Adani group stocks surge as market cap hits Rs 14

Adani group stocks surge as market cap hits Rs 14.8 lakh crore

Shares of Adani Group continued their bullish trend for the fourth consecutive day, propelling the conglomerate’s combined market capitalization to ₹14.8 lakh crore. The surge was led by Adani Total Gas, which soared by 20%, reaching a fresh 52-week high of ₹1,053.40. This marks a significant milestone as the stock surpassed the ₹1,000 mark for the first time since March 24, 2023.

Adani Ports and Special Economic Zone (APSEZ) and Adani Power also witnessed substantial gains, rallying over 7% each to achieve new 52-week highs of ₹1,082.50 and ₹589.45, respectively. Adani Energy Solutions surged nearly 12%, reaching a 52-week high of ₹1,246.00, while Adani Green Energy rose by 16% to ₹1,569.95. Adani Enterprises, the flagship firm, climbed 6%, reaching a day’s high of ₹3,154.55 on Wednesday.

The surge also follows a notable development last week when Adani Group stocks experienced their best day since a Supreme Court bench, led by Chief Justice of India DY Chandrachud, reserved its verdict in the Adani-Hindenburg row. The Supreme Court emphasized that the Securities and Exchange Board of India (SEBI) must conclude its investigation in all 24 cases related to the conglomerate.

This upturn marks a significant recovery for Adani Group, which faced a downturn earlier in 2023 following a report by US-based short-seller Hindenburg Research. The report alleged financial wrongdoing and stock manipulation by the conglomerate, a claim vehemently denied by the company. While the market valuation has rebounded from its all-time low of ₹6.8 lakh crore, it remains 50% below its peak of ₹24.8 lakh crore.

Market analysts attribute the recent rally to the Bharatiya Janata Party’s election triumph in three states, exceeding exit poll predictions. The assembly election outcome is seen as a reaffirmation of consensus estimates predicting the BJP’s return to power in the 2024 Lok Sabha polls, thereby boosting market sentiment.