Shares of all ten listed companies of the Adani Group climbed for the second straight day on Wednesday after taking a beating in recent sessions. The conglomerate’s combined market capitalisation jumped by ₹39,000 crore to above ₹7.50 lakh crore mark in today’s trade.
Shares of Adani Group’s flagship, Adani Enterprises jumped around 15 per cent to trade at ₹1563 on the NSE. Adani Enterprises is among the top Nifty 50 gainers.
The stock has rallied nearly 30 per cent in the last two days. After closing Tuesday’s session higher by 14 per cent, the group share rallied another 15 per cent today to the day’s high at ₹1563.00.
Shares of Adani Ports climbed 2.64 per cent to ₹608.25, Ambuja Cements rose 2.27 per cent to ₹349.80, while ACC climbed 1.33 per cent to ₹1,755.25.
Meanwhile, six group stocks – Adani Transmission, Adani Total Gas, Adani Wilmar, Adani Green Energy, NDTV and Adani Power – were locked in 5 per cent upper circuit limits.
Adani Group stocks making a comeback
The shares of all Adani Group companies jumped in Wednesday’s trade amid reports that the empire has received firm commitment for $800m debt facility, which will be used to refinance the Adani Green Energy’s $750 million 4.375% bond due in September 2024.
“The negative takeaway was that Nifty witnessed drubbing despite Adani Group stocks bouncing sharply higher in today’s trade,” Prashanth Tapse – Research Analyst, Senior VP (Research) at Mehta Equities Ltd, said.
Adani Group stocks have taken a beating on the bourses since late January when the US-based short seller Hindenburg Research came out with its report on the group, making a litany of allegations, including fraudulent transactions and share-price manipulation, against it.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.