Stock Market Today: Among the ten equities of the Adani group companies, Adani Total Gas Ltd. had the biggest increase, up about 10%. Adani Enterprises, Adani Ports, and other companies recorded intraday gains of more than 2%, making Adani Green Adani Energy Solutions another notable winner.
On a day when benchmark indices were trading down, Gautam Adani, the head of the Adani Group of enterprises, which also includes Ambuja Cement, New Delhi Television Ltd., and ACC Ltd., continued to add to their gains in the morning exchanges on Thursday.
In the morning sessions, the combined market capitalization of the ten listed Adani group firms had risen by around ₹27316 crore. Following the US federal agencies’ determination that the accusations made by Hindenburg against the Adani group were baseless and unjustified, investor confidence has increased.
Among the Adani group of firms, Adani Total Gas Ltd. saw the biggest gains, with its stock price rising to 9.98%. Following its intraday highs, the stock was up more than 8% on the market.
Adani Green Energy saw a surge in share price on Thursday morning of over 8.6%, closely trailing Adani Green. However, following a robust beginning, the share price settled down due to pressure on frontline indices. Adani Green was up a little over 3% at the time of trading.
Adani Power, Adani Ports, and the Special Economic Zone were among the top gainers in the opening session, with their share prices showing quick gains of more than 2%. Adani Enterprises Ltd., Adani Wilmar Ltd., and Adani Energy Solutions increased its gains and increased by 6.6% to reach intraday highs; however, it trailed with gains of about 3% after that.
When NDTV reached intraday highs of ₹300, up more than 5%, but was trading at ₹285 levels after, Ambuja Cement ACC Ltd likewise opened with gains of more than 1%.
Ambuja Cement Ltd., another group company, has seen its share price surpass pre-Hindenburg levels as well.
Adani Green Energy has made impressive gains of 270% from its 52-week lows in February, and it is rapidly returning to the levels observed prior to the Hindenburg report in January.
Adani Enterprises, Adani Total Gas, and Adani Ports are among the other group companies that have recovered up to 185% from their lowest points.
There is still a lot of news coming out about business advancement.
Adani Ports and SEZ reported a 42% YoY gain in cargo value of 36 million tons in November 2023, bringing its year-to-date tonnage for FY24 to 275 million tons (up 21% YoY).
The proposal for the issuance of non-convertible debentures and the renewal of non-cumulative redeemable preference shares, on a private placement or preferential basis, in one or more tranches will be among the items discussed at the Adani Ports Board of Directors meeting on Tuesday, December 12, 2023.
The acquisition of Sanghi Cement by Ambuja Cement is now finalized.
Adani Power recently said that, as part of its sustainable future plans, it will co-fire green ammonia at its Mundra plant.