Shares of all Adani Group companies surged on Friday after Jefferies said the group is on an expansion spree, on the back of $90 billion in capital expenditures over the next decade.
Adani Group stocks added as much as Rs 1.23 lakh crore in investor wealth, taking their total market capitalisation to Rs 17.94 lakh crore intraday. By the end of trading hours, the shares had added Rs 84,064 crore in market value, taking the market capitalisation to Rs 17.51 lakh crore.
The ports-to-power conglomerate was focused on containing debt and reducing the founders' share pledge all through the previous fiscal, Jefferies said in a note.
The brokerage has maintained a 'buy' rating on Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd. and Adani Energy Solutions Ltd.
"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," Group Chairman Gautam Adani said in an annual report.
Adani Total Gas Ltd. led gains as the stocks closed 9% higher, while Adani Power Ltd. closed over 8% up. New Delhi Television Ltd. on Friday gained over 7%.
Shares of Adani Enterprises jumped over 6%, while Adani Ports rose over 4%.
Adani Wilmar Ltd., Ambuja Cements Ltd., Adani Energy Solutions Ltd. and ACC Ltd. were also in the green.
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