Most Adani group cos rise in morning trade

PTI, Feb 7, 2023, 11:33 AM IST

Representative Image (Source: Pexels)

New Delhi: Most of the Adani group companies rose in morning trade on Tuesday, with flagship Adani Enterprises gaining 5 per cent.

Amid volatile trading in the market, as many as eight Adani group firms were trading in the positive territory while two were in the red.

On the BSE, the scrip of Adani Enterprises jumped 15 per cent to its upper price band of Rs 1,808.25 apiece with a market capitalisation of Rs 2.06 lakh crore.

Adani Ports and Special Economic Zone surged 8.96 per cent to Rs 595, and its market valuation rose to Rs 1.28 lakh crore.

While Adani Wilmar jumped 5 per cent to Rs 399.40, Adani Transmission increased 5 per cent to Rs 1,324.45, Adani Green Energy went up 2.10 per cent to Rs 906.15, and Adani Green Energy rose 4.21 per cent to Rs 924.90.

Out of the ten listed companies of the Adani group, two were in the red — Adani Total Gas slumped 5 per cent to touch the lower price band of Rs 1,467.50, and Adani Power fell 4.99 per cent to the lower price band of Rs 173.35.

ACC jumped 2.17 per cent to Rs 2,012.55, Ambuja Cements gained more than 3 per cent to Rs 391.15, and NDTV surged 5 per cent to reach the upper price band of Rs 225.35.

On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by Rs 9.5 lakh crore since January 24 when the US-based short-seller Hindenburg Research came out with an adverse report.

Adani group, on Monday, said that the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.

These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.

The Hindenburg Research report has rattled investor sentiments towards Adani group stocks.

In the morning session, the 30-share BSE Sensex shed its early gains and was down 76.15 points to 60,430.75 points.