In the past year, shares of Adani Group firms have soared, catapulting group promoter Gautam Adani as the second-richest man in Asia after Reliance Industries Ltd chairman Mukesh Ambani
MUMBAI: Shares of Adani Group companies were in demand on Tuesday, with four of the six listed stocks hitting the 5% upper circuit for the second day in a row on the BSE.
At 1230 pm, Adani Power Ltd, Adani Transmission Ltd, Adani Green Energy Ltd, and Adani Total Gas Ltd were locked in the 5% upper circuit. Shares of Adani Enterprises Ltd gained 0.9% to Rs1,555.25 apiece, while those of Adani Ports and Special Economic Zone Ltd rose 3% to Rs752.50.
Last week, Adani group stocks faced selling pressure after a news report said that National Securities Depository (NSDL) has frozen accounts of three foreign funds--Albula Investment Fund, Cresta Fund, and APMS Investment Fund--which were among the major stakeholders in group companies.
The group had lost nearly ₹44,898 crore in market value after the report. The ports-to-energy conglomerate has denied the report.
The three funds feature among the top 12 investors and owned 2.1% to 8.91% stakes in Adani Group firms as of 31 March 2020, a Reuters report quoting company filings had said.
In the past year, shares of Adani Group firms have soared, catapulting group promoter Gautam Adani as the second-richest man in Asia after Reliance Industries Ltd chairman Mukesh Ambani.
During the year, Adani Enterprises gained 741%, Adani Ports 100%, Adani Green 245%, Adani Transmission 650%, Adani Power 271% and Adani Total Gas 1,066%. Despite the meteoric rise in these stocks, the group firms have relatively low analyst coverage. Adani Ports has 21 buy ratings, four hold and one sell rating by analysts on Bloomberg, Adani Enterprises doesn’t have any buy or sell rating and just one hold rating.