Adani Group Stocks Rise, Market Cap Crosses Rs 19.1 Lakh Crore

The Adani Group's market capitalisation surpassed Rs 19.1 lakh crore on Monday, driven by a rise in all its stocks, with Adani Power Ltd. and Adani Ports and Special Economic Zone Ltd. leading the gains.

Intraday, the group's market capitalisation gained as much as Rs 2.17 lakh crore. As of 10:37 a.m., it was up by Rs 1.33 lakh crore to Rs 18.8 lakh crore.

On Friday, the Bloomberg Billionaire Index reported that Gautam Adani's net worth stood at $111.1 billion. This ranking positioned Adani as the richest individual in India and Asia, surpassing Mukesh Ambani. Additionally, Adani became the world's 11th richest person, according to the same index.

The Bloomberg Billionaire Index updates its data at the close of each trading day in New York. Consequently, the changes in Adani's wealth on Monday were not immediately reflected in the index.

Shares of Adani Ports hit a record high of Rs 1,607.95 per share, prompting an upward revision of the stock's upper circuit to 15%. The company reported handling 35.8 MMT of cargo volumes in May, according to its business update.

"Due to the shutdown of the Gangavaram Port, APSEZ lost around 6 MMT of cargo volumes in April and May 2024. However, with operations now restarted, we are confident of recovering these lost volumes in the coming months," the company stated.

Despite the closure, during the initial two months of FY25, the company handled 72 MMT of cargo, a 5% year-on-year growth. "This increase is primarily driven by containers (+11% YoY) and liquids and gas," the filing added.

Adani Power also reached a lifetime high of Rs 890 per share after the company's annual report revealed plans to expand capacity by 9,020 MW. Shares of Ambuja Cements Ltd. also hit a new lifetime high of Rs 676.65 per share.

Market sentiment was further buoyed by positive brokerages on the infrastructure sector following exit polls suggesting a win for the Bharatiya Janata Party-led NDA.

Shares of Adani Ports rose as much as 12.80% before paring gains to trade 10% higher at Rs 1,581 per share, as of 10:44 a.m., compared to a 2.77% rise in the NSE Nifty 50.

The stock has risen 54.24% year-to-date and 113.86% over the last 12 months. Total traded volume so far stood at 3.59 times its 30-day average, with a relative strength index (RSI) of 74.78, indicating that the stock may be overbought.

Of the 21 analysts tracking the company, 19 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month analyst consensus price target suggests a downside of 3.7%.

Adani Power stock rose as much as 17.76% before paring gains to trade 13.99% higher at Rs 861 per share, as of 10:50 a.m., compared to a 2.75% rise in the NSE Nifty 50.

The stock has increased 14.06% year-to-date and 64% over the last 12 months. Total traded volume so far stood at 2.42 times its 30-day average, with an RSI of 84.30, indicating potential overbought conditions.

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