Adani Group Companies Benefit From Market Sentiment, Stocks Soar High

Shares of Adani Group companies remained popular during afternoon trading, and Adani Green Energy shares soar 8 per cent, and Adani Enterprises up by more than 7 per cent. 

Among other shares of the group, the Adani Power Limited stock climbed nearly 5 per cent and was trading around Rs 462.55 apiece, while the Adani Total Gas shares rose over 4 per cent and were trading around Rs 731 apiece.

Source : Getty

As the stock market touched new highs on Monday, Adani Group and its entities took the investors on a joy ride with the firms mirroring the sentiment in the market. Shares of Adani Group companies remained popular during afternoon trading, and Adani Green Energy shares soar 8 per cent, and Adani Enterprises up by more than 7 per cent. 

The mood in the market remained positive and confident during the day as the Bharatiya Janata Party won Assembly Elections in Chhattisgarh, Rajasthan, and Madhya Pradesh with a decisive margin on Sunday. Investors remained optimistic about the BJP government returning to power in the upcoming elections next year after the party won these states, reported PTI. 

On the NSE, the Adani Green Energy shares climbed almost 9 per cent to touch Rs 1,117 per piece, as of 1:40 PM. While the flagship firm Adani Enterprises soared more than 7 per cent to hit Rs 2,535.80 apiece, and Adani Ports and Special Economic Zone gained nearly 6 per cent to Rs 876 per share.

The news agency noted that the combined market capitalisation of the listed entities of the Adani conglomerate touched the Rs 12 lakh crore mark. This marked the first time the conglomerate stocks hit the mark after dipping early this year due to a report by US-based Hindenburg Research which accused the firm of financial wrongdoings and stock manipulation. However, the company denied all the allegations. 

Among other shares of the group, the Adani Power Limited stock climbed nearly 5 per cent and was trading around Rs 462.55 apiece, while the Adani Total Gas shares rose over 4 per cent and were trading around Rs 731 apiece.

Around the same time, the BSE was trading at a gain of over 1100 points, while the NSE stood beyond the 20,600 mark. The Adani Group firms have seen an increase in their stock prices since last week after the Supreme Court reserved its verdict on November 24 regarding some petitions looking for examination of allegations of fraud against the group.