Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Markets / Stock Markets/  Adani Enterprises zooms 43% in 5 days; group mcap jumps over 1.42 lakh crore
BackBack

Adani Enterprises zooms 43% in 5 days; group mcap jumps over ₹1.42 lakh crore

Adani Enterprises jumped nearly 17 per cent to settle at ₹1,879.35 on the BSE on Friday after US boutique investment firm GQG Partners' 15,446 investment in group stocks

FILE PHOTO: Adani logo and decreasing stock graph is seen in this illustration taken on January 31 (REUTERS)Premium
FILE PHOTO: Adani logo and decreasing stock graph is seen in this illustration taken on January 31 (REUTERS)

Shares of Gautam Adani's flagship entity, Adani Enterprises, have rallied 43.28 17 per cent in the last five days amid positive news flows about the company. In three trading sessions, the combined market valuation of the ten listed companies have jumped more than 1.42 lakh crore.

Adani Enterprises jumped nearly 17 per cent to settle at 1,879.35 on the BSE on Friday after US boutique investment firm GQG Partners' 15,446 investment in group stocks. During the day, it jumped 18.56 per cent to 1,905.

 

Besides, stocks of Adani Ports rallied 9.81 per cent, Ambuja Cements climbed 5.70 per cent, ACC advanced 5.11 per cent, Adani Transmission jumped 5 per cent, Adani Green Energy rose 5 per cent and Adani Total Gas gained 5 per cent.

Shares of Adani Power jumped 4.99 per cent, Adani Wilmar climbed 4.99 per cent and NDTV went up 4.98 per cent.

Most of the Adani Group companies also hit their upper circuit limits in Friday's morning trade.

In the broader market, the BSE Sensex zoomed 899.62 points or 1.53 per cent to settle at 59,808.97 points.

All Adani stocks surged after GQG bought shares worth 15,446 crore in four of the group companies, the first major investment in the conglomerate since a short-seller's critical report sparked a stock rout.

In an phone interview with Bloomberg, GQG Chairman Rajiv Jain said he first looked at Adani companies more than five years ago but decided they were not enough of a “bargain" at that time.

"The funding will assuage concerns about the Adani Group's ability to raise funding for loan repayment," said Aditya Mongia and Teena Virmani of Kotak Institutional Equities.

Adani Group will hold road shows this month in London, Dubai and several cities in the US, according to a Reuters report.

The meetings are scheduled for Dubai on 7 March, London on 8 March and multiple US locations between 9-15 March, the document revealed.

"Adani stocks rallied post the block deal in the secondary market in four of the group stocks on Thursday between the promoters and a US based investment firm. This improved the overall sentiment in the market and especially in the PSU banks," Mitul Shah, Head of Research at Reliance Securities, said.

Adani Group companies ended in the positive territory on Wednesday and Thursday as well.

With agency inputs

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 04 Mar 2023, 06:41 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started