Adani Ent. Adani Wilmar, Adani Power other group stocks gain up to 17%. Adani Power, Ambuja rise to pre Hindenburg level | Mint
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Business News/ Markets / Stock Markets/  Adani Ent. Adani Wilmar, Adani Power other group stocks gain up to 17%. Adani Power, Ambuja rise to pre Hindenburg level
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Adani Ent. Adani Wilmar, Adani Power other group stocks gain up to 17%. Adani Power, Ambuja rise to pre Hindenburg level

Stock Market today-Adani Green, Adani Total, NDTV led the rally with gains of up to 17% as Adani power, Adani Wilmar, Adani Ports, Adani Enterprises also saw gains. Ambuja Cement and Adani Power have scaled pre Hindenburg levels.

Adani group of companies see up o 17% rise in their share price (Bloomberg)Premium
Adani group of companies see up o 17% rise in their share price (Bloomberg)

Gautam Adani led Adani Group of companies, including Ambuja Cement and New Delhi Television Ltd but with the exception of ACC Ltd continued adding to their gains on Wednesday. The combined market cap of the 10 Adani group listed companies had  increased by about 87,224 crore till noon on Wednesday. investor confidence got a boost post the news flow suggesting that US government agencies have found allegations levelled by Hindenburg against the Adani group as irrelevant and unsubstantiated.

Hindenburg report levelling allegations against the group in January had had led the Adani group companies see significant corrections in their stock prices thereafter. However, clearances given by various agencies in domestic arena have regularly been leading to rebound in investor confidence.

Also read-RIL, HDFC Bank, Infosys, and 5 other large caps are 7-25% below all-time highs

Adani Green Energy, with its share price rising around 17% on Wednesday, stood out amongst the ten Adani group company stocks. 

Adani Total Gas  Ltd and New Delhi Television Ltd with their share price rising more than 14%, closely followed Adani Green share price gains.,

Adani Power also stood amongst prominent gainers with its share price seeing smart gains of close to seven per cent standing out amongst others Adani group companies as Adani Enterprises Ltd, Adani Ports and Special Economic Zone, Adani Wilmar Ltd,  Adani Energy Solutions and even Ambuja Cement and ACC.

Also Read- NTPC, Power Grid, BHEL share prices trade near 52-week high. Here's why

Adani power has seen its share price rise 334.25% since lows seen in February following Hindenburg leveling allegations against the Adani group in January. The Adani Power share price has also surpassed its Pre Hindenburg report levels.

Another group company Ambuja Cement Ltd too has seen its share price surpass the pre-Hindenburg levels

Adani green energy with handsome gains of 250% since its 52-week lows in February fast inching towards pre-Hindenburg report levels seen in January.

The news flow remains strong pertaining to business progresses too. Ambuja Cement has completed acquisition of Sanghi cement. ACC limited though lags Ambuja Cement in terms of per tonne profitability, nevertheless is seeing strong volume growth and improving profitability with cost control measures being taken by the company and favorable Cement demand and supply.

Adani Power in a recnet relase alsi has announced that it will co-fire Green Ammonia at its Mundra Plant for a sustainable future.

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 06 Dec 2023, 02:23 PM IST
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