The Adani Group stocks experienced a significant rally during the last trading session of the week, with all ten listed entities trading higher. This rally resulted in the total market capitalization of Gautam Adani’s listed empire surpassing Rs 11 lakh crore for the first time since February this year.
The stocks gained attention amid reports that Abu Dhabi National Energy PJSC (TAQA) is considering a substantial investment in the power businesses of Gautam Adani, including thermal generation, transmission, clean energy, and green hydrogen. Adani Power saw a surge of over 12%, with a total market capitalization of over Rs 1.2 lakh crore.
Adani Green Energy also rose about 10%, reaching a valuation of over Rs 1.6 lakh crore. Adani Enterprises, the flagship company, surged over 7%, with a valuation slightly below the Rs 3 lakh crore mark. Adani Ports and Special Economic Zone rallied approximately 5%, hitting a market cap of over Rs 1.8 lakh crore. Other Adani Group stocks such as Adani Transmission, Adani Total Gas, Adani Wilmar, ACC, Ambuja Cements, and NDTV also traded higher during the session.
However, TAQA has denied the reported deal with the Adani Group, stating that there is no truth to it. Earlier in the week, GQG Partners, a US-based boutique investment firm, bought a significant number of equity shares of Adani Power for over Rs 9,000 crore.
It seems that the marquee investor is not concerned about the damaging report from Hindenburg and has decided to invest in Gautam Adani’s group anyway. This investor has added Adani Power to their portfolio, making it the fourth entity from Adani’s conglomerate to be included. Despite the release of Hindenburg Research’s report, Adani Group stocks have caught the attention of investors. The conglomerate’s stocks experienced a significant decline of up to 75% in less than two months following the report. Hindenburg Research accused Adani Group of engaging in manipulation and malpractices.
