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Adani Group Stocks Rally, Market Cap Nears Rs 18 Lakh Crore

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By Rediff Money Desk, New Delhi   May 31, 2024 20:21

Adani Group stocks surge after Jefferies recommends 'Buy' on four firms, including Adani Enterprises. The group's market cap nears Rs 18 lakh crore.
Adani Group Stocks Rally, Market Cap Nears Rs 18 Lakh Crore
Photograph: Amit Dave/Reuters
New Delhi, May 31 (PTI) Shares of Adani Group ended higher on Friday after its listed firms gained Rs 84,122 crore, as US-based brokerage firm Jefferies put a buy recommendation on four of group stocks, including Adani Enterprises.

The scrip of Adani Total Gas jumped 8.70 per cent to close at Rs 1,039.15 apiece, Adani Power climbed 8.37 per cent at Rs 756.65, NDTV rallied 7.80 per cent at Rs 248 on the BSE.

Also, Adani Enterprises rose 6.84 per cent at Rs 3,411.45. The flagship firm Adani Enterprises added Rs 24,891.93 crore, taking its market capitalisation (mcap) to Rs 3.88 lakh crore.

The shares of Adani Ports and Special Economic Zone (APSEZ) climbed 3.93 per cent to end at Rs 1,437.70. The market valuation of APSEZ went up Rs 11,729.56 crore to Rs 3.10 lakh crore.

Meanwhile, buying was also seen in other group stocks.

Shares of Adani Wilmar rose 3.31 per cent to close at Rs 355.85 per piece, Ambuja Cements went up 2.52 per cent at Rs 634.30, Adani Energy Solutions jumped 2.36 per cent at Rs 1,122.80, Adani Green Energy climbed 2.19 per cent at Rs 1,915.25, and Sanghi Industries gained 1.88 per cent to close at Rs 90.59 on the bourse.

With Rs 84,122 crore gain on Friday, the apples-to-airport conglomerate's combined market capitalisation (mcap) stood at Rs 17.88 lakh crore.

The 30-share BSE Sensex rose 75.71 points to settle at 73,961.31, while the broader NSE Nifty gained 42.05 points to end at 22,530.70 on Friday.

Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a USD 90 billion capex over the next decade, Jefferies said.

Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.

This helped net profit surge to Rs 30,767 crore for the group's listed companies in the fiscal from Rs 19,833 crore a year ago, according to exchange data and analysts.

Further, brokerage house Jefferies recommended 'Buy' on four group companies -- Adani Enterprises, Adani Ports & SEZ, Adani Energy Solutions and Ambuja Cements.

On Friday, APSEZ said its subsidiary company has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage a terminal at the Dar es Salaam Port in the east African country.

Adani Ports-led consortium will acquire the project company in Tanzania, which houses all port handling equipment and employees, for an amount of USD 39.5 million PTI HG
Source: PTI
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