises rose 7.7 per cent in intra-day trades to reach a near three-month high of ₹2,665.95 before ending the day nearly 4 per cent higher at ₹2,577.40.

Adani Power has been gaining over the past two days after GQG Partners bought an 8 per cent stake in the company on Wednesday in block trades. The stock, which soared over 12 per cent intra-day, came off its highs to end 6.3 per cent higher at ₹304.60. The company also denied a media report that said that it was in talks with Adani Energy Solutions, which ended 6 per cent higher on the NSE at ₹871.90.

There were media reports that Adani Enterprises, Adani Energy Solutions and Adani Power were in talks with Abu Dhabi National Energy co PJSC (TAQA) for a potential investment. This was denied by the Adani firms in exchange filings, while Bloomberg reported that TAQA had said that there was no truth to the deal.

ACC ended 1.8 per cent higher, while Ambuja Cements gained 1.6 per cent. NDTV rose 1.5 per cent and Adani Wilmar ended 3.8 per cent higher.





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