Adani companies’ shares rally; Adani Enterprises jumps nearly 17%

PTI, Mar 3, 2023, 5:07 PM IST

Representative Image (Source: Pexels)

New Delhi: Shares of all listed Adani Group companies rallied on Friday, with Adani Enterprises jumping nearly 17 per cent after the group sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore.

In three trading sessions, the combined market valuation of the ten listed firms have jumped more than Rs 1.42 lakh crore.

Shares of Adani Enterprises zoomed 16.97 per cent to settle at Rs 1,879.35 on the BSE. During the day, it jumped 18.56 per cent to Rs 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 group firms also hit their upper circuit limits in 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.

The embattled Adani Group has sold minority stakes in four of its listed companies to GQG Partners for Rs 15,446 crore as the conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the USD 2 billion debt repayment due in the coming months.

It sold shares in Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Green Energy Ltd.

”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 firms ended in the positive territory on Wednesday and Thursday as well.