Adani Group Adds Over Rs 1.2 Lakh Crore To Market Cap With Adani Enterprises, Adani Ports In Lead

The Adani Group saw a rise in its market capitalisation on Wednesday, adding nearly Rs 1.20 lakh crore to its value. This advance brings the total market capitalisation of the conglomerate, which includes companies such as Adani Enterprises Ltd., Adani Power Ltd., and Adani Ports and Special Economic Zone Ltd., to approximately Rs 12.59 lakh crore.

Among the Adani companies, Adani Ports and Adani Enterprises played a significant role in driving the gains, contributing over 24 points to the Nifty index. Adani Enterprises emerged as the second-highest contributor to the Nifty's overall gains, adding around 13 points to the benchmark index, while Adani Ports contributed almost 11 points to the benchmark index. Despite this strong performance from Adani stocks, HDFC Bank remained the top contributor to the Nifty.

Adani Total Gas Ltd. shares closed 19.78% up at Rs 694.05 apiece, followed by Adani Power Ltd. closed 19.51% at Rs 523.05. Adani Enterprises Ltd. stocks were trading nearly 11.50% up at Rs 2,397.80 apiece.

Shares of Adani Green Energy Ltd. and Adani Energy Solutions Ltd. were both locked in a 10% upper circuit, as compared to the benchmark NSE Nifty 50, which saw a 0.33% advance.

This rally followed Adani Green Energy Ltd.'s statement. The green energy unit of the ports-to-power conglomerate clarified that chairman Gautam Adani, Executive Director Sagar Adani, and Chief Executive Officer Vneet Jaain have not been implicated in the bribery charges outlined in the indictment filed by the Justice Department.

In a statement filed with exchanges in the early hours of Wednesday, Adani Green rejected news reports suggesting that other Adani officials had been charged with bribery under the US Foreign Corrupt Practices Act as "incorrect."

Only senior officials of Azure Power Global Ltd. and Canadian pension CDPQ have been named in the bribery charges under the US FCPA provisions, Adani Green Energy cited the latest filing from the US Department of Justice.

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