BackAdani stocks jump up to 9%; m-cap of all 10 stocks rises over ₹47,000 crore in a day
Adani Group shares surge on increased stake in listed companies, boosting market capitalisation by over ₹47,000 crore in a day.
PremiumAdani Group shares clocked healthy gains on Monday on fresh buying in them after the group promoter firm increased its stake in two of the group’s listed companies which rose the overall market capitalisation (m-cap) of all 10 stocks of the group by over ₹47,000 crore in a single day.
As Mint reported earlier, the Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on a strategy to recover from the effects of the damaging reports.
Shares of Adani Ports jumped 7.10 per cent on NSE while those of the group's flagship firm Adani Enterprises rose 3.68 per cent.
With a gain of 8.90 per cent, shares of Adani Power remained the top gainer among the group stocks. Among the other group stocks, NDTV (up 5.14 per cent), Adani Energy Solutions (up 5.02 per cent), Adani Wilmar (up 2.61 per cent), Ambuja Cements (up 2.47 per cent), Adani Total Gas (up 2.09 per cent), Adani Green Energy (up 1.78 per cent) and ACC (up 1.42 per cent) ended in that order.
All these stocks gained after the promoter group in stock exchange filings said it has increased its stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent. The shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd.
This is the second time in less than a month that the promoters have raised stakes in the flagship firm. The promoters had last month increased their stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent. Both are promoter group firms.
In a separate stock exchange filing, the promoter group informed that it has also increased its stake in Adani Ports and Special Economic Zone Ltd from 63.06 per cent to 65.23 per cent.
Resurgent Trade and Investment Ltd bought almost 1 per cent stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2 per cent was purchased by Emerging Market Investment DMCC. Both are promoter group firms.
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