Adani Enterprises Ltd.'s share price rose nearly 5% on Wednesday to become the fourth top contributor to the NSE Nifty 50 index. The stock rose 4.88% to Rs 2,987.50 apiece, the highest level since Oct. 18.
Adani Enterprises extended its winning streak for a third day, adding 6.53% to its market capitalisation. It was trading 4.50% higher at Rs 2,976.75 apiece as of 12:14 p.m., compared to a 0.11% decline in the NSE Nifty 50 index.
In terms of point contribution, Adani Enterprises, which holds 0.65% weightage in the benchmark Nifty 50, contributed 7.09 points. Larsen & Toubro Ltd., Maruti Suzuki India Ltd., and ITC Ltd. were the top three contributors in terms of points.
The company also held a leading position among other Adani Group companies. Adani group stocks gained on Wednesday after Adani Ports and Special Economic Zones Ltd.'s second quarter result boosted sentiment for the stocks.
The market cap of Adani group companies increased Rs 2,999 crore to Rs 15.59 lakh crore as of 12:13 p.m.
Adani Ports and Special Economic Zone rose 2.99% to Rs 1,413.75 apiece, the highest level since Oct. 16. It was trading 2.80% higher at Rs 1,411.20 apiece as of 12:17 p.m.
Furthermore, the sentiment towards Adani Ports & Special Economic Zone Ltd. increased as brokerages indicated that the company is preparing to capitalise on the growth in Indian trade.
Adani Energy Solutions Ltd. gained 3.54% to Rs 963.50 apiece, its highest since Oct. 15. It was trading 2.98% higher at Rs 958.30 apiece as of 12:19 p.m.
Adani Green Energy Ltd. recovered early losses to trade 0.68% higher at Rs 1,646.15 apiece as of 12:21 p.m.
Adani Group companies trade higher
Adani Group companies trade higher
Also Read: Stock Market Today: Sensex Closes Below 80,000 After Two-Day Rally; Nifty Settles At 24,350
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