Adani companies: After being negative for the majority of the year, the stocks of the Adani group companies have substantially recovered.
The collective market capitalization of the group surged to Rs 3.3 trillion ($40 billion) in the last four sessions. Ten stocks that were listed had a market value of Rs 14.5 trillion ($174 billion) as of Wednesday’s closing. Just Rs 4.7 trillion ($61 billion) separates the combined market capitalization from the levels observed prior to the Hindenburg report.
Chairman Gautam Adani announced on Wednesday that the Adani Group intends to invest $75 billion in energy transition projects by 2030.
Compared to the levels on January 23, this is nearly 25% lower.
The group’s total market capitalization as of January 24, the day of the report, was Rs 19.2 trillion ($235 billion). It fell as low as Rs 6.8 trillion ($82.3 billion) in February.
The group’s value increased by Rs 64,000 crore on Wednesday. Adani Green Energy, up 16%, and Adani Total Gas, locked in the top 20% circuit, drove this increase.
But the flagship Adani Enterprises saw a 2.5% decline, resulting in a loss exceeding Rs 8,500 crore. Along with ACC and Ambuja Cements, it was one of three group companies to end the year in the red.
As for the group companies, Ambuja and NDTV have barely changed, while only two—Adani Power and Adani Ports—now command a market value above that of the pre-Hindenburg report levels.
Additionally, Rajiv Jain’s GQG Partners have benefited from this rebound in Adani group stocks. Following the debacle earlier this year, including the Hindenburg report, the company intervened to save the struggling Adani Group.
