Adani Group Stocks Add Over Rs 41,000 Crore In Investor Wealth
Shares of all Adani companies rose led by Adani Power Ltd. and Adani Energy Solutions Ltd., all of which rose above 5%.
Adani Group's market capitalisation rose to the highest in six months as it added more than Rs 41,000 crore in investor wealth during early trade on Monday before paring some of the gains.
Shares of all Adani companies rose led by Adani Power Ltd. and Adani Energy Solutions Ltd., all of which rose above 5%.
Adani Power continued its rally for the second day after GQG Partners and its associates bought stake worth Rs 8,700 crore, or about $1.1 billion, in the company. The investor now holds 29.81 crore shares, or 7.73% stake, as of Aug. 16. Meanwhile, Mahan Energen, a wholly owned subsidiary of Adani Power Ltd. placed an order worth Rs 4,000 crore with Bharat Heavy Electricals Ltd. for the supply of equipment and commissioning of two 800 MW power projects.
Adani Energy Solutions (erstwhile Adani Transmission Ltd.) also ended nearly 6% higher, continuing its rally from the previous sessions. Last week, Gelt Berry bought 2.38 crore shares, or 2.13% stake in the company, between Aug. 3 and Aug. 14 through open market transactions. The company also signed a deal with Megha Engineering and Infrastructures Ltd. to acquire KPS 1 Transmission Ltd. It also initiated arbitration proceedings against Gujarat Energy Transmission Corp. and expects to claim Rs 99.76 crore for work done on the 400 kV D/C Mundra-Zerda transmission line.
New Delhi Television Ltd., Adani Enterprises Ltd., Ambuja Cements Ltd., ACC Ltd., Adani Total Gas Ltd., Adani Green Energy Ltd., and Adani Ports and Special Economic Zone Ltd. also rose over 1% in trade.
NDTV launched its regional channel 'NDTV Madhya Pradesh-Chhattisgarh' on Monday.
The group's market capitalisation rose by as much as Rs 41,902 crore to Rs 11.38 lakh crore intraday. The group stocks, however, pared some of the gains and the market cap was up Rs 33,820 crore at Rs 11.30 lakh crore at closing.
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.
