The Adani group has been making waves in the stock market with its impressive performance. Adani Total Gas shares have surged by a whopping 20%, reaching a new 52-week high of ₹1,053.40. Other stocks from the group, such as Adani Ports and Special Economic Zone and Adani Power, have also seen a rise of over 7% each and hit fresh 52-week highs of ₹1,082.50 and ₹589.45, respectively. With the conglomerate’s market valuation touching ₹14.8 lakh crore today, it’s clear that the Adani group is a force to be reckoned with in the stock market.
The Adani Group’s shares have been on an upward trajectory for the fourth consecutive day, as of Wednesday, December 6th. The conglomerate’s combined market capitalisation has now reached an impressive ₹14.8 lakh crore.
Adani Total Gas shares rose by 20% to hit a fresh 52-week high of ₹1,053.40. The stock crossed the ₹1,000 mark for the first time today, after closing at ₹1,007.80 on March 24, 2023. Adani Ports and Special Economic Zone (APSEZ) and Adani Power, along with other group stocks, have rallied over 7% each to reach fresh 52-week highs of ₹1,082.50 and ₹589.45, respectively.
Adani Energy Solutions surged by nearly 12% to reach a 52-week high of ₹1,246.00, while Adani Green Energy rose by 16% to ₹1,569.95. Adani Enterprises climbed 6% to hit a day’s high of ₹3,154.55. NDTV shares gained 13%, and Adani Wilmar rose 6%. However, ACC and Ambuja Cements were trading in the red.
How the Adani Group stocks are performing today:
The Adani group companies rallied after the BJP’s election victory in three states, which surpassed exit poll expectations. Analysts believe that this outcome has reaffirmed the consensus estimates of the BJP returning to power in the 2024 Lok Sabha polls and will boost market sentiment. Additionally, last week, the conglomerate’s stocks had their best day since the report went public after the Supreme Court reserved its verdict in the Adani-Hindenburg row.
Adani group stocks have crossed the ₹14 lakh crore mark for the first time since facing a rout early in 2023 due to allegations of financial wrongdoing and stock manipulation by Hindenburg Research. However, the company denied all the allegations. While the conglomerate’s market valuation has recovered from its all-time low of ₹6.8 lakh crore, it still remains 50% below its all-time high of ₹24.8 lakh crore.
