Adani Group Stocks Add Nearly Rs 26,000 Crore To Investor Wealth
The total market capitalisation rose to approximately Rs 10.4 lakh crore.
Shares of Adani Group companies extended gains on Friday, with Adani Power Ltd. leading the advance.
Adani Group stocks added Rs 25,959.2 crore in investor wealth, taking their total market capitalisation to Rs 10.4 lakh crore during the day.
As of 1:05 a.m., the shares had added Rs 13,319 crore in market value, bringing the capitalisation to Rs 10.2 lakh crore.
Adani Ports and Special Economic Zone Ltd. and Adani Energy Solutions Ltd. were trading above 2%, while New Delhi Television Ltd., and Adani Green Energy Ltd. were beyond 1% in trade. Ambuja Cements Ltd. was an outlier as it traded marginally lower.
Adani Ports recorded the highest ever monthly cargo volumes of 37 million tonne in October. The port handled 240 MT of cargo in the initial seven months of the fiscal vis-à-vis full-year cargo volume guidance of 370–390 MT.
Adani Enterprises Ltd. reported a net profit of Rs 333 crore for the second quarter, compared to Rs 432 crore for the same period last year, according to an exchange filing. Revenue was down 41% at Rs 22,517 crore, while earnings before interest, taxes, depreciation, and amortisation were up 30% to Rs 2,430 crore.
Adani Power Ltd.'s consolidated net profit for the quarter ended September rose more than nine times on the back of a one-time gain and higher sales.
The company's net profit rose to Rs 6,594 crore in the quarter ended September as compared with Rs 696 crore a year ago, according to an exchange filing.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
