Adani Group’s combined market capitalisation for its 10 listed companies crossed the significant milestone of Rs 11 lakh crore on Tuesday, propelled by spectacular rallies in the shares of all entities.
At around 12:15 pm, the collective market capitalisation of the 10 Adani Group companies reached around Rs 11.5 lakh crore. The surge was marked by strong gains, with shares of Adani Group firms rallying up to 20 per cent in early trading.
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Adani Enterprises shares soared by 11.43 per cent, reaching Rs 2,479.80 apiece, making it one of the top gainers on the Nifty 50. Adani Ports shares climbed 6.59 per cent to trade at Rs 848.
Meanwhile, Adani Total Gas surged by 19.99 per cent to Rs 644.30, Adani Transmission saw an 18 per cent increase to Rs 860.35, and Adani Power rallied by 14.22 per cent, reaching Rs 453.70. Adani Green Energy marked a gain of 14.44 per cent, trading at Rs 1,073.35, and Adani Wilmar gained 9.99 per cent to trade at Rs 348.60.
Other Adani Group entities, including NDTV, Ambuja Cement, and ACC, also experienced strong rallies. NDTV observed a 12 per cent increase to Rs 229.65, ACC gained 3.49 per cent to reach Rs 1,884.10, and Ambuja Cements was up 4.65 per cent to Rs 433.55.
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The collective market capitalisation of Adani Group, propelled by the strong performance of all 10 group companies during the trading session, surpassed the critical mark of Rs 11.5 lakh crore, reflecting an increase of over Rs 1.2 lakh crore compared to the previous day’s closing.
What’s behind the strong rally?
This development follows the Adani-Hindenburg case hearing in the Supreme Court on Friday.
During the hearing, the Supreme Court reserved its verdict on a batch of Public Interest Litigations (PILs) seeking a Court-monitored investigation into allegations made by US-based short-selling firm Hindenburg Research against the Adani group concerning violations of stock market regulations.
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Avinash Gorakshkar, Head of Research at Profitmart Securities, told Business Today that the rise in Adani shares is linked to the Supreme Court’s indication that it found no reason to doubt Sebi’s probe into Hindenburg Research’s allegations of stock manipulation.
Despite the positive sentiment, Gorakshkar cautioned that the surge is largely sentimental, and profit booking could trigger a sharp downside movement in Adani group shares. Investors are advised to book profits and consider exiting to manage the potential for a downward correction.
In a related development, the market regulator informed the Supreme Court on Friday that it does not require additional time to complete its investigation into the Adani-Hindenburg matter.
Out of the 24 cases related to the Hindenburg issue, Sebi has already resolved 22, with the remaining aspects of the probe dependent on data from foreign regulatory bodies.
