Adani Group Stocks Rise As Promoters Raise Stake, New JV Is Announced

Shares of Adani group companies advanced on Monday, taking the total market capitalisation of the group to an intraday high of Rs 11.48 lakh crore.

NDTV Ltd. rose the highest by as much as 9.98%, intraday. Adani Power Ltd. and Adani Ports and Special Economic Zone Ltd. followed, rising 8.09% and 7.54%, respectively.

The total market capitalisation for the group rose to its highest since Aug. 23, when it rose to an intraday high of Rs 11.59 lakh crore.

Adani Enterprises Ltd.'s promoter companies, Kempas Trade and Investment Ltd. and Infinite Trade and Investment Ltd., bought shares in the group's flagship company between Aug. 21 and Sept. 7.

While Kempas Trade bough 69 lakh shares or 0.61% equity, Infinite Trade bought 1.66 crore shares or 1.46% stake in Adani Enterprises. This rose the total promotor stake in the company to 71.93% from 69.87%.

Promotor companies of Adani Ports also bought additional stake in the ports operator. Resurgent Trade and Investment Ltd. bought 2.04 crore shares or 0.94% equity between Aug. 14-22. While Emerging Market Investment DMCC bought 2.65 crore shares between Aug. 30 and Sept. 8. Promotor share in Adani Ports has now risen to 65.23% from 63.06%.

Apart from this, Adani Ports is set to benefit from the India-Middle East-Europe economic corridor announced during the G20 summit in New Delhi on Sept. 10.

Adani Global Pte., Singapore, a wholly owned subsidiary of Adani Enterprises, signed a 50-50 joint venture agreement with Singapore-based Kowa Holdings Asia Pte.

The joint venture has been set up for sale and marketing of green ammonia and green hydrogen, produced and supplied by the Adani Group.

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