Adani Group Firms See Rs 27,000 Crore Surge in Investors' Wealth, Stocks Rise 9%
Adani Group companies’ stocks have added nearly ₹ 27,000 crore to investors’ wealth, with most stocks gaining in trading this morning. The market capitalisation of Adani Group firms rose ₹ 26,894.46 crore to ₹ 13.55 lakh crore at 11.03 am.
The Adani Group companies’ stocks rose 9 per cent, with Adani Green Energy Ltd and Adani Power Ltd leading the gains. Adani Green Energy Ltd jumped 7.38 per cent to ₹ 1,232.80 apiece, the highest level since December 9. It was trading 6.42 per cent higher at ₹ 1,221.75 apiece as of 11.08 am.
Adani Power Ltd share price rose as much as 5.11 per cent to ₹ 545.80 apiece, the highest level since December 6. It was trading 4.36 per cent higher at ₹ 541.90 apiece as of 11.09 am.
Nomura had earlier this week said the stocks of Adani companies were the most attractive compared to other Indian companies. Nomura said the Gautam Adani-led conglomerate can easily face recent turmoil caused by legal issues connected with the US Department of Justice. This is because the Adani Group’s liquidity management has improved, Nomura said.
The Adani Group is in early talks to refinance loans worth $1.1 billion. The group’s efforts to refinance its loans are seen as a positive step towards improving its financial health.
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