Stocks Of Most Adani Group Companies Rise In Morning Trade

Amid volatile trading in the stock market, as many as eight Adani Group firms were trading in the positive territory, while two were in the red

On the BSE, the scrip of Adani Enterprises zoomed 15 per cent to its upper price band of Rs 1,808.25 apiece with a market capitalisation of Rs 2.06 lakh crore.

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After an unfavourable last week, Gautam Adani-led Adani Group stocks are slowly but steadily gaining momentum. On Tuesday, most of the stocks of Adani Group companies rose in morning trade, with flagship Adani Enterprises gaining 15 per cent. The Hindenburg Research report has rattled investor sentiments towards Adani Group stocks.

Amid volatile trading in the stock market, as many as eight Adani Group firms were trading in the positive territory, while two were in the red.

On the BSE, the scrip of Adani Enterprises zoomed 15 per cent to its upper price band of Rs 1,808.25 apiece with a market capitalisation of Rs 2.06 lakh crore.

On the other hand, Adani Ports and Special Economic Zone surged 8.96 per cent to Rs 595, and its market valuation rose to Rs 1.28 lakh crore. While Adani Wilmar jumped 5 per cent to Rs 399.40, Adani Transmission increased 5 per cent to Rs 1,324.45, and Adani Green Energy rose 4.21 per cent to Rs 924.90.

Out of the 10 listed firms of Adani Group, two were trading in the red – Adani Total Gas slumped 5 per cent to touch the lower price band of Rs 1,467.50 and Adani Power fell 4.99 per cent to the lower price band of Rs 173.35.

ACC jumped 2.17 per cent to Rs 2,012.55, Ambuja Cements gained more than 3 per cent to Rs 391.15, and NDTV surged 5 per cent to reach the upper price band of Rs 225.35.

On Monday, six of the group companies closed in the negative territory. The combined market capitalisation of the group companies has eroded by Rs 9.5 lakh crore since January 24 when the US-based short-seller Hindenburg Research came out with an adverse report.

Adani Group said on Monday that the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.

On Tuesday morning trade, the S&P BSE Sensex was down 130 points to 60,376. On the flipside, the NSE Nifty50 was trading at 17,740, down 24 points tracking volatility.